$MGRC
MCGRATH RENTCORP

2021 Q1 Form 10-Q Financial Statement

#000156459021021325 Filed on April 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q4
Revenue $121.2M $129.5M $147.2M
YoY Change -6.38% 6.1% 10.6%
Cost Of Revenue $64.11M $67.80M $76.20M
YoY Change -5.43% 4.3% 12.06%
Gross Profit $57.08M $61.66M $71.00M
YoY Change -7.42% 8.16% 9.05%
Gross Profit Margin 47.1% 47.63% 48.22%
Selling, General & Admin $33.14M $31.95M $32.70M
YoY Change 3.7% 7.61% 9.36%
% of Gross Profit 58.05% 51.83% 46.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.46M $23.86M $23.50M
YoY Change -1.68% 13.09% 11.37%
% of Gross Profit 41.1% 38.7% 33.1%
Operating Expenses $33.14M $31.95M $32.80M
YoY Change 3.7% 7.61% 9.7%
Operating Profit $23.94M $29.70M $38.25M
YoY Change -19.39% 8.76% 8.76%
Interest Expense -$1.800M -$3.100M -$2.800M
YoY Change -41.94% 0.0% -9.68%
% of Operating Profit -7.52% -10.44% -7.32%
Other Income/Expense, Net
YoY Change
Pretax Income $22.11M $26.61M $35.45M
YoY Change -16.94% 9.74% 10.73%
Income Tax $4.700M $6.455M $9.100M
% Of Pretax Income 21.26% 24.25% 25.67%
Net Earnings $17.40M $20.16M $26.40M
YoY Change -13.7% 9.27% 8.87%
Net Earnings / Revenue 14.36% 15.57% 17.93%
Basic Earnings Per Share $0.83 $1.09
Diluted Earnings Per Share $710.2K $0.81 $1.07
COMMON SHARES
Basic Shares Outstanding 24.15M 24.29M 24.29M
Diluted Shares Outstanding 24.51M 24.74M 24.70M

