Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MINI | ||
Entity Registrant Name | MOBILE MINI INC | ||
Entity Central Index Key | 911109 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 45,848,123 | ||
Entity Public Float | $2.20 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $3,739 | $1,256 | ||
Receivables, net of allowance for doubtful accounts of $2,093 and $2,442 at December 31, 2013 and December 31, 2014, respectively | 81,031 | 53,104 | ||
Inventories | 16,736 | 18,744 | ||
Lease fleet, net | 1,087,056 | 979,276 | ||
Property, plant and equipment, net | 113,175 | 85,153 | ||
Assets held for sale | 980 | |||
Deposits and prepaid expenses | 8,586 | 6,116 | ||
Deferred financing costs, net and other assets | 8,858 | 10,977 | ||
Intangibles, net | 78,385 | 2,546 | ||
Goodwill | 705,608 | [1] | 519,222 | [1] |
Total assets | 2,103,174 | 1,677,374 | ||
Liabilities: | ||||
Accounts payable | 22,933 | 18,862 | ||
Accrued liabilities | 63,727 | 65,308 | ||
Lines of credit | 705,518 | 319,314 | ||
Obligations under capital leases | 24,918 | 8,781 | ||
Senior Notes | 200,000 | 200,000 | ||
Deferred income taxes | 231,547 | 209,565 | ||
Total liabilities | 1,248,643 | 821,830 | ||
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 48,810 issued and 46,626 outstanding at December 31, 2013 and 49,015 issued and 46,157 outstanding at December 31, 2014 | 490 | 488 | ||
Additional paid-in capital | 569,083 | 550,387 | ||
Retained earnings | 380,504 | 359,778 | ||
Accumulated other comprehensive loss | -29,870 | -15,440 | ||
Treasury stock, at cost, 2,184 and 2,858 shares at December 31, 2013 and 2014, respectively | -65,676 | -39,669 | ||
Total stockholders' equity | 854,531 | 855,544 | ||
Total liabilities and stockholders' equity | $2,103,174 | $1,677,374 | ||
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $2,442 | $2,093 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000 | 20,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 95,000 | 95,000 |
Common stock, issued | 49,015 | 48,810 |
Common stock, outstanding | 46,157 | 46,626 |
Treasury stock, shares | 2,858 | 2,184 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues: | ||||||
Leasing | $410,362 | [1] | $366,286 | [1] | $339,975 | [1] |
Sales | 31,585 | [1] | 38,051 | [1] | 37,759 | [1] |
Other | 3,527 | [1] | 2,149 | [1] | 2,162 | [1] |
Total revenues | 445,474 | [1] | 406,486 | [1] | 379,896 | [1] |
Costs and expenses: | ||||||
Cost of sales | 21,944 | [1] | 25,413 | [1] | 23,178 | [1] |
Leasing, selling and general expenses | 280,948 | [1] | 237,567 | [1] | 218,709 | [1] |
Restructuring expenses | 3,542 | [1] | 2,402 | [1] | 7,123 | [1] |
Asset impairment charge, net | 557 | [1] | 38,705 | [1] | 0 | |
Depreciation and amortization | 39,334 | [1] | 35,432 | [1] | 35,982 | [1] |
Total costs and expenses | 346,325 | [1] | 339,519 | [1] | 284,992 | [1] |
Income from operations | 99,149 | [1] | 66,967 | [1] | 94,904 | [1] |
Other income (expense): | ||||||
Interest income | 1 | 1 | ||||
Interest expense | -28,729 | [1] | -29,467 | [1] | -37,268 | [1] |
Debt restructuring/extinguishment expense | -2,812 | |||||
Deferred financing costs write-off | -1,889 | |||||
Foreign currency exchange | -1 | -2 | -4 | |||
Income from continuing operations before income tax provision | 70,419 | 37,499 | 52,932 | |||
Income tax provision | 26,033 | [1] | 12,275 | [1] | 18,509 | [1] |
Income from continuing operations | 44,386 | 25,224 | 34,423 | |||
Loss from discontinued operation, net of tax | -1,302 | -245 | ||||
Net income | $44,386 | $23,922 | $34,178 | |||
Basic | ||||||
Income from continuing operations | $0.96 | $0.55 | $0.77 | |||
Loss from discontinued operation | ($0.02) | |||||
Net income | $0.96 | $0.53 | $0.77 | |||
Diluted | ||||||
Income from continuing operations | $0.95 | $0.55 | $0.76 | |||
Loss from discontinued operation | ($0.03) | |||||
Net income | $0.95 | $0.52 | $0.76 | |||
Weighted average number of common and common share equivalents outstanding: | ||||||
Basic | 46,026 | 45,481 | 44,657 | |||
Diluted | 46,725 | 46,096 | 45,102 | |||
Cash dividends declared per share | $0.68 | |||||
[1] | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $12,863 | $14,820 | $9,263 | $7,440 | $11,958 | $14,303 | ($14,381) | $12,042 | $44,386 | $23,922 | $34,178 |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment, net of income tax expense (benefit) of $64, ($194) and ($213) in 2012, 2013, 2014, respectively | -14,430 | 2,377 | 7,987 | ||||||||
Other comprehensive income (loss) | -14,430 | 2,377 | 7,987 | ||||||||
Comprehensive income | $29,956 | $26,299 | $42,165 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, income tax expense (benefit) | ($213) | ($194) | $64 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2011 | $753,914 | $478 | $508,936 | $309,604 | ($25,804) | ($39,300) |
Beginning Balance (Shares) at Dec. 31, 2011 | 45,612,000 | 2,175,000 | ||||
Net income | 34,178 | 34,178 | ||||
Other comprehensive income | 7,987 | 7,987 | ||||
Exercise of stock options | 3,645 | 3 | 3,642 | |||
Exercise of stock options (Shares) | 309,000 | 309,000 | ||||
Tax shortfall on equity award transactions | -3 | -3 | ||||
Restricted stock grants, net | 1 | -1 | ||||
Restricted stock grants (Shares) | 115,000 | |||||
Share-based compensation | 9,798 | 9,798 | ||||
Ending Balance at Dec. 31, 2012 | 809,519 | 482 | 522,372 | 343,782 | -17,817 | -39,300 |
Ending Balance (Shares) at Dec. 31, 2012 | 46,036,000 | 2,175,000 | ||||
Net income | 23,922 | 23,922 | ||||
Common stock dividends declared | -7,926 | -7,926 | ||||
Other comprehensive income | 2,377 | 2,377 | ||||
Exercise of stock options | 13,818 | 6 | 13,812 | |||
Exercise of stock options (Shares) | 647,000 | 647,000 | ||||
Tax shortfall on equity award transactions | -837 | -837 | ||||
Purchase of treasury stock | -369 | -369 | ||||
Purchase of treasury stock (Shares) | -9,000 | 9,000 | ||||
Restricted stock grants, net | ||||||
Restricted stock grants (Shares) | -48,000 | |||||
Share-based compensation | 15,040 | 15,040 | ||||
Ending Balance at Dec. 31, 2013 | 855,544 | 488 | 550,387 | 359,778 | -15,440 | -39,669 |
Ending Balance (Shares) at Dec. 31, 2013 | 46,626,000 | 2,184,000 | ||||
Net income | 44,386 | 44,386 | ||||
Common stock dividends declared | -23,660 | -23,660 | ||||
Other comprehensive income | -14,430 | -14,430 | ||||
Exercise of stock options | 3,642 | 2 | 3,640 | |||
Exercise of stock options (Shares) | 164,000 | 164,000 | ||||
Tax shortfall on equity award transactions | -15 | -15 | ||||
Purchase of treasury stock | -26,007 | -26,007 | ||||
Purchase of treasury stock (Shares) | -674,000 | 674,000 | ||||
Restricted stock grants, net | ||||||
Restricted stock grants (Shares) | 41,000 | |||||
Share-based compensation | 15,071 | 15,071 | ||||
Ending Balance at Dec. 31, 2014 | $854,531 | $490 | $569,083 | $380,504 | ($29,870) | ($65,676) |
Ending Balance (Shares) at Dec. 31, 2014 | 46,157,000 | 2,858,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash Flows from Operating Activities: | |||
Net income | $44,386,000 | $23,922,000 | $34,178,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Debt restructuring expense | 2,812,000 | ||
Deferred financing costs write-off | 1,889,000 | ||
Asset impairment charge, net | 557,000 | 38,217,000 | |
Provision for doubtful accounts | 2,778,000 | 2,160,000 | 2,179,000 |
Amortization of deferred financing costs | 2,829,000 | 2,811,000 | 3,217,000 |
Amortization of debt issuance discount | 49,000 | ||
Amortization of long-term liabilities | 88,000 | 169,000 | 167,000 |
Share-based compensation expense | 15,071,000 | 14,714,000 | 9,575,000 |
Depreciation and amortization | 39,334,000 | 35,626,000 | 36,187,000 |
Loss on disposal of discontinued operation | 1,948,000 | ||
Gain on sale of lease fleet units | -5,732,000 | -9,682,000 | -11,781,000 |
(Gain) loss on disposal of property, plant and equipment | 348,000 | 247,000 | -130,000 |
Deferred income taxes | 25,424,000 | 11,012,000 | 18,107,000 |
Tax shortfall on equity award transactions | -15,000 | -837,000 | -3,000 |
Foreign currency loss | 1,000 | 1,000 | 5,000 |
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||
Receivables | -7,197,000 | -3,640,000 | -5,078,000 |
Inventories | 2,680,000 | -393,000 | 1,352,000 |
Deposits and prepaid expenses | -1,416,000 | 653,000 | 537,000 |
Other assets and intangibles | 17,000 | 10,000 | -161,000 |
Accounts payable | -723,000 | 337,000 | -1,884,000 |
Accrued liabilities | 2,195,000 | -1,164,000 | -268,000 |
Net cash provided by operating activities | 120,625,000 | 116,111,000 | 90,949,000 |
Cash Flows from Investing Activities: | |||
Proceeds from sale of discontinued operation | 677,000 | ||
Cash paid for businesses acquired, net of cash acquired | -430,946,000 | -3,563,000 | |
Additions to lease fleet, excluding acquisitions | -27,279,000 | -28,826,000 | -43,934,000 |
Proceeds from sale of lease fleet units | 23,053,000 | 35,951,000 | 29,358,000 |
Additions to property, plant and equipment, excluding acquisitions | -15,779,000 | -15,792,000 | -12,741,000 |
Proceeds from sale of property, plant and equipment | 4,199,000 | 1,970,000 | 1,497,000 |
Net cash used in investing activities | -446,752,000 | -6,020,000 | -29,383,000 |
Cash Flows from Financing Activities: | |||
Net borrowings (repayments) under lines of credit | 386,204,000 | -123,076,000 | 97,242,000 |
Deferred financing costs | -719,000 | -8,075,000 | |
Proceeds from issuance of note payable | 398,000 | ||
Principal payments on notes payable | -310,000 | -403,000 | |
Principal payments on capital lease obligations | -1,956,000 | -408,000 | -947,000 |
Issuance of common stock | 3,642,000 | 13,818,000 | 3,645,000 |
Dividend payments | -31,384,000 | ||
Purchase of treasury stock | -26,007,000 | -369,000 | |
Net cash (used in) provided by financing activities | 329,780,000 | -110,345,000 | -60,719,000 |
Effect of exchange rate changes on cash | -1,170,000 | -427,000 | -1,770,000 |
Net (decrease) increase in cash | 2,483,000 | -681,000 | -923,000 |
Cash and cash equivalents at beginning of year | 1,256,000 | 1,937,000 | 2,860,000 |
Cash and cash equivalents at end of year | 3,739,000 | 1,256,000 | 1,937,000 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid during the year for interest | 24,559,000 | 25,947,000 | 35,145,000 |
Cash paid during the year for income and franchise taxes | 1,103,000 | 1,114,000 | 831,000 |
Equipment acquired through capital lease obligations | 16,508,000 | 8,547,000 | 300,000 |
Senior Notes 6.875 Percent Due 2015 | |||
Cash Flows from Financing Activities: | |||
Redemption of senior notes | -150,000,000 | ||
Redemption premiums of senior notes | ($2,579,000) |
Mobile_Mini_Organization_and_D
Mobile Mini, Organization and Description of Business | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Mobile Mini, Organization and Description of Business | -1 | Mobile Mini, Organization and Description of Business |
Mobile Mini, Inc., a Delaware corporation, is a leading provider of portable storage and specialty containment solutions. In these notes, the terms “Mobile Mini” and the “Company” refer to Mobile Mini, Inc. In November 2014, the Company entered into a Stock Purchase Agreement to acquire Gulf Tanks Holdings (“GTH”), Inc., the parent company of Houston, Texas-based Evergreen Tank Solutions (“ETS”). The transaction, referred to as the “ETS Acquisition,” closed on December 10, 2014. See additional information regarding the acquisition in Note 3. | ||
At December 31, 2014, Mobile Mini has a fleet of portable storage and office units operating throughout the U.S., Canada and the U.K. The Company has a diversified customer base for the portable storage and office products, including large and small retailers, construction companies, medical centers, schools, utilities, distributors, the military, hotels, restaurants, entertainment complexes and households. These customers use the products for a wide variety of applications, including the storage of retail and manufacturing inventory, construction materials and equipment, documents and records and other goods. The ETS Acquisition resulted in a fleet of specialty containment products, including liquid and solid containment units, serving a specialty sector in the industry. Specialty products are leased primarily to chemical, refinery, oil and natural gas drilling, mining and environmental service customers. | ||
Basis of Presentation and Consolidation | ||
The consolidated financial statements include the accounts of Mobile Mini and its wholly owned subsidiaries. The Company does not have any subsidiaries in which it does not own 100% of the outstanding stock. All significant intercompany balances and transactions have been eliminated. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the notes to those statements. Actual results could differ from those estimates. The most significant estimates included within the financial statements are the allowance for doubtful accounts, the estimated useful lives and residual values on the lease fleet, rental equipment and property, plant and equipment, goodwill and other asset impairments and certain accrued liabilities. | ||
Discontinued Operation | ||
In December 2013, the Company sold the subsidiary comprising its Netherlands operation. The Netherlands operation is reflected as discontinued operation for all periods presented. See Note 17. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | -2 | Summary of Significant Accounting Policies | |||||||||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||||||||||
The Company considers all highly liquid instruments with insignificant interest rate risk and with maturities of three months or less at purchase to be cash equivalents. | |||||||||||||||||||||||||||||
Receivables and Allowance for Doubtful Accounts | |||||||||||||||||||||||||||||
Receivables are stated net of an allowance for doubtful accounts, which is reviewed monthly for adequacy. The Company estimates the amount of customer receivables that are uncollectible and records an estimated provision for bad debts through a charge to operations. The provision is based on historical collection experience and evaluation of past-due accounts. Specific accounts are written off against the allowance when management determines the account is uncollectible. The Company requires a security deposit on most leased office units to cover the cost of damages or unpaid balances, if any. | |||||||||||||||||||||||||||||
The information presented in the table below reflects the continuing operations of the Company for the periods presented. | |||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for doubtful accounts | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 2,509 | $ | 2,666 | $ | 2,093 | |||||||||||||||||||||||
Provision charged to expense | 2,193 | 2,151 | 2,778 | ||||||||||||||||||||||||||
Write-offs | (2,036 | ) | (2,724 | ) | (2,429 | ) | |||||||||||||||||||||||
Balance at end of year | $ | 2,666 | $ | 2,093 | $ | 2,442 | |||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||||||
Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of receivables. Concentration of credit risk with respect to receivables is limited due to the Company’s large number of customers spread over a broad geographic area in many industry sectors. No single customer accounts for more than 10.0% of our receivables at December 31, 2013 and 2014. Receivables related to sold units are generally secured by the product sold to the customer. The Company typically has the right to repossess leased portable storage units, including any customer goods contained in the unit, following non-payment of rent. | |||||||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||||||
Inventories are valued at the lower of cost (principally on a standard cost basis which approximates the first-in, first-out (FIFO) method) or market. Market is the lower of replacement cost or net realizable value. | |||||||||||||||||||||||||||||
Raw materials principally consist of raw steel, wood, glass, paint, vinyl and other assembly components used in manufacturing and remanufacturing processes, and to a lesser extent, parts used for internal maintenance and ancillary items held for sale in our specialty containment segment. Work-in-process primarily represents partially assembled units pre-sold or for use as fleet. Finished portable storage units primarily represent purchased or assembled containers held in inventory until the container is either sold as is, remanufactured and sold, or remanufactured and deployed as lease fleet. | |||||||||||||||||||||||||||||
Inventories at December 31 consisted of the following: | |||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Raw materials and supplies | $ | 16,586 | $ | 14,241 | |||||||||||||||||||||||||
Work-in-process | 197 | 201 | |||||||||||||||||||||||||||
Finished portable storage units | 1,961 | 2,294 | |||||||||||||||||||||||||||
Inventories | $ | 18,744 | $ | 16,736 | |||||||||||||||||||||||||
Lease fleet | |||||||||||||||||||||||||||||
Lease fleet is capitalized at cost and depreciated over the estimated useful life of the unit using the straight-line method. Lease fleet is depreciated whether or not it is out on rent. Capitalized cost of lease fleet includes the price paid to acquire the unit and freight charges to the location when the unit is first placed in service, and when applicable, the cost of manufacturing or remanufacturing, which includes the cost of customizing units. Ordinary repair and maintenance costs are charged to operations as incurred. | |||||||||||||||||||||||||||||
Management periodically reviews depreciable lives and residual values against various factors, including the results of its lenders’ independent appraisal of lease fleet, practices of the competitors in comparable industries, profit margins achieved on sales of depreciated units and lease rates obtained on older units. | |||||||||||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||||||||||
Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided using the straight-line method over the assets’ estimated useful lives. The Company’s depreciation expense related to property, plant and equipment for 2012, 2013 and 2014 was $12.2 million, $12.7 million and $15.1 million, respectively. Normal repairs and maintenance to property, plant and equipment are expensed as incurred. When property or equipment is retired or sold, the net book value of the asset, reduced by any proceeds, is charged to gain or loss on the disposal of property, plant and equipment and is included in leasing, selling and general expenses in the Consolidated Statements of Income. | |||||||||||||||||||||||||||||
Property, plant and equipment at December 31 consisted of the following: | |||||||||||||||||||||||||||||
Residual Value | Useful Life | 2013 | 2014 | ||||||||||||||||||||||||||
as Percentage of | in Years | ||||||||||||||||||||||||||||
Original Cost | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Land | $ | 11,124 | $ | 10,920 | |||||||||||||||||||||||||
Vehicles and machinery | 0 - 55 | % | 5 to 30 | 88,686 | 114,150 | ||||||||||||||||||||||||
Buildings and improvements(1) | 0 - 25 | 3 - 30 | 18,477 | 19,365 | |||||||||||||||||||||||||
Office fixtures and equipment | 0 | 3 to 5 | 33,017 | 33,942 | |||||||||||||||||||||||||
Property, plant and equipment | 151,304 | 178,377 | |||||||||||||||||||||||||||
Accumulated depreciation | (66,151 | ) | (65,202 | ) | |||||||||||||||||||||||||
Property, plant and equipment, net | $ | 85,153 | $ | 113,175 | |||||||||||||||||||||||||
-1 | Improvements made to leased properties are depreciated over the lesser of the estimated useful life or the remaining term of the respective lease. | ||||||||||||||||||||||||||||
Capitalized Software Development Costs | |||||||||||||||||||||||||||||
The Company capitalizes qualifying computer software costs incurred during the application development state for internally developed software. Additionally, the Company capitalizes qualifying costs incurred for upgrades and enhancements to existing software that result in additional functionality. Costs related to preliminary project planning activities, post-implementation activities, maintenance and minor modifications are expensed as incurred. Internal-use software is amortized on a straight line basis over its estimated useful life. Capitalized software development costs are included in property, plant and equipment. In 2013 and 2014 the Company capitalized $0.9 million and $2.2 million, respectively. | |||||||||||||||||||||||||||||
Deferred Financing Costs | |||||||||||||||||||||||||||||
Deferred financing costs consists of the costs of obtaining long-term financing, including the Company’s credit agreement (See Note 5). These costs are amortized over the term of the related debt, using the straight-line method, which approximates the effective interest method. Amortization expense for deferred financing costs was approximately $3.2 million, $2.8 million and $2.8 million in 2012, 2013 and 2014, respectively. In addition, in 2012, the Company wrote off $1.9 million of deferred financing costs related to the redemption of our 6.875% senior notes due 2015 and a portion of deferred financing costs related to our prior credit agreement. As of December 31, 2014, $5.7 million of the total $8.7 million unamortized deferred financing costs, related to the Company’s credit agreement. The annual amortization of remaining deferred financing costs is expected to be as follows: | |||||||||||||||||||||||||||||
2015 | $ | 3,134 | |||||||||||||||||||||||||||
2016 | 3,134 | ||||||||||||||||||||||||||||
2017 | 937 | ||||||||||||||||||||||||||||
2018 | 498 | ||||||||||||||||||||||||||||
2019 | 498 | ||||||||||||||||||||||||||||
Thereafter | 456 | ||||||||||||||||||||||||||||
Total | $ | 8,657 | |||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
For acquired businesses, the Company records assets acquired and liabilities assumed at their estimated fair values on the respective acquisition dates. Based on these values, the excess purchase prices over the fair value of the net assets acquired is recorded as goodwill. Immediately prior to December 10, 2014, all of the Company’s goodwill was allocated between two reporting units, portable storage operations in North America and the U.K. In conjunction with the ETS Acquisition on December 10, 2014 the Company recorded $182.0 million of goodwill. Of the $705.6 million total goodwill at December 31, 2014, $459.2 million relates to the portable storage North America segment, $64.4 million relates to the portable storage U.K. segment and $182.0 million relates to the specialty containment segment. | |||||||||||||||||||||||||||||
Management assesses the impairment of goodwill on an annual basis at December 31, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. | |||||||||||||||||||||||||||||
Some factors management considers important which could indicate an impairment review include the following: | |||||||||||||||||||||||||||||
• | significant under-performance relative to historical, expected or projected future operating results; | ||||||||||||||||||||||||||||
• | significant changes in the manner of the Company’s use of the acquired assets or the strategy for the overall business; | ||||||||||||||||||||||||||||
• | market capitalization relative to net book value; and | ||||||||||||||||||||||||||||
• | significant negative industry or general economic trends. | ||||||||||||||||||||||||||||
In assessing the fair value of the reporting units, management considers both the market approach and the income approach. Under the market approach, the fair value of the reporting unit is based on quoted market prices of companies comparable to the reporting unit being valued. Under the income approach, the fair value of the reporting unit is based on the present value of estimated cash flows. The income approach is dependent on a number of significant management assumptions, including estimated future revenue growth rates, gross margins on sales, operating margins, capital expenditures, tax payments and discount rates. Each approach is given equal weight in arriving at the fair value of the reporting unit. As of December 31, 2014, management assessed qualitative factors and determined it is more likely than not each of the reporting units assigned goodwill had estimated fair values greater than the respective reporting unit’s individual net asset carrying values; therefore, the two step impairment test was not required. | |||||||||||||||||||||||||||||
If the two step impairment test is necessary, management is required to determine the implied fair value of the goodwill and compare it to the carrying value of the goodwill. The fair value of the reporting units would be assigned to the respective assets and liabilities of each reporting unit as if the reporting units had been acquired in separate and individual business combinations and the fair value of the reporting units was the price paid to acquire the reporting units. The excess of the fair value of the reporting units over the amounts assigned to their respective assets and liabilities is the implied fair value of goodwill. | |||||||||||||||||||||||||||||
The following table shows the activity and balances related to goodwill from January 1, 2013 to December 31, 2014: | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Balance at January 1, 2013(1) | $ | 518,308 | |||||||||||||||||||||||||||
Foreign currency(2) | 921 | ||||||||||||||||||||||||||||
Adjustments | (7 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2013(1) | 519,222 | ||||||||||||||||||||||||||||
ETS Acquisition | 181,972 | ||||||||||||||||||||||||||||
Other acquisitions | 8,840 | ||||||||||||||||||||||||||||
Foreign currency(2) | (4,426 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2014(1) | $ | 705,608 | |||||||||||||||||||||||||||
-1 | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. | ||||||||||||||||||||||||||||
-2 | Represents foreign currency translation adjustments related to the U.K. reporting unit. | ||||||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||||||
Intangible assets are amortized over the estimated useful life of the asset utilizing a method which reflects the estimated pattern in which the economic benefits will be consumed. Customer relationships, trade names and trademarks are amortized using an accelerated method while other intangibles are amortized using the straight-line method. | |||||||||||||||||||||||||||||
The following table reflects balances related to intangible assets for the years ended December 31: | |||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||
Estimated | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Useful | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||||
Life | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Customer relationships | 11 - 20 | $ | 21,988 | $ | (19,530 | ) | $ | 2,458 | $ | 91,990 | $ | (20,484 | ) | $ | 71,506 | ||||||||||||||
Trade names/trademarks | 1 - 5 | 917 | (917 | ) | — | 6,065 | (919 | ) | 5,146 | ||||||||||||||||||||
Non-compete agreements | 2 - 5 | 97 | (53 | ) | 44 | 1,772 | (78 | ) | 1,694 | ||||||||||||||||||||
Other | 1 - 19 | 61 | (17 | ) | 44 | 61 | (22 | ) | 39 | ||||||||||||||||||||
Total | $ | 23,063 | $ | (20,517 | ) | $ | 2,546 | $ | 99,888 | $ | (21,503 | ) | $ | 78,385 | |||||||||||||||
Amortization expense for amortizable intangibles was approximately $2.2 million, $1.6 million and $1.6 million in 2012, 2013 and 2014, respectively. See information regarding intangibles acquired in conjunction with company acquisitions in Note 3. Based on the carrying value at December 31, 2014, future amortization of intangible assets is expected to be as follows for the years ended December 31 (in thousands): | |||||||||||||||||||||||||||||
2015 | $ | 5,876 | |||||||||||||||||||||||||||
2016 | 5,940 | ||||||||||||||||||||||||||||
2017 | 5,911 | ||||||||||||||||||||||||||||
2018 | 5,961 | ||||||||||||||||||||||||||||
2019 | 6,001 | ||||||||||||||||||||||||||||
Thereafter | 48,696 | ||||||||||||||||||||||||||||
Total | $ | 78,385 | |||||||||||||||||||||||||||
Impairment of Long-Lived Assets (Other than Goodwill) | |||||||||||||||||||||||||||||
Mobile Mini reviews long-lived assets such as lease fleet, property, plant and equipment, and intangibles, for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may be impaired. (See potential impairment indicators under “Goodwill” above). If this review indicates the carrying value of these assets will not be recoverable, as measured based on estimated undiscounted cash flows over their remaining life, the carrying amount would be adjusted to fair value. The cash flow estimates contain management’s best estimates, using appropriate and customary assumptions and projections at the time of evaluation. | |||||||||||||||||||||||||||||
In the second quarter of 2013, management conducted an assessment of the lease fleet and determined that certain of these units were either non-core to their leasing strategy or were uneconomic to repair. In connection with this evaluation, management determined to place the assets for sale, resulting in a non-cash impairment charge on long-lived assets of $37.6 million in the second quarter of 2013. As these assets have been sold or otherwise disposed of, additional adjustments have been made to the impairment charge resulting in total asset impairment charges of $38.7 million in 2013 and $0.6 million in 2014. There were no indicators of further impairment at December 31, 2013 or at December 31, 2014. No impairment charges were recognized in 2012. (See Note 16). | |||||||||||||||||||||||||||||
Purchase Accounting | |||||||||||||||||||||||||||||
Mobile Mini accounts for acquisitions under the acquisition method. Under the acquisition method of accounting, the price paid by the Company is allocated to the assets acquired and liabilities assumed based upon the estimated fair values at the closing date. Goodwill is measured as the excess of the fair value of the consideration transferred over the fair value of the identifiable net assets. Estimated fair values of acquired assets and liabilities is provisional and could change as additional information is received. The Company finalizes valuations as soon as practicable, but not later than one-year from the acquisition date. Any subsequent changes to purchase price allocations results in a corresponding adjustment to goodwill. | |||||||||||||||||||||||||||||
The determination of the fair value of intangible assets requires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or non-amortizable and, if amortizable, the period and the method by which the intangible asset will be amortized. Fair values are estimated for acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable intangible assets of acquired businesses. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisition. | |||||||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||||||
Leasing revenue is generated from the direct lease of the Company’s fleet to its customers, including ancillary revenue such as fleet delivery and pickup. The Company enters into contracts with its customers to lease equipment based on a monthly rate for our portable storage fleet and a daily, weekly or monthly rate for our specialty containment fleet. Revenues from leasing are recognized ratably over the leased period. When a customer keeps the leased unit beyond the original intended term, the lease continues until cancelled by the customer or the Company. Customers may utilize the Company’s equipment delivery and pick-up services in conjunction with the leasing of equipment, but it is not required. Transportation revenue pursuant to the pick up or delivery of a leased unit is recognized in leasing revenue upon completion of the service. When leases are billed in advance, recognition of revenue is deferred and unearned leasing revenue is recorded at the end of reporting period. If equipment is returned prior to the contractually obligated period, the excess, if any, between the amount the customer is contractually required to pay over the cumulative amount of revenue recognized to date, is recognized as incremental revenue upon return. | |||||||||||||||||||||||||||||
Sales revenue is primarily generated by the sale of new and used units. Sales revenue is recognized upon delivery when the risk of loss passes, the price is fixed and determinable and collectability is reasonably assured. The majority of our units are sold pursuant to sales contracts stating the fixed sales price. | |||||||||||||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||||||
Cost of sales in the Company’s consolidated statements of income includes the costs for units it sells, and to a lesser extent the costs of parts and supplies sold to specialty containment customers. Similar costs associated with units that the Company leases are capitalized in the balance sheet under “Lease fleet”. | |||||||||||||||||||||||||||||
Advertising Costs | |||||||||||||||||||||||||||||
All non-direct-response advertising costs are expensed as incurred. Yellow page advertising is capitalized when paid and amortized over the period in which the benefit is derived. At December 31, 2013 and 2014, prepaid advertising costs were approximately $0.2 million and less than $50,000, respectively. The amortization period of the prepaid balance never exceeds 12 months. Advertising expense was $12.3 million, $5.8 million and $5.2 million in 2012, 2013 and 2014, respectively. | |||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||
The Company recognizes income taxes in each of the jurisdictions in which it operates. For each jurisdiction, management estimates the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||||||||||||||||||
A valuation allowance is provided for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. In determining the amount of the valuation allowance, management considers estimated future taxable income as well as feasible tax planning strategies in each jurisdiction. If it is determined that the Company will not realize all or a portion of its deferred tax assets, the valuation allowance is increased with a charge to income tax expense. Conversely, if it is determined that the Company will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced with a credit to income tax expense. | |||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||
Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated under the treasury stock method. Potential common shares included restricted common stock, which is subject to risk of forfeiture, incremental shares of common stock issuable upon the exercise of stock options and vesting of nonvested share-awards. | |||||||||||||||||||||||||||||
The following table is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS for the years ended December 31: | |||||||||||||||||||||||||||||
Twelve Months Ending | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Income from continuing operations | $ | 34,423 | $ | 25,224 | $ | 44,386 | |||||||||||||||||||||||
Loss on discontinued operation, net of tax | (245 | ) | (1,302 | ) | — | ||||||||||||||||||||||||
Net income | $ | 34,178 | $ | 23,922 | $ | 44,386 | |||||||||||||||||||||||
Basic EPS Denominator: | |||||||||||||||||||||||||||||
Common shares outstanding beginning of year | 44,432 | 45,194 | 46,084 | ||||||||||||||||||||||||||
Weighted shares issued (repurchased) during the period | 225 | 287 | (58 | ) | |||||||||||||||||||||||||
Total weighted average shares outstanding | 44,657 | 45,481 | 46,026 | ||||||||||||||||||||||||||
Diluted EPS Denominator: | |||||||||||||||||||||||||||||
Common shares outstanding beginning of year | 44,432 | 45,194 | 46,084 | ||||||||||||||||||||||||||
Weighted shares issued (repurchased) during the period | 225 | 287 | (58 | ) | |||||||||||||||||||||||||
Dilutive effect of stock options and nonvested share awards during the period | 445 | 615 | 699 | ||||||||||||||||||||||||||
Total weighted average shares outstanding | 45,102 | 46,096 | 46,725 | ||||||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||
Income from continuing operations | $ | 0.77 | $ | 0.55 | $ | 0.96 | |||||||||||||||||||||||
Loss from discontinued operation | — | (0.02 | ) | — | |||||||||||||||||||||||||
Net income | $ | 0.77 | $ | 0.53 | $ | 0.96 | |||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||
Income from continuing operations | $ | 0.76 | $ | 0.55 | $ | 0.95 | |||||||||||||||||||||||
Loss from discontinued operation | — | (0.03 | ) | — | |||||||||||||||||||||||||
Net income | $ | 0.76 | $ | 0.52 | $ | 0.95 | |||||||||||||||||||||||
Basic weighted average number of common shares outstanding does not include nonvested share-awards that had not vested of 0.8 million, 0.5 million and 0.3 million shares in 2012, 2013 and 2014, respectively. | |||||||||||||||||||||||||||||
The following table represents the number of stock options and nonvested share-awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive for the years ended December 31: | |||||||||||||||||||||||||||||
Twelve Months Ending | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Stock options | 1,006 | 1,741 | 751 | ||||||||||||||||||||||||||
Nonvested share-awards | 228 | 1 | 465 | ||||||||||||||||||||||||||
Total | 1,234 | 1,742 | 1,216 | ||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||
The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company adopted the suggested accounting guidance for the three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||||||||||
Level 1 — Observable input such as quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||||||||||||||
Level 2 — Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and | |||||||||||||||||||||||||||||
Level 3 — Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||||||||||||||||||
The carrying amounts of cash, receivables, accounts payable and accrued liabilities approximate fair values based on their short-term nature. The fair values of the Company’s revolving credit facility and capital leases are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of the Company’s revolving credit facility debt and capital leases at December 31, 2013 and 2014 approximated their respective book values and are considered Level 2 in the fair value hierarchy. | |||||||||||||||||||||||||||||
The fair value of the Company’s $200.0 million aggregate principal amount of 7.875% senior notes due 2020 (the “2020 Notes” or the “Senior Notes”) is based on their latest sales price at the end of each period obtained from a third-party institution and is considered Level 2 in the fair value hierarchy described in Note 2, as there is not an active market for these notes. | |||||||||||||||||||||||||||||
The carrying value and the fair value of the Company’s Senior Notes are as follows: | |||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Carrying value | $ | 200,000 | $ | 200,000 | |||||||||||||||||||||||||
Fair value | 217,300 | 206,000 | |||||||||||||||||||||||||||
At December 31, 2013 and 2014, the Company did not have any financial instruments required to be recorded at fair value on a recurring basis. | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
In the normal course of business, the Company’s operations are exposed to fluctuations in interest rates. The Company has in the past, and may again in the future, addressed a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. At December 31, 2013 and 2014, the Company did not have any derivative agreements. | |||||||||||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||||||||||
The Company calculates the fair value of stock options using the Black-Scholes-Merton option pricing valuation model, which incorporates various assumptions including volatility, expected life and risk-free interest rates. The fair value of nonvested share-awards is estimated as the closing price of our common stock on the date of grant. Compensation related to service-based awards are recognized on a straight-line basis over the vesting period. Compensation expense related to performance-based awards is recognized over the implicit service period of the award based on management’s estimate of the probability of the performance criteria being satisfied, adjusted at each balance sheet date. Expense related to performance-based awards that have multiple vesting dates, is recognized using the accelerated attribution approach, whereby each vesting tranche is treated as a separate award for purposes of determining the implicit service period. Share based compensation expense is reduced for estimated forfeitures which are estimated at the time of grant based on historical experience, and revised in subsequent periods if actual forfeitures differ from estimates. | |||||||||||||||||||||||||||||
Foreign Currency Translation and Transactions | |||||||||||||||||||||||||||||
For Mobile Mini’s non-U.S. operations, the local currency is the functional currency. All assets and liabilities are translated into U.S. dollars at period-end exchange rates and all income statement amounts are translated at the average exchange rate for each month within the year. | |||||||||||||||||||||||||||||
Impact of Recently Issued Accounting Standards | |||||||||||||||||||||||||||||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. In July 2013, the Financial Accounting Standards Board (“FASB”) issued accounting guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, with an option for early adoption. The Company adopted this guidance in January 2014. The adoption of this amendment did not have a material impact on its consolidated financial statements and related disclosures. | |||||||||||||||||||||||||||||
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the FASB issued the accounting guidance on reporting discontinued operations and disclosures of disposals of components of an entity. The new guidance raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance is effective for fiscal years beginning after December 15, 2014. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued. The Company does not expect the adoption of the guidance will have a material impact on its consolidated financial statements and related disclosures. | |||||||||||||||||||||||||||||
Revenue from Contracts with Customers. In May 2014, FASB issued the accounting standard on revenue from contracts with customers. The standard provides a single model for revenue arising from contracts with customers and supersedes current revenue recognition guidance. The standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of goods or services. The standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The revenue recognition standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the impact, if any, of the adoption of the standard to its financial statements and related disclosures. The Company has not yet selected a transition method nor determined the effect of the standard on its ongoing financial reporting. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisitions | -3 | Acquisitions | |||||||||||
On December 10, 2014, Mobile Mini acquired all of the outstanding equity interests of GTH, the parent company of ETS, referred to as the ETS Acquisition. The acquisition results in significant growth opportunities for all product lines by leveraging Mobile Mini’s national presence and infrastructure, and ETS’ customer relationships. Further, the combination diversifies the Company’s end market exposure and is expected to result in modest cost synergies. As a result of the ETS Acquisition, included in the Company’s consolidated statements of operations for the twelve months ended December 31, 2014 is $6.4 million of revenues and $1.1 million of income from continuing operations before income tax provision. Direct expenses of $5.0 million related to the ETS Acquisition were recognized in the fourth quarter of 2014. | |||||||||||||
Mobile Mini, GTH and GTH’s stockholders have each made customary representations, warranties and covenants in the Stock Purchase Agreement. The parties have also agreed to provide customary indemnities, and Mobile Mini has paid a portion of the purchase price into escrow to secure the indemnification obligations of GTH’s stockholders, which are subject to customary limitations. | |||||||||||||
Also in 2014, Mobile Mini completed eight other acquisitions of portable storage businesses through both asset purchase and stock purchase agreements. The purchased assets and assumed liabilities were recorded at their estimated fair value at the date of acquisition. Five of these acquisitions expanded the Company’s existing operations in North Dakota, North Carolina, Texas, Tennessee, Florida and South Carolina markets. The other three acquisitions created new locations for the Company in the Danbury, Connecticut, Fort Wayne, Indiana and Buffalo, New York metropolitan areas. The Company did not acquire any businesses in 2013. | |||||||||||||
The accompanying consolidated financial statements include the operations of the acquired businesses from the date of acquisition. The aggregate purchase price for the assets acquired and the liabilities assumed were recorded based on their estimated fair values at the date of each acquisition. For the purposes of the unaudited pro forma condensed combined financial information, valuations were performed based on available information. At this time the fair values of assets purchased and liabilities assumed are still subject to uncertainty, as substantial amounts of ETS data must be thoroughly analyzed before more precise valuations can be determined. In addition, lease fleet and property, plant and equipment were valued based on assumed fleet condition. If our assumptions prove to be inaccurate, preliminary valuations may change. | |||||||||||||
The components of the purchase price and net assets acquired for 2014 acquisitions, are as follows: | |||||||||||||
2014 | |||||||||||||
ETS | Other | Total | |||||||||||
Acquisition | Acquisitions | ||||||||||||
(In thousands) | |||||||||||||
Purchase Price, net of cash acquired: | |||||||||||||
Cash | $ | 410,345 | $ | 23,299 | $ | 433,644 | |||||||
Cash acquired | (2,698 | ) | — | (2,698 | ) | ||||||||
Total | $ | 407,647 | $ | 23,299 | $ | 430,946 | |||||||
Net Assets Acquired: | |||||||||||||
Lease fleet | $ | 121,620 | $ | 12,713 | $ | 134,333 | |||||||
Property, plant and equipment | 14,814 | 338 | 15,152 | ||||||||||
Intangible assets(1): | |||||||||||||
Customer relationships | 69,200 | 1,350 | 70,550 | ||||||||||
Trade names/trademarks | 5,200 | — | 5,200 | ||||||||||
Non-compete agreements | 1,500 | 204 | 1,704 | ||||||||||
Goodwill(2) | 181,972 | 8,840 | 190,812 | ||||||||||
Deferred tax asset, net | 2,217 | — | 2,217 | ||||||||||
Other assets(3) | 26,054 | 538 | 26,592 | ||||||||||
Other liabilities | (14,930 | ) | (684 | ) | (15,614 | ) | |||||||
Total | $ | 407,647 | $ | 23,299 | $ | 430,946 | |||||||
-1 | The following table reflects the estimated fair values and useful lives of intangible assets related to the ETS Acquisition identified based on our preliminary purchase accounting assessments: | ||||||||||||
Estimated | |||||||||||||
Life | |||||||||||||
(Years) | |||||||||||||
Customer relationships | 15 - 20 | ||||||||||||
Trade names/trademarks | 5 - 10 | ||||||||||||
Non-compete agreements | 5 | ||||||||||||
-2 | All of the goodwill related to the ETS Acquisition was assigned to our specialty containment solutions segment. The goodwill arising from the acquisition consists largely of ETS’ going-concern value, the value of ETS’ assembled workforce, new customer relationships expected to arise from the acquisition, and operational synergies and economies of scale that we expect to realize from the acquisition. Goodwill from other acquisitions relates to the North America portable storage segment. None of the goodwill assigned to ETS will be amortizable for tax purposes, while all of the goodwill from the other acquisitions will be deductible for tax purposes. | ||||||||||||
-3 | Included in other assets for the ETS Acquisition are accounts receivables with contractual amounts totaling $24.9 million. The Company estimates that $0.6 million will be uncollectible, and has valued acquired accounts receivable at $24.3 million. | ||||||||||||
Supplemental Pro Forma Information | |||||||||||||
The unaudited pro forma financial information is presented for informational purposes only and is not indicative, and should not be relied on as being indicative, of the results of operations that would have been achieved if the acquisition had actually taken place at the beginning of each of the periods presented. The pro forma financial information reflects only the ETS Acquisition, as the remaining acquisitions would not have a material effect on reported results of operations. The following table summarizes the Company’s unaudited consolidated statements of income as if the ETS Acquisition occurred on January 1, 2013: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Mobile Mini’s historic revenues | $ | 406,486 | $ | 445,474 | |||||||||
ETS’ historic revenues(1) | 92,057 | 101,603 | |||||||||||
Pro forma revenues | $ | 498,543 | $ | 547,077 | |||||||||
Net income | |||||||||||||
Mobile Mini’s historic net income | $ | 23,922 | $ | 44,386 | |||||||||
ETS’ historic net income (loss)(1) | (10,332 | ) | (25,862 | ) | |||||||||
Pro forma adjustments(2) | 6,956 | 22,601 | |||||||||||
Pro forma net income | $ | 20,546 | $ | 41,125 | |||||||||
Average diluted weighted shares outstanding | 46,096 | 46,725 | |||||||||||
Pro forma diluted earnings per share | $ | 0.45 | $ | 0.88 | |||||||||
-1 | ETS historic information for the year ended December 31, 2014, consists of revenues and net loss prior to the acquisition date of December 10, 2014. Revenues and net income (loss) after the acquisition date are included in Mobile Mini’s historic information for the year ended December 31, 2014. | ||||||||||||
-2 | Pro forma adjustments consist of the following: | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions: | |||||||||||||
Record the net impact to depreciation resulting from fair value mark-ups, offset by changes to the estimated remaining lives, for acquired lease fleet and property, plant and equipment | $ | 3,799 | $ | 3,953 | |||||||||
Remove historic gains recognized on the sale of used lease fleet and property, plant and equipment | (1,707 | ) | (2,195 | ) | |||||||||
Eliminate historic ETS amortization of intangible assets | 3,233 | 3,387 | |||||||||||
Recognize amortization for intangible assets acquired | (4,818 | ) | (5,027 | ) | |||||||||
Recognize increased interest expense on amounts borrowed to fund the acquisition, including acquisition costs | (9,078 | ) | (8,531 | ) | |||||||||
Eliminate historic ETS interest expense on debt instruments retired upon acquisition | 19,882 | 22,655 | |||||||||||
Eliminate acquisition costs | — | 15,295 | |||||||||||
Total | 11,311 | 29,537 | |||||||||||
Increase in income tax provision related to pro forma adjustments | 4,355 | 6,936 | |||||||||||
Total pro forma adjustments | $ | 6,956 | $ | 22,601 | |||||||||
Lease_Fleet
Lease Fleet | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Text Block [Abstract] | |||||||||||||||
Lease Fleet | -4 | Lease Fleet | |||||||||||||
The Company’s depreciation expense related to its lease fleet for 2012, 2013 and 2014 was $21.6 million, $21.2 million and $22.7 million, respectively. At December 31, 2013 and 2014, all of the Company’s lease fleet units were pledged as collateral under the Credit Agreement. | |||||||||||||||
Lease fleet at December 31 consisted of the following: | |||||||||||||||
Residual Value | Useful Life | 2013 | 2014 | ||||||||||||
as Percentage of | in Years | ||||||||||||||
Original Cost(1) | |||||||||||||||
(In thousands) | |||||||||||||||
Portable Storage: | |||||||||||||||
Steel storage containers | 55 | % | 30 | $ | 600,475 | $ | 604,547 | ||||||||
Steel security and combinations offices | 55 | % | 30 | 328,849 | 329,565 | ||||||||||
Wood mobile offices | 50 | % | 20 | 210,057 | 208,529 | ||||||||||
Other | 5,928 | 5,633 | |||||||||||||
Total | 1,145,309 | 1,148,274 | |||||||||||||
Accumulated depreciation | (166,033 | ) | (182,437 | ) | |||||||||||
Total portable storage fleet, net | $ | 979,276 | $ | 965,837 | |||||||||||
Specialty Containment: | |||||||||||||||
Steel tanks | 25 | $ | 50,843 | ||||||||||||
Roll-off boxes | 15 - 20 | 19,820 | |||||||||||||
Stainless steel tank trailers | 25 | 7,667 | |||||||||||||
Vacuum boxes | 20 | 23,283 | |||||||||||||
De-watering boxes | 20 | 3,898 | |||||||||||||
Pumps and filtration equipment | 7 | 11,510 | |||||||||||||
Other | 5,468 | ||||||||||||||
Total | 122,489 | ||||||||||||||
Accumulated depreciation | (1,270 | ) | |||||||||||||
Total specialty containment fleet, net | $ | 121,219 | |||||||||||||
Total lease fleet, net | $ | 1,087,056 | |||||||||||||
-1 | Specialty containment fleet has been assigned zero residual value. |
Lines_of_Credit
Lines of Credit | 12 Months Ended | |
Dec. 31, 2014 | ||
Text Block [Abstract] | ||
Lines of Credit | -5 | Lines of Credit |
On February 22, 2012, the Company entered into a $900.0 million ABL Credit Agreement with Deutsche Bank AG New York Branch and other lenders party thereto (the “Credit Agreement”). In December 2014, the Company entered into an amendment to the Credit Agreement to increase the facility to $1.0 billion. All other material terms of the Credit Agreement remained substantially the same. The Credit Agreement provides for a five-year, revolving credit facility and all amounts outstanding under the Credit Agreement are due on February 22, 2017. The obligations of Mobile Mini and its subsidiary guarantors under the Credit Agreement are secured by a blanket lien on substantially all of its assets. | ||
Amounts borrowed under the Credit Agreement and repaid or prepaid during the term may be reborrowed. Outstanding amounts under the Credit Agreement bear interest at the Company’s option at either: (i) LIBOR plus a defined margin, or (ii) the Agent bank’s prime rate plus a margin. The applicable margin for each type of loan is based on an availability-based pricing grid and ranges from 1.75% to 2.25% for LIBOR loans and 0.75% to 1.25% for base rate loans at each measurement date. As of December 31, 2014, the applicable margins are 2.00% for LIBOR loans and 1.00% for base rate loans and will be remeasured at the end of the next measurement date, which is within 10 days following the end of each fiscal quarter. | ||
Availability of borrowings under the Credit Agreement is subject to a borrowing base calculation based upon a valuation of the Company’s eligible accounts receivable, eligible container fleet (including containers held for sale, work-in-process and raw materials) and machinery and equipment, each multiplied by an applicable advance rate or limit. The lease fleet is appraised at least once annually by a third-party appraisal firm and up to 90% of the net orderly liquidation value, as defined in the Credit Agreement, is included in the borrowing base to determine how much the Company may borrow under the Credit Agreement. | ||
The Credit Agreement provides for U.K. borrowings, which are, at the Company’s option, denominated in either Pounds Sterling or Euros, by its U.K. subsidiary based upon a U.K. borrowing base; Canadian borrowings, which are denominated in Canadian dollars, by its Canadian subsidiary based upon a Canadian borrowing base; and U.S. borrowings, which are denominated in U.S. dollars, by the Company based upon a U.S. borrowing base along with any Canadian assets not included in the Canadian subsidiary. | ||
The Credit Agreement also contains customary negative covenants, including covenants that restrict the Company’s ability to, among other things: (i) allow certain liens to attach to the Company or its subsidiary assets; (ii) repurchase or pay dividends or make certain other restricted payments on capital stock and certain other securities, prepay certain indebtedness or make acquisitions or other investments subject to Payment Conditions (as defined in the Credit Agreement); and (iii) incur additional indebtedness or engage in certain other types of financing transactions. Payment Conditions allow restricted payments and acquisitions to occur without financial covenants as long as the Company has $250.0 million of pro forma excess borrowing availability under the Credit Agreement. The Company must also comply with specified financial maintenance covenants and affirmative covenants only if the Company falls below $100.0 million of borrowing availability levels with set permitted values for the Debt Ratio and Fixed Charge Coverage Ratio (as defined in the Credit Agreement). The Company was in compliance with the terms of the Credit Agreement as of December 31, 2014 and was above the minimum borrowing availability threshold and therefore not subject to any financial maintenance covenants. | ||
The weighted average interest rate under the lines of credit was approximately 2.2% in both 2013 and 2014. The average outstanding balance was approximately $386.6 million and $323.6 million during 2013 and 2014, respectively. During December 2014, the Company borrowed approximately $410 million under the Credit Agreement to fund the ETS Acquisition and associated expenses. At December 31, 2014, the Company had approximately $705.5 million of borrowings outstanding and $286.9 million of additional borrowing availability under the Credit Agreement, based upon borrowing base calculations as of such date. |
Obligations_Under_Capital_Leas
Obligations Under Capital Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Obligations Under Capital Leases | -6 | Obligations Under Capital Leases | |||
At December 31, 2013 and 2014, obligations under capital leases for certain transportation, technology and office related equipment were $8.8 million and $24.9 million, respectively. Certain of the lease agreements provide the Company with a purchase option at the end of the lease term. The leases have been capitalized using interest rates primarily ranging from approximately 1.8% to 12.7%. The leases are secured by the equipment under lease. Assets recorded under capital lease obligations totaled approximately $10.2 million as of December 31, 2013 and $24.6 million as of December 31, 2014. Related accumulated amortization totaled approximately $1.1 million as of December 31, 2013 and $2.1 million as of December 31, 2014. The assets acquired under capital leases and related accumulated amortization is included in property, plant and equipment, net, in the Consolidated Balance Sheets. The related amortization is included in depreciation and amortization expense in the Consolidated Statements of Income. | |||||
Future minimum capital lease payments at December 31, 2014 are as follows (in thousands): | |||||
2015 | $ | 4,144 | |||
2016 | 4,118 | ||||
2017 | 3,852 | ||||
2018 | 3,380 | ||||
2019 | 3,450 | ||||
Thereafter | 8,486 | ||||
Total | 27,430 | ||||
Amount representing interest | (2,512 | ) | |||
Present value of minimum lease payments | $ | 24,918 | |||
Debt_Issuances
Debt Issuances | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Debt Issuances | -7 | Debt Issuances | |||
On November 23, 2010, the Company issued $200.0 million aggregate principal amount of the 2020 Notes. The 2020 Notes were issued by the Company at an initial offering price of 100% of their face value. The 2020 Notes have a ten-year term and mature on December 1, 2020 and bear interest at a rate of 7.875% per year. Interest is payable semiannually in arrears on June 1 and December 1 of each year. The 2020 Notes are senior unsecured obligations of the Company and are unconditionally guaranteed on a senior unsecured basis by all of our domestic subsidiaries. | |||||
Future Debt Obligations | |||||
The scheduled maturity for debt obligations under Mobile Mini’s Credit Agreement, obligations under capital leases and Senior Notes for balances outstanding at December 31, 2014 are as follows (in thousands): | |||||
2015 | $ | 3,465 | |||
2016 | 3,563 | ||||
2017 | 708,932 | ||||
2018 | 3,041 | ||||
2019 | 3,194 | ||||
Thereafter | 208,241 | ||||
Total | $ | 930,436 | |||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | -8 | Income Taxes | |||||||||||
Income before taxes from continuing operations for the years ended December 31 consisted of the following: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
(In thousands) | |||||||||||||
U.S. | $ | 44,157 | $ | 30,528 | $ | 52,944 | |||||||
Foreign | 8,775 | 6,971 | 17,475 | ||||||||||
Total | $ | 52,932 | $ | 37,499 | $ | 70,419 | |||||||
The provision for income taxes from continuing operations for the years ended December 31 consisted of the following: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
U.S. Federal | $ | — | $ | — | $ | — | |||||||
State | 388 | 934 | 827 | ||||||||||
Foreign | — | — | — | ||||||||||
Total current | 388 | 934 | 827 | ||||||||||
Deferred | |||||||||||||
U.S. Federal | 15,419 | 11,483 | 21,510 | ||||||||||
State | 1,553 | 1,100 | 2,019 | ||||||||||
Foreign | 1,149 | (1,242 | ) | 1,677 | |||||||||
Total deferred | 18,121 | 11,341 | 25,206 | ||||||||||
Total provision for income taxes | $ | 18,509 | $ | 12,275 | $ | 26,033 | |||||||
The components of the net deferred tax liability at December 31 are approximately as follows: | |||||||||||||
2013 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 94,346 | $ | 122,041 | |||||||||
Deferred revenue and expenses | 11,280 | 13,310 | |||||||||||
Accrued compensation and other benefits | 1,411 | 1,438 | |||||||||||
Allowance for doubtful accounts | 615 | 1,034 | |||||||||||
Other | 4,745 | 4,812 | |||||||||||
Total deferred tax assets | 112,397 | 142,635 | |||||||||||
Valuation allowance | (1,126 | ) | (1,126 | ) | |||||||||
Net deferred tax assets | 111,271 | 141,509 | |||||||||||
Deferred tax liabilities | |||||||||||||
Accelerated tax depreciation | (302,597 | ) | (333,042 | ) | |||||||||
Accelerated tax amortization | (13,474 | ) | (36,150 | ) | |||||||||
Other | (4,765 | ) | (3,864 | ) | |||||||||
Total deferred tax liabilities | (320,836 | ) | (373,056 | ) | |||||||||
Net deferred tax liabilities | $ | (209,565 | ) | $ | (231,547 | ) | |||||||
A deferred U.S. tax liability has not been provided on the undistributed earnings of certain foreign subsidiaries because it is Mobile Mini’s intent to permanently reinvest such earnings. Undistributed earnings of foreign subsidiaries, which have been or are intended to be permanently invested, aggregated approximately $25.5 million and $37.0 million as of December 31, 2013 and 2014, respectively. A net deferred tax liability of approximately $14.4 million and $16.2 million related to the Company’s U.K. operations has been combined with the net deferred tax liabilities of its U.S. operations in the Consolidated Balance Sheets at December 31, 2013 and 2014, respectively. In connection with the ETS Acquisition, the Company acquired $2.2 million of net deferred tax assets. This primarily consisted of deferred tax liabilities of $53.0 million related to accelerated tax depreciation and amortization along with deferred tax asset for federal and state net operating losses of $55.2 million. A reconciliation of the U.S. federal statutory rate to Mobile Mini’s effective tax rate for the years ended December 31 is as follows: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 3.5 | 3.5 | 3.9 | ||||||||||
Nondeductible expenses and other | 1.4 | 1.4 | 1.2 | ||||||||||
Adjustment of net deferred tax liability for enacted tax rate change | (2.1 | ) | (4.9 | ) | — | ||||||||
Foreign rate differential | (2.8 | ) | (2.3 | ) | (3.1 | ) | |||||||
Effective tax rate | 35 | % | 32.7 | % | 37 | % | |||||||
At December 31, 2014, Mobile Mini had U.S. federal net operating loss carryforwards on its federal tax return of approximately $356.5 million, which expire if unused from 2025 to 2034. At December 31, 2014, the Company had net operating loss carryforwards on the various states’ tax returns in which it operates totaling $172.3 million, which expire if unused from 2015 to 2034. At December 31, 2013 and 2014, the Company’s net operating losses carrying forward for tax return purposes include $14.2 million and $16.6 million of excess tax benefits from employee stock awards. Additional paid in capital will be increased by an equivalent amount if and when such excess tax benefits are realized. In connection with the ETS Acquisition, Mobile Mini acquired U.S. federal net operating loss carryforwards of approximately $151.3 million and various state net operating loss carryforwards of $47.5 million. | |||||||||||||
For income tax purposes, deductible compensation related to share-based awards is based on the value of the award when realized, which may be different than the compensation expense recognized by us in our financial statements, which is based on the award value on the date of grant. The difference between the value of the award upon grant, and the value of the award when ultimately realized, creates either additional tax benefits or a tax shortfall. | |||||||||||||
Tax benefits resulting from tax deductions in excess of the compensation cost recognized for share-based awards (“excess tax benefits”) are recognized as increases to additional paid in capital and as financing cash flows, only if an incremental income tax benefit would be realized after considering all other tax attributes presently available to us. We have not recognized excess tax benefits in 2012, 2013 or 2014, because we have not paid U.S. federal income taxes in those years. | |||||||||||||
Tax shortfalls, which occur when the tax deduction for share-based awards is less than the compensation cost recognized, are recorded as a reduction to additional paid in capital to the extent that, cumulatively, the shortfalls do not exceed the cumulative excess tax benefits recognized (including excess tax benefits not yet recognized in additional paid in capital). Should cumulative tax shortfalls exceed cumulative excess tax benefits, the difference would be reflected as additional tax expense in our financial statements. | |||||||||||||
Because we have not paid U.S. taxes in 2012, 2013 and 2014 we have recognized tax shortfalls as a reduction to our net deferred tax liability and presented these shortfalls as a reduction to operating cash flows. When we are in a position to remit taxes, the shortfalls will offset excess tax benefits, and the net difference will be recognized as a financing cash flow. | |||||||||||||
Management evaluates the ability to realize its deferred tax assets on a quarterly basis and adjusts the amount of its valuation allowance if necessary. Over the past three years, Mobile Mini has generated $118.1 million of federal taxable income. Management currently believes that adequate future taxable income will be generated through future operations, or through available tax planning strategies to recover the unreserved portion of these deferred tax assets. | |||||||||||||
Mobile Mini adopted a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation process, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. | |||||||||||||
The Company files U.S. federal tax returns, U.S. state tax returns, and foreign tax returns. The Company has identified its U.S. Federal tax return as its “major” tax jurisdiction. For the U.S. Federal return, the Company’s tax years for 2011, 2012 and 2013 are subject to tax examination by the U.S. Internal Revenue Service through September 15, 2015, 2016 and 2017, respectively. No reserves for uncertain income tax positions have been recorded. The Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. | |||||||||||||
In July 2013, the U.K.’s government authorized a reduction in the corporate income tax rate to 20% from the statutory rate of 23% authorized in 2012. This rate reduction only affected the Company’s U.K. operations and reduced the Company’s deferred tax liability in the U.K. by approximately $1.9 million in 2013. The tax reduction is reflected at the enacted rate in effect at the estimated date such amounts will be payable. | |||||||||||||
The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income before taxes. Penalties and associated interest costs, if any, are recorded in leasing, selling and general expenses in its Consolidated Statements of Income. | |||||||||||||
