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 September 30, 2018. Highlights discussed below
include year-over-year revenue growth of 9.6%, record fleet on rent
in the Tank & Pump segment and margin expansion.
Total revenues were $149.7 million and rental revenues were
$140.9 million, as compared to $136.6 million and $127.7 million,
respectively, for the same period last year. Rental revenues for
the Storage Solutions and Tank & Pump Solutions businesses for
the current quarter were $112.6 million and $28.3 million,
respectively, compared to $104.5 million and $23.2 million,
respectively, for the same period last year.
As previously communicated, in July the Company decided to
divest of certain underperforming assets. The classification of
these assets as held for sale generated a non-cash charge, which
was slightly offset by expected proceeds upon disposal. As a
result, the Company realized a net loss of $52.2 million, or $1.18
per diluted share, in the third quarter of 2018. The net loss
compares to net income of $11.2 million, or $0.25 per diluted
share, for the third quarter of 2017. On an adjusted basis, third
quarter net income was $19.1 million, or $0.42 per diluted share,
as compared to adjusted net income of $11.8 million, or $0.27 per
diluted share, for the third quarter of 2017. Adjusted EBITDA was
$55.4 million and adjusted EBITDA margin was 37.0% for the third
quarter of 2018.
Asset Divestiture
The Company is in the process of divesting the aforementioned
underperforming assets. These assets have not generated meaningful
revenue over the last several years and therefore this asset
disposal should not affect Mobile Mini’s ability to generate
revenue or to meet customer demand, nor is this divestiture
expected to negatively affect liquidity or free cash flow on a
go-forward basis. The $98.3 million loss on divestiture consisted
of a non-cash loss of $106.2 million, net of estimated proceeds.
Approximately 50% of the assets were divested in the third quarter,
and the remaining assets are anticipated to be divested by December
31, 2018. The Company is expecting to generate annual operational
savings of $5 million to $7 million over the course of the 12
months following the completion of the divestitures, along with $4
million of reduced depreciation expense.
Dividend
The Company’s Board of Directors declared a cash dividend of
25.0 cents per share, which will be paid on November 28, 2018 to
shareholders of record on November 14, 2018.
Third Quarter 2018 Highlights
- Continued strong rental revenue growth
in Tank & Pump Solutions with a 21.9% year-over-year
increase.
- Delivered solid Storage Solutions
rental revenue year-over-year growth of 7.8%.
- Reached all-time high Tank & Pump
Solutions’ OEC fleet on rent and drove average OEC utilization to
72.2% for the quarter, up 560 bps compared to the prior-year
quarter.
- Increased total Storage Solutions
average units on rent by 2.6% year-over-year, with utilization of
84.3% as of September 30, 2018.
- Raised Storage Solutions rental rates
by 2.4% year-over-year, with rates on new rentals up 2.3%.
- Expanded adjusted EBITDA margin by 370
basis points to 37.0% and achieved adjusted EBITDA growth of 21.7%,
compared to the prior-year quarter.
- Generated strong net cash from
operating activities of $46.3 million and free cash flow of $17.5
million.
CEO Comments
Erik Olsson, Mobile Mini’s President and Chief Executive
Officer, remarked, “Third quarter results demonstrate that the
processes and infrastructure that we have put in place are
producing the operational efficiencies and financial results we
expected. Our sales strategies continued to drive solid rental
revenue growth of 10.4% during the quarter. We converted this
top-line growth into 21.7% year-over-year adjusted EBITDA growth
and expanded our adjusted EBITDA margin 370 basis points to 37.0%
for the third quarter of 2018. This very strong profitability
further resulted in $17.5 million of free cash flow.”
Mr. Olsson continued, “Rental revenues for our North American
Storage Solutions segment grew 9.5% compared to the prior-year
quarter and we believe that our seasonal business will be at
similarly strong levels as last year. In our Tank & Pump
Solutions business we have begun to see meaningful revenues
generated on contracts that we won in late 2017 and early 2018 and
we expect increased turnaround activity in the fourth quarter. The
pipeline in North America looks healthy and economic indicators are
positive, while activity in the U.K. is stable, with increases in
rate offsetting a slight decrease in units on rent. For the full
year 2018 we anticipate consolidated double-digit revenue growth as
compared to 2017, outpacing our Evergreen model, leading to
continued strong increases in adjusted EBITDA and free cash flow
generation and a decreased leverage ratio.”
