$MGRC
MCGRATH RENTCORP

2019 Q3 Form 10-Q Financial Statement

#000156459019038387 Filed on October 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $173.6M $143.1M
YoY Change 21.25% 5.73%
Cost Of Revenue $95.30M $79.10M
YoY Change 20.48% 3.26%
Gross Profit $78.28M $64.05M
YoY Change 22.22% 8.97%
Gross Profit Margin 45.1% 44.74%
Selling, General & Admin $31.50M $28.20M
YoY Change 11.7% -1.05%
% of Gross Profit 40.24% 44.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.90M $20.60M
YoY Change 11.17% 5.1%
% of Gross Profit 29.25% 32.16%
Operating Expenses $31.50M $28.20M
YoY Change 11.7% -1.05%
Operating Profit $46.75M $35.82M
YoY Change 30.49% 18.29%
Interest Expense -$3.300M -$3.300M
YoY Change 0.0% 10.0%
% of Operating Profit -7.06% -9.21%
Other Income/Expense, Net
YoY Change
Pretax Income $43.46M $32.55M
YoY Change 33.49% 19.08%
Income Tax $11.00M $7.800M
% Of Pretax Income 25.31% 23.96%
Net Earnings $32.47M $24.78M
YoY Change 31.03% 47.83%
Net Earnings / Revenue 18.71% 17.31%
Basic Earnings Per Share $1.34 $1.03
Diluted Earnings Per Share $1.32 $1.01
COMMON SHARES
Basic Shares Outstanding 24.27M 24.17M
Diluted Shares Outstanding 24.63M 24.56M

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.300M $4.400M
YoY Change -47.73% 214.29%
Cash & Equivalents $2.290M $4.399M
Short-Term Investments
Other Short-Term Assets $43.60M $32.70M
YoY Change 33.33% 22.01%
Inventory
Prepaid Expenses
Receivables $138.1M $115.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $184.0M $152.2M
YoY Change 20.89% 12.24%
LONG-TERM ASSETS
Property, Plant & Equipment $128.0M $1.014B
YoY Change -87.38% 2.98%
Goodwill $28.13M
YoY Change
Intangibles $7.554M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.122B $1.050B
YoY Change 6.92% 2.82%
TOTAL ASSETS
Total Short-Term Assets $184.0M $152.2M
Total Long-Term Assets $1.122B $1.050B
Total Assets $1.306B $1.202B
YoY Change 8.69% 3.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.3M $92.40M
YoY Change 20.45% 12.96%
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 $111.3M $92.40M
YoY Change 20.45% 12.96%
LONG-TERM LIABILITIES
Long-Term Debt $301.5M $309.0M
YoY Change -2.43% -4.36%
Other Long-Term Liabilities $60.80M $48.20M
YoY Change 26.14% 14.22%
Total Long-Term Liabilities $362.3M $357.2M
YoY Change 1.43% -2.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.3M $92.40M
Total Long-Term Liabilities $362.3M $357.2M
Total Liabilities $689.5M $647.3M
YoY Change 6.52% -12.95%
SHAREHOLDERS EQUITY
Retained Earnings $510.7M
YoY Change
Common Stock $106.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $616.7M $554.5M
YoY Change
Total Liabilities & Shareholders Equity $1.306B $1.202B
YoY Change 8.69% 3.93%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $32.47M $24.78M
YoY Change 31.03% 47.83%
Depreciation, Depletion And Amortization $22.90M $20.60M
YoY Change 11.17% 5.1%
Cash From Operating Activities $44.90M $43.00M
YoY Change 4.42% 35.65%
INVESTING ACTIVITIES
Capital Expenditures -$46.80M -$39.60M
YoY Change 18.18% 30.69%
Acquisitions
YoY Change
Other Investing Activities $12.50M $10.90M
YoY Change 14.68% -12.1%
Cash From Investing Activities -$34.20M -$28.80M
YoY Change 18.75% 61.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.800M -14.20M
YoY Change -30.99% -2.07%
NET CHANGE
Cash From Operating Activities 44.90M 43.00M
Cash From Investing Activities -34.20M -28.80M
Cash From Financing Activities -9.800M -14.20M
Net Change In Cash 900.0K 0.000
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities $44.90M $43.00M
Capital Expenditures -$46.80M -$39.60M
Free Cash Flow $91.70M $82.60M
YoY Change 11.02% 33.23%

