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McGrath Announces Results for Fourth Quarter 2022 and Announces 32nd Annual Dividend Increase

McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq: MGRC), a leading business-to-business rental company in North America, today announced total revenues for the quarter ended December 31, 2022 of $210.9 million, an increase of 20%, compared to the fourth quarter of 2021. The Company reported net income of $39.6 million, or $1.62 per diluted share, for the fourth quarter of 2022, compared to net income of $28.4 million, or $1.16 per diluted share, for the fourth quarter of 2021.

Total revenues for the year ended December 31, 2022 increased to $733.8 million from $616.8 million in 2021, with adjusted EBITDA increasing $40.2 million, or 16%, to $288.9 million. Net income for the year ended December 31, 2022 was $115.1 million, or $4.70 per diluted share, compared to $89.7 million, or $3.66 per diluted share, in 2021.

The Company also announced that the board of directors declared a cash dividend of $0.465 per share for the upcoming quarter ending March 31, 2023, a quarterly increase of $0.01, or 2%, over the prior year period. The cash dividend will be payable on April 28, 2023 to all shareholders of record on April 14, 2023. This marks 32 consecutive years the Company has increased its annual dividend.

FOURTH QUARTER 2022 YEAR-OVER-YEAR COMPANY HIGHLIGHTS:

  • Rental revenues increased 16% to $122.8 million.
  • Total revenues increased 20% to $210.9 million.
  • Adjusted EBITDA1 increased 23% to $91.0 million.
  • Dividend rate of $0.455 per share for the fourth quarter of 2022. On an annualized basis, this dividend represents a 1.7% yield on the February 21, 2023 close price of $105.86 per share.

Joe Hanna, President and CEO of McGrath, made the following comments regarding these results and future expectations:

“We delivered strong fourth quarter results. Our 20% growth in total company revenues was a result of robust performance in both rental operations and sales revenues. Demand was healthy across each of our rental segments. Mobile Modular rental revenues grew 18%, reflecting strong organic growth from modular operations. Our initiatives to grow modular sales also showed progress as sales revenues increased by 77% compared to a year ago. Rental revenue growth was also strong at TRS-RenTelco and Adler Tanks, which grew 8% and 20%, respectively.

I am very proud of everything we accomplished in 2022. Our full year revenue and profit growth reflects a diligent focus on execution as we made the most of healthy market conditions across each of our segments. We pursued our strategic growth focus on the modular segment with significant organic investment in new fleet, while managing pricing to higher rates and improving fleet utilization. We also made progress with our modular growth initiatives for additional services and new equipment sales. In addition to our operational accomplishments, we continued our strategic work to explore options to accelerate and strengthen our long-term growth momentum. This work culminated in the Vesta Modular acquisition and Adler divestiture, which we announced on February 1, 2023.

Looking forward to 2023, I believe we will continue to make progress in expanding our businesses. We will maintain our focus on disciplined operational execution, while also working on the successful integration of Vesta. Demand conditions continue to be healthy and we are well positioned for further business growth in 2023.”

DIVISION HIGHLIGHTS:

All comparisons presented below are for the quarter ended December 31, 2022 to the quarter ended December 31, 2021 unless otherwise indicated.

MOBILE MODULAR

For the fourth quarter of 2022, the Company’s Mobile Modular division reported income from operations of $36.8 million, an increase of $10.7 million, or 41%, with Adjusted EBITDA increasing $14.0 million, or 36%, to $53.1 million. Rental revenues increased 18% to $72.7 million, depreciation expense increased 3% to $7.8 million and other direct costs increased 6% to $16.0 million, which resulted in an increase in gross profit on rental revenues of 26% to $48.9 million. The rental revenue increase was primarily attributed to higher average rental equipment on rent and higher average monthly rental rates. Rental related services revenues increased 41% to $24.9 million, primarily attributable to higher delivery and pick up activities for both modular buildings and portable storage containers with associated gross profit increasing 39% to $6.9 million. Sales revenues increased 77% to $35.9 million, primarily from higher used and new equipment sales. Gross margin on sales was 32% compared to 33% in 2021, resulting in a 76% increase in gross profit on sales revenues to $11.6 million. Selling and administrative expenses increased 26% to $31.0 million, primarily due to $3.7 million higher allocated corporate expenses and $2.2 million increased marketing and administrative costs.

