$MGRC
MCGRATH RENTCORP

2014 Q4 Form 10-K Financial Statement

#000156459016013379 Filed on February 25, 2016

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q2 2013
Revenue $111.8M $95.75M $379.5M
YoY Change 17.96% 9.85% 4.25%
Cost Of Revenue $59.60M $53.67M $210.5M
YoY Change 18.96% 14.21% 7.52%
Gross Profit $52.20M $42.08M $169.0M
YoY Change 16.97% 4.75% 0.45%
Gross Profit Margin 46.7% 43.95% 44.54%
Selling, General & Admin $25.40M $23.84M $88.77M
YoY Change 10.43% 9.4% 2.88%
% of Gross Profit 48.66% 56.66% 52.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.70M $20.10M $76.85M
YoY Change 5.08% 6.91% 6.03%
% of Gross Profit 39.65% 47.77% 45.47%
Operating Expenses $25.40M $23.84M $88.77M
YoY Change 10.43% 9.4% 2.88%
Operating Profit $26.80M $18.24M $80.25M
YoY Change 23.61% -0.75% -2.11%
Interest Expense -$2.600M $2.335M $8.687M
YoY Change 13.04% 8.25% -5.05%
% of Operating Profit -9.7% 12.8% 10.82%
Other Income/Expense, Net
YoY Change
Pretax Income $24.22M $16.79M $71.68M
YoY Change 25.24% 3.69% -1.21%
Income Tax $10.30M $6.589M $27.98M
% Of Pretax Income 42.52% 39.23% 39.03%
Net Earnings $13.89M $10.21M $43.40M
YoY Change 18.08% 3.63% -3.08%
Net Earnings / Revenue 12.42% 10.66% 11.44%
Basic Earnings Per Share $0.54 $0.39 $1.71
Diluted Earnings Per Share $0.53 $0.39 $1.67
COMMON SHARES
Basic Shares Outstanding 26.00M shares 25.91M 25.43M shares
Diluted Shares Outstanding 26.21M shares 26.22M 25.93M shares

Balance Sheet

Concept 2014 Q4 2014 Q2 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.200M $1.100M $1.600M
YoY Change -25.0% 57.14% 0.0%
Cash & Equivalents $1.167M $1.141M
Short-Term Investments
Other Short-Term Assets $41.40M $22.00M $27.80M
YoY Change 48.92% 11.68% 42.56%
Inventory
Prepaid Expenses
Receivables $101.3M $89.10M $87.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $143.9M $112.2M $117.1M
YoY Change 22.89% 4.18% 3.26%
LONG-TERM ASSETS
Property, Plant & Equipment $108.6M $105.9M $872.2M
YoY Change 3.27% -87.38% 6.38%
Goodwill $27.81M $27.70M
YoY Change 0.39%
Intangibles $10.34M $10.45M
YoY Change -3.06%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $972.5M $939.6M $910.5M
YoY Change 6.81% 7.07% 6.0%
TOTAL ASSETS
Total Short-Term Assets $143.9M $112.2M $117.1M
Total Long-Term Assets $972.5M $939.6M $910.5M
Total Assets $1.116B $1.052B $1.028B
YoY Change 8.64% 6.75% 5.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.40M $69.30M $63.30M
YoY Change 12.8% 10.88% 21.26%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $71.40M $69.30M $63.30M
YoY Change 12.8% 10.88% 21.26%
LONG-TERM LIABILITIES
Long-Term Debt $322.5M $307.0M $290.0M
YoY Change 11.21% 10.08% -3.97%
Other Long-Term Liabilities $29.10M $26.10M $24.00M
YoY Change 21.25% 0.77% -10.78%
Total Long-Term Liabilities $351.6M $333.1M $314.0M
YoY Change 11.97% 9.28% -4.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.40M $69.30M $63.30M
Total Long-Term Liabilities $351.6M $333.1M $314.0M
Total Liabilities $691.9M $645.3M $626.6M
YoY Change 10.42% 8.0% 3.11%
SHAREHOLDERS EQUITY
Retained Earnings $318.2M $303.3M
YoY Change 6.75%
Common Stock $106.5M $103.1M
YoY Change 3.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $424.5M $406.4M $401.0M
YoY Change
Total Liabilities & Shareholders Equity $1.116B $1.052B $1.028B
YoY Change 8.64% 6.75% 5.68%

