LIVERMORE, Calif.--(BUSINESS WIRE)--McGrath RentCorp (NASDAQ: MGRC) (the “Company”), a diversified business-to-business rental company, today announced total revenues for the quarter ended March 31, 2022 of $145.4 million, an increase of 20%, compared to the first quarter of 2021. The Company reported net income of $18.8 million, or $0.77 per diluted share, for the first quarter of 2022, compared to net income of $17.4 million, or $0.71 per diluted share, for the first quarter of 2021.
FIRST QUARTER 2022 COMPANY HIGHLIGHTS:
Joe Hanna, President and CEO of McGrath RentCorp, made the following comments regarding these results and future expectations:
“We were pleased with our first quarter results. The improved end market conditions we experienced at the start of the year continued through the first quarter and enabled us to deliver a 21% increase in companywide rental revenues, compared to the prior year. Modular rental revenues grew 32%, with approximately two-thirds of the growth attributable to our Design Space, Kitchens To Go and Titan Storage Container acquisitions. Excluding the acquisitions, the modular segment rental revenues grew by a healthy 11%. Rental revenues at TRS-RenTelco and Adler Tanks grew 5% and 17%, respectively.
Our modular business saw broad based strength across our commercial, education and portable storage customer bases. With stronger demand conditions than a year ago we have been spending robustly to prepare modular equipment for rent, and we have front loaded some of our new equipment capital spending. All of this indicates our improving confidence in rental opportunities for the year.
TRS-RenTelco and Adler Tanks also had a good start to the year. TRS-RenTelco saw growth in both communications and general purpose rentals during the first quarter, and experienced improving demand over the course of the quarter. Adler Tanks continued to experience broad-based demand improvement across its regions and vertical markets, compared to a year ago.
I am encouraged by the stronger business momentum we are seeing across the business. We are focused on effective execution to make the most of these improved market conditions.”
DIVISION HIGHLIGHTS:
All comparisons presented below are for the quarter ended March 31, 2022 to the quarter ended March 31, 2021 unless otherwise indicated.
For the first quarter of 2022, the Company’s Mobile Modular division reported income from operations of $18.4 million, an increase of $2.8 million, or 18%, with Adjusted EBITDA increasing $6.5 million, or 27%, to $30.4 million. Rental revenues increased 32% to $61.5 million, depreciation expense increased 35% to $7.8 million and other direct costs increased 57% to $20.2 million, which resulted in an increase in gross profit on rental revenues of 20% to $33.5 million. The rental revenue increase reflects the 2021 Design Space, Kitchens To Go, and Titan Storage Containers customers that contributed approximately two-thirds of the increase. Rental related services revenues increased 31% to $18.4 million, primarily attributable to higher delivery and pick up activities, and higher site related and other services performed during the lease with associated gross profit increasing 30% to $5.2 million. Sales revenues increased 36% to $10.4 million, from both higher new and used equipment sales. Gross margin on sales was 39% compared to 35% in 2021, resulting in a 51% increase in gross profit on sales revenues to $4.0 million. Selling and administrative expenses increased 28% to $24.7 million, primarily due to increased employee salaries and benefit costs totaling $2.8 million reflecting the addition of Design Space and Kitchens To Go employees, $1.4 million higher amortization of intangible assets associated with the Design Space and Kitchens To Go acquisitions and $1.6 million higher allocated corporate expenses.
For the first quarter of 2022, the Company’s TRS-RenTelco division reported income from operations of $8.1 million, a decrease of $0.4 million, or 4%, with Adjusted EBITDA increasing $0.3 million, or 1%, to $20.7 million. Rental revenues increased 5% to $28.5 million, depreciation expense increased 6% to $12.0 million and other direct costs increased 3% to $4.7 million, which resulted in a 4% increase in gross profit on rental revenues to $11.8 million. The rental revenue increase was the result of higher average equipment on rent and higher average monthly rental rates compared to the prior year. Sales revenues decreased 24% to $3.9 million and gross profit on sales revenues decreased 15% to $2.4 million. Selling and administrative expenses increased 5% to $6.6 million, primarily due to higher marketing and administrative expenses.
For the first quarter of 2022, the Company’s Adler Tanks division reported income from operations of $1.9 million, an increase of $1.2 million, with Adjusted EBITDA increasing $1.0 million, or 18%, to $6.7 million. Rental revenues increased 17% to $14.2 million, depreciation expense was comparable to the prior year and other direct costs increased 29% to $3.0 million, which resulted in an increased gross profit on rental revenues of 25%, to $7.2 million. The rental revenue increase was broad based across regions and vertical markets served. Rental related services revenues increased 8% to $5.3 million, with gross profit on rental related services decreasing 10%, to $0.9 million. Selling and administrative expenses increased 4% to $6.5 million primarily due to higher allocated corporate expenses.
FINANCIAL OUTLOOK:
Based upon the Company’s year-to-date results and current outlook for the remainder of the year, the Company confirms its financial outlook. For the full-year 2022, the Company expects:
• | Total revenue: |
$675 million to $705 million |
• | Adjusted EBITDA1,2: |
$260 million to $275 million |
• | Gross rental equipment capital expenditures: |
$117 million to $127 million |
ABOUT MCGRATH RENTCORP:
Founded in 1979, McGrath RentCorp (Nasdaq: MGRC) is a diversified business-to-business rental company providing modular buildings, electronic test equipment, portable storage and tank containment solutions across the United States and other select North American regions. The Company’s rental operations consist of four divisions: Mobile Modular rents and sells modular buildings to fulfill customers’ temporary and permanent classroom and office space needs; TRS-RenTelco rents and sells electronic test equipment; Adler Tank Rentals rents and sells containment solutions for hazardous and nonhazardous liquids and solids; and Mobile Modular Portable Storage provides portable storage rental solutions. For more information on McGrath RentCorp and its operating units, please visit our websites:
Corporate – www.mgrc.com Modular Buildings – www.mobilemodular.com Electronic Test Equipment – www.trsrentelco.com Tanks and Boxes – www.adlertankrentals.com Portable Storage – www.mobilemodularcontainers.com School Facilities Manufacturing – www.enviroplex.com
You should read this press release in conjunction with the financial statements and notes thereto included in the Company’s latest Forms 10-K, 10-Q and other SEC filings. You can visit the Company’s web site at www.mgrc.com to access information on McGrath RentCorp, including the latest Forms 10-K, 10-Q and other SEC filings.
CONFERENCE CALL NOTE:
As previously announced in its press release of March 29, 2022, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on April 28, 2022 to discuss the first quarter 2022 results. To participate in the teleconference, dial 1-844-707-0666 (in the U.S.), or 1-703-639-1220 (outside the U.S.), or to listen only, access the simultaneous webcast at the investor relations section of the Company’s website at https://investors.mgrc.com/. A replay will be available for 7 days following the call by dialing 1-855-859-2056 (in the U.S.), or 1-404-537-3406 (outside the U.S.). The pass code for the conference call replay is 2173168. In addition, a live audio webcast and replay of the call may be found in the investor relations section of the Company’s website at https://investors.mgrc.com/events-and-presentations.
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, regarding McGrath RentCorp’s expectations, strategies, prospects or targets are forward-looking statements. These forward-looking statements also can be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “plan,” “predict,” “project,” or “will,” or the negative of these terms or other comparable terminology. In particular, Mr. Hanna’s statements about the robust spending indicating the Company’s improved confidence, the Company’s focus on effective execution to make the most of improved market conditions, as well as the statements regarding the full year 2022 in the “Financial Outlook” section, are forward-looking.
These forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties that could cause our actual results to differ materially from those projected including: the duration of the COVID-19 pandemic and its economic impact, the extent and length of the restrictions associated with COVID-19 pandemic, the health of the education and commercial markets in our modular building division; the activity levels in the general purpose and communications test equipment markets at TRS-RenTelco; the ability to obtain the synergies expected from the Design Space and Kitchens To Go acquisitions and the success of integrating such acquisitions; the utilization levels and rental rates of our Adler Tanks liquid and solid containment tank and box rental assets; continued execution of our performance improvement initiatives; our ability to successfully increase prices to offset cost increases; and our ability to effectively manage our rental assets, as well as the factors disclosed under “Risk Factors” in the Company’s Form 10-K and other SEC filings.
