McGrath RentCorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>McGrath RentCorp has filed its Q1 2024 10-Q report, detailing financial activities and segment performance.</b>

AI Summary

MCGRATH RENTCORP (MGRC) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. McGrath RentCorp filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various segments such as Portable Storage, Mobile Modular, and Adler Tank Rentals. Specific dates mentioned include 2024-01-01 to 2024-03-31 for the current reporting period and 2023-01-01 to 2023-03-31 for comparative periods. The company's business address is 5700 Las Positas Rd, Livermore, CA 94551. A subsequent event on 2024-04-23 involved an incremental credit facility and a term loan.

Why It Matters

For investors and stakeholders tracking MCGRATH RENTCORP, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance data for McGrath RentCorp, crucial for evaluating the company's operational health and investment potential. The inclusion of segment-specific data allows for a deeper understanding of which business areas are driving revenue and growth, and where potential challenges may lie.

Risk Assessment

Risk Level: medium — MCGRATH RENTCORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not inherently contain negative news, but the nature of equipment rental can be sensitive to economic cycles, which are not detailed in this summary data.

Analyst Insight

Monitor the company's revenue trends across its different segments (Portable Storage, Mobile Modular, Adler Tank Rentals) in future filings to assess growth and profitability.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Current Quarter Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Quarter End Date (Comparative period end date)
• 2024-04-23 — Subsequent Event Date (Incremental Credit Facility and Term Loan)

Key Players & Entities

• MCGRATH RENTCORP (company) — COMPANY CONFORMED NAME
• 0000752714 (company) — CENTRAL INDEX KEY
• 7359 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• CA (company) — STATE OF INCORPORATION
• 5700 LAS POSITAS RD (company) — BUSINESS ADDRESS STREET 1
• LIVERMORE (company) — BUSINESS ADDRESS CITY
• 94551 (company) — BUSINESS ADDRESS ZIP
• 925-606-9200 (company) — BUSINESS PHONE

FAQ

Filing Documents

• mgrc-20240331.htm (10-Q) — 2243KB
• mgrc-ex10_1.htm (EX-10.1) — 1681KB
• mgrc-ex15_1.htm (EX-15.1) — 5KB
• mgrc-ex31_1.htm (EX-31.1) — 17KB
• mgrc-ex31_2.htm (EX-31.2) — 17KB
• mgrc-ex32_1.htm (EX-32.1) — 11KB
• mgrc-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-048261.txt (&nbsp;) — 10439KB
• mgrc-20240331.xsd (EX-101.SCH) — 1118KB
• mgrc-20240331_htm.xml (XML) — 1623KB

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS Management cautions that forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected in such forward-looking statements. Further, our future business, financial condition and results of operations could differ materially from those anticipated by such forward-looking statements and are subject to risks and uncertainties as set forth under "Risk Factors" in this Form 10-Q. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Forward-looking statements are made only as of the date of this Form 10-Q and are based on management's reasonable assumptions, however these assumptions can be wrong or affected by known or unknown risks and uncertainties. No forward-looking statement can

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Shareholders McGrath RentCorp Results of review of interim financial statements We have reviewed the accompanying condensed consolidated balance sheet of McGrath RentCorp (a California Corporation) and subsidiaries (the "Company") as of March 31, 2024, and the related condensed consolidated statements of income, comprehensive income, shareholders' equity, and cash flows for the three-months ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated balance sheet of the Company as of December 31, 2023, and the related consolidated statements of income, comprehensive income, shareholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 21, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Basis for review results These interim financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We

View Full Filing

View this 10-Q filing on SEC EDGAR