Mobile Mini (MINI) 8-K Mobile Mini Reports Q3’16 Results and Announces Quarterly Dividend

Exhibit 99.1

FOR IMMEDIATE RELEASE

MOBILE MINI REPORTS Q3’16 RESULTS AND ANNOUNCES QUARTERLY DIVIDEND

Phoenix, AZ – October 25, 2016 – Mobile Mini, Inc. (NASDAQ GS: MINI) (the “Company” or “Mobile Mini”), the world’s leading supplier of portable storage solutions and a leading provider of specialty containment solutions in the United States, today reported actual and adjusted financial results for the quarter ended September 30, 2016. Total revenues were $128.9 million and rental revenues were $121.8 million, as compared to $133.3 million and $124.8 million, respectively, for the same period last year.

Rental revenues for the portable storage and specialty containment businesses for the current quarter were $97.7 million and $24.1 million, respectively.

The Company recorded net income of $12.7 million, or $0.29 per diluted share, in the third quarter of 2016, as compared to net income of $14.0 million, or $0.31 per diluted share, for the third quarter of 2015. On an adjusted basis, third quarter net income was $13.7 million, or $0.31 per diluted share, compared to adjusted net income of $16.0 million, or $0.35 per diluted share, for the third quarter of 2015. Adjusted EBITDA was $46.7 million and adjusted EBITDA margin was 36.2% for the third quarter of 2016.

Dividend

The Company’s Board of Directors declared a cash dividend of 20.6 cents per share, which will be paid on November 30, 2016 to shareholders of record on November 9, 2016.

Third Quarter 2016 Highlights

● Achieved all-time high quarterly portable storage core activations, resulting in an all-time high for units on rent as of September 30, 2016.

● Increased portable storage rental revenues 2.4% year-over-year on a constant currency basis. Including the impact of unfavorable currency fluctuations, portable storage rental revenues decreased 1.2%.

● Increased portable storage rental rates by 2.4% year-over-year and 0.8% over the second quarter of 2016; rates on new rentals were up 2.3% year-over-year.

● Grew downstream specialty containment rental revenues year-over-year and sequentially, achieving the highest quarterly rental revenues since the December 2014 acquisition of this business.

● Delivered adjusted EBITDA of $46.7 million, with an adjusted EBITDA margin of 36.2%.

● Drove portable storage unit utilization to an average of 70.5% during the quarter and to 73.6% as of quarter-end.

● Produced specialty containment average utilization of 64.2%, when calculated using original equipment cost, an increase from 63.5% in the second quarter of 2016.

● Experienced higher inside sales representative (“ISR”) turnover, resulting in lower sales productivity and flat headcount for the quarter.

CEO Comments

Erik Olsson, Mobile Mini’s President and Chief Executive Officer, remarked, “We continue to be strongly positioned in both the portable storage and specialty containment markets. Portable storage pricing increased a solid 2.4% this quarter compared to the prior-year period, marking the fifteenth quarter in a row we have achieved year-over-year increases. To drive additional top-line growth, our immediate

focus is on executing our salesforce model and providing the tools to our inside sales representatives to ensure their success. I am pleased to say that we saw an improvement in ISR headcount towards the end of the quarter, reaching a total of 214 ISRs as of today.”

Mr. Olsson continued, “In our specialty containment business, downstream rental revenues were up a healthy 5%, compared to the prior-year quarter. However, continued weak commodity prices along with the upstream headwinds negatively impacted our remaining specialty containment lines, resulting in an overall 7% decrease in rental revenues for this business. With that said, I am happy to report that sequentially, specialty containment revenues increased 6%.”

Conference Call

Mobile Mini will host a conference call today, Tuesday, October 25, 2016 at 12 noon ET to review these results. To listen to the call live, dial (201) 493-6739 and ask for the Mobile Mini Conference Call or go to www.mobilemini.com and click on the Investors section. Additionally, a slide presentation that will accompany the call will be posted atwww.mobilemini.com on the Investor Relations section and will be available in advance and after the call. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, a replay of the call can be accessed for approximately 14 days after the call at Mobile Mini’s website.

About Mobile Mini, Inc.

