Business
WillScot Mobile Mini Holdings Announces Second Quarter Results and Updates 2020 Outlook
With transformational merger complete management announces $250 million share repurchase authorizationPHOENIX, Aug. 10, 2020 (GLOBE NEWSWIRE) -- WillScot
About this update from Willscot Holdings Corporation
[{"type":"text","content":"With transformational merger complete management announces $250 million share repurchase authorizationPHOENIX, Aug. 10, 2020 (GLOBE NEWSWIRE) -- WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini Holdings” or the “Company”) (Nasdaq: WSC), a North American leader in turnkey modular space and portable storage solutions, today announced second quarter 2020 financial results, provided an update on the recently closed merger and the current market environment, and accordingly, updated its 2020 outlook. On July 1, 2020, the Company, formerly known as WillScot Corporation (“WillScot”), through its subsidiary, closed the merger with Mobile Mini, Inc. (“Mobile Mini”) and changed its name to WillScot Mobile Mini Holdings Corp (the “Mobile Mini Merger”). The financial and operational data below reflect the standalone results of each of WillScot and Mobile Mini prior to the closing of the Mobile Mini Merger. WillScot Mobile Mini Holdings’ Second Quarter 2020 Financial Highlights1,4 Highlights of WillScot’s Reported Results Revenues of $256.9 million represented a year over year decrease of 2.6% or $6.8 million, driven by lower unit sales and delivery volumes.Modular leasing revenue increased 2.3% year over year driven by pricing and value-added products. Consolidated modular space average monthly rental rate increased 9.5% year over year to $669 and US Modular average monthly rental rate increased 11.3% year over year. Adjusted EBITDA of $97.5 million represented a $10.0 million or 11.4% year over year increase, driven by improved pricing and value-added products and services (\"VAPS\"), continued realization of cost synergies from the ModSpace acquisition, and other cost reductions in the current quarter related to the reduced demand environment. Adjusted EBITDA margin of 38.0% increased 480 basis points (\"bps\") year over year. Consolidated net income of $12.8 million, which included $5.9 million of discrete costs from acquisition and integration-related activities, improved by $24.2 million year over year.Free Cash Flow of $39.0 million increased by $37.4 million year over year, representing WillScot's fifth consecutive quarter of positive free cash generation. The year over year increase is attributable to the aforementioned 480 bps of Adjusted EBITDA margin expansion, a $6.8 million or 15.7% reduction in net capital expenditur...