21 unchanged sentences
The Company invests capital in rental products and generally has recovered its original investment through rents less cash operating expenses in a relatively short period of time compared to the product’s rental life.
−Removed: When the Company’s rental products are sold, the proceeds generally have covered a high percentage of the original investment.
+Added: When the Company’s rental products are sold, the proceeds generally have recovered a high percentage of the original investment.
With these characteristics, a significant base of rental assets on rent generates a considerable amount of operating cash flows to support continued rental asset growth.
13 unchanged sentences
Electronic test equipment asset management requires understanding, selecting and investing in equipment technologies that support market demand and, once invested, proactively managing the equipment at the model level for optimum utilization through its technology life cycle to maximize the rental revenues and residuals realized.
−Removed: The Company believes that rental revenue growth from an increasing base of rental assets and improved gross profits on rents are the best measures of the health of each of our rental businesses.
+Added: The Company believes that rental revenue growth from an increasing base of rental assets and improved gross profit on rents are the best measures of the health of each of our rental businesses.
Additionally, we believe our business model and results are enhanced by operational leverage that is created from large regional sales and inventory centers for modulars, a single U.S.
8 unchanged sentences
Government Regulations
−Removed: We are subject to certain environmental, transportation, anti-corruption, import controls, health and safety, privacy and other laws and regulations in locations in which we operate.
−Removed: Our activity in jurisdictions in which we operate is additionally subject to anti-bribery
−Removed: laws and regulations, such as the US Foreign Corrupt Practices Act of 1977, which prevent companies and their officers, employees and agents from making payments to officials and public entities of foreign countries to facilitate obtaining new contracts.
+Added: We are subject to certain environmental, transportation, anti-corruption, import controls, health and safety, privacy, government contracting and procurement, and other laws and regulations in locations in which we operate.
+Added: Our activity in jurisdictions in which we
+Added: operate is additionally subject to anti-bribery laws and regulations, such as the US Foreign Corrupt Practices Act of 1977, which prevent companies and their officers, employees and agents from making payments to officials and public entities of foreign countries to facilitate obtaining new contracts.
We are also subject to laws and regulations that govern and impose liability for activities that may have adverse environmental effects, including discharges into air and water, and handling and disposal of hazardous substances and waste.
3 unchanged sentences
We make the Company’s Securities and Exchange Commission (“SEC”) filings available at our website www.mgrc.com.
−Removed: These filings include our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Act of 1934, which are available as soon as reasonably practicable after the Company electronically files such material with, or furnishes such material to, the SEC.
+Added: These filings include our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are available as soon as reasonably practicable after the Company electronically files such material with, or furnishes such material to, the SEC.
Information included on our website is not incorporated by reference to this Form 10-K.
2 unchanged sentences
Copies of this code can be obtained at our website www.mgrc.com .
−Removed: Any waivers to the Code of Business Conduct and Ethics and any amendments to such code applicable to our Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer or persons performing similar functions, will be posted on our web site.
+Added: Any waivers to the Code of Business Conduct and Ethics and any amendments to such code applicable to our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or persons performing similar functions, will be posted on our web site.
+Added: Market, Industry and Other Data
+Added: This Form 10-K contains estimates, projections, and other information concerning the markets in which we operate and our
+Added: business, including data regarding the estimated size of those markets.
+Added: Information that is based on estimates, forecasts, projections, or
+Added: similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from those
+Added: reflected in this information.
+Added: Unless otherwise expressly stated, we obtained this market, industry and other data from reports, research surveys, studies, and similar data prepared by third parties, industry and general publications, government data, and similar sources.
+Added: In some cases, we do not expressly refer to the sources from which this data is derived.
+Added: In that regard, when we refer to one or more sources of this type of data in any paragraph, you should assume that other data of this type appearing in the same paragraph is derived from the same sources, unless otherwise expressly stated or the context otherwise requires.