As a result of stock ownership changes during the years presented, it is possible that the Company has undergone a change in ownership for federal income tax purposes, which can limit the amount of net operating loss currently available as a deduction. Management has determined that even if such an ownership change has occurred, it would not impair the realization of the deferred tax asset resulting from the federal net operating loss carryover. | |||||||||||||
Mobile Mini paid income taxes of approximately $0.8 million in 2012, $1.1 million in 2013 and $1.1 million in 2014. These amounts are lower than the recorded expense in the years due to net operating loss carryforwards and general business credit utilization. |
Transactions_with_Related_Pers
Transactions with Related Persons | 12 Months Ended | |
Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||
Transactions with Related Persons | -9 | Transactions with Related Persons |
With the ETS Acquisition, the Company acquired its subsidiary, Water Movers, which has two real property leases with an entity partly owned by Michael Watts, a member of our Board. These leases began in 2013, prior to the ETS Acquisition, and expire in 2023. Rental payments under these leases are currently $17,660 per month. Any future renewals of these leases will be approved by the Board as related party transactions. It is Mobile Mini’s intention not to enter into any additional related person transactions. | ||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Share-Based Compensation | -10 | Share-Based Compensation | |||||||||||||||||||||||
The Company has historically awarded stock options and nonvested share-awards for employees and non-employee directors as a means of attracting and retaining quality personnel and to align employee performance with stockholder value. Stock option plans are approved by the Company’s stockholders and administered by the stock compensation committee of the board of directors (“Board”). The current plan allows for a variety of equity programs designed to provide flexibility in implementing equity and cash awards, including incentive stock options, nonqualified stock options, nonvested share-awards, restricted stock units, stock appreciation rights, performance stock, performance units and other stock-based awards. Participants may be granted any one of the equity awards or any combination. The Company does not award stock options with an exercise price below the market price of the underlying securities on the date of award. As of December 31, 2014, 2.9 million shares remain available for future grants. Generally stock options have contractual terms of ten years. | |||||||||||||||||||||||||
Service-based awards. The Company grants share-based compensation awards that vest over time subject to the employee rendering service to the Company over the vesting period. The majority of the service–based awards vest in equal annual installments over a period of three to five years. The expense for service-based awards is expensed ratably over the full service period of the grant. | |||||||||||||||||||||||||
Performance-based awards. Certain executive officers have been granted stock options and nonvested share-awards with vesting contingent upon the achievement of certain performance criteria related to operating performance of the Company, in addition to the fulfillment of service requirements. Performance-based awards generally vest over a three to four year period. Expense related to performance-based awards that have multiple vesting dates, is recognized using the accelerated attribution approach, whereby each vesting tranche is treated as a separate award for purposes of determining the implicit service period. The accelerated attribution approach generally results in a higher expense during the earlier years of vesting. | |||||||||||||||||||||||||
Generally, performance-based share awards vest annually contingent on annual operating performance criteria, however, there is also a cumulative performance objective. Performance shares that do not vest in any given year due to failure to achieve an annual performance target may nevertheless vest at the end of the cumulative year grant period if certain cumulative targets are met. In the past three years, the Company has recognized the full expense for all awards. However, should cumulative targets not be achieved in the future, awards may be forfeited resulting in a reduction to future expense. As of December 31, 2014 approximately 793,000 performance-based stock options and 26,000 performance-based non-vested share awards remain unvested. No performance-based awards were issued in 2014. | |||||||||||||||||||||||||
Non-employee director awards. Each non-employee director serving on the Company’s Board receives an automatic award of shares of Mobile Mini’s common stock annually. These awards vest 100% when granted. For the years ended December 31, 2012, 2013 and 2014, $0.6 million, $0.6 million and $0.9 million, respectively, of expense was recognized related to these grants. | |||||||||||||||||||||||||
Share-based compensation expense. Share-based compensation related to the vesting of options and nonvested share-awards was approximately $9.6 million, $14.7 million and $15.1 million for 2012, 2013 and 2014, respectively. | |||||||||||||||||||||||||
The following table summarizes the Company’s share-based compensation for the years ended December 31: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Share-based compensation expense included: | |||||||||||||||||||||||||
Leasing, selling and general expenses | $ | 7,151 | $ | 13,956 | $ | 14,490 | |||||||||||||||||||
Restructuring expenses | 2,424 | 758 | 581 | ||||||||||||||||||||||
Share-based compensation expense | 9,575 | 14,714 | 15,071 | ||||||||||||||||||||||
Amount capitalized | 223 | 326 | — | ||||||||||||||||||||||
Total share-based compensation | $ | 9,798 | $ | 15,040 | $ | 15,071 | |||||||||||||||||||
As of December 31, 2014, total unrecognized compensation cost related to stock option awards was approximately $9.4 million and the related weighted-average period over which it is expected to be recognized is approximately 1.2 years. As of December 31, 2014, the unrecognized compensation cost related to nonvested share-awards was approximately $8.2 million, which is expected to be recognized over a weighted-average period of approximately 2.5 years. | |||||||||||||||||||||||||
Stock options. The fair value of each stock option award is estimated on the date of the grant using the Black-Scholes option pricing model which requires the input of assumptions. Management estimates the risk-free interest rate based on the U.S. Treasury security rate in effect at the time of the grant. The expected life of the options, volatility and dividend rates are estimated based on the Company’s historical data. The following are the key assumptions used for the period noted: | |||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
Risk-free interest rate | 0.7% - 1.5% | 1.5% - 1.7% | |||||||||||||||||||||||
Expected life of the options (years) | 6.0 - 7.0 | 5 | |||||||||||||||||||||||
Expected stock price volatility | 41.1% - 46.3% | 35.4% - 38.4% | |||||||||||||||||||||||
Expected dividend rate | 0.0% - 1.8% | 1.5% - 1.8% | |||||||||||||||||||||||
The following table summarizes stock option activity for the years ended December 31 (share amounts in thousands): | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||||
of | Average | of | Average | of | Average | ||||||||||||||||||||
Shares | Exercise | Shares | Exercise | Shares | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Options outstanding, beginning of year | 1,394 | $ | 18.39 | 1,099 | $ | 20.02 | 2,519 | $ | 29.8 | ||||||||||||||||
Granted | 65 | 21.13 | 2,214 | 31.26 | 365 | 46.83 | |||||||||||||||||||
Canceled/Expired | (51 | ) | 26.61 | (147 | ) | 15.9 | (71 | ) | 40.63 | ||||||||||||||||
Exercised | (309 | ) | 11.81 | (647 | ) | 21.35 | (164 | ) | 22.18 | ||||||||||||||||
Options outstanding, end of year | 1,099 | 20.02 | 2,519 | 29.8 | 2,649 | 32.33 | |||||||||||||||||||
Options exercisable, end of year | 755 | 20.42 | 193 | 21.51 | 854 | 29.32 | |||||||||||||||||||
Options and awards available for grant, end of year | 1,361 | 3,239 | 2,902 | ||||||||||||||||||||||
A summary of stock options outstanding as of December 31, 2014, is as follows: | |||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||
Terms | |||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||||||
Outstanding | 2,649 | $ | 32.33 | 8.12 | $ | 23,653 | |||||||||||||||||||
Vested and expected to vest | 2,571 | 32.15 | 8.1 | 23,958 | |||||||||||||||||||||
Exercisable | 854 | 29.32 | 7.56 | 9,594 | |||||||||||||||||||||
The aggregate intrinsic value of options exercised during the period ended December 31, 2012, 2013 and 2014 was $2.7 million, $9.0 million and $2.9 million, respectively. | |||||||||||||||||||||||||
The weighted average fair value of stock options granted was $8.56, $10.59 and $10.46 for the period ended December 31, 2012, 2013 and 2014, respectively. | |||||||||||||||||||||||||
Nonvested share-awards. The fair value of nonvested share-awards is estimated as the closing price of our common stock on the date of grant. A summary of nonvested share-awards activity is as follows (share amounts in thousands): | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Nonvested at January 1, 2012 | 1,180 | $ | 16.2 | ||||||||||||||||||||||
Awarded | 261 | 19.67 | |||||||||||||||||||||||
Released | (453 | ) | 16.05 | ||||||||||||||||||||||
Forfeited | (145 | ) | 16.77 | ||||||||||||||||||||||
Nonvested at December 31, 2012 | 843 | 17.27 | |||||||||||||||||||||||
Awarded | 153 | 30.21 | |||||||||||||||||||||||
Released | (252 | ) | 19.15 | ||||||||||||||||||||||
Forfeited | (202 | ) | 15.64 | ||||||||||||||||||||||
Nonvested at December 31, 2013 | 542 | 20.65 | |||||||||||||||||||||||
Awarded | 143 | 39.77 | |||||||||||||||||||||||
Released | (240 | ) | 20.93 | ||||||||||||||||||||||
Forfeited | (102 | ) | 22.09 | ||||||||||||||||||||||
Nonvested at December 31, 2014 | 343 | 27.99 | |||||||||||||||||||||||
The total fair value of nonvested share-awards that vested in 2013 and 2014 were $4.8 million and $5.0 million, respectively. |
Benefit_Plans
Benefit Plans | 12 Months Ended | |
Dec. 31, 2014 | ||
Compensation and Retirement Disclosure [Abstract] | ||
Benefit Plans | (11) Benefit | Plans |
In 1995, the Company established a contributory retirement plan in the U.S., the 401(k) Plan, covering eligible employees. The 401(k) Plan is designed to provide tax-deferred retirement benefits to employees in accordance with the provisions of Section 401(k) of the Internal Revenue Code. | ||
The 401(k) Plan provides that each participant may annually contribute a fixed amount or a percentage of his or her salary, not to exceed the statutory limit. Mobile Mini may make a qualified non-elective contribution in an amount it determines. Under the terms of the 401(k) Plan, Mobile Mini may also make discretionary profit sharing contributions. Profit sharing contributions are allocated among participants based on their annual compensation. Each participant has the right to direct the investment of their funds among certain named plans. Mobile Mini contributes 25% of its employees’ contributions up to an annual maximum of $1 thousand per employee. The Company has a Registered Retirement Savings Plan regulated by Canadian law, where the Company makes matching contributions to its Canadian employees. | ||
In the U.K., the Company’s employees are covered by one of two separate defined contribution programs. The employees become eligible to participate in the programs once any initial employment probationary period is completed. The plans are designed as retirement benefit programs into that which the Company pays a contribution of either 5% or 7% of the employees’ annual salary into the plan. Depending on the plan, employees contribute either 0% or 2.5% of their annual salary into the plan and have the right to make further contributions if they so elect. The participants have the right to direct the investment of their funds among certain named plans. Annual charges are deducted from each employee’s fund to cover the administrative costs of these programs. | ||
Mobile Mini made contributions to the U.S., Canadian and U.K. plans of approximately $0.4 million, $0.5 million and $0.7 million in 2012, 2013 and 2014, respectively. The Company incurred approximately $34,000 in each of the three years ending December 31, 2012, 2013 and 2014, for administrative costs for these programs. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||
Commitments and Contingencies | (12) Commitments | and Contingencies | |||||||||||||||
Leases | |||||||||||||||||
The Company leases its corporate offices and other properties and operating equipment from third parties under noncancelable operating leases. Rent expense under these agreements was approximately $20.7 million, $21.2 million and $21.3 million for the years ended December 31, 2012, 2013 and 2014, respectively. | |||||||||||||||||
As of December 31, 2014, contractual commitments associated with lease obligations are as follows: | |||||||||||||||||
Operating | Restructuring | Sub-lease | Total | ||||||||||||||
Lease | Related Lease | Income | |||||||||||||||
Commitments | Commitments | ||||||||||||||||
(In thousands) | |||||||||||||||||
2015 | $ | 19,011 | $ | 522 | $ | (243 | ) | $ | 19,290 | ||||||||
2016 | 14,583 | 454 | (150 | ) | 14,887 | ||||||||||||
2017 | 10,187 | 394 | (77 | ) | 10,504 | ||||||||||||
2018 | 5,886 | 272 | — | 6,158 | |||||||||||||
2019 | 3,117 | 23 | — | 3,140 | |||||||||||||
Thereafter | 9,773 | — | — | 9,773 | |||||||||||||
Total | $ | 62,557 | $ | 1,665 | $ | (470 | ) | $ | 63,752 | ||||||||
Future minimum lease payments under restructured non-cancelable operating leases as of December 31, 2014, are included in accrued liabilities in the Consolidated Balance Sheet. See Note 14 for a further discussion on restructuring related commitments. | |||||||||||||||||
Insurance | |||||||||||||||||
The Company maintains insurance coverage for its operations and employees with appropriate aggregate, per occurrence and deductible limits as the Company reasonably determines is necessary or prudent with current operations and historical experience. The majority of these coverages have large deductible programs which allow for potential improved cash flow benefits based on its loss control efforts. | |||||||||||||||||
The Company’s employee group health insurance program is a self-insured program with individual and aggregate stop loss limits. The insurance provider is responsible for funding all claims in excess of the calculated monthly maximum liability. This calculation is based on a variety of factors including the number of employees enrolled in the plan. This plan allows for some cash flow benefits while guarantying a maximum premium liability. Actual results may vary from estimates based on the Company’s actual experience at the end of the plan policy periods based on the carrier’s loss predictions and its historical claims data. | |||||||||||||||||
The Company’s worker’s compensation, auto and general liability insurance are purchased under large deductible programs. The Company’s current per incident deductibles are: worker’s compensation $250,000, auto $500,000 and general liability $100,000. The Company expenses the deductible portion of the individual claims. However, the Company generally does not know the full amount of its exposure to a deductible in connection with any particular claim during the fiscal period in which the claim is incurred and for which it must make an accrual for the deductible expense. The Company makes these accruals based on a combination of the claims development experience of its staff and its insurance companies, and, at year end, the accrual is reviewed and adjusted, in part, based on an independent actuarial review of historical loss data and using certain actuarial assumptions followed in the insurance industry. A high degree of judgment is required in developing these estimates of amounts to be accrued, as well as in connection with the underlying assumptions. In addition, the Company’s assumptions will change as its loss experience is developed. All of these factors have the potential for significantly impacting the amounts the Company has previously reserved in respect of anticipated deductible expenses and the Company may be required in the future to increase or decrease amounts previously accrued. Under the Company’s various insurance programs, it has collective reserves recorded in accrued liabilities of $3.8 million and $3.3 million at December 31, 2013 and 2014, respectively. | |||||||||||||||||
As of December 31, 2014, in connection with the issuance of our insurance policies, Mobile Mini has provided its various insurance carriers approximately $7.5 million in letters of credit. | |||||||||||||||||
In 2014 ETS maintained its own insurance for employee group health, workers’ compensation, auto and general liability. There were no outstanding claims related to ETS that required a reserve at December 31, 2014. | |||||||||||||||||
General Litigation | |||||||||||||||||
The Company is a party to various claims and litigation in the normal course of business. Management’s current estimated range of liability related to various claims and pending litigation is based on claims for which our management can determine that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Because of the uncertainties related to both the probability of incurred and possible range of loss on pending claims and litigation, management must use considerable judgment in making reasonable determination of the liability that could result from an unfavorable outcome. As additional information becomes available, management will assess the potential liability related to our pending litigation and revise our estimates. Such revisions in the Company’s estimates of the potential liability could materially impact our results of operation. Management does not anticipate the resolution of such matters known at this time will have a material adverse effect on the Company’s business or consolidated financial position. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |
Dec. 31, 2014 | ||
Equity [Abstract] | ||
Stockholders' Equity | (13) Stockholders’ | Equity |
Dividends | ||
On November 6, 2013, the Company’s Board authorized the initiation of a quarterly cash dividend to all the Company’s common stockholders and declared the first quarterly cash dividend of $0.17 per share of common stock, payable on March 20, 2014. During fiscal 2014, the Company paid cash dividends of $.68 per share for a total of $31.4 million. Each future quarterly dividend payment is subject to review and approval by the Board. In addition, the Company’s Credit Agreement contains restrictions on the declaration and payment of dividends. | ||
Treasury stock | ||
On November 6, 2013, the Board approved a share repurchase program authorizing up to $125.0 million of the Company’s outstanding shares of common stock to be repurchased. The shares may be repurchased from time to time in the open market or in privately negotiated transactions. The share repurchases are subject to prevailing market conditions and other considerations. The share repurchase program does not have an expiration date and may be suspended or terminated at any time by the Board. All shares repurchased are held in treasury. | ||
During fiscal 2014, the Company purchased approximately 649,000 shares of its common stock at a cost of $25 million under the authorized share repurchase program and approximately $100 million is available for repurchase as of December 31, 2014. In addition, the Company withheld approximately 25,000 shares of stock from employees, for an approximate value of $1.0 million, upon vesting of share awards to satisfy minimum tax withholding obligations. These shares were not acquired pursuant to the share repurchase program. |
Restructuring_Costs
Restructuring Costs | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Restructuring Costs | (14) Restructuring | Costs | |||||||||||||||
The Company has undergone restructuring actions to align its business operations, including the termination of its consumer initiative program in August 2012 and the transition of key leadership positions in 2012 and 2013. The Company’s U.K. operations restructured one of their locations at the end of 2013 and additionally sold the Belfast, North Ireland location in the second quarter of 2014. In addition, the Company’s field management and sales force structures in North America were realigned in 2014 along with other organizational changes. The majority of accrued restructuring obligations were related to the Company’s operations in North America. | |||||||||||||||||
The following table details accrued restructuring obligations (included in accrued liabilities in the Consolidated Balance Sheets) and related activity for the years ended December 31, 2012, 2013 and 2014: | |||||||||||||||||
Severance and | Lease | Other | Total | ||||||||||||||
Benefits | Abandonment | Costs | |||||||||||||||
Costs | |||||||||||||||||
(In thousands) | |||||||||||||||||
Accrued obligations as of January 1, 2012 | $ | — | $ | 2,129 | $ | — | $ | 2,129 | |||||||||
Restructuring expense | 5,976 | 1,007 | 140 | 7,123 | |||||||||||||
Settlement of obligations | (3,433 | ) | (1,566 | ) | (140 | ) | (5,139 | ) | |||||||||
Accrued obligations as of December 31, 2012 | 2,543 | 1,570 | — | 4,113 | |||||||||||||
Restructuring expense | 1,787 | 475 | 140 | 2,402 | |||||||||||||
Settlement of obligations | (3,717 | ) | (982 | ) | (140 | ) | (4,839 | ) | |||||||||
Accrued obligations as of December 31, 2013 | 613 | 1,063 | — | 1,676 | |||||||||||||
Restructuring expense | 1,826 | 318 | 1,398 | 3,542 | |||||||||||||
Settlement of obligations | (1,998 | ) | (705 | ) | (1,398 | ) | (4,101 | ) | |||||||||
Accrued obligations as of December 31, 2014 | $ | 441 | $ | 676 | $ | — | $ | 1,117 | |||||||||
The majority of accrued obligations are expected to be paid out through the year 2015, with the exception of a lease that will continue into the first quarter of 2019. | |||||||||||||||||
The following amounts are included in restructuring expense for the years ended December 31: | |||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||
(In thousands) | |||||||||||||||||
Severance and benefits | $ | 5,976 | $ | 1,787 | $ | 1,826 | |||||||||||
Lease abandonment costs | 1,007 | 475 | 318 | ||||||||||||||
Other costs(1) | 140 | 140 | 1,398 | ||||||||||||||
Restructuring expenses | $ | 7,123 | $ | 2,402 | $ | 3,542 | |||||||||||
-1 | Other costs for 2014 include the sale of the Company’s Belfast, Northern Ireland location. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting | (15) Segment | Reporting | |||||||||||||||||||
Prior to the ETS Acquisition, the Company’s operations were comprised of two reportable segments: North America and the U.K., both of which offer portable storage solutions. Discrete financial data on each of the Company’s products is not available and it would be impractical to collect and maintain financial data in such a manner. As a result of the ETS Acquisition, the Company established a new specialty containment reporting segment. The assets and liabilities of ETS are included in Mobile Mini’s December 31, 2014 consolidated balance sheet and operations related to ETS are included in Mobile Mini’s consolidated results from the acquisition date of December 10, 2014 through the end of the year. | |||||||||||||||||||||
The results for each segment are reviewed discretely by senior management. Within their segment, locations generally have similar economic characteristics covering all products leased or sold, including customer base, sales personnel, advertising, yard facilities, general and administrative costs and field operations management. | |||||||||||||||||||||
All of the Company’s locations operate in their local currency and, although the Company is exposed to foreign exchange rate fluctuation in other foreign markets where the Company leases and sells its products, the Company does not believe such exposure will have a significant impact on its results of operations. | |||||||||||||||||||||
The following tables set forth certain information regarding each of the Company’s segments for the years ended December 31, 2012, 2013 and 2014 (1). | |||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Leasing | $ | 278,330 | $ | 61,645 | $ | 339,975 | $ | — | $ | 339,975 | |||||||||||
Sales | 33,845 | 3,914 | 37,759 | — | 37,759 | ||||||||||||||||
Other | 1,901 | 261 | 2,162 | — | 2,162 | ||||||||||||||||
Total revenues | 314,076 | 65,820 | 379,896 | — | 379,896 | ||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | 20,631 | 2,547 | 23,178 | — | 23,178 | ||||||||||||||||
Leasing, selling and general expenses | 175,506 | 43,203 | 218,709 | — | 218,709 | ||||||||||||||||
Restructuring expenses | 6,755 | 368 | 7,123 | — | 7,123 | ||||||||||||||||
Asset impairment charge, net | — | — | — | — | — | ||||||||||||||||
Depreciation and amortization | 28,359 | 7,623 | 35,982 | — | 35,982 | ||||||||||||||||
Total costs and expenses | 231,251 | 53,741 | 284,992 | — | 284,992 | ||||||||||||||||
Income from operations | $ | 82,825 | $ | 12,079 | $ | 94,904 | $ | — | $ | 94,904 | |||||||||||
Interest expense | $ | 35,423 | $ | 1,845 | $ | 37,268 | $ | — | $ | 37,268 | |||||||||||
Income tax provision | 17,234 | 1,275 | 18,509 | — | 18,509 | ||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Leasing | $ | 299,676 | $ | 66,610 | $ | 366,286 | $ | — | $ | 366,286 | |||||||||||
Sales | 29,809 | 8,242 | 38,051 | — | 38,051 | ||||||||||||||||
Other | 1,767 | 382 | 2,149 | — | 2,149 | ||||||||||||||||
Total revenues | 331,252 | 75,234 | 406,486 | — | 406,486 | ||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | 19,128 | 6,285 | 25,413 | — | 25,413 | ||||||||||||||||
Leasing, selling and general expenses | 190,337 | 47,230 | 237,567 | — | 237,567 | ||||||||||||||||
Restructuring expenses | 2,141 | 261 | 2,402 | — | 2,402 | ||||||||||||||||
Asset impairment charge, net | 32,157 | 6,548 | 38,705 | — | 38,705 | ||||||||||||||||
Depreciation and amortization | 28,614 | 6,818 | 35,432 | — | 35,432 | ||||||||||||||||
Total costs and expenses | 272,377 | 67,142 | 339,519 | — | 339,519 | ||||||||||||||||
Income from operations | $ | 58,875 | $ | 8,092 | $ | 66,967 | $ | — | $ | 66,967 | |||||||||||
Interest expense | $ | 28,348 | $ | 1,119 | $ | 29,467 | $ | — | $ | 29,467 | |||||||||||
Income tax provision | 12,258 | 17 | 12,275 | — | 12,275 | ||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Leasing | $ | 323,236 | $ | 81,703 | $ | 404,939 | $ | 5,423 | $ | 410,362 | |||||||||||
Sales | 26,834 | 4,588 | 31,422 | 163 | 31,585 | ||||||||||||||||
Other | 2,274 | 407 | 2,681 | 846 | 3,527 | ||||||||||||||||
Total revenues | 352,344 | 86,698 | 439,042 | 6,432 | 445,474 | ||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | 18,251 | 3,587 | 21,838 | 106 | 21,944 | ||||||||||||||||
Leasing, selling and general expenses | 221,405 | 56,189 | 277,594 | 3,354 | 280,948 | ||||||||||||||||
Restructuring expenses | 1,915 | 1,627 | 3,542 | — | 3,542 | ||||||||||||||||
Asset impairment charge, net | 433 | 124 | 557 | — | 557 | ||||||||||||||||
Depreciation and amortization | 30,670 | 6,790 | 37,460 | 1,874 | 39,334 | ||||||||||||||||
Total costs and expenses | 272,674 | 68,317 | 340,991 | 5,334 | 346,325 | ||||||||||||||||
Income from operations | $ | 79,670 | $ | 18,381 | $ | 98,051 | $ | 1,098 | $ | 99,149 | |||||||||||
Interest expense | $ | 27,816 | $ | 905 | $ | 28,721 | $ | 8 | $ | 28,729 | |||||||||||
Income tax provision | 21,580 | 4,042 | 25,622 | 411 | 26,033 | ||||||||||||||||
-1 | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. | ||||||||||||||||||||
The tables below represent the Company’s long-lived assets which consist of lease fleet and property, plant and equipment (1). | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of December 31: | |||||||||||||||||||||
2013 | $ | 902,183 | $ | 162,246 | $ | 1,064,429 | $ | — | $ | 1,064,429 | |||||||||||
2014 | 907,672 | 157,167 | 1,064,839 | 135,392 | 1,200,231 | ||||||||||||||||
-1 | Includes long-lived assets of $884.3 million and $1,029.9 million in the U.S. for the fiscal years 2013 and 2014, respectively. | ||||||||||||||||||||
Assets_Held_for_Sale
Assets Held for Sale | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Assets Held for Sale | (16) Assets | Held for Sale | |||||||||||
In the second quarter of 2013, the Company conducted field inspections of lease fleet units and other assets. A review was performed to determine the economic feasibility to repair certain assets. The analysis included the determination of fair market value of those assets using a cash flow analysis, less the cost of liquidation, and the current net carrying value. The Company’s senior management reviewed the analysis, the fair value of the assets, the current economy, along with present and projected utilization levels, and determined to place the assets for sale that were deemed to be either non-core to the Company’s leasing strategy or uneconomic to repair. In connection with this action, the Company recorded an asset impairment charge of $40.2 million in the second quarter of 2013, of which $39.6 million was non-cash. Realized gains and losses resulting from the subsequent sale of these assets are recorded as a decrease or an increase to the original impairment charge in the statements of income and the proceeds associated with the disposal of these assets, excluding inventories, is recorded as investing activities in statements of cash flows. All of the assets were sold as of June 30, 2014. | |||||||||||||
The following table sets forth the information on the assets classified as held for sale in 2013 and the subsequent changes to the assets’ fair value as of December 31, 2014: | |||||||||||||
North | U.K. | Total | |||||||||||
America | |||||||||||||
(In thousands) | |||||||||||||
Balance at December 31, 2013 | $ | 904 | $ | 76 | $ | 980 | |||||||
Sale proceeds | (310 | ) | (183 | ) | (493 | ) | |||||||
Additional net loss upon sale | (433 | ) | (124 | ) | (557 | ) | |||||||
Other changes, net | (161 | ) | 230 | 69 | |||||||||
Effect of exchange rate changes | — | 1 | 1 | ||||||||||
Balance at December 31, 2014 | $ | — | $ | — | $ | — | |||||||
Discontinued_Operation
Discontinued Operation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Discontinued Operation | (17) Discontinued | Operation | |||||||
In December 2013, the Company entered into a share sale and purchase agreement with Caru Group B.V. to sell Mobile Mini Holding B.V., comprising the Company’s Netherlands operation. In connection with this transaction, the Company recorded a $1.2 million after-tax loss on the sale in 2013. The transaction closed on December 31, 2013, and the Company received proceeds of $0.7 million. The results of operations of our Netherlands business are reported within discontinued operation in the consolidated financial statements. Summarized results of the Company’s Netherlands operation are as follows: | |||||||||
Years Ended December 31, | |||||||||
2012 | 2013 | ||||||||
(In thousands) | |||||||||
Revenues | $ | 1,363 | $ | 1,895 | |||||
Loss from operations, including loss on disposition of $1.9 million | $ | (216 | ) | $ | (2,101 | ) | |||
Other expenses | (72 | ) | (64 | ) | |||||
Income tax benefit | 43 | 863 | |||||||
Loss from discontinued operations, net of tax | $ | (245 | ) | $ | (1,302 | ) | |||
Summarized results of the Netherlands cash flow activities are as follows: | |||||||||
Years Ended December 31, | |||||||||
2012 | 2013 | ||||||||
(In thousands) | |||||||||
Net cash used in operating activities | $ | (466 | ) | $ | (861 | ) | |||
Net cash (used in) provided by investing activities | (95 | ) | 896 |
Selected_Consolidated_Quarterl
Selected Consolidated Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Consolidated Quarterly Financial Data | (18) Selected | Consolidated Quarterly Financial Data (unaudited) | |||||||||||||||
The following table sets forth certain unaudited selected consolidated financial information for each of the four quarters in the years ended December 31, 2013 and 2014. In management’s opinion, this unaudited consolidated quarterly selected information has been prepared on the same basis as the audited consolidated financial statements and includes all necessary adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair presentation when read in conjunction with the Consolidated Financial Statements and notes. The Company believes these comparisons of consolidated quarterly selected financial data are not necessarily indicative of future performance. The Company sold its Netherlands operation on December 31, 2013, and as a result, this operation is reflected as a discontinued operation in the 2013 quarterly tables below. | |||||||||||||||||
Quarterly EPS may not total to the fiscal year EPS due to the weighted average number of shares outstanding at the end of each period reported and rounding. | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands) | |||||||||||||||||
2013 | |||||||||||||||||
Leasing revenue | $ | 84,875 | $ | 88,032 | $ | 95,559 | $ | 97,820 | |||||||||
Total revenues | 97,512 | 97,135 | 105,040 | 106,799 | |||||||||||||
Gross profit on sales | 3,745 | 3,142 | 2,977 | 2,774 | |||||||||||||
Income (loss) from operations | 27,012 | (15,006 | ) | 27,001 | 27,960 | ||||||||||||
Income (loss) from continuing operations | 12,119 | (14,319 | ) | 14,332 | 13,092 | ||||||||||||
Earnings (loss) per share: | |||||||||||||||||
Basic | 0.27 | (0.32 | ) | 0.31 | 0.29 | ||||||||||||
Diluted | 0.26 | (0.31 | ) | 0.31 | 0.28 | ||||||||||||
Net income (loss) | 12,042 | (14,381 | ) | 14,303 | 11,958 | ||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands) | |||||||||||||||||
2014 | |||||||||||||||||
Leasing revenue | $ | 94,080 | $ | 98,041 | $ | 104,798 | $ | 113,443 | |||||||||
Total revenues | 102,404 | 106,533 | 113,322 | 123,215 | |||||||||||||
Gross profit on sales | 2,313 | 2,603 | 2,714 | 2,011 | |||||||||||||
Income from operations | 18,482 | 21,695 | 30,171 | 28,801 | |||||||||||||
Net income | 7,440 | 9,263 | 14,820 | 12,863 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | 0.16 | 0.2 | 0.32 | 0.28 | |||||||||||||
