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Mobile Mini Reports Q2 2017 Results and Announces Quarterly Dividend

July 21, 2017

PHOENIX--(BUSINESS WIRE)--Jul. 21, 2017-- Mobile Mini, Inc. (NASDAQ GS:MINI) (the “Company” or “Mobile Mini”), the world’s leading supplier of portable storage solutions and a leading provider of tank and pump solutions in the United States, today reported actual and adjusted financial results for the quarter ended June 30, 2017. Total revenues were $126.7 million and rental revenues were $117.9 million, as compared to $124.8 million and $116.8 million, respectively, for the same period last year.

Rental revenues for the Storage Solutions and Tank & Pump Solutions businesses for the current quarter were $95.5 million and $22.4 million, respectively.

The Company recorded net income of $8.8 million, or $0.20 per diluted share, in the second quarter of 2017, as compared to net income of $4.1 million, or $0.09 per diluted share, for the second quarter of 2016. On an adjusted basis, second quarter net income was $10.4 million, or $0.24 per diluted share, as compared to adjusted net income of $11.1 million, or $0.25 per diluted share, for the second quarter of 2016. Adjusted EBITDA was $42.0 million and adjusted EBITDA margin was 33.1% for the second quarter of 2017.

Dividend

The Company’s Board of Directors declared a cash dividend of 22.7 cents per share, which will be paid on August 30, 2017 to shareholders of record on August 16, 2017.

Second Quarter 2017 Highlights

  • Delivered a 3.9% increase in Storage Solutions rental revenues on a constant currency basis. Including the impact of unfavorable currency fluctuations, Storage Solutions rental revenues increased 1.5%.
  • Drove a 12.0% year-over-year increase in North America Storage Solutions activations resulting in an all-time high in quarterly core activations.
  • Increased total Storage Solutions average units on rent by 4.3% year-over-year, and 4.7% at June 30, 2017 compared to June 30, 2016.
  • Raised Storage Solutions rental rates by 2.6% year-over-year.
  • Grew rental revenues by 6.8% sequentially in the Tank & Pump Solutions business rental, largely due to increased project work in the diversified business.
  • Achieved adjusted EBITDA of $42.0 million, with an adjusted EBITDA margin of 33.1%.
  • Generated net cash from operating activities of $30.5 million and strong free cash flow of $14.9 million.

CEO Comments

Erik Olsson, Mobile Mini’s President and Chief Executive Officer, remarked, “During the quarter, we drove the highest number of North America Storage Solutions core activations in company history, an increase of 12.0% compared to the same quarter in the prior year. We also achieved total year-over-year rate increases of 2.6% in Storage Solutions, resulting in strong year-over-year growth of 3.9% in rental revenues for that business. Our sales approach and commitment to world-class customer service continue to drive revenue growth.”

Mr. Olsson continued, “Within our Tank & Pump Solutions business, rental revenues were up sequentially in all three customer segments, resulting in an overall increase of 6.8%. The 1.3% year-over-year decrease in Tank & Pump Solutions rental revenue resulted primarily from deferred maintenance activity at certain of our downstream customers, which we expect to be temporary. Diversified rental revenues increased year-over-year, while our upstream business rental revenues were flat. Our outlook for Tank & Pump remains positive for the rest of 2017, although both market fluctuations and the timing of our customers’ projects introduce variability into year-over-year comparisons.”

Conference Call

Mobile Mini will host a conference call today, Friday, July 21 at 12 noon ET to review these results. To listen to the call live, dial (201) 493-6739 and ask for the Mobile Mini Conference Call or go to www.mobilemini.com and click on the Investors section. Additionally, a slide presentation that will accompany the call will be posted at www.mobilemini.com on the Investor Relations section and will be available in advance and after the call. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, a replay of the call can be accessed for approximately 14 days after the call at Mobile Mini’s website.

About Mobile Mini, Inc.

Mobile Mini, Inc. is the world’s leading provider of storage solutions through its total rental fleet of approximately 211,900 storage solutions containers and office units and a leading provider of tank and pump solutions in the U.S., with a rental fleet of approximately 12,000 units. Mobile Mini’s network is comprised of 156 locations in the U.S., U.K., and Canada. Mobile Mini is included on the Russell 2000® and 3000® Indexes and the S&P Small Cap Index.