Forward-looking statements are made only as of the date hereof. Except as otherwise required by law, we assume no obligation to update any of the forward-looking statements contained in this press release.
MCGRATH RENTCORP |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
(UNAUDITED) |
||||||||
|
|
Three Months Ended March 31, |
||||||
(in thousands, except per share amounts) |
|
2022 |
|
2021 |
||||
Revenues |
|
|
|
|
|
|
|
|
Rental |
|
$ |
104,241 |
|
|
$ |
86,087 |
|
Rental related services |
|
|
24,317 |
|
|
|
19,669 |
|
Rental operations |
|
|
128,558 |
|
|
|
105,756 |
|
Sales |
|
|
15,876 |
|
|
|
14,611 |
|
Other |
|
|
939 |
|
|
|
828 |
|
Total revenues |
|
|
145,373 |
|
|
|
121,195 |
|
Costs and Expenses |
|
|
|
|
|
|
|
|
Direct costs of rental operations: |
|
|
|
|
|
|
|
|
Depreciation of rental equipment |
|
|
23,874 |
|
|
|
21,255 |
|
Rental related services |
|
|
18,143 |
|
|
|
14,604 |
|
Other |
|
|
27,823 |
|
|
|
19,707 |
|
Total direct costs of rental operations |
|
|
69,840 |
|
|
|
55,566 |
|
Costs of sales |
|
|
9,044 |
|
|
|
8,548 |
|
Total costs of revenues |
|
|
78,884 |
|
|
|
64,114 |
|
Gross profit |
|
|
66,489 |
|
|
|
57,081 |
|
Selling and administrative expenses |
|
|
39,127 |
|
|
|
33,137 |
|
Income from operations |
|
|
27,362 |
|
|
|
23,944 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(2,820 |
) |
|
|
(1,783 |
) |
Foreign currency exchange gain (loss) |
|
|
13 |
|
|
|
(55 |
) |
Income before provision for income taxes |
|
|
24,555 |
|
|
|
22,106 |
|
Provision for income taxes |
|
|
5,762 |
|
|
|
4,708 |
|
Net income |
|
$ |
18,793 |
|
|
$ |
17,398 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.77 |
|
|
$ |
0.72 |
|
Diluted |
|
$ |
0.77 |
|
|
$ |
0.71 |
|
Shares used in per share calculation: |
|
|
|
|
|
|
|
|
Basic |
|
|
24,285 |
|
|
|
24,153 |
|
Diluted |
|
|
24,534 |
|
|
|
24,512 |
|
Cash dividends declared per share |
|
$ |
0.455 |
|
|
$ |
0.435 |
|
|
||||||||
MCGRATH RENTCORP |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(UNAUDITED) |
||||||||
|
|
March 31, |
|
December 31, |
||||
(in thousands) |
|
2022 |
|
2021 |
||||
Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,603 |
|
|
$ |
1,491 |
|
Accounts receivable, net of allowance for credit losses of $2,125 in 2022 and 2021 |
|
|
151,564 |
|
|
|
159,499 |
|
Rental equipment, at cost: |
|
|
|
|
|
|
|
|
Relocatable modular buildings |
|
|
1,059,030 |
|
|
|
1,040,094 |
|
Electronic test equipment |
|
|
378,766 |
|
|
|
361,391 |
|
Liquid and solid containment tanks and boxes |
|
|
308,790 |
|
|
|
309,908 |
|
|
|
|
1,746,586 |
|
|
|
1,711,393 |
|
Less: accumulated depreciation |
|
|
(663,631 |
) |
|
|
(646,169 |
) |
Rental equipment, net |
|
|
1,082,955 |
|
|
|
1,065,224 |
|
Property, plant and equipment, net |
|
|
138,515 |
|
|
|
135,325 |
|
Prepaid expenses and other assets |
|
|
50,732 |
|
|
|
54,945 |
|
Intangible assets, net |
|
|
45,566 |
|
|
|
47,049 |
|
Goodwill |
|
|
132,305 |
|
|
|
132,393 |
|
Total assets |
|
$ |
1,603,240 |
|
|
$ |
1,595,926 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Notes payable |
|
$ |
423,974 |
|
|
$ |
426,451 |
|
Accounts payable and accrued liabilities |
|
|
138,690 |
|
|
|
136,313 |
|
Deferred income |
|
|
63,939 |
|
|
|
58,716 |
|
Deferred income taxes, net |
|
|
238,749 |
|
|
|
242,425 |
|
Total liabilities |
|
|
865,352 |
|
|
|
863,905 |
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, no par value - Authorized 40,000 shares |
|
|
|
|
|
|
|
|
Issued and outstanding - 24,335 shares as of March 31, 2022 and 24,260 shares as of December 31, 2021 |
|
|
106,765 |
|
|
|
108,610 |
|
Retained earnings |
|
|
631,174 |
|
|
|
623,465 |
|
Accumulated other comprehensive loss |
|
|
(51 |
) |
|
|
(54 |
) |
Total shareholders’ equity |
|
|
737,888 |
|
|
|
732,021 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,603,240 |
|
|
$ |
1,595,926 |
|
|
|
|
|
|
|
|
|
|
MCGRATH RENTCORP |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(UNAUDITED) |
||||||||
|
|
|
|
|||||
|
|
Three Months Ended March 31, |
||||||
(in thousands) |
|
2022 |
|
2021 |
||||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
18,793 |
|
|
$ |
17,398 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
27,584 |
|
|
|
23,460 |
|
Deferred income taxes |
|
|
(3,676 |
) |
|
|
(3,258 |
) |
Provision for doubtful accounts |
|
|
13 |
|
|
|
99 |
|
Share-based compensation |
|
|
1,760 |
|
|
|
1,777 |
|
Gain on sale of used rental equipment |
|
|
(5,364 |
) |
|
|
(4,794 |
) |
Foreign currency exchange (gain) loss |
|
|
(13 |
) |
|
|
55 |
|
Amortization of debt issuance costs |
|
|
4 |
|
|
|
3 |
|
Change in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
7,922 |
|
|
|
1,009 |
|
Prepaid expenses and other assets |
|
|
4,213 |
|
|
|
(94 |
) |
Accounts payable and accrued liabilities |
|
|
(4,716 |
) |
|
|
(2,633 |
) |
Deferred income |
|
|
5,223 |
|
|
|
4,587 |
|
Net cash provided by operating activities |
|
|
51,743 |
|
|
|
37,609 |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Purchases of rental equipment |
|
|
(39,430 |
) |
|
|
(17,984 |
) |
Purchases of property, plant and equipment |
|
|
(5,417 |
) |
|
|
(981 |
) |
Proceeds from sales of used rental equipment |
|
|
10,308 |
|
|
|
10,418 |
|
Net cash used in investing activities |
|
|
(34,539 |
) |
|
|
(8,547 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Net repayment under bank lines of credit |
|
|
(2,482 |
) |
|
|
(13,931 |
) |
Taxes paid related to net share settlement of stock awards |
|
|
(3,605 |
) |
|
|
(3,482 |
) |
Payment of dividends |
|
|
(11,006 |
) |
|
|
(10,554 |
) |
Net cash used in financing activities |
|
|
(17,093 |
) |
|
|
(27,967 |
) |
Effect of foreign currency exchange rate changes on cash |
|
|
1 |
|
|
|
(4 |
) |
Net increase in cash |
|
|
112 |
|
|
|
1,091 |
|
Cash balance, beginning of period |
|
|
1,491 |
|
|
|
1,238 |
|
Cash balance, end of period |
|
$ |
1,603 |
|
|
$ |
2,329 |
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
|
|
|
|
Interest paid, during the period |
|
$ |
2,137 |
|
|
$ |
1,625 |
|
Net income taxes paid, during the period |
|
$ |
420 |
|
|
$ |
372 |
|
Dividends accrued during the period, not yet paid |
|
$ |
11,357 |
|
|
$ |
9,810 |
|
Rental equipment acquisitions, not yet paid |
|
$ |
12,869 |
|
|
$ |
11,095 |
|
|
|
|
|
|
|
|
|
|
MCGRATH RENTCORP |
||||||||||||||||||||
BUSINESS SEGMENT DATA (unaudited) |
||||||||||||||||||||
Three months ended March 31, 2022 |