Conference Call
Mobile Mini will host a conference call today, Friday, October
19 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
194,300 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 157 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 operational savings from
the asset disposal, our ability to generate revenue or to meet
customer demand despite the disposal, the continued growth of
revenue, adjusted EBITDA, and free cash flow, our ability to
decrease our leverage ratio, expected levels of seasonal business
from our North American Storage Solutions business, and the level
of turn around activity of our Tank & Pump Solutions business,
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 Operations (Unaudited) (in thousands,
except percentages and per share data)
Three Months Ended September 30, 2018 Three
Months Ended September 30, 2017 Actual
Adjustments Adjusted (1) Actual
Adjustments Adjusted (2) Revenues: Rental $
140,924 $ — $ 140,924 $ 127,695 $ — $ 127,695 Sales 8,716 — 8,716
8,438 — 8,438 Other 67 — 67 503
— 503 Total revenues 149,707 — 149,707
136,636 — 136,636 Costs and expenses:
Rental, selling and general expenses 90,764 — 90,764 87,745 (237 )
87,508 Cost of sales 5,770 — 5,770 5,519 — 5,519 Restructuring
expenses — — — 625 (625 ) — Asset impairment charge and
loss on divestiture, net
98,278 (98,278 ) — — — — Depreciation and amortization
16,191 — 16,191 15,935 — 15,935
Total costs and expenses 211,003 (98,278 )
112,725 109,824 (862 ) 108,962 (Loss)
income from operations (61,296 ) 98,278 36,982 26,812 862 27,674
Other income (expense): Interest income — — — 4 — 4 Interest
expense (10,487 ) — (10,487 ) (9,203 ) — (9,203 ) Foreign currency
exchange 24 — 24 (2 ) —
(2 ) (Loss) income before income tax provision (71,759 )
98,278 26,519 17,611 862 18,473 Income tax (benefit)
provision (19,594 ) 27,010 7,416 6,383 327 6,710
Net (loss) income $ (52,165 ) $ 71,268 $ 19,103 $ 11,228 $
535 $ 11,763 EBITDA/Adjusted EBITDA $ (45,081 ) $ 55,427 $
42,749 $ 45,531 EBITDA/Adjusted EBITDA as a percentage of
total revenues
-30.1 % 37.0 % 31.3 % 33.3 % Earnings per share: Basic $
(1.18 ) $ 0.43 $ 0.25 $ 0.27 Diluted (1.18 ) 0.42 0.25 0.27
Weighted average number of common and
common share equivalents outstanding:
Basic 44,323 44,323 44,039 44,039 Diluted 44,323 45,098 44,206
44,206 (1) Adjusted column for the three months ended
September 30, 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 September 30, 2018 include the following,
along with the related tax effects:
• Exclusion of an asset impairment
charge and loss on divestiture, net of proceeds of $98.3 million
related to assets that the Company placed as held for sale during
the quarter.
• Exclusion of $2.6 million in
income tax benefit resulting from the reversal in the quarter of a
provisional tax expense related to the repatriation of foreign
earnings for the impact of the U.S. federal tax reform enacted in
the fourth quarter of 2017.
(2) Adjusted column for the three months ended September 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 September 30, 2017 include the following,
along with the related tax effects:
• Reduction of $0.2 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 $0.6 million
related to the restructuring of our business operations.
