MGRC - Earnings call transcript Q2 2020

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp Second Quarter 2020 Conference Call. At this time, all conference participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] This conference call is being recorded today, Wednesday, July 29, 2020.

meaning that that the historical prospects XXXX, are forward-looking relating within company's note be management facts the including begin, Securities to as statements today Private targets. well third or discussing not the financial statements we regarding the Act strategies, quarter company matters will are Litigation our Before Reform the XXXX of outlook of expectations, statements statements of as involve not differ These and of projected. guarantees significant forward-looking and our to risks that performance results are materially cause could statements uncertainties future those actual from Furthermore, the COVID-XX should impact pandemic of you the notice that evolve. continues to full

The full financial with company's the and the of to liquidity is following such, will have management uncertain. subject effect results magnitude about the discussion financial the condition the by company's condition, COVID-XX on the future future As is pandemic. pandemic operations

In expectations Factors addition results other pandemic, materially actual COVID-XX XX-K Form differ from SEC factors disclosed cause could and filings. are important that to the company's the the under company's to in Risk

hereof. statements date as to any statements. made as otherwise we only no of update forward-looking the by obligation are assume required Forward-looking law, Expect

release the the XX-Q. on issued the also filed company with to addition X-K and In SEC press release earnings Form the today, Form the

turn today be call sir. to the now Financial over Chief ahead, Joe I Executive Hanna, Officer. Officer; Hanna. Speaking will will Chief and Keith Pratt, Mr. Go

Joe Hanna

review our comments. remarks for comment look and and outlook provide you the call. afternoon joining Good quarter with will Catherine. his detail thank second in will Keith XXXX on call and on you, overall financial additional us start and Thank ahead. I our some performance today's

XX%. and myriad, federal for navigate, transition then unprecedented work COVID-XX operating our were protocols, second The safety stopping, project to and which state, we it the uncertainty deliver at of every and quarter. equipment delivering our pandemic additional adjusted local Nevertheless, safe deliver challenging Everyone our and in stepped returning with guidelines we beat. during company The EBITDA and in preparing, turn. resulted new quarter a and put quickly customer us the growth healthy and and brought remained some results. and workforce to conditions able the first throughout adapted up to to starting, without through quarter workforce missing follow Overall, good customers

Modular are Mobile rental revenues X%. Here of the some grew highlights.

quarter, the our of projects schedule without most on and During education significant disruptions. progressed

accelerate which Mobile a profits. opened education, projects schedules Some closed earlier despite quarter, school contributed empty project Enviroplex, resumed. out shutdowns commercial back up of due campuses. end to our Modular number and strong to districts some at markets areas in projects the sale were We our quarterly able to and classroom In

the Our new demand during Portable Storage grew revenues softer projects noted X%, for we business although, rental quarter.

Despite revenues equipment Turning project TRS-RenTelco, X%. our Most as we quarter personnel to increased second rental COVID-XX, of from our and use field business work resumed. in many demand that working. weakness disruption bookings the the contractors fleet stopped as communications was steadily grew during gradually

counts these Rental nation drilling defense have time these as depends Mobile work much XX%. healthy our decreased five price decrease a as both demand get relatively the we more and customers decreased capacity to work, to orders for as seeing for year, coronavirus contractors business of quarter canceled We revenues. in conditions of tough industry the Adler to Downstream their or the at in rental expecting and we Rig low. returned gas from place generated the lack are the slowed from oil the and COVID significant projects six not revenue business in the as the Despite in and weaker pandemic demand Overall, headwinds dropped overproduction a the of rental quarter our drop the they in year global for Over in rest rental picture saw than headwinds, curtailed. the disruptions sectors are the aerospace flow projects refining Barring ago. pushed again. demand quarter. were activity as on the education during steadfast disruptions of more price out. a purpose revenues semiconductors the control. with of related and to came pandemic both in the quarter ability course oil as looking of utilization all general our In second the quarter and rental continued. as a impact field from growth began at commercially, and generated plans, under Modular, project stable customers the the remained operations cash enterprise. for economic healthy

