40 unchanged sentences
These fluctuations are often unrelated to the operating performance of particular companies.
−Removed: Additionally, the most recent global credit crisis adversely affected the prices of most publicly traded stocks as many stockholders became more willing to divest their stock holdings at lower values to increase their cash flow and reduce exposure to such fluctuations.
These broad market fluctuations and any other negative economic trends may cause declines in the market price of our common stock and may be based upon factors that have little or nothing to do with our Company or its performance, and these fluctuations and trends could materially reduce our stock price.
+Added: Failure to successfully manage the transition associated with the appointment of our new Chief Executive Officer could have an adverse impact on our business.
+Added: On February 5, 2026, we announced the pending retirement of our CEO, Joseph Hanna, effective April 3, 2026.
+Added: The Board appointed Philip Hawkins, currently our Chief Operating Officer, as our new Chief Executive Officer.
+Added: CEO transitions can be inherently difficult to manage, may cause disruption to our business due to, among other things, diverting management’s attention away from our financial and operational goals during the transition or causing a deterioration in morale.
+Added: During the transition period, there may be uncertainty among investors, customers, and other third parties, concerning our future direction and performance.
+Added: It may also be more difficult for us to recruit and retain other personnel during the transition.
+Added: Our business and stock price may suffer if the CEO transition is not perceived well by the investor community, customers and employees, or is otherwise unsuccessful.
Our ability to retain our executive management and to recruit, retain and motivate key qualified employees is critical to the success of our business.
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If we cannot negotiate arrangements with third parties to produce our products or if the third parties fail to produce our products to our specifications or in a timely manner, our reputation and financial condition could be harmed.
−Removed: We are subject to information technology system failures, network disruptions and breaches in data security which could subject us to liability, reputational damage or interrupt the operation of our business.
−Removed: We rely upon our information technology systems and infrastructure for our business.
−Removed: We sustained an immaterial cybersecurity attack in 2021.
−Removed: Upon detection, we promptly undertook steps to address the incident, restored network systems and resumed normal operations.
−Removed: The attack did not result in any material disruption to our operations or ability to service our customers and did not affect our financial performance.
−Removed: In the future, we could experience additional breaches of our security measures resulting in the theft of confidential information or reputational damage from industrial espionage attacks, malware or other cyber-attacks, which may compromise our system infrastructure or lead to data leakage, either internally or at our third-party providers.
−Removed: Similarly, additional data privacy breaches by those who access our systems may pose a risk that sensitive data, including intellectual property, trade secrets or personal information belonging to us, our employees, customers or other business partners, may be exposed to unauthorized persons or to the public.
−Removed: Any future breaches could subject us to reputational damage.
−Removed: Cyber-attacks are increasing in their frequency, sophistication and intensity, and have become increasingly difficult to detect.
−Removed: We expend significant resources to minimize the risk of security breaches, including deploying additional personnel and protection technologies, training employees annually, and engaging third-party experts and contractors.
−Removed: Significant and increasing investments of time and resources by management and Board have been, and will continue to be, required to anticipate and address cybersecurity risks and incidents.
−Removed: However, given that the techniques used to obtain unauthorized access or to sabotage systems change frequently, and often are not identified until they are launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures in time to stop a cyber incident.
−Removed: Thus, there can be no assurance that our efforts to protect our data and information technology systems will prevent future breaches in our systems
−Removed: (or that of our third-party providers).
−Removed: Such breaches could adversely affect our business and result in financial and reputational harm to us, theft of trade secrets and other proprietary information, legal claims or proceedings, liability under laws that protect the privacy of personal information, and regulatory penalties.
−Removed: Disruptions in our information technology systems or failure to protect these systems against security breaches could adversely affect our business and results of operations.
−Removed: Additionally, if these systems fail, become unavailable for any period of time or are not upgraded, this could limit our ability to effectively monitor and control our operations and adversely affect our operations.
