Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MINI | |
Entity Registrant Name | MOBILE MINI INC | |
Entity Central Index Key | 911,109 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,438,997 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 6 Months Ended |
Jun. 30, 2016 | |
Senior Notes 5.875 Percent Due 2024 | |
Debt instrument interest rate | 5.875% |
Debt instrument due year | 2,024 |
Senior Notes 7.875 Percent Due 2020 | |
Debt instrument interest rate | 7.875% |
Debt instrument due year | 2,020 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 5,339 | $ 1,613 |
Receivables, net of allowance for doubtful accounts of $3,218 and $2,162 at June 30, 2016 and December 31, 2015, respectively | 88,534 | 80,191 |
Inventories | 17,304 | 15,596 |
Rental fleet, net | 949,706 | 951,323 |
Property, plant and equipment, net | 149,552 | 131,687 |
Other assets | 17,862 | 16,766 |
Intangibles, net | 70,850 | 73,212 |
Goodwill | 704,514 | 706,387 |
Total assets | 2,003,661 | 1,976,775 |
Liabilities: | ||
Accounts payable | 34,915 | 29,086 |
Accrued liabilities | 60,523 | 59,024 |
Lines of credit | 646,748 | 667,708 |
Obligations under capital leases | 49,612 | 38,274 |
Senior notes, net of deferred financing costs of $4,807 and $2,447 at June 30, 2016 and December 31, 2015, respectively | 245,193 | 197,553 |
Deferred income taxes | 226,171 | 219,601 |
Total liabilities | 1,263,162 | 1,211,246 |
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, 49,268 issued and 44,440 outstanding at June 30, 2016 and 49,145 issued and 44,594 outstanding at December 31, 2015 | 493 | 491 |
Additional paid-in capital | 588,782 | 584,447 |
Retained earnings | 348,977 | 352,262 |
Accumulated other comprehensive loss | (63,147) | (44,162) |
Treasury stock, at cost, 4,828 and 4,551 shares at June 30, 2016 and December 31, 2015, respectively | (134,606) | (127,509) |
Total stockholders' equity | 740,499 | 765,529 |
Total liabilities and stockholders' equity | $ 2,003,661 | $ 1,976,775 |
CONDENSED CONSOLIDATED BALANCE4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 3,218 | $ 2,162 |
Senior notes, deferred financing costs | $ 4,807 | $ 2,447 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 95,000,000 | 95,000,000 |
Common stock, issued | 49,268,000 | 49,145,000 |
Common stock, outstanding | 44,440,000 | 44,594,000 |
Treasury stock, shares | 4,828,000 | 4,551,000 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Rental | $ 116,773 | $ 120,245 | $ 234,129 | $ 243,362 |
Sales | 6,342 | 8,199 | 13,233 | 16,171 |
Other | 1,734 | 1,844 | 2,020 | 3,384 |
Total revenues | 124,849 | 130,288 | 249,382 | 262,917 |
Costs and expenses: | ||||
Rental, selling and general expenses | 78,037 | 83,104 | 154,339 | 166,150 |
Cost of sales | 3,678 | 5,400 | 8,289 | 10,533 |
Restructuring expenses | 1,324 | 2,444 | 3,572 | 2,927 |
Asset impairment charge and loss on divestiture, net | 1,402 | 66,128 | ||
Depreciation and amortization | 16,269 | 14,538 | 31,446 | 30,077 |
Total costs and expenses | 99,308 | 106,888 | 197,646 | 275,815 |
Income (loss) from operations | 25,541 | 23,400 | 51,736 | (12,898) |
Other expense: | ||||
Interest expense | (8,002) | (8,967) | (16,486) | (18,026) |
Debt extinguishment expense | (9,192) | (9,192) | ||
Deferred financing costs write-off | (2,271) | (2,271) | ||
Foreign currency exchange | (4) | (2) | (4) | (2) |
Income (loss) before income tax provision (benefit) | 6,072 | 14,431 | 23,783 | (30,926) |
Income tax provision (benefit) | 2,000 | 5,015 | 8,713 | (13,016) |
Net income (loss) | $ 4,072 | $ 9,416 | $ 15,070 | $ (17,910) |
Earnings (loss) per share: | ||||
Basic | $ 0.09 | $ 0.21 | $ 0.34 | $ (0.39) |
Diluted | $ 0.09 | $ 0.21 | $ 0.34 | $ (0.39) |
Weighted average number of common and common share equivalents outstanding: | ||||
Basic | 44,132 | 45,238 | 44,175 | 45,360 |
Diluted | 44,505 | 45,892 | 44,420 | 45,360 |
Cash dividends declared per share | $ 0.21 | $ 0.19 | $ 0.41 | $ 0.38 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 4,072 | $ 9,416 | $ 15,070 | $ (17,910) |
Foreign currency translation adjustment | (15,272) | 12,516 | (18,985) | 739 |
Comprehensive (loss) income | $ (11,200) | $ 21,932 | $ (3,915) | $ (17,171) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 15,070 | $ (17,910) |
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 charge and loss on divestiture, net | 66,128 | |
Provision for doubtful accounts | 2,646 | 1,894 |
Amortization of deferred financing costs | 948 | 1,586 |
Amortization of long-term liabilities | 58 | 51 |
Share-based compensation expense | 4,245 | 6,737 |
Depreciation and amortization | 31,446 | 30,077 |
Gain on sale of rental fleet | (2,782) | (3,643) |
Loss on disposal of property, plant and equipment | 689 | 1,482 |
Deferred income taxes | 8,542 | (13,420) |
Foreign currency transaction loss | 4 | 2 |
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||
Receivables | (12,296) | 495 |
Inventories | (1,790) | (750) |
Other assets | 482 | (2,931) |
Accounts payable | 5,765 | 4,820 |
Accrued liabilities | 220 | (3,717) |
Net cash provided by operating activities | 64,710 | 70,901 |
Cash flows from investing activities: | ||
Proceeds from wood mobile office divestiture, net | 84,500 | |
Cash paid for businesses acquired, net of cash acquired | (9,206) | (1,200) |
Additions to rental fleet, excluding acquisitions | (28,158) | (27,809) |
Proceeds from sale of rental fleet | 7,409 | 9,375 |
Additions to property, plant and equipment, excluding acquisitions | (19,263) | (11,612) |
Proceeds from sale of property, plant and equipment | 1,615 | 1,677 |
Net cash (used in) provided by investing activities | (47,603) | 54,931 |
Cash flows from financing activities: | ||
Net repayments under lines of credit | (20,961) | (74,782) |
Proceeds from issuance of 5.875% senior notes due 2024 | 250,000 | |
Redemption of 7.875% senior notes due 2020 | (200,000) | |
Debt extinguishment expense | (9,192) | |
Deferred financing costs | (4,916) | (113) |
Principal payments on capital lease obligations | (2,920) | (1,817) |
Issuance of common stock | 92 | 1,473 |
Dividend payments | (18,236) | (16,964) |
Purchase of treasury stock | (7,096) | (33,482) |
Net cash used in financing activities | (13,229) | (125,685) |
Effect of exchange rate changes on cash | (152) | (182) |
Net increase (decrease) in cash | 3,726 | (35) |
Cash and cash equivalents at beginning of period | 1,613 | 3,739 |
Cash and cash equivalents at end of period | 5,339 | 3,704 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 13,991 | 15,905 |
Cash paid for income and franchise taxes | 1,151 | 1,693 |
Equipment and other acquired through capital lease obligations | 14,258 | 6,467 |
Capital expenditures accrued or payable | $ 5,507 | $ 9,870 |
Mobile Mini, Inc. - Organizatio
Mobile Mini, Inc. - Organization and Description of Business | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Mobile Mini, Inc. - Organization and Description of Business | (1) Mobile Mini, Inc. - 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” the “Company,” “we,” “us,” and “our” refer to Mobile Mini, Inc. At June 30, 2016, we had a fleet of portable storage and ground level office units operating throughout the United States (the “U.S.”), Canada and the United Kingdom (the “U.K.”), serving a diversified customer base, including large and small retailers, construction companies, medical centers, schools, utilities, distributors, the military, hotels, restaurants, entertainment complexes and households. These customers use our products for a wide variety of applications, including the storage of retail and manufacturing inventory, construction materials and equipment, documents and records and other goods. We also have a fleet of specialty containment products, concentrated in the U.S. Gulf Coast, including liquid and solid containment units, serving a specialty sector in the industry. Our specialty containment products are leased primarily to chemical, refinery, oil and natural gas drilling, mining and environmental service customers. On May 15, 2015, we completed the divestiture of our wood mobile office fleet within our North American portable storage segment for a cash price of $92.0 million, less associated assumed liabilities of approximately $6.8 million. Activity directly associated with this business is included in the three and six months ended June 30, 2015, and is not included in the corresponding periods of the current year. See additional information regarding the divestiture in Note 5 “Impairment and Divestiture of North American Wood Mobile Offices”. Basis of Presentation and Consolidation The consolidated financial statements include the accounts of Mobile Mini and our wholly owned subsidiaries. We do not have any subsidiaries in which we do 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, 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 and six months ended June 30, 2016 and 2015 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 our audited consolidated financial statements and accompanying notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the Securities and Exchange Commission (“SEC”) on February 5, 2016. 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 condensed consolidated financial statements and the notes to those statements. Actual results could differ from those estimates. Significant estimates affect the calculation of depreciation and amortization, the calculation of the allowance for doubtful accounts, the analysis of goodwill and long-lived assets for potential impairment and certain accrued liabilities. |
Impact of Recently Issued Accou
Impact of Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Impact of Recently Issued Accounting Standards | (2) Impact of Recently Issued Accounting Standards Share-Based Compensation. In March 2016, the Financial Accounting Standards Board (“FASB”) issued a standard intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. This standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the impact that the standard will have on our consolidated financial statements. Leases . In February 2016, FASB issued a standard on lease accounting requiring a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. This standard is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact the standard will have on our consolidated financial statements. 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 certain 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. We adopted this guidance during the current-year period. As a result, unamortized debt issuance costs of $4.8 million and $2.4 million as of June 30, 2016 and December 31, 2015, respectively, have been deducted from the carrying amount of our Senior Notes (as defined below) in our balance sheet. Unamortized debt issuance costs related to our revolving lines of credit are included in other assets. Revenue from Contracts with Customers . In May 2014, FASB issued an 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, 2017. Early adoption is permitted for the annual and interim periods beginning after December 15, 2016, but not prior to that time. The revenue recognition standard permits the use of either the retrospective or cumulative effect transition method. We expect to adopt this guidance when effective and are evaluating the impact, if any, of the adoption of the standard to our financial statements and related disclosures. We have not yet selected a transition method nor determined the effect of the standard on our ongoing financial reporting. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (3) Fair Value Measurements Fair value is 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 determined by assumptions that market participants would use in pricing an asset or liability. We categorize each of our fair value measurements in one of the following three levels based on the lowest level of input that is significant to the fair value measurement: 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 June 30, 2016 and December 31, 2015, we did not have any financial instruments required to be recorded at fair value on a recurring basis. The carrying amounts of cash, cash equivalents, receivables, accounts payable and accrued liabilities approximate fair values based on their short-term nature. The fair values of our revolving credit facility and capital leases are estimated using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. Based on the borrowing rates currently available to us for bank loans with similar terms and average maturities, the fair value of our revolving credit facility debt and capital leases, which are measured using Level 2 inputs, at June 30, 2016 and December 31, 2015 approximated their respective book values. During the current-year period, we redeemed all $200.0 million aggregate principal amount of our outstanding 7.875% senior notes due December 1, 2020 (“2020 Notes”), and issued $250.0 million aggregate principal amount of 5.875% senior notes due July 1, 2024 (“2024 Notes”). See more information in Note 11 “Senior Notes and Lines of Credit”. The fair value of our 2020 Notes and our 2024 Notes (together, the “Senior Notes”) for the periods presented below is based on their latest sales price at the end of each period obtained from a third-party institution and is Level 2 in the fair value hierarchy as there is not an active market for these Senior Notes. The Senior Notes are presented on the balance sheet net of debt issuance costs. The gross carrying value and the fair value of our Senior Notes are as follows: June 30, 2016 December 31, 2015 (In thousands) Carrying value $ 250,000 $ 200,000 Fair value 256,875 207,000 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | (4) Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated under the treasury stock method. Potential common shares included restricted common stock, which is subject to risk of forfeiture, incremental shares of common stock issuable upon the exercise of stock options and vesting of restricted stock awards. The following table is a reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands, except per share data) Numerator: Net income (loss) $ 4,072 $ 9,416 $ 15,070 $ (17,910 ) Denominator: Weighted average shares outstanding - basic 44,132 45,238 44,175 45,360 Dilutive effect of share-based awards 373 654 245 — Weighted average shares outstanding - diluted 44,505 45,892 44,420 45,360 Earnings (loss) per share: Basic $ 0.09 $ 0.21 $ 0.34 $ (0.39 ) Diluted 0.09 0.21 0.34 (0.39 ) Basic weighted average number of common shares outstanding does not include restricted stock awards of 0.3 million and 0.4 million shares as of June 30, 2016 and 2015, respectively. There were approximately 0.6 million of common stock equivalents that would have been included in the diluted EPS denominator for the six-month period ended June 30, 2015 had there not been a net loss. These common stock equivalents were excluded because their inclusion would reduce the net loss per share. In addition, the following table represents the number of stock options and restricted share awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Stock options 1,083 664 2,094 637 Restricted share awards 24 — 10 — Total 1,107 664 2,104 637 |
Impairment and Divestiture of N
Impairment and Divestiture of North American Wood Mobile Offices | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Impairment and Divestiture of North American Wood Mobile Offices | (5) Impairment and Divestiture of North American Wood Mobile Offices Our 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 steel containers and steel ground level offices, resulting in lower margins as compared to our other portable storage products and our specialty containment products. During March 2015, we entered into discussions regarding the possible sale of our wood mobile office fleet within our North American portable storage segment. The discussions indicated that the fleet might be sold at an amount below carrying value. Based upon the events described above, we 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 these outcomes. Management estimated the fair market value for the wood mobile office fleet 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. On April 16, 2015, we entered into a definitive agreement to sell our wood mobile office fleet within the North American portable storage segment for a cash price of $92.0 million, less associated deferred revenue and customer deposits of $6.8 million. The net assets were reclassified to held for sale as of that date. The transaction closed on May 15, 2015, and we recorded a net loss on sale of $1.5 million on that date. For the six months ended June 30, 2015, the following amounts were recorded for the impairment of the wood mobile office fleet (in thousands): Estimated fair market value $ 92,000 Net book value: Wood mobile offices in rental fleet 155,429 Ancillary items in property, plant and equipment 1,201 Impairment loss $ (64,630 ) Sale price $ 92,000 Book value of divested assets after impairment 92,000 Selling expenses 1,498 Net loss on sale of wood mobile office fleet $ (1,498 ) |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | (6) Acquisitions During the six months ended June 30, 2016, we completed one acquisition of a portable storage business in Dallas, Texas. The accompanying condensed 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. We have not disclosed the pro-forma impact of the acquisition on operations as it was immaterial to our financial position or results of operations in the aggregate. The components of the purchase price and net assets acquired during the six months ended June 30, 2016 are as follows (in thousands): Net Assets Acquired: Rental fleet $ 4,233 Property, plant and equipment 190 Intangible assets: Customer relationships 808 Non-compete agreements 50 Goodwill 3,682 Other assets 402 Liabilities (159 ) Total purchase price $ 9,206 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
