Mobile Mini Reports Q4 2019 Results and Announces Quarterly Dividend
Mobile Mini, Inc. (NASDAQ GS: MINI) (the “Company” or “Mobile Mini”), the world’s leading supplier of portable storage solutions and a leading provider of tank and pump solutions in the United States, today reported actual and adjusted financial results for the quarter ended December 31, 2019.
The Company realized net income of $29.0 million, or $0.66 per diluted share, in the fourth quarter of 2019. On an adjusted basis, fourth quarter net income was $29.8 million, or $0.67 per diluted share, as compared to adjusted net income of $23.7 million, or $0.53 per diluted share, for the same period last year. Adjusted EBITDA was $68.1 million and adjusted EBITDA margin was 42.7% for the fourth quarter of 2019.
Total revenues were $159.3 million and rental revenues were $152.1 million for the fourth quarter of 2019, as compared to $160.9 million and $152.0 million, respectively, for the same period last year. Rental revenues for the Storage Solutions and Tank & Pump Solutions businesses for the current quarter were $125.5 million and $26.6 million, respectively, compared to $122.2 million and $29.9 million for the same period last year.
Dividend
The Company’s Board of Directors declared a cash dividend of 30.3 cents per share, which will be paid on March 11, 2020 to shareholders of record as of February 26, 2020.
Fourth Quarter 2019 Highlights
- Drove healthy year-over-year growth of 4.1% in North American Storage Solutions rental revenue.
- Grew consolidated adjusted EBITDA 7.6%, year-over-year, and expanded adjusted EBITDA margin by 340 basis points to 42.7%, driven by a 460 basis point year-over-year increase for Storage Solutions.
- Generated cash from operating activities of $60.8 million for the quarter and $212.7 million for the full year, resulting in free cash flow of $51.1 million for the quarter and $143.1 million for the year, nearly double the prior year.
- Raised North American Storage Solutions core (excluding seasonal) rates 4.5% year-over-year, with rates on newly placed units up 5.4%.
- Maintained strong average OEC utilization rate of 80.6% for Storage Solutions.
- Further increased return on capital employed to 10.1% as of December 31, 2019, exceeding our weighted average cost of capital and improving 160 basis points from December 31, 2018.
- Decreased leverage ratio to 3.6x as of December 31, 2019 compared to 4.2x as of December 31, 2018.
- Completed three acquisitions in the quarter, thereby strengthening our existing operations in Missouri and New York and expanding our serviceable reach in the Bloomington, Illinois market.
CEO Comments
Kelly Williams, Mobile Mini’s President and Chief Executive Officer, remarked, “Our record free cash flow generation in 2019 reflects the strength of our business model and provides us with considerable flexibility in capital allocation. Our strong fourth quarter 2019 financial performance is highlighted by 7.6% year-over-year growth in consolidated adjusted EBITDA, along with margin expansion of 340 basis points to 42.7%. I am especially pleased with the performance of our North America Storage Solutions business which included rental revenue growth of 4.1% and a very robust adjusted EBITDA margin of 47.3%.”
Mr. Williams continued, “In the twelve months ended December 31, 2019, we executed our strategic plan and delivered on our Evergreen model. We also nearly doubled free cash flow in 2019 relative to the prior year. We enter 2020 from a position of operational and financial strength, with a large and diversified customer base and a sustainable operational cadence. On a consolidated basis, in 2020 we expect to continue to grow rental revenues by GDP plus 2% to 3% while expanding adjusted EBITDA margin and generating strong levels of consolidated free cash flow, exceeding 2019 amounts.”
Conference Call
Mobile Mini will host a conference call tomorrow, January 29th at 9 am ET to review these results. To listen to the call live, dial (201) 493-6739 and ask for the Mobile Mini Conference Call or go to www.mobilemini.com and click on the Investor Relations section. Additionally, a slide presentation that will accompany the call will be posted at www.mobilemini.com on the Investor Relations section and will be available in advance and after the call. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, a replay of the call can be accessed for approximately 90 days after the call at Mobile Mini’s website.
About Mobile Mini, Inc.
Mobile Mini, Inc. is the world’s leading provider of portable storage solutions through its total rental fleet of approximately 200,200 storage solutions containers and office units and a leading provider of tank and pump solutions in the U.S., with a rental fleet of approximately 12,700 units. Mobile Mini’s network is comprised of 156 locations in the U.S., U.K., and Canada. Mobile Mini is included on the Russell 2000® and 3000® Indexes and the S&P Small Cap Index.
Forward-Looking Statements
This news release contains forward-looking statements, including, but not limited to, our ability to grow our business with existing and new customers, as well as our ability to grow above GDP, expand adjusted EBITDA margins, and generate strong free cash flow, all of which involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Risks and uncertainties that may affect future results include those that are described from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). These forward-looking statements represent the judgment of the Company, as of the date of this release, and Mobile Mini disclaims any intent or obligation to update forward-looking statements.
