Willscot Mobile Mini Holdings Announces Third Quarter Results and
Updates 2021 Outlook
WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini
Holdings” or the “Company”) (Nasdaq: WSC), the North American
leader in innovative flexible work space and portable storage
solutions, today announced third quarter 2021 results and provided
an update on operations and the current market environment.
The Company will host an investor day on
November 8, 2021 to provide an update on the company’s strategic
initiatives and growth outlook. The event will take place in New
York City and begin at 1:00 p.m. EST. A live webcast of the meeting
will be available. To access the webcast, go to the WillScot Mobile
Mini Investor Relations site, www.willscotmobilemini.com, and click
on “Events & Presentations.” A replay of the webcast and a
transcript will be available after the event.
WillScot Mobile Mini Holdings’ Financial
Highlights1Highlights of Third
Quarter Results
- Total revenues
of $490.6 million increased by $73.3 million relative to prior
year, or 17.6%, driven by increased core leasing revenues across
all segments.
- Modular space
monthly rental rates in the NA Modular segment increased by 20.3%
year-over-year while delivery volumes increased 8.0%
year-over-year.
- Storage monthly
rental rates in the NA Storage segment increased by 6.9%
year-over-year while delivery volumes increased 13.3%
year-over-year.
- Adjusted EBITDA
of $190.1 million increased by $26.5 million, or 16.2%
year-over-year.
- Adjusted EBITDA
Margin of 38.8% increased by 70 basis points ("bps") sequentially
relative to the second quarter, driven by accelerating lease
revenues and sustained increases in delivery volumes in all
segments.
- Net income of
$61.1 million increased by $67.2 million year-over-year and
included $11.1 million of integration, transaction, restructuring
and other related charges.
- Generated $78.5
million of free cash flow, representing a free cash flow margin of
16%.
- Repurchased
$106.3 million of common stock and warrants.
- Invested
$56.3 million in and fully integrated three acquisitions in
the third quarter and closed a fourth acquisition in October.
- Maintained
leverage at 3.7x our last-twelve-months Adjusted EBITDA of $708.9
million and have the ability to rapidly de-lever.
- Announced new
share repurchase authorization of $1.0 billion to replace
previous $500 million authorization.
Refer to the Supplemental Pro Forma Financial
Information section on Form 10-Q to be filed with the SEC and made
available on the WillScot Mobile Mini Holdings Corp. investor
relations website for full reconciliations of our reported and pro
forma results.
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue |
$ |
490,552 |
|
|
$ |
417,315 |
|
|
$ |
1,376,977 |
|
|
$ |
929,998 |
|
Consolidated net income (loss) |
$ |
61,103 |
|
|
$ |
(6,051 |
) |
|
$ |
85,921 |
|
|
$ |
71,474 |
|
Adjusted EBITDA1 |
$ |
190,149 |
|
|
$ |
163,559 |
|
|
$ |
529,229 |
|
|
$ |
350,623 |
|
Net cash provided by operating activities |
$ |
130,447 |
|
|
$ |
61,368 |
|
|
$ |
392,055 |
|
|
$ |
175,095 |
|
Free Cash Flow1 |
$ |
78,493 |
|
|
$ |
28,045 |
|
|
$ |
251,709 |
|
|
$ |
74,849 |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
Pro Forma Adjusted EBITDA1
by Segment (in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
NA Modular (a) |
$ |
106,825 |
|
|
$ |
100,281 |
|
|
$ |
307,741 |
|
|
$ |
287,345 |
|
NA Storage (a) |
59,123 |
|
|
46,465 |
|
|
154,971 |
|
|
131,229 |
|
UK Storage |
13,255 |
|
|
8,306 |
|
|
36,647 |
|
|
21,564 |
|
Tank and Pump |
10,946 |
|
|
8,507 |
|
|
29,870 |
|
|
26,643 |
|
Consolidated Adjusted EBITDA |
$ |
190,149 |
|
|
$ |
163,559 |
|
|
$ |
529,229 |
|
|
$ |
466,781 |
|
(a) During the third quarter of 2021, the
majority of the portable storage product business (approximately
12,000 units or $5 million of quarterly revenue and Adjusted
EBITDA) within the NA Modular segment was transitioned to the NA
Storage segment. Prior periods have not been adjusted due to
immateriality of impact.
