MOBILE MINI INC

CIK:0000911109|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Revenues	$ 149,040	$ 149,661
Costs and expenses:
Depreciation and amortization	17,492	17,335
Total costs and expenses	124,852	114,171
Income from operations	24,188	35,490
Other income (expense):
Interest income	12
Interest expense	(9,257)	(10,760)
Deferred financing costs write-off		(123)
Foreign currency exchange	(3)	1
Income before income tax provision	14,940	24,608
Income tax provision	6,639	6,523
Net income	$ 8,301	$ 18,085
Earnings per share:
Basic	$ 0.19	$ 0.41
Diluted	$ 0.19	$ 0.40
Weighted average number of common and common share equivalents outstanding:
Basic	43,873	44,448
Diluted	44,386	44,877
Cash dividends declared per share	$ 0.30	$ 0.28
Rental
Revenues:
Revenues	$ 140,656	$ 142,172
Sales
Revenues:
Revenues	8,316	7,223
Costs and expenses:
Cost of sales	5,102	4,602
Other
Revenues:
Revenues	68	266
Rental Selling and General Expenses
Costs and expenses:
Cost of sales	$ 102,258	$ 92,234

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 8,301	$ 18,085
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred financing costs write-off		123
Provision for doubtful accounts	955	1,212
Amortization of deferred financing costs	455	505
Amortization of long-term liabilities		13
Share-based compensation expense	2,682	3,404
Depreciation and amortization	17,492	17,335
Gain on sale of rental fleet	(1,444)	(1,425)
Loss on disposal of property, plant and equipment	26	18
Deferred income taxes	4,386	5,058
Foreign currency exchange	3	(1)
Changes in certain assets and liabilities:
Receivables	3,365	16,180
Inventories	(154)	76
Other assets	1,381	(1,394)
Accounts payable	9,490	(1,741)
Accrued liabilities	(13,715)	(18,665)
Net cash provided by operating activities	33,223	38,783
Cash flows from investing activities:
Cash paid for business acquired, net of cash acquired	(4,808)
Additions to rental fleet, excluding acquisitions	(10,051)	(23,016)
Proceeds from sale of rental fleet	3,474	3,338
Additions to property, plant and equipment, excluding acquisitions	(4,174)	(2,919)
Proceeds from sale of property, plant and equipment	15	49
Net cash used in investing activities	(15,544)	(22,548)
Cash flows from financing activities:
Net borrowings under lines of credit	2,100	203
Deferred financing costs		(3,254)
Principal payments on finance lease obligations	(3,204)	(2,586)
Issuance of common stock	753	1,690
Dividend payments	(13,575)	(12,426)
Purchase of treasury stock	(900)	(1,057)
Net cash used in financing activities	(14,826)	(17,430)
Effect of exchange rate changes on cash	(111)	(114)
Net increase (decrease) in cash	2,742	(1,309)
Cash and cash equivalents at beginning of period	8,053	5,605
Cash and cash equivalents at end of period	10,795	4,296
Supplemental disclosure of cash flow information:
Cash paid for interest	12,608	14,276
Cash paid for income and franchise taxes	1,913	2,020
Equipment and other acquired through finance lease obligations	4,343	1,609
Capital expenditures accrued or payable	$ 5,053	$ 8,012

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 10,795	$ 8,053
Receivables, net of allowance for doubtful accounts of $5,081 and $4,622 at March 31, 2020 and December 31, 2019, respectively	99,259	104,390
Inventories	9,540	9,517
Rental fleet, net	960,177	966,223
Property, plant and equipment, net	153,824	157,183
Operating lease assets	91,521	93,116
Other assets	14,453	13,806
Intangibles, net	50,629	51,185
Goodwill	710,053	713,404
Total assets	2,100,251	2,116,877
Liabilities:
Accounts payable	40,299	31,554
Accrued liabilities	63,405	77,069
Operating lease liabilities	93,437	94,932
Lines of credit	557,500	555,400
Obligations under finance leases	75,533	74,399
Senior notes, net of deferred financing costs of $2,713 and $2,873 at March 31, 2020 and December 31, 2019, respectively	247,287	247,127
Deferred income taxes	198,420	195,034
Total liabilities	1,275,881	1,275,515
Commitments and contingencies
Stockholders' equity:
Preferred stock $.01 par value, 20,000 shares authorized, none issued
Common stock $.01 par value, 95,000 shares authorized, 50,630 issued and 44,379 outstanding at March 31, 2020 and 50,381 issued and 44,152 outstanding at December 31, 2019	506	504
Additional paid-in capital	641,515	638,083
Retained earnings	440,144	445,285
Accumulated other comprehensive loss	(79,478)	(65,093)
Treasury stock, at cost, 6,251 and 6,229 shares at March 31, 2020 and December 31, 2019, respectively	(178,317)	(177,417)
Total stockholders' equity	824,370	841,362
Total liabilities and stockholders' equity	$ 2,100,251	$ 2,116,877