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Sep 30, 2022
WillScot Mobile Mini Q3 2022 Earnings Report
WillScot Mobile Mini's Q3 2022 earnings reflected strong commercial performance and strategic reinvestment of divestiture proceeds, leading to outperformance in modular and storage segments.
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
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 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