Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2014 |
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 domestic 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. |
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MOBILE MINI, INC. |
CONDENSED CONSOLIDATING BALANCE SHEETS |
As of December 31, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
ASSETS | | | | | | | | | | | | | | | | |
Cash | | $ | (190 | ) | | $ | 1,446 | | | $ | — | | | $ | 1,256 | |
Receivables, net | | | 35,378 | | | | 17,726 | | | | — | | | | 53,104 | |
Inventories | | | 16,855 | | | | 1,889 | | | | — | | | | 18,744 | |
Lease fleet, net | | | 817,945 | | | | 161,331 | | | | — | | | | 979,276 | |
Property, plant and equipment, net | | | 66,376 | | | | 18,777 | | | | — | | | | 85,153 | |
Assets held for sale | | | 800 | | | | 180 | | | | — | | | | 980 | |
Deposits and prepaid expenses | | | 4,711 | | | | 1,405 | | | | — | | | | 6,116 | |
Other assets and intangibles, net | | | 12,236 | | | | 1,287 | | | | — | | | | 13,523 | |
Goodwill | | | 445,131 | | | | 74,091 | | | | — | | | | 519,222 | |
Investment in subsidiaries and other intercompany receivables | | | 153,885 | | | | 32,560 | | | | (186,445 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total assets | | $ | 1,553,127 | | | $ | 310,692 | | | $ | (186,445 | ) | | $ | 1,677,374 | |
| | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 10,334 | | | $ | 8,528 | | | $ | — | | | $ | 18,862 | |
Accrued liabilities | | | 58,595 | | | | 6,713 | | | | — | | | | 65,308 | |
Lines of credit | | | 307,008 | | | | 12,306 | | | | — | | | | 319,314 | |
Obligations under capital leases | | | 8,781 | | | | — | | | | — | | | | 8,781 | |
Senior Notes | | | 200,000 | | | | — | | | | — | | | | 200,000 | |
Deferred income taxes | | | 196,164 | | | | 14,390 | | | | (989 | ) | | | 209,565 | |
Intercompany payables | | | — | | | | 134 | | | | (134 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 780,882 | | | | 42,071 | | | | (1,123 | ) | | | 821,830 | |
| | | | | | | | | | | | | | | | |
Commitments and contingencies | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | |
Common stock | | | 488 | | | | 18,436 | | | | (18,436 | ) | | | 488 | |
Additional paid-in capital | | | 550,387 | | | | 167,730 | | | | (167,730 | ) | | | 550,387 | |
Retained earnings | | | 261,039 | | | | 97,895 | | | | 844 | | | | 359,778 | |
Accumulated other comprehensive loss | | | — | | | | (15,440 | ) | | | — | | | | (15,440 | ) |
Treasury stock, at cost | | | (39,669 | ) | | | — | | | | — | | | | (39,669 | ) |
| | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | 772,245 | | | | 268,621 | | | | (185,322 | ) | | | 855,544 | |
| | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,553,127 | | | $ | 310,692 | | | $ | (186,445 | ) | | $ | 1,677,374 | |
| | | | | | | | | | | | | | | | |
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING BALANCE SHEETS |
As of September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
ASSETS | | | | | | | | | | | | | | | | |
Cash | | $ | 314 | | | $ | 1,298 | | | $ | — | | | $ | 1,612 | |
Receivables, net | | | 41,045 | | | | 19,906 | | | | — | | | | 60,951 | |
Inventories | | | 16,060 | | | | 1,524 | | | | — | | | | 17,584 | |
Lease fleet, net | | | 814,506 | | | | 159,529 | | | | — | | | | 974,035 | |
Property, plant and equipment, net | | | 77,756 | | | | 17,566 | | | | — | | | | 95,322 | |
Deposits and prepaid expenses | | | 5,704 | | | | 1,404 | | | | — | | | | 7,108 | |
Other assets and intangibles, net | | | 11,007 | | | | 893 | | | | — | | | | 11,900 | |
Goodwill | | | 452,806 | | | | 72,817 | | | | — | | | | 525,623 | |