RELOCATABLE MODULAR BUILDINGS
7 unchanged sentences
During 2025, Mobile Modular purchased 27% of its new modular units from one manufacturer.
−Removed: The Company believes that the loss of any of its primary modular manufacturers could have an adverse effect on its operations since Mobile Modular could experience higher prices and longer lead times for delivery of modular units until other manufacturers were able to increase their production capacity.
−Removed: The Company’s modulars are manufactured to comply with state building codes, have a low risk of obsolescence, and can be modified or reconfigured to accommodate a wide variety of customer needs.
+Added: The Company believes that the loss of any of its primary modular manufacturers could have an adverse effect on its operations since Mobile Modular could experience higher prices and longer lead times for delivery of modular units until other manufacturers are able to increase their production capacity.
+Added: The Company’s modulars are manufactured to comply with state building codes, carry a low risk of obsolescence, and can be modified or reconfigured to accommodate a wide variety of customer needs.
Historically, as state building codes have changed over the years, Mobile Modular has been able to continue to use existing modulars, with minimal, if any, required upgrades.
−Removed: The Company has no assurance that it will continue to be able to use existing modular equipment with minimal upgrades as building codes change in the future.
+Added: The Company provides no assurance that it will continue to be able to use existing modular equipment with minimal upgrades as building codes change in the future.
Mobile Modular operates from regional sales and inventory centers serving large geographic areas.
33 unchanged sentences
Mobile Modular’s largest business segment is for temporary classroom and other educational space needs of public and private schools, colleges and universities in California, Florida, Georgia, Louisiana, Maryland, North Carolina, South Carolina, Texas, Virginia and Washington, D.C.
−Removed: Management believes the demand for rental classrooms is caused by shifting and fluctuating school populations, the limited state funds for new construction, the need for temporary classroom space during reconstruction of older schools, class size reduction and the phasing out of portable classrooms compliant with older building codes (see “Classroom Rentals and Sales to Public Schools (K-12)” below).
+Added: Management believes the demand for rental classrooms is driven by shifting and fluctuating school populations, the limited state funds for new construction, the need for temporary classroom space during reconstruction of older schools, class size reduction and the phasing out of portable classrooms compliant with older building codes (see “Classroom Rentals and Sales to Public Schools (K-12)” below).
Other customer applications include sales offices, construction field offices, health care facilities, church sanctuaries and child care facilities.
28 unchanged sentences
However, there can be no assurance that warranty costs will continue to be insignificant to Mobile Modular’s operations in the future.
−Removed: Enviroplex manufactures portable classrooms built to the requirements of the California Division of the State Architect (“DSA”) and sells directly to California public school districts and other educational institutions.
+Added: Enviroplex manufactures portable classrooms built to the requirements of the California Division of the State Architect and sells directly to California public school districts and other educational institutions.
Typically, during each calendar year, our highest numbers of classrooms are shipped for rental and sale orders during the second and third quarters for delivery and installation prior to the start of the upcoming school year.
3 unchanged sentences
In addition, a number of other smaller companies operate regionally throughout the country and have a stronger local presence in those places.
−Removed: Mobile Modular operates primarily in California, Colorado, Florida, Georgia, Louisiana, Maryland, North Carolina, the Pacific Northwest, South Carolina, Texas, Virginia and Washington, D.C.
+Added: Mobile Modular operates primarily in California, Colorado, Florida, Georgia, Louisiana, Maryland, the Midwest, North Carolina, the Pacific Northwest, South Carolina, Texas, Virginia and Washington, D.C.
Significant competitive factors in the rental business include availability, price, service, reliability, appearance and functionality of the product.
56 unchanged sentences
As a result, our competitors that have these advantages may be better able to attract and retain customers and provide their products and services at lower rental rates.
−Removed: Portable Storage competes with these companies based upon product
−Removed: availability, product quality, price and service.
+Added: Portable Storage competes with these companies based upon product availability, product quality, price and service.
Portable Storage may encounter increased competition from existing competitors or from new entrants in the future.
72 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.