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McGrath Announces Results for Second Quarter 2023

McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq: MGRC), a leading business-to-business rental company in North America, today announced total revenues from continuing operations for the quarter ended June 30, 2023 of $203.0 million, an increase of 32%, compared to the second quarter of 2022. The Company reported net income from continuing operations of $28.0 million, or $1.14 per diluted share, for the second quarter of 2023, compared to net income from continuing operations of $23.5 million, or $0.96 per diluted share, for the second quarter of 2022.

SECOND QUARTER 2023 YEAR-OVER-YEAR COMPANY HIGHLIGHTS (FROM CONTINUING OPERATIONS):

  • Rental revenues increased 24% to $117.8 million.
  • Total revenues increased 32% to $203.0 million.
  • Adjusted EBITDA1 increased 33% to $77.0 million.
  • Dividend rate of $0.465 per share for the second quarter of 2023. On an annualized basis, this dividend represents a 2.0% yield on the July 26, 2023 close price of $92.16 per share.

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

“We were very pleased with our second quarter results. Our 24% increase in companywide rental revenues was driven by strong modular segment performance. Modular rental revenues grew 37%, with over half of the growth attributable to our Vesta Modular and several smaller Portable Storage acquisitions completed earlier this year. Before acquisitions, the modular segment rental revenues grew organically by a robust 14%.

Our modular business saw broad based rental strength across commercial, education and portable storage customer bases. Overall demand conditions continued to be positive. Our initiatives to grow modular sales also showed progress as sales revenues increased by 59% compared to a year ago. Consistent with our growth objectives, we increased our portable storage geographic coverage with the acquisitions of Dixie Storage and Inland Leasing and Storage.

TRS-RenTelco experienced continued softness in semiconductor related demand, resulting in lower general purpose rentals during the quarter, while communications rentals were flat, compared to a year ago. Rental revenues at TRS-RenTelco decreased by 4%.

We are continuing to make good progress with the strategic transformation of McGrath’s business portfolio. The Adler divestiture will be fully completed at the end of July, which has been a substantial undertaking for the McGrath team through the first half of the year. Concurrently, we have been making good progress with the Vesta integration. I am very pleased with the team collaboration and commercial successes that we have seen in the last few months.

Our first half accomplishments have been significant, and we look forward to building on that momentum in the second half of the year. I am excited by the range of long-term growth opportunities for McGrath.”

DIVISION HIGHLIGHTS:

All comparisons presented below are for the quarter ended June 30, 2023 to the quarter ended June 30, 2022 unless otherwise indicated.

MOBILE MODULAR

For the second quarter of 2023, the Company’s Mobile Modular division reported Adjusted EBITDA of $56.8 million, an increase of $21.1 million, or 59%.

  • Rental revenues increased 37% to $89.3 million, depreciation expense increased 33% to $10.3 million and other direct costs increased 4% to $25.1 million, which resulted in an increase in gross profit on rental revenues of 63% to $53.9 million. Vesta Modular contributed $13.9 million and $8.9 million in rental revenues and gross profit during the quarter, respectively.
  • Rental related services revenues increased 56% to $33.2 million, primarily attributable to higher delivery and pick up activities for both modular buildings and portable storage containers, with associated gross profit increasing 65% to $10.1 million. Vesta Modular contributed $4.6 million and $1.7 million in rental related services revenues and gross profit during the quarter, respectively.
  • Sales revenues increased 59% to $39.4 million, primarily from higher new equipment sales. Gross margin on sales was 31% compared to 41% in 2022, resulting in a 21% increase in gross profit on sales revenues to $12.2 million. Vesta Modular contributed $11.2 million and $2.8 million in sales revenues and gross profit during the quarter, respectively.
  • Selling and administrative expenses increased $12.5 million to $38.3 million. The addition of Vesta Modular increased selling and administrative expenses by $6.6 million, which included $1.2 million higher amortization of intangibles. In addition, allocated corporate expenses increased $2.8 million.

