$MGRC
MCGRATH RENTCORP

2020 Q1 Form 10-Q Financial Statement

#000156459020019690 Filed on April 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $129.5M $122.0M
YoY Change 6.1% 16.1%
Cost Of Revenue $67.80M $65.00M
YoY Change 4.3% 18.37%
Gross Profit $61.66M $57.01M
YoY Change 8.16% 13.62%
Gross Profit Margin 47.63% 46.72%
Selling, General & Admin $31.95M $29.70M
YoY Change 7.61% 5.57%
% of Gross Profit 51.83% 52.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.86M $21.10M
YoY Change 13.09% 5.88%
% of Gross Profit 38.7% 37.01%
Operating Expenses $31.95M $29.70M
YoY Change 7.61% 5.57%
Operating Profit $29.70M $27.31M
YoY Change 8.76% 23.9%
Interest Expense -$3.100M -$3.100M
YoY Change 0.0% 3.33%
% of Operating Profit -10.44% -11.35%
Other Income/Expense, Net
YoY Change
Pretax Income $26.61M $24.25M
YoY Change 9.74% 27.52%
Income Tax $6.455M $5.802M
% Of Pretax Income 24.25% 23.92%
Net Earnings $20.16M $18.45M
YoY Change 9.27% 27.53%
Net Earnings / Revenue 15.57% 15.12%
Basic Earnings Per Share $0.83 $0.76
Diluted Earnings Per Share $0.81 $0.75
COMMON SHARES
Basic Shares Outstanding 24.29M 24.20M
Diluted Shares Outstanding 24.74M 24.54M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $1.400M
YoY Change -78.57% -68.18%
Cash & Equivalents $342.0K $1.442M
Short-Term Investments
Other Short-Term Assets $45.00M $43.30M
YoY Change 3.93% 67.83%
Inventory
Prepaid Expenses
Receivables $125.8M $119.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $171.1M $164.1M
YoY Change 4.27% 27.9%
LONG-TERM ASSETS
Property, Plant & Equipment $132.1M $1.041B
YoY Change -87.31% 5.62%
Goodwill $28.20M
YoY Change
Intangibles $7.279M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.143B $1.076B
YoY Change 6.3% 5.39%
TOTAL ASSETS
Total Short-Term Assets $171.1M $164.1M
Total Long-Term Assets $1.143B $1.076B
Total Assets $1.314B $1.240B
YoY Change 6.03% 7.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.0M $103.0M
YoY Change 0.97% 21.61%
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 $104.0M $103.0M
YoY Change 0.97% 21.61%
LONG-TERM LIABILITIES
Long-Term Debt $291.5M $289.5M
YoY Change 0.69% -3.69%
Other Long-Term Liabilities $61.90M $58.20M
YoY Change 6.36% 51.17%
Total Long-Term Liabilities $353.4M $347.7M
YoY Change 1.64% 2.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.0M $103.0M
Total Long-Term Liabilities $353.4M $347.7M
Total Liabilities $676.8M $659.0M
YoY Change 2.7% 6.53%
SHAREHOLDERS EQUITY
Retained Earnings $530.6M
YoY Change
Common Stock $107.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $637.6M $580.6M
YoY Change
Total Liabilities & Shareholders Equity $1.314B $1.240B
YoY Change 6.04% 7.89%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $20.16M $18.45M
YoY Change 9.27% 27.53%
Depreciation, Depletion And Amortization $23.86M $21.10M
YoY Change 13.09% 5.88%
Cash From Operating Activities $45.68M $46.51M
YoY Change -1.77% 49.29%
INVESTING ACTIVITIES
Capital Expenditures $3.196M $2.753M
YoY Change 16.09% 3.22%
Acquisitions
YoY Change
Other Investing Activities $10.40M $9.200M
YoY Change 13.04% 19.48%
Cash From Investing Activities -$28.21M -$27.65M
YoY Change 2.03% 44.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.852M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.51M -18.91M
YoY Change 3.21% 87.15%
NET CHANGE
Cash From Operating Activities 45.68M 46.51M
Cash From Investing Activities -28.21M -27.65M
Cash From Financing Activities -19.51M -18.91M
Net Change In Cash -2.000M -66.00K
YoY Change 2930.3% -103.39%
FREE CASH FLOW
Cash From Operating Activities $45.68M $46.51M
Capital Expenditures $3.196M $2.753M
Free Cash Flow $42.49M $43.75M
YoY Change -2.9% 53.6%

Facts In Submission

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RevenueCreditPeriodForCustomers
P30D
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2700000
CY2020Q1 us-gaap Lease Income
LeaseIncome
102200000
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
101700000
CY2020Q1 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
500000
CY2020Q1 us-gaap Direct Financing Lease Revenue
DirectFinancingLeaseRevenue
400000
CY2020Q1 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
10644000
CY2020Q1 us-gaap Direct Financing Lease Interest Income
DirectFinancingLeaseInterestIncome
100000
CY2020Q1 us-gaap Revenues
Revenues
129453000
CY2019Q1 us-gaap Revenues
Revenues
122008000
CY2020Q1 mgrc Products Warranty Period For Rental Equipment
ProductsWarrantyPeriodForRentalEquipment
P90D
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24292000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24195000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
446000
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
345000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24738000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24540000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2015Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
2000000
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
163946
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
7900000
CY2020Q1 us-gaap Share Price
SharePrice
47.89
CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2020Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
1428080
CY2020Q1 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
5871000
CY2019Q4 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
5871000
CY2019Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
10644000
CY2020Q1 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
157000
CY2019Q4 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
157000
CY2020Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
16672000
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
16672000
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9393000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9338000
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7279000
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7334000
CY2020Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
100000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
200000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
200000
CY2020Q1 mgrc Finite Lived Intangible Assets Amortization Expense After Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearSix
200000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
200000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
200000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
200000
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2020Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
89506000
CY2020Q1 mgrc Operating Leases Income Statement Lease Related Services Revenue
OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue
24511000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15436000
CY2020Q1 us-gaap Revenues
Revenues
129453000
CY2020Q1 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
21638000
CY2020Q1 us-gaap Gross Profit
GrossProfit
61656000
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31954000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
29702000
CY2020Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2652000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
26614000
CY2020Q1 mgrc Property Subject To Or Available For Operating Lease Acquisition Or Disposition
PropertySubjectToOrAvailableForOperatingLeaseAcquisitionOrDisposition
35415000
CY2020Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
125834000
CY2020Q1 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
1540498000
CY2020Q1 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
975709000
CY2019Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
82696000
CY2019Q1 mgrc Operating Leases Income Statement Lease Related Services Revenue
OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue
21455000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
17857000
CY2019Q1 us-gaap Revenues
Revenues
122008000
CY2019Q1 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
18961000
CY2019Q1 us-gaap Gross Profit
GrossProfit
57005000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29695000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
27310000
CY2019Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3108000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
24251000
CY2019Q1 mgrc Property Subject To Or Available For Operating Lease Acquisition Or Disposition
PropertySubjectToOrAvailableForOperatingLeaseAcquisitionOrDisposition
35440000
CY2019Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
119403000
CY2019Q1 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
1436251000
CY2019Q1 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
912878000

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