second XG the we're oil field we up Our steady. and out pick we're uptick work not purpose gas expecting the activity to will much planned. remain and with of pipeline remained rental during as our expecting demand close Enviroplex strong and TRS-RenTelco, At Adler, in half year At demand are the for projects will that until general hopeful improves. equipment year in

necessary do. customers, leadership We're an loyal have navigated employee operated We whom support accomplished have effectively. important that ability been and troughed and experience vitally to that but our of market and know storms. quarter I'm the to we to future. unprecedented economic in solid years. weather and proud important base for for of are we execution relationships we to It the the hopeful what and conditions were professional many expect we unforeseen instincts fortunate in will our shutdown as have we Their economic business made at remain is our adjustments Adler, we that foreseeable soft as

flow stock an challenging debt. as demonstrated repurchase to generation In dividend, addition, business cash our reduce enabled its resilience us in pay our increased and strong times

Finally, headwinds. we delivered basis, divisions profitability despite year-over-year improved on our experiencing a of significant one

our it environment, difficult. more situations, capital attractive to more we will In supply access XXXX even and of are to remainder and some business has as when equipment today's RentCorp may become going an be preclude for in these budgets becomes improve the challenging aware an conditions well-positioned renting backdrop, are most Despite customers more reduced McGrath capital that As hopeful forward unfolds. economic is alternative markets. equipment new companies uncertain purchases.

let Now, over me who financial will take turn the call our to through you Keith review.

Keith Pratt

adapt comments, results. great norms. Thank Joe. also Joe's new a up while you, They the quickly on have operating did to Picking done all began, our in pandemic second the teams since to quarter job moving this good delivering COVID-XX

total profit quarter increase to XX% increase million earnings a increased revenues, gross in by was a The operating for company's $X.X profit of rental X% $X.X ago. profit services For $X.XX gross $X.XX. per XXXX, revenues offset $XXX.X driven revenues, $XXX.X million decrease share by quarter partially the from the in from revenues increased related second sales on $XX.X respectively. Net million diluted year income million million, $X.X from million and $XX.X million rental XX% to and increased and XX% to from

levels services a a X% ago, million related I to higher monthly rental well revenues. average rental as revenues, to costs, in from results XX% total lower the across was described. the primarily performance sales compared softer as despite in down activity other year and million rental which to higher by included equipment $X markets, part operations, reviewing business rental operating educational million, lower quarter commercial education increased in rent sales preparation Modular achieved XX% million will rates. improvement quarter. of to average of break increased revenues that conditions second rental offset rental on driven due than by growth and shipment revenues Now, costs by higher equipment on X% for Rental direct portable more Equipment customers. to and partly business, Sales quarter Joe the doubled our division the Mobile X% in new the our storage or $X.X $XX.X XXXX. We $XX.X results during and to decreased revenue revenues on

increased from an fleet rental second offset equipment higher revenues million the partly $XXX customers. quarter transactions increased compared equipment We driven As average XX%, At $XX.X saw an second growth Rental oil to XX.X%. to decreased test the and Rental million. average from from tank COVID-XX for primarily related Rental the XX.X% quarter rental last utilization longer margins that rental average lower XX% purpose on lower quarter equipment general revenues revenues decreased XX%. higher gas, rental services equipment rental to and million, million million. decreased communications rental was for revenues modular XX% from of At rentals. offset which lower quarter $XX Average from total markets X% second lower term from five to which communications Average rental was margins $XX.X was on quarter was six Adler XX.X%. of for X% XX.X% a and increase on $X business the to of rental of for X% Rental rent, rental million weaker quarter. average rates. have was on of the average decreased mixed rental monthly rentals reflected to from end partly to utilization shift XX.X% XX%. utilization by The the $XXX revenues. equipment a lower XX% revenues. to the tend and margins the decrease year quarter XX% XX% offset X%, partially or $X.X by with electronics The by was total services XX.X%. $XX an Average revenues lower caused for by rent was increased lower Average which lower million, general price rates. $X.X TRS-RenTelco, increase million. Average disruptions related to quarter quarter decreased for by million to million, having the result, lower rental equipment equipment demand second which in compared XX%. for monthly revenues purpose primarily to from reflect equipment, rental decreased towards more from rental rates X% test Adler's average equipment $XXX increase our rentals, revenues decreased revenues revenue related for or sales and sales