Investment in subsidiaries and other intercompany receivables | | | 150,350 | | | | 33,512 | | | | (183,862 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total assets | | $ | 1,569,548 | | | $ | 308,449 | | | $ | (183,862 | ) | | $ | 1,694,135 | |
| | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 12,988 | | | $ | 10,853 | | | $ | — | | | $ | 23,841 | |
Accrued liabilities | | | 54,903 | | | | 7,033 | | | | — | | | | 61,936 | |
Lines of credit | | | 304,637 | | | | 2,751 | | | | — | | | | 307,388 | |
Obligations under capital leases | | | 18,746 | | | | 180 | | | | — | | | | 18,926 | |
Senior Notes | | | 200,000 | | | | — | | | | — | | | | 200,000 | |
Deferred income taxes | | | 210,658 | | | | 16,842 | | | | (1,000 | ) | | | 226,500 | |
Intercompany payables | | | — | | | | 179 | | | | (179 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 801,932 | | | | 37,838 | | | | (1,179 | ) | | | 838,591 | |
| | | | | | | | | | | | | | | | |
Commitments and contingencies | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | |
Common stock | | | 489 | | | | 18,388 | | | | (18,388 | ) | | | 489 | |
Additional paid-in capital | | | 564,531 | | | | 165,139 | | | | (165,139 | ) | | | 564,531 | |
Retained earnings | | | 267,732 | | | | 106,845 | | | | 844 | | | | 375,421 | |
Accumulated other comprehensive loss | | | — | | | | (19,761 | ) | | | — | | | | (19,761 | ) |
Treasury stock, at cost | | | (65,136 | ) | | | — | | | | — | | | | (65,136 | ) |
| | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | 767,616 | | | | 270,611 | | | | (182,683 | ) | | | 855,544 | |
| | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,569,548 | | | $ | 308,449 | | | $ | (183,862 | ) | | $ | 1,694,135 | |
| | | | | | | | | | | | | | | | |
Condensed Consolidating Statements of Income | ' |
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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 | | | $ | 19,294 | | | $ | — | | | $ | 95,559 | |
Sales | | | 7,593 | | | | 1,320 | | | | — | | | | 8,913 | |
Other | | | 465 | | | | 103 | | | | — | | | | 568 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 84,323 | | | | 20,717 | | | | — | | | | 105,040 | |
| | | | | | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | |
Cost of sales | | | 5,010 | | | | 926 | | | | — | | | | 5,936 | |
Leasing, selling and general expenses | | | 49,550 | | | | 13,071 | | | | — | | | | 62,621 | |
Restructuring expenses | | | 1,189 | | | | 146 | | | | — | | | | 1,335 | |
Asset impairment recovery, net | | | (738 | ) | | | (10 | ) | | | — | | | | (748 | ) |
Depreciation and amortization | | | 7,150 | | | | 1,745 | | | | — | | | | 8,895 | |
| | | | | | | | | | | | | | | | |
Total costs and expenses | | | 62,161 | | | | 15,878 | | | | — | | | | 78,039 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 22,162 | | | | 4,839 | | | | — | | | | 27,001 | |
Other income (expense): | | | | | | | | | | | | | | | | |
Interest income | | | 63 | | | | — | | | | (63 | ) | | | — | |
Interest expense | | | (6,912 | ) | | | (494 | ) | | | 63 | | | | (7,343 | ) |
| | | | | | | | | | | | | | | | |
Income from continuing operations before income tax provision (benefit) | | | 15,313 | | | | 4,345 | | | | — | | | | 19,658 | |
Income tax provision (benefit) | | | 6,215 | | | | (889 | ) | | | — | | | | 5,326 | |
| | | | | | | | | | | | | | | | |
Income from continuing operations | | | 9,098 | | | | 5,234 | | | | — | | | | 14,332 | |
Loss from discontinued operation, net of tax | | | — | | | | (29 | ) | | | — | | | | (29 | ) |
| | | | | | | | | | | | | | | | |
Net income | | $ | 9,098 | | | $ | 5,205 | | | $ | — | | | $ | 14,303 | |
