WillScot Mobile Mini Q1 2023 Earnings Report
Key Takeaways
WillScot Mobile Mini reported a strong first quarter in 2023, with a 25% increase in revenue to $565 million and a 47% increase in Adjusted EBITDA to $247 million. The company's free cash flow reached $103 million, representing an 18% margin. These results have led to an improved outlook for 2023.
Revenue increased by 25% to $565 million, and income from continuing operations increased by 96% to $76 million year-over-year.
Adjusted EBITDA Margin from continuing operations expanded by 650 basis points year-over-year to 43.7%.
Free Cash Flow increased by 88% year-over-year to $103 million, representing a Free Cash Flow Margin of 18%.
The company divested its UK Storage Solutions segment for $418 million and de-levered to 3.0x Net Debt to Adjusted EBITDA.
WillScot Mobile Mini
WillScot Mobile Mini
WillScot Mobile Mini Revenue by Segment
WillScot Mobile Mini Revenue by Geographic Location
Forward Guidance
WillScot Mobile Mini increased its Adjusted EBITDA guidance range to $1,025 - $1,075 million and reduced its Net Capex range to $250 - $300 million for 2023.
Positive Outlook
- Leasing revenue run-rate will be up approximately 10 to 15% year-over-year as we head into 2024.
- Adjusted EBITDA margins have expanded.
- Free Cash Flow margins have expanded.
- ROIC have expanded.
- Expect to maintain or exceed $80 million rate of inorganic reinvestment through the remainder of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income