(See accompanying tables)
Mobile Mini, Inc. |
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Condensed Consolidated Statements of Operations |
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|||||||||||||||||||||||
(Unaudited) |
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|||||||||||||||||||||||
(in thousands, except percentages and per share data) |
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|
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|
|
|
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Three Months Ended December 31, 2019 |
|
|
Three Months Ended December 31, 2018 |
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||||||||||||||||||
|
|
Actual |
|
|
Adjustments |
|
|
Adjusted (1) |
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|
Actual |
|
|
Adjustments |
|
|
Adjusted (2) |
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||||||
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Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
$ |
152,060 |
|
|
$ |
— |
|
|
$ |
152,060 |
|
|
$ |
152,048 |
|
|
$ |
— |
|
|
$ |
152,048 |
|
Sales |
|
|
7,149 |
|
|
|
— |
|
|
|
7,149 |
|
|
|
8,654 |
|
|
|
— |
|
|
|
8,654 |
|
Other |
|
|
57 |
|
|
|
— |
|
|
|
57 |
|
|
|
167 |
|
|
|
— |
|
|
|
167 |
|
Total revenues |
|
|
159,266 |
|
|
|
— |
|
|
|
159,266 |
|
|
|
160,869 |
|
|
|
— |
|
|
|
160,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental, selling and general expenses |
|
|
90,157 |
|
|
|
(972 |
) |
|
|
89,185 |
|
|
|
95,090 |
|
|
|
— |
|
|
|
95,090 |
|
Cost of sales |
|
|
4,191 |
|
|
|
— |
|
|
|
4,191 |
|
|
|
5,512 |
|
|
|
— |
|
|
|
5,512 |
|
Restructuring expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
700 |
|
|
|
(700 |
) |
|
|
— |
|
Asset impairment charge and loss on divestiture, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,862 |
|
|
|
(3,862 |
) |
|
|
— |
|
Depreciation and amortization |
|
|
17,623 |
|
|
|
— |
|
|
|
17,623 |
|
|
|
16,794 |
|
|
|
— |
|
|
|
16,794 |
|
Total costs and expenses |
|
|
111,971 |
|
|
|
(972 |
) |
|
|
110,999 |
|
|
|
121,958 |
|
|
|
(4,562 |
) |
|
|
117,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
47,295 |
|
|
|
972 |
|
|
|
48,267 |
|
|
|
38,911 |
|
|
|
4,562 |
|
|
|
43,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(9,633 |
) |
|
|
— |
|
|
|
(9,633 |
) |
|
|
(10,725 |
) |
|
|
— |
|
|
|
(10,725 |
) |
Foreign currency exchange |
|
|
(95 |
) |
|
|
— |
|
|
|
(95 |
) |
|
|
(5 |
) |
|
|
— |
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax provision |
|
|
37,567 |
|
|
|
972 |
|
|
|
38,539 |
|
|
|
28,181 |
|
|
|
4,562 |
|
|
|
32,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
8,551 |
|
|
|
226 |
|
|
|
8,777 |
|
|
|
13,933 |
|
|
|
(4,863 |
) |
|
|
9,070 |
|
Net income |
|
$ |
29,016 |
|
|
$ |
746 |
|
|
$ |
29,762 |
|
|
$ |
14,248 |
|
|
$ |
9,425 |
|
|
$ |
23,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA/Adjusted EBITDA |
|
$ |
64,823 |
|
|
|
|
|
|
$ |
68,082 |
|
|
$ |
55,700 |
|
|
|
|
|
|
$ |
63,263 |
|
EBITDA/Adjusted EBITDA as a percentage of total revenues |
|
|
40.7 |
% |
|
|
|
|
|
|
42.7 |
% |
|
|
34.6 |
% |
|
|
|
|
|
|
39.3 |
% |
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
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Earnings per share: |
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|
|
|
|
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Basic |
|
$ |
0.66 |
|
|
|
|
|
|
$ |
0.68 |
|
|
$ |
0.32 |
|
|
|
|
|
|
$ |
0.53 |
|
Diluted |
|
|
0.66 |
|
|
|
|
|
|
|
0.67 |
|
|
|
0.32 |
|
|
|
|
|
|
|
0.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Weighted average number of common and common share equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
43,707 |
|
|
|
|
|
|
|
43,707 |
|
|
|
44,353 |
|
|
|
|
|
|
|
44,353 |
|
Diluted |
|
|
44,266 |
|
|
|
|
|
|
|
44,266 |
|
|
|
44,885 |
|
|
|
|
|
|
|
44,885 |
|
(1) |
