$MGRC
MCGRATH RENTCORP

2022 Q1 Form 10-Q Financial Statement

#000156459022016428 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $145.4M $121.2M
YoY Change 19.95% -6.38%
Cost Of Revenue $78.88M $64.11M
YoY Change 23.04% -5.43%
Gross Profit $66.49M $57.08M
YoY Change 16.48% -7.42%
Gross Profit Margin 45.74% 47.1%
Selling, General & Admin $39.13M $33.14M
YoY Change 18.08% 3.7%
% of Gross Profit 58.85% 58.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.58M $23.46M
YoY Change 17.58% -1.68%
% of Gross Profit 41.49% 41.1%
Operating Expenses $39.13M $33.14M
YoY Change 18.08% 3.7%
Operating Profit $27.36M $23.94M
YoY Change 14.27% -19.39%
Interest Expense -$2.807M -$1.800M
YoY Change 55.94% -41.94%
% of Operating Profit -10.26% -7.52%
Other Income/Expense, Net
YoY Change
Pretax Income $24.56M $22.11M
YoY Change 11.08% -16.94%
Income Tax $5.762M $4.700M
% Of Pretax Income 23.47% 21.26%
Net Earnings $18.79M $17.40M
YoY Change 8.02% -13.7%
Net Earnings / Revenue 12.93% 14.36%
Basic Earnings Per Share $0.77
Diluted Earnings Per Share $766.0K $710.2K
COMMON SHARES
Basic Shares Outstanding 24.29M 24.15M
Diluted Shares Outstanding 24.53M 24.51M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.603M $2.300M
YoY Change -30.3% 666.67%
Cash & Equivalents $1.603M $2.329M
Short-Term Investments
Other Short-Term Assets $50.73M $41.60M
YoY Change 21.95% -7.56%
Inventory
Prepaid Expenses
Receivables $151.6M $122.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $203.9M $166.1M
YoY Change 22.76% -2.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.221B $1.071B
YoY Change 14.05% 710.9%
Goodwill $132.3M
YoY Change
Intangibles $45.57M $7.069M
YoY Change 544.59% -2.89%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.399B $1.106B
YoY Change 26.49% -3.24%
TOTAL ASSETS
Total Short-Term Assets $203.9M $166.1M
Total Long-Term Assets $1.399B $1.106B
Total Assets $1.603B $1.272B
YoY Change 26.0% -3.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.7M $112.6M
YoY Change 23.17% 8.27%
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 $138.7M $112.6M
YoY Change 23.17% 8.27%
LONG-TERM LIABILITIES
Long-Term Debt $424.0M $208.8M
YoY Change 103.05% -28.37%
Other Long-Term Liabilities $63.94M $50.60M
YoY Change 26.36% -18.26%
Total Long-Term Liabilities $487.9M $259.4M
YoY Change 88.09% -26.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.7M $112.6M
Total Long-Term Liabilities $487.9M $259.4M
Total Liabilities $865.4M $584.7M
YoY Change 48.0% -13.61%
SHAREHOLDERS EQUITY
Retained Earnings $631.2M
YoY Change
Common Stock $106.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $737.9M $687.7M
YoY Change
Total Liabilities & Shareholders Equity $1.603B $1.272B
YoY Change 26.0% -3.2%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $18.79M $17.40M
YoY Change 8.02% -13.7%
Depreciation, Depletion And Amortization $27.58M $23.46M
YoY Change 17.58% -1.68%
Cash From Operating Activities $51.74M $37.61M
YoY Change 37.58% -17.67%
INVESTING ACTIVITIES
Capital Expenditures $5.417M $981.0K
YoY Change 452.19% -69.31%
Acquisitions
YoY Change
Other Investing Activities $10.31M $10.40M
YoY Change -0.88% 0.0%
Cash From Investing Activities -$34.54M -$8.547M
YoY Change 304.11% -69.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.09M -27.97M
YoY Change -38.88% 43.33%
NET CHANGE
Cash From Operating Activities 51.74M 37.61M
Cash From Investing Activities -34.54M -8.547M
Cash From Financing Activities -17.09M -27.97M
Net Change In Cash 112.0K 1.091M
YoY Change -89.73% -154.55%
FREE CASH FLOW
Cash From Operating Activities $51.74M $37.61M
Capital Expenditures $5.417M $981.0K
Free Cash Flow $46.33M $36.63M
YoY Change 26.48% -13.79%

Facts In Submission

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5900000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5900000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
5400000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
5200000
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
104241000
CY2022Q1 mgrc Operating Leases Income Statement Lease Related Services Revenue
OperatingLeasesIncomeStatementLeaseRelatedServicesRevenue
24317000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16815000
CY2022Q1 us-gaap Revenues
Revenues
145373000
CY2022Q1 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
23874000
CY2022Q1 us-gaap Gross Profit
GrossProfit
66489000
CY2022Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
39127000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
27362000
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2820000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
24555000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
56719000
CY2022Q1 mgrc Property Subject To Or Available For Operating Lease Acquisition Or Disposition
PropertySubjectToOrAvailableForOperatingLeaseAcquisitionOrDisposition
46548000
CY2022Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
151564000
CY2022Q1 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
1746586000
CY2022Q1 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
1082955000
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 Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15439000
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 us-gaap Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
49126000
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
PropertySubjectToOrAvailableForOperatingLeaseNet
935943000
CY2022Q1 mgrc Goodwill Deductible For Tax Purpose Period
GoodwillDeductibleForTaxPurposePeriod
P15Y
CY2022Q1 mgrc Effective Income Tax Rate Reconciliation Combined Federal State Tax Rate
EffectiveIncomeTaxRateReconciliationCombinedFederalStateTaxRate
0.28
CY2022Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
145373000
CY2021Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
141304000
CY2022Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
18793000
CY2021Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
18890000
CY2022Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.77
CY2021Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.78
CY2022Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.77
CY2021Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.77

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