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8-K - FORM 8-K - MOBILE MINI INC | d394346d8k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
MOBILE MINI REPORTS 2012 SECOND QUARTER RESULTS
Sixth Sequential Comparable Quarter Increase in Leasing Revenues
Tempe, AZ August 9, 2012 -- Mobile Mini, Inc. (NASDAQ GS: MINI) today reported GAAP and non-GAAP financial results for the second quarter and six months ended June 30, 2012.
Second Quarter 2012 Compared to Second Quarter 2011
| Total revenues rose 4.0% to $94.2 million from $90.5 million; |
| Leasing revenues rose 5.7% to $82.9 million from $78.4 million; |
| Leasing revenues comprised 88.0% of total revenues compared to 86.6% of total revenues; |
| Sales revenues declined to $10.7 million from $11.5 million; |
| Sales margins were 39% for both periods; |
| Non-GAAP EBITDA was $32.0 million, compared to $34.1 million; |
| Non-GAAP net income was $8.0 million compared to $8.3 million; and |
| Non-GAAP diluted earnings per share was $0.18 compared to $0.19. |
Other Second Quarter 2012 Highlights
| Free cash flow was $8.2 million, after $6.5 million of net capex including fleet expansion in the U.K.; |
| Net debt was paid down by $8.2 million; |
| Yield (total leasing revenues per unit on rent) increased 4.2% compared to the second quarter of 2011, primarily due to an increase in trucking deliveries, product mix and a year-over-year average rental rate increase of 2.1%; |
| Average utilization rate was 57.7% compared to 55.8%; |
| Utilization at June 30, 2012 was 58.9%, an increase from 57.1% the prior year; and |
| Excess availability under our Credit Agreement at June 30, 2012 increased to $558.5 million and after redemption of our 6.875% senior notes on August 2, 2012, excess availability still topped $400 million. |
Non-GAAP reconciliation tables are on page 8 of this press release, and show the nearest comparable GAAP results to the non-GAAP results.
Business Overview
Mobile Minis Chairman, President & CEO, Steven Bunger stated, This quarter is our sixth consecutive reporting period of comparable quarter leasing revenue growth and reflects improvement in both yield and utilization. We are pleased by the gains in yield which are 4.2% and 5.5% ahead of the 2011 second quarter and 2012 first quarter, respectively. In fact, average yield was at an all time quarterly high of $604 per unit. Utilization has likewise been moving in the right direction averaging 57.7% in this quarter, up from 55.8% in the same period last year and 56.8% in the 2012 first quarter. We closed this quarter with utilization at 58.9% and by July 31st, it rose further to 59.9%.
Mobile Mini, Inc. News Release | Page 2 | |
August 9, 2012 |
Mr. Bunger pointed out, While our construction-related business has been meeting expectations, we are not satisfied with the growth in units on rent in our non-construction U.S. business. However, we are making good progress with our inbound and outbound sales teams at our National Sales Center (NSC) which have continued to increase their productivity. In addition, our U.K. operations have been doing a superb job growing leasing revenues which were up 10.0%, compared to the second quarter of 2011.
Mr. Bunger continued, The decline in non-GAAP EBITDA and non-GAAP EBITDA margin was primarily due to the start-up of our consumer initiative, including advertising expenses, staffing costs and other operating expenses totaling $2.8 million. Excluding those costs, non-GAAP EBITDA would have been approximately $0.7 million ahead of the 2011 second quarter. The consumer initiative was launched in Phoenix in May and in San Diego, Denver, Austin, Atlanta, Jacksonville and Minneapolis the following month. Given that it is still early, we are currently evaluating this initiative. We are utilizing our existing fleet and branch infrastructure and are carefully monitoring and controlling costs under this consumer effort. Leasing, selling and general expenses also increased due to the continuation of additional deliveries of our offices which have higher repair and maintenance costs, greater business activity and associated freight expense, as well as operating costs related to the 16 new markets we entered since the beginning of 2011.
On the subject of the 12 new markets for 2011, Mr. Bunger pointed out, Weve seen a steady ramp up of units on lease, and the number of these locations that are EBITDA positive keeps growing. We recently entered two more new markets, for a total of four this year. The new locations are in Lexington, the second largest city in Kentucky and Williston, North Dakota which is enjoying a booming energy economy. Additionally, two full service branches were converted into low-cost operational yards.
