LIVERMORE, Calif., April 24, 2025--(BUSINESS WIRE)--McGrath RentCorp ("McGrath" or the "Company") (Nasdaq: MGRC), a leading business-to-business rental company in North America, today announced total revenues for the quarter ended March 31, 2025 of $195.4 million, an increase of 4% compared to the first quarter of 2024. The Company reported net income of $28.2 million, or $1.15 per diluted share, for the first quarter of 2025, compared to net income of $22.8 million, or $0.93 per diluted share, for the first quarter of 2024.

FIRST QUARTER 2025 YEAR-OVER-YEAR COMPANY HIGHLIGHTS:

Rental operations revenues increased 3% to $154.0 million. Sales revenues increased 11% to $38.9 million. Total revenues increased 4% to $195.4 million. Income from operations was $45.6 million for the first quarter of 2025, compared to $52.1 million in 2024, which included a $9.3 million net gain on sale of a property. Excluding the $9.3 million net gain on sale of a property in 2024, income from operations increased $2.8 million (6%) from $42.8 million in 2024. Adjusted EBITDA1 increased 3% to $74.5 million. Dividend rate of $0.485 per share for the first quarter 2025. On an annualized basis, this dividend represents a 1.9% yield on the April 23, 2025 close price of $102.42 per share.

Joe Hanna, President and CEO of McGrath, made the following comments:

"We delivered solid first quarter results. Companywide rental operations revenues grew 3%, sales revenues grew 11% and Adjusted EBITDA grew 3%.

Our modular business was a key contributor to the overall company performance. Despite softer market demand conditions than a year ago, rental revenues showed growth across both our commercial and education customer bases. We made progress growing our Mobile Modular Plus and Site Related Services initiatives, and our Enviroplex business had a strong quarter of new modular sales in the education market.

Weak demand conditions in Portable Storage continued, resulting in 13% lower rental revenues for the quarter, compared to a year ago. The weaker demand was broad-based across regions and was primarily a result of lower commercial construction project activity.

TRS-RenTelco had a positive start to the year, with quarterly rental revenues up slightly year over year for the first time since the first quarter of 2023. Improvement in market demand conditions was broad-based across customer segments.

Currently it is difficult to accurately assess the full impact of the recent tariff actions on the overall economy and our business. In light of the general economic uncertainty, we have a more cautious view of our business outlook for the second half of the year. In the meantime, we are focused on disciplined operational execution to make the most of the market opportunities."

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DIVISION HIGHLIGHTS:

All comparisons presented below are for the quarter ended March 31, 2025 to the quarter ended March 31, 2024 unless otherwise indicated.

MOBILE MODULAR

For the first quarter of 2025, the Company’s Mobile Modular division reported Adjusted EBITDA of $47.6 million, an increase of $4.3 million, or 10%, when compared to the same quarter in 2024.

Rental revenues increased 3% to $78.5 million, depreciation expense increased 7% to $10.6 million, and other direct costs decreased 8% to $20.8 million, which resulted in an increase in gross profit on rental revenues of 7% to $47.1 million. Rental related services revenues increased 22% to $29.5 million, primarily attributable to higher delivery and pick-up activities and higher site related services, with associated gross profit increasing 17% to $9.7 million. Sales revenues decreased 11% to $22.5 million, due to lower new and used equipment sales. Lower sales revenues, partly offset by higher gross margin on sales of 32% in 2025, compared to 31% in 2024, resulted in a 10% decrease in gross profit on sales revenues to $7.1 million. Selling and administrative expenses increased 1% to $34.0 million, when compared to the prior year.

PORTABLE STORAGE

For the first quarter of 2025, the Company’s Portable Storage division reported Adjusted EBITDA of $8.6 million, a decrease of $2.9 million, or 25%, when compared to the same quarter in 2024.

