Company: MGRC
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0000950170-25-057987
Chunk: 1

Company: MCGRATH RENTCORP
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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  Cash dividends declared per share                    $                                   0.485      $           0.475  

The accompanying notes are an integral part of these condensed consolidated financial statements.

MCGRATH RENTCORP

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

                                                                  Three Months Ended March 31,                                    
  (in thousands)                                                  2025                                          2024              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net income                                                      $                                 28,209      $         22,848  
  Other comprehensive income:                                                                                                     
  Foreign currency translation adjustment, net of tax impact                                        —                         67  
  Comprehensive income                                            $                                 28,209      $         22,915  

The accompanying notes are an integral part of these condensed consolidated financial statements.

McGrath RentCorp

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

                                                                                                                     March 31,                     December 31,                 
  (in thousands)                                                                                                     2025                          2024                         
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Assets                                                                                                                                                                        
  Cash                                                                                                               $                  3,392      $                       807  
  Accounts receivable, net of allowance for credit losses of $ 2,866 at March 31, 2025 and at December 31, 2024                       208,882                          219,342  
  Rental equipment, at cost:                                                                                                                                                    
  Relocatable modular buildings                                                                                                     1,414,535                        1,414,367  
  Portable storage containers                                                                                                         240,348                          240,846  
  Electronic test equipment                                                                                                           334,110                          343,982  
                                                                                                                                    1,988,993                        1,999,195  
  Less: accumulated depreciation                                                                                                    ( 619,690                        ( 611,536  
  Rental equipment, net                                                                                                             1,369,303                        1,387,659  
  Property, plant and equipment, net                                                                                                  199,096                          197,439  
  Inventories                                                                                                                          17,114                           14,304  
  Prepaid expenses and other assets                                                                                                    69,503                           80,477  
  Intangible assets, net                                                                                                               51,773                           54,