Financial Data and Key Metrics Changes - Total revenues decreased by 4% to $256 million, with rental operations increasing by 4% and sales revenues decreasing by 18% [9][15] - Adjusted EBITDA decreased by 7% to $96.5 million, and net income decreased by 8% to $42.3 million [9][14] - Diluted earnings per share decreased by $0.15 to $1.72 [9] Business Line Data and Key Metrics Changes - Mobile Modular total revenues decreased by 5% to $181.5 million, with rental revenues increasing by 2% and rental-related services revenues increasing by 5%, offset by a 21% decrease in sales revenues [9][11] - Portable Storage rental revenues increased by 1% year-over-year to $17.3 million, marking the first year-over-year growth since Q1 of the previous year [11] - TRS-RenTelco total revenues increased by 6% to $36.9 million, driven by a 9% increase in rental revenues [12] Market Data and Key Metrics Changes - The rental demand pipelines remained solid entering Q4, indicating a positive outlook for continued growth [6] - Average fleet utilization for Mobile Modular decreased to 72.6% from 77.1% a year earlier, while TRS-RenTelco's utilization improved to 64.8% from 57.3% [10][12] Company Strategy and Development Direction - The company is focused on expanding its modular and portable storage businesses, entering new regions, and growing Mobile Modular Plus and site-related services [7][8] - The company aims to become a national modular solutions provider, capable of serving diverse customer needs [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the sales outlook, citing a strong sales backlog and positive trends in inquiries and booked orders [18][43] - The company is not currently facing immediate headwinds from the federal government shutdown, although potential long-term impacts remain unclear [6] - Management noted that the dynamic tariff environment has been managed with minimal impact on results [7] Other Important Information - The company has revised its full-year financial outlook, expecting total revenue between $935 million and $955 million and adjusted EBITDA between $350 million and $357 million [15] - The company reported net cash provided by operating activities of $175 million and reduced rental equipment purchases to $92 million from $167 million last year [14] Q&A Session Summary Question: Can you address the lumpiness of the sales activity and the run rate in the business? - Management confirmed that sales activity is expected to be more balanced this year, with a strong sales backlog and positive outlook for the year [18] Question: Is the business on an upward trajectory? - Management anticipates continued growth, emphasizing the importance of being well-positioned to meet customer needs [19] Question: How is funding in the education sector? - Management reported solid funding for education projects, with significant bonds passed in California and Texas, indicating a positive outlook for the education business [21] Question: Can you speak to the rate environment across both modular and portable storage? - Management indicated that rates are holding steady, with efforts to maintain rental rates despite some transportation cost adjustments [22] Question: How is visibility for TRS-RenTelco heading into next year? - Management expressed optimism about strong bookings and rental order volume, indicating a positive outlook for the upcoming year [26] Question: Can you elaborate on technology investments? - Management clarified that technology investments are aimed at updating systems and enhancing customer-facing capabilities [37]

Financial Data and Key Metrics Changes - Total revenues decreased by 4% to $256 million, with rental operations increasing by 4% and sales revenues decreasing by 18% [13] - Adjusted EBITDA decreased by 7% to $96.5 million, while net income decreased by 8% to $42.3 million [13][14] - Diluted earnings per share decreased by $0.15 to $1.72 [13] Business Line Data and Key Metrics Changes - Mobile Modular total revenues decreased by 5% to $181.5 million, with rental revenues up by 2% and rental-related services revenues up by 5%, offset by a 21% decrease in sales revenues [13][14] - Portable Storage rental revenues increased by 1% year over year to $17.3 million, marking the first year-over-year growth since Q1 of the previous year [15] - TRS RenTelco total revenues increased by 6% to $36.9 million, driven by a 9% increase in rental revenues [16] Market Data and Key Metrics Changes - Utilization rates for Mobile Modular decreased to 72.6% from 77.1% a year earlier, while Portable Storage utilization was at 61.4% compared to 62.8% a year ago [14][15] - Average monthly revenue per unit on rent increased by 6% year over year to $865 [14] Company Strategy and Development Direction - The company is focused on expanding its modular and portable storage businesses, entering new regions, and increasing coverage through acquisitions [11] - The strategy includes becoming a national modular solutions provider capable of serving diverse customer needs [11] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing market uncertainties but expressed optimism due to increased booked orders and stable pricing [5][10] - The company has upwardly revised its full-year financial outlook, expecting total revenue between $935 million and $955 million [20] Other Important Information - The company is managing the impact of tariffs effectively, with minimal effects on results [10] - Cash flow highlights include net cash provided by operating activities of $175 million and a decrease in rental equipment purchases to $92 million [19] Q&A Session Summary Question: Can you address the lumpiness of sales activity? - Management confirmed that sales backlog is strong and projects that did not close in Q3 will move into Q4, maintaining a positive sales outlook [23][24] Question: Is the business on an upward trajectory? - Management anticipates continued growth, emphasizing the importance of being positioned to meet customer needs [25][26] Question: How is the education sector performing? - Management reported solid funding for education projects, with significant bonds passed in California and Texas, indicating a positive outlook for the education business [29][30] Question: What is the rate environment like? - Rates are holding steady, with efforts to maintain rental rates despite some transportation cost concessions [31][32] Question: How is visibility for TRS heading into next year? - Management noted strong bookings and rental order volume, indicating positive momentum heading into Q4 [38][39] Question: Can you elaborate on technology investments? - Management highlighted ongoing technology investments to keep systems relevant and customer-friendly [44][45] Question: What is the cash usage prioritization for next year? - Management indicated a strong free cash flow position, allowing for flexibility in acquisitions and capital expenditures [70][72] Question: How are the recent acquisitions progressing? - The two small acquisitions are integrated and contributing positively, with no red flags noted [63][65]

