Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2013 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Condensed Consolidating Balance Sheets | ' |
The following tables reflect the condensed consolidating financial information of the Company’s subsidiary guarantors of the Senior Notes and its non-guarantor subsidiaries. Separate financial statements of the subsidiary guarantors are not presented because the guarantee by each 100% owned subsidiary guarantor is full and unconditional, joint and several, subject to customary exceptions, and management has determined that such information is not material to investors. On December 31, 2012, the assets and liabilities of our Toronto, Canada location, which was part of the U.S. guarantor Company, were transferred to our Canadian subsidiary, Mobile Mini Canada ULC, which is a non-guarantor subsidiary of the Senior Notes. |
|
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING BALANCE SHEETS |
As of December 31, 2012 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
ASSETS | | | | | | | | | | | | | | | | |
Cash | | $ | 1,009 | | | $ | 928 | | | $ | — | | | $ | 1,937 | |
Receivables, net | | | 34,708 | | | | 15,936 | | | | — | | | | 50,644 | |
Inventories | | | 17,263 | | | | 2,320 | | | | (49 | ) | | | 19,534 | |
Lease fleet, net | | | 867,295 | | | | 164,294 | | | | — | | | | 1,031,589 | |
Property, plant and equipment, net | | | 60,904 | | | | 19,918 | | | | — | | | | 80,822 | |
Deposits and prepaid expenses | | | 5,296 | | | | 1,562 | | | | — | | | | 6,858 | |
Other assets and intangibles, net | | | 15,874 | | | | 1,994 | | | | — | | | | 17,868 | |
Goodwill | | | 445,138 | | | | 73,170 | | | | — | | | | 518,308 | |
Intercompany | | | 140,958 | | | | 27,383 | | | | (168,341 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total assets | | $ | 1,588,445 | | | $ | 307,505 | | | $ | (168,390 | ) | | $ | 1,727,560 | |
| | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 10,331 | | | $ | 7,956 | | | $ | — | | | $ | 18,287 | |
Accrued liabilities | | | 52,854 | | | | 5,631 | | | | — | | | | 58,485 | |
Lines of credit | | | 395,613 | | | | 46,778 | | | | — | | | | 442,391 | |
Notes payable | | | 310 | | | | — | | | | — | | | | 310 | |
Obligations under capital leases | | | 642 | | | | — | | | | — | | | | 642 | |
Senior Notes | | | 200,000 | | | | — | | | | — | | | | 200,000 | |
Deferred income taxes | | | 184,430 | | | | 14,345 | | | | (849 | ) | | | 197,926 | |
Intercompany | | | 7,515 | | | | (2,594 | ) | | | (4,921 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 851,695 | | | | 72,116 | | | | (5,770 | ) | | | 918,041 | |
| | | | | | | | | | | | | | | | |
Commitments and contingencies | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | |
Common stock | | | 482 | | | | 18,434 | | | | (18,434 | ) | | | 482 | |
Additional paid-in capital | | | 522,372 | | | | 144,985 | | | | (144,985 | ) | | | 522,372 | |
Retained earnings | | | 253,196 | | | | 89,787 | | | | 799 | | | | 343,782 | |
Accumulated other comprehensive loss | | | — | | | | (17,817 | ) | | | — | | | | (17,817 | ) |
Treasury stock, at cost | | | (39,300 | ) | | | — | | | | — | | | | (39,300 | ) |
| | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | 736,750 | | | | 235,389 | | | | (162,620 | ) | | | 809,519 | |
| | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,588,445 | | | $ | 307,505 | | | $ | (168,390 | ) | | $ | 1,727,560 | |
| | | | | | | | | | | | | | | | |
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MOBILE MINI, INC. |
CONDENSED CONSOLIDATING BALANCE SHEETS |
As of September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
ASSETS | | | | | | | | | | | | | | | | |
Cash | | $ | 1,342 | | | $ | 726 | | | $ | — | | | $ | 2,068 | |
Receivables, net | | | 36,531 | | | | 18,063 | | | | — | | | | 54,594 | |
Inventories | | | 18,067 | | | | 2,644 | | | | — | | | | 20,711 | |
Lease fleet, net | | | 821,616 | | | | 161,052 | | | | — | | | | 982,668 | |
Property, plant and equipment, net | | | 58,363 | | | | 19,179 | | | | — | | | | 77,542 | |