Rental revenues decreased 13% to $16.1 million, depreciation expense increased 7% to $1.0 million, and other direct costs increased 4% to $1.5 million, which resulted in a decrease in gross profit on rental revenues of 15% to $13.5 million. Rental related services revenues decreased 23% to $3.6 million, primarily attributable to lower delivery and return delivery activities. Sales revenues were comparable to 2024 at $1.2 million. Gross margin on sales was 33% compared to 37% in 2024, resulting in a 7% decrease in gross profit on sales revenues to $0.4 million. Selling and administrative expenses decreased $0.3 million to $7.6 million, when compared to the prior year.

TRS-RENTELCO

For the first quarter of 2025, the Company’s TRS-RenTelco division reported Adjusted EBITDA of $17.9 million, a decrease of 3%, when compared to the same quarter in 2024.

Rental revenues were comparable to 2024 at $25.5 million, depreciation expense decreased 14%, and other direct costs increased 9%, resulting in a 14% increase in gross profit on rental revenues to $10.3 million. Sales revenues increased 17% to $8.0 million and gross profit on sales revenues decreased 4% to $3.7 million, primarily attributed to lower sales margins of 47% in 2025, compared to 57% in 2024. Selling and administrative expenses increased 3%, to $7.4 million, when compared to the prior year.

FINANCIAL OUTLOOK:

Based upon the Company's year-to-date results and current outlook for the remainder of the year, the Company is updating its financial outlook. For the full-year 2025, the Company currently expects:

Previous Current • Total revenue: $920 to $970 million $920 to $960 million • Adjusted EBITDA1, 2: $345 to $360 million $343 to $355 million • Gross rental equipment capital expenditures: $120 to $130 million $115 to $125 million

1.  Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, transaction costs and non-operating transactions. A reconciliation of actual net income to Adjusted EBITDA and Adjusted EBITDA to net cash provided by operating activities can be found at the end of this release. 2.  Information reconciling forward-looking Adjusted EBITDA to the comparable GAAP financial measures is unavailable to the Company without unreasonable effort because certain items required for such reconciliations are outside of the Company’s control and/or cannot be reasonably predicted, such as the provision for income taxes. Therefore, no reconciliation to the most comparable GAAP measures is provided. The Company provides Adjusted EBITDA guidance because it believes that Adjusted EBITDA, when viewed with the Company’s results under GAAP, provides useful information for the reasons noted in the reconciliation of actual Adjusted EBITDA to the most directly comparable GAAP measures at the end of this release.

ABOUT MCGRATH:

McGrath RentCorp (Nasdaq: MGRC) is a leading business-to-business rental company in North America with a strong record of profitable business growth. Founded in 1979, McGrath’s operations are centered on modular solutions through its Mobile Modular and Mobile Modular Portable Storage businesses. In addition, its TRS-RenTelco business offers electronic test equipment rental solutions. The Company’s rental product offerings and services are part of the circular supply economy, helping customers work more efficiently, and sustainably manage their environmental footprint. With over 40 years of experience, McGrath’s success is driven by a focus on exceptional customer experiences. This focus has underpinned the Company’s long-term financial success and supported over 30 consecutive years of annual dividend increases to shareholders, a rare distinction among publicly listed companies.