||||||||||||||||||||
(dollar amounts in thousands) |
|
Mobile
|
|
TRS-
|
|
Adler
|
|
Enviroplex |
|
Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
$ |
61,538 |
|
|
$ |
28,512 |
|
|
$ |
14,191 |
|
|
$ |
— |
|
|
$ |
104,241 |
|
Rental related services |
|
|
18,361 |
|
|
|
671 |
|
|
|
5,285 |
|
|
|
— |
|
|
|
24,317 |
|
Rental operations |
|
|
79,899 |
|
|
|
29,183 |
|
|
|
19,476 |
|
|
|
— |
|
|
|
128,558 |
|
Sales |
|
|
10,375 |
|
|
|
3,927 |
|
|
|
657 |
|
|
|
917 |
|
|
|
15,876 |
|
Other |
|
|
371 |
|
|
|
381 |
|
|
|
187 |
|
|
|
— |
|
|
|
939 |
|
Total revenues |
|
|
90,645 |
|
|
|
33,491 |
|
|
|
20,320 |
|
|
|
917 |
|
|
|
145,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct costs of rental operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
7,833 |
|
|
|
12,029 |
|
|
|
4,012 |
|
|
|
— |
|
|
|
23,874 |
|
Rental related services |
|
|
13,180 |
|
|
|
580 |
|
|
|
4,383 |
|
|
|
— |
|
|
|
18,143 |
|
Other |
|
|
20,162 |
|
|
|
4,692 |
|
|
|
2,969 |
|
|
|
— |
|
|
|
27,823 |
|
Total direct costs of rental operations |
|
|
41,175 |
|
|
|
17,301 |
|
|
|
11,364 |
|
|
|
— |
|
|
|
69,840 |
|
Costs of sales |
|
|
6,329 |
|
|
|
1,500 |
|
|
|
502 |
|
|
|
713 |
|
|
|
9,044 |
|
Total costs of revenues |
|
|
47,504 |
|
|
|
18,801 |
|
|
|
11,866 |
|
|
|
713 |
|
|
|
78,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
|
33,543 |
|
|
|
11,791 |
|
|
|
7,210 |
|
|
|
— |
|
|
|
52,544 |
|
Rental related services |
|
|
5,181 |
|
|
|
91 |
|
|
|
902 |
|
|
|
— |
|
|
|
6,174 |
|
Rental operations |
|
|
38,724 |
|
|
|
11,882 |
|
|
|
8,112 |
|
|
|
— |
|
|
|
58,718 |
|
Sales |
|
|
4,046 |
|
|
|
2,427 |
|
|
|
155 |
|
|
|
204 |
|
|
|
6,832 |
|
Other |
|
|
371 |
|
|
|
381 |
|
|
|
187 |
|
|
|
— |
|
|
|
939 |
|
Total gross profit |
|
|
43,141 |
|
|
|
14,690 |
|
|
|
8,454 |
|
|
|
204 |
|
|
|
66,489 |
|
Selling and administrative expenses |
|
|
24,692 |
|
|
|
6,590 |
|
|
|
6,522 |
|
|
|
1,323 |
|
|
|
39,127 |
|
Income (loss) from operations |
|
$ |
18,449 |
|
|
$ |
8,100 |
|
|
$ |
1,932 |
|
|
$ |
(1,119 |
) |
|
$ |
27,362 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,820 |
) |
Foreign currency exchange gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,762 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
18,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA 1 |
|
$ |
30,405 |
|
|
$ |
20,653 |
|
|
$ |
6,707 |
|
|
$ |
(1,046 |
) |
|
$ |
56,719 |
|
Average rental equipment 2 |
|
$ |
1,006,903 |
|
|
$ |
366,667 |
|
|
$ |
308,533 |
|
|
|
|
|
|
|
|
|
Average monthly total yield 3 |
|
|
2.04 |
% |
|
|
2.59 |
% |
|
|
1.53 |
% |
|
|
|
|
|
|
|
|
Average utilization 4 |
|
|
77.1 |
% |
|
|
64.6 |
% |
|
|
48.3 |
% |
|
|
|
|
|
|
|
|
Average monthly rental rate 5 |
|
|
2.64 |
% |
|
|
4.01 |
% |
|
|
3.17 |
% |
|
|
|
|
|
|
|
|
MCGRATH RENTCORP |
||||||||||||||||||||
BUSINESS SEGMENT DATA (unaudited) |
||||||||||||||||||||
Three months ended March 31, 2021 |
||||||||||||||||||||
(dollar amounts in thousands) |
|
Mobile
|
|
TRS-
|
|
Adler
|
|
Enviroplex |
|
Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
$ |
46,657 |
|
|
$ |
27,276 |
|
|
$ |
12,154 |
|
|
$ |
— |
|
|
$ |
86,087 |
|
Rental related services |
|
|
14,051 |
|
|
|
740 |
|
|
|
4,878 |
|
|
|
— |
|
|
|
19,669 |
|
Rental operations |
|
|
60,708 |
|
|
|
28,016 |
|
|
|
17,032 |
|
|
|
— |
|
|
|
105,756 |
|
Sales |
|
|
7,620 |
|
|
|
5,149 |
|
|
|
608 |
|
|
|
1,234 |
|
|
|
14,611 |
|
Other |
|
|
320 |
|
|
|
438 |
|
|
|
70 |
|
|
|
— |
|
|
|
828 |
|
Total revenues |
|
|
68,648 |
|
|
|
33,603 |
|
|
|
17,710 |
|
|
|
1,234 |
|
|
|
121,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct costs of rental operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
5,819 |
|
|
|
11,362 |
|
|
|
4,074 |
|
|
|
— |
|
|
|
21,255 |
|
Rental related services |
|
|
10,072 |
|
|
|
653 |
|
|
|
3,879 |
|
|
|
— |
|
|
|
14,604 |
|
Other |
|
|
12,875 |
|
|
|
4,534 |
|
|
|
2,298 |
|
|
|
— |
|
|
|
19,707 |
|
Total direct costs of rental operations |
|
|
28,766 |
|
|
|
16,549 |
|
|
|
10,251 |
|
|
|
— |
|
|
|
55,566 |
|
Costs of sales |
|
|
4,948 |
|
|
|
2,301 |
|
|
|
416 |
|
|
|
883 |
|
|
|
8,548 |
|
Total costs of revenues |
|
|
33,714 |
|
|
|
18,850 |
|
|
|
10,667 |
|
|
|
883 |
|
|
|
64,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
|
27,963 |
|
|
|
11,380 |
|
|
|
5,782 |
|
|
|
— |
|
|
|
45,125 |
|
Rental related services |
|
|
3,979 |
|
|
|
87 |
|
|
|
999 |
|
|
|
— |
|
|
|
5,065 |
|
Rental operations |
|
|
31,942 |
|
|
|
11,467 |
|
|
|
6,781 |
|
|
|
— |
|
|
|
50,190 |
|
Sales |
|
|
2,672 |
|
|
|
2,848 |
|
|
|
192 |
|
|
|
351 |
|
|
|
6,063 |
|
Other |
|
|
320 |
|
|
|
438 |
|
|
|
70 |
|
|
|
— |
|
|
|
828 |
|
Total gross profit |
|
|
34,934 |
|
|
|
14,753 |
|
|
|
7,043 |
|
|
|
351 |
|
|
|
57,081 |
|
Selling and administrative expenses |
|
|
19,237 |
|
|
|
6,298 |
|
|
|
6,267 |
|
|
|
1,335 |
|
|
|
33,137 |
|
Income (loss) from operations |
|
$ |
15,697 |
|
|
$ |
8,455 |
|
|
$ |
776 |
|
|
$ |
(984 |
) |
|
|
23,944 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,783 |
) |
Foreign currency exchange loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(55 |
) |
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,708 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA 1 |
|
$ |
23,955 |
|
|
$ |
20,392 |
|
|
$ |
5,700 |
|
|
$ |
(921 |
) |
|
$ |
49,126 |
|
Average rental equipment 2 |
|
$ |
836,893 |
|
|
$ |
334,781 |
|
|
$ |
313,873 |
|
|
|
|
|
|
|
|
|
Average monthly total yield 3 |
|
|
1.86 |
% |
|
|
2.72 |
% |
|
|
1.29 |
% |
|
|
|
|
|
|
|
|
Average utilization 4 |
|
|
75.8 |
% |
|
|
68.1 |
% |
|
|
40.3 |
% |
|
|
|
|
|
|
|
|
Average monthly rental rate 5 |
|
|
2.45 |
% |
|
|
3.99 |
% |
|
|
3.21 |
% |
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to the most directly comparable GAAP measures
To supplement the Company’s financial data presented on a basis consistent with accounting principles generally accepted in the United States of America (“GAAP”), the Company presents “Adjusted EBITDA,” which is defined by the Company as net income before interest expense, provision for income taxes, depreciation, amortization and share-based compensation. The Company presents Adjusted EBITDA as a financial measure as management believes it provides useful information to investors regarding the Company’s liquidity and financial condition and because management, as well as the Company’s lenders, use this measure in evaluating the performance of the Company.