Diluted | 0.16 | 0.2 | 0.32 | 0.28 | |||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information for Guarantors | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Condensed Consolidating Financial Information for Guarantors | (19) Condensed | Consolidating Financial Information for Guarantors | |||||||||||||||
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 customer exceptions, and management has determined that such information is not material to investors. | |||||||||||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | (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 | |||||||||||||
Deferred financing costs, net and other assets | 10,976 | 1 | — | 10,977 | |||||||||||||
Intangibles, net | 1,260 | 1,286 | — | 2,546 | |||||||||||||
Goodwill | 445,131 | 74,091 | — | 519,222 | |||||||||||||
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 December 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 2,977 | $ | 762 | $ | — | $ | 3,739 | |||||||||
Receivables, net | 62,033 | 18,998 | — | 81,031 | |||||||||||||
Inventories | 15,371 | 1,365 | — | 16,736 | |||||||||||||
Lease fleet, net | 934,433 | 152,623 | — | 1,087,056 | |||||||||||||
Property, plant and equipment, net | 95,509 | 17,666 | — | 113,175 | |||||||||||||
Deposits and prepaid expenses | 7,375 | 1,211 | — | 8,586 | |||||||||||||
Deferred financing costs, net and other assets | 8,858 | — | — | 8,858 | |||||||||||||
Intangibles, net | 77,629 | 756 | — | 78,385 | |||||||||||||
Goodwill | 635,943 | 69,665 | — | 705,608 | |||||||||||||
Intercompany receivables | 145,018 | 33,971 | (178,989 | ) | — | ||||||||||||
Total assets | $ | 1,985,146 | $ | 297,017 | $ | (178,989 | ) | $ | 2,103,174 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 14,803 | $ | 8,130 | $ | — | $ | 22,933 | |||||||||
Accrued liabilities | 56,104 | 7,623 | — | 63,727 | |||||||||||||
Lines of credit | 702,135 | 3,383 | — | 705,518 | |||||||||||||
Obligations under capital leases | 24,760 | 158 | — | 24,918 | |||||||||||||
Senior Notes | 200,000 | — | — | 200,000 | |||||||||||||
Deferred income taxes | 215,184 | 17,367 | (1,004 | ) | 231,547 | ||||||||||||
Intercompany payables | — | 94 | (94 | ) | — | ||||||||||||
Total liabilities | 1,212,986 | 36,755 | (1,098 | ) | 1,248,643 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 490 | 18,388 | (18,388 | ) | 490 | ||||||||||||
Additional paid-in capital | 569,083 | 160,347 | (160,347 | ) | 569,083 | ||||||||||||
Retained earnings | 268,263 | 111,397 | 844 | 380,504 | |||||||||||||
Accumulated other comprehensive loss | — | (29,870 | ) | — | (29,870 | ) | |||||||||||
Treasury stock, at cost | (65,676 | ) | — | — | (65,676 | ) | |||||||||||
Total stockholders’ equity | 772,160 | 260,262 | (177,891 | ) | 854,531 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,985,146 | $ | 297,017 | $ | (178,989 | ) | $ | 2,103,174 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | $ | 272,530 | $ | 67,445 | $ | — | $ | 339,975 | |||||||||
Leasing | 32,794 | 4,965 | — | 37,759 | |||||||||||||
Sales | 1,871 | 291 | — | 2,162 | |||||||||||||
Other | 307,195 | 72,701 | — | 379,896 | |||||||||||||
Total revenues | |||||||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 19,836 | 3,342 | — | 23,178 | |||||||||||||
Leasing, selling and general expenses | 170,240 | 48,469 | — | 218,709 | |||||||||||||
Restructuring expenses | 6,755 | 368 | — | 7,123 | |||||||||||||
Depreciation and amortization | 27,784 | 8,198 | — | 35,982 | |||||||||||||
Total costs and expenses | 224,615 | 60,377 | — | 284,992 | |||||||||||||
Income from operations | 82,580 | 12,324 | — | 94,904 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 591 | — | (590 | ) | 1 | ||||||||||||
Interest expense | (34,624 | ) | (3,234 | ) | 590 | (37,268 | ) | ||||||||||
Dividend income | 865 | — | (865 | ) | — | ||||||||||||
Debt restructuring expense | (2,812 | ) | — | — | (2,812 | ) | |||||||||||
Deferred financing costs write-off | (1,889 | ) | — | — | (1,889 | ) | |||||||||||
Foreign currency exchange | — | (4 | ) | — | (4 | ) | |||||||||||
Income from continuing operations before income tax provision | 44,711 | 9,086 | (865 | ) | 52,932 | ||||||||||||
Income tax provision | 17,448 | 1,153 | (92 | ) | 18,509 | ||||||||||||
Income from continuing operations | 27,263 | 7,933 | (773 | ) | 34,423 | ||||||||||||
Loss from discontinued operation, net of tax | — | (245 | ) | — | (245 | ) | |||||||||||
Net income | $ | 27,263 | $ | 7,688 | $ | (773 | ) | $ | 34,178 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 27,263 | $ | 7,688 | $ | (773 | ) | $ | 34,178 | ||||||||
Other comprehensive income : | |||||||||||||||||
Foreign currency translation adjustment, net of income tax expense of $64 | — | 7,987 | — | 7,987 | |||||||||||||
Other comprehensive income | — | 7,987 | — | 7,987 | |||||||||||||
Comprehensive income | $ | 27,263 | $ | 15,675 | $ | (773 | ) | $ | 42,165 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | $ | 293,878 | $ | 72,408 | $ | — | $ | 366,286 | |||||||||
Leasing | 29,310 | 8,741 | — | 38,051 | |||||||||||||
Sales | 1,751 | 398 | — | 2,149 | |||||||||||||
Other | 324,939 | 81,547 | — | 406,486 | |||||||||||||
Total revenues | |||||||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 18,784 | 6,629 | — | 25,413 | |||||||||||||
Leasing, selling and general expenses | 185,834 | 51,733 | — | 237,567 | |||||||||||||
Restructuring expenses | 2,140 | 262 | — | 2,402 | |||||||||||||
Asset impairment charge, net | 32,156 | 6,549 | — | 38,705 | |||||||||||||
Depreciation and amortization | 28,084 | 7,348 | — | 35,432 | |||||||||||||
Total costs and expenses | 266,998 | 72,521 | — | 339,519 | |||||||||||||
Income from operations | 57,941 | 9,026 | — | 66,967 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 250 | — | (249 | ) | 1 | ||||||||||||
Interest expense | (27,726 | ) | (1,990 | ) | 249 | (29,467 | ) | ||||||||||
Dividend income | 274 | — | (274 | ) | — | ||||||||||||
Foreign currency exchange | — | (2 | ) | — | (2 | ) | |||||||||||
Income from continuing operations before income tax provision | 30,739 | 7,034 | (274 | ) | 37,499 | ||||||||||||
Income tax provision | 12,355 | (35 | ) | (45 | ) | 12,275 | |||||||||||
Income from continuing operations | 18,384 | 7,069 | (229 | ) | 25,224 | ||||||||||||
Loss from discontinued operation, net of tax | (1,229 | ) | (73 | ) | — | (1,302 | ) | ||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
Other comprehensive income : | |||||||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $194 | — | 2,377 | — | 2,377 | |||||||||||||
Other comprehensive income | — | 2,377 | — | 2,377 | |||||||||||||
Comprehensive income | $ | 17,155 | $ | 9,373 | $ | (229 | ) | $ | 26,299 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Leasing | $ | 323,563 | $ | 86,799 | $ | — | $ | 410,362 | |||||||||
Sales | 26,524 | 5,061 | — | 31,585 | |||||||||||||
Other | 3,112 | 415 | — | 3,527 | |||||||||||||
Total revenues | 353,199 | 92,275 | — | 445,474 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 17,887 | 4,057 | — | 21,944 | |||||||||||||
Leasing, selling and general expenses | 220,951 | 59,997 | — | 280,948 | |||||||||||||
Restructuring expenses | 1,915 | 1,627 | — | 3,542 | |||||||||||||
Asset impairment charge, net | 416 | 141 | — | 557 | |||||||||||||
Depreciation and amortization | 32,007 | 7,327 | — | 39,334 | |||||||||||||
Total costs and expenses | 273,176 | 73,149 | — | 346,325 | |||||||||||||
Income from operations | 80,023 | 19,126 | — | 99,149 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 81 | — | (81 | ) | — | ||||||||||||
Interest expense | (27,229 | ) | (1,581 | ) | 81 | (28,729 | ) | ||||||||||
Dividend income | — | — | — | — | |||||||||||||
Foreign currency exchange | — | (1 | ) | — | (1 | ) | |||||||||||
Income from continuing operations before income tax provision | 52,875 | 17,544 | — | 70,419 | |||||||||||||
Income tax provision | 21,991 | 4,042 | — | 26,033 | |||||||||||||
Net income | $ | 30,884 | $ | 13,502 | $ | — | $ | 44,386 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 30,884 | $ | 13,502 | $ | — | $ | 44,386 | |||||||||
Other comprehensive income : | |||||||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $213 | — | (14,430 | ) | — | (14,430 | ) | |||||||||||
Other comprehensive loss | — | (14,430 | ) | — | (14,430 | ) | |||||||||||
Comprehensive income (loss) | $ | 30,884 | $ | (928 | ) | $ | — | $ | 29,956 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 27,263 | $ | 7,688 | $ | (773 | ) | $ | 34,178 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Debt restructuring expense | 2,812 | — | — | 2,812 | |||||||||||||
Deferred financing costs | 1,889 | — | — | 1,889 | |||||||||||||
Provision for doubtful accounts | 1,618 | 561 | — | 2,179 | |||||||||||||
Amortization of deferred financing costs | 3,144 | 73 | — | 3,217 | |||||||||||||
Amortization of debt issuance discount | 49 | — | — | 49 | |||||||||||||
Amortization of long-term liabilities | 156 | 11 | — | 167 | |||||||||||||
Share-based compensation expense | 9,003 | 572 | — | 9,575 | |||||||||||||
Depreciation and amortization | 27,784 | 8,403 | — | 36,187 | |||||||||||||
Gain on sale of lease fleet units | (10,430 | ) | (1,351 | ) | — | (11,781 | ) | ||||||||||
Gain on disposal of property, plant and equipment | (87 | ) | (43 | ) | — | (130 | ) | ||||||||||
Deferred income taxes | 17,074 | 1,111 | (78 | ) | 18,107 | ||||||||||||
Tax shortfall on equity award transactions | (3 | ) | — | — | (3 | ) | |||||||||||
Foreign currency loss | — | 5 | — | 5 | |||||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | (2,369 | ) | (2,709 | ) | — | (5,078 | ) | ||||||||||
Inventories | 1,787 | (435 | ) | — | 1,352 | ||||||||||||
Deposits and prepaid expenses | 807 | (270 | ) | — | 537 | ||||||||||||
Other assets and intangibles | (10,125 | ) | 9,964 | — | (161 | ) | |||||||||||
Accounts payable | 338 | (2,222 | ) | — | (1,884 | ) | |||||||||||
Accrued liabilities | (980 | ) | 712 | — | (268 | ) | |||||||||||
Intercompany | 9,806 | (9,765 | ) | (41 | ) | — | |||||||||||
Net cash provided by operating activities | 79,536 | 12,305 | (892 | ) | 90,949 | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Cash paid for businesses, net of cash acquired | (3,563 | ) | — | — | (3,563 | ) | |||||||||||
Additions to lease fleet | (24,967 | ) | (18,967 | ) | — | (43,934 | ) | ||||||||||
Proceeds from sale of lease fleet units | 25,310 | 4,048 | — | 29,358 | |||||||||||||
Additions to property, plant and equipment | (8,229 | ) | (4,512 | ) | — | (12,741 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 1,025 | 472 | — | 1,497 | |||||||||||||
Net cash used in investing activities | (10,424 | ) | (18,959 | ) | — | (29,383 | ) | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net borrowings under lines of credit | 88,414 | 8,828 | — | 97,242 | |||||||||||||
Redemption of 6.875% senior notes due 2015 | (150,000 | ) | — | — | (150,000 | ) | |||||||||||
Redemption premiums of 6.875% senior notes due 2015 | (2,579 | ) | — | — | (2,579 | ) | |||||||||||
Deferred financing costs | (8,075 | ) | — | — | (8,075 | ) | |||||||||||
Proceeds from issuance of note payable | 398 | — | — | 398 | |||||||||||||
Principal payments on notes payable | (403 | ) | — | — | (403 | ) | |||||||||||
Principal payments on capital lease obligations | (947 | ) | — | — | (947 | ) | |||||||||||
Issuance of common stock | 3,645 | — | — | 3,645 | |||||||||||||
Intercompany | — | (869 | ) | 869 | — | ||||||||||||
Net cash (used in) provided by financing activities | (69,547 | ) | 7,959 | 869 | (60,719 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (1,793 | ) | 23 | (1,770 | ) | |||||||||||
Net decrease in cash | (435 | ) | (488 | ) | — | (923 | ) | ||||||||||
Cash and cash equivalents at beginning of year | 1,444 | 1,416 | — | 2,860 | |||||||||||||
Cash and cash equivalents at end of year | $ | 1,009 | $ | 928 | $ | — | $ | 1,937 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Asset impairment charge, net | 31,310 | 6,907 | — | 38,217 | |||||||||||||
Provision for doubtful accounts | 1,256 | 904 | — | 2,160 | |||||||||||||
Amortization of deferred financing costs | 2,749 | 62 | — | 2,811 | |||||||||||||
Amortization of long-term liabilities | 162 | 7 | — | 169 | |||||||||||||
Share-based compensation expense | 13,991 | 723 | — | 14,714 | |||||||||||||
Depreciation and amortization | 28,084 | 7,542 | — | 35,626 | |||||||||||||
Loss (gain) on disposal of discontinued operation | 2,042 | (94 | ) | — | 1,948 | ||||||||||||
Gain on sale of lease fleet units | (8,035 | ) | (1,647 | ) | — | (9,682 | ) | ||||||||||
Loss on disposal of property, plant and equipment | 237 | 10 | — | 247 | |||||||||||||
Deferred income taxes | 11,918 | (440 | ) | (466 | ) | 11,012 | |||||||||||
Tax shortfall on equity award transactions | (837 | ) | — | — | (837 | ) | |||||||||||
Foreign currency loss | — | 1 | — | 1 | |||||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | (1,996 | ) | (3,592 | ) | 1,948 | (3,640 | ) | ||||||||||
Inventories | (358 | ) | (35 | ) | — | (393 | ) | ||||||||||
Deposits and prepaid expenses | 572 | 81 | — | 653 | |||||||||||||
Other assets and intangibles | (364 | ) | 374 | — | 10 | ||||||||||||
Accounts payable | (212 | ) | 549 | — | 337 | ||||||||||||
Accrued liabilities | (2,321 | ) | 1,157 | — | (1,164 | ) | |||||||||||
Intercompany | (21,506 | ) | 22,440 | (934 | ) | — | |||||||||||
Net cash provided by operating activities | 73,847 | 41,945 | 319 | 116,111 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Proceeds from sale of discontinued operation | — | 677 | — | 677 | |||||||||||||
Additions to lease fleet | (15,623 | ) | (13,203 | ) | — | (28,826 | ) | ||||||||||
Proceeds from sale of lease fleet units | 27,437 | 8,514 | — | 35,951 | |||||||||||||
Additions to property, plant and equipment | (12,887 | ) | (2,905 | ) | — | (15,792 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 1,900 | 70 | — | 1,970 | |||||||||||||
Net cash provided by (used in) investing activities | 827 | (6,847 | ) | — | (6,020 | ) | |||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net repayments under lines of credit | (88,604 | ) | (34,472 | ) | — | (123,076 | ) | ||||||||||
Principal payments on notes payable | (310 | ) | — | — | (310 | ) | |||||||||||
Principal payments on capital lease obligations | (408 | ) | — | — | (408 | ) | |||||||||||
Issuance of common stock | 13,818 | — | — | 13,818 | |||||||||||||
Purchase of treasury stock | (369 | ) | — | — | (369 | ) | |||||||||||
Intercompany | — | (279 | ) | 279 | — | ||||||||||||
Net cash used in financing activities | (75,873 | ) | (34,751 | ) | 279 | (110,345 | ) | ||||||||||
Effect of exchange rate changes on cash | — | 171 | (598 | ) | (427 | ) | |||||||||||
Net (decrease) increase in cash | (1,199 | ) | 518 | — | (681 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 1,009 | 928 | — | 1,937 | |||||||||||||
Cash and cash equivalents at end of year | $ | (190 | ) | $ | 1,446 | $ | — | $ | 1,256 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 30,884 | $ | 13,502 | $ | — | $ | 44,386 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Asset impairment charge, net | 416 | 141 | — | 557 | |||||||||||||
Provision for doubtful accounts | 2,157 | 621 | — | 2,778 | |||||||||||||
Amortization of deferred financing costs | 2,769 | 60 | — | 2,829 | |||||||||||||
Amortization of long-term liabilities | 86 | 2 | — | 88 | |||||||||||||
Share-based compensation expense | 14,369 | 702 | — | 15,071 | |||||||||||||
Depreciation and amortization | 32,007 | 7,327 | — | 39,334 | |||||||||||||
(Gain) loss on sale of lease fleet units | (6,436 | ) | 704 | — | (5,732 | ) | |||||||||||
Loss on disposal of property, plant and equipment | 28 | 320 | — | 348 | |||||||||||||
Deferred income taxes | 21,398 | 4,026 | — | 25,424 | |||||||||||||
Tax shortfall on equity award transactions | (15 | ) | — | — | (15 | ) | |||||||||||
Foreign currency loss | — | 1 | — | 1 | |||||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | (4,113 | ) | (3,084 | ) | — | (7,197 | ) | ||||||||||
Inventories | 2,258 | 422 | — | 2,680 | |||||||||||||
Deposits and prepaid expenses | (1,533 | ) | 117 | — | (1,416 | ) | |||||||||||
Investment in subsidiaries | 4,823 | — | (4,823 | ) | — | ||||||||||||
Other assets and intangibles | 66 | (49 | ) | — | 17 | ||||||||||||
Accounts payable | (926 | ) | 203 | — | (723 | ) | |||||||||||
Accrued liabilities | 850 | 1,345 | — | 2,195 | |||||||||||||
Intercompany | 1,711 | (1,711 | ) | — | — | ||||||||||||
Net cash provided by operating activities | 100,799 | 24,649 | (4,823 | ) | 120,625 | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Cash paid for businesses, net of cash acquired | (430,946 | ) | — | — | (430,946 | ) | |||||||||||
Additions to lease fleet | (16,525 | ) | (10,754 | ) | — | (27,279 | ) | ||||||||||
Proceeds from sale of lease fleet units | 19,214 | 3,839 | — | 23,053 | |||||||||||||
Additions to property, plant and equipment | (11,793 | ) | (3,986 | ) | — | (15,779 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 3,688 | 511 | — | 4,199 | |||||||||||||
Net cash (used in) provided by investing activities | (436,362 | ) | (10,390 | ) | — | (446,752 | ) | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net borrowings (repayments) under lines of credit | 395,127 | (8,923 | ) | — | 386,204 | ||||||||||||
Deferred financing costs | (719 | ) | — | — | (719 | ) | |||||||||||
Principal payments on capital lease obligations | (1,929 | ) | (27 | ) | — | (1,956 | ) | ||||||||||
Issuance of common stock | 3,642 | — | — | 3,642 | |||||||||||||
Dividend payments | (31,384 | ) | — | — | (31,384 | ) | |||||||||||
Purchase of treasury stock | (26,007 | ) | — | — | (26,007 | ) | |||||||||||
Repayment of investment | — | (4,823 | ) | 4,823 | — | ||||||||||||
Net cash provided by (used in) financing activities | 338,730 | (13,773 | ) | 4,823 | 329,780 | ||||||||||||
Effect of exchange rate changes on cash | — | (1,170 | ) | — | (1,170 | ) | |||||||||||
Net increase (decrease) in cash | 3,167 | (684 | ) | — | 2,483 | ||||||||||||
Cash and cash equivalents at beginning of year | (190 | ) | 1,446 | — | 1,256 | ||||||||||||
Cash and cash equivalents at end of year | $ | 2,977 | $ | 762 | $ | — | $ | 3,739 | |||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | -20 | Subsequent Events |
In January 2015 the Company purchased $15.0 million of its outstanding stock under the current stock purchase program authorized by the Company’s board of directors. Additionally, on January 21, 2015, the board of directors authorized and declared a cash dividend to all the Company’s common stockholders of $0.187 per share of common stock, payable on March 19, 2015 to stockholders of record as of the close of business March 5, 2015. Each future quarterly dividend payment is subject to review and approval by the Board. |
Mobile_Mini_Organization_and_D1
Mobile Mini, Organization and Description of Business (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation | |||
The consolidated financial statements include the accounts of Mobile Mini and its wholly owned subsidiaries. The Company does not have any subsidiaries in which it does not own 100% of the outstanding stock. All significant intercompany balances and transactions have been eliminated. | ||||
Use of Estimates | Use of Estimates | |||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the notes to those statements. Actual results could differ from those estimates. The most significant estimates included within the financial statements are the allowance for doubtful accounts, the estimated useful lives and residual values on the lease fleet, rental equipment and property, plant and equipment, goodwill and other asset impairments and certain accrued liabilities. | ||||
Discontinued Operation | Discontinued Operation | |||
In December 2013, the Company sold the subsidiary comprising its Netherlands operation. The Netherlands operation is reflected as discontinued operation for all periods presented. See Note 17. | ||||
Cash Equivalents | Cash Equivalents | |||
The Company considers all highly liquid instruments with insignificant interest rate risk and with maturities of three months or less at purchase to be cash equivalents. | ||||
Receivables and Allowance for Doubtful Accounts | Receivables and Allowance for Doubtful Accounts | |||
Receivables are stated net of an allowance for doubtful accounts, which is reviewed monthly for adequacy. The Company estimates the amount of customer receivables that are uncollectible and records an estimated provision for bad debts through a charge to operations. The provision is based on historical collection experience and evaluation of past-due accounts. Specific accounts are written off against the allowance when management determines the account is uncollectible. The Company requires a security deposit on most leased office units to cover the cost of damages or unpaid balances, if any. | ||||
Concentration of Credit Risk | Concentration of Credit Risk | |||
Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of receivables. Concentration of credit risk with respect to receivables is limited due to the Company’s large number of customers spread over a broad geographic area in many industry sectors. No single customer accounts for more than 10.0% of our receivables at December 31, 2013 and 2014. Receivables related to sold units are generally secured by the product sold to the customer. The Company typically has the right to repossess leased portable storage units, including any customer goods contained in the unit, following non-payment of rent. | ||||
Inventories | Inventories | |||
Inventories are valued at the lower of cost (principally on a standard cost basis which approximates the first-in, first-out (FIFO) method) or market. Market is the lower of replacement cost or net realizable value. | ||||
Raw materials principally consist of raw steel, wood, glass, paint, vinyl and other assembly components used in manufacturing and remanufacturing processes, and to a lesser extent, parts used for internal maintenance and ancillary items held for sale in our specialty containment segment. Work-in-process primarily represents partially assembled units pre-sold or for use as fleet. Finished portable storage units primarily represent purchased or assembled containers held in inventory until the container is either sold as is, remanufactured and sold, or remanufactured and deployed as lease fleet. | ||||
Lease fleet | Lease fleet | |||
Lease fleet is capitalized at cost and depreciated over the estimated useful life of the unit using the straight-line method. Lease fleet is depreciated whether or not it is out on rent. Capitalized cost of lease fleet includes the price paid to acquire the unit and freight charges to the location when the unit is first placed in service, and when applicable, the cost of manufacturing or remanufacturing, which includes the cost of customizing units. Ordinary repair and maintenance costs are charged to operations as incurred. | ||||
Management periodically reviews depreciable lives and residual values against various factors, including the results of its lenders’ independent appraisal of lease fleet, practices of the competitors in comparable industries, profit margins achieved on sales of depreciated units and lease rates obtained on older units. | ||||
Property, Plant and Equipment | Property, Plant and Equipment | |||
Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided using the straight-line method over the assets’ estimated useful lives. The Company’s depreciation expense related to property, plant and equipment for 2012, 2013 and 2014 was $12.2 million, $12.7 million and $15.1 million, respectively. Normal repairs and maintenance to property, plant and equipment are expensed as incurred. When property or equipment is retired or sold, the net book value of the asset, reduced by any proceeds, is charged to gain or loss on the disposal of property, plant and equipment and is included in leasing, selling and general expenses in the Consolidated Statements of Income. | ||||
Capitalized Software Development Costs | Capitalized Software Development Costs | |||
The Company capitalizes qualifying computer software costs incurred during the application development state for internally developed software. Additionally, the Company capitalizes qualifying costs incurred for upgrades and enhancements to existing software that result in additional functionality. Costs related to preliminary project planning activities, post-implementation activities, maintenance and minor modifications are expensed as incurred. Internal-use software is amortized on a straight line basis over its estimated useful life. Capitalized software development costs are included in property, plant and equipment. In 2013 and 2014 the Company capitalized $0.9 million and $2.2 million, respectively. | ||||
Deferred Financing Costs | Deferred Financing Costs | |||
Deferred financing costs consists of the costs of obtaining long-term financing, including the Company’s credit agreement (See Note 5). These costs are amortized over the term of the related debt, using the straight-line method, which approximates the effective interest method. Amortization expense for deferred financing costs was approximately $3.2 million, $2.8 million and $2.8 million in 2012, 2013 and 2014, respectively. In addition, in 2012, the Company wrote off $1.9 million of deferred financing costs related to the redemption of our 6.875% senior notes due 2015 and a portion of deferred financing costs related to our prior credit agreement. As of December 31, 2014, $5.7 million of the total $8.7 million unamortized deferred financing costs, related to the Company’s credit agreement. | ||||
Goodwill | Goodwill | |||
For acquired businesses, the Company records assets acquired and liabilities assumed at their estimated fair values on the respective acquisition dates. Based on these values, the excess purchase prices over the fair value of the net assets acquired is recorded as goodwill. Immediately prior to December 10, 2014, all of the Company’s goodwill was allocated between two reporting units, portable storage operations in North America and the U.K. In conjunction with the ETS Acquisition on December 10, 2014 the Company recorded $182.0 million of goodwill. Of the $705.6 million total goodwill at December 31, 2014, $459.2 million relates to the portable storage North America segment, $64.4 million relates to the portable storage U.K. segment and $182.0 million relates to the specialty containment segment. | ||||
Management assesses the impairment of goodwill on an annual basis at December 31, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. | ||||
Some factors management considers important which could indicate an impairment review include the following: | ||||
• | significant under-performance relative to historical, expected or projected future operating results; | |||
• | significant changes in the manner of the Company’s use of the acquired assets or the strategy for the overall business; | |||
• | market capitalization relative to net book value; and | |||
• | significant negative industry or general economic trends. | |||
In assessing the fair value of the reporting units, management considers both the market approach and the income approach. Under the market approach, the fair value of the reporting unit is based on quoted market prices of companies comparable to the reporting unit being valued. Under the income approach, the fair value of the reporting unit is based on the present value of estimated cash flows. The income approach is dependent on a number of significant management assumptions, including estimated future revenue growth rates, gross margins on sales, operating margins, capital expenditures, tax payments and discount rates. Each approach is given equal weight in arriving at the fair value of the reporting unit. As of December 31, 2014, management assessed qualitative factors and determined it is more likely than not each of the reporting units assigned goodwill had estimated fair values greater than the respective reporting unit’s individual net asset carrying values; therefore, the two step impairment test was not required. | ||||
If the two step impairment test is necessary, management is required to determine the implied fair value of the goodwill and compare it to the carrying value of the goodwill. The fair value of the reporting units would be assigned to the respective assets and liabilities of each reporting unit as if the reporting units had been acquired in separate and individual business combinations and the fair value of the reporting units was the price paid to acquire the reporting units. The excess of the fair value of the reporting units over the amounts assigned to their respective assets and liabilities is the implied fair value of goodwill. | ||||
Intangibles | Intangibles | |||
Intangible assets are amortized over the estimated useful life of the asset utilizing a method which reflects the estimated pattern in which the economic benefits will be consumed. | ||||
Impairment of Long-Lived Assets (Other than Goodwill) | Impairment of Long-Lived Assets (Other than Goodwill) | |||
Mobile Mini reviews long-lived assets such as lease fleet, property, plant and equipment, and intangibles, for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may be impaired. (See potential impairment indicators under “Goodwill” above). If this review indicates the carrying value of these assets will not be recoverable, as measured based on estimated undiscounted cash flows over their remaining life, the carrying amount would be adjusted to fair value. The cash flow estimates contain management’s best estimates, using appropriate and customary assumptions and projections at the time of evaluation. | ||||
In the second quarter of 2013, management conducted an assessment of the lease fleet and determined that certain of these units were either non-core to their leasing strategy or were uneconomic to repair. In connection with this evaluation, management determined to place the assets for sale, resulting in a non-cash impairment charge on long-lived assets of $37.6 million in the second quarter of 2013. As these assets have been sold or otherwise disposed of, additional adjustments have been made to the impairment charge resulting in total asset impairment charges of $38.7 million in 2013 and $0.6 million in 2014. There were no indicators of further impairment at December 31, 2013 or at December 31, 2014. No impairment charges were recognized in 2012. (See Note 16). | ||||
Purchase Accounting | Purchase Accounting | |||
Mobile Mini accounts for acquisitions under the acquisition method. Under the acquisition method of accounting, the price paid by the Company is allocated to the assets acquired and liabilities assumed based upon the estimated fair values at the closing date. Goodwill is measured as the excess of the fair value of the consideration transferred over the fair value of the identifiable net assets. Estimated fair values of acquired assets and liabilities is provisional and could change as additional information is received. The Company finalizes valuations as soon as practicable, but not later than one-year from the acquisition date. Any subsequent changes to purchase price allocations results in a corresponding adjustment to goodwill. | ||||
The determination of the fair value of intangible assets requires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or non-amortizable and, if amortizable, the period and the method by which the intangible asset will be amortized. Fair values are estimated for acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable intangible assets of acquired businesses. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisition. | ||||
Revenue Recognition | Revenue Recognition | |||
Leasing revenue is generated from the direct lease of the Company’s fleet to its customers, including ancillary revenue such as fleet delivery and pickup. The Company enters into contracts with its customers to lease equipment based on a monthly rate for our portable storage fleet and a daily, weekly or monthly rate for our specialty containment fleet. Revenues from leasing are recognized ratably over the leased period. When a customer keeps the leased unit beyond the original intended term, the lease continues until cancelled by the customer or the Company. Customers may utilize the Company’s equipment delivery and pick-up services in conjunction with the leasing of equipment, but it is not required. Transportation revenue pursuant to the pick up or delivery of a leased unit is recognized in leasing revenue upon completion of the service. When leases are billed in advance, recognition of revenue is deferred and unearned leasing revenue is recorded at the end of reporting period. If equipment is returned prior to the contractually obligated period, the excess, if any, between the amount the customer is contractually required to pay over the cumulative amount of revenue recognized to date, is recognized as incremental revenue upon return. | ||||
Sales revenue is primarily generated by the sale of new and used units. Sales revenue is recognized upon delivery when the risk of loss passes, the price is fixed and determinable and collectability is reasonably assured. The majority of our units are sold pursuant to sales contracts stating the fixed sales price. | ||||
Cost of Sales | Cost of Sales | |||
Cost of sales in the Company’s consolidated statements of income includes the costs for units it sells, and to a lesser extent the costs of parts and supplies sold to specialty containment customers. Similar costs associated with units that the Company leases are capitalized in the balance sheet under “Lease fleet”. | ||||
Advertising Costs | Advertising Costs | |||
All non-direct-response advertising costs are expensed as incurred. Yellow page advertising is capitalized when paid and amortized over the period in which the benefit is derived. At December 31, 2013 and 2014, prepaid advertising costs were approximately $0.2 million and less than $50,000, respectively. The amortization period of the prepaid balance never exceeds 12 months. Advertising expense was $12.3 million, $5.8 million and $5.2 million in 2012, 2013 and 2014, respectively. | ||||
