Mobile Mini, Inc. (NASDAQ:MINI) Q3 2015 Earnings Conference Call Transcript
Oct 22, 2015 • 12:00 pm ET
Good day, everyone. Welcome to the Mobile Mini 2015 Third Quarter Conference Call. At this time, I would like to inform you that this conference is being recorded and all participants are currently in a listen-only mode. There is also a presentation that accompanies this conference call and which you can access at Mobile Mini's website at www.mobilemini.com. It is on the Investors page.
Before turning the call over to Erik Olsson, Mobile Mini's President and Chief Executive Officer, I will read the Safe Harbor Statement.
Before the presentation and the comments begin, Mobile Mini would like to remind you that some of the statements and responses to your questions in this conference call may include forward-looking statements. As such they are subject to future events and uncertainties that could cause our actual results to differ materially from these statements.
Any forward-looking statements should be considered in conjunction with the cautionary statements in our press release and the risk factors included in our filings with the SEC, which Mobile Mini encourages you to read. In addition, please refer to the Investors section of Mobile Mini's website to find additional disclosures and reconciliation of non-GAAP financial measures that will be used on today's call.
Now, I will turn the call over to Erik Olsson.
Good morning, everyone, and welcome to Mobile Mini's third quarter 2015 conference call. I am Erik Olsson, Mobile Mini's President and CEO, and with me is, Mark Funk, our Executive Vice President and CFO. For this presentation, I am going to review the operational slides. Mark will review the financial slides and then we will open up the call to questions.
I will start on slide number three, financial highlights. I am very pleased with the quarter in terms of execution and delivery on our strategic plan for both, our portable storage and specialty containment businesses. We continued and extended the very strong trends we saw in the later part of the second quarter and hit several all times for the business in the third quarter with momentum continuing into the fourth quarter.
So, let me start off with some key stats and highlights. Total rental revenues, including ETS increased 19% year-over-year. As far as the results for our portable storage business goes, excluding both, our mobile offices, which we sold mid-May as well as ETS rental revenues increased 5.8% year-over-year or 7.7% when adjusted for unfavorable exchange rates. This increase was driven by increases in both units on rent as well as rental rates and we delivered strong growth in activations in our core portable storage business during the course of the quarter.
In fact, our North American sales force drove the highest number of quarterly portable storage activations in the Company's history with core activations up 12% and ISR productivity up 15% from the third quarter of 2014. As a result, our core units on rents for portable storage was up a solid 3.9% year-over-year at the end of the quarter and is in fact at