TRS-RENTELCO

For the fourth quarter of 2022, the Company’s TRS-RenTelco division reported income from operations of $11.8 million, an increase of $2.0 million, or 21%, with Adjusted EBITDA increasing $3.0 million, or 13%, to $25.3 million. Rental revenues increased 8% to $31.4 million, depreciation expense increased 4% to $12.5 million and other direct costs increased 19% to $5.8 million, which resulted in a 7% increase in gross profit on rental revenues to $13.1 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 increased 15% to $8.7 million and gross profit on sales revenues increased 42% to $5.4 million. Selling and administrative expenses increased 8% to $7.3 million, primarily due to higher allocated corporate expenses.

ADLER TANKS

For the fourth quarter of 2022, the Company’s Adler Tanks division reported income from operations of $7.0 million, an increase of $4.1 million, with Adjusted EBITDA increasing $4.3 million, or 55%, to $12.1 million. Rental revenues increased $3.2 million, or 20%, to $18.7 million, depreciation expense decreased 2% to $4.0 million and other direct costs decreased 22% to $2.6 million, which resulted in an increased gross profit on rental revenues of 49%, to $12.1 million. The rental revenue increase was broad-based across regions and vertical markets served. Rental related services revenues increased 44% to $8.4 million, with gross profit on rental related services increasing $1.2 million to $2.3 million, compared to $1.1 million in the fourth quarter of 2021. Selling and administrative expenses increased 16% to $7.8 million primarily due to higher allocated corporate expenses and higher employee salaries and benefit costs.

FINANCIAL OUTLOOK:

For the full-year 2023, the Company expects:

 

 

2023 Outlook

2022 Actual

Total revenue:

$780 to $810 million

$734 million

Adjusted EBITDA1, 2:

$294 to $309 million

$289 million

Gross rental equipment capital expenditures:

$190 to $210 million

$188 million

 

1.

Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation and transaction costs. 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.

2.

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:

McGrath RentCorp (Nasdaq: MGRC) is a leading business-to-business rental company in North America with a strong record of profitable business growth. Founded in 1979, McGrath’s operations are centered on modular solutions through its Mobile Modular and Mobile Modular Portable Storage businesses. In addition, its TRS-RenTelco business offers electronic test equipment rental solutions. The Company’s rental product offerings and services are part of the circular supply economy, helping customers work more efficiently, and sustainably manage their environmental footprint. With over 40 years of experience, McGrath’s success is driven by a focus on exceptional customer experiences. This focus has underpinned the Company’s long-term financial success and supported over 30 consecutive years of annual dividend increases to shareholders, a rare distinction among publicly listed companies.

Headquartered in Livermore, California. Additional information about McGrath and its businesses is available at mgrc.com and investors.mgrc.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 January 19, 2023, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on February 22, 2023 to discuss the fourth quarter 2022 results. To participate in the teleconference, dial 1-800-245-3047 (in the U.S.), or 1-203-518-9765 (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 1-800-839-6980 (in the U.S.), or 1-402-220-6062 (outside the U.S.). 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 making progress to expand the Company's businesses in 2023, the Company's strategic focus to explore options to accelerate and strengthen long-term growth, healthy demand conditions and being well positioned for further business growth in 2023, the successful integration of Vesta, as well as the statements regarding the full year 2023 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 continued economic impact of the COVID-19 pandemic; the health of the education and commercial markets in our modular building division; unforeseen liabilities and integration challenges associated with the Vesta acquisition; the activity levels in the general purpose and communications test equipment markets at TRS-RenTelco; continued execution of our strategic 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 December 31,

 

Twelve Months Ended December 31,

(in thousands, except per share amounts)

 

2022

 

2021

 

2022

 

2021

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

122,803

 

 

$

106,076

 

 

$

456,029

 

 

$

390,013

 

Rental related services

 

 

34,120

 

 

 

24,191

 

 

 

122,617

 

 

 

98,061

 

Rental operations

 

 

156,923

 

 

 

130,267

 

 

 

578,646

 

 

 

488,074

 

Sales

 

 

52,915

 

 

 

44,732

 

