Earnings call transcript Q1 2023

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp First Quarter 2023 Earnings 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, Thursday, May 4, 2023.

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 full or discussing not the financial statements we regarding the Act strategies, year 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 Important actual under from Risk that filings. XX-K to disclosed the the in differ SEC company’s Form factors materially could cause Factors and are company’s expectations other results

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

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

today will Joe and Officer; Financial Executive Pratt, Chief Chief Keith Officer. Speaking Hanna, be

go turn now Please Mr. Hanna. sir. over to will the call I ahead,

Joe Hanna

our history. you, quarter, any afternoon, everyone. Thank with our call was you which Thank our today. We Travis. other very pleased joining in us unlike were for Good on first

strategic which am which a Dixie we and Storage, We target transform all on Brekke and divested tuck-in Storage, I incredibly on storage acquired that announced April McGrath. companies, Modular, of worked announced to and X. March Adler, asset, Temporary grow proud we accomplished Vesta a portable we noncore on X two

operations, higher EBITDA. and delivered higher XX% unusual of the total basis execution revenues we on from flawless quarter, and company the During navigated with effects also a XX% total continuing adjusted weather

projects and slowdown. no comments and will construction in rental Modular. Customers growth a our of with our markets geographic revenue a strong growth evidence I are we realized verticals continuing market saw in at broad-based. pace, all of was my We begin Mobile

rental driving specifically grew being heard continuing from side, and districts projects student revenues education that our X%, population is we in markets, school recent On and and the expected to business the are a are modernization a growth grow rental as and tuck-in planned integrating influx and basis. storage portable The planned. XX% demand acquisitions continued increase revenues nicely nicely on as in with consistent

Modular, Mobile execution equipment on quarter, new increase first us and deploy had were the than higher At improve very which We utilization. for rates our rental consistent focus quarter pricing, healthy new XXXX. enabled shipments, XX% on to

the base the the total. in this improvement installed As cycles, fleet works which profit, in the line bottom quarter. increasing The operations overall rates rate effect in achieved way into on we an its differential gross rental is

and volumes during quote the for ratios year and Mobile than Modular Noteworthy quarter close were quarter Portable the consistent. last our greater this in same remained have quarter Storage,

of not indications have a significant projects heard customers. We slowdown of in any planned from

above At of up chip positive had were business quarter the were market other XXXX. quote and while has semiconductor revenue rental demand growth, felt softened All TRS-RenTelco, verticals the slowdown as the our for the worldwide. computer volumes business we effects

to We the taken of sales mitigate have demand to equipment improve steps emphasizing by softer utilization.

the ahead felt well of to ordered projected also to had We be of that, lead incoming equipment times, effects demand. due

in and sales taking. move to we in incentives market is team I steps team healthy the equipment. secondary in was extra the for sales quarter, The confident the have place the put am

our are have keep we to many times, managed and business strong. normalize levers so pulling cycles to We the appropriate KPIs

two larger divisions. the Turning of the to focus on now back

our past We have shared calls on business. direction to our focus is strategic on in modular that growth

be markets, effectively greater additional fits our base, quarter, greater others. XX upholding the density acquisition we that two The ideally well that to our as growth, mix operations during in tuck-ins can an of customers completion commercial should as even it Vesta installed commitment. provides the as are well The With acquisition, clear on and and integrate the with giving XX the we Vesta us education platform work for of as for access efficiency. greater

We Vesta experience team focus depth us. very culture as great the is of been with they have a fit impressed that customer have with a and

Turning to integration efforts.

a on the are transactions. completed. weeks To thoroughly just that made pleased date, to and all integration schedule, We closed few as items rigorous are have steps, we’ve been the progress and with ensure are planned. planned teams short we we a The in the on we progressing are schedule since

expectations. financial line quarter were in Our results with first

visibility get operations Vesta clear important I feel beyond. for on and contributor XXXX an to very We important the McGrath right, will be that and items most have confident to

