McGrath RentCorp
25 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.
Customers
U.S. public school districts (K-12)
earns from · 25%named as a riskRentals and sales of modular buildings to public school districts for use as classrooms, restroom buildings, and administrative offices for K-12 represent a significant portion of Mobile Modular’s rental and sales revenues.Risk factors (Item 1A)
U.S. federal government
earns fromnamed as a riskMobile Modular and Portable Storage derive a portion of its revenues from contracts with U.S. federal government entities, government prime contractors, state entities and local entities, including school districts, and such revenues are growing.Risk factors (Item 1A)
Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CI and 25 more
Construction industry
earns fromnamed as a riskWe 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.Risk factors (Item 1A)
Aerospace, defense, communications and semiconductor industries
earns fromnamed as a riskHistorically, these industries have been cyclical and have experienced periodic downturns, which can have a material adverse impact on the industry’s demand for equipment, including our rental electronic test equipment.Risk factors (Item 1A)
Suppliers
Unnamed primary modular manufacturer
depends on · 27%named as a riskDuring 2025, Mobile Modular purchased 27% of its modular product from one manufacturer.Risk factors (Item 1A)
Viavi Solutions
depends onTo date, Anritsu, Viavi Solutions and Fluke Networks, a division of Fortive Corporation, have manufactured a significant portion of TRS-RenTelco’s communications test equipment, with the remainder acquired from over 40 other manufacturers.Business (Item 1)
Also named by LITE
Keysight Technologies
depends onTo date, Keysight Technologies, Rhode & Schwarz and Tektronix, a division of Fortive Corporation, have manufactured the majority of TRS-RenTelco’s general purpose electronic test equipment with the remainder acquired from over 60 other manufacturers.Business (Item 1)
Rohde & Schwarz
depends onTo date, Keysight Technologies, Rhode & Schwarz and Tektronix, a division of Fortive Corporation, have manufactured the majority of TRS-RenTelco’s general purpose electronic test equipment with the remainder acquired from over 60 other manufacturers.Business (Item 1)
Fortive Corporation (Tektronix, Fluke Networks)
depends onTo date, Keysight Technologies, Rhode & Schwarz and Tektronix, a division of Fortive Corporation, have manufactured the majority of TRS-RenTelco’s general purpose electronic test equipment with the remainder acquired from over 60 other manufacturers.Business (Item 1)
Anritsu
depends onTo date, Anritsu, Viavi Solutions and Fluke Networks, a division of Fortive Corporation, have manufactured a significant portion of TRS-RenTelco’s communications test equipment, with the remainder acquired from over 40 other manufacturers.Business (Item 1)
Other companies
Variable rate debt (Credit Facility)
exposed to its price · $265.0 millionnamed as a riskOur annual debt service obligations increase by approximately $2.7 million per year for each 1% increase in the average interest rate we pay based on the $265.0 million balance of variable rate debt outstanding at December 31, 2025.Risk factors (Item 1A)
Competitors
WillScot Mobile Mini Holdings Corp.
$180.0 millionOn September 17, 2024, the Company and WillScot Mobile Mini mutually agreed to terminate the Merger Agreement, effective upon WillScot Mobile Mini's cash payment of $180.0 million to the Company, which was received on September 20, 2024.Business (Item 1)
Places
Canada
operates in · less than 10% of the Company’s revenuesnamed as a riskWe receive revenues in Canadian dollars from our business activities in Canada.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
California
concentrated innamed as a riskThe state of California is our largest market for classroom rentals.Risk factors (Item 1A)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Florida
earns fromRental units for temporary classroom and other educational space needs are an important industry segment and the Company believes Mobile Modular is a leading supplier in California and Florida, and a significant supplier in Texas, of modular educational facilities for rental to both public and private schools.Business (Item 1)
Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more
Dallas Fort Worth International Airport facility (Grapevine, Texas)
concentrated inTRS-RenTelco is supported by a centralized distribution and inventory center on the grounds of the Dallas-Fort Worth International Airport in Texas.Business (Item 1)
Hazards
Hurricanes (Texas, Louisiana, Florida, North Carolina, Georgia)
operates innamed as a riskOur rental equipment and facilities in Texas, Louisiana, Florida, North Carolina and Georgia are located in areas subject to hurricanes and other tropical storms.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
California earthquake
operates innamed as a riskIn particular, our headquarters, three operating facilities, and certain of our rental equipment are located in areas of California, with above average seismic activity and could be subject to catastrophic loss caused by an earthquake.Risk factors (Item 1A)
Commodities and inputs
Fuel
exposed to its pricenamed as a riskDuring periods of rising prices for labor, raw materials or fuel, and in particular, when the prices increase rapidly or to levels significantly higher than normal, we may incur significant increases in our acquisition costs for new modular units and incur higher operating costs that we may not be able to recoup from our customers, which would reduce our profitability.Risk factors (Item 1A)
Also named by ASO, CARR, COR, CPNG, CPRT, DDS, DKS, DY and 16 more
Lumber
exposed to its pricenamed as a riskWe incur labor costs and purchase raw materials, including lumber, siding and roofing and other products to perform periodic repairs, modifications and refurbishments to maintain physical conditions of our modular units.Risk factors (Item 1A)
Also named by BLDR, DHI, GHC, HD, HHH, KIM, LEN, LOW and 11 more
Regulators
California Division of the State Architect
subject toEnviroplex 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.Business (Item 1)
Laws and programs
California state and local school facility bond measures
earns fromnamed as a riskA lack of passage of state and local facility bond measures, or the inability to sell bonds in the public markets in the future could reduce our revenues and operating income, and consequently have a material adverse effect on the Company’s financial condition.Risk factors (Item 1A)
State class size reduction laws
earns fromnamed as a riskSchool districts with class sizes in excess of state limits have been and continue to be a significant source of our demand for modular classrooms.Risk factors (Item 1A)
Piggyback contracts (public school procurement)
subject tonamed as a riskA change in the manner of use or the elimination of “piggyback” contracts would likely negatively impact our ability to book new business from these government customers and could cause our administrative expenses related to processing these orders to increase significantly.Risk factors (Item 1A)
State building codes
subject tonamed as a riskNonetheless, new governmental regulations in these or other areas may increase our acquisition cost of new rental equipment, limit the use of or make obsolete some of our existing equipment, or increase our costs of rental operations.Risk factors (Item 1A)