TRS-RENTELCO

For the second quarter of 2023, the Company’s TRS-RenTelco division reported Adjusted EBITDA of $21.5 million, a decrease of 3%, when compared to the same quarter in 2022.

  • Rental revenues decreased 4% to $28.6 million, with depreciation expense and other direct costs comparable to the previous period, resulting in a 10% decrease in gross profit on rental revenues to $10.8 million. The rental revenue decrease was the result of lower average rental equipment on rent compared to the prior year, partly offset by higher average monthly rental rates.
  • Sales revenues increased 17% to $7.5 million and gross profit on sales revenues increased 12% to $4.1 million.
  • Selling and administrative expenses increased $0.5 million, or 8%, to $7.1 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 is revising its financial outlook. For the full-year 2023, the Company expects:

 

 

Previous

(Continuing Operations)

Current

(Continuing Operations)

Total revenue:

$790 to $820 million

$805 to $830 million

Adjusted EBITDA1, 2:

$300 to $315 million

$306 to $320 million

Gross rental equipment capital expenditures:

$190 to $210 million

$190 to $200 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. Adjusted EBITDA from continuing operations for the quarter ended June 30, 2023, excludes the income from discontinued operations from the divestiture of Adler Tanks.

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.

McGrath is 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 June 29, 2023, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on July 27, 2023 to discuss the second quarter 2023 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 1-800-839-3413 (in the U.S.), or 1-402-220-7236 (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 (i) the overall demand conditions, (ii) the progress with the strategic transformation of McGrath's business portfolio (iii) success with the integration of Vesta and additional business opportunities stemming from the acquisition, (iv) the outlook on future opportunities and the overall growth across the business, and (v) 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: health of the education and commercial markets in our modular building division; unforeseen liabilities and integration challenges associated with the Vesta, Brekke Storage, Dixie Storage and Inland Storage acquisitions; competition within the modular business; the activity levels in the semiconductor and 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 other 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 June 30,

 

Six Months Ended June 30,

(in thousands, except per share amounts)

 

2023

 

2022

 

2023

 

2022

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

117,840

 

 

$

94,667

 

 

$

228,087

 

 

$

184,717

 

Rental related services

 

 

33,857

 

 

 

22,046

 

 

 

60,989

 

 

 

41,078

 

Rental operations

 

 

151,697

 

 

 

116,713

 

 

 

289,076

 

 

 

225,795

 

Sales

 

 

47,801

 

 

 

35,870

 

 

 

71,461

 

 

 

51,089

 

Other

 

 

3,532

 

 

 

785

 

 

 

6,211

 

 

 

1,537

 

Total revenues

 

 

203,030

 

 

 

153,368

 

 

 

366,748

 

 

 

278,421

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of rental equipment

 

 

22,597

 

 

 

20,082

 

 

 

44,430

 

 

 

39,944

 

Rental related services

 

 

23,825

 

 

 

15,780

 

 

 

43,093

 

 

 

29,540

 

Other

 

 

30,560

 

 

 

29,516

 

 

 

61,695

 

 

 

54,370

 

Total direct costs of rental operations

 

 

76,982

 

 

 

65,378

 

 

 

149,218

 

 

 

123,854

 

Costs of sales

 

 

31,438

 

 

 

21,034

 

 

 

45,553

 

 

 

29,576

 

Total costs of revenues

 

 

108,420

 

 

 

86,412

 

 

 

194,771

 

 

 

153,430

 

Gross profit

 

 

94,610

 

 

 

66,956

 

 

 

171,977

 

 

 

124,991

 

Selling and administrative expenses

 

 

47,026

 

 

 

33,809

 

 

 

104,524

 

 

 

66,414

 

Income from operations

 

 

47,584

 

 

 

33,147

 

 

 

67,453

 

 

 

58,577

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(9,945

)

 

 

(2,426

)

 

 

(17,409

)

 

 

(4,702

)

Foreign currency exchange (loss) gain

 

 

(18

)

 

 

(181

)

 

 

208

 

 

 

(168

)

Income from continuing operations before provision for income taxes

 

 

37,621

 

 

 

30,540

 

 

 

50,252

 

