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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 September 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

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 October 25, 2019, there were outstanding 44,122,188 shares of the registrant’s common stock, par value $.01.

 

 

 


MOBILE MINI, INC.

INDEX TO FORM 10-Q FILING

FOR THE QUARTER ENDED SEPTEMBER 30, 2019

 

 

 

 

 

PAGE

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1. Financial Statements

 

3

 

 

 

 

 

 

 

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

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2019 and September 30, 2018

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the Three and Nine Months Ended September 30, 2019 and September 30, 2018

 

4

 

 

 

 

 

 

 

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

 

5

 

 

 

 

 

 

 

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

 

7

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

9

 

 

 

 

 

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

 

37

 

 

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

52

 

 

 

 

 

Item 4. Controls and Procedures

 

53

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1A. Risk Factors

 

54

 

 

 

 

 

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

 

54

 

 

 

 

 

Item 6. Exhibits

 

55

 

 

 

 

2


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MOBILE MINI, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value data)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

 

 

(unaudited)

 

 

(audited)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

7,295

 

 

$

5,605

 

Receivables, net of allowance for doubtful accounts of $5,291 and $4,599

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

 

 

106,847

 

 

 

130,233

 

Inventories

 

 

9,835

 

 

 

11,725

 

Rental fleet, net

 

 

953,331

 

 

 

929,090

 

Property, plant and equipment, net

 

 

150,479

 

 

 

154,254

 

Operating lease assets

 

 

95,489

 

 

 

 

Other assets

 

 

12,809

 

 

 

13,398

 

Intangibles, net

 

 

51,333

 

 

 

55,542

 

Goodwill

 

 

705,769

 

 

 

705,217

 

Total assets

 

$

2,093,187

 

 

$

2,005,064

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

30,167

 

 

$

33,177

 

Accrued liabilities

 

 

74,331

 

 

 

88,136

 

Operating lease liabilities

 

 

97,283

 

 

 

 

Lines of credit

 

 

584,000

 

 

 

593,495

 

Obligations under finance leases

 

 

67,648

 

 

 

63,359

 

Senior notes, net of deferred financing costs of $3,033 and $3,511

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

 

 

246,967

 

 

 

246,489

 

Deferred income taxes

 

 

186,116

 

 

 

170,139

 

Total liabilities

 

 

1,286,512

 

 

 

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, 50,343 issued and 44,115

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

   December 31, 2018

 

 

503

 

 

 

500

 

Additional paid-in capital

 

 

634,994

 

 

 

619,850

 

Retained earnings

 

 

428,398

 

 

 

410,641

 

Accumulated other comprehensive loss

 

 

(79,814

)

 

 

(72,861

)

Treasury stock, at cost, 6,228 and 5,296 shares at September 30, 2019 and

   December 31, 2018, respectively

 

 

(177,406

)

 

 

(147,861

)

Total stockholders' equity

 

 

806,675

 

 

 

810,269

 

Total liabilities and stockholders' equity

 

$

2,093,187

 

 

$

2,005,064

 

 

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

3


MOBILE MINI, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

145,519

 

 

$

140,924

 

 

$

429,597

 

 

$

406,149

 

Sales

 

 

7,887

 

 

 

8,716

 

 

 

23,245

 

 

 

25,700

 

Other

 

 

111

 

 

 

67

 

 

 

517

 

 

 

511

 

Total revenues

 

 

153,517

 

 

 

149,707

 

 

 

453,359

 

 

 

432,360

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental, selling and general expenses

 

 

91,399

 

 

 

90,764

 

 

 

279,368

 

 

 

269,033

 

Cost of sales

 

 

4,838

 

 

 

5,770

 

 

 

14,484

 

 

 

16,925

 

Restructuring expenses

 

 

 

 

 

 

 

 

 

 

 

1,306

 

Asset impairment charge and loss on divestiture, net

 

 

 

 

 

98,278

 

 

 

 

 

 

98,278

 

Depreciation and amortization

 

 

17,490

 

 

 

16,191

 

 

 

52,960

 

 

 

50,206

 

Total costs and expenses

 

 

113,727

 

 

 

211,003

 

 

 

346,812

 

 

 

435,748

 

Income (loss) from operations

 

 

39,790

 

 

 

(61,296

)

 

 

106,547

 

 

 

(3,388

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

12

 

 

 

 

 

 

12

 

 

 

6

 

Interest expense

 

 

(10,393

)

 

 

(10,487

)

 

 

(31,745

)

 

 

(30,179

)

Deferred financing costs write-off

 

 

 

 

 

 

 

 

(123

)

 

 

 

Foreign currency exchange

 

 

(13

)

 

 

24

 

 

 

(179

)

 

 

69

 

Income (loss) before income tax provision (benefit)

 

 

29,396

 

 

 

(71,759

)

 

 

74,512

 

 

 

(33,492

)

Income tax provision (benefit)

 

 

6,821

 

 

 

(19,594

)

 

 

19,794

 

 

 

(11,182

)

Net income (loss)

 

$

22,575

 

 

$

(52,165

)

 

$

54,718

 

 

$

(22,310

)

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.51

 

 

$

(1.18

)

 

$

1.23

 

 

$

(0.50

)

Diluted

 

 

0.51

 

 

 

(1.18

)

 

 

1.23

 

 

 

(0.50

)

Weighted average number of common and common share

   equivalents outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,072

 

 

 

44,323

 

 

 

44,337

 

 

 

44,275

 

Diluted

 

 

44,316

 

 

 

44,323

 

 

 

44,646

 

 

 

44,275

 

Cash dividends declared per share

 

$

0.28

 

 

$

0.25

 

 

$

0.83

 

 

$

0.75

 

 

MOBILE MINI, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income (loss)

 

$

22,575

 

 

$

(52,165

)

 

$

54,718

 

 

$

(22,310

)

Foreign currency translation adjustment

 

 

(6,822

)

 

 

(2,696

)

 

 

(6,953

)

 

 

(7,053

)

Comprehensive income (loss)

 

$

15,753

 

 

$

(54,861

)

 

$

47,765

 

 

$

(29,363

)

 

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

 

4


MOBILE MINI, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended September 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