Business
WillScot Mobile Mini Reports Fourth Quarter and Full Year 2022 Results
Milestones Achieved and Portfolio Streamlined with Idiosyncratic Initiatives Supporting Over $1B Adjusted EBITDA in 2023 OutlookPHOENIX, Feb. 21, 2023 (GLOBE
About this update from Willscot Holdings Corporation
[{"type":"text","content":"Milestones Achieved and Portfolio Streamlined with Idiosyncratic Initiatives Supporting Over $1B Adjusted EBITDA in 2023 OutlookPHOENIX, Feb. 21, 2023 (GLOBE NEWSWIRE) -- WillScot Mobile Mini Holdings Corp. (\"WillScot Mobile Mini\" or the \"Company\") (Nasdaq: WSC), the North American leader in innovative flexible space and storage solutions, today announced fourth quarter and full year 2022 results and provided an update on operations and the current market environment, including the following highlights: Q4 2022 Consistent strong performance from continuing operations resulted in fourth quarter revenue increasing 28% to $591 million, income from continuing operations increasing 59% to $99 million, and Adjusted EBITDA increasing 43% to $268 million. Including results from discontinued operations of the UK Storage segment, Q4 2022 net income was $86 million and Adjusted EBITDA was $280 million. Q4 2022 Adjusted EBITDA Margin from continuing operations of 45.4% expanded 480 basis points year-over-year.Generated $200 million of Cash From Operations and $123 million of Free Cash Flow in the quarter, up 36% and 139% year-over-year, respectively, with Free Cash Flow Margin of 20% in the quarter and 14% for the year.Closed four acquisitions of regional and local storage and modular companies in Q4 2022 with 13 total acquisitions representing $221 million of capital deployed in 2022 and consistent pipeline expected in 2023.Returned $233 million to shareholders by repurchasing 5.3 million shares of Common Stock during the quarter, reducing economic share count by 8.2% over the last twelve months as of December 31, 20221. As of December 31, 2022, we have no warrants outstanding. Full Year 2022 FY 2022 revenue increased 28% to $2,143 million, income from continuing operations increased 141% to $276 million, and Adjusted EBITDA increased 36% to $884 million. These results exclude our prior Tank and Pump and UK Storage segments, which were divested on September 30, 2022 and January 31, 2023, respectively, and are reported as discontinued operations in all periods. FY 2022 net income including both of the divested Tank and Pump and UK Storage segments was $340 million and Adjusted EBITDA was $970 million. FY 2022 Adjusted EBITDA Margin from continuing operations of 41.3% expanded 250 basis points year-over-year.Reduced leverage to 3.3x Net ...