Forward-Looking Statements

This news release contains forward-looking statements, including, but not limited to, our approach being able to drive revenue growth, deferred customer maintenance being temporary, our outlook remaining positive, and our ability to continue to be strongly positioned in both the portable storage and specialty containment markets, which involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Risks and uncertainties that may affect future results include those that are described from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). These forward-looking statements represent the judgment of the Company, as of the date of this release, and Mobile Mini disclaims any intent or obligation to update forward-looking statements.

 
Mobile Mini, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(in thousands, except percentages and per share data)
           
Three Months Ended June 30, 2017 Three Months Ended June 30, 2016
Actual Adjustments Adjusted (1) Actual Adjustments Adjusted (2)
 
Revenues:
Rental $ 117,851 $ $ 117,851 $ 116,773 $ $ 116,773
Sales 8,401 8,401 6,342 6,342
Other   438     438   1,734   (1,365 )   369
Total revenues   126,690     126,690   124,849   (1,365 )   123,484
 
Costs and expenses:
Rental, selling and general expenses 82,850 (2,056 ) 80,794 78,037 78,037
Cost of sales 5,408 5,408 3,678 3,678
Restructuring expenses 538 (538 ) 1,324 (1,324 )
Depreciation and amortization   15,742     15,742   16,269     16,269
Total costs and expenses   104,538   (2,594 )   101,944   99,308   (1,324 )   97,984
 
Income from operations 22,152 2,594 24,746 25,541 (41 ) 25,500
 
Other income (expense):
Interest income 16 16
Interest expense (8,807 ) (8,807 ) (8,002 ) (8,002 )
Debt extinguishment expense (9,192 ) 9,192
Deferred financing costs write-off (2,271 ) 2,271
Foreign currency exchange   (18 )     (18 )   (4 )     (4 )
 
Income before income tax provision 13,343 2,594 15,937 6,072 11,422 17,494
 
Income tax provision 4,566 994 5,560 2,000 4,373 6,373
                       
Net income $ 8,777 $ 1,600 $ 10,377 $ 4,072 $ 7,049 $ 11,121
 
EBITDA/Adjusted EBITDA $ 37,892 $ 41,960 $ 41,806 $ 43,388
EBITDA/Adjusted EBITDA as a percentage of

total revenues

29.9 % 33.1 % 33.5 % 35.1 %
 
Earnings per share:
Basic $ 0.20 $ 0.24 $ 0.09 $ 0.25
Diluted 0.20 0.24 0.09 0.25
 
Weighted average number of common and

common share equivalents outstanding:

Basic 43,944 43,944 44,132 44,132
Diluted 44,025 44,025 44,505 44,505

(1) Adjusted column for the three months ended June 30, 2017 excludes certain transactions that management believes are not indicative of our business. Adjusted figures are a non-GAAP (defined herein) presentation. See the non-GAAP reconciliations herein and the additional information regarding non-GAAP financial information following in this earnings release. The adjustments for the three-month period ended June 30, 2017 include the following, along with the related tax effects:

  • Reduction of $2.1 million in rental, selling and general expenses to exclude costs related to severance and transition in conjunction with the departure of an executive.
  • Exclusion of $0.5 million in costs related to the restructuring of our business operations.

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

  • Reduction of other revenue by $1.4 million to exclude revenue associated with a sales tax refund.
  • Exclusion of costs of $1.3 million related to the restructuring of our business operations.
  • Exclusion of $9.2 million of debt extinguishment costs to redeem the Company’s $200 million 7.785% senior notes due December 2020 (the “2020 Notes”).
  • Exclusion of $2.3 million of deferred financing costs that were written off in conjunction with the redemption of the 2020 Notes.
 
Mobile Mini, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except percentages and per share data)
           
Six Months Ended June 30, 2017 Six Months Ended June 30, 2016
Actual Adjustments Adjusted (1) Actual Adjustments Adjusted (2)
 
Revenues:
Rental $ 232,593 $ $ 232,593 $ 234,129 $ $ 234,129
Sales 16,379 16,379 13,233 13,233
Other   1,245     1,245   2,020   (1,365 )   655
Total revenues   250,217     250,217   249,382   (1,365 )   248,017
 
Costs and expenses:
Rental, selling and general expenses 161,209 (2,386 ) 158,823 154,339 154,339
Cost of sales 10,520 10,520 8,289 8,289
Restructuring expenses 1,437 (1,437 ) 3,572 (3,572 )
Depreciation and amortization   31,006     31,006   31,446     31,446
Total costs and expenses   204,172   (3,823 )   200,349   197,646   (3,572 )   194,074
 
