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 June 30, 2018. Total revenues were $142.0 million
and rental revenues were $132.9 million, as compared to $126.7
million and $117.9 million, respectively, for the same period last
year.
Rental revenues for the Storage Solutions and Tank & Pump
Solutions businesses for the current quarter were $105.8 million
and $27.1 million, respectively, compared to $95.5 million and
$22.4 million, respectively, for the same period last year.
The Company recorded net income of $15.0 million, or $0.33 per
diluted share, in the second quarter of 2018, as compared to net
income of $8.8 million, or $0.20 per diluted share, for the second
quarter of 2017. On an adjusted basis, second quarter net income
was $15.9 million, or $0.35 per diluted share, as compared to
adjusted net income of $10.4 million, or $0.24 per diluted share,
for the second quarter of 2017. Adjusted EBITDA was $50.0 million
and adjusted EBITDA margin was 35.2% for the second quarter of
2018.
Dividend
The Company’s Board of Directors declared a cash dividend of
25.0 cents per share, which will be paid on August 29, 2018 to
shareholders of record on August 15, 2018.
Second Quarter 2018 Highlights
- Continued strong rental revenue growth
in Tank & Pump Solutions with a 21.2% year-over-year
increase.
- Delivered robust Storage Solutions
rental revenue year-over-year growth of 10.8%, 9.5% when adjusted
for favorable currency fluctuations.
- Drove average original equipment cost
utilization for Tank & Pump Solutions to 74.2% for the quarter,
up 970 basis points compared to the prior-year quarter, with the
most fleet on rent since the acquisition of this business in
2014.
- Increased total Storage Solutions
average units on rent by 3.7% year-over-year, with average
utilization of 70.6%, up 120 basis from the prior-year
quarter.
- Raised Storage Solutions rental rates
by 2.4% year-over-year, with rates on new rentals up 1.9%.
- Achieved adjusted EBITDA growth of
19.1%, compared to the prior-year quarter, 18.1% in constant
currency.
- Generated strong net cash from
operating activities of $35.0 million and free cash flow of $11.7
million.
CEO Comments
Erik Olsson, Mobile Mini’s President and Chief Executive
Officer, remarked, “We continue to drive exceptional year-over-year
rental revenue growth, achieving a very strong 12.8% increase
during the second quarter. Our Tank & Pump Solutions business
recorded the highest quarterly revenue since we acquired the
business in 2014, with year-over-year organic growth exceeding 20%.
We expect Tank & Pump Solutions to continue to deliver robust
year-over-year growth for the remainder of this year as we gain
traction on the new agreements signed in the fourth quarter of 2017
and first quarter of 2018. Our Storage Solutions segment also
generated strong second quarter results, with year-over-year
organic rental revenue growth of nearly 11%. The robust top-line
growth of our consolidated business resulted in a 19.1%
year-over-year increase in adjusted EBITDA.”
Mr. Olsson continued, “We believe that the end market demand for
Tank & Pump has normalized and the current level of activity
within this segment will continue. As we noted last quarter, we are
uniquely positioned to drive growth in excess of the market amongst
both large and small customers in this business. Our storage
business is also very healthy and our pipeline looks robust. The
current performance and pipeline reinforces our outlook for revenue
increases in excess of our evergreen model, leading to continued
strong increases in adjusted EBITDA and healthy free cash flow
generation.”
Subsequent Event
Consistent with Mobile Mini’s strategy to focus on high
returning assets and continuous improvements in efficiency, the
Company engaged in an organization-wide project to assess the
economic and operational status of its fleet and other assets as
well as an in depth analysis of its fleet management process to
identify inefficiencies. The task encompassed an intensive review
of underperforming assets throughout North America and the United
Kingdom using the Company’s recently implemented enterprise
resource planning software and sophisticated work order system that
allows specific identification of the status of each unit and
facilitates deeper analysis of repair and maintenance costs. The
review resulted in the identification of certain assets for which
management determined it does not make economic sense to repair and
retain.
In July 2018 management presented its proposed plan of sale for
identified assets to the Board of Directors, and on July 24, the
Board of Directors made the strategic decision to approve the plan
and authorized management to begin actively marketing the assets
for sale. As a result, the Company expects to place these assets as
available for sale, mostly for scrap value, and to recognize a
non-cash loss of $100 million in the third quarter of 2018, net of
expected cash proceeds received.
