Business
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 employeesBALTIMORE, May 01, 2020 (GLOBE
About this update from Willscot Holdings Corporation
[{"type":"text","content":"Company fully operational amid COVID-19 pandemic to support our customers and communities while safeguarding our employeesBALTIMORE, May 01, 2020 (GLOBE NEWSWIRE) -- 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 Highlights1,4 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 30th for COVID-19 response and social distancing applications, representing up t...