Income from operations 46,045 3,823 49,868 51,736 2,207 53,943
 
Other income (expense):
Interest income 16 16
Interest expense (17,209 ) (17,209 ) (16,486 ) (16,486 )
Debt extinguishment expense (9,192 ) 9,192
Deferred financing costs write-off (2,271 ) 2,271
Foreign currency exchange   (27 )     (27 )   (4 )     (4 )
 
Income before income tax provision 28,825 3,823 32,648 23,783 13,670 37,453
 
Income tax provision 9,896 1,450 11,346 8,713 5,260 13,973
                       
Net income $ 18,929 $ 2,373 $ 21,302 $ 15,070 $ 8,410 $ 23,480
 
EBITDA/Adjusted EBITDA $ 77,040 $ 83,648 $ 83,178 $ 89,572
EBITDA/Adjusted EBITDA as a percentage of

total revenues

30.8 % 33.4 % 33.4 % 36.1 %
 
Earnings per share:
Basic $ 0.43 $ 0.48 $ 0.34 $ 0.53
Diluted 0.43 0.48 0.34 0.53
 
Weighted average number of common and

common share equivalents outstanding:

Basic 44,026 44,026 44,175 44,175
Diluted 44,183 44,183 44,420 44,420

(1) Adjusted column for the six months ended June 30, 2017 excludes certain transactions that management believes are not indicative of our business. Adjusted figures are a non-GAAP presentation. See the non-GAAP reconciliations herein and the additional information regarding non-GAAP financial information following in this earnings release. The adjustments for the six-month period ended June 30, 2017 include the following, along with the related tax effects:

  • Reduction of $0.1 million in rental, selling and general expenses for acquisition-related expenses.
  • Reduction of $2.3 million in rental, selling and general expenses to exclude costs related to severance and transition in conjunction with the departure of executives.
  • Exclusion of $1.4 million in costs related to the restructuring of our business operations.

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

  • Reduction of other revenue by $1.4 million to exclude revenue associated with a sales tax refund.
  • Exclusion of costs of $3.6 million related to the restructuring of our business operations.
  • Exclusion of $9.2 million of debt extinguishment costs to redeem the 2020 Notes.
  • Exclusion of $2.3 million of deferred financing costs that were written off in conjunction with the redemption of the 2020 Notes.
 
Mobile Mini, Inc.
Operating Data
(Unaudited)
       
 
2017 2016
As of June 30:
Stand-alone Storage Solutions locations 123 127
Stand-alone Tank & Pump Solutions locations 18 19
Combined Storage Solutions and Tank & Pump Solutions locations 15 13
Storage Solutions rental fleet units 211,900 206,700
Tank & Pump Solutions rental fleet units 12,000 12,000
 
Average utilization - Three months ended June 30:
Storage Solutions - utilization based on number of units 69.4 % 68.4 %
Tank & Pump Solutions - utilization based on original equipment cost 64.5 % 63.5 %
 
Average utilization - Six months ended June 30:
Storage Solutions - utilization based on number of units 69.2 % 68.4 %
Tank & Pump Solutions - utilization based on original equipment cost (1) 63.2 %
 

(1) Utilization for Tank & Pump Solutions is calculated as the average original cost of equipment on rent, excluding re-rented equipment, divided by the average original cost of equipment in the fleet. This statistic has been calculated since the three-month period ending June 30, 2016; no comparable statistic is available for the prior-year period.

 
Mobile Mini, Inc.
Business Segment Information - Adjusted (1)
(Unaudited)
(in thousands, except percentages)
           
Three Months Ended June 30, 2017 Three Months Ended June 30, 2016

Storage
Solutions

Tank & Pump
Solutions

Total

Storage
Solutions

Tank & Pump
Solutions

Total
 
Revenues:
Rental $ 95,486 $ 22,365 $ 117,851 $ 94,102 $ 22,671 $ 116,773
Sales 7,156 1,245 8,401 5,123 1,219 6,342
Other   344   94   438   246   123   369
Total revenues   102,986   23,704   126,690   99,471   24,013   123,484
 
