Exhibit 99.1

 

 

Williams Scotsman Announces Fourth Quarter and Full Year 2017 Results

 

BALTIMORE (March 15, 2018)

- WillScot Corporation (NASDAQ: WSC) (“Williams Scotsman”) today announced its fourth quarter and full year 2017 financial results. As a result of the Business Combination and the Carve-Out Transaction described below, (i) Williams Scotsman’s consolidated financial results for periods prior to November 29, 2017 reflect the financial results of Williams Scotsman International, Inc. (“WSII”) and its consolidated subsidiaries, as the accounting predecessor to Williams Scotsman, and (ii) for periods from and after this date, Williams Scotsman’s financial results reflect those of Williams Scotsman and its consolidated subsidiaries (including WSII and its subsidiaries) as the successor following the Business Combination.(1)

 

Williams Scotsman Fourth Quarter 2017 Highlights(2)

 

·                  Revenues of $120.4 million, representing a 16.8% (or $17.3 million) year-over-year increase

 

·                  Modular - US modular space average monthly rental rate of $560, or a 10.2% year-over-year increase

 

·                  Modular - US average modular space units on rent increased 2,125 (or 6.0% year-over-year increase) and average modular space utilization increased 190 basis points (“bps”) to 75.0%

 

·                  Consolidated net loss of $(125.4) million includes legacy administrative costs, interest expense, and discontinued operations associated with the Algeco Group; non-cash goodwill write-off; and other discrete costs associated with the WSII spin-out and subsequent acquisitions

 

·                  Consolidated Adjusted EBITDA of $31.2 million includes $4.9 million of legacy costs in Corporate and other associated with Algeco Group corporate operations

 

·                  Adjusted EBITDA of $36.1 million from our Modular - US and Modular - Other North America segments (the “Modular Segments”), representing a 19.1% (or $5.8 million) year-over-year increase

 

·                  Successfully repositioned our company as the leading modular space provider in North America

 

·                  WillScot Corporation (formerly known as Double Eagle Acquisition Corp.) acquired WSII on November 29, 2017 (the “Business Combination”)

 

·                  Williams Scotsman is now a pure play modular space and portable storage provider, having divested WSII’s remote accommodations business (the “Carve-Out Transaction”) prior to the Business Combination

 

·                  Recapitalized the company with $1.4 billion of new debt and equity financing, with ample liquidity to fund growth:

 

·                  Secured a new $600.0 million asset backed credit facility with $300.0 million accordion feature

 

·                  Issued $300.0 million of 7.875% 2022 Senior Secured Notes, and

 

·                  Secured $500.0 million equity commitment from TDR Capital, $418.3 million of which funded the purchase of new Class A common stock of our company

 

·                  Completed strategic acquisition of Acton Mobile in December 2017

 

Williams Scotsman 2017 Highlights

 

·                  Strength in core Modular - US segment drove consolidated revenue growth of 7.5% year-over-year to $392.9 million

 

·                  Modular space average monthly rental rate of $538, or a 7.6% year-over-year increase

 

·                  Average modular space units on rent increased nearly 800 units (or 2.2% year-over-year increase) and average modular space utilization increased 190 bps to 73.9%

 

·                  Adjusted EBITDA of $110.8 million, representing a 6.7% (or $7.0 million) year-over-year increase

 

·                  Consolidated net loss of $(149.8) million includes legacy administrative costs, interest expense, and discontinued operations associated with Algeco Group; non-cash goodwill write-off; and other discrete costs associated with the WSII spin-out and subsequent acquisitions

 

·                  Consolidated Adjusted EBITDA of $108.8 million includes $15.1 million of legacy costs associated with Algeco Group corporate operations

 

1


The following information was filed by Willscot Corp (WSC) on Friday, March 16, 2018 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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