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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.
WillScot Mobile Mini
WillScot Mobile Mini
WillScot Mobile Mini Revenue by Segment
Revenue by Segment
Leasing Revenue
CapyFin.comDelivery and Installation Revenue
CapyFin.comNew Units Sales Revenue
CapyFin.comRental Units Sales Revenue
CapyFin.com 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.
- Ongoing contraction in non-residential construction square footage starts.
- Continued headwinds on Storage activations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income