McGrath RentCorp (NASDAQ: MGRC) (the “Company”), a diversified
business-to-business rental company, today announced total revenues
for the quarter ended March 31, 2022 of $145.4 million, an increase
of 20%, compared to the first quarter of 2021. The Company reported
net income of $18.8 million, or $0.77 per diluted share, for the
first quarter of 2022, compared to net income of $17.4 million, or
$0.71 per diluted share, for the first quarter of 2021.
FIRST QUARTER 2022 COMPANY HIGHLIGHTS:
- Rental revenues increased 21% year-over-year to $104.2
million.
- Total revenues increased 20% year-over-year to $145.4
million.
- Adjusted EBITDA1 increased 15% to $56.7 million.
- Dividend rate increased 5% year-over-year to $0.455 per
share for the first quarter of 2022. On an annualized basis, this
dividend represents a 2.1% yield on the April 27, 2022 close price
of $84.88 per share.
Joe Hanna, President and CEO of McGrath RentCorp, made the
following comments regarding these results and future
expectations:
“We were pleased with our first quarter results. The improved
end market conditions we experienced at the start of the year
continued through the first quarter and enabled us to deliver a 21%
increase in companywide rental revenues, compared to the prior
year. Modular rental revenues grew 32%, with approximately
two-thirds of the growth attributable to our Design Space, Kitchens
To Go and Titan Storage Container acquisitions. Excluding the
acquisitions, the modular segment rental revenues grew by a healthy
11%. Rental revenues at TRS-RenTelco and Adler Tanks grew 5% and
17%, respectively.
Our modular business saw broad based strength across our
commercial, education and portable storage customer bases. With
stronger demand conditions than a year ago we have been spending
robustly to prepare modular equipment for rent, and we have front
loaded some of our new equipment capital spending. All of this
indicates our improving confidence in rental opportunities for the
year.
TRS-RenTelco and Adler Tanks also had a good start to the year.
TRS-RenTelco saw growth in both communications and general purpose
rentals during the first quarter, and experienced improving demand
over the course of the quarter. Adler Tanks continued to experience
broad-based demand improvement across its regions and vertical
markets, compared to a year ago.
I am encouraged by the stronger business momentum we are seeing
across the business. We are focused on effective execution to make
the most of these improved market conditions.”
DIVISION HIGHLIGHTS:
All comparisons presented below are for the quarter ended March
31, 2022 to the quarter ended March 31, 2021 unless otherwise
indicated.
MOBILE MODULAR
For the first quarter of 2022, the Company’s Mobile Modular
division reported income from operations of $18.4 million, an
increase of $2.8 million, or 18%, with Adjusted EBITDA increasing
$6.5 million, or 27%, to $30.4 million. Rental revenues increased
32% to $61.5 million, depreciation expense increased 35% to $7.8
million and other direct costs increased 57% to $20.2 million,
which resulted in an increase in gross profit on rental revenues of
20% to $33.5 million. The rental revenue increase reflects the 2021
Design Space, Kitchens To Go, and Titan Storage Containers
customers that contributed approximately two-thirds of the
increase. Rental related services revenues increased 31% to $18.4
million, primarily attributable to higher delivery and pick up
activities, and higher site related and other services performed
during the lease with associated gross profit increasing 30% to
$5.2 million. Sales revenues increased 36% to $10.4 million, from
both higher new and used equipment sales. Gross margin on sales was
39% compared to 35% in 2021, resulting in a 51% increase in gross
profit on sales revenues to $4.0 million. Selling and
administrative expenses increased 28% to $24.7 million, primarily
due to increased employee salaries and benefit costs totaling $2.8
million reflecting the addition of Design Space and Kitchens To Go
employees, $1.4 million higher amortization of intangible assets
associated with the Design Space and Kitchens To Go acquisitions
and $1.6 million higher allocated corporate expenses.
TRS-RENTELCO
For the first quarter of 2022, the Company’s TRS-RenTelco
division reported income from operations of $8.1 million, a
decrease of $0.4 million, or 4%, with Adjusted EBITDA increasing
$0.3 million, or 1%, to $20.7 million. Rental revenues increased 5%
to $28.5 million, depreciation expense increased 6% to $12.0
million and other direct costs increased 3% to $4.7 million, which
resulted in a 4% increase in gross profit on rental revenues to
$11.8 million. The rental revenue increase was the result of higher
average equipment on rent and higher average monthly rental rates
compared to the prior year. Sales revenues decreased 24% to $3.9
million and gross profit on sales revenues decreased 15% to $2.4
million. Selling and administrative expenses increased 5% to $6.6
million, primarily due to higher marketing and administrative
expenses.