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 method) or net realizable value. Raw materials and supplies 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 June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Raw materials and supplies $ 13,694 $ 13,436 Work-in-process — 189 Finished portable storage units 3,610 1,971 Inventories $ 17,304 $ 15,596 |
Rental Fleet
Rental Fleet | 6 Months Ended |
Jun. 30, 2016 | |
Leases [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. We periodically review depreciable lives and residual values against various factors, including the results of our lenders’ independent appraisal of our rental fleet, practices of our competitors in comparable industries and profit margins achieved on sales of depreciated units. See Note 5 “Impairment and Divestiture of North American Wood Mobile Offices” for information regarding the impairment and divestiture of our wood mobile office fleet during 2015. Appraisals on our rental fleet are required by our lenders on a regular basis. The appraisal typically reports no difference in the value of the unit due to the age or length of time it has been in our fleet. The latest orderly liquidation value appraisal in September 2015 was conducted by Gordon Brothers-AccuVal. Based on the values assigned in this appraisal our rental fleet net orderly liquidation appraisal value as of June 30, 2016 was approximately $1.1 billion. These appraisals are used to calculate our available borrowings under our Amended and Restated ABL Credit Agreement, dated December 14, 2015, with Deutsche Bank AG New York Branch, as administrative agent, and the other lenders party thereto (the “Credit Agreement”), as described in Note 11 “Senior Notes and Lines of Credit”. Depreciation expense related to our rental fleet for the six months ended June 30, 2016 and 2015 was $16.9 million and $17.4 million, respectively. At June 30, 2016, all rental fleet units were pledged as collateral under the Credit Agreement. Rental fleet consisted of the following at June 30, 2016 and December 31, 2015: Residual as Percentage of Original Cost (1) Useful Life in Years June 30, 2016 December 2015 (In thousands) Portable Storage: Steel storage containers 55% 30 $ 613,907 $ 612,782 Steel ground level offices 55% 30 346,695 346,233 Other 6,493 7,052 Total 967,095 966,067 Accumulated depreciation (145,256 ) (142,338 ) Total portable storage fleet, net $ 821,839 $ 823,729 Specialty Containment: Steel tanks 25 $ 60,776 $ 55,467 Roll-off boxes 15 - 20 28,722 25,161 Stainless steel tank trailers 25 27,881 28,160 Vacuum boxes 20 11,179 9,852 De-watering boxes 20 5,366 5,383 Pumps and filtration equipment 7 13,152 13,964 Other 6,002 6,843 Total 153,078 144,830 Accumulated depreciation (25,211 ) (17,236 ) Total specialty containment fleet, net $ 127,867 $ 127,594 Total rental fleet, net $ 949,706 $ 951,323 (1) Specialty containment fleet has been assigned zero residual value. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2016 | |
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 and amortization. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives. Our depreciation expense related to property, plant and equipment for the six months ended June 30, 2016 and 2015 was $11.4 million and $9.7 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 Condensed Consolidated Statements of Operations. See Note 5 “Impairment and Divestiture of North American Wood Mobile Offices” for information regarding the impairment and divestiture of ancillary equipment related to the divestiture of our wood mobile office fleet during 2015. Property, plant and equipment at June 30, 2016 and December 31, 2015 consisted of the following: Residual Value as Percentage of Original Cost Useful Life in Years June 30, 2016 December 2015 (In thousands) Land $ 3,898 $ 4,045 Vehicles and machinery 0 - 55% 5 - 30 129,931 118,185 Buildings and improvements (1) 0 - 25 3 - 30 22,142 21,549 Office fixtures and equipment — 3 - 10 58,342 47,063 Property, plant and equipment 214,313 190,842 Accumulated depreciation (64,761 ) (59,155 ) Property, plant and equipment, net $ 149,552 $ 131,687 (1) Improvements made to leased properties are depreciated over the lesser of the estimated remaining life or the remaining term of the respective lease. As of June 30, 2016 and December 31, 2015, we had $31.7 million and $23.5 million, respectively, of capitalized software, net of accumulated depreciation, included in property, plant and equipment. Of the $31.7 million of capitalized software at June 30, 2016, $29.2 million relates to the development of our new enterprise resource planning (“ERP”) system. |
Goodwill and Intangibles
Goodwill and Intangibles | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | (10) Goodwill and Intangibles For acquired businesses, we record 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. Of the $704.5 million total goodwill at June 30, 2016, $467.6 million relates to the North America portable storage segment, $55.7 million relates to the U.K. portable storage segment and $181.2 million relates to the specialty containment segment. The following table shows the activity and balances related to goodwill from January 1, 2016 to June 30, 2016 (in thousands): Balance at January 1, 2016 $ 706,387 Acquisition 3,682 Foreign currency (5,555 ) Balance at June 30, 2016 $ 704,514 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 are amortized based on the estimated attrition rates of the underlying customer base, other intangibles are amortized using the straight-line method. The following table reflects balances related to intangible assets for the periods presented: June 30, 2016 December 31, 2015 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships 15 - 20 $ 92,351 $ (26,737 ) $ 65,614 $ 92,304 $ (24,875 ) $ 67,429 Trade names/trademarks 5 - 10 5,949 (2,012 ) 3,937 6,025 (1,684 ) 4,341 Non-compete agreements 5 1,889 (625 ) 1,264 1,839 (433 ) 1,406 Other 20 60 (25 ) 35 60 (24 ) 36 Total $ 100,249 $ (29,399 ) $ 70,850 $ 100,228 $ (27,016 ) $ 73,212 Amortization expense for amortizable intangibles was approximately $3.2 million and $3.0 million for the six-month periods ended June 30, 2016 and 2015, respectively. Based on the carrying value at June 30, 2016, future amortization of intangible assets is expected to be as follows for the years ended December 31 (in thousands): 2016 (remaining) $ 3,149 2017 6,245 2018 6,229 2019 6,177 2020 5,061 Thereafter 43,989 Total $ 70,850 |
Senior Notes and Lines of Credi
Senior Notes and Lines of Credit | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Senior Notes and Lines of Credit | (11) Senior Notes and Lines of Credit Senior Notes On May 9, 2016, we issued $250.0 million aggregate principal amount of the 2024 Notes at an initial offering price of 100% of their face value. The net proceeds from the sale of the 2024 Notes were used to (i) redeem all $200.0 million aggregate principal amount of our outstanding 2020 Notes at a redemption price of 103.938% of the principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date of June 8, 2016, (ii) repay a portion of the indebtedness outstanding under our asset-based revolving credit facility, and (iii) pay fees and expenses related to the offering of the 2024 Notes. As a result of the redemption of the 2020 Notes during the current-year period, we recognized $9.2 million in debt extinguishment expense, consisting of $7.9 million in debt redemption premiums and $1.3 million in contractually required interest above the amount payable prior to the redemption. Additionally, we wrote off $2.3 million of previously deferred costs associated with the 2020 Notes that had not yet been amortized. The 2024 Notes bear interest at a rate of 5.875% per year, accruing from May 9, 2016, have an eight-year term and mature on July 1, 2024. Interest on the 2024 Notes is payable semiannually in arrears on January 1 and July 1, beginning on January 1, 2017. The 2024 Notes are senior unsecured obligations of the Company and are unconditionally guaranteed on a senior unsecured basis by certain of our existing and future domestic subsidiaries. Lines of Credit On December 14, 2015, we entered into the Credit Agreement. The Credit Agreement provides for a five-year, $1.0 billion first lien senior secured revolving credit facility maturing on or before the earlier of (i) December 14, 2020 and (ii) the date that is 90 days prior to the final maturity date of the Senior Notes, if such Senior Notes remain outstanding on such date. The Credit Agreement also provides for the issuance of irrevocable standby letters of credit by U.S.-based lenders in amounts totaling up to $50.0 million, by U.K.-based lenders in amounts totaling up to $20.0 million, and by Canadian-based lenders in amounts totaling up to $20.0 million. The obligations of Mobile Mini and its subsidiary guarantors under the Credit Agreement are secured by a blanket lien on substantially all of our 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 our option at either: (i) the London interbank offered rate (“LIBOR”) plus an applicable margin (“LIBOR Loans”), or (ii) the prime rate plus an applicable margin (“Base Rate Loans”). The applicable margin for each type of loan is based on an availability-based pricing grid and ranges from 1.25% to 1.75% for LIBOR Loans and 0.25% to 0.75% for Base Rate Loans at each measurement date. As of June 30, 2016, the applicable margins are 1.50% for LIBOR Loans and 0.50% 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 our 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’s or its subsidiaries’ assets, (ii) repurchase or pay dividends or make certain other restricted payments on capital stock and certain other securities, or prepay certain indebtedness, (iii) incur additional indebtedness or engage in certain other types of financing transactions, and (iv) make acquisitions or other investments. In addition, we must comply with a minimum fixed charge coverage ratio of 1.00 to 1.00 as of the last day of each quarter, upon the minimum availability amount under the Credit Agreement falling below the greater of (y) $90.0 million and (z) 10% of the lesser of the then total revolving loan commitment and aggregate borrowing base. As of June 30, 2016, we were in compliance with the minimum borrowing availability threshold set forth in the Credit Agreement and, therefore, are not subject to any financial maintenance covenants. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) Income Taxes We are subject to taxation in the U.S. federal jurisdiction, as well as various U.S. state and foreign jurisdictions. We have identified our U.S. federal tax return as our “major” tax jurisdiction. As of June 30, 2016, we are no longer subject to examination by U.S. federal tax authorities for years prior to 2012, to examination for any U.S. state taxing authority prior to 2011, or to examination for any foreign jurisdictions prior to 2012. All subsequent periods remain open to examination. We do not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. We use 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. Our 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 our Condensed Consolidated Statements of Operations. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | (13) Share-Based Compensation We have historically awarded stock options and restricted stock 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 our stockholders and administered by the stock compensation committee of the Company’s Board of Directors (the “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, restricted stock awards, restricted stock units, stock appreciation rights, performance stock, performance units and other stock-based awards. Participants may be granted any one of the equity awards or any combination. We do not award stock options with an exercise price below the market price of the underlying securities on the date of grant. As of June 30, 2016, 1.9 million shares are available for future grants. Generally stock options have contractual terms of ten years. The following table summarizes the Company’s share-based compensation for the three and six months ended June 30: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) (In thousands) Share-based compensation expense included in: Rental, selling and general expenses $ 1,623 $ 2,615 $ 4,187 $ 5,865 Restructuring expenses 58 872 58 872 Total share-based compensation $ 1,681 $ 3,487 $ 4,245 $ 6,737 As of June 30, 2016, total unrecognized compensation cost related to stock option awards was approximately $4.7 million and the related weighted-average period over which it is expected to be recognized is approximately 1.6 years. As of June 30, 2016, the unrecognized compensation cost related to restricted stock awards was approximately $6.9 million, which is expected to be recognized over a weighted-average period of approximately 2.5 years. Stock Options. The fair value of each stock option award is estimated on the date of the grant using the Black-Scholes-Merton option pricing model which requires the input of assumptions. We estimate 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 our historical data. The following are the key assumptions used for the each of the six-month periods ended June 30: 2016 2015 Risk-free interest rate 1.5% 1.3% - 1.5% Expected life of the options (years) 5 5 Expected stock price volatility 36.7% 35.6% - 35.7% Expected dividend rate 3.1% 1.8% - 2.0% The following table summarizes stock option activity for the six months ended June 30, 2016: Number of Shares Weighted Average Exercise Price (In thousands) Options outstanding, beginning of period 2,870 $ 33.40 Granted 574 26.23 Canceled/Expired (72 ) 34.47 Exercised (4 ) 26.72 Options outstanding, end of period 3,368 32.16 A summary of stock options outstanding as of June 30, 2016 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding 3,368 $ 32.16 7.32 $ 15,071 Vested and expected to vest 3,272 32.24 7.26 14,419 Exercisable 2,512 32.02 6.71 10,444 The aggregate intrinsic value of options exercised during the six months ended June 30, 2016 was approximately $30,000 and the weighted average fair value of stock options granted during the six months ended June 30, 2016 was $6.54. Included in the tables above are option awards granted in 2016 which will vest based upon the achievement of specified performance criteria related to fiscal 2016 and future years. Such awards have been granted assuming a target number of options. However, the terms of these awards provide that the number of options that ultimately vest may vary between 50% and 200% of the target award, or may be zero. The tables present the options at their target amount, and the 1.9 million shares available for grant as noted previously has also been calculated utilizing the target award amounts. Included in the cancellations shown in the table above is the cancellation of approximately 13,000 options granted in previous years subject to performance criteria. These awards were canceled during the current-year period due to vesting at less than 100% of the target award. Restricted Stock Awards. The fair value of restricted stock awards is estimated as the closing price of our common stock on the date of grant. A summary of restricted stock award activity is as follows: Shares Weighted Average Grant Date Fair Value (In thousands) Restricted stock awards at beginning of period 242 $ 31.70 Awarded 143 26.23 Released (57 ) 33.18 Forfeited (23 ) 27.24 Restricted stock awards at end of period 305 29.20 The restricted stock awards that vested during the six months ended June 30, 2016 had an aggregate grant date fair value of $1.9 million and an aggregate vesting date fair value of $1.6 million. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | (14) Restructuring We have undergone restructuring actions to align our business operations. The restructuring expense during the six-month period ended June 30, 2016 resulted from the continuation of restructuring projects initiated in prior years. These costs include additional restructuring items that were included in the prior year plan but were not accruable at the time of the previous charges. Of the $3.6 million of restructuring expense recognized in the six months ended June 30, 2016, approximately $1.8 million related to the integration of Evergreen Tank Solutions (“ETS”) into the existing Mobile Mini infrastructure, including our shift from managing operations on a product-oriented basis to a geographic, customer-focused basis; and, to support this shift, the re-alignment of sales leadership with operational leadership. The remaining $1.8 million of costs relate to the abandonment of yards, or portions of yards, due to our move away from the wood mobile office business. The restructuring expense recognized in the six months ended June 30, 2015 related primarily to the ETS integration. The following table details accrued restructuring obligations (included in accrued liabilities in the Condensed Consolidated Balance Sheets) and related activity for the fiscal year ended December 31, 2015 and the six-month period ended June 30, 2016: Fleet Plant and Equipment Abandonment Costs Severance Benefits Lease Abandonment Costs Other Costs Total (In thousands) Accrued obligations as of January 1, 2015 $ — $ 441 $ 676 $ — $ 1,117 Restructuring expense 15,274 4,846 600 78 20,798 Settlement of obligations (15,274 ) (4,042 ) (781 ) (76 ) (20,173 ) Accrued obligations as of December 31, 2015 — 1,245 495 2 1,742 Restructuring expense 108 236 1,813 1,415 3,572 Settlement of obligations (108 ) (778 ) (1,876 ) (1,417 ) (4,179 ) Accrued obligations as of June 30, 2016 $ — $ 703 $ 432 $ — $ 1,135 The majority of accrued obligations are expected to be paid out through the year 2016. The following amounts are included in restructuring expense for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Fleet and property, plant and equipment abandonment costs $ 2 $ — $ 108 $ — Severance and benefits 164 2,410 236 2,874 Lease abandonment costs 1,077 19 1,813 38 Other costs 81 15 1,415 15 Restructuring expense $ 1,324 $ 2,444 $ 3,572 $ 2,927 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (15) Commitments and Contingencies We are a party to various claims and litigation in the normal course of business. Our current estimated range of liability related to various claims and pending litigation is based on claims for which our management can determine that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Because of the uncertainties related to both the probability of incurred and possible range of loss on pending claims and litigation, management must use considerable judgment in making reasonable determination of the liability that could result from an unfavorable outcome. As additional information becomes available, we will assess the potential liability related to our pending litigation and revise our estimates. Such revisions in our estimates of the potential liability could materially impact our results of operation. We do 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 | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | (16) Stockholders’ Equity Dividends On January 21, 2016 and April 27, 2016, the Board authorized and declared a cash dividend to all our common stockholders of $0.206 per share of common stock, which were paid on March 23, 2016 and June 1, 2016, respectively, to all stockholders of record as of the close of business on March 9, 2016 and May 18, 2016, respectively. Each future quarterly dividend payment is subject to review and approval by the Board. Our 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 our outstanding shares of common stock to be repurchased. On April 17, 2015, the Board authorized up to an additional $50.0 million of our outstanding shares of common stock to be repurchased, for a total of $175.0 million under the share repurchase program. 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 six months ended June 30, 2016, we purchased approximately 0.3 million shares of our common stock at a cost of $6.8 million under the authorized share repurchase program. Approximately $82.2 million is available for repurchase as of June 30, 2016. In addition, during the six months ended June 30, 2016, we withheld approximately 11,000 shares of stock from employees, for an approximate value of $0.3 million, upon vesting of share awards to satisfy minimum tax withholding obligations. These shares were not acquired pursuant to the share repurchase program. During the six months ended June 30, 2015, we purchased approximately 0.9 million shares of our common stock at a cost of $33.1 million under the authorized share repurchase program and withheld approximately 10,000 shares of stock from employees, for an approximate value of $0.4 million, 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 | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | (17) Segment Reporting Our operations are comprised of three reportable segments: North American portable storage, U.K. portable storage and specialty containment. Discrete financial data on each of our products is not available and it would be impractical to collect and maintain financial data in such a manner. The results for each segment are reviewed discretely by our chief operating decision maker. We operate in the U.S., the U.K. and Canada. All of our locations operate in their local currency. Although we are exposed to foreign exchange rate fluctuation in foreign markets where we rent and sell our products, we do not believe such exposure will have a significant impact on our results of operations. Revenues recognized by our U.S. locations were $103.1 million and $107.2 million for the three months ended June 30, 2016 and 2015, respectively, and were $206.2 million and $217.6 million for the six months ended June 30, 2016 and 2015, respectively. The following tables set forth certain information regarding each of the Company’s segments for the three-month periods indicated: For the Three Months Ended June 30, 2016 Portable Storage North America United Kingdom Total Specialty Containment Consolidated (In thousands) Revenues: Rental $ 73,671 $ 20,431 $ 94,102 $ 22,671 $ 116,773 Sales 4,712 411 5,123 1,219 6,342 Other 1,566 45 1,611 123 1,734 Total revenues 79,949 20,887 100,836 24,013 124,849 Costs and expenses: Rental, selling and general expenses 50,361 12,493 62,854 15,183 78,037 Cost of sales 2,776 280 3,056 622 3,678 Restructuring expenses 1,031 — 1,031 293 1,324 Depreciation and amortization 7,184 1,794 8,978 7,291 16,269 Total costs and expenses 61,352 14,567 75,919 23,389 99,308 Income from operations $ 18,597 $ 6,320 $ 24,917 $ 624 $ 25,541 Interest expense, net of interest income $ 5,105 $ 136 $ 5,241 $ 2,761 $ 8,002 Income tax provision 1,182 1,076 2,258 (258 ) 2,000 Capital expenditures for additions to rental fleet, excluding acquisitions 6,901 3,308 10,209 7,065 17,274 For the Three Months Ended June 30, 2015 Portable Storage North America United Kingdom Total Specialty Containment Consolidated (In thousands) Revenues: Rental $ 74,200 $ 20,836 $ 95,036 $ 25,209 $ 120,245 Sales 5,042 1,058 6,100 2,099 8,199 Other 1,726 103 1,829 15 1,844 Total revenues 80,968 21,997 102,965 27,323 130,288 Costs and expenses: Rental, selling and general expenses 53,562 13,452 67,014 16,090 83,104 Cost of sales 3,136 852 3,988 1,412 5,400 Restructuring expenses 1,470 — 1,470 974 2,444 Asset impairment charge, net 1,402 — 1,402 — 1,402 Depreciation and amortization 6,530 1,642 8,172 6,366 14,538 Total costs and expenses 66,100 15,946 82,046 24,842 106,888 Income from operations $ 14,868 $ 6,051 $ 20,919 $ 2,481 $ 23,400 Interest expense, net of interest income $ 6,053 $ 224 $ 6,277 $ 2,690 $ 8,967 Income tax (benefit) provision 3,809 1,295 5,104 (89 ) 5,015 Capital expenditures for additions to rental fleet, excluding acquisitions 5,112 5,256 10,368 6,961 17,329 The following tables set forth certain information regarding each of the Company’s segments for the six-month periods indicated: For the Six Months Ended June 30, 2016 Portable Storage North America United Kingdom Total Specialty Containment Consolidated (In thousands) Revenues: Rental $ 147,684 $ 40,146 $ 187,830 $ 46,299 $ 234,129 Sales 9,160 1,255 10,415 2,818 13,233 Other 1,779 99 1,878 142 2,020 Total revenues 158,623 41,500 200,123 49,259 249,382 Costs and expenses: Rental, selling and general expenses 98,749 24,959 123,708 30,631 154,339 Cost of sales 5,534 921 6,455 1,834 8,289 Restructuring expenses 3,213 — 3,213 359 3,572 Depreciation and amortization 13,611 3,505 17,116 14,330 31,446 Total costs and expenses 121,107 29,385 150,492 47,154 197,646 Income from operations $ 37,516 $ 12,115 $ 49,631 $ 2,105 $ 51,736 Interest expense, net of interest income $ 10,753 $ 267 $ 11,020 $ 5,466 $ 16,486 Income tax provision 6,241 2,144 8,385 328 8,713 Capital expenditures for additions to rental fleet, excluding acquisitions 11,481 7,478 18,959 9,199 28,158 For the Six Months Ended June 30, 2015 Portable Storage North America United Kingdom Total Specialty Containment Consolidated (In thousands) Revenues: Rental $ 153,184 $ 40,856 $ 194,040 $ 49,322 $ 243,362 Sales 10,025 2,037 12,062 4,109 16,171 Other 3,165 193 3,358 26 3,384 Total revenues 166,374 43,086 209,460 53,457 262,917 Costs and expenses: Rental, selling and general expenses 107,142 27,104 134,246 31,904 166,150 Cost of sales 6,258 1,594 7,852 2,681 10,533 Restructuring expenses 1,687 — 1,687 1,240 2,927 Asset impairment charge, net 66,128 — 66,128 — 66,128 Depreciation and amortization 14,420 3,218 17,638 12,439 30,077 Total costs and expenses 195,635 31,916 227,551 48,264 275,815 (Loss) income from operations $ (29,261 ) $ 11,170 $ (18,091 ) $ 5,193 $ (12,898 ) Interest expense, net of interest income $ 12,201 $ 442 $ 12,643 $ 5,383 $ 18,026 Income tax (benefit) provision (15,189 ) 2,254 (12,935 ) (81 ) (13,016 ) Capital expenditures for additions to rental fleet, excluding acquisitions 7,785 9,977 17,762 10,047 27,809 Assets related to the Company’s reportable segments include the following: Portable Storage North America United Kingdom Total Specialty Containment Consolidated (In thousands) As of June 30, 2016: Goodwill $ 467,633 $ 55,665 $ 523,298 $ 181,216 $ 704,514 Intangibles 2,421 251 2,672 68,178 70,850 Rental fleet 679,524 142,315 821,839 127,867 949,706 As of December 31, 2015: Goodwill $ 463,616 $ 61,532 $ 525,148 $ 181,239 $ 706,387 Intangibles 2,021 403 2,424 70,788 73,212 Rental fleet 672,080 151,649 823,729 127,594 951,323 The above schedule includes total assets in the U.S. of $1.8 billion and $1.7 billion as of June 30, 2016 and December 31, 2015, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | (18) Subsequent Events Declaration of Quarterly Dividend On July 20, 2016, the Company’s Board authorized and declared a quarterly dividend to all our common stockholders of $0.206 per share of common stock, payable on August 31, 2016 to all stockholders of record as of the close of business on August 17, 2016. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 1,740 $ 3,599 $ — $ 5,339 Receivables, net 70,755 17,779 — 88,534 Inventories 16,397 907 — 17,304 Rental fleet, net 797,390 152,316 — 949,706 Property, plant and equipment, net 128,652 20,900 — 149,552 Other assets 16,075 1,787 — 17,862 Intangibles, net 70,549 301 — 70,850 Goodwill 644,126 60,388 — 704,514 Intercompany receivables 145,331 4,384 (149,715 ) — Total assets $ 1,891,015 $ 262,361 $ (149,715 ) $ 2,003,661 LIABILITIES AND STOCKHOLDERS' Liabilities: Accounts payable $ 25,979 $ 8,936 $ — $ 34,915 Accrued liabilities 53,919 6,604 — 60,523 Lines of credit 646,237 511 — 646,748 Obligations under capital leases 49,367 245 — 49,612 Senior Notes, net 245,193 — — 245,193 Deferred income taxes 209,885 16,286 — 226,171 Intercompany payables — 1,716 (1,716 ) — Total liabilities 1,230,580 34,298 (1,716 ) 1,263,162 Commitments and contingencies Stockholders' equity: Common stock 493 — — 493 Additional paid-in capital 588,782 147,999 (147,999 ) 588,782 Retained earnings 205,766 143,211 — 348,977 Accumulated other comprehensive loss — (63,147 ) — (63,147 ) Treasury stock, at cost (134,606 ) — — (134,606 ) Total stockholders' equity 660,435 228,063 (147,999 ) 740,499 Total liabilities and stockholders' equity $ 1,891,015 $ 262,361 $ (149,715 ) $ 2,003,661 MOBILE MINI, INC. CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 1,033 $ 580 $ — $ 1,613 Receivables, net 62,043 18,148 — 80,191 Inventories 14,224 1,372 — 15,596 Rental fleet, net 790,172 161,151 — 951,323 Property, plant and equipment, net 112,877 18,810 — 131,687 Other assets 14,854 1,912 — 16,766 Intangibles, net 72,751 461 — 73,212 Goodwill 640,444 65,943 — 706,387 Intercompany receivables 143,592 4,415 (148,007 ) — Total assets $ 1,851,990 $ 272,792 $ (148,007 ) $ 1,976,775 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable $ 22,849 $ 6,237 $ — $ 29,086 Accrued liabilities 51,815 7,209 — 59,024 Lines of credit 665,750 1,958 — 667,708 Obligations under capital leases 37,957 317 — 38,274 Senior Notes, net 197,553 — — 197,553 Deferred income taxes 199,826 19,775 — 219,601 Intercompany payables — 8 (8 ) — Total liabilities 1,175,750 35,504 (8 ) 1,211,246 Commitments and contingencies Stockholders' equity: Common stock 491 — — 491 Additional paid-in capital 584,447 147,999 (147,999 ) 584,447 Retained earnings 218,811 133,451 — 352,262 Accumulated other comprehensive loss — (44,162 ) — (44,162 ) Treasury stock, at cost (127,509 ) — — (127,509 ) Total stockholders' equity 676,240 237,288 (147,999 ) 765,529 Total liabilities and stockholders' equity $ 1,851,990 $ 272,792 $ (148,007 ) $ 1,976,775 MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 95,555 $ 21,218 $ — $ 116,773 Sales 5,865 477 — 6,342 Other 1,687 47 — 1,734 Total revenues 103,107 21,742 — 124,849 Costs and expenses: Rental, selling and general expenses 64,935 13,102 — 78,037 Cost of sales 3,361 317 — 3,678 Restructuring expenses 1,324 — — 1,324 Depreciation and amortization 14,369 1,900 — 16,269 Total costs and expenses 83,989 15,319 — 99,308 Income from operations 19,118 6,423 — 25,541 Other income (expense): Interest income 2,653 — (2,653 ) — Interest expense (10,519 ) (136 ) 2,653 (8,002 ) Debt extinguishment expense (9,192 ) — — (9,192 ) Deferred financing costs write-off (2,271 ) — — (2,271 ) Foreign currency exchange — (4 ) — (4 ) Income before income tax provision (211 ) 6,283 — 6,072 Income tax provision 924 1,076 — 2,000 Net income $ (1,135 ) $ 5,207 $ — $ 4,072 MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net income $ (1,135 ) $ 5,207 $ — $ 4,072 Foreign currency translation adjustment — (15,272 ) — (15,272 ) Comprehensive income $ (1,135 ) $ (10,065 ) $ — $ (11,200 ) MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 98,354 $ 21,891 $ — $ 120,245 Sales 7,078 1,121 — 8,199 Other 1,739 105 — 1,844 Total revenues 107,171 23,117 — 130,288 Costs and expenses: Rental, selling and general expenses 68,873 14,231 — 83,104 Cost of sales 4,506 894 — 5,400 Restructuring expenses 2,444 — — 2,444 Asset impairment charge, net 1,384 18 — 1,402 Depreciation and amortization 12,785 1,753 — 14,538 Total costs and expenses 89,992 16,896 — 106,888 Income from operations 17,179 6,221 — 23,400 Other income (expense): Interest income 2,661 — (2,661 ) — Interest expense (11,245 ) (383 ) 2,661 (8,967 ) Foreign currency exchange — (2 ) — (2 ) Income before income tax (benefit) provision 8,595 5,836 — 14,431 Income tax provision 3,720 1,295 — 5,015 Net income $ 4,875 $ 4,541 $ — $ 9,416 MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended June 30, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net income $ 4,875 $ 4,541 $ — $ 9,416 Foreign currency translation adjustment — 12,516 — 12,516 Comprehensive income $ 4,875 $ 17,057 $ — $ 21,932 MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 192,445 $ 41,684 $ — $ 234,129 Sales 11,826 1,407 — 13,233 Other 1,915 105 — 2,020 Total revenues 206,186 43,196 — 249,382 Costs and expenses: Rental, selling and general expenses 128,174 26,165 — 154,339 Cost of sales 7,271 1,018 — 8,289 Restructuring expenses 3,572 — — 3,572 Depreciation and amortization 27,746 3,700 — 31,446 Total costs and expenses 166,763 30,883 — 197,646 Income from operations 39,423 12,313 — 51,736 Other income (expense): Interest income 5,307 — (5,307 ) — Interest expense (21,388 ) (405 ) 5,307 (16,486 ) Debt extinguishment expense (9,192 ) — — (9,192 ) Deferred financing costs write-off (2,271 ) — — (2,271 ) Foreign currency exchange — (4 ) — (4 ) Income before income tax provision 11,879 11,904 — 23,783 Income tax provision 6,569 2,144 — 8,713 Net income $ 5,310 $ 9,760 $ — $ 15,070 MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Six Months Ended June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net income $ 5,310 $ 9,760 $ — $ 15,070 Foreign currency