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Mar 31, 2024
WillScot Mobile Mini Q1 2024 Earnings Report
WillScot Mobile Mini's Q1 2024 performance reflected a 4% revenue increase to $587 million, driven by solid modular and value-added products demand.
Key Takeaways
WillScot Mobile Mini reported a 4% increase in revenue to $587 million for Q1 2024. The company's income from continuing operations was $56 million, which included $15 million in integration and transaction-related expenses. Free cash flow increased by 40% year-over-year to $144 million. The company is maintaining its full-year Adjusted EBITDA outlook range of $1,125 million to $1,200 million.
Revenue increased 4% to $587 million.
Free Cash Flow increased 40% year-over-year to $144 million, with a Free Cash Flow Margin of 24.5%.
The company maintained leverage sequentially at 3.3x Net Debt to Adjusted EBITDA.
WillScot Mobile Mini returned $595 million to shareholders by repurchasing 13.9 million shares of Common Stock.
Revenue by Segment
Forward Guidance
WillScot Mobile Mini is maintaining its 2024 outlook with revenue between $2,485 - $2,635 million and Adjusted EBITDA between $1,125 - $1,200 million.
Positive Outlook
- Maintaining 2024 revenue outlook of $2,485 - $2,635 million.
- Maintaining 2024 Adjusted EBITDA outlook of $1,125 - $1,200 million.
- Expect approximately 50 basis points of margin expansion at the midpoint.
- Cash flow and returns continue to be highlights.
- Net Debt to Adjusted EBITDA of 3.3x is on a downward trajectory heading into Q2.
Challenges Ahead
- Margins contracted sequentially and year-over-year as expected to support increases in modular activation volumes and related maintenance activity in Q1 and heading into Q2.
- Approximately $15 million of integration and transaction-related expenses were incurred during the quarter.
- Guidance is subject to risks and uncertainties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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