WillScot Mobile Mini Q3 2021 Earnings Report
Key Takeaways
WillScot Mobile Mini Holdings Corp. announced strong third-quarter results with a 17.6% increase in total revenues to $490.6 million, driven by increased core leasing revenues. Net income increased significantly to $61.1 million, and the company generated $78.5 million in free cash flow. The company also increased its share repurchase authorization to $1.0 billion and closed four acquisitions.
Total revenues increased by 17.6% year-over-year to $490.6 million.
Net income increased by $67.2 million year-over-year to $61.1 million.
Adjusted EBITDA margin increased by 70 basis points sequentially to 38.8%.
Free cash flow generated was $78.5 million, representing a 16% margin.
WillScot Mobile Mini
WillScot Mobile Mini
WillScot Mobile Mini Revenue by Segment
Forward Guidance
WillScot Mobile Mini Holdings updated its 2021 outlook, expecting revenue between $1.85 billion and $1.88 billion and Adjusted EBITDA between $720 million and $740 million, with net CAPEX remaining between $200 million and $230 million.
Positive Outlook
- Expect strength in core leasing KPIs for the foreseeable future.
- Aggressive growth mindset.
- Best in class team.
- History of creating value for our stakeholders.
- Outlook for the remainder of 2021 and our run-rate expectations for 2022 continue to improve.
Challenges Ahead
- Guidance is subject to risks and uncertainties.
- Rising costs adversely affecting our profitability.
- Potential litigation involving our Company.
- General economic and market conditions impacting demand for our products and services.
- Our ability to maintain an effective system of internal controls.
Revenue & Expenses
Visualization of income flow from segment revenue to net income