Costs and expenses:
Rental, selling and general expenses 64,075 16,719 80,794 62,854 15,183 78,037
Cost of sales 4,730 678 5,408 3,056 622 3,678
Depreciation and amortization   9,477   6,265   15,742   8,978   7,291   16,269
Total costs and expenses   78,282   23,662   101,944   74,888   23,096   97,984
 
Income from operations $ 24,704 $ 42 $ 24,746 $ 24,583 $ 917 $ 25,500
 
Adjusted EBITDA $ 35,589 $ 6,371 $ 41,960 $ 35,106 $ 8,282 $ 43,388
Adjusted EBITDA Margin 34.6 % 26.9 % 33.1 % 35.3 % 34.5 % 35.1 %
 
 
 
Six Months Ended June 30, 2017 Six Months Ended June 30, 2016

Storage
Solutions

Tank & Pump
Solutions

Total

Storage
Solutions

Tank & Pump
Solutions

Total
 
Revenues:
Rental $ 189,292 $ 43,301 $ 232,593 $ 187,830 $ 46,299 $ 234,129
Sales 14,020 2,359 16,379 10,415 2,818 13,233
Other   1,017   228   1,245   513   142   655
Total revenues   204,329   45,888   250,217   198,758   49,259   248,017
 
Costs and expenses:
Rental, selling and general expenses 125,970 32,853 158,823 123,708 30,631 154,339
Cost of sales 9,331 1,189 10,520 6,455 1,834 8,289
Depreciation and amortization   18,660   12,346   31,006   17,116   14,330   31,446
Total costs and expenses   153,961   46,388   200,349   147,279   46,795   194,074
 
Income (loss) from operations $ 50,368 $ (500 ) $ 49,868 $ 51,479 $ 2,464 $ 53,943
 
Adjusted EBITDA $ 71,681 $ 11,967 $ 83,648 $ 72,630 $ 16,942 $ 89,572
Adjusted EBITDA Margin 35.1 % 26.1 % 33.4 % 36.5 % 34.4 % 36.1 %
 

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

 
Mobile Mini, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
   
 
June 30, December 31,
2017 2016
(unaudited) (audited)
ASSETS
Cash and cash equivalents $ 9,274 $ 4,137
Receivables, net 92,390 99,175
Inventories 16,399 15,412
Rental fleet, net 964,141 950,065
Property, plant and equipment, net 150,636 149,197
Other assets 17,128 14,930
Intangibles, net 65,204 68,420
Goodwill   706,602   703,558
Total assets $ 2,021,774 $ 2,004,894
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable $ 30,708 $ 27,388
Accrued liabilities 64,956 64,126
Lines of credit 637,651 641,160
Obligations under capital leases 49,302 50,704
Senior notes, net 245,531 245,212
Deferred income taxes   231,579   240,690
Total liabilities   1,259,727   1,269,280
 
Stockholders' equity:
Common stock 495 493
Additional paid-in capital 597,658 592,071
Retained earnings 380,125 362,896
Accumulated other comprehensive loss (69,448 ) (81,047 )
Treasury stock   (146,783 )   (138,799 )
Total stockholders' equity   762,047   735,614
Total liabilities and stockholders' equity $ 2,021,774 $ 2,004,894
 
Mobile Mini, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
  Six Months Ended
June 30,
2017   2016
Cash flows from operating activities:
Net income $ 18,929 $ 15,070
Adjustments to reconcile net income to net cash

provided by operating activities:

Debt extinguishment expense 9,192
Deferred financing costs write-off 2,271
Provision for doubtful accounts 2,202 2,646
Amortization of deferred financing costs 1,030 948
Amortization of long-term liabilities 65 58
Share-based compensation expense 3,820 4,245
Depreciation and amortization 31,006 31,446
Gain on sale of rental fleet (2,826 ) (2,782 )
Loss on disposal of property, plant and equipment 282 689
Deferred income taxes 9,151 8,542

Foreign currency exchange

27 4
Changes in certain assets and liabilities, net of

effect of businesses acquired

  (465 )   (7,619 )
Net cash provided by operating activities   63,221   64,710
 
Cash flows from investing activities:
Cash paid for businesses acquired, net of cash acquired (9,206 )
Additions to rental fleet, excluding acquisitions (23,027 ) (28,158 )
Proceeds from sale of rental fleet 6,283 7,409
Additions to property, plant and equipment, excluding acquisitions (8,707 ) (19,263 )
Proceeds from sale of property, plant and equipment   768   1,615
Net cash used in investing activities   (24,683 )   (47,603 )
 