Mark Funk, Mobile Minis Executive Vice President & CFO, noted, Through the first half of 2012, we have generated free cash flow for 18 consecutive quarters. Second quarter free cash flow of $8.2 million made possible the pay down of $8.2 million of debt, after $6.5 million of net capital expenditures which included fleet expansion in the U.K. as a result of strong business conditions. That brings the year-to-date debt pay down to $12.4 million, after payment of $7.5 million of financing costs for our new Credit Agreement and $11.4 million of net capital expenditures. Since the acquisition of Mobile Storage Group in mid-2008, we have generated free cash flow of $280.6 million and paid down $247.7 million of debt.
He continued, As a result of our reduced borrowings and better rates under our new Credit Agreement, interest expense through the first half of 2012 was reduced by approximately 15% or nearly $3.7 million, compared to the same period of 2011. In addition, with the redemption of the $150.0 million of 6.875% senior notes on August 2, 2012, we estimate approximately $6.6 million in annualized interest savings based upon our Credit Agreement borrowing rate and debt level, exclusive of the redemption premium of approximately $2.6 million. We continue to have a great deal of financial flexibility with over $400.0 million available under our Credit Agreement after the senior note redemption.
Mr. Bunger concluded, As noted earlier, we are not satisfied with the year-to-date performance of our U.S. business. As a senior management team, we are focused on growing our units on rent while at the same time, reducing costs. We expect continued revenue growth as the year progresses.
Mobile Mini, Inc. News Release | Page 3 | |
August 9, 2012 |
EBITDA, EBITDA margin, non-GAAP SG&A and free cash flow are non-GAAP financial measures as defined by Securities and Exchange Commission (SEC) rules. Reconciliations of EBITDA, EBITDA margin, and free cash flow to the most directly comparable GAAP financial measures can be found later in this release.
Conference Call
Mobile Mini will host a conference call today, Thursday, August 9, 2012 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 Investors section and will be available in advance and after the call. We will also post the reconciliation of non-GAAP financial measures used in the slide show to the most directly comparable GAAP financial measures. 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 conference call can be accessed for approximately 14 days after the call at Mobile Minis website.
Mobile Mini, Inc. is the worlds leading provider of portable storage solutions through its total lease fleet of approximately 235,000 portable storage containers and office units with 136 locations in the U.S., United Kingdom, Canada and The Netherlands. Mobile Mini is included on the Russell 2000® and 3000® Indexes and the S&P Small Cap Index.
This news release contains forward-looking statements, particularly regarding growth, free cash flow, ability to enter new markets, increase in utilization, the ability to strengthen, grow and expand our operations, increasing debt pay down, and manage our consumer initiative, 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 Companys SEC filings. 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.
CONTACT: | -OR- | INVESTOR RELATIONS COUNSEL: | ||
Mark Funk, Executive VP & Chief Financial Officer Mobile Mini, Inc. (480) 477-0241 www.mobilemini.com |
The Equity Group Inc. Linda Latman (212) 836-9609 Lena Cati (212) 836-9611 |
(See Accompanying Tables)
Mobile Mini, Inc. News Release | Page 4 | |
August 9, 2012 |
Mobile Mini, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(in thousands except per share data)/(includes effects of rounding)
Three Months Ended June 30, |
Three Months Ended June 30, |
|||||||||||||||
2012 Actual |
2012 Non-GAAP (1) |
2011 Actual |
2011 Non-GAAP (1) |
|||||||||||||
Revenues: |
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Leasing |
$ | 82,854 | $ | 82,854 | $ | 78,422 | $ | 78,422 | ||||||||