Income Taxes | Income Taxes | |||
The Company recognizes income taxes in each of the jurisdictions in which it operates. For each jurisdiction, management estimates the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||
A valuation allowance is provided for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. In determining the amount of the valuation allowance, management considers estimated future taxable income as well as feasible tax planning strategies in each jurisdiction. If it is determined that the Company will not realize all or a portion of its deferred tax assets, the valuation allowance is increased with a charge to income tax expense. Conversely, if it is determined that the Company will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced with a credit to income tax expense. | ||||
Earnings per Share | Earnings per Share | |||
Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated under the treasury stock method. Potential common shares included restricted common stock, which is subject to risk of forfeiture, incremental shares of common stock issuable upon the exercise of stock options and vesting of nonvested share-awards. | ||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||
The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company adopted the suggested accounting guidance for the three levels of inputs that may be used to measure fair value: | ||||
Level 1 — Observable input such as quoted prices in active markets for identical assets or liabilities; | ||||
Level 2 — Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and | ||||
Level 3 — Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||
The carrying amounts of cash, receivables, accounts payable and accrued liabilities approximate fair values based on their short-term nature. The fair values of the Company’s revolving credit facility and capital leases are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of the Company’s revolving credit facility debt and capital leases at December 31, 2013 and 2014 approximated their respective book values and are considered Level 2 in the fair value hierarchy. | ||||
The fair value of the Company’s $200.0 million aggregate principal amount of 7.875% senior notes due 2020 (the “2020 Notes” or the “Senior Notes”) is based on their latest sales price at the end of each period obtained from a third-party institution and is considered Level 2 in the fair value hierarchy described in Note 2, as there is not an active market for these notes. | ||||
Derivatives | Derivatives | |||
In the normal course of business, the Company’s operations are exposed to fluctuations in interest rates. The Company has in the past, and may again in the future, addressed a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. At December 31, 2013 and 2014, the Company did not have any derivative agreements. | ||||
Share-Based Compensation | Share-Based Compensation | |||
The Company calculates the fair value of stock options using the Black-Scholes-Merton option pricing valuation model, which incorporates various assumptions including volatility, expected life and risk-free interest rates. The fair value of nonvested share-awards is estimated as the closing price of our common stock on the date of grant. Compensation related to service-based awards are recognized on a straight-line basis over the vesting period. Compensation expense related to performance-based awards is recognized over the implicit service period of the award based on management’s estimate of the probability of the performance criteria being satisfied, adjusted at each balance sheet date. Expense related to performance-based awards that have multiple vesting dates, is recognized using the accelerated attribution approach, whereby each vesting tranche is treated as a separate award for purposes of determining the implicit service period. Share based compensation expense is reduced for estimated forfeitures which are estimated at the time of grant based on historical experience, and revised in subsequent periods if actual forfeitures differ from estimates. | ||||
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions | |||
For Mobile Mini’s non-U.S. operations, the local currency is the functional currency. All assets and liabilities are translated into U.S. dollars at period-end exchange rates and all income statement amounts are translated at the average exchange rate for each month within the year. | ||||
Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting Standards | |||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. In July 2013, the Financial Accounting Standards Board (“FASB”) issued accounting guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, with an option for early adoption. The Company adopted this guidance in January 2014. The adoption of this amendment did not have a material impact on its consolidated financial statements and related disclosures. | ||||
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the FASB issued the accounting guidance on reporting discontinued operations and disclosures of disposals of components of an entity. The new guidance raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance is effective for fiscal years beginning after December 15, 2014. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued. The Company does not expect the adoption of the guidance will have a material impact on its consolidated financial statements and related disclosures. | ||||
Revenue from Contracts with Customers. In May 2014, FASB issued the accounting standard on revenue from contracts with customers. The standard provides a single model for revenue arising from contracts with customers and supersedes current revenue recognition guidance. The standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of goods or services. The standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The revenue recognition standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the impact, if any, of the adoption of the standard to its financial statements and related disclosures. The Company has not yet selected a transition method nor determined the effect of the standard on its ongoing financial reporting. | ||||
Income Tax Uncertainties, Policy | Mobile Mini adopted a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation process, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. | |||
Segment Reporting, Policy | Prior to the ETS Acquisition, the Company’s operations were comprised of two reportable segments: North America and the U.K., both of which offer portable storage solutions. Discrete financial data on each of the Company’s products is not available and it would be impractical to collect and maintain financial data in such a manner. As a result of the ETS Acquisition, the Company established a new specialty containment reporting segment. The assets and liabilities of ETS are included in Mobile Mini’s December 31, 2014 consolidated balance sheet and operations related to ETS are included in Mobile Mini’s consolidated results from the acquisition date of December 10, 2014 through the end of the year. | |||
The results for each segment are reviewed discretely by senior management. Within their segment, locations generally have similar economic characteristics covering all products leased or sold, including customer base, sales personnel, advertising, yard facilities, general and administrative costs and field operations management. | ||||
All of the Company’s locations operate in their local currency and, although the Company is exposed to foreign exchange rate fluctuation in other foreign markets where the Company leases and sells its products, the Company does not believe such exposure will have a significant impact on its results of operations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Schedule of Allowance for Doubtful Accounts | The information presented in the table below reflects the continuing operations of the Company for the periods presented. | ||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for doubtful accounts | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 2,509 | $ | 2,666 | $ | 2,093 | |||||||||||||||||||||||
Provision charged to expense | 2,193 | 2,151 | 2,778 | ||||||||||||||||||||||||||
Write-offs | (2,036 | ) | (2,724 | ) | (2,429 | ) | |||||||||||||||||||||||
Balance at end of year | $ | 2,666 | $ | 2,093 | $ | 2,442 | |||||||||||||||||||||||
Inventories | Inventories at December 31 consisted of the following: | ||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Raw materials and supplies | $ | 16,586 | $ | 14,241 | |||||||||||||||||||||||||
Work-in-process | 197 | 201 | |||||||||||||||||||||||||||
Finished portable storage units | 1,961 | 2,294 | |||||||||||||||||||||||||||
Inventories | $ | 18,744 | $ | 16,736 | |||||||||||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment at December 31 consisted of the following: | ||||||||||||||||||||||||||||
Residual Value | Useful Life | 2013 | 2014 | ||||||||||||||||||||||||||
as Percentage of | in Years | ||||||||||||||||||||||||||||
Original Cost | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Land | $ | 11,124 | $ | 10,920 | |||||||||||||||||||||||||
Vehicles and machinery | 0 - 55 | % | 5 to 30 | 88,686 | 114,150 | ||||||||||||||||||||||||
Buildings and improvements(1) | 0 - 25 | 3 - 30 | 18,477 | 19,365 | |||||||||||||||||||||||||
Office fixtures and equipment | 0 | 3 to 5 | 33,017 | 33,942 | |||||||||||||||||||||||||
Property, plant and equipment | 151,304 | 178,377 | |||||||||||||||||||||||||||
Accumulated depreciation | (66,151 | ) | (65,202 | ) | |||||||||||||||||||||||||
Property, plant and equipment, net | $ | 85,153 | $ | 113,175 | |||||||||||||||||||||||||
-1 | Improvements made to leased properties are depreciated over the lesser of the estimated useful life or the remaining term of the respective lease. | ||||||||||||||||||||||||||||
Schedule of Expected Annual Amortization of Deferred Financing Cost | The annual amortization of remaining deferred financing costs is expected to be as follows: | ||||||||||||||||||||||||||||
2015 | $ | 3,134 | |||||||||||||||||||||||||||
2016 | 3,134 | ||||||||||||||||||||||||||||
2017 | 937 | ||||||||||||||||||||||||||||
2018 | 498 | ||||||||||||||||||||||||||||
2019 | 498 | ||||||||||||||||||||||||||||
Thereafter | 456 | ||||||||||||||||||||||||||||
Total | $ | 8,657 | |||||||||||||||||||||||||||
Activity and Balances Relating to Goodwill | The following table shows the activity and balances related to goodwill from January 1, 2013 to December 31, 2014: | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Balance at January 1, 2013(1) | $ | 518,308 | |||||||||||||||||||||||||||
Foreign currency(2) | 921 | ||||||||||||||||||||||||||||
Adjustments | (7 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2013(1) | 519,222 | ||||||||||||||||||||||||||||
ETS Acquisition | 181,972 | ||||||||||||||||||||||||||||
Other acquisitions | 8,840 | ||||||||||||||||||||||||||||
Foreign currency(2) | (4,426 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2014(1) | $ | 705,608 | |||||||||||||||||||||||||||
-1 | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. | ||||||||||||||||||||||||||||
-2 | Represents foreign currency translation adjustments related to the U.K. reporting unit. | ||||||||||||||||||||||||||||
Balances Related to Intangible Assets | The following table reflects balances related to intangible assets for the years ended December 31: | ||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||
Estimated | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Useful | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||||
Life | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Customer relationships | 11 - 20 | $ | 21,988 | $ | (19,530 | ) | $ | 2,458 | $ | 91,990 | $ | (20,484 | ) | $ | 71,506 | ||||||||||||||
Trade names/trademarks | 1 - 5 | 917 | (917 | ) | — | 6,065 | (919 | ) | 5,146 | ||||||||||||||||||||
Non-compete agreements | 2 - 5 | 97 | (53 | ) | 44 | 1,772 | (78 | ) | 1,694 | ||||||||||||||||||||
Other | 1 - 19 | 61 | (17 | ) | 44 | 61 | (22 | ) | 39 | ||||||||||||||||||||
Total | $ | 23,063 | $ | (20,517 | ) | $ | 2,546 | $ | 99,888 | $ | (21,503 | ) | $ | 78,385 | |||||||||||||||
Schedule of Expected Future Amortization of Intangible Assets | Based on the carrying value at December 31, 2014, future amortization of intangible assets is expected to be as follows for the years ended December 31 (in thousands): | ||||||||||||||||||||||||||||
2015 | $ | 5,876 | |||||||||||||||||||||||||||
2016 | 5,940 | ||||||||||||||||||||||||||||
2017 | 5,911 | ||||||||||||||||||||||||||||
2018 | 5,961 | ||||||||||||||||||||||||||||
2019 | 6,001 | ||||||||||||||||||||||||||||
Thereafter | 48,696 | ||||||||||||||||||||||||||||
Total | $ | 78,385 | |||||||||||||||||||||||||||
Reconciliation of Weighted-Average Shares of Common Stock Outstanding for Purposes of Calculating Basic and Diluted Earnings Per Share | The following table is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS for the years ended December 31: | ||||||||||||||||||||||||||||
Twelve Months Ending | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Income from continuing operations | $ | 34,423 | $ | 25,224 | $ | 44,386 | |||||||||||||||||||||||
Loss on discontinued operation, net of tax | (245 | ) | (1,302 | ) | — | ||||||||||||||||||||||||
Net income | $ | 34,178 | $ | 23,922 | $ | 44,386 | |||||||||||||||||||||||
Basic EPS Denominator: | |||||||||||||||||||||||||||||
Common shares outstanding beginning of year | 44,432 | 45,194 | 46,084 | ||||||||||||||||||||||||||
Weighted shares issued (repurchased) during the period | 225 | 287 | (58 | ) | |||||||||||||||||||||||||
Total weighted average shares outstanding | 44,657 | 45,481 | 46,026 | ||||||||||||||||||||||||||
Diluted EPS Denominator: | |||||||||||||||||||||||||||||
Common shares outstanding beginning of year | 44,432 | 45,194 | 46,084 | ||||||||||||||||||||||||||
Weighted shares issued (repurchased) during the period | 225 | 287 | (58 | ) | |||||||||||||||||||||||||
Dilutive effect of stock options and nonvested share awards during the period | 445 | 615 | 699 | ||||||||||||||||||||||||||
Total weighted average shares outstanding | 45,102 | 46,096 | 46,725 | ||||||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||
Income from continuing operations | $ | 0.77 | $ | 0.55 | $ | 0.96 | |||||||||||||||||||||||
Loss from discontinued operation | — | (0.02 | ) | — | |||||||||||||||||||||||||
Net income | $ | 0.77 | $ | 0.53 | $ | 0.96 | |||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||
Income from continuing operations | $ | 0.76 | $ | 0.55 | $ | 0.95 | |||||||||||||||||||||||
Loss from discontinued operation | — | (0.03 | ) | — | |||||||||||||||||||||||||
Net income | $ | 0.76 | $ | 0.52 | $ | 0.95 | |||||||||||||||||||||||
Number of Stock Options and Nonvested Share-Awards that were Issued or Outstanding but were Excluded in Calculating Diluted Earnings Per Share Because their Effect would have been Anti-Dilutive | The following table represents the number of stock options and nonvested share-awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive for the years ended December 31: | ||||||||||||||||||||||||||||
Twelve Months Ending | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Stock options | 1,006 | 1,741 | 751 | ||||||||||||||||||||||||||
Nonvested share-awards | 228 | 1 | 465 | ||||||||||||||||||||||||||
Total | 1,234 | 1,742 | 1,216 | ||||||||||||||||||||||||||
Carrying and Fair Value of Senior Notes | The carrying value and the fair value of the Company’s Senior Notes are as follows: | ||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Carrying value | $ | 200,000 | $ | 200,000 | |||||||||||||||||||||||||
Fair value | 217,300 | 206,000 |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Schedule of Components of Purchase Price and Net Assets Acquired | The components of the purchase price and net assets acquired for 2014 acquisitions, are as follows: | ||||||||||||
2014 | |||||||||||||
ETS | Other | Total | |||||||||||
Acquisition | Acquisitions | ||||||||||||
(In thousands) | |||||||||||||
Purchase Price, net of cash acquired: | |||||||||||||
Cash | $ | 410,345 | $ | 23,299 | $ | 433,644 | |||||||
Cash acquired | (2,698 | ) | — | (2,698 | ) | ||||||||
Total | $ | 407,647 | $ | 23,299 | $ | 430,946 | |||||||
Net Assets Acquired: | |||||||||||||
Lease fleet | $ | 121,620 | $ | 12,713 | $ | 134,333 | |||||||
Property, plant and equipment | 14,814 | 338 | 15,152 | ||||||||||
Intangible assets(1): | |||||||||||||
Customer relationships | 69,200 | 1,350 | 70,550 | ||||||||||
Trade names/trademarks | 5,200 | — | 5,200 | ||||||||||
Non-compete agreements | 1,500 | 204 | 1,704 | ||||||||||
Goodwill(2) | 181,972 | 8,840 | 190,812 | ||||||||||
Deferred tax asset, net | 2,217 | — | 2,217 | ||||||||||
Other assets(3) | 26,054 | 538 | 26,592 | ||||||||||
Other liabilities | (14,930 | ) | (684 | ) | (15,614 | ) | |||||||
Total | $ | 407,647 | $ | 23,299 | $ | 430,946 | |||||||
-1 | The following table reflects the estimated fair values and useful lives of intangible assets related to the ETS Acquisition identified based on our preliminary purchase accounting assessments: | ||||||||||||
Estimated | |||||||||||||
Life | |||||||||||||
(Years) | |||||||||||||
Customer relationships | 15 - 20 | ||||||||||||
Trade names/trademarks | 5 - 10 | ||||||||||||
Non-compete agreements | 5 | ||||||||||||
-2 | All of the goodwill related to the ETS Acquisition was assigned to our specialty containment solutions segment. The goodwill arising from the acquisition consists largely of ETS’ going-concern value, the value of ETS’ assembled workforce, new customer relationships expected to arise from the acquisition, and operational synergies and economies of scale that we expect to realize from the acquisition. Goodwill from other acquisitions relates to the North America portable storage segment. None of the goodwill assigned to ETS will be amortizable for tax purposes, while all of the goodwill from the other acquisitions will be deductible for tax purposes. | ||||||||||||
-3 | Included in other assets for the ETS Acquisition are accounts receivables with contractual amounts totaling $24.9 million. The Company estimates that $0.6 million will be uncollectible, and has valued acquired accounts receivable at $24.3 million. | ||||||||||||
Schedule of Components of Supplemental Pro Forma Information | The following table summarizes the Company’s unaudited consolidated statements of income as if the ETS Acquisition occurred on January 1, 2013: | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Mobile Mini’s historic revenues | $ | 406,486 | $ | 445,474 | |||||||||
ETS’ historic revenues(1) | 92,057 | 101,603 | |||||||||||
Pro forma revenues | $ | 498,543 | $ | 547,077 | |||||||||
Net income | |||||||||||||
Mobile Mini’s historic net income | $ | 23,922 | $ | 44,386 | |||||||||
ETS’ historic net income (loss)(1) | (10,332 | ) | (25,862 | ) | |||||||||
Pro forma adjustments(2) | 6,956 | 22,601 | |||||||||||
Pro forma net income | $ | 20,546 | $ | 41,125 | |||||||||
Average diluted weighted shares outstanding | 46,096 | 46,725 | |||||||||||
Pro forma diluted earnings per share | $ | 0.45 | $ | 0.88 | |||||||||
-1 | ETS historic information for the year ended December 31, 2014, consists of revenues and net loss prior to the acquisition date of December 10, 2014. Revenues and net income (loss) after the acquisition date are included in Mobile Mini’s historic information for the year ended December 31, 2014. | ||||||||||||
-2 | Pro forma adjustments consist of the following: | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions: | |||||||||||||
Record the net impact to depreciation resulting from fair value mark-ups, offset by changes to the estimated remaining lives, for acquired lease fleet and property, plant and equipment | $ | 3,799 | $ | 3,953 | |||||||||
Remove historic gains recognized on the sale of used lease fleet and property, plant and equipment | (1,707 | ) | (2,195 | ) | |||||||||
Eliminate historic ETS amortization of intangible assets | 3,233 | 3,387 | |||||||||||
Recognize amortization for intangible assets acquired | (4,818 | ) | (5,027 | ) | |||||||||
Recognize increased interest expense on amounts borrowed to fund the acquisition, including acquisition costs | (9,078 | ) | (8,531 | ) | |||||||||
Eliminate historic ETS interest expense on debt instruments retired upon acquisition | 19,882 | 22,655 | |||||||||||
Eliminate acquisition costs | — | 15,295 | |||||||||||
Total | 11,311 | 29,537 | |||||||||||
Increase in income tax provision related to pro forma adjustments | 4,355 | 6,936 | |||||||||||
Total pro forma adjustments | $ | 6,956 | $ | 22,601 | |||||||||
Lease_Fleet_Tables
Lease Fleet (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Text Block [Abstract] | |||||||||||||||
Lease Fleet | Lease fleet at December 31 consisted of the following: | ||||||||||||||
Residual Value | Useful Life | 2013 | 2014 | ||||||||||||
as Percentage of | in Years | ||||||||||||||
Original Cost(1) | |||||||||||||||
(In thousands) | |||||||||||||||
Portable Storage: | |||||||||||||||
Steel storage containers | 55 | % | 30 | $ | 600,475 | $ | 604,547 | ||||||||
Steel security and combinations offices | 55 | % | 30 | 328,849 | 329,565 | ||||||||||
Wood mobile offices | 50 | % | 20 | 210,057 | 208,529 | ||||||||||
Other | 5,928 | 5,633 | |||||||||||||
Total | 1,145,309 | 1,148,274 | |||||||||||||
Accumulated depreciation | (166,033 | ) | (182,437 | ) | |||||||||||
Total portable storage fleet, net | $ | 979,276 | $ | 965,837 | |||||||||||
Specialty Containment: | |||||||||||||||
Steel tanks | 25 | $ | 50,843 | ||||||||||||
Roll-off boxes | 15 - 20 | 19,820 | |||||||||||||
Stainless steel tank trailers | 25 | 7,667 | |||||||||||||
Vacuum boxes | 20 | 23,283 | |||||||||||||
De-watering boxes | 20 | 3,898 | |||||||||||||
Pumps and filtration equipment | 7 | 11,510 | |||||||||||||
Other | 5,468 | ||||||||||||||
Total | 122,489 | ||||||||||||||
Accumulated depreciation | (1,270 | ) | |||||||||||||
Total specialty containment fleet, net | $ | 121,219 | |||||||||||||
Total lease fleet, net | $ | 1,087,056 | |||||||||||||
-1 | Specialty containment fleet has been assigned zero residual value. |
Obligations_Under_Capital_Leas1
Obligations Under Capital Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Future Minimum Capital Lease Payments | Future minimum capital lease payments at December 31, 2014 are as follows (in thousands): | ||||
2015 | $ | 4,144 | |||
2016 | 4,118 | ||||
2017 | 3,852 | ||||
2018 | 3,380 | ||||
2019 | 3,450 | ||||
Thereafter | 8,486 | ||||
Total | 27,430 | ||||
Amount representing interest | (2,512 | ) | |||
Present value of minimum lease payments | $ | 24,918 | |||
Debt_Issuances_Tables
Debt Issuances (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Scheduled Maturity for Debt Obligations Under Credit Agreement, Obligations Under Capital Leases and Senior Notes | The scheduled maturity for debt obligations under Mobile Mini’s Credit Agreement, obligations under capital leases and Senior Notes for balances outstanding at December 31, 2014 are as follows (in thousands): | ||||
2015 | $ | 3,465 | |||
2016 | 3,563 | ||||
2017 | 708,932 | ||||
2018 | 3,041 | ||||
2019 | 3,194 | ||||
Thereafter | 208,241 | ||||
Total | $ | 930,436 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Before Taxes from Continuing Operations | Income before taxes from continuing operations for the years ended December 31 consisted of the following: | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
(In thousands) | |||||||||||||
U.S. | $ | 44,157 | $ | 30,528 | $ | 52,944 | |||||||
Foreign | 8,775 | 6,971 | 17,475 | ||||||||||
Total | $ | 52,932 | $ | 37,499 | $ | 70,419 | |||||||
Provision for Income Taxes from Continuing Operations | The provision for income taxes from continuing operations for the years ended December 31 consisted of the following: | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
U.S. Federal | $ | — | $ | — | $ | — | |||||||
State | 388 | 934 | 827 | ||||||||||
Foreign | — | — | — | ||||||||||
Total current | 388 | 934 | 827 | ||||||||||
Deferred | |||||||||||||
U.S. Federal | 15,419 | 11,483 | 21,510 | ||||||||||
State | 1,553 | 1,100 | 2,019 | ||||||||||
Foreign | 1,149 | (1,242 | ) | 1,677 | |||||||||
Total deferred | 18,121 | 11,341 | 25,206 | ||||||||||
Total provision for income taxes | $ | 18,509 | $ | 12,275 | $ | 26,033 | |||||||
Net Deferred Tax Liability | The components of the net deferred tax liability at December 31 are approximately as follows: | ||||||||||||
2013 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 94,346 | $ | 122,041 | |||||||||
Deferred revenue and expenses | 11,280 | 13,310 | |||||||||||
Accrued compensation and other benefits | 1,411 | 1,438 | |||||||||||
Allowance for doubtful accounts | 615 | 1,034 | |||||||||||
Other | 4,745 | 4,812 | |||||||||||
Total deferred tax assets | 112,397 | 142,635 | |||||||||||
Valuation allowance | (1,126 | ) | (1,126 | ) | |||||||||
Net deferred tax assets | 111,271 | 141,509 | |||||||||||
Deferred tax liabilities | |||||||||||||
Accelerated tax depreciation | (302,597 | ) | (333,042 | ) | |||||||||
Accelerated tax amortization | (13,474 | ) | (36,150 | ) | |||||||||
Other | (4,765 | ) | (3,864 | ) | |||||||||
Total deferred tax liabilities | (320,836 | ) | (373,056 | ) | |||||||||
Net deferred tax liabilities | $ | (209,565 | ) | $ | (231,547 | ) | |||||||
Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate | A reconciliation of the U.S. federal statutory rate to Mobile Mini’s effective tax rate for the years ended December 31 is as follows: | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 3.5 | 3.5 | 3.9 | ||||||||||
Nondeductible expenses and other | 1.4 | 1.4 | 1.2 | ||||||||||
Adjustment of net deferred tax liability for enacted tax rate change | (2.1 | ) | (4.9 | ) | — | ||||||||
Foreign rate differential | (2.8 | ) | (2.3 | ) | (3.1 | ) | |||||||
Effective tax rate | 35 | % | 32.7 | % | 37 | % | |||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Summary of Share-Based Compensation Expense | The following table summarizes the Company’s share-based compensation for the years ended December 31: | ||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Share-based compensation expense included: | |||||||||||||||||||||||||
Leasing, selling and general expenses | $ | 7,151 | $ | 13,956 | $ | 14,490 | |||||||||||||||||||
Restructuring expenses | 2,424 | 758 | 581 | ||||||||||||||||||||||
Share-based compensation expense | 9,575 | 14,714 | 15,071 | ||||||||||||||||||||||
Amount capitalized | 223 | 326 | — | ||||||||||||||||||||||
Total share-based compensation | $ | 9,798 | $ | 15,040 | $ | 15,071 | |||||||||||||||||||
Key Assumptions Used to Estimate Fair Value of Stock Options Award | The following are the key assumptions used for the period noted: | ||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
Risk-free interest rate | 0.7% - 1.5% | 1.5% - 1.7% | |||||||||||||||||||||||
Expected life of the options (years) | 6.0 - 7.0 | 5 | |||||||||||||||||||||||
Expected stock price volatility | 41.1% - 46.3% | 35.4% - 38.4% | |||||||||||||||||||||||
Expected dividend rate | 0.0% - 1.8% | 1.5% - 1.8% | |||||||||||||||||||||||
Stock Option Activity | The following table summarizes stock option activity for the years ended December 31 (share amounts in thousands): | ||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||||
of | Average | of | Average | of | Average | ||||||||||||||||||||
Shares | Exercise | Shares | Exercise | Shares | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Options outstanding, beginning of year | 1,394 | $ | 18.39 | 1,099 | $ | 20.02 | 2,519 | $ | 29.8 | ||||||||||||||||
Granted | 65 | 21.13 | 2,214 | 31.26 | 365 | 46.83 | |||||||||||||||||||
Canceled/Expired | (51 | ) | 26.61 | (147 | ) | 15.9 | (71 | ) | 40.63 | ||||||||||||||||
Exercised | (309 | ) | 11.81 | (647 | ) | 21.35 | (164 | ) | 22.18 | ||||||||||||||||
Options outstanding, end of year | 1,099 | 20.02 | 2,519 | 29.8 | 2,649 | 32.33 | |||||||||||||||||||
Options exercisable, end of year | 755 | 20.42 | 193 | 21.51 | 854 | 29.32 | |||||||||||||||||||
Options and awards available for grant, end of year | 1,361 | 3,239 | 2,902 | ||||||||||||||||||||||
Fully Vested Stock Options and Stock Options Expected to Vest | A summary of stock options outstanding as of December 31, 2014, is as follows: | ||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||
Terms | |||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||||||
Outstanding | 2,649 | $ | 32.33 | 8.12 | $ | 23,653 | |||||||||||||||||||
Vested and expected to vest | 2,571 | 32.15 | 8.1 | 23,958 | |||||||||||||||||||||
Exercisable | 854 | 29.32 | 7.56 | 9,594 | |||||||||||||||||||||
Nonvested Share-Awards Activity | A summary of nonvested share-awards activity is as follows (share amounts in thousands): | ||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Nonvested at January 1, 2012 | 1,180 | $ | 16.2 | ||||||||||||||||||||||
Awarded | 261 | 19.67 | |||||||||||||||||||||||
Released | (453 | ) | 16.05 | ||||||||||||||||||||||
Forfeited | (145 | ) | 16.77 | ||||||||||||||||||||||
Nonvested at December 31, 2012 | 843 | 17.27 | |||||||||||||||||||||||
Awarded | 153 | 30.21 | |||||||||||||||||||||||
Released | (252 | ) | 19.15 | ||||||||||||||||||||||
Forfeited | (202 | ) | 15.64 | ||||||||||||||||||||||
Nonvested at December 31, 2013 | 542 | 20.65 | |||||||||||||||||||||||
Awarded | 143 | 39.77 | |||||||||||||||||||||||
Released | (240 | ) | 20.93 | ||||||||||||||||||||||
Forfeited | (102 | ) | 22.09 | ||||||||||||||||||||||
Nonvested at December 31, 2014 | 343 | 27.99 | |||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||
Contractual Commitments Associated with Lease Obligations | As of December 31, 2014, contractual commitments associated with lease obligations are as follows: | ||||||||||||||||
Operating | Restructuring | Sub-lease | Total | ||||||||||||||
Lease | Related Lease | Income | |||||||||||||||
Commitments | Commitments | ||||||||||||||||
(In thousands) | |||||||||||||||||
2015 | $ | 19,011 | $ | 522 | $ | (243 | ) | $ | 19,290 | ||||||||
2016 | 14,583 | 454 | (150 | ) | 14,887 | ||||||||||||
2017 | 10,187 | 394 | (77 | ) | 10,504 | ||||||||||||
2018 | 5,886 | 272 | — | 6,158 | |||||||||||||
2019 | 3,117 | 23 | — | 3,140 | |||||||||||||
Thereafter | 9,773 | — | — | 9,773 | |||||||||||||
Total | $ | 62,557 | $ | 1,665 | $ | (470 | ) | $ | 63,752 | ||||||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Accrued Restructuring Obligations and Related Activity | The following table details accrued restructuring obligations (included in accrued liabilities in the Consolidated Balance Sheets) and related activity for the years ended December 31, 2012, 2013 and 2014: | ||||||||||||||||
Severance and | Lease | Other | Total | ||||||||||||||
Benefits | Abandonment | Costs | |||||||||||||||
Costs | |||||||||||||||||
(In thousands) | |||||||||||||||||
Accrued obligations as of January 1, 2012 | $ | — | $ | 2,129 | $ | — | $ | 2,129 | |||||||||
Restructuring expense | 5,976 | 1,007 | 140 | 7,123 | |||||||||||||
Settlement of obligations | (3,433 | ) | (1,566 | ) | (140 | ) | (5,139 | ) | |||||||||
Accrued obligations as of December 31, 2012 | 2,543 | 1,570 | — | 4,113 | |||||||||||||
Restructuring expense | 1,787 | 475 | 140 | 2,402 | |||||||||||||
Settlement of obligations | (3,717 | ) | (982 | ) | (140 | ) | (4,839 | ) | |||||||||
Accrued obligations as of December 31, 2013 | 613 | 1,063 | — | 1,676 | |||||||||||||
Restructuring expense | 1,826 | 318 | 1,398 | 3,542 | |||||||||||||
Settlement of obligations | (1,998 | ) | (705 | ) | (1,398 | ) | (4,101 | ) | |||||||||
Accrued obligations as of December 31, 2014 | $ | 441 | $ | 676 | $ | — | $ | 1,117 | |||||||||
Restructuring Expense | The following amounts are included in restructuring expense for the years ended December 31: | ||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||
(In thousands) | |||||||||||||||||
Severance and benefits | $ | 5,976 | $ | 1,787 | $ | 1,826 | |||||||||||
Lease abandonment costs | 1,007 | 475 | 318 | ||||||||||||||
Other costs(1) | 140 | 140 | 1,398 | ||||||||||||||
Restructuring expenses | $ | 7,123 | $ | 2,402 | $ | 3,542 | |||||||||||
-1 | Other costs for 2014 include the sale of the Company’s Belfast, Northern Ireland location. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting | The following tables set forth certain information regarding each of the Company’s segments for the years ended December 31, 2012, 2013 and 2014 (1). | ||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Leasing | $ | 278,330 | $ | 61,645 | $ | 339,975 | $ | — | $ | 339,975 | |||||||||||
Sales | 33,845 | 3,914 | 37,759 | — | 37,759 | ||||||||||||||||
Other | 1,901 | 261 | 2,162 | — | 2,162 | ||||||||||||||||
Total revenues | 314,076 | 65,820 | 379,896 | — | 379,896 | ||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | 20,631 | 2,547 | 23,178 | — | 23,178 | ||||||||||||||||
Leasing, selling and general expenses | 175,506 | 43,203 | 218,709 | — | 218,709 | ||||||||||||||||
Restructuring expenses | 6,755 | 368 | 7,123 | — | 7,123 | ||||||||||||||||
Asset impairment charge, net | — | — | — | — | — | ||||||||||||||||
Depreciation and amortization | 28,359 | 7,623 | 35,982 | — | 35,982 | ||||||||||||||||
Total costs and expenses | 231,251 | 53,741 | 284,992 | — | 284,992 | ||||||||||||||||
Income from operations | $ | 82,825 | $ | 12,079 | $ | 94,904 | $ | — | $ | 94,904 | |||||||||||
Interest expense | $ | 35,423 | $ | 1,845 | $ | 37,268 | $ | — | $ | 37,268 | |||||||||||
Income tax provision | 17,234 | 1,275 | 18,509 | — | 18,509 | ||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Leasing | $ | 299,676 | $ | 66,610 | $ | 366,286 | $ | — | $ | 366,286 | |||||||||||
Sales | 29,809 | 8,242 | 38,051 | — | 38,051 | ||||||||||||||||
Other | 1,767 | 382 | 2,149 | — | 2,149 | ||||||||||||||||
Total revenues | 331,252 | 75,234 | 406,486 | — | 406,486 | ||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | 19,128 | 6,285 | 25,413 | — | 25,413 | ||||||||||||||||
Leasing, selling and general expenses | 190,337 | 47,230 | 237,567 | — | 237,567 | ||||||||||||||||