Adjusted column for the three-month period ended December 31, 2019 excludes certain transactions that management believes are not indicative of our business. Adjusted figures are a non-GAAP presentation. See the non-GAAP reconciliations herein and the additional information regarding non-GAAP financial information following in this earnings release. The adjustments for the three-month period ended December 31, 2019 include the following, along with the related tax effects: |
|
|
|
|
|
|
|
(2) |
Adjusted column for the three-month period ended December 31, 2018 excludes certain transactions that management believes are not indicative of our business. Adjusted figures are a non-GAAP presentation. See the non-GAAP reconciliations herein and the additional information regarding non-GAAP financial information following in this earnings release. The adjustments for the three-month period ended December 31, 2018 include the following: |
|
|
|
Mobile Mini, Inc. |
|
|||||||||||||||||||||||
Condensed Consolidated Statements of Operations |
|
|||||||||||||||||||||||
(Unaudited) |
|
|||||||||||||||||||||||
(in thousands, except percentages and per share data) |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, 2019 |
|
|
Twelve Months Ended December 31, 2018 |
|
||||||||||||||||||
|
|
Actual |
|
|
Adjustments |
|
|
Adjusted (1) |
|
|
Actual |
|
|
Adjustments |
|
|
Adjusted (2) |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
$ |
581,657 |
|
|
$ |
— |
|
|
$ |
581,657 |
|
|
$ |
558,197 |
|
|
$ |
— |
|
|
$ |
558,197 |
|
Sales |
|
|
30,394 |
|
|
|
— |
|
|
|
30,394 |
|
|
|
34,354 |
|
|
|
— |
|
|
|
34,354 |
|
Other |
|
|
574 |
|
|
|
— |
|
|
|
574 |
|
|
|
678 |
|
|
|
— |
|
|
|
678 |
|
Total revenues |
|
|
612,625 |
|
|
|
— |
|
|
|
612,625 |
|
|
|
593,229 |
|
|
|
— |
|
|
|
593,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental, selling and general expenses |
|
|
369,525 |
|
|
|
(7,202 |
) |
|
|
362,323 |
|
|
|
364,123 |
|
|
|
— |
|
|
|
364,123 |
|
Cost of sales |
|
|
18,675 |
|
|
|
— |
|
|
|
18,675 |
|
|
|
22,437 |
|
|
|
— |
|
|
|
22,437 |
|
Restructuring expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,006 |
|
|
|
(2,006 |
) |
|
|
— |
|
Asset impairment charge and loss on divestiture, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
102,140 |
|
|
|
(102,140 |
) |
|
|
— |
|
Depreciation and amortization |
|
|
70,583 |
|
|
|
— |
|
|
|
70,583 |
|
|
|
67,000 |
|
|
|
— |
|
|
|
67,000 |
|
Total costs and expenses |
|
|
458,783 |
|
|
|
(7,202 |
) |
|
|
451,581 |
|
|
|
557,706 |
|
|
|
(104,146 |
) |
|
|
453,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
153,842 |
|
|
|
7,202 |
|
|
|
161,044 |
|
|
|
35,523 |
|
|
|
104,146 |
|
|
|
139,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
12 |
|
|
|
— |
|
|
|
12 |
|
|
|
6 |
|
|
|
— |
|
|
|
6 |
|
Interest expense |
|
|
(41,378 |
) |
|
|
— |
|
|
|
(41,378 |
) |
|
|
(40,904 |
) |
|
|
— |
|
|
|
(40,904 |
) |
Deferred financing costs write-off |
|
|
(123 |
) |
|
|
123 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign currency exchange |
|
|
(274 |
) |
|
|
— |
|
|
|
(274 |
) |
|
|
64 |
|
|
|
— |
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax provision |
|
|
112,079 |
|
|
|
7,325 |
|
|
|
119,404 |
|
|
|
(5,311 |
) |
|
|
104,146 |
|
|
|
98,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
28,345 |
|
|
|
919 |
|
|
|
29,264 |
|
|
|
2,751 |
|
|
|
22,475 |
|
|
|
25,226 |
|
Net income (loss) |
|
$ |
83,734 |
|
|
$ |
6,406 |
|
|
$ |
90,140 |
|
|
$ |
(8,062 |
) |
|
$ |
81,671 |
|
|
$ |
73,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA/Adjusted EBITDA |
|
$ |
224,163 |
|
|
|
|
|
|
$ |
242,893 |
|
|
$ |
102,593 |
|
|
|
|
|
|
$ |
217,243 |
|
EBITDA/Adjusted EBITDA as a percentage of total revenues |
|
|
36.6 |
% |
|
|
|
|
|
|
39.6 |
% |
|
|
17.3 |
% |
|
|
|
|
|
|
36.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.90 |
|
|
|
|
|
|
$ |
2.04 |
|
|
$ |
(0.18 |
) |
|
|
|
|
|
$ |
1.66 |
|
Diluted |
|
|
1.88 |
|
|
|
|
|
|
|
2.02 |
|
|
|
(0.18 |
) |
|
|
|
|
|
|
1.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common and common share equivalents outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
44,178 |
|
|
|
|
|
|
|
44,178 |
|
|
|
44,295 |
|
|
|
|
|
|