Management
Commentary1
Brad Soultz, Chief Executive Officer of WillScot
Mobile Mini Holdings, commented "our entire portfolio delivered
strong financial and operating results in the third quarter, driven
by increasing delivery volumes and continued rate optimization in
all segments, as well as exciting progress in VAPS penetration in
NA Modular. Delivery volumes remained elevated due to broad-based
end-market demand. Modular space units on rent in NA Modular
inflected positively, increasing about 700 units sequentially from
June 30 to September 30, and average portable storage units on rent
across both segments in North America increased approximately
16,922 units year-over-year for the quarter, or 14.0%. Average
monthly rental rate for modular space units in NA Modular increased
by 20.3%, and portable storage unit rental rates in NA Storage
increased 6.9% year-over-year. Continued strong price and volume
trends in the U.K. and tightening OEC utilization in the Tank &
Pump segment, drove year-over-year revenue growth of 30.6% and
26.7%, respectively. Based on our leading market indicators and our
internal initiatives, we expect strength in these core leasing KPIs
for the foreseeable future. Finally, we expanded our 'Ready to
Work' value proposition to new customers as we closed and fully
integrated three acquisitions during the quarter and closed a
fourth acquisition in October, highlighting the scalability and
strength of our platform. We are incredibly excited to welcome
those customers, employees, and capabilities to the WillScot Mobile
Mini network."
Soultz continued, "We have an aggressive growth
mindset, a best in class team, and a history of creating value for
our stakeholders, and I am excited to share our plans for the next
three to five years at our Investor Day on November 8th in New
York."
Tim Boswell, President and Chief Financial
Officer of WillScot Mobile Mini Holdings, commented "Our outlook
for the remainder of 2021 and our run-rate expectations for 2022
continue to improve, as reflected in our updated financial
guidance. Our Adjusted EBITDA margin progressed as we expected,
improving 70 basis points sequentially to 38.8% in Q3, driven by an
accelerating lease revenue run-rate amidst strong, sustained
delivery volumes. Consistent with normal seasonality, we continue
to expect strong Adjusted EBITDA margin expansion year-over-year in
the fourth quarter and expect to sustain those increases in 2022.
We generated $78.5 million of Free Cash Flow during the quarter at
a 16% margin, and we are reinvesting that capital in our business
to compound our earnings growth. We increased net capex by $18.6
million versus prior year to $52.0 million to support organic
initiatives, we invested $56.3 million to acquire three
regional storage businesses, and we repurchased $106.3 million of
common shares and equivalents, choosing to maintain leverage at
3.7x given the attractiveness of these alternatives. Recognizing
that the opportunities ahead for our business are large in
magnitude and long in duration, our Board increased our indefinite
lived share repurchase authorization to $1.0 billion. Thanks to our
team for your incredible execution and to our investors for your
support – we look forward to seeing you in-person on November
8th.”
Third Quarter 2021
Results1
Total revenues increased 17.6% to $490.6
million, while leasing revenues increased 21.1% versus the prior
year quarter driven by strong pricing and delivery volume growth in
all segments, strong unit on rent growth in NA Storage, stabilized
unit on rent volumes in NA modular, and continued growth of
value-added products.
- Average modular
space monthly rental rate increased $141, or 20.3% to $834 in the
NA Modular segment.
- Modular space
delivery volumes in NA Modular increased 8.0% year-over-year,
reflecting broad-based strength in our end markets. Units on rent
increased by approximately 700 units sequentially from June 30th to
September 30th. While average modular space units on rent were down
2.5% year-over-year in the quarter, the sustained delivery growth
and sequential gains give us line of sight to year-over-year unit
on rent growth, lagging delivery growth by several quarters.
- Average portable
storage monthly rental rate in NA Storage increased $10, or 6.9% to
$155 driven by process improvements focused on rate
management.
- Average portable
storage units on rent in NA Storage increased by 31,902 units or
30.3%, reflecting broad-based end market strength, especially in
the retail sector, and a transfer of approximately 12,000 units
from NA Modular into the NA Storage segment. Across both segments
in North America, average portable storage units on rent increased
by 16,922 units or 14.0%, which is a better reflection of organic
volume growth for North America portable storage units.
- On a
consolidated basis, average portable storage units on rent
increased by 19,408 units, or 13.5%, inclusive of a 10.7% increase
in the U.K.
- Revenues of
$28.1 million in the U.K. and $29.5 million in our Tank & Pump
segment were up 30.6% and 26.7% respectively, driven by continued
strong price and volume trends in the U.K. and tightening OEC
utilization in the Tank & Pump segment.
- Value-Added
Products revenues increased by $17.2 million year-over-year, or
30.5%, to $73.5 million, driven by continued penetration of
delivery volumes in NA Modular and new pilot programs in NA
Storage.
Adjusted EBITDA of $190.1 million increased
$26.5 million, or 16.2% year-over-year, with growth across all four
segments. The transfer of 12,000 storage units on rent in Q3 from
NA Modular to NA Storage reduced revenue and Adjusted EBITDA each
by $5.0 million in Q3 relative to prior year and increased revenue
and Adjusted EBITDA in the NA Storage segment by the same amount.