X,XXX storage over vibrant portable completion few units, operations, pursued organic opens few fleet growth years. two open market, start coverage, our a growing have to a we of geography for our months. achieved expand To significant Colorado area us. growth in is market last has completed another tuck-ins the in which quarter over new after with the XXX of past Brekke is up South which we geographic and which we that jump excellent In the units up notable Dixie, the us will an fleet just for end the state. a Carolina

storage our we strategy. to with augment tuck-in continuing Our deploy We and to effective growth growth an and acquisitions can are our is organic robust, see way strong additional portable be tuck-ins, further smartly capital. to this pipeline opportunities execute of

infrastructure capabilities are into building the various modular our across in that projects tie underway On large the some locations U.S. of the side,

completed our The a the experienced footprint and years larger have geographic acquisition. capable augmented the areas specialty base. Large well Vesta provided projects projects operate. acquisitions are greater access that two project customer to with has a We positioned are have group much we to these past a support we management been over the as in and we

they additional only units we tailored for, centers work This capability large our to of units needs. production specifications, industry, has been modular unique their mobile also in as can not With many for charge gain customize and inventory which the customers a hallmark from customer to years. get but is we loyalty

quarter very to accomplished in we to with who were results This back our a at we first my opening make was huge went thank pleased want and above I this happen. everything statement, beyond everyone Circling and the business. McGrath and effort, collective to

We are remainder off to a strong for the positive. is the the of start for and outlook our year year,

the full in to the throttle We took grow and and are execute has clearly business results. capability M&A, organization the deliver we grow on execution first our modular to the demonstrate quarter organically steps excellent

for guidance raised XXXX We have are on of the our confident based performance and outlook the in business.

my Keith, detail. financial expand call with on the greater who will overall to comments turn will I now So over

Keith Pratt

Thank you, good afternoon, Joe, and everyone.

we performance As Joe first delivered highlighted, board. the quarter strong with the results healthy in across

the acquisition Mobile in with Vesta Modular two our performance quarter results. included notable segment of from months Our saw first Modular contributions

our to Additionally, the continued reflect growth core quarter. recent businesses, acquisitions, organic rental excluding performance from broad-based during the our

I’m today, to XXXX review from our financial current first specifics my for and In full going performance. highlights year quarter results our provide outlook of

detailed these results. in Before X, Modular and the as comments, we on of February Tank were the completed of transactions The a getting acquisition effects concurrent first included Adler Rentals. reminder, transformational quarter into my divestiture of Vesta

income of the company the result million the divestiture $XX.X of discontinued which sale operations discontinued during was Tanks recognized a operations from and Adler the a gain quarter, net in of our As business, of focused both results impact period. on the continuing excludes which the income rest net The my on of from will combined on company’s comments income from the Adler operations. operations, sale from the discontinued for gain Adler and be the included

and XX% revenues for overall corporate each rental first results at from increased year. revenues sales Modular was increase growing revenue total rental Mobile over the Looking operations and to revenues improved quarter, year with million. The the $XXX.X TRS-RenTelco, both

impressive XX%. EBITDA the division consolidated results to First operating down million, of by to as XXXX, quarter the was $XX.X Mobile increasing first had adjusted XX% XX% $XX.X Breaking Modular margin with quarter EBITDA increased EBITDA performance million. to adjusted quarter compared and adjusted an rental

revenues Total rental-related revenue or Vesta all revenues, sales higher streams, results. and XX% $XX current higher million. contributed the were and XX% $X.X XX% increased $XX.X rental across EBITDA XX% revenues revenues. adjusted including services total to million revenue increases quarter million There $XXX.X million for higher

addition portable commercial, organic across our In the from growth rental operations the and bases. our acquisition, customer to Vesta contribution education storage sustained strong

XX% revenues. sales increased our to contributed initiative million grow million, Vesta $XX.X increase progress sales total $X.X with modular demonstrating revenues in projects. the to or $X Sales million of

rates. disciplined This our fleet up XX.X%, average management continued and achievement utilization also rental fleet growing We ago. while utilization of and year average achieved XX.X% increasing accomplished a our fleet was from

rental rate supported strategic we With for utilization. on monthly increased rent higher resulting quarter modulars pricing rental reflects X.XX%, which inventory fleet equipment million a on on year acquisitions, by were year as healthy depreciation ago improved a conditions. XX% margins average rental The was higher XX% average average and and or by focus optimization, ago. well from higher the investment costs $XXX further as increased or by than XX%, our million $XXX.X successfully XX% and Higher of expense, partly as size revenues our XX% by in continued offset up center the the for was portfolio focus X% XX% our market recent