|
44,295 |
|
Diluted |
|
|
44,550 |
|
|
|
|
|
|
|
44,550 |
|
|
|
44,295 |
|
|
|
|
|
|
|
44,980 |
|
(1) |
Adjusted column for the twelve months ended December 31, 2019 excludes certain transactions that management believes are not indicative of our business. Adjusted figures are a non-GAAP presentation. See the non-GAAP reconciliations herein and the additional information regarding non-GAAP financial information following in this earnings release. The adjustments for the twelve-month period ended December 31, 2019 include the following, along with the related tax effects: |
|
|
|
|
|
|
|
(2) |
Adjusted column for the twelve months ended December 31, 2018 excludes certain transactions that management believes are not indicative of our business. Adjusted figures are a non-GAAP presentation. See the non-GAAP reconciliations herein and the additional information regarding non-GAAP financial information following in this earnings release. The adjustments for the twelve-month period ended December 31, 2018 include the following: |
|
|
|
Mobile Mini, Inc. |
|
|||||||
Operating Data |
|
|||||||
(Unaudited) |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2019 |
|
|
2018 |
|
||
As of December 31: |
|
|
|
|
|
|
|
|
Stand-alone Storage Solutions locations |
|
|
120 |
|
|
|
117 |
|
Stand-alone Tank & Pump Solutions locations |
|
|
20 |
|
|
|
20 |
|
Combined Storage Solutions and Tank & Pump Solutions locations |
|
|
16 |
|
|
|
17 |
|
Storage Solutions rental fleet units |
|
|
200,200 |
|
|
|
195,600 |
|
Tank & Pump Solutions rental fleet units |
|
|
12,700 |
|
|
|
12,600 |
|
|
|
|
|
|
|
|
|
|
Average utilization based on original equipment cost |
|
|
|
|
|
|
|
|
Three months ended December 31: |
|
|
|
|
|
|
|
|
Storage Solutions |
|
|
80.6 |
% |
|
|
82.9 |
% |
Tank & Pump Solutions |
|
|
68.6 |
% |
|
|
76.0 |
% |
Twelve months ended December 31: |
|
|
|
|
|
|
|
|
Storage Solutions |
|
|
77.9 |
% |
|
|
74.2 |
% |
Tank & Pump Solutions |
|
|
71.1 |
% |
|
|
74.0 |
% |
Mobile Mini, Inc. |
|
|||||||||||||||||||
Business Segment Information - Adjusted (1) |
|
|||||||||||||||||||
(Unaudited) |
|
|||||||||||||||||||
(in thousands, except percentages) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2019 |
|
|||||||||||||||||
|
|
Storage Solutions |
|
|
|
|
|
|
|
|
|
|||||||||
|
|
North America |
|
|
United Kingdom |
|
|
Total |
|
|
Tank & Pump Solutions |
|
|
Consolidated |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
$ |
106,668 |
|
|
$ |
18,814 |
|
|
$ |
125,482 |
|
|
$ |
26,578 |
|
|
$ |
152,060 |
|
Sales |
|
|
4,515 |
|
|
|
1,364 |
|
|
|
5,879 |
|
|
|
1,270 |
|
|
|
7,149 |
|
Other |
|
|
36 |
|
|
|
— |
|
|
|
36 |
|
|
|
21 |
|
|
|
57 |
|
Total revenues |
|
|
111,219 |
|
|
|
20,178 |
|
|
|
131,397 |
|
|
|
27,869 |
|
|
|
159,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental, selling and general expenses |
|
|
58,106 |
|
|
|
12,482 |
|
|
|
70,588 |
|
|
|
18,597 |
|
|
|
89,185 |
|
Cost of sales |
|
|
2,578 |
|
|
|
1,114 |
|
|
|
3,692 |
|
|
|
499 |
|
|
|
4,191 |
|
Depreciation and amortization |
|
|
9,129 |
|
|
|
1,807 |
|
|
|
10,936 |
|
|
|
6,687 |
|
|
|
17,623 |
|
Total costs and expenses |
|
|
69,813 |
|
|
|
15,403 |
|
|
|
85,216 |
|
|
|
25,783 |
|
|
|
110,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
41,406 |
|
|
$ |
4,775 |
|
|
$ |
46,181 |
|
|
$ |
2,086 |
|
|
$ |
48,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
52,579 |
|
|
$ |
6,588 |
|
|
$ |
59,167 |
|
|
$ |
8,915 |
|
|
$ |
68,082 |
|
Adjusted EBITDA Margin |
|
|
47.3 |
% |
|
|
32.6 |
% |
|
|
45.0 |
% |
|
|
32.0 |
% |
|
|
42.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2018 |
|
|||||||||||||||||
|
|
Storage Solutions |
|
|
|
|
|
|
|
|
|
|||||||||
|
|
North America |
|
|
United Kingdom |
|
|
Total |
|
|
Tank & Pump Solutions |
|
|
Consolidated |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
$ |
102,486 |
|
|
$ |
19,685 |
|
|
$ |
122,171 |
|
|
$ |
29,877 |
|
|
$ |
152,048 |
|
Sales |
|
|
4,797 |
|
|
|
2,450 |
|
|
|
7,247 |
|
|
|
1,407 |
|
|
|
8,654 |
|
Other |
|
|
