Good day, everyone, and welcome to the Mobile Mini 2019 Fourth Quarter Conference Call. [Operator Instructions] There is also a presentation that accompanies this conference call, 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 Kelly Williams, Mobile Mini's 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 that 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 reconciliations of non-GAAP financial measures that will be used on today's call.
Now I will turn the call over to Kelly Williams.
Good morning, everyone, and welcome to Mobile Mini's fourth quarter 2019 conference call. I'm Kelly Williams, Mobile Mini's President and CEO and with me today is Van Welch, our Executive VP and CFO.
I will review the operational highlights of the quarter, the current business environment and our strategy, while Van will discuss the Q4 financials. We will then open the call up to questions. I encourage you to review the full quarterly presentation providing more detailed results for your reference, which has also been posted to our website.
Let me begin by saying that 2019 was a record year of free cash flow generation for Mobile Mini. The company is $143 million in free cash flow for 2019 nearly doubled prior year's number, reflecting the underlying strength of our business model and improvements made in working capital, as well as disciplined capital strategy. This free cash flow generation provided us considerable flexibility to execute on our balanced capital allocation plan in 2019, this supported growth initiatives and return value to shareholders, while also paying down debt.
We closed four acquisitions during the year in North America Storage Solutions and we returned more than $77 million or 54% of free cash flow to shareholders in the form of dividends and share repurchases. So overall, an impressive 2019 capped off by a strong fourth quarter in North America Storage Solutions.
Core rental rate increases of 4.5%, a favorable mix and managed services revenue growth drove 4.1% year-over-year rental growth in the fourth quarter for North America Storage Solutions with an average OEC utilization nearing 81%. The combination of increased revenue, our ongoing efficiency enhancements and variable compensation tailwinds drove a 17.6% increase in adjusted EBITDA. North America closed the quarter with an impressive 47.3% adjusted EBITDA margin.
One favorable impact on our financial performance in both Q4 and full-year 2019 came from
President and Chief Executive Officer
Executive Vice President and Chief Financial Officer
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