McGrath RentCorp (NASDAQ:MGRC) Q3 2024 Earnings Conference Call October 24, 2024 5:00 PM ET

Company Participants

Joe Hanna - Chief Executive Officer
Keith Pratt - Chief Financial Officer

Conference Call Participants

Scott Schneeberger - Oppenheimer
Mark Riddick - Sidoti

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp's Third Quarter 2024 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, October 24, 2024.

Before we begin, note that the matters that the company management will be discussing today that are not statements of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company's expectations, strategies, prospects, backlog or targets. 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. Important factors that could cause actual results to differ materially from the company's expectations are disclosed under Risk Factors in the company's Form 10-K and other SEC filings. Forward-looking statements are made only as of the date hereof. Except as otherwise required by law, we assume no obligation to update any forward-looking statements. In addition to the press release issued today, the company also filed with the SEC the earnings release on Form 8-K and its Form 10-Q for the quarter ended September 30, 2024.

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

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

Joe Hanna

Thank you, Jess. Good afternoon, everyone, and thank you for joining us on our call today. It has been quite an eventful quarter. On September 18, we announced that we had mutually agreed to terminate our pending acquisition by WillScot. In accordance with the terms of the merger agreement, McGrath received a termination fee of $180 million. From the announcement of the merger in January 2024, we navigated a 9-month period where McGrath operated as a company anticipating being acquired. Needless to say, this stretch was an unfamiliar operating environment for our company. We maintained our independent competitive positioning in the marketplace throughout this period.

My direction to our teams was very simple. First, stick to our strategy and execute as we have always done. Second, deliver our financial plan and keep the company healthy. Through the 9-month period across the company, we kept our teams together, found ways to reduce cost and to enhance revenue streams and supported one another throughout. I truly think it is a testament to our strong culture and the dedication and commitment of our team members to each other and to our customers that we lost very few people to turn over through this challenging period. I could not be prouder of everyone's accomplishments during such an uncertain time.