66 |
|
|
|
63 |
|
|
|
129 |
|
|
|
38 |
|
|
|
167 |
|
Total revenues |
|
|
107,349 |
|
|
|
22,198 |
|
|
|
129,547 |
|
|
|
31,322 |
|
|
|
160,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental, selling and general expenses |
|
|
62,582 |
|
|
|
12,818 |
|
|
|
75,400 |
|
|
|
19,690 |
|
|
|
95,090 |
|
Cost of sales |
|
|
2,862 |
|
|
|
1,882 |
|
|
|
4,744 |
|
|
|
768 |
|
|
|
5,512 |
|
Depreciation and amortization |
|
|
8,242 |
|
|
|
1,842 |
|
|
|
10,084 |
|
|
|
6,710 |
|
|
|
16,794 |
|
Total costs and expenses |
|
|
73,686 |
|
|
|
16,542 |
|
|
|
90,228 |
|
|
|
27,168 |
|
|
|
117,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
33,663 |
|
|
$ |
5,656 |
|
|
$ |
39,319 |
|
|
$ |
4,154 |
|
|
$ |
43,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
44,720 |
|
|
$ |
7,571 |
|
|
$ |
52,291 |
|
|
$ |
10,972 |
|
|
$ |
63,263 |
|
Adjusted EBITDA Margin |
|
|
41.7 |
% |
|
|
34.1 |
% |
|
|
40.4 |
% |
|
|
35.0 |
% |
|
|
39.3 |
% |
(1) |
These tables present results by major business segment adjusted to exclude certain transactions that management believes are not indicative of our business. See additional information regarding non-GAAP financial information following in this earnings release. |
Mobile Mini, Inc. |
|
|||||||||||||||||||
Business Segment Information - Adjusted (1) |
|
|||||||||||||||||||
(Unaudited) |
|
|||||||||||||||||||
(in thousands, except percentages) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, 2019 |
|
|||||||||||||||||
|
|
Storage Solutions |
|
|
|
|
|
|
|
|
|
|||||||||
|
|
North America |
|
|
United Kingdom |
|
|
Total |
|
|
Tank & Pump Solutions |
|
|
Consolidated |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
$ |
389,674 |
|
|
$ |
75,738 |
|
|
$ |
465,412 |
|
|
$ |
116,245 |
|
|
$ |
581,657 |
|
Sales |
|
|
18,047 |
|
|
|
6,819 |
|
|
|
24,866 |
|
|
|
5,528 |
|
|
|
30,394 |
|
Other |
|
|
399 |
|
|
|
— |
|
|
|
399 |
|
|
|
175 |
|
|
|
574 |
|
Total revenues |
|
|
408,120 |
|
|
|
82,557 |
|
|
|
490,677 |
|
|
|
121,948 |
|
|
|
612,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental, selling and general expenses |
|
|
232,731 |
|
|
|
51,663 |
|
|
|
284,394 |
|
|
|
77,929 |
|
|
|
362,323 |
|
Cost of sales |
|
|
10,441 |
|
|
|
5,385 |
|
|
|
15,826 |
|
|
|
2,849 |
|
|
|
18,675 |
|
Depreciation and amortization |
|
|
36,103 |
|
|
|
7,070 |
|
|
|
43,173 |
|
|
|
27,410 |
|
|
|
70,583 |
|
Total costs and expenses |
|
|
279,275 |
|
|
|
64,118 |
|
|
|
343,393 |
|
|
|
108,188 |
|
|
|
451,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
128,845 |
|
|
$ |
18,439 |
|
|
$ |
147,284 |
|
|
$ |
13,760 |
|
|
$ |
161,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
175,295 |
|
|
$ |
25,759 |
|
|
|
201,054 |
|
|
$ |
41,839 |
|
|
$ |
242,893 |
|
Adjusted EBITDA Margin |
|
|
43.0 |
% |
|
|
31.2 |
% |
|
|
41.0 |
% |
|
|
34.3 |
% |
|
|
39.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, 2018 |
|
|||||||||||||||||
|
|
Storage Solutions |
|
|
|
|
|
|
|
|
|
|||||||||
|
|
North America |
|
|
United Kingdom |
|
|
Total |
|
|
Tank & Pump Solutions |
|
|
Consolidated |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental |
|
$ |
366,713 |
|
|
$ |
80,751 |
|
|
$ |
447,464 |
|
|
$ |
110,733 |
|
|
$ |
558,197 |
|
Sales |
|
|
20,008 |
|
|
|
9,024 |
|
|
|
29,032 |
|
|
|
5,322 |
|
|
|
34,354 |
|
Other |
|
|
304 |
|
|
|
224 |
|
|
|
528 |
|
|
|
150 |
|
|
|
678 |
|
Total revenues |
|
|
387,025 |
|
|
|
89,999 |
|
|
|
477,024 |
|
|
|
116,205 |
|
|
|
593,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental, selling and general expenses |
|
|
233,764 |
|
|
|
53,884 |
|
|
|
287,648 |
|
|
|
76,475 |
|
|
|
364,123 |
|
Cost of sales |
|
|
12,263 |
|
|
|
7,176 |
|
|
|
19,439 |
|
|
|
2,998 |
|
|
|
22,437 |
|
Depreciation and amortization |
|
|
33,591 |
|
|
|
7,891 |
|
|
|
41,482 |
|
|
|
25,518 |
|
|
|
67,000 |
|
Total costs and expenses |
|
|
279,618 |
|
|
|
68,951 |
|
|
|
348,569 |
|
|
|
104,991 |
|
|
|
453,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
107,407 |
|
|
$ |
21,048 |
|
|
$ |
128,455 |
|
|
$ |
11,214 |
|
|
$ |
