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f

 

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 March 31, 2020

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

 

 

 

 

 

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, 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 April 24, 2020, there were outstanding 44,359,914 shares of the registrant’s common stock, par value $.01.

 

 

 


MOBILE MINI, INC.

INDEX TO FORM 10-Q FILING

FOR THE QUARTER ENDED MARCH 31, 2020

 

 

 

 

 

PAGE

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1. Financial Statements

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets March 31, 2020 (unaudited) and December 31, 2019

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income (unaudited) for the Three Months Ended March 31, 2020 and March 31, 2019

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited) for the Three Months Ended March 31, 2020 and March 31, 2019

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the Three Months Ended
March 31, 2020 and March 31, 2019

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2020 and March 31, 2019

 

6

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

 

 

 

 

 

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

 

29

 

 

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

42

 

 

 

 

 

Item 4. Controls and Procedures

 

43

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1A. Risk Factors

 

44

 

 

 

 

 

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

 

46

 

 

 

 

 

Item 6. Exhibits

 

47

 

 

2


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MOBILE MINI, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value data)

 

 

 

March 31,

2020

 

 

December 31,

2019

 

 

 

(unaudited)

 

 

(audited)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

10,795

 

 

$

8,053

 

Receivables, net of allowance for doubtful accounts of $5,081 and $4,622

   at March 31, 2020 and December 31, 2019, respectively

 

 

99,259

 

 

 

104,390

 

Inventories

 

 

9,540

 

 

 

9,517

 

Rental fleet, net

 

 

960,177

 

 

 

966,223

 

Property, plant and equipment, net

 

 

153,824

 

 

 

157,183

 

Operating lease assets

 

 

91,521

 

 

 

93,116

 

Other assets

 

 

14,453

 

 

 

13,806

 

Intangibles, net

 

 

50,629

 

 

 

51,185

 

Goodwill

 

 

710,053

 

 

 

713,404

 

Total assets

 

$

2,100,251

 

 

$

2,116,877

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

40,299

 

 

$

31,554

 

Accrued liabilities

 

 

63,405

 

 

 

77,069

 

Operating lease liabilities

 

 

93,437

 

 

 

94,932

 

Lines of credit

 

 

557,500

 

 

 

555,400

 

Obligations under finance leases

 

 

75,533

 

 

 

74,399

 

Senior notes, net of deferred financing costs of $2,713 and $2,873

   at March 31, 2020 and December 31, 2019, respectively

 

 

247,287

 

 

 

247,127

 

Deferred income taxes

 

 

198,420

 

 

 

195,034

 

Total liabilities

 

 

1,275,881

 

 

 

1,275,515

 

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, 50,630 issued and 44,379

   outstanding at March 31, 2020 and 50,381 issued and 44,152 outstanding at

   December 31, 2019

 

 

506

 

 

 

504

 

Additional paid-in capital

 

 

641,515

 

 

 

638,083

 

Retained earnings

 

 

440,144

 

 

 

445,285

 

Accumulated other comprehensive loss

 

 

(79,478

)

 

 

(65,093

)

Treasury stock, at cost, 6,251 and 6,229 shares at March 31, 2020 and

   December 31, 2019, respectively

 

 

(178,317

)

 

 

(177,417

)

Total stockholders' equity

 

 

824,370

 

 

 

841,362

 

Total liabilities and stockholders' equity

 

$

2,100,251

 

 

$

2,116,877

 

 

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

March 31,

 

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

Rental

 

$

140,656

 

 

$

142,172

 

Sales

 

 

8,316

 

 

 

7,223

 

Other

 

 

68

 

 

 

266

 

Total revenues

 

 

149,040

 

 

 

149,661

 

Costs and expenses:

 

 

 

 

 

 

 

 

Rental, selling and general expenses

 

 

102,258

 

 

 

92,234

 

Cost of sales

 

 

5,102

 

 

 

4,602

 

Depreciation and amortization

 

 

17,492

 

 

 

17,335

 

Total costs and expenses

 

 

124,852

 

 

 

114,171

 

Income from operations

 

 

24,188

 

 

 

35,490

 

Other income (expense):

 

 

 

 

 

 

 

 

Interest income

 

 

12

 

 

 

 

Interest expense

 

 

(9,257

)

 

 

(10,760

)

Deferred financing costs write-off

 

 

 

 

 

(123

)

Foreign currency exchange

 

 

(3

)

 

 

1

 

Income before income tax provision

 

 

14,940

 

 

 

24,608

 

Income tax provision

 

 

6,639

 

 

 

6,523

 

Net income

 