Mobile Mini, Inc. is the world’s leading provider of portable storage solutions through its total rental fleet of approximately 208,000 portable storage containers and office units. Through its wholly-owned subsidiary, Evergreen Tank Solutions, Mobile Mini is also a leading provider of specialty containment solutions in the U.S., with a rental fleet of approximately 12,100 units. Mobile Mini’s network is comprised of 157 locations in the U.S., U.K., and Canada. Mobile Mini is included on the Russell 2000^® and 3000^® Indexes and the S&P Small Cap Index.

Forward-Looking Statements

This news release contains forward-looking statements, including, but not limited to, our ability to continue to be strongly positioned in both the portable storage and specialty containment markets, execute our salesforce model and provide tools to our ISRs to ensure their success, and continue to increase our ISR headcount and drive topline growth, which involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Risks and uncertainties that may affect future results include those that are described from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). These forward-looking statements represent the judgment of the Company, as of the date of this release, and Mobile Mini disclaims any intent or obligation to update forward-looking statements.

CONTACT:	-OR-	INVESTOR RELATIONS COUNSEL:
Mark Funk, Executive VP &		The Equity Group Inc.
Chief Financial Officer		Fred Buonocore (212) 836-9607
Mobile Mini, Inc.		Linda Latman (212) 836-9609
(602) 308-3879
www.mobilemini.com

(See accompanying tables)

2

Mobile Mini, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

(in thousands, except per share data)

	Three Months Ended September 30, 2016									Three Months Ended September 30, 2015
	Actual			Adjustments			Adjusted (1)			Actual			Adjustments			Adjusted (2)
Revenues:
Rental	$	121,784		$	—		$	121,784		$	124,813		$	—		$	124,813
Sales		6,610			—			6,610			6,594			—			6,594
Other		459			—			459			1,936			(1,455	)		481
Total revenues		128,853			—			128,853			133,343			(1,455	)		131,888
Costs and expenses:
Rental, selling and general expenses		80,457			—			80,457			81,659			(2,822	)		78,837
Cost of sales		3,897			—			3,897			4,366			—			4,366
Restructuring expenses		1,648			(1,648	)		—			1,846			(1,846	)		—
Depreciation and amortization		16,184			—			16,184			14,998			—			14,998
Total costs and expenses		102,186			(1,648	)		100,538			102,869			(4,668	)		98,201
Income from operations		26,667			1,648			28,315			30,474			3,213			33,687
Other expense:
Interest income		—			—			—			1			—			1
Interest expense		(8,047	)		—			(8,047	)		(8,960	)		—			(8,960	)
Foreign currency exchange		(5	)		—			(5	)		—			—			—
Income before income tax provision		18,615			1,648			20,263			21,515			3,213			24,728
Income tax provision		5,906			632			6,538			7,536			1,216			8,752
Net income	$	12,709		$	1,016		$	13,725		$	13,979		$	1,997		$	15,976
EBITDA/Adjusted EBITDA	$	42,846					$	46,650		$	45,473					$	52,104
EBITDA/Adjusted EBITDA as a percentage of total revenues		33.3	%					36.2	%		34.1	%					39.5	%
Earnings per share:
Basic	$	0.29					$	0.31		$	0.31					$	0.36
Diluted		0.29						0.31			0.31						0.35
Weighted average number of common and common share equivalents outstanding:
Basic		44,159						44,159			44,721						44,721
Diluted		44,453						44,453			45,147						45,147

 (1) Adjusted column for the three months ended September 30, 2016 excludes certain transactions that management believes are not indicative of our business. Adjusted figures are a non-GAAP (defined herein) presentation. See the non-GAAP reconciliations herein and the additional information regarding non-GAAP financial information following in this earnings release. The adjustments for the three-month period ended September 30, 2016 related to the restructuring of our business operations, along with the related tax effects.

 (2) Adjusted column for the three months ended September 30, 2015 excludes certain transactions that management believes are not indicative of our business. Adjusted figures are a non-GAAP presentation. See the non-GAAP reconciliations herein and the additional information regarding non-GAAP financial information following in this earnings release. The adjustments for the three-month period ended September 30, 2015 include the following, along with the related tax effects:

• Reduction of other revenue by $1.5 million to exclude transition services revenue associated with the divestiture of our North American wood mobile office business in May 2015.

• Reduction of $2.2 million in rental, selling and general expenses to exclude operating expenses associated with the provision of transition services for our North American wood mobile office business, including expenses related to wood mobile offices on our leased properties.