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.300M $300.0K $2.300M
YoY Change 666.67% -78.57% 53.33%
Cash & Equivalents $2.329M $342.0K $2.342M
Short-Term Investments
Other Short-Term Assets $41.60M $45.00M $45.40M
YoY Change -7.56% 3.93% 42.77%
Inventory
Prepaid Expenses
Receivables $122.2M $125.8M $128.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $166.1M $171.1M $175.8M
YoY Change -2.92% 4.27% 13.93%
LONG-TERM ASSETS
Property, Plant & Equipment $1.071B $132.1M $131.0M
YoY Change 710.9% -87.31% 3.27%
Goodwill $28.20M $28.20M
YoY Change 1.4%
Intangibles $7.069M $7.279M $7.334M
YoY Change -2.89% 1.1%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.106B $1.143B $1.134B
YoY Change -3.24% 6.3% 6.68%
TOTAL ASSETS
Total Short-Term Assets $166.1M $171.1M $175.8M
Total Long-Term Assets $1.106B $1.143B $1.134B
Total Assets $1.272B $1.314B $1.310B
YoY Change -3.2% 6.03% 7.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.6M $104.0M $109.2M
YoY Change 8.27% 0.97% 20.26%
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 $112.6M $104.0M $109.2M
YoY Change 8.27% 0.97% 20.26%
LONG-TERM LIABILITIES
Long-Term Debt $208.8M $291.5M $293.4M
YoY Change -28.37% 0.69% -1.74%
Other Long-Term Liabilities $50.60M $61.90M $55.00M
YoY Change -18.26% 6.36% 10.66%
Total Long-Term Liabilities $259.4M $353.4M $348.4M
YoY Change -26.6% 1.64% 0.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $112.6M $104.0M $109.2M
Total Long-Term Liabilities $259.4M $353.4M $348.4M
Total Liabilities $584.7M $676.8M $675.8M
YoY Change -13.61% 2.7% 4.65%
SHAREHOLDERS EQUITY
Retained Earnings $530.6M $527.7M
YoY Change 12.82%
Common Stock $107.0M $106.4M
YoY Change 2.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $687.7M $637.6M $634.0M
YoY Change
Total Liabilities & Shareholders Equity $1.272B $1.314B $1.310B
YoY Change -3.2% 6.04% 7.6%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $17.40M $20.16M $26.40M
YoY Change -13.7% 9.27% 8.87%
Depreciation, Depletion And Amortization $23.46M $23.86M $23.50M
YoY Change -1.68% 13.09% 11.37%
Cash From Operating Activities $37.61M $45.68M $51.10M
YoY Change -17.67% -1.77% 11.33%
INVESTING ACTIVITIES
Capital Expenditures $981.0K $3.196M -$46.10M
YoY Change -69.31% 16.09% 10.82%
Acquisitions
YoY Change
Other Investing Activities $10.40M $10.40M $13.60M
YoY Change 0.0% 13.04% 16.24%
Cash From Investing Activities -$8.547M -$28.21M -$32.50M
YoY Change -69.71% 2.03% 9.06%
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 -27.97M -19.51M -18.60M
YoY Change 43.33% 3.21% -2.11%
NET CHANGE
Cash From Operating Activities 37.61M 45.68M 51.10M
Cash From Investing Activities -8.547M -28.21M -32.50M
Cash From Financing Activities -27.97M -19.51M -18.60M
Net Change In Cash 1.091M -2.000M -0.000000007451
YoY Change -154.55% 2930.3% -100.0%
FREE CASH FLOW
Cash From Operating Activities $37.61M $45.68M $51.10M
Capital Expenditures $981.0K $3.196M -$46.10M
Free Cash Flow $36.63M $42.49M $97.20M
YoY Change -13.79% -2.9% 11.09%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q1 mgrc Products Warranty Period For Equipment Manufactured
ProductsWarrantyPeriodForEquipmentManufactured
P1Y
CY2021Q1 mgrc Direct Costs Of Rental Operations
DirectCostsOfRentalOperations
55566000
CY2020Q1 mgrc Direct Costs Of Rental Operations
DirectCostsOfRentalOperations
59354000
CY2021Q1 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
212819000
CY2020Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
216077000
CY2021Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
3482000
CY2021Q1 us-gaap Dividends Common Stock
DividendsCommonStock
10650000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
38000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
634036000
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1723000
CY2020Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
7852000
CY2020Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
16672000
CY2021Q1 mgrc Revenue Credit Period For Customers
RevenueCreditPeriodForCustomers
P30D
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3000000.0
CY2021Q1 us-gaap Lease Income
LeaseIncome
98000000.0
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
97600000
CY2021Q1 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
400000
CY2021Q1 us-gaap Direct Financing Lease Revenue
DirectFinancingLeaseRevenue
300000
CY2021Q1 us-gaap Direct Financing Lease Interest Income
DirectFinancingLeaseInterestIncome
100000
CY2021Q1 us-gaap Revenues
Revenues
121195000
CY2020Q1 us-gaap Revenues
Revenues
129453000
CY2021Q1 mgrc Products Warranty Period For Rental Equipment
ProductsWarrantyPeriodForRentalEquipment
P90D
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24153000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24292000
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
359000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
446000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24512000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24738000
CY2021Q1 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
CY2021Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
1309805
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
163946
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
7851000
CY2020Q1 mgrc Average Price Per Repurchased Shares
AveragePricePerRepurchasedShares
47.89
CY2021Q1 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
5871000
CY2020Q4 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
5871000
CY2021Q1 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
10644000
CY2020Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
10644000
CY2021Q1 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
157000
CY2020Q4 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
157000
CY2021Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
16672000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9603000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9554000
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7069000
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7118000
CY2020Q4 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2021Q1 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2021Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
200000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
200000
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2021Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
86087000
CY2021Q1 mgrc Operating Leases Income Statement Lease Related Services Revenue
OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue
19669000
CY2021Q1 us-gaap Revenues
Revenues
121195000
CY2021Q1 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
21255000
CY2021Q1 us-gaap Gross Profit
GrossProfit
57081000
CY2021Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
33137000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
23944000
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1783000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22106000
CY2021Q1 mgrc Property Subject To Or Available For Operating Lease Acquisition Or Disposition
PropertySubjectToOrAvailableForOperatingLeaseAcquisitionOrDisposition
24706000
CY2021Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
122208000
CY2021Q1 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
1542848000
CY2021Q1 us-gaap Property Subject To Or Available For Operating Lease Net
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935943000
CY2020Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
89506000
CY2020Q1 mgrc Operating Leases Income Statement Lease Related Services Revenue
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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
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21638000
CY2020Q1 us-gaap Gross Profit
GrossProfit
61656000
CY2020Q1 us-gaap Selling General And Administrative Expense
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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

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0001564590-21-021325-index-headers.html Edgar Link pending
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0001564590-21-021325.txt Edgar Link pending
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mgrc-20210331_def.xml Edgar Link unprocessable
mgrc-20210331_lab.xml Edgar Link unprocessable
mgrc-20210331_pre.xml Edgar Link unprocessable
mgrc-ex151_7.htm Edgar Link pending
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