Sales |
10,749 | 10,749 | 11,508 | 11,508 | ||||||||||||
Other |
547 | 547 | 593 | 593 | ||||||||||||
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Total revenues |
94,150 | 94,150 | 90,523 | 90,523 | ||||||||||||
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Costs and expenses: |
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Cost of sales |
6,580 | 6,580 | 7,070 | 7,070 | ||||||||||||
Leasing, selling and general expenses (2) |
55,574 | 55,529 | 49,628 | 49,337 | ||||||||||||
Integration, merger and restructuring expenses (3) |
267 | | 266 | | ||||||||||||
Depreciation and amortization |
9,131 | 9,131 | 9,018 | 9,018 | ||||||||||||
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Total costs and expenses |
71,552 | 71,240 | 65,982 | 65,425 | ||||||||||||
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Income from operations |
22,598 | 22,910 | 24,541 | 25,098 | ||||||||||||
Other income (expense): |
||||||||||||||||
Interest income |
1 | 1 | | | ||||||||||||
Interest expense |
(10,182 | ) | (10,182 | ) | (11,777 | ) | (11,777 | ) | ||||||||
Foreign currency exchange |
(2 | ) | (2 | ) | (1 | ) | (1 | ) | ||||||||
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Income before provision for income taxes |
12,415 | 12,727 | 12,763 | 13,320 | ||||||||||||
Provision for income taxes |
4,645 | 4,738 | 4,821 | 5,035 | ||||||||||||
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Net income |
7,770 | 7,989 | 7,942 | 8,285 | ||||||||||||
Earnings allocable to preferred stockholders |
| | (193 | ) | (202 | ) | ||||||||||
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Net income available to common stockholders |
$ | 7,770 | $ | 7,989 | $ | 7,749 | $ | 8,083 | ||||||||
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Earnings per share: |
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Basic |
$ | 0.17 | $ | 0.18 | $ | 0.18 | $ | 0.19 | ||||||||
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Diluted |
$ | 0.17 | $ | 0.18 | $ | 0.18 | $ | 0.19 | ||||||||
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Weighted average number of common and common share equivalents outstanding: |
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Basic |
44,627 | 44,627 | 42,656 | 42,656 | ||||||||||||
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Diluted |
44,952 | 44,952 | 44,594 | 44,594 | ||||||||||||
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EBITDA |
$ | 31,728 | $ | 32,040 | $ | 33,558 | $ | 34,115 | ||||||||
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(1) | This column represents a non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and non-GAAP presentations. |
(2) | In 2012, the difference relates to acquisition activity costs that are excluded in the non-GAAP presentation. |
In 2011, the difference represents one-time costs that are excluded in the non-GAAP presentation.
(3) | Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the non-GAAP presentation. |
Mobile Mini, Inc. News Release | Page 5 | |
August 9, 2012 |
Mobile Mini, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(in thousands except per share data)/(includes effects of rounding)
Six Months Ended June 30, |
Six Months Ended June 30, |
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2012 | 2012 | 2011 | 2011 | |||||||||||||
Actual | Non-GAAP (1) | Actual | Non-GAAP (1) | |||||||||||||
Revenues: |
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Leasing |
$ | 160,471 | $ | 160,471 | $ | 151,101 | $ | 151,101 | ||||||||
Sales |
20,554 | 20,554 | 20,920 | 20,920 | ||||||||||||
Other |
1,048 | 1,048 | 1,361 | 1,361 | ||||||||||||
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Total revenues |
182,073 | 182,073 | 173,382 | 173,382 | ||||||||||||
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Costs and expenses: |
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Cost of sales |
12,478 | 12,478 | 13,089 | 13,089 | ||||||||||||
Leasing, selling and general expenses (2) |
109,288 | 109,149 | 96,716 | 96,385 | ||||||||||||