translation adjustment — (18,985 ) — (18,985 ) Comprehensive income $ 5,310 $ (9,225 ) $ — $ (3,915 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 200,461 $ 42,901 $ — $ 243,362 Sales 13,995 2,176 — 16,171 Other 3,189 195 — 3,384 Total revenues 217,645 45,272 — 262,917 Costs and expenses: Rental, selling and general expenses 137,547 28,603 — 166,150 Cost of sales 8,843 1,690 — 10,533 Restructuring expenses 2,927 — — 2,927 Asset impairment charge, net 66,110 18 — 66,128 Depreciation and amortization 26,633 3,444 — 30,077 Total costs and expenses 242,060 33,755 — 275,815 (Loss) income from operations (24,415 ) 11,517 — (12,898 ) Other income (expense): Interest income 5,323 — (5,323 ) — Interest expense (22,588 ) (761 ) 5,323 (18,026 ) Foreign currency exchange — (2 ) — (2 ) (Loss) income before income tax (benefit) provision (41,680 ) 10,754 — (30,926 ) Income tax (benefit) provision (15,271 ) 2,255 — (13,016 ) Net (loss) income $ (26,409 ) $ 8,499 $ — $ (17,910 ) MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Six Months Ended June 30, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net (loss) income $ (26,409 ) $ 8,499 $ — $ (17,910 ) Foreign currency translation adjustment — 739 — 739 Comprehensive loss $ (26,409 ) $ 9,238 $ — $ (17,171 ) MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Cash flows from operating activities: Net income $ 5,310 $ 9,760 $ — $ 15,070 Adjustments to reconcile net income to net cash provided by operating activities: Debt extinguishment expense 9,192 — — 9,192 Deferred financing costs write-off 2,271 — — 2,271 Provision for doubtful accounts 2,434 212 — 2,646 Amortization of deferred financing costs 941 7 — 948 Amortization of long-term liabilities 58 — — 58 Share-based compensation expense 4,106 139 — 4,245 Depreciation and amortization 27,746 3,700 — 31,446 Gain on sale of rental fleet units (2,500 ) (282 ) — (2,782 ) Loss on disposal of property, plant and equipment 521 168 — 689 Deferred income taxes 6,399 2,143 — 8,542 Foreign currency loss — 4 — 4 Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables (10,758 ) (1,538 ) — (12,296 ) Inventories (2,173 ) 383 — (1,790 ) Other assets 540 (58 ) — 482 Accounts payable 3,029 2,736 — 5,765 Accrued liabilities 202 18 — 220 Intercompany 764 (764 ) — — Net cash provided by operating activities 48,082 16,628 — 64,710 Cash flows from investing activities: Cash paid for businesses, net of cash acquired (9,206 ) — — (9,206 ) Additions to rental fleet (20,657 ) (7,501 ) — (28,158 ) Proceeds from sale of rental fleet units 6,332 1,077 — 7,409 Additions to property, plant and equipment (13,301 ) (5,962 ) — (19,263 ) Proceeds from sale of property, plant and equipment 1,166 449 — 1,615 Net cash used in investing activities (35,666 ) (11,937 ) — (47,603 ) Cash flows from financing activities: Net repayments under lines of credit (19,513 ) (1,448 ) — (20,961 ) Proceeds from issuance of 5.875% senior notes due 2024 250,000 — — 250,000 Redemption of 7.875% senior notes due 2020 (200,000 ) — — (200,000 ) Debt extinguishment expense (9,192 ) — — (9,192 ) Deferred financing costs (4,916 ) — — (4,916 ) Principal payments on capital lease obligations (2,848 ) (72 ) — (2,920 ) Issuance of common stock 92 — — 92 Dividend payments (18,236 ) — — (18,236 ) Purchase of treasury stock (7,096 ) — — (7,096 ) Net cash used in financing activities (11,709 ) (1,520 ) — (13,229 ) Effect of exchange rate changes on cash — (152 ) — (152 ) Net decrease in cash 707 3,019 — 3,726 Cash and cash equivalents at beginning of period 1,033 580 — 1,613 Cash and cash equivalents at end of period $ 1,740 $ 3,599 $ — $ 5,339 MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Cash flows from operating activities: Net (loss) income $ (26,409 ) $ 8,499 $ — $ (17,910 ) Adjustments to reconcile net (loss) income to net cash provided by operating activities: Asset impairment charge, net 66,110 18 — 66,128 Provision for doubtful accounts 1,527 367 — 1,894 Amortization of deferred financing costs 1,557 29 — 1,586 Amortization of long-term liabilities 50 1 — 51 Share-based compensation expense 6,548 189 — 6,737 Depreciation and amortization 26,633 3,444 — 30,077 Gain on sale of rental fleet units (3,417 ) (226 ) — (3,643 ) Loss on disposal of property, plant and equipment 1,132 350 — 1,482 Deferred income taxes (15,674 ) 2,254 — (13,420 ) Foreign currency loss — 2 — 2 Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables 1,659 (1,164 ) — 495 Inventories (915 ) 165 — (750 ) Other assets (788 ) (2,143 ) — (2,931 ) Accounts payable 5,217 (397 ) — 4,820 Accrued liabilities (3,484 ) (233 ) — (3,717 ) Intercompany 835 (736 ) (99 ) — Net cash provided by operating activities 60,581 10,419 (99 ) 70,901 Cash flows from investing activities: Proceeds from mobile wood office divestiture, net 84,473 27 — 84,500 Cash paid for businesses acquired, net of cash acquired — (1,200 ) — (1,200 ) Additions to rental fleet (17,749 ) (10,060 ) — (27,809 ) Proceeds from sale of rental fleet units 8,243 1,132 — 9,375 Additions to property, plant and equipment (9,957 ) (1,655 ) — (11,612 ) Proceeds from sale of property, plant and equipment 1,228 449 — 1,677 Net cash used in investing activities 66,238 (11,307 ) — 54,931 Cash flows from financing activities: Net repayments under lines of credit (76,385 ) 1,504 99 (74,782 ) Deferred financing costs (113 ) — — (113 ) Principal payments on capital lease obligations (1,790 ) (27 ) — (1,817 ) Issuance of common stock 1,473 — — 1,473 Dividend payments (16,964 ) — — (16,964 ) Purchase of treasury stock (33,482 ) — (33,482 ) Net cash (used in) provided by financing activities (127,261 ) 1,477 99 (125,685 ) Effect of exchange rate changes on cash — (182 ) — (182 ) Net increase (decrease) in cash (442 ) 407 — (35 ) Cash and cash equivalents at beginning of period 2,977 762 — 3,739 Cash and cash equivalents at end of period $ 2,535 $ 1,169 $ — $ 3,704 |
Mobile Mini, Inc. - Organizat27
Mobile Mini, Inc. - Organization and Description of Business (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The consolidated financial statements include the accounts of Mobile Mini and our wholly owned subsidiaries. We do not have any subsidiaries in which we do 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, 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 and six months ended June 30, 2016 and 2015 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 our audited consolidated financial statements and accompanying notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the Securities and Exchange Commission (“SEC”) on February 5, 2016. |
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 condensed consolidated financial statements and the notes to those statements. Actual results could differ from those estimates. Significant estimates affect the calculation of depreciation and amortization, the calculation of the allowance for doubtful accounts, the analysis of goodwill and long-lived assets for potential impairment and certain accrued liabilities. |
Fair Value Measurements, Policy | Fair value is 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 determined by assumptions that market participants would use in pricing an asset or liability. We categorize each of our fair value measurements in one of the following three levels based on the lowest level of input that is significant to the fair value measurement: 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 earnings (loss) per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated under the treasury stock method. Potential common shares included restricted common stock, which is subject to risk of forfeiture, incremental shares of common stock issuable upon the exercise of stock options and vesting of restricted stock awards. |
Inventories | Inventories are valued at the lower of cost (principally on a standard cost basis which approximates the first-in, first-out method) or net realizable value. Raw materials and supplies 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. |
Property, Plant and Equipment | Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives. Our depreciation expense related to property, plant and equipment for the six months ended June 30, 2016 and 2015 was $11.4 million and $9.7 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 Condensed Consolidated Statements of Operations. See Note 5 “Impairment and Divestiture of North American Wood Mobile Offices” for information regarding the impairment and divestiture of ancillary equipment related to the divestiture of our wood mobile office fleet during 2015. |
Income Tax Uncertainties, Policy | We use 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 | Our operations are comprised of three reportable segments: North American portable storage, U.K. portable storage and specialty containment. Discrete financial data on each of our products is not available and it would be impractical to collect and maintain financial data in such a manner. The results for each segment are reviewed discretely by our chief operating decision maker. We operate in the U.S., the U.K. and Canada. All of our locations operate in their local currency. Although we are exposed to foreign exchange rate fluctuation in foreign markets where we rent and sell our products, we do not believe such exposure will have a significant impact on our results of operations. Revenues recognized by our U.S. locations were $103.1 million and $107.2 million for the three months ended June 30, 2016 and 2015, respectively, and were $206.2 million and $217.6 million for the six months ended June 30, 2016 and 2015, respectively. |
Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting Standards Share-Based Compensation. In March 2016, the Financial Accounting Standards Board (“FASB”) issued a standard intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. This standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the impact that the standard will have on our consolidated financial statements. Leases . In February 2016, FASB issued a standard on lease accounting requiring a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. This standard is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact the standard will have on our consolidated financial statements. 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 certain 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. We adopted this guidance during the current-year period. As a result, unamortized debt issuance costs of $4.8 million and $2.4 million as of June 30, 2016 and December 31, 2015, respectively, have been deducted from the carrying amount of our Senior Notes (as defined below) in our balance sheet. Unamortized debt issuance costs related to our revolving lines of credit are included in other assets. Revenue from Contracts with Customers . In May 2014, FASB issued an 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, 2017. Early adoption is permitted for the annual and interim periods beginning after December 15, 2016, but not prior to that time. The revenue recognition standard permits the use of either the retrospective or cumulative effect transition method. We expect to adopt this guidance when effective and are evaluating the impact, if any, of the adoption of the standard to our financial statements and related disclosures. We have not yet selected a transition method nor determined the effect of the standard on our ongoing financial reporting. |
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. We periodically review depreciable lives and residual values against various factors, including the results of our lenders’ independent appraisal of our rental fleet, practices of our competitors in comparable industries and profit margins achieved on sales of depreciated units. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Gross Carrying and Fair Value of Senior Notes | The Senior Notes are presented on the balance sheet net of debt issuance costs. The gross carrying value and the fair value of our Senior Notes are as follows: June 30, 2016 December 31, 2015 (In thousands) Carrying value $ 250,000 $ 200,000 Fair value 256,875 207,000 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income (Loss) 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 income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands, except per share data) Numerator: Net income (loss) $ 4,072 $ 9,416 $ 15,070 $ (17,910 ) Denominator: Weighted average shares outstanding - basic 44,132 45,238 44,175 45,360 Dilutive effect of share-based awards 373 654 245 — Weighted average shares outstanding - diluted 44,505 45,892 44,420 45,360 Earnings (loss) per share: Basic $ 0.09 $ 0.21 $ 0.34 $ (0.39 ) Diluted 0.09 0.21 0.34 (0.39 ) |
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 restricted share awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Stock options 1,083 664 2,094 637 Restricted share awards 24 — 10 — Total 1,107 664 2,104 637 |
Impairment and Divestiture of30
Impairment and Divestiture of North American Wood Mobile Offices (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Schedule of Impairment and Divestiture | For the six months ended June 30, 2015, the following amounts were recorded for the impairment of the wood mobile office fleet (in thousands): Estimated fair market value $ 92,000 Net book value: Wood mobile offices in rental fleet 155,429 Ancillary items in property, plant and equipment 1,201 Impairment loss $ (64,630 ) Sale price $ 92,000 Book value of divested assets after impairment 92,000 Selling expenses 1,498 Net loss on sale of wood mobile office fleet $ (1,498 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 are as follows (in thousands): Net Assets Acquired: Rental fleet $ 4,233 Property, plant and equipment 190 Intangible assets: Customer relationships 808 Non-compete agreements 50 Goodwill 3,682 Other assets 402 Liabilities (159 ) Total purchase price $ 9,206 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories at June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Raw materials and supplies $ 13,694 $ 13,436 Work-in-process — 189 Finished portable storage units 3,610 1,971 Inventories $ 17,304 $ 15,596 |
Rental Fleet (Tables)
Rental Fleet (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Leases [Abstract] | |
Rental Fleet | Rental fleet consisted of the following at June 30, 2016 and December 31, 2015: Residual as Percentage of Original Cost (1) Useful Life in Years June 30, 2016 December 2015 (In thousands) Portable Storage: Steel storage containers 55% 30 $ 613,907 $ 612,782 Steel ground level offices 55% 30 346,695 346,233 Other 6,493 7,052 Total 967,095 966,067 Accumulated depreciation (145,256 ) (142,338 ) Total portable storage fleet, net $ 821,839 $ 823,729 Specialty Containment: Steel tanks 25 $ 60,776 $ 55,467 Roll-off boxes 15 - 20 28,722 25,161 Stainless steel tank trailers 25 27,881 28,160 Vacuum boxes 20 11,179 9,852 De-watering boxes 20 5,366 5,383 Pumps and filtration equipment 7 13,152 13,964 Other 6,002 6,843 Total 153,078 144,830 Accumulated depreciation (25,211 ) (17,236 ) Total specialty containment fleet, net $ 127,867 $ 127,594 Total rental fleet, net $ 949,706 $ 951,323 (1) Specialty containment fleet has been assigned zero residual value. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment at June 30, 2016 and December 31, 2015 consisted of the following: Residual Value as Percentage of Original Cost Useful Life in Years June 30, 2016 December 2015 (In thousands) Land $ 3,898 $ 4,045 Vehicles and machinery 0 - 55% 5 - 30 129,931 118,185 Buildings and improvements (1) 0 - 25 3 - 30 22,142 21,549 Office fixtures and equipment — 3 - 10 58,342 47,063 Property, plant and equipment 214,313 190,842 Accumulated depreciation (64,761 ) (59,155 ) Property, plant and equipment, net $ 149,552 $ 131,687 (1) Improvements made to leased properties are depreciated over the lesser of the estimated remaining life or the remaining term of the respective lease. |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 to June 30, 2016 (in thousands): Balance at January 1, 2016 $ 706,387 Acquisition 3,682 Foreign currency (5,555 ) Balance at June 30, 2016 $ 704,514 |
Balances Related to Intangible Assets | The following table reflects balances related to intangible assets for the periods presented: June 30, 2016 December 31, 2015 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships 15 - 20 $ 92,351 $ (26,737 ) $ 65,614 $ 92,304 $ (24,875 ) $ 67,429 Trade names/trademarks 5 - 10 5,949 (2,012 ) 3,937 6,025 (1,684 ) 4,341 Non-compete agreements 5 1,889 (625 ) 1,264 1,839 (433 ) 1,406 Other 20 60 (25 ) 35 60 (24 ) 36 Total $ 100,249 $ (29,399 ) $ 70,850 $ 100,228 $ (27,016 ) $ 73,212 |