Mobile Mini, Inc. Condensed Consolidated
Statements of Operations (Unaudited) (in thousands,
except percentages and per share data)
Nine Months Ended September 30, 2018 Nine
Months Ended September 30, 2017 Actual
Adjustments Adjusted (1) Actual
Adjustments Adjusted (2) Revenues: Rental $
406,149 $ — $ 406,149 $ 360,288 $ — $ 360,288 Sales 25,700 — 25,700
24,817 — 24,817 Other 511 — 511 1,748
— 1,748 Total revenues 432,360 —
432,360 386,853 — 386,853 Costs and
expenses: Rental, selling and general expenses 269,033 — 269,033
248,954 (2,623 ) 246,331 Cost of sales 16,925 — 16,925 16,039 —
16,039 Restructuring expenses 1,306 (1,306 ) — 2,062 (2,062 ) —
Asset impairment charge and
loss on divestiture, net
98,278 (98,278 ) — — — — Depreciation and amortization
50,206 — 50,206 46,941 — 46,941
Total costs and expenses 435,748 (99,584 )
336,164 313,996 (4,685 ) 309,311 (Loss)
income from operations (3,388 ) 99,584 96,196 72,857 4,685 77,542
Other income (expense): Interest income 6 — 6 20 — 20
Interest expense (30,179 ) — (30,179 ) (26,412 ) — (26,412 )
Foreign currency exchange 69 — 69 (29 )
— (29 ) (Loss) income before income tax
provision (33,492 ) 99,584 66,092 46,436 4,685 51,121 Income
tax (benefit) provision (11,182 ) 27,338 16,156 16,279 1,777 18,056
Net (loss) income $ (22,310 ) $ 72,246 $
49,936 $ 30,157 $ 2,908 $ 33,065 EBITDA/Adjusted EBITDA $
46,893 $ 153,980 $ 119,789 $ 129,179 EBITDA/Adjusted EBITDA as a
percentage of
total revenues
10.8 % 35.6 % 31.0 % 33.4 % Earnings per share: Basic $
(0.50 ) $ 1.13 $ 0.68 $ 0.75 Diluted (0.50 ) 1.11 0.68 0.75
Weighted average number of common and
common share equivalents outstanding:
Basic 44,275 44,275 44,030 44,030 Diluted 44,275 45,011 44,190
44,190 (1) Adjusted column for the nine months ended
September 30, 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
nine-month period ended September 30, 2018 include the following,
along with the related tax effects:
• Exclusion of costs of $1.3 million
related to the restructuring of our business operations.
• Exclusion of an asset impairment
charge and loss on divestiture, net of proceeds of $98.3 million
related to assets that the Company placed as held for sale during
the period.
• Exclusion of $2.6 million in
income tax benefit resulting from the reversal in the period of a
provisional tax expense related to the repatriation of foreign
earnings for the impact of the U.S. federal tax reform enacted in
the fourth quarter of 2017.
(2) Adjusted column for the nine months ended September 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
nine-month period ended September 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 $2.5 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 $2.1 million
related to the restructuring of our business operations.
Mobile Mini, Inc. Operating Data (Unaudited)
2018 2017
As of September 30: Stand-alone Storage Solutions locations
119 122 Stand-alone Tank & Pump Solutions locations 21 17
Combined Storage Solutions and Tank & Pump Solutions locations
17 16 Storage Solutions rental fleet units 194,300 214,900 Tank
& Pump Solutions rental fleet units 12,600 12,000
Average utilization - Three months ended September 30:
Storage Solutions - utilization based on number of units 77.9 %
71.8 % Tank & Pump Solutions - utilization based on original
equipment cost 72.2 % 66.6 %
Average utilization - Nine
months ended September 30: Storage Solutions - utilization
based on number of units 73.0 % 70.1 % Tank & Pump Solutions -
utilization based on original equipment cost 73.3 % 64.3 %
Mobile Mini, Inc. Business Segment Information - Adjusted