Cashflow Statement

Concept 2014 Q4 2014 Q2 2013
OPERATING ACTIVITIES
Net Income $13.89M $10.21M $43.40M
YoY Change 18.08% 3.63% -3.08%
Depreciation, Depletion And Amortization $20.70M $20.10M $76.85M
YoY Change 5.08% 6.91% 6.03%
Cash From Operating Activities $38.00M $17.10M $133.6M
YoY Change 12.76% -30.49% 5.75%
INVESTING ACTIVITIES
Capital Expenditures -$42.80M -$39.60M $11.97M
YoY Change -0.93% 17.51% -15.45%
Acquisitions
YoY Change
Other Investing Activities $9.700M $9.900M $33.40M
YoY Change 21.25% 30.26% 7.74%
Cash From Investing Activities -$33.20M -$29.80M -$111.2M
YoY Change -5.68% 14.18% -3.3%
FINANCING ACTIVITIES
Cash Dividend Paid $24.42M
YoY Change 5.61%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.400M 12.60M -22.42M
YoY Change -283.33% 600.0% 103.77%
NET CHANGE
Cash From Operating Activities 38.00M 17.10M 133.6M
Cash From Investing Activities -33.20M -29.80M -111.2M
Cash From Financing Activities -4.400M 12.60M -22.42M
Net Change In Cash 400.0K -100.0K 20.00K
YoY Change -55.56% -133.33% -94.78%
FREE CASH FLOW
Cash From Operating Activities $38.00M $17.10M $133.6M
Capital Expenditures -$42.80M -$39.60M $11.97M
Free Cash Flow $80.80M $56.70M $121.7M
YoY Change 5.07% -2.74% 8.42%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q4 mgrc Relocatable Modular Buildings
RelocatableModularBuildings
664340000
CY2014Q4 mgrc Electronic Test Equipment
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CY2014Q4 mgrc Liquid And Solid Containment Tanks And Boxes
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CY2014Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
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CY2014Q4 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
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CY2014Q4 us-gaap Property Subject To Or Available For Operating Lease Net
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CY2014Q4 us-gaap Property Plant And Equipment Net
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CY2014Q4 us-gaap Prepaid Expense And Other Assets
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CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2014Q4 us-gaap Goodwill
Goodwill
27808000
CY2014Q4 us-gaap Assets
Assets
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CY2014Q4 us-gaap Notes Payable
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CY2014Q4 us-gaap Liabilities
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CY2014Q4 us-gaap Commitments And Contingencies
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CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2014Q4 us-gaap Common Stock No Par Value
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CY2014Q4 us-gaap Common Stock Shares Authorized
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CY2015 dei Entity Central Index Key
EntityCentralIndexKey
0000752714
CY2015 dei Entity Registrant Name
EntityRegistrantName
MCGRATH RENTCORP
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2016Q1 dei Entity Common Stock Shares Outstanding
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23852351
CY2014Q4 us-gaap Accounts Receivable Net
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101294000
CY2015Q4 mgrc Relocatable Modular Buildings
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736875000
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015Q2 dei Entity Public Float
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774364686
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2015Q4 us-gaap Accounts Receivable Net
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95263000
CY2015Q4 mgrc Electronic Test Equipment
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262945000
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015Q4 us-gaap Income Tax Receivable
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CY2015 us-gaap Selling General And Administrative Expense
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CY2014 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2015Q4 us-gaap Assets
Assets
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CY2015Q4 us-gaap Liabilities
Liabilities
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CY2015Q4 us-gaap Commitments And Contingencies
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CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2015Q4 us-gaap Stockholders Equity
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
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CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2013Q4 us-gaap Stockholders Equity
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CY2014 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2015 us-gaap Sales Revenue Net
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CY2015 us-gaap Operating Income Loss
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CY2015 us-gaap Other Sales Revenue Net
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CY2015 us-gaap Revenues
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CY2015 us-gaap Cost Of Services Depreciation
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CY2015 mgrc Cost Of Rental Related Services
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CY2015 us-gaap Other Cost Of Operating Revenue
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CY2015 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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CY2015 us-gaap Cost Of Goods Sold
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CY2015 us-gaap Interest Expense Debt
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CY2015 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2014Q4 us-gaap Common Stock Shares Issued
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CY2015 us-gaap Income Tax Expense Benefit
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CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2013 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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CY2013 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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CY2013 us-gaap Dividends Common Stock
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CY2014 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2014 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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CY2015 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2015 us-gaap Stock Repurchased During Period Value
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CY2015 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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CY2015 us-gaap Provision For Doubtful Accounts
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CY2014 us-gaap Provision For Doubtful Accounts
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CY2015 us-gaap Gain Loss On Sale Of Properties
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CY2014 us-gaap Gain Loss On Sale Of Properties
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CY2013 us-gaap Increase Decrease In Accounts Receivable
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CY2013 us-gaap Proceeds From Repayments Of Lines Of Credit
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CY2014 us-gaap Proceeds From Sale Of Property Plant And Equipment
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2501000
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CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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18000
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CY2014 mgrc Excess Tax Benefit Shortfall From Share Based Compensation Financing Activities
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1822000