 

 

53,707

 

Provision for income taxes from continuing operations

 

 

9,669

 

 

 

6,996

 

 

 

10,782

 

 

 

12,505

 

Income from continuing operations

 

 

27,952

 

 

 

23,544

 

 

 

39,470

 

 

 

41,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations before provision for income taxes

 

 

 

 

 

3,327

 

 

 

1,709

 

 

 

4,715

 

Provision for income taxes from discontinued operations

 

 

 

 

 

734

 

 

 

453

 

 

 

987

 

Gain on sale of discontinued operations, net of tax

 

 

2,630

 

 

 

 

 

 

61,513

 

 

 

 

Income from discontinued operations

 

 

2,630

 

 

 

2,593

 

 

 

62,769

 

 

 

3,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

30,582

 

 

$

26,137

 

 

$

102,239

 

 

$

44,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.14

 

 

$

0.96

 

 

$

1.61

 

 

$

1.68

 

Diluted

 

$

1.14

 

 

$

0.96

 

 

$

1.61

 

 

$

1.68

 

Earnings per share from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.11

 

 

$

0.11

 

 

$

2.57

 

 

$

0.15

 

Diluted

 

$

0.11

 

 

$

0.11

 

 

$

2.56

 

 

$

0.15

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.25

 

 

$

1.07

 

 

$

4.18

 

 

$

1.83

 

Diluted

 

$

1.25

 

 

$

1.07

 

 

$

4.17

 

 

$

1.83

 

Shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,479

 

 

 

24,360

 

 

 

24,448

 

 

 

24,323

 

Diluted

 

 

24,512

 

 

 

24,509

 

 

 

24,527

 

 

 

24,522

 

Cash dividends declared per share

 

$

0.465

 

 

$

0.455

 

 

$

0.930

 

 

$

0.910

 

 

 

 

 

 

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Cash

 

$

2,205

 

 

$

957

 

Accounts receivable, net of allowance for credit losses of $2,600 in 2023 and $2,300 in 2022

 

 

191,676

 

 

 

169,937

 

Rental equipment, at cost:

 

 

 

 

 

 

Relocatable modular buildings

 

 

1,457,984

 

 

 

1,123,268

 

Electronic test equipment

 

 

390,832

 

 

 

398,267

 

 

 

 

1,848,816

 

 

 

1,521,535

 

Less: accumulated depreciation

 

 

(553,166

)

 

 

(531,218

)

Rental equipment, net

 

 

1,295,650

 

 

 

990,317

 

Property, plant and equipment, net

 

 

146,624

 

 

 

138,713

 

Prepaid expenses and other assets

 

 

81,967

 

 

 

69,837

 

Intangible assets, net

 

 

65,607

 

 

 

35,431

 

Goodwill

 

 

325,354

 

 

 

106,403

 

Assets of discontinued operations

 

 

 

 

 

196,249

 

Total assets

 

$

2,109,083

 

 

$

1,707,844

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable

 

$

672,631

 

 

$

413,742

 

Accounts payable and accrued liabilities

 

 

219,611

 

 

 

151,208

 

Deferred income

 

 

106,523

 

 

 

82,417

 

Deferred income taxes, net

 

 

229,749

 

 

 

203,361

 

Liabilities of discontinued operations

 

 

 

 

 

53,171

 

Total liabilities

 

 

1,228,514

 

 

 

903,899

 

Shareholders’ equity:

 

 

 

 

 

 

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

 

 

 

 

 

 

Issued and outstanding - 24,485 shares as of June 30, 2023 and 24,388 shares as of December 31, 2022

 

 

107,362

 

 

 

110,080

 

Retained earnings

 

 

773,260

 

 

 

693,943

 

Accumulated other comprehensive loss

 

 

(53

)

 

 

(78

)

Total shareholders’ equity

 

 

880,569

 

 

 

803,945

 

Total liabilities and shareholders’ equity

 

$

2,109,083

 

 

$

1,707,844

 

 

MCGRATH RENTCORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

Six Months Ended June 30,

 

(in thousands)