 

 

150,653

 

 

 

125,235

 

Other

 

 

1,045

 

 

 

912

 

 

 

4,524

 

 

 

3,524

 

Total revenues

 

 

210,883

 

 

 

175,911

 

 

 

733,823

 

 

 

616,833

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of rental equipment

 

 

24,315

 

 

 

23,671

 

 

 

96,429

 

 

 

91,887

 

Rental related services

 

 

24,826

 

 

 

18,020

 

 

 

89,793

 

 

 

74,256

 

Other

 

 

24,424

 

 

 

23,373

 

 

 

116,780

 

 

 

91,069

 

Total direct costs of rental operations

 

 

73,565

 

 

 

65,064

 

 

 

303,002

 

 

 

257,212

 

Costs of sales

 

 

34,176

 

 

 

28,579

 

 

 

93,913

 

 

 

78,600

 

Total costs of revenues

 

 

107,741

 

 

 

93,643

 

 

 

396,915

 

 

 

335,812

 

Gross profit

 

 

103,142

 

 

 

82,268

 

 

 

336,908

 

 

 

281,021

 

Selling and administrative expenses

 

 

47,332

 

 

 

39,295

 

 

 

171,342

 

 

 

148,600

 

Income from operations

 

 

55,810

 

 

 

42,973

 

 

 

165,566

 

 

 

132,421

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(5,170

)

 

 

(3,247

)

 

 

(15,168

)

 

 

(10,455

)

Foreign currency exchange (loss) gain

 

 

26

 

 

 

(25

)

 

 

(378

)

 

 

(210

)

Income before provision for income taxes

 

 

50,666

 

 

 

39,701

 

 

 

150,020

 

 

 

121,756

 

Provision for income taxes

 

 

11,025

 

 

 

11,254

 

 

 

34,882

 

 

 

32,051

 

Net income

 

$

39,641

 

 

$

28,447

 

 

$

115,138

 

 

$

89,705

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.63

 

 

$

1.17

 

 

$

4.73

 

 

$

3.70

 

Diluted

 

$

1.62

 

 

$

1.16

 

 

$

4.70

 

 

$

3.66

 

Shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,384

 

 

 

24,252

 

 

 

24,353

 

 

 

24,220

 

Diluted

 

 

24,527

 

 

 

24,537

 

 

 

24,519

 

 

 

24,515

 

Cash dividends declared per share

 

$

0.455

 

 

$

0.435

 

 

$

1.82

 

 

$

1.74

 

 

 

 

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

December 31,

(in thousands)

 

2022

 

2021

Assets

 

 

 

 

 

 

Cash

 

$

957

 

 

$

1,491

 

Accounts receivable, net of allowance for credit losses of $2,300 in 2022 and $2,125 in 2021

 

 

190,023

 

 

 

159,499

 

Rental equipment, at cost:

 

 

 

 

 

 

Relocatable modular buildings

 

 

1,123,268

 

 

 

1,040,094

 

Electronic test equipment

 

 

398,267

 

 

 

361,391

 

Liquid and solid containment tanks and boxes

 

 

308,396

 

 

 

309,908

 

 

 

 

1,829,931

 

 

 

1,711,393

 

Less: accumulated depreciation

 

 

(701,877

)

 

 

(646,169

)

Rental equipment, net

 

 

1,128,054

 

 

 

1,065,224

 

Property, plant and equipment, net

 

 

143,945

 

 

 

135,325

 

Prepaid expenses and other assets

 

 

71,429

 

 

 

54,945

 

Intangible assets, net

 

 

41,131

 

 

 

47,049

 

Goodwill

 

 

132,305

 

 

 

132,393

 

Total assets

 

$

1,707,844

 

 

$

1,595,926

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable

 

$

413,742

 

 

$

426,451

 

Accounts payable and accrued liabilities

 

 

160,829

 

 

 

136,313

 

Deferred income

 

 

82,417

 

 

 

58,716

 

Deferred income taxes, net

 

 

246,911

 

 

 

242,425

 

Total liabilities

 

 

903,899

 

 

 

863,905

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Common stock, no par value - Authorized 40,000 shares

 

 

 

 

 

 

Issued and outstanding - 24,388 shares as of December 31, 2022 and 24,260 shares as of December 31, 2021

