$MGRC
MCGRATH RENTCORP

2019 Q1 Form 10-Q Financial Statement

#000156459019014284 Filed on April 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $122.0M $105.1M
YoY Change 16.1% 10.81%
Cost Of Revenue $65.00M $54.92M
YoY Change 18.37% 7.33%
Gross Profit $57.01M $50.17M
YoY Change 13.62% 14.88%
Gross Profit Margin 46.72% 47.74%
Selling, General & Admin $29.70M $28.13M
YoY Change 5.57% 1.01%
% of Gross Profit 52.09% 56.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.10M $19.93M
YoY Change 5.88% 2.7%
% of Gross Profit 37.01% 39.72%
Operating Expenses $29.70M $28.13M
YoY Change 5.57% 1.01%
Operating Profit $27.31M $22.04M
YoY Change 23.9% 39.31%
Interest Expense -$3.100M -$3.000M
YoY Change 3.33% 15.38%
% of Operating Profit -11.35% -13.61%
Other Income/Expense, Net
YoY Change
Pretax Income $24.25M $19.02M
YoY Change 27.52% 43.43%
Income Tax $5.802M $4.552M
% Of Pretax Income 23.92% 23.94%
Net Earnings $18.45M $14.47M
YoY Change 27.53% 81.44%
Net Earnings / Revenue 15.12% 13.77%
Basic Earnings Per Share $0.76 $0.60
Diluted Earnings Per Share $0.75 $0.59
COMMON SHARES
Basic Shares Outstanding 24.20M 24.07M
Diluted Shares Outstanding 24.54M 24.48M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400M $4.400M
YoY Change -68.18% 158.82%
Cash & Equivalents $1.442M $4.448M
Short-Term Investments
Other Short-Term Assets $43.30M $25.80M
YoY Change 67.83% -4.8%
Inventory
Prepaid Expenses
Receivables $119.4M $98.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $164.1M $128.3M
YoY Change 27.9% 5.68%
LONG-TERM ASSETS
Property, Plant & Equipment $1.041B $985.2M
YoY Change 5.62% 747.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.076B $1.021B
YoY Change 5.39% 1.11%
TOTAL ASSETS
Total Short-Term Assets $164.1M $128.3M
Total Long-Term Assets $1.076B $1.021B
Total Assets $1.240B $1.149B
YoY Change 7.9% 1.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.0M $84.70M
YoY Change 21.61% 7.49%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $103.0M $84.70M
YoY Change 21.61% 7.49%
LONG-TERM LIABILITIES
Long-Term Debt $289.5M $300.6M
YoY Change -3.69% -7.16%
Other Long-Term Liabilities $58.20M $38.50M
YoY Change 51.17% -3.51%
Total Long-Term Liabilities $347.7M $339.1M
YoY Change 2.54% -6.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.0M $84.70M
Total Long-Term Liabilities $347.7M $339.1M
Total Liabilities $659.0M $618.6M
YoY Change 6.53% -15.73%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $580.6M $530.3M
YoY Change
Total Liabilities & Shareholders Equity $1.240B $1.149B
YoY Change 7.89% 1.61%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $18.45M $14.47M
YoY Change 27.53% 81.44%
Depreciation, Depletion And Amortization $21.10M $19.93M
YoY Change 5.88% 2.7%
Cash From Operating Activities $46.51M $31.15M
YoY Change 49.29% 20.74%
INVESTING ACTIVITIES
Capital Expenditures $2.753M $2.667M
YoY Change 3.22% -54.29%
Acquisitions
YoY Change
Other Investing Activities $9.200M $7.700M
YoY Change 19.48% 40.0%
Cash From Investing Activities -$27.65M -$19.13M
YoY Change 44.56% 18.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.91M -10.10M
YoY Change 87.15% 16.11%
NET CHANGE
Cash From Operating Activities 46.51M 31.15M
Cash From Investing Activities -27.65M -19.13M
Cash From Financing Activities -18.91M -10.10M
Net Change In Cash -66.00K 1.947M
YoY Change -103.39% 116.33%
FREE CASH FLOW
Cash From Operating Activities $46.51M $31.15M
Capital Expenditures $2.753M $2.667M
Free Cash Flow $43.75M $28.49M
YoY Change 53.6% 42.67%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q1 us-gaap Operating Lease Lease Income Lease Payments
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CY2018Q1 mgrc Operating Lease Lease And Related Services Income
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Revenues
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CY2018Q1 us-gaap Revenues
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CY2018Q1 us-gaap Cost Of Goods And Services Sold Depreciation
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CY2019Q1 mgrc Cost Of Rental Related Services
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CY2018Q1 us-gaap Other Cost Of Operating Revenue
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CY2019Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leases real estate for certain of its branch offices and rental equipment storage yards, vehicles and equipment used in its rental operations. The Company determines if an arrangement is a lease at inception. The Company has leases with lease and non-lease components, which are accounted for separately.
CY2019Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
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CY2019Q1 us-gaap Lessee Operating Lease Option To Extend
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These leases include one or more options to renew, with renewal terms that may extend the lease term from one to three years.
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
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CY2019Q1 us-gaap Lessor Operating Lease Description
LessorOperatingLeaseDescription
The Company’s equipment rentals for each of its operating segments are governed by agreements that detail the lease terms and conditions. The determination of whether these contracts with customers contain a lease generally does not require significant judgement. The Company accounts for these rentals as operating leases.
CY2019Q1 us-gaap Lessor Operating Lease Existence Of Option To Extend
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CY2019Q1 us-gaap Lessor Operating Lease Option To Extend
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Initial lease terms vary in length based upon customer needs and generally range from one to sixty months.
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LessorOperatingLeasePaymentsToBeReceivedTwoYears
31233000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
10180000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
2158000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
595000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
63000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
112275000
CY2019Q1 us-gaap Lease Income
LeaseIncome
95500000
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
94600000
CY2019Q1 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
900000
CY2019Q1 us-gaap Direct Financing Lease Revenue
DirectFinancingLeaseRevenue
800000
CY2019Q1 us-gaap Direct Financing Lease Interest Income
DirectFinancingLeaseInterestIncome
100000
CY2019Q1 us-gaap Direct Financing Lease Lease Receivable
DirectFinancingLeaseLeaseReceivable
2934000
CY2019Q1 us-gaap Direct Financing Lease Deferred Selling Profit
DirectFinancingLeaseDeferredSellingProfit
298000
CY2019Q1 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
2636000
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
1738000
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
775000
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
335000
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
86000
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
2934000
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
345000
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
411000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q1 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
5871000
CY2019Q1 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
9849000
CY2019Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
15720000
CY2018Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
15720000
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8690000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8466000
CY2019Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P11Y
CY2018 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2019Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
700000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
100000
CY2019Q1 mgrc Finite Lived Intangible Assets Amortization Expense After Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearSix
100000
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2019Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3108000
CY2019Q1 mgrc Property Subject To Or Available For Operating Lease Acquisition Or Disposition
PropertySubjectToOrAvailableForOperatingLeaseAcquisitionOrDisposition
35440000
CY2018Q3 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
912878000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12993000
CY2018Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2992000
CY2018Q1 mgrc Property Subject To Or Available For Operating Lease Acquisition Or Disposition
PropertySubjectToOrAvailableForOperatingLeaseAcquisitionOrDisposition
24692000
CY2017Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
98092000
CY2017Q3 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
1359360000
CY2017Q3 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
865338000

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