Restructuring expenses | 2,141 | 261 | 2,402 | — | 2,402 | ||||||||||||||||
Asset impairment charge, net | 32,157 | 6,548 | 38,705 | — | 38,705 | ||||||||||||||||
Depreciation and amortization | 28,614 | 6,818 | 35,432 | — | 35,432 | ||||||||||||||||
Total costs and expenses | 272,377 | 67,142 | 339,519 | — | 339,519 | ||||||||||||||||
Income from operations | $ | 58,875 | $ | 8,092 | $ | 66,967 | $ | — | $ | 66,967 | |||||||||||
Interest expense | $ | 28,348 | $ | 1,119 | $ | 29,467 | $ | — | $ | 29,467 | |||||||||||
Income tax provision | 12,258 | 17 | 12,275 | — | 12,275 | ||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Leasing | $ | 323,236 | $ | 81,703 | $ | 404,939 | $ | 5,423 | $ | 410,362 | |||||||||||
Sales | 26,834 | 4,588 | 31,422 | 163 | 31,585 | ||||||||||||||||
Other | 2,274 | 407 | 2,681 | 846 | 3,527 | ||||||||||||||||
Total revenues | 352,344 | 86,698 | 439,042 | 6,432 | 445,474 | ||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | 18,251 | 3,587 | 21,838 | 106 | 21,944 | ||||||||||||||||
Leasing, selling and general expenses | 221,405 | 56,189 | 277,594 | 3,354 | 280,948 | ||||||||||||||||
Restructuring expenses | 1,915 | 1,627 | 3,542 | — | 3,542 | ||||||||||||||||
Asset impairment charge, net | 433 | 124 | 557 | — | 557 | ||||||||||||||||
Depreciation and amortization | 30,670 | 6,790 | 37,460 | 1,874 | 39,334 | ||||||||||||||||
Total costs and expenses | 272,674 | 68,317 | 340,991 | 5,334 | 346,325 | ||||||||||||||||
Income from operations | $ | 79,670 | $ | 18,381 | $ | 98,051 | $ | 1,098 | $ | 99,149 | |||||||||||
Interest expense | $ | 27,816 | $ | 905 | $ | 28,721 | $ | 8 | $ | 28,729 | |||||||||||
Income tax provision | 21,580 | 4,042 | 25,622 | 411 | 26,033 | ||||||||||||||||
-1 | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. | ||||||||||||||||||||
Long-lived Assets | The tables below represent the Company’s long-lived assets which consist of lease fleet and property, plant and equipment (1). | ||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of December 31: | |||||||||||||||||||||
2013 | $ | 902,183 | $ | 162,246 | $ | 1,064,429 | $ | — | $ | 1,064,429 | |||||||||||
2014 | 907,672 | 157,167 | 1,064,839 | 135,392 | 1,200,231 | ||||||||||||||||
-1 | Includes long-lived assets of $884.3 million and $1,029.9 million in the U.S. for the fiscal years 2013 and 2014, respectively. |
Assets_Held_for_Sale_Tables
Assets Held for Sale (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Summary of Assets Held for Sale | The following table sets forth the information on the assets classified as held for sale in 2013 and the subsequent changes to the assets’ fair value as of December 31, 2014: | ||||||||||||
North | U.K. | Total | |||||||||||
America | |||||||||||||
(In thousands) | |||||||||||||
Balance at December 31, 2013 | $ | 904 | $ | 76 | $ | 980 | |||||||
Sale proceeds | (310 | ) | (183 | ) | (493 | ) | |||||||
Additional net loss upon sale | (433 | ) | (124 | ) | (557 | ) | |||||||
Other changes, net | (161 | ) | 230 | 69 | |||||||||
Effect of exchange rate changes | — | 1 | 1 | ||||||||||
Balance at December 31, 2014 | $ | — | $ | — | $ | — | |||||||
Discontinued_Operation_Tables
Discontinued Operation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Summary of Discontinued Operation, Results of Operations | Summarized results of the Company’s Netherlands operation are as follows: | ||||||||
Years Ended December 31, | |||||||||
2012 | 2013 | ||||||||
(In thousands) | |||||||||
Revenues | $ | 1,363 | $ | 1,895 | |||||
Loss from operations, including loss on disposition of $1.9 million | $ | (216 | ) | $ | (2,101 | ) | |||
Other expenses | (72 | ) | (64 | ) | |||||
Income tax benefit | 43 | 863 | |||||||
Loss from discontinued operations, net of tax | $ | (245 | ) | $ | (1,302 | ) | |||
Summary of Discontinued Operation, Cash Flow Activities | Summarized results of the Netherlands cash flow activities are as follows: | ||||||||
Years Ended December 31, | |||||||||
2012 | 2013 | ||||||||
(In thousands) | |||||||||
Net cash used in operating activities | $ | (466 | ) | $ | (861 | ) | |||
Net cash (used in) provided by investing activities | (95 | ) | 896 |
Selected_Consolidated_Quarterl1
Selected Consolidated Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Unaudited Selected Consolidated Financial Information | Quarterly EPS may not total to the fiscal year EPS due to the weighted average number of shares outstanding at the end of each period reported and rounding. | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands) | |||||||||||||||||
2013 | |||||||||||||||||
Leasing revenue | $ | 84,875 | $ | 88,032 | $ | 95,559 | $ | 97,820 | |||||||||
Total revenues | 97,512 | 97,135 | 105,040 | 106,799 | |||||||||||||
Gross profit on sales | 3,745 | 3,142 | 2,977 | 2,774 | |||||||||||||
Income (loss) from operations | 27,012 | (15,006 | ) | 27,001 | 27,960 | ||||||||||||
Income (loss) from continuing operations | 12,119 | (14,319 | ) | 14,332 | 13,092 | ||||||||||||
Earnings (loss) per share: | |||||||||||||||||
Basic | 0.27 | (0.32 | ) | 0.31 | 0.29 | ||||||||||||
Diluted | 0.26 | (0.31 | ) | 0.31 | 0.28 | ||||||||||||
Net income (loss) | 12,042 | (14,381 | ) | 14,303 | 11,958 | ||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands) | |||||||||||||||||
2014 | |||||||||||||||||
Leasing revenue | $ | 94,080 | $ | 98,041 | $ | 104,798 | $ | 113,443 | |||||||||
Total revenues | 102,404 | 106,533 | 113,322 | 123,215 | |||||||||||||
Gross profit on sales | 2,313 | 2,603 | 2,714 | 2,011 | |||||||||||||
Income from operations | 18,482 | 21,695 | 30,171 | 28,801 | |||||||||||||
Net income | 7,440 | 9,263 | 14,820 | 12,863 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | 0.16 | 0.2 | 0.32 | 0.28 | |||||||||||||
Diluted | 0.16 | 0.2 | 0.32 | 0.28 | |||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information for Guarantors (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 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 customer exceptions, and management has determined that such information is not material to investors. | ||||||||||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | (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 | |||||||||||||
Deferred financing costs, net and other assets | 10,976 | 1 | — | 10,977 | |||||||||||||
Intangibles, net | 1,260 | 1,286 | — | 2,546 | |||||||||||||
Goodwill | 445,131 | 74,091 | — | 519,222 | |||||||||||||
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 December 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 2,977 | $ | 762 | $ | — | $ | 3,739 | |||||||||
Receivables, net | 62,033 | 18,998 | — | 81,031 | |||||||||||||
Inventories | 15,371 | 1,365 | — | 16,736 | |||||||||||||
Lease fleet, net | 934,433 | 152,623 | — | 1,087,056 | |||||||||||||
Property, plant and equipment, net | 95,509 | 17,666 | — | 113,175 | |||||||||||||
Deposits and prepaid expenses | 7,375 | 1,211 | — | 8,586 | |||||||||||||
Deferred financing costs, net and other assets | 8,858 | — | — | 8,858 | |||||||||||||
Intangibles, net | 77,629 | 756 | — | 78,385 | |||||||||||||
Goodwill | 635,943 | 69,665 | — | 705,608 | |||||||||||||
Intercompany receivables | 145,018 | 33,971 | (178,989 | ) | — | ||||||||||||
Total assets | $ | 1,985,146 | $ | 297,017 | $ | (178,989 | ) | $ | 2,103,174 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 14,803 | $ | 8,130 | $ | — | $ | 22,933 | |||||||||
Accrued liabilities | 56,104 | 7,623 | — | 63,727 | |||||||||||||
Lines of credit | 702,135 | 3,383 | — | 705,518 | |||||||||||||
Obligations under capital leases | 24,760 | 158 | — | 24,918 | |||||||||||||
Senior Notes | 200,000 | — | — | 200,000 | |||||||||||||
Deferred income taxes | 215,184 | 17,367 | (1,004 | ) | 231,547 | ||||||||||||
Intercompany payables | — | 94 | (94 | ) | — | ||||||||||||
Total liabilities | 1,212,986 | 36,755 | (1,098 | ) | 1,248,643 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 490 | 18,388 | (18,388 | ) | 490 | ||||||||||||
Additional paid-in capital | 569,083 | 160,347 | (160,347 | ) | 569,083 | ||||||||||||
Retained earnings | 268,263 | 111,397 | 844 | 380,504 | |||||||||||||
Accumulated other comprehensive loss | — | (29,870 | ) | — | (29,870 | ) | |||||||||||
Treasury stock, at cost | (65,676 | ) | — | — | (65,676 | ) | |||||||||||
Total stockholders’ equity | 772,160 | 260,262 | (177,891 | ) | 854,531 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,985,146 | $ | 297,017 | $ | (178,989 | ) | $ | 2,103,174 | ||||||||
Condensed Consolidating Statements of Income | MOBILE MINI, INC. | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | $ | 272,530 | $ | 67,445 | $ | — | $ | 339,975 | |||||||||
Leasing | 32,794 | 4,965 | — | 37,759 | |||||||||||||
Sales | 1,871 | 291 | — | 2,162 | |||||||||||||
Other | 307,195 | 72,701 | — | 379,896 | |||||||||||||
Total revenues | |||||||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 19,836 | 3,342 | — | 23,178 | |||||||||||||
Leasing, selling and general expenses | 170,240 | 48,469 | — | 218,709 | |||||||||||||
Restructuring expenses | 6,755 | 368 | — | 7,123 | |||||||||||||
Depreciation and amortization | 27,784 | 8,198 | — | 35,982 | |||||||||||||
Total costs and expenses | 224,615 | 60,377 | — | 284,992 | |||||||||||||
Income from operations | 82,580 | 12,324 | — | 94,904 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 591 | — | (590 | ) | 1 | ||||||||||||
Interest expense | (34,624 | ) | (3,234 | ) | 590 | (37,268 | ) | ||||||||||
Dividend income | 865 | — | (865 | ) | — | ||||||||||||
Debt restructuring expense | (2,812 | ) | — | — | (2,812 | ) | |||||||||||
Deferred financing costs write-off | (1,889 | ) | — | — | (1,889 | ) | |||||||||||
Foreign currency exchange | — | (4 | ) | — | (4 | ) | |||||||||||
Income from continuing operations before income tax provision | 44,711 | 9,086 | (865 | ) | 52,932 | ||||||||||||
Income tax provision | 17,448 | 1,153 | (92 | ) | 18,509 | ||||||||||||
Income from continuing operations | 27,263 | 7,933 | (773 | ) | 34,423 | ||||||||||||
Loss from discontinued operation, net of tax | — | (245 | ) | — | (245 | ) | |||||||||||
Net income | $ | 27,263 | $ | 7,688 | $ | (773 | ) | $ | 34,178 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | $ | 293,878 | $ | 72,408 | $ | — | $ | 366,286 | |||||||||
Leasing | 29,310 | 8,741 | — | 38,051 | |||||||||||||
Sales | 1,751 | 398 | — | 2,149 | |||||||||||||
Other | 324,939 | 81,547 | — | 406,486 | |||||||||||||
Total revenues | |||||||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 18,784 | 6,629 | — | 25,413 | |||||||||||||
Leasing, selling and general expenses | 185,834 | 51,733 | — | 237,567 | |||||||||||||
Restructuring expenses | 2,140 | 262 | — | 2,402 | |||||||||||||
Asset impairment charge, net | 32,156 | 6,549 | — | 38,705 | |||||||||||||
Depreciation and amortization | 28,084 | 7,348 | — | 35,432 | |||||||||||||
Total costs and expenses | 266,998 | 72,521 | — | 339,519 | |||||||||||||
Income from operations | 57,941 | 9,026 | — | 66,967 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 250 | — | (249 | ) | 1 | ||||||||||||
Interest expense | (27,726 | ) | (1,990 | ) | 249 | (29,467 | ) | ||||||||||
Dividend income | 274 | — | (274 | ) | — | ||||||||||||
Foreign currency exchange | — | (2 | ) | — | (2 | ) | |||||||||||
Income from continuing operations before income tax provision | 30,739 | 7,034 | (274 | ) | 37,499 | ||||||||||||
Income tax provision | 12,355 | (35 | ) | (45 | ) | 12,275 | |||||||||||
Income from continuing operations | 18,384 | 7,069 | (229 | ) | 25,224 | ||||||||||||
Loss from discontinued operation, net of tax | (1,229 | ) | (73 | ) | — | (1,302 | ) | ||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Leasing | $ | 323,563 | $ | 86,799 | $ | — | $ | 410,362 | |||||||||
Sales | 26,524 | 5,061 | — | 31,585 | |||||||||||||
Other | 3,112 | 415 | — | 3,527 | |||||||||||||
Total revenues | 353,199 | 92,275 | — | 445,474 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 17,887 | 4,057 | — | 21,944 | |||||||||||||
Leasing, selling and general expenses | 220,951 | 59,997 | — | 280,948 | |||||||||||||
Restructuring expenses | 1,915 | 1,627 | — | 3,542 | |||||||||||||
Asset impairment charge, net | 416 | 141 | — | 557 | |||||||||||||
Depreciation and amortization | 32,007 | 7,327 | — | 39,334 | |||||||||||||
Total costs and expenses | 273,176 | 73,149 | — | 346,325 | |||||||||||||
Income from operations | 80,023 | 19,126 | — | 99,149 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 81 | — | (81 | ) | — | ||||||||||||
Interest expense | (27,229 | ) | (1,581 | ) | 81 | (28,729 | ) | ||||||||||
Dividend income | — | — | — | — | |||||||||||||
Foreign currency exchange | — | (1 | ) | — | (1 | ) | |||||||||||
Income from continuing operations before income tax provision | 52,875 | 17,544 | — | 70,419 | |||||||||||||
Income tax provision | 21,991 | 4,042 | — | 26,033 | |||||||||||||
Net income | $ | 30,884 | $ | 13,502 | $ | — | $ | 44,386 | |||||||||
Condensed Consolidating Statements of Comprehensive Income | MOBILE MINI, INC. | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 27,263 | $ | 7,688 | $ | (773 | ) | $ | 34,178 | ||||||||
Other comprehensive income : | |||||||||||||||||
Foreign currency translation adjustment, net of income tax expense of $64 | — | 7,987 | — | 7,987 | |||||||||||||
Other comprehensive income | — | 7,987 | — | 7,987 | |||||||||||||
Comprehensive income | $ | 27,263 | $ | 15,675 | $ | (773 | ) | $ | 42,165 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
Other comprehensive income : | |||||||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $194 | — | 2,377 | — | 2,377 | |||||||||||||
Other comprehensive income | — | 2,377 | — | 2,377 | |||||||||||||
Comprehensive income | $ | 17,155 | $ | 9,373 | $ | (229 | ) | $ | 26,299 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 30,884 | $ | 13,502 | $ | — | $ | 44,386 | |||||||||
Other comprehensive income : | |||||||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $213 | — | (14,430 | ) | — | (14,430 | ) | |||||||||||
Other comprehensive loss | — | (14,430 | ) | — | (14,430 | ) | |||||||||||
Comprehensive income (loss) | $ | 30,884 | $ | (928 | ) | $ | — | $ | 29,956 | ||||||||
Condensed Consolidating Statements of Cash Flows | MOBILE MINI, INC. | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 27,263 | $ | 7,688 | $ | (773 | ) | $ | 34,178 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Debt restructuring expense | 2,812 | — | — | 2,812 | |||||||||||||
Deferred financing costs | 1,889 | — | — | 1,889 | |||||||||||||
Provision for doubtful accounts | 1,618 | 561 | — | 2,179 | |||||||||||||
Amortization of deferred financing costs | 3,144 | 73 | — | 3,217 | |||||||||||||
Amortization of debt issuance discount | 49 | — | — | 49 | |||||||||||||
Amortization of long-term liabilities | 156 | 11 | — | 167 | |||||||||||||
Share-based compensation expense | 9,003 | 572 | — | 9,575 | |||||||||||||
Depreciation and amortization | 27,784 | 8,403 | — | 36,187 | |||||||||||||
Gain on sale of lease fleet units | (10,430 | ) | (1,351 | ) | — | (11,781 | ) | ||||||||||
Gain on disposal of property, plant and equipment | (87 | ) | (43 | ) | — | (130 | ) | ||||||||||
Deferred income taxes | 17,074 | 1,111 | (78 | ) | 18,107 | ||||||||||||
Tax shortfall on equity award transactions | (3 | ) | — | — | (3 | ) | |||||||||||
Foreign currency loss | — | 5 | — | 5 | |||||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | (2,369 | ) | (2,709 | ) | — | (5,078 | ) | ||||||||||
Inventories | 1,787 | (435 | ) | — | 1,352 | ||||||||||||
Deposits and prepaid expenses | 807 | (270 | ) | — | 537 | ||||||||||||
Other assets and intangibles | (10,125 | ) | 9,964 | — | (161 | ) | |||||||||||
Accounts payable | 338 | (2,222 | ) | — | (1,884 | ) | |||||||||||
Accrued liabilities | (980 | ) | 712 | — | (268 | ) | |||||||||||
Intercompany | 9,806 | (9,765 | ) | (41 | ) | — | |||||||||||
Net cash provided by operating activities | 79,536 | 12,305 | (892 | ) | 90,949 | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Cash paid for businesses, net of cash acquired | (3,563 | ) | — | — | (3,563 | ) | |||||||||||
Additions to lease fleet | (24,967 | ) | (18,967 | ) | — | (43,934 | ) | ||||||||||
Proceeds from sale of lease fleet units | 25,310 | 4,048 | — | 29,358 | |||||||||||||
Additions to property, plant and equipment | (8,229 | ) | (4,512 | ) | — | (12,741 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 1,025 | 472 | — | 1,497 | |||||||||||||
Net cash used in investing activities | (10,424 | ) | (18,959 | ) | — | (29,383 | ) | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net borrowings under lines of credit | 88,414 | 8,828 | — | 97,242 | |||||||||||||
Redemption of 6.875% senior notes due 2015 | (150,000 | ) | — | — | (150,000 | ) | |||||||||||
Redemption premiums of 6.875% senior notes due 2015 | (2,579 | ) | — | — | (2,579 | ) | |||||||||||
Deferred financing costs | (8,075 | ) | — | — | (8,075 | ) | |||||||||||
Proceeds from issuance of note payable | 398 | — | — | 398 | |||||||||||||
Principal payments on notes payable | (403 | ) | — | — | (403 | ) | |||||||||||
Principal payments on capital lease obligations | (947 | ) | — | — | (947 | ) | |||||||||||
Issuance of common stock | 3,645 | — | — | 3,645 | |||||||||||||
Intercompany | — | (869 | ) | 869 | — | ||||||||||||
Net cash (used in) provided by financing activities | (69,547 | ) | 7,959 | 869 | (60,719 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (1,793 | ) | 23 | (1,770 | ) | |||||||||||
Net decrease in cash | (435 | ) | (488 | ) | — | (923 | ) | ||||||||||
Cash and cash equivalents at beginning of year | 1,444 | 1,416 | — | 2,860 | |||||||||||||
Cash and cash equivalents at end of year | $ | 1,009 | $ | 928 | $ | — | $ | 1,937 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Asset impairment charge, net | 31,310 | 6,907 | — | 38,217 | |||||||||||||
Provision for doubtful accounts | 1,256 | 904 | — | 2,160 | |||||||||||||
Amortization of deferred financing costs | 2,749 | 62 | — | 2,811 | |||||||||||||
Amortization of long-term liabilities | 162 | 7 | — | 169 | |||||||||||||
Share-based compensation expense | 13,991 | 723 | — | 14,714 | |||||||||||||
Depreciation and amortization | 28,084 | 7,542 | — | 35,626 | |||||||||||||
Loss (gain) on disposal of discontinued operation | 2,042 | (94 | ) | — | 1,948 | ||||||||||||
Gain on sale of lease fleet units | (8,035 | ) | (1,647 | ) | — | (9,682 | ) | ||||||||||
Loss on disposal of property, plant and equipment | 237 | 10 | — | 247 | |||||||||||||
Deferred income taxes | 11,918 | (440 | ) | (466 | ) | 11,012 | |||||||||||
Tax shortfall on equity award transactions | (837 | ) | — | — | (837 | ) | |||||||||||
Foreign currency loss | — | 1 | — | 1 | |||||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | (1,996 | ) | (3,592 | ) | 1,948 | (3,640 | ) | ||||||||||
Inventories | (358 | ) | (35 | ) | — | (393 | ) | ||||||||||
Deposits and prepaid expenses | 572 | 81 | — | 653 | |||||||||||||
Other assets and intangibles | (364 | ) | 374 | — | 10 | ||||||||||||
Accounts payable | (212 | ) | 549 | — | 337 | ||||||||||||
Accrued liabilities | (2,321 | ) | 1,157 | — | (1,164 | ) | |||||||||||
Intercompany | (21,506 | ) | 22,440 | (934 | ) | — | |||||||||||
Net cash provided by operating activities | 73,847 | 41,945 | 319 | 116,111 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Proceeds from sale of discontinued operation | — | 677 | — | 677 | |||||||||||||
Additions to lease fleet | (15,623 | ) | (13,203 | ) | — | (28,826 | ) | ||||||||||
Proceeds from sale of lease fleet units | 27,437 | 8,514 | — | 35,951 | |||||||||||||
Additions to property, plant and equipment | (12,887 | ) | (2,905 | ) | — | (15,792 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 1,900 | 70 | — | 1,970 | |||||||||||||
Net cash provided by (used in) investing activities | 827 | (6,847 | ) | — | (6,020 | ) | |||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net repayments under lines of credit | (88,604 | ) | (34,472 | ) | — | (123,076 | ) | ||||||||||
Principal payments on notes payable | (310 | ) | — | — | (310 | ) | |||||||||||
Principal payments on capital lease obligations | (408 | ) | — | — | (408 | ) | |||||||||||
Issuance of common stock | 13,818 | — | — | 13,818 | |||||||||||||
Purchase of treasury stock | (369 | ) | — | — | (369 | ) | |||||||||||
Intercompany | — | (279 | ) | 279 | — | ||||||||||||
Net cash used in financing activities | (75,873 | ) | (34,751 | ) | 279 | (110,345 | ) | ||||||||||
Effect of exchange rate changes on cash | — | 171 | (598 | ) | (427 | ) | |||||||||||
Net (decrease) increase in cash | (1,199 | ) | 518 | — | (681 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 1,009 | 928 | — | 1,937 | |||||||||||||
Cash and cash equivalents at end of year | $ | (190 | ) | $ | 1,446 | $ | — | $ | 1,256 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 30,884 | $ | 13,502 | $ | — | $ | 44,386 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Asset impairment charge, net | 416 | 141 | — | 557 | |||||||||||||
Provision for doubtful accounts | 2,157 | 621 | — | 2,778 | |||||||||||||
Amortization of deferred financing costs | 2,769 | 60 | — | 2,829 | |||||||||||||
Amortization of long-term liabilities | 86 | 2 | — | 88 | |||||||||||||
Share-based compensation expense | 14,369 | 702 | — | 15,071 | |||||||||||||
Depreciation and amortization | 32,007 | 7,327 | — | 39,334 | |||||||||||||
(Gain) loss on sale of lease fleet units | (6,436 | ) | 704 | — | (5,732 | ) | |||||||||||
Loss on disposal of property, plant and equipment | 28 | 320 | — | 348 | |||||||||||||
Deferred income taxes | 21,398 | 4,026 | — | 25,424 | |||||||||||||
Tax shortfall on equity award transactions | (15 | ) | — | — | (15 | ) | |||||||||||
Foreign currency loss | — | 1 | — | 1 | |||||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | (4,113 | ) | (3,084 | ) | — | (7,197 | ) | ||||||||||
Inventories | 2,258 | 422 | — | 2,680 | |||||||||||||
Deposits and prepaid expenses | (1,533 | ) | 117 | — | (1,416 | ) | |||||||||||
Investment in subsidiaries | 4,823 | — | (4,823 | ) | — | ||||||||||||
Other assets and intangibles | 66 | (49 | ) | — | 17 | ||||||||||||
Accounts payable | (926 | ) | 203 | — | (723 | ) | |||||||||||
Accrued liabilities | 850 | 1,345 | — | 2,195 | |||||||||||||
Intercompany | 1,711 | (1,711 | ) | — | — | ||||||||||||
Net cash provided by operating activities | 100,799 | 24,649 | (4,823 | ) | 120,625 | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Cash paid for businesses, net of cash acquired | (430,946 | ) | — | — | (430,946 | ) | |||||||||||
Additions to lease fleet | (16,525 | ) | (10,754 | ) | — | (27,279 | ) | ||||||||||
Proceeds from sale of lease fleet units | 19,214 | 3,839 | — | 23,053 | |||||||||||||
Additions to property, plant and equipment | (11,793 | ) | (3,986 | ) | — | (15,779 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 3,688 | 511 | — | 4,199 | |||||||||||||
Net cash (used in) provided by investing activities | (436,362 | ) | (10,390 | ) | — | (446,752 | ) | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net borrowings (repayments) under lines of credit | 395,127 | (8,923 | ) | — | 386,204 | ||||||||||||
Deferred financing costs | (719 | ) | — | — | (719 | ) | |||||||||||
Principal payments on capital lease obligations | (1,929 | ) | (27 | ) | — | (1,956 | ) | ||||||||||
Issuance of common stock | 3,642 | — | — | 3,642 | |||||||||||||
Dividend payments | (31,384 | ) | — | — | (31,384 | ) | |||||||||||
Purchase of treasury stock | (26,007 | ) | — | — | (26,007 | ) | |||||||||||
Repayment of investment | — | (4,823 | ) | 4,823 | — | ||||||||||||
Net cash provided by (used in) financing activities | 338,730 | (13,773 | ) | 4,823 | 329,780 | ||||||||||||
Effect of exchange rate changes on cash | — | (1,170 | ) | — | (1,170 | ) | |||||||||||
Net increase (decrease) in cash | 3,167 | (684 | ) | — | 2,483 | ||||||||||||
Cash and cash equivalents at beginning of year | (190 | ) | 1,446 | — | 1,256 | ||||||||||||
Cash and cash equivalents at end of year | $ | 2,977 | $ | 762 | $ | — | $ | 3,739 | |||||||||
Mobile_Mini_Organization_and_D2
Mobile Mini, Organization and Description of Business - Additional Information (Detail) | Dec. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | |
Percentage of ownership owned | 100.00% |
Schedule_of_Allowance_for_Doub
Schedule of Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts | |||
Balance at beginning of year | $2,093 | $2,666 | $2,509 |
Provision charged to expense | 2,778 | 2,151 | 2,193 |
Write-offs | -2,429 | -2,724 | -2,036 |
Balance at end of year | $2,442 | $2,093 | $2,666 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Share data in Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 10, 2014 | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Customer accounts percentage description | No single customer accounts for more than 10.0% of our receivables at December 31, 2013 and 2014. | |||||||
Depreciation expense | $15,100,000 | $12,700,000 | $12,200,000 | |||||
Capitalized software development costs | 2,200,000 | 900,000 | ||||||
Debt instrument interest rate | 7.88% | |||||||
Debt instrument due year | 2020 | |||||||
Unamortized deferred financing cost | 5,700,000 | |||||||
Goodwill | 705,608,000 | [1] | 519,222,000 | [1] | 518,308,000 | [1] | ||
Amortization of all other intangibles | 1,600,000 | 1,600,000 | 2,200,000 | |||||
Non-cash impairment charge on long-lived assets | 37,600,000 | |||||||
Asset impairment charges | 40,200,000 | 557,000 | [2] | 38,705,000 | [2] | 0 | ||
Prepaid advertising costs | 50,000 | 200,000 | ||||||
Advertising expense | 5,200,000 | 5,800,000 | 12,300,000 | |||||
Nonvested share-awards not included in basic weighted average number of common shares outstanding | 0.3 | 0.5 | 0.8 | |||||
Senior notes, face amount | 200,000,000 | |||||||
Senior Notes 7.875 Percent Due 2020 | ||||||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Debt instrument interest rate | 7.88% | |||||||
Senior notes fair value basis for measurement, description | The fair value of the Company's $200.0 million aggregate principal amount of 7.875% senior notes due 2020 (the "2020 Notes" or the "Senior Notes") is based on their latest sales price at the end of each period obtained from a third-party institution and is considered Level 2 in the fair value hierarchy described in Note 2, as there is not an active market for these notes. | |||||||
United Kingdom | ||||||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | 64,400,000 | |||||||
North America | ||||||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | 459,200,000 | |||||||
Specialty Containment Segment | ||||||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | 182,000,000 | |||||||
ETS Acquisition | ||||||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Goodwill | 182,000,000 | |||||||
Deferred financing costs | ||||||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Amortization of deferred financing costs | 2,800,000 | 2,800,000 | 3,200,000 | |||||
Write off of deferred financing costs | 1,900,000 | |||||||
Debt instrument interest rate | 6.88% | |||||||
Debt instrument due year | 2015 | |||||||
$1.0 billion ABL Credit Agreement | ||||||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Unamortized deferred financing cost | $8,700,000 | |||||||
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. | |||||||
[2] | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $14,241 | $16,586 |
Work-in-process | 201 | 197 |
Finished portable storage units | 2,294 | 1,961 |
Inventories | $16,736 | $18,744 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Property, Plant and Equipment [Line Items] | ||||
Land | 10,920 | $11,124 | ||
Vehicles and machinery | 114,150 | 88,686 | ||
Buildings and improvements | 19,365 | [1] | 18,477 | [1] |
Office fixtures and equipment | 33,942 | 33,017 | ||
Property, plant and equipment | 178,377 | 151,304 | ||
Accumulated depreciation | -65,202 | -66,151 | ||
Property, plant and equipment, net | 113,175 | $85,153 | ||
Vehicles and machinery | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Residual Value as Percentage of Original Cost | 0.00% | |||
Estimated useful life in years | 5 years | |||
Vehicles and machinery | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Residual Value as Percentage of Original Cost | 55.00% | |||
Estimated useful life in years | 30 years | |||
Buildings and improvements | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Residual Value as Percentage of Original Cost | 0.00% | [1] | ||
Estimated useful life in years | 3 years | [1] | ||
Buildings and improvements | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Residual Value as Percentage of Original Cost | 25.00% | [1] | ||
Estimated useful life in years | 30 years | [1] | ||
Office fixtures and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Residual Value as Percentage of Original Cost | 0.00% | |||
Office fixtures and equipment | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life in years | 3 years | |||
Office fixtures and equipment | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life in years | 5 years | |||
Land | ||||
Property, Plant and Equipment [Line Items] | ||||
Residual Value as Percentage of Original Cost | 0.00% | |||
[1] | Improvements made to leased properties are depreciated over the lesser of the estimated useful life or the remaining term of the respective lease. |
Schedule_of_Expected_Annual_Am
Schedule of Expected Annual Amortization of Deferred Financing Cost (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Accounting Policies [Abstract] | |
2015 | $3,134 |
2016 | 3,134 |
2017 | 937 |
2018 | 498 |
2019 | 498 |
Thereafter | 456 |
Total | $8,657 |
Activity_and_Balances_Relating
Activity and Balances Relating to Goodwill (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 10, 2014 | ||
Goodwill [Line Items] | |||||
Goodwill Beginning Balance | $519,222 | [1] | $518,308 | [1] | |
Acquisitions | 190,812 | [2] | |||
Foreign currency | -4,426 | [3] | 921 | [3] | |
Adjustments | -7 | ||||
Goodwill Ending Balance | 705,608 | [1] | 519,222 | [1] | |
ETS Acquisition | |||||
Goodwill [Line Items] | |||||
Goodwill Beginning Balance | 182,000 | ||||
Acquisitions | 181,972 | [2] | |||
Goodwill Ending Balance | 182,000 | ||||
Other Acquisitions | |||||
Goodwill [Line Items] | |||||
Acquisitions | $8,840 | [2] | |||
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. | ||||
[2] | All of the goodwill related to the ETS Acquisition was assigned to our specialty containment solutions segment. The goodwill arising from the acquisition consists largely of ETS' going-concern value, the value of ETS' assembled workforce, new customer relationships expected to arise from the acquisition, and operational synergies and economies of scale that we expect to realize from the acquisition. Goodwill from other acquisitions relates to the North America portable storage segment. None of the goodwill assigned to ETS will be amortizable for tax purposes, while all of the goodwill from the other acquisitions will be deductible for tax purposes. | ||||
[3] | Represents foreign currency translation adjustments related to the U.K. reporting unit. |
Activity_and_Balances_Relating1
Activity and Balances Relating to Goodwill (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, accumulated amortization | $2 |
Goodwill, accumulated impairment | $12.50 |
Balances_Related_to_Intangible
Balances Related to Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 99,888 | $23,063 |
Accumulated Amortization | -21,503 | -20,517 |
Net Carrying Amount | 78,385 | 2,546 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 91,990 | 21,988 |
Accumulated Amortization | -20,484 | -19,530 |
Net Carrying Amount | 71,506 | 2,458 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 11 years | |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 20 years | |
Trade names/trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,065 | 917 |
Accumulated Amortization | -919 | -917 |
Net Carrying Amount | 5,146 | |
Trade names/trademarks | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 1 year | |
Trade names/trademarks | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,772 | 97 |
Accumulated Amortization | -78 | -53 |
Net Carrying Amount | 1,694 | 44 |
Non-compete agreements | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 2 years | |
Non-compete agreements | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 61 | 61 |
Accumulated Amortization | -22 | -17 |
Net Carrying Amount | 39 | $44 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 1 year | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 19 years |
Schedule_of_Expected_Future_Am
Schedule of Expected Future Amortization of Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2015 | $5,876 | |
2016 | 5,940 | |
2017 | 5,911 | |
2018 | 5,961 | |
2019 | 6,001 | |
Thereafter | 48,696 | |
Net Carrying Amount | $78,385 | $2,546 |
Reconciliation_of_WeightedAver
Reconciliation of Weighted-Average Shares of Common Stock Outstanding for Purposes of Calculating Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Income from continuing operations | $13,092 | $14,332 | ($14,319) | $12,119 | $44,386 | $25,224 | $34,423 | ||||
Loss on discontinued operation, net of tax | -1,302 | -245 | |||||||||
Net income | $12,863 | $14,820 | $9,263 | $7,440 | $11,958 | $14,303 | ($14,381) | $12,042 | $44,386 | $23,922 | $34,178 |
Basic EPS Denominator: | |||||||||||
Common shares outstanding beginning of year | 46,084 | 45,194 | 44,432 | ||||||||
Weighted shares issued (repurchased) during the period | -58 | 287 | 225 | ||||||||
Total weighted average shares outstanding | 46,026 | 45,481 | 44,657 | ||||||||
Diluted EPS Denominator: | |||||||||||
Common shares outstanding beginning of year | 46,084 | 45,194 | 44,432 | ||||||||
Weighted shares issued (repurchased) during the period | -58 | 287 | 225 | ||||||||
Dilutive effect of stock options and nonvested share awards during the period | 699 | 615 | 445 | ||||||||
Total weighted average shares outstanding | 46,725 | 46,096 | 45,102 | ||||||||
Basic: | |||||||||||
Income from continuing operations | $0.96 | $0.55 | $0.77 | ||||||||
Loss from discontinued operation | ($0.02) | ||||||||||
Net income | $0.28 | $0.32 | $0.20 | $0.16 | $0.29 | $0.31 | ($0.32) | $0.27 | $0.96 | $0.53 | $0.77 |
