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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 1-12804

 

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

86-0748362

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

4646 E. Van Buren Street, Suite 400

Phoenix, Arizona

 

85008

(Address of principal executive offices)

 

(Zip Code)

(480) 894-6311

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, $.01 par value

MINI

Nasdaq Global Select Market

Preferred Share Purchase Rights

 

 

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

(Do not check if a smaller reporting company)

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

At July 19, 2019, there were outstanding 44,693,826 shares of the registrant’s common stock, par value $.01.

 

 

 


MOBILE MINI, INC.

INDEX TO FORM 10-Q FILING

FOR THE QUARTER ENDED JUNE 30, 2019

 

 

 

 

 

PAGE

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1. Financial Statements

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets June 30, 2019 (unaudited) and December 31, 2018

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income (unaudited) for the Three and Six Months Ended June 30, 2019 and June 30, 2018

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (unaudited) for the Three and Six Months Ended
June 30, 2019 and June 30, 2018

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the Six Months Ended
June 30, 2019 and June 30, 2018

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2019 and June 30, 2018

 

6

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

 

 

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

35

 

 

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

50

 

 

 

 

 

Item 4. Controls and Procedures

 

51

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1A. Risk Factors

 

52

 

 

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

52

 

 

 

 

 

Item 6. Exhibits

 

53

 

 

 

 

2


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MOBILE MINI, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value data)

 

 

 

June 30,

2019

 

 

December 31,

2018

 

 

 

(unaudited)

 

 

(audited)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,687

 

 

$

5,605

 

Receivables, net of allowance for doubtful accounts of $4,540 and $4,599

   at June 30, 2019 and December 31, 2018, respectively

 

 

106,694

 

 

 

130,233

 

Inventories

 

 

10,385

 

 

 

11,725

 

Rental fleet, net

 

 

951,696

 

 

 

929,090

 

Property, plant and equipment, net

 

 

150,025

 

 

 

154,254

 

Operating lease assets

 

 

96,883

 

 

 

 

Other assets

 

 

14,947

 

 

 

13,398

 

Intangibles, net

 

 

52,321

 

 

 

55,542

 

Goodwill

 

 

705,260

 

 

 

705,217

 

Total assets

 

$

2,092,898

 

 

$

2,005,064

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

32,190

 

 

$

33,177

 

Accrued liabilities

 

 

71,621

 

 

 

88,136

 

Operating lease liabilities

 

 

98,687

 

 

 

 

Lines of credit

 

 

580,100

 

 

 

593,495

 

Obligations under finance leases

 

 

64,536

 

 

 

63,359

 

Senior notes, net of deferred financing costs of $3,192 and $3,511

   at June 30, 2019 and December 31, 2018, respectively

 

 

246,808

 

 

 

246,489

 

Deferred income taxes

 

 

180,308

 

 

 

170,139

 

Total liabilities

 

 

1,274,250

 

 

 

1,194,795

 

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, 50,340 issued and 44,694

   outstanding at June 30, 2019 and 49,986 issued and 44,690 outstanding at

   December 31, 2018

 

 

503

 

 

 

500

 

Additional paid-in capital

 

 

631,988

 

 

 

619,850

 

Retained earnings

 

 

418,073

 

 

 

410,641

 

Accumulated other comprehensive loss

 

 

(72,992

)

 

 

(72,861

)

Treasury stock, at cost, 5,646 and 5,296 shares at June 30, 2019 and

   December 31, 2018, respectively

 

 

(158,924

)

 

 

(147,861

)

Total stockholders' equity

 

 

818,648

 

 

 

810,269

 

Total liabilities and stockholders' equity

 

$

2,092,898

 

 

$

2,005,064

 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

3


MOBILE MINI, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

141,906

 

 

$

132,887

 

 

$

284,078

 

 

$

265,225

 

Sales

 

 

8,135

 

 

 

8,881

 

 

 

15,358

 

 

 

16,984

 

Other

 

 

140

 

 

 

231

 

 

 

406

 

 

 

444

 

Total revenues

 

 

150,181

 

 

 

141,999

 

 

 

299,842

 

 

 

282,653

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental, selling and general expenses

 