ADLER TANKS
For the first quarter of 2022, the Company’s Adler Tanks
division reported income from operations of $1.9 million, an
increase of $1.2 million, with Adjusted EBITDA increasing $1.0
million, or 18%, to $6.7 million. Rental revenues increased 17% to
$14.2 million, depreciation expense was comparable to the prior
year and other direct costs increased 29% to $3.0 million, which
resulted in an increased gross profit on rental revenues of 25%, to
$7.2 million. The rental revenue increase was broad based across
regions and vertical markets served. Rental related services
revenues increased 8% to $5.3 million, with gross profit on rental
related services decreasing 10%, to $0.9 million. Selling and
administrative expenses increased 4% to $6.5 million primarily due
to higher allocated corporate expenses.
FINANCIAL OUTLOOK:
Based upon the Company’s year-to-date results and current
outlook for the remainder of the year, the Company confirms its
financial outlook. For the full-year 2022, the Company expects:
•
Total revenue:
$675 million to $705 million
•
Adjusted EBITDA1,2:
$260 million to $275 million
•
Gross rental equipment capital
expenditures:
$117 million to $127 million
- Adjusted EBITDA is defined as net income before interest
expense, provision for income taxes, depreciation, amortization,
non-cash impairment costs and share-based compensation. A
reconciliation of actual net income to Adjusted EBITDA and Adjusted
EBITDA to net cash provided by operating activities can be found at
the end of this release.
- Information reconciling forward-looking Adjusted EBITDA to the
comparable GAAP financial measures is unavailable to the Company
without unreasonable effort because certain items required for such
reconciliations are outside of the Company’s control and/or cannot
be reasonably predicted, such as the provision for income taxes.
Therefore, no reconciliation to the most comparable GAAP measures
is provided. The Company provides Adjusted EBITDA guidance because
it believes that Adjusted EBITDA, when viewed with the Company’s
results under GAAP, provides useful information for the reasons
noted in the reconciliation of actual Adjusted EBITDA to the most
directly comparable GAAP measures at the end of this release.
ABOUT MCGRATH RENTCORP:
Founded in 1979, McGrath RentCorp (Nasdaq: MGRC) is a
diversified business-to-business rental company providing modular
buildings, electronic test equipment, portable storage and tank
containment solutions across the United States and other select
North American regions. The Company’s rental operations consist of
four divisions: Mobile Modular rents and sells modular buildings to
fulfill customers’ temporary and permanent classroom and office
space needs; TRS-RenTelco rents and sells electronic test
equipment; Adler Tank Rentals rents and sells containment solutions
for hazardous and nonhazardous liquids and solids; and Mobile
Modular Portable Storage provides portable storage rental
solutions. For more information on McGrath RentCorp and its
operating units, please visit our websites:
Corporate – www.mgrc.com Modular Buildings –
www.mobilemodular.com Electronic Test Equipment –
www.trsrentelco.com Tanks and Boxes – www.adlertankrentals.com
Portable Storage – www.mobilemodularcontainers.com School
Facilities Manufacturing – www.enviroplex.com
You should read this press release in conjunction with the
financial statements and notes thereto included in the Company’s
latest Forms 10-K, 10-Q and other SEC filings. You can visit the
Company’s web site at www.mgrc.com to access information on McGrath
RentCorp, including the latest Forms 10-K, 10-Q and other SEC
filings.
CONFERENCE CALL NOTE:
As previously announced in its press release of March 29, 2022,
McGrath RentCorp will host a conference call at 5:00 p.m. Eastern
Time (2:00 p.m. Pacific Time) on April 28, 2022 to discuss the
first quarter 2022 results. To participate in the teleconference,
dial 1-844-707-0666 (in the U.S.), or 1-703-639-1220 (outside the
U.S.), or to listen only, access the simultaneous webcast at the
investor relations section of the Company’s website at
https://investors.mgrc.com/. A replay will be available for 7 days
following the call by dialing 1-855-859-2056 (in the U.S.), or
1-404-537-3406 (outside the U.S.). The pass code for the conference
call replay is 2173168. In addition, a live audio webcast and
replay of the call may be found in the investor relations section
of the Company’s website at
https://investors.mgrc.com/events-and-presentations.
