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Jun 30, 2022
WillScot Mobile Mini Q2 2022 Earnings Report
WillScot Mobile Mini outperformed operationally and increased its 2022 outlook due to the continued execution of its growth strategy.
Key Takeaways
WillScot Mobile Mini Holdings reported strong second-quarter results, driven by organic and inorganic growth initiatives. The company's revenue reached $582 million, with a net income of $73 million and an adjusted EBITDA of $233 million. They increased their full-year Adjusted EBITDA outlook range to between $900 million and $940 million.
Second quarter revenue of $582 million, net income of $73 million, and Adjusted EBITDA of $233 million driven by execution across multiple organic and inorganic growth levers.
Closed six acquisitions year to date through July 2022 to expand the fleet of mobile offices and portable storage containers.
Generated $188 million of Cash From Operations and $69 million of Free Cash Flow in the quarter with Free Cash Flow Margin of 12% over the last twelve months.
Returned $250 million to shareholders by repurchasing 7.2 million shares of Common Stock and stock equivalents during the quarter, reducing economic share count by 5.6% over the last 12 months as of June 30, 2022.
Revenue by Segment
Forward Guidance
The company is raising its full year guidance to $2.2 billion to $2.3 billion of revenue and $900 million to $940 million of Adjusted EBITDA. They continue to expect that Adjusted EBITDA margins will be up approximately 200 basis points for the year and that the Free Cash Flow run-rate will accelerate to approximately $500 million as we head into 2023.
Positive Outlook
- Revenue between $2.2 billion and $2.3 billion.
- Adjusted EBITDA between $900 million and $940 million.
- Adjusted EBITDA margins will be up approximately 200 basis points for the year.
- Free Cash Flow run-rate will accelerate to approximately $500 million as we head into 2023.
- ABL gives ample liquidity to support strategy.
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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