Business
Willscot Mobile Mini Holdings Announces Third Quarter Results and Updates 2021 Outlook
Accelerating Deliveries And Continued Rate Optimization Drive Strong Financial Performance Four Acquisitions Closed Adding To 2022 Run-Rate Share Repurchase
About this update from Willscot Holdings Corporation
[{"type":"text","content":"Accelerating Deliveries And Continued Rate Optimization Drive Strong Financial Performance Four Acquisitions Closed Adding To 2022 Run-Rate Share Repurchase Authorization Increased To $1.0 Billion Investor Day To Be Held On November 8 PHOENIX, Nov. 04, 2021 (GLOBE NEWSWIRE) -- WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini Holdings” or the “Company”) (Nasdaq: WSC), the North American leader in innovative flexible work space and portable storage solutions, today announced third quarter 2021 results and provided an update on operations and the current market environment. The Company will host an investor day on November 8, 2021 to provide an update on the company’s strategic initiatives and growth outlook. The event will take place in New York City and begin at 1:00 p.m. EST. A live webcast of the meeting will be available. To access the webcast, go to the WillScot Mobile Mini Investor Relations site, www.willscotmobilemini.com, and click on “Events & Presentations.” A replay of the webcast and a transcript will be available after the event. WillScot Mobile Mini Holdings’ Financial Highlights1Highlights of Third Quarter Results Total revenues of $490.6 million increased by $73.3 million relative to prior year, or 17.6%, driven by increased core leasing revenues across all segments. Modular space monthly rental rates in the NA Modular segment increased by 20.3% year-over-year while delivery volumes increased 8.0% year-over-year.Storage monthly rental rates in the NA Storage segment increased by 6.9% year-over-year while delivery volumes increased 13.3% year-over-year. Adjusted EBITDA of $190.1 million increased by $26.5 million, or 16.2% year-over-year.Adjusted EBITDA Margin of 38.8% increased by 70 basis points (\"bps\") sequentially relative to the second quarter, driven by accelerating lease revenues and sustained increases in delivery volumes in all segments.Net income of $61.1 million increased by $67.2 million year-over-year and included $11.1 million of integration, transaction, restructuring and other related charges.Generated $78.5 million of free cash flow, representing a free cash flow margin of 16%.Repurchased $106.3 million of common stock and warrants.Invested $56.3 million in and fully integrated three acquisitions in the third quarter and closed a fourth acquisition in October.Maintained leverage at 3.7x...