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical facts,
regarding McGrath RentCorp’s expectations, strategies, prospects or
targets are forward-looking statements. These forward-looking
statements also can be identified by the use of forward-looking
terminology such as “anticipates,” “believes,” “continues,”
“could,” “estimates,” “expects,” “intends,” “may,” “plan,”
“predict,” “project,” or “will,” or the negative of these terms or
other comparable terminology. In particular, Mr. Hanna’s statements
about the robust spending indicating the Company’s improved
confidence, the Company’s focus on effective execution to make the
most of improved market conditions, as well as the statements
regarding the full year 2022 in the “Financial Outlook” section,
are forward-looking.
These forward-looking statements are not guarantees of future
performance and involve significant risks and uncertainties that
could cause our actual results to differ materially from those
projected including: the duration of the COVID-19 pandemic and its
economic impact, the extent and length of the restrictions
associated with COVID-19 pandemic, the health of the education and
commercial markets in our modular building division; the activity
levels in the general purpose and communications test equipment
markets at TRS-RenTelco; the ability to obtain the synergies
expected from the Design Space and Kitchens To Go acquisitions and
the success of integrating such acquisitions; the utilization
levels and rental rates of our Adler Tanks liquid and solid
containment tank and box rental assets; continued execution of our
performance improvement initiatives; our ability to successfully
increase prices to offset cost increases; and our ability to
effectively manage our rental assets, as well as the factors
disclosed under “Risk Factors” in the Company’s Form 10-K and other
SEC filings.
Forward-looking statements are made only as of the date hereof.
Except as otherwise required by law, we assume no obligation to
update any of the forward-looking statements contained in this
press release.
MCGRATH RENTCORP
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended March
31,
(in thousands,
except per share amounts)
2022
2021
Revenues
Rental
$
104,241
$
86,087
Rental related services
24,317
19,669
Rental operations
128,558
105,756
Sales
15,876
14,611
Other
939
828
Total revenues
145,373
121,195
Costs and
Expenses
Direct costs of rental operations:
Depreciation of rental equipment
23,874
21,255
Rental related services
18,143
14,604
Other
27,823
19,707
Total direct costs of rental
operations
69,840
55,566
Costs of sales
9,044
8,548
Total costs of revenues
78,884
64,114
Gross profit
66,489
57,081
Selling and administrative expenses
39,127
33,137
Income from operations
27,362
23,944
Other income (expense):
Interest expense
(2,820
)
(1,783
)
Foreign currency exchange gain (loss)
13
(55
)
Income before provision for income
taxes
24,555
22,106
Provision for income taxes
5,762
4,708
Net income
$
18,793
$
17,398
Earnings per share:
Basic
$
0.77
$
0.72
Diluted
$
0.77
$
0.71
Shares used in per share calculation:
Basic
24,285
24,153
Diluted
24,534
24,512
Cash dividends declared per share
$
0.455
$
0.435
MCGRATH RENTCORP
CONDENSED CONSOLIDATED BALANCE
SHEETS
(UNAUDITED)
March 31,
December 31,
(in
thousands)
2022
2021
Assets
Cash
$
1,603
$
1,491
Accounts receivable, net of allowance for
credit losses of $2,125 in 2022 and 2021
151,564
159,499
Rental equipment, at cost:
Relocatable modular buildings
1,059,030
1,040,094
Electronic test equipment
378,766
361,391
Liquid and solid containment tanks and
boxes
308,790
309,908
1,746,586
1,711,393
Less: accumulated depreciation
(663,631
)
(646,169
)
Rental equipment, net
1,082,955
1,065,224
Property, plant and equipment, net
138,515
135,325
Prepaid expenses and other assets
50,732
54,945
Intangible assets, net
45,566
47,049
Goodwill
132,305
132,393
Total assets
$
1,603,240
$
1,595,926
Liabilities and
Shareholders' Equity
Liabilities:
Notes payable
$
423,974
$
426,451