and year. sales to for $XX.X X%. for $XX.X increases quarter was in demand saw softer increased We communications million, partly revenues. to by market. comparable million. rental revenues continued operations was adjusted semiconductor or TRS-RenTelco, general Rental Total rentals, increased the At equipment demand purpose and $X.X last which computer both EBITDA X% million both saw the revenues offset from We

comparable well supply XX% XX% average the up million. demand compared rental XX.X% utilization increasing times purpose million, $X.X higher for stable year computer quarter rate year coupled rental semiconductor equipment with rentals. average $X.X demand extended decline during first utilization X% Average rent The in reflects to compared increased communications ago. the average margins were from and XX% equipment. market, over softer rental XX.X% pricing new to Sales for The to XX% ago as gross year a profit compared the was X.XX%, revenues equipment on both rate, year as year average quarter general This reflects to a a for the was with and and monthly to lead ago.

will remainder operations. basis my total The continuing a be comments on of company from

million result the and First of levels as costs The average and of million, acquisitions. income Brekke rate year of $X taxes average million in funding of compared XX.X% to million on Vesta which Vesta $X.X higher the administrative increased Interest million $X.X expenses provision expense million. $XX.X for quarter fourth primarily quarter and higher quarter, and The earlier. the increase an $XXX.X was based and a million tax during selling XX.X% debt effective divestiture-related an the interest of was to rates result included a increase acquisition transactions $XX.X expenses. was of $XX.X

in million the demand cash Turning year, expenses to million operating the in excluding to year. and was cash activities the and year. provided our fleet for paid reduction. our the With some equipment year-to-date Vesta have with The flow modular the $XXX.X acquisition rental Net transaction for $XX.X prior of to cash million prior of most were $XX.X new million, Rental front-loaded from pipelines by compared million strategic modular for $XX.X $XX.X spending highlights. utilization, received equipment was acquisitions total accounting capital purchases, healthy compared equipment our segment. grow emphasizing of the high Brekke initiatives we Vesta to

$XXX investments cash credit million new had quarter credit. million us of to notes At The EBITDA outstanding lines actual funded generation borrow net million X.X capacity In pay acquisitions facility X. borrowings last to under healthy debt additional our an $XXX.X the the of dividends. in significant of adjusted was we the fleet under $XX.X with shareholder to months and addition ratio to of and quarter, end, our million $XXX.X $XX.X million in in comprised XX allowed to

Finally, our XXXX updated outlook. turning financial to

revenue full and from million year, expect rental million capital continuing and and between $XXX million. $XXX $XXX the total million. $XXX expenditures to between be Adjusted increasing our EBITDA equipment and Gross are For currently between outlook $XXX million. operations we $XXX results million

operations to our and the the divestiture. and the outlook sale divestiture related gain transaction excludes Vesta on from and that the Adler excludes also discontinued from acquisition income Please Adler EBITDA costs adjusted note

first McGrath’s of performance. strong quarter proud very We’re

on look be remainder hard working to focused the growth we our As staying we ahead of the modular integrate strategies. for the year, acquired will while furthering businesses

for prepared you the That lines concludes open may our remarks. Travis, now questions.

Operator

have do from [Operator question Scott with sir. you, instructions] Oppenheimer. Schneeberger Thank We a

Scott Schneeberger

education broad-based the I specifically few have speak, Modular, start to Could the Thanks. Good others. guess, sounds guess, I’d a I like more of out, on places key a like guys. commercial, quite than I strong Keith, some like sounds It strong. to Mobile classes, afternoon, categories, each and portable. was questions. but asset little it pricing their bit you more

there Just Thanks. sustainability. seeing what kind curious of are and you

Keith Pratt

seeing would continues the how a lift technology pricing to comment lot and remarked, Scott, us a disciplines deliveries very on is, I market. to We modular in strong the of there. the of XX% strong over put That overall, Joe yield year-over-year, pricing. Yes, we years. we’re for last benefit price the work, new lot few say