Management uses Adjusted EBITDA as a supplement to GAAP measures to further evaluate the Company’s period-to-period operating performance, compliance with financial covenants in the Company’s revolving lines of credit and senior notes and the Company’s ability to meet future capital expenditure and working capital requirements. Management believes the exclusion of non-cash charges, including share-based compensation, is useful in measuring the Company’s cash available for operations and performance of the Company. Because management finds Adjusted EBITDA useful, the Company believes its investors will also find Adjusted EBITDA useful in evaluating the Company’s performance.
Adjusted EBITDA should not be considered in isolation or as a substitute for net income, cash flows, or other consolidated income or cash flow data prepared in accordance with GAAP or as a measure of the Company’s profitability or liquidity. Adjusted EBITDA is not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. Unlike EBITDA, which may be used by other companies or investors, Adjusted EBITDA does not include share-based compensation charges. The Company believes that Adjusted EBITDA is of limited use in that it does not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and does not accurately reflect real cash flow. In addition, other companies may not use Adjusted EBITDA or may use other non-GAAP measures, limiting the usefulness of Adjusted EBITDA for purposes of comparison. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that the Company will not incur expenses that are the same as or similar to the adjustments in this presentation. Therefore, Adjusted EBITDA should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The Company compensates for the limitations of Adjusted EBITDA by relying upon GAAP results to gain a complete picture of the Company’s performance. Because Adjusted EBITDA is a non-GAAP financial measure as defined by the SEC, the Company includes in the tables below reconciliations of Adjusted EBITDA to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Reconciliation of Net Income to Adjusted EBITDA |
||||||||||||||||
(dollar amounts in thousands) |
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Net income |
$ |
18,793 |
|
|
$ |
17,398 |
|
|
$ |
91,100 |
|
|
$ |
99,223 |
|
|
Provision for income taxes |
|
5,762 |
|
|
|
4,708 |
|
|
|
33,105 |
|
|
|
28,313 |
|
|
Interest expense |
|
2,820 |
|
|
|
1,783 |
|
|
|
11,492 |
|
|
|
7,918 |
|
|
Depreciation and amortization |
|
27,584 |
|
|
|
23,460 |
|
|
|
110,819 |
|
|
|
94,241 |
|
|
EBITDA |
|
54,959 |
|
|
|
47,349 |
|
|
|
246,516 |
|
|
|
229,695 |
|
|
Share-based compensation |
|
1,760 |
|
|
|
1,777 |
|
|
|
7,649 |
|
|
|
5,603 |
|
|
Adjusted EBITDA 1 |
$ |
56,719 |
|
|
$ |
49,126 |
|
|
$ |
254,165 |
|
|
$ |
235,298 |
|
|
Adjusted EBITDA margin 2 |
|
39 |
% |
|
|
41 |
% |
|
|
40 |
% |
|
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities |
||||||||||||||||
(dollar amounts in thousands) |
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Adjusted EBITDA 1 |
$ |
56,719 |
|
|
$ |
49,126 |
|
|
$ |
254,165 |
|
|
$ |
235,298 |
|
|
Interest paid |
|
(2,137 |
) |
|
|
(1,625 |
) |
|
|
(10,838 |
) |
|
|
(7,816 |
) |
|
Income taxes paid, net of refunds received |
|
(420 |
) |
|
|
(372 |
) |
|
|
(9,135 |
) |
|
|
(34,912 |
) |
|
Gain on sale of used rental equipment |
|
(5,364 |
) |
|
|
(4,794 |
) |
|
|
(26,011 |
) |
|
|
(19,335 |
) |
|
Foreign currency exchange (gain) loss |
|
(13 |
) |
|
|
55 |
|
|
|
142 |
|
|
|
(459 |
) |
|
Amortization of debt issuance costs |
|
4 |
|
|
|
3 |
|
|
|
16 |
|
|
|
11 |
|
|
Change in certain assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
7,935 |
|
|
|
1,108 |
|
|
|
(17,119 |
) |
|
|
3,626 |
|
|
Prepaid expenses and other assets |
|
4,213 |
|
|
|
(94 |
) |
|
|
(2,509 |
) |
|
|
3,350 |
|
|
Accounts payable and other liabilities |
|
(14,870 |
) |
|
|
(10,385 |
) |
|
|
10,996 |
|
|
|
4,013 |
|
|
Deferred income |
|
5,223 |
|
|
|
4,587 |
|
|
|
9,718 |
|
|
|
(11,345 |
) |
|
Net cash provided by operating activities |
$ |
51,290 |
|
|
$ |
37,609 |
|
|
$ |
209,425 |
|
|
$ |
172,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ЛИВЕРМОР, Калифорния.--(BUSINESS WIRE)--McGrath RentCorp (NASDAQ: MGRC) (“Компания”), диверсифицированная компания по аренде жилья для бизнеса, сегодня объявила об общей выручке за квартал, закончившийся 31 марта 2022 года, в размере 145,4 млн долларов, что на 20% больше по сравнению с первым квартал 2021 года. Компания сообщила о чистой прибыли в размере 18,8 млн долларов, или 0,77 доллара на разводненную акцию, за первый квартал 2022 года по сравнению с чистой прибылью в размере 17,4 млн долларов, или 0,71 доллара на разводненную акцию, за первый квартал 2021 года.
основные характеристики компании за первый квартал 2022 года:
Джо Ханна, президент и главный исполнительный директор McGrath RentCorp, сделал следующие комментарии относительно этих результатов и будущих ожиданий:
“Мы были довольны нашими результатами за первый квартал. Улучшение условий на конечном рынке, которое мы испытали в начале года, продолжалось в течение первого квартала и позволило нам увеличить доходы от аренды в целом по компании на 21% по сравнению с предыдущим годом. Доходы от модульной аренды выросли на 32%, причем примерно две трети роста приходится на наши Дизайнерские помещения, Кухни на ходу и приобретение контейнеров для хранения Titan. Без учета приобретений доходы от аренды модульного сегмента выросли на здоровые 11%. Доходы от аренды в TRS-RenTelco и Adler Tanks выросли на 5% и 17% соответственно.
Наш модульный бизнес получил широкую поддержку среди наших коммерческих, образовательных и портативных клиентских баз хранения данных. В условиях более сильного спроса, чем год назад, мы активно тратим средства на подготовку модульного оборудования к аренде, и мы увеличили часть наших капитальных затрат на новое оборудование. Все это свидетельствует о нашей растущей уверенности в возможностях аренды в течение года.
У танков TRS-RenTelco и Adler также было хорошее начало года. В первом квартале TRS-RenTelco продемонстрировала рост как в сфере коммуникаций, так и в сфере аренды общего назначения, и в течение квартала спрос на нее рос. По сравнению с прошлым годом в Adler Tanks продолжалось значительное улучшение спроса во всех регионах и на вертикальных рынках.
