As of February 22, 2021, 24,128,208 shares of Registrant's Common Stock were outstanding. Generally, the units are then repaired for subsequent use. The Company believes that customers rent electronic test equipment for many reasons. TRS-RenTelco depreciates its equipment over 1 to 8 years with no residual value. Financial Statements and Supplementary Data." These laws and regulations are complex and frequently change. The state of California is our largest market for classroom rentals. We are subject to laws and regulations governing government contracts. Seasonality of our educational business may have adverse consequences for our business. During 2020, Mobile Modular purchased 45% of its modular product from one manufacturer. This could have a negative impact on our reported operating results. At December 31, 2020, the actual ratio was 0.92 to 1. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. For more information, see "Item 1. These results are discussed on a segment basis below. 39 TRS-RenTelco's gross profit for 2020 increased $0.1 million to $60.9 million. The Company will sell the Shelf Notes directly to such purchasers. The principal balance is due when the notes mature in 2022. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as sales-type leases. Changes in these policies could impact the Company's financial results. We conducted our audits in accordance with the standards of the PCAOB. The failure to achieve these projections might be indicators of potential impairment. /s/ GRANT THORNTON LLP We have served as the Company's auditor since 2002. Costs incurred in the preliminary stages of development are expensed as incurred. Maintenance, training and post implementation costs are expensed as incurred. Capitalized software costs are included in property, plant and equipment. Intangible assets related to customer relationships are amortized over eleven years. There were no impairment charges in 2019 or 2018. The functional currency for TRS-Canada is the U.S. dollar. The new guidance eliminates the second step from the goodwill impairment test. The wind down of operations in India began in 2017. If not realized, these carry forwards will begin to expire in 2023. There were 184,091 performance-based RSUs expected to vest as of December 31, 2020. Evaluation of Disclosure Controls and Procedures. Limitations on the Effectiveness of Controls. 3.1.1 Amendment to Articles of Incorporation of McGrath RentCorp. &# 10.4.4 Form of 2007 Stock Incentive Plan Restricted Stock Unit Award and Agreement. Right of use assets obtained in exchange for lease obligations abstract. Non-lease Sales [Member] Non Lease Sales [Member] Non lease other. Line of credit facility indebtedness. Senior Unsecured Notes [Member] Senior Unsecured Notes [Member] Rate Lock Agreement. Health and workers compensation plans liability. As of December 31, 2020, 1,309,805 shares remain authorized for repurchase. &
