Mobile Mini (MINI) 8-K Mobile Mini Reports Q1 2019 Results and Announces Quarterly Dividend

Exhibit 99.1

FOR IMMEDIATE RELEASE

MOBILE MINI REPORTS Q1 2019 RESULTS AND ANNOUNCES QUARTERLY DIVIDEND

Phoenix, AZ – April 22, 2019 – 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 tank and pump solutions in the United States, today reported actual and adjusted financial results for the quarter ended March 31, 2019.

Total revenues were $149.7 million and rental revenues were $142.2 million, as compared to $140.7 million and $132.3 million, respectively, for the same period last year. Rental revenues for the Storage Solutions and Tank & Pump Solutions businesses for the current quarter were $112.7 million and $29.4 million, respectively, compared to $106.9 million and $25.5 million, respectively, for the same period last year.

The Company realized net income of $18.1 million, or $0.40 per diluted share, in the first quarter of 2019. On an adjusted basis, first quarter net income was $18.2 million, or $0.41 per diluted share, as compared to adjusted net income of $14.9 million, or $0.33 per diluted share, for the first quarter of 2018. Adjusted EBITDA was $56.2 million and adjusted EBITDA margin was 37.6% for the first quarter of 2019.

Dividend

The Company’s Board of Directors declared a cash dividend of 27.5 cents per share, which will be paid on May 29, 2019 to shareholders of record as of May 15, 2019.

First Quarter 2019 Highlights

• Continued strong rental revenue growth in Tank & Pump Solutions (“T&P”) with a 15.6% year-over-year increase.

• Delivered healthy North American Storage Solutions (“SS”) rental revenue year-over-year growth of 8.0%.

• Delivered year-over-year rate growth of 3.3% in SS and amid-single digit increase for T&P, for new units placed on rent.

• Achieved strong average OEC utilization rates of 77.1% for SS and 74.1% for T&P in the first quarter, while investing in fleet for anticipated near-term growth.

• Achieved adjusted EBITDA growth of 15.8%, compared to the prior-year quarter, with 16.6% in constant currency, and expanded adjusted EBITDA margin by 310 basis points to 37.6%.

• Generated robust net cash flow from operating activities of $38.8 million and free cash flow of $16.2 million.

• Enhanced liquidity position through a $1.0 billion refinancing of our ABL Credit Agreement, extending the maturity to March 2024.

• Increased return on capital employed to 9.0% as of March 31, 2019, which exceeds weighted average cost of capital and is a 170 basis point improvement from March 31, 2018.

• Decreased leverage ratio to 4.0x at March 31, 2019 from 4.2x at December 31, 2018 and 5.0x at December 31, 2017.

CEO Comments

Erik Olsson, Mobile Mini’s Chief Executive Officer, remarked, “I am very pleased with our performance and profitability in the first quarter, including our 15.8% increase in adjusted EBITDA. Our Tank & Pump division is starting to show its real potential and delivered 35.3% growth in adjusted EBITDA with an adjusted EBITDA margin of 34.9%, which was a 520 basis point increase over last year. Our North

America Storage Solutions business is also very healthy, with year-over-year rate increases of 3.2% on our core business coupled with a 2% increase in units on rent. In the United Kingdom, where Brexit continues to cause uncertainty in the general economy, we managed to increase rates and grow trucking and ancillary revenues to offset a small decrease in units on rent, resulting in increased rental revenues in local currency.”

Mr. Olsson continued, “Our outlook remains very positive for the remainder of 2019. In our Tank & Pump business, we have demonstrated to our customers that we provide outstanding service and product, along with technology tools that deliver improved customer efficiency. We believe we are positioned to capitalize on the growth in demand throughout this industry and gain additional business with existing and new customers. Pending orders in the North American Storage Solutions segment remain well above the prior-year at this time and the pipeline remains solid. Overall, North American economic indicators are positive and, for 2019 rental revenue growth we expect to exceed our Evergreen target, while delivering margin expansion, strong free cash flow and meaningfulde-leveraging.”

Conference Call

Mobile Mini will host a conference call tomorrow, April 23rd at 11:00 am 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 196,400 storage solutions containers and office units and a leading provider of tank and pump solutions in the U.S., with a rental fleet of approximately 12,800 units. Mobile Mini’s network is comprised of 156 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.