Schedule of Expected Future Amortization of Intangible Assets | Based on the carrying value at June 30, 2016, future amortization of intangible assets is expected to be as follows for the years ended December 31 (in thousands): 2016 (remaining) $ 3,149 2017 6,245 2018 6,229 2019 6,177 2020 5,061 Thereafter 43,989 Total $ 70,850 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Share-Based Compensation Expense | The following table summarizes the Company’s share-based compensation for the three and six months ended June 30: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) (In thousands) Share-based compensation expense included in: Rental, selling and general expenses $ 1,623 $ 2,615 $ 4,187 $ 5,865 Restructuring expenses 58 872 58 872 Total share-based compensation $ 1,681 $ 3,487 $ 4,245 $ 6,737 |
Key Assumptions Used to Estimate Fair Value of Stock Options Granted | The following are the key assumptions used for the each of the six-month periods ended June 30: 2016 2015 Risk-free interest rate 1.5% 1.3% - 1.5% Expected life of the options (years) 5 5 Expected stock price volatility 36.7% 35.6% - 35.7% Expected dividend rate 3.1% 1.8% - 2.0% |
Stock Option Activity | The following table summarizes stock option activity for the six months ended June 30, 2016: Number of Shares Weighted Average Exercise Price (In thousands) Options outstanding, beginning of period 2,870 $ 33.40 Granted 574 26.23 Canceled/Expired (72 ) 34.47 Exercised (4 ) 26.72 Options outstanding, end of period 3,368 32.16 |
Fully Vested Stock Options and Stock Options Expected to Vest | A summary of stock options outstanding as of June 30, 2016 is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding 3,368 $ 32.16 7.32 $ 15,071 Vested and expected to vest 3,272 32.24 7.26 14,419 Exercisable 2,512 32.02 6.71 10,444 |
Restricted Stock Award Activity | A summary of restricted stock award activity is as follows: Shares Weighted Average Grant Date Fair Value (In thousands) Restricted stock awards at beginning of period 242 $ 31.70 Awarded 143 26.23 Released (57 ) 33.18 Forfeited (23 ) 27.24 Restricted stock awards at end of period 305 29.20 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring And Related Activities [Abstract] | |
Accrued Restructuring Obligations and Related Activity | The following table details accrued restructuring obligations (included in accrued liabilities in the Condensed Consolidated Balance Sheets) and related activity for the fiscal year ended December 31, 2015 and the six-month period ended June 30, 2016: Fleet Plant and Equipment Abandonment Costs Severance Benefits Lease Abandonment Costs Other Costs Total (In thousands) Accrued obligations as of January 1, 2015 $ — $ 441 $ 676 $ — $ 1,117 Restructuring expense 15,274 4,846 600 78 20,798 Settlement of obligations (15,274 ) (4,042 ) (781 ) (76 ) (20,173 ) Accrued obligations as of December 31, 2015 — 1,245 495 2 1,742 Restructuring expense 108 236 1,813 1,415 3,572 Settlement of obligations (108 ) (778 ) (1,876 ) (1,417 ) (4,179 ) Accrued obligations as of June 30, 2016 $ — $ 703 $ 432 $ — $ 1,135 |
Restructuring Expense | The following amounts are included in restructuring expense for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Fleet and property, plant and equipment abandonment costs $ 2 $ — $ 108 $ — Severance and benefits 164 2,410 236 2,874 Lease abandonment costs 1,077 19 1,813 38 Other costs 81 15 1,415 15 Restructuring expense $ 1,324 $ 2,444 $ 3,572 $ 2,927 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | The following tables set forth certain information regarding each of the Company’s segments for the three-month periods indicated: For the Three Months Ended June 30, 2016 Portable Storage North America United Kingdom Total Specialty Containment Consolidated (In thousands) Revenues: Rental $ 73,671 $ 20,431 $ 94,102 $ 22,671 $ 116,773 Sales 4,712 411 5,123 1,219 6,342 Other 1,566 45 1,611 123 1,734 Total revenues 79,949 20,887 100,836 24,013 124,849 Costs and expenses: Rental, selling and general expenses 50,361 12,493 62,854 15,183 78,037 Cost of sales 2,776 280 3,056 622 3,678 Restructuring expenses 1,031 — 1,031 293 1,324 Depreciation and amortization 7,184 1,794 8,978 7,291 16,269 Total costs and expenses 61,352 14,567 75,919 23,389 99,308 Income from operations $ 18,597 $ 6,320 $ 24,917 $ 624 $ 25,541 Interest expense, net of interest income $ 5,105 $ 136 $ 5,241 $ 2,761 $ 8,002 Income tax provision 1,182 1,076 2,258 (258 ) 2,000 Capital expenditures for additions to rental fleet, excluding acquisitions 6,901 3,308 10,209 7,065 17,274 For the Three Months Ended June 30, 2015 Portable Storage North America United Kingdom Total Specialty Containment Consolidated (In thousands) Revenues: Rental $ 74,200 $ 20,836 $ 95,036 $ 25,209 $ 120,245 Sales 5,042 1,058 6,100 2,099 8,199 Other 1,726 103 1,829 15 1,844 Total revenues 80,968 21,997 102,965 27,323 130,288 Costs and expenses: Rental, selling and general expenses 53,562 13,452 67,014 16,090 83,104 Cost of sales 3,136 852 3,988 1,412 5,400 Restructuring expenses 1,470 — 1,470 974 2,444 Asset impairment charge, net 1,402 — 1,402 — 1,402 Depreciation and amortization 6,530 1,642 8,172 6,366 14,538 Total costs and expenses 66,100 15,946 82,046 24,842 106,888 Income from operations $ 14,868 $ 6,051 $ 20,919 $ 2,481 $ 23,400 Interest expense, net of interest income $ 6,053 $ 224 $ 6,277 $ 2,690 $ 8,967 Income tax (benefit) provision 3,809 1,295 5,104 (89 ) 5,015 Capital expenditures for additions to rental fleet, excluding acquisitions 5,112 5,256 10,368 6,961 17,329 The following tables set forth certain information regarding each of the Company’s segments for the six-month periods indicated: For the Six Months Ended June 30, 2016 Portable Storage North America United Kingdom Total Specialty Containment Consolidated (In thousands) Revenues: Rental $ 147,684 $ 40,146 $ 187,830 $ 46,299 $ 234,129 Sales 9,160 1,255 10,415 2,818 13,233 Other 1,779 99 1,878 142 2,020 Total revenues 158,623 41,500 200,123 49,259 249,382 Costs and expenses: Rental, selling and general expenses 98,749 24,959 123,708 30,631 154,339 Cost of sales 5,534 921 6,455 1,834 8,289 Restructuring expenses 3,213 — 3,213 359 3,572 Depreciation and amortization 13,611 3,505 17,116 14,330 31,446 Total costs and expenses 121,107 29,385 150,492 47,154 197,646 Income from operations $ 37,516 $ 12,115 $ 49,631 $ 2,105 $ 51,736 Interest expense, net of interest income $ 10,753 $ 267 $ 11,020 $ 5,466 $ 16,486 Income tax provision 6,241 2,144 8,385 328 8,713 Capital expenditures for additions to rental fleet, excluding acquisitions 11,481 7,478 18,959 9,199 28,158 For the Six Months Ended June 30, 2015 Portable Storage North America United Kingdom Total Specialty Containment Consolidated (In thousands) Revenues: Rental $ 153,184 $ 40,856 $ 194,040 $ 49,322 $ 243,362 Sales 10,025 2,037 12,062 4,109 16,171 Other 3,165 193 3,358 26 3,384 Total revenues 166,374 43,086 209,460 53,457 262,917 Costs and expenses: Rental, selling and general expenses 107,142 27,104 134,246 31,904 166,150 Cost of sales 6,258 1,594 7,852 2,681 10,533 Restructuring expenses 1,687 — 1,687 1,240 2,927 Asset impairment charge, net 66,128 — 66,128 — 66,128 Depreciation and amortization 14,420 3,218 17,638 12,439 30,077 Total costs and expenses 195,635 31,916 227,551 48,264 275,815 (Loss) income from operations $ (29,261 ) $ 11,170 $ (18,091 ) $ 5,193 $ (12,898 ) Interest expense, net of interest income $ 12,201 $ 442 $ 12,643 $ 5,383 $ 18,026 Income tax (benefit) provision (15,189 ) 2,254 (12,935 ) (81 ) (13,016 ) Capital expenditures for additions to rental fleet, excluding acquisitions 7,785 9,977 17,762 10,047 27,809 |
Assets Segments | Assets related to the Company’s reportable segments include the following: Portable Storage North America United Kingdom Total Specialty Containment Consolidated (In thousands) As of June 30, 2016: Goodwill $ 467,633 $ 55,665 $ 523,298 $ 181,216 $ 704,514 Intangibles 2,421 251 2,672 68,178 70,850 Rental fleet 679,524 142,315 821,839 127,867 949,706 As of December 31, 2015: Goodwill $ 463,616 $ 61,532 $ 525,148 $ 181,239 $ 706,387 Intangibles 2,021 403 2,424 70,788 73,212 Rental fleet 672,080 151,649 823,729 127,594 951,323 |
Condensed Consolidating Finan39
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 1,740 $ 3,599 $ — $ 5,339 Receivables, net 70,755 17,779 — 88,534 Inventories 16,397 907 — 17,304 Rental fleet, net 797,390 152,316 — 949,706 Property, plant and equipment, net 128,652 20,900 — 149,552 Other assets 16,075 1,787 — 17,862 Intangibles, net 70,549 301 — 70,850 Goodwill 644,126 60,388 — 704,514 Intercompany receivables 145,331 4,384 (149,715 ) — Total assets $ 1,891,015 $ 262,361 $ (149,715 ) $ 2,003,661 LIABILITIES AND STOCKHOLDERS' Liabilities: Accounts payable $ 25,979 $ 8,936 $ — $ 34,915 Accrued liabilities 53,919 6,604 — 60,523 Lines of credit 646,237 511 — 646,748 Obligations under capital leases 49,367 245 — 49,612 Senior Notes, net 245,193 — — 245,193 Deferred income taxes 209,885 16,286 — 226,171 Intercompany payables — 1,716 (1,716 ) — Total liabilities 1,230,580 34,298 (1,716 ) 1,263,162 Commitments and contingencies Stockholders' equity: Common stock 493 — — 493 Additional paid-in capital 588,782 147,999 (147,999 ) 588,782 Retained earnings 205,766 143,211 — 348,977 Accumulated other comprehensive loss — (63,147 ) — (63,147 ) Treasury stock, at cost (134,606 ) — — (134,606 ) Total stockholders' equity 660,435 228,063 (147,999 ) 740,499 Total liabilities and stockholders' equity $ 1,891,015 $ 262,361 $ (149,715 ) $ 2,003,661 MOBILE MINI, INC. CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 1,033 $ 580 $ — $ 1,613 Receivables, net 62,043 18,148 — 80,191 Inventories 14,224 1,372 — 15,596 Rental fleet, net 790,172 161,151 — 951,323 Property, plant and equipment, net 112,877 18,810 — 131,687 Other assets 14,854 1,912 — 16,766 Intangibles, net 72,751 461 — 73,212 Goodwill 640,444 65,943 — 706,387 Intercompany receivables 143,592 4,415 (148,007 ) — Total assets $ 1,851,990 $ 272,792 $ (148,007 ) $ 1,976,775 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable $ 22,849 $ 6,237 $ — $ 29,086 Accrued liabilities 51,815 7,209 — 59,024 Lines of credit 665,750 1,958 — 667,708 Obligations under capital leases 37,957 317 — 38,274 Senior Notes, net 197,553 — — 197,553 Deferred income taxes 199,826 19,775 — 219,601 Intercompany payables — 8 (8 ) — Total liabilities 1,175,750 35,504 (8 ) 1,211,246 Commitments and contingencies Stockholders' equity: Common stock 491 — — 491 Additional paid-in capital 584,447 147,999 (147,999 ) 584,447 Retained earnings 218,811 133,451 — 352,262 Accumulated other comprehensive loss — (44,162 ) — (44,162 ) Treasury stock, at cost (127,509 ) — — (127,509 ) Total stockholders' equity 676,240 237,288 (147,999 ) 765,529 Total liabilities and stockholders' equity $ 1,851,990 $ 272,792 $ (148,007 ) $ 1,976,775 |
Condensed Consolidating Statements of Operations | MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 95,555 $ 21,218 $ — $ 116,773 Sales 5,865 477 — 6,342 Other 1,687 47 — 1,734 Total revenues 103,107 21,742 — 124,849 Costs and expenses: Rental, selling and general expenses 64,935 13,102 — 78,037 Cost of sales 3,361 317 — 3,678 Restructuring expenses 1,324 — — 1,324 Depreciation and amortization 14,369 1,900 — 16,269 Total costs and expenses 83,989 15,319 — 99,308 Income from operations 19,118 6,423 — 25,541 Other income (expense): Interest income 2,653 — (2,653 ) — Interest expense (10,519 ) (136 ) 2,653 (8,002 ) Debt extinguishment expense (9,192 ) — — (9,192 ) Deferred financing costs write-off (2,271 ) — — (2,271 ) Foreign currency exchange — (4 ) — (4 ) Income before income tax provision (211 ) 6,283 — 6,072 Income tax provision 924 1,076 — 2,000 Net income $ (1,135 ) $ 5,207 $ — $ 4,072 MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 98,354 $ 21,891 $ — $ 120,245 Sales 7,078 1,121 — 8,199 Other 1,739 105 — 1,844 Total revenues 107,171 23,117 — 130,288 Costs and expenses: Rental, selling and general expenses 68,873 14,231 — 83,104 Cost of sales 4,506 894 — 5,400 Restructuring expenses 2,444 — — 2,444 Asset impairment charge, net 1,384 18 — 1,402 Depreciation and amortization 12,785 1,753 — 14,538 Total costs and expenses 89,992 16,896 — 106,888 Income from operations 17,179 6,221 — 23,400 Other income (expense): Interest income 2,661 — (2,661 ) — Interest expense (11,245 ) (383 ) 2,661 (8,967 ) Foreign currency exchange — (2 ) — (2 ) Income before income tax (benefit) provision 8,595 5,836 — 14,431 Income tax provision 3,720 1,295 — 5,015 Net income $ 4,875 $ 4,541 $ — $ 9,416 MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 192,445 $ 41,684 $ — $ 234,129 Sales 11,826 1,407 — 13,233 Other 1,915 105 — 2,020 Total revenues 206,186 43,196 — 249,382 Costs and expenses: Rental, selling and general expenses 128,174 26,165 — 154,339 Cost of sales 7,271 1,018 — 8,289 Restructuring expenses 3,572 — — 3,572 Depreciation and amortization 27,746 3,700 — 31,446 Total costs and expenses 166,763 30,883 — 197,646 Income from operations 39,423 12,313 — 51,736 Other income (expense): Interest income 5,307 — (5,307 ) — Interest expense (21,388 ) (405 ) 5,307 (16,486 ) Debt extinguishment expense (9,192 ) — — (9,192 ) Deferred financing costs write-off (2,271 ) — — (2,271 ) Foreign currency exchange — (4 ) — (4 ) Income before income tax provision 11,879 11,904 — 23,783 Income tax provision 6,569 2,144 — 8,713 Net income $ 5,310 $ 9,760 $ — $ 15,070 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 200,461 $ 42,901 $ — $ 243,362 Sales 13,995 2,176 — 16,171 Other 3,189 195 — 3,384 Total revenues 217,645 45,272 — 262,917 Costs and expenses: Rental, selling and general expenses 137,547 28,603 — 166,150 Cost of sales 8,843 1,690 — 10,533 Restructuring expenses 2,927 — — 2,927 Asset impairment charge, net 66,110 18 — 66,128 Depreciation and amortization 26,633 3,444 — 30,077 Total costs and expenses 242,060 33,755 — 275,815 (Loss) income from operations (24,415 ) 11,517 — (12,898 ) Other income (expense): Interest income 5,323 — (5,323 ) — Interest expense (22,588 ) (761 ) 5,323 (18,026 ) Foreign currency exchange — (2 ) — (2 ) (Loss) income before income tax (benefit) provision (41,680 ) 10,754 — (30,926 ) Income tax (benefit) provision (15,271 ) 2,255 — (13,016 ) Net (loss) income $ (26,409 ) $ 8,499 $ — $ (17,910 ) |
Condensed Consolidating Statement of Comprehensive Income (Loss) | MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net income $ (1,135 ) $ 5,207 $ — $ 4,072 Foreign currency translation adjustment — (15,272 ) — (15,272 ) Comprehensive income $ (1,135 ) $ (10,065 ) $ — $ (11,200 ) MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended June 30, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net income $ 4,875 $ 4,541 $ — $ 9,416 Foreign currency translation adjustment — 12,516 — 12,516 Comprehensive income $ 4,875 $ 17,057 $ — $ 21,932 MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Six Months Ended June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net income $ 5,310 $ 9,760 $ — $ 15,070 Foreign currency translation adjustment — (18,985 ) — (18,985 ) Comprehensive income $ 5,310 $ (9,225 ) $ — $ (3,915 ) MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Six Months Ended June 30, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net (loss) income $ (26,409 ) $ 8,499 $ — $ (17,910 ) Foreign currency translation adjustment — 739 — 739 Comprehensive loss $ (26,409 ) $ 9,238 $ — $ (17,171 ) |