Integration, merger and restructuring expenses (3) |
763 | | 471 | | ||||||||||||
Depreciation and amortization |
18,145 | 18,145 | 17,813 | 17,813 | ||||||||||||
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Total costs and expenses |
140,674 | 139,772 | 128,089 | 127,287 | ||||||||||||
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Income from operations |
41,399 | 42,301 | 45,293 | 46,095 | ||||||||||||
Other income (expense): |
||||||||||||||||
Interest income |
1 | 1 | | | ||||||||||||
Interest expense |
(20,799 | ) | (20,799 | ) | (24,476 | ) | (24,476 | ) | ||||||||
Debt restructuring expense (4) |
| | (1,334 | ) | | |||||||||||
Deferred financing costs write-off (5) |
(692 | ) | | | | |||||||||||
Foreign currency exchange |
(3 | ) | (3 | ) | (2 | ) | (2 | ) | ||||||||
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Income before provision for income taxes |
19,906 | 21,500 | 19,481 | 21,617 | ||||||||||||
Provision for income taxes |
7,505 | 8,066 | 7,388 | 8,211 | ||||||||||||
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Net income |
12,401 | 13,434 | 12,093 | 13,406 | ||||||||||||
Earnings allocable to preferred stockholders |
| | (970 | ) | (1,160 | ) | ||||||||||
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Net income available to common stockholders |
$ | 12,401 | $ | 13,434 | $ | 11,123 | $ | 12,246 | ||||||||
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Earnings per share: |
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Basic |
$ | 0.28 | $ | 0.30 | $ | 0.28 | $ | 0.31 | ||||||||
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Diluted |
$ | 0.28 | $ | 0.30 | $ | 0.27 | $ | 0.30 | ||||||||
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Weighted average number of common and common share equivalents outstanding: |
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Basic |
44,558 | 44,558 | 39,138 | 39,138 | ||||||||||||
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Diluted |
45,006 | 45,006 | 44,554 | 44,554 | ||||||||||||
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EBITDA |
$ | 59,542 | $ | 60,444 | $ | 63,104 | $ | 63,906 | ||||||||
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(1) | This column represents a non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and non-GAAP presentations. |
(2) | In 2012, the difference relates to acquisition activity costs that are excluded in the non-GAAP presentation. |
In 2011, the difference represents one-time costs that are excluded in the non-GAAP presentation.
(3) | Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the non-GAAP presentation. |
(4) | Represents the tender premiums and the remaining unamortized acquisition date discount on the redemption of $22.3 million in 2011 of 9.75% Notes and is excluded in the non-GAAP presentation. |
(5) | Represents a portion of deferred financing costs associated with our prior $850.0 million credit agreement which was replaced with our new $900.0 million Credit Agreement in February 2012 and is excluded in the non-GAAP presentation. |
Mobile Mini, Inc. News Release | Page 6 | |
August 9, 2012 |
Non-GAAP Reconciliation to Nearest Comparable GAAP Measure Three Months Ended June 30, 2012 (in thousands except per share data) (includes effects of rounding) |
Non-GAAP Reconciliation to Nearest Comparable GAAP Measure Three Months Ended June 30, 2011 (in thousands except per share data) (includes effects of rounding) |
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Non-GAAP (1) | Acquisition Expenses (2) |
Integration, merger and restructuring expenses (3) |
GAAP | Non-GAAP (1) | Leasing, selling and general expenses (5) |
Integration, merger and restructuring expenses (3) |
GAAP | |||||||||||||||||||||||||
Revenues |
$ | 94,150 | $ | | $ | | $ | 94,150 | $ | 90,523 | $ | | $ | | $ | 90,523 | ||||||||||||||||
EBITDA |
$ | 32,040 | $ | (45 | ) | $ | (267 | ) | $ | 31,728 | $ | 34,115 | $ | (291 | ) | $ | (266 | ) | $ | 33,558 | ||||||||||||
EBITDA margin |