• Reduction of $0.4 million in rental, selling and general expenses for acquisition-related expenses, primarily due to our acquisition of Evergreen Tank Solutions in December 2014.

• Reduction of $0.2 million in rental, selling and general expenses to exclude costs related to the settlement of a potential unclaimed property liability with the state of Delaware.

• Exclusion of costs of $1.8 million related to the restructuring of our business operations.

3

Mobile Mini, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share data)

	Nine Months Ended September 30, 2016									Nine Months Ended September 30, 2015
	Actual			Adjustments			Adjusted (1)			Actual			Adjustments			Adjusted (2)
Revenues:
Rental	$	355,913		$	—		$	355,913		$	368,175		$	—		$	368,175
Sales		19,843			—			19,843			22,765			—			22,765
Other		2,479			(1,365	)		1,114			5,320			(4,096	)		1,224
Total revenues		378,235			(1,365	)		376,870			396,260			(4,096	)		392,164
Costs and expenses:
Rental, selling and general expenses		234,796			—			234,796			247,809			(7,174	)		240,635
Cost of sales		12,186			—			12,186			14,899			—			14,899
Restructuring expenses		5,220			(5,220	)		—			4,773			(4,773	)		—
Asset impairment charge and loss on divestiture, net		—			—			—			66,128			(66,128	)		—
Depreciation and amortization		47,630			—			47,630			45,075			—			45,075
Total costs and expenses		299,832			(5,220	)		294,612			378,684			(78,075	)		300,609
Income (loss) from operations		78,403			3,855			82,258			17,576			73,979			91,555
Other expense:
Interest income		—			—			—			1			—			1
Interest expense		(24,533	)		—			(24,533	)		(26,986	)		—			(26,986	)
Debt extinguishment expense		(9,192	)		9,192			—			—			—			—
Deferred financing costs write-off		(2,271	)		2,271			—			—			—			—
Foreign currency exchange		(9	)		—			(9	)		(2	)		—			(2	)
Income (loss) before income tax provision		42,398			15,318			57,716			(9,411	)		73,979			64,568
Income tax provision (benefit)		14,619			5,892			20,511			(5,480	)		28,441			22,961
Net income (loss)	$	27,779		$	9,426		$	37,205		$	(3,931)		$	45,538		$	41,607
EBITDA/Adjusted EBITDA	$	126,024					$	136,222		$	62,650					$	145,912
EBITDA/Adjusted EBITDA as a percentage of total revenues		33.3	%					36.1	%		15.8	%					37.2	%
Earnings (loss) per share:
Basic	$	0.63					$	0.84		$	(0.09	)				$	0.92
Diluted		0.63						0.84			(0.09	)					0.91
Weighted average number of common and common share equivalents outstanding:
Basic		44,170						44,170			45,145						45,145
Diluted		44,431						44,431			45,145						45,695

 (1) Adjusted column for the nine months ended September 30, 2016 excludes certain transactions that management believes are not indicative of our business. Adjusted figures are a non-GAAP presentation. See the non-GAAP reconciliations herein and the additional information regarding non-GAAP financial information following in this earnings release. The adjustments for the nine-month period ended September 30, 2016 include the following, along with the related tax effects:

• Reduction of other revenue by $1.4 million to exclude revenue associated with a sales tax refund.

• Exclusion of costs of $5.2 million related to the restructuring of our business operations.

• Exclusion of $9.2 million of debt extinguishment costs to redeem $200 million aggregate principal amount of our outstanding 7.875% senior notes due December 2020 (the “2020 Senior Notes”).

• Exclusion of $2.3 million of deferred financing costs that were written off in conjunction with the redemption of the 2020 Senior Notes.

 (2) Adjusted column for the nine months ended September 30, 2015 excludes certain transactions that management believes are not indicative of our business. Adjusted figures are a non-GAAP presentation. See the non-GAAP reconciliations herein and the additional information regarding non-GAAP financial information following in this earnings release. The adjustments for the nine-month period ended September 30, 2015 include the following, along with the related tax effects:

• Reduction of other revenue by $1.2 million to exclude revenue associated with a sales tax refund.

• Reduction of other revenue by $2.9 million to exclude transition services revenue associated with the divestiture of our North American wood mobile office business in May 2015.

