BALTIMORE (November 7, 2019)
- WillScot Corporation (“WillScot” or the "Company") (Nasdaq: WSC) today announced its third quarter 2019 financial results.
Third Quarter 2019 Financial Highlights1,2
Revenues of $272.3 million, representing a 24.4% (or $53.4 million) year over year increase, driven by growth in core leasing and services revenues of $64.7 million, or 34.3%.
Modular space average monthly rental rate increased to $630 representing a 12.3% increase year over year. Pro forma modular space average monthly rental rates increased 13.9% year over year, driven primarily by a 15.1% year over year increase in our core Modular - US segment, marking the 8th consecutive quarter of double digit rate growth in the segment. Growth of 15.1% was driven 60% from unit rate growth, with the remaining 40% driven by growth in value added products and services ("VAPS").
Modular leasing revenue increased 7.9% on a pro forma basis, reflecting continued strong organic growth.
Adjusted EBITDA of $88.4 million represents a 36.8% (or $23.8 million) year over year increase.
Adjusted EBITDA margin increased 300 basis points ("bps") year over year and 600 bps on a pro forma basis to 32.5%.
70% of the expected $70 million annualized cost synergies were in our third quarter 2019 results, marking the one-year anniversary of the ModSpace acquisition.
Net income of $0.8 million (including $8.4 million of discrete costs from acquisition and integration activities) increased by $37.5 million, and free cash flow of $1.3 million increased by $43.2 million year over year, consistent with our planned transition to net profitability and cash generation.
Management reaffirmed its run-rate expectation of $400 million Adjusted EBITDA and $200 million of discretionary free cash flow heading into 2020.
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2019201820192018
Revenue$272,340  $218,924  $793,473  $494,008  
Consolidated net income (loss)$762  $(36,729) $(22,174) $(43,185) 
Net cash provided by operating activities$39,022  $(3,220) $99,076  $15,580  
Free Cash Flow1
$1,261  $(41,877) $(23,698) $(76,742) 

Three Months Ended September 30,Nine Months Ended September 30,
Adjusted EBITDA1 by Segment (in thousands)
Modular - US$80,424  $58,454  $238,572  $129,170  
Modular - Other North America7,953  6,164  23,040  12,856  
Consolidated Adjusted EBITDA$88,377  $64,618  $261,612  $142,026  

Management Commentary1,2,3
Brad Soultz, President and Chief Executive Officer of WillScot, commented, "WillScot delivered another quarter of substantial Adjusted EBITDA growth as we marked the one-year anniversary of the ModSpace acquisition midway through the third quarter. The transformation that we've undergone is evident in our third quarter results as revenue and Adjusted EBITDA for the third quarter were up 24.4% and 36.8%, respectively, over the prior year, and our Adjusted EBITDA margin of 32.5% increased 600 bps on a pro forma basis versus the third quarter of 2018 as a result of our increasing scale, solid synergy realization, and growth of our core leasing revenue through price optimization and the continued expansion of our "Ready-to-Work" platform. We were particularly pleased with strong sequential improvements in delivery volumes in Q3, with total deliveries up 7.8% in the quarter, giving us confidence in the positioning of our sales force and our commercial strategy headed into 2020. Our results to date support our expectation that we will exit 2019 with an annualized Adjusted EBITDA run rate of $400 million, $200 million of discretionary free cash flow, and de-leverage to below 4x by the second quarter of 2020."

The following information was filed by Willscot Corp (WSC) on Friday, November 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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