Accounts payable and accrued
liabilities
138,690
136,313
Deferred income
63,939
58,716
Deferred income taxes, net
238,749
242,425
Total liabilities
865,352
863,905
Shareholders’ equity:
Common stock, no par value - Authorized
40,000 shares
Issued and outstanding - 24,335 shares as
of March 31, 2022 and 24,260 shares as of December 31, 2021
106,765
108,610
Retained earnings
631,174
623,465
Accumulated other comprehensive loss
(51
)
(54
)
Total shareholders’ equity
737,888
732,021
Total liabilities and shareholders’
equity
$
1,603,240
$
1,595,926
MCGRATH RENTCORP
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended March
31,
(in
thousands)
2022
2021
Cash Flows from
Operating Activities:
Net income
$
18,793
$
17,398
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
27,584
23,460
Deferred income taxes
(3,676
)
(3,258
)
Provision for doubtful accounts
13
99
Share-based compensation
1,760
1,777
Gain on sale of used rental equipment
(5,364
)
(4,794
)
Foreign currency exchange (gain) loss
(13
)
55
Amortization of debt issuance costs
4
3
Change in:
Accounts receivable
7,922
1,009
Prepaid expenses and other assets
4,213
(94
)
Accounts payable and accrued
liabilities
(4,716
)
(2,633
)
Deferred income
5,223
4,587
Net cash provided by operating
activities
51,743
37,609
Cash Flows from
Investing Activities:
Purchases of rental equipment
(39,430
)
(17,984
)
Purchases of property, plant and
equipment
(5,417
)
(981
)
Proceeds from sales of used rental
equipment
10,308
10,418
Net cash used in investing activities
(34,539
)
(8,547
)
Cash Flows from
Financing Activities:
Net repayment under bank lines of
credit
(2,482
)
(13,931
)
Taxes paid related to net share settlement
of stock awards
(3,605
)
(3,482
)
Payment of dividends
(11,006
)
(10,554
)
Net cash used in financing activities
(17,093
)
(27,967
)
Effect of foreign currency exchange rate
changes on cash
1
(4
)
Net increase in cash
112
1,091
Cash balance, beginning of period
1,491
1,238
Cash balance, end of period
$
1,603
$
2,329
Supplemental
Disclosure of Cash Flow Information:
Interest paid, during the period
$
2,137
$
1,625
Net income taxes paid, during the
period
$
420
$
372
Dividends accrued during the period, not
yet paid
$
11,357
$
9,810
Rental equipment acquisitions, not yet
paid
$
12,869
$
11,095
MCGRATH RENTCORP
BUSINESS SEGMENT DATA
(unaudited)
Three months ended March 31,
2022
(dollar amounts in
thousands)
Mobile Modular
TRS- RenTelco
Adler Tanks
Enviroplex
Consolidated
Revenues
Rental
$
61,538
$
28,512
$
14,191
$
—
$
104,241
Rental related services
18,361
671
5,285
—
24,317
Rental operations
79,899
29,183
19,476
—
128,558
Sales
10,375
3,927
657
917
15,876
Other
371
381
187
—
939
Total revenues
90,645
33,491
20,320
917
145,373
Costs and
Expenses
Direct costs of rental operations:
Depreciation
7,833
12,029
4,012
—
23,874
Rental related services
13,180
580
4,383
—
18,143
Other
20,162
4,692
2,969
—
27,823
Total direct costs of rental
operations
41,175
17,301
11,364
—
69,840
Costs of sales
6,329
1,500
502
713
9,044
Total costs of revenues
47,504
18,801
11,866
713
78,884
Gross
Profit
Rental
33,543
11,791
7,210
—
52,544
Rental related services
5,181
91
902
—
6,174
Rental operations
38,724
11,882
8,112
—
58,718
Sales
4,046
2,427
155
204
6,832
Other
371
381
187
—
939
Total gross profit
43,141
14,690
8,454
204
66,489
Selling and administrative expenses
24,692
6,590
6,522
1,323
39,127
Income (loss) from operations
$
18,449
$
8,100
$
1,932
$
(1,119
)
$
27,362
Interest expense
(2,820
)
Foreign currency exchange gain
13
Provision for income taxes
(5,762
)
Net income
$
18,793
Other
Information
Adjusted EBITDA 1
$
30,405
$
20,653
$
6,707
$
(1,046
)
$
56,719
Average rental equipment 2
$
1,006,903
$
366,667
$
308,533
Average monthly total yield 3
2.04
%
2.59
%
1.53
%
Average utilization 4
77.1
%
64.6
%
48.3
%
Average monthly rental rate 5
2.64
%
4.01
%
3.17
%
- Adjusted EBITDA is defined as net income before interest
expense, provision for income taxes, depreciation, amortization,
non-cash impairment costs and share-based compensation.