• Reduction of $3.9 million in rental, selling and general expenses to exclude operating expenses associated with the provision of transition services for our North American wood mobile office business, including expenses related to wood mobile offices on our leased properties.

• Reduction of $2.4 million in rental, selling and general expenses for acquisition-related expenses, primarily due to our acquisition of Evergreen Tank Solutions in December 2014.

• Reduction of $0.8 million in rental, selling and general expenses to exclude costs related to the settlement of a potential unclaimed property liability with the state of Delaware.

• Exclusion of costs of $4.8 million related to the restructuring of our business operations.

• Exclusion of $66.1 million representing the net impairment and loss associated with the divestiture of our North American wood mobile office business.

4

Mobile Mini, Inc.

Operating Data

(Unaudited)

	2016		2015
As of September 30:
Stand-alone portable storage locations		125		133
Stand-alone specialty containment locations		19		19
Combined portable storage and specialty containment locations		13		6
Portable storage rental fleet units		208,000		209,500
Specialty containment rental fleet units		12,100		11,400
Average Unit Utilization:
Portable storage - three months ended September 30		70.5%		70.0	%
Portable storage - nine months ended September 30		69.1%		67.8	%
Specialty containment - three months ended September 30		60.5%		67.5	%
Specialty containment - nine months ended September 30		62.2%		69.2	%

5

Mobile Mini, Inc.

Business Segment Information - Adjusted (1)

(Unaudited)

(in thousands)

	Three Months Ended September 30, 2016									Three Months Ended September 30, 2015
	Portable Storage			Specialty Containment			Total			Portable Storage			Specialty Containment			Total
Revenues:
Rental	$	97,678		$	24,106		$	121,784		$	98,855		$	25,958		$	124,813
Sales		5,319			1,291			6,610			4,830			1,764			6,594
Other		371			88			459			454			27			481
Total revenues		103,368			25,485			128,853			104,139			27,749			131,888
Costs and expenses:
Rental, selling and general expenses		64,084			16,373			80,457			63,488			15,349			78,837
Cost of sales		3,113			784			3,897			3,124			1,242			4,366
Depreciation and amortization		9,100			7,084			16,184			8,404			6,594			14,998
Asset impairment charge and loss on divestiture, net		76,297			24,241			100,538			75,016			23,185			98,201
Income from operations	$	27,071		$	1,244		$	28,315		$	29,123		$	4,564		$	33,687
Adjusted EBITDA	$	38,270		$	8,380		$	46,650		$	40,901		$	11,203		$	52,104
Adjusted EBITDA Margin		37.0	%		32.9	%		36.2	%		39.3	%		40.4	%		39.5	%
	Nine Months Ended September 30, 2016									Nine Months Ended September 30, 2015
	Portable     Storage			Specialty Containment			Total			Portable     Storage			Specialty Containment			Total
Revenues:
Rental	$	285,508		$	70,405		$	355,913		$	292,895		$	75,280		$	368,175
Sales		15,734			4,109			19,843			16,892			5,873			22,765
Other		884			230			1,114			1,171			53			1,224
Total revenues		302,126			74,744			376,870			310,958			81,206			392,164
Costs and expenses:
Rental, selling and general expenses		187,792			47,004			234,796			193,409			47,226			240,635
Cost of sales		9,568			2,618			12,186			10,976			3,923			14,899
Depreciation and amortization		26,216			21,414			47,630			26,042			19,033			45,075
Total costs and expenses		223,576			71,036			294,612			230,427			70,182			300,609
Income from operations	$	78,550		$	3,708		$	82,258		$	80,531		$	11,024		$	91,555
Adjusted EBITDA	$	110,900		$	25,322		$	136,222		$	115,469		$	30,443		$	145,912
Adjusted EBITDA Margin		36.7	%		33.9	%		36.1	%		37.1	%		37.5	%		37.2	%

(1) These tables present results by major business segment adjusted to exclude certain transactions that management believes are not indicative of our business. See additional information regarding non-GAAP financial information following in this earnings release.