 

2023

 

 

2022

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income

 

$

102,239

 

 

$

44,930

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

54,958

 

 

 

55,355

 

Deferred income taxes

 

 

(39,486

)

 

 

(5,815

)

Provision for credit losses

 

 

1,400

 

 

 

49

 

Share-based compensation

 

 

3,382

 

 

 

3,412

 

Gain on sale of discontinued operations

 

 

(61,513

)

 

 

 

Gain on sale of used rental equipment

 

 

(14,250

)

 

 

(16,093

)

Foreign currency exchange (gain) loss

 

 

(208

)

 

 

168

 

Amortization of debt issuance costs

 

 

4

 

 

 

9

 

Change in:

 

 

 

 

 

 

Accounts receivable

 

 

(1,116

)

 

 

(7,879

)

Prepaid expenses and other assets

 

 

(8,504

)

 

 

(10,855

)

Accounts payable and accrued liabilities

 

 

25,255

 

 

 

(73

)

Deferred income

 

 

9,290

 

 

 

18,835

 

Net cash provided by operating activities

 

 

71,451

 

 

 

82,043

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

Proceeds from sale of discontinued operations

 

 

268,012

 

 

 

 

Purchases of rental equipment

 

 

(128,088

)

 

 

(94,820

)

Purchases of property, plant and equipment

 

 

(11,229

)

 

 

(6,594

)

Cash paid for acquisition of businesses

 

 

(456,312

)

 

 

 

Proceeds from sales of used rental equipment

 

 

27,410

 

 

 

31,830

 

Net cash used in investing activities

 

 

(300,207

)

 

 

(69,584

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

Net borrowings under bank lines of credit

 

 

258,885

 

 

 

15,000

 

Taxes paid related to net share settlement of stock awards

 

 

(6,100

)

 

 

(6,128

)

Payment of dividends

 

 

(22,782

)

 

 

(22,083

)

Net cash provided by (used in) financing activities

 

 

230,003

 

 

 

(13,211

)

Effect of foreign currency exchange rate changes on cash

 

 

1

 

 

 

135

 

Net increase (decrease) in cash

 

 

1,248

 

 

 

(617

)

Cash balance, beginning of period

 

 

957

 

 

 

1,491

 

Cash balance, end of period

 

$

2,205

 

 

$

874

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

Interest paid, during the period

 

$

16,802

 

 

$

5,821

 

Net income taxes paid, during the period

 

$

6,931

 

 

$

17,078

 

Dividends accrued during the period, not yet paid

 

$

11,937

 

 

$

11,009

 

Rental equipment acquisitions, not yet paid

 

$

7,612

 

 

$

6,906

 

 

 

 

 

 

 

 

MCGRATH RENTCORP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SEGMENT DATA (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

TRS-RenTelco

 

Enviroplex

 

Adler Tanks (Discontinued)

 

Consolidated

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

89,257

 

 

$

28,583

 

 

$

 

 

$

 

 

$

117,840

 

Rental related services

 

 

33,190

 

 

 

667

 

 

 

 

 

 

 

 

 

33,857

 

Rental operations

 

 

122,447

 

 

 

29,250

 

 

 

 

 

 

 

 

 

151,697

 

Sales

 

 

39,357

 

 

 

7,521

 

 

 

923

 

 

 

 

 

 

47,801

 

Other

 

 

2,458

 

 

 

1,074

 

 

 

 

 

 

 

 

 

3,532

 

Total revenues

 

 

164,262

 

 

 

37,845

 

 

 

923

 

 

 

 

 

 

203,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

10,285

 

 

 

12,312

 

 

 

 

 

 

 

 

 

22,597

 

Rental related services

 

 

23,084

 

 

 

741

 

 

 

 

 

 

 

 

 

23,825

 

Other

 

 

25,082

 

 

 

5,478

 

 

 

 

 

 

 

 

 

30,560

 

Total direct costs of rental operations

 

 

58,451

 

 

 

18,531

 

 

 

 

 

 

 

 

 

76,982

 

Costs of sales

 

 

