McGrath RentCorp is a business-to-business equipment rental company operating three core businesses: relocatable modular buildings, portable storage containers, and electronic test equipment. The largest segment, Mobile Modular (~70% of revenues), rents and sells temporary modular structures — portable classrooms, construction offices, healthcare clinics, and large industrial complexes — primarily to K-12 public schools and commercial customers. TRS-RenTelco (~15% of revenues) rents and sells oscilloscopes, spectrum analyzers, and network test equipment to aerospace, defense, semiconductor, and manufacturing customers. Portable Storage (~10% of revenues) rents steel shipping containers to construction, retail, and industrial customers. McGrath also operates Enviroplex, a small business that manufactures and sells modular classrooms directly to California school districts. McGrath's business model centers on investing upfront to build a rental fleet, then earning rental revenue over the long useful lives of those assets — modular buildings last ~18 years, containers ~25 years — recovering the original investment in roughly three to four years and generating strong cash flows thereafter. Key revenue drivers are fleet utilization, rental rates, and ancillary services like furniture and site prep bundled with modular rentals. McGrath's growth strategy focuses on geographic expansion into the Midwest and Northeast, growing its Mobile Modular Plus bundled services offering, pursuing larger and more complex modular installations, and acquiring smaller regional operators to add fleet and market density.