How T-Mobile Trashed Its Own Industry and Gained 22 Million Subscribers in the …

CMO Mike Sievert says the “Uncarrier” campaign has been a boon for T-Mobile.

Over the past 18 months, T-Mobile has rolled out seven different campaigns under its Uncarrier messaging that aggressively targets competitors by debunking the wireless industry in hopes of gaining market share.

The wireless carrier claims that it has added 22.5 million subscribers in the past year and a half, making it the fastest-growing network out of the “big four” (Sprint, T-Mobile, ATT and Verizon). Still, T-Mobile remains the smallest carrier and went through a failed merger with Sprint earlier this year.

But with charismatic CEO John Legere, a big focus on word-of-mouth marketing and a series of over-the-top events, T-Mobile plans to run with Uncarrier as long as possible. Adweek recently sat down with CMO Mike Sievert to talk about how Uncarrier has evolved, what’s next and why millennials are key to the campaign’s traction.

What’s the strategy behind Uncarrier?
We started with Uncarrier 1 and this concept called Simple Choice. The reason we call it that [is because] it’s all about bringing real transparency and simplicity to the industry. Our view was [that] Simple Choice was a complete redefinition of how pricing is done in the industry, and it’s here forever.

We’re seven major moves into this—each one of these is a structural change that tears down some rule in the industry, some restriction or some pain point that pisses customers off.

These aren’t promotions—these are structural solutions to pain points. People hate contracts [and] contracts are wrong, so we’ll stop contract freedom when every single American is free from their wireless contract and it’s a dead concept. It really says something about the brand that we’re willing to take risks, make changes and always do them based on what customers say they really want.

How has the messaging evolved over the seven different campaigns?
What people see when they see our advertising is…a brand that stands for a celebration of change in a wireless industry that desperately needs change. It’s upbeat, it’s celebratory [and] it stands for changing wireless for the better.

Each [campaign] brings a different move out—right now we’re advertising Wi-Fi Unleashed, the idea that every T-Mobile phone comes with Wi-Fi calling and texting.

What it all adds up to is each piece of advertising tells you about one of our Uncarrier moves, and hopefully you get that move and it motivates you. But if not—if you only squint at it and recall the different messages that have come over time—what you should learn is that T-Mobile is a company that stands for changing wireless for the better.

But you’re also the lowest-spending carrier out of the four major players, right?
We’re a distant No. 4 in advertising spend, and No. 1 in growth. The reason why our advertising is so effective is because we’ve got early adopters, digital-forward enthusiasts [and] millennials going for us because of everything else we’re doing with digital, social and bloggers.

When somebody looks at our advertising, they go, “Huh. That’s interesting. I wonder if it’s true.” They go ask an early adopter—someone who is super tech-forward and reads all the blogs. The people who you’re likely to ask when you see a TV commercial tell you it’s true, so you go buy it.

What’s the turnover like in creating campaigns?
[We're] two moves ahead, for sure. Some of these things, like Wi-Fi Unleashed—the one we launched in September—is real technology we had to develop. We got the team started on that one over a year ago, [or about] 15 months ago.

We’re just looking at things that will excite and motivate people and listening to what they’re looking for.

What else is coming up with Uncarrier?
It’s going to be a combination of things that make it how you pay for, and how you get charged for, wireless. That’s been a lot of our moves—things like not paying for music. We’ve got a lot more of that to do.

But we’ve started moving into this second area, which is changing how you use wireless—not just how you buy it. Both themes we’re going to carry forward in the Uncarrier story.

What qualities do you look for in a T-Mobile employee?
We’re a shockingly small group for what we do. Even though we’re a distant No. 4 in wireless, we’re a big marketer—wireless companies spend a lot on marketing.

People have to be willing to work hard because this is a business that doesn’t close overnight. Every few weeks, we’ve got a new launch, but if you’re working at T-Mobile, you’re getting years of experience in one year.

What’s working for T-Mobile right now in digital marketing?
One of the things that’s critically important with the online community is authenticity. People will root for you if they understand that you’re not bullshitting them. When we talk about changes that we want to bring about for the customer, it’s not a bunch of corporate rhetoric.

So, being true to our brand, putting actions behind our words and being available through email. John Legere has more Twitter followers than T-Mobile, and it’s a two-way dialogue. Those things go a long ways because people see that the company is backed by real people who are passionate about making change.

Is Uncarrier going to be T-Mobile’s marketing strategy for the long haul?
We might tweak it eventually, but right now, we’re just trying to clip off things that drive people nuts about this industry. And we’ve still got a long list—this industry still blows.

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T-Mobile: Our network has trouble with building walls and long distances

T-Mobile US is really looking forward to next year’s spectrum auction. Today, it doesn’t have enough low-band spectrum to match the networks of ATT and Verizon Wireless, T-Mobile VP of Federal Regulatory Affairs Kathleen Ham wrote in a blog post.

“As our competitors well know, arming T-Mobile with low-band spectrum is a competitive game-changer, enabling our service to penetrate building walls better and travel longer distances than we can with the spectrum we have today,” Ham wrote. “Imagine a T-Mobile with even greater coverage, offering innovative Un-carrier deals to even more customers in even more places—in direct competition with the Twin Bells!”

The Federal Communications Commission plans to set aside spectrum for carriers that lack low-band frequencies (those under 1GHz) in the auction of 600MHz spectrum currently controlled by TV broadcasters. But T-Mobile says the FCC’s plan doesn’t go far enough.