(1) (Unaudited) (in thousands, except percentages)
Three Months Ended
September 30, 2018 Three Months Ended September 30, 2017
StorageSolutions
Tank & PumpSolutions
Total
StorageSolutions
Tank & PumpSolutions
Total Revenues: Rental $ 112,639 $ 28,285 $ 140,924 $
104,488 $ 23,207 $ 127,695 Sales 7,696 1,020 8,716 6,743 1,695
8,438 Other 40 27 67 401 102
503 Total revenues 120,375 29,332
149,707 111,632 25,004 136,636 Costs
and expenses: Rental, selling and general expenses 71,121 19,643
90,764 69,958 17,550 87,508 Cost of sales 5,226 544 5,770 4,477
1,042 5,519 Depreciation and amortization 9,758 6,433
16,191 9,836 6,099 15,935 Total costs
and expenses 86,105 26,620 112,725
84,271 24,691 108,962 Income from operations $
34,270 $ 2,712 $ 36,982 $ 27,361 $ 313 $ 27,674 Adjusted
EBITDA $ 46,174 $ 9,253 $ 55,427 $ 39,052 $ 6,479 $ 45,531 Adjusted
EBITDA Margin 38.4 % 31.5 % 37.0 % 35.0 % 25.9 % 33.3 %
Nine Months Ended September 30, 2018 Nine
Months Ended September 30, 2017
StorageSolutions
Tank & PumpSolutions
Total
StorageSolutions
Tank & PumpSolutions
Total Revenues: Rental $ 325,293 $ 80,856 $ 406,149 $
293,780 $ 66,508 $ 360,288 Sales 21,785 3,915 25,700 20,763 4,054
24,817 Other 399 112 511 1,418
330 1,748 Total revenues 347,477 84,883
432,360 315,961 70,892 386,853 Costs
and expenses: Rental, selling and general expenses 212,248 56,785
269,033 195,928 50,403 246,331 Cost of sales 14,695 2,230 16,925
13,808 2,231 16,039 Depreciation and amortization 31,398
18,808 50,206 28,496 18,445
46,941 Total costs and expenses 258,341 77,823
336,164 238,232 71,079 309,311 Income
(loss) from operations $ 89,136 $ 7,060 $ 96,196 $ 77,729 $ (187 )
$ 77,542 Adjusted EBITDA $ 127,798 $ 26,182 $ 153,980 $
110,733 $ 18,446 $ 129,179 Adjusted EBITDA Margin 36.8 % 30.8 %
35.6 % 35.0 % 26.0 % 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)
September 30, December
31, 2018 2017 (unaudited) (audited)
ASSETS Cash and cash equivalents $ 4,935 $ 13,451
Receivables, net 118,101 111,562 Inventories 13,444 15,671 Rental
fleet, net 925,956 989,154 Property, plant and equipment, net
155,621 157,304 Other assets 17,586 15,334 Intangibles, net 57,164
62,024 Goodwill 706,768 708,907 Total assets $
1,999,575 $ 2,073,407
LIABILITIES AND STOCKHOLDERS'
EQUITY Liabilities: Accounts payable $ 32,610 $ 26,955 Accrued
liabilities 80,114 78,084 Lines of credit 610,223 634,285
Obligations under capital leases 61,853 52,791 Senior notes, net
246,329 245,850 Deferred income taxes 158,758 173,754
Total liabilities 1,189,887 1,211,719
Stockholders' equity: Common stock 500 497 Additional paid-in
capital 616,850 605,369 Retained earnings 407,559 463,322
Accumulated other comprehensive loss (67,387 ) (60,334 ) Treasury
stock (147,834 ) (147,166 ) Total stockholders'
equity 809,688 861,688 Total liabilities and
stockholders' equity $ 1,999,575 $ 2,073,407
Mobile Mini, Inc. Condensed Consolidated Statements of
Cash Flows (Unaudited) (in thousands)
Nine Months Ended September 30, 2018
2017 Cash flows from operating activities: Net (loss)
income $ (22,310 ) $ 30,157 Adjustments to reconcile net (loss)
income to net cash
provided by operating activities:
Asset impairment charge and loss on divestiture, net 98,278 —
Provision for doubtful accounts 1,980 3,176 Amortization of
deferred financing costs 1,545 1,545 Amortization of long-term
liabilities 109 98 Share-based compensation expense 7,866 5,890
Depreciation and amortization 50,206 46,941 Gain on sale of rental
fleet (4,523 ) (4,273 ) Loss on disposal of property, plant and
equipment 548 472 Deferred income taxes (12,891 ) 15,167 Foreign
currency exchange (69 ) 29 Changes in certain assets and
