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."

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 EBITDA^{1, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250424468440/en/

Keith E. Pratt

EVP & Chief Financial Officer

925-606-9200