“The FCC understands the importance of low-band spectrum to competition, which is why they established a ‘reserve’ for the upcoming incentive auction for carriers like T-Mobile that have little or no such spectrum,” Ham wrote. “We commend the FCC for this decision. It was not easy due to the strong opposition engineered by ATT and Verizon. But the FCC, recognizing the importance of this spectrum to competition, did the right thing. We would ask, however, that a few small—but crucial—changes to the rules be made.”

ATT and Verizon control nearly three-quarters of low-band spectrum in the US, she wrote.

ATT CEO Randall Stephenson has pointed out that “Sprint and T-Mobile did not participate in the 2008 auction of 700 MHz spectrum,” FierceWireless reported last year. ATT and Verizon ended up dominating that auction, while T-Mobile bought more spectrum than its competitors in a 2006 auction for higher-band frequencies.

T-Mobile says its high-band spectrum is good for providing lots of capacity, but low-band spectrum is what carriers really want. “Spectrum below 1 GHz… has physical properties that increase the reach of mobile networks over long distances,” FCC Chairman Tom Wheeler wrote in a blog post about the incentive auction in April. “The effect of such properties is that fewer base stations and other infrastructure are required to build out a mobile network. This makes low-band particularly important in rural areas.” Low-band spectrum is also better at penetrating obstacles such as walls.

T-Mobile asked the FCC to reserve at least 50 percent of the 600MHz spectrum “for competitors with little or no low-band spectrum in [each] market.” While this would benefit T-Mobile and Sprint more than the larger carriers, it would also help ATT and Verizon in certain geographical areas where they lack low-band spectrum, Ham wrote.

“This change is critical to guarantee enough ‘reserve’ spectrum to sustain four strong national carriers into the future as the FCC has said is important,” Ham wrote.

The FCC’s current plan would reserve a maximum of 30MHz out of 70 to 100MHz of available spectrum, T-Mobile noted in a filing in August.

T-Mobile did buy $3 billion worth of 700MHz spectrum from Verizon this year and is trying to buy more from other sources before next year’s FCC auction.

T-Mobile improving as best it can, but new spectrum is what it needs

T-Mobile’s need for low-band spectrum isn’t surprising, given that nationwide network tests have consistently shown the company lags behind ATT and Verizon. T-Mobile’s poor performance indoors led it to expand usage of Wi-Fi calling.

T-Mobile’s statement today paints a different picture than the one it typically provides to customers and the press, however. The company has repeatedly claimed that its LTE network is actually better than ATT’s and Verizon’s. When RootMetrics’ nationwide test declared T-Mobile to be lagging behind in March 2014, T-Mobile CTO Neville Ray called the results irrelevant and based on old data. “T-Mobile is the clear leader and has been for several months in terms of performance,” he said, GeekWire reported at the time.

CEO John Legere also scoffed at the RootMetrics results, tweeting, “Congrats to our competitors—you guys really knocked it out of the park on that report, LAST year when the tests were done.”

RootMetrics followed up with data collected in the first half of 2014. T-Mobile leapfrogged Sprint to take over third place overall but still lagged well behind the top two in reliability, speed, data performance, call performance, and text performance. T-Mobile again called the newest data “weak and outdated” and told Ars that “We think we’ll win in their studies in the future as their data catches up to where our network performance is today.”

Sprint, meanwhile, has conceded that its “network is behind” and that it has to “compete on value and price.”

Before today, T-Mobile has argued that its higher-band spectrum combined with its network design gave it an advantage over ATT and Verizon.

“T-Mobile insists it has a capacity advantage over ATT and Verizon because of its denser network,” PCMag wrote in June after interviewing Ray. “Since T-Mobile was built with smaller cells to operate over 1700MHz and 1900MHz rather than 700MHz and 850MHz, the company has more cell sites per square mile and can pack more data capacity into each city,” Ray said.

T-Mobile advertisements say its “data strong network” has “more data capacity than ATT or Verizon.”

“At T-Mobile we have the most dense network in the nation: we have more cell sites per customer than any other nationwide wireless company, and we’ve concentrated them where it really matters,” Ray wrote in June. “On top of this network we deploy the most data-friendly mid-band spectrum of any carrier in the US. The result: the best LTE performance in the industry.”

T-Mobile is probably doing the best it can with the spectrum it has. But Ham’s statement about T-Mobile needing different spectrum is the one that’s closer to the reality illustrated in independent network tests. While T-Mobile has good outdoor coverage in numerous big cities, it still has problems covering the insides of buildings and rural America. Unless T-Mobile gets a lot of low-band spectrum, it’s going to have a hard time matching the networks of its biggest rivals.

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Mobile Mini Reports Q3’14 Results

TEMPE, Ariz.–(BUSINESS WIRE)–

Mobile Mini, Inc. (NASDAQ GS:MINI), the world’s leading supplier of
portable storage solutions, today reported actual and adjusted financial
results for the quarter ended September 30, 2014. Total revenues were
$113.3 million and leasing revenues were $104.8 million, up from $105.0
million and $95.6 million, respectively, for the same period last year.
The Company’s third quarter net income was $14.8 million, or $0.32 per
diluted share, compared to net income of $14.3 million, or $0.31 per
diluted share, respectively, for the third quarter of 2013. On an
adjusted basis, third quarter net income was $15.2 million, or $0.33 per
diluted share, compared to $13.1 million, or $0.28 per diluted share,
respectively, for the third quarter of 2013.

