Business
WillScot Mobile Mini Reports Second Quarter 2023 Results
Compounding Top-Line Revenue Growth and Margin Initiatives Drive Accelerating Free Cash Flow and ROICPHOENIX, Aug. 02, 2023 (GLOBE NEWSWIRE) -- WillScot
About this update from Willscot Holdings Corporation
[{"type":"text","content":"Compounding Top-Line Revenue Growth and Margin Initiatives Drive Accelerating Free Cash Flow and ROICPHOENIX, Aug. 02, 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 second quarter 2023 results and provided an update on operations and the current market environment, including the following highlights: Second quarter revenue increased 11% to $582 million, income from continuing operations increased 46% to $88 million, and Adjusted EBITDA increased 25% to $261 million year-over-year.Adjusted EBITDA Margin from continuing operations of 44.9% expanded 500 basis points year-over-year.Generated Cash From Operations of $202 million and Free Cash Flow of $160 million, up 7% and 130% year-over-year, respectively, and Free Cash Flow Margin of 27%.Maintained leverage at 3.0x Net Debt to Adjusted EBITDA at the end of Q2, which is at the bottom of our 3.0-3.5x target range.Invested $70 million of capital in three acquisitions during the quarter with a robust pipeline continuing in 2023.Returned $239 million to shareholders by repurchasing 5.4 million shares of Common Stock during the quarter, reducing economic share count by 9.1% over the last twelve months as of June 30, 20231.Generated 17% Return on Invested Capital (\"ROIC\") over the last 12 months, which increased approximately 430 basis points year-over-year. Brad Soultz, Chief Executive Officer of WillScot Mobile Mini, commented, \"Top-line revenue growth continued in Q2 2023 as our leasing portfolio compounded predictably, with leasing revenue up 16% due to continued tailwinds from rate improvements and Value-Added Products (VAPS). With our enhanced CRM in place and two years of operating in SAP, margin enhancement initiatives drove Adjusted EBITDA margins to 44.9% and Free Cash Flow to $160 million. These are record profitability levels and indicative of the long-term earnings generation potential in our platform. As a result of our strong financial performance, low leverage, and high liquidity, we remain unconstrained from a capital allocation standpoint. We invested $43 million in Net Capex, which is in line with maintenance levels given fleet availability. And we allocated $70 million to three tuck-in acquisitions, as...