liabilities, net of
effect of businesses acquired
(4,519 ) (3,370 ) Net cash provided by operating
activities 116,220 95,832 Cash flows from
investing activities: Proceeds from sale of assets held for sale
3,508 — Additions to rental fleet, excluding acquisitions (65,620 )
(45,945 ) Proceeds from sale of rental fleet 11,447 9,602 Additions
to property, plant and equipment, excluding acquisitions (14,635 )
(12,816 ) Proceeds from sale of property, plant and equipment
603 780 Net cash used in investing activities
(64,697 ) (48,379 ) Cash flows from financing
activities: Net repayments under lines of credit (24,062 ) (281 )
Deferred financing costs — (12 ) Principal payments on capital
lease obligations (6,683 ) (5,526 ) Issuance of common stock 3,617
4,685 Dividend payments (33,312 ) (30,120 ) Purchase of treasury
stock (668 ) (8,359 ) Net cash used in financing
activities (61,108 ) (39,613 ) Effect of
exchange rate changes on cash 1,069 632 Net
change in cash (8,516 ) 8,472 Cash and cash equivalents at
beginning of period 13,451 4,137 Cash and cash
equivalents at end of period $ 4,935 $ 12,609 Equipment and
other acquired through capital lease obligations $ 15,746 $ 6,610
Capital expenditures accrued or payable 9,774 8,931
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
September 30,
Nine Months Ended
September 30,
2018 2017 2018 2017 Net (loss) income $
(52,165 ) $ 11,228 $ (22,310 ) $ 30,157 Interest expense 10,487
9,203 30,179 26,412 Income tax (benefit) provision (19,594 ) 6,383
(11,182 ) 16,279 Depreciation and amortization 16,191
15,935 50,206 46,941 EBITDA (45,081 ) 42,749 46,893
119,789 Share-based compensation expense 2,230 1,920 7,503
4,705 Restructuring expenses — 625 1,306 2,062 Asset impairment
charge and loss on divestiture, net 98,278 — 98,278 —
Acquisition-related expenses — 26 — 123 Other — 211
— 2,500 Adjusted EBITDA $ 55,427 $ 45,531 $ 153,980 $
129,179
Three Months Ended
September 30,
Nine Months Ended
September 30,
2018 2017 2018 2017 Net cash provided
by operating activities $ 46,268 $ 32,611 $ 116,220 $ 95,832
Interest paid 13,576 12,192 31,753 30,379 Income and franchise
taxes paid 939 213 2,346 1,313 Share-based compensation expense,
including restructuring expense
(2,230 ) (2,070 ) (7,866 ) (5,890 ) Asset impairment charge and
loss on divestiture, net (98,278 ) — (98,278 ) — Gain on sale of
rental fleet 1,263 1,447 4,523 4,273 Loss on disposal of property,
plant and
equipment
(71 ) (190 ) (548 ) (472 ) Changes in certain assets and
liabilities, net of
effect of businesses acquired
(6,548 ) (1,454 ) (1,257 ) (5,646 )
EBITDA $ (45,081 ) $ 42,749 $ 46,893 $ 119,789
Mobile Mini, Inc. Free Cash Flow GAAP Reconciliation
(Unaudited) (in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2018 2017 2018 2017 Net cash provided
by operating activities $ 46,268 $ 32,611 $ 116,220 $ 95,832
Additions to rental fleet, excluding acquisitions (27,144 ) (22,918
) (65,620 ) (45,945 ) Proceeds from sale of rental fleet 3,770
3,319 11,447 9,602 Additions to property, plant and equipment,
excluding acquisitions
(5,554 ) (4,109 ) (14,635 ) (12,816 ) Proceeds from sale of
property, plant and
equipment
136 12 603 780 Net capital
expenditures, excluding acquisitions (28,792 ) (23,696 ) (68,205 )
(48,379 )
Free cash flow $ 17,476 $ 8,915 $ 48,015 $ 47,453
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181019005046/en/
Mobile Mini, Inc.Van Welch, 602-308-3879Executive VP & Chief
Financial Officerwww.mobilemini.comorINVESTOR RELATIONS
COUNSEL:The Equity Group Inc.Fred Buonocore, 212-836-9607Kevin
Towle, 212-836-9620
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