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Forward-Looking Statements

This news release contains forward-looking statements, including, but not limited to, our ability to generate continued margin expansion and growth of revenue, adjusted EBITDA, and free cash flow, as well as our ability to gain additional business from customers and exceed our Evergreen target metrics, all of 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:
Van Welch, Executive VP &		The Equity Group Inc.
Chief Financial Officer		Fred Buonocore (212)836-9607
Mobile Mini, Inc.		Kevin Towle (212)836-9620
(602)308-3879
www.mobilemini.com

(See accompanying tables)

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Mobile Mini, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

(in thousands, except percentages and per share data)

	Three Months Ended March 31, 2019								Three Months Ended March 31, 2018
	Actual			Adjustments		Adjusted (1)			Actual			Adjustments			Adjusted (1)
Revenues:
Rental	$	142,172		$	—	$	142,172		$	132,338		$	—		$	132,338
Sales		7,223			—		7,223			8,103			—			8,103
Other		266			—		266			213			—			213
Total revenues		149,661			—		149,661			140,654			—			140,654
Costs and expenses:
Rental, selling and general expenses		92,234			—		92,234			88,998			—			88,998
Cost of sales		4,602			—		4,602			5,391			—			5,391
Restructuring expenses		—			—		—			111			(111	)		—
Depreciation and amortization		17,335			—		17,335			16,823			—			16,823
Total costs and expenses		114,171			—		114,171			111,323			(111	)		111,212
Income from operations		35,490			—		35,490			29,331			111			29,442
Other income (expense):
Interest income		—			—		—			6			—			6
Interest expense		(10,760	)		—		(10,760	)		(9,599	)		—			(9,599	)
Deferred financing costswrite-off		(123	)		123		—			—			—			—
Foreign currency exchange		1			—		1			66			—			66
Income before income tax provision		24,608			123		24,731			19,804			111			19,915
Income tax provision		6,523			32		6,555			4,949			28			4,977
Net income	$	18,085		$	91	$	18,176		$	14,855		$	83		$	14,938
EBITDA/Adjusted EBITDA	$	52,826				$	56,230		$	46,226					$	48,566
EBITDA/Adjusted EBITDA as a percentage of total revenues		35.3	%				37.6	%		32.9	%					34.5	%
Earnings per share:
Basic	$	0.41				$	0.41		$	0.34					$	0.34
Diluted		0.40					0.41			0.33						0.33
Weighted average number of common and common share equivalents outstanding:
Basic		44,448					44,448			44,214						44,214
Diluted		44,877					44,877			44,842						44,842

(1) Adjusted columns for the three months ended March 31, 2019 and 2018 exclude certain transactions that management believes are not indicative of our business. Adjusted figures are anon-GAAP presentation. See thenon-GAAP reconciliations herein and the additional information regardingnon-GAAP financial information following in this earnings release.

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Mobile Mini, Inc.

Operating Data

(Unaudited)

	2019			2018
As of March 31:
Stand-alone Storage Solutions locations		119			119
Stand-alone Tank & Pump Solutions locations		20			17
Combined Storage Solutions and Tank & Pump Solutions locations		17			17
Storage Solutions rental fleet units		196,400			214,900
Tank & Pump Solutions rental fleet units		12,800			12,300
Average utilization based on original equipment cost
Three months ended March 31:
Storage Solutions		77.1	%		68.6	%
Tank & Pump Solutions		74.1	%		73.6	%

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Mobile Mini, Inc.

Business Segment Information - Adjusted (1)

(Unaudited)

(in thousands, except percentages)

	Three Months Ended March 31, 2019									Three Months Ended March 31, 2018
	Storage Solutions			Tank & Pump Solutions			Total			Storage Solutions			Tank & Pump Solutions			Total
Revenues:
Rental	$	112,725		$	29,447		$	142,172		$	106,864		$	25,474		$	132,338
Sales		5,777			1,446			7,223			6,739			1,364			8,103
Other		225			41			266			169			44			213
Total revenues		118,727			30,934			149,661			113,772			26,882			140,654
Costs and expenses:
Rental, selling and general expenses		72,626			19,608			92,234			70,824			18,174			88,998
Cost of sales		3,816			786			4,602			4,569			822			5,391
Depreciation and amortization		10,723			6,612			17,335			10,732			6,091			16,823
Total costs and expenses		87,165			27,006			114,171			86,125			25,087			111,212
Income from operations	$	31,562		$	3,928		$	35,490		$	27,647		$	1,795		$	29,442
Adjusted EBITDA	$	45,428		$	10,802		$	56,230		$	40,581		$	7,985		$	48,566
Adjusted EBITDA Margin		38.3	%		34.9	%		37.6	%		35.7	%		29.7	%		34.5	%

(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 regardingnon-GAAP financial information following in this earnings release.