Assets held for sale | | | 4,672 | | | | 1,217 | | | | — | | | | 5,889 | |
Deposits and prepaid expenses | | | 5,085 | | | | 1,757 | | | | — | | | | 6,842 | |
Other assets and intangibles, net | | | 13,107 | | | | 1,441 | | | | — | | | | 14,548 | |
Goodwill | | | 445,131 | | | | 72,868 | | | | — | | | | 517,999 | |
Intercompany | | | 158,114 | | | | 34,231 | | | | (192,345 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total assets | | $ | 1,562,028 | | | $ | 313,178 | | | $ | (192,345 | ) | | $ | 1,682,861 | |
| | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 12,048 | | | $ | 9,328 | | | $ | — | | | $ | 21,376 | |
Accrued liabilities | | | 54,653 | | | | 5,962 | | | | — | | | | 60,615 | |
Lines of credit | | | 340,856 | | | | 17,802 | | | | — | | | | 358,658 | |
Obligations under capital leases | | | 1,845 | | | | — | | | | — | | | | 1,845 | |
Senior Notes | | | 200,000 | | | | — | | | | — | | | | 200,000 | |
Deferred income taxes | | | 189,600 | | | | 13,283 | | | | (885 | ) | | | 201,998 | |
Intercompany | | | 23 | | | | 4,800 | | | | (4,823 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 799,025 | | | | 51,175 | | | | (5,708 | ) | | | 844,492 | |
| | | | | | | | | | | | | | | | |
Commitments and contingencies | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | |
Common stock | | | 485 | | | | 18,434 | | | | (18,434 | ) | | | 485 | |
Additional paid-in capital | | | 539,848 | | | | 169,039 | | | | (169,039 | ) | | | 539,848 | |
Retained earnings | | | 261,970 | | | | 92,940 | | | | 836 | | | | 355,746 | |
Accumulated other comprehensive loss | | | — | | | | (18,410 | ) | | | — | | | | (18,410 | ) |
Treasury stock, at cost | | | (39,300 | ) | | | — | | | | — | | | | (39,300 | ) |
| | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | 763,003 | | | | 262,003 | | | | (186,637 | ) | | | 838,369 | |
| | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,562,028 | | | $ | 313,178 | | | $ | (192,345 | ) | | $ | 1,682,861 | |
| | | | | | | | | | | | | | | | |
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Condensed Consolidating Statements of Income | ' |
|
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
Three Months Ended September 30, 2012 |
(In thousands) |
|
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Revenues: | | | | | | | | | | | | | | | | |
Leasing | | $ | 71,893 | | | $ | 16,896 | | | $ | — | | | $ | 88,789 | |
Sales | | | 6,823 | | | | 2,864 | | | | — | | | | 9,687 | |
Other | | | 435 | | | | 91 | | | | — | | | | 526 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 79,151 | | | | 19,851 | | | | — | | | | 99,002 | |
| | | | | | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | |
Cost of sales | | | 4,993 | | | | 1,033 | | | | — | | | | 6,026 | |
Leasing, selling and general expenses | | | 43,151 | | | | 12,827 | | | | — | | | | 55,978 | |
Merger and restructuring expenses | | | 837 | | | | — | | | | — | | | | 837 | |
Depreciation and amortization | | | 6,881 | | | | 2,070 | | | | — | | | | 8,951 | |
| | | | | | | | | | | | | | | | |
Total costs and expenses | | | 55,862 | | | | 15,930 | | | | — | | | | 71,792 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 23,289 | | | | 3,921 | | | | — | | | | 27,210 | |
Other income (expense): | | | | | | | | | | | | | | | | |
Interest income | | | 152 | | | | — | | | | (152 | ) | | | — | |
Interest expense | | | (8,132 | ) | | | (825 | ) | | | 152 | | | | (8,805 | ) |
Dividend income | | | 214 | | | | — | | | | (214 | ) | | | — | |
Debt restructuring expense | | | (2,812 | ) | | | — | | | | — | | | | (2,812 | ) |
Deferred financing costs write-off | | | (1,197 | ) | | | — | | | | — | | | | (1,197 | ) |
Foreign currency exchange | | | — | | | | (2 | ) | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Income before provision for (benefit from) income taxes | | | 11,514 | | | | 3,094 | | | | (214 | ) | | | 14,394 | |
Provision for (benefit from) income taxes | | | 4,469 | | | | (443 | ) | | | (30 | ) | | | 3,996 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 7,045 | | | $ | 3,537 | | | $ | (184 | ) | | $ | 10,398 | |