 

 

110,080

 

 

 

108,610

 

Retained earnings

 

 

693,943

 

 

 

623,465

 

Accumulated other comprehensive loss

 

 

(78

)

 

 

(54

)

Total shareholders’ equity

 

 

803,945

 

 

 

732,021

 

Total liabilities and shareholders’ equity

 

$

1,707,844

 

 

$

1,595,926

 

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Twelve Months Ended December 31,

(in thousands)

 

2022

 

2021

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income

 

$

115,138

 

 

$

89,704

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

111,344

 

 

 

106,695

 

Deferred income taxes

 

 

4,486

 

 

 

26,348

 

Provision for credit losses

 

 

837

 

 

 

451

 

Share-based compensation

 

 

8,009

 

 

 

7,666

 

Gain on sale of used rental equipment

 

 

(37,979

)

 

 

(25,441

)

Foreign currency exchange loss

 

 

378

 

 

 

210

 

Amortization of debt issuance costs

 

 

16

 

 

 

15

 

Change in:

 

 

 

 

 

 

Accounts receivable

 

 

(31,361

)

 

 

(24,397

)

Prepaid expenses and other assets

 

 

(16,484

)

 

 

(6,816

)

Accounts payable and accrued liabilities

 

 

16,347

 

 

 

12,226

 

Deferred income

 

 

23,701

 

 

 

9,082

 

Net cash provided by operating activities

 

 

194,432

 

 

 

195,743

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

Purchases of rental equipment

 

 

(187,689

)

 

 

(114,145

)

Purchases of property, plant and equipment

 

 

(17,617

)

 

 

(2,680

)

Cash paid for acquisition of businesses

 

 

 

 

 

(283,124

)

Cash paid for acquisition of Titan business assets

 

 

 

 

 

(6,585

)

Cash paid for acquisition of non-compete agreements

 

 

 

 

 

(2,500

)

Proceeds from sales of used rental equipment

 

 

73,879

 

 

 

57,337

 

Net cash used in investing activities

 

 

(131,427

)

 

 

(351,696

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

Net borrowings borrowings under bank lines of credit

 

 

47,275

 

 

 

143,729

 

Borrowings under note purchase agreement

 

 

 

 

 

100,000

 

Principal payment of Series C senior notes

 

 

(60,000

)

 

 

 

Principal payment of Series B senior notes

 

 

 

 

 

(40,000

)

Taxes paid related to net share settlement of stock awards

 

 

(6,539

)

 

 

(5,345

)

Payment of dividends

 

 

(44,269

)

 

 

(42,182

)

Net cash (used in) provided by financing activities

 

 

(63,533

)

 

 

156,202

 

Effect of foreign currency exchange rate changes on cash

 

 

(6

)

 

 

4

 

Net (decrease) increase in cash

 

 

(534

)

 

 

253

 

Cash balance, beginning of period

 

 

1,491

 

 

 

1,238

 

Cash balance, end of period

 

$

957

 

 

$

1,491

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

Interest paid, during the period

 

$

14,775

 

 

$

10,326

 

Net income taxes paid, during the period

 

$

27,362

 

 

$

9,087

 

Dividends accrued during the period, not yet paid

 

$

11,227

 

 

$

11,280

 

Rental equipment acquisitions, not yet paid

 

$

13,220

 

 

$

5,750

 

 

 

 

 

 

 

 

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile

Modular

 

 

TRS-

RenTelco

 

 

Adler Tanks

 

 

Enviroplex

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

72,690

 

 

$

31,385

 

 

$

18,728

 

 

$

 

 

$

122,803

 

Rental related services

 

 

24,904

 

 

 

783

 

 

 

8,433

 

 

 

 

 

 

34,120

 

Rental operations

 

 

97,594

 

 

 

32,168

 

 

 

27,161

 

 

 

 

 

 

156,923

 

Sales

 

 

35,866

 

 

 

8,726

 

 

 

698

 

 

 

7,625

 

 

 

52,915

 

Other

 

 

397

 

 

 

525

 

 

 

123

 

 

 

 

 

 

1,045

 

Total revenues

 

 

133,857

 

 

 

41,419

 

 

 

