Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MINI | |
Entity Registrant Name | MOBILE MINI INC | |
Entity Central Index Key | 911109 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 45,832,303 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $3,048 | $3,739 |
Receivables, net of allowance for doubtful accounts of $3,307 and $2,442 at March 31, 2015 and December 31, 2014, respectively | 79,004 | 81,031 |
Inventories | 16,518 | 16,736 |
Rental fleet, net | 1,019,663 | 1,087,056 |
Property, plant and equipment, net | 116,735 | 113,175 |
Deposits and prepaid expenses | 7,501 | 8,586 |
Deferred financing costs, net and other assets | 8,173 | 8,858 |
Intangibles, net | 76,965 | 78,385 |
Goodwill | 703,337 | 705,608 |
Total assets | 2,030,944 | 2,103,174 |
Liabilities: | ||
Accounts payable | 30,465 | 22,933 |
Accrued liabilities | 64,590 | 63,727 |
Lines of credit | 701,381 | 705,518 |
Obligations under capital leases | 26,270 | 24,918 |
Senior Notes | 200,000 | 200,000 |
Deferred income taxes | 213,365 | 231,547 |
Total liabilities | 1,236,071 | 1,248,643 |
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, 49,087 issued and 45,835 outstanding at March 31, 2015 and 49,015 issued and 46,157 outstanding at December 31, 2014 | 491 | 490 |
Additional paid-in capital | 572,364 | 569,083 |
Retained earnings | 344,625 | 380,504 |
Accumulated other comprehensive loss | -41,647 | -29,870 |
Treasury stock, at cost, 3,252 and 2,858 shares at March 31, 2015 and December 31, 2014, respectively | -80,960 | -65,676 |
Total stockholders' equity | 794,873 | 854,531 |
Total liabilities and stockholders' equity | $2,030,944 | $2,103,174 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $3,307 | $2,442 |
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 | 49,087 | 49,015 |
Common stock, outstanding | 45,835 | 46,157 |
Treasury stock, shares | 3,252 | 2,858 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Rental | $121,028 | $94,080 |
Sales | 6,724 | 7,866 |
Other | 4,877 | 458 |
Total revenues | 132,629 | 102,404 |
Costs and expenses: | ||
Rental, selling and general expenses | 83,982 | 68,356 |
Cost of sales | 4,197 | 5,553 |
Restructuring expenses | 483 | 585 |
Asset impairment charge, net | 64,726 | 283 |
Depreciation and amortization | 15,539 | 9,145 |
Total costs and expenses | 168,927 | 83,922 |
(Loss) income from operations | -36,298 | 18,482 |
Other expense: | ||
Interest expense | -9,059 | -6,987 |
Foreign currency exchange | -1 | |
(Loss) income before income tax (benefit) provision | -45,357 | 11,494 |
Income tax (benefit) provision | -18,031 | 4,054 |
Net (loss) income | ($27,326) | $7,440 |
(Loss) earnings per share: | ||
Basic | ($0.60) | $0.16 |
Diluted | ($0.60) | $0.16 |
Weighted average number of common and common share equivalents outstanding: | ||
Basic | 45,484 | 46,148 |
Diluted | 45,484 | 46,837 |
Cash dividends declared per share | $0.19 | $0.17 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | ($27,326) | $7,440 |
Foreign currency translation adjustment | -11,777 | 1,180 |
Comprehensive (loss) income | ($39,103) | $8,620 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net (loss) income | ($27,326) | $7,440 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Asset impairment charge, net | 64,726 | 283 |
Provision for doubtful accounts | 1,169 | 547 |
Amortization of deferred financing costs | 789 | 703 |
Amortization of long-term liabilities | 25 | 41 |
Share-based compensation expense | 3,250 | 4,164 |
Depreciation and amortization | 15,539 | 9,145 |
Gain on sale of rental fleet units | -1,972 | -1,711 |
Loss on disposal of property, plant and equipment | 335 | 72 |
Deferred income taxes | -18,233 | 3,954 |
Foreign currency loss | 1 | |
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||
Receivables | -636 | 778 |
Inventories | 157 | 228 |
Deposits and prepaid expenses | 446 | -1,276 |
Other assets and intangibles | 9 | -5 |
Accounts payable | 1,033 | 3,061 |
Accrued liabilities | -839 | -613 |
Net cash provided by operating activities | 38,472 | 26,812 |
Cash Flows from Investing Activities: | ||
Cash paid for businesses acquired, net of cash acquired | -1,200 | -4,217 |
Additions to rental fleet, excluding acquisitions | -10,480 | -4,078 |
Proceeds from sale of rental fleet units | 4,842 | 5,627 |
Additions to property, plant and equipment, excluding acquisitions | -4,241 | -2,628 |
Proceeds from sale of property, plant and equipment | 607 | 908 |
Net cash used in investing activities | -10,472 | -4,388 |
Cash Flows from Financing Activities: | ||
Net repayments under lines of credit | -4,137 | -16,307 |
Deferred financing costs | -100 | |
Principal payments on capital lease obligations | -849 | -367 |
Issuance of common stock | 32 | 1,949 |
Dividend payments | -8,509 | -7,849 |
Purchase of treasury stock | -15,284 | -407 |
Net cash used in financing activities | -28,847 | -22,981 |
Effect of exchange rate changes on cash | 156 | -132 |
Net decrease in cash | -691 | -689 |
Cash and cash equivalents at beginning of period | 3,739 | 1,256 |
Cash and cash equivalents at end of period | 3,048 | 567 |
Supplemental Disclosure of Cash Flow Information: | ||
Equipment acquired through capital lease obligations | 2,201 | 1,983 |
Capital expenditures accrued or payable | $9,624 | $1,246 |
Mobile_Mini_Organization_and_D
Mobile Mini, Organization and Description of Business | 3 Months Ended |
Mar. 31, 2015 | |
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 December 2014, the Company acquired Gulf Tanks Holdings, Inc. (“GTH”), the parent company of Houston, Texas-based Evergreen Tank Solutions (“ETS”). The transaction, referred to as the “ETS Acquisition,” closed on December 10, 2014. | |
At March 31, 2015, Mobile Mini has a fleet of portable storage units operating throughout the U.S., Canada and the U.K. The Company has a diversified customer base for its portable storage 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, and documents and records. 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 rented primarily to chemical, refinery, oil and natural gas drilling, mining and environmental service customers. The operating results of ETS are included in the three month period ended March 31, 2015. | |
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. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management of Mobile Mini, Inc., all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for all periods presented have been made. The results of operations for the three months ended March 31, 2015 and 2014 are not necessarily indicative of the results to be expected for the full year. | |
These condensed consolidated financial statements should be read in conjunction with the Company’s December 31, 2014 audited consolidated financial statements and accompanying notes thereto, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2015. | |
Use of Estimates | |
The preparation of financial statements in conformity with 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 rental fleet, property, plant and equipment, goodwill and other asset impairments and certain accrued liabilities. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the Financial Accounting Standards Board (“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. The Company will apply this guidance prospectively to transactions occurring after December 31, 2014. | |
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. | |
Simplifying the Presentation of Debt Issuance Costs. In April 2015, FASB issued accounting guidance on the presentation of debt issuance costs in the balance sheet. This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this guidance. The Company will apply this guidance prospectively beginning in the fiscal year ended December 31, 2017. The application of this guidance will result in a reclassification of debt financing costs from other assets to a reduction of the specific debt liability, and will not affect the Company’s statement of operations or cash flow. As of March 31, 2015, the Company’s debt financing costs, net of accumulated amortization is $8.0 million. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair Value Measurements | (3) Fair Value Measurements | ||||||||
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 inputs 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. | ||||||||
At March 31, 2015 and December 31, 2014, the Company did not have any financial instruments required to be recorded at fair value on a recurring basis. | |||||||||
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 March 31, 2015 and December 31, 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, 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: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Carrying value | $ | 200,000 | $ | 200,000 | |||||
Fair value | 211,000 | 206,000 |
Loss_Earnings_Per_Share
(Loss) Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
(Loss) Earnings Per Share | (4) (Loss) Earnings Per Share | ||||||||
Basic (loss) earnings per share (“EPS”) is calculated by dividing net (loss) 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 nonvested share-awards, which is subject to risk of forfeiture, and incremental shares of common stock issuable upon the exercise of stock options. | |||||||||
The following table is a reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS for the three months ended March 31: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except | |||||||||
per share data) | |||||||||
Numerator: | |||||||||
Net (loss) income | $ | (27,326 | ) | $ | 7,440 | ||||
Basic EPS Denominator: | |||||||||
Common shares outstanding beginning of year | 45,814 | 46,084 | |||||||
Weighted shares issued (repurchased) during the period | (330 | ) | 64 | ||||||
Total weighted average shares outstanding | 45,484 | 46,148 | |||||||
Diluted EPS Denominator: | |||||||||
Common shares outstanding beginning of year | 45,814 | 46,084 | |||||||
Net weighted shares issued (repurchased) during the period | (330 | ) | 64 | ||||||
Dilutive effect of stock options and nonvested share awards during the period (1) | — | 689 | |||||||
Total weighted average shares outstanding | 45,484 | 46,837 | |||||||
(Loss) earnings per share: | |||||||||
Basic | $ | (0.60 | ) | $ | 0.16 | ||||
Diluted | (0.60 | ) | 0.16 | ||||||
-1 | Common stock equivalents of approximately 570,000 were excluded from the calculation of diluted earnings per share for the quarter ending March 31, 2015 because their inclusion would reduce the net loss per share. | ||||||||
Basic weighted average number of common shares outstanding does not include nonvested share-awards of 0.4 million and 0.5 million shares as of March 31, 2015 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 quarters ended March 31: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Stock options | 1,108 | 641 | |||||||
Nonvested share-awards | — | — | |||||||
Total | 1,108 | 641 | |||||||
Impairment_of_North_American_W
Impairment of North American Wood Mobile Offices | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Impairment of North American Wood Mobile Offices | (5) Impairment of North American Wood Mobile Offices | ||||
Mobile Mini’s business strategy is to invest in high return, low maintenance, long-lived assets. Wood mobile offices require more maintenance and upkeep than Mobile Mini’s stainless steel ground level offices and containers, resulting in lower margins as compared to other portable storage products, as well as the newly-acquired specialty containment products. During March 2015, the Company entered into discussions regarding the possible sale of Mobile Mini’s wood mobile offices within its North American Portable Storage segment. The discussions indicated that the fleet might be sold at an amount below carrying value. (See additional discussion regarding the divestiture of the wood mobile offices in Note 18.) | |||||
Mobile Mini reviews long-lived assets such as rental 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. Based upon the events described above, the Company conducted a review for impairment for these particular long-lived assets as of March 31, 2015. The review included assumptions of cash flows considering the likelihood of possible outcomes that existed as of the date of the review, including assigning probabilities to the outcomes. Management estimated fair market value for the wood mobile offices based upon purchase price discussions. Based on this review, management determined that the assets were impaired as of March 31, 2015 and an impairment loss, was recognized in the amount by which the carrying amount of the asset group exceeded the estimated fair value as follows: | |||||
March 31, | |||||
2015 | |||||
(In thousands) | |||||
Estimated fair market value | $ | 92,000 | |||
Net book value: | |||||
Wood mobile offices in rental fleet | 155,558 | ||||
Ancillary items in property, plant and equipment | 1,168 | ||||
Impairment loss | $ | (64,726 | ) | ||
Acquisition
Acquisition | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Acquisition | (6) Acquisition | ||||
In the three months ended March 31, 2015, Mobile Mini completed one acquisition of a portable storage business. This acquisition expanded the Company’s existing operations in the Glasgow, Scotland market. The accompanying consolidated financial statements include the operations of the acquired business from the date of acquisition. The aggregate purchase price for the assets acquired were recorded based on their estimated fair values at the date of the acquisition. The Company has not disclosed the pro-forma impact of the acquisition on operations as it was immaterial to the Company’s financial position in the aggregate. | |||||
The components of the purchase price and net assets acquired during the three months ended March 31, 2015 are as follows (in thousands): | |||||
Net Assets Acquired: | |||||
Rental fleet | $ | 991 | |||