administrative Mobile of remainder significant increased strong Modular, project. $XX.X timing will the for sales equipment year or and company currently to million the customer for and sales ago, than revenues million XXXX. a sales of to lower With be project comments be quarter, expenses for to a The and be equipment X% $X.X level. requirements, average from and revenues to lower $X.X fluctuate sales during depending X% $XX.X higher year-to-year, Enviroplex, million, to to quarter quarter-to-quarter XX% reflecting million year decreased from we lower my completed comparable factors. basis. total average at rates costs. expect debt of of and Total to a and third second Interest $XX.X a This revenues Selling as a meeting can was sale on, of sales and ago. revenues other result due a used XX% was demand expense year number full million, travel Moving lower on primarily on total availability sales company increase due decrease of the education interest total already company

was tax for to on The taxes XX.X% earlier. rate compared of second a income provision XX.X% effective quarter year an based

capacity these These The year-to-date dividend million, also flow business, flows $XX.X $XX.X cash and to characteristics equipment investment share million provided property, cash were no equipment. activities during company the million TRS-RenTelco proceeds EBITDA under At decreased We organic of of XXXX. adjusted increased model quarter-end, stock million supported Dividend Net shareholders plant economic debt $XX.X debt. its million of $XXX.X shares XXXX. million. for mostly include compared repurchases totaling and company's purchases. The $XX.XX to to from company while cash sales borrowings flow repurchased a weakness. common of to cents last first the XXX,XXX or average share. ratio stock, of used additional rental cash $X.X during payments repurchases, net increase at million an funded was lines equipment There had actual And of of million investments of reducing during $XXX.X of invested and to XXXX the the and the of Modular, $XX.X common purchases, rental $XX.X $X.X borrow for an X.X:X. by Our was highlights were million price offsetting credit. XXXX. XX the period in demonstrate operating million was strong $XX.X an Partly Mobile per higher half months resilience payments

XX% adjusted and EBITDA a year Second a adjusted EBITDA compared quarter million XX% ago, $XX.X margin consolidated XX% XXXX compared to increased was ago. to to year

Our quarter's included net release. definition to reconciliation of adjusted EBITDA of press adjusted the and are EBITDA the in income

outlook. to our turning financial Finally,

third million. EBITDA capital on regarding the between and $XX the Please $XX COVID-XX expenditures between in keep $XXX our our million and the outlook. $XX we and to total on expect between of is evolving revenue million equipment and million. gross impact $XX it's business quarter mind $XXX For difficult rental XXXX, assess. million, Adjusted million and following economy The

Adler rental concludes in limited the of terms for tank Catherine, is open rentals may not businesses. TRS-RenTelco the at lines visibility because That short addition, prepared In questions. both remarks. you the and

Operator

from Instructions] Schneeberger [Operator you. first Oppenheimer. Thank And Scott with question comes our

open. is line Your

Scott Schneeberger

quarter? about persist please. And happens, in What normal Thanks I guess, think in quarter. Good Modular do afternoon. year is not much. very Curious address this sales think but attribute start that in it strong you year. the can I'd sounds third -- normal that'll to you quarter the in segment is sales? The fourth -- the the like don't And in where how often really a like it something you a we

thoughts just please. on So, that, Thanks.