The assets to be disposed of have not generated meaningful
revenue over the last several years and therefore we do not believe
that the asset disposal will affect the Company’s ability to
generate revenue or to meet customer demand. Consequently, this
project is not expected to affect the Company’s capital
expenditures, nor will it negatively affect liquidity or free cash
flow.
As a result of this project several yards will be exited,
headcount will be reduced and other efficiencies have been
identified. In total, when the changes have been fully implemented,
the Company expects $5 million to $7 million in annual operational
savings, along with approximately $4 million of reduced
depreciation expense.
Conference Call
Mobile Mini will host a conference call today, Thursday, July 26
at 12 noon 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 Investors 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 14 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
216,200 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 12,600 units. Mobile Mini’s network is
comprised of 155 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, expected annual savings
from the asset disposal, the continued growth of adjusted EBITDA,
free cash flow, the level of activity of our Tank & Pump
Solutions business, our ability to generate revenue or to meet
customer demand and continue to have a healthy pipeline, 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. Condensed Consolidated
Statements of Income (Unaudited) (in thousands, except
percentages and per share data)
Three
Months Ended June 30, 2018 Three Months Ended June 30,
2017 Actual Adjustments Adjusted (1)
Actual Adjustments Adjusted (2)
Revenues: Rental $ 132,887 $ — $ 132,887 $ 117,851 $ — $ 117,851
Sales 8,881 — 8,881 8,401 — 8,401 Other 231 —
231 438 — 438 Total revenues 141,999
— 141,999 126,690 — 126,690
Costs and expenses: Rental, selling and general expenses
89,271 — 89,271 82,850 (2,056 ) 80,794 Cost of sales 5,764 — 5,764
5,408 — 5,408 Restructuring expenses 1,195 (1,195 ) — 538 (538 ) —
Depreciation and amortization 17,192 — 17,192
15,742 — 15,742 Total costs and expenses
113,422 (1,195 ) 112,227 104,538
(2,594 ) 101,944 Income from operations 28,577 1,195
29,772 22,152 2,594 24,746 Other income (expense): Interest
income — — — 16 — 16 Interest expense (10,093 ) — (10,093 ) (8,807
) — (8,807 ) Foreign currency exchange (21 ) —
(21 ) (18 ) — (18 ) Income before
income tax provision 18,463 1,195 19,658 13,343 2,594 15,937
Income tax provision 3,463 300 3,763 4,566 994 5,560
Net income $ 15,000 $ 895 $ 15,895 $ 8,777 $ 1,600 $ 10,377
EBITDA/Adjusted EBITDA $ 45,748 $ 49,987 $ 37,892 $ 41,960
EBITDA/Adjusted EBITDA as a percentage
oftotal revenues
32.2 % 35.2 % 29.9 % 33.1 % Earnings per share: Basic $ 0.34
$ 0.36 $ 0.20 $ 0.24 Diluted 0.33 0.35 0.20 0.24
Weighted average number of common
andcommon share equivalents outstanding:
Basic 44,287 44,287 43,944 43,944 Diluted 45,091 45,091 44,025
44,025 (1) Adjusted column for the three months ended
June 30, 2018 excludes costs of $1.2 million related to
restructuring that management believes are not indicative of our
business, along with the related tax effects. Adjusted figures are
a non-GAAP (defined herein) presentation. See the non-GAAP
reconciliations herein and the additional information regarding
non-GAAP financial information following in this earnings release.
(2) Adjusted column for the three months ended June 30, 2017
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 June 30, 2017 include the following, along
with the related tax effects:
• Reduction of $2.1 million in rental,
selling and general expenses to exclude costs related to severance
in conjunction with the departure of an executive.
• Exclusion of costs of $0.5 million
related to the restructuring of our business operations.