Я воодушевлен более сильным деловым импульсом, который мы наблюдаем во всем бизнесе. Мы сосредоточены на эффективном исполнении, чтобы максимально использовать эти улучшившиеся рыночные условия”.
основные моменты отдела:
Все сравнения, представленные ниже, относятся к кварталу, закончившемуся 31 марта 2022 года, и кварталу, закончившемуся 31 марта 2021 года, если не указано иное.
За первый квартал 2022 года Мобильное модульное подразделение Компании сообщило о доходах от операционной деятельности в размере 18,4 млн долларов, увеличившись на 2,8 млн долларов, или на 18%, при этом скорректированная EBITDA увеличилась на 6,5 млн долларов, или на 27%, до 30,4 млн долларов. Доходы от аренды выросли на 32% до 61,5 млн долларов, амортизационные отчисления увеличились на 35% до 7,8 млн долларов, а прочие прямые расходы увеличились на 57% до 20,2 млн долларов, что привело к увеличению валовой прибыли от доходов от аренды на 20% до 33,5 млн долларов. Увеличение доходов от аренды отражает клиентов 2021 Design Space, Kitchen To Go и Titan Storage Containers, которые внесли примерно две трети прироста. Выручка от услуг, связанных с арендой, увеличилась на 31% до 18,4 млн долларов, в основном за счет увеличения объема работ по доставке и самовывозу, а также увеличения объема услуг, связанных с сайтом, и других услуг, выполняемых во время аренды, при этом соответствующая валовая прибыль увеличилась на 30% до 5,2 млн долларов. Выручка от продаж увеличилась на 36% до 10,4 млн долларов США как за счет увеличения продаж нового, так и подержанного оборудования. Валовая прибыль от продаж составила 39% по сравнению с 35% в 2021 году, что привело к увеличению валовой прибыли от продаж на 51% до 4,0 млн долларов. Коммерческие и административные расходы увеличились на 28% до 24,7 млн долларов, в основном из-за увеличения заработной платы сотрудников и расходов на пособия на общую сумму 2,8 млн долларов, что отражает добавление дизайнерских помещений и кухонь для сотрудников Go, увеличение амортизации нематериальных активов на 1,4 млн долларов, связанных с приобретением Design Space и Kitchens To Go, и увеличение на 1,6 млн долларов распределенные корпоративные расходы.
За первый квартал 2022 года подразделение TRS-RenTelco Компании отчиталось о доходах от операционной деятельности в размере 8,1 млн долларов, что на 0,4 млн долларов меньше, или на 4%, при этом скорректированная EBITDA увеличилась на 0,3 млн долларов, или на 1%, до 20,7 млн долларов. Доходы от аренды выросли на 5% до 28,5 млн долларов, амортизационные отчисления увеличились на 6% до 12,0 млн долларов, а прочие прямые расходы увеличились на 3% до 4,7 млн долларов, что привело к увеличению валовой прибыли от аренды на 4% до 11,8 млн долларов. Увеличение доходов от аренды стало результатом более высокой средней арендной платы за оборудование и более высоких среднемесячных арендных ставок по сравнению с предыдущим годом. Выручка от продаж снизилась на 24% до 3,9 млн долларов, а валовая прибыль от выручки от продаж снизилась на 15% до 2,4 млн долларов. Коммерческие и административные расходы увеличились на 5% до 6,6 млн долларов, в основном из-за увеличения маркетинговых и административных расходов.
За первый квартал 2022 года подразделение Adler Tanks Компании сообщило о доходах от операционной деятельности в размере 1,9 млн долларов, увеличившись на 1,2 млн долларов, при этом скорректированная EBITDA увеличилась на 1,0 млн долларов, или на 18%, до 6,7 млн долларов. Доходы от аренды выросли на 17% до 14,2 млн долларов, расходы на амортизацию были сопоставимы с предыдущим годом, а прочие прямые расходы увеличились на 29% до 3,0 млн долларов, что привело к увеличению валовой прибыли от доходов от аренды на 25%, до 7,2 млн долларов. Увеличение доходов от аренды было широко распространено по регионам и обслуживаемым вертикальным рынкам. Выручка от услуг, связанных с арендой, увеличилась на 8% до 5,3 млн долларов, при этом валовая прибыль от услуг, связанных с арендой, снизилась на 10%, до 0,9 млн долларов. Коммерческие и административные расходы увеличились на 4% до 6,5 млн долларов США, главным образом из-за увеличения распределенных корпоративных расходов.
финансовые перспективы:
Основываясь на результатах Компании за год и текущем прогнозе на оставшуюся часть года, Компания подтверждает свои финансовые перспективы. В течение всего 2022 года Компания ожидает:
• | Total revenue: |
$675 million to $705 million |
• | Adjusted EBITDA1,2: |
$260 million to $275 million |
• | Gross rental equipment capital expenditures: |
$117 million to $127 million |
об McGrath RentCorp:
Основанная в 1979 году, McGrath RentCorp (Nasdaq: MGRC) является многопрофильной компанией по аренде помещений для бизнеса, предоставляющей модульные здания, электронное испытательное оборудование, портативные хранилища и решения для герметизации резервуаров по всей территории Соединенных Штатов и других избранных регионов Северной Америки. Арендные операции компании состоят из четырех подразделений: Mobile Modular арендует и продает модульные здания для удовлетворения временных и постоянных потребностей клиентов в классных и офисных помещениях; TRS-RenTelco арендует и продает электронное испытательное оборудование; Adler Tank Rentals арендует и продает решения для защиты от опасных и неопасных жидкостей и твердых веществ; и Мобильные модульные переносные Хранилище предоставляет решения для аренды портативных хранилищ. Для получения дополнительной информации об McGrath RentCorp и его операционных единицах, пожалуйста, посетите наши веб-сайты:
Корпоративный – www.mgrc.com Модульные Здания – www.mobilemodular.com Электронное Испытательное Оборудование – www.trsrentelco.com Резервуары и ящики – www.adlertankrentals.com Портативное Хранилище – www.mobilemodularcontainers.com Производство школьных помещений – www.enviroplex.com
Вы должны прочитать этот пресс-релиз вместе с финансовыми отчетами и примечаниями к ним, включенными в последние формы Компании 10-K, 10-Q и другие документы SEC. Вы можете посетить веб-сайт компании по адресу www.mgrc.com чтобы получить доступ к информации об McGrath RentCorp, включая последние формы 10-K, 10-Q и другие заявки SEC.
примечание к конференц-звонку:
Как было объявлено ранее в своем пресс-релизе от 29 марта 2022 года, McGrath RentCorp проведет телефонную конференцию 28 апреля 2022 года в 17:00 по восточному времени (14:00 по тихоокеанскому времени) для обсуждения результатов первого квартала 2022 года. Чтобы принять участие в телеконференции, наберите 1-844-707-0666 (в США) или 1-703-639-1220 (за пределами США), или только для прослушивания получите доступ к одновременной веб-трансляции в разделе по связям с инвесторами веб-сайта Компании по адресу https://investors.mgrc.com /. Повтор будет доступен в течение 7 дней после звонка, набрав 1-855-859-2056 (в США) или 1-404-537-3406 (за пределами США). Код доступа для повтора конференц-звонка - 2173168. Кроме того, прямую аудиотрансляцию и воспроизведение звонка можно найти в разделе по связям с инвесторами на веб-сайте Компании по адресу https://investors.mgrc.com/events-and-presentations .
прогнозные заявления:
Настоящий пресс-релиз содержит прогнозные заявления по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Все заявления, кроме заявлений об исторических фактах, относительно ожиданий, стратегий, перспектив или целей McGrath RentCorp, являются прогнозными заявлениями. Эти прогнозные заявления также могут быть идентифицированы с помощью прогнозной терминологии, такой как “ожидает”, “полагает”, “продолжает”, “может”, “оценивает”, “ожидает”, “намеревается”, “может”, “планирует”, “прогнозирует”, “проект”, или “воля”, или отрицательное значение этих терминов или другой сопоставимой терминологии. В частности, заявления г-на Ханны о значительных расходах, свидетельствующих о повышении уверенности Компании, сосредоточенности Компании на эффективном исполнении, чтобы максимально использовать улучшившиеся рыночные условия, а также заявления относительно всего 2022 года в разделе “Финансовые перспективы” являются прогнозными.