McGrath is headquartered in Livermore, California. Additional information about McGrath and its businesses is available at mgrc.com and investors.mgrc.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 27, 2025, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on April 24, 2025 to discuss the first quarter 2025 results. To participate in the teleconference, dial 1-800-225-9448 (in the U.S.), or 1-203-518-9708 (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 1-800-839-5324 (in the U.S.), or 1-402-220-1521 (outside the U.S.). 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, the discussion under the heading "Financial Outlook" is 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 impact of the recent tariff actions and other economic factors; health of the education and commercial markets in our modular building division; competition within the modular business; the activity levels in the semiconductor and general purpose and communications test equipment markets at TRS-RenTelco; the activity levels in commercial construction projects and impact on Portable Storage segment; continued execution of our strategic 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 other factors disclosed under "Risk Factors" in the Company’s 2024 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) 2025   2024  Revenues  Rental $ 120,113   $ 120,332  Rental related services  33,916    29,580  Rental operations  154,029    149,912  Sales  38,926    35,069  Other  2,461    2,846  Total revenues  195,416    187,827  Costs and Expenses  Direct costs of rental operations:  Depreciation of rental equipment  21,505    22,366  Rental related services  24,313    20,786  Other  27,652    29,010  Total direct costs of rental operations  73,470    72,162  Costs of sales  25,510    22,397  Total costs of revenues  98,980    94,559  Gross profit  96,436    93,268  Expenses:  Selling and administrative expenses  50,869    50,464  Other income, net  —    (9,281 ) Income from operations  45,567    52,085  Interest expense  8,158    12,704  Foreign currency exchange (gain) loss  (5 )   132  WillScot Mobile Mini transaction costs  —    9,354  Income before provision for income taxes  37,414    29,895  Provision for income taxes  9,205    7,047  Net income  28,209    22,848  Earnings per share:  Basic $ 1.15   $ 0.93  Diluted $ 1.15   $ 0.93  Shares used in per share calculation:  Basic  24,572    24,513  Diluted  24,622    24,564  Cash dividends declared per share $ 0.485   $ 0.475

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    54,332  Goodwill  323,224    323,224  Total assets $ 2,242,287   $ 2,277,584  Liabilities and Shareholders' Equity  Liabilities:  Notes payable $ 559,338   $ 590,208  Accounts payable  43,023    60,082  Accrued liabilities  104,463    113,961  Deferred income  116,910    109,836  Deferred income taxes, net  282,142    280,129  Total liabilities  1,105,876    1,154,216  Shareholders’ equity:  Common stock, no par value - Authorized 40,000 shares  Issued and outstanding - 24,606 shares as of March 31, 2025 and 24,551 shares as of December 31, 2024  113,181    116,253  Retained earnings  1,023,230    1,007,115  Total shareholders’ equity  1,136,411    1,123,368  Total liabilities and shareholders’ equity $ 2,242,287   $ 2,277,584

MCGRATH RENTCORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)  Three Months Ended March 31,  (in thousands) 2025   2024  Cash Flows from Operating Activities:  Net income $ 28,209   $ 22,848  Adjustments to reconcile net income to net cash provided by
operating activities:  Depreciation and amortization  26,400    27,187  Deferred income taxes  2,013    4,709  Provision for credit losses  361    253  Share-based compensation  2,544    2,209  Gain on sale of property, plant and equipment  —    (9,281 ) Gain on sale of used rental equipment  (6,393 )   (7,355 ) Foreign currency exchange (gain) loss  (5 )   132  Amortization of debt issuance costs  23    2  Change in:  Accounts receivable  10,099    15,165  Inventories  (2,810 )   (9,123 ) Prepaid expenses and other assets  10,974    5,298  Accounts payable  (15,109 )   9,145  Accrued liabilities  (9,498 )   (13,037 ) Deferred income  7,074    11,268  Net cash provided by operating activities  53,882    59,420  Cash Flows from Investing Activities:  Purchases of rental equipment  (11,533 )   (78,641 ) Purchases of property, plant and equipment  (3,992 )   (25,277 ) Proceeds from sales of used rental equipment  12,822    13,554  Proceeds from sales of property, plant and equipment  —    12,251  Net cash used in investing activities  (2,703 )   (78,113 ) Cash Flows from Financing Activities:  Net (payments) borrowings under bank lines of credit  (30,894 )   35,584  Taxes paid related to net share settlement of stock awards  (5,616 )   (4,082 ) Payment of dividends  (12,084 )   (11,774 ) Net cash (used in) provided by financing activities  (48,594 )   19,728  Net increase in cash  2,585    1,035  Cash balance, beginning of period  807    877  Cash balance, end of period $ 3,392   $ 1,912  Supplemental Disclosure of Cash Flow Information:  Interest paid, during the period $ 9,145   $ 14,184  Net income taxes paid, during the period $ 24   $ 479  Dividends accrued during the period, not yet paid $ 12,471   $ 12,060  Rental equipment acquisitions, not yet paid $ 3,439   $ 5,795

