Business
WillScot Mobile Mini Holdings Announces Fourth Quarter and Full Year 2020 Results and Provides 2021 Outlook
Continued Rate Performance, Margin Expansion, Free Cash Flow Acceleration, And Merger Integration All Reinforce Long-Term Growth Prospects PHOENIX, Feb. 25,
About this update from Willscot Holdings Corporation
[{"type":"text","content":"Continued Rate Performance, Margin Expansion, Free Cash Flow Acceleration, And Merger Integration All Reinforce Long-Term Growth Prospects\nPHOENIX, Feb. 25, 2021 (GLOBE NEWSWIRE) -- 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 fourth quarter and full year 2020 financial results and provided an update on merger integration activities, the current market environment and its 2021 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 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’ Financial Highlights1Highlights of Fourth Quarter Results Total revenues of $437.6 million increased by $159.6 million relative to prior year, or 57.4%, driven by the addition of Mobile Mini's revenues to our consolidated results, upon closing of the Merger on July 1, 2020. ° Modular space monthly rental rates in the NA Modular segment increased by 12.9% year over year.° Order and delivery rates continued sequential improvements as compared to prior year and units on rent remained resilient, with average modular units on rent down 0.5% in the NA Modular segment sequentially from the third quarter and average units on rent in the NA Storage segment up 1% above prior year in the fourth quarter.Adjusted EBITDA of $179.7 million increased by $81.5 million, or 83.0% year over year, driven both by the addition of Mobile Mini to our results and 9.5% year over year organic growth in the NA Modular segment.Adjusted EBITDA Margin of 41.1% increased by 580 basis points (\"bps\") r...