27,207

 

 

 

3,431

 

 

 

800

 

 

 

 

 

 

31,438

 

Total costs of revenues

 

 

85,658

 

 

 

21,962

 

 

 

800

 

 

 

 

 

 

108,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

53,890

 

 

 

10,793

 

 

 

 

 

 

 

 

 

64,683

 

Rental related services

 

 

10,106

 

 

 

(74

)

 

 

 

 

 

 

 

 

10,032

 

Rental operations

 

 

63,996

 

 

 

10,719

 

 

 

 

 

 

 

 

 

74,715

 

Sales

 

 

12,150

 

 

 

4,090

 

 

 

123

 

 

 

 

 

 

16,363

 

Other

 

 

2,458

 

 

 

1,074

 

 

 

 

 

 

 

 

 

3,532

 

Total gross profit

 

 

78,604

 

 

 

15,883

 

 

 

123

 

 

 

 

 

 

94,610

 

Selling and administrative expenses

 

 

38,296

 

 

 

7,126

 

 

 

1,604

 

 

 

 

 

 

47,026

 

Income (loss) from operations

 

$

40,308

 

 

$

8,757

 

 

$

(1,481

)

 

$

 

 

 

47,584

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,945

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,669

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

27,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

56,824

 

 

$

21,538

 

 

$

(1,394

)

 

$

 

 

$

76,968

 

Average rental equipment 2

 

$

1,321,767

 

 

$

393,891

 

 

 

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.25

%

 

 

2.40

%

 

 

 

 

 

 

 

 

 

Average utilization 4

 

 

79.1

%

 

 

58.2

%

 

 

 

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.84

%

 

 

4.16

%

 

 

 

 

 

 

 

 

 

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. Adjusted EBITDA for the quarter ended June 30, 2023, excludes the gain on sale of discontinued operations from the divestiture of Adler Tanks.

2.

Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

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 June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

TRS-RenTelco

 

Enviroplex

 

Adler Tanks (Discontinued)

 

Consolidated

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

64,949

 

 

$

29,718

 

 

$

 

 

$

15,957

 

 

$

110,624

 

Rental related services

 

 

21,233

 

 

 

813

 

 

 

 

 

 

6,773

 

 

 

28,819

 

Rental operations

 

 

86,182

 

 

 

30,531

 

 

 

 

 

 

22,730

 

 

 

139,443

 

Sales

 

 

24,816

 

 

 

6,404

 

 

 

4,650

 

 

 

601

 

 

 

36,471

 

Other

 

 

379

 

 

 

406

 

 

 

 

 

 

332

 

 

 

1,117

 

Total revenues

 

 

111,377

 

 

 

37,341

 

 

 

4,650

 

 

 

23,663

 

 

 

177,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

7,749

 

 

 

12,333

 

 

 

 

 

 

3,982

 

 

 

24,064

 

Rental related services

 

 

15,116

 

 

 

664

 

 

 

 

 

 

5,073

 

 

 

20,853

 

Other

 

 

24,073

 

 

 

5,443

 

 

 

 

 

 

3,309

 

 

 

32,825

 

Total direct costs of rental operations

 

 

46,938

 

 

 

18,440

 

 

 

 

 

 

12,364

 

 

 

77,742

 

Costs of sales

 

 

14,760

 

 

 

2,765

 

 

 

3,509

 

 

 

418

 

 

 

21,452

 

Total costs of revenues

 

 

61,698

 

 

 

21,205

 

 

 

3,509

 

 

 

12,782

 

 

 

99,194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

33,127

 

 

 

11,942

 

 

 

 

 

 

8,666

 

 

 

53,735

 

Rental related services

 

 

6,117

 

 

 

149

 

 

 

 

 

 

1,700

 

 

 

7,966

 

Rental operations

 

 

39,244

 

 

 

12,091

 

 

 

 

 

 

10,366

 

 

 

61,701

 

Sales

 

 

10,056

 

 

 

3,639

 

 

 

1,141

 

 

 

183

 

 

 

15,019

 

Other

 

 

379

 

 

 