Intangible assets: | |||||
Customer relationships | 57 | ||||
Non-compete agreements | 24 | ||||
Goodwill | 128 | ||||
Total purchase price | $ | 1,200 | |||
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | (7) 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 rental fleet. | |||||||||
Inventories at March 31, 2015 and December 31, 2014 consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Raw materials and supplies | $ | 14,569 | $ | 14,241 | |||||
Work-in-process | 212 | 201 | |||||||
Finished portable storage units | 1,737 | 2,294 | |||||||
Inventories | $ | 16,518 | $ | 16,736 | |||||
Rental_Fleet
Rental Fleet | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Text Block [Abstract] | |||||||||||||||
Rental Fleet | (8) Rental Fleet | ||||||||||||||
Rental fleet is capitalized at cost and depreciated over the estimated useful life of the unit using the straight-line method. Rental fleet is depreciated whether or not it is out on rent. Capitalized cost of rental 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 rental fleet, practices of competitors in comparable industries, profit margins achieved on sales of depreciated units and rental rates obtained on older units. See Note 5 for information regarding the impairment of wood mobile offices during the quarter ended March 31, 2015. | |||||||||||||||
Appraisals on our portable storage fleet are conducted on a regular basis by an independent appraiser selected by our lenders. Based on the values assigned in the most recent appraisal as of September 30, 2014, our portable storage rental fleet net liquidation value was approximately $1.0 billion as of March 31, 2015. In addition, an appraisal of our specialty product fleet was conducted as of December 2014 in conjunction with the ETS Acquisition. Based upon the values assigned in this appraisal, our specialty product rental fleet net liquidation value was approximately $90.7 million as of March 31, 2015. These appraisals were conducted by AccuVal Associates, Incorporated and are used to calculate our available borrowings under our Credit Agreement, as defined in Note 11. | |||||||||||||||
The Company’s depreciation expense related to its rental fleet for the three months ended March 31, 2015 and 2014 was $9.2 million and $5.3 million, respectively. At March 31, 2015 and December 31, 2014, all of the Company’s rental fleet units were pledged as collateral under the Credit Agreement. | |||||||||||||||
Rental fleet consisted of the following at March 31, 2015 and December 31, 2014: | |||||||||||||||
Residual Value | Useful Life | March 31, | December 31, | ||||||||||||
as Percentage of | in Years | 2015 | 2014 | ||||||||||||
Original Cost (1) | |||||||||||||||
(In thousands) | |||||||||||||||
Portable Storage: | |||||||||||||||
Steel storage containers | 55 | % | 30 | $ | 602,360 | $ | 604,547 | ||||||||
Ground level offices | 55 | % | 30 | 330,891 | 329,565 | ||||||||||
Wood mobile offices | 50 | % | 20 | 143,894 | 208,529 | ||||||||||
Other | 5,230 | 5,633 | |||||||||||||
Total | 1,082,375 | 1,148,274 | |||||||||||||
Accumulated depreciation | (186,209 | ) | (182,437 | ) | |||||||||||
Total portable storage fleet, net | $ | 896,166 | $ | 965,837 | |||||||||||
Specialty Containment: | |||||||||||||||
Steel tanks | 25 | $ | 52,031 | $ | 50,843 | ||||||||||
Roll-off boxes | 15 - 20 | 23,247 | 19,820 | ||||||||||||
Stainless steel tank trailers | 25 | 8,189 | 7,667 | ||||||||||||
Vacuum boxes | 20 | 23,287 | 23,283 | ||||||||||||
De-watering boxes | 20 | 4,271 | 3,898 | ||||||||||||
Pumps and filtration equipment | 7 | 11,655 | 11,510 | ||||||||||||
Other | 5,954 | 5,468 | |||||||||||||
Total | 128,634 | 122,489 | |||||||||||||
Accumulated depreciation | (5,137 | ) | (1,270 | ) | |||||||||||
Total specialty containment fleet, net | $ | 123,497 | $ | 121,219 | |||||||||||
Total rental fleet, net | $ | 1,019,663 | $ | 1,087,056 | |||||||||||
-1 | Specialty containment fleet has been assigned zero residual value. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment | (9) 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 the three months ended March 31, 2015 and 2014 was $4.9 million and $3.5 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 rental, selling and general expenses in the Consolidated Statements of Operations. See Note 5 for information regarding the impairment of ancillary equipment related to wood mobile offices during the quarter ended March 31, 2015. | |||||||||||||
Property, plant and equipment at March 31, 2015 and December 31, 2014 consisted of the following: | |||||||||||||
Residual Value | Useful Life | March 31, | December 31, | ||||||||||
as Percentage of | in Years | 2015 | 2014 | ||||||||||
Original Cost | |||||||||||||
(In thousands) | |||||||||||||
Land | $ | 10,848 | $ | 10,920 | |||||||||
Vehicles and machinery | 0 - 55% | 5 - 30 | 114,860 | 114,150 | |||||||||
Buildings and improvements (1) | 0 - 25 | 3 - 30 | 19,489 | 19,365 | |||||||||
Office fixtures and equipment | 0 | 3 - 5 | 35,198 | 33,942 | |||||||||
Property, plant and equipment | 180,395 | 178,377 | |||||||||||
Accumulated depreciation | (63,660 | ) | (65,202 | ) | |||||||||
Property, plant and equipment, net | $ | 116,735 | $ | 113,175 | |||||||||
-1 | Improvements made to leased properties are amortized over the lesser of the estimated remaining life or the remaining term of the respective lease. |
Goodwill_and_Intangibles
Goodwill and Intangibles | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
Goodwill and Intangibles | (10) Goodwill and Intangibles | ||||||||||||||||||||||||||
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. Estimated fair values of acquired assets is provisional and could change as additional information is received. During the current quarter, primarily due to further analysis of the assets acquired in the ETS acquisition, the associated goodwill was adjusted upward by $0.9 million. | |||||||||||||||||||||||||||
The following table shows the activity and balances related to goodwill from January 1, 2015 to March 31, 2015: | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 705,608 | |||||||||||||||||||||||||
Acquisition | 128 | ||||||||||||||||||||||||||
Foreign currency | (3,318 | ) | |||||||||||||||||||||||||
Adjustments | 919 | ||||||||||||||||||||||||||
Balance at March 31, 2015 | $ | 703,337 | |||||||||||||||||||||||||
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 and certain 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 periods presented: | |||||||||||||||||||||||||||
March 31, 2015 | December 31, 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 | $ | 91,642 | $ | (21,294 | ) | $ | 70,348 | $ | 91,990 | $ | (20,484 | ) | $ | 71,506 | ||||||||||||
Trade names/trademarks | 1 - 5 | 6,027 | (1,078 | ) | 4,949 | 6,065 | (919 | ) | 5,146 | ||||||||||||||||||
Non-compete agreements | 2 - 5 | 1,796 | (167 | ) | 1,629 | 1,772 | (78 | ) | 1,694 | ||||||||||||||||||
Other | 1 - 19 | 60 | (21 | ) | 39 | 61 | (22 | ) | 39 | ||||||||||||||||||
Total | $ | 99,525 | $ | (22,560 | ) | $ | 76,965 | $ | 99,888 | $ | (21,503 | ) | $ | 78,385 | |||||||||||||
Amortization expense for amortizable intangibles was approximately $1.5 million and $0.3 million for the three-month periods ended March 31, 2015 and 2014, respectively. Based on the carrying value at March 31, 2015, future amortization of intangible assets is expected to be as follows for the years ended December 31 (in thousands): | |||||||||||||||||||||||||||
2015 (remaining) | $ | 4,387 | |||||||||||||||||||||||||
2016 | 5,931 | ||||||||||||||||||||||||||
2017 | 5,921 | ||||||||||||||||||||||||||
2018 | 5,973 | ||||||||||||||||||||||||||
2019 | 6,011 | ||||||||||||||||||||||||||
Thereafter | 48,742 | ||||||||||||||||||||||||||
Total | $ | 76,965 | |||||||||||||||||||||||||
Lines_of_Credit
Lines of Credit | 3 Months Ended |
Mar. 31, 2015 | |
Text Block [Abstract] | |
Lines of Credit | (11) Lines of Credit |
The Company has a $1.0 billion ABL Credit Agreement with Deutsche Bank AG New York Branch and other lenders party thereto (the “Credit Agreement”). 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 March 31, 2015, the applicable margins are 2.00% for LIBOR loans and 1.00% for base rate loans. | |
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 rental 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 March 31, 2015, and was above the minimum borrowing availability threshold and therefore not subject to any financial maintenance covenants. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) Income Taxes |
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, its 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. 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. | |
The Company uses 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 processes, 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’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 rental, selling and general expenses in its Condensed Consolidated Statements of Operations. |
Sharebased_Compensation
Share-based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-based Compensation | (13) 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 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 share-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 March 31, 2015, 2.5 million shares remain available for future grants. Generally stock options have contractual terms of ten years. | |||||||||||||||||
For both the quarters ended March 31, 2015 and 2014, all share-based compensation is included in rental, selling and general expenses. As of March 31, 2015, total unrecognized compensation cost related to stock option awards was approximately $10.1 million and the related weighted-average period over which it is expected to be recognized is approximately 1.7 years. As of March 31, 2015, the unrecognized compensation cost related to nonvested share-awards was approximately $9.9 million, which is expected to be recognized over a weighted-average period of approximately 2.6 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 options granted during the three month periods ended March 31: | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Risk-free interest rate | 1.3% - 1.5% | 1.5 | % | ||||||||||||||
Expected life of the options (years) | 5 | 5 | |||||||||||||||
Expected stock price volatility | 35.6% - 35.7% | 38.4 | % | ||||||||||||||
Expected dividend rate | 1.8% - 2.0% | 1.6 | % | ||||||||||||||
The following table summarizes stock option activity for the three months ended March 31, 2015 (share amounts in thousands): | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Exercise Price | |||||||||||||||||
Options outstanding, beginning of period | 2,649 | $ | 32.33 | ||||||||||||||
Granted | 363 | 42.8 | |||||||||||||||
Canceled/Expired | (16 | ) | 45.72 | ||||||||||||||
Exercised | (1 | ) | 25.43 | ||||||||||||||
Options outstanding, end of period | 2,995 | 33.53 | |||||||||||||||
A summary of stock options outstanding as of March 31, 2015, 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 | 2,995 | $ | 33.53 | 8.11 | $ | 28,595 | |||||||||||
Vested and expected to vest | 2,887 | 33.28 | 8.07 | 28,242 | |||||||||||||
Exercisable | 1,659 | 30.8 | 7.68 | 19,997 | |||||||||||||
The aggregate intrinsic value of options exercised during the three months ended March 31, 2015, was approximately $23,000 and the weighted average fair value of stock options granted was $8.42. | |||||||||||||||||
Nonvested share-awards. The fair value of nonvested share-awards is estimated as the closing price of Mobile Mini’s 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 beginning of period | 343 | $ | 27.99 | ||||||||||||||
Awarded | 81 | 37.22 | |||||||||||||||
Released | (29 | ) | 34.78 | ||||||||||||||
Forfeited | (11 | ) | 24.14 | ||||||||||||||
Nonvested at end of period | 384 | 29.57 | |||||||||||||||
The total fair value of nonvested share-awards that vested during the three months ended March 31, 2015 was $1.0 million. |
Restructuring_Costs
Restructuring Costs | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Restructuring Costs | (14) Restructuring Costs | ||||||||||||||||
The Company’s restructuring costs in the three month periods ended March 31, 2015 and 2014, include the following actions to align its business operations, some of which were begun in previous periods: the termination of the consumer initiative program in the third quarter of 2012, the sale of the Company’s Belfast, North Ireland location in the second quarter of 2014, the realignment of the Company’s corporate organization, field management and sales force structures in North America throughout 2014, and additional field restructuring in 2015 to facilitate the integration of ETS. The accrued restructuring obligations as of March 31, 2015 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 year ended December 31, 2014 and the three-month period ended March 31, 2015. | |||||||||||||||||
Severance | Lease | Other | Total | ||||||||||||||
and | Abandonment | Costs | |||||||||||||||
Benefits | Costs | ||||||||||||||||
(In thousands) | |||||||||||||||||
Accrued obligations as of January 1, 2014 | $ | 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 | 464 | 19 | — | 483 | |||||||||||||
Settlement of obligations | (157 | ) | (61 | ) | — | (218 | ) | ||||||||||
Accrued obligations as of March 31, 2015 | $ | 748 | $ | 634 | $ | — | $ | 1,382 | |||||||||
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 periods indicated: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Severance and benefits | $ | 464 | $ | 340 | |||||||||||||
Lease abandonment costs | 19 | 139 | |||||||||||||||
Other costs (1) | — | 106 | |||||||||||||||
Restructuring expenses | $ | 483 | $ | 585 | |||||||||||||
-1 | Other costs for 2014 include the sale of the Company’s Belfast, Northern Ireland location. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (15) Commitments and Contingencies |