 

95,735

 

 

 

89,271

 

 

 

187,969

 

 

 

178,269

 

Cost of sales

 

 

5,044

 

 

 

5,764

 

 

 

9,646

 

 

 

11,155

 

Restructuring expenses

 

 

 

 

 

1,195

 

 

 

 

 

 

1,306

 

Depreciation and amortization

 

 

18,135

 

 

 

17,192

 

 

 

35,470

 

 

 

34,015

 

Total costs and expenses

 

 

118,914

 

 

 

113,422

 

 

 

233,085

 

 

 

224,745

 

Income from operations

 

 

31,267

 

 

 

28,577

 

 

 

66,757

 

 

 

57,908

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

6

 

Interest expense

 

 

(10,592

)

 

 

(10,093

)

 

 

(21,352

)

 

 

(19,692

)

Deferred financing costs write-off

 

 

 

 

 

 

 

 

(123

)

 

 

 

Foreign currency exchange

 

 

(167

)

 

 

(21

)

 

 

(166

)

 

 

45

 

Income before income tax provision

 

 

20,508

 

 

 

18,463

 

 

 

45,116

 

 

 

38,267

 

Income tax provision

 

 

6,450

 

 

 

3,463

 

 

 

12,973

 

 

 

8,412

 

Net income

 

$

14,058

 

 

$

15,000

 

 

$

32,143

 

 

$

29,855

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.32

 

 

$

0.34

 

 

$

0.72

 

 

$

0.67

 

Diluted

 

 

0.31

 

 

 

0.33

 

 

 

0.72

 

 

 

0.66

 

Weighted average number of common and common share

   equivalents outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,496

 

 

 

44,287

 

 

 

44,472

 

 

 

44,251

 

Diluted

 

 

44,750

 

 

 

45,091

 

 

 

44,814

 

 

 

44,967

 

Cash dividends declared per share

 

$

0.28

 

 

$

0.25

 

 

$

0.55

 

 

$

0.50

 

 

 

MOBILE MINI, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

14,058

 

 

$

15,000

 

 

$

32,143

 

 

$

29,855

 

Foreign currency translation adjustment

 

 

(5,236

)

 

 

(12,983

)

 

 

(131

)

 

 

(4,357

)

Comprehensive income

 

$

8,822

 

 

$

2,017

 

 

$

32,012

 

 

$

25,498

 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

4


MOBILE MINI, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Shares

 

 

Amount

 

 

Equity

 

Balance at January 1, 2019

 

 

44,690

 

 

$

500

 

 

$

619,850

 

 

$

410,641

 

 

$

(72,861

)

 

 

5,296

 

 

$

(147,861

)

 

$

810,269

 

Net income

 

 

 

 

 

 

 

 

 

 

 

18,085

 

 

 

 

 

 

 

 

 

 

 

 

18,085

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

(12,339

)

 

 

 

 

 

 

 

 

 

 

 

(12,339

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,105

 

 

 

 

 

 

 

 

 

5,105

 

Exercise of stock options

 

 

66

 

 

 

1

 

 

 

1,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,690

 

Purchase of treasury stock

 

 

(29

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

(1,057

)

 

 

(1,057

)

Restricted stock grants, net

 

 

248

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 

 

 

 

 

3,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,404

 

Balance at March 31, 2019

 

 

44,975

 

 

 

503

 

 

 

624,941

 

 

 

416,387

 

 

 

(67,756

)

 

 

5,325

 

 

 

(148,918

)

 

 

825,157

 

Net income

 

 

 

 

 

 

 

 

 

 

 

14,058

 

 

 

 

 

 

 

 

 

 

 

 

14,058

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

(12,372

)

 

 

 

 

 

 

 

 

 

 

 

(12,372

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,236

)

 

 

 

 

 

 

 

 

(5,236

)

Exercise of stock options

 

 

5

 

 

 

 

 

 

114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

114

 

Purchase of treasury stock

 

 

(321

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

321

 

 

 

(10,006

)

 

 

(10,006

)

Restricted stock grants, net

 

 

35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 

 

 

 

 

6,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,933

 

Balance at June 30, 2019

 

 

44,694

 

 

$