406

 

 

 

 

 

 

332

 

 

 

1,117

 

Total gross profit

 

 

49,679

 

 

 

16,136

 

 

 

1,141

 

 

 

10,881

 

 

 

77,837

 

Selling and administrative expenses

 

 

25,755

 

 

 

6,614

 

 

 

1,440

 

 

 

6,979

 

 

 

40,788

 

Income (loss) from operations

 

$

23,924

 

 

$

9,522

 

 

$

(299

)

 

$

3,902

 

 

 

37,049

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,001

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(181

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,730

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

26,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

35,773

 

 

$

22,128

 

 

$

(230

)

 

$

8,620

 

 

$

66,291

 

Average rental equipment 2

 

$

1,019,927

 

 

$

382,068

 

 

 

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.12

%

 

 

2.59

%

 

 

 

 

 

 

 

 

 

Average utilization 4

 

 

78.1

%

 

 

64.5

%

 

 

 

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.72

%

 

 

4.02

%

 

 

 

 

 

 

 

 

 

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. Adjusted EBITDA for the quarter ended June 30, 2023, excludes the gain on sale of discontinued operations from the divestiture of Adler Tanks.

2.

Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

TRS-RenTelco

 

Enviroplex

 

Adler Tanks (Discontinued)

 

Consolidated

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

170,370

 

 

$

57,717

 

 

$

 

 

$

6,520

 

 

$

228,087

 

Rental related services

 

 

59,442

 

 

 

1,547

 

 

 

 

 

 

2,584

 

 

 

60,989

 

Rental operations

 

 

229,812

 

 

 

59,264

 

 

 

 

 

 

9,104

 

 

 

289,076

 

Sales

 

 

56,962

 

 

 

12,635

 

 

 

1,864

 

 

 

269

 

 

 

71,461

 

Other

 

 

4,145

 

 

 

2,066

 

 

 

 

 

 

65

 

 

 

6,211

 

Total revenues

 

 

290,919

 

 

 

73,965

 

 

 

1,864

 

 

 

9,438

 

 

 

366,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

19,729

 

 

 

24,701

 

 

 

 

 

 

1,325

 

 

 

44,430

 

Rental related services

 

 

41,691

 

 

 

1,402

 

 

 

 

 

 

2,020

 

 

 

43,093

 

Other

 

 

50,992

 

 

 

10,703

 

 

 

 

 

 

1,270

 

 

 

61,695

 

Total direct costs of rental operations

 

 

112,412

 

 

 

36,806

 

 

 

 

 

 

4,614

 

 

 

149,218

 

Costs of sales

 

 

38,281

 

 

 

5,656

 

 

 

1,616

 

 

 

159

 

 

 

45,553

 

Total costs of revenues

 

 

150,693

 

 

 

42,462

 

 

 

1,616

 

 

 

4,773

 

 

 

194,771

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

99,649

 

 

 

22,313

 

 

 

 

 

 

3,926

 

 

 

121,962

 

Rental related services

 

 

17,751

 

 

 

145

 

 

 

 

 

 

564

 

 

 

17,896

 

Rental operations

 

 

117,400

 

 

 

22,458

 

 

 

 

 

 

4,490

 

 

 

139,858

 

Sales

 

 

18,681

 

 

 

6,979

 

 

 

248

 

 

 

110

 

 

 

25,908

 

Other

 

 

4,145

 

 

 

2,066

 

 

 

 

 

 

65

 

 

 

6,211

 

Total gross profit

 

 

140,226

 

 

 

31,503

 

 

 

248

 

 

 

4,665

 

 

 

171,977

 

Selling and administrative expenses

 

 

84,810

 

 

 

16,577

 

 

 

3,137

 

 

 

2,582

 

 

 

104,524

 

Income (loss) from operations

 

$

55,416

 

 

$

14,926

 

 

$

(2,889

)

 

$

2,083

 

 

 

67,453

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,783

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

208

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,235

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

38,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

99,269

 

 

$

42,173

 

 

$

(2,724

)

 

$

3,682

 

 

$

142,400

 

Average rental equipment 2

 

$

1,241,287

 

 

$

395,049

 

 

 

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.29

%

 

 

2.42

%

 

 

 

 

 

 

 

 

 

Average utilization 4

 

 

79.4

%

 

 

58.7

%

 

 

 

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.88

%

 

 

4.15

%

 

 

 

 

 

 

 

 

 

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. Adjusted EBITDA for the quarter ended June 30, 2023, excludes the gain on sale of discontinued operations from the divestiture of Adler Tanks.

