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Dec 31, 2020
WillScot Mobile Mini Q4 2020 Earnings Report
WillScot Mobile Mini's Q4 2020 results showed significant revenue increase and margin expansion driven by the merger and strong organic growth.
Key Takeaways
WillScot Mobile Mini Holdings reported a strong fourth quarter and full year 2020, marked by a 57.4% increase in total revenues to $437.6 million for the quarter, driven by the addition of Mobile Mini's revenues. The company also saw an 83.0% increase in adjusted EBITDA to $179.7 million and a 580 bps increase in adjusted EBITDA margin to 41.1%. Free cash flow generation significantly improved, reaching $87.4 million, a 100% increase year over year.
Total revenues increased by 57.4% to $437.6 million due to the Mobile Mini merger.
Adjusted EBITDA increased by 83.0% to $179.7 million, with a margin of 41.1%.
Free cash flow doubled to $87.4 million, representing a 20% free cash flow margin.
NA Modular segment saw a 12.9% increase in modular space monthly rental rates.
Revenue by Segment
Forward Guidance
WillScot Mobile Mini provided its 2021 outlook, projecting revenue between $1.7 billion and $1.8 billion and Adjusted EBITDA between $675 million and $715 million.
Positive Outlook
- Revenue is projected to be between $1.7 billion and $1.8 billion.
- Adjusted EBITDA is expected to be between $675 million and $715 million.
- Pro forma leverage is expected to be within the target range of 3.0x to 3.5x by the end of 2021.
- Growth initiatives are within the company's control.
- The company is on an exciting trajectory for 2022 and beyond.
Challenges Ahead
- Guidance is subject to risks and uncertainties.
- Net CAPEX is projected to be between $180 million and $220 million.
- Unspecified risks related to acquisitions and integrations.
- Unspecified risks related to market acceptance of products.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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