−Removed: Our information technology systems facilitate our ability to transact business, monitor and control our operations and adjust to changing market conditions.
−Removed: We sustained an immaterial cybersecurity attack in 2021 involving ransomware that impacted certain of our systems, but was unsuccessful in its ability to disrupt our network.
−Removed: Upon detection, we promptly undertook steps to address the incident, restored network systems and resumed normal operations.
−Removed: Any future cybersecurity attack causing disruption in our information technology systems or the failure of these systems to operate as expected could, depending on the magnitude of the problem, adversely affect our operating results by limiting our capacity to effectively transact business, monitor and control our operations and adjust to changing market conditions in a timely manner.
−Removed: As part of our business, we develop, receive and retain confidential data about our company and our customers.
−Removed: In addition, because of recent advances in technology and well-known efforts on the part of computer hackers and cyber-terrorists to breach data security of companies, we face risks associated with failure to adequately protect critical corporate, customer and employee data, which could adversely impact our customer relationships, our reputation, and even violate privacy laws.
−Removed: Further, the delay or failure to implement information system upgrades and new systems effectively could disrupt our business, distract management’s focus and attention from our business operations and growth initiatives, and increase our implementation and operating costs, any of which could negatively impact our operations and operating results.
We have engaged in acquisitions and may engage in future acquisitions that could negatively impact our results of operations, financial condition and business.
39 unchanged sentences
Goodwill represents the excess of cost over the fair value of net assets acquired in business combinations.
−Removed: Under accounting principles generally accepted in the United States of America, we assess potential impairment of our goodwill and intangible assets at least annually, as well as on an interim basis to the extent that factors or indicators become apparent that could reduce the fair value of any of our businesses below book value.
+Added: Under accounting principles generally accepted in the United States of America, we assess potential impairment of our goodwill and intangible assets at least annually, as well as on an interim basis to the extent that factors or indicators become apparent that could reduce the fair value of any
+Added: of our businesses below book value.
Impairment may result from significant changes in the manner of use of the acquired asset, negative industry or economic trends and significant underperformance relative to historic or projected operating results.
28 unchanged sentences
To the extent that we are unable to do so, our result of operations could be materially adversely affected.
+Added: We are subject to information technology system failures, network disruptions and breaches in data security which could subject us to liability, reputational damage or interrupt the operation of our business.
+Added: We rely upon our information technology systems and infrastructure for our business.
+Added: We sustained an immaterial cybersecurity attack in 2021.
+Added: Upon detection, we promptly undertook steps to address the incident, restored network systems and resumed normal operations.
+Added: The attack did not result in any material disruption to our operations or ability to service our customers and did not affect our financial performance.
+Added: In the future, we could experience additional breaches of our security measures resulting in the theft of confidential information or reputational damage from industrial espionage attacks, malware or other cyber-attacks, which may compromise our system
+Added: infrastructure or lead to data leakage, either internally or at our third-party providers.
+Added: Similarly, additional data privacy breaches by those who access our systems may pose a risk that sensitive data, including intellectual property, trade secrets or personal information belonging to us, our employees, customers or other business partners, may be exposed to unauthorized persons or to the public.
+Added: Any future breaches could subject us to reputational damage.
+Added: Cyber-attacks are increasing in their frequency, sophistication and intensity, and have become increasingly difficult to detect.
+Added: We expend significant resources to minimize the risk of security breaches, including deploying additional personnel and protection technologies, training employees annually, and engaging third-party experts and contractors.
+Added: Significant and increasing investments of time and resources by management and Board have been, and will continue to be, required to anticipate and address cybersecurity risks and incidents.
+Added: However, given that the techniques used to obtain unauthorized access or to sabotage systems change frequently, and often are not identified until they are launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures in time to stop a cyber incident.
+Added: Thus, there can be no assurance that our efforts to protect our data and information technology systems will prevent future breaches in our systems (or that of our third-party providers).