| | | | | | | | | | | | | | | | |
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MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
Three Months Ended September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Revenues: | | | | | | | | | | | | | | | | |
Leasing | | $ | 76,265 | | | $ | 19,546 | | | $ | — | | | $ | 95,811 | |
Sales | | | 7,593 | | | | 1,505 | | | | — | | | | 9,098 | |
Other | | | 465 | | | | 113 | | | | — | | | | 578 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 84,323 | | | | 21,164 | | | | — | | | | 105,487 | |
| | | | | | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | |
Cost of sales | | | 5,010 | | | | 1,081 | | | | — | | | | 6,091 | |
Leasing, selling and general expenses | | | 49,550 | | | | 13,341 | | | | — | | | | 62,891 | |
Merger and restructuring expenses | | | 1,189 | | | | 146 | | | | — | | | | 1,335 | |
Asset impairment (recovery) charge, net | | | (738 | ) | | | (13 | ) | | | — | | | | (751 | ) |
Depreciation and amortization | | | 7,150 | | | | 1,792 | | | | — | | | | 8,942 | |
| | | | | | | | | | | | | | | | |
Total costs and expenses | | | 62,161 | | | | 16,347 | | | | — | | | | 78,508 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 22,162 | | | | 4,817 | | | | — | | | | 26,979 | |
Other income (expense): | | | | | | | | | | | | | | | | |
Interest income | | | 63 | | | | — | | | | (63 | ) | | | — | |
Interest expense | | | (6,912 | ) | | | (510 | ) | | | 63 | | | | (7,359 | ) |
| | | | | | | | | | | | | | | | |
Income before provision for (benefit from) income taxes | | | 15,313 | | | | 4,307 | | | | — | | | | 19,620 | |
Provision for (benefit from) income taxes | | | 6,215 | | | | (898 | ) | | | — | | | | 5,317 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 9,098 | | | $ | 5,205 | | | $ | — | | | $ | 14,303 | |
| | | | | | | | | | | | | | | | |
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MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
Nine Months Ended September 30, 2012 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Revenues: | | | | | | | | | | | | | | | | |
Leasing | | $ | 202,278 | | | $ | 46,879 | | | $ | — | | | $ | 249,157 | |
Sales | | | 22,633 | | | | 7,608 | | | | — | | | | 30,241 | |
Other | | | 1,339 | | | | 235 | | | | — | | | | 1,574 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 226,250 | | | | 54,722 | | | | — | | | | 280,972 | |
| | | | | | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | |
Cost of sales | | | 15,775 | | | | 2,729 | | | | — | | | | 18,504 | |
Leasing, selling and general expenses | | | 127,814 | | | | 37,128 | | | | — | | | | 164,942 | |
Merger and restructuring expenses | | | 1,222 | | | | 378 | | | | — | | | | 1,600 | |
Depreciation and amortization | | | 20,787 | | | | 6,309 | | | | — | | | | 27,096 | |
| | | | | | | | | | | | | | | | |
Total costs and expenses | | | 165,598 | | | | 46,544 | | | | — | | | | 212,142 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 60,652 | | | | 8,178 | | | | — | | | | 68,830 | |
Other income (expense): | | | | | | | | | | | | | | | | |
Interest income | | | 438 | | | | — | | | | (437 | ) | | | 1 | |
Interest expense | | | (27,510 | ) | | | (2,531 | ) | | | 437 | | | | (29,604 | ) |
Dividend income | | | 650 | | | | — | | | | (650 | ) | | | — | |
Debt restructuring expense | | | (2,812 | ) | | | — | | | | — | | | | (2,812 | ) |
Deferred financing costs write-off | | | (1,889 | ) | | | — | | | | — | | | | (1,889 | ) |
Foreign currency exchange | | | — | | | | (5 | ) | | | — | | | | (5 | ) |
| | | | | | | | | | | | | | | | |
Income before provision for income taxes | | | 29,529 | | | | 5,642 | | | | (650 | ) | | | 34,521 | |
Provision for income taxes | | | 11,341 | | | | 329 | | | | (69 | ) | | | 11,601 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 18,188 | | | $ | 5,313 | | | $ | (581 | ) | | $ | 22,920 | |
| | | | | | | | | | | | | | | | |
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MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