Adjusted EBITDA Margin of 38.8% in the third quarter increased by
70 bps sequentially from the second quarter and declined 40 basis
points versus prior year. Similar to the second quarter results,
strong year-over-year delivery volume growth drove an additional
$9.9 million of variable leasing costs and a higher mix of delivery
and installation revenues relative to prior year. Strong delivery
volumes and financial results also drove a $6.9 million increase in
variable compensation and sales commissions relative to the third
quarter of 2020. Together, these factors drove the expected
temporary year-over-year margin compression in the third quarter.
These elevated activity levels also drove the 6.5% sequential
increase in our Leasing and Services Revenues, which we expect will
continue to build and drive margin expansion in the fourth quarter
heading into 2022.
Net income of $61.1 million for the three months
ended September 30, 2021, increased by $67.2 million versus prior
year and included $11.1 million of discrete costs expensed in the
period related to transaction and integration activities. Discrete
costs in the period included $8.6 million of integration and
transaction costs and $2.5 million of restructuring costs, lease
impairment expense and other related charges.
Free Cash Flow increased by $50.5 million year
over year to $78.5 million. This represents a 16.0% free cash flow
margin, including a $17.8 million year-over-year increase in
capital expenditures for rental equipment to support strong
delivery volumes in 2021 and tightening utilization across the NA
Storage, UK Storage, and Tank and Pump segments.
Capitalization and Liquidity
Update1,3As of September 30, 2021
- Generated $78.5
million of free cash flow in the third quarter and $339.1 million
at a 19% free cash flow margin over the last twelve months.
- Repurchased 2.4
million shares for $67.1 million in connection with a secondary
offering and repurchased an additional $39.2 million of common
stock and warrants, returning a total of $106.3 million to our
shareholders.
- Over
$0.8 billion of excess availability under the asset-based
revolving credit facility, a flexible covenant structure, and
accelerating free cash flow provide ample liquidity to fund
multiple capital allocation alternatives.
- Weighted average
interest rate is approximately 3.8% and annual cash interest
expense based on the current debt structure is approximately $100
million.
- No debt
maturities prior to 2025.
- Maintained
leverage at 3.7x our last-twelve-months Adjusted EBITDA of $708.9
million and have the ability to rapidly de-lever.
2021
Outlook1, 2, 3
This guidance is subject to risks and
uncertainties, including those described in "Forward-Looking
Statements" below.
|
2020 Pro Forma Results |
|
Prior 2021 Outlook |
|
Current 2021 Outlook |
Revenue |
$1,652 million |
|
$1,800 million - $1,850 million |
|
$1,850 million - $1,880 million |
Adjusted EBITDA1,2 |
$646 million |
|
$710 million - $730 million |
|
$720 million - $740 million |
Net CAPEX2,3 |
$161 million |
|
$200 million - $230 million |
|
$200 million - $230 million |
1 - Adjusted EBITDA, Adjusted EBITDA Margin, and
Free Cash Flow are non-GAAP financial measures. Further information
and reconciliations for these Non-GAAP measures to the most
directly comparable financial measure under generally accepted
accounting principles in the US ("GAAP") is included at the end of
this press release.2 - Information reconciling forward-looking
Adjusted EBITDA and Net CAPEX to GAAP financial measures is
unavailable to the Company without unreasonable effort and
therefore no reconciliation to the most comparable GAAP measures is
provided.3 - Net CAPEX is a non-GAAP financial measure. Please see
the non-GAAP reconciliation tables included at the end of this
press release.
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, including
Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash
Flow Margin, Pro Forma Revenue, Adjusted Gross Profit, Adjusted
Gross Profit Percentage, Net Income Excluding Gain/Loss from
Warrants, and Net CAPEX. Adjusted EBITDA is defined as net income
(loss) before income tax expense, net interest expense,
depreciation and amortization adjusted for non-cash items
considered non-core to business operations including net currency
gains and losses, goodwill and other impairment charges,
restructuring costs, costs to integrate acquired companies, costs
incurred related to transactions, non-cash charges for stock
compensation plans, gains and losses resulting from changes in fair
value and extinguishment of warrant liabilities, and other discrete
expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA
divided by revenue. Free Cash Flow is defined as net cash provided
by operating activities, less purchases of, and proceeds from,
rental equipment and property, plant and equipment, which are all
included in cash flows from investing activities. Free Cash Flow
Margin is defined as Free Cash Flow divided by Total Revenue. Net
CAPEX is defined as purchases of rental equipment and
refurbishments and purchases of property, plant and equipment
(collectively, "Total Capital Expenditures"), less proceeds from
sale of rental equipment and proceeds from the sale of property,
plant and equipment (collectively, "Total Proceeds"), which are all
included in cash flows from investing activities. Our management
believes that the presentation of Net CAPEX provides useful
information to investors regarding the net capital invested into
our rental fleet and plant, property and equipment each year to
assist in analyzing the performance of our business. Pro Forma
Revenue is defined the same as revenue, but includes
pre-acquisition results from Mobile Mini for all periods presented.