Adjusted EBITDA was $44.4 million and adjusted EBITDA margin was 39.2%
for the third quarter of 2014.

Third Quarter 2014 Highlights

  • Grew leasing revenues 9.7% year-over-year.
  • Drove third quarter sequential rental rates 1.5% higher than second
    quarter 2014 levels.
  • Increased rental rates by 8.0% year-over-year, with new units
    delivered at an 11.5% higher rate than the previous year.
  • Improved yield over the previous year by 11.5% to an all-time high of
    $719 per unit.
  • Achieved an adjusted EBITDA margin of 39.2%, while continuing to
    invest in repairs and maintenance associated with increased deliveries
    and repositioning assets to high utilization markets, resulting in
    incremental expense of approximately $3 million, or 3% of revenues
    above more normalized levels.
  • Adjusted diluted earnings per share was $0.33, up from $0.28 in the
    third quarter of 2013.
  • Average fleet utilization was 67.9%, however, stronger year-over-year
    rental activations in September increased utilization to 71.0% at
    September 30, 2014.
  • Delivered free cash flow of $31.1 million, the 27th
    consecutive quarter of positive free cash flow.
  • Repurchased $25.0 million of shares during the quarter.
  • Acquired three portable storage businesses in the quarter.

Erik Olsson, Mobile Mini’s President and Chief Executive Officer,
commented, “We continued to generate strong results in the third quarter
with leasing revenues growing approximately 10% year-over-year. The
sales reorganization that was implemented during the second quarter is
largely behind us as evidenced by strong and growing activations and
improved productivity as we moved through the third quarter. Our
underlying adjusted EBITDA margin is already running in the 41-42% range
excluding the incremental costs associated with the repair and
repositioning of available units to high demand areas. We expect these
costs to decline in 2015, and contribute to margin expansion next year.

Mr. Olsson added, “Earlier this year we said that 2014 was a year of
change. I’m very pleased to say that our strategic plan is delivering
the desired results and has us, in the short term, well along the path
to achieving our stated 2014 goals of a year-over-year top-line growth
rate and profitability exceeding that of 2013, resulting in higher free
cash flow for the year. Longer term, we expect the enhancements we have
made over the past year to our fleet and our sales organization to
translate into continued strong growth and margin expansion.”

Dividend

The Company’s regular quarterly cash dividend of $0.17 per share will be
paid on December 3, 2014 to shareholders of record on November 12, 2014.

EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted
net income, adjusted diluted EPS, and free cash flow are non-GAAP
financial measures as defined by Securities and Exchange Commission
(“SEC”) rules. Reconciliations of these measurements to the most
directly comparable GAAP financial measures can be found later in this
release.

Conference Call

Mobile Mini will host a conference call today, Thursday, October 23,
2014, 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 and the reconciliation of non-GAAP
financial measures used in the slide show to the most directly
comparable GAAP financial measures will be posted at www.mobilemini.com
on the Investors 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.

Mobile Mini, Inc. is the world’s leading provider of portable storage
solutions through its total lease fleet of approximately 214,000
portable storage containers and office units with 135 locations in the
U.S., United Kingdom, and Canada. Mobile Mini is included on the Russell
2000® and 3000® Indexes and the SP Small Cap
Index.

This news release contains forward-looking statements, including, but
not limited to, our expectations regarding our ability to execute our
strategic plan, growth and profitability, financial performance, margin
expansion, ability to enter new markets, and increased free cash flow,
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 SEC filings. 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.

(See Accompanying Tables)

 

Mobile Mini, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(in
thousands except per share data)
(includes effects of
rounding)

 

 

 

 

Three Months Ended

 

Three Months Ended

September 30,

September 30,

2014

 

 

2014

2013

 

 

2013

Revenues:

Actual

 

 

Adjusted (1)

Actual

 

 

Adjusted (1)

Leasing

$

104,798

$

104,798

$

95,559

$

95,559

Sales

7,913

7,913

8,913

8,913

Other

 

611

 

 

 

 

611

 

 

568

 

 

 

 

568

 

Total revenues

 

113,322

 

 

 

 

113,322

 

 

105,040

 

 

 

 

105,040

 

Costs and expenses:

Cost of sales

5,199

5,199

5,936

5,936

Leasing, selling and general expenses (2)

67,889

67,852

62,621

62,621

Restructuring expenses (3)

593

-

1,335

-

Asset impairment recovery, net (4)

-

-

(748

)

-

Depreciation and amortization

 

9,470

 

 

 

 

9,470

 

 

8,895

 

 

 

 

8,895

 

Total costs and expenses

 

83,151

 

 

 

 

82,521

 

 

78,039

 

 

 

 

77,452

 

Income from operations

30,171

30,801

27,001

27,588

 

Other income (expense):

Interest expense

 

(7,107

)

 

 

 

(7,107

)

 

(7,343

)

 

 

 

(7,343

)

Income from continuing operations before income tax provision

23,064

23,694

19,658

20,245

Income tax provision

 

8,244

 

 

 

 

8,484

 

 

5,326

 

 

 

 

7,191

 

Income from continuing operations

14,820

15,210

14,332

13,054

Loss from discontinued operation, net of tax (5)

 

-

 

 

 

 

-

 

 

(29

)

 

 

 

-

 

Net income

$

14,820

 

 

 

$

15,210

 

$

14,303

 

 

 

$

13,054

 

 

Earnings per share:

