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Jun 30, 2021
WillScot Mobile Mini Q2 2021 Earnings Report
WillScot Mobile Mini's second quarter performance in 2021 was driven by strong growth across all segments and successful ERP cutover.
Key Takeaways
WillScot Mobile Mini Holdings reported excellent second-quarter results, with revenue increasing by 79.5% year-over-year to $461.1 million and adjusted EBITDA increasing by 80.0% to $175.5 million. The company successfully completed the migration of the legacy WillScot business onto Mobile Mini's SAP platform and updated its 2021 outlook.
Total revenues increased by 79.5% year-over-year to $461.1 million.
Adjusted EBITDA increased by 80.0% year-over-year to $175.5 million.
Modular space monthly rental rates in the NA Modular segment increased by 19.7% year-over-year.
Generated $82.1 million of free cash flow, an increase of $43.1 million relative to prior year.
Revenue by Segment
Forward Guidance
The company updated its 2021 outlook, with revenue expected to be in the range of $1.800 billion to $1.850 billion and Adjusted EBITDA expected to be in the range of $710 million to $730 million.
Positive Outlook
- Synergy realization will accelerate as our teams restore their focus on the portfolio of commercial and operational value creation levers that we have identified.
- Our outlook for the remainder of 2021 and our run-rate expectations for 2022 continue to improve as reflected in our updated financial guidance.
- Cash generation remains robust.
- The SAP migration complete.
- Maintaining leverage at 3.7x
Challenges Ahead
- This guidance is subject to risks and uncertainties, including those described in Forward-Looking Statements.
- Rising costs adversely affecting our profitability
- General economic and market conditions impacting demand for our products and services
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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