+Added: Such breaches could adversely affect our business and result in financial and reputational harm to us, theft of trade secrets and other proprietary information, legal claims or proceedings, liability under laws that protect the privacy of personal information, and regulatory penalties.
+Added: Disruptions in our information technology systems or failure to protect these systems against security breaches could adversely affect our business and results of operations.
+Added: Additionally, if these systems fail, become unavailable for any period of time or are not upgraded, this could limit our ability to effectively monitor and control our operations and adversely affect our operations.
+Added: Our information technology systems facilitate our ability to transact business, monitor and control our operations and adjust to changing market conditions.
+Added: We sustained an immaterial cybersecurity attack in 2021 involving ransomware that impacted certain of our systems, but was unsuccessful in its ability to disrupt our network.
+Added: Upon detection, we promptly undertook steps to address the incident, restored network systems and resumed normal operations.
+Added: Any future cybersecurity attack causing disruption in our information technology systems or the failure of these systems to operate as expected could, depending on the magnitude of the problem, adversely affect our operating results by limiting our capacity to effectively transact business, monitor and control our operations and adjust to changing market conditions in a timely manner.
+Added: As part of our business, we develop, receive and retain confidential data about our company and our customers.
+Added: In addition, because of recent advances in technology and well-known efforts on the part of computer hackers and cyber-terrorists to breach data security of companies, we face risks associated with failure to adequately protect critical corporate, customer and employee data, which could adversely impact our customer relationships, our reputation, and even violate privacy laws.
+Added: Further, the delay or failure to implement information system upgrades and new systems effectively could disrupt our business, distract management’s focus and attention from our business operations and growth initiatives, and increase our implementation and operating costs, any of which could negatively impact our operations and operating results.
The nature of our businesses, including the ownership of industrial property, exposes us to the risk of litigation and liability under environmental, health and safety and products liability laws.
8 unchanged sentences
The historical operations at some of our previously or currently owned or leased and newly acquired or leased properties may have resulted in undiscovered soil or groundwater contamination or historical non-compliance by third parties for which we could be held liable.
−Removed: Future events, such as changes in existing laws or policies or their enforcement, or the discovery of currently unknown contamination or non-compliance, may also give rise to liabilities or other claims based on these operations that may be material.
+Added: Future events, such as changes in existing laws or policies or their enforcement, or the discovery of currently unknown contamination or non-compliance, may also give rise to liabilities or other claims
+Added: based on these operations that may be material.
In addition, compliance with future environmental or health and safety laws and regulations may require significant capital or operational expenditures or changes to our operations.
6 unchanged sentences
Enforcement of environmental and health and safety requirements is also frequent.
−Removed: Such proceedings are
−Removed: invariably expensive, regardless of the merit of the plaintiffs’ or prosecutors’ claims.
+Added: Such proceedings are invariably expensive, regardless of the merit of the plaintiffs’ or prosecutors’ claims.
We may be named as a defendant in the future, and there can be no assurance, irrespective of the merit of such future actions, that we will not be required to make substantial settlement payments in the future.
1 unchanged sentence
Therefore, our potential exposure to losses and expenses due to new laws, regulations or litigation may be greater than companies with a less significant California presence.
−Removed: The nature of our business also subjects us to property damage and product liability claims, especially in connection with our modular buildings and tank and box rental businesses.
+Added: The nature of our business also subjects us to property damage and product liability claims, especially in connection with our modular buildings and portable storage rental businesses.
Although we maintain liability coverage that we believe is commercially reasonable, an unusually large property damage or product liability claim or a series of claims could exceed our insurance coverage or result in damage to our reputation.
17 unchanged sentences
If we have an event of default under these instruments, our indebtedness could be accelerated, and we may not be able to refinance such indebtedness or make the required accelerated payments.
−Removed: The agreements governing our Series D, E and F Senior Notes (as defined and more fully described under the heading “Item 7.