Mobile Mini 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 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 a reasonable determination of the liability that could result from an unfavorable outcome. As additional information becomes available estimates will be revised as appropriate. Management does not anticipate the resolution of such matters known at this time will have a material adverse effect on our business or consolidated financial position. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | (16) Stockholders’ Equity |
Dividends | |
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, paid on March 19, 2015 to stockholders of record as of the close of business on March 5, 2015. 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 the three months ended March 31, 2015, the Company purchased approximately 387,000 shares of its common stock at a cost of $15.0 million under the authorized share repurchase program, and approximately $85.0 million is available for repurchase as of March 31, 2015. In addition, the Company withheld approximately 7,000 shares of stock from employees, for an approximate value of $276,000, upon vesting of share awards to satisfy minimum tax withholding obligations. These shares were not acquired pursuant to the share repurchase program. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting | (17) 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. Operations related to ETS are included in Mobile Mini’s consolidated results for the three months ended March 31, 2015. | |||||||||||||||||||||
The results for each segment are reviewed discretely by senior management. Within their segment, locations generally have similar economic characteristics covering all products rented 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 foreign markets where the Company rents 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 three month periods ended March 31, 2015 and 2014. | |||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental | $ | 78,984 | $ | 20,020 | $ | 99,004 | $ | 22,024 | $ | 121,028 | |||||||||||
Sales | 4,983 | 979 | 5,962 | 762 | 6,724 | ||||||||||||||||
Other | 1,439 | 90 | 1,529 | 3,348 | 4,877 | ||||||||||||||||
Total revenues | 85,406 | 21,089 | 106,495 | 26,134 | 132,629 | ||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Rental, selling and general expenses | 53,580 | 13,652 | 67,232 | 16,750 | 83,982 | ||||||||||||||||
Cost of sales | 3,122 | 742 | 3,864 | 333 | 4,197 | ||||||||||||||||
Restructuring expenses | 217 | — | 217 | 266 | 483 | ||||||||||||||||
Asset impairment charge, net | 64,726 | — | 64,726 | — | 64,726 | ||||||||||||||||
Depreciation and amortization | 7,890 | 1,576 | 9,466 | 6,073 | 15,539 | ||||||||||||||||
Total costs and expenses | 129,535 | 15,970 | 145,505 | 23,422 | 168,927 | ||||||||||||||||
(Loss) income from operations | $ | (44,129 | ) | $ | 5,119 | $ | (39,010 | ) | $ | 2,712 | $ | (36,298 | ) | ||||||||
Interest expense, net of interest income | $ | 6,149 | $ | 218 | $ | 6,367 | $ | 2,692 | $ | 9,059 | |||||||||||
Income tax (benefit) provision | (18,998 | ) | 959 | (18,039 | ) | 8 | (18,031 | ) | |||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental | $ | 75,483 | $ | 18,597 | $ | 94,080 | $ | — | $ | 94,080 | |||||||||||
Sales | 6,578 | 1,288 | 7,866 | — | 7,866 | ||||||||||||||||
Other | 354 | 104 | 458 | — | 458 | ||||||||||||||||
Total revenues | 82,415 | 19,989 | 102,404 | — | 102,404 | ||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Rental, selling and general expenses | 54,707 | 13,649 | 68,356 | — | 68,356 | ||||||||||||||||
Cost of sales | 4,590 | 963 | 5,553 | — | 5,553 | ||||||||||||||||
Restructuring expenses | 397 | 188 | 585 | — | 585 | ||||||||||||||||
Asset impairment charge, net | 159 | 124 | 283 | — | 283 | ||||||||||||||||
Depreciation and amortization | 7,418 | 1,727 | 9,145 | — | 9,145 | ||||||||||||||||
Total costs and expenses | 67,271 | 16,651 | 83,922 | — | 83,922 | ||||||||||||||||
Income from operations | $ | 15,144 | $ | 3,338 | $ | 18,482 | $ | — | $ | 18,482 | |||||||||||
Interest expense, net of interest income | $ | 6,717 | $ | 270 | $ | 6,987 | $ | — | $ | 6,987 | |||||||||||
Income tax provision | 3,299 | 755 | 4,054 | — | 4,054 | ||||||||||||||||
The previous schedules include revenues in the U.S. of $110.5 million and $81.1 million for the three month periods ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||
Assets related to the Company’s segments include the following: | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||
Goodwill | $ | 458,852 | $ | 61,634 | $ | 520,486 | $ | 182,851 | $ | 703,337 | |||||||||||
Intangibles | 1,912 | 618 | 2,530 | 74,435 | 76,965 | ||||||||||||||||
Rental Fleet | 755,434 | 140,732 | 896,166 | 123,497 | 1,019,663 | ||||||||||||||||
Property Plant and Equipment | 87,153 | 15,511 | 102,664 | 14,071 | 116,735 | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Goodwill | $ | 459,234 | $ | 64,402 | $ | 523,636 | $ | 181,972 | $ | 705,608 | |||||||||||
Intangibles | 2,119 | 651 | 2,770 | 75,615 | 78,385 | ||||||||||||||||
Rental Fleet | 825,158 | 140,679 | 965,837 | 121,219 | 1,087,056 | ||||||||||||||||
Property Plant and Equipment | 82,514 | 16,488 | 99,002 | 14,173 | 113,175 | ||||||||||||||||
The previous schedules include assets in the U.S. of $1.7 billion as of March 31, 2015 and December 31, 2014. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (18) Subsequent Events |
Divestiture of North American wood mobile office fleet | |
On April 16, 2015 the Company entered into a definitive agreement to sell its wood mobile offices within its North American Portable Storage segment for a cash price of $92.0 million. See Note 5 for information regarding the $64.7 million impairment related to these assets recorded during the quarter ended March 31, 2015. The transaction is expected to be completed in May 2015, at which time the Company expects to recognize approximately $2 million of divestiture-related expenses. Cash received will be net of approximately $6.6 million of deferred revenue related to these products. | |
Increase to treasury stock repurchase program. | |
On April 17, 2015, Mobile Mini’s Board approved a $50 million increase in the current share repurchase program to $175 million. Through April 30, 2015, the Company has repurchased $40.0 million of shares under this program and approximately $135.0 million is available for repurchase as of April 30, 2015. | |
Declaration of quarterly dividend | |
On April 29, 2015, the Company’s Board authorized and declared a quarterly dividend to all the Company’s common stockholders of $0.187 per share of common stock, payable on June 3, 2015 to all stockholders of record as of the close of business on May 20, 2015. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Condensed Consolidating Financial Information | (19) Condensed Consolidating Financial Information | ||||||||||||||||
The following tables reflect the condensed consolidating financial information of the Company’s subsidiary guarantors of the Senior Notes and its non-guarantor subsidiaries. Separate financial statements of the subsidiary guarantors are not presented because the guarantee by each 100% owned subsidiary guarantor is full and unconditional, joint and several, subject to customary exceptions, and management has determined that such information is not material to investors. | |||||||||||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 1,980 | $ | 1,068 | $ | — | $ | 3,048 | |||||||||
Receivables, net | 60,310 | 18,694 | — | 79,004 | |||||||||||||
Inventories | 15,447 | 1,071 | — | 16,518 | |||||||||||||
Rental fleet, net | 868,049 | 151,614 | — | 1,019,663 | |||||||||||||
Property, plant and equipment, net | 100,180 | 16,555 | — | 116,735 | |||||||||||||
Deposits and prepaid expenses | 6,442 | 1,059 | — | 7,501 | |||||||||||||
Deferred financing costs, net and other assets | 8,173 | — | — | 8,173 | |||||||||||||
Intangibles, net | 76,259 | 706 | — | 76,965 | |||||||||||||
Goodwill | 636,863 | 66,474 | — | 703,337 | |||||||||||||
Intercompany receivables | 144,313 | 33,670 | (177,983 | ) | — | ||||||||||||
Total assets | $ | 1,918,016 | $ | 290,911 | $ | (177,983 | ) | $ | 2,030,944 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 20,531 | $ | 9,934 | $ | — | $ | 30,465 | |||||||||
Accrued liabilities | 57,658 | 6,932 | — | 64,590 | |||||||||||||
Lines of credit | 697,533 | 3,848 | — | 701,381 | |||||||||||||
Obligations under capital leases | 26,133 | 137 | — | 26,270 | |||||||||||||
Senior Notes | 200,000 | — | — | 200,000 | |||||||||||||
Deferred income taxes | 195,840 | 17,525 | — | 213,365 | |||||||||||||
Intercompany payables | — | 92 | (92 | ) | — | ||||||||||||
Total liabilities | 1,197,695 | 38,468 | (92 | ) | 1,236,071 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 491 | 18,388 | (18,388 | ) | 491 | ||||||||||||
Additional paid-in capital | 572,364 | 160,347 | (160,347 | ) | 572,364 | ||||||||||||
Retained earnings | 228,426 | 115,355 | 844 | 344,625 | |||||||||||||
Accumulated other comprehensive loss | — | (41,647 | ) | — | (41,647 | ) | |||||||||||
Treasury stock, at cost | (80,960 | ) | — | — | (80,960 | ) | |||||||||||
Total stockholders’ equity | 720,321 | 252,443 | (177,891 | ) | 794,873 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,918,016 | $ | 290,911 | $ | (177,983 | ) | $ | 2,030,944 | ||||||||
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 | |||||||||||||
Rental 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 OPERATIONS | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Rental | $ | 100,018 | $ | 21,010 | $ | — | $ | 121,028 | |||||||||
Sales | 5,669 | 1,055 | — | 6,724 | |||||||||||||
Other | 4,787 | 90 | — | 4,877 | |||||||||||||
Total revenues | 110,474 | 22,155 | — | 132,629 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Rental, selling and general expenses | 69,610 | 14,372 | — | 83,982 | |||||||||||||
Cost of sales | 3,401 | 796 | — | 4,197 | |||||||||||||
Restructuring expenses | 483 | — | — | 483 | |||||||||||||
Asset impairment charge | 64,726 | — | — | 64,726 | |||||||||||||
Depreciation and amortization | 13,848 | 1,691 | — | 15,539 | |||||||||||||
Total costs and expenses | 152,068 | 16,859 | — | 168,927 | |||||||||||||
(Loss) income from operations | (41,594 | ) | 5,296 | — | (36,298 | ) | |||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 2,662 | — | (2,662 | ) | — | ||||||||||||
Interest expense | (11,343 | ) | (378 | ) | 2,662 | (9,059 | ) | ||||||||||
(Loss) income before income tax provision | (50,275 | ) | 4,918 | — | (45,357 | ) | |||||||||||
Income tax (benefit) provision | (18,991 | ) | 960 | — | (18,031 | ) | |||||||||||
Net (loss) income | $ | (31,284 | ) | $ | 3,958 | $ | — | $ | (27,326 | ) | |||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net (loss) income | $ | (31,284 | ) | $ | 3,958 | $ | — | $ | (27,326 | ) | |||||||
Foreign currency translation adjustment | — | (11,777 | ) | — | (11,777 | ) | |||||||||||
Comprehensive loss | $ | (31,284 | ) | $ | (7,819 | ) | $ | — | $ | (39,103 | ) | ||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Rental | $ | 74,268 | $ | 19,812 | $ | — | $ | 94,080 | |||||||||
Sales | 6,527 | 1,339 | — | 7,866 | |||||||||||||
Other | 351 | 107 | — | 458 | |||||||||||||
Total revenues | 81,146 | 21,258 | — | 102,404 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 4,552 | 1,001 | — | 5,553 | |||||||||||||
Rental, selling and general expenses | 53,708 | 14,648 | — | 68,356 | |||||||||||||
Restructuring expenses | 397 | 188 | — | 585 | |||||||||||||
Asset impairment charge, net | 136 | 147 | — | 283 | |||||||||||||
Depreciation and amortization | 7,277 | 1,868 | — | 9,145 | |||||||||||||
Total costs and expenses | 66,070 | 17,852 | — | 83,922 | |||||||||||||
Income from operations | 15,076 | 3,406 | — | 18,482 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 30 | — | (30 | ) | — | ||||||||||||
Interest expense | (6,599 | ) | (418 | ) | 30 | (6,987 | ) | ||||||||||
Foreign currency exchange | — | (1 | ) | — | (1 | ) | |||||||||||
Income before income tax provision | 8,507 | 2,987 | — | 11,494 | |||||||||||||
Income tax provision | 3,299 | 755 | — | 4,054 | |||||||||||||
Net income | $ | 5,208 | $ | 2,232 | $ | — | $ | 7,440 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 5,208 | $ | 2,232 | $ | — | $ | 7,440 | |||||||||
Foreign currency translation adjustment | — | 1,180 | — | 1,180 | |||||||||||||
Comprehensive income | $ | 5,208 | $ | 3,412 | $ | — | $ | 8,620 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | (31,284 | ) | $ | 3,958 | $ | — | $ | (27,326 | ) | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Asset impairment charge | 64,726 | — | — | 64,726 | |||||||||||||
Provision for doubtful accounts | 947 | 222 | — | 1,169 | |||||||||||||
Amortization of deferred financing costs | 775 | 14 | — | 789 | |||||||||||||
Amortization of long-term liabilities | 25 | — | — | 25 | |||||||||||||
Share-based compensation expense | 3,160 | 90 | — | 3,250 | |||||||||||||
Depreciation and amortization | 13,848 | 1,691 | — | 15,539 | |||||||||||||
Gain on sale of rental fleet units | (1,826 | ) | (146 | ) | — | (1,972 | ) | ||||||||||
Loss on disposal of property, plant and equipment | 219 | 116 | — | 335 | |||||||||||||
Deferred income taxes | (19,192 | ) | 959 | — | (18,233 | ) | |||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | 188 | (824 | ) | — | (636 | ) | |||||||||||
Inventories | (75 | ) | 232 | — | 157 | ||||||||||||
Deposits and prepaid expenses | 348 | 98 | — | 446 | |||||||||||||
Other assets and intangibles | 9 | — | — | 9 | |||||||||||||
Accounts payable | 751 | 282 | — | 1,033 | |||||||||||||
Accrued liabilities | (467 | ) | (372 | ) | — | (839 | ) | ||||||||||
Intercompany | 683 | (844 | ) | 161 | — | ||||||||||||
Net cash provided by operating activities | 32,835 | 5,476 | 161 | 38,472 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Cash paid for businesses, net of cash acquired | — | (1,200 | ) | — | (1,200 | ) | |||||||||||