Mobile Mini, Inc. Condensed Consolidated
Statements of Income (Unaudited) (in thousands, except
percentages and per share data)
Six
Months Ended June 30, 2018 Six Months Ended June 30,
2017 Actual Adjustments Adjusted (1)
Actual Adjustments Adjusted (2)
Revenues: Rental $ 265,225 $ — $ 265,225 $ 232,593 $ — $ 232,593
Sales 16,984 — 16,984 16,379 — 16,379 Other 444 —
444 1,245 — 1,245 Total revenues
282,653 — 282,653 250,217 —
250,217 Costs and expenses: Rental, selling and general
expenses 178,269 — 178,269 161,209 (2,386 ) 158,823 Cost of sales
11,155 — 11,155 10,520 — 10,520 Restructuring expenses 1,306 (1,306
) — 1,437 (1,437 ) — Depreciation and amortization 34,015
— 34,015 31,006 — 31,006 Total
costs and expenses 224,745 (1,306 ) 223,439
204,172 (3,823 ) 200,349 Income from
operations 57,908 1,306 59,214 46,045 3,823 49,868 Other
income (expense): Interest income 6 — 6 16 — 16 Interest expense
(19,692 ) — (19,692 ) (17,209 ) — (17,209 ) Foreign currency
exchange 45 — 45 (27 ) —
(27 ) Income before income tax provision 38,267 1,306 39,573
28,825 3,823 32,648 Income tax provision 8,412 328 8,740
9,896 1,450 11,346
Net income $ 29,855 $ 978 $
30,833 $ 18,929 $ 2,373 $ 21,302 EBITDA/Adjusted EBITDA $
91,974 $ 98,553 $ 77,040 $ 83,648
EBITDA/Adjusted EBITDA as a percentage
oftotal revenues
32.5 % 34.9 % 30.8 % 33.4 % Earnings per share: Basic $ 0.67
$ 0.70 $ 0.43 $ 0.48 Diluted 0.66 0.69 0.43 0.48
Weighted average number of common
andcommon share equivalents outstanding:
Basic 44,251 44,251 44,026 44,026 Diluted 44,967 44,967 44,183
44,183 (1) Adjusted column for the six months ended
June 30, 2018 excludes costs of $1.3 million related to
restructuring that management believes are not indicative of our
business, along with the related tax effects. Adjusted figures are
a non-GAAP (defined herein) presentation. See the non-GAAP
reconciliations herein and the additional information regarding
non-GAAP financial information following in this earnings release.
(2) Adjusted column for the six months ended June 30, 2017
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
six-month period ended June 30, 2017 include the following, along
with the related tax effects: • Reduction of $0.1 million in
rental, selling and general expenses to exclude acquisition-related
expenses. • Reduction of $2.3 million in rental, selling and
general expenses to exclude costs related to severance and
transition in conjunction with the departure of executives. •
Exclusion of costs of $1.4 million related to the restructuring of
our business operations.
Mobile Mini, Inc.
Operating Data (Unaudited)
2018 2017 As of June 30:
Stand-alone Storage Solutions locations 118 123 Stand-alone Tank
& Pump Solutions locations 19 18 Combined Storage Solutions and
Tank & Pump Solutions locations 18 15 Storage Solutions rental
fleet units 216,200 211,900 Tank & Pump Solutions rental fleet
units 12,600 12,000
Average utilization - Three months
ended June 30: Storage Solutions - utilization based on number
of units 70.6 % 69.4 % Tank & Pump Solutions - utilization
based on original equipment cost 74.2 % 64.5 %
Average
utilization - Six months ended June 30: Storage Solutions -
utilization based on number of units 70.6 % 69.2 % Tank & Pump
Solutions - utilization based on original equipment cost 73.9 %
63.2 %
Mobile Mini, Inc. Business Segment
Information - Adjusted (1) (Unaudited) (in thousands,
except percentages)
Three Months
Ended June 30, 2018 Three Months Ended June 30, 2017
StorageSolutions
Tank & PumpSolutions
Total
StorageSolutions
Tank & PumpSolutions
Total Revenues: Rental $ 105,790 $ 27,097 $ 132,887 $
95,486 $ 22,365 $ 117,851 Sales 7,350 1,531 8,881 7,156 1,245 8,401