2.

Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar amounts in thousands)

 

Mobile Modular

 

TRS-RenTelco

 

Enviroplex

 

Adler Tanks (Discontinued)

 

Consolidated

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

126,487

 

 

$

58,230

 

 

$

 

 

$

30,148

 

 

$

214,865

 

Rental related services

 

 

39,594

 

 

 

1,484

 

 

 

 

 

 

12,058

 

 

 

53,136

 

Rental operations

 

 

166,081

 

 

 

59,714

 

 

 

 

 

 

42,206

 

 

 

268,001

 

Sales

 

 

35,191

 

 

 

10,331

 

 

 

5,567

 

 

 

1,258

 

 

 

52,347

 

Other

 

 

750

 

 

 

787

 

 

 

 

 

 

519

 

 

 

2,056

 

Total revenues

 

 

202,022

 

 

 

70,832

 

 

 

5,567

 

 

 

43,983

 

 

 

322,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of rental operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

15,582

 

 

 

24,362

 

 

 

 

 

 

7,994

 

 

 

47,938

 

Rental related services

 

 

28,296

 

 

 

1,244

 

 

 

 

 

 

9,456

 

 

 

38,996

 

Other

 

 

44,235

 

 

 

10,135

 

 

 

 

 

 

6,278

 

 

 

60,648

 

Total direct costs of rental operations

 

 

88,113

 

 

 

35,741

 

 

 

 

 

 

23,728

 

 

 

147,582

 

Costs of sales

 

 

21,089

 

 

 

4,265

 

 

 

4,222

 

 

 

920

 

 

 

30,496

 

Total costs of revenues

 

 

109,202

 

 

 

40,006

 

 

 

4,222

 

 

 

24,648

 

 

 

178,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

66,670

 

 

 

23,733

 

 

 

 

 

 

15,876

 

 

 

106,279

 

Rental related services

 

 

11,298

 

 

 

240

 

 

 

 

 

 

2,602

 

 

 

14,140

 

Rental operations

 

 

77,968

 

 

 

23,973

 

 

 

 

 

 

18,478

 

 

 

120,419

 

Sales

 

 

14,102

 

 

 

6,066

 

 

 

1,345

 

 

 

338

 

 

 

21,851

 

Other

 

 

750

 

 

 

787

 

 

 

 

 

 

519

 

 

 

2,056

 

Total gross profit

 

 

92,820

 

 

 

30,826

 

 

 

1,345

 

 

 

19,335

 

 

 

144,326

 

Selling and administrative expenses

 

 

50,447

 

 

 

13,204

 

 

 

2,763

 

 

 

13,501

 

 

 

79,915

 

Income (loss) from operations

 

$

42,373

 

 

$

17,622

 

 

$

(1,418

)

 

$

5,834

 

 

 

64,411

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,821

)

Foreign currency exchange loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(168

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,492

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

44,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

66,178

 

 

$

42,781

 

 

$

(1,276

)

 

$

15,327

 

 

$

123,010

 

Average rental equipment 2

 

$

1,013,361

 

 

$

374,364

 

 

 

 

 

 

 

 

 

 

Average monthly total yield 3

 

 

2.08

%

 

 

2.59

%

 

 

 

 

 

 

 

 

 

Average utilization 4

 

 

77.6

%

 

 

64.6

%

 

 

 

 

 

 

 

 

 

Average monthly rental rate 5

 

 

2.68

%

 

 

4.02

%

 

 

 

 

 

 

 

 

 

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. Adjusted EBITDA for the quarter ended June 30, 2023, excludes the gain on sale of discontinued operations from the divestiture of Adler Tanks.

