McGrath Rentcorp (MGRC) Q4 FY2021 earnings: revenue $176 million, up 18.1% on the year

McGrath Rentcorp (MGRC) reported revenue of $176 million for Q4 FY2021, the quarter ended 31 December 2021, up 18.1% on the same quarter a year earlier. Net income was $28 million, down 8.8% on the year, and diluted earnings per share $1.16. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue$176 millionup 18.1%

Net income$28 milliondown 8.8%

Diluted EPS$1.16

QuarterQ4 FY2021ended 31 December 2021

The quarter, against the one before and a year earlier

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Revenue	176	173	n/a	n/a
Cost of revenue	93.6	97.5	n/a	n/a
Gross profit	82.3	75.8	n/a	n/a
Gross margin	46.8%	43.7%	n/a
Selling, general and administrative	39.3	39.9	n/a	n/a
Operating income	43.0	35.9	n/a	n/a
Operating margin	24.4%	20.7%	n/a
Interest expense	3.2	3.2	n/a	n/a
Pre-tax income	39.7	32.6	n/a	n/a
Income tax	11.3	9.3	n/a	n/a
Effective tax rate	28.3%	28.7%	n/a
Net income	28.4	23.3	n/a	n/a
Net margin	16.2%	13.4%	n/a
Diluted EPS	$1.16	$0.95	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Operating cash flow	59.5	38.3	n/a	n/a
Capital expenditure	1.7	n/a	n/a	n/a
Free cash flow	57.7	n/a	n/a	n/a
Free cash flow margin	32.8%	n/a	n/a
Cash from investing	-16.3	-14.6	n/a	n/a
Cash from financing	-44.1	-23.8	n/a	n/a
Depreciation and amortisation	27.6	28.5	n/a	n/a
Share-based compensation	2.4	1.7	n/a	n/a
Dividends paid	10.5	10.5	n/a	n/a
Dividend per share	n/a	$0.43	n/a	n/a
Diluted shares, weighted	25m	25m	n/a	n/a
Shares outstanding at period end	24m	24m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Shareholders' equity	732	712	n/a	n/a
Debt	426	459	n/a	n/a
Other liabilities	437	438	n/a	n/a
Total liabilities and equity	1,596	1,610	n/a	n/a
Fixed assets	135	n/a	n/a	n/a
Goodwill	132	132	n/a	n/a
Intangible assets	47.0	48.7	n/a	n/a
Cash and equivalents	1.5	2.4	n/a	n/a
Other assets	1,280	1,427	n/a	n/a
Total assets	1,596	1,610	n/a	n/a

Questions

What was McGrath Rentcorp's revenue in Q4 FY2021?

McGrath Rentcorp (MGRC) reported revenue of $176 million for Q4 FY2021, the quarter ended 31 December 2021, up 18.1% on the same quarter a year earlier.

How much did McGrath Rentcorp earn in Q4 FY2021?

Net income for Q4 FY2021 was $28 million, down 8.8% on the year, and diluted earnings per share $1.16.

When did McGrath Rentcorp report Q4 FY2021 results?

McGrath Rentcorp filed its 10-K for the year that ended with the quarter on 23 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	173	176	125	153	174	211	164	203	244	222	188	213	267	244	195	236	256	257	199	221
Cost of revenue	97.5	93.6	67.0	86.4	97.5	108	86.4	108	132	111	94.6	109	143	129	99.0	125	137	128	102	113
Gross profit	75.8	82.3	58.0	67.0	76.8	103	77.4	94.6	112	110	93.3	103	124	115	96.4	111	119	129	96.9	108
Gross margin	44%	47%	46%	44%	44%	49%	47%	47%	46%	50%	50%	49%	46%	47%	49%	47%	47%	50%	49%	49%
SG&A	39.9	39.3	32.6	33.8	37.0	47.3	57.5	47.0	48.5	54.5	59.8	61.4	49.3	29.9	50.9	53.5	52.5	54.4	53.5	56.4
Operating income	35.9	43.0	25.4	33.1	39.9	55.8	19.9	47.6	66.6	55.7	42.7	42.0	74.7	84.8	45.6	57.2	66.7	74.2	43.4	53.3
Operating margin	21%	24%	20%	22%	23%	26%	12%	23%	27%	25%	23%	20%	28%	35%	23%	24%	26%	29%	22%	24%
Interest expense	3.2	3.2	2.3	2.4	3.4	5.2	7.5	9.9	11.0	12.1	12.7	13.0	12.6	8.9	8.2	7.8	8.2	6.5	6.5	7.1
Pre-tax income	32.6	39.7	23.2	30.5	36.3	50.7	12.6	37.6	55.5	43.7	29.9	29.0	203	52.0	37.4	49.5	58.5	67.7	36.9	46.1
Tax rate	29%	28%	24%	23%	25%	22%	9%	26%	27%	27%	24%	29%	26%	25%	25%	27%	28%	26%	27%	27%
Net income	23.3	28.4	18.8	26.1	30.6	39.6	71.7	30.6	40.4	32.0	22.8	20.6	149	38.9	28.2	36.0	42.3	49.8	27.0	33.7
Net margin	13%	16%	15%	17%	18%	19%	44%	15%	17%	14%	12%	10%	56%	16%	14%	15%	16%	19%	14%	15%
Diluted EPS	$0.95	$1.16	$0.77	$1.07	$1.25	$1.62	$2.92	$1.25	$1.65	$1.30	$0.93	$0.84	$6.08	$1.58	$1.15	$1.46	$1.72	$2.02	$1.10	$1.37
Operating cash flow	38.3	59.5	51.7	30.3	51.3	61.1	35.7	35.7	47.5	-23.6	59.4	79.2	199	36.8	53.9	55.8	65.1	80.9	42.4	63.3
Capital expenditure	n/a	1.7	5.4	1.2	4.0	7.0	6.9	4.4	5.2	27.5	25.3	4.8	5.9	4.2	4.0	17.6	11.6	11.1	8.0	11.4
Free cash flow	n/a	57.7	46.3	29.1	47.3	54.1	28.9	31.4	42.2	-51.1	34.1	74.4	193	32.6	49.9	38.2	53.5	69.8	34.3	52.0
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	11.9	15.5
Dividends paid	10.5	10.5	11.0	11.1	11.1	11.1	11.4	11.4	11.4	11.4	11.8	11.7	11.7	11.7	12.1	11.9	11.9	11.9	12.5	12.2
Shares outstanding	24m	24m	24m	24m	24m	24m	24m	24m	24m	24m	25m	25m	25m	25m	25m	25m	25m	25m	25m	24m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 23 February 2022: the filing.