Additions to rental fleet | (5,745 | ) | (4,735 | ) | — | (10,480 | ) | ||||||||||
Proceeds from sale of rental fleet units | 4,268 | 574 | — | 4,842 | |||||||||||||
Additions to property, plant and equipment | (3,307 | ) | (934 | ) | — | (4,241 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 243 | 364 | — | 607 | |||||||||||||
Net cash used in investing activities | (4,541 | ) | (5,931 | ) | — | (10,472 | ) | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net borrowings (repayments) under lines of credit | (4,602 | ) | 619 | (154 | ) | (4,137 | ) | ||||||||||
Deferred financing costs | (100 | ) | — | — | (100 | ) | |||||||||||
Principal payments on capital lease obligations | (828 | ) | (14 | ) | (7 | ) | (849 | ) | |||||||||
Issuance of common stock | 32 | — | — | 32 | |||||||||||||
Dividend payments | (8,509 | ) | — | — | (8,509 | ) | |||||||||||
Purchase of treasury stock | (15,284 | ) | — | — | (15,284 | ) | |||||||||||
Net cash (used in) provided by financing activities | (29,291 | ) | 605 | (161 | ) | (28,847 | ) | ||||||||||
Effect of exchange rate changes on cash | — | 156 | — | 156 | |||||||||||||
Net (decrease) increase in cash | (997 | ) | 306 | — | (691 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 2,977 | 762 | — | 3,739 | |||||||||||||
Cash and cash equivalents at end of period | $ | 1,980 | $ | 1,068 | $ | — | $ | 3,048 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 5,208 | $ | 2,232 | $ | — | $ | 7,440 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Asset impairment charge, net | 136 | 147 | — | 283 | |||||||||||||
Provision for doubtful accounts | 453 | 94 | — | 547 | |||||||||||||
Amortization of deferred financing costs | 687 | 16 | — | 703 | |||||||||||||
Amortization of long-term liabilities | 40 | 1 | — | 41 | |||||||||||||
Share-based compensation expense | 3,963 | 201 | — | 4,164 | |||||||||||||
Depreciation and amortization | 7,277 | 1,868 | — | 9,145 | |||||||||||||
Gain on sale of rental fleet units | (1,500 | ) | (211 | ) | — | (1,711 | ) | ||||||||||
Loss on disposal of property, plant and equipment | 48 | 24 | — | 72 | |||||||||||||
Deferred income taxes | 3,201 | 753 | — | 3,954 | |||||||||||||
Foreign currency loss | — | 1 | — | 1 | |||||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | 1,404 | (626 | ) | — | 778 | ||||||||||||
Inventories | 285 | (57 | ) | — | 228 | ||||||||||||
Deposits and prepaid expenses | (1,416 | ) | 140 | — | (1,276 | ) | |||||||||||
Other assets and intangibles | (178 | ) | 173 | — | (5 | ) | |||||||||||
Accounts payable | 1,123 | 1,938 | — | 3,061 | |||||||||||||
Accrued liabilities | (350 | ) | (263 | ) | — | (613 | ) | ||||||||||
Intercompany | 756 | (756 | ) | — | — | ||||||||||||
Net cash provided by operating activities | 21,137 | 5,675 | — | 26,812 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Cash paid for businesses, net of cash acquired | (4,217 | ) | — | — | (4,217 | ) | |||||||||||
Additions to rental fleet | (1,834 | ) | (2,244 | ) | — | (4,078 | ) | ||||||||||
Proceeds from sale of rental fleet units | 4,781 | 846 | — | 5,627 | |||||||||||||
Additions to property, plant and equipment | (2,393 | ) | (235 | ) | — | (2,628 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 708 | 200 | — | 908 | |||||||||||||
Net cash used in investing activities | (2,955 | ) | (1,433 | ) | — | (4,388 | ) | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net repayments under lines of credit | (10,773 | ) | (5,534 | ) | — | (16,307 | ) | ||||||||||
Principal payments on capital lease obligations | (367 | ) | — | — | (367 | ) | |||||||||||
Issuance of common stock | 1,949 | — | — | 1,949 | |||||||||||||
Dividend payments | (7,849 | ) | — | — | (7,849 | ) | |||||||||||
Purchase of treasury stock | (407 | ) | — | — | (407 | ) | |||||||||||
Net cash used in financing activities | (17,447 | ) | (5,534 | ) | — | (22,981 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (132 | ) | — | (132 | ) | |||||||||||
Net increase (decrease) in cash | 735 | (1,424 | ) | — | (689 | ) | |||||||||||
Cash and cash equivalents at beginning of period | (190 | ) | 1,446 | — | 1,256 | ||||||||||||
Cash and cash equivalents at end of period | $ | 545 | $ | 22 | $ | — | $ | 567 | |||||||||
Mobile_Mini_Organization_and_D1
Mobile Mini, Organization and Description of Business (Policies) | 3 Months Ended | ||
Mar. 31, 2015 | |||
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. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management of Mobile Mini, Inc., all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for all periods presented have been made. The results of operations for the three months ended March 31, 2015 and 2014 are not necessarily indicative of the results to be expected for the full year. | |||
These condensed consolidated financial statements should be read in conjunction with the Company’s December 31, 2014 audited consolidated financial statements and accompanying notes thereto, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2015. | |||
Use of Estimates | Use of Estimates | ||
The preparation of financial statements in conformity with 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 rental fleet, property, plant and equipment, goodwill and other asset impairments and certain accrued liabilities. | |||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the Financial Accounting Standards Board (“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. The Company will apply this guidance prospectively to transactions occurring after December 31, 2014. | |||
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. | |||
Simplifying the Presentation of Debt Issuance Costs. In April 2015, FASB issued accounting guidance on the presentation of debt issuance costs in the balance sheet. This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this guidance. The Company will apply this guidance prospectively beginning in the fiscal year ended December 31, 2017. The application of this guidance will result in a reclassification of debt financing costs from other assets to a reduction of the specific debt liability, and will not affect the Company’s statement of operations or cash flow. As of March 31, 2015, the Company’s debt financing costs, net of accumulated amortization is $8.0 million. | |||
Fair Value Measurements, Policy | 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 inputs 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. | ||
Earnings Per Share | Basic (loss) earnings per share (“EPS”) is calculated by dividing net (loss) 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 nonvested share-awards, which is subject to risk of forfeiture, and incremental shares of common stock issuable upon the exercise of stock options. | ||
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 rental fleet. | |||
Rental Fleet, Policy | Rental fleet is capitalized at cost and depreciated over the estimated useful life of the unit using the straight-line method. Rental fleet is depreciated whether or not it is out on rent. Capitalized cost of rental 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 rental fleet, practices of competitors in comparable industries, profit margins achieved on sales of depreciated units and rental 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 the three months ended March 31, 2015 and 2014 was $4.9 million and $3.5 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 rental, selling and general expenses in the Consolidated Statements of Operations. See Note 5 for information regarding the impairment of ancillary equipment related to wood mobile offices during the quarter ended March 31, 2015. | ||
Income Tax Uncertainties, Policy | The Company uses 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 processes, 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. Operations related to ETS are included in Mobile Mini’s consolidated results for the three months ended March 31, 2015. | ||
The results for each segment are reviewed discretely by senior management. Within their segment, locations generally have similar economic characteristics covering all products rented 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 foreign markets where the Company rents and sells its products, the Company does not believe such exposure will have a significant impact on its results of operations. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Carrying and Fair Value of Senior Notes | The carrying value and the fair value of the Company’s Senior Notes are as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Carrying value | $ | 200,000 | $ | 200,000 | |||||
Fair value | 211,000 | 206,000 |
Loss_Earnings_Per_Share_Tables
(Loss) Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation of Net (Loss) Income and 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 (loss) income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS for the three months ended March 31: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except | |||||||||
per share data) | |||||||||
Numerator: | |||||||||
Net (loss) income | $ | (27,326 | ) | $ | 7,440 | ||||
Basic EPS Denominator: | |||||||||
Common shares outstanding beginning of year | 45,814 | 46,084 | |||||||
Weighted shares issued (repurchased) during the period | (330 | ) | 64 | ||||||
Total weighted average shares outstanding | 45,484 | 46,148 | |||||||
Diluted EPS Denominator: | |||||||||
Common shares outstanding beginning of year | 45,814 | 46,084 | |||||||
Net weighted shares issued (repurchased) during the period | (330 | ) | 64 | ||||||
Dilutive effect of stock options and nonvested share awards during the period (1) | — | 689 | |||||||
Total weighted average shares outstanding | 45,484 | 46,837 | |||||||
(Loss) earnings per share: | |||||||||
Basic | $ | (0.60 | ) | $ | 0.16 | ||||
Diluted | (0.60 | ) | 0.16 | ||||||
-1 | Common stock equivalents of approximately 570,000 were excluded from the calculation of diluted earnings per share for the quarter ending March 31, 2015 because their inclusion would reduce the net loss per share. | ||||||||
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 quarters ended March 31: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Stock options | 1,108 | 641 | |||||||
Nonvested share-awards | — | — | |||||||
Total | 1,108 | 641 | |||||||
Impairment_of_North_American_W1
Impairment of North American Wood Mobile Offices (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Schedule of Assets Impaired and Impairment Loss Recognized | Based on this review, management determined that the assets were impaired as of March 31, 2015 and an impairment loss, was recognized in the amount by which the carrying amount of the asset group exceeded the estimated fair value as follows: | ||||
March 31, | |||||
2015 | |||||
(In thousands) | |||||
Estimated fair market value | $ | 92,000 | |||
Net book value: | |||||
Wood mobile offices in rental fleet | 155,558 | ||||
Ancillary items in property, plant and equipment | 1,168 | ||||
Impairment loss | $ | (64,726 | ) | ||
Acquisition_Tables
Acquisition (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Schedule of Components of Purchase Price and Net Assets Acquired | The components of the purchase price and net assets acquired during the three months ended March 31, 2015 are as follows (in thousands): | ||||
Net Assets Acquired: | |||||
Rental fleet | $ | 991 | |||
Intangible assets: | |||||
Customer relationships | 57 | ||||
Non-compete agreements | 24 | ||||
Goodwill | 128 | ||||
Total purchase price | $ | 1,200 | |||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories at March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Raw materials and supplies | $ | 14,569 | $ | 14,241 | |||||
Work-in-process | 212 | 201 | |||||||
Finished portable storage units | 1,737 | 2,294 | |||||||
Inventories | $ | 16,518 | $ | 16,736 | |||||
Rental_Fleet_Tables
Rental Fleet (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Text Block [Abstract] | |||||||||||||||
Rental Fleet | Rental fleet consisted of the following at March 31, 2015 and December 31, 2014: | ||||||||||||||
Residual Value | Useful Life | March 31, | December 31, | ||||||||||||
as Percentage of | in Years | 2015 | 2014 | ||||||||||||
Original Cost (1) | |||||||||||||||
(In thousands) | |||||||||||||||
Portable Storage: | |||||||||||||||
Steel storage containers | 55 | % | 30 | $ | 602,360 | $ | 604,547 | ||||||||
Ground level offices | 55 | % | 30 | 330,891 | 329,565 | ||||||||||
Wood mobile offices | 50 | % | 20 | 143,894 | 208,529 | ||||||||||
Other | 5,230 | 5,633 | |||||||||||||
Total | 1,082,375 | 1,148,274 | |||||||||||||
Accumulated depreciation | (186,209 | ) | (182,437 | ) | |||||||||||
Total portable storage fleet, net | $ | 896,166 | $ | 965,837 | |||||||||||
Specialty Containment: | |||||||||||||||
Steel tanks | 25 | $ | 52,031 | $ | 50,843 | ||||||||||
Roll-off boxes | 15 - 20 | 23,247 | 19,820 | ||||||||||||
Stainless steel tank trailers | 25 | 8,189 | 7,667 | ||||||||||||
Vacuum boxes | 20 | 23,287 | 23,283 | ||||||||||||
De-watering boxes | 20 | 4,271 | 3,898 | ||||||||||||
Pumps and filtration equipment | 7 | 11,655 | 11,510 | ||||||||||||
Other | 5,954 | 5,468 | |||||||||||||
Total | 128,634 | 122,489 | |||||||||||||
Accumulated depreciation | (5,137 | ) | (1,270 | ) | |||||||||||
Total specialty containment fleet, net | $ | 123,497 | $ | 121,219 | |||||||||||
Total rental fleet, net | $ | 1,019,663 | $ | 1,087,056 | |||||||||||
-1 | Specialty containment fleet has been assigned zero residual value. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment | Property, plant and equipment at March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||||||
Residual Value | Useful Life | March 31, | December 31, | ||||||||||
as Percentage of | in Years | 2015 | 2014 | ||||||||||
Original Cost | |||||||||||||