- Average rental equipment represents the cost of rental
equipment, excluding accessory equipment. For Mobile Modular and
Adler Tanks, Average rental equipment also excludes new equipment
inventory.
- Average monthly total yield is calculated by dividing the
averages of monthly rental revenues by the cost of rental equipment
for the period.
- Average utilization is calculated by dividing the average month
end costs of rental equipment on rent by the average month end
total costs of rental equipment.
- Average monthly rental rate is calculated by dividing the
averages of monthly rental revenues by the cost of rental equipment
on rent for the period.
MCGRATH RENTCORP
BUSINESS SEGMENT DATA
(unaudited)
Three months ended March 31,
2021
(dollar amounts in
thousands)
Mobile Modular
TRS- RenTelco
Adler Tanks
Enviroplex
Consolidated
Revenues
Rental
$
46,657
$
27,276
$
12,154
$
—
$
86,087
Rental related services
14,051
740
4,878
—
19,669
Rental operations
60,708
28,016
17,032
—
105,756
Sales
7,620
5,149
608
1,234
14,611
Other
320
438
70
—
828
Total revenues
68,648
33,603
17,710
1,234
121,195
Costs and
Expenses
Direct costs of rental operations:
Depreciation
5,819
11,362
4,074
—
21,255
Rental related services
10,072
653
3,879
—
14,604
Other
12,875
4,534
2,298
—
19,707
Total direct costs of rental
operations
28,766
16,549
10,251
—
55,566
Costs of sales
4,948
2,301
416
883
8,548
Total costs of revenues
33,714
18,850
10,667
883
64,114
Gross
Profit
Rental
27,963
11,380
5,782
—
45,125
Rental related services
3,979
87
999
—
5,065
Rental operations
31,942
11,467
6,781
—
50,190
Sales
2,672
2,848
192
351
6,063
Other
320
438
70
—
828
Total gross profit
34,934
14,753
7,043
351
57,081
Selling and administrative expenses
19,237
6,298
6,267
1,335
33,137
Income (loss) from operations
$
15,697
$
8,455
$
776
$
(984
)
23,944
Interest expense
(1,783
)
Foreign currency exchange loss
(55
)
Provision for income taxes
(4,708
)
Net income
$
17,398
Other
Information
Adjusted EBITDA 1
$
23,955
$
20,392
$
5,700
$
(921
)
$
49,126
Average rental equipment 2
$
836,893
$
334,781
$
313,873
Average monthly total yield 3
1.86
%
2.72
%
1.29
%
Average utilization 4
75.8
%
68.1
%
40.3
%
Average monthly rental rate 5
2.45
%
3.99
%
3.21
%
- Adjusted EBITDA is defined as net income before interest
expense, provision for income taxes, depreciation, amortization,
non-cash impairment costs and share-based compensation.
- Average rental equipment represents the cost of rental
equipment, excluding accessory equipment. For Mobile Modular and
Adler Tanks, Average rental equipment also excludes new equipment
inventory.
- Average monthly total yield is calculated by dividing the
averages of monthly rental revenues by the cost of rental equipment
for the period.
- Average utilization is calculated by dividing the average month
end costs of rental equipment on rent by the average month end
total costs of rental equipment.
- Average monthly rental rate is calculated by dividing the
averages of monthly rental revenues by the cost of rental equipment
on rent for the period.
Reconciliation of Adjusted EBITDA to the most directly
comparable GAAP measures
To supplement the Company’s financial data presented on a basis
consistent with accounting principles generally accepted in the
United States of America (“GAAP”), the Company presents “Adjusted
EBITDA,” which is defined by the Company as net income before
interest expense, provision for income taxes, depreciation,
amortization and share-based compensation. The Company presents
Adjusted EBITDA as a financial measure as management believes it
provides useful information to investors regarding the Company’s
liquidity and financial condition and because management, as well
as the Company’s lenders, use this measure in evaluating the
performance of the Company.