27,982

 

 

 

7,625

 

 

 

210,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

7,843

 

 

 

12,464

 

 

 

4,008

 

 

 

 

 

 

24,315

 

Rental related services

 

 

17,985

 

 

 

745

 

 

 

6,096

 

 

 

 

 

 

24,826

 

Other

 

 

15,959

 

 

 

5,826

 

 

 

2,639

 

 

 

 

 

 

24,424

 

Total direct costs of rental operations

 

 

41,787

 

 

 

19,035

 

 

 

12,743

 

 

 

 

 

 

73,565

 

Costs of sales

 

 

24,288

 

 

 

3,309

 

 

 

472

 

 

 

6,107

 

 

 

34,176

 

Total costs of revenues

 

 

66,075

 

 

 

22,344

 

 

 

13,215

 

 

 

6,107

 

 

 

107,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

48,888

 

 

 

13,095

 

 

 

12,081

 

 

 

 

 

 

74,064

 

Rental related services

 

 

6,919

 

 

 

38

 

 

 

2,337

 

 

 

 

 

 

9,294

 

Rental operations

 

 

55,807

 

 

 

13,133

 

 

 

14,418

 

 

 

 

 

 

83,358

 

Sales

 

 

11,578

 

 

 

5,417

 

 

 

226

 

 

 

1,518

 

 

 

18,739

 

Other

 

 

397

 

 

 

525

 

 

 

123

 

 

 

 

 

 

1,045

 

Total gross profit

 

 

67,782

 

 

 

19,075

 

 

 

14,767

 

 

 

1,518

 

 

 

103,142

 

Selling and administrative expenses

 

 

30,989

 

 

 

7,315

 

 

 

7,786

 

 

 

1,242

 

 

 

47,332

 

Income from operations

 

$

36,793

 

 

$

11,760

 

 

$

6,981

 

 

$

276

 

 

$

55,810

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,170

)

Foreign currency exchange gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,025

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

39,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

53,145

 

 

$

25,333

 

 

$

12,140

 

 

$

351

 

 

$

90,969

 

Average rental equipment 2

 

$

1,044,751

 

 

$

395,789

 

 

$

307,398

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.32

%

 

 

2.63

%

 

 

2.03

%

 

 

 

 

 

 

Average utilization 4

 

 

81.2

%

 

 

63.0

%

 

 

58.0

%

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.86

%

 

 

4.20

%

 

 

3.50

%

 

 

 

 

 

 

 

1.

Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation and transaction costs. During the year ended December 31, 2022, the calculation for Adjusted EBITDA was adjusted to include one-time transaction costs attributed to acquisition, divestiture and integration related activities. For comparability, the transaction costs incurred during 2021 were included in the Adjusted EBITDA calculation for the year ended December 31, 2021.

2.

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.

3.

Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.

4.

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.

5.

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 December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile

Modular

 

 

TRS-

RenTelco

 

 

Adler Tanks

 

 

Enviroplex

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

61,451

 

 

$

29,079

 

 

$

15,546

 

 

$

 

 

$

106,076

 

Rental related services

 

 

17,604

 

 

 

731

 

 

 

5,856

 

 

 

 

 

 

24,191

 

Rental operations

 

 

79,055

 

 

 

29,810

 

 

 

21,402

 

 

 

 

 

 

130,267

 

Sales

 

 

20,216

 

 

 

7,563

 

 

 

769

 

 

 

16,184

 

 

 

44,732

 

Other

 

 

431

 

 

 

361

 

 

 

120

 

 

 

 

 

 

912

 

Total revenues

 

 

99,702

 

 

 

37,734

 

 

 

22,291

 

 

 

16,184

 

 

 

175,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

7,634

 

 

 

11,945

 

 

 

4,092

 

 

 

 

 

 

23,671

 

Rental related services

 

 

12,634

 

 

 

643

 

 

 

4,743

 

 

 

 

 

 

18,020

 

Other

 

 

15,120

 

 

 

4,881

 

 

 

3,372

 

 

 

 

 

 

23,373

 

Total direct costs of rental operations

 

 

35,388

 

 

 

17,469

 

 

 

12,207

 

 

 

 

 

 

65,064

 

Costs of sales

 

 

13,631

 