(In thousands) | |||||||||||||
Land | $ | 10,848 | $ | 10,920 | |||||||||
Vehicles and machinery | 0 - 55% | 5 - 30 | 114,860 | 114,150 | |||||||||
Buildings and improvements (1) | 0 - 25 | 3 - 30 | 19,489 | 19,365 | |||||||||
Office fixtures and equipment | 0 | 3 - 5 | 35,198 | 33,942 | |||||||||
Property, plant and equipment | 180,395 | 178,377 | |||||||||||
Accumulated depreciation | (63,660 | ) | (65,202 | ) | |||||||||
Property, plant and equipment, net | $ | 116,735 | $ | 113,175 | |||||||||
-1 | Improvements made to leased properties are amortized over the lesser of the estimated remaining life or the remaining term of the respective lease. |
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
Activity and Balances Relating to Goodwill | The following table shows the activity and balances related to goodwill from January 1, 2015 to March 31, 2015: | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 705,608 | |||||||||||||||||||||||||
Acquisition | 128 | ||||||||||||||||||||||||||
Foreign currency | (3,318 | ) | |||||||||||||||||||||||||
Adjustments | 919 | ||||||||||||||||||||||||||
Balance at March 31, 2015 | $ | 703,337 | |||||||||||||||||||||||||
Balances Related to Intangible Assets | The following table reflects balances related to intangible assets for the periods presented: | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 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 | $ | 91,642 | $ | (21,294 | ) | $ | 70,348 | $ | 91,990 | $ | (20,484 | ) | $ | 71,506 | ||||||||||||
Trade names/trademarks | 1 - 5 | 6,027 | (1,078 | ) | 4,949 | 6,065 | (919 | ) | 5,146 | ||||||||||||||||||
Non-compete agreements | 2 - 5 | 1,796 | (167 | ) | 1,629 | 1,772 | (78 | ) | 1,694 | ||||||||||||||||||
Other | 1 - 19 | 60 | (21 | ) | 39 | 61 | (22 | ) | 39 | ||||||||||||||||||
Total | $ | 99,525 | $ | (22,560 | ) | $ | 76,965 | $ | 99,888 | $ | (21,503 | ) | $ | 78,385 | |||||||||||||
Schedule of Expected Future Amortization of Intangible Assets | Based on the carrying value at March 31, 2015, future amortization of intangible assets is expected to be as follows for the years ended December 31 (in thousands): | ||||||||||||||||||||||||||
2015 (remaining) | $ | 4,387 | |||||||||||||||||||||||||
2016 | 5,931 | ||||||||||||||||||||||||||
2017 | 5,921 | ||||||||||||||||||||||||||
2018 | 5,973 | ||||||||||||||||||||||||||
2019 | 6,011 | ||||||||||||||||||||||||||
Thereafter | 48,742 | ||||||||||||||||||||||||||
Total | $ | 76,965 | |||||||||||||||||||||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Key Assumptions Used to Estimate Fair Value of Stock Options Granted | The following are the key assumptions used for options granted during the three month periods ended March 31: | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Risk-free interest rate | 1.3% - 1.5% | 1.5 | % | ||||||||||||||
Expected life of the options (years) | 5 | 5 | |||||||||||||||
Expected stock price volatility | 35.6% - 35.7% | 38.4 | % | ||||||||||||||
Expected dividend rate | 1.8% - 2.0% | 1.6 | % | ||||||||||||||
Stock Option Activity | The following table summarizes stock option activity for the three months ended March 31, 2015 (share amounts in thousands): | ||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Exercise Price | |||||||||||||||||
Options outstanding, beginning of period | 2,649 | $ | 32.33 | ||||||||||||||
Granted | 363 | 42.8 | |||||||||||||||
Canceled/Expired | (16 | ) | 45.72 | ||||||||||||||
Exercised | (1 | ) | 25.43 | ||||||||||||||
Options outstanding, end of period | 2,995 | 33.53 | |||||||||||||||
Fully Vested Stock Options and Stock Options Expected to Vest | A summary of stock options outstanding as of March 31, 2015, 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 | 2,995 | $ | 33.53 | 8.11 | $ | 28,595 | |||||||||||
Vested and expected to vest | 2,887 | 33.28 | 8.07 | 28,242 | |||||||||||||
Exercisable | 1,659 | 30.8 | 7.68 | 19,997 | |||||||||||||
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 beginning of period | 343 | $ | 27.99 | ||||||||||||||
Awarded | 81 | 37.22 | |||||||||||||||
Released | (29 | ) | 34.78 | ||||||||||||||
Forfeited | (11 | ) | 24.14 | ||||||||||||||
Nonvested at end of period | 384 | 29.57 | |||||||||||||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 year ended December 31, 2014 and the three-month period ended March 31, 2015. | ||||||||||||||||
Severance | Lease | Other | Total | ||||||||||||||
and | Abandonment | Costs | |||||||||||||||
Benefits | Costs | ||||||||||||||||
(In thousands) | |||||||||||||||||
Accrued obligations as of January 1, 2014 | $ | 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 | 464 | 19 | — | 483 | |||||||||||||
Settlement of obligations | (157 | ) | (61 | ) | — | (218 | ) | ||||||||||
Accrued obligations as of March 31, 2015 | $ | 748 | $ | 634 | $ | — | $ | 1,382 | |||||||||
Restructuring Expense | The following amounts are included in restructuring expense for the periods indicated: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Severance and benefits | $ | 464 | $ | 340 | |||||||||||||
Lease abandonment costs | 19 | 139 | |||||||||||||||
Other costs (1) | — | 106 | |||||||||||||||
Restructuring expenses | $ | 483 | $ | 585 | |||||||||||||
-1 | Other costs for 2014 include the sale of the Company’s Belfast, Northern Ireland location. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting | The following tables set forth certain information regarding each of the Company’s segments for the three month periods ended March 31, 2015 and 2014. | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental | $ | 78,984 | $ | 20,020 | $ | 99,004 | $ | 22,024 | $ | 121,028 | |||||||||||
Sales | 4,983 | 979 | 5,962 | 762 | 6,724 | ||||||||||||||||
Other | 1,439 | 90 | 1,529 | 3,348 | 4,877 | ||||||||||||||||
Total revenues | 85,406 | 21,089 | 106,495 | 26,134 | 132,629 | ||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Rental, selling and general expenses | 53,580 | 13,652 | 67,232 | 16,750 | 83,982 | ||||||||||||||||
Cost of sales | 3,122 | 742 | 3,864 | 333 | 4,197 | ||||||||||||||||
Restructuring expenses | 217 | — | 217 | 266 | 483 | ||||||||||||||||
Asset impairment charge, net | 64,726 | — | 64,726 | — | 64,726 | ||||||||||||||||
Depreciation and amortization | 7,890 | 1,576 | 9,466 | 6,073 | 15,539 | ||||||||||||||||
Total costs and expenses | 129,535 | 15,970 | 145,505 | 23,422 | 168,927 | ||||||||||||||||
(Loss) income from operations | $ | (44,129 | ) | $ | 5,119 | $ | (39,010 | ) | $ | 2,712 | $ | (36,298 | ) | ||||||||
Interest expense, net of interest income | $ | 6,149 | $ | 218 | $ | 6,367 | $ | 2,692 | $ | 9,059 | |||||||||||
Income tax (benefit) provision | (18,998 | ) | 959 | (18,039 | ) | 8 | (18,031 | ) | |||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental | $ | 75,483 | $ | 18,597 | $ | 94,080 | $ | — | $ | 94,080 | |||||||||||
Sales | 6,578 | 1,288 | 7,866 | — | 7,866 | ||||||||||||||||
Other | 354 | 104 | 458 | — | 458 | ||||||||||||||||
Total revenues | 82,415 | 19,989 | 102,404 | — | 102,404 | ||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Rental, selling and general expenses | 54,707 | 13,649 | 68,356 | — | 68,356 | ||||||||||||||||
Cost of sales | 4,590 | 963 | 5,553 | — | 5,553 | ||||||||||||||||
Restructuring expenses | 397 | 188 | 585 | — | 585 | ||||||||||||||||
Asset impairment charge, net | 159 | 124 | 283 | — | 283 | ||||||||||||||||
Depreciation and amortization | 7,418 | 1,727 | 9,145 | — | 9,145 | ||||||||||||||||
Total costs and expenses | 67,271 | 16,651 | 83,922 | — | 83,922 | ||||||||||||||||
Income from operations | $ | 15,144 | $ | 3,338 | $ | 18,482 | $ | — | $ | 18,482 | |||||||||||
Interest expense, net of interest income | $ | 6,717 | $ | 270 | $ | 6,987 | $ | — | $ | 6,987 | |||||||||||
Income tax provision | 3,299 | 755 | 4,054 | — | 4,054 | ||||||||||||||||
Assets Segments | Assets related to the Company’s segments include the following: | ||||||||||||||||||||
Portable Storage | |||||||||||||||||||||
North | United | Total | Specialty | Consolidated | |||||||||||||||||
America | Kingdom | Containment | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||
Goodwill | $ | 458,852 | $ | 61,634 | $ | 520,486 | $ | 182,851 | $ | 703,337 | |||||||||||
Intangibles | 1,912 | 618 | 2,530 | 74,435 | 76,965 | ||||||||||||||||
Rental Fleet | 755,434 | 140,732 | 896,166 | 123,497 | 1,019,663 | ||||||||||||||||
Property Plant and Equipment | 87,153 | 15,511 | 102,664 | 14,071 | 116,735 | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Goodwill | $ | 459,234 | $ | 64,402 | $ | 523,636 | $ | 181,972 | $ | 705,608 | |||||||||||
Intangibles | 2,119 | 651 | 2,770 | 75,615 | 78,385 | ||||||||||||||||
Rental Fleet | 825,158 | 140,679 | 965,837 | 121,219 | 1,087,056 | ||||||||||||||||
Property Plant and Equipment | 82,514 | 16,488 | 99,002 | 14,173 | 113,175 |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Condensed Consolidating Balance Sheets | The following tables reflect the condensed consolidating financial information of the Company’s subsidiary guarantors of the Senior Notes and its non-guarantor subsidiaries. Separate financial statements of the subsidiary guarantors are not presented because the guarantee by each 100% owned subsidiary guarantor is full and unconditional, joint and several, subject to customary exceptions, and management has determined that such information is not material to investors. | ||||||||||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 1,980 | $ | 1,068 | $ | — | $ | 3,048 | |||||||||
Receivables, net | 60,310 | 18,694 | — | 79,004 | |||||||||||||
Inventories | 15,447 | 1,071 | — | 16,518 | |||||||||||||
Rental fleet, net | 868,049 | 151,614 | — | 1,019,663 | |||||||||||||
Property, plant and equipment, net | 100,180 | 16,555 | — | 116,735 | |||||||||||||
Deposits and prepaid expenses | 6,442 | 1,059 | — | 7,501 | |||||||||||||
Deferred financing costs, net and other assets | 8,173 | — | — | 8,173 | |||||||||||||
Intangibles, net | 76,259 | 706 | — | 76,965 | |||||||||||||
Goodwill | 636,863 | 66,474 | — | 703,337 | |||||||||||||
Intercompany receivables | 144,313 | 33,670 | (177,983 | ) | — | ||||||||||||
Total assets | $ | 1,918,016 | $ | 290,911 | $ | (177,983 | ) | $ | 2,030,944 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 20,531 | $ | 9,934 | $ | — | $ | 30,465 | |||||||||
Accrued liabilities | 57,658 | 6,932 | — | 64,590 | |||||||||||||
Lines of credit | 697,533 | 3,848 | — | 701,381 | |||||||||||||
Obligations under capital leases | 26,133 | 137 | — | 26,270 | |||||||||||||
Senior Notes | 200,000 | — | — | 200,000 | |||||||||||||
Deferred income taxes | 195,840 | 17,525 | — | 213,365 | |||||||||||||
Intercompany payables | — | 92 | (92 | ) | — | ||||||||||||
Total liabilities | 1,197,695 | 38,468 | (92 | ) | 1,236,071 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 491 | 18,388 | (18,388 | ) | 491 | ||||||||||||
Additional paid-in capital | 572,364 | 160,347 | (160,347 | ) | 572,364 | ||||||||||||
Retained earnings | 228,426 | 115,355 | 844 | 344,625 | |||||||||||||
Accumulated other comprehensive loss | — | (41,647 | ) | — | (41,647 | ) | |||||||||||
Treasury stock, at cost | (80,960 | ) | — | — | (80,960 | ) | |||||||||||
Total stockholders’ equity | 720,321 | 252,443 | (177,891 | ) | 794,873 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,918,016 | $ | 290,911 | $ | (177,983 | ) | $ | 2,030,944 | ||||||||
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 | |||||||||||||
Rental 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 Operations | MOBILE MINI, INC. | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Rental | $ | 100,018 | $ | 21,010 | $ | — | $ | 121,028 | |||||||||
Sales | 5,669 | 1,055 | — | 6,724 | |||||||||||||
Other | 4,787 | 90 | — | 4,877 | |||||||||||||
Total revenues | 110,474 | 22,155 | — | 132,629 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Rental, selling and general expenses | 69,610 | 14,372 | — | 83,982 | |||||||||||||
Cost of sales | 3,401 | 796 | — | 4,197 | |||||||||||||
Restructuring expenses | 483 | — | — | 483 | |||||||||||||
Asset impairment charge | 64,726 | — | — | 64,726 | |||||||||||||
Depreciation and amortization | 13,848 | 1,691 | — | 15,539 | |||||||||||||
Total costs and expenses | 152,068 | 16,859 | — | 168,927 | |||||||||||||
(Loss) income from operations | (41,594 | ) | 5,296 | — | (36,298 | ) | |||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 2,662 | — | (2,662 | ) | — | ||||||||||||
Interest expense | (11,343 | ) | (378 | ) | 2,662 | (9,059 | ) | ||||||||||
(Loss) income before income tax provision | (50,275 | ) | 4,918 | — | (45,357 | ) | |||||||||||
Income tax (benefit) provision | (18,991 | ) | 960 | — | (18,031 | ) | |||||||||||
Net (loss) income | $ | (31,284 | ) | $ | 3,958 | $ | — | $ | (27,326 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Rental | $ | 74,268 | $ | 19,812 | $ | — | $ | 94,080 | |||||||||
Sales | 6,527 | 1,339 | — | 7,866 | |||||||||||||
Other | 351 | 107 | — | 458 | |||||||||||||
Total revenues | 81,146 | 21,258 | — | 102,404 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 4,552 | 1,001 | — | 5,553 | |||||||||||||
Rental, selling and general expenses | 53,708 | 14,648 | — | 68,356 | |||||||||||||
Restructuring expenses | 397 | 188 | — | 585 | |||||||||||||
Asset impairment charge, net | 136 | 147 | — | 283 | |||||||||||||
Depreciation and amortization | 7,277 | 1,868 | — | 9,145 | |||||||||||||
Total costs and expenses | 66,070 | 17,852 | — | 83,922 | |||||||||||||
Income from operations | 15,076 | 3,406 | — | 18,482 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 30 | — | (30 | ) | — | ||||||||||||
Interest expense | (6,599 | ) | (418 | ) | 30 | (6,987 | ) | ||||||||||
Foreign currency exchange | — | (1 | ) | — | (1 | ) | |||||||||||
Income before income tax provision | 8,507 | 2,987 | — | 11,494 | |||||||||||||
Income tax provision | 3,299 | 755 | — | 4,054 | |||||||||||||
Net income | $ | 5,208 | $ | 2,232 | $ | — | $ | 7,440 | |||||||||