Condensed Consolidating Statements of Cash Flows | MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Cash flows from operating activities: Net income $ 5,310 $ 9,760 $ — $ 15,070 Adjustments to reconcile net income to net cash provided by operating activities: Debt extinguishment expense 9,192 — — 9,192 Deferred financing costs write-off 2,271 — — 2,271 Provision for doubtful accounts 2,434 212 — 2,646 Amortization of deferred financing costs 941 7 — 948 Amortization of long-term liabilities 58 — — 58 Share-based compensation expense 4,106 139 — 4,245 Depreciation and amortization 27,746 3,700 — 31,446 Gain on sale of rental fleet units (2,500 ) (282 ) — (2,782 ) Loss on disposal of property, plant and equipment 521 168 — 689 Deferred income taxes 6,399 2,143 — 8,542 Foreign currency loss — 4 — 4 Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables (10,758 ) (1,538 ) — (12,296 ) Inventories (2,173 ) 383 — (1,790 ) Other assets 540 (58 ) — 482 Accounts payable 3,029 2,736 — 5,765 Accrued liabilities 202 18 — 220 Intercompany 764 (764 ) — — Net cash provided by operating activities 48,082 16,628 — 64,710 Cash flows from investing activities: Cash paid for businesses, net of cash acquired (9,206 ) — — (9,206 ) Additions to rental fleet (20,657 ) (7,501 ) — (28,158 ) Proceeds from sale of rental fleet units 6,332 1,077 — 7,409 Additions to property, plant and equipment (13,301 ) (5,962 ) — (19,263 ) Proceeds from sale of property, plant and equipment 1,166 449 — 1,615 Net cash used in investing activities (35,666 ) (11,937 ) — (47,603 ) Cash flows from financing activities: Net repayments under lines of credit (19,513 ) (1,448 ) — (20,961 ) Proceeds from issuance of 5.875% senior notes due 2024 250,000 — — 250,000 Redemption of 7.875% senior notes due 2020 (200,000 ) — — (200,000 ) Debt extinguishment expense (9,192 ) — — (9,192 ) Deferred financing costs (4,916 ) — — (4,916 ) Principal payments on capital lease obligations (2,848 ) (72 ) — (2,920 ) Issuance of common stock 92 — — 92 Dividend payments (18,236 ) — — (18,236 ) Purchase of treasury stock (7,096 ) — — (7,096 ) Net cash used in financing activities (11,709 ) (1,520 ) — (13,229 ) Effect of exchange rate changes on cash — (152 ) — (152 ) Net decrease in cash 707 3,019 — 3,726 Cash and cash equivalents at beginning of period 1,033 580 — 1,613 Cash and cash equivalents at end of period $ 1,740 $ 3,599 $ — $ 5,339 MOBILE MINI, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2015 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Cash flows from operating activities: Net (loss) income $ (26,409 ) $ 8,499 $ — $ (17,910 ) Adjustments to reconcile net (loss) income to net cash provided by operating activities: Asset impairment charge, net 66,110 18 — 66,128 Provision for doubtful accounts 1,527 367 — 1,894 Amortization of deferred financing costs 1,557 29 — 1,586 Amortization of long-term liabilities 50 1 — 51 Share-based compensation expense 6,548 189 — 6,737 Depreciation and amortization 26,633 3,444 — 30,077 Gain on sale of rental fleet units (3,417 ) (226 ) — (3,643 ) Loss on disposal of property, plant and equipment 1,132 350 — 1,482 Deferred income taxes (15,674 ) 2,254 — (13,420 ) Foreign currency loss — 2 — 2 Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables 1,659 (1,164 ) — 495 Inventories (915 ) 165 — (750 ) Other assets (788 ) (2,143 ) — (2,931 ) Accounts payable 5,217 (397 ) — 4,820 Accrued liabilities (3,484 ) (233 ) — (3,717 ) Intercompany 835 (736 ) (99 ) — Net cash provided by operating activities 60,581 10,419 (99 ) 70,901 Cash flows from investing activities: Proceeds from mobile wood office divestiture, net 84,473 27 — 84,500 Cash paid for businesses acquired, net of cash acquired — (1,200 ) — (1,200 ) Additions to rental fleet (17,749 ) (10,060 ) — (27,809 ) Proceeds from sale of rental fleet units 8,243 1,132 — 9,375 Additions to property, plant and equipment (9,957 ) (1,655 ) — (11,612 ) Proceeds from sale of property, plant and equipment 1,228 449 — 1,677 Net cash used in investing activities 66,238 (11,307 ) — 54,931 Cash flows from financing activities: Net repayments under lines of credit (76,385 ) 1,504 99 (74,782 ) Deferred financing costs (113 ) — — (113 ) Principal payments on capital lease obligations (1,790 ) (27 ) — (1,817 ) Issuance of common stock 1,473 — — 1,473 Dividend payments (16,964 ) — — (16,964 ) Purchase of treasury stock (33,482 ) — (33,482 ) Net cash (used in) provided by financing activities (127,261 ) 1,477 99 (125,685 ) Effect of exchange rate changes on cash — (182 ) — (182 ) Net increase (decrease) in cash (442 ) 407 — (35 ) Cash and cash equivalents at beginning of period 2,977 762 — 3,739 Cash and cash equivalents at end of period $ 2,535 $ 1,169 $ — $ 3,704 |
Fully Vested Stock Options and
Fully Vested Stock Options and Stock Options Expected to Vest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Number of Shares | ||
Outstanding | 3,368 | 2,870 |
Vested and expected to vest | 3,272 | |
Exercisable | 2,512 | |
Weighted Average Exercise Price | ||
Outstanding | $ 32.16 | $ 33.40 |
Vested and expected to vest | 32.24 | |
Exercisable | $ 32.02 | |
Weighted Average Remaining Contractual Term (In years) | ||
Outstanding | 7 years 3 months 26 days | |
Vested and expected to vest | 7 years 3 months 4 days | |
Exercisable | 6 years 8 months 16 days | |
Aggregate Intrinsic Values | ||
Outstanding | $ 15,071 | |
Vested and expected to vest | 14,419 | |
Exercisable | $ 10,444 |
Mobile Mini, Inc. - Organizat41
Mobile Mini, Inc. - Organization and Description of Business - Additional Information (Detail) - USD ($) $ in Thousands | May 15, 2015 | Apr. 16, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from sale of rental fleet | $ 7,409 | $ 9,375 | ||
Percentage of ownership owned | 100.00% | |||
Wood mobile offices | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from sale of rental fleet | $ 92,000 | $ 92,000 | ||
North America | Portable Storage | Wood mobile offices | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from sale of rental fleet | $ 92,000 | |||
Assumed liabilities associated with sale of wood mobile offices | $ 6,800 |
Impact of Recently Issued Acc42
Impact of Recently Issued Accounting Standards - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Accounting Changes And Error Corrections [Abstract] | ||
Unamortized debt issuance costs | $ 4.8 | $ 2.4 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | May 09, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes fair value basis for measurement, description | The fair value of our 2020 Notes and our 2024 Notes (together, the “Senior Notes”) for the periods presented below is based on their latest sales price at the end of each period obtained from a third-party institution and is Level 2 in the fair value hierarchy as there is not an active market for these Senior Notes. | |
Senior Notes 7.875 Percent Due 2020 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Redeemed senior notes, face amount | $ 200,000,000 | $ 200,000,000 |
Debt instrument interest rate | 7.875% | |
Senior notes due, date | Dec. 1, 2020 | |
Senior Notes 5.875 Percent Due 2024 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument interest rate | 5.875% | |
Senior notes due, date | Jul. 1, 2024 | |
Senior notes, face amount | $ 250,000,000 | $ 250,000,000 |
Gross Carrying and Fair Value o
Gross Carrying and Fair Value of Senior Notes (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Carrying value | $ 245,193 | $ 197,553 |
Senior Notes 5.875 Percent Due 2024 | ||
Debt Instrument [Line Items] | ||
Carrying value | 250,000 | 200,000 |
Fair value | $ 256,875 | $ 207,000 |
Reconciliation of Weighted-Aver
Reconciliation of Weighted-Average Shares of Common Stock Outstanding for Purposes of Calculating Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator: | ||||
Net income (loss) | $ 4,072 | $ 9,416 | $ 15,070 | $ (17,910) |
Denominator: | ||||
Weighted average shares outstanding - basic | 44,132 | 45,238 | 44,175 | 45,360 |
Dilutive effect of share-based awards | 373 | 654 | 245 | 0 |
Weighted average shares outstanding - diluted | 44,505 | 45,892 | 44,420 | 45,360 |
Earnings (loss) per share: | ||||
Basic | $ 0.09 | $ 0.21 | $ 0.34 | $ (0.39) |
Diluted | $ 0.09 | $ 0.21 | $ 0.34 | $ (0.39) |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share Basic [Line Items] | ||||
Nonvested share-awards not included in basic weighted average number of common shares outstanding | 300,000 | 400,000 | ||
Common stock equivalents would have included in diluted EPS denominator | 1,107,000 | 664,000 | 2,104,000 | 637,000 |
Common Stock Equivalents | ||||
Earnings Per Share Basic [Line Items] | ||||
Common stock equivalents would have included in diluted EPS denominator | 600,000 |
Number of Stock Options and Res
Number of Stock Options and Restricted Awards that were Issued or Outstanding but were Excluded in Calculating Diluted Earnings Per Share Because their Effect would have been Anti-Dilutive (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of dilutive EPS | 1,107 | 664 | 2,104 | 637 |
Stock options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of dilutive EPS | 1,083 | 664 | 2,094 | 637 |
Restricted share awards | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of dilutive EPS | 24 | 10 |
Impairment and Divestiture of48
Impairment and Divestiture of North American Wood Mobile Offices - Additional Information (Detail) - USD ($) $ in Thousands | May 15, 2015 | Apr. 16, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of rental fleet | $ 7,409 | $ 9,375 | ||
Wood mobile offices | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Definitive agreement date | Apr. 16, 2015 | |||
Proceeds from sale of rental fleet | $ 92,000 | 92,000 | ||
Closing time of transaction | The transaction closed on May 15, 2015 | |||
Deferred revenue and customer deposits | $ 6,800 | |||
Net loss on sale of wood mobile offices | $ 1,500 | $ (1,498) |
Schedule of Impairment and Dive
Schedule of Impairment and Divestiture (Detail) - USD ($) $ in Thousands | May 15, 2015 | Apr. 16, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Estimated fair market value | $ 92,000 | ||||
Property, plant and equipment, net | $ 149,552 | $ 131,687 | |||
Impairment loss | (64,630) | ||||
Sale price | $ 7,409 | 9,375 | |||
Wood mobile offices in rental fleet | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Property, plant and equipment, net | 155,429 | ||||
Ancillary items in property, plant and equipment | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Property, plant and equipment, net | 1,201 | ||||
Wood mobile offices | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale price | $ 92,000 | 92,000 | |||
Book value of divested assets after impairment | 92,000 | ||||
Selling expenses | 1,498 | ||||
Net loss on sale of wood mobile office fleet | $ 1,500 | $ (1,498) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016Entity | |
Business Combinations [Abstract] | |
Number of business acquired | 1 |
Schedule of Components of Purch
Schedule of Components of Purchase Price and Net Assets Acquired (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Net Assets Acquired: | |
Rental fleet | $ 4,233 |
Property, plant and equipment | 190 |
Goodwill | 3,682 |
Other assets | 402 |
Liabilities | (159) |
Total purchase price | 9,206 |
Customer relationships | |
Intangible assets: | |
Intangible assets | 808 |
Non-compete agreements | |
Intangible assets: | |
Intangible assets | $ 50 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 13,694 | $ 13,436 |
Work-in-process | 189 | |
Finished portable storage units | 3,610 | 1,971 |
Inventories | $ 17,304 | $ 15,596 |
Rental Fleet - Additional Infor
Rental Fleet - Additional Information (Detail) - Portable Storage - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Property Subject to or Available for Operating Lease [Line Items] | ||
Net orderly liquidation appraisal value of rental fleet | $ 1,100 | |
Depreciation expense | $ 16.9 | $ 17.4 |
Rental Fleet (Detail)
Rental Fleet (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | ||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total fleet, net | $ 949,706 | $ 951,323 | |
Portable Storage | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 967,095 | 966,067 | |
Accumulated depreciation | (145,256) | (142,338) | |
Total fleet, net | $ 821,839 | 823,729 | |
Portable Storage | Steel storage containers | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Residual Value as Percentage of Original Cost | [1] | 55.00% | |
Useful Life in Years | 30 years | ||
Rental fleet, gross | $ 613,907 | 612,782 | |
Portable Storage | Steel ground level offices | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Residual Value as Percentage of Original Cost | [1] | 55.00% | |
Useful Life in Years | 30 years | ||
Rental fleet, gross | $ 346,695 | 346,233 | |
Portable Storage | Other | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 6,493 | 7,052 | |
Specialty Containment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 153,078 | 144,830 | |
Accumulated depreciation | (25,211) | (17,236) | |
Total fleet, net | $ 127,867 | 127,594 | |
Specialty Containment | Steel tanks | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 25 years | ||
Rental fleet, gross | $ 60,776 | 55,467 | |
Specialty Containment | Roll-off boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | $ 28,722 | 25,161 | |
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 | $ 27,881 | 28,160 | |
Specialty Containment | Vacuum Boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
Rental fleet, gross | $ 11,179 | 9,852 | |
Specialty Containment | De-watering boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
Rental fleet, gross | $ 5,366 | 5,383 | |
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 | $ 13,152 | 13,964 | |
Specialty Containment | Other | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | $ 6,002 | $ 6,843 | |
Specialty Containment | Minimum | Roll-off boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 15 years | ||
Specialty Containment | Maximum | Roll-off boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
[1] | Specialty containment fleet has been assigned zero residual value. |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 11.4 | $ 9.7 | |
Capitalized software development costs | 31.7 | $ 23.5 | |
Development cost of new enterprise | $ 29.2 |
Property, Plant and Equipment56
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | ||
Property Plant And Equipment [Line Items] | |||
Land | $ 3,898 | $ 4,045 | |
Vehicles and machinery | 129,931 | 118,185 | |
Buildings and improvements | [1] | 22,142 | 21,549 |
Office fixtures and equipment | 58,342 | 47,063 | |
Property, plant and equipment | 214,313 | 190,842 | |
Accumulated depreciation | (64,761) | (59,155) | |
Property, plant and equipment, net | $ 149,552 | $ 131,687 | |
Vehicles and machinery | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Residual Value as Percentage of Original Cost | 0.00% | ||
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% | ||
Useful Life in Years | 30 years | ||
Buildings and improvements | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Residual Value as Percentage of Original Cost | [1] | 0.00% | |
Useful Life in Years | [1] | 3 years | |
Buildings and improvements | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Residual Value as Percentage of Original Cost | [1] | 25.00% | |
Useful Life in Years | [1] | 30 years | |
Office fixtures and equipment | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Useful Life in Years | 3 years | ||
Office fixtures and equipment | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Useful Life in Years | 10 years | ||
[1] | Improvements made to leased properties are depreciated over the lesser of the estimated remaining life or the remaining term of the respective lease. |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill | $ 704,514 | $ 706,387 | |
Amortization of all other intangibles | 3,200 | $ 3,000 | |
North America | |||
Goodwill [Line Items] | |||
Goodwill | 467,600 | ||
United Kingdom | |||
Goodwill [Line Items] | |||
Goodwill | 55,700 | ||
Specialty Containment Segment | |||
Goodwill [Line Items] | |||
Goodwill | $ 181,200 |
Activity and Balances Relating
Activity and Balances Relating to Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill Beginning Balance | $ 706,387 |
Acquisition | 3,682 |
Foreign currency | (5,555) |
Goodwill Ending Balance | $ 704,514 |
Balances Related to Intangible
Balances Related to Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 100,249 | $ 100,228 |
Accumulated Amortization | (29,399) | (27,016) |
Net Carrying Amount | 70,850 | 73,212 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 92,351 | 92,304 |
Accumulated Amortization | (26,737) | (24,875) |
Net Carrying Amount | $ 65,614 | 67,429 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 15 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 | $ 5,949 | 6,025 |
Accumulated Amortization | (2,012) | (1,684) |
Net Carrying Amount | $ 3,937 | 4,341 |
Trade names/trademarks | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Trade names/trademarks | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 10 years | |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Gross Carrying Amount | $ 1,889 | 1,839 |
Accumulated Amortization | (625) | (433) |
Net Carrying Amount | $ 1,264 | 1,406 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 20 years | |
Gross Carrying Amount | $ 60 | 60 |
Accumulated Amortization | (25) | (24) |
Net Carrying Amount | $ 35 | $ 36 |
Schedule of Expected Future Amo
Schedule of Expected Future Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2016 (remaining) | $ 3,149 | |
2,017 | 6,245 | |
2,018 | 6,229 | |
2,019 | 6,177 | |
2,020 | 5,061 | |
Thereafter | 43,989 | |
Net Carrying Amount | $ 70,850 | $ 73,212 |
Senior Notes and Lines of Cre61
Senior Notes and Lines of Credit - Additional Information (Detail) - USD ($) | May 09, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Dec. 14, 2015 |
Line Of Credit Facility [Line Items] | ||||
Debt extinguishment expense | $ 9,192,000 | $ 9,192,000 | ||
Deferred financing costs write-off | 2,271,000 | $ 2,271,000 | ||
Credit Agreement, interest rate terms | Outstanding amounts under the Credit Agreement bear interest at our option at either: (i) the London interbank offered rate (“LIBOR”) plus an applicable margin (“LIBOR Loans”), or (ii) the prime rate plus an applicable margin (“Base Rate Loans”). | |||