Эти прогнозные заявления не являются гарантией будущих результатов и связаны со значительными рисками и неопределенностями, которые могут привести к тому, что наши фактические результаты будут существенно отличаться от прогнозируемых, включая: продолжительность пандемии COVID-19 и ее экономические последствия, масштабы и продолжительность ограничений, связанных с пандемией COVID-19, состояние здоровья образовательных и коммерческих рынков в нашем подразделении модульных зданий; уровни активности на рынках общего назначения и коммуникационного испытательного оборудования в TRS-RenTelco; способность получить синергию, ожидаемую от приобретений Design Space и кухонь To Go, и успех интеграции таких приобретений; уровни использования и ставки аренды наши активы по аренде резервуаров для хранения жидкостей и твердых веществ Adler и боксов; продолжение реализации наших инициатив по повышению производительности; наша способность успешно повышать цены, чтобы компенсировать рост затрат; и наша способность эффективно управлять нашими арендными активами, а также факторы, раскрытые в разделе “Факторы риска” в Форме Компании 10-K и другие заявки SEC.
Прогнозные заявления делаются только на дату настоящего Соглашения. За исключением случаев, предусмотренных законом, мы не берем на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, содержащихся в этом пресс-релизе.
McGrath RentCorp |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
(UNAUDITED) |
||||||||
|
|
Three Months Ended March 31, |
||||||
(in thousands, except per share amounts) |
|
2022 |
|
2021 |
||||
Revenues |
|
|
|
|
|
|
|
|
Rental |
|
$ |
104,241 |
|
|
$ |
86,087 |
|
Rental related services |
|
|
24,317 |
|
|
|
19,669 |
|
Rental operations |
|
|
128,558 |
|
|
|
105,756 |
|
Sales |
|
|
15,876 |
|
|
|
14,611 |
|
Other |
|
|
939 |
|
|
|
828 |
|
Total revenues |
|
|
145,373 |
|
|
|
121,195 |
|
Costs and Expenses |
|
|
|
|
|
|
|
|
Direct costs of rental operations: |
|
|
|
|
|
|
|
|
Depreciation of rental equipment |
|
|
23,874 |
|
|
|
21,255 |
|
Rental related services |
|
|
18,143 |
|
|
|
14,604 |
|
Other |
|
|
27,823 |
|
|
|
19,707 |
|
Total direct costs of rental operations |
|
|
69,840 |
|
|
|
55,566 |
|
Costs of sales |
|
|
9,044 |
|
|
|
8,548 |
|
Total costs of revenues |
|
|
78,884 |
|
|
|
64,114 |
|
Gross profit |
|
|
66,489 |
|
|
|
57,081 |
|
Selling and administrative expenses |
|
|
39,127 |
|
|
|
33,137 |
|
Income from operations |
|
|
27,362 |
|
|
|
23,944 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(2,820 |
) |
|
|
(1,783 |
) |
Foreign currency exchange gain (loss) |
|
|
13 |
|
|
|
(55 |
) |
Income before provision for income taxes |
|
|
24,555 |
|
|
|
22,106 |
|
Provision for income taxes |
|
|
5,762 |
|
|
|
4,708 |
|
Net income |
|
$ |
18,793 |
|
|
$ |
17,398 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.77 |
|
|
$ |
0.72 |
|
Diluted |
|
$ |
0.77 |
|
|
$ |
0.71 |
|
Shares used in per share calculation: |
|
|
|
|
|
|
|
|
Basic |
|
|
24,285 |
|
|
|
24,153 |
|
Diluted |
|
|
24,534 |
|
|
|
24,512 |
|
Cash dividends declared per share |
|
$ |
0.455 |
|
|
$ |
0.435 |
|
|
||||||||
McGrath RentCorp |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(UNAUDITED) |
||||||||
|
|
March 31, |
|
December 31, |
||||
(in thousands) |
|
2022 |
|
2021 |
||||
Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,603 |
|
|
$ |
1,491 |
|
Accounts receivable, net of allowance for credit losses of $2,125 in 2022 and 2021 |
|
|
151,564 |
|
|
|
159,499 |
|
Rental equipment, at cost: |
|
|
|
|
|
|
|
|
Relocatable modular buildings |
|
|
1,059,030 |
|
|
|
1,040,094 |
|
Electronic test equipment |
|
|
378,766 |
|
|
|
361,391 |
|
Liquid and solid containment tanks and boxes |
|
|
308,790 |
|
|
|
309,908 |
|
|
|
|
1,746,586 |
|
|
|
1,711,393 |
|
Less: accumulated depreciation |
|
|
(663,631 |
) |
|
|
(646,169 |
) |
Rental equipment, net |
|
|
1,082,955 |
|
|
|
1,065,224 |
|
Property, plant and equipment, net |
|
|
138,515 |
|
|
|
135,325 |
|
Prepaid expenses and other assets |
|
|
50,732 |
|
|
|
54,945 |
|
Intangible assets, net |
|
|
45,566 |
|
|
|
47,049 |
|
Goodwill |
|
|
132,305 |
|
|
|
132,393 |
|
Total assets |
|
$ |
1,603,240 |
|
|
$ |
1,595,926 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Notes payable |
|
$ |
423,974 |
|
|
$ |
426,451 |
|
Accounts payable and accrued liabilities |
|
|
138,690 |
|
|
|
136,313 |
|
Deferred income |
|
|
63,939 |
|
|
|
58,716 |
|
Deferred income taxes, net |
|
|
238,749 |
|
|
|
242,425 |
|
Total liabilities |
|
|
865,352 |
|
|
|
863,905 |
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, no par value - Authorized 40,000 shares |
|
|
|
|
|
|
|
|
Issued and outstanding - 24,335 shares as of March 31, 2022 and 24,260 shares as of December 31, 2021 |
|
|
106,765 |
|
|
|
108,610 |
|
Retained earnings |
|
|
631,174 |
|
|
|
623,465 |
|
Accumulated other comprehensive loss |
|
|
(51 |
) |
|
|
(54 |
) |
Total shareholders’ equity |
|
|
737,888 |
|
|
|
732,021 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,603,240 |
|
|
$ |
1,595,926 |
|
|
|
|
|
|
|
|
|
|
McGrath RentCorp |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(UNAUDITED) |
||||||||
|
|
|
|
|||||
|
|
Three Months Ended March 31, |
||||||
(in thousands) |
|
2022 |
|
2021 |
||||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
18,793 |
|
|
$ |
17,398 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
27,584 |
|
|
|
23,460 |
|
Deferred income taxes |
|
|
(3,676 |
) |
|
|
(3,258 |
) |
Provision for doubtful accounts |
|
|
13 |
|
|
|
99 |
|
Share-based compensation |
|
|
1,760 |
|
|
|
1,777 |
|
Gain on sale of used rental equipment |
|
|
(5,364 |
) |
|
|
(4,794 |
) |
Foreign currency exchange (gain) loss |
|
|
(13 |
) |
|
|
55 |
|
Amortization of debt issuance costs |
|
|
4 |
|
|
|
3 |
|
Change in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
7,922 |
|
|
|
1,009 |
|
Prepaid expenses and other assets |
|
|
4,213 |
|
|
|
(94 |
) |
Accounts payable and accrued liabilities |
|
|
(4,716 |
) |
|
|
(2,633 |
) |
Deferred income |
|
|
5,223 |
|
|
|
4,587 |
|
Net cash provided by operating activities |
|
|
51,743 |
|
|
|
37,609 |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Purchases of rental equipment |
|
|
(39,430 |
) |
|
|
(17,984 |
) |
Purchases of property, plant and equipment |
|
|
(5,417 |
) |
|
|
(981 |
) |
