WillScot Mobile Mini Q3 2022 Earnings Report
Key Takeaways
WillScot Mobile Mini Holdings reported strong Q3 2022 results, with revenue of $604 million and income from continuing operations of $86 million. Adjusted EBITDA reached $251 million, with a margin of 41.6%. The company closed four acquisitions and returned $197 million to shareholders through share repurchases. Full-year Adjusted EBITDA outlook was updated to $910 million to $930 million.
Revenue from continuing operations reached $604 million, with income from continuing operations at $86 million and Adjusted EBITDA at $251 million.
Adjusted EBITDA Margin from continuing operations expanded to 41.6%, a 270 basis point increase year-over-year.
The company generated $210 million in Cash From Operations and $83 million in Free Cash Flow.
WillScot Mobile Mini closed four acquisitions in Q3 2022 and repurchased 5.3 million shares for $197 million.
WillScot Mobile Mini
WillScot Mobile Mini
WillScot Mobile Mini Revenue by Segment
Forward Guidance
WillScot Mobile Mini raised its full year guidance for continuing operations to $2.22 billion to $2.27 billion of revenue and $910 million to $930 million of Adjusted EBITDA. The company remains on track to achieve its $500M Free Cash Flow run-rate.
Positive Outlook
- Strong commercial execution leading to outstanding financial results.
- Streamlined portfolio with the divestiture of the Tank and Pump segment.
- Increased investment in storage fleet, modular refurbishments, and VAPS.
- Reduction in economic share count by 6.4% over the last twelve months.
- On track to achieve $500M Free Cash Flow run-rate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income