+Added: The agreements governing our Series D, E, F and G Senior Notes (as defined and more fully described under the heading “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources”) and our Credit Facility contain various covenants that limit our discretion in operating our business.
25 unchanged sentences
Any reductions in funding available to the school districts from the states in which we do business may cause school districts to experience budget shortfalls and to reduce their demand for our products despite growing student populations, class size reduction initiatives and modernization and reconstruction project needs, which could reduce our revenues and operating income and consequently have a material adverse effect on the Company’s financial condition.
+Added: Fluctuations in the construction industry could cause the demand and pricing for our modular buildings and portable storage units to decline, which has in the past caused, and may cause in the future, a reduction in our revenues and profitability.
+Added: We rent and sell modular buildings and portable storage units to commercial contractors, builders and other customers associated with the construction industry, and derive a meaningful portion of our total revenues from such industry.
+Added: Changes in the construction industry related to demand, interest rate fluctuations, available capital, and other factors, could decrease the market for our products and cause a decrease in our rental revenues as well as result in volatility in the timing and amount of new modular sales revenues.
Public policies that create demand for our products and services may change, resulting in decreased demand for or the pricing of our products and services, which could negatively affect our revenues and operating income.
4 unchanged sentences
If educational priorities and policies shift away from class-size reduction or modernization and reconstruction projects, demand and pricing for our products and services may decline, not grow as quickly as, or not reach the levels that we anticipate.
+Added: Further, declines in public school enrollment could result in lower demand for modular classrooms.
Significant equipment returns may result in lower utilization until equipment can be redeployed or sold, which may cause rental rates to decline and negatively affect our revenues and operating income.
2 unchanged sentences
Failure to comply with applicable laws and regulations could harm our business and financial condition, resulting in lower operating results and cash flows.
−Removed: Similar to conventionally constructed buildings, the modular building industry, including the manufacturers and lessors of portable classrooms, are subject to regulations by multiple governmental agencies at the federal, state and local level relating to environmental,
−Removed: zoning, health, safety, energy efficiency, labor and transportation matters, among other matters.
+Added: Similar to conventionally constructed buildings, the modular building industry, including the manufacturers and lessors of portable classrooms, are subject to regulations by multiple governmental agencies at the federal, state and local level relating to environmental, zoning, health, safety, energy efficiency, labor and transportation matters, among other matters.
Failure to comply with these laws or regulations could impact our business or harm our reputation and result in higher capital or operating expenditures or the imposition of penalties or restrictions on our operations.
13 unchanged sentences
Mobile Modular and Portable Storage derive a portion of its revenues from contracts with U.S.
−Removed: federal government entities, government prime contractors, state entities and local entities, including school districts.
+Added: federal government entities, government prime contractors, state entities and local entities, including school districts, and such revenues are growing.
Contracts with government entities are subject to budgetary constraints, and our continued performance under our contracts with these agencies and their prime contractors, or award of additional contracts from these agencies or their prime contractors, could be jeopardized by spending reductions or budget cutbacks at these agencies.
−Removed: Such contracts are also subject to unique laws and regulations, and the adoption of new laws or regulations relating to government contracting or changes to existing laws or regulations.
−Removed: New laws, regulations or procurement requirements, or changes to current ones, can significantly increase our costs and risks and reduce our profitability.
−Removed: In addition, any failure on the part of the company to comply with applicable government contract laws and regulations might result in administrative penalties or even in the termination or suspension of these contracts and as a result, the loss of the related revenues, which would harm our business.
−Removed: Furthermore, the laws governing government contracts differ from the laws governing private contracts.
+Added: In addition, such government contracts are subject to unique laws and regulations, and the adoption of new laws or regulations relating to government contracting or changes to existing laws or regulations.
+Added: New laws, regulations or procurement requirements, or changes to current ones, can significantly increase our costs and risks and reduce profitability.
+Added: The laws governing government contracts may differ from the laws governing private contracts.