Line of credit, covenant | 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’s or its subsidiaries’ assets, (ii) repurchase or pay dividends or make certain other restricted payments on capital stock and certain other securities, or prepay certain indebtedness, (iii) incur additional indebtedness or engage in certain other types of financing transactions, and (iv) make acquisitions or other investments. | |||
Line of credit facility, covenant compliance | In addition, we must comply with a minimum fixed charge coverage ratio of 1.00 to 1.00 as of the last day of each quarter, upon the minimum availability amount under the Credit Agreement falling below the greater of (y) $90.0 million and (z) 10% of the lesser of the then total revolving loan commitment and aggregate borrowing base. | |||
Minimum fixed charges coverage ratio | 100.00% | |||
Line of credit, minimum borrowing availability for financial maintenance covenants to be applicable | $ 90,000,000 | $ 90,000,000 | ||
Applicable percentage of revolving loan commitment and aggregate borrowing base | 10.00% | |||
Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Percentage of net orderly liquidation value of rental-fleet to be included in determination of borrowing base | 90.00% | 90.00% | ||
LIBOR Loans | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility, margin rate | 1.50% | |||
LIBOR Loans | Minimum | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility, margin rate | 1.25% | |||
LIBOR Loans | Maximum | ||||
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 | 0.50% | |||
Base Rate Loans | Minimum | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility, margin rate | 0.25% | |||
Base Rate Loans | Maximum | ||||
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, term | 5 years | |||
$1.0 billion ABL Credit Agreement | First Lien Senior Secured Revolving Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Credit Agreement, borrowing capacity | $ 1,000,000,000 | |||
Credit Agreement, maturity date | Dec. 14, 2020 | |||
Senior Notes 5.875 Percent Due 2024 | ||||
Line Of Credit Facility [Line Items] | ||||
Senior notes, face amount | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |
Offering price percentage of face value | 100.00% | |||
Senior notes, interest rate | 5.875% | 5.875% | ||
Senior notes, maturity term | 8 years | |||
Senior notes, maturity date | Jul. 1, 2024 | |||
Senior notes, interest payment term | Interest on the 2024 Notes is payable semiannually in arrears on January 1 and July 1, beginning on January 1, 2017 | |||
Senior Notes 7.875 Percent Due 2020 | ||||
Line Of Credit Facility [Line Items] | ||||
Redeemed senior notes, face amount | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | |
Debt instrument redemption price, percentage | 103.938% | |||
Debt instrument, redemption date | Jun. 8, 2016 | |||
Debt extinguishment expense | $ 9,200,000 | |||
Debt redemption premiums | $ 7,900,000 | 7,900,000 | ||
Interest expense prior to the redemption | 1,300,000 | |||
Deferred financing costs write-off | $ 2,300,000 | |||
Senior notes, interest rate | 7.875% | 7.875% | ||
Senior notes, maturity date | Dec. 1, 2020 | |||
U.S. Based Lenders | $1.0 billion ABL Credit Agreement | Standby Letters of Credit | ||||
Line Of Credit Facility [Line Items] | ||||
Credit Agreement, borrowing capacity | 50,000,000 | |||
U.K. Based Lenders | $1.0 billion ABL Credit Agreement | Standby Letters of Credit | ||||
Line Of Credit Facility [Line Items] | ||||
Credit Agreement, borrowing capacity | 20,000,000 | |||
Canadian Based Lenders | $1.0 billion ABL Credit Agreement | Standby Letters of Credit | ||||
Line Of Credit Facility [Line Items] | ||||
Credit Agreement, borrowing capacity | $ 20,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Contingency [Line Items] | |
Tax year subject to tax examination for U.S. Federal return | As of June 30, 2016, we are no longer subject to examination by U.S. federal tax authorities for years prior to 2012, to examination for any U.S. state taxing authority prior to 2011, or to examination for any foreign jurisdictions prior to 2012. All subsequent periods remain open to examination. We do not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. |
Minimum | |
Income Tax Contingency [Line Items] | |
Step two threshold to quantify uncertain tax position | 50.00% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share available for future grants | shares | 1,900,000 |
Stock options contractual terms | 10 years |
Aggregate intrinsic value of options exercised | $ 30,000 |
Weighted average fair value of stock options granted | $ / shares | $ 6.54 |
Percentage of number of options vested | 0.00% |
Cancellation of options granted in previous years | shares | 72,000 |
Aggregated grant date fair value of restricted stock awards vested | $ 1,900,000 |
Aggregated vesting date fair value of restricted stock awards vested | $ 1,600,000 |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of number of options vested | 50.00% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of number of options vested | 200.00% |
Vesting target award percentage | 100.00% |
Stock options awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 4,700,000 |
Weighted average recognition period (years) | 1 year 7 months 6 days |
Restricted stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 6,900,000 |
Weighted average recognition period (years) | 2 years 6 months |
Performance Based Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Cancellation of options granted in previous years | shares | 13,000 |
Summary of Share-Based Compensa
Summary of Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation | $ 1,681 | $ 3,487 | $ 4,245 | $ 6,737 |
Rental, selling and general expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation | 1,623 | 2,615 | 4,187 | 5,865 |
Restructuring expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation | $ 58 | $ 872 | $ 58 | $ 872 |
Key Assumptions Used to Estimat
Key Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) - Stock options | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
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 | 36.70% | |
Expected dividend rate | 3.10% | |
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) shares in Thousands | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Number of Shares | |
Options outstanding, beginning of period | shares | 2,870 |
Granted | shares | 574 |
Canceled/Expired | shares | (72) |
Exercised | shares | (4) |
Options outstanding, end of period | shares | 3,368 |
Weighted Average Exercise Price | |
Options outstanding, beginning of period | $ / shares | $ 33.40 |
Granted | $ / shares | 26.23 |
Canceled/Expired | $ / shares | 34.47 |
Exercised | $ / shares | 26.72 |
Options outstanding, end of period | $ / shares | $ 32.16 |
Restricted Stock Award Activity
Restricted Stock Award Activity (Detail) - Restricted stock awards shares in Thousands | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Restricted Stock Awards, shares | |
Restricted stock awards at beginning of period | shares | 242 |
Awarded | shares | 143 |
Released | shares | (57) |
Forfeited | shares | (23) |
Restricted stock awards at end of period | shares | 305 |
Weighted Average Grant Date Fair Value | |
Restricted stock awards at beginning of period | $ / shares | $ 31.70 |
Awarded | $ / shares | 26.23 |
Released | $ / shares | 33.18 |
Forfeited | $ / shares | 27.24 |
Restricted stock awards at end of period | $ / shares | $ 29.20 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | $ 1,324 | $ 2,444 | $ 3,572 | $ 2,927 | $ 20,798 |
Evergreen Tank Solutions Integration | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 1,800 | ||||
Wood Mobile Office Business Divesture | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | $ 1,800 |
Accrued Restructuring Obligatio
Accrued Restructuring Obligations and Related Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Accrued obligations, beginning balance | $ 1,742 | $ 1,117 | $ 1,117 | ||
Restructuring expense | $ 1,324 | $ 2,444 | 3,572 | 2,927 | 20,798 |
Settlement of obligations | (4,179) | (20,173) | |||
Accrued obligations, ending balance | 1,135 | 1,135 | 1,742 | ||
Fleet and Property, Plant and Equipment Abandonment Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 2 | 108 | 15,274 | ||
Settlement of obligations | (108) | (15,274) | |||
Severance and Benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued obligations, beginning balance | 1,245 | 441 | 441 | ||
Restructuring expense | 164 | 2,410 | 236 | 2,874 | 4,846 |
Settlement of obligations | (778) | (4,042) | |||
Accrued obligations, ending balance | 703 | 703 | 1,245 | ||
Lease Abandonment Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued obligations, beginning balance | 495 | 676 | 676 | ||
Restructuring expense | 1,077 | 19 | 1,813 | 38 | 600 |
Settlement of obligations | (1,876) | (781) | |||
Accrued obligations, ending balance | 432 | 432 | 495 | ||
Other Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrued obligations, beginning balance | 2 | ||||
Restructuring expense | $ 81 | $ 15 | 1,415 | $ 15 | 78 |
Settlement of obligations | $ (1,417) | (76) | |||
Accrued obligations, ending balance | $ 2 |
Restructuring Expenses (Detail)
Restructuring Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | $ 1,324 | $ 2,444 | $ 3,572 | $ 2,927 | $ 20,798 |
Fleet and Property, Plant and Equipment Abandonment Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 2 | 108 | 15,274 | ||
Severance and Benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 164 | 2,410 | 236 | 2,874 | 4,846 |
Lease Abandonment Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 1,077 | 19 | 1,813 | 38 | 600 |
Other Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | $ 81 | $ 15 | $ 1,415 | $ 15 | $ 78 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 6 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Apr. 27, 2016 | Jan. 21, 2016 | Apr. 17, 2015 | Nov. 06, 2013 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Dividend payable | $ 0.206 | $ 0.206 | ||||
Share repurchase program authorized amount | $ 175,000,000 | $ 125,000,000 | ||||
Share repurchase program additional authorized amount | $ 50,000,000 | |||||
Treasury stock value | $ 7,096,000 | $ 33,482,000 | ||||
Share Repurchase Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock shares acquired | 300,000 | 900,000 | ||||
Treasury stock value | $ 6,800,000 | $ 33,100,000 | ||||
Treasury stock available for repurchase | $ 82,200,000 | |||||
Minimum tax withholding obligations | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock shares acquired | 11,000 | 10,000 | ||||
Treasury stock value | $ 300,000 | $ 400,000 | ||||
Installment First Quarter of Fiscal Year | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Dividend declared date | Jan. 21, 2016 | |||||
Dividend payable date | Mar. 23, 2016 | |||||
Stockholder of record date | Mar. 9, 2016 | |||||
Installment Second Quarter of Fiscal Year | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Dividend declared date | Apr. 27, 2016 | |||||
Dividend payable date | Jun. 1, 2016 | |||||
Stockholder of record date | May 18, 2016 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Segment | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | Segment | 3 | ||||
Revenues | $ 124,849 | $ 130,288 | $ 249,382 | $ 262,917 | |
Assets | 2,003,661 | 2,003,661 | $ 1,976,775 | ||
United States | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 103,100 | $ 107,200 | 206,200 | $ 217,600 | |
Assets | $ 1,800,000 | $ 1,800,000 | $ 1,700,000 |
Segment Reporting (Detail)
Segment Reporting (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Revenues: | |||||
Rental | $ 116,773 | $ 120,245 | $ 234,129 | $ 243,362 | |
Sales | 6,342 | 8,199 | 13,233 | 16,171 | |
Other | 1,734 | 1,844 | 2,020 | 3,384 | |
Total revenues | 124,849 | 130,288 | 249,382 | 262,917 | |
Costs and expenses: | |||||
Rental, selling and general expenses | 78,037 | 83,104 | 154,339 | 166,150 | |
Cost of sales | 3,678 | 5,400 | 8,289 | 10,533 | |
Restructuring expenses | 1,324 | 2,444 | 3,572 | 2,927 | $ 20,798 |
Asset impairment charge, net | 1,402 | 66,128 | |||
Depreciation and amortization | 16,269 | 14,538 | 31,446 | 30,077 | |
Total costs and expenses | 99,308 | 106,888 | 197,646 | 275,815 | |
Income (loss) from operations | 25,541 | 23,400 | 51,736 | (12,898) | |
Interest expense, net of interest income | 8,002 | 8,967 | 16,486 | 18,026 | |
Income tax (benefit) provision | 2,000 | 5,015 | 8,713 | (13,016) | |
Capital expenditures for additions to rental fleet, excluding acquisitions | 17,274 | 17,329 | 28,158 | 27,809 | |
Portable Storage | |||||
Revenues: | |||||
Rental | 94,102 | 95,036 | 187,830 | 194,040 | |
Sales | 5,123 | 6,100 | 10,415 | 12,062 | |
Other | 1,611 | 1,829 | 1,878 | 3,358 | |
Total revenues | 100,836 | 102,965 | 200,123 | 209,460 | |
Costs and expenses: | |||||
Rental, selling and general expenses | 62,854 | 67,014 | 123,708 | 134,246 | |
Cost of sales | 3,056 | 3,988 | 6,455 | 7,852 | |
Restructuring expenses | 1,031 | 1,470 | 3,213 | 1,687 | |
Asset impairment charge, net | 1,402 | 66,128 | |||
Depreciation and amortization | 8,978 | 8,172 | 17,116 | 17,638 | |
Total costs and expenses | 75,919 | 82,046 | 150,492 | 227,551 | |
Income (loss) from operations | 24,917 | 20,919 | 49,631 | (18,091) | |
Interest expense, net of interest income | 5,241 | 6,277 | 11,020 | 12,643 | |
Income tax (benefit) provision | 2,258 | 5,104 | 8,385 | (12,935) | |
Capital expenditures for additions to rental fleet, excluding acquisitions | 10,209 | 10,368 | 18,959 | 17,762 | |
Portable Storage | North America | |||||
Revenues: | |||||
Rental | 73,671 | 74,200 | 147,684 | 153,184 | |
Sales | 4,712 | 5,042 | 9,160 | 10,025 | |
Other | 1,566 | 1,726 | 1,779 | 3,165 | |
Total revenues | 79,949 | 80,968 | 158,623 | 166,374 | |
Costs and expenses: | |||||
Rental, selling and general expenses | 50,361 | 53,562 | 98,749 | 107,142 | |
Cost of sales | 2,776 | 3,136 | 5,534 | 6,258 | |
Restructuring expenses | 1,031 | 1,470 | 3,213 | 1,687 | |
Asset impairment charge, net | 1,402 | 66,128 | |||
Depreciation and amortization | 7,184 | 6,530 | 13,611 | 14,420 | |
Total costs and expenses | 61,352 | 66,100 | 121,107 | 195,635 | |
Income (loss) from operations | 18,597 | 14,868 | 37,516 | (29,261) | |
Interest expense, net of interest income | 5,105 | 6,053 | 10,753 | 12,201 | |
Income tax (benefit) provision | 1,182 | 3,809 | 6,241 | (15,189) | |
Capital expenditures for additions to rental fleet, excluding acquisitions | 6,901 | 5,112 | 11,481 | 7,785 | |
Portable Storage | United Kingdom | |||||
Revenues: | |||||
Rental | 20,431 | 20,836 | 40,146 | 40,856 | |
Sales | 411 | 1,058 | 1,255 | 2,037 | |
Other | 45 | 103 | 99 | 193 | |
Total revenues | 20,887 | 21,997 | 41,500 | 43,086 | |
Costs and expenses: | |||||
Rental, selling and general expenses | 12,493 | 13,452 | 24,959 | 27,104 | |
Cost of sales | 280 | 852 | 921 | 1,594 | |
Depreciation and amortization | 1,794 | 1,642 | 3,505 | 3,218 | |
Total costs and expenses | 14,567 | 15,946 | 29,385 | 31,916 | |
Income (loss) from operations | 6,320 | 6,051 | 12,115 | 11,170 | |
Interest expense, net of interest income | 136 | 224 | 267 | 442 | |
Income tax (benefit) provision | 1,076 | 1,295 | 2,144 | 2,254 | |
Capital expenditures for additions to rental fleet, excluding acquisitions | 3,308 | 5,256 | 7,478 | 9,977 | |
Specialty Containment | |||||
Revenues: | |||||
Rental | 22,671 | 25,209 | 46,299 | 49,322 | |
Sales | 1,219 | 2,099 | 2,818 | 4,109 | |
Other | 123 | 15 | 142 | 26 | |
Total revenues | 24,013 | 27,323 | 49,259 | 53,457 | |
Costs and expenses: | |||||
Rental, selling and general expenses | 15,183 | 16,090 | 30,631 | 31,904 | |
Cost of sales | 622 | 1,412 | 1,834 | 2,681 | |
Restructuring expenses | 293 | 974 | 359 | 1,240 | |
Depreciation and amortization | 7,291 | 6,366 | 14,330 | 12,439 | |
Total costs and expenses | 23,389 | 24,842 | 47,154 | 48,264 | |
Income (loss) from operations | 624 | 2,481 | 2,105 | 5,193 | |
Interest expense, net of interest income | 2,761 | 2,690 | 5,466 | 5,383 | |
Income tax (benefit) provision | (258) | (89) | 328 | (81) | |
Capital expenditures for additions to rental fleet, excluding acquisitions | $ 7,065 | $ 6,961 | $ 9,199 | $ 10,047 |
Assets Segments (Detail)
Assets Segments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | $ 704,514 | $ 706,387 |
Intangibles, net | 70,850 | 73,212 |
Rental fleet, net | 949,706 | 951,323 |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 467,600 | |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 55,700 | |
Portable Storage | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 523,298 | 525,148 |
Intangibles, net | 2,672 | 2,424 |
Rental fleet, net | 821,839 | 823,729 |
Portable Storage | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 467,633 | 463,616 |
Intangibles, net | 2,421 | 2,021 |
Rental fleet, net | 679,524 | 672,080 |
Portable Storage | United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 55,665 | 61,532 |
Intangibles, net | 251 | 403 |
Rental fleet, net | 142,315 | 151,649 |
