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Williams Scotsman Announces First Quarter 2018 Results and Reaffirms 2018 Outlook
BALTIMORE (May 3, 2018)
- WillScot Corporation (NASDAQ: WSC) (“Williams Scotsman” or the "Company") today announced its first quarter 2018 financial results and reaffirmed its outlook for 2018.
Williams Scotsman First Quarter 2018 Highlights1,2
Revenues of $134.8 million, representing a 35.8% (or $35.5 million) year over year increase, driven by organic growth of approximately 12.0% in our Modular - US Segment and further accelerated by Acton Mobile ("Acton") and Tyson Onsite ("Tyson") acquisitions.
Modular - US modular space average monthly rental rate of $533, or a 3.9% year over year increase. Pro-forma, including results of Williams Scotsman, Acton, and Tyson for all periods presented, monthly rental rates increased 9.9% year over year.
Modular - US average modular space units on rent increased 13,583, or a 38.7% year over year increase, including both organic growth and growth from recent acquisitions, and average modular space utilization decreased 50 basis points (“bps”) to 71.8% as a result of businesses acquired at lower utilization rates. Pro-forma, including results of Williams Scotsman, Acton and Tyson for all periods presented, units on rent increased 2.9% year over year.
Consolidated net loss of $6.8 million includes $3.2 million of discrete professional fees, restructuring costs, transaction expenses and integration costs related to the integration of Acton and the acquisition and integration of Tyson, and $3.5 million of public company expenses incurred in the quarter.
Adjusted EBITDA of $35.5 million from our Modular - US and Modular - Other North America segments (the “Modular Segments”), representing a 32.5% (or $8.7 million) year over year increase as compared to the same period in 2017.
We continued to deploy our acquisition strategy and made significant progress on the integration of Acton.
On January 3, 2018, the Company acquired Tyson, a provider of modular space rental services primarily in Indiana, Illinois and Missouri.
We completed integration planning for the Acton business, purchased December 20, 2017, and migrated Acton onto the Williams Scotsman operating platform effective April 3, 2018.
 
Three Months Ended March 31,
Adjusted EBITDA by Segment (in thousands)
2018
 
2017
Modular - US
$
32,612

 
$
23,683

Modular - Other North America
2,880

 
3,119

Modular Segments Adjusted EBITDA
35,492

 
26,802

Corporate and Other

 
(4,856
)
Consolidated Adjusted EBITDA
$
35,492

 
$
21,946

 
Three Months Ended March 31,
(in thousands)
2018
 
2017
Consolidated net loss
$
(6,835
)
 
$
(10,179
)
1 - WillScot Corporation (formerly known as Double Eagle Acquisition Corp.) acquired Williams Scotsman International, Inc. (“WSII”) on November 29, 2017 (the "Business Combination"). The Business Combination was accounted for as a reverse acquisition of Double Eagle Acquisition Corp. by WSII. Prior to completing the Business Combination, WSII’s parent company undertook an internal restructuring in which WSII’s remote accommodations business was removed from WSII. Financial results from WSII’s former remote accommodations business are presented as discontinued operations in the financial statements. As a result of the Business Combination, (i) Williams Scotsman’s consolidated financial results for periods prior to November 29, 2017, reflect the financial results of 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.
2 - Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of Adjusted EBITDA, as well as segment-level results to net loss, have been provided in the financial statement tables included in this press release. An explanation of these non-GAAP financial measures is included below under the heading “Non-GAAP Financial Measures.” Please see the non-GAAP reconciliation tables included at the end of this press release.

1

The following information was filed by Willscot Corp (WSC) on Friday, May 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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