McGrath RentCorp Files Q3 2024 10-Q

TL;DR

MCGRATH RENTCORP (MGRC) filed its 10-Q for Q3 2024. Check financials.

AI Summary

McGrath RentCorp filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which is involved in equipment rental and leasing. Specific financial figures and operational segments like "TrsRenTelco" and "MobileModular" are referenced within the report.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of McGrath RentCorp, crucial for understanding the company's trajectory in the equipment rental market.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The end date for the financial data presented in this 10-Q.)
• 2023-12-31 — Previous Year End Date (A prior year-end date referenced for comparative financial data.)
• 2023-09-30 — Prior Year Q3 End Date (The end date for the third quarter of the previous year, used for comparison.)

Key Players & Entities

• MCGRATH RENTCORP (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 7359 (number) — Standard Industrial Classification code for Services-Equipment Rental & Leasing, NEC
• 5700 LAS POSITAS RD (location) — Company's business and mailing address
• LIVERMORE (location) — City of the company's business and mailing address
• CA (location) — State of the company's business and mailing address
• 94551 (number) — ZIP code of the company's business and mailing address
• 925-606-9200 (phone_number) — Company's business phone number
• mgrc:TrsRenTelcoMember (company_segment) — A business segment mentioned in the filing
• mgrc:MobileModularMember (company_segment) — A business segment mentioned in the filing

FAQ

Key Financial Figures

• $21.7 million — action costs incurred by the Company of $21.7 million and $9.4 million for the six-months end
• $9.4 million — red by the Company of $21.7 million and $9.4 million for the six-months ended June 30, 2024,

Filing Documents

• mgrc-20240930.htm (10-Q) — 3385KB
• mgrc-ex15_1.htm (EX-15.1) — 5KB
• mgrc-ex31_1.htm (EX-31.1) — 18KB
• mgrc-ex31_2.htm (EX-31.2) — 18KB
• mgrc-ex32_1.htm (EX-32.1) — 11KB
• mgrc-ex32_2.htm (EX-32.2) — 11KB
• 0000950170-24-117031.txt ( ) — 10853KB
• mgrc-20240930.xsd (EX-101.SCH) — 1153KB
• mgrc-20240930_htm.xml (XML) — 2101KB

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 be guaranteed and subsequent facts or circumstances may contradict, obviate, undermine or otherwise fail to support or substantiate such statements. Readers should not place undue reliance on these forward-looking statements and are cautioned that any such forward-looking statements are not guarantees of future performance. Except as otherwise required by law, we are

- 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 September 30, 2024, and the related condensed consolidated statements of income, comprehensive income, and shareholders' equity, for the three-month and nine-month periods ended September 30, 2024 and 2023, cash flows for the nine-month periods ended September 30, 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 a

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View this 10-Q filing on SEC EDGAR