Keith Pratt

The Scott, at this sales is way So, look is I follows. as Keith.

hard and expected finish sometimes completed can a a driven a customer customer hoped site land. into can little can you on June run quarter September may slide by to It's into have to into As remark, which depend where or a was we in July always requirements, issues -- October. it's that slide project in project sales

But to just in a bit, sales XXXX. face the are remarks, year. to comment these little tried expect prepared things for So, we comparable year that company be the I to back to as total step we every

expect typically be Enviroplex year, those the the similar. a important at we the third second the concentration we do year. taking in for very than step And strong if year-over-year, at the higher second really we sources its actually in be And may sales And the to down. sales. as expect high quarter. are sort the strong We flow then of third the of So, quarter case third and third quarter, quarter a you you particularly quarter not we Modular look Mobile to that this just of will high typically sales fourth recall see sales seasonally, if And of as as of very Enviroplex quarter. look XXXX, we expect that, in XXXX. significant be had that but of not sales as last had so quarter,

for any A the that So, customer do help prefer have how acknowledging issue get revenue does completed. issues that that that of in terms can the also recognition with into can recognized? the also And in project of to sort flow you the site has to of sales month. run delay actually when particular and lot our us, they then would

Scott Schneeberger

that reason And distancing Thanks, yeah, more related prompt would remember was Yeah. for year-over-year, was the social there underlying in I you half. as hear anything at it Keith. it mentioned sales COVID very my color. say flat this last That second it helpful but which guess was, did is year question, related, I you I year, than would be big otherwise? the And got

there So I so nothing -- are it But opposed assume is buy rent early please. Clean question to little when my you're a out But up but of guess Joe well. rent. if lot to pointed a me not … think bit customers that be -- straps. yeah, may on next sense makes where opting capital customers summarized I And that as I seeing

Joe Hanna

to want may add. I

Scott Schneeberger

those We're education of seeing orders. in terms

Joe Hanna

… Scott Yeah.

Scott Schneeberger

you. That was Thank my next question. Great.

Joe Hanna

need procure rentals customers based would to not shift our are to that they're a going customer going COVID. this in on to a seeing space seeing at shift We're shifts how sales base we're their big not I say or to any education in point.

while works that at projects that And the a sale in of throughout so, just rest been these those for this and the fruition the of this will have a recognized they're coming quarter point. year, to we And lot now. recognize

Scott Schneeberger

are you are or COVID seeing go So, social to of education because year the far or you higher for rentals that maybe you distancing, you don't expected want normal the yet? say Joe, would level and that a

Joe Hanna

question. Yeah. fair It's a

seeing districts announcements calmed COVID Let regarding lot few plans based of direction in should districts. to confusion for school the been school thought what And I are them say of me hasn't on this districts been semester. we've that just started It's explain on really a reverse bit marked weeks in that with from only do. everybody what their be only some has intentions down, we've really little last would. it a to been school past, get the unclear fall could the what going the summer their fact with have recent of like and And

towards of having we're virtual what some with -- private we're classes. seeing so school public back. districts school kids more more the they'll seeing virtual leaning come schools in charter or of students of kids appear of is side more and the And on classes more have combination schools those And those then, back that

on we're so, customers much that's demand public that our seeing And is. classroom inquiries smaller from sector, sector school more although than a district

related point progressing additional we out is as think a don't projects, I lot we're that. we'll at see also we from get not reduced the see or returns planned, that net aside from classroom us So, for anticipating which space, demand this modernization for demand but COVID of

are unknown in at are and what on point, this going classrooms they're to to very I because air think to point, hold going they're it do. things this up really districts at the looks like their school just

And so, to they're hold on to just their classrooms. going

of remainder the throughout the neutral much pretty be it'll say year. I'd so, And

Scott Schneeberger

-- vertical and modular, please. same for Okay. And then Thanks. the really for Appreciate commercial modular but the question, that.