Other 190 41 231 344 94
438 Total revenues 113,330 28,669 141,999
102,986 23,704 126,690 Costs and
expenses: Rental, selling and general expenses 70,303 18,968 89,271
64,075 16,719 80,794 Cost of sales 4,900 864 5,764 4,730 678 5,408
Depreciation and amortization 10,908 6,284
17,192 9,477 6,265 15,742 Total costs and
expenses 86,111 26,116 112,227 78,282
23,662 101,944 Income from operations $ 27,219
$ 2,553 $ 29,772 $ 24,704 $ 42 $ 24,746 Adjusted EBITDA $
41,043 $ 8,944 $ 49,987 $ 35,589 $ 6,371 $ 41,960 Adjusted EBITDA
Margin 36.2 % 31.2 % 35.2 % 34.6 % 26.9 % 33.1 %
Six Months Ended June 30, 2018 Six Months Ended
June 30, 2017
StorageSolutions
Tank & PumpSolutions
Total
StorageSolutions
Tank & PumpSolutions
Total Revenues: Rental $ 212,654 $ 52,571 $ 265,225 $
189,292 $ 43,301 $ 232,593 Sales 14,089 2,895 16,984 14,020 2,359
16,379 Other 359 85 444 1,017
228 1,245 Total revenues 227,102 55,551
282,653 204,329 45,888 250,217 Costs
and expenses: Rental, selling and general expenses 141,127 37,142
178,269 125,970 32,853 158,823 Cost of sales 9,469 1,686 11,155
9,331 1,189 10,520 Depreciation and amortization 21,640
12,375 34,015 18,660 12,346
31,006 Total costs and expenses 172,236 51,203
223,439 153,961 46,388 200,349 Income
(loss) from operations $ 54,866 $ 4,348 $ 59,214 $ 50,368 $ (500 )
$ 49,868 Adjusted EBITDA $ 81,624 $ 16,929 $ 98,553 $ 71,681
$ 11,967 $ 83,648 Adjusted EBITDA Margin 35.9 % 30.5 % 34.9 % 35.1
% 26.1 % 33.4 % (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)
June
30, December 31, 2018 2017
(unaudited) (audited) ASSETS Cash and cash
equivalents $ 4,032 $ 13,451 Receivables, net 112,267 111,562
Inventories 16,402 15,671 Rental fleet, net 1,003,276 989,154
Property, plant and equipment, net 156,675 157,304 Other assets
14,923 15,334 Intangibles, net 58,784 62,024 Goodwill
707,462 708,907 Total assets $ 2,073,821 $ 2,073,407
LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts
payable $ 29,708 $ 26,955 Accrued liabilities 72,988 78,084 Lines
of credit 617,655 634,285 Obligations under capital leases 55,138
52,791 Senior notes, net 246,169 245,850 Deferred income taxes
179,690 173,754 Total liabilities 1,201,348
1,211,719 Stockholders' equity: Common stock 500 497
Additional paid-in capital 613,496 605,369 Retained earnings
470,874 463,322 Accumulated other comprehensive loss (64,691 )
(60,334 ) Treasury stock (147,706 ) (147,166 ) Total
stockholders' equity 872,473 861,688 Total
liabilities and stockholders' equity $ 2,073,821 $ 2,073,407
Mobile Mini, Inc. Condensed Consolidated
Statements of Cash Flows (Unaudited) (in thousands)
Six Months Ended June 30,
2018 2017 Cash flows from operating
activities: Net income $ 29,855 $ 18,929
Adjustments to reconcile net income to net
cashprovided by operating activities:
Provision for doubtful accounts 1,966 2,202 Amortization of
deferred financing costs 1,030 1,030 Amortization of long-term
liabilities 72 65 Share-based compensation expense 5,636 3,820
Depreciation and amortization 34,015 31,006 Gain on sale of rental
fleet (3,260 ) (2,826 ) Loss on disposal of property, plant and
equipment 477 282 Deferred income taxes 7,253 9,151 Foreign
currency exchange (45 ) 27
Changes in certain assets and liabilities,
net ofeffect of businesses acquired
(7,047 ) (465 ) Net cash provided by operating
activities 69,952 63,221 Cash flows from
investing activities: Additions to rental fleet, excluding
acquisitions (38,476 ) (23,027 ) Proceeds from sale of rental fleet
7,677 6,283 Additions to property, plant and equipment, excluding
acquisitions (9,081 ) (8,707 ) Proceeds from sale of property,
plant and equipment 467 768 Net cash used in
investing activities (39,413 ) (24,683 ) Cash