Nine Months Ended September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Revenues: | | | | | | | | | | | | |
Leasing | | $ | 215,483 | | | $ | 53,618 | | | $ | — | | | $ | 269,101 | |
Sales | | | 22,097 | | | | 8,313 | | | | — | | | | 30,410 | |
Other | | | 1,138 | | | | 301 | | | | — | | | | 1,439 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 238,718 | | | | 62,232 | | | | — | | | | 300,950 | |
| | | | | | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | |
Cost of sales | | | 14,039 | | | | 6,404 | | | | — | | | | 20,443 | |
Leasing, selling and general expenses | | | 134,141 | | | | 39,360 | | | | — | | | | 173,501 | |
Merger and restructuring expenses | | | 1,907 | | | | 146 | | | | — | | | | 2,053 | |
Asset impairment charge, net | | | 32,813 | | | | 6,713 | | | | — | | | | 39,526 | |
Depreciation and amortization | | | 21,040 | | | | 5,546 | | | | — | | | | 26,586 | |
| | | | | | | | | | | | | | | | |
Total costs and expenses | | | 203,940 | | | | 58,169 | | | | — | | | | 262,109 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 34,778 | | | | 4,063 | | | | — | | | | 38,841 | |
Other income (expense): | | | | | | | | | | | | | | | | |
Interest income | | | 193 | | | | — | | | | (193 | ) | | | — | |
Interest expense | | | (20,987 | ) | | | (1,571 | ) | | | 193 | | | | (22,365 | ) |
Dividend income | | | 274 | | | | — | | | | (274 | ) | | | — | |
Foreign currency exchange | | | — | | | | (1 | ) | | | — | | | | (1 | ) |
| | | | | | | | | | | | | | | | |
Income before provision for (benefit from) income taxes | | | 14,258 | | | | 2,491 | | | | (274 | ) | | | 16,475 | |
Provision for (benefit from) income taxes | | | 5,523 | | | | (976 | ) | | | (36 | ) | | | 4,511 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 8,735 | | | $ | 3,467 | | | $ | (238 | ) | | $ | 11,964 | |
| | | | | | | | | | | | | | | | |
|
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' |
|
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Three Months Ended September 30, 2012 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Net income | | $ | 7,045 | | | $ | 3,537 | | | $ | (184 | ) | | $ | 10,398 | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | — | | | | 6,833 | | | | — | | | | 6,833 | |
| | | | | | | | | | | | | | | | |
Other comprehensive income | | | — | | | | 6,833 | | | | — | | | | 6,833 | |
| | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 7,045 | | | $ | 10,370 | | | $ | (184 | ) | | $ | 17,231 | |
| | | | | | | | | | | | | | | | |
|
|
|
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Three Months Ended September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Net income | | $ | 9,098 | | | $ | 5,205 | | | $ | — | | | $ | 14,303 | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | — | | | | 12,179 | | | | — | | | | 12,179 | |
| | | | | | | | | | | | | | | | |
Other comprehensive income | | | — | | | | 12,179 | | | | — | | | | 12,179 | |
| | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 9,098 | | | $ | 17,384 | | | $ | — | | | $ | 26,482 | |
| | | | | | | | | | | | | | | | |
|
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Nine Months Ended September 30, 2012 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Net income | | $ | 18,188 | | | $ | 5,313 | | | $ | (581 | ) | | $ | 22,920 | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | — | | | | 8,221 | | | | — | | | | 8,221 | |
| | | | | | | | | | | | | | | | |
Other comprehensive income | | | — | | | | 8,221 | | | | — | | | | 8,221 | |
| | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 18,188 | | | $ | 13,534 | | | $ | (581 | ) | | $ | 31,141 | |
| | | | | | | | | | | | | | | | |
|
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Nine Months Ended September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Net income | | $ | 8,735 | | | $ | 3,467 | | | $ | (238 | ) | | $ | 11,964 | |
Other comprehensive loss, net of tax: | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | — | | | | (593 | ) | | | — | | | | (593 | ) |
| | | | | | | | | | | | | | | | |
