Company: MGRC
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023116
Chunk: 15

Company: MCGRATH RENTCORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 15
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 have been adjusted to include transaction related 

-70-

costs. This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisitions taken place in the periods noted below:   

        (Unaudited)

        Year Ended December 31,

        (dollar amounts in thousands, except for per share amounts)
         
        2024

        2023

        (Actual)

        (Pro Forma)

        Pro-forma total revenues
         
        $
        910,942

        $
        839,485

        Pro-forma net income
         
        $
        231,727

        $
        174,325

        Pro-forma basic earnings per share
         
        $
        9.44

        $
        4.56

        Pro-forma diluted earnings per share
         
        $
        9.43

        $
        4.55

        Vesta Modular

        Actual total revenues

        $
        110,504

        Actual net income

        $
        21,458

        Actual basic earnings per share

        $
        0.88

        Actual diluted earnings per share

        $
        0.87

NOTE 5. DISCONTINUED OPERATIONSOn February 1, 2023, the Company completed the sale of Adler Tank Rentals, LLC to Ironclad Environmental Solutions, Inc. ("Ironclad"), a portfolio company of Kinderhook Industries, for a sale price of $268.0 million.  The total transaction costs incurred from the divestiture was $6.7 million and $2.1 million during the years ended December 31, 2023 and 2022, respectively.  The divestiture of the Company's Adler Tanks business represents the Company's strategic shift to concentrate its operations on its core modular and storage businesses. The sale price was subject to certain adjustments, including net working capital, certain qualified capital expenditures and certain transaction expenses to be borne by the Company.  In connection with the sale, the Company entered into a number of ancillary agreements, including an escrow agreement associated with net working capital adjustments, a restricted covenant agreement, a transition services agreement, and a number of leases whereby Ironclad or one of its affiliates would be a lessee to certain properties owned by the Company that the Adler Tanks business would continue to utilize