Condensed Consolidating Statements of Comprehensive (Loss) Income | MOBILE MINI, INC. | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net (loss) income | $ | (31,284 | ) | $ | 3,958 | $ | — | $ | (27,326 | ) | |||||||
Foreign currency translation adjustment | — | (11,777 | ) | — | (11,777 | ) | |||||||||||
Comprehensive loss | $ | (31,284 | ) | $ | (7,819 | ) | $ | — | $ | (39,103 | ) | ||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 5,208 | $ | 2,232 | $ | — | $ | 7,440 | |||||||||
Foreign currency translation adjustment | — | 1,180 | — | 1,180 | |||||||||||||
Comprehensive income | $ | 5,208 | $ | 3,412 | $ | — | $ | 8,620 | |||||||||
Condensed Consolidating Statements of Cash Flows | MOBILE MINI, INC. | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | (31,284 | ) | $ | 3,958 | $ | — | $ | (27,326 | ) | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Asset impairment charge | 64,726 | — | — | 64,726 | |||||||||||||
Provision for doubtful accounts | 947 | 222 | — | 1,169 | |||||||||||||
Amortization of deferred financing costs | 775 | 14 | — | 789 | |||||||||||||
Amortization of long-term liabilities | 25 | — | — | 25 | |||||||||||||
Share-based compensation expense | 3,160 | 90 | — | 3,250 | |||||||||||||
Depreciation and amortization | 13,848 | 1,691 | — | 15,539 | |||||||||||||
Gain on sale of rental fleet units | (1,826 | ) | (146 | ) | — | (1,972 | ) | ||||||||||
Loss on disposal of property, plant and equipment | 219 | 116 | — | 335 | |||||||||||||
Deferred income taxes | (19,192 | ) | 959 | — | (18,233 | ) | |||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | 188 | (824 | ) | — | (636 | ) | |||||||||||
Inventories | (75 | ) | 232 | — | 157 | ||||||||||||
Deposits and prepaid expenses | 348 | 98 | — | 446 | |||||||||||||
Other assets and intangibles | 9 | — | — | 9 | |||||||||||||
Accounts payable | 751 | 282 | — | 1,033 | |||||||||||||
Accrued liabilities | (467 | ) | (372 | ) | — | (839 | ) | ||||||||||
Intercompany | 683 | (844 | ) | 161 | — | ||||||||||||
Net cash provided by operating activities | 32,835 | 5,476 | 161 | 38,472 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Cash paid for businesses, net of cash acquired | — | (1,200 | ) | — | (1,200 | ) | |||||||||||
Additions to rental fleet | (5,745 | ) | (4,735 | ) | — | (10,480 | ) | ||||||||||
Proceeds from sale of rental fleet units | 4,268 | 574 | — | 4,842 | |||||||||||||
Additions to property, plant and equipment | (3,307 | ) | (934 | ) | — | (4,241 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 243 | 364 | — | 607 | |||||||||||||
Net cash used in investing activities | (4,541 | ) | (5,931 | ) | — | (10,472 | ) | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net borrowings (repayments) under lines of credit | (4,602 | ) | 619 | (154 | ) | (4,137 | ) | ||||||||||
Deferred financing costs | (100 | ) | — | — | (100 | ) | |||||||||||
Principal payments on capital lease obligations | (828 | ) | (14 | ) | (7 | ) | (849 | ) | |||||||||
Issuance of common stock | 32 | — | — | 32 | |||||||||||||
Dividend payments | (8,509 | ) | — | — | (8,509 | ) | |||||||||||
Purchase of treasury stock | (15,284 | ) | — | — | (15,284 | ) | |||||||||||
Net cash (used in) provided by financing activities | (29,291 | ) | 605 | (161 | ) | (28,847 | ) | ||||||||||
Effect of exchange rate changes on cash | — | 156 | — | 156 | |||||||||||||
Net (decrease) increase in cash | (997 | ) | 306 | — | (691 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 2,977 | 762 | — | 3,739 | |||||||||||||
Cash and cash equivalents at end of period | $ | 1,980 | $ | 1,068 | $ | — | $ | 3,048 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 5,208 | $ | 2,232 | $ | — | $ | 7,440 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Asset impairment charge, net | 136 | 147 | — | 283 | |||||||||||||
Provision for doubtful accounts | 453 | 94 | — | 547 | |||||||||||||
Amortization of deferred financing costs | 687 | 16 | — | 703 | |||||||||||||
Amortization of long-term liabilities | 40 | 1 | — | 41 | |||||||||||||
Share-based compensation expense | 3,963 | 201 | — | 4,164 | |||||||||||||
Depreciation and amortization | 7,277 | 1,868 | — | 9,145 | |||||||||||||
Gain on sale of rental fleet units | (1,500 | ) | (211 | ) | — | (1,711 | ) | ||||||||||
Loss on disposal of property, plant and equipment | 48 | 24 | — | 72 | |||||||||||||
Deferred income taxes | 3,201 | 753 | — | 3,954 | |||||||||||||
Foreign currency loss | — | 1 | — | 1 | |||||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | 1,404 | (626 | ) | — | 778 | ||||||||||||
Inventories | 285 | (57 | ) | — | 228 | ||||||||||||
Deposits and prepaid expenses | (1,416 | ) | 140 | — | (1,276 | ) | |||||||||||
Other assets and intangibles | (178 | ) | 173 | — | (5 | ) | |||||||||||
Accounts payable | 1,123 | 1,938 | — | 3,061 | |||||||||||||
Accrued liabilities | (350 | ) | (263 | ) | — | (613 | ) | ||||||||||
Intercompany | 756 | (756 | ) | — | — | ||||||||||||
Net cash provided by operating activities | 21,137 | 5,675 | — | 26,812 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Cash paid for businesses, net of cash acquired | (4,217 | ) | — | — | (4,217 | ) | |||||||||||
Additions to rental fleet | (1,834 | ) | (2,244 | ) | — | (4,078 | ) | ||||||||||
Proceeds from sale of rental fleet units | 4,781 | 846 | — | 5,627 | |||||||||||||
Additions to property, plant and equipment | (2,393 | ) | (235 | ) | — | (2,628 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 708 | 200 | — | 908 | |||||||||||||
Net cash used in investing activities | (2,955 | ) | (1,433 | ) | — | (4,388 | ) | ||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net repayments under lines of credit | (10,773 | ) | (5,534 | ) | — | (16,307 | ) | ||||||||||
Principal payments on capital lease obligations | (367 | ) | — | — | (367 | ) | |||||||||||
Issuance of common stock | 1,949 | — | — | 1,949 | |||||||||||||
Dividend payments | (7,849 | ) | — | — | (7,849 | ) | |||||||||||
Purchase of treasury stock | (407 | ) | — | — | (407 | ) | |||||||||||
Net cash used in financing activities | (17,447 | ) | (5,534 | ) | — | (22,981 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (132 | ) | — | (132 | ) | |||||||||||
Net increase (decrease) in cash | 735 | (1,424 | ) | — | (689 | ) | |||||||||||
Cash and cash equivalents at beginning of period | (190 | ) | 1,446 | — | 1,256 | ||||||||||||
Cash and cash equivalents at end of period | $ | 545 | $ | 22 | $ | — | $ | 567 | |||||||||
Mobile_Mini_Organization_and_D2
Mobile Mini, Organization and Description of Business - Additional Information (Detail) | Mar. 31, 2015 |
Equity Method Investments and Joint Ventures [Abstract] | |
Percentage of ownership owned | 100.00% |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Deferred Costs [Abstract] | |
Debt financing costs, net of accumulated amortization | $8 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Senior notes, face amount | $200 |
Debt instrument interest rate | 7.88% |
Debt instrument due year | 2020 |
Senior Notes 7.875 Percent Due 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
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, as there is not an active market for these notes. |
Carrying_and_Fair_Value_of_Sen
Carrying and Fair Value of Senior Notes (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $211,000 | $206,000 |
Reconciliation_of_Net_loss_Inc
Reconciliation of Net (loss) Income and Weighted-Average Shares of Common Stock Outstanding for Purposes of Calculating Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Numerator: | |||
Net (loss) income | ($27,326) | $7,440 | |
Basic EPS Denominator: | |||
Common shares outstanding beginning of year | 45,814 | 46,084 | |
Weighted shares issued (repurchased) during the period | -330 | 64 | |
Total weighted average shares outstanding | 45,484 | 46,148 | |
Diluted EPS Denominator: | |||
Common shares outstanding beginning of year | 45,814 | 46,084 | |
Net weighted shares issued (repurchased) during the period | -330 | 64 | |
Dilutive effect of stock options and nonvested share awards during the period | 689 | [1] | |
Total weighted average shares outstanding | 45,484 | 46,837 | |
(Loss) earnings per share: | |||
Basic | ($0.60) | $0.16 | |
Diluted | ($0.60) | $0.16 | |
[1] | Common stock equivalents of approximately 570,000 were excluded from the calculation of diluted earnings per share for the quarter ending March 31, 2015 because their inclusion would reduce the net loss per share. |
Reconciliation_of_Net_loss_Inc1
Reconciliation of Net (loss) Income and Weighted-Average Shares of Common Stock Outstanding for Purposes of Calculating Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share Disclosure [Line Items] | ||
Common stock equivalents excluded from the calculation of diluted earnings per share | 1,108,000 | 641,000 |
Common Stock Equivalents | ||
Earnings Per Share Disclosure [Line Items] | ||
Common stock equivalents excluded from the calculation of diluted earnings per share | 570,000 |
Loss_Earnings_Per_Share_Additi
(Loss) Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Nonvested share-awards not included in basic weighted average number of common shares outstanding | 0.4 | 0.5 |
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) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of dilutive EPS | 1,108,000 | 641,000 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of dilutive EPS | 1,108,000 | 641,000 |
Schedule_of_Assets_Impaired_an
Schedule of Assets Impaired and Impairment Loss Recognized (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Long Lived Assets Held-for-sale [Line Items] | |||
Estimated fair market value | $92,000 | ||
Property, plant and equipment, net | 116,735 | 113,175 | |
Impairment loss | -64,726 | -283 | |
Wood mobile offices in rental fleet | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Property, plant and equipment, net | 155,558 | ||
Ancillary items in property, plant and equipment | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Property, plant and equipment, net | $1,168 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Entity | |
Business Combinations [Abstract] | |
Number of business acquired | 1 |
Schedule_of_Components_of_Purc
Schedule of Components of Purchase Price and Net Assets Acquired (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Net Assets Acquired: | |
Rental fleet | $991 |
Intangible assets: | |
Goodwill | 128 |
Total purchase price | 1,200 |
Customer relationships | |
Intangible assets: | |
Intangible assets | 57 |
Non-compete agreements | |
Intangible assets: | |
Intangible assets | $24 |
Inventories_Detail
Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $14,569 | $14,241 |
Work-in-process | 212 | 201 |
Finished portable storage units | 1,737 | 2,294 |
Inventories | $16,518 | $16,736 |
Rental_Fleet_Additional_Inform
Rental Fleet - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, net | $1,019,663,000 | $1,087,056,000 | |
Depreciation expense | 9,200,000 | 5,300,000 | |
Portable Storage | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, net | 896,166,000 | 965,837,000 | |
Specialty Containment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, net | $123,497,000 | $121,219,000 |
Rental_Fleet_Detail
Rental Fleet (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Total fleet, net | $1,019,663 | $1,087,056 | |
Portable Storage | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 1,082,375 | 1,148,274 | |
Accumulated depreciation | -186,209 | -182,437 | |
Total fleet, net | 896,166 | 965,837 | |
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 | ||
Rental fleet, gross | 602,360 | 604,547 | |
Portable Storage | Ground level 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 | ||
Rental fleet, gross | 330,891 | 329,565 | |
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 | ||
Rental fleet, gross | 143,894 | 208,529 | |
Portable Storage | Other | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 5,230 | 5,633 | |
Specialty Containment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 128,634 | 122,489 | |
Accumulated depreciation | -5,137 | -1,270 | |
Total fleet, net | 123,497 | 121,219 | |
Specialty Containment | Other | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 5,954 | 5,468 | |
Specialty Containment | Steel tanks | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 25 years | ||
Rental fleet, gross | 52,031 | 50,843 | |
Specialty Containment | Roll-off boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 23,247 | 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 | ||
Rental fleet, gross | 8,189 | 7,667 | |
Specialty Containment | Vacuum Boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
Rental fleet, gross | 23,287 | 23,283 | |
Specialty Containment | De-watering boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
Rental fleet, gross | 4,271 | 3,898 | |
Specialty Containment | Pumps and filtration equipment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 7 years | ||
Rental fleet, gross | $11,655 | $11,510 | |
[1] | Specialty containment fleet has been assigned zero residual value. |
Rental_Fleet_Parenthetical_Det
Rental Fleet (Parenthetical) (Detail) (Specialty Containment, USD $) | Mar. 31, 2015 |
Specialty Containment | |
Property Subject to or Available for Operating Lease [Line Items] | |
Residual value | $0 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $4.90 | $3.50 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Property, Plant and Equipment [Line Items] | ||||
Land | 10,848 | $10,920 | ||
Vehicles and machinery | 114,860 | 114,150 | ||
Buildings and improvements | 19,489 | [1] | 19,365 | [1] |
Office fixtures and equipment | 35,198 | 33,942 | ||
Property, plant and equipment | 180,395 | 178,377 | ||
Accumulated depreciation | -63,660 | -65,202 | ||
Property, plant and equipment, net | 116,735 | $113,175 | ||