34.0 | % | | (0.3 | )% | 33.7 | % | 37.7 | % | (0.3 | )% | (0.3 | )% | 37.1 | % | |||||||||||||||||
Operating income |
$ | 22,910 | $ | (45 | ) | $ | (267 | ) | $ | 22,598 | $ | 25,098 | $ | (291 | ) | $ | (266 | ) | $ | 24,541 | ||||||||||||
Operating income margin |
24.3 | % | | (0.3 | )% | 24.0 | % | 27.7 | % | (0.3 | )% | (0.3 | )% | 27.1 | % | |||||||||||||||||
Pre tax income |
$ | 12,727 | $ | (45 | ) | $ | (267 | ) | $ | 12,415 | $ | 13,320 | $ | (291 | ) | $ | (266 | ) | $ | 12,763 | ||||||||||||
Net income |
$ | 7,989 | $ | (27 | ) | $ | (192 | ) | $ | 7,770 | $ | 8,285 | $ | (179 | ) | $ | (164 | ) | $ | 7,942 | ||||||||||||
Diluted earnings per share |
$ | 0.18 | $ | | $ | (0.01 | ) | $ | 0.17 | $ | 0.19 | $ | (0.01 | ) | $ | | $ | 0.18 |
Non-GAAP Reconciliation to Nearest
Comparable GAAP Measure Six Months Ended June 30, 2012 (in thousands except per share data) (includes effects of rounding) |
Non-GAAP Reconciliation to Nearest
Comparable GAAP Measure Six Months Ended June 30, 2011 (in thousands except per share data) (includes effects of rounding) |
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Non-GAAP (1) | Acquisition Expenses (2) |
Integration, merger and restructuring expenses (3) |
Deferred financing costs write-off (4) |
GAAP | Non-GAAP (1) | Leasing, selling and general expenses (5) |
Integration, merger and restructuring expenses (3) |
Debt restructuring expense (6) |
GAAP | |||||||||||||||||||||||||||||||
Revenues |
$ | 182,073 | $ | | $ | | $ | | $ | 182,073 | $ | 173,382 | $ | | $ | | $ | | $ | 173,382 | ||||||||||||||||||||
EBITDA |
$ | 60,444 | $ | (139 | ) | $ | (763 | ) | $ | | $ | 59,542 | $ | 63,906 | $ | (331 | ) | $ | (471 | ) | $ | | $ | 63,104 | ||||||||||||||||
EBITDA margin |
33.2 | % | (0.1 | )% | (0.4 | )% | | 32.7 | % | 36.9 | % | (0.2 | )% | (0.3 | )% | | 36.4 | % | ||||||||||||||||||||||
Operating income |
$ | 42,301 | $ | (139 | ) | $ | (763 | ) | $ | | $ | 41,399 | $ | 46,095 | $ | (331 | ) | $ | (471 | ) | $ | | $ | 45,293 | ||||||||||||||||
Operating income margin |
23.2 | % | (0.1 | )% | (0.4 | )% | | 22.7 | % | 26.6 | % | (0.2 | )% | (0.3 | )% | | 26.1 | % | ||||||||||||||||||||||
Pre tax income |
$ | 21,500 | $ | (139 | ) | $ | (763 | ) | $ | (692 | ) | $ | 19,906 | $ | 21,617 | $ | (331 | ) | $ | (471 | ) | $ | (1,334 | ) | $ | 19,481 | ||||||||||||||
Net income |
$ | 13,434 | $ | (85 | ) | $ | (522 | ) | $ | (426 | ) | $ | 12,401 | $ | 13,406 | $ | (203 | ) | $ | (290 | ) | $ | (820 | ) | $ | 12,093 | ||||||||||||||
Diluted earnings per share |
$ | 0.30 | $ | | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.28 | $ | 0.30 | $ | | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.27 |
(1) | This column represents a non-GAAP presentation even though some individual line items presented, such as revenues, are identical under both GAAP and non-GAAP presentations. |
(2) | Represents acquisition activity costs that are excluded in the non-GAAP presentation. |
(3) | Integration, merger and restructuring expenses represent costs relating primarily to the restructuring of our operations that are excluded in the non-GAAP presentation. |
(4) | Represents a portion of deferred financing costs associated with our prior $850.0 million credit agreement which was replaced by our new $900.0 million credit agreement in February 2012 and is excluded in the non-GAAP presentation. |
(5) | Represents one-time costs that are excluded in the non-GAAP presentation. |
(6) | Represents the tender premiums and the remaining unamortized acquisition date discount on the redemption of $22.3 million of 9.75% Notes in 2011 and is excluded in the non-GAAP presentation. |
Mobile Mini, Inc. News Release | Page 7 | |
August 9, 2012 |
This press release includes the financial measures EBITDA, EBITDA margin, non-GAAP SG&A, non-GAAP net income, non-GAAP diluted earnings per share and free cash flow. These measurements are deemed non-GAAP financial measures under rules of the SEC, including Regulation G. This non-GAAP financial information may be determined or calculated differently by other companies.