Proceeds from sales of used rental equipment |
|
|
10,308 |
|
|
|
10,418 |
|
Net cash used in investing activities |
|
|
(34,539 |
) |
|
|
(8,547 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Net repayment under bank lines of credit |
|
|
(2,482 |
) |
|
|
(13,931 |
) |
Taxes paid related to net share settlement of stock awards |
|
|
(3,605 |
) |
|
|
(3,482 |
) |
Payment of dividends |
|
|
(11,006 |
) |
|
|
(10,554 |
) |
Net cash used in financing activities |
|
|
(17,093 |
) |
|
|
(27,967 |
) |
Effect of foreign currency exchange rate changes on cash |
|
|
1 |
|
|
|
(4 |
) |
Net increase in cash |
|
|
112 |
|
|
|
1,091 |
|
Cash balance, beginning of period |
|
|
1,491 |
|
|
|
1,238 |
|
Cash balance, end of period |
|
$ |
1,603 |
|
|
$ |
2,329 |
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
|
|
|
|
Interest paid, during the period |
|
$ |
2,137 |
|
|
$ |
1,625 |
|
Net income taxes paid, during the period |
|
$ |
420 |
|
|
$ |
372 |
|
Dividends accrued during the period, not yet paid |
|
$ |
11,357 |
|
|
$ |
9,810 |
|
Rental equipment acquisitions, not yet paid |
|
$ |
12,869 |
|
|
$ |
11,095 |
|
|
|
|
|
|
|
|
|
|
McGrath RentCorp |
||||||||||||||||||||
BUSINESS SEGMENT DATA (unaudited) |
||||||||||||||||||||
Three months ended March 31, 2022 |
||||||||||||||||||||
(dollar amounts in thousands) |
|
Mobile
|
|
TRS-
|
|
Adler
|
|
Enviroplex |
|
Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
$ |
61,538 |
|
|
$ |
28,512 |
|
|
$ |
14,191 |
|
|
$ |
— |
|
|
$ |
104,241 |
|
Rental related services |
|
|
18,361 |
|
|
|
671 |
|
|
|
5,285 |
|
|
|
— |
|
|
|
24,317 |
|
Rental operations |
|
|
79,899 |
|
|
|
29,183 |
|
|
|
19,476 |
|
|
|
— |
|
|
|
128,558 |
|
Sales |
|
|
10,375 |
|
|
|
3,927 |
|
|
|
657 |
|
|
|
917 |
|
|
|
15,876 |
|
Other |
|
|
371 |
|
|
|
381 |
|
|
|
187 |
|
|
|
— |
|
|
|
939 |
|
Total revenues |
|
|
90,645 |
|
|
|
33,491 |
|
|
|
20,320 |
|
|
|
917 |
|
|
|
145,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct costs of rental operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
7,833 |
|
|
|
12,029 |
|
|
|
4,012 |
|
|
|
— |
|
|
|
23,874 |
|
Rental related services |
|
|
13,180 |
|
|
|
580 |
|
|
|
4,383 |
|
|
|
— |
|
|
|
18,143 |
|
Other |
|
|
20,162 |
|
|
|
4,692 |
|
|
|
2,969 |
|
|
|
— |
|
|
|
27,823 |
|
Total direct costs of rental operations |
|
|
41,175 |
|
|
|
17,301 |
|
|
|
11,364 |
|
|
|
— |
|
|
|
69,840 |
|
Costs of sales |
|
|
6,329 |
|
|
|
1,500 |
|
|
|
502 |
|
|
|
713 |
|
|
|
9,044 |
|
Total costs of revenues |
|
|
47,504 |
|
|
|
18,801 |
|
|
|
11,866 |
|
|
|
713 |
|
|
|
78,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
|
33,543 |
|
|
|
11,791 |
|
|
|
7,210 |
|
|
|
— |
|
|
|
52,544 |
|
Rental related services |
|
|
5,181 |
|
|
|
91 |
|
|
|
902 |
|
|
|
— |
|
|
|
6,174 |
|
Rental operations |
|
|
38,724 |
|
|
|
11,882 |
|
|
|
8,112 |
|
|
|
— |
|
|
|
58,718 |
|
Sales |
|
|
4,046 |
|
|
|
2,427 |
|
|
|
155 |
|
|
|
204 |
|
|
|
6,832 |
|
Other |
|
|
371 |
|
|
|
381 |
|
|
|
187 |
|
|
|
— |
|
|
|
939 |
|
Total gross profit |
|
|
43,141 |
|
|
|
14,690 |
|
|
|
8,454 |
|
|
|
204 |
|
|
|
66,489 |
|
Selling and administrative expenses |
|
|
24,692 |
|
|
|
6,590 |
|
|
|
6,522 |
|
|
|
1,323 |
|
|
|
39,127 |
|
Income (loss) from operations |
|
$ |
18,449 |
|
|
$ |
8,100 |
|
|
$ |
1,932 |
|
|
$ |
(1,119 |
) |
|
$ |
27,362 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,820 |
) |
Foreign currency exchange gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,762 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
18,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA 1 |
|
$ |
30,405 |
|
|
$ |
20,653 |
|
|
$ |
6,707 |
|
|
$ |
(1,046 |
) |
|
$ |
56,719 |
|
Average rental equipment 2 |
|
$ |
1,006,903 |
|
|
$ |
366,667 |
|
|
$ |
308,533 |
|
|
|
|
|
|
|
|
|
Average monthly total yield 3 |
|
|
2.04 |
% |
|
|
2.59 |
% |
|
|
1.53 |
% |
|
|
|
|
|
|
|
|
Average utilization 4 |
|
|
77.1 |
% |
|
|
64.6 |
% |
|
|
48.3 |
% |
|
|
|
|
|
|
|
|
Average monthly rental rate 5 |
|
|
2.64 |
% |
|
|
4.01 |
% |
|
|
3.17 |
% |
|
|
|
|
|
|
|
|
McGrath RentCorp |
||||||||||||||||||||
BUSINESS SEGMENT DATA (unaudited) |
||||||||||||||||||||
Three months ended March 31, 2021 |
||||||||||||||||||||
(dollar amounts in thousands) |
|
Mobile
|
|
TRS-
|
|
Adler
|
|
Enviroplex |
|
Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
$ |
46,657 |
|
|
$ |
27,276 |
|
|
$ |
12,154 |
|
|
$ |
— |
|
|
$ |
86,087 |
|
Rental related services |
|
|
14,051 |
|
|
|
740 |
|
|
|
4,878 |
|
|
|
— |
|
|
|
19,669 |
|
Rental operations |
|
|
60,708 |
|
|
|
28,016 |
|
|
|
17,032 |
|
|
|
— |
|
|
|
105,756 |
|
Sales |
|
|
7,620 |
|
|
|
5,149 |
|
|
|
608 |
|
|
|
1,234 |
|
|
|
14,611 |
|
Other |
|
|
320 |
|
|
|
438 |
|
|
|
70 |
|
|
|
— |
|
|
|
828 |
|
Total revenues |
|
|
68,648 |
|
|
|
33,603 |
|
|
|
17,710 |
|
|
|
1,234 |
|
|
|
121,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct costs of rental operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
5,819 |
|
|
|
11,362 |
|
|
|
4,074 |
|
|
|
— |
|
|
|
21,255 |
|
Rental related services |
|
|
10,072 |
|
|
|
653 |
|
|
|
3,879 |
|
|
|
— |
|
|
|
14,604 |
|
Other |
|
|
12,875 |
|
|
|
4,534 |
|
|
|
2,298 |
|
|
|
— |
|
|
|
19,707 |
|
Total direct costs of rental operations |
|
|
28,766 |
|
|
|
16,549 |
|
|
|
10,251 |
|
|
|
— |
|
|
|
55,566 |
|
Costs of sales |
|
|
4,948 |
|
|
|
2,301 |
|
|
|
416 |
|
|
|
883 |
|
|
|
8,548 |
|
Total costs of revenues |
|
|
33,714 |
|
|
|
18,850 |
|
|
|
10,667 |
|
|
|
883 |
|
|
|
64,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
|
27,963 |
|
|
|
11,380 |
|
|
|
5,782 |
|
|
|
— |
|
|
|
45,125 |
|
Rental related services |
|
|
3,979 |
|
|
|
87 |
|
|
|
999 |
|
|
|
— |
|
|
|
5,065 |
|
Rental operations |
|
|
31,942 |
|
|
|
11,467 |
|
|
|
6,781 |
|
|
|
— |
|
|
|
50,190 |
|
Sales |
|
|
2,672 |
|
|
|
2,848 |
|
|
|
192 |
|
|
|
351 |
|
|
|
6,063 |
|
Other |
|
|
320 |
|
|
|
438 |
|
|
|
70 |
|
|
|
— |
|
|
|
828 |
|
Total gross profit |
|
|
34,934 |
|
|
|
14,753 |
|
|
|
7,043 |
|
|
|
351 |
|
|
|
57,081 |
|
Selling and administrative expenses |
|
|
19,237 |
|
|
|
6,298 |
|
|
|
6,267 |
|
|
|
1,335 |
|
|
|
33,137 |
|
Income (loss) from operations |
|
$ |
15,697 |
|
|
$ |
8,455 |
|
|
$ |
776 |
|
|
$ |
(984 |
) |
|
|
23,944 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,783 |
) |
