Business
WILLSCOT CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2019 RESULTS AND PROVIDES 2020 OUTLOOK
Transformational 2019 Highlighted By Fourth Quarter 2019 Consolidated Net Income of $8.9 million, Adjusted EBITDA1 of $98.2 million, and Free Cash Flow1 of
About this update from Willscot Holdings Corporation
[{"type":"text","content":"Transformational 2019 Highlighted By Fourth Quarter 2019 Consolidated Net Income of $8.9 million, Adjusted EBITDA1 of $98.2 million, and Free Cash Flow1 of $43.7 Million\n Announces Combination with Mobile Mini, Creating the North American Leader in Modular Space and Portable Storage Solutions BALTIMORE, March 02, 2020 (GLOBE NEWSWIRE) -- WillScot Corporation (\"WillScot\" or the \"Company\") (Nasdaq: WSC) today announced its fourth quarter and full year 2019 financial results and provided its 2020 outlook. Fourth Quarter 2019 Financial Highlights1,2 Revenues of $278.0 million, representing an 8.0% (or $20.6 million) year over year increase, driven by growth in core leasing and services revenues of $17.5 million, or 7.7%.• Modular space average monthly rental rate increased to $641, a 14.1% increase year over year.Adjusted EBITDA of $98.2 million represents a 33.6% (or $24.7 million) year over year increase.• Adjusted EBITDA margin of 35.3% increased 670 basis points (\"bps\") year over year.• Approximately 80% of the expected $70.0 million annualized cost synergies related to the ModSpace and Acton acquisitions were in our fourth quarter 2019 results on a run rate basis.Consolidated net income of $8.9 million (including $7.9 million of discrete costs from acquisition and integration-related activities) increased by $19.3 million, and Free Cash Flow of $43.7 million increased by $63.8 million, year over year, consistent with our planned transition to net profitability and cash generation. 2019 Full Year Financial Highlights1,2 Revenues of $1,063.7 million, representing a 41.6% (or $312.3 million) year over year increase, driven by growth in core leasing and services revenues of $291.5 million, or 43.3%.• Consolidated modular space average monthly rental rate increased to $614 representing an 11.2% increase year over year. Pro forma modular space average monthly rental rates increased 13.7% year over year, driven primarily by a 14.9% year over year increase in our core Modular - US segment, marking the 9th consecutive quarter of double-digit rate growth in the segment. Growth of 14.9% was driven approximately 60.0% from unit rate growth, with the remaining 40.0% driven by growth in value added products and services (\"VAPS\").• Modular leasing revenue increased 7.7% on a pro forma basis, reflecting continued strong organic growth...