139,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
150,871 |
|
|
$ |
29,218 |
|
|
$ |
180,089 |
|
|
$ |
37,154 |
|
|
$ |
217,243 |
|
Adjusted EBITDA Margin |
|
|
39.0 |
% |
|
|
32.5 |
% |
|
|
37.8 |
% |
|
|
32.0 |
% |
|
|
36.6 |
% |
(1) |
These tables present results by major business segment adjusted to exclude certain transactions that management believes are not indicative of our business. See additional information regarding non-GAAP financial information following in this earnings release. |
Mobile Mini, Inc. |
|
|||||||
Condensed Consolidated Balance Sheets |
|
|||||||
(in thousands) |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
||
|
|
2019 |
|
|
2018 |
|
||
|
|
(unaudited) |
|
|
(audited) |
|
||
ASSETS |
|
|||||||
Cash and cash equivalents |
|
$ |
8,053 |
|
|
$ |
5,605 |
|
Receivables, net |
|
|
104,390 |
|
|
|
130,233 |
|
Inventories |
|
|
9,517 |
|
|
|
11,725 |
|
Rental fleet, net |
|
|
966,223 |
|
|
|
929,090 |
|
Property, plant and equipment, net |
|
|
157,183 |
|
|
|
154,254 |
|
Operating lease assets |
|
|
93,116 |
|
|
|
— |
|
Other assets |
|
|
13,806 |
|
|
|
13,398 |
|
Intangibles, net |
|
|
51,185 |
|
|
|
55,542 |
|
Goodwill |
|
|
713,404 |
|
|
|
705,217 |
|
Total assets |
|
$ |
2,116,877 |
|
|
$ |
2,005,064 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|||||||
Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
31,554 |
|
|
$ |
33,177 |
|
Accrued liabilities |
|
|
77,069 |
|
|
|
88,136 |
|
Operating lease liabilities |
|
|
94,932 |
|
|
|
— |
|
Lines of credit |
|
|
555,400 |
|
|
|
593,495 |
|
Obligations under finance leases |
|
|
74,399 |
|
|
|
63,359 |
|
Senior notes, net |
|
|
247,127 |
|
|
|
246,489 |
|
Deferred income taxes |
|
|
195,034 |
|
|
|
170,139 |
|
Total liabilities |
|
|
1,275,515 |
|
|
|
1,194,795 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
504 |
|
|
|
500 |
|
Additional paid-in capital |
|
|
638,083 |
|
|
|
619,850 |
|
Retained earnings |
|
|
445,285 |
|
|
|
410,641 |
|
Accumulated other comprehensive loss |
|
|
(65,093 |
) |
|
|
(72,861 |
) |
Treasury stock |
|
|
(177,417 |
) |
|
|
(147,861 |
) |
Total stockholders' equity |
|
|
841,362 |
|
|
|
810,269 |
|
Total liabilities and stockholders' equity |
|
$ |
2,116,877 |
|
|
$ |
2,005,064 |
|
Mobile Mini, Inc. |
|
|||||||
Condensed Consolidated Statements of Cash Flows |
|
|||||||
(Unaudited) |
|
|||||||
(in thousands) |
|
|||||||
|
|
Twelve Months Ended |
|
|||||
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2018 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
83,734 |
|
|
$ |
(8,062 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Deferred financing costs write-off |
|
|
123 |
|
|
|
— |
|
Asset impairment charge and loss on divestiture, net |
|
|
— |
|
|
|
102,140 |
|
Provision for doubtful accounts |
|
|
5,879 |
|
|
|
2,412 |
|
Amortization of deferred financing costs |
|
|
1,837 |
|
|
|
2,060 |
|
Amortization of long-term liabilities |
|
|
13 |
|
|
|
145 |
|
Share-based compensation expense |
|
|
15,121 |
|
|
|
10,867 |
|
Depreciation and amortization |
|
|
70,583 |
|
|
|
67,000 |
|
Gain on sale of rental fleet |
|
|
(5,923 |
) |
|
|
(6,055 |
) |
Loss on disposal of property, plant and equipment |
|
|
100 |
|
|
|
600 |
|
Deferred income taxes |
|
|
23,305 |
|
|
|
(2,523 |
) |
Foreign currency exchange |
|
|
274 |
|
|
|
(64 |
) |
Changes in certain assets and liabilities, net of effect of businesses acquired |
|
|
17,672 |
|
|
|
(8,422 |
) |
Net cash provided by operating activities |
|
|
212,718 |
|
|
|
160,098 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Cash paid for business acquired, net of cash acquired |
|
|
(13,048 |
) |
|
|
— |
|
Proceeds from sale of assets held for sale |
|
|
— |
|
|
|
10,153 |
|
Additions to rental fleet, excluding acquisitions |
|
|
(70,851 |
) |
|
|
(85,961 |
) |
Proceeds from sale of rental fleet |
|
|
13,726 |
|
|
|
14,993 |
|
Additions to property, plant and equipment, excluding acquisitions |
|
|
(13,274 |
) |
|
|
(16,931 |
) |
Proceeds from sale of property, plant and equipment |