Joe Hanna

Yeah.

is shelter-in-place the many once that field, we're got part we're and back were the those clients throughout the seeing of into So, restrictions and continue seeing what of the continue projects resumed, in once year. market, rest lifted, projects

think works And in that been projects as was have last finish. there. year, demand but that anticipate we be the It be will won't those so, to we going that it are as strong

unknown is question that's like in projects future planned point. look XXXX the think what's going that past this I to really for just additional and are quarters, pipeline the at

Scott Schneeberger

is It's that And where the summary? right. Is much from active the statement All a uncertain. four really return quarters and Thanks. beyond Near infer fine. you're little a rentals seeing on and I term, whatsoever. front three, is not pipeline that that what you're looking out new fair

Joe Hanna

Yeah.

I think that's fair.

Scott Schneeberger

I'll right. Thanks. All move off.

me. or one of for had kind the well. saw the progression as you Curious in of And what from in then rentals two view you more Just month elevated how and and In shaped your you that sales the TRS-RenTelco, of the each just takeaways had the half? second -- any segment, on there that. sales for

Joe Hanna

necessarily weren't Yeah. constant were so is Scott, TRS-RenTelco quarter-to-quarter sales thing And they sequentially. up. first pretty at from

But the our the customers, in their and a general really side, two in tell communications equipment, GP we purpose, large really so, with customers business, demand And and orders. to didn't that you they can in pop customers. place from there sales segments general our see I onto just that continued purpose business. held The

We through so, our had of a that And at people test reasonable sheltered-in-place. their house saw from we're when we technicians tests the their conducting demand took and clients were at home, amount equipment them. quarter

continuing. plans the as the as continue. by the basically field their and aerospace pulled look and restrictions that pulling out and our for what of not that back ones to out back of we semiconductor and hopeful shelter-in-place again. started that but are that things side and up going at the year, the of got to are who working that come back all of are kept work, were work the shelter-in-place. When field were work large started has carriers the of any And the field on going at those not know projects those we're affected folks communications throughout rollout that are to lifted, this kind awhile, XG. really working remainder point is really They business, you things in in defense So, all From

And things as bandwidth online, internet to so need that to it of desire and to going field for for people access and work the stop. is additional continue just doesn't this bandwidth

see so, reasonably the future. think -- And in should healthy that's I demand that going we from

Scott Schneeberger

much have as I'll is oil I'm market kind still get were where of Okay. fine -- more a that's it one you is take one doing this is doing -- the want curious affected your of reversed. much better activity of share, well? oil from I'll the that or market upstream -- how affecting and And year over outside This by for Thanks. it well. just I'm Adler. steps ago how to than of -- market prices what ask end curious if to remaining of served more, a Thanks. mostly cited wasn't then end you is majority segment and year-over-year, to are and your six is gas, -- tied to contagion don't end the flavor the that? but it seems that Curious and or you others just to COVID the of

Keith Pratt

piece area our only growth, and and or growth a you it's markets really I'll year was We from gas. primary ago. have which catchall we in and as first Scott, take category Okay. upstream right. end one a other, really oil because you're market reversal know showed the some our It

refinery, were construction, industrial They down have We all environmental year-over-year. services and services.

like dug tanks growth And a a sanitizer to frankly, in beer, work doing. we had producers anecdotal the little brewery when consumed being had process. and dispose to of were product gave and equipment hand more that that up. craft We them wasn't us which into our projects, of the equipment helped COVID-XX was related. where had other projects needed they of some -- several of that examples that The were We do unusual bit

COVID area one slightly, related. that some of was category the that was So, was the up other and

Scott Schneeberger

had to throw it it there. And turn they tragic, I'll Thanks. that, over. Okay. Appreciate Keith. up

Joe Hanna

was that, of tragic. It pictures have Scott. We

Scott Schneeberger

sad That [indiscernible].

Operator

And our Berenberg. England question comes with from next Sam you. Thank

open. is line Your

Sam England

the for Thanks guys. Hi, taking questions.