Foreign currency exchange loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(55 |
) |
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,708 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA 1 |
|
$ |
23,955 |
|
|
$ |
20,392 |
|
|
$ |
5,700 |
|
|
$ |
(921 |
) |
|
$ |
49,126 |
|
Average rental equipment 2 |
|
$ |
836,893 |
|
|
$ |
334,781 |
|
|
$ |
313,873 |
|
|
|
|
|
|
|
|
|
Average monthly total yield 3 |
|
|
1.86 |
% |
|
|
2.72 |
% |
|
|
1.29 |
% |
|
|
|
|
|
|
|
|
Average utilization 4 |
|
|
75.8 |
% |
|
|
68.1 |
% |
|
|
40.3 |
% |
|
|
|
|
|
|
|
|
Average monthly rental rate 5 |
|
|
2.45 |
% |
|
|
3.99 |
% |
|
|
3.21 |
% |
|
|
|
|
|
|
|
|
Сверка скорректированной EBITDA с наиболее непосредственно сопоставимыми показателями GAAP
В дополнение к финансовым данным Компании, представленным на основе, соответствующей принципам бухгалтерского учета, общепринятым в Соединенных Штатах Америки (“GAAP”), Компания представляет “Скорректированную EBITDA”, которая определяется Компанией как чистая прибыль до вычета процентных расходов, резерва по налогу на прибыль, износа, амортизации и доли-компенсация на основе. Компания представляет Скорректированный показатель EBITDA в качестве финансового показателя, поскольку руководство считает, что он предоставляет инвесторам полезную информацию о ликвидности и финансовом состоянии Компании, а также потому, что руководство, а также кредиторы Компании используют этот показатель при оценке результатов деятельности Компании.
Руководство использует Скорректированный показатель EBITDA в качестве дополнения к показателям GAAP для дальнейшей оценки операционных показателей Компании от периода к периоду, соблюдения финансовых условий по возобновляемым кредитным линиям Компании и старшим облигациям, а также способности Компании удовлетворять будущие потребности в капитальных затратах и оборотном капитале. Руководство считает, что исключение неденежных платежей, включая компенсацию, основанную на акциях, полезно для оценки денежных средств Компании, доступных для операций и результатов деятельности Компании. Поскольку руководство считает Скорректированную EBITDA полезной, Компания считает, что ее инвесторы также сочтут Скорректированную EBITDA полезной при оценке результатов деятельности Компании.
Скорректированный показатель EBITDA не следует рассматривать отдельно или в качестве замены чистой прибыли, денежных потоков или других консолидированных данных о доходах или движении денежных средств, подготовленных в соответствии с GAAP, или в качестве показателя прибыльности или ликвидности Компании. Скорректированный показатель EBITDA не соответствует или не является альтернативой GAAP и может отличаться от показателей, не относящихся к GAAP, используемых другими компаниями. В отличие от показателя EBITDA, который может использоваться другими компаниями или инвесторами, скорректированный показатель EBITDA не включает компенсационные отчисления, основанные на акциях. Компания считает, что Скорректированный показатель EBITDA имеет ограниченное применение, поскольку он не отражает все суммы, связанные с результатами деятельности Компании, определенными в соответствии с GAAP, и неточно отражает реальный денежный поток. Кроме того, другие компании могут не использовать Скорректированную EBITDA или могут использовать другие показатели, не относящиеся к GAAP, что ограничивает полезность скорректированной EBITDA для целей сравнения. Представление Компанией скорректированной EBITDA не должно быть истолковано как вывод о том, что Компания не понесет расходов, которые совпадают или аналогичны корректировкам в данной презентации. Следовательно, скорректированный показатель EBITDA следует использовать только для оценки результатов деятельности Компании в сочетании с соответствующими показателями GAAP. Компания компенсирует ограничения Скорректированной EBITDA, полагаясь на результаты GAAP для получения полной картины результатов деятельности Компании. Поскольку Скорректированная EBITDA является финансовым показателем, не относящимся к GAAP, как определено SEC, Компания включает в нижеприведенные таблицы сверки Скорректированной EBITDA с наиболее непосредственно сопоставимыми финансовыми показателями, рассчитанными и представленными в соответствии с GAAP.
Reconciliation of Net Income to Adjusted EBITDA |
||||||||||||||||
(dollar amounts in thousands) |
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Net income |
$ |
18,793 |
|
|
$ |
17,398 |
|
|
$ |
91,100 |
|
|
$ |
99,223 |
|
|
Provision for income taxes |
|
5,762 |
|
|
|
4,708 |
|
|
|
33,105 |
|
|
|
28,313 |
|
|
Interest expense |
|
2,820 |
|
|
|
1,783 |
|
|
|
11,492 |
|
|
|
7,918 |
|
|
Depreciation and amortization |
|
27,584 |
|
|
|
23,460 |
|
|
|
110,819 |
|
|
|
94,241 |
|
|
EBITDA |
|
54,959 |
|
|
|
47,349 |
|
|
|
246,516 |
|
|
|
229,695 |
|
|
Share-based compensation |
|
1,760 |
|
|
|
1,777 |
|
|
|
7,649 |
|
|
|
5,603 |
|
|
Adjusted EBITDA 1 |
$ |
56,719 |
|
|
$ |
49,126 |
|
|
$ |
254,165 |
|
|
$ |
235,298 |
|
|
Adjusted EBITDA margin 2 |
|
39 |
% |
|
|
41 |
% |
|
|
40 |
% |
|
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities |
||||||||||||||||
(dollar amounts in thousands) |
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Adjusted EBITDA 1 |
$ |
56,719 |
|
|
$ |
49,126 |
|
|
$ |
254,165 |
|
|
$ |
235,298 |
|
|
Interest paid |
|
(2,137 |
) |
|
|
(1,625 |
) |
|
|
(10,838 |
) |
|
|
(7,816 |
) |
|
Income taxes paid, net of refunds received |
|
(420 |
) |
|
|
(372 |
) |
|
|
(9,135 |
) |
|
|
(34,912 |
) |
|
Gain on sale of used rental equipment |
|
(5,364 |
) |
|
|
(4,794 |
) |
|
|
(26,011 |
) |
|
|
(19,335 |
) |
|
Foreign currency exchange (gain) loss |
|
(13 |
) |
|
|
55 |
|
|
|
142 |
|
|
|
(459 |
) |
|
Amortization of debt issuance costs |
|
4 |
|
|
|
3 |
|
|
|
16 |
|
|
|
11 |
|
|
Change in certain assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
7,935 |
|
|
|
1,108 |
|
|
|
(17,119 |
) |
|
|
3,626 |
|
|
Prepaid expenses and other assets |
|
4,213 |
|
|
|
(94 |
) |
|
|
(2,509 |
) |
|
|
3,350 |
|
|
Accounts payable and other liabilities |
|
(14,870 |
) |
|
|
(10,385 |
) |
|
|
10,996 |
|
|
|
4,013 |
|
|
Deferred income |
|
5,223 |
|
|
|
4,587 |
|
|
|
9,718 |
|
|
|
(11,345 |
) |
|
Net cash provided by operating activities |
$ |
51,290 |
|
|
$ |
37,609 |
|
|
$ |
209,425 |
|
|
$ |
172,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|