Mobile Mini, Inc. (NASDAQ:MINI) Q1 2018 Earnings Conference Call - Final Transcript
Apr 20, 2018 • 12:00 pm ET
Good day, everyone. And welcome to Mobile Mini 2018 First Quarter Conference Call. At this time, I would like to inform you that this conference is being recorded and that all participants are currently in a listen-only mode. There is also a presentation that accompanies this conference call, which you can access at Mobile Mini's Web site 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 Web site to find additional disclosures and reconciliations of non-GAAP financial measures that will be used on today's call.
Now, I will turn the call over to Erik Olsson.
And CFO. I will review the operational highlights of the quarter and the current business environment, and Van will discuss the Q1 financials. We will then open up the call to questions. And we encourage you to review the full quarterly deck proving more detailed results for your reference, which has been posted to our Web site as usual.
Now, let me begin by saying that I'm very, very pleased with our Q1 results, which were very strong for both our business segments, continuing the momentum built in the second half of 2017 and consistent with the strategy and initiatives that we have put in place over the last few years. Tank & Pump Solutions had an outstanding quarter with rental revenues up $25.5 million, a 21 7% increase over Q1 '17.
Q1 is typically the seasonally slowest quarter, but we kept the momentum from Q4 and we are now heading into spring and summer, which are traditionally the highest activity quarters for Tank & Pump and our pipeline looks very robust. Demand is strong across all geographies and our growth has been broad based in terms of M segments.
Our strategy includes solidifying relationships with our large downstream customers. And in the Tank & Pump segment, just over 50% of our rental revenue is generated through our national accounts customers many of whom we have multiyear agreements with. During the quarter, we singed new MSA with a large tank and pump customer to be the preferred provider. While we have previously conducted business with this customer, the new contract creates a more formal relationship and we expect to gain additional wallet share as a result.
In addition, we are beginning to see the incremental revenue