Business
WillScot Mobile Mini Holdings Announces Third Quarter Results and Updates 2020 Outlook
Post-Merger Results Demonstrate Extraordinary Earnings Potential In Company's PlatformPHOENIX, Nov. 05, 2020 (GLOBE NEWSWIRE) -- WillScot Mobile Mini Holdings
About this update from Willscot Holdings Corporation
[{"type":"text","content":"Post-Merger Results Demonstrate Extraordinary Earnings Potential In Company's PlatformPHOENIX, Nov. 05, 2020 (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 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 refina...