Basic:

Income from continuing operations

$

0.32

$

0.33

$

0.31

$

0.29

Loss from discontinued operation

 

-

 

 

 

 

-

 

 

-

 

 

 

 

-

 

Net Income

$

0.32

 

 

 

$

0.33

 

$

0.31

 

 

 

$

0.29

 

Diluted:

Income from continuing operations

$

0.32

$

0.33

$

0.31

$

0.28

Loss from discontinued operation

 

-

 

 

 

 

-

 

 

-

 

 

 

 

-

 

Net Income

$

0.32

 

 

 

$

0.33

 

$

0.31

 

 

 

$

0.28

 

 

Weighted average number of common and common

share equivalents outstanding:

Basic

 

46,001

 

 

 

 

46,001

 

 

45,511

 

 

 

 

45,511

 

Diluted

 

46,675

 

 

 

 

46,675

 

 

46,162

 

 

 

 

46,162

 

 

EBITDA

$

39,641

 

 

 

$

44,427

 

$

35,896

 

 

 

$

41,127

 

 

 

Mobile Mini, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(in
thousands except per share data)
(includes effects of
rounding)

 

 

 

 

Nine Months Ended

 

Nine Months Ended

September 30,

September 30,

2014

 

 

2014

2013

 

 

2013

Revenues:

Actual

 

 

Adjusted (1)

Actual

 

 

Adjusted (1)

Leasing

$

296,919

$

296,919

$

268,466

$

268,466

Sales

23,761

23,761

29,805

29,805

Other

 

1,579

 

 

 

 

1,579

 

 

1,416

 

 

 

 

1,416

 

Total revenues

 

322,259

 

 

 

 

322,259

 

 

299,687

 

 

 

 

299,687

 

Costs and expenses:

Cost of sales

16,131

16,131

19,941

19,941

Leasing, selling and general expenses (2)

204,394

204,318

172,758

172,758

Restructuring expenses (3)

2,909

-

2,053

-

Asset impairment charge, net (4)

557

-

39,489

-

Depreciation and amortization

 

27,920

 

 

 

 

27,920

 

 

26,439

 

 

 

 

26,439

 

Total costs and expenses

 

251,911

 

 

 

 

248,369

 

 

260,680

 

 

 

 

219,138

 

Income from operations

70,348

73,890

39,007

80,549

 

Other income (expense):

Interest expense

(21,191

)

(21,191

)

(22,317

)

(22,317

)

Foreign currency exchange

 

(1

)

 

 

 

(1

)

 

(1

)

 

 

 

(1

)

Income from continuing operations before income tax provision

49,156

52,698

16,689

58,231

Income tax provision

 

17,633

 

 

 

 

18,673

 

 

4,557

 

 

 

 

21,153

 

Income from continuing operations

31,523

34,025

12,132

37,078

Loss from discontinued operation, net of tax (5)

 

-

 

 

 

 

-

 

 

(168

)

 

 

 

-

 

Net income

$

31,523

 

 

 

$

34,025

 

$

11,964

 

 

 

$

37,078

 

 

Earnings per share:

Basic:

Income from continuing operations

$

0.68

$

0.74

$

0.26

$

0.82

Loss from discontinued operation

 

-

 

 

 

 

-

 

 

-

 

 

 

 

-

 

Net Income

$

0.68

 

 

 

$

0.74

 

$

0.26

 

 

 

$

0.82

 

Diluted:

Income from continuing operations

$

0.67

$

0.73

$

0.26

$

0.81

Loss from discontinued operation

 

-

 

 

 

 

-

 

 

-

 

 

 

 

-

 

Net Income

$

0.67

 

 

 

$

0.73

 

$

0.26

 

 

 

$

0.81

 

 

Weighted average number of common and common

share equivalents outstanding:

Basic

 

46,128

 

 

 

 

46,128

 

 

45,394

 

 

 

 

45,394

 

Diluted

 

46,846

 

 

 

 

46,846

 

 

45,972

 

 

 

 

45,972

 

 

EBITDA

$

98,267

 

 

 

$

113,106

 

$

65,445

 

 

 

$

117,010

 

 

 

Mobile Mini, Inc.
Condensed Consolidated Balance Sheets
(in
thousands except par value data)
(includes effects of
rounding)

 

 

 

 

September 30, 2014

 

 

December 31, 2013

(unaudited)

(audited)

ASSETS

Cash

$

1,612

$

1,256

Receivables, net

60,951

53,104

Inventories

17,584

18,744

Lease fleet, net

974,035

979,276

Property, plant and equipment, net

95,322

85,153

Assets held for sale

-

980

Deposits and prepaid expenses

7,108

6,116

Other assets and intangibles, net

11,900

13,523

Goodwill

 

525,623

 

 

519,222

 

Total assets

$

1,694,135

 

$

1,677,374

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts payable

$

23,841

$

18,862

Accrued liabilities

61,936

65,308

Lines of credit

307,388

319,314

Obligations under capital leases

18,926

8,781

Senior Notes

200,000

200,000

Deferred income taxes

 

226,500

 

 

209,565

 

Total liabilities

 

838,591

 

 

821,830

 

 

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, 48,926
issued and 46,081 outstanding

at September 30, 2014 and 48,810 issued and 46,626 outstanding at
December 31, 2013

489

488

Additional paid-in capital

564,531

550,387

Retained earnings

375,421

359,778

Accumulated other comprehensive loss

(19,761

)