Core Points - The recent altercation between U.S. Treasury Secretary Scott Bessent and Federal Housing Finance Agency Director Bill Pulte has exposed long-standing tensions within the Trump administration [1][9][18] - Bessent, known for his composed public persona, revealed a more volatile side during this incident, indicating potential instability within the administration [3][7][17] - The conflict stems from policy disagreements regarding the oversight of mortgage and housing finance, with Bessent advocating for Treasury's control while Pulte pushes for privatization [9][10][20] Group 1: Individuals Involved - Scott Bessent, aged 63, has a distinguished career in finance, previously managing substantial assets for the Soros Fund and serving as a key negotiator in U.S.-China trade talks [4][7] - Bill Pulte, from a prominent Detroit real estate family, has been active in the Trump administration, advocating for housing finance reform and known for his social media presence [6][8] Group 2: Nature of the Conflict - The altercation occurred on September 3 at a high-profile event, highlighting the personal and professional stakes involved in the ongoing policy debates [14][15] - Bessent perceives Pulte as an ally of Commerce Secretary Howard Lutnick, complicating the dynamics of their interactions and contributing to the conflict [12][20] Group 3: Implications for Governance - The incident underscores the governance challenges within the Trump administration, where internal power struggles may hinder effective policy implementation [18][20] - Republican lawmakers generally support Bessent, viewing him as a stabilizing force in economic policy, while Pulte's aggressive tactics have garnered criticism [17][20]

Core Viewpoint - The central government-backed investment entity, Central Huijin, has significantly increased its holdings in ETFs, sending multiple positive signals to the market and contributing to market stability and investor confidence [1][2][3]. Group 1: Central Huijin's Actions - As of the end of June, Central Huijin and its subsidiaries held a total market value of 1.28 trillion yuan in stock ETFs, representing a nearly 23% increase from the end of last year, marking a historical high [1]. - Central Huijin has acted as a stabilizing force in the market, particularly during periods of significant volatility, by increasing its holdings and thereby supporting market confidence and value investment principles [1][2]. - The decisive actions taken by Central Huijin on April 7, in response to external negative factors affecting the A-share market, led to a quick stabilization of the index and initiated a slow bull market over the following five months [1][2]. Group 2: Impact on the Market - The stability of the capital market is directly related to economic and livelihood support, with Central Huijin's ETF purchases promoting a healthy and stable market environment for financing the real economy [1][2]. - Central Huijin's investments have significantly reduced market volatility and alleviated risks faced by some listed companies, such as those related to equity pledges [2]. - By signaling a long-term positive outlook for the A-share market, Central Huijin's actions are expected to inspire other institutional investors, enhancing their investment confidence and stabilizing their holdings during market fluctuations [2]. Group 3: Investment Returns and Market Structure - Through ETF investments, Central Huijin mitigates the risks associated with individual stocks while benefiting from overall market growth [2]. - The entity's focus on a basket of core A-share assets reflects a vote of confidence in the fundamentals of the Chinese economy and the overall quality of listed companies [2][3]. - Central Huijin's long-term investments are anticipated to yield good returns while preserving and increasing the value of state-owned assets, thus achieving multiple objectives of market stability and investment gains [3].