 

 

3,738

 

 

 

552

 

 

 

10,658

 

 

 

28,579

 

Total costs of revenues

 

 

49,019

 

 

 

21,207

 

 

 

12,759

 

 

 

10,658

 

 

 

93,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

38,697

 

 

 

12,253

 

 

 

8,082

 

 

 

 

 

 

59,032

 

Rental related services

 

 

4,970

 

 

 

88

 

 

 

1,113

 

 

 

 

 

 

6,171

 

Rental operations

 

 

43,667

 

 

 

12,341

 

 

 

9,195

 

 

 

 

 

 

65,203

 

Sales

 

 

6,585

 

 

 

3,825

 

 

 

217

 

 

 

5,526

 

 

 

16,153

 

Other

 

 

431

 

 

 

361

 

 

 

120

 

 

 

 

 

 

912

 

Total gross profit

 

 

50,683

 

 

 

16,527

 

 

 

9,532

 

 

 

5,526

 

 

 

82,268

 

Selling and administrative expenses

 

 

24,627

 

 

 

6,770

 

 

 

6,689

 

 

 

1,209

 

 

 

39,295

 

Income from operations

 

$

26,056

 

 

$

9,757

 

 

$

2,843

 

 

$

4,317

 

 

 

42,973

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,247

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,254

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

28,447

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

39,144

 

 

$

22,345

 

 

$

7,817

 

 

$

4,386

 

 

$

73,692

 

Average rental equipment 2

 

$

988,067

 

 

$

362,760

 

 

$

309,841

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.07

%

 

 

2.67

%

 

 

1.67

%

 

 

 

 

 

 

Average utilization 4

 

 

76.9

%

 

 

65.9

%

 

 

50.1

%

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.70

%

 

 

4.05

%

 

 

3.34

%

 

 

 

 

 

 

 

1.

Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation and transaction costs. During the year ended December 31, 2022, the calculation for Adjusted EBITDA was adjusted to include one-time transaction costs attributed to acquisition, divestiture and integration related activities. For comparability, the transaction costs incurred during 2021 were included in the Adjusted EBITDA calculation for the year ended December 31, 2021.

2.

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.

3.

Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.

4.

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.

5.

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile

Modular

 

 

TRS-

RenTelco

 

 

Adler Tanks

 

 

Enviroplex

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

268,288

 

 

$

121,375

 

 

$

66,366

 

 

$

 

 

$

456,029

 

Rental related services

 

 

91,851

 

 

 

3,112

 

 

 

27,654

 

 

 

 

 

 

122,617

 

Rental operations

 

 

360,139

 

 

 

124,487

 

 

 

94,020

 

 

 

 

 

 

578,646

 

Sales

 

 

99,979

 

 

 

24,571

 

 

 

2,933

 

 

 

23,170

 

 

 

150,653

 

Other

 

 

1,599

 

 

 

1,720

 

 

 

1,205

 

 

 

 

 

 

4,524

 

Total revenues

 

 

461,717

 

 

 

150,778

 

 

 

98,158

 

 

 

23,170

 

 

 

733,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

31,172

 

 

 

49,253

 

 

 

16,004

 

 

 

 

 

 

96,429

 

Rental related services

 

 

66,254

 

 

 

2,592

 

 

 

20,947

 

 

 

 

 

 

89,793

 

Other

 

 

83,031

 

 

 

21,327

 

 

 

12,422

 

 

 

 

 

 

116,780

 

Total direct costs of rental operations

 

 

180,457

 

 

 

73,172

 

 

 

49,373

 

 

 

 

 

 

303,002

 

Costs of sales

 

 

64,073

 

 

 

9,707

 

 

 

2,085

 

 

 

18,048

 

 

 

93,913

 

Total costs of revenues

 

 

244,530

 

 

 

82,879

 

 

 

51,458

 

 

 

18,048

 

 

 

396,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

154,085

 

 

 

50,795

 

 

 

37,940

 

 

 

 

 

 

242,820

 

Rental related services

 

 

25,597

 

 

 

520

 

 

 

6,707

 

 

 

 

 

 

32,824

 

Rental operations

 

 

179,682

 

 

 

51,315

 

 

 

44,647

 

 

 

 

 

