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Mar 31, 2021
WillScot Mobile Mini Q1 2021 Earnings Report
WillScot Mobile Mini Holdings' Q1 2021 results surpassed expectations, driven by solid performance across segments and strong commercial trends.
Key Takeaways
WillScot Mobile Mini Holdings announced strong Q1 2021 results with total revenues increasing by 66.3% to $425.3 million and Adjusted EBITDA increasing by 82.8% to $163.6 million. The company is raising its full year 2021 revenue and Adjusted EBITDA guidance.
Leasing revenue and Adjusted EBITDA increased year over year on a pro forma basis.
NA Modular segment saw average monthly rental rate growth of 12.9% year over year.
VAPS penetration continued to progress, producing an average monthly rate per unit delivered over the last twelve months of $337, a 22.1% year over year increase.
Free Cash Flow increased by $83.4 million year over year to $91.2 million, representing a 21.4% Free Cash Flow Margin.
WillScot Mobile Mini
WillScot Mobile Mini
Forward Guidance
Due to strong performance in the first quarter and strengthening commercial KPIs, the company is raising its 2021 guidance for Adjusted EBITDA to a midpoint of $705 million, its revenue midpoint to $1.79 billion, and its net capex midpoint to $210 million.