2.

Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

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 Income from Continuing Operations to Adjusted EBITDA

(dollar amounts in thousands)

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

Twelve Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

 

2023

 

2022

Income from continuing operations

$

27,952

 

 

$

23,544

 

 

$

39,470

 

 

$

41,202

 

 

$

101,577

 

 

$

89,756

 

Provision for income taxes from continuing operations

 

9,669

 

 

 

6,996

 

 

 

10,782

 

 

 

12,505

 

 

 

29,654

 

 

 

31,885

 

Interest expense

 

9,945

 

 

 

2,426

 

 

 

17,409

 

 

 

4,702

 

 

 

24,937

 

 

 

9,828

 

Depreciation and amortization

 

27,368

 

 

 

23,357

 

 

 

53,501

 

 

 

46,491

 

 

 

100,650

 

 

 

93,469

 

EBITDA

 

74,934

 

 

 

56,323

 

 

 

121,162

 

 

 

104,900

 

 

 

256,818

 

 

 

224,938

 

Share-based compensation

 

1,889

 

 

 

1,271

 

 

 

3,264

 

 

 

2,783

 

 

 

7,228

 

 

 

6,296

 

Transaction costs 3

 

145

 

 

 

 

 

 

14,292

 

 

 

 

 

 

18,345

 

 

 

1,141

 

Adjusted EBITDA 1

$

76,968

 

 

$

57,594

 

 

$

138,718

 

 

$

107,683

 

 

$

282,391

 

 

$

232,375

 

Adjusted EBITDA margin 2

 

38

%

 

 

38

%

 

 

38

%

 

 

39

%

 

 

39

%

 

 

40

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities

(dollar amounts in thousands)

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

Twelve Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

 

2023

 

2022

Adjusted EBITDA 1

$

76,968

 

 

$

66,291

 

 

$

142,400

 

 

$

123,010

 

 

$

308,256

 

 

$

263,074

 

Interest paid

 

(8,985

)

 

 

(3,684

)

 

 

(16,802

)

 

 

(5,821

)

 

 

(25,756

)

 

 

(12,160

)

Income taxes paid, net of refunds received

 

(6,518

)

 

 

(16,658

)

 

 

(6,931

)

 

 

(17,078

)

 

 

(17,215

)

 

 

(19,175

)

Gain on sale of used rental equipment

 

(11,161

)

 

 

(10,729

)

 

 

(14,250

)

 

 

(16,093

)

 

 

(36,136

)

 

 

(29,664

)

Foreign currency exchange (gain) loss

 

18

 

 

 

181

 

 

 

(208

)

 

 

168

 

 

 

2

 

 

 

321

 

Amortization of debt issuance costs

 

2

 

 

 

5

 

 

 

4

 

 

 

9

 

 

 

11

 

 

 

18

 

Change in certain assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

(16,669

)

 

 

(15,765

)

 

 

284

 

 

 

(7,830

)

 

 

(22,410

)

 

 

(26,420

)

Prepaid expenses and other assets

 

(1,159

)

 

 

(15,068

)

 

 

(8,504

)

 

 

(10,855

)

 

 

(14,133

)

 

 

(8,286

)

Accounts payable and other liabilities

 

(2,828

)

 

 

12,115

 

 

 

(33,832

)

 

 

(2,302

)

 

 

(22,935

)

 

 

(8,362

)

Deferred income

 

6,072

 

 

 

13,612

 

 

 

9,290

 

 

 

18,835

 

 

 

14,156

 

 

 

20,459

 

Net cash provided by operating activities

$

35,740

 

 

$

30,300

 

 

$

71,451

 

 

$

82,043

 

 

$

183,840

 

 

$

179,805

 

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. Adjusted EBITDA for the six months ended June 30, 2023, excludes the gain on sale of discontinued operations from the divestiture of Adler Tanks. Total Adjusted EBITDA attributed to discontinued operations for the six months ended June 30, 2023 and 2022, was $3,682 and $15,173, respectively.

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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