WillScot Mobile Mini Holdings Corp. · Q1 2020 earnings

Briefing

WillScot Mobile Mini's financial performance for Q1 2020 was reported, with revenue and Adjusted EBITDA increasing year-over-year, and the company updated its 2020 outlook amid the COVID-19 pandemic.

WillScot Corporation announced its first quarter 2020 financial results, reporting a revenue increase of 0.8% to $255.8 million and an Adjusted EBITDA increase of 7.3% to $89.5 million. The company updated its 2020 outlook, reducing and expanding the expected Adjusted EBITDA range to $350 - $400 million due to the uncertainty introduced by the COVID-19 pandemic.

• Revenues increased by 0.8% year-over-year to $255.8 million, driven by growth in core leasing and services revenues.
• Modular space average monthly rental rate increased to $653, a 13.6% increase year-over-year.
• Adjusted EBITDA increased by 7.3% year-over-year to $89.5 million, with an Adjusted EBITDA margin of 35.0%.
• Free Cash Flow increased by $34.4 million year-over-year to $7.8 million, marking the fourth consecutive quarter of positive free cash generation.

Headline financials

Revenue & EPS history

Due to the expected decline in new project delivery volumes in the second quarter amid the COVID-19 pandemic, management has adjusted its 2020 outlook. The expected results will depend on the impact on future demand for new projects beyond the second quarter of 2020 and will depend greatly on the degree and duration to which governments restrict business and personal activities going forward and when businesses resume normal operations.