MCGRATH RENTCORP BUSINESS SEGMENT DATA (unaudited) Three months ended March 31, 2025 (dollar amounts in thousands) Mobile Modular   Portable Storage   TRS-RenTelco   Enviroplex   Consolidated  Revenues  Rental $ 78,496   $ 16,074   $ 25,543   $ —   $ 120,113  Rental related services  29,475    3,631    810    —    33,916  Rental operations  107,971    19,705    26,353    —    154,029  Sales  22,490    1,244    7,979    7,213    38,926  Other  1,458    316    687    —    2,461  Total revenues  131,919    21,265    35,019    7,213    195,416   Costs and Expenses  Direct costs of rental operations:  Depreciation  10,554    1,031    9,920    —    21,505  Rental related services  19,740    3,933    640    —    24,313  Other  20,812    1,527    5,313    —    27,652  Total direct costs of rental operations  51,106    6,491    15,873    —    73,470  Costs of sales  15,345    831    4,271    5,063    25,510  Total costs of revenues  66,451    7,322    20,144    5,063    98,980   Gross Profit  Rental  47,130    13,516    10,310    —    70,956  Rental related services  9,735    (302 )   170    —    9,603  Rental operations  56,865    13,214    10,480    —    80,559  Sales  7,145    413    3,708    2,150    13,416  Other  1,458    316    687    —    2,461  Total gross profit  65,468    13,943    14,875    2,150    96,436  Selling and administrative expenses  33,988    7,555    7,438    1,888    50,869  Income from operations $ 31,480   $ 6,388   $ 7,437   $ 262   $ 45,567  Interest expense                  8,158  Foreign currency exchange gain                ...  (5 ) Provision for income taxes                  9,205  Net income                 $ 28,209   Other Information  Adjusted EBITDA 1 $ 47,631   $ 8,588   $ 17,934   $ 363   $ 74,516  Average rental equipment 2 $ 1,284,129   $ 233,305   $ 337,858  Average monthly total yield 3  2.04 %   2.30 %   2.52 %  Average utilization 4  74.6 %   60.2 %   61.6 %  Average monthly rental rate 5  2.73 %   3.82 %   4.09 %

1.  Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions. 2.  Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment. 3.  Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period. 4.  Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment. 5.  Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent for the period.

MCGRATH RENTCORP BUSINESS SEGMENT DATA (unaudited) Three months ended March 31, 2024 (dollar amounts in thousands) Mobile Modular   Portable Storage   TRS-RenTelco   Enviroplex   Consolidated  Revenues  Rental $ 76,496   $ 18,407   $ 25,429   $ —   $ 120,332  Rental related services  24,133    4,723    724    —    29,580  Rental operations  100,629    23,130    26,153    —    149,912  Sales  25,326    1,212    6,812    1,719    35,069  Other  1,630    418    798    —    2,846  Total revenues  127,585    24,760    33,763    1,719    187,827   Costs and Expenses  Direct costs of rental operations:  Depreciation  9,874    965    11,527    —    22,366  Rental related services  15,780    4,456    550    —    20,786  Other  22,673    1,468    4,869    —    29,010  Total direct costs of rental operations  48,327    6,889    16,946    —    72,162  Costs of sales  17,413    768    2,942    1,274    22,397  Total costs of revenues  65,740    7,657    19,888    1,274    94,559   Gross Profit  Rental  43,949    15,974    9,033    —    68,956  Rental related services  8,353    267    174    —    8,794  Rental operations  52,302    16,241    9,207    —    77,750  Sales  7,913    444    3,870    445    12,672  Other  1,630    418    798    —    2,846  Total gross profit  61,845    17,103    13,875    445    93,268  Selling and administrative expenses 6  33,614    7,809    7,237    1,804    50,464  Other income, net  (6,220 )   (1,319 )   (1,742 )   —    (9,281 )  Income (loss) from operations $ 34,451   $ 10,613   $ 8,380   $ (1,359 )  $ 52,085  Interest expense                  12,704  Foreign currency exchange loss                  132  WillScot Mobile Mini transaction costs                  9,354  Provision for income taxes                  7,047  Net income                 $ 22,848   Other Information  Adjusted EBITDA 1 $ 43,327   $ 11,522   $ 18,480   $ (1,261 )  $ 72,068  Average rental equipment 2 $ 1,174,327   $ 223,285   $ 372,081  Average monthly total yield 3  2.17 %   2.75 %   2.18 %  Average utilization 4  78.7 %   69.8 %   56.5 %  Average monthly rental rate 5  2.76 %   3.94 %   4.03 %

