Company: MGRC
Filing Date: 2025-04-17
Form Type: CORRESP
Source: 0000950170-25-055353
Chunk: 0

Company: MCGRATH RENTCORP
Filing Date: 2025-04-17
Form: CORRESP
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April 17, 2025

VIA EMAIL, OVERNIGHT MAIL AND EDGAR

Abe Friedman
Division of Corporation Finance
United States Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549

Re: McGrath RentCorp

Form 10-K for Fiscal Year Ended December 31, 2024

Form 8-K Furnished February 19, 2025

File No. 000-13292

Dear Mr. Friedman:

On behalf of McGrath RentCorp, a California corporation (the “Company”), we submit this letter in response to the comments from the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”) by letter dated March 26, 2025 (the “Staff Letter”) with respect to the Company’s Form 10-K filed February 19, 2025 (the “Form 10-K”) and Form 8-K furnished February 19, 2025 (the “Form 8-K”).

For the Staff’s convenience, we have reproduced the comment from the Staff Letter in full below and the comment is followed by the Company’s response. This letter is being sent via email to CFTradeandServices@sec.gov and will be filed on EDGAR tagged as correspondence.

Form 10-K for Fiscal Year Ended December 31, 2024

Management’s Discussion and Analysis of Financial Condition and Results of Operations Adjusted EBITDA

Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities, page 46

Staff’s Comment

Please revise your reconciliation here and in your earnings releases in Form 8-K to begin with the most directly comparable GAAP measure and reconcile to the non-GAAP measure. Refer to Question 102.10(b) of the Compliance & Disclosure Interpretations on Non-GAAP Financial Measures ("C&DI").

Company’s Response:

In future filings with the Commission, beginning with the Company’s Form 10-Q and earnings release for the period ended March 31, 2025 to be filed on Form 8-K, we will adjust the order of the reconciliation table to begin with the GAAP measure of net cash provided by operating activities to

Securities and Exchange Commission

April 17, 2025
Page2

Adjusted EBITDA, the non-GAAP measure. For illustration only, an example of the revised table for the fiscal year ended December 31, 2024 would be the following:

Adjusted EBIT