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Mobile Mini, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
	March 31,			December 31,
	2019			2018
	(unaudited)			(audited)
ASSETS
Cash and cash equivalents	$	4,296		$	5,605
Receivables, net		113,201			130,233
Inventories		11,702			11,725
Rental fleet, net		943,937			929,090
Property, plant and equipment, net		150,649			154,254
Operating lease assets		90,084			—
Other assets		15,945			13,398
Intangibles, net		53,967			55,542
Goodwill		706,639			705,217
Total assets	$	2,090,420		$	2,005,064
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable	$	28,746		$	33,177
Accrued liabilities		66,245			88,136
Operating lease liabilities		91,863			—
Lines of credit		593,700			593,495
Obligations under finance leases		62,380			63,359
Senior notes, net		246,648			246,489
Deferred income taxes		175,681			170,139
Total liabilities		1,265,263			1,194,795
Stockholders’ equity:
Common stock		503			500
Additionalpaid-in capital		624,941			619,850
Retained earnings		416,387			410,641
Accumulated other comprehensive loss		(67,756	)		(72,861	)
Treasury stock		(148,918	)		(147,861	)
Total stockholders’ equity		825,157			810,269
Total liabilities and stockholders’ equity	$	2,090,420		$	2,005,064

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Mobile Mini, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
	Three Months Ended
	March 31,
	2019			2018
Cash flows from operating activities:
Net income	$	18,085		$	14,855
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred financing costswrite-off		123			—
Provision for doubtful accounts		1,212			961
Amortization of deferred financing costs		505			515
Amortization of long-term liabilities		13			36
Share-based compensation expense		3,404			2,229
Depreciation and amortization		17,335			16,823
Gain on sale of rental fleet		(1,425	)		(1,533	)
Loss on disposal of property, plant and equipment		18			334
Deferred income taxes		5,058			4,397
Foreign currency exchange		(1	)		(66	)
Changes in certain assets and liabilities, net of effect of businesses acquired		(5,544	)		(3,620	)
Net cash provided by operating activities		38,783			34,931
Cash flows from investing activities:
Additions to rental fleet, excluding acquisitions		(23,016	)		(15,389	)
Proceeds from sale of rental fleet		3,338			3,844
Additions to property, plant and equipment, excluding acquisitions		(2,919	)		(4,752	)
Proceeds from sale of property, plant and equipment		49			179
Net cash used in investing activities		(22,548	)		(16,118	)
Cash flows from financing activities:
Net borrowings (repayments) under lines of credit		203			(12,443	)
Deferred financing costs		(3,254	)		—
Principal payments on finance lease obligations		(2,586	)		(1,990	)
Issuance of common stock		1,690			1,525
Dividend payments		(12,426	)		(11,054	)
Purchase of treasury stock		(1,057	)		(533	)
Net cash used in financing activities		(17,430	)		(24,495	)
Effect of exchange rate changes on cash		(114	)		(6	)
Net change in cash		(1,309	)		(5,688	)
Cash and cash equivalents at beginning of period		5,605			13,451
Cash and cash equivalents at end of period	$	4,296		$	7,763
Equipment and other acquired through finance lease obligations	$	1,609		$	2,897
Capital expenditures accrued or payable		8,012			6,613

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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 certainnon-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 and free cash flow and constant currency financial information arenon-GAAP financial measures as defined by SEC rules. Thisnon-GAAP financial information may be determined or calculated differently by other companies. Reconciliations of thesenon-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 March 31,
	2019			2018
Net income	$	18,085		$	14,855
Interest expense		10,760			9,599
Income tax provision		6,523			4,949
Depreciation and amortization		17,335			16,823
Deferred financing costswrite-off		123			—
EBITDA		52,826			46,226
Share-based compensation expense		3,404			2,229
Restructuring expenses		—			111
Adjusted EBITDA	$	56,230		$	48,566
	Three Months Ended March 31,
	2019			2018
Net cash provided by operating activities	$	38,783		$	34,931
Interest paid		14,276			12,348
Income and franchise taxes paid		2,020			120
Share-based compensation expense, including restructuring expense		(3,404	)		(2,229	)
Gain on sale of rental fleet		1,425			1,533
Loss on disposal of property, plant and equipment		(18	)		(334	)
Changes in certain assets and liabilities, net of effect of businesses acquired		(256	)		(143	)
EBITDA	$	52,826		$	46,226

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Mobile Mini, Inc.
Free Cash Flow GAAP Reconciliation
(Unaudited)
(in thousands)
	Three Months Ended March 31,
	2019			2018
Net cash provided by operating activities	$	38,783		$	34,931
Additions to rental fleet, excluding acquisitions		(23,016	)		(15,389	)
Proceeds from sale of rental fleet		3,338			3,844
Additions to property, plant and equipment, excluding acquisitions		(2,919	)		(4,752	)
Proceeds from sale of property, plant and equipment		49			179
Net capital expenditures, excluding acquisitions		(22,548	)		(16,118	)
Free cash flow	$	16,235		$	18,813

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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 thisnon-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 anywrite-off of deferred financing costs. Adjusted EBITDA further excludes certainnon-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 anon-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 U.K. 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 and adjusted EBITDA for the three months ended March 31, 2019 were $1.3 million and $0.4 million higher than when calculated in accordance with GAAP.

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