Cash flows from financing activities:
Net repayments under lines of credit (3,509 ) (20,961 )
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 (12 ) (4,916 )
Principal payments on capital lease obligations (3,736 ) (2,920 )
Issuance of common stock 1,640 92
Dividend payments (20,119 ) (18,236 )
Purchase of treasury stock   (7,984 )   (7,096 )
Net cash used in financing activities   (33,720 )   (13,229 )
 
Effect of exchange rate changes on cash   319   (152 )
 
Net change in cash 5,137 3,726
 
Cash and cash equivalents at beginning of period   4,137   1,613
Cash and cash equivalents at end of period $ 9,274 $ 5,339
 
Equipment and other acquired through capital lease obligations $ 2,333 $ 14,258
Capital expenditures accrued or payable 8,268 5,507
 

Non-GAAP Financial Information

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

 
Mobile Mini, Inc.
Adjusted EBITDA GAAP Reconciliations
(Unaudited)
(in thousands)
       
Three Months Ended

June 30,

Six Months Ended

June 30,

2017

2016 2017 2016
Net income $ 8,777 $ 4,072 $ 18,929 $ 15,070
Interest expense 8,807 8,002 17,209 16,486
Income tax provision 4,566 2,000 9,896 8,713
Depreciation and amortization 15,742 16,269 31,006 31,446
Debt extinguishment expense 9,192 9,192
Deferred financing costs write-off     2,271     2,271
EBITDA 37,892 41,806 77,040 83,178
 
Share-based compensation expense 1,474 1,623 2,785 4,187
Restructuring expenses 538 1,324 1,437 3,572
Acquisition-related expenses 9 97
Sales tax refund (1,365 ) (1,365 )
Other   2,047     2,289  
Adjusted EBITDA $ 41,960 $ 43,388 $ 83,648 $ 89,572
 
 
Three Months Ended

June 30,

Six Months Ended

June 30,

2017 2016 2017 2016
Net cash provided by operating activities $ 30,498 $ 29,429 $ 63,221 $ 64,710
Interest paid 4,516 10,113 18,187 13,991
Income and franchise taxes paid 1,100 1,083 1,100 1,151
Share-based compensation expense (2,509 ) (1,681 ) (3,820 ) (4,245 )
Gain on sale of rental fleet 1,123 1,404 2,826 2,782
Loss on disposal of property, plant and

equipment

(264 ) (351 ) (282 ) (689 )
Changes in certain assets and liabilities, net of

effect of businesses acquired

  3,428   1,809   (4,192 )   5,478
EBITDA $ 37,892 $ 41,806 $ 77,040 $ 83,178
 
Mobile Mini, Inc.
Free Cash Flow GAAP Reconciliation
(Unaudited)
(in thousands)
       
Three Months Ended

June 30,

Six Months Ended

June 30,

2017 2016 2017 2016
Net cash provided by operating activities $ 30,498 $ 29,429 $ 63,221 $ 64,710
 
Additions to rental fleet, excluding acquisitions (13,021 ) (17,274 ) (23,027 ) (28,158 )
Proceeds from sale of rental fleet 1,661 3,439 6,283 7,409
Additions to property, plant and equipment,
excluding acquisitions (4,959 ) (10,953 ) (8,707 ) (19,263 )
Proceeds from sale of property, plant and
equipment   700   775   768   1,615
Net capital expenditures, excluding acquisitions (15,619 ) (24,013 ) (24,683 ) (38,397 )
               
Free cash flow $ 14,879 $ 5,416 $ 38,538 $ 26,313
 

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

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

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

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

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

Constant Currency. We calculate the effect of currency fluctuations on current periods by translating the results for our business in the U.K. during the current period using the average exchange rates from the comparative period. We present constant currency information to provide useful information to assess our underlying business excluding the effect of material foreign currency rate fluctuations. Calculated in constant currency, our rental revenues for the three months ended June 30, 2017 were $2.3 million higher than when calculated in accordance with GAAP.

Source: Mobile Mini, Inc.

Mobile Mini, Inc.
Mark Funk, 602-308-3879
Executive VP & Chief Financial Officer
or
Investor Relations Counsel:
The Equity Group Inc.
Fred Buonocore, 212-836-9607
Linda Latman, 212-836-9609