Specialty Containment | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 181,216 | 181,239 |
Intangibles, net | 68,178 | 70,788 |
Rental fleet, net | $ 127,867 | $ 127,594 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Jul. 20, 2016 | Apr. 27, 2016 | Jan. 21, 2016 |
Subsequent Event [Line Items] | |||
Dividend payable | $ 0.206 | $ 0.206 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividend payable | $ 0.206 | ||
Dividend payable date | Aug. 31, 2016 | ||
Closing date of stockholders on record for dividend entitlement | Aug. 17, 2016 |
Condensed Consolidating Finan76
Condensed Consolidating Financial Information - Additional Information (Detail) | Jun. 30, 2016 |
Equity Method Investments And Joint Ventures [Abstract] | |
Percentage of ownership owned | 100.00% |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 5,339 | $ 1,613 | $ 3,704 | $ 3,739 |
Receivables, net | 88,534 | 80,191 | ||
Inventories | 17,304 | 15,596 | ||
Rental fleet, net | 949,706 | 951,323 | ||
Property, plant and equipment, net | 149,552 | 131,687 | ||
Other assets | 17,862 | 16,766 | ||
Intangibles, net | 70,850 | 73,212 | ||
Goodwill | 704,514 | 706,387 | ||
Total assets | 2,003,661 | 1,976,775 | ||
Liabilities: | ||||
Accounts payable | 34,915 | 29,086 | ||
Accrued liabilities | 60,523 | 59,024 | ||
Lines of credit | 646,748 | 667,708 | ||
Obligations under capital leases | 49,612 | 38,274 | ||
Senior Notes, net | 245,193 | 197,553 | ||
Deferred income taxes | 226,171 | 219,601 | ||
Total liabilities | 1,263,162 | 1,211,246 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Common stock | 493 | 491 | ||
Additional paid-in capital | 588,782 | 584,447 | ||
Retained earnings | 348,977 | 352,262 | ||
Accumulated other comprehensive loss | (63,147) | (44,162) | ||
Treasury stock, at cost | (134,606) | (127,509) | ||
Total stockholders' equity | 740,499 | 765,529 | ||
Total liabilities and stockholders' equity | 2,003,661 | 1,976,775 | ||
Eliminations | ||||
ASSETS | ||||
Intercompany receivables | (149,715) | (148,007) | ||
Total assets | (149,715) | (148,007) | ||
Liabilities: | ||||
Intercompany payables | (1,716) | (8) | ||
Total liabilities | (1,716) | (8) | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Additional paid-in capital | (147,999) | (147,999) | ||
Total stockholders' equity | (147,999) | (147,999) | ||
Total liabilities and stockholders' equity | (149,715) | (148,007) | ||
Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 1,740 | 1,033 | 2,535 | 2,977 |
Receivables, net | 70,755 | 62,043 | ||
Inventories | 16,397 | 14,224 | ||
Rental fleet, net | 797,390 | 790,172 | ||
Property, plant and equipment, net | 128,652 | 112,877 | ||
Other assets | 16,075 | 14,854 | ||
Intangibles, net | 70,549 | 72,751 | ||
Goodwill | 644,126 | 640,444 | ||
Intercompany receivables | 145,331 | 143,592 | ||
Total assets | 1,891,015 | 1,851,990 | ||
Liabilities: | ||||
Accounts payable | 25,979 | 22,849 | ||
Accrued liabilities | 53,919 | 51,815 | ||
Lines of credit | 646,237 | 665,750 | ||
Obligations under capital leases | 49,367 | 37,957 | ||
Senior Notes, net | 245,193 | 197,553 | ||
Deferred income taxes | 209,885 | 199,826 | ||
Total liabilities | 1,230,580 | 1,175,750 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Common stock | 493 | 491 | ||
Additional paid-in capital | 588,782 | 584,447 | ||
Retained earnings | 205,766 | 218,811 | ||
Treasury stock, at cost | (134,606) | (127,509) | ||
Total stockholders' equity | 660,435 | 676,240 | ||
Total liabilities and stockholders' equity | 1,891,015 | 1,851,990 | ||
Non-Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 3,599 | 580 | $ 1,169 | $ 762 |
Receivables, net | 17,779 | 18,148 | ||
Inventories | 907 | 1,372 | ||
Rental fleet, net | 152,316 | 161,151 | ||
Property, plant and equipment, net | 20,900 | 18,810 | ||
Other assets | 1,787 | 1,912 | ||
Intangibles, net | 301 | 461 | ||
Goodwill | 60,388 | 65,943 | ||
Intercompany receivables | 4,384 | 4,415 | ||
Total assets | 262,361 | 272,792 | ||
Liabilities: | ||||
Accounts payable | 8,936 | 6,237 | ||
Accrued liabilities | 6,604 | 7,209 | ||
Lines of credit | 511 | 1,958 | ||
Obligations under capital leases | 245 | 317 | ||
Deferred income taxes | 16,286 | 19,775 | ||
Intercompany payables | 1,716 | 8 | ||
Total liabilities | 34,298 | 35,504 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Additional paid-in capital | 147,999 | 147,999 | ||
Retained earnings | 143,211 | 133,451 | ||
Accumulated other comprehensive loss | (63,147) | (44,162) | ||
Total stockholders' equity | 228,063 | 237,288 | ||
Total liabilities and stockholders' equity | $ 262,361 | $ 272,792 |
Condensed Consolidating Stateme
Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Revenues: | |||||
Rental | $ 116,773 | $ 120,245 | $ 234,129 | $ 243,362 | |
Sales | 6,342 | 8,199 | 13,233 | 16,171 | |
Other | 1,734 | 1,844 | 2,020 | 3,384 | |
Total revenues | 124,849 | 130,288 | 249,382 | 262,917 | |
Costs and expenses: | |||||
Rental, selling and general expenses | 78,037 | 83,104 | 154,339 | 166,150 | |
Cost of sales | 3,678 | 5,400 | 8,289 | 10,533 | |
Restructuring expenses | 1,324 | 2,444 | 3,572 | 2,927 | $ 20,798 |
Asset impairment charge, net | 1,402 | 66,128 | |||
Depreciation and amortization | 16,269 | 14,538 | 31,446 | 30,077 | |
Total costs and expenses | 99,308 | 106,888 | 197,646 | 275,815 | |
Income (loss) from operations | 25,541 | 23,400 | 51,736 | (12,898) | |
Other income (expense): | |||||
Interest expense | (8,002) | (8,967) | (16,486) | (18,026) | |
Debt extinguishment expense | (9,192) | (9,192) | |||
Deferred financing costs write-off | (2,271) | (2,271) | |||
Foreign currency exchange | (4) | (2) | (4) | (2) | |
Income (loss) before income tax provision (benefit) | 6,072 | 14,431 | 23,783 | (30,926) | |
Income tax (benefit) provision | 2,000 | 5,015 | 8,713 | (13,016) | |
Net income (loss) | 4,072 | 9,416 | 15,070 | (17,910) | |
Eliminations | |||||
Other income (expense): | |||||
Interest income | (2,653) | (2,661) | (5,307) | (5,323) | |
Interest expense | 2,653 | 2,661 | 5,307 | 5,323 | |
Guarantors | |||||
Revenues: | |||||
Rental | 95,555 | 98,354 | 192,445 | 200,461 | |
Sales | 5,865 | 7,078 | 11,826 | 13,995 | |
Other | 1,687 | 1,739 | 1,915 | 3,189 | |
Total revenues | 103,107 | 107,171 | 206,186 | 217,645 | |
Costs and expenses: | |||||
Rental, selling and general expenses | 64,935 | 68,873 | 128,174 | 137,547 | |
Cost of sales | 3,361 | 4,506 | 7,271 | 8,843 | |
Restructuring expenses | 1,324 | 2,444 | 3,572 | 2,927 | |
Asset impairment charge, net | 1,384 | 66,110 | |||
Depreciation and amortization | 14,369 | 12,785 | 27,746 | 26,633 | |
Total costs and expenses | 83,989 | 89,992 | 166,763 | 242,060 | |
Income (loss) from operations | 19,118 | 17,179 | 39,423 | (24,415) | |
Other income (expense): | |||||
Interest income | 2,653 | 2,661 | 5,307 | 5,323 | |
Interest expense | (10,519) | (11,245) | (21,388) | (22,588) | |
Debt extinguishment expense | (9,192) | (9,192) | |||
Deferred financing costs write-off | (2,271) | (2,271) | |||
Income (loss) before income tax provision (benefit) | (211) | 8,595 | 11,879 | (41,680) | |
Income tax (benefit) provision | 924 | 3,720 | 6,569 | (15,271) | |
Net income (loss) | (1,135) | 4,875 | 5,310 | (26,409) | |
Non-Guarantors | |||||
Revenues: | |||||
Rental | 21,218 | 21,891 | 41,684 | 42,901 | |
Sales | 477 | 1,121 | 1,407 | 2,176 | |
Other | 47 | 105 | 105 | 195 | |
Total revenues | 21,742 | 23,117 | 43,196 | 45,272 | |
Costs and expenses: | |||||
Rental, selling and general expenses | 13,102 | 14,231 | 26,165 | 28,603 | |
Cost of sales | 317 | 894 | 1,018 | 1,690 | |
Asset impairment charge, net | 18 | 18 | |||
Depreciation and amortization | 1,900 | 1,753 | 3,700 | 3,444 | |
Total costs and expenses | 15,319 | 16,896 | 30,883 | 33,755 | |
Income (loss) from operations | 6,423 | 6,221 | 12,313 | 11,517 | |
Other income (expense): | |||||
Interest expense | (136) | (383) | (405) | (761) | |
Foreign currency exchange | (4) | (2) | (4) | (2) | |
Income (loss) before income tax provision (benefit) | 6,283 | 5,836 | 11,904 | 10,754 | |
Income tax (benefit) provision | 1,076 | 1,295 | 2,144 | 2,255 | |
Net income (loss) | $ 5,207 | $ 4,541 | $ 9,760 | $ 8,499 |
Condensed Consolidating State79
Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Statement Of Income Captions [Line Items] | ||||
Net (loss) income | $ 4,072 | $ 9,416 | $ 15,070 | $ (17,910) |
Foreign currency translation adjustment | (15,272) | 12,516 | (18,985) | 739 |
Comprehensive (loss) income | (11,200) | 21,932 | (3,915) | (17,171) |
Guarantors | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Net (loss) income | (1,135) | 4,875 | 5,310 | (26,409) |
Comprehensive (loss) income | (1,135) | 4,875 | 5,310 | (26,409) |
Non-Guarantors | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Net (loss) income | 5,207 | 4,541 | 9,760 | 8,499 |
Foreign currency translation adjustment | (15,272) | 12,516 | (18,985) | 739 |
Comprehensive (loss) income | $ (10,065) | $ 17,057 | $ (9,225) | $ 9,238 |
Condensed Consolidating State80
Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||||
Net (loss) income | $ 4,072 | $ 9,416 | $ 15,070 | $ (17,910) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Asset impairment charge, net | 66,128 | |||
Debt extinguishment expense | 9,192 | 9,192 | ||
Deferred financing costs write-off | 2,271 | 2,271 | ||
Provision for doubtful accounts | 2,646 | 1,894 | ||
Amortization of deferred financing costs | 948 | 1,586 | ||
Amortization of long-term liabilities | 58 | 51 | ||
Share-based compensation expense | 1,681 | 3,487 | 4,245 | 6,737 |
Depreciation and amortization | 16,269 | 14,538 | 31,446 | 30,077 |
(Gain) loss on sale of rental fleet units | (2,782) | (3,643) | ||
(Gain) loss on disposal of property, plant and equipment | 689 | 1,482 | ||
Deferred income taxes | 8,542 | (13,420) | ||
Foreign currency loss | 4 | 2 | ||
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||||
Receivables | (12,296) | 495 | ||
Inventories | (1,790) | (750) | ||
Other assets | 482 | (2,931) | ||
Accounts payable | 5,765 | 4,820 | ||
Accrued liabilities | 220 | (3,717) | ||
Net cash provided by operating activities | 64,710 | 70,901 | ||
Cash flows from investing activities: | ||||
Proceeds from wood mobile office divestiture, net | 84,500 | |||
Cash paid for businesses acquired, net of cash acquired | (9,206) | (1,200) | ||
Additions to rental fleet, excluding acquisitions | (17,274) | (17,329) | (28,158) | (27,809) |
Proceeds from sale of rental fleet units | 7,409 | 9,375 | ||
Additions to property, plant and equipment, excluding acquisitions | (19,263) | (11,612) | ||
Proceeds from sale of property, plant and equipment | 1,615 | 1,677 | ||
Net cash (used in) provided by investing activities | (47,603) | 54,931 | ||
Cash flows from financing activities: | ||||
Net repayments under lines of credit | (20,961) | (74,782) | ||
Proceeds from issuance of 5.875% senior notes due 2024 | 250,000 | |||
Redemption of 7.875% senior notes due 2020 | (200,000) | |||
Debt extinguishment expense | (9,192) | |||
Deferred financing costs | (4,916) | (113) | ||
Principal payments on capital lease obligations | (2,920) | (1,817) | ||
Issuance of common stock | 92 | 1,473 | ||
Dividend payments | (18,236) | (16,964) | ||
Purchase of treasury stock | (7,096) | (33,482) | ||
Net cash used in financing activities | (13,229) | (125,685) | ||
Effect of exchange rate changes on cash | (152) | (182) | ||
Net increase (decrease) in cash | 3,726 | (35) | ||
Cash and cash equivalents at beginning of period | 1,613 | 3,739 | ||
Cash and cash equivalents at end of period | 5,339 | 3,704 | 5,339 | 3,704 |
Guarantors | ||||
Cash flows from operating activities: | ||||
Net (loss) income | (1,135) | 4,875 | 5,310 | (26,409) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Asset impairment charge, net | 66,110 | |||
Debt extinguishment expense | 9,192 | 9,192 | ||
Deferred financing costs write-off | 2,271 | 2,271 | ||
Provision for doubtful accounts | 2,434 | 1,527 | ||
Amortization of deferred financing costs | 941 | 1,557 | ||
Amortization of long-term liabilities | 58 | 50 | ||
Share-based compensation expense | 4,106 | 6,548 | ||
Depreciation and amortization | 14,369 | 12,785 | 27,746 | 26,633 |
(Gain) loss on sale of rental fleet units | (2,500) | (3,417) | ||
(Gain) loss on disposal of property, plant and equipment | 521 | 1,132 | ||
Deferred income taxes | 6,399 | (15,674) | ||
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||||
Receivables | (10,758) | 1,659 | ||
Inventories | (2,173) | (915) | ||
Other assets | 540 | (788) | ||
Accounts payable | 3,029 | 5,217 | ||
Accrued liabilities | 202 | (3,484) | ||
Intercompany | 764 | 835 | ||
Net cash provided by operating activities | 48,082 | 60,581 | ||
Cash flows from investing activities: | ||||
Proceeds from wood mobile office divestiture, net | 84,473 | |||
Cash paid for businesses acquired, net of cash acquired | (9,206) | |||
Additions to rental fleet, excluding acquisitions | (20,657) | (17,749) | ||
Proceeds from sale of rental fleet units | 6,332 | 8,243 | ||
Additions to property, plant and equipment, excluding acquisitions | (13,301) | (9,957) | ||
Proceeds from sale of property, plant and equipment | 1,166 | 1,228 | ||
Net cash (used in) provided by investing activities | (35,666) | 66,238 | ||
Cash flows from financing activities: | ||||
Net repayments under lines of credit | (19,513) | (76,385) | ||
Proceeds from issuance of 5.875% senior notes due 2024 | 250,000 | |||
Redemption of 7.875% senior notes due 2020 | (200,000) | |||
Debt extinguishment expense | (9,192) | |||
Deferred financing costs | (4,916) | (113) | ||
Principal payments on capital lease obligations | (2,848) | (1,790) | ||
Issuance of common stock | 92 | 1,473 | ||
Dividend payments | (18,236) | (16,964) | ||
Purchase of treasury stock | (7,096) | (33,482) | ||
Net cash used in financing activities | (11,709) | (127,261) | ||
Net increase (decrease) in cash | 707 | (442) | ||
Cash and cash equivalents at beginning of period | 1,033 | 2,977 | ||
Cash and cash equivalents at end of period | 1,740 | 2,535 | 1,740 | 2,535 |
Non-Guarantors | ||||
Cash flows from operating activities: | ||||
Net (loss) income | 5,207 | 4,541 | 9,760 | 8,499 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Asset impairment charge, net | 18 | |||
Provision for doubtful accounts | 212 | 367 | ||
Amortization of deferred financing costs | 7 | 29 | ||
Amortization of long-term liabilities | 1 | |||
Share-based compensation expense | 139 | 189 | ||
Depreciation and amortization | 1,900 | 1,753 | 3,700 | 3,444 |
(Gain) loss on sale of rental fleet units | (282) | (226) | ||
(Gain) loss on disposal of property, plant and equipment | 168 | 350 | ||
Deferred income taxes | 2,143 | 2,254 | ||
Foreign currency loss | 4 | 2 | ||
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||||
Receivables | (1,538) | (1,164) | ||
Inventories | 383 | 165 | ||
Other assets | (58) | (2,143) | ||
Accounts payable | 2,736 | (397) | ||
Accrued liabilities | 18 | (233) | ||
Intercompany | (764) | (736) | ||
Net cash provided by operating activities | 16,628 | 10,419 | ||
Cash flows from investing activities: | ||||
Proceeds from wood mobile office divestiture, net | 27 | |||
Cash paid for businesses acquired, net of cash acquired | (1,200) | |||
Additions to rental fleet, excluding acquisitions | (7,501) | (10,060) | ||
Proceeds from sale of rental fleet units | 1,077 | 1,132 | ||
Additions to property, plant and equipment, excluding acquisitions | (5,962) | (1,655) | ||
Proceeds from sale of property, plant and equipment | 449 | 449 | ||
Net cash (used in) provided by investing activities | (11,937) | (11,307) | ||
Cash flows from financing activities: | ||||
Net repayments under lines of credit | (1,448) | 1,504 | ||
Principal payments on capital lease obligations | (72) | (27) | ||
Net cash used in financing activities | (1,520) | 1,477 | ||
Effect of exchange rate changes on cash | (152) | (182) | ||
Net increase (decrease) in cash | 3,019 | 407 | ||
Cash and cash equivalents at beginning of period | 580 | 762 | ||
Cash and cash equivalents at end of period | $ 3,599 | $ 1,169 | $ 3,599 | 1,169 |
Eliminations | ||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||||
Intercompany | (99) | |||
Net cash provided by operating activities | (99) | |||
Cash flows from financing activities: | ||||
Net repayments under lines of credit | 99 | |||
Net cash used in financing activities | $ 99 |
Condensed Consolidating State81
Condensed Consolidating Statements of Cash Flows (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
Senior Notes 5.875 Percent Due 2024 | |
Condensed Cash Flow Statements Captions [Line Items] | |
Debt instrument interest rate | 5.875% |
Debt instrument due year | 2,024 |
Senior Notes 7.875 Percent Due 2020 | |
Condensed Cash Flow Statements Captions [Line Items] | |
Debt instrument interest rate | 7.875% |
Debt instrument due year | 2,020 |