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WILLSCOT MOBILE MINI HOLDINGS ANNOUNCES THIRD QUARTER
RESULTS AND UPDATES 2020 OUTLOOK
Post-Merger Results Demonstrate Extraordinary Earnings Potential In Company's Platform
PHOENIX (November 5, 2020) - WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini Holdings” or the “Company”) (Nasdaq: WSC), the North American leader in turnkey modular space and portable storage solutions, today announced third quarter 2020 financial results, provided an update on the recently closed merger and the current market environment, and updated its 2020 outlook.
On July 1, 2020, Williams Scotsman, Inc. closed the merger with Mobile Mini, Inc. (the "Merger") and assumed the name WillScot Mobile Mini Holdings Corp. (Nasdaq WSC). Our reported results only include Mobile Mini for the periods subsequent to the Merger. Our Pro Forma Results include Mobile Mini's results as if the Merger and financing transactions had occurred on January 1, 2019, which we believe is a better representation of how the combined company has performed over time. Following the Merger, we have expanded our reporting segments from two segments to four reporting segments. The North America Modular segment aligns with the WillScot legacy business prior to the Merger and the North America Storage, UK Storage and Tank and Pump segments align with the Mobile Mini segments prior to the Merger.
WillScot Mobile Mini Holdings’ Third Quarter 2020 Financial Highlights1,4
Highlights of Third Quarter Reported Results
|•||Total revenues of $417.3 million increased by $149.1 million relative to prior year, or 55.6%, driven by the addition of Mobile Mini's revenues to our consolidated results, upon closing of the Merger on July 1, 2020.|
|•||Adjusted EBITDA of $163.6 million increased by $76.2 million, or 87.2% year over year, driven both by the addition of Mobile Mini to our results and strong 14.8% year over year organic growth in the NA Modular segment.|
|•||Adjusted EBITDA Margin of 39.2% increased by 660 basis points ("bps") relative to prior year, driven by 490 bps of margin expansion in the NA Modular segment, and the addition of Mobile Mini's higher margin portable storage business.|
|•||Net income of $16.3 million increased by $15.3 million year over year with several one-time items related to the Merger: $64.1 million of costs expensed in the period related to transaction and integration activities, and a $42.4 million loss on extinguishment of debt related to refinancing activity, partly offset by a $66.7 million non-cash income tax benefit.|
|•||Generated $91.3 million of free cash flow, excluding the impact of transaction costs paid during the third quarter as a result of the Merger closing on July 1st.|
|•||Reduced our ABL balance from $1.467 billion post completion of the Merger on July 1st to $1.350 billion (excluding unamortized deferred financing fees) as of September 30, 2020, ending the quarter with over $1 billion of available liquidity in the ABL.|
|•||Executed opportunistic refinancing of our 2023 notes, reduced our weighted average cost of debt to approximately 4.0% and extended our earliest debt maturities to 2025.|
|•||Reduced leverage to 3.9x our pro forma last-twelve-months Adjusted EBITDA of $633 million.|
Highlights of Third Quarter Pro Forma Results
|•||Pro Forma total revenues increased 6.9% or $26.8 million sequentially from the second quarter, driven by increases in delivery and installation and sales revenues as market conditions stabilized.|
|•||Leasing revenues of $300.1 million increased by 3.4% sequentially from the second quarter due to continued increases in pricing and value-added products and stabilization of unit on rent volumes. Leasing revenues also increased by 0.2% relative to prior year with solid growth in the NA Modular, NA Storage, and UK Storage segments, offset by Tank and Pump.|
|◦||Consolidated average modular space monthly rental rates increased 9.2% year over year driven by a 10.0% increase in the NA Modular segment, a 7.4% increase in the NA Storage segment, and an 11.3% increase in the UK Storage segment.|
|•||Adjusted EBITDA of $163.6 million, increased by $14.5 million, or 9.7%, year over year on a pro forma basis, due to strong growth across the NA Modular, NA Storage and UK Storage segments being partially offset by a $3.4 million decline in the Tank and Pump segment.|
The following information was filed by Willscot Corp (WSC) on Friday, November 6, 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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