Facts In Submission

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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.
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
These leases include one or more options to renew, with renewal terms that may extend the lease term from one to three years.
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10300000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10300000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000.0
us-gaap Operating Lease Expense
OperatingLeaseExpense
2800000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
100000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0446
us-gaap Sublease Income
SubleaseIncome
0
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
0
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
us-gaap Operating Lease Payments
OperatingLeasePayments
2652000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2393000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
896000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3195000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2630000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1867000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1383000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1208000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11179000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
917000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10262000
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.
us-gaap Lessor Operating Lease Option To Extend
LessorOperatingLeaseOptionToExtend
Initial lease terms vary in length based upon customer needs and generally range from one to sixty months.
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
35911000
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
73282000
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
25719000
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
7124000
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
1861000
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
767000
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
144664000
CY2019Q3 us-gaap Lease Income
LeaseIncome
107200000
us-gaap Lease Income
LeaseIncome
304200000
CY2019Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
106000000.0
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
301400000
CY2019Q3 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
1200000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
2800000
us-gaap Direct Financing Lease Interest Income
DirectFinancingLeaseInterestIncome
200000
CY2019Q3 us-gaap Direct Financing Lease Lease Receivable
DirectFinancingLeaseLeaseReceivable
3805000
CY2019Q3 us-gaap Direct Financing Lease Deferred Selling Profit
DirectFinancingLeaseDeferredSellingProfit
352000
CY2019Q3 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
3453000
CY2019Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
1039000
CY2019Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
1913000
CY2019Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
607000
CY2019Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
187000
CY2019Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Five Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears
50000
CY2019Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Thereafter
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter
9000
CY2019Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
3805000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24268000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24172000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24237000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24128000
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
364000
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
391000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
355000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
422000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24632000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24563000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24592000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24550000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q3 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
5871000
CY2018Q4 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
5871000
CY2019Q3 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
10644000
CY2018Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
9849000
CY2019Q3 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
194000
CY2019Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
16709000
CY2018Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
15720000
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9155000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8466000
CY2019Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7554000
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7254000
CY2018 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
100000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
100000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
100000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
100000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
100000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
100000
CY2019Q3 mgrc Finite Lived Intangible Assets Amortization Expense After Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearSix
100000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
261658000
mgrc Operating Leases Income Statement Lease Related Services Revenue
OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue
76738000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
84613000
us-gaap Revenues
Revenues
423009000
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
59222000
us-gaap Gross Profit
GrossProfit
195168000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
92044000
us-gaap Operating Income Loss
OperatingIncomeLoss
103124000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-9407000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
93671000
mgrc Property Subject To Or Available For Operating Lease Acquisition Or Disposition
PropertySubjectToOrAvailableForOperatingLeaseAcquisitionOrDisposition
132493000
CY2019Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
138114000
CY2019Q3 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
1502769000
CY2019Q3 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
958610000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
233683000
mgrc Operating Leases Income Statement Lease Related Services Revenue
OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue
60797000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
70735000
us-gaap Revenues
Revenues
365215000
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
54287000
us-gaap Gross Profit
GrossProfit
168148000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
85833000
us-gaap Operating Income Loss
OperatingIncomeLoss
82315000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-9133000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
72677000
mgrc Property Subject To Or Available For Operating Lease Acquisition Or Disposition
PropertySubjectToOrAvailableForOperatingLeaseAcquisitionOrDisposition
95635000
CY2018Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
115089000
CY2018Q3 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
1398263000
CY2018Q3 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
888607000

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