And I say all across that used would the is board. toolkit

the utilization. getting really is pricing. when And well to to on with front, attractive we’re business, good pricing gains this As the strong we’re returns on the our putting work run that we fleet goal with you ongoing achieve know, see as managing. And overall economic capital you really balancing, as

utilized added, we highly fleet. the our was And quarter. our I Vesta would as point slightly legacy That’s quite from out not fourth function it the as of that was a modular fleet which down utilization,

keep in the well. on healthy utilization to focus as very the want good business, do fleet. gains Very and absorbing I that strong by pricing, So achievements Vesta

Joe Hanna

in and Hey, portable nice – storage. really We nice just pricing increases pricing fleet that’s We for new I’ll saw both Scott, in chime quick. modulars to there going out. for there a saw

those of parts business. both in the So of

Scott Schneeberger

to I Joe but Thanks, Could could California, your Joe, few – speak guys you particularly geographies. Excellent. Keith. here. probably, have classroom a across environment, more you and the

still that your a but you did good lot how classroom appreciate not hear some weather, was that’s the it’s sounds In endured tough in your for go weather you. would question, deeper, outlook to geographies remarks, the a of good, really it It sounds sounds can well I the strong. in Thank core of prepared handled but back like if year like this very – obviously, is you But quarter. the little to it.

Joe Hanna

that Yes. get to to The available. to asked there’s of that is and continued several since outlook majority vast local happen really passed. the over measures specifically. funding ties put and there in about election cycles, The classroom good, California that’s voters back get out bond you last And out money that

with of now, Central And out population growth shifting even lot in the California, activity population of Valley place. that’s so, what we’re in right is seeing taking where student a seeing there’s we’re in

the of Carolina North And example. actually right a East that’s an typically so, very good. be been have bit us, deployed in we’re on seeing as Way a been for Coast, that states little over lot money some an example, now. slower is

They scheduling to growth and spend lately People and built. get starting their they’re growth realizing schools because done behind a to on really just they’re much haven’t that’s money actually facilities and they state. nice is need there, are moving more that

that’s down us. Florida for good doing environment really a there. So well been

been a year just in this we and of environment, terms good – it’s placements. have for So outlook we’re a classroom good

Scott Schneeberger

Sounds good. Still Modular. Mobile in

or just would bit share out know broken Modular on update in an services. services great. Plus. that quantified site-related could and you curious in stages Still you’ve be Mobile but anything I But you a Just both qualitative little site-related early component, don’t how that there? advanced more progressing are that

Joe Hanna

Yes.

at not this we’ve those have growth well in areas, emphasizing. of seeing but sales out We that we’re our point, as been broken that as custom both

we’re down happening. important So and grow really got those emphasized still on It’s the division to those the what’s things. and initiatives, that’s accelerator to

all so we’re right. site-related seeing the Modular pleased Mobile we’re of metrics So that up from services, the both Plus the to very and all with and

Scott Schneeberger

it to you’ve sounds specifically, like not ahead chain right arisen. A your sales I appropriately. demand Thanks. more but that here. certain anticipating TRS, commentary, have supply One, you fleet you sounded few like incentivized team the in size time, guess, of semiconductor ordered constraints It said your from may

utilization move that that? we even you’re of that a speed more how challenging successfully something It interpret quickly? is sounds should like foreshadowing going navigate to to Is come. Or that levels is this that’s shorter-term beyond bump through

Joe Hanna

a Yes, question. it’s Scott, good

TRS into Here’s in healthy. our website, what’s now volumes, than same checked pipeline year time right right our was we on it first last When at actually, now. this, we the I it’s quite interesting what’s activity And at about our specifically XX% over happening the higher actually our look at quarter. is look quote because

see So just we have here. to it’s for period encouraging ordered Hopefully, And had fourth indicators it’s hit going there. it. semiconductor manage the quarter that some an fleet be pervasive come But shelves. the through really out to those to not something softness, have extended we in we that that’s in our

moving that’s taking And to sales force it. a opportunities, if really for we’ve rental that what’s we equipment going to exactly having incented we’re good and don’t that see early in eyesight prepared on place April. kicked off in like And I do sell the that, us my said comments, and out

for So do I things We’ve a that. I cycle see prepared we’re to before, types of us. as well continue and to this managed think these

I’m So concerned overly about not it.