(15,440

)

Treasury stock, at cost, 2,845 and 2,184 shares at September 30,
2014 and

December 31, 2013, respectively

 

(65,136

)

 

(39,669

)

Total stockholders’ equity

 

855,544

 

 

855,544

 

Total liabilities and stockholders’ equity

$

1,694,135

 

$

1,677,374

 

 

 

Mobile Mini, Inc.
Condensed Consolidated Statements of Cash
Flows
(Unaudited)
(in thousands)
(includes effects
of rounding)

 

 

 

 

Nine Months Ended September 30,

2014

 

 

2013

Cash Flows From Operating Activities:

Net income

$

31,523

$

11,964

Adjustments to reconcile net income to net cash

provided by operating activities:

Asset impairment charge, net

557

38,953

Provision for doubtful accounts

2,057

1,288

Amortization of deferred financing costs

2,108

2,108

Amortization of long-term liabilities

124

128

Share-based compensation expense

11,573

10,769

Depreciation and amortization

27,920

26,586

Gain on sale of lease fleet units

(4,496

)

(7,698

)

Gain on disposal of property, plant and equipment

(181

)

(56

)

Deferred income taxes

17,333

4,249

Foreign currency transaction loss

1

1

Changes in certain assets and liabilities, net of effect of

businesses acquired:

Receivables

(9,883

)

(5,297

)

Inventories

1,125

(2,397

)

Deposits and prepaid expenses

(920

)

19

Other assets and intangibles

28

12

Accounts payable

5,106

2,768

Accrued liabilities

 

3,783

 

 

2,077

 

Net cash provided by operating activities

 

87,758

 

 

85,474

 

 

Cash Flows From Investing Activities:

Cash paid for businesses acquired

(20,014

)

-

Additions to lease fleet, excluding acquisitions

(16,310

)

(23,611

)

Proceeds from sale of lease fleet units

17,813

25,411

Additions to property, plant and equipment

(11,677

)

(10,651

)

Proceeds from sale of property, plant, and equipment

 

3,374

 

 

1,013

 

Net cash used in investing activities

 

(26,814

)

 

(7,838

)

 

Cash Flows From Financing Activities:

Net repayments under lines of credit

(11,926

)

(83,733

)

Principal payments on notes payable

-

(310

)

Principal payments on capital lease obligations

(1,346

)

(289

)

Issuance of common stock

2,572

6,467

Dividend payments

(23,583

)

-

Purchase of treasury stock

 

(25,467

)

 

-

 

Net cash used in financing activities

 

(59,750

)

 

(77,865

)

 

Effect of exchange rate changes on cash

 

(838

)

 

360

 

 

Net increase in cash

356

131

 

Cash at beginning of period

 

1,256

 

 

1,937

 

Cash at end of period

$

1,612

 

$

2,068

 

 

Supplemental Disclosure of Cash Flow Information:

Equipment acquired through capital lease obligations

$

11,491

 

$

1,492

 

 

 

Mobile Mini, Inc.
Non-GAAP Reconciliations
(in thousands)
(includes
effects of rounding)

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

2014

 

 

2013

2014

 

 

2013

Reconciliation of EBITDA to net cash provided

 

 

 

 

by operating activities:

EBITDA

$

39,641

$

35,896

$

98,267

$

65,445

Discontinued operation

-

24

-

(20

)

Interest paid

(2,203

)

(2,552

)

(14,494

)

(15,773

)

Income and franchise taxes paid

(167

)

(177

)

(945

)

(962

)

Share-based compensation expense

4,432

5,390

11,573

10,769

Asset impairment (recovery) charge, net

-

(751

)

557

38,953

Gain on sale of lease fleet units

(2,001

)

(2,250

)

(4,496

)

(7,698

)

Gain on disposal of property, plant and equipment

(540

)

(118

)

(181

)

(56

)

Changes in certain assets and liabilities,

net of effect of businesses acquired:

Receivables

(6,566

)

(3,187

)

(7,826

)

(4,009

)

Inventories

1,070

(795

)

1,125

(2,397

)

Deposits and prepaid expenses

936

436

(920

)

19

Other assets and intangibles

39

19

28

12

Accounts payable and accrued liabilities

 

3,832

 

 

 

 

1,525

 

 

5,070

 

 

 

 

1,191

 

Net cash provided by operating activities

$

38,473

 

 

 

$

33,460

 

$

87,758

 

 

 

$

85,474

 

 

 

Reconciliation of net income to EBITDA and

adjusted EBITDA:

Net income

$

14,820

$

14,303

$

31,523

$

11,964

Loss from discontinued operation, net of tax

-

29

-

168

Interest expense

7,107

7,343

21,191

22,317

Income tax provision

8,244

5,326

17,633

4,557

Depreciation and amortization

 

9,470

 

 

 

 

8,895

 

 

27,920

 

 

 

 

26,439

 

EBITDA

39,641

35,896

98,267

65,445

Share-based compensation expense

4,156

4,644

11,297

10,023

Restructuring expenses

593

1,335

2,909

2,053

Acquisition expenses

37

-

76

-

Asset impairment (recovery) charge, net

 

-

 

 

 

 

(748

)

 

557

 

 

 

 

39,489

 

Adjusted EBITDA

$

44,427

 

 

 

$

41,127

 

$

113,106

 

 

 

$

117,010

 

 

 

Reconciliation of net cash provided by operating

activities to free cash flow:

Net cash provided by operating activities

$

38,473

$

33,460

$

87,758

$

85,474

 

Additions to lease fleet, excluding acquisitions

(8,160

)

(9,314

)

(16,310

)

(23,611

)

Proceeds from sale of lease fleet units

5,794

9,482

17,813

25,411

Additions to property, plant and equipment

(6,936

)

(997

)

(11,677

)

(10,651

)

Proceeds from sale of property, plant and equipment

 

1,923

 

 

 

 

555

 

 

3,374

 

 

 

 

1,013

 

Net capital expenditures, excluding acquisitions

 

(7,379

)

 

 

 

(274

)

 

(6,800

)

 

 

 

(7,838

)

 

 

 

 

 

 

 

 

Free cash flow

$

31,094

 

 

 

$

33,186

 

$

80,958

 

 

 

$

77,636

 

 

 

Mobile Mini, Inc.
Non-GAAP Reconciliations
(in thousands
except per share data)
(includes effects of rounding)

 

 

 

Reconciliation of Adjusted Measurements to Actuals

 

 

Three Months Ended September 30, 2014

 

Share-based

 

 

 

compensation

Restructuring

Acquisition

As Adjusted (1)

 

expense (2)

 

expenses (3)

 

expenses (4)

 

Actual

Revenues

$

113,322

$

-

$

-

$

-

$

113,322

EBITDA

$

44,427

$

(4,156

)

$

(593

)

$

(37

)

$

39,641

EBITDA margin

39.2

%

(3.7

)%

(0.5

)%

-

35.0

%

Operating income

$

30,801

$

-

$

(593

)

$

(37

)

$

30,171

Operating income margin

27.2

%

-

(0.5

)%

-

26.6

%

Pre tax income

$

23,694

$

-

$

(593

)

$

(37

)

$

23,064

Net income

$

15,210

$

-

$

(367

)

$

(23

)

$

14,820

Diluted earnings per share

$

0.33

$

-

$

(0.01

)

$

-

$

0.32

 

 

Reconciliation of Adjusted Measurements to Actuals

Three Months Ended September 30, 2013

Share-based

Asset

Loss from

compensation

Restructuring

impairment

Income tax

discontinued

As Adjusted (1)

 

expense (2)

 

expenses (3)

 

recovery, net (5)

 

benefit (6)

 

operation, net (7)

 

Actual

Revenues

$

105,040

$

-

$

-

$

-

$

-

$

-

$

105,040

EBITDA

$

41,127

$

(4,644

)

$

(1,335

)

$

748

$

-

$

-

$

35,896

EBITDA margin

39.2

%

(4.4

)%

(1.3

)%

0.7

%

-

-

34.2

%

Operating income

$

27,588

$

-

$

(1,335

)

$

748

$

-

$

-

$

27,001

Operating income margin

26.3

%

-

(1.3

)%

0.7

%

-

-

25.7

%

Pre tax income from

continuing operations

$

20,245

$

-

$

(1,335

)

$

748

$

-

$

-

$

19,658

Net income

$

13,054

$

-

$

(848

)

$

465

$

1,661

$

(29

)

$

14,303

Diluted earnings per share

$

0.28

$

-

$

(0.02

)

$

0.01

$

0.04

$

-

$

0.31

 

 

Mobile Mini, Inc.
Non-GAAP Reconciliations
(in thousands
except per share data)
(includes effects of rounding)

 

 

 

Reconciliation of Adjusted Measurements to Actuals

 

Nine Months Ended September 30, 2014

 

Share-based

 

 

 

Asset

 

compensation

Restructuring

Acquisition

impairment

As Adjusted (1)

 

expense (2)

 

expenses (3)

 

expenses (4)

 

charge, net (5)

 

Actual

Revenues

$

322,259

$

-

$

-

$

-

$

-

$

322,259

EBITDA

$

113,106

$

(11,297

)

$

(2,909

)

$

(76

)

$

(557

)

$

98,267

EBITDA margin

35.1

%

(3.5

)%

(0.9

)%

-

(0.2

)%

30.5

%

Operating income

$

73,890

$

-

$

(2,909

)

$

(76

)

$

(557

)

$

70,348

Operating income margin

22.9

%

-

(0.9

)%

-

(0.2

)%

21.8

%

Pre tax income

$

52,698

$

-

$

(2,909

)

$

(76

)

$

(557

)

$

49,156

Net income

$

34,025

$

-

$

(2,089

)

$

(47

)

$

(366

)

$

31,523

Diluted earnings per share

$

0.73

$

-

$

(0.05

)

$

-

$

(0.01

)

$

0.67

 

 

Reconciliation of Adjusted Measurements to Actuals

Nine Months Ended September 30, 2013

Share-based

Asset

Loss from

compensation

Restructuring

impairment

Income tax

discontinued

As Adjusted (1)

 

expense (2)

 

expenses (3)

 

charge, net (5)

 

benefit (6)

 

operation, net (7)

 

Actual

Revenues

$

299,687

$

-

$

-

$

-

$

-

$

-

$

299,687

EBITDA

$

117,010

$

(10,023

)

$

(2,053

)

$

(39,489

)

$

-

$

-

$

65,445

EBITDA margin

39.0

%

(3.3

)%

(0.7

)%

(13.2

)%

-

-

21.8

%

Operating income

$

80,549

$

-

$

(2,053

)

$

(39,489

)

$

-

$

-

$

39,007

Operating income margin

26.9

%

-

(0.7

)%

(13.2

)%

-

-

13.0

%

Pre tax income from

continuing operations

$

58,231

$

-

$

(2,053

)

$

(39,489

)

$

-

$

-

$

16,689

Net income

$

37,078

$

-

$

(1,289

)

$

(25,518

)

$

1,861

$

(168

)

$

11,964

Diluted earnings per share

$

0.81

$

-

$

(0.03

)

$

(0.56

)

$

0.04

$

-

$

0.26

(1)

 

This column represents a non-GAAP presentation even though some
individual line items presented, such as revenues, are identical
under both GAAP and the adjusted presentations.