 

275,644

 

Sales

 

 

35,906

 

 

 

14,864

 

 

 

848

 

 

 

5,122

 

 

 

56,740

 

Other

 

 

1,599

 

 

 

1,720

 

 

 

1,205

 

 

 

 

 

 

4,524

 

Total gross profit

 

 

217,187

 

 

 

67,899

 

 

 

46,700

 

 

 

5,122

 

 

 

336,908

 

Selling and administrative expenses

 

 

110,234

 

 

 

27,245

 

 

 

28,428

 

 

 

5,435

 

 

 

171,342

 

Income (loss) from operations

 

$

106,953

 

 

$

40,654

 

 

$

18,272

 

 

$

(313

)

 

$

165,566

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,168

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(378

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,882

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

115,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

159,224

 

 

$

92,007

 

 

$

37,660

 

 

$

(25

)

 

$

288,866

 

Average rental equipment 2

 

$

1,025,637

 

 

$

383,235

 

 

$

307,651

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.18

%

 

 

2.63

%

 

 

1.80

%

 

 

 

 

 

 

Average utilization 4

 

 

79.1

%

 

 

64.2

%

 

 

53.1

%

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.75

%

 

 

4.11

%

 

 

3.38

%

 

 

 

 

 

 

 

1.

Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation and transaction costs. During the year ended December 31, 2022, the calculation for Adjusted EBITDA was adjusted to include one-time transaction costs attributed to acquisition, divestiture and integration related activities. For comparability, the transaction costs incurred during 2021 were included in the Adjusted EBITDA calculation for the year ended December 31, 2021.

2.

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.

3.

Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.

4.

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.

5.

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile

Modular

 

 

TRS-

RenTelco

 

 

Adler Tanks

 

 

Enviroplex

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

220,569

 

 

$

113,419

 

 

$

56,025

 

 

$

 

 

$

390,013

 

Rental related services

 

 

72,330

 

 

 

2,880

 

 

 

22,851

 

 

 

 

 

 

98,061

 

Rental operations

 

 

292,899

 

 

 

116,299

 

 

 

78,876

 

 

 

 

 

 

488,074

 

Sales

 

 

68,982

 

 

 

22,242

 

 

 

2,930

 

 

 

31,081

 

 

 

125,235

 

Other

 

 

1,435

 

 

 

1,653

 

 

 

436

 

 

 

 

 

 

3,524

 

Total revenues

 

 

363,316

 

 

 

140,194

 

 

 

82,242

 

 

 

31,081

 

 

 

616,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

28,071

 

 

 

47,374

 

 

 

16,442

 

 

 

 

 

 

91,887

 

Rental related services

 

 

53,018

 

 

 

2,704

 

 

 

18,534

 

 

 

 

 

 

74,256

 

Other

 

 

60,429

 

 

 

19,148

 

 

 

11,492

 

 

 

 

 

 

91,069

 

Total direct costs of rental operations

 

 

141,518

 

 

 

69,226

 

 

 

46,468

 

 

 

 

 

 

257,212

 

Costs of sales

 

 

45,758

 

 

 

9,574

 

 

 

2,075

 

 

 

21,193

 

 

 

78,600

 

Total costs of revenues

 

 

187,276

 

 

 

78,800

 

 

 

48,543

 

 

 

21,193

 

 

 

335,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

132,070

 

 

 

46,897

 

 

 

28,091

 

 

 

 

 

 

207,058

 

Rental related services

 

 

19,310

 

 

 

176

 

 

 

4,317

 

 

 

 

 

 

23,803

 

Rental operations

 

 

151,380

 

 

 

47,073

 

 

 

32,408

 

 

 

 

 

 

230,861

 

Sales

 

 

23,225

 

 

 

12,667

 

 

 

855

 

 

 

9,888

 

 

 

46,635

 

Other

 

 

1,435

 

 

 

1,653

 

 

 

436

 

 

 

 

 

 

3,524

 

Total gross profit

 

 

176,040

 

 

 

61,394

 

 

 

33,699

 

 

 

9,888

 

 

 

281,021

 

Selling and administrative expenses

 

 

92,603

 

 

 

25,152

 

 

 

25,542

 

 

 

5,303

 

 

 