EBITDA is defined as net income before interest expense, income taxes, depreciation and amortization, and if applicable, debt restructuring or extinguishment costs. We typically further adjust EBITDA to ignore the effect of what we consider transactions or events not related to our core business to arrive at non-GAAP EBITDA in the reconciliation below. The GAAP financial measure that is most directly comparable to EBITDA is net cash provided by operating activities. EBITDA margin is calculated by dividing consolidated EBITDA by total revenues. The GAAP financial measure that is most directly comparable to EBITDA margin is operating margin, which represents operating income divided by revenues. We present EBITDA and EBITDA margin because we believe they provide useful information regarding our ability to meet our future debt payment requirements, capital expenditures and working capital requirements and they provide an overall evaluation of our financial condition. In addition, EBITDA is a component of certain financial covenants under our revolving credit facility and is used to determine our available borrowing ability and the interest rate. We include EBITDA in the earnings announcement to provide transparency to investors. EBITDA has certain limitations as an analytical tool and should not be used as a substitute for net income, cash flows, or other consolidated income or cash flow data prepared in accordance with GAAP or as a measure of our profitability or our liquidity. EBITDA margin is presented along with the operating margin so as not to imply that more emphasis should be placed on it than the corresponding GAAP measure.
Free cash flow is defined as net cash provided by operating activities, less net cash used in investing activities, excluding acquisitions. 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 GAAP financial measure. 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 the Companys existing businesses, debt service obligations and strategic acquisitions.
Non-GAAP SG&A, non-GAAP net income and non-GAAP diluted earnings per share permit a comparative assessment of our SG&A expenses, net income and diluted earnings per share by excluding certain one-time expenses and integration, merger and restructuring expenses to make a more meaningful comparison of our operating performance.
A reconciliation of EBITDA to net cash provided by operating activities and net income to EBITDA and non-GAAP EBITDA, as well as a reconciliation of net cash provided by operating activities to free cash flow, follows. These reconciliations are in thousands and include effects of rounding.
Mobile Mini, Inc. News Release | Page 8 | |
August 9, 2012 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Reconciliation of EBITDA to net cash provided by operating activities: |
||||||||||||||||
EBITDA |
$ | 31,728 | $ | 33,558 | $ | 59,542 | $ | 63,104 | ||||||||
Interest paid |
(24,663 | ) | (17,971 | ) | (27,710 | ) | (23,354 | ) | ||||||||
Income and franchise taxes paid |
(548 | ) | (524 | ) | (589 | ) | (590 | ) | ||||||||
Share-based compensation expense |
1,730 | 1,396 | 3,586 | 2,721 | ||||||||||||
Gain on sale of lease fleet units |
(3,442 | ) | (4,026 | ) | (6,556 | ) | (7,119 | ) | ||||||||
Gain on disposal of property, plant and equipment |
(31 | ) | (21 | ) | (44 | ) | | |||||||||
Changes in certain assets and liabilities, net of effect of business acquired: |
||||||||||||||||
Receivables |
(2,568 | ) | (4,144 | ) | 395 | (2,386 | ) | |||||||||
Inventories |
365 | 527 | (937 | ) | (367 | ) | ||||||||||
Deposits and prepaid expenses |
(303 | ) | 1,158 | (109 | ) | 853 | ||||||||||
Other assets and intangibles |
132 | (44 | ) | (105 | ) | (118 | ) | |||||||||
Accounts payable and accrued liabilities |
12,326 | 2,694 | 6,100 | 633 | ||||||||||||
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|
|
|
|
|
|
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Net cash provided by operating activities |
$ | 14,726 | $ | 12,603 | $ | 33,573 | $ | 33,377 | ||||||||
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|
|
|
|
|
|
