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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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