$

8,301

 

 

$

18,085

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.19

 

 

$

0.41

 

Diluted

 

 

0.19

 

 

 

0.40

 

Weighted average number of common and common share

   equivalents outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

43,873

 

 

 

44,448

 

Diluted

 

 

44,386

 

 

 

44,877

 

Cash dividends declared per share

 

$

0.30

 

 

$

0.28

 

 

 

 

MOBILE MINI, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

8,301

 

 

$

18,085

 

Foreign currency translation adjustment

 

 

(14,385

)

 

 

5,105

 

Comprehensive (loss) income

 

$

(6,084

)

 

$

23,190

 

 

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

 

4


MOBILE MINI, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

For the Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Shares

 

 

Amount

 

 

Equity

 

Balance at January 1, 2020

 

 

44,152

 

 

$

504

 

 

$

638,083

 

 

$

445,285

 

 

$

(65,093

)

 

 

6,229

 

 

$

(177,417

)

 

$

841,362

 

Net income

 

 

 

 

 

 

 

 

 

 

 

8,301

 

 

 

 

 

 

 

 

 

 

 

 

8,301

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

(13,442

)

 

 

 

 

 

 

 

 

 

 

 

(13,442

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,385

)

 

 

 

 

 

 

 

 

(14,385

)

Exercise of stock options

 

 

24

 

 

 

 

 

 

752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

752

 

Purchase of treasury stock

 

 

(22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

 

 

 

(900

)

 

 

(900

)

Restricted stock grants, net

 

 

225

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 

 

 

 

 

2,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,682

 

Balance at March 31, 2020

 

 

44,379

 

 

$

506

 

 

$

641,515

 

 

$

440,144

 

 

$

(79,478

)

 

 

6,251

 

 

$

(178,317

)

 

$

824,370

 

 

 

 

For the Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

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

 

 

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

5


MOBILE MINI, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

8,301

 

 

$

18,085

 

Adjustments to reconcile net income to net cash provided

   by operating activities:

 

 

 

 

 

 

 

 

Deferred financing costs write-off

 

 

 

 

 

123

 

Provision for doubtful accounts

 

 

955

 

 

 

1,212

 

Amortization of deferred financing costs

 

 

455

 

 

 

505

 

Amortization of long-term liabilities

 

 

 

 

 

13

 

Share-based compensation expense

 

 

2,682

 

 

 

3,404

 

Depreciation and amortization

 

 

17,492

 

 

 

17,335

 

Gain on sale of rental fleet

 

 

(1,444

)

 

 

(1,425

)

Loss on disposal of property, plant and equipment

 

 

26

 

 

 

18

 

Deferred income taxes

 

 

4,386

 

 

 

5,058

 

Foreign currency exchange

 

 

3

 

 

 

(1

)

Changes in certain assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

3,365

 

 

 

16,180

 

Inventories

 

 

(154

)

 

 

76

 

Other assets

 

 

1,381

 

 

 

(1,394

)

Accounts payable

 

 

9,490

 

 

 

(1,741

)

Accrued liabilities

 

 

(13,715

)

 

 

(18,665

)

Net cash provided by operating activities

 

 

33,223

 

 

 

38,783

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Cash paid for business acquired, net of cash acquired

 

 

(4,808

)

 

 

 

Additions to rental fleet, excluding acquisitions

 

 

(10,051

)

 

 

(23,016

)

Proceeds from sale of rental fleet

 

 

3,474

 

 

 

3,338

 

Additions to property, plant and equipment, excluding acquisitions

 

 

(4,174

)

 

 

(2,919

)

Proceeds from sale of property, plant and equipment

 

 

15

 

 

 

49

 

Net cash used in investing activities

 

 

(15,544

)

 

 

(22,548

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net borrowings under lines of credit

 

 

2,100

 

 

 

203

 

Deferred financing costs

 

 

 

 

 

(3,254

)

Principal payments on finance lease obligations

 

 

(3,204

)

 

 

(2,586

)

Issuance of common stock

 

 

753

 

 

 

1,690

 

Dividend payments

 

 

(13,575

)

 

 

(12,426

)

Purchase of treasury stock

 

 

(900

)

 

 

(1,057

)

Net cash used in financing activities

 

 

(14,826

)

 

 

(17,430

)

Effect of exchange rate changes on cash

 

 

(111

)

 

 

(114

)

Net increase (decrease) in cash

 

 

2,742

 

 

 

(1,309

)

Cash and cash equivalents at beginning of period

 

 

8,053

 

 

 

5,605

 

Cash and cash equivalents at end of period

 

$

10,795