Group 1 - The China Securities Regulatory Commission (CSRC) has outlined seven key work priorities for the second half of the year, focusing on stabilizing the market, deepening reforms, enhancing regulatory effectiveness, and improving research on major capital market issues to better serve national strategies [1] - Current market stability is attributed to controlling long-term stock price fluctuations and maintaining predictable market responses to external shocks, with A-share indices remaining above 3500 points, indicating market resilience [1][2] - The regulatory body is working on mechanisms to consolidate market stability and expects a continuation of positive trends with the implementation of favorable policies [1] Group 2 - The core direction for the next reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market is to support technological innovation, allowing unprofitable companies with growth potential to access capital markets [2] - There is a need to bridge the gap between academic research and practical realities in capital market studies, promoting dialogue between academia and regulatory bodies to enhance policy-making effectiveness [2] - This approach aims to provide theoretical support for long-term market stability and better serve the needs of the national strategy, facilitating the transformation and upgrading of the real economy and technological innovation [2]

Core Viewpoint - The article discusses the tension between U.S. Treasury Secretary Scott Bansenet and President Trump regarding the potential firing of Federal Reserve Chairman Jerome Powell, highlighting the risks and implications of such an action on the market [1][4]. Group 1: Treasury Secretary's Advice - Treasury Secretary Bansenet advised President Trump against firing Powell, stating it would lead to "chaos" in the market [4]. - Bansenet warned that Powell would likely sue if dismissed, which could result in a prolonged legal battle that would not benefit Trump [4]. - He also mentioned that if Powell were fired, Vice Chairman Philip Jefferson, appointed by Biden, would temporarily lead the Fed, which could be more unfavorable for Trump [4]. Group 2: Trump's Response - President Trump reacted angrily to reports of Bansenet's advice, claiming he understands the market better than anyone else [5]. - Trump criticized the Wall Street Journal for publishing what he called a "typical false report" regarding Bansenet's comments on Powell [5]. - He asserted that the market's current highs are due to his actions, suggesting that without him, the market would have already collapsed [6].

Report Industry Investment Rating - Not provided Core Viewpoints - The unexpected sharp decline in US ADP employment data led to a differentiated reaction in the US stock market, with the S&P 500 and Nasdaq rising. The China Securities Regulatory Commission (CSRC) Party Committee emphasized maintaining capital market stability as the primary task and building a system environment conducive to high - quality market development. On the day, small and medium - cap stocks showed a shrinking adjustment, with a generally controllable correction range but intensified internal differentiation [1][3] Summary by Catalog Market Analysis - Domestically, the CSRC Party Committee emphasized optimizing capital market mechanisms, protecting investors, deepening reforms, promoting opening - up, and maintaining market stability. Overseas, the US June ADP employment unexpectedly decreased by 33,000, the first negative growth since March 2023, and the service industry employment had the largest decline since the pandemic [1] - In the spot market, A - share indices closed down, with technology stocks correcting. The Shanghai Composite Index fell 0.09% to 3454.79, and the ChiNext Index fell 1.13%. The trading volume of the two markets dropped to 1.4 trillion yuan. In June 2025, 1.65 million new A - share accounts were opened, a 5.84% increase from the previous month, and 12.6 million new accounts were opened in the first half of the year, a 32.77% increase from the same period in 2024. Overseas, US indices had mixed results [2] - In the futures market, the basis discounts of stock index futures converged to varying degrees. The trading volumes of IH and IF increased, and the IF open interest rebounded [2] Strategy - The unexpected decline in US ADP employment data led to a differentiated reaction in the US stock market. The CSRC's emphasis on market stability is conducive to the high - quality development of the market. Small and medium - cap stocks adjusted with controllable declines and intensified internal differentiation [3] Macro - economic Charts - The report includes charts on the relationship between the US dollar index, US Treasury yields, RMB exchange rate, and A - share trends, as well as the relationship between US Treasury yields and A - share styles. All data sources are from Flush and Huatai Futures Research Institute [6][11][12] Spot Market Tracking Charts - The daily performance of major domestic stock indices on July 2, 2025, shows that the Shanghai Composite Index fell 0.09%, the Shenzhen Component Index fell 0.61%, the ChiNext Index fell 1.13%, the CSI 300 Index rose 0.02%, the SSE 50 Index rose 0.21%, the CSI 500 Index fell 0.70%, and the CSI 1000 Index fell 1.01% [13] Futures Market Tracking Charts - The table of futures open interest and trading volume shows the changes in the trading volume and open interest of IH, IF, and IC. The basis table shows the changes in the basis of IF, IH, IC, and IM for different contracts. The inter - period spread table shows the inter - period spreads and their changes for different contracts of IF, IH, IC, and IM [6][44]

Group 1 - The Turkish Finance Minister Simsek stated that relevant institutions are prepared to take necessary measures swiftly and decisively to maintain market stability and ensure the healthy operation of the economy [1]

Core Viewpoint - The Bank of Korea indicates that it will take measures to stabilize the market if excessive volatility occurs [1] Group 1 - The Bank of Korea is closely monitoring market conditions and is prepared to intervene if necessary [1] - The statement reflects concerns about potential market instability and the central bank's commitment to maintaining financial stability [1]

Core Viewpoint - The Bank of Korea has indicated that it will implement measures to stabilize the market if there is excessive volatility [1] Group 1 - The Bank of Korea is closely monitoring market conditions and is prepared to intervene if necessary [1]