Other comprehensive loss | | | — | | | | (593 | ) | | | — | | | | (593 | ) |
| | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 8,735 | | | $ | 2,874 | | | $ | (238 | ) | | $ | 11,371 | |
| | | | | | | | | | | | | | | | |
|
Condensed Consolidating Statements of Cash Flows | ' |
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
Nine Months Ended September 30, 2012 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Cash Flows From Operating Activities: | | | | | | | | | | | | | | | | |
Net income | | $ | 18,188 | | | $ | 5,313 | | | $ | (581 | ) | | $ | 22,920 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | | | |
Debt restructuring expense | | | 2,812 | | | | — | | | | — | | | | 2,812 | |
Deferred financing costs write-off | | | 1,889 | | | | — | | | | — | | | | 1,889 | |
Provision for doubtful accounts | | | 504 | | | | 419 | | | | — | | | | 923 | |
Amortization of deferred financing costs | | | 2,459 | | | | 58 | | | | — | | | | 2,517 | |
Amortization of debt issuance discount | | | 49 | | | | — | | | | — | | | | 49 | |
Amortization of long-term liabilities | | | 117 | | | | 8 | | | | — | | | | 125 | |
Share-based compensation expense | | | 5,242 | | | | 434 | | | | — | | | | 5,676 | |
Depreciation and amortization | | | 20,787 | | | | 6,309 | | | | — | | | | 27,096 | |
Gain on sale of lease fleet units | | | (8,412 | ) | | | (1,039 | ) | | | — | | | | (9,451 | ) |
Gain on disposal of property, plant and equipment | | | (250 | ) | | | (13 | ) | | | — | | | | (263 | ) |
Deferred income taxes | | | 11,330 | | | | 329 | | | | (58 | ) | | | 11,601 | |
Foreign currency exchange loss | | | — | | | | 5 | | | | — | | | | 5 | |
Changes in certain assets and liabilities, net of effect of business acquired: | | | | | | | | | | | | | | | | |
Receivable | | | (4,162 | ) | | | (3,487 | ) | | | — | | | | (7,649 | ) |
Inventories | | | 10 | | | | (973 | ) | | | — | | | | (963 | ) |
Deposits and prepaid expenses | | | 981 | | | | (57 | ) | | | — | | | | 924 | |
Other assets and intangibles | | | (12 | ) | | | (252 | ) | | | — | | | | (264 | ) |
Accounts payable | | | 2,728 | | | | (2,036 | ) | | | — | | | | 692 | |
Accrued liabilities | | | (637 | ) | | | 362 | | | | — | | | | (275 | ) |
Intercompany | | | (4,676 | ) | | | 4,791 | | | | (115 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | | 48,947 | | | | 10,171 | | | | (754 | ) | | | 58,364 | |
| | | | | | | | | | | | | | | | |
Cash Flows From Investing Activities: | | | | | | | | | | | | | | | | |
Cash paid for business acquired | | | — | | | | (3,563 | ) | | | — | | | | (3,563 | ) |
Additions to lease fleet | | | (16,612 | ) | | | (16,171 | ) | | | — | | | | (32,783 | ) |
Proceeds from sale of lease fleet units | | | 20,410 | | | | 2,989 | | | | — | | | | 23,399 | |
Additions to property, plant and equipment | | | (7,211 | ) | | | (3,960 | ) | | | — | | | | (11,171 | ) |
Proceeds from sale of property, plant and equipment | | | 927 | | | | 501 | | | | — | | | | 1,428 | |
| | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (2,486 | ) | | | (20,204 | ) | | | — | | | | (22,690 | ) |
| | | | | | | | | | | | | | | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | |
Net borrowings under lines of credit | | | 112,582 | | | | 11,474 | | | | — | | | | 124,056 | |
Redemption of 6.876% senior notes due 2015 | | | (150,000 | ) | | | — | | | | — | | | | (150,000 | ) |
Redemption premiums of 6.875% senior notes due 2015 | | | (2,579 | ) | | | — | | | | — | | | | (2,579 | ) |
Deferred financing costs | | | (8,039 | ) | | | — | | | | — | | | | (8,039 | ) |
Principal payments on notes payables | | | (316 | ) | | | — | | | | — | | | | (316 | ) |
Principal payments on capital lease obligations | | | (762 | ) | | | — | | | | — | | | | (762 | ) |
Issuance of common stock | | | 1,996 | | | | — | | | | — | | | | 1,996 | |
Intercompany | | | — | | | | (652 | ) | | | 652 | | | | — | |
| | | | | | | | | | | | | | | | |
Net cash (used in) provided by financing activities | | | (47,118 | ) | | | 10,822 | | | | 652 | | | | (35,644 | ) |
| | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash | | | — | | | | (2,076 | ) | | | 102 | | | | (1,974 | ) |
| | | | | | | | | | | | | | | | |
Net decrease in cash | | | (657 | ) | | | (1,287 | ) | | | — | | | | (1,944 | ) |
Cash at beginning of period | | | 1,444 | | | | 1,416 | | | | — | | | | 2,860 | |
| | | | | | | | | | | | | | | | |
Cash at end of period | | $ | 787 | | | $ | 129 | | | $ | — | | | $ | 916 | |
| | | | | | | | | | | | | | | | |
|
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
Nine Months Ended September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Cash Flows From Operating Activities: | | | | | | | | | | | | | | | | |
Net income | | $ | 8,735 | | | $ | 3,467 | | | $ | (238 | ) | | $ | 11,964 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | | | |
Asset impairment charge, net | | | 31,966 | | | | 6,987 | | | | — | | | | 38,953 | |
Provision for doubtful accounts | | | 719 | | | | 569 | | | | — | | | | 1,288 | |
Amortization of deferred financing costs | | | 2,062 | | | | 46 | | | | — | | | | 2,108 | |
Amortization of long-term liabilities | | | 122 | | | | 6 | | | | — | | | | 128 | |
Share-based compensation expense | | | 10,241 | | | | 528 | | | | — | | | | 10,769 | |
Depreciation and amortization | | | 21,040 | | | | 5,546 | | | | — | | | | 26,586 | |
Gain on sale of lease fleet units | | | (6,244 | ) | | | (1,454 | ) | | | — | | | | (7,698 | ) |
(Gain) loss on disposal of property, plant and equipment | | | (64 | ) | | | 8 | | | | — | | | | (56 | ) |
Deferred income taxes | | | 5,251 | | | | (974 | ) | | | (28 | ) | | | 4,249 | |
Foreign currency exchange loss | | | — | | | | 1 | | | | — | | | | 1 | |
Changes in certain assets and liabilities: | | | | | | | | | | | | | | | | |
Receivable | | | (2,573 | ) | | | (2,724 | ) | | | — | | | | (5,297 | ) |
Inventories | | | (1,739 | ) | | | (658 | ) | | | — | | | | (2,397 | ) |
Deposits and prepaid expenses | | | 205 | | | | (186 | ) | | | — | | | | 19 | |
Other assets and intangibles | | | (150 | ) | | | 162 | | | | — | | | | 12 | |
Accounts payable | | | 1,497 | | | | 1,271 | | | | — | | | | 2,768 | |
Accrued liabilities | | | 1,690 | | | | 387 | | | | — | | | | 2,077 | |
Intercompany | | | (23,269 | ) | | | 23,109 | | | | 160 | | | | — | |
| | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | | 49,489 | | | | 36,091 | | | | (106 | ) | | | 85,474 | |
| | | | | | | | | | | | | | | | |
Cash Flows From Investing Activities: | | | | | | | | | | | | | | | | |
Additions to lease fleet | | | (11,311 | ) | | | (12,300 | ) | | | — | | | | (23,611 | ) |
Proceeds from sale of lease fleet units | | | 18,432 | | | | 6,979 | | | | — | | | | 25,411 | |
Additions to property, plant and equipment | | | (8,408 | ) | | | (2,243 | ) | | | — | | | | (10,651 | ) |
Proceeds from sale of property, plant and equipment | | | 1,021 | | | | (8 | ) | | | — | | | | 1,013 | |
| | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (266 | ) | | | (7,572 | ) | | | — | | | | (7,838 | ) |
| | | | | | | | | | | | | | | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | |
Net repayments under lines of credit | | | (54,758 | ) | | | (28,975 | ) | | | — | | | | (83,733 | ) |
Principal payments on notes payable | | | (310 | ) | | | — | | | | — | | | | (310 | ) |
Principal payments on capital lease obligations | | | (289 | ) | | | — | | | | — | | | | (289 | ) |
Issuance of common stock | | | 6,467 | | | | — | | | | — | | | | 6,467 | |
Intercompany | | | — | | | | (279 | ) | | | 279 | | | | — | |
| | | | | | | | | | | | | | | | |
Net cash used in financing activities | | | (48,890 | ) | | | (29,254 | ) | | | 279 | | | | (77,865 | ) |
| | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash | | | — | | | | 533 | | | | (173 | ) | | | 360 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in cash | | | 333 | | | | (202 | ) | | | — | | | | 131 | |
Cash at beginning of period | | | 1,009 | | | | 928 | | | | — | | | | 1,937 | |
| | | | | | | | | | | | | | | | |
Cash at end of period | | $ | 1,342 | | | $ | 726 | | | $ | — | | | $ | 2,068 | |
| | | | | | | | | | | | | | | | |
|