Management uses Adjusted EBITDA as a supplement to GAAP measures
to further evaluate the Company’s period-to-period operating
performance, compliance with financial covenants in the Company’s
revolving lines of credit and senior notes and the Company’s
ability to meet future capital expenditure and working capital
requirements. Management believes the exclusion of non-cash
charges, including share-based compensation, is useful in measuring
the Company’s cash available for operations and performance of the
Company. Because management finds Adjusted EBITDA useful, the
Company believes its investors will also find Adjusted EBITDA
useful in evaluating the Company’s performance.
Adjusted EBITDA should not be considered in isolation or as a
substitute for net income, cash flows, or other consolidated income
or cash flow data prepared in accordance with GAAP or as a measure
of the Company’s profitability or liquidity. Adjusted EBITDA is not
in accordance with or an alternative for GAAP, and may be different
from non-GAAP measures used by other companies. Unlike EBITDA,
which may be used by other companies or investors, Adjusted EBITDA
does not include share-based compensation charges. The Company
believes that Adjusted EBITDA is of limited use in that it does not
reflect all of the amounts associated with the Company’s results of
operations as determined in accordance with GAAP and does not
accurately reflect real cash flow. In addition, other companies may
not use Adjusted EBITDA or may use other non-GAAP measures,
limiting the usefulness of Adjusted EBITDA for purposes of
comparison. The Company’s presentation of Adjusted EBITDA should
not be construed as an inference that the Company will not incur
expenses that are the same as or similar to the adjustments in this
presentation. Therefore, Adjusted EBITDA should only be used to
evaluate the Company’s results of operations in conjunction with
the corresponding GAAP measures. The Company compensates for the
limitations of Adjusted EBITDA by relying upon GAAP results to gain
a complete picture of the Company’s performance. Because Adjusted
EBITDA is a non-GAAP financial measure as defined by the SEC, the
Company includes in the tables below reconciliations of Adjusted
EBITDA to the most directly comparable financial measures
calculated and presented in accordance with GAAP.
Reconciliation of Net Income to
Adjusted EBITDA
(dollar amounts in
thousands)
Three Months Ended March
31,
Twelve Months Ended March
31,
2022
2021
2022
2021
Net income
$
18,793
$
17,398
$
91,100
$
99,223
Provision for income taxes
5,762
4,708
33,105
28,313
Interest expense
2,820
1,783
11,492
7,918
Depreciation and amortization
27,584
23,460
110,819
94,241
EBITDA
54,959
47,349
246,516
229,695
Share-based compensation
1,760
1,777
7,649
5,603
Adjusted EBITDA 1
$
56,719
$
49,126
$
254,165
$
235,298
Adjusted EBITDA margin 2
39
%
41
%
40
%
42
%
Reconciliation of Adjusted EBITDA to
Net Cash Provided by Operating Activities
(dollar amounts in
thousands)
Three Months Ended March
31,
Twelve Months Ended March
31,
2022
2021
2022
2021
Adjusted EBITDA 1
$
56,719
$
49,126
$
254,165
$
235,298
Interest paid
(2,137
)
(1,625
)
(10,838
)
(7,816
)
Income taxes paid, net of refunds
received
(420
)
(372
)
(9,135
)
(34,912
)
Gain on sale of used rental equipment
(5,364
)
(4,794
)
(26,011
)
(19,335
)
Foreign currency exchange (gain) loss
(13
)
55
142
(459
)
Amortization of debt issuance costs
4
3
16
11
Change in certain assets and
liabilities:
Accounts receivable, net
7,935
1,108
(17,119
)
3,626
Prepaid expenses and other assets
4,213
(94
)
(2,509
)
3,350
Accounts payable and other liabilities
(14,870
)
(10,385
)
10,996
4,013
Deferred income
5,223
4,587
9,718
(11,345
)
Net cash provided by operating
activities
$
51,290
$
37,609
$
209,425
$
172,431
- Adjusted EBITDA is defined as net income before interest
expense, provision for income taxes, depreciation, amortization and
share-based compensation.
- Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided
by total revenues for the period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220427006191/en/
Keith E. Pratt EVP & Chief Financial Officer
925-606-9200
McGrath RentCorp (NASDAQ:MGRC)
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