|
|
740 |
|
|
|
683 |
|
Net cash used in investing activities |
|
|
(82,707 |
) |
|
|
(77,063 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Net repayments under lines of credit |
|
|
(38,096 |
) |
|
|
(40,790 |
) |
Deferred financing costs |
|
|
(3,521 |
) |
|
|
— |
|
Principal payments on finance lease obligations |
|
|
(10,690 |
) |
|
|
(9,746 |
) |
Issuance of common stock |
|
|
3,116 |
|
|
|
3,617 |
|
Dividend payments |
|
|
(48,882 |
) |
|
|
(44,530 |
) |
Purchase of treasury stock |
|
|
(29,556 |
) |
|
|
(695 |
) |
Net cash used in financing activities |
|
|
(127,629 |
) |
|
|
(92,144 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
66 |
|
|
|
1,263 |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
2,448 |
|
|
|
(7,846 |
) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
5,605 |
|
|
|
13,451 |
|
Cash and cash equivalents at end of period |
|
$ |
8,053 |
|
|
$ |
5,605 |
|
|
|
|
|
|
|
|
|
|
Equipment and other acquired through finance lease obligations |
|
$ |
21,730 |
|
|
$ |
20,314 |
|
Capital expenditures accrued or payable |
|
|
5,591 |
|
|
|
10,752 |
|
Non-GAAP Financial Information
In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company also discloses in this press release certain non-GAAP financial information. These financial measures are not recognized measures under GAAP and they are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin and free cash flow are non-GAAP financial measures as defined by SEC rules. This non-GAAP financial information may be determined or calculated differently by other companies. Reconciliations of these non-GAAP measurements to the most directly comparable GAAP financial measurements are furnished earlier in this release and as follows:
Mobile Mini, Inc. |
|
|||||||||||||||
Adjusted EBITDA GAAP Reconciliations |
|
|||||||||||||||
(Unaudited) |
|
|||||||||||||||
(in thousands) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Net income (loss) |
|
$ |
29,016 |
|
|
$ |
14,248 |
|
|
$ |
83,734 |
|
|
$ |
(8,062 |
) |
Interest expense |
|
|
9,633 |
|
|
|
10,725 |
|
|
|
41,378 |
|
|
|
40,904 |
|
Income tax provision |
|
|
8,551 |
|
|
|
13,933 |
|
|
|
28,345 |
|
|
|
2,751 |
|
Depreciation and amortization |
|
|
17,623 |
|
|
|
16,794 |
|
|
|
70,583 |
|
|
|
67,000 |
|
Deferred financing costs write-off |
|
|
— |
|
|
|
— |
|
|
|
123 |
|
|
|
— |
|
EBITDA |
|
|
64,823 |
|
|
|
55,700 |
|
|
|
224,163 |
|
|
|
102,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense |
|
|
2,287 |
|
|
|
3,001 |
|
|
|
11,528 |
|
|
|
10,504 |
|
Restructuring expenses |
|
|
— |
|
|
|
700 |
|
|
|
— |
|
|
|
2,006 |
|
Asset impairment charge and loss on divestiture, net |
|
|
— |
|
|
|
3,862 |
|
|
|
— |
|
|
|
102,140 |
|
Chief Executive Officer transition |
|
|
— |
|
|
|
— |
|
|
|
3,593 |
|
|
|
— |
|
Acquisition-related expenses |
|
|
491 |
|
|
|
— |
|
|
|
3,128 |
|
|
|
— |
|
Other |
|
|
481 |
|
|
|
— |
|
|
|
481 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
68,082 |
|
|
$ |
63,263 |
|
|
$ |
242,893 |
|
|
$ |
217,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Net cash provided by operating activities |
|
$ |
60,819 |
|
|
$ |
43,878 |
|
|
$ |
212,718 |
|
|
$ |
160,098 |
|
Interest paid |
|
|
5,994 |
|
|
|
6,226 |
|
|
|
40,150 |
|
|
|
37,979 |
|
Income and franchise taxes paid |
|
|
1,481 |
|
|
|
1,666 |
|
|
|
6,600 |
|
|
|
4,012 |
|
Share-based compensation expense, including restructuring expense |
|
|
(2,287 |
) |
|
|
(3,001 |
) |
|
|
(15,121 |
) |
|
|
(10,867 |
) |
Asset impairment charge and loss on divestiture, net |
|
|
— |
|
|
|
(3,862 |
) |
|
|
— |
|
|
|
(102,140 |
) |
Gain on sale of rental fleet |
|
|
1,313 |
|
|
|
1,532 |
|
|
|
5,923 |
|
|
|
6,055 |
|
Loss on disposal of property, plant and equipment |
|
|
(54 |
) |
|
|
(52 |
) |
|
|
(100 |
) |
|
|
(600 |
) |
Changes in certain assets and liabilities, net of effect of businesses acquired |
|
|
(2,443 |
) |
|
|
9,313 |
|
|
|
(26,007 |
) |
|
|
8,056 |
|
EBITDA |
|
$ |
64,823 |
|
|
$ |
55,700 |
|
|
$ |
224,163 |
|
|
$ |
102,593 |
|