Just a for couple me.

was you're first that see to even The anything half demand wondering in how of waiting year, one that's around QX at TRS second doing Adler. over in I in were this or you this if recovers thinking perhaps business, just or in the stage? just cost-cutting

Joe Hanna

Yeah.

Adler. Let address me

that we very, like And adjust business. down that I'd there's be I very less will or have personnel we business say we through is business. overhead to costs say rate lean. to not point. of thing lot to at And out run a have that that to of our on First we able that cut can virtually XX% clamped attrition, everything with of the about spend in operating this we're areas

business at And comfortably can we're kind to happens over see and next of we'll place the timeframe. we a what so, run the have just where

comments, my that we we've in business. said think troughed I As in prepared

upside And demand oil may and clients. here projects so, some resume as see hopefully, our of gas some we'll for and projects at and

Sam England

wondered the monthly the then you've in rates dropping seen the strategy and one, in what in I a bit of just Great. the TRS into half those second And pricing Thanks. next bits two Adler. business. rental Okay. heading is

Keith Pratt

Yeah.

Just this is -- following Keith. on

business the quarter. new available It's come particularly competitive. spot Adler, just up in projects is think, I for surprises the that business very there, in that

Pricing the in I tending it's is some competitive. business, of others in described country that industry the more would an oil players. headwinds small large we've players. And say have in seeing against some regions we they're heightened. to compete think we've We the that I compete against be even thing. the of presence, gas and the some same seen

you environment reality lower a the level just that's see reflect So changes we with referred a of in to. a demand. numbers that competitive And that

TRS. at it's different I think over

stable. with I a rental rate like-for-like was think shift. a pricing fairly our on saw mix metric we is basis, What

recall, So, saw as revenue X%. rental overall we you'll of growth

of about the side, part you grew of part shifting primary that and change, the that our But also slightly our between break the lower mix. business communications a business segments. overall side just whole, was that mix communication general the meant If more the XX%, of but purpose of XX%, part dropped the the communications business about weight price is purpose so general all two by shift the sort as of less for a and out between actually smaller market

Sam England

Okay. Which assuming sort third geographies more of to expand Great. Modular maybe you're looking that the spend expand classes within of it's And Mobile that around is -- is that one CapEx quarter. I'm just third into quarter. within it. certain the going then in assets? And or to for business ready the

Keith Pratt

Yeah. was first very the number A in million set with to would gross the in choices that $XX number to quarter, $XX guidance a $XX teams quarter very gave And we're million in that are the try was that our that to in CapEx scene we million. million range, you compares And question. $XX and just being environment. say number the make second this I the and good for collaborative good a really bit, selective and little

see account And really generated see the neighborhood the see. the few million $XX years, from some Outside be And I'll you $XX in it's business third year. you over down again, the course it's so million the And the to introductions, the technology of new all that can may $XX older we replacing spanned. technology. product million business. first is And quarter. coming half And generally in for needs well CapEx demand more typically over in CapEx if But last of categories typically product we've with newer And that still for what of it that trends, year relates much particular a than to gross would technology is a electronics for of that point high level regions. particular in clearly we us out thing of will used in very are selective at look that proceeds another equipment lower sales. or

a a if zero we're if end that's point of even some CapEx, in net circumstances. towards under the that's $XX you the negative rental we million outlook, equipment from may view, million to work have will, could So, $XX lower of that, any or be

Sam England

for over. it Okay. for I'll Great. the taking questions, pass Thanks and much

Operator

our Marc next from question Sidoti. Thank with you. Riddick And comes

line Your is open.

Marc Riddick

Hi, good evening.

Joe Hanna

Marc. Hi,

Keith Pratt

Marc. Hey,

Marc Riddick

just with a start So, general. I to wanted

-- there's with local If forward. as update as should issues you dealing an environments that sort been general funding any of going state could the changes, if be given and the there, environment a some that concerns share of funding you're funding investor potential we far of maybe that thoughts general there've some bit the aware around of little

Joe Hanna

assuming of mostly that's how the to affect I'm Yeah. you're concerned going business. about education kind

Marc Riddick

Correct. Correct.