148,600

 

Income from operations

 

$

83,436

 

 

$

36,243

 

 

$

8,157

 

 

$

4,585

 

 

$

132,421

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,455

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(210

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,051

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

89,705

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

130,089

 

 

$

85,723

 

 

$

27,961

 

 

$

4,844

 

 

$

248,617

 

Average rental equipment 2

 

$

925,951

 

 

$

351,895

 

 

$

312,150

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

1.99

%

 

 

2.69

%

 

 

1.50

%

 

 

 

 

 

 

Average utilization 4

 

 

76.2

%

 

 

67.0

%

 

 

45.4

%

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.61

%

 

 

4.01

%

 

 

3.29

%

 

 

 

 

 

 

 

1.

Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation and transaction costs. During the year ended December 31, 2022, the calculation for Adjusted EBITDA was adjusted to include one-time transaction costs attributed to acquisition, divestiture and integration related activities. For comparability, the transaction costs incurred during 2021 were included in the Adjusted EBITDA calculation for the year ended December 31, 2021.

2.

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.

3.

Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.

4.

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.

5.

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, share-based compensation and transaction costs. 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 and transaction costs, 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 and transaction costs. 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

December 31,

 

Twelve Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Net income

$

39,641

 

 

$

28,447

 

 

$

115,138

 

 

$

89,705

 

Provision for income taxes

 

11,025

 

 

 

11,254

 

 

 

34,882

 

 

 

32,051

 

Interest expense

 

5,170

 

 

 

3,247

 

 

 

15,168

 

 

 

10,455

 

Depreciation and amortization

 

28,072

 

 

 

27,648

 

 

 

111,344

 

 

 

106,695

 

EBITDA

 

83,908

 

 

 

70,596

 

 

 

276,532

 

 

 

238,906

 

Share-based compensation

 

2,903

 

 

 

2,364

 

 

 

8,009

 

 

 

7,666

 

Transaction costs 3

 

4,158

 

 

 

732

 

 

 

4,325

 

 

 

2,045

 

Adjusted EBITDA 1

$

90,969

 

 

$

73,692

 

 

$

288,866

 

 

$

248,617

 

Adjusted EBITDA margin 2

 

43

%

 

 

41

%

 

 

39

%

 

 

40

%

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities

(dollar amounts in thousands)

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Adjusted EBITDA 1

$

90,969

 

 

$

73,692

 

 

$

288,866

 

 

$

248,617

 

Interest paid

 

(5,793

)

 

 

(3,849

)

 

 

(14,775

)

 

 

(10,326

)

Income taxes paid, net of refunds received

 

(2,477

)

 

 

(1,013

)

 

 

(27,362

)

 

 

(9,087

)

Gain on sale of used rental equipment

 

(11,274

)

 

 

(7,653

)

 

 

(37,979

)

 

 

(25,441

)

Foreign currency exchange (gain) loss

 

(26

)

 

 

25

 

 

 

378

 

 

 

210

 

Amortization of debt issuance costs

 

3

 

 

 

4

 

 

 

16

 

 

 

15

 

Change in certain assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

(64

)

 

 

9,332

 

 

 

(30,524

)

 

 

(23,946

)

Prepaid expenses and other assets

 

829

 

 

 

4,593

 

 

 

(16,484

)

 

 

(6,816

)

Accounts payable and other liabilities

 

(1,335

)

 

 

(4,628

)

 

 

8,595

 

 

 

13,435

 

Deferred income

 

(9,698

)

 

 

(11,046

)

 

 

23,701

 

 

 

9,082

 

Net cash provided by operating activities

$

61,134

 

 

$

59,457

 

 

$

194,432

 

 

$

195,743

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, share-based compensation and transaction costs. During the year ended December 31, 2022, the calculation for Adjusted EBITDA was adjusted to include one-time transaction costs attributed to acquisition, divestiture and integration related activities. For comparability, the transaction costs incurred during 2021 were included in the Adjusted EBITDA calculation for the year ended December 31, 2021.

2.

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenues for the period.

3.

Transaction costs include acquisition and divestiture related legal and professional fees and other costs specific to these transactions.

 

Contacts

Keith E. Pratt

EVP & Chief Financial Officer

925-606-9200

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