Adjusted Gross Profit is defined as gross profit plus depreciation
on rental equipment. Adjusted Gross Profit Percentage is defined as
Adjusted Gross Profit divided by revenue. Net Income Excluding
Gain/Loss from Warrants is defined as Net Income plus or minus the
impact of the change in the fair value of the warrant liability.
The Company believes that our financial statements that will
include the impact of this mark-to-market expense or income may not
be necessarily reflective of the actual operating performance of
our business. The Company believes that Adjusted EBITDA and
Adjusted EBITDA margin are useful to investors because they (i)
allow investors to compare performance over various reporting
periods on a consistent basis by removing from operating results
the impact of items that do not reflect core operating performance;
(ii) are used by our board of directors and management to assess
our performance; (iii) may, subject to the limitations described
below, enable investors to compare the performance of the Company
to its competitors; and (iv) provide additional tools for investors
to use in evaluating ongoing operating results and trends. The
Company believes that pro forma revenue is useful to investors
because they allow investors to compare performance of the combined
Company over various reporting periods on a consistent basis. The
Company believes that Net CAPEX provide useful additional
information concerning cash flow available to meet future debt
service obligations. Adjusted EBITDA is not a measure of financial
performance or liquidity under GAAP and, accordingly, should not be
considered as an alternative to net income or cash flow from
operating activities as an indicator of operating performance or
liquidity. These non-GAAP measures should not be considered in
isolation from, or as an alternative to, financial measures
determined in accordance with GAAP. Other companies may calculate
Adjusted EBITDA and other non-GAAP financial measures differently,
and therefore the Company's non-GAAP financial measures may not be
directly comparable to similarly-titled measures of other
companies. For reconciliation of the non-GAAP measures used in this
press release (except as explained below), see “Reconciliation of
Non-GAAP Financial Measures" included in this press release.
Information reconciling forward-looking Adjusted
EBITDA to GAAP financial measures is unavailable to the Company
without unreasonable effort. We cannot provide reconciliations of
forward-looking Adjusted EBITDA to GAAP financial measures because
certain items required for such reconciliations are outside of our
control and/or cannot be reasonably predicted, such as the
provision for income taxes. Preparation of such reconciliations
would require a forward-looking balance sheet, statement of income
and statement of cash flow, prepared in accordance with GAAP, and
such forward-looking financial statements are unavailable to the
Company without unreasonable effort. Although we provide a range of
Adjusted EBITDA that we believe will be achieved, we cannot
accurately predict all the components of the Adjusted EBITDA
calculation. The Company provides Adjusted EBITDA guidance because
we believe that Adjusted EBITDA, when viewed with our results under
GAAP, provides useful information for the reasons noted above.
On July 1, 2020, Williams Scotsman, Inc. closed
the merger with Mobile Mini, Inc. (the "Merger") and assumed the
name WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC). Our
reported results only include Mobile Mini for the periods
subsequent to the Merger. Our Pro Forma Results include Mobile
Mini's results as if the Merger and financing transactions had
occurred on January 1, 2019, which we believe is a better
representation of how the combined company has performed over time.
Following the Merger, we expanded our reporting segments from two
segments to four reporting segments. The North America Modular
segment aligns with the WillScot legacy business prior to the
Merger and the North America Storage, UK Storage and Tank and Pump
segments align with the Mobile Mini segments prior to the
Merger.Conference Call Information
WillScot Mobile Mini Holdings will host a
conference call and webcast to discuss its third quarter 2021
results and outlook at 10 a.m. Eastern Time on Friday, November 5,
2021. The live call may be accessed by dialing (855) 312-9420
(US/Canada toll-free) or (210) 874-7774 (international) and asking
to be connected to the WillScot Mobile Mini Holdings call. A live
webcast will also be accessible via the "Events &
Presentations" section of the Company's investor relations website
www.willscotmobilemini.com. Choose "Events" and select the
information pertaining to the WillScot Mobile Mini Holdings Third
Quarter 2021 Conference Call. Additionally, there will be slides
accompanying the webcast. Please allow at least 15 minutes prior to
the call to register, download and install any necessary software.
For those unable to listen to the live broadcast, an audio webcast
of the call will be available for 60 days on the Company’s investor
relations website.
About WillScot Mobile Mini
Holdings
WillScot Mobile Mini Holdings trades on the
Nasdaq stock exchange under the ticker symbol “WSC.” Headquartered
in Phoenix, Arizona, the Company is a leading business services
provider specializing in innovