McGrath RentCorp Approves $50M Stock Repurchase Program

TL;DR

McGrath RentCorp is buying back up to $50M of its stock over the next two years.

AI Summary

McGrath RentCorp announced on December 12, 2024, that its Board of Directors has approved a new stock repurchase program. The company is authorized to repurchase up to $50 million of its common stock through December 12, 2026.

Why It Matters

This move signals management's confidence in the company's valuation and can potentially increase shareholder value by reducing the number of outstanding shares.

Risk Assessment

Risk Level: low — Stock repurchase programs are common and generally viewed positively, indicating financial health and confidence.

Key Numbers

• $50 million — Stock Repurchase Authorization (Maximum amount the company can spend on repurchasing its own stock.)
• December 12, 2026 — Repurchase Program Expiration (The deadline by which the authorized repurchases must be completed.)

Key Players & Entities

• McGrath RentCorp (company) — Registrant
• December 12, 2024 (date) — Date of earliest event reported
• $50 million (dollar_amount) — Authorized amount for stock repurchase
• December 12, 2026 (date) — Expiration date of repurchase program

FAQ

Filing Documents

• d840481d8k.htm (8-K) — 35KB
• 0001193125-24-279572.txt ( ) — 150KB
• mgrc-20241212.xsd (EX-101.SCH) — 3KB
• mgrc-20241212_lab.xml (EX-101.LAB) — 17KB
• mgrc-20241212_pre.xml (EX-101.PRE) — 11KB
• d840481d8k_htm.xml (XML) — 3KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): December 12, 2024 McGRATH RENTCORP (Exact name of registrant as specified in its Charter) California (State or other jurisdiction of incorporation) 0-13292 94-2579843 (Commission File Number) (I.R.S. Employee Identification No.) 5700 Las Positas Road , Livermore , CA 94551-7800 (Address of principal executive offices) (925) 606-9200 (Registrant's Telephone Number, Including Area Code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock MGRC NASDAQ Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item5.07 Submission of Matters to a Vote of Security Holders. On December 12, 2024, McGrath RentCorp (the "Company") held its 2024 annual meeting of shareholders (the "Annual Meeting"). At the Annual Meeting, the following proposals were voted on by the Company's shareholders, and the voting results are set forth below. The proposals are described in detail in the proxy statement for the Annual Meeting that the Company filed with the Securities and Exchange Commission on October 30, 2024. Proposal 1. Election of Directors. Name of Nominee Votes For Votes Withheld Broker Non-Votes Nicolas C. Anderson 20,031,674 52,415 1,213,224 Kimberly A. Box 19,991,932 92,157 1,213,224 Smita Conjeevaram 19,922,443 161,646 1,213,224 William J. Dawson 19,891,971 183,819 1,221,523 Joseph F. Hanna 20,032,197 51,892 1,213,224 Bradley M. Shuster 18,923,644 1,128,489 1,245,180 Proposal 2. To ratify the appointment of Grant Thornton LLP as the independent auditors for the Company for the year ending December 31, 2024. Votes For Votes Against Abstain Broker Non-Votes 20,831,839 446,994 18,480 None Proposal 3. To approve on a non-binding, advisory basis, the compensation of the Company's named executive officers. Votes For Votes Against Abstain Broker Non-Votes 19,483,520 482,371 118,196 1,213,226 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. McGRATH RENTCORP Dated: December 16, 2024 By: /s/ Gilda Malek Gilda Malek Vice President, General Counsel and Corporate Secretary 3

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View this 8-K filing on SEC EDGAR