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WILLSCOT CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2018 RESULTS AND REAFFIRMS 2019 OUTLOOK

BALTIMORE (March 14, 2019) - WillScot Corporation (“WillScot or the "Company") (Nasdaq: WSC) today announced its fourth quarter and full year 2018 financial results and reaffirmed its 2019 outlook. The fourth quarter results mark the first quarter to include a full three months of contribution from ModSpace operations acquired by WillScot in August 2018. 
Fourth Quarter 2018 Financial Highlights1,2  
Revenues of $257.4 million, representing a 113.8% (or $137.0 million) year over year increase, driven by growth in core leasing and services revenues of $124.4 million, or 119.8% primarily as a result of the impact of the Acton and ModSpace acquisitions and organic growth. Pro forma revenues3 increased 2.8% to $257.4 million driven by a 17.9% increase in core modular leasing revenues as a result of rate improvements, offset by lower modular delivery and installation, new unit, and rental unit sales volumes.
Consolidated modular space average monthly rental rate increased to $562 representing a 1.1% increase year over year. Pro forma monthly rental rates4 increased 11.3% year over year, driven primarily by a 12.6% year-over-year increase in our core Modular - US Segment.
Consolidated modular space units on rent increased 52,423 or 121.6% year over year, driven by recent acquisitions, and average modular space utilization increased 110 basis points (“bps”) year over year to 73.0%. Pro forma utilization4 increased 290 bps year over year in the Modular - US segment and 250 bps on a consolidated basis. 
Consolidated net loss of $10.4 million improved by $115.0 million versus prior year and included $28.7 million of discrete costs expensed in the period related to transaction costs, restructuring costs and integration activities. The $28.7 million of discrete costs included $8.3 million of restructuring costs and $20.4 million of transaction and integration costs.
Adjusted EBITDA of $73.5 million from our Modular - US and Modular - Other North America segments (the “Modular Segments”), represents a 103.6% (or $37.4 million) year over year increase as compared to the same period in 2017.
2018 Full Year Financial Highlights1,2  
Revenues of $751.4 million, representing a 68.5% (or $305.5 million) year over year increase, driven by growth in core leasing and services revenues of $285.1 million, or 73.5% primarily as a result of the impact of the Acton and ModSpace acquisitions and organic growth. On a pro forma basis, total revenues increased $80.7 million, or 8.2%, to $1,064.0 million driven by a 16.0% increase in core modular leasing revenues. 
Consolidated modular space average monthly rental rate increased to $552 representing a 2.6% increase year over year. Pro forma monthly rental rates4 increased 10.7% year over year, driven primarily by an 11.9% year-over-year increase in our core Modular - US segment
Consolidated modular space units on rent increased 28,994 or 70.3% year over year, including both organic growth and growth from recent acquisitions, and average modular space utilization increased 130 bps year over year to 71.6%. Pro forma average modular space units on rent4 increased 0.5% year over year in the Modular - US segment, and declined 1.7% in the Modular - Other North America segment. Pro forma utilization4 increased 230 bps year over year in the Modular - US segment and 200 bps on a consolidated basis. 
Consolidated net loss of $53.6 million improved by $96.2 million versus prior year and included $86.1 million of discrete costs expensed in the period related to transaction costs, bridge financing costs, restructuring costs and integration activities, as the Company substantially advanced restructuring and integration efforts related to its acquisitions and recapitalized its balance sheet. The $86.1 million of discrete costs included $15.5 million of restructuring costs, $30.0 million of integration costs, $20.5 million of interest expense representing bridge financing and upfront commitment fees, and $20.1 million of transaction costs.
Adjusted EBITDA of $215.5 million from our Modular Segments, representing a 73.9% (or $91.6 million) year over year increase as compared to the same period in 2017. This represents the midpoint of management's 2018 outlook, which was increased on October 1, 2019 to incorporate ModSpace's expected results.
On a pro forma basis, Adjusted EBITDA in 2018 for the Modular Segments totaled $284.5 million, up $31.5 million, or 12.5% organically from $253.0 million in 2017. These pro forma results do not include over $60.0 million of incremental cost savings that management expects to realize from the ModSpace and Acton acquisitions, as well as incremental revenue growth from increased penetration of ‘Ready to Work’ solutions across the combined portfolio. Consolidated pro forma Adjusted EBITDA of $284.5 million was up $46.7 million, or 19.6% over 2017.


1

The following information was filed by Willscot Corp (WSC) on Friday, March 15, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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