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 amortized over the lesser of the estimated remaining life or the remaining term of the respective lease. |
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Adjustments | $919,000 | |
Amortization of all other intangibles | $1,500,000 | $300,000 |
Activity_and_Balances_Relating
Activity and Balances Relating to Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Beginning Balance | $705,608 |
Acquisition | 128 |
Foreign currency | -3,318 |
Adjustments | 919 |
Goodwill Ending Balance | $703,337 |
Balances_Related_to_Intangible
Balances Related to Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 99,525 | $99,888 |
Accumulated Amortization | -22,560 | -21,503 |
Net Carrying Amount | 76,965 | 78,385 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 91,642 | 91,990 |
Accumulated Amortization | -21,294 | -20,484 |
Net Carrying Amount | 70,348 | 71,506 |
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 | 6,027 | 6,065 |
Accumulated Amortization | -1,078 | -919 |
Net Carrying Amount | 4,949 | 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 | 1,796 | 1,772 |
Accumulated Amortization | -167 | -78 |
Net Carrying Amount | 1,629 | 1,694 |
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 | 60 | 61 |
Accumulated Amortization | -21 | -22 |
Net Carrying Amount | 39 | $39 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2015 (remaining) | $4,387 | |
2016 | 5,931 | |
2017 | 5,921 | |
2018 | 5,973 | |
2019 | 6,011 | |
Thereafter | 48,742 | |
Net Carrying Amount | $76,965 | $78,385 |
Lines_of_Credit_Additional_Inf
Lines of Credit - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
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. |
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 |
Credit Agreement, term | 5 years |
Credit Agreement, maturity date | 22-Feb-17 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Line Items] | |
Tax year subject to tax examination for U.S. Federal return | For the U.S. Federal return, its 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. 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. |
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% |
Sharebased_Compensation_Additi
Share-based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended |
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share available for future grants | 2.5 |
Stock options contractual terms | 8 years 1 month 10 days |
Aggregate intrinsic value of options exercised | $23,000 |
Weighted average fair value of stock options granted | $8.42 |
Fair value of share-awards vested | 1,000,000 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | 10,100,000 |
Weighted average recognition period (years) | 1 year 8 months 12 days |
Nonvested share-awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $9,900,000 |
Weighted average recognition period (years) | 2 years 7 months 6 days |
Key_Assumptions_Used_to_Estima
Key Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) (Stock options) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.50% | |
Expected life of the options (years) | 5 years | 5 years |
Expected stock price volatility | 38.40% | |
Expected dividend rate | 1.60% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.30% | |
Expected stock price volatility | 35.60% | |
Expected dividend rate | 1.80% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.50% | |
Expected stock price volatility | 35.70% | |
Expected dividend rate | 2.00% |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Number of Shares | |
Options outstanding, beginning of period | 2,649 |
Granted | 363 |
Canceled/Expired | -16 |
Exercised | -1 |
Options outstanding, end of period | 2,995 |
Weighted Average Exercise Price | |
Options outstanding, beginning of period | $32.33 |
Granted | $42.80 |
Canceled/Expired | $45.72 |
Exercised | $25.43 |
Options outstanding, end of period | $33.53 |
Fully_Vested_Stock_Options_and
Fully Vested Stock Options and Stock Options Expected to Vest (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Number of Shares | ||
Outstanding | 2,995 | 2,649 |
Vested and expected to vest | 2,887 | |
Exercisable | 1,659 | |
Weighted Average Exercise Price | ||
Outstanding | $33.53 | $32.33 |
Vested and expected to vest | $33.28 | |
Exercisable | $30.80 | |
Weighted Average Remaining Contractual Term (In years) | ||
Outstanding | 8 years 1 month 10 days | |
Vested and expected to vest | 8 years 26 days | |
Exercisable | 7 years 8 months 5 days | |
Aggregate Intrinsic Values | ||
Outstanding | $28,595 | |
Vested and expected to vest | 28,242 | |
Exercisable | $19,997 |
Nonvested_ShareAwards_Activity
Nonvested Share-Awards Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Nonvested Stock Awards, shares | |
Nonvested at beginning of period, shares | 343 |
Awarded | 81 |
Released | -29 |
Forfeited | -11 |
Nonvested at end of period, shares | 384 |
Weighted Average Grant Date Fair Value | |
Nonvested at beginning of period | $27.99 |
Awarded | $37.22 |
Released | $34.78 |
Forfeited | $24.14 |
Nonvested at end of period | $29.57 |
Accrued_Restructuring_Obligati
Accrued Restructuring Obligations and Related Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Accrued obligations, beginning balance | $1,117 | $1,676 | $1,676 | |
Restructuring expense | 483 | 585 | 3,542 | |
Settlement of obligations | -218 | -4,101 | ||
Accrued obligations, ending balance | 1,382 | 1,117 | ||
Severance and Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued obligations, beginning balance | 441 | 613 | 613 | |
Restructuring expense | 464 | 340 | 1,826 | |
Settlement of obligations | -157 | -1,998 | ||
Accrued obligations, ending balance | 748 | 441 | ||
Lease Abandonment Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued obligations, beginning balance | 676 | 1,063 | 1,063 | |
Restructuring expense | 19 | 139 | 318 | |
Settlement of obligations | -61 | -705 | ||
Accrued obligations, ending balance | 634 | 676 | ||
Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued obligations, beginning balance | ||||
Restructuring expense | 106 | [1] | 1,398 | |
Settlement of obligations | -1,398 | |||
Accrued obligations, ending balance | ||||
[1] | Other costs for 2014 include the sale of the Company's Belfast, Northern Ireland location. |
Restructuring_Expenses_Detail
Restructuring Expenses (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | $483 | $585 | $3,542 | |
Severance and Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 464 | 340 | 1,826 | |
Lease Abandonment Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 19 | 139 | 318 | |
Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | $106 | [1] | $1,398 | |
[1] | Other costs for 2014 include the sale of the Company's Belfast, Northern Ireland location. |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 21, 2015 | Nov. 06, 2013 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Dividend payable | $0.19 | |||
Dividend declared date | 21-Jan-15 | |||
Dividend payable date | 19-Mar-15 | |||
Stockholder of record date | 5-Mar-15 | |||
Share repurchase program authorized amount | $125,000,000 | |||
Treasury stock value | 15,284,000 | 407,000 | ||
Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock shares acquired | 387,000 | |||
Treasury stock value | 15,000,000 | |||
Treasury stock shares available for repurchase | 85,000,000 | |||
Minimum tax withholding obligations | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock shares acquired | 7,000 | |||
Treasury stock value | $276,000 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment | |||
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 2 | ||
Revenues | $132,629 | $102,404 | |
Assets | 2,030,944 | 2,103,174 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 110,500 | 81,100 | |
Assets | $1,700,000 | $1,700,000 |
Segment_Reporting_Detail
Segment Reporting (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenues: | |||
Rental | $121,028 | $94,080 | |
Sales | 6,724 | 7,866 | |
Other | 4,877 | 458 | |
Total revenues | 132,629 | 102,404 | |
Costs and expenses: | |||
Rental, selling and general expenses | 83,982 | 68,356 | |
Cost of sales | 4,197 | 5,553 | |
Restructuring expenses | 483 | 585 | 3,542 |
Asset impairment charge, net | 64,726 | 283 | |
Depreciation and amortization | 15,539 | 9,145 | |
Total costs and expenses | 168,927 | 83,922 | |
(Loss) income from operations | -36,298 | 18,482 | |
Interest expense, net of interest income | 9,059 | 6,987 | |
Income tax (benefit) provision | -18,031 | 4,054 | |
Portable Storage | |||
Revenues: | |||
Rental | 99,004 | 94,080 | |
Sales | 5,962 | 7,866 | |
Other | 1,529 | 458 | |
Total revenues | 106,495 | 102,404 | |
Costs and expenses: | |||
Rental, selling and general expenses | 67,232 | 68,356 | |
Cost of sales | 3,864 | 5,553 | |
Restructuring expenses | 217 | 585 | |
Asset impairment charge, net | 64,726 | 283 | |
Depreciation and amortization | 9,466 | 9,145 | |
Total costs and expenses | 145,505 | 83,922 | |
(Loss) income from operations | -39,010 | 18,482 | |
Interest expense, net of interest income | 6,367 | 6,987 | |
Income tax (benefit) provision | -18,039 | 4,054 | |
Portable Storage | North America | |||
Revenues: | |||
Rental | 78,984 | 75,483 | |
Sales | 4,983 | 6,578 | |
Other | 1,439 | 354 | |
Total revenues | 85,406 | 82,415 | |
Costs and expenses: | |||
Rental, selling and general expenses | 53,580 | 54,707 | |
Cost of sales | 3,122 | 4,590 | |
Restructuring expenses | 217 | 397 | |
Asset impairment charge, net | 64,726 | 159 | |
Depreciation and amortization | 7,890 | 7,418 | |
Total costs and expenses | 129,535 | 67,271 | |
(Loss) income from operations | -44,129 | 15,144 | |
Interest expense, net of interest income | 6,149 | 6,717 | |
Income tax (benefit) provision | -18,998 | 3,299 | |
Portable Storage | United Kingdom | |||
Revenues: | |||
Rental | 20,020 | 18,597 | |
Sales | 979 | 1,288 | |
Other | 90 | 104 | |
Total revenues | 21,089 | 19,989 | |
Costs and expenses: | |||
Rental, selling and general expenses | 13,652 | 13,649 | |
Cost of sales | 742 | 963 | |
Restructuring expenses | 188 | ||
Asset impairment charge, net | 124 | ||
Depreciation and amortization | 1,576 | 1,727 | |
Total costs and expenses | 15,970 | 16,651 | |
(Loss) income from operations | 5,119 | 3,338 | |
Interest expense, net of interest income | 218 | 270 | |
Income tax (benefit) provision | 959 | 755 | |
Specialty Containment | |||
Revenues: | |||
Rental | 22,024 | ||
Sales | 762 | ||
Other | 3,348 | ||
Total revenues | 26,134 | ||
Costs and expenses: | |||
Rental, selling and general expenses | 16,750 | ||
Cost of sales | 333 | ||
Restructuring expenses | 266 | ||
Depreciation and amortization | 6,073 | ||
Total costs and expenses | 23,422 | ||
(Loss) income from operations | 2,712 | ||
Interest expense, net of interest income | 2,692 | ||
Income tax (benefit) provision | $8 |
Assets_Segments_Detail
Assets Segments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | $703,337 | $705,608 |
Intangibles | 76,965 | 78,385 |
Rental Fleet | 1,019,663 | 1,087,056 |
Property Plant and Equipment | 116,735 | 113,175 |
Portable Storage | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 520,486 | 523,636 |
Intangibles | 2,530 | 2,770 |
Rental Fleet | 896,166 | 965,837 |
Property Plant and Equipment | 102,664 | 99,002 |
Portable Storage | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 458,852 | 459,234 |
Intangibles | 1,912 | 2,119 |
Rental Fleet | 755,434 | 825,158 |
Property Plant and Equipment | 87,153 | 82,514 |
Portable Storage | United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 61,634 | 64,402 |
Intangibles | 618 | 651 |
Rental Fleet | 140,732 | 140,679 |
Property Plant and Equipment | 15,511 | 16,488 |
Specialty Containment | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 182,851 | 181,972 |
Intangibles | 74,435 | 75,615 |
Rental Fleet | 123,497 | 121,219 |
Property Plant and Equipment | $14,071 | $14,173 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 29, 2015 | Apr. 16, 2015 | Jan. 21, 2015 | Dec. 31, 2014 | Nov. 06, 2013 | Apr. 30, 2015 | Apr. 17, 2015 | |
Subsequent Event [Line Items] | |||||||||
Proceeds from sale of rental fleet units | $4,842,000 | $5,627,000 | |||||||
Impairment loss | 64,726,000 | 283,000 | |||||||
Stock repurchase program, current amount | 125,000,000 | ||||||||
Treasury stock, at cost | 80,960,000 | 65,676,000 | |||||||
Dividend payable | $0.19 | ||||||||
Dividend payable date | 19-Mar-15 | ||||||||
Stockholder of record date | 5-Mar-15 | ||||||||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Increased value of shares under stock repurchase program | 50,000,000 | ||||||||
Stock repurchase program, current amount | 175,000,000 | ||||||||
Amount available for repurchase under stock repurchase program | 135,000,000 | ||||||||
Dividend payable | $0.19 | ||||||||
Dividend payable date | 3-Jun-15 | ||||||||
Stockholder of record date | 20-May-15 | ||||||||
Subsequent Event | Share Repurchase Program | |||||||||
Subsequent Event [Line Items] | |||||||||
Treasury stock, at cost | 40,000,000 | ||||||||
Wood mobile offices | |||||||||
Subsequent Event [Line Items] | |||||||||
Definitive agreement date | 16-Apr-15 | ||||||||
Impairment loss | 64,726,000 | ||||||||
Expected timing of transaction | The transaction is expected to be completed in May 2015 | ||||||||
Wood mobile offices | Subsequent Event | Scenario Plan | |||||||||
Subsequent Event [Line Items] | |||||||||
Proceeds from sale of rental fleet units | 92,000,000 | ||||||||
Divestiture-related expenses | 2,000,000 | ||||||||
Deferred revenue | $6,600,000 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Additional Information (Detail) | Mar. 31, 2015 |
Equity Method Investments and Joint Ventures [Abstract] | |
Percentage of ownership owned | 100.00% |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $3,048 | $3,739 | $567 | $1,256 |
Receivables, net | 79,004 | 81,031 | ||
Inventories | 16,518 | 16,736 | ||
