NASDAQ$WSC
WillScot Mobile Mini Holdings Corp. · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
WillScot Mobile Mini's financial performance in Q2 2023 was marked by revenue growth, margin expansion, and strong free cash flow generation.
WillScot Mobile Mini reported an 11% increase in revenue to $582 million for Q2 2023. The company's Adjusted EBITDA increased by 25% to $261 million, with a margin of 44.9%. Free cash flow reached $160 million, up 130% year-over-year. The company reaffirmed its Adjusted EBITDA guidance of $1,025 million to $1,075 million.
- Revenue increased by 11% to $582 million, and income from continuing operations increased by 46% to $88 million.
- Adjusted EBITDA margin from continuing operations expanded by 500 basis points year-over-year to 44.9%.
- Free cash flow increased by 130% year-over-year to $160 million, with a free cash flow margin of 27%.
- The company invested $70 million in three acquisitions and returned $239 million to shareholders through share repurchases.
Headline financials
Revenue & EPS history
WillScot Mobile Mini · Revenue · Quarterly
$582M
Revenue by segment
WillScot Mobile Mini · $582M total across 4 segments · Q2 2023
- Modular space leasing$449M+4.8%77.2%
- Delivery and installation$113M-10.1%19.4%
- Rental unit sales$11M-33.4%1.9%
- New unit sales$9M-18.8%1.5%
Forward guidance
The company is maintaining its 2023 Adjusted EBITDA guidance at a range of $1,025 million to $1,075 million and expects that margins will continue to trend stronger than our original expectations. Free Cash Flow in 2023 will exceed $500 million.
Tailwinds
- Long-duration pricing tailwinds
- Value-Added Products tailwinds
- Structural margin improvements across all revenue lines in both segments
- Strong tuck-in pipeline through the remainder of the year
- Margins will continue to trend stronger than our original expectations
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-0.3%
Avg return
Earnings day
-0.9%
Avg return
5 days after
-0.6%
Avg return
30 days after
43%
17 / 40 earnings
Positive
+10.4%
Q2 2020
Best reaction
-15.4%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.2% | +11.2% | +12.5% | |
| Q4 2025 | +3.0% | -1.1% | -23.0% | |
| Q3 2025 | -1.4% | -5.6% | -10.9% | |
| Q1 2025 | +6.5% | +3.4% | +5.2% | |
| Q4 2024 | -8.8% | -12.1% | -23.1% | |
| Q3 2024 | -15.4% | -5.9% | -2.4% | |
| Q2 2024 | -13.4% | -15.4% | -6.0% | |
| Q1 2024 | +2.0% | +7.0% | +7.7% | |
| Q4 2023 | -2.9% | -3.7% | -6.9% | |
| Q3 2023 | -10.0% | -9.7% | +8.0% | |
| Q2 2023 | -12.1% | -11.8% | -15.1% | |
| Q1 2023 | +4.7% | +4.8% | +3.8% | |
| Q4 2022 | -5.1% | -3.1% | -13.0% | |
| Q3 2022 | +5.2% | +6.9% | +12.6% | |
| Q2 2022 | +5.9% | +7.0% | +3.8% | |
| Q1 2022 | +2.2% | -0.3% | +3.9% | |
| Q4 2021 | +4.0% | -4.1% | +10.5% | |
| Q3 2021 | +4.1% | +8.7% | +13.4% | |
| Q2 2021 | +1.2% | -0.7% | +3.7% | |
| Q1 2021 | -2.7% | -5.2% | -3.6% | |
| Q4 2020 | +0.4% | -1.5% | -0.9% | |
| Q3 2020 | +9.5% | +14.3% | +17.0% | |
| Q2 2020 | +10.4% | +10.7% | +7.8% | |
| Q1 2020 | -5.7% | -7.5% | +14.5% | |
| Q4 2019 | -5.9% | -16.5% | -45.3% | |
| Q3 2019 | -0.2% | +1.3% | +8.4% | |
| Q2 2019 | -2.9% | -11.7% | -12.4% | |
| Q1 2019 | +6.5% | +1.5% | +0.1% | |
| Q4 2018 | +7.0% | +5.3% | +14.7% | |
| Q3 2018 | +6.4% | +1.2% | -21.5% | |
| Q2 2018 | -2.7% | -1.5% | +4.9% | |
| Q1 2018 | -1.2% | -0.8% | -5.9% | |
| Q2 2017 | -1.5% | -1.1% | -1.1% | |
| Q3 2017 | +0.0% | -1.0% | +14.4% | |
| Q1 2017 | +0.0% | +0.5% | +0.2% | |
| Q2 2016 | +0.0% | +0.5% | +0.5% | |
| Q4 2016 | +0.0% | +0.5% | +0.5% | |
| Q3 2016 | -0.5% | +0.0% | +0.0% | |
| Q4 2015 | +0.0% | — | — | |
| Q3 2015 | -0.3% | — | — |
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