| | | | | | | | | | | | | | | | |
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
Three Months Ended September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Revenues: | | | | | | | | | | | | | | | | |
Leasing | | $ | 81,369 | | | $ | 23,429 | | | $ | — | | | $ | 104,798 | |
Sales | | | 6,827 | | | | 1,086 | | | | — | | | | 7,913 | |
Other | | | 533 | | | | 78 | | | | — | | | | 611 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 88,729 | | | | 24,593 | | | | — | | | | 113,322 | |
Costs and expenses: | | | | | | | | | | | | | | | | |
Cost of sales | | | 4,351 | | | | 848 | | | | — | | | | 5,199 | |
Leasing, selling and general expenses | | | 52,118 | | | | 15,771 | | | | — | | | | 67,889 | |
Restructuring expenses | | | 581 | | | | 12 | | | | — | | | | 593 | |
Depreciation and amortization | | | 7,646 | | | | 1,824 | | | | — | | | | 9,470 | |
| | | | | | | | | | | | | | | | |
Total costs and expenses | | | 64,696 | | | | 18,455 | | | | — | | | | 83,151 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 24,033 | | | | 6,138 | | | | — | | | | 30,171 | |
Other income (expense): | | | | | | | | | | | | | | | | |
Interest income | | | 11 | | | | — | | | | (11 | ) | | | — | |
Interest expense | | | (6,745 | ) | | | (373 | ) | | | 11 | | | | (7,107 | ) |
| | | | | | | | | | | | | | | | |
Income before income tax provision | | | 17,299 | | | | 5,765 | | | | — | | | | 23,064 | |
Income tax provision | | | 6,970 | | | | 1,274 | | | | — | | | | 8,244 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 10,329 | | | $ | 4,491 | | | $ | — | | | $ | 14,820 | |
| | | | | | | | | | | | | | | | |
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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 | | | $ | 52,983 | | | $ | — | | | $ | 268,466 | |
Sales | | | 22,097 | | | | 7,708 | | | | — | | | | 29,805 | |
Other | | | 1,138 | | | | 278 | | | | — | | | | 1,416 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 238,718 | | | | 60,969 | | | | — | | | | 299,687 | |
| | | | | | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | |
Cost of sales | | | 14,039 | | | | 5,902 | | | | — | | | | 19,941 | |
Leasing, selling and general expenses | | | 134,141 | | | | 38,617 | | | | — | | | | 172,758 | |
Restructuring expenses | | | 1,907 | | | | 146 | | | | — | | | | 2,053 | |
Asset impairment charge, net | | | 32,813 | | | | 6,676 | | | | — | | | | 39,489 | |
Depreciation and amortization | | | 21,040 | | | | 5,399 | | | | — | | | | 26,439 | |
| | | | | | | | | | | | | | | | |
Total costs and expenses | | | 203,940 | | | | 56,740 | | | | — | | | | 260,680 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 34,778 | | | | 4,229 | | | | — | | | | 39,007 | |
Other income (expense): | | | | | | | | | | | | | | | | |
Interest income | | | 193 | | | | — | | | | (193 | ) | | | — | |
Interest expense | | | (20,987 | ) | | | (1,523 | ) | | | 193 | | | | (22,317 | ) |
Dividend income | | | 274 | | | | — | | | | (274 | ) | | | — | |
Foreign currency exchange | | | — | | | | (1 | ) | | | — | | | | (1 | ) |
| | | | | | | | | | | | | | | | |
Income from continuing operations before income tax provision (benefit) | | | 14,258 | | | | 2,705 | | | | (274 | ) | | | 16,689 | |
Income tax provision (benefit) | | | 5,523 | | | | (930 | ) | | | (36 | ) | | | 4,557 | |
| | | | | | | | | | | | | | | | |
Income from continuing operations | | | 8,735 | | | | 3,635 | | | | (238 | ) | | | 12,132 | |
Loss from discontinued operation, net of tax | | | — | | | | (168 | ) | | | — | | | | (168 | ) |
| | | | | | | | | | | | | | | | |
Net income | | $ | 8,735 | | | $ | 3,467 | | | $ | (238 | ) | | $ | 11,964 | |