flows from financing activities: Net repayments under lines of
credit (16,630 ) (3,509 ) Deferred financing costs — (12 )
Principal payments on capital lease obligations (4,103 ) (3,736 )
Issuance of common stock 2,494 1,640 Dividend payments (22,120 )
(20,119 ) Purchase of treasury stock (540 ) (7,984 )
Net cash used in financing activities (40,899 )
(33,720 ) Effect of exchange rate changes on cash 941
319 Net change in cash (9,419 ) 5,137 Cash and
cash equivalents at beginning of period 13,451 4,137
Cash and cash equivalents at end of period $ 4,032 $ 9,274
Equipment and other acquired through capital lease obligations $
6,450 $ 2,333 Capital expenditures accrued or payable 7,190 8,268
Non-GAAP Financial InformationIn 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,
free cash flow and constant currency financial information 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
June 30,
Six Months Ended
June 30,
2018 2017 2018 2017 Net income $ 15,000
$ 8,777 $ 29,855 $ 18,929 Interest expense 10,093 8,807 19,692
17,209 Income tax provision 3,463 4,566 8,412 9,896 Depreciation
and amortization 17,192 15,742 34,015
31,006 EBITDA 45,748 37,892 91,974 77,040 Share-based
compensation expense 3,044 1,474 5,273 2,785 Restructuring expenses
1,195 538 1,306 1,437 Acquisition-related expenses — 9 — 97 Other
— 2,047 — 2,289 Adjusted EBITDA $
49,987 $ 41,960 $ 98,553 $ 83,648
Three Months
Ended
June 30,
Six Months Ended
June 30,
2018 2017 2018 2017 Net cash provided
by operating activities $ 35,021 $ 30,498 $ 69,952 $ 63,221
Interest paid 5,829 4,516 18,177 18,187 Income and franchise taxes
paid 1,287 1,100 1,407 1,100
Share-based compensation expense,
includingrestructuring expense
(3,407 ) (2,509 ) (5,636 ) (3,820 ) Gain on sale of rental fleet
1,727 1,123 3,260 2,826
Loss on disposal of property, plant and
equipment
(143 ) (264 ) (477 ) (282 )
Changes in certain assets and liabilities,
net ofeffect of businesses acquired
5,434 3,428 5,291 (4,192 ) EBITDA $
45,748 $ 37,892 $ 91,974 $ 77,040
Mobile Mini,
Inc. Free Cash Flow GAAP Reconciliation
(Unaudited) (in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2018 2017 2018 2017 Net cash provided
by operating activities $ 35,021 $ 30,498 $ 69,952 $ 63,221
Additions to rental fleet, excluding
acquisitions
(23,087 ) (13,021 ) (38,476 ) (23,027 ) Proceeds from sale of
rental fleet 3,833 1,661 7,677 6,283
Additions to property, plant and
equipment,excluding acquisitions
(4,329 ) (4,959 ) (9,081 ) (8,707 )
Proceeds from sale of property, plant
andequipment
288 700 467 768 Net capital
expenditures, excluding acquisitions (23,295 ) (15,619 ) (39,413 )
(24,683 )
Free cash flow $ 11,726 $ 14,879 $ 30,539 $ 38,538
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.
Constant Currency. We calculate the effect of currency
fluctuations on current periods by translating the results for our
business in the U.K. during the current period using the average
exchange rates from the comparative period. We present constant
currency information to provide useful information to assess our
underlying business excluding the effect of material foreign
currency rate fluctuations. Calculated in constant currency, our
rental revenues and adjusted EBITDA for the three months ended June
30, 2018 were $1.2 million and $0.4 million lower than when
calculated in accordance with GAAP.
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Mobile Mini, Inc.Van Welch, 602-308-3879Executive VP & Chief
Financial Officerwww.mobilemini.comorINVESTOR RELATIONS
COUNSEL:The Equity Group Inc.Fred Buonocore,
212-836-9607orKevin Towle, 212-836-9620
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