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Reconciliation of net income to EBITDA and non-GAAP EBITDA: |
||||||||||||||||
Net income |
$ | 7,770 | $ | 7,942 | $ | 12,401 | $ | 12,093 | ||||||||
Interest expense |
10,182 | 11,777 | 20,799 | 24,476 | ||||||||||||
Provision for income taxes |
4,645 | 4,821 | 7,505 | 7,388 | ||||||||||||
Depreciation and amortization |
9,131 | 9,018 | 18,145 | 17,813 | ||||||||||||
Debt restructuring expense |
| | | 1,334 | ||||||||||||
Deferred financing costs write-off |
| | 692 | | ||||||||||||
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|
|
|
|
|
|
|||||||||
EBITDA |
31,728 | 33,558 | 59,542 | 63,104 | ||||||||||||
Integration, merger and restructuring expenses & other |
267 | 557 | 763 | 802 | ||||||||||||
Acquisition expenses |
45 | | 139 | | ||||||||||||
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|
|
|
|
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|
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Non-GAAP EBITDA |
$ | 32,040 | $ | 34,115 | $ | 60,444 | $ | 63,906 | ||||||||
|
|
|
|
|
|
|
|
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Reconciliation of net cash provided by operating activities to free cash flow: |
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Net cash provided by operating activities |
$ | 14,726 | $ | 12,603 | $ | 33,573 | $ | 33,377 | ||||||||
Additions to lease fleet |
(9,506 | ) | (7,658 | ) | (19,326 | ) | (11,175 | ) | ||||||||
Proceeds from sale of lease fleet units |
8,464 | 9,825 | 16,117 | 18,028 | ||||||||||||
Additions to property, plant and equipment |
(5,596 | ) | (3,609 | ) | (8,555 | ) | (6,800 | ) | ||||||||
Proceeds from sale of property, plant and equipment |
151 | 15 | 315 | 41 | ||||||||||||
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|
|
|
|
|
|
|
|||||||||
Net capital (expenditures) proceeds, excluding acquisitions |
(6,487 | ) | (1,427 | ) | (11,449 | ) | 94 | |||||||||
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|
|
|
|
|
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|
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Free cash flow |
$ | 8,239 | $ | 11,176 | $ | 22,124 | $ | 33,471 | ||||||||
|
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|
|
|
|
|
|
Mobile Mini, Inc. News Release | Page 9 | |
August 9, 2012 |
Mobile Mini, Inc.
Condensed Consolidated Balance Sheets
(in thousands except par value data)
(includes effects of rounding)
June 30, 2012 |
December 31, 2011 |
|||||||
(unaudited) | (audited) | |||||||
ASSETS | ||||||||
Cash |
$ | 2,947 | $ | 2,860 | ||||
Receivables, net |
46,791 | 47,102 | ||||||
Inventories |
21,722 | 20,803 | ||||||
Lease fleet, net |
1,020,670 | 1,018,742 | ||||||
Property, plant and equipment, net |
82,869 | 79,875 | ||||||
Deposits and prepaid expenses |
7,462 | 7,338 | ||||||
Other assets and intangibles, net |
21,409 | 16,862 | ||||||
Goodwill |
516,434 | 514,469 | ||||||
|
|
|
|
|||||
Total assets |
$ | 1,720,304 | $ | 1,708,051 | ||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
Liabilities: |
||||||||
Accounts payable |
$ | 23,168 | $ | 20,849 | ||||
Accrued liabilities |
41,741 | 46,369 | ||||||
Lines of credit |
333,535 | 345,149 | ||||||
Notes payable |
78 | 316 | ||||||
Obligations under capital leases |
1,042 | 1,289 | ||||||
Senior Notes, net |
349,760 | 349,718 | ||||||
Deferred income taxes |
191,012 | 183,550 | ||||||
|
|
|
|
|||||
Total liabilities |
940,336 | 947,240 | ||||||
|
|
|
|
|||||
Commitments and contingencies |
||||||||
Stockholders equity: |
||||||||
Common stock; $.01 par value, 95,000 shares authorized, 47,893 issued and 45,718 outstanding at June 30, 2012 and 47,787 issued and 45,612 outstanding at December 31, 2011 |
|
479 |
|
|
478 |
| ||
Additional paid-in capital |
514,459 | 508,936 | ||||||
Retained earnings |
328,507 | 316,106 | ||||||
Accumulated other comprehensive loss |
(24,177 | ) | (25,409 | ) | ||||
Treasury stock, at cost, 2,175 shares |
(39,300 | ) | (39,300 | ) | ||||
|
|
|
|
|||||
Total stockholders equity |
779,968 | 760,811 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders equity |
$ | 1,720,304 | $ | 1,708,051 | ||||
|
|
|
|