Mobile Mini, Inc. |
|
|||||||||||||||
Free Cash Flow GAAP Reconciliation |
|
|||||||||||||||
(Unaudited) |
|
|||||||||||||||
(in thousands) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Net cash provided by operating activities |
|
$ |
60,819 |
|
|
$ |
43,878 |
|
|
$ |
212,718 |
|
|
$ |
160,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to rental fleet, excluding acquisitions |
|
|
(9,604 |
) |
|
|
(20,341 |
) |
|
|
(70,851 |
) |
|
|
(85,961 |
) |
Proceeds from sale of rental fleet |
|
|
2,944 |
|
|
|
3,546 |
|
|
|
13,726 |
|
|
|
14,993 |
|
Additions to property, plant and equipment, excluding acquisitions |
|
|
(3,357 |
) |
|
|
(2,296 |
) |
|
|
(13,274 |
) |
|
|
(16,931 |
) |
Proceeds from sale of property, plant and equipment |
|
|
292 |
|
|
|
80 |
|
|
|
740 |
|
|
|
683 |
|
Net capital expenditures, excluding acquisitions |
|
|
(9,725 |
) |
|
|
(19,011 |
) |
|
|
(69,659 |
) |
|
|
(87,216 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
|
$ |
51,094 |
|
|
$ |
24,867 |
|
|
$ |
143,059 |
|
|
$ |
72,882 |
|
Adjusted net income and adjusted diluted earnings per share. Adjusted net income and related earnings per share information exclude certain transactions that management believes are not indicative of our business. We believe that the inclusion of this non-GAAP presentation makes it easier to compare our financial performance across reporting periods on a consistent basis.
EBITDA and adjusted EBITDA. EBITDA is defined as net income before discontinued operations, net of tax (if applicable), interest expense, income taxes, depreciation and amortization, and debt restructuring or extinguishment expense (if applicable), including any write-off of deferred financing costs. Adjusted EBITDA further excludes certain non-cash expenses, including share-based compensation, as well as transactions that management believes are not indicative of our business. Because EBITDA and adjusted EBITDA, as defined, exclude some but not all items that affect our cash flow from operating activities, they may not be comparable to similarly titled performance measures presented by other companies.
We present EBITDA and adjusted EBITDA because we believe they provide useful information regarding our ability to meet our future debt payment requirements, capital expenditures and working capital requirements and an overall evaluation of our financial condition. EBITDA and adjusted EBITDA have certain limitations as analytical tools and should not be used as substitutes for net income, cash flows from operations, or other consolidated income or cash flow data prepared in accordance with GAAP.
EBITDA and adjusted EBITDA margins are calculated as EBITDA and adjusted EBITDA, respectively, divided by total revenues expressed as a percentage.
Free Cash Flow. Free cash flow is defined as net cash provided by operating activities, minus or plus, net cash used in or provided by investing activities, excluding acquisitions and certain transactions. Free cash flow is a non-GAAP financial measure and is not intended to replace net cash provided by operating activities, the most directly comparable financial measure prepared in accordance with GAAP. We present free cash flow because we believe it provides useful information regarding our liquidity and ability to meet our short-term obligations. In particular, free cash flow indicates the amount of cash available after capital expenditures for, among other things, investments in our existing business, debt service obligations, payment of authorized quarterly dividends, repurchase of our common stock and strategic small acquisitions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200128005781/en/
Van Welch, Executive VP &
Chief Financial Officer
Mobile Mini, Inc.
(602) 308-3879
Emily Tadano, Director of Treasury & Investor Relations
(602) 845-4005
www.mobilemini.com
-OR-
INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Fred Buonocore (212) 836-9607
Mike Gaudreau (212) 836-9620
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