6

Mobile Mini, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

	September 30, 2016			December 31, 2015
	(unaudited)			(audited)
ASSETS
Cash and cash equivalents	$	9,522		$	1,613
Receivables, net		93,129			80,191
Inventories		18,162			15,596
Rental fleet, net		951,646			951,323
Property, plant and equipment, net		152,647			131,687
Other assets		18,396			16,766
Intangibles, net		69,260			73,212
Goodwill		703,765			706,387
Total assets	$	2,016,527		$	1,976,775
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable	$	32,143		$	29,086
Accrued liabilities		62,385			59,024
Lines of credit		651,537			667,708
Obligations under capital leases		52,531			38,274
Senior Notes, net		245,158			197,553
Deferred income taxes		232,634			219,601
Total liabilities		1,276,388			1,211,246
Stockholders’ equity:
Common stock		493			491
Additional paid-in capital		591,323			584,447
Retained earnings		352,549			352,262
Accumulated other comprehensive loss		(69,582	)		(44,162	)
Treasury stock		(134,644	)		(127,509	)
Total stockholders’ equity		740,139			765,529
Total liabilities and stockholders’ equity	$	2,016,527		$	1,976,775

7

Mobile Mini, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

	Nine Months Ended September 30,
	2016			2015
Cash flows from operating activities:
Net income (loss)	$	27,779		$	(3,931	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Debt extinguishment expense		9,192			—
Deferred financing costs write-off		2,271			—
Asset impairment and loss on divestiture, net		—			66,128
Provision for doubtful accounts		4,290			2,826
Amortization of deferred financing costs		1,457			2,384
Amortization of long-term liabilities		87			76
Share-based compensation expense		6,521			10,833
Asset impairment charge and loss on divestiture, net		47,630			45,075
Gain on sale of rental fleet		(4,228	)		(5,196	)
Loss on disposal of property, plant and equipment		1,089			2,035
Deferred income taxes		14,448			(6,086	)
Foreign currency transaction loss		9			2
Changes in certain assets and liabilities, net of effect of businesses acquired		(14,524	)		(425	)
Net cash provided by operating activities		96,021			113,721
Cash flows from investing activities:
Proceeds from wood mobile office divestiture, net		—			83,299
Cash paid for businesses acquired, net of cash acquired		(9,206	)		(18,622	)
Additions to rental fleet, excluding acquisitions		(46,480	)		(53,540	)
Proceeds from sale of rental fleet		10,770			13,300
Additions to property, plant and equipment, excluding acquisitions		(25,750	)		(17,918	)
Proceeds from sale of property, plant and equipment		2,369			2,447
Net cash (used in) provided by investing activities		(68,297	)		8,966
Cash flows from financing activities:
Net repayments under lines of credit		(16,171	)		(42,138	)
Proceeds from issuance of 5.875% Senior Notes		250,000			—
Redemption of 7.875% Senior Notes		(200,000	)		—
Debt extinguishment expense		(9,192	)		—
Deferred financing costs		(5,352	)		(113	)
Principal payments on capital lease obligations		(4,693	)		(2,883	)
Issuance of common stock		356			1,670
Dividend payments		(27,327	)		(25,308	)
Purchase of treasury stock		(7,135	)		(55,819	)
Net cash used in financing activities		(19,514	)		(124,591	)
Effect of exchange rate changes on cash		(301	)		(122	)
Net change in cash		7,909			(2,026	)
Cash and cash equivalents at beginning of period		1,613			3,739
Cash and cash equivalents at end of period	$	9,522		$	1,713
Equipment and other acquired through capital lease obligations	$	18,951		$	17,638
Capital expenditures accrued or payable		5,053			11,410

8

Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company also discloses in this press release certain non-GAAP financial information. These financial measures are not recognized measures under GAAP and they are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, free cash flow and constant currency financial information are non-GAAP financial measures as defined by SEC rules. This non-GAAP financial information may be determined or calculated differently by other companies. Reconciliations of these non-GAAP measurements to the most directly comparable GAAP financial measurements are furnished earlier in this release and as follows:

Mobile Mini, Inc.

