Delaware | 1-12804 | 86-0748362 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
7420 South Kyrene Road, Suite 101, Tempe, Arizona | 85283 | |
(Address of principal executive offices) | (Zip Code) |
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Reconciliation of EBITDA to net cash provided by operating activities: |
||||||||||||||||
EBITDA |
$ | 49,618 | $ | 32,902 | $ | 99,432 | $ | 97,416 | ||||||||
Senior Note redemption premiums |
| | | (8,926 | ) | |||||||||||
Interest paid |
(9,354 | ) | (3,960 | ) | (16,344 | ) | (20,389 | ) | ||||||||
Income and franchise taxes paid |
(59 | ) | (131 | ) | (488 | ) | (725 | ) | ||||||||
Share-based compensation expense |
1,541 | 1,122 | 3,905 | 3,272 | ||||||||||||
Gain on sale of lease fleet units |
(3,001 | ) | (1,435 | ) | (6,095 | ) | (4,176 | ) | ||||||||
Loss on disposal of property,
plant and equipment |
437 | 5 | 466 | 37 | ||||||||||||
Changes in certain assets and
liabilities, net of effect of
businesses acquired: |
||||||||||||||||
Receivables |
(82 | ) | (3,178 | ) | (2,347 | ) | (3,715 | ) | ||||||||
Inventories |
3,085 | 1,592 | (485 | ) | (2,478 | ) | ||||||||||
Deposits and prepaid expenses |
337 | (1,737 | ) | 1,237 | (1,190 | ) | ||||||||||
Other assets and intangibles |
(235 | ) | (448 | ) | (136 | ) | (146 | ) | ||||||||
Accounts payable and accrued
liabilities |
(19,242 | ) | 6,632 | (14,559 | ) | 8,105 | ||||||||||
Net cash provided by operating
activities |
$ | 23,045 | $ | 31,364 | $ | 64,586 | $ | 67,085 | ||||||||
Reconciliation of net income to
EBITDA: |
||||||||||||||||
Net income |
$ | 13,276 | $ | 12,704 | $ | 28,795 | $ | 31,732 | ||||||||
Interest expense |
18,022 | 6,241 | 30,586 | 18,294 | ||||||||||||
Provision for income taxes |
8,615 | 8.376 | 18,930 | 20,581 | ||||||||||||
Depreciation and amortization |
9,705 | 5,581 | 21,121 | 15,585 | ||||||||||||
Debt extinguishment expense |
| | | 11,224 | ||||||||||||
EBITDA |
$ | 49,618 | $ | 32,902 | $ | 99,432 | $ | 97,416 | ||||||||
Reconciliation of free cash flow: |
||||||||||||||||
Net cash provided
by operating
activities |
$ | 23,045 | $ | 31,364 | $ | 64,586 | $ | 67,085 | ||||||||
Net cash used in
investing
activities,
excluding
acquisitions |
(19,407 | ) | (32,065 | ) | (49,746 | ) | (101,063 | ) | ||||||||
Free cash flow (use) |
$ | 3,638 | $ | (701 | ) | $ | 14,840 | $ | (33,978 | ) | ||||||
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MOBILE MINI, INC. |
||||
Dated: November 3, 2008 | /s/ Lawrence Trachtenberg | |||
Name: | Lawrence Trachtenberg | |||
Title: | Executive Vice President and Chief Financial Officer |
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