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Dec 31, 2022
WillScot Mobile Mini Q4 2022 Earnings Report
WillScot Mobile Mini's Q4 performance showcased strong revenue growth and margin expansion, driven by successful execution of key value drivers and strategic portfolio streamlining.
Key Takeaways
WillScot Mobile Mini reported a strong fourth quarter in 2022, with revenue increasing by 28% to $591 million and Adjusted EBITDA increasing by 43% to $268 million. The company's performance was driven by strong pricing and volume trends, as well as margin expansion. WillScot Mobile Mini also provided a positive outlook for 2023, expecting to achieve over $1 billion in Adjusted EBITDA.
Q4 2022 revenue increased 28% to $591 million, and Adjusted EBITDA increased 43% to $268 million.
Adjusted EBITDA Margin from continuing operations expanded 480 basis points year-over-year to 45.4%.
Free Cash Flow increased 139% year-over-year to $123 million, with a Free Cash Flow Margin of 20%.
The company expects to achieve its $1 billion Adjusted EBITDA milestone in 2023.
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 issued FY 2023 Adjusted EBITDA outlook range of $1,000 million to $1,050 million, representing 13% to 19% growth in our continuing operations versus 2022.
Positive Outlook
- Growth initiatives are within the company's control.
- Highly confident in the progression of VAPS and pricing KPIs
- Continued margin expansion
- Free Cash Flow growth
- Acquisitions irrespective of market conditions
Challenges Ahead
- Risks and uncertainties, including those described in forward-looking statements
- Ability to acquire and integrate new assets and operations
- Ability to judge the demand outlook
- Ability to achieve planned synergies related to acquisitions
- Ability to successfully execute growth strategy, manage growth and execute business plan
Revenue & Expenses
Visualization of income flow from segment revenue to net income