CY2013 mgrc Excess Tax Benefit Shortfall From Share Based Compensation Financing Activities
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CY2015 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2014 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Revenue Recognition</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Rental revenue from operating leases is recognized on a straight-line basis over the term of the lease.&nbsp;&nbsp;Rental billings for periods extending beyond period end are recorded as deferred income and are recognized when earned.&nbsp;&nbsp;Rental related services revenue is primarily associated with relocatable modular building and liquid and solid containment tanks and boxes leases.&nbsp;&nbsp;For modular building leases, rental related services revenue consists of billings to customers for modifications, delivery, installation, additional site-related work, and dismantle and return delivery.&nbsp;&nbsp;For modular building leases, revenue related to delivery, installation, dismantle and return delivery are an integral part of the negotiated lease agreement with customers and are recognized on a straight-line basis over the term of the lease.&nbsp;&nbsp;For liquid and solid containment solutions, rental related services revenue consists of billings for delivery, removal and cleaning of the tanks and boxes.&nbsp;&nbsp;These revenues are recognized in the period performed.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sales revenue is recognized upon delivery and installation of the equipment to customers.&nbsp;&nbsp;Certain leases are accounted for as sales-type leases.&nbsp;&nbsp;For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other revenue is recognized when earned and primarily includes interest income on sales-type leases, rental income on facility rentals and certain logistics services.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses.</p></div>
CY2015 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Accounts Receivable and Concentration of Credit Risk</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The Company&#8217;s accounts receivable consist of amounts due from customers for rentals, sales, financed sales and unbilled amounts for the portion of modular building end-of-lease services earned, which were negotiated as part of the lease agreement.&nbsp;&nbsp;Unbilled receivables related to end-of-lease services, which consists of dismantle and return delivery of buildings, were $25.0 million at December 31, 2015 and $21.1 million at December 31, 2014. The Company sells primarily on 30-day terms, individually performs credit evaluation procedures on its customers on each transaction and will require security deposits from its customers when a significant credit risk is identified.&nbsp;&nbsp;The Company records an allowance for doubtful accounts in amounts equal to the estimated losses expected to be incurred in the collection of the accounts receivable.&nbsp;&nbsp;The estimated losses are based on historical collection experience in conjunction with an evaluation of the current status of the existing accounts.&nbsp;&nbsp;Customer accounts are written off against the allowance for doubtful accounts when an account is determined to be uncollectable.&nbsp;&nbsp;The allowance for doubtful accounts activity was as follows:</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p> <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"> (in thousands)</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance, January 1</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,038</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,007</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Provision for doubtful accounts</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,149</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,825</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Write-offs, net of recoveries</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,100</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,794</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%; border-bottom:solid 0.75pt #000000;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance, December 31</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,087</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,038</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> </table></div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of trade accounts receivable.&nbsp;&nbsp;From time to time, the Company maintains cash balances in excess of the Federal Deposit Insurance Corporation limits.</p></div>
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions in determining reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period presented.&nbsp;&nbsp;Actual results could differ from those estimates.&nbsp;&nbsp;The most significant estimates included in the financial statements are the future cash flows and fair values used to determine the recoverability of the rental equipment and identifiable definite lived intangible assets carrying value, the various assets&#8217; useful lives and residual values, and the allowance for doubtful accounts.</p></div>
CY2015 mgrc Number Of Divisions
NumberOfDivisions
4
CY2015 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2015 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2014 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2013 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2015 mgrc Products Warranty Period For Rental Equipment
ProductsWarrantyPeriodForRentalEquipment
P90D
CY2015 mgrc Products Warranty Period For Equipment Manufactured
ProductsWarrantyPeriodForEquipmentManufactured
P1Y
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
170597000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
156654000
CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
61410000
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
53503000
CY2015Q4 mgrc Property Plant And Equipment Net Excluding Capitalized Cost
PropertyPlantAndEquipmentNetExcludingCapitalizedCost
109187000
CY2014Q4 mgrc Property Plant And Equipment Net Excluding Capitalized Cost
PropertyPlantAndEquipmentNetExcludingCapitalizedCost
103151000
CY2015Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
566000
CY2014Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
5477000
CY2015 us-gaap Depreciation
Depreciation
8200000
CY2014 us-gaap Depreciation
Depreciation
7600000
CY2013 us-gaap Depreciation
Depreciation
7800000
CY2015Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
600000
CY2014Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
400000
CY2015 us-gaap Advertising Expense
AdvertisingExpense
2800000
CY2014 us-gaap Advertising Expense
AdvertisingExpense
2400000
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33500000
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0
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0
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88000
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261000
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493000
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746000
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9000
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20000
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2000000
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160600000
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2745000
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3489000
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175000
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0.0385
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0.0232
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0.0275