| | | | | | | | | | | | | | | | |
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MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
Nine Months Ended September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Revenues: | | | | | | | | | | | | | | | | |
Leasing | | $ | 232,250 | | | $ | 64,669 | | | $ | — | | | $ | 296,919 | |
|
|
Sales | | | 20,161 | | | | 3,600 | | | | — | | | | 23,761 | |
|
Other | | | 1,287 | | | | 292 | | | | — | | | | 1,579 | |
|
| | | | | | | | | | | | | | | | |
Total revenues | | | 253,698 | | | | 68,561 | | | | — | | | | 322,259 | |
| | | | | | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | |
Cost of sales | | | 13,451 | | | | 2,680 | | | | — | | | | 16,131 | |
Leasing, selling and general expenses | | | 158,730 | | | | 45,664 | | | | — | | | | 204,394 | |
Restructuring expenses | | | 1,283 | | | | 1,626 | | | | — | | | | 2,909 | |
Asset impairment charge, net | | | 416 | | | | 141 | | | | — | | | | 557 | |
Depreciation and amortization | | | 22,366 | | | | 5,554 | | | | — | | | | 27,920 | |
| | | | | | | | | | | | | | | | |
Total costs and expenses | | | 196,246 | | | | 55,665 | | | | — | | | | 251,911 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 57,452 | | | | 12,896 | | | | — | | | | 70,348 | |
Other income (expense): | | | | | | | | | | | | | | | | |
Interest income | | | 62 | | | | — | | | | (62 | ) | | | — | |
Interest expense | | | (20,063 | ) | | | (1,190 | ) | | | 62 | | | | (21,191 | ) |
Foreign currency exchange | | | — | | | | (1 | ) | | | — | | | | (1 | ) |
| | | | | | | | | | | | | | | | |
Income before income tax provision | | | 37,451 | | | | 11,705 | | | | — | | | | 49,156 | |
Income tax provision | | | 14,878 | | | | 2,755 | | | | — | | | | 17,633 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 22,573 | | | $ | 8,950 | | | $ | — | | | $ | 31,523 | |
| | | | | | | | | | | | | | | | |
Condensed Consolidating Statements of Comprehensive Income | ' |
|
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 |
Three Months Ended September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Net income | | $ | 10,329 | | | $ | 4,491 | | | $ | — | | | $ | 14,820 | |
Other comprehensive loss, net of tax: | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | — | | | | (11,587 | ) | | | — | | | | (11,587 | ) |
| | | | | | | | | | | | | | | | |
Other comprehensive loss | | | — | | | | (11,587 | ) | | | — | | | | (11,587 | ) |
| | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 10,329 | | | $ | (7,096 | ) | | $ | — | | | $ | 3,233 | |
| | | | | | | | | | | | | | | | |
|
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 | |
| | | | | | | | | | | | | | | | |
|
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Nine Months Ended September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Net income | | $ | 22,573 | | | $ | 8,950 | | | $ | — | | | $ | 31,523 | |
Other comprehensive loss, net of tax: | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | — | | | | (4,321 | ) | | | — | | | | (4,321 | ) |
| | | | | | | | | | | | | | | | |
Other comprehensive loss | | | — | | | | (4,321 | ) | | | — | | | | (4,321 | ) |
| | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 22,573 | | | $ | 4,629 | | | $ | — | | | $ | 27,202 | |
| | | | | | | | | | | | | | | | |
Condensed Consolidating Statements of Cash Flows | ' |
|
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 | |
| | | | | | | | | | | | | | | | |
|
MOBILE MINI, INC. |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
Nine Months Ended September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | |
| | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Cash Flows From Operating Activities: | | | | | | | | | | | | | | | | |
Net income | | $ | 22,573 | | | $ | 8,950 | | | $ | — | | | $ | 31,523 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | | | |
Asset impairment charge, net | | | 416 | | | | 141 | | | | — | | | | 557 | |
Provision for doubtful accounts | | | 1,633 | | | | 424 | | | | — | | | | 2,057 | |
Amortization of deferred financing costs | | | 2,062 | | | | 46 | | | | — | | | | 2,108 | |
Amortization of long-term liabilities | | | 121 | | | | 3 | | | | — | | | | 124 | |
Share-based compensation expense | | | 11,024 | | | | 549 | | | | — | | | | 11,573 | |
Depreciation and amortization | | | 22,366 | | | | 5,554 | | | | — | | | | 27,920 | |
(Gain) loss on sale of lease fleet units | | | (5,078 | ) | | | 582 | | | | — | | | | (4,496 | ) |
(Gain) loss on disposal of property, plant and equipment | | | (429 | ) | | | 248 | | | | — | | | | (181 | ) |
Deferred income taxes | | | 14,602 | | | | 2,731 | | | | — | | | | 17,333 | |
Foreign currency exchange loss | | | — | | | | 1 | | | | — | | | | 1 | |
Changes in certain assets and liabilities, net of businesses acquired: | | | | | | | | | | | | | | | | |
Receivable | | | (6,896 | ) | | | (2,987 | ) | | | — | | | | (9,883 | ) |
Inventories | | | 819 | | | | 306 | | | | — | | | | 1,125 | |
Deposits and prepaid expenses | | | (891 | ) | | | (29 | ) | | | — | | | | (920 | ) |
Other assets and intangibles | | | 73 | | | | (45 | ) | | | — | | | | 28 | |
Accounts payable | | | 2,589 | | | | 2,517 | | | | — | | | | 5,106 | |
Accrued liabilities | | | 3,329 | | | | 454 | | | | — | | | | 3,783 | |
Intercompany | | | 3,243 | | | | (3,243 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | | 71,556 | | | | 16,202 | | | | — | | | | 87,758 | |
| | | | | | | | | | | | | | | | |
Cash Flows From Investing Activities: | | | | | | | | | | | | | | | | |
Cash paid for businesses acquired | | | (20,014 | ) | | | — | | | | — | | | | (20,014 | ) |
Additions to lease fleet, excluding acquisitions | | | (8,927 | ) | | | (7,383 | ) | | | — | | | | (16,310 | ) |
Proceeds from sale of lease fleet units | | | 14,708 | | | | 3,105 | | | | — | | | | 17,813 | |
Additions to property, plant and equipment | | | (9,658 | ) | | | (2,019 | ) | | | — | | | | (11,677 | ) |
Proceeds from sale of property, plant and equipment | | | 3,021 | | | | 353 | | | | — | | | | 3,374 | |
| | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (20,870 | ) | | | (5,944 | ) | | | — | | | | (26,814 | ) |
| | | | | | | | | | | | | | | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | |
Net repayments under lines of credit | | | (2,372 | ) | | | (9,554 | ) | | | — | | | | (11,926 | ) |
Principal payments on capital lease obligations | | | (1,332 | ) | | | (14 | ) | | | — | | | | (1,346 | ) |
Issuance of common stock | | | 2,572 | | | | — | | | | — | | | | 2,572 | |
Dividend payments | | | (23,583 | ) | | | — | | | | — | | | | (23,583 | ) |
Purchase of treasury stock | | | (25,467 | ) | | | — | | | | — | | | | (25,467 | ) |
| | | | | | | | | | | | | | | | |
Net cash used in financing activities | | | (50,182 | ) | | | (9,568 | ) | | | — | | | | (59,750 | ) |
| | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash | | | — | | | | (838 | ) | | | — | | | | (838 | ) |
Net increase (decrease) in cash | | | 504 | | | | (148 | ) | | | — | | | | 356 | |
Cash at beginning of period | | | (190 | ) | | | 1,446 | | | | — | | | | 1,256 | |
| | | | | | | | | | | | | | | | |
Cash at end of period | | $ | 314 | | | $ | 1,298 | | | $ | — | | | $ | 1,612 | |
| | | | | | | | | | | | | | | | |