Willscot Corp (WSC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Willscot Corp
Ticker: WSC CIK: 1647088

WILLSCOT CORPORATION ANNOUNCES FIRST QUARTER RESULTS AND UPDATES 2020 OUTLOOK

Company fully operational amid COVID-19 pandemic to support our customers

and communities while safeguarding our employees

BALTIMORE (May 1, 2020) - WillScot Corporation ("WillScot" or the "Company") (Nasdaq: WSC) today announced its first quarter 2020 financial results, provided an update on operating activities and the current market environment, and updated its 2020 outlook.

First Quarter 2020 Financial Highlights^1,4

•Revenues of $255.8 million, representing an 0.8% (or $2.1 million) year over year increase, driven by growth in core leasing and services revenues of $12.2 million, or 5.4%.

•Modular space average monthly rental rate increased to $653, a 13.6% increase year over year, driven by a 14.2% increase year over year in the Modular - US segment.

•Adjusted EBITDA of $89.5 million represents a 7.3% (or $6.1 million) year over year increase.

•Adjusted EBITDA margin of 35.0% increased 210 basis points ("bps") year over year.

•Consolidated net loss of $3.7 million (including $12.7 million of discrete costs from acquisition and integration-related activities) improved by $6.3 million year over year.

•Free Cash Flow increased by $34.4 million year over year to $7.8 million, representing our fourth consecutive quarter of positive free cash generation. An additional $505.8 million of available borrowing capacity under our ABL Facility provides ample operating liquidity.

Operations Update

•Branch network, shared services, and corporate infrastructure have remained fully operational and we are conducting normal business operations as an essential service provider supporting our customers and communities.

•End market activity was robust through the majority of Q1 with new orders in February and March for U.S. modular space up 10% year over year and normal sequential trends in units on rent ("UOR") through February.

•COVID-19 pandemic began to impact business operations in the second half of March and has persisted into April:

•Implemented extensive safety measures including enhanced personal protection equipment, symptom assessments, and cleaning protocols in the branches, travel restrictions, and mandated remote work for shared services and corporate employees all with relatively seamless transition;

•Delivered over 1,000 units through April 30^th for COVID-19 response and social distancing applications, representing up to 20% of delivery volumes in certain markets and with prospects for additional opportunities in May and June;

◦Traditional end markets are experiencing project delays and uncertain start dates, while seasonal end markets, such as special events, are experiencing widespread cancellations – we are planning for new project deliveries to be down approximately 20% year over year in Q2, and;

◦To date, no material changes in lease duration, renewal, or payment activity related to the existing unit on rent installed base.

•Implemented reductions to our variable cost structure and capital spending to maintain margins, increase Free Cash Flow, and repay debt.

•Maintaining expectation for robust average rental rate and value-added products and services ("VAPS") growth to support top-line in remainder of 2020.

The following information was filed by Willscot Corp (WSC) on Friday, May 1, 2020 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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