Diluted: | |||||||||||
Income from continuing operations | $0.95 | $0.55 | $0.76 | ||||||||
Loss from discontinued operation | ($0.03) | ||||||||||
Net income | $0.28 | $0.32 | $0.20 | $0.16 | $0.28 | $0.31 | ($0.31) | $0.26 | $0.95 | $0.52 | $0.76 |
Number_of_Stock_Options_and_No
Number of Stock Options and Nonvested Share-Awards that were Issued or Outstanding but were Excluded in Calculating Diluted Earnings Per Share Because their Effect would have been Anti-Dilutive (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of dilutive EPS | 1,216 | 1,742 | 1,234 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of dilutive EPS | 751 | 1,741 | 1,006 |
Nonvested share-awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of dilutive EPS | 465 | 1 | 228 |
Carrying_and_Fair_Value_of_Sen
Carrying and Fair Value of Senior Notes (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Carrying value | $200,000 | $200,000 |
Senior Notes 7.875 Percent Due 2020 | ||
Debt Instrument [Line Items] | ||
Carrying value | 200,000 | 200,000 |
Fair value | $206,000 | $217,300 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
Entity | Entity | ||
Business Acquisition [Line Items] | |||
Number of business acquired | 0 | ||
Assets Purchase Agreement and Stock Purchase Agreement | |||
Business Acquisition [Line Items] | |||
Number of business acquired | 8 | ||
ETS Acquisition | |||
Business Acquisition [Line Items] | |||
Business acquisition date | 10-Dec-14 | ||
Business acquisition revenues | 6.4 | ||
Income from continuing operations before income tax provision | 1.1 | ||
Direct expenses related to acquisition | $5 |
Schedule_of_Components_of_Purc
Schedule of Components of Purchase Price and Net Assets Acquired (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Purchase Price, net of cash acquired: | ||
Cash | $433,644 | |
Cash acquired | -2,698 | |
Total | 430,946 | |
Net Assets Acquired: | ||
Lease fleet | 134,333 | |
Property, plant and equipment | 15,152 | |
Intangible assets: | ||
Goodwill | 190,812 | [1] |
Deferred tax asset, net | 2,217 | |
Other assets | 26,592 | [2] |
Other liabilities | -15,614 | |
Total | 430,946 | |
Customer relationships | ||
Intangible assets: | ||
Intangible assets | 70,550 | [3] |
Trade names/trademarks | ||
Intangible assets: | ||
Intangible assets | 5,200 | [3] |
Non-compete agreements | ||
Intangible assets: | ||
Intangible assets | 1,704 | [3] |
ETS Acquisition | ||
Purchase Price, net of cash acquired: | ||
Cash | 410,345 | |
Cash acquired | -2,698 | |
Total | 407,647 | |
Net Assets Acquired: | ||
Lease fleet | 121,620 | |
Property, plant and equipment | 14,814 | |
Intangible assets: | ||
Goodwill | 181,972 | [1] |
Deferred tax asset, net | 2,217 | |
Other assets | 26,054 | [2] |
Other liabilities | -14,930 | |
Total | 407,647 | |
ETS Acquisition | Customer relationships | ||
Intangible assets: | ||
Intangible assets | 69,200 | [3] |
ETS Acquisition | Trade names/trademarks | ||
Intangible assets: | ||
Intangible assets | 5,200 | [3] |
ETS Acquisition | Non-compete agreements | ||
Intangible assets: | ||
Intangible assets | 1,500 | [3] |
Other Acquisitions | ||
Purchase Price, net of cash acquired: | ||
Cash | 23,299 | |
Total | 23,299 | |
Net Assets Acquired: | ||
Lease fleet | 12,713 | |
Property, plant and equipment | 338 | |
Intangible assets: | ||
Goodwill | 8,840 | [1] |
Other assets | 538 | [2] |
Other liabilities | -684 | |
Total | 23,299 | |
Other Acquisitions | Customer relationships | ||
Intangible assets: | ||
Intangible assets | 1,350 | [3] |
Other Acquisitions | Non-compete agreements | ||
Intangible assets: | ||
Intangible assets | $204 | [3] |
[1] | All of the goodwill related to the ETS Acquisition was assigned to our specialty containment solutions segment. The goodwill arising from the acquisition consists largely of ETS' going-concern value, the value of ETS' assembled workforce, new customer relationships expected to arise from the acquisition, and operational synergies and economies of scale that we expect to realize from the acquisition. Goodwill from other acquisitions relates to the North America portable storage segment. None of the goodwill assigned to ETS will be amortizable for tax purposes, while all of the goodwill from the other acquisitions will be deductible for tax purposes. | |
[2] | Included in other assets for the ETS Acquisition are accounts receivables with contractual amounts totaling $24.9 million. The Company estimates that $0.6 million will be uncollectible, and has valued acquired accounts receivable at $24.3 million. Supplemental Pro Forma Information The unaudited pro forma financial information is presented for informational purposes only and is not indicative, and should not be relied on as being indicative, of the results of operations that would have been achieved if the acquisition had actually taken place at the beginning of each of the periods presented. The pro forma financial information reflects only the ETS Acquisition, as the remaining acquisitions would not have a material effect on reported results of operations. The following table summarizes the Company's unaudited consolidated statements of income as if the ETS Acquisition occurred on January 1, 2013: Years Ended December 31, 2013 2014 (In thousands) Revenues: Mobile Mini's historic revenues $ 406,486 $ 445,474 ETS' historic revenues(1) 92,057 101,603 Pro forma revenues $ 498,543 $ 547,077 Net income Mobile Mini's historic net income $ 23,922 $ 44,386 ETS' historic net income (loss)(1) (10,332 ) (25,862 ) Pro forma adjustments(2) 6,956 22,601 Pro forma net income $ 20,546 $ 41,125 Average diluted weighted shares outstanding 46,096 46,725 Pro forma diluted earnings per share $ 0.45 $ 0.88 (1) ETS historic information for the year ended December 31, 2014, consists of revenues and net loss prior to the acquisition date of December 10, 2014. Revenues and net income (loss) after the acquisition date are included in Mobile Mini's historic information for the year ended December 31, 2014. (2) Pro forma adjustments consist of the following: Years Ended December 31, 2013 2014 (In thousands) Pro forma increases (decreases) to income from continuing operations before income tax provisions: Record the net impact to depreciation resulting from fair value mark-ups, offset by changes to the estimated remaining lives, for acquired lease fleet and property, plant and equipment $ 3,799 $ 3,953 Remove historic gains recognized on the sale of used lease fleet and property, plant and equipment (1,707 ) (2,195 ) Eliminate historic ETS amortization of intangible assets 3,233 3,387 Recognize amortization for intangible assets acquired (4,818 ) (5,027 ) Recognize increased interest expense on amounts borrowed to fund the acquisition, including acquisition costs (9,078 ) (8,531 ) Eliminate historic ETS interest expense on debt instruments retired upon acquisition 19,882 22,655 Eliminate acquisition costs - 15,295 Total 11,311 29,537 Increase in income tax provision related to pro forma adjustments 4,355 6,936 Total pro forma adjustments $ 6,956 $ 22,601 | |
[3] | The following table reflects the estimated fair values and useful lives of intangible assets related to the ETS Acquisition identified based on our preliminary purchase accounting assessments: Estimated Life (Years) Customer relationships 15 - 20 Trade names/trademarks 5 - 10 Non-compete agreements 5 |
Schedule_of_Components_of_Purc1
Schedule of Components of Purchase Price and Net Assets Acquired (Parenthetical) (Detail) (USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 10, 2014 | Dec. 31, 2014 |
ETS Acquisition | ||
Business Acquisition [Line Items] | ||
Accounts receivables, contractual amounts | 24.9 | |
Accounts receivables, estimates uncollectible | 0.6 | |
Accounts receivables acquired value | 24.3 | |
ETS Acquisition | Non-compete agreements | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 5 years | |
Minimum | Customer relationships | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 11 years | |
Minimum | Trade names/trademarks | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 1 year | |
Minimum | Non-compete agreements | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 2 years | |
Minimum | ETS Acquisition | Customer relationships | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 15 years | |
Minimum | ETS Acquisition | Trade names/trademarks | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 5 years | |
Maximum | Customer relationships | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 20 years | |
Maximum | Trade names/trademarks | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 5 years | |
Maximum | Non-compete agreements | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 5 years | |
Maximum | ETS Acquisition | Customer relationships | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 20 years | |
Maximum | ETS Acquisition | Trade names/trademarks | ||
Business Acquisition [Line Items] | ||
Estimated Life (Years) | 10 years |
Schedule_of_Components_of_Supp
Schedule of Components of Supplemental Pro Forma Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues: | ||||
Pro forma revenues | $547,077 | $498,543 | ||
Net income | ||||
Pro forma adjustments | 22,601 | [1] | 6,956 | [1] |
Pro forma net income (loss) | 41,125 | 20,546 | ||
Average diluted weighted shares outstanding | 46,725 | 46,096 | ||
Pro forma diluted earnings per share | $0.88 | $0.45 | ||
ETS Acquisition | ||||
Revenues: | ||||
Pro forma revenues | 101,603 | [2] | 92,057 | [2] |
Net income | ||||
Pro forma net income (loss) | -25,862 | [2] | -10,332 | [2] |
Mobile Mini Inc | ||||
Revenues: | ||||
Pro forma revenues | 445,474 | 406,486 | ||
Net income | ||||
Pro forma net income (loss) | $44,386 | $23,922 | ||
[1] | Pro forma adjustments consist of the following: Years Ended December 31, 2013 2014 (In thousands) Pro forma increases (decreases) to income from continuing operations before income tax provisions: Record the net impact to depreciation resulting from fair value mark-ups, offset by changes to the estimated remaining lives, for acquired lease fleet and property, plant and equipment $ 3,799 $ 3,953 Remove historic gains recognized on the sale of used lease fleet and property, plant and equipment (1,707 ) (2,195 ) Eliminate historic ETS amortization of intangible assets 3,233 3,387 Recognize amortization for intangible assets acquired (4,818 ) (5,027 ) Recognize increased interest expense on amounts borrowed to fund the acquisition, including acquisition costs (9,078 ) (8,531 ) Eliminate historic ETS interest expense on debt instruments retired upon acquisition 19,882 22,655 Eliminate acquisition costs - 15,295 Total 11,311 29,537 Increase in income tax provision related to pro forma adjustments 4,355 6,936 Total pro forma adjustments $ 6,956 $ 22,601 | |||
[2] | ETS historic information for the year ended December 31, 2014, consists of revenues and net loss prior to the acquisition date of December 10, 2014. Revenues and net income (loss) after the acquisition date are included in Mobile Mini's historic information for the year ended December 31, 2014. |
Schedule_of_Components_of_Supp1
Schedule of Components of Supplemental Pro Forma Information (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Pro forma increases (decreases) to income from continuing operations before income tax provisions: | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions | $29,537 | $11,311 | ||
Increase in income tax provision related to pro forma adjustments | 6,936 | 4,355 | ||
Total pro forma adjustments | 22,601 | [1] | 6,956 | [1] |
Record the net impact to depreciation resulting from fair value mark-ups, offset by changes to the estimated remaining lives, for acquired lease fleet and property, plant and equipment | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions: | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions | 3,953 | 3,799 | ||
Remove historic gains recognized on the sale of used lease fleet and property, plant and equipment | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions: | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions | -2,195 | -1,707 | ||
Eliminate historic ETS amortization of intangible assets | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions: | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions | 3,387 | 3,233 | ||
Recognize amortization for intangible assets acquired | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions: | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions | -5,027 | -4,818 | ||
Recognize increased interest expense on amounts borrowed to fund the acquisition, including acquisition costs | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions: | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions | -8,531 | -9,078 | ||
Eliminate historic ETS interest expense on debt instruments retired upon acquisition | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions: | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions | 22,655 | 19,882 | ||
Eliminate acquisition costs | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions: | ||||
Pro forma increases (decreases) to income from continuing operations before income tax provisions | $15,295 | |||
[1] | Pro forma adjustments consist of the following: Years Ended December 31, 2013 2014 (In thousands) Pro forma increases (decreases) to income from continuing operations before income tax provisions: Record the net impact to depreciation resulting from fair value mark-ups, offset by changes to the estimated remaining lives, for acquired lease fleet and property, plant and equipment $ 3,799 $ 3,953 Remove historic gains recognized on the sale of used lease fleet and property, plant and equipment (1,707 ) (2,195 ) Eliminate historic ETS amortization of intangible assets 3,233 3,387 Recognize amortization for intangible assets acquired (4,818 ) (5,027 ) Recognize increased interest expense on amounts borrowed to fund the acquisition, including acquisition costs (9,078 ) (8,531 ) Eliminate historic ETS interest expense on debt instruments retired upon acquisition 19,882 22,655 Eliminate acquisition costs - 15,295 Total 11,311 29,537 Increase in income tax provision related to pro forma adjustments 4,355 6,936 Total pro forma adjustments $ 6,956 $ 22,601 |
Lease_Fleet_Additional_Informa
Lease Fleet - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $22.70 | $21.20 | $21.60 |
Lease_Fleet_Detail
Lease Fleet (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Total fleet, net | $1,087,056 | $979,276 | |
Portable Storage | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Lease fleet, gross | 1,148,274 | 1,145,309 | |
Accumulated depreciation | -182,437 | -166,033 | |
Total fleet, net | 965,837 | 979,276 | |
Portable Storage | Steel storage containers | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Residual Value as Percentage of Original Cost | 55.00% | [1] | |
Useful Life in Years | 30 years | ||
Lease fleet, gross | 604,547 | 600,475 | |
Portable Storage | Steel security and combination offices | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Residual Value as Percentage of Original Cost | 55.00% | [1] | |
Useful Life in Years | 30 years | ||
Lease fleet, gross | 329,565 | 328,849 | |
Portable Storage | Wood mobile offices | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Residual Value as Percentage of Original Cost | 50.00% | [1] | |
Useful Life in Years | 20 years | ||
Lease fleet, gross | 208,529 | 210,057 | |
Portable Storage | Other | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Lease fleet, gross | 5,633 | 5,928 | |
Specialty Containment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Lease fleet, gross | 122,489 | ||
Accumulated depreciation | -1,270 | ||
Total fleet, net | 121,219 | ||
Specialty Containment | Other | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Lease fleet, gross | 5,468 | ||
Specialty Containment | Steel tanks | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 25 years | ||
Lease fleet, gross | 50,843 | ||
Specialty Containment | Roll-off boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Lease fleet, gross | 19,820 | ||
Specialty Containment | Roll-off boxes | Minimum | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 15 years | ||
Specialty Containment | Roll-off boxes | Maximum | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
Specialty Containment | Stainless steel tank trailers | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 25 years | ||
Lease fleet, gross | 7,667 | ||
Specialty Containment | Vacuum Boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
Lease fleet, gross | 23,283 | ||
Specialty Containment | De-watering boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
Lease fleet, gross | 3,898 | ||
Specialty Containment | Pumps and filtration equipment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 7 years | ||
Lease fleet, gross | $11,510 | ||
[1] | Specialty containment fleet has been assigned zero residual value. |
Lease_Fleet_Parenthetical_Deta
Lease Fleet (Parenthetical) (Detail) (Specialty Containment, USD $) | Dec. 31, 2014 |
Specialty Containment | |
Property Subject to or Available for Operating Lease [Line Items] | |
Residual value | $0 |
Lines_of_Credit_Additional_Inf
Lines of Credit - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Feb. 22, 2012 | |
Line of Credit Facility [Line Items] | |||
Line of credit, pro forma excess borrowing availability for restricted payments and acquisitions to occur without financial covenants | $250,000,000 | ||
Line of credit, minimum borrowing availability for financial maintenance covenants to be applicable | 100,000,000 | ||
Line of credit, covenant | Payment Conditions allow restricted payments and acquisitions to occur without financial covenants as long as the Company has $250.0 million of pro forma excess borrowing availability under the Credit Agreement. | ||
Lines of credit, weighted average interest rate | 2.20% | 2.20% | |
Lines of credit, average balance outstanding | 323,600,000 | 386,600,000 | |
Borrowing outstanding under credit agreement | 705,518,000 | 319,314,000 | |
Additional borrowing available under credit agreement | 286,900,000 | ||
ETS Acquisition | |||
Line of Credit Facility [Line Items] | |||
Borrowing outstanding under credit agreement | 410,000,000 | ||
Maximum | |||
Line of Credit Facility [Line Items] | |||
Percentage of net orderly liquidation value of lease-fleet to be included in determination of borrowing base | 90.00% | ||
LIBOR Loans | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, margin rate | 2.00% | ||
LIBOR Loans | Maximum | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, margin rate | 2.25% | ||
LIBOR Loans | Minimum | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, margin rate | 1.75% | ||
Base Rate Loans | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, margin rate | 1.00% | ||
Base Rate Loans | Maximum | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, margin rate | 1.25% | ||
Base Rate Loans | Minimum | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, margin rate | 0.75% | ||
$1.0 billion ABL Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement, borrowing capacity | $1,000,000,000 | $900,000,000 | |
Credit Agreement, term | 5 years | ||
Credit Agreement, maturity date | 22-Feb-17 |
Obligations_Under_Capital_Leas2
Obligations Under Capital Leases - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Capital Lease Obligations [Line Items] | ||
Obligations under capital leases | $24,918,000 | $8,781,000 |
Assets recorded under capital lease obligations | 24,600,000 | 10,200,000 |
Assets recorded under capital lease obligations, accumulated amortization | $2,100,000 | $1,100,000 |
Minimum | ||
Schedule of Capital Lease Obligations [Line Items] | ||
Capitalized leases, interest rates | 1.80% | |
Maximum | ||
Schedule of Capital Lease Obligations [Line Items] | ||
Capitalized leases, interest rates | 12.70% |
Future_Minimum_Capital_Lease_P
Future Minimum Capital Lease Payments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Leases [Abstract] | ||
2015 | $4,144 | |
2016 | 4,118 | |
2017 | 3,852 | |
2018 | 3,380 | |
2019 | 3,450 | |
Thereafter | 8,486 | |
Total | 27,430 | |
Amount representing interest | -2,512 | |
Present value of minimum lease payments | $24,918 | $8,781 |
Debt_Issuances_Additional_Info
Debt Issuances - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Nov. 23, 2010 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Proceeds from issuance of 7.875% senior notes due 2020 | $200 | |
Senior Notes, interest rate | 7.88% | |
Senior Notes 7.875 Percent Due 2020 | ||
Debt Instrument [Line Items] | ||
Offer price of notes issued as percentage of face value | 100.00% | |
Senior Notes, interest rate | 7.88% | |
Senior Notes, maturity term | 10 years | |
Senior Notes, maturity date | 1-Dec-20 | |
Senior Notes, interest payment term | Interest is payable semiannually in arrears on June 1 and December 1 of each year. |
Scheduled_Maturity_for_Debt_Ob
Scheduled Maturity for Debt Obligations Under Credit Agreement, Obligations Under Capital Leases and Senior Notes (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $3,465 |
2016 | 3,563 |
2017 | 708,932 |
2018 | 3,041 |
2019 | 3,194 |
Thereafter | 208,241 |
Total | $930,436 |
Income_Before_Taxes_from_Conti
Income Before Taxes from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | |||
Income (loss) before provision for (benefit from) income taxes | $70,419 | $37,499 | $52,932 |
U.S. | |||
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | |||
Income (loss) before provision for (benefit from) income taxes | 52,944 | 30,528 | 44,157 |
Foreign | |||
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | |||
Income (loss) before provision for (benefit from) income taxes | $17,475 | $6,971 | $8,775 |
Provision_for_Income_Taxes_fro
Provision for Income Taxes from Continuing Operations (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Current: | ||||||
U.S. Federal | $0 | $0 | $0 | |||
State | 827 | 934 | 388 | |||
Foreign | 0 | 0 | 0 | |||
Total current | 827 | 934 | 388 | |||
Deferred | ||||||
U.S. Federal | 21,510 | 11,483 | 15,419 | |||
State | 2,019 | 1,100 | 1,553 | |||
Foreign | 1,677 | -1,242 | 1,149 | |||
Total deferred | 25,206 | 11,341 | 18,121 | |||
Total provision for income taxes | $26,033 | [1] | $12,275 | [1] | $18,509 | [1] |
[1] | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. |
Net_Deferred_Tax_Liability_Det
Net Deferred Tax Liability (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating loss carryforwards | $122,041 | $94,346 |
Deferred revenue and expenses | 13,310 | 11,280 |
Accrued compensation and other benefits | 1,438 | 1,411 |
Allowance for doubtful accounts | 1,034 | 615 |
Other | 4,812 | 4,745 |
Total deferred tax assets | 142,635 | 112,397 |
Valuation allowance | -1,126 | -1,126 |
Net deferred tax assets | 141,509 | 111,271 |
Deferred tax liabilities | ||
Accelerated tax depreciation | -333,042 | -302,597 |
Accelerated tax amortization | -36,150 | -13,474 |
Other | -3,864 | -4,765 |
Total deferred tax liabilities | -373,056 | -320,836 |
Net deferred tax liabilities | ($231,547) | ($209,565) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 36 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||||
Undistributed earnings of foreign subsidiaries intended to be permanently invested | $37,000,000 | $25,500,000 | $37,000,000 | ||
Net deferred tax assets | 2,217,000 | 2,217,000 | |||
Deferred tax asset for federal and state, net operating losses | 122,041,000 | 94,346,000 | 122,041,000 | ||
Total unrecognized excess tax benefits | 16,600,000 | 14,200,000 | 16,600,000 | ||
Income tax paid | 1,103,000 | 1,114,000 | 831,000 | ||
Tax year subject to tax examination for U.S. Federal return | For the U.S. Federal return, the Company's tax years for 2011, 2012 and 2013 are subject to tax examination by the U.S. Internal Revenue Service through September 15, 2015, 2016 and 2017, respectively. No reserves for uncertain income tax positions have been recorded. The Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. | ||||
Statutory corporate income tax rate | 35.00% | 35.00% | 35.00% | ||
ETS Acquisition | |||||
Income Taxes [Line Items] | |||||
Net deferred tax assets | 2,217,000 | 2,217,000 | |||
Deferred tax liabilities related to accelerated tax depreciation and amortization | 53,000,000 | 53,000,000 | |||
Deferred tax asset for federal and state, net operating losses | 55,200,000 | 55,200,000 | |||
United Kingdom | |||||
Income Taxes [Line Items] | |||||
Statutory corporate income tax rate | 23.00% | 20.00% | |||
Reduction of tax liability | 1,900,000 | ||||
United Kingdom and the Netherlands | |||||
Income Taxes [Line Items] | |||||
Net deferred tax liability | 16,200,000 | 14,400,000 | 16,200,000 | ||
Internal Revenue Service (IRS) | Tax Year 2011 | |||||
Income Taxes [Line Items] | |||||
U.S. Federal return, tax year subject to examination | 2011 | ||||
Internal Revenue Service (IRS) | Tax Year 2012 | |||||
Income Taxes [Line Items] | |||||
U.S. Federal return, tax year subject to examination | 2012 | ||||
Internal Revenue Service (IRS) | Tax Year 2013 | |||||
Income Taxes [Line Items] | |||||
U.S. Federal return, tax year subject to examination | 2013 | ||||
Minimum | |||||
Income Taxes [Line Items] | |||||
Step two threshold to quantify uncertain tax position | 50.00% | ||||
Federal | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 356,500,000 | 356,500,000 | |||
Federal | ETS Acquisition | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 151,300,000 | 151,300,000 | |||
Federal | Minimum | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards, expiration year | 2025 | ||||
Federal | Maximum | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards, expiration year | 2034 | ||||
State | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 172,300,000 | 172,300,000 | |||
State | ETS Acquisition | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 47,500,000 | 47,500,000 | |||
State | Minimum | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards, expiration year | 2015 | ||||
State | Maximum | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards, expiration year | 2034 | ||||
U.S. | |||||
Income Taxes [Line Items] | |||||
Unrecognized excess tax benefits | 0 | 0 | 0 | 0 | |
Income tax paid | 0 | 0 | 0 | ||
Federal taxable income | $118,100,000 |
Reconciliation_of_US_Federal_S
Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 3.90% | 3.50% | 3.50% |
Nondeductible expenses and other | 1.20% | 1.40% | 1.40% |
Adjustment of net deferred tax liability for enacted tax rate change | -4.90% | -2.10% | |
Foreign rate differential | -3.10% | -2.30% | -2.80% |
Effective tax rate | 37.00% | 32.70% | 35.00% |
Transactions_with_Related_Pers1
Transactions with Related Persons - Additional Information (Detail) (Water Mover, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Property | |
Water Mover | |
Related Party Transaction [Line Items] | |
Monthly rental payment under leases | $17,660 |
Number of properties | 2 |
Lease expiration year | 2023 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share available for future grants | 2,902,000 | 3,239,000 | 1,361,000 | |
Stock options contractual terms | 8 years 1 month 13 days | |||
Performance based share awards non-vested | 343,000 | 542,000 | 843,000 | 1,180,000 |
Share-based compensation expense | $15,071,000 | $15,040,000 | $9,798,000 | |
Aggregate intrinsic value of options exercised | 2,900,000 | 9,000,000 | 2,700,000 | |
Weighted average fair value of stock options granted | $10.46 | $10.59 | $8.56 | |
Fair value of share-awards vested | 5,000,000 | 4,800,000 | ||
Performance Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance based awards stock options unvested | 793,000 | |||
Performance based share awards non-vested | 26,000 | |||
Number of performance based awards issued | 0 | |||
Non Employee Director Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards vested | 100.00% | |||
Share-based compensation expense | 900,000 | 600,000 | 600,000 | |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense related to vesting of options and share-awards | 15,100,000 | 14,700,000 | 9,600,000 | |
Unrecognized compensation cost | 9,400,000 | |||
Weighted average recognition period (years) | 1 year 2 months 12 days | |||
Nonvested share-awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $8,200,000 | |||
Weighted average recognition period (years) | 2 years 6 months | |||
Minimum | Nonvested share-awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-awards vesting period | 3 years | |||
Minimum | Executive Officers | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-awards vesting period | 3 years | |||
Maximum | Nonvested share-awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-awards vesting period | 5 years | |||
Maximum | Executive Officers | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-awards vesting period | 4 years |
Summary_of_ShareBased_Compensa
Summary of Share-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $15,071 | $14,714 | $9,575 |
Amount capitalized | 326 | 223 | |
Total share-based compensation | 15,071 | 15,040 | 9,798 |
Included in Leasing, selling and general expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 14,490 | 13,956 | 7,151 |
Included in Restructuring expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $581 | $758 | $2,424 |
Key_Assumptions_Used_to_Estima
Key Assumptions Used to Estimate Fair Value of Stock Options Award (Detail) (Stock options) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life of the options (years) | 5 years | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.50% | 0.70% |
Expected life of the options (years) | 6 years | |
Expected stock price volatility | 35.40% | 41.10% |
Expected dividend rate | 1.50% | 0.00% |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.70% | 1.50% |
Expected life of the options (years) | 7 years | |
Expected stock price volatility | 38.40% | 46.30% |
Expected dividend rate | 1.80% | 1.80% |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Number of Shares | |||
Options outstanding, beginning of year | 2,519 | 1,099 | 1,394 |
Granted | 365 | 2,214 | 65 |
Canceled/Expired | -71 | -147 | -51 |
Exercised | -164 | -647 | -309 |
Options outstanding, end of year | 2,649 | 2,519 | 1,099 |
Options exercisable, end of year | 854 | 193 | 755 |
Options and awards available for grant, end of year | 2,902 | 3,239 | 1,361 |
Weighted Average Exercise Price | |||
Options outstanding, beginning of year | $29.80 | $20.02 | $18.39 |
Granted | $46.83 | $31.26 | $21.13 |
Canceled/Expired | $40.63 | $15.90 | $26.61 |
Exercised | $22.18 | $21.35 | $11.81 |
Options outstanding, end of year | $32.33 | $29.80 | $20.02 |
Options exercisable, end of year | $29.32 | $21.51 | $20.42 |
Fully_Vested_Stock_Options_and
Fully Vested Stock Options and Stock Options Expected to Vest (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Number of Shares | ||||
Outstanding | 2,649 | 2,519 | 1,099 | 1,394 |
Vested and expected to vest | 2,571 | |||
Exercisable | 854 | 193 | 755 | |
Weighted Average Exercise Price | ||||
Outstanding | $32.33 | $29.80 | $20.02 | $18.39 |
Vested and expected to vest | $32.15 | |||
Exercisable | $29.32 | $21.51 | $20.42 | |
Weighted Average Remaining Contractual Term (In years) | ||||
Outstanding | 8 years 1 month 13 days | |||
Vested and expected to vest | 8 years 1 month 6 days | |||
Exercisable | 7 years 6 months 22 days | |||
Aggregate Intrinsic Values | ||||
Outstanding | $23,653 | |||
Vested and expected to vest | 23,958 | |||
Exercisable | $9,594 |
Nonvested_ShareAwards_Activity
Nonvested Share-Awards Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Nonvested Stock Awards, shares | |||
Nonvested at beginning of period, shares | 542 | 843 | 1,180 |
Awarded | 143 | 153 | 261 |
Released | -240 | -252 | -453 |
Forfeited | -102 | -202 | -145 |
Nonvested at end of period, shares | 343 | 542 | 843 |
Weighted Average Grant Date Fair Value | |||
Nonvested at beginning of period | $20.65 | $17.27 | $16.20 |
Awarded | $39.77 | $30.21 | $19.67 |
Released | $20.93 | $19.15 | $16.05 |
Forfeited | $22.09 | $15.64 | $16.77 |
Nonvested at end of period | $27.99 | $20.65 | $17.27 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
401(k) Plan, employer contribution for first 4% of employees' contribution | 25.00% | ||
Defined contribution program, percentage of annual employees' salary contributed by employer | $700,000 | $500,000 | $400,000 |
Defined contribution program, annual charge on employees' fund to cover administrative costs of program, percentage | 34,000 | 34,000 | 34,000 |
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
401(k) Plan, employer contribution per employee | $1,000 | ||
United Kingdom | Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution program, percentage of annual employees' salary contributed by employer | 7.00% | ||
Defined contribution program, annual charge on employees' fund to cover administrative costs of program, percentage | 2.50% | ||
United Kingdom | Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution program, percentage of annual employees' salary contributed by employer | 5.00% | ||
Defined contribution program, annual charge on employees' fund to cover administrative costs of program, percentage | 0.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | |||
Operating lease rental expense | $21,300,000 | $21,200,000 | $20,700,000 |
Accrued liabilities, reserves | 3,300,000 | 3,800,000 | |
Letters of credit provided for various insurance carriers | 7,500,000 | ||
ETS Acquisition | |||
Loss Contingencies [Line Items] | |||
Accrued liabilities, reserves | 0 | ||
General Liability | |||
Loss Contingencies [Line Items] | |||
Insurance deductible amount, per incident | 100,000 | ||
Workers' Compensation | |||
Loss Contingencies [Line Items] | |||
Insurance deductible amount, per incident | 250,000 | ||
Auto | |||
Loss Contingencies [Line Items] | |||
Insurance deductible amount, per incident | $500,000 |
Contractual_Commitments_Associ
Contractual Commitments Associated with Lease Obligations (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
2015 | $19,290 |
2016 | 14,887 |
2017 | 10,504 |
2018 | 6,158 |