Adjusted EBITDA GAAP Reconciliations

(Unaudited)

(in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net income (loss)	$	12,709		$	13,979		$	27,779		$	(3,931	)
Interest expense		8,047			8,960			24,533			26,986
Income tax provision (benefit)		5,906			7,536			14,619			(5,480	)
Depreciation and amortization		16,184			14,998			47,630			45,075
Debt extinguishment expense		—			—			9,192			—
Deferred financing costs write-off		—			—			2,271			—
EBITDA		42,846			45,473			126,024			62,650
Share-based compensation expense		2,156			3,418			6,343			9,283
Restructuring expenses		1,648			1,846			5,220			4,773
Acquisition-related expenses		—			398			—			2,393
Asset impairment charge and loss on divestiture, net		—			777			—			67,155
Sales tax refund and unclaimed property settlement		—			192			(1,365	)		(342	)
Adjusted EBITDA	$	46,650		$	52,104		$	136,222		$	145,912
	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net cash provided by operating activities	$	31,311		$	42,820		$	96,021		$	113,721
Interest paid		3,889			4,517			17,880			20,422
Income and franchise taxes paid		229			1,581			1,380			3,274
Share-based compensation expense		(2,276	)		(4,096	)		(6,521	)		(10,833	)
Asset impairment charge, net		—			—			—			(66,128	)
Gain on sale of rental fleet		1,446			1,553			4,228			5,196
Loss on disposal of property, plant and equipment		(400	)		(553	)		(1,089	)		(2,035	)
Changes in other assets and liabilities, net of effect of businesses acquired		8,647			(349	)		14,125			(967	)
EBITDA	$	42,846		$	45,473		$	126,024		$	62,650

9

Mobile Mini, Inc.

Free Cash Flow GAAP Reconciliation

(Unaudited)

(in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net cash provided by operating activities	$	31,311		$	42,820		$	96,021		$	113,721
Additions to rental fleet, excluding acquisitions		(18,322	)		(25,731	)		(46,480	)		(53,540	)
Proceeds from sale of rental fleet		3,361			3,925			10,770			13,300
Additions to property, plant and equipment, excluding acquisitions		(6,487	)		(6,306	)		(25,750	)		(17,918	)
Proceeds from sale of property, plant and equipment		754			770			2,369			2,447
Net capital expenditures, excluding acquisitions		(20,694	)		(27,342	)		(59,091	)		(55,711	)
Free cash flow	$	10,617		$	15,478		$	36,930		$	58,010

10

Adjusted net income and adjusted diluted earnings per share.Adjusted net income and related earnings per share information exclude certain transactions that management believes are not indicative of our business. We believe that the inclusion of this non-GAAP presentation makes it easier to compare our financial performance across reporting periods on a consistent basis.

EBITDA and adjusted EBITDA. EBITDA is defined as net income before discontinued operations, net of tax (if applicable), interest expense, income taxes, depreciation and amortization, and debt restructuring or extinguishment expense (if applicable), including any write-off of deferred financing costs. Adjusted EBITDA further excludes certain non-cash expenses, including share-based compensation, as well as transactions that management believes are not indicative of our business. Because EBITDA and adjusted EBITDA, as defined, exclude some but not all items that affect our cash flow from operating activities, they may not be comparable to similarly titled performance measures presented by other companies.

We present EBITDA and adjusted EBITDA because we believe they provide useful information regarding our ability to meet our future debt payment requirements, capital expenditures and working capital requirements and an overall evaluation of our financial condition. EBITDA and adjusted EBITDA have certain limitations as analytical tools and should not be used as substitutes for net income, cash flows from operations, or other consolidated income or cash flow data prepared in accordance with GAAP.

EBITDA and adjusted EBITDA margins are calculated as EBITDA and adjusted EBITDA, respectively, divided by total revenues expressed as a percentage.

Free Cash Flow. Free cash flow is defined as net cash provided by operating activities, minus or plus, net cash used in or provided by investing activities, excluding acquisitions and certain transactions. Free cash flow is a non-GAAP financial measure and is not intended to replace net cash provided by operating activities, the most directly comparable financial measure prepared in accordance with GAAP. We present free cash flow because we believe it provides useful information regarding our liquidity and ability to meet our short-term obligations. In particular, free cash flow indicates the amount of cash available after capital expenditures for, among other things, investments in our existing business, debt service obligations, payment of authorized quarterly dividends, repurchase of our common stock and strategic small acquisitions.

Constant Currency. We calculate the effect of currency fluctuations on current periods by translating the results for our business in the United Kingdom during the current period using the average exchange rates from the comparative period. We present constant currency information to provide useful information to assess our underlying business excluding the effect of material foreign currency rate fluctuations. Calculated in constant currency, our rental revenues for the three months ended September 30, 2016 were $3.6 million higher than when calculated using GAAP.

11