Rental fleet, net | 1,019,663 | 1,087,056 | ||
Property, plant and equipment, net | 116,735 | 113,175 | ||
Deposits and prepaid expenses | 7,501 | 8,586 | ||
Deferred financing costs, net and other assets | 8,173 | 8,858 | ||
Intangibles, net | 76,965 | 78,385 | ||
Goodwill | 703,337 | 705,608 | ||
Total assets | 2,030,944 | 2,103,174 | ||
Liabilities: | ||||
Accounts payable | 30,465 | 22,933 | ||
Accrued liabilities | 64,590 | 63,727 | ||
Lines of credit | 701,381 | 705,518 | ||
Obligations under capital leases | 26,270 | 24,918 | ||
Senior Notes | 200,000 | 200,000 | ||
Deferred income taxes | 213,365 | 231,547 | ||
Total liabilities | 1,236,071 | 1,248,643 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Common stock | 491 | 490 | ||
Additional paid-in capital | 572,364 | 569,083 | ||
Retained earnings | 344,625 | 380,504 | ||
Accumulated other comprehensive loss | -41,647 | -29,870 | ||
Treasury stock, at cost | -80,960 | -65,676 | ||
Total stockholders' equity | 794,873 | 854,531 | ||
Total liabilities and stockholders' equity | 2,030,944 | 2,103,174 | ||
Eliminations | ||||
ASSETS | ||||
Intercompany receivables | -177,983 | -178,989 | ||
Total assets | -177,983 | -178,989 | ||
Liabilities: | ||||
Deferred income taxes | -1,004 | |||
Intercompany payables | -92 | -94 | ||
Total liabilities | -92 | -1,098 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Common stock | -18,388 | -18,388 | ||
Additional paid-in capital | -160,347 | -160,347 | ||
Retained earnings | 844 | 844 | ||
Total stockholders' equity | -177,891 | -177,891 | ||
Total liabilities and stockholders' equity | -177,983 | -178,989 | ||
Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 1,980 | 2,977 | 545 | -190 |
Receivables, net | 60,310 | 62,033 | ||
Inventories | 15,447 | 15,371 | ||
Rental fleet, net | 868,049 | 934,433 | ||
Property, plant and equipment, net | 100,180 | 95,509 | ||
Deposits and prepaid expenses | 6,442 | 7,375 | ||
Deferred financing costs, net and other assets | 8,173 | 8,858 | ||
Intangibles, net | 76,259 | 77,629 | ||
Goodwill | 636,863 | 635,943 | ||
Intercompany receivables | 144,313 | 145,018 | ||
Total assets | 1,918,016 | 1,985,146 | ||
Liabilities: | ||||
Accounts payable | 20,531 | 14,803 | ||
Accrued liabilities | 57,658 | 56,104 | ||
Lines of credit | 697,533 | 702,135 | ||
Obligations under capital leases | 26,133 | 24,760 | ||
Senior Notes | 200,000 | 200,000 | ||
Deferred income taxes | 195,840 | 215,184 | ||
Total liabilities | 1,197,695 | 1,212,986 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Common stock | 491 | 490 | ||
Additional paid-in capital | 572,364 | 569,083 | ||
Retained earnings | 228,426 | 268,263 | ||
Treasury stock, at cost | -80,960 | -65,676 | ||
Total stockholders' equity | 720,321 | 772,160 | ||
Total liabilities and stockholders' equity | 1,918,016 | 1,985,146 | ||
Non-Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 1,068 | 762 | 22 | 1,446 |
Receivables, net | 18,694 | 18,998 | ||
Inventories | 1,071 | 1,365 | ||
Rental fleet, net | 151,614 | 152,623 | ||
Property, plant and equipment, net | 16,555 | 17,666 | ||
Deposits and prepaid expenses | 1,059 | 1,211 | ||
Intangibles, net | 706 | 756 | ||
Goodwill | 66,474 | 69,665 | ||
Intercompany receivables | 33,670 | 33,971 | ||
Total assets | 290,911 | 297,017 | ||
Liabilities: | ||||
Accounts payable | 9,934 | 8,130 | ||
Accrued liabilities | 6,932 | 7,623 | ||
Lines of credit | 3,848 | 3,383 | ||
Obligations under capital leases | 137 | 158 | ||
Deferred income taxes | 17,525 | 17,367 | ||
Intercompany payables | 92 | 94 | ||
Total liabilities | 38,468 | 36,755 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Common stock | 18,388 | 18,388 | ||
Additional paid-in capital | 160,347 | 160,347 | ||
Retained earnings | 115,355 | 111,397 | ||
Accumulated other comprehensive loss | -41,647 | -29,870 | ||
Total stockholders' equity | 252,443 | 260,262 | ||
Total liabilities and stockholders' equity | $290,911 | $297,017 |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenues: | |||
Rental | $121,028 | $94,080 | |
Sales | 6,724 | 7,866 | |
Other | 4,877 | 458 | |
Total revenues | 132,629 | 102,404 | |
Costs and expenses: | |||
Cost of sales | 4,197 | 5,553 | |
Rental, selling and general expenses | 83,982 | 68,356 | |
Restructuring expenses | 483 | 585 | 3,542 |
Asset impairment charge, net | 64,726 | 283 | |
Depreciation and amortization | 15,539 | 9,145 | |
Total costs and expenses | 168,927 | 83,922 | |
(Loss) income from operations | -36,298 | 18,482 | |
Other income (expense): | |||
Interest expense | -9,059 | -6,987 | |
Foreign currency exchange | -1 | ||
(Loss) income before income tax (benefit) provision | -45,357 | 11,494 | |
Income tax (benefit) provision | -18,031 | 4,054 | |
Net (loss) income | -27,326 | 7,440 | |
Eliminations | |||
Other income (expense): | |||
Interest income | -2,662 | -30 | |
Interest expense | 2,662 | 30 | |
Guarantors | |||
Revenues: | |||
Rental | 100,018 | 74,268 | |
Sales | 5,669 | 6,527 | |
Other | 4,787 | 351 | |
Total revenues | 110,474 | 81,146 | |
Costs and expenses: | |||
Cost of sales | 3,401 | 4,552 | |
Rental, selling and general expenses | 69,610 | 53,708 | |
Restructuring expenses | 483 | 397 | |
Asset impairment charge, net | 64,726 | 136 | |
Depreciation and amortization | 13,848 | 7,277 | |
Total costs and expenses | 152,068 | 66,070 | |
(Loss) income from operations | -41,594 | 15,076 | |
Other income (expense): | |||
Interest income | 2,662 | 30 | |
Interest expense | -11,343 | -6,599 | |
(Loss) income before income tax (benefit) provision | -50,275 | 8,507 | |
Income tax (benefit) provision | -18,991 | 3,299 | |
Net (loss) income | -31,284 | 5,208 | |
Non-Guarantors | |||
Revenues: | |||
Rental | 21,010 | 19,812 | |
Sales | 1,055 | 1,339 | |
Other | 90 | 107 | |
Total revenues | 22,155 | 21,258 | |
Costs and expenses: | |||
Cost of sales | 796 | 1,001 | |
Rental, selling and general expenses | 14,372 | 14,648 | |
Restructuring expenses | 188 | ||
Asset impairment charge, net | 147 | ||
Depreciation and amortization | 1,691 | 1,868 | |
Total costs and expenses | 16,859 | 17,852 | |
(Loss) income from operations | 5,296 | 3,406 | |
Other income (expense): | |||
Interest expense | -378 | -418 | |
Foreign currency exchange | -1 | ||
(Loss) income before income tax (benefit) provision | 4,918 | 2,987 | |
Income tax (benefit) provision | 960 | 755 | |
Net (loss) income | $3,958 | $2,232 |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Statement of Income Captions [Line Items] | ||
Net (loss) income | ($27,326) | $7,440 |
Foreign currency translation adjustment | -11,777 | 1,180 |
Comprehensive (loss) income | -39,103 | 8,620 |
Guarantors | ||
Condensed Statement of Income Captions [Line Items] | ||
Net (loss) income | -31,284 | 5,208 |
Comprehensive (loss) income | -31,284 | 5,208 |
Non-Guarantors | ||
Condensed Statement of Income Captions [Line Items] | ||
Net (loss) income | 3,958 | 2,232 |
Foreign currency translation adjustment | -11,777 | 1,180 |
Comprehensive (loss) income | ($7,819) | $3,412 |
Condensed_Consolidating_Statem2
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows from Operating Activities: | ||
Net income | ($27,326,000) | $7,440,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Asset impairment charge | 64,726,000 | 283,000 |
Provision for doubtful accounts | 1,169,000 | 547,000 |
Amortization of deferred financing costs | 789,000 | 703,000 |
Amortization of long-term liabilities | 25,000 | 41,000 |
Share-based compensation expense | 3,250,000 | 4,164,000 |
Depreciation and amortization | 15,539,000 | 9,145,000 |
Gain on sale of rental fleet units | -1,972,000 | -1,711,000 |
Loss on disposal of property, plant and equipment | 335,000 | 72,000 |
Deferred income taxes | -18,233,000 | 3,954,000 |
Foreign currency loss | 1,000 | |
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||
Receivables | -636,000 | 778,000 |
Inventories | 157,000 | 228,000 |
Deposits and prepaid expenses | 446,000 | -1,276,000 |
Other assets and intangibles | 9,000 | -5,000 |
Accounts payable | 1,033,000 | 3,061,000 |
Accrued liabilities | -839,000 | -613,000 |
Net cash provided by operating activities | 38,472,000 | 26,812,000 |
Cash Flows from Investing Activities: | ||
Cash paid for businesses, net of cash acquired | -1,200,000 | -4,217,000 |
Additions to rental fleet | -10,480,000 | -4,078,000 |
Proceeds from sale of rental fleet units | 4,842,000 | 5,627,000 |
Additions to property, plant and equipment | -4,241,000 | -2,628,000 |
Proceeds from sale of property, plant and equipment | 607,000 | 908,000 |
Net cash used in investing activities | -10,472,000 | -4,388,000 |
Cash Flows from Financing Activities: | ||
Net borrowings (repayments) under lines of credit | -4,137,000 | -16,307,000 |
Deferred financing costs | -100,000 | |
Principal payments on capital lease obligations | -849,000 | -367,000 |
Issuance of common stock | 32,000 | 1,949,000 |
Dividend payments | -8,509,000 | -7,849,000 |
Purchase of treasury stock | -15,284,000 | -407,000 |
Net cash (used in) provided by financing activities | -28,847,000 | -22,981,000 |
Effect of exchange rate changes on cash | 156,000 | -132,000 |
Net (decrease) increase in cash | -691,000 | -689,000 |
Cash and cash equivalents at beginning of period | 3,739,000 | 1,256,000 |
Cash and cash equivalents at end of period | 3,048,000 | 567,000 |
Eliminations | ||
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||
Intercompany | 161,000 | |
Net cash provided by operating activities | 161,000 | |
Cash Flows from Financing Activities: | ||
Net borrowings (repayments) under lines of credit | -154,000 | |
Principal payments on capital lease obligations | -7,000 | |
Net cash (used in) provided by financing activities | -161,000 | |
Guarantors | ||
Cash Flows from Operating Activities: | ||
Net income | -31,284,000 | 5,208,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Asset impairment charge | 64,726,000 | 136,000 |
Provision for doubtful accounts | 947,000 | 453,000 |
Amortization of deferred financing costs | 775,000 | 687,000 |
Amortization of long-term liabilities | 25,000 | 40,000 |
Share-based compensation expense | 3,160,000 | 3,963,000 |
Depreciation and amortization | 13,848,000 | 7,277,000 |
Gain on sale of rental fleet units | -1,826,000 | -1,500,000 |
Loss on disposal of property, plant and equipment | 219,000 | 48,000 |
Deferred income taxes | -19,192,000 | 3,201,000 |
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||
Receivables | 188,000 | 1,404,000 |
Inventories | -75,000 | 285,000 |
Deposits and prepaid expenses | 348,000 | -1,416,000 |
Other assets and intangibles | 9,000 | -178,000 |
Accounts payable | 751,000 | 1,123,000 |
Accrued liabilities | -467,000 | -350,000 |
Intercompany | 683,000 | 756,000 |
Net cash provided by operating activities | 32,835,000 | 21,137,000 |
Cash Flows from Investing Activities: | ||
Cash paid for businesses, net of cash acquired | -4,217,000 | |
Additions to rental fleet | -5,745,000 | -1,834,000 |
Proceeds from sale of rental fleet units | 4,268,000 | 4,781,000 |
Additions to property, plant and equipment | -3,307,000 | -2,393,000 |
Proceeds from sale of property, plant and equipment | 243,000 | 708,000 |
Net cash used in investing activities | -4,541,000 | -2,955,000 |
Cash Flows from Financing Activities: | ||
Net borrowings (repayments) under lines of credit | -4,602,000 | -10,773,000 |
Deferred financing costs | -100,000 | |
Principal payments on capital lease obligations | -828,000 | -367,000 |
Issuance of common stock | 32,000 | 1,949,000 |
Dividend payments | -8,509,000 | -7,849,000 |
Purchase of treasury stock | -15,284,000 | -407,000 |
Net cash (used in) provided by financing activities | -29,291,000 | -17,447,000 |
Net (decrease) increase in cash | -997,000 | 735,000 |
Cash and cash equivalents at beginning of period | 2,977,000 | -190,000 |
Cash and cash equivalents at end of period | 1,980,000 | 545,000 |
Non-Guarantors | ||
Cash Flows from Operating Activities: | ||
Net income | 3,958,000 | 2,232,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Asset impairment charge | 147,000 | |
Provision for doubtful accounts | 222,000 | 94,000 |
Amortization of deferred financing costs | 14,000 | 16,000 |
Amortization of long-term liabilities | 1,000 | |
Share-based compensation expense | 90,000 | 201,000 |
Depreciation and amortization | 1,691,000 | 1,868,000 |
Gain on sale of rental fleet units | -146,000 | -211,000 |
Loss on disposal of property, plant and equipment | 116,000 | 24,000 |
Deferred income taxes | 959,000 | 753,000 |
Foreign currency loss | 1,000 | |
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||
Receivables | -824,000 | -626,000 |
Inventories | 232,000 | -57,000 |
Deposits and prepaid expenses | 98,000 | 140,000 |
Other assets and intangibles | 173,000 | |
Accounts payable | 282,000 | 1,938,000 |
Accrued liabilities | -372,000 | -263,000 |
Intercompany | -844,000 | -756,000 |
Net cash provided by operating activities | 5,476,000 | 5,675,000 |
Cash Flows from Investing Activities: | ||
Cash paid for businesses, net of cash acquired | -1,200,000 | |
Additions to rental fleet | -4,735,000 | -2,244,000 |
Proceeds from sale of rental fleet units | 574,000 | 846,000 |
Additions to property, plant and equipment | -934,000 | -235,000 |
Proceeds from sale of property, plant and equipment | 364,000 | 200,000 |
Net cash used in investing activities | -5,931,000 | -1,433,000 |
Cash Flows from Financing Activities: | ||
Net borrowings (repayments) under lines of credit | 619,000 | -5,534,000 |
Principal payments on capital lease obligations | -14,000 | |
Net cash (used in) provided by financing activities | 605,000 | -5,534,000 |
Effect of exchange rate changes on cash | 156,000 | -132,000 |
Net (decrease) increase in cash | 306,000 | -1,424,000 |
Cash and cash equivalents at beginning of period | 762,000 | 1,446,000 |
Cash and cash equivalents at end of period | $1,068,000 | $22,000 |