For example, many government contracts contain pricing terms and conditions that are not applicable to private contracts such as clauses that allow government entities not to perform on contractual obligations in the case of a lack of fiscal funding.
−Removed: Also, in the educational markets we serve, we are able to utilize “piggyback” contracts in marketing our products and services and ultimately to book business.
+Added: In working with government entities, we must comply with laws, regulations, and contractual provisions relating to the administration, and performance of government contracts, which affect how we and our partners do business with government agencies.
+Added: As a result of actual or perceived noncompliance with government contracting laws, regulations, or contractual provisions, we may be subject to audits and internal investigations which may prove costly to our business financially, divert management time, or limit our ability to continue to provide services to our government customers.
+Added: These laws and regulations may impose other added costs on our business, and failure to comply with these or other applicable regulations and requirements could lead to claims for damages from our partners, penalties, and termination of contracts and suspension or debarment from government contracting for a period of time with government agencies.
+Added: Any such damages, penalties, disruption, or limitation in our ability to do business with a government could adversely impact our business and growth prospects.
+Added: Furthermore, in the educational markets we serve, we are able to utilize “piggyback” contracts in marketing our products and services and ultimately to book business.
The term “piggyback” contract refers to contracts for portable classrooms or other products entered into by public school districts following a formal bid process that allows for the use of the same contract terms and conditions with the successful vendor by other public school districts.
7 unchanged sentences
In addition, expansion into new markets may be affected by local economic and market conditions.
−Removed: Expansion of our operations into new markets will require a significant amount of
−Removed: attention from our management, a commitment of financial resources and will require us to add qualified management in these markets, which may negatively impact our operating results.
+Added: Expansion of our operations into new markets will require a significant amount of attention from our management, a commitment of financial resources and will require us to add qualified management in these markets, which may negatively impact our operating results.
Seasonality of our educational business may have adverse consequences for our modular building business.
6 unchanged sentences
The competitive market in which we operate may prevent us from raising rental fees or sales prices to pass any increased costs on to our customers.
−Removed: We compete on the basis of a number of factors, including equipment and labor availability, quality, price, service, reliability, appearance, functionality and delivery terms.
+Added: We compete on the basis of a number of factors, including equipment and labor availability, quality, price,
+Added: service, reliability, appearance, functionality and delivery terms.
We may experience pricing pressures in our areas of operation in the future as some of our competitors seek to obtain market share by reducing prices.
−Removed: Some of our competitors in the modular building leasing industry have greater range of products and services, greater financial and marketing resources, larger customer bases, and greater name recognition than we have.
+Added: Some of our competitors in the modular building leasing industry have greater range of products and services, greater financial and marketing resources, larger customer bases, vertical integration for efficiency and greater name recognition than we have.
These competitors may be better able to respond to changes in the relocatable modular building and portable storage container markets, to finance acquisitions, to fund internal growth and to compete for market share, any of which could harm our business.
15 unchanged sentences
Mobile Modular purchases new modulars from various manufacturers who build to Mobile Modular’s design specifications.
−Removed: With the exception of Enviroplex, none of the principal suppliers are affiliated with the Company.
+Added: Mobile Modular's principal suppliers are not affiliated with the Company.
During 2025, Mobile Modular purchased 27% of its modular product from one manufacturer.
8 unchanged sentences
Sales of new relocatable modular buildings not manufactured by us are typically covered by warranties provided by the manufacturer of the products sold.
−Removed: We provide ninety-day warranties on certain modular sales of used rental units and one-year warranties on equipment manufactured by our Enviroplex subsidiary.
+Added: We provide ninety-day warranties on certain modular sales of used rental units and one-year
+Added: warranties on equipment manufactured by our Enviroplex subsidiary.
Historically, our warranty costs have not been significant, and we monitor the quality of our products closely.
19 unchanged sentences
However, any prolonged economic downturn could result in unexpected bankruptcies or reduced support from our manufacturers.