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Permit Tangible Net Worth, calculated as of the last day of each fiscal quarter, to be less than the sum of (i) $229.0 million, plus (ii) 25% of net income for such fiscal quarter subsequent to December 31, 2010, plus (iii) 90% of the net cash proceeds from the issuance of the Company’s capital stock after December 31, 2010.
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0.25
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0.90
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304900000
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66889000
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76848000
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71678000
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-512000
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-287000
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-304000
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1851000
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2139000
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1803000
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1645000
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2217000
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11205000
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5208000
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13201000
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17986000
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1538000
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1818000
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14435000
CY2014 us-gaap Deferred Income Tax Expense Benefit
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19647000
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22769000
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0.350
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0.350
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0.350
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0.042
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0.041
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0.041
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577000
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302000
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2100000
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1132000
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3334000
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4671000
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15298000
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14356000
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1822000
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1329000
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1900000
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1600000
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0
CY2013 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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1500000
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1300000
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1500000
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0
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0
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2300000
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2200000
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192800
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21950
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1772062
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203600
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19220
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1343760
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456200
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118660
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1410650
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673475
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24.37
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29.14
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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24.71
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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25.20
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24.68
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32.79
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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21.55
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30.35
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27.25
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31.69
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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19.81
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29.58
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29.91
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27.53
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31.64
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P3Y9M26D
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P1Y10M21D
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4300000
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16400000
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300000
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100000
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709000
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9611000
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9611000
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15311000
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15311000
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5846000
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4975000
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900000
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800000
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0
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900000
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900000
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900000
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900000
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200000
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57534000
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10092000
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148602000
CY2013 mgrc Sales And Other Revenue Net
SalesAndOtherRevenueNet
70595000
CY2013 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-8687000
CY2013 mgrc Property Subject To Or Available For Operating Lease Acquisition
PropertySubjectToOrAvailableForOperatingLeaseAcquisition
136601000
CY2013Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
87650000
CY2013Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
1144168000
CY2013Q4 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
767010000
CY2015Q2 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
856489000
CY2015Q2 us-gaap Assets
Assets
1132750000
CY2015Q2 us-gaap Notes Payable
NotesPayable
337177000
CY2014Q2 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
795532000
CY2014Q2 us-gaap Assets
Assets
1051764000
CY2014Q2 us-gaap Notes Payable
NotesPayable
307000000
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
406439000

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0001564590-16-013379.txt Edgar Link pending
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mgrc-10k_20151231.htm Edgar Link pending
mgrc-20151231.xml Edgar Link completed
mgrc-20151231.xsd Edgar Link pending
mgrc-20151231_cal.xml Edgar Link unprocessable
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