1.  Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions. 2.  Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment. 3.  Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period. 4.  Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment. 5.  Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent for the period. 6.  During the year ended December 31, 2024, the Company determined that transaction costs incurred by the Company attributed to the terminated Merger Agreement were significant. Due to this determination, the Company reclassified $9.4 million in transaction costs from Selling and administrative expenses for the three months ended March 31, 2024, and reported such expenses separately as non-operating expense under the Corporate segment.

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, non-cash impairment costs, share-based compensation, transaction costs, gains on property sales and non-operating transactions. 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 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 and non-recurring transactions, including share-based compensation, transaction costs and gains on property sales 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, transaction costs, gains on property sales and non-operating transactions. 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
March 31,   Twelve Months Ended
March 31,  2025   2024   2025   2024  Net income $ 28,209   $ 22,848   $ 237,093   $ 123,182  Provision for income taxes  9,205    7,047    84,077    43,544  Interest expense  8,158    12,704    42,695    45,800  Depreciation and amortization  26,400    27,187    106,668    108,972  EBITDA  71,972    69,786    470,533    321,498  Share-based compensation  2,544    2,209    9,837    8,991  Transaction costs 3  —    9,354    53,805    11,084  Other income, net 4  —    (9,281 )   —    (12,899 ) Gain on merger termination from WillScot Mobile Mini 5  —    —    (180,000 )   —  Adjusted EBITDA 1 $ 74,516   $ 72,068   $ 354,175   $ 328,674  Adjusted EBITDA margin 2  38 %   37 %   39 %   38 %

Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA (dollar amounts in thousands) Three Months Ended
March 31,   Twelve Months Ended
March 31,  2025   2024   2025   2024  Net cash provided by operating activities $ 53,882   $ 59,420   $ 368,839   $ 115,434  Change in certain assets and liabilities:  Accounts receivable, net  (10,460 )   (15,418 )   (3,068 )   36,678  Inventories, prepaid expenses and other assets  (10,974 )   (5,298 )   (12,563 )   16,683  Accounts payable and accrued liabilities  33,598    22,748    (118,131 )   9,570  Deferred income  (7,074 )   (11,268 )   5,786    (22,144 ) Amortization of debt issuance costs  (23 )   (2 )   (87 )   (8 ) Foreign currency exchange (loss) gain  5    (132 )   (78 )   (48 ) Gain on sale of used rental equipment  6,393    7,355    34,123    35,908  Income taxes paid, net of refunds received  24    479    36,069    91,631  Interest paid  9,145    14,184    43,285    44,970  Adjusted EBITDA 1 $ 74,516   $ 72,068   $ 354,175   $ 328,674

1.  Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions. 2.  Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenues for the period. 3.  Transaction costs include acquisition related legal and professional fees and other costs specific to these transactions. 4.  Other income, net consists of net gains on property, plant and equipment sales that are infrequent in nature and excluded from Adjusted EBITDA. 5.  The gain on merger termination from WillScot Mobile Mini was considered a non-operating transaction and is excluded from Adjusted EBITDA.

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Contacts

Keith E. Pratt 
EVP & Chief Financial Officer
925-606-9200

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