2019 | 3,140 |
Thereafter | 9,773 |
Total | 63,752 |
Operating Lease Commitments | |
Operating Leased Assets [Line Items] | |
2015 | 19,011 |
2016 | 14,583 |
2017 | 10,187 |
2018 | 5,886 |
2019 | 3,117 |
Thereafter | 9,773 |
Total | 62,557 |
Restructuring Related Lease Commitments | |
Operating Leased Assets [Line Items] | |
2015 | 522 |
2016 | 454 |
2017 | 394 |
2018 | 272 |
2019 | 23 |
Total | 1,665 |
Sub-lease Income | |
Operating Leased Assets [Line Items] | |
2015 | -243 |
2016 | -150 |
2017 | -77 |
Total | ($470) |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Nov. 06, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 06, 2013 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Dividend payable | $0.17 | $0.17 | ||
Dividend payable date | 20-Mar-14 | |||
Cash dividend paid, per share | $0.68 | |||
Cash dividend paid | $31,400,000 | |||
Share repurchase program authorized amount | 125,000,000 | 125,000,000 | ||
Treasury stock value | 26,007,000 | 369,000 | ||
Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock shares acquired | 649,000 | |||
Treasury stock value | 25,000,000 | |||
Treasury stock shares available for repurchase | 100,000,000 | |||
Minimum tax withholding obligations | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock shares acquired | 25,000 | |||
Treasury stock value | $1,000,000 |
Accrued_Restructuring_Obligati
Accrued Restructuring Obligations and Related Activity (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Restructuring Cost and Reserve [Line Items] | ||||||
Accrued obligations, beginning balance | $1,676 | $4,113 | $2,129 | |||
Restructuring expense | 3,542 | [1] | 2,402 | [1] | 7,123 | [1] |
Settlement of obligations | -4,101 | -4,839 | -5,139 | |||
Accrued obligations, ending balance | 1,117 | 1,676 | 4,113 | |||
Severance and Benefits | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accrued obligations, beginning balance | 613 | 2,543 | ||||
Restructuring expense | 1,826 | 1,787 | 5,976 | |||
Settlement of obligations | -1,998 | -3,717 | -3,433 | |||
Accrued obligations, ending balance | 441 | 613 | 2,543 | |||
Lease Abandonment Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accrued obligations, beginning balance | 1,063 | 1,570 | 2,129 | |||
Restructuring expense | 318 | 475 | 1,007 | |||
Settlement of obligations | -705 | -982 | -1,566 | |||
Accrued obligations, ending balance | 676 | 1,063 | 1,570 | |||
Other Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accrued obligations, beginning balance | ||||||
Restructuring expense | 1,398 | [2] | 140 | [2] | 140 | [2] |
Settlement of obligations | ($1,398) | ($140) | ($140) | |||
[1] | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. | |||||
[2] | Other costs for 2014 include the sale of the Company's Belfast, Northern Ireland location. |
Restructuring_Expenses_Detail
Restructuring Expenses (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | $3,542 | [1] | $2,402 | [1] | $7,123 | [1] |
Severance and Benefits | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 1,826 | 1,787 | 5,976 | |||
Lease Abandonment Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 318 | 475 | 1,007 | |||
Other Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | $1,398 | [2] | $140 | [2] | $140 | [2] |
[1] | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. | |||||
[2] | Other costs for 2014 include the sale of the Company's Belfast, Northern Ireland location. |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment_Reporting_Detail
Segment Reporting (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues: | ||||||||||||||
Leasing | $113,443 | $104,798 | $98,041 | $94,080 | $97,820 | $95,559 | $88,032 | $84,875 | $410,362 | [1] | $366,286 | [1] | $339,975 | [1] |
Sales | 31,585 | [1] | 38,051 | [1] | 37,759 | [1] | ||||||||
Other | 3,527 | [1] | 2,149 | [1] | 2,162 | [1] | ||||||||
Total revenues | 123,215 | 113,322 | 106,533 | 102,404 | 106,799 | 105,040 | 97,135 | 97,512 | 445,474 | [1] | 406,486 | [1] | 379,896 | [1] |
Costs and expenses: | ||||||||||||||
Cost of sales | 21,944 | [1] | 25,413 | [1] | 23,178 | [1] | ||||||||
Leasing, selling and general expenses | 280,948 | [1] | 237,567 | [1] | 218,709 | [1] | ||||||||
Restructuring expenses | 3,542 | [1] | 2,402 | [1] | 7,123 | [1] | ||||||||
Asset impairment charge, net | 40,200 | 557 | [1] | 38,705 | [1] | 0 | ||||||||
Depreciation and amortization | 39,334 | [1] | 35,432 | [1] | 35,982 | [1] | ||||||||
Total costs and expenses | 346,325 | [1] | 339,519 | [1] | 284,992 | [1] | ||||||||
Income from operations | 28,801 | 30,171 | 21,695 | 18,482 | 27,960 | 27,001 | -15,006 | 27,012 | 99,149 | [1] | 66,967 | [1] | 94,904 | [1] |
Interest expense | 28,729 | [1] | 29,467 | [1] | 37,268 | [1] | ||||||||
Income tax provision | 26,033 | [1] | 12,275 | [1] | 18,509 | [1] | ||||||||
Portable Storage | ||||||||||||||
Revenues: | ||||||||||||||
Leasing | 404,939 | [1] | 366,286 | [1] | 339,975 | [1] | ||||||||
Sales | 31,422 | [1] | 38,051 | [1] | 37,759 | [1] | ||||||||
Other | 2,681 | [1] | 2,149 | [1] | 2,162 | [1] | ||||||||
Total revenues | 439,042 | [1] | 406,486 | [1] | 379,896 | [1] | ||||||||
Costs and expenses: | ||||||||||||||
Cost of sales | 21,838 | [1] | 25,413 | [1] | 23,178 | [1] | ||||||||
Leasing, selling and general expenses | 277,594 | [1] | 237,567 | [1] | 218,709 | [1] | ||||||||
Restructuring expenses | 3,542 | [1] | 2,402 | [1] | 7,123 | [1] | ||||||||
Asset impairment charge, net | 557 | [1] | 38,705 | [1] | ||||||||||
Depreciation and amortization | 37,460 | [1] | 35,432 | [1] | 35,982 | [1] | ||||||||
Total costs and expenses | 340,991 | [1] | 339,519 | [1] | 284,992 | [1] | ||||||||
Income from operations | 98,051 | [1] | 66,967 | [1] | 94,904 | [1] | ||||||||
Interest expense | 28,721 | [1] | 29,467 | [1] | 37,268 | [1] | ||||||||
Income tax provision | 25,622 | [1] | 12,275 | [1] | 18,509 | [1] | ||||||||
Portable Storage | North America | ||||||||||||||
Revenues: | ||||||||||||||
Leasing | 323,236 | [1] | 299,676 | [1] | 278,330 | [1] | ||||||||
Sales | 26,834 | [1] | 29,809 | [1] | 33,845 | [1] | ||||||||
Other | 2,274 | [1] | 1,767 | [1] | 1,901 | [1] | ||||||||
Total revenues | 352,344 | [1] | 331,252 | [1] | 314,076 | [1] | ||||||||
Costs and expenses: | ||||||||||||||
Cost of sales | 18,251 | [1] | 19,128 | [1] | 20,631 | [1] | ||||||||
Leasing, selling and general expenses | 221,405 | [1] | 190,337 | [1] | 175,506 | [1] | ||||||||
Restructuring expenses | 1,915 | [1] | 2,141 | [1] | 6,755 | [1] | ||||||||
Asset impairment charge, net | 433 | [1] | 32,157 | [1] | ||||||||||
Depreciation and amortization | 30,670 | [1] | 28,614 | [1] | 28,359 | [1] | ||||||||
Total costs and expenses | 272,674 | [1] | 272,377 | [1] | 231,251 | [1] | ||||||||
Income from operations | 79,670 | [1] | 58,875 | [1] | 82,825 | [1] | ||||||||
Interest expense | 27,816 | [1] | 28,348 | [1] | 35,423 | [1] | ||||||||
Income tax provision | 21,580 | [1] | 12,258 | [1] | 17,234 | [1] | ||||||||
Portable Storage | United Kingdom | ||||||||||||||
Revenues: | ||||||||||||||
Leasing | 81,703 | [1] | 66,610 | [1] | 61,645 | [1] | ||||||||
Sales | 4,588 | [1] | 8,242 | [1] | 3,914 | [1] | ||||||||
Other | 407 | [1] | 382 | [1] | 261 | [1] | ||||||||
Total revenues | 86,698 | [1] | 75,234 | [1] | 65,820 | [1] | ||||||||
Costs and expenses: | ||||||||||||||
Cost of sales | 3,587 | [1] | 6,285 | [1] | 2,547 | [1] | ||||||||
Leasing, selling and general expenses | 56,189 | [1] | 47,230 | [1] | 43,203 | [1] | ||||||||
Restructuring expenses | 1,627 | [1] | 261 | [1] | 368 | [1] | ||||||||
Asset impairment charge, net | 124 | [1] | 6,548 | [1] | ||||||||||
Depreciation and amortization | 6,790 | [1] | 6,818 | [1] | 7,623 | [1] | ||||||||
Total costs and expenses | 68,317 | [1] | 67,142 | [1] | 53,741 | [1] | ||||||||
Income from operations | 18,381 | [1] | 8,092 | [1] | 12,079 | [1] | ||||||||
Interest expense | 905 | [1] | 1,119 | [1] | 1,845 | [1] | ||||||||
Income tax provision | 4,042 | [1] | 17 | [1] | 1,275 | [1] | ||||||||
Specialty Containment | ||||||||||||||
Revenues: | ||||||||||||||
Leasing | 5,423 | [1] | ||||||||||||
Sales | 163 | [1] | ||||||||||||
Other | 846 | [1] | ||||||||||||
Total revenues | 6,432 | [1] | ||||||||||||
Costs and expenses: | ||||||||||||||
Cost of sales | 106 | [1] | ||||||||||||
Leasing, selling and general expenses | 3,354 | [1] | ||||||||||||
Depreciation and amortization | 1,874 | [1] | ||||||||||||
Total costs and expenses | 5,334 | [1] | ||||||||||||
Income from operations | 1,098 | [1] | ||||||||||||
Interest expense | 8 | [1] | ||||||||||||
Income tax provision | $411 | [1] | ||||||||||||
[1] | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. |
Segment_Reporting_Parenthetica
Segment Reporting (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $123,215 | $113,322 | $106,533 | $102,404 | $106,799 | $105,040 | $97,135 | $97,512 | $445,474 | [1] | $406,486 | [1] | $379,896 | [1] |
United States | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $353,200 | $324,900 | $307,100 | |||||||||||
[1] | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. |
Longlived_Assets_Detail
Long-lived Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | $1,200,231 | [1] | $1,064,429 | [1] |
Portable Storage | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 1,064,839 | [1] | 1,064,429 | [1] |
Portable Storage | North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 907,672 | [1] | 902,183 | [1] |
Portable Storage | United Kingdom | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | 157,167 | [1] | 162,246 | [1] |
Specialty Containment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | $135,392 | [1] | ||
[1] | Includes long-lived assets of $884.3 million and $1,029.9 million in the U.S. for the fiscal years 2013 and 2014, respectively. |
Longlived_Assets_Parenthetical
Long-lived Assets (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | $1,200,231 | [1] | $1,064,429 | [1] |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived assets | $1,029,900 | $884,300 | ||
[1] | Includes long-lived assets of $884.3 million and $1,029.9 million in the U.S. for the fiscal years 2013 and 2014, respectively. |
Assets_Held_for_Sale_Additiona
Assets Held for Sale - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Assets Held For Sale [Abstract] | ||||||
Asset impairment charges | $40,200 | $557 | [1] | $38,705 | [1] | $0 |
Non-cash asset impairment charge | $39,600 | $557 | $38,217 | |||
[1] | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. |
Summary_of_Assets_Held_for_Sal
Summary of Assets Held for Sale (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Long Lived Assets Held-for-sale [Line Items] | |
Asset fair value, Beginning of period | $980 |
Sale proceeds | -493 |
Additional net loss upon sale | -557 |
Other changes, net | 69 |
Effect of exchange rate changes | 1 |
North America | |
Long Lived Assets Held-for-sale [Line Items] | |
Asset fair value, Beginning of period | 904 |
Sale proceeds | -310 |
Additional net loss upon sale | -433 |
Other changes, net | -161 |
United Kingdom | |
Long Lived Assets Held-for-sale [Line Items] | |
Asset fair value, Beginning of period | 76 |
Sale proceeds | -183 |
Additional net loss upon sale | -124 |
Other changes, net | 230 |
Effect of exchange rate changes | $1 |
Discontinued_Operation_Additio
Discontinued Operation - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | |
Loss on sale of operations, after tax | $1.20 |
Proceeds from sale of Netherlands operations | $0.70 |
Discontinued_Operation_Summary
Discontinued Operation - Summary of Discontinued Operation, Results of Operations (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Revenues | $1,895 | $1,363 |
Loss from operations, including loss on disposition of $1.9 million | -2,101 | -216 |
Other expenses | -64 | -72 |
Income tax benefit | 863 | 43 |
Loss from discontinued operations, net of tax | ($1,302) | ($245) |
Discontinued_Operation_Summary1
Discontinued Operation - Summary of Discontinued Operation, Results of Operations (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | |
Loss (gain) on disposal of discontinued operation | $1,948 |
Discontinued_Operation_Summary2
Discontinued Operation - Summary of Discontinued Operation, Cash Flow Activities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net cash used in operating activities | ($861) | ($466) |
Net cash (used in) provided by investing activities | $896 | ($95) |
Unaudited_Selected_Consolidate
Unaudited Selected Consolidated Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Leasing revenue | $113,443 | $104,798 | $98,041 | $94,080 | $97,820 | $95,559 | $88,032 | $84,875 | $410,362 | [1] | $366,286 | [1] | $339,975 | [1] |
Total revenues | 123,215 | 113,322 | 106,533 | 102,404 | 106,799 | 105,040 | 97,135 | 97,512 | 445,474 | [1] | 406,486 | [1] | 379,896 | [1] |
Gross profit on sales | 2,011 | 2,714 | 2,603 | 2,313 | 2,774 | 2,977 | 3,142 | 3,745 | ||||||
Income (loss) from operations | 28,801 | 30,171 | 21,695 | 18,482 | 27,960 | 27,001 | -15,006 | 27,012 | 99,149 | [1] | 66,967 | [1] | 94,904 | [1] |
Income (loss) from continuing operations | 13,092 | 14,332 | -14,319 | 12,119 | 44,386 | 25,224 | 34,423 | |||||||
Earnings (loss) per share: | ||||||||||||||
Basic | $0.28 | $0.32 | $0.20 | $0.16 | $0.29 | $0.31 | ($0.32) | $0.27 | $0.96 | $0.53 | $0.77 | |||
Diluted | $0.28 | $0.32 | $0.20 | $0.16 | $0.28 | $0.31 | ($0.31) | $0.26 | $0.95 | $0.52 | $0.76 | |||
Net income (loss) | $12,863 | $14,820 | $9,263 | $7,440 | $11,958 | $14,303 | ($14,381) | $12,042 | $44,386 | $23,922 | $34,178 | |||
[1] | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Additional Information (Detail) | Dec. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | |
Percentage of ownership owned | 100.00% |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | |||||||
ASSETS | |||||||
Cash and cash equivalents | $3,739 | $1,256 | |||||
Receivables, net | 81,031 | 53,104 | |||||
Inventories | 16,736 | 18,744 | |||||
Lease fleet, net | 1,087,056 | 979,276 | |||||
Property, plant and equipment, net | 113,175 | 85,153 | |||||
Assets held for sale | 980 | ||||||
Deposits and prepaid expenses | 8,586 | 6,116 | |||||
Deferred financing costs, net and other assets | 8,858 | 10,977 | |||||
Intangibles, net | 78,385 | 2,546 | |||||
Goodwill | 705,608 | [1] | 519,222 | [1] | 518,308 | [1] | |
Total assets | 2,103,174 | 1,677,374 | |||||
Liabilities: | |||||||
Accounts payable | 22,933 | 18,862 | |||||
Accrued liabilities | 63,727 | 65,308 | |||||
Lines of credit | 705,518 | 319,314 | |||||
Obligations under capital leases | 24,918 | 8,781 | |||||
Senior Notes | 200,000 | 200,000 | |||||
Deferred income taxes | 231,547 | 209,565 | |||||
Total liabilities | 1,248,643 | 821,830 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock | 490 | 488 | |||||
Additional paid-in capital | 569,083 | 550,387 | |||||
Retained earnings | 380,504 | 359,778 | |||||
Accumulated other comprehensive loss | -29,870 | -15,440 | |||||
Treasury stock, at cost | -65,676 | -39,669 | |||||
Total stockholders' equity | 854,531 | 855,544 | 809,519 | 753,914 | |||
Total liabilities and stockholders' equity | 2,103,174 | 1,677,374 | |||||
Eliminations | |||||||
ASSETS | |||||||
Intercompany receivables | -178,989 | -186,445 | |||||
Total assets | -178,989 | -186,445 | |||||
Liabilities: | |||||||
Deferred income taxes | -1,004 | -989 | |||||
Intercompany payables | -94 | -134 | |||||
Total liabilities | -1,098 | -1,123 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock | -18,388 | -18,436 | |||||
Additional paid-in capital | -160,347 | -167,730 | |||||
Retained earnings | 844 | 844 | |||||
Total stockholders' equity | -177,891 | -185,322 | |||||
Total liabilities and stockholders' equity | -178,989 | -186,445 | |||||
Guarantors | |||||||
ASSETS | |||||||
Cash and cash equivalents | 2,977 | -190 | |||||
Receivables, net | 62,033 | 35,378 | |||||
Inventories | 15,371 | 16,855 | |||||
Lease fleet, net | 934,433 | 817,945 | |||||
Property, plant and equipment, net | 95,509 | 66,376 | |||||
Assets held for sale | 800 | ||||||
Deposits and prepaid expenses | 7,375 | 4,711 | |||||
Deferred financing costs, net and other assets | 8,858 | 10,976 | |||||
Intangibles, net | 77,629 | 1,260 | |||||
Goodwill | 635,943 | 445,131 | |||||
Intercompany receivables | 145,018 | 153,885 | |||||
Total assets | 1,985,146 | 1,553,127 | |||||
Liabilities: | |||||||
Accounts payable | 14,803 | 10,334 | |||||
Accrued liabilities | 56,104 | 58,595 | |||||
Lines of credit | 702,135 | 307,008 | |||||
Obligations under capital leases | 24,760 | 8,781 | |||||
Senior Notes | 200,000 | 200,000 | |||||
Deferred income taxes | 215,184 | 196,164 | |||||
Total liabilities | 1,212,986 | 780,882 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock | 490 | 488 | |||||
Additional paid-in capital | 569,083 | 550,387 | |||||
Retained earnings | 268,263 | 261,039 | |||||
Treasury stock, at cost | -65,676 | -39,669 | |||||
Total stockholders' equity | 772,160 | 772,245 | |||||
Total liabilities and stockholders' equity | 1,985,146 | 1,553,127 | |||||
Non-Guarantors | |||||||
ASSETS | |||||||
Cash and cash equivalents | 762 | 1,446 | |||||
Receivables, net | 18,998 | 17,726 | |||||
Inventories | 1,365 | 1,889 | |||||
Lease fleet, net | 152,623 | 161,331 | |||||
Property, plant and equipment, net | 17,666 | 18,777 | |||||
Assets held for sale | 180 | ||||||
Deposits and prepaid expenses | 1,211 | 1,405 | |||||
Deferred financing costs, net and other assets | 1 | ||||||
Intangibles, net | 756 | 1,286 | |||||
Goodwill | 69,665 | 74,091 | |||||
Intercompany receivables | 33,971 | 32,560 | |||||
Total assets | 297,017 | 310,692 | |||||
Liabilities: | |||||||
Accounts payable | 8,130 | 8,528 | |||||
Accrued liabilities | 7,623 | 6,713 | |||||
Lines of credit | 3,383 | 12,306 | |||||
Obligations under capital leases | 158 | ||||||
Deferred income taxes | 17,367 | 14,390 | |||||
Intercompany payables | 94 | 134 | |||||
Total liabilities | 36,755 | 42,071 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock | 18,388 | 18,436 | |||||
Additional paid-in capital | 160,347 | 167,730 | |||||
Retained earnings | 111,397 | 97,895 | |||||
Accumulated other comprehensive loss | -29,870 | -15,440 | |||||
Total stockholders' equity | 260,262 | 268,621 | |||||
Total liabilities and stockholders' equity | $297,017 | $310,692 | |||||
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues: | ||||||||||||||
Leasing | $113,443 | $104,798 | $98,041 | $94,080 | $97,820 | $95,559 | $88,032 | $84,875 | $410,362 | [1] | $366,286 | [1] | $339,975 | [1] |
Sales | 31,585 | [1] | 38,051 | [1] | 37,759 | [1] | ||||||||
Other | 3,527 | [1] | 2,149 | [1] | 2,162 | [1] | ||||||||
Total revenues | 123,215 | 113,322 | 106,533 | 102,404 | 106,799 | 105,040 | 97,135 | 97,512 | 445,474 | [1] | 406,486 | [1] | 379,896 | [1] |
Costs and expenses: | ||||||||||||||
Cost of sales | 21,944 | [1] | 25,413 | [1] | 23,178 | [1] | ||||||||
Leasing, selling and general expenses | 280,948 | [1] | 237,567 | [1] | 218,709 | [1] | ||||||||
Restructuring expenses | 3,542 | [1] | 2,402 | [1] | 7,123 | [1] | ||||||||
Asset impairment charge, net | 40,200 | 557 | [1] | 38,705 | [1] | 0 | ||||||||
Depreciation and amortization | 39,334 | [1] | 35,432 | [1] | 35,982 | [1] | ||||||||
Total costs and expenses | 346,325 | [1] | 339,519 | [1] | 284,992 | [1] | ||||||||
Income from operations | 28,801 | 30,171 | 21,695 | 18,482 | 27,960 | 27,001 | -15,006 | 27,012 | 99,149 | [1] | 66,967 | [1] | 94,904 | [1] |
Other income (expense): | ||||||||||||||
Interest income | 1 | 1 | ||||||||||||
Interest expense | -28,729 | [1] | -29,467 | [1] | -37,268 | [1] | ||||||||
Debt restructuring expense | -2,812 | |||||||||||||
Deferred financing costs write-off | -1,889 | |||||||||||||
Foreign currency exchange | -1 | -2 | -4 | |||||||||||
Income from continuing operations before income tax provision | 70,419 | 37,499 | 52,932 | |||||||||||
Income tax provision | 26,033 | [1] | 12,275 | [1] | 18,509 | [1] | ||||||||
Income from continuing operations | 13,092 | 14,332 | -14,319 | 12,119 | 44,386 | 25,224 | 34,423 | |||||||
Loss from discontinued operation, net of tax | -1,302 | -245 | ||||||||||||
Net income | 12,863 | 14,820 | 9,263 | 7,440 | 11,958 | 14,303 | -14,381 | 12,042 | 44,386 | 23,922 | 34,178 | |||
Eliminations | ||||||||||||||
Other income (expense): | ||||||||||||||
Interest income | -81 | -249 | -590 | |||||||||||
Interest expense | 81 | 249 | 590 | |||||||||||
Dividend income | -274 | -865 | ||||||||||||
Income from continuing operations before income tax provision | -274 | -865 | ||||||||||||
Income tax provision | -45 | -92 | ||||||||||||
Income from continuing operations | -229 | -773 | ||||||||||||
Net income | -229 | -773 | ||||||||||||
Guarantors | ||||||||||||||
Revenues: | ||||||||||||||
Leasing | 323,563 | 293,878 | 272,530 | |||||||||||
Sales | 26,524 | 29,310 | 32,794 | |||||||||||
Other | 3,112 | 1,751 | 1,871 | |||||||||||
Total revenues | 353,199 | 324,939 | 307,195 | |||||||||||
Costs and expenses: | ||||||||||||||
Cost of sales | 17,887 | 18,784 | 19,836 | |||||||||||
Leasing, selling and general expenses | 220,951 | 185,834 | 170,240 | |||||||||||
Restructuring expenses | 1,915 | 2,140 | 6,755 | |||||||||||
Asset impairment charge, net | 416 | 32,156 | ||||||||||||
Depreciation and amortization | 32,007 | 28,084 | 27,784 | |||||||||||
Total costs and expenses | 273,176 | 266,998 | 224,615 | |||||||||||
Income from operations | 80,023 | 57,941 | 82,580 | |||||||||||
Other income (expense): | ||||||||||||||
Interest income | 81 | 250 | 591 | |||||||||||
Interest expense | -27,229 | -27,726 | -34,624 | |||||||||||
Dividend income | 274 | 865 | ||||||||||||
Debt restructuring expense | -2,812 | |||||||||||||
Deferred financing costs write-off | -1,889 | |||||||||||||
Income from continuing operations before income tax provision | 52,875 | 30,739 | 44,711 | |||||||||||
Income tax provision | 21,991 | 12,355 | 17,448 | |||||||||||
Income from continuing operations | 18,384 | 27,263 | ||||||||||||
Loss from discontinued operation, net of tax | -1,229 | |||||||||||||
Net income | 30,884 | 17,155 | 27,263 | |||||||||||
Non-Guarantors | ||||||||||||||
Revenues: | ||||||||||||||
Leasing | 86,799 | 72,408 | 67,445 | |||||||||||
Sales | 5,061 | 8,741 | 4,965 | |||||||||||
Other | 415 | 398 | 291 | |||||||||||
Total revenues | 92,275 | 81,547 | 72,701 | |||||||||||
Costs and expenses: | ||||||||||||||
Cost of sales | 4,057 | 6,629 | 3,342 | |||||||||||
Leasing, selling and general expenses | 59,997 | 51,733 | 48,469 | |||||||||||
Restructuring expenses | 1,627 | 262 | 368 | |||||||||||
Asset impairment charge, net | 141 | 6,549 | ||||||||||||
Depreciation and amortization | 7,327 | 7,348 | 8,198 | |||||||||||
Total costs and expenses | 73,149 | 72,521 | 60,377 | |||||||||||
Income from operations | 19,126 | 9,026 | 12,324 | |||||||||||
Other income (expense): | ||||||||||||||
Interest expense | -1,581 | -1,990 | -3,234 | |||||||||||
Foreign currency exchange | -1 | -2 | -4 | |||||||||||
Income from continuing operations before income tax provision | 17,544 | 7,034 | 9,086 | |||||||||||
Income tax provision | 4,042 | -35 | 1,153 | |||||||||||
Income from continuing operations | 7,069 | 7,933 | ||||||||||||
Loss from discontinued operation, net of tax | -73 | -245 | ||||||||||||
Net income | $13,502 | $6,996 | $7,688 | |||||||||||
[1] | Includes revenues in the U.S. of $307.1 million, $324.9 million and $353.2 million for the fiscal years 2012, 2013 and 2014, respectively. |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | $12,863 | $14,820 | $9,263 | $7,440 | $11,958 | $14,303 | ($14,381) | $12,042 | $44,386 | $23,922 | $34,178 |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment, net of income tax expense (benefit) of $64, ($194) and ($213) in 2012, 2013, 2014, respectively | -14,430 | 2,377 | 7,987 | ||||||||
Other comprehensive income (loss) | -14,430 | 2,377 | 7,987 | ||||||||
Comprehensive income (loss) | 29,956 | 26,299 | 42,165 | ||||||||
Eliminations | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | -229 | -773 | |||||||||
Other comprehensive income (loss): | |||||||||||
Comprehensive income (loss) | -229 | -773 | |||||||||
Guarantors | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | 30,884 | 17,155 | 27,263 | ||||||||
Other comprehensive income (loss): | |||||||||||
Comprehensive income (loss) | 30,884 | 17,155 | 27,263 | ||||||||
Non-Guarantors | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | 13,502 | 6,996 | 7,688 | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment, net of income tax expense (benefit) of $64, ($194) and ($213) in 2012, 2013, 2014, respectively | -14,430 | 2,377 | 7,987 | ||||||||
Other comprehensive income (loss) | -14,430 | 2,377 | 7,987 | ||||||||
Comprehensive income (loss) | ($928) | $9,373 | $15,675 |
Condensed_Consolidating_Statem2
Condensed Consolidating Statements of Comprehensive Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||
Foreign currency translation adjustment, income tax expense (benefit) | ($213) | ($194) | $64 |
Condensed_Consolidating_Statem3
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | |||
Net income | $44,386 | $23,922 | $34,178 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Debt restructuring expense | 2,812 | ||
Asset impairment charge, net | 557 | 38,217 | |
Deferred financing costs | 1,889 | ||
Provision for doubtful accounts | 2,778 | 2,160 | 2,179 |
Amortization of deferred financing costs | 2,829 | 2,811 | 3,217 |
Amortization of debt issuance discount | 49 | ||
Amortization of long-term liabilities | 88 | 169 | 167 |
Share-based compensation expense | 15,071 | 14,714 | 9,575 |
Depreciation and amortization | 39,334 | 35,626 | 36,187 |
Loss (gain) on disposal of discontinued operation | 1,948 | ||
(Gain) loss on sale of lease fleet units | -5,732 | -9,682 | -11,781 |
(Gain) loss on disposal of property, plant and equipment | 348 | 247 | -130 |
Deferred income taxes | 25,424 | 11,012 | 18,107 |
Tax shortfall on equity award transactions | -15 | -837 | -3 |
Foreign currency loss | 1 | 1 | 5 |
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||
Receivables | -7,197 | -3,640 | -5,078 |
Inventories | 2,680 | -393 | 1,352 |
Deposits and prepaid expenses | -1,416 | 653 | 537 |
Other assets and intangibles | 17 | 10 | -161 |
Accounts payable | -723 | 337 | -1,884 |
Accrued liabilities | 2,195 | -1,164 | -268 |
Net cash provided by operating activities | 120,625 | 116,111 | 90,949 |
Cash Flows from Investing Activities: | |||
Cash paid for businesses, net of cash acquired | -430,946 | -3,563 | |
Proceeds from sale of discontinued operation | 677 | ||
Additions to lease fleet | -27,279 | -28,826 | -43,934 |
Proceeds from sale of lease fleet units | 23,053 | 35,951 | 29,358 |
Additions to property, plant and equipment | -15,779 | -15,792 | -12,741 |
Proceeds from sale of property, plant and equipment | 4,199 | 1,970 | 1,497 |
Net cash used in investing activities | -446,752 | -6,020 | -29,383 |
Cash Flows from Financing Activities: | |||
Net borrowings (repayments) under lines of credit | 386,204 | -123,076 | 97,242 |
Deferred financing costs | -719 | -8,075 | |
Proceeds from issuance of note payable | 398 | ||
Principal payments on notes payable | -310 | -403 | |
Principal payments on capital lease obligations | -1,956 | -408 | -947 |
Issuance of common stock | 3,642 | 13,818 | 3,645 |
Dividend payments | -31,384 | ||
Purchase of treasury stock | -26,007 | -369 | |
Net cash (used in) provided by financing activities | 329,780 | -110,345 | -60,719 |
Effect of exchange rate changes on cash | -1,170 | -427 | -1,770 |
Net (decrease) increase in cash | 2,483 | -681 | -923 |
Cash and cash equivalents at beginning of year | 1,256 | 1,937 | 2,860 |
Cash and cash equivalents at end of year | 3,739 | 1,256 | 1,937 |
Senior Notes 6.875 Percent Due 2015 | |||
Cash Flows from Financing Activities: | |||
Redemption of senior notes | -150,000 | ||
Redemption premiums of senior notes | -2,579 | ||
Eliminations | |||
Cash Flows from Operating Activities: | |||
Net income | -229 | -773 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income taxes | -466 | -78 | |
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||
Receivables | 1,948 | ||
Investment in subsidiaries | -4,823 | ||
Intercompany | -934 | -41 | |
Net cash provided by operating activities | -4,823 | 319 | -892 |
Cash Flows from Financing Activities: | |||
Intercompany | 279 | 869 | |
Repayment of investment | 4,823 | ||
Net cash (used in) provided by financing activities | 4,823 | 279 | 869 |
Effect of exchange rate changes on cash | -598 | 23 | |
Guarantors | |||
Cash Flows from Operating Activities: | |||
Net income | 30,884 | 17,155 | 27,263 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Debt restructuring expense | 2,812 | ||
Asset impairment charge, net | 416 | 31,310 | |
Deferred financing costs | 1,889 | ||
Provision for doubtful accounts | 2,157 | 1,256 | 1,618 |
Amortization of deferred financing costs | 2,769 | 2,749 | 3,144 |
Amortization of debt issuance discount | 49 | ||
Amortization of long-term liabilities | 86 | 162 | 156 |
Share-based compensation expense | 14,369 | 13,991 | 9,003 |
Depreciation and amortization | 32,007 | 28,084 | 27,784 |
Loss (gain) on disposal of discontinued operation | 2,042 | ||
(Gain) loss on sale of lease fleet units | -6,436 | -8,035 | -10,430 |
(Gain) loss on disposal of property, plant and equipment | 28 | 237 | -87 |
Deferred income taxes | 21,398 | 11,918 | 17,074 |
Tax shortfall on equity award transactions | -15 | -837 | -3 |
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||
Receivables | -4,113 | -1,996 | -2,369 |
Inventories | 2,258 | -358 | 1,787 |
Deposits and prepaid expenses | -1,533 | 572 | 807 |
Investment in subsidiaries | 4,823 | ||
Other assets and intangibles | 66 | -364 | -10,125 |
Accounts payable | -926 | -212 | 338 |
Accrued liabilities | 850 | -2,321 | -980 |
Intercompany | 1,711 | -21,506 | 9,806 |
Net cash provided by operating activities | 100,799 | 73,847 | 79,536 |
Cash Flows from Investing Activities: | |||
Cash paid for businesses, net of cash acquired | -430,946 | -3,563 | |
Additions to lease fleet | -16,525 | -15,623 | -24,967 |
Proceeds from sale of lease fleet units | 19,214 | 27,437 | 25,310 |
Additions to property, plant and equipment | -11,793 | -12,887 | -8,229 |
Proceeds from sale of property, plant and equipment | 3,688 | 1,900 | 1,025 |
Net cash used in investing activities | -436,362 | 827 | -10,424 |
Cash Flows from Financing Activities: | |||
Net borrowings (repayments) under lines of credit | 395,127 | -88,604 | 88,414 |
Deferred financing costs | -719 | -8,075 | |
Proceeds from issuance of note payable | 398 | ||
Principal payments on notes payable | -310 | -403 | |
Principal payments on capital lease obligations | -1,929 | -408 | -947 |
Issuance of common stock | 3,642 | 13,818 | 3,645 |
Dividend payments | -31,384 | ||
Purchase of treasury stock | -26,007 | -369 | |
Net cash (used in) provided by financing activities | 338,730 | -75,873 | -69,547 |
Net (decrease) increase in cash | 3,167 | -1,199 | -435 |
Cash and cash equivalents at beginning of year | -190 | 1,009 | 1,444 |
Cash and cash equivalents at end of year | 2,977 | -190 | 1,009 |
Guarantors | Senior Notes 6.875 Percent Due 2015 | |||
Cash Flows from Financing Activities: | |||
Redemption of senior notes | -150,000 | ||
Redemption premiums of senior notes | -2,579 | ||
Non-Guarantors | |||
Cash Flows from Operating Activities: | |||
Net income | 13,502 | 6,996 | 7,688 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Asset impairment charge, net | 141 | 6,907 | |
Provision for doubtful accounts | 621 | 904 | 561 |
Amortization of deferred financing costs | 60 | 62 | 73 |
Amortization of long-term liabilities | 2 | 7 | 11 |
Share-based compensation expense | 702 | 723 | 572 |
Depreciation and amortization | 7,327 | 7,542 | 8,403 |
Loss (gain) on disposal of discontinued operation | -94 | ||
(Gain) loss on sale of lease fleet units | 704 | -1,647 | -1,351 |
(Gain) loss on disposal of property, plant and equipment | 320 | 10 | -43 |
Deferred income taxes | 4,026 | -440 | 1,111 |
Foreign currency loss | 1 | 1 | 5 |
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||
Receivables | -3,084 | -3,592 | -2,709 |
Inventories | 422 | -35 | -435 |
Deposits and prepaid expenses | 117 | 81 | -270 |
Other assets and intangibles | -49 | 374 | 9,964 |
Accounts payable | 203 | 549 | -2,222 |
Accrued liabilities | 1,345 | 1,157 | 712 |
Intercompany | -1,711 | 22,440 | -9,765 |
Net cash provided by operating activities | 24,649 | 41,945 | 12,305 |
Cash Flows from Investing Activities: | |||
Proceeds from sale of discontinued operation | 677 | ||
Additions to lease fleet | -10,754 | -13,203 | -18,967 |
Proceeds from sale of lease fleet units | 3,839 | 8,514 | 4,048 |
Additions to property, plant and equipment | -3,986 | -2,905 | -4,512 |
Proceeds from sale of property, plant and equipment | 511 | 70 | 472 |
Net cash used in investing activities | -10,390 | -6,847 | -18,959 |
Cash Flows from Financing Activities: | |||
Net borrowings (repayments) under lines of credit | -8,923 | -34,472 | 8,828 |
Principal payments on capital lease obligations | -27 | ||
Intercompany | -279 | -869 | |
Repayment of investment | -4,823 | ||
Net cash (used in) provided by financing activities | -13,773 | -34,751 | 7,959 |
Effect of exchange rate changes on cash | -1,170 | 171 | -1,793 |
Net (decrease) increase in cash | -684 | 518 | -488 |
Cash and cash equivalents at beginning of year | 1,446 | 928 | 1,416 |
Cash and cash equivalents at end of year | $762 | $1,446 | $928 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended |
Nov. 06, 2013 | Dec. 31, 2014 | Jan. 21, 2015 | Jan. 31, 2015 | |
Subsequent Event [Line Items] | ||||
Cash dividend declared | $0.17 | |||
Dividend payable date | 20-Mar-14 | |||
Share Repurchase Program | ||||
Subsequent Event [Line Items] | ||||
Treasury stock shares acquired | 649,000 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash dividend declared | $0.19 | |||
Dividend payable date | 19-Mar-15 | |||
Closing date of stockholders on record for dividend entitlement | 5-Mar-15 | |||
Subsequent Event | Share Repurchase Program | ||||
Subsequent Event [Line Items] | ||||
Treasury stock shares acquired | 15,000,000 |