WillScot Mobile Mini Holdings Corp. · Q2 2022 earnings

Briefing

WillScot Mobile Mini outperformed operationally and increased its 2022 outlook due to the continued execution of its growth strategy.

WillScot Mobile Mini Holdings reported strong second-quarter results, driven by organic and inorganic growth initiatives. The company's revenue reached $582 million, with a net income of $73 million and an adjusted EBITDA of $233 million. They increased their full-year Adjusted EBITDA outlook range to between $900 million and $940 million.

• Second quarter revenue of $582 million, net income of $73 million, and Adjusted EBITDA of $233 million driven by execution across multiple organic and inorganic growth levers.
• Closed six acquisitions year to date through July 2022 to expand the fleet of mobile offices and portable storage containers.
• Generated $188 million of Cash From Operations and $69 million of Free Cash Flow in the quarter with Free Cash Flow Margin of 12% over the last twelve months.
• Returned $250 million to shareholders by repurchasing 7.2 million shares of Common Stock and stock equivalents during the quarter, reducing economic share count by 5.6% over the last 12 months as of June 30, 2022.

Headline financials

Revenue & EPS history

The company is raising its full year guidance to $2.2 billion to $2.3 billion of revenue and $900 million to $940 million of Adjusted EBITDA. They continue to expect that Adjusted EBITDA margins will be up approximately 200 basis points for the year and that the Free Cash Flow run-rate will accelerate to approximately $500 million as we head into 2023.