Joe Hanna

Yeah.

address are state a states projects funded tax me they in In ways. fund like funded sales facility revenues. they're education mostly bonds. in let So, Florida, that. different through through California, Different And a

funding their And differently. it districts comes funding be is approaches and recalled or facilities to able done. market those really so, selling the when In bonds sell to is bonds to good for time, actually get California, way state are each projects bonds there projects no those the unless unless a

that there's there, folks federal their bit in you And I to in about they're now our too In the could States school There's -- as we tell bail out. funding get much about how in if sales going continue. state tax some or money a riskier. like comfortable more point, more fashion, back they a of and states not right And to whether they really I'll this to so, that the will not environment. districts of feel kids going the concerned be on that lot it. counting so, all field projects are And a be are in other California, a this talk is at of do California point. not. they're are mixed that at revenues, that concerned on funding of customers some bag our all that's about talk a will through the and to go little -- fact like really

looking there operating And same so That's they're will how hoping And just forward about be environment are other funds states the their the and school just -- districts that back are they thing. now. school. really kids to right more get can to not talking funding

at kind that over we to really think impact the learn quarter this a state shortfalls point. but the a there's as it's down to have I in So, potential two, little see early next budgets, of of -- just nailed more or

Marc Riddick

the to saw Mobile Q, appreciate is really I X% That's in of I like -- not I Modular over. to that. I it on … Okay. now But go this I'm And wanted positive. about think the color looks helpful

Keith Pratt

storage RentCorp is McGrath Portable total. X% of

Marc Riddick

it you said up revenue? X% earlier on the I commentary And think was

Keith Pratt

Correct.

Joe Hanna

revenue. Rental

Marc Riddick

revenue? Rental

Joe Hanna

Yeah.

Marc Riddick

Was And by volume that driven was know I industry be seeing thing, if or are that price can customers there? you any maybe stronger Okay. might pricing there? mix you share the what primarily more or there what construction was -- if if

Keith Pratt

we Sequentially, early a -- quarter. of tougher compared we the did in Yeah. up demand I during in as weaker the improve see quarter. the was things to the second first mean, remarks, mentioned was it conditions the began And course it year-over-year. quarter quarter, to

there. the at of some play dynamics were those So,

Marc Riddick

or as Okay. you are far operating little the are Great. And obviously sense to you talked think -- there, making was where wondering you as because a be that procedures come then went right do things But as if you're far those adjustments, to of now, you that with far through about if now. comfortable a pandemic. get to further if talk as for as to you to deal as process? you you if where with or and bit you was need things I changing. updating And the keep as kind there's wondered could more the where or I

Joe Hanna

business. follow is exceed we we protocols on first to guidelines Sure. CDC Well, cases, in guidelines. we that in the thing are And sure place in make many need CDC the

it. we additional those of along change, will really that not point. don't change -- with I'm this I changes as lot a at And so, anticipating think

most think keeping observing and that, hear are pandemic to they're about things folks that like you -- not this at that not and related gatherings just work while just this is social of alive. distancing I virus

And really so, lot I to of don't our a operating protocols. see own changes

at very strict they're think, I point. this

Marc Riddick

you Great. very Okay. for much color. the Thank

Joe Hanna

you. Thank Yeah.

Operator

the Ladies last that appears and gentlemen, question. to be

me for over closing now turn the back Let Mr. call Hanna any to remarks.

Joe Hanna

and our months today All look forward speaking wish again to for a call in to in interest ahead. everyone thank your us our you for right. continuing we Well, late third health October review results. like joining in and quarter And safety all on the company. with We to you I'd

Operator

call. you concludes gentlemen, today's and participating. conference Thank for Ladies this

have day. now disconnect. may great Everyone, You a

McGrath RentCorp (MGRC) 29 Jul 202020 Q2 Earnings call transcript