(2)

Represents non-cash share-based expense associated with the granting
of equity instruments and is excluded in the adjusted presentation.

(3)

Restructuring expenses represent costs relating primarily to the
restructuring of our operations that are excluded in the adjusted
presentation.

(4)

Represents acquisition activity costs that are excluded in the
adjusted presentation.

(5)

In 2014, represents the additional loss upon completion of sale
(offset by gains upon completion of sale) of certain assets that
were written down to fair value in the second quarter of 2013 and is
excluded in the adjusted presentation.

In 2013, represents the impairment charge (offset by gains upon
completion of sale) primarily for the write down on certain assets
classified as held for sale and is excluded in the adjusted
presentation.

(6)

Represents income tax benefits related to the statutory corporate
income tax rate reductions in the United Kingdom that are excluded
in the adjusted presentation.

(7)

Represents our Netherlands operation that was sold in December 2013
and reported as a discontinued operation.

 

The sale of our Netherlands operation in 2013 is reflected in the
financial data herein as a discontinued operation.

This news release includes the financial measures “EBITDA”, “adjusted
EBITDA”, “EBITDA margin”, “adjusted EBITDA margin”, “adjusted SGA”,
“adjusted net income”, “adjusted diluted earnings per share” and “free
cash flow.” These measurements are deemed “non-GAAP financial measures”
under rules of the SEC, including Regulation G. This non-GAAP financial
information may be determined or calculated differently by other
companies.

EBITDA is defined as net income before discontinued operation, net of
taxes, interest expense, income taxes, depreciation and amortization,
and, if applicable, debt restructuring or extinguishment costs,
including any write-off of deferred financing costs. We further adjust
EBITDA to exclude non-cash share-based compensation expense and to
ignore the effect of what we consider transactions or events not related
to our core business to arrive at adjusted EBITDA. The GAAP financial
measure that is most directly comparable to EBITDA is net cash provided
by operating activities. EBITDA and adjusted EBITDA margins are
calculated by dividing consolidated EBITDA and adjusted EBITDA by total
revenues. The GAAP financial measure that is most directly comparable to
EBITDA margin is operating margin, which represents operating income
divided by revenues. We present adjusted EBITDA and adjusted EBITDA
margin because we believe they provide useful information regarding our
ability to meet our future debt payment requirements, capital
expenditures and working capital requirements and they provide an
overall evaluation of our financial condition. We include adjusted
EBITDA in this earnings announcement to provide transparency to
investors. Adjusted EBITDA has certain limitations as an analytical tool
and should not be used as a substitute for net income, cash flows, or
other consolidated income or cash flow data prepared in accordance with
GAAP or as a measure of our profitability or our liquidity. EBITDA
margin is presented along with the operating margin so as not to imply
that more emphasis should be placed on it than the corresponding GAAP
measure.

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 GAAP
financial measure. 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 the Company’s existing businesses, debt service
obligations, pay authorized quarterly dividends and strategic
acquisitions.

Adjusted SGA, adjusted net income and adjusted diluted earnings per
share permit a comparative assessment of our SGA expenses, net income
and diluted earnings per share by excluding certain one-time expenses
and restructuring expenses to make a more meaningful comparison of our
operating performance.

Earlier in this release, we provided a reconciliation of these adjusted
measurements to actual results along with a reconciliation of EBITDA to
net cash provided by operating activities, net income to EBITDA and
adjusted EBITDA and net cash provided by operating activities to free
cash flow.

Contact:

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

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Malware Rides Again Via Digital Ads

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Among the businesses affected, MediaPost reports, were The Times of Israel and The Jerusalem Post whose online ads were among the sites which had ads infected with the Zemot malware. So did the music site Last.FM.

Advertisements on these sites set off anti-virus warnings raising flags in Malwarebytes’ virus detection systems. The ads lead users to sites containing an exploit kit that tries to identify a vulnerable version of Adobe Flash or unpatched version of Microsoft Internet Explorer.

Legitimate websites “entangled in this malvertising chain are not infected,” said Jerome Segura, a senior security researcher with Malwarebytes. “The problem comes from the ad network agency itself.”

Last month, Microsoft had identified the Zemot malware. We’re told the bug primarily wreaks havoc on machines running some versions of Windows.

To read the full report from MediaPost, click here.

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Internet Ad Revenues Accelerate to All Time Highs

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You know, at least until next year, when 2014′s records are poised to be broken again.

Internet ad revenues climbed to an all-time first half-year high of $23.1 billion, according to the IAB Internet Advertising Revenue Report released this month by the Interactive Advertising Bureau (IAB).

The report, prepared by PwC U.S., noted that this constitutes a 15 percent rise over 2013’s first-half ad revenues of $20.1 billion.

Maintaining the positive trajectory, second quarter 2014 internet ad revenues rose to $11.7 billion, representing a 14 percent year-over-year increase, up from $10.3 billion in Q2 2013, noted the official report summary.

