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Sep 30, 2023
WillScot Mobile Mini Q3 2023 Earnings Report
WillScot Mobile Mini's Q3 2023 earnings reflected increased revenue and Adjusted EBITDA, driven by pricing and Value-Added Products (VAPS) penetration.
Key Takeaways
WillScot Mobile Mini reported a 5% increase in revenue to $605 million and an 11% increase in Adjusted EBITDA to $266 million. The company generated $148 million in Free Cash Flow, up 77% year-over-year, and invested $333 million in two acquisitions. They also returned $220 million to shareholders through share repurchases.
Revenue increased by 5% to $605 million, and income from continuing operations increased by 17% to $92 million.
Adjusted EBITDA Margin from continuing operations increased by 250 basis points year-over-year to 43.9%.
Free Cash Flow surged by 77% year-over-year to $148 million, with a Free Cash Flow Margin of 24%.
The company reinvested in acquisitions, including expanding into cold storage and clearspan structures.
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 expects to generate approximately $1,058 million of Adjusted EBITDA in 2023 and has high confidence in its $1 billion of idiosyncratic growth levers, as well as incremental opportunities from recent product line additions.
Positive Outlook
- Continued strength in pricing across the portfolio
- Growing Value-Added Products (VAPS) penetration
- Outstanding margin performance across all revenue streams
- Continued cost discipline
- Scaling of recent product line additions
Revenue & Expenses
Visualization of income flow from segment revenue to net income