−Removed: Failure to properly select, manage and respond to
−Removed: the technological needs of our customers and changes to our products through their technology life cycle may cause certain electronic test equipment to become obsolete, resulting in impairment charges, which may negatively impact operating results and cash flows.
+Added: Failure to properly select, manage and respond to the technological needs of our customers and changes to our products through their technology life cycle may cause certain electronic test equipment to become obsolete, resulting in impairment charges, which may negatively impact operating results and cash flows.
If we do not effectively compete in the rental equipment market, our operating results will be materially and adversely affected.
35 unchanged sentences
dollars subjects us to fluctuations in currency exchange rates.
−Removed: If the currency exchange rates change unfavorably, the value of net
−Removed: receivables we receive in foreign currencies and later convert to U.S.
+Added: If the currency exchange rates change unfavorably, the value of net receivables we receive in foreign currencies and later convert to U.S.
dollars after the unfavorable change would be diminished.
16 unchanged sentences
Macroeconomic weakness and uncertainty also make it more difficult for us to accurately forecast revenue, gross margin and expenses, and may make it more difficult to refinance debt.
−Removed: Furthermore, sustained uncertainty about, or worsening of, geopolitical tensions, including further escalation of war between Russia and Ukraine, further escalation of trade tensions between the U.S.
−Removed: and China, escalation of tensions between China and Taiwan, further escalation in the conflict between the State of Israel and Hamas, as well as further escalation of tensions between the State of Israel and various countries in the Middle East and North Africa, could result in a global economic slowdown and long-term changes to global trade.
−Removed: Any or all of these factors could negatively affect our revenue and could materially adversely affect our business, results of operations, financial condition and growth.
−Removed: Environmental, social and governance (ESG) matters may impact our business and reputation.
−Removed: Governmental authorities, non-governmental organizations, customers, investors, external stakeholders and employees have sensitivities to ESG concerns.
−Removed: Our ability to compete could also be affected by changing customer preferences and requirements, such as growing demand for more environmentally friendly products, supplier practices, or by failure to meet such customer expectations or demand.
−Removed: We risk negative shareholder reaction, including from proxy advisory services, as well as damage to our reputation, if we do not act responsibly, or if we are perceived to not be acting responsibly in key ESG areas.
−Removed: If we do not meet the ESG expectations of our investors, customers and other stakeholders, we could experience reduced demand for our products, loss of customers, and other negative impacts on our business and results of operations.
−Removed: We have begun to report our prior modular building and portable storage segment in two separate segments of modular building and portable storage container.
−Removed: This segment reporting structure has been in effect for a limited period of time, and there are no assurances that we will be able to successfully operate the prior segment in two distinct segments, and the change could be confusing to investors and may not have the desired effects.
−Removed: During the quarter ended December 31, 2023, we began reporting our prior modular building and portable storage segment as two distinct segments of modular buildings and portable storage containers.
−Removed: Managing these changes has required, and may continue to require, significant expenditures and allocation of valuable management resources.
−Removed: We have provided disclosures about this new
−Removed: segment reporting structure, but there is no guarantee that investors or the market will understand this change to our financial reporting.
−Removed: There is also no guarantee that this change will have the desired effect.
−Removed: Failure of investors or analysts to understand our revised segment reporting structure may negatively affect their ability to understand our business and operating results which could adversely affect our stock price.
−Removed: In addition, we test for goodwill impairment at the reporting segment level and consider the difference between the fair value of a reporting segment and its’ carrying value, when determining whether any impairment exists.
−Removed: There can be no assurance that the change to our segment reporting structure will not result in impairment charges in future periods.
+Added: Furthermore, sustained uncertainty about, or worsening of, geopolitical tensions could result in a global economic slowdown and long-term changes to global trade.
+Added: Any or all of these factors could negatively affect our industry, our customers and/or suppliers and, as a result, could materially adversely affect our business, results of operations, revenue, financial condition and growth.
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.