In terms of mobile, the report shows that mobile revenues increased 76 percent to 5.3 billion at HY 2014, from the $3.0 billion (15% of total) reported at HY 2013, with the 2014 six month total consisting of $2.7 billion mobile search, $2.5 billion mobile display, and $103 million in other mobile formats.

“This report confirms the fact that brands are deepening their commitment to interactive advertising, and that mobile is seen as a crucial part of the marketing mix,” said Randall Rothenberg, President and CEO of IAB. “Moreover, with second half revenues traditionally surpassing those in the first half of the year, this milestone achievement is potentially a harbinger of even stronger digital ad revenues to come.”

For a copy of the full report, click here.

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DealNet Powers Major Brand's Engagement Strategy

TORONTO, ONTARIO–(Marketwired – Oct 22, 2014) – DealNet Capital Corp. (“DealNet” or the “Company”) (CSE:DLS) is pleased to announce that its mobile technology subsidiary, Impact Mobile Inc. (“Impact Mobile”), has successfully concluded a second annual mobile marketing engagement with an international consumer package goods (CPG) company.

For the second successive year, Impact Mobile has executed on a national strategy to turn a major brand’s product into a live mobile vote allowing their consumer loyalists to select a new favourite flavour. Impact Mobile continues to innovate, providing leading-edge engagement services to a wide variety of brands, carriers, retailers and loyalty programs.

“Impact Mobile is a market leader in leveraging CPG packaging for loyalty campaigns,” says Gary Schwartz, CEO of Impact Mobile and SVP of Business Development for DealNet. “For 12 years, the Company has delivered unique promotional PINs to embed in the products of global brands. This drives sales and mobile consumer engagement. In cases where affecting packaging is too difficult for the CPG brand, Impact Mobile holds a patent pending on the use of a unique mobile PIN to reward consumers following the purchase of the product.”

About DealNet Capital Corp.

DealNet Capital Corp. is a public company that trades under the symbol DLS on the Canadian Securities Exchange. DealNet Capital has an investment mandate to acquire and develop investee companies focused on generating high margin recurring revenue through innovative customer engagement models. The Company has focused its investments towards two key industry verticals: the thriving North American business process outsourcing (“BPO”) market through its wholly-owned subsidiaries, OC Communications Group Inc. (“OCCGI”) and Impact Mobile Inc. (“Impact Mobile”); and the consumer financing market through its wholly-owned subsidiary, One Dealer Inc. (“One Dealer”).

ON BEHALF OF DEALNET CAPITAL CORP.

For additional information please visit www.sedar.com.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect. These statements involve risks and uncertainties including, without limitation, DealNet’s ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.

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SAN FRANCISCO–(BUSINESS WIRE)–

mCordis, a leader in mobile marketing education and strategic services, today announced the mCordis Professional Award in Mobile Marketing, the first accredited professional qualification in mobile marketing within the industry designed to educate and validate marketers’ knowledge of the trending marketing strategies and capabilities required to compete in the mobile age.

Designed for mid- and entry-level marketers, both in-house and agency, the mCordis Professional Award in Mobile Marketing qualification is a two-day, in-person course and assessment test. The program was developed and is taught by Michael Becker and Paul Berney, internationally recognized global leaders in mobile marketing. The program provides marketers with both theoretical and practical mobile marketing education to allow them to effectively develop and manage mobile campaigns as a key part of their digital and offline marketing, customer service and loyalty programs.

The Professional Award in Mobile Marketing qualification is accredited by the Institute of Direct Digital Marketing (IDM), an internationally recognized provider of professional development education for digital marketers, and is endorsed by the Mobile Marketing Association (MMA), the global trade association for marketers participating in all facets of the mobile marketing ecosystem. mCordis also offers mobile marketing education through the Association of National Advertisers and the Direct Marketing Association.

“Mobile plays such a critical role in the everyday lives of consumers, marketers need to fully appreciate what mobile can achieve and how it fits within the marketing mix,” said Michael Becker, co-founder and managing partner for mCordis. “Our accredited qualification helps marketers understand how to incorporate mobile into every aspect of consumer engagement throughout the customer journey.”

“The qualification is an excellent way for CMOs to ensure their staffs are properly trained on the latest mobile marketing techniques, as well as for any marketer who wishes to further his or her professional development,” Becker said.

The qualification course includes an overview of current mobile marketing trends as well as details of real-world case studies, practical exercises, budgets and more. Attendees will leave knowing how to start deploying a mobile marketing program within their own or their client’s business, and effectively integrate it within an existing marketing program.

The two-day qualification courses begin Nov. 5-6, 2014 in Irvine, Calif. and Dec. 4-5, 2014 in San Francisco. Courses are also being held in London and South Africa in 2014 with additional courses scheduled to be announced for 2015.

To register for the courses, or for more information regarding the Professional Award in Mobile Marketing qualification, please visit http://www.mcordis.com/us-qualification-in-mobile-marketing.

About mCordis

mCordis is a global, independent, mobile marketing advisory and educational services company. Through these services it helps marketers unlock the potential of mobile marketing and stimulate marketplace growth. It is a neutral advisor to all things mobile: market insight, strategies, creative, technologies and development services.

Contact:

Global Results Communications (GRC)
Mike Kilroy or Valerie Christopherson
+1 949 689 9550
mcordis@globalresultsrpr.com

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