Keith Pratt

in way the in you about good. maybe Good electronics can the But utilization one is mid-XXs. normal really think is That’s business that times. business in healthy

think commented, to equipment times, so team on and get speak, shelf, in the product on it’s timely COVID I right ordering to as and you harder lead to the extended a the with disruption our the fashion. exactly

have demand. You ahead much of the to estimates point make of further

just level. probably to saw seen low more it I times. supply think not we So below lead that’s an drop we’ve with appropriate the And utilization us. when XXs drop to disruptions the level common XX, And for that’s

would does like not I’d And few that that. a expect. has described actions got we demand to which got of we’ve market, situation business, the that’s portion just one typically through It the our running take because quarters means why work of than we’re optimum level take. Joe at the It a we kinds say, weaker

Scott Schneeberger

that overall color. going? to bit a the allocation to where right. Clearly is delve front-loading it robustness. more little Could CapEx. you Thanks. in now All want That’s turn to I helpful

guess, the could full of about magnitude could expectations, the thinking but year how the and Thank cadence? CapEx year probably So you Keith, kind you. I for you’re share of full

Keith Pratt

of couple Scott. things, A Sure.

our we is CapEx overall haven’t plans thing First this year. point, for made a At the change.

million the guidance, gave look $XXX you million, same range we $XXX that in remains initial our at February If the the to update. in

front-loaded, enthusiastically cash segment, heavily have majority that And the is building the modular the we’re more We well, opportunity the spend on vast portable and good there’s storage see funding of segment. within very there. going The that weighted can into it’s flow still statement. as modular in although side, you still

building side. side the the we’re education commercial and On side, supporting the both modular

good And very on say CapEx seen toward the still where share. We’ve is opportunities business essentially the market markets gaining new would commercial growing more and side. I being that we’re tilted the

And that markets So if acquisition couple Western in for opportunity we’re space of years, those up we’re and seen think of continuing what a we’ve design lot lot a you now attractive a we’re of and presence manner. in of and where that’s in to the that’s add to invest. opened the doing, states, an capital grow a

Coast Those been targeted our And haven’t markets North region some Joe really a are an markets, of similarly, we’ve of Carolina, we in but level where reached example. the East referenced while, for the as presence.

And market, still equipment invest for we where those to a the so, opportunity. in markets see add the we’re prudent and way, still in long-term growth are right McGrath, continuing

in the of a factor. of strong very the part legacy all markets call our CapEx is is as what this big not I longer-term So level strategy

of lot a have in already California. We equipment

have there. But of growth role the on more where opportunity the to we on very those a market. a presence markets is take a good still bigger lot have in balance We markets,

Scott Schneeberger

start year. Sounds acquisitions and of here acquisitions good. over. wait the I’ll Congrats it of turn a multiple to strong on

Joe Hanna

Scott. you, Thank

Keith Pratt

Thank you

Operator

Riddick comes from with next question Sidoti. Our Marc

Marc Riddick

afternoon. Good Hi.

Joe Hanna

Marc. Hi,

Marc Riddick

asked, maybe given to parts just you California, actually kind was. everybody weather curious, given sort So was about I I of of country. other of of the from opportunistic question we’ve almost an of but else standpoint, is I was not weren’t I almost it’s though, kind this extreme never weather, wanted sort that but the as seen guys in with a encouraging to hit curious – and

whether an had seeing prior if wondered demand opportunity little not any on that you there either maybe a thoughts relative So for could you’re to could or classrooms, from end there’s years. being boost anything what up that whether I

Joe Hanna

In I example, Marc, if really just significant it’s wouldn’t a flooded. there that tied weather, that’s taking to there’s say anything got were areas big certain California, place. really,

tendency school things and I that to push place. Now, that there that took get projects think construction kind because some and But we of a had like of some that. opportunities flooding did –

event on. overall, when But kind move an and then event, it we is deal the and happens weather particular of with we that

So that long-term I’m kind this the at effects business point. any not would seeing of affect

Marc Riddick

to gears a Great. little so bit. want then, And Okay. shift I

as We of a the than Space into if was update of talk took year, Space, place, give did because that will now haven’t had year, actually, a now of Vesta. Design wondering little sort a guess, you with to since sort sort the I and time you and on a that play much learnings how mention about. guess, guess, of chance that I could of been, Design It’s I an year the make over integration some about Kitchens. flies, with I efforts particularly more

could update bit of maybe there. So, give you a an

Joe Hanna

completed It’s a Design When question, Space, transaction size Yes. McGrath hadn’t we a ever. really actually Marc. that of close good

have things to I to develop team for certain is that muscle to so, what like like And you we refer tone the – this.

muscle And hadn’t that tone. we actually developed

coming acquired we from and some we as to think of good I And more we’re it with what I process integrated a systems. need get clear that that we And we understanding we into think and Vesta. when went get for a experience, and there it. acquisition really that so, business into organized need our that more And to through developed learning we have

nicely out working do. We we to really need got know that. We’ve for I’m very very about processes. it’s what And exactly organized us. happy And

And tone think on The it I much better we’ve getting developed oriented muscle team really is really done. there. highly

integration. we’re we’ve deploying lot, and Vesta those so, acquisition a learnings And learned all and into the

I’m why pleased it’s very well that far. that’s so going So

Marc Riddick

as the divestiture. little geographically bit, wanted I acquisitions I Adler and we various the then, added markets know wanted were a and there sort this you into Great. to you’d is Vesta with sort you’re two key target of are – sort to so highlight really you that bit want those a to of to of acquisitions. some expand might of the where sort guess, of get talk that to in? are of I a far to that sort expansion you discussed conversely, you’ve how general places necessarily you want that done And And as I since want that I that maybe not as as be? little about but be sort don’t areas sort of highlight then, there throughout footprints – the to country? Or And there lead Thanks.

Joe Hanna

Yes.

So about is it jump start. in where is the not especially a great have markets complete a thing we do tuck-ins, presence

equipment, get a You jump start get you that get Typically, you you facility and the can personnel. some from. expand

us presence That good of a that with good has an starts a Jump company in presence customer gets gets Colorado. and a a good didn’t we there, so, much the a gets And Brekke – us in with really have us example, a really reputation. acquisition, with there. us as list

we And go. so, off

And like with Dixie. long, and so, get it’s have and complete list potential up we we is those of new did that bonus we our we look to area acquisitions for with we a did Brekke a and when open quite opportunities

doesn’t Now, that happen. always

And actually plus that’s in. somebody in a already come Sometimes area two. operating may for an we’re that sale

increases customers. and it density new get it price because our brings with the for can We right it

like two we’re quite that a and trigger look taking tuck-ins these do the right we’d on all we so, pull that to and And happy with, the at now more.

Marc Riddick

sounds, good to That hear.

Keith Pratt

Yes, if I could just add.

Marc Riddick

ahead. Go course. Of

Keith Pratt

that situation some fleets. to good have selling at operators of good those number we’ve when the bear all built are to at bring really tools But quality under we business, parties. are considering of deal is right operators the described, that operation. look And the a that ownership, there’s on the McGrath’s economics to to start when a really got the A with for us, both happen. One lot we Joe new whom of local where ones things attractive do

pricing And look Plus at presence services at good box. our operators in for look offerings good market. backing, market, Modular the like a the the grow put can additional to can we can So that we of we optimization, some Mobile inside with generally adding in

So they of many. growth organic, seeing over these deploy give this is done way was the completely it. We’ve portable not – our but us growth storage to we’ve capital. in a more places to years, to been few a of Most add

Marc Riddick

Right.

Sounds good. much, Thank very guys. you

Joe Hanna

Marc. Thanks,

Keith Pratt

Thank you.

Operator

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

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

Joe Hanna

thank your interest second like joining look call today on again I’d company. in with the everyone to review late us our for quarter speaking for continuing to you and in We to forward results. July our

Operator

today’s concludes Ladies you this call. participation. gentlemen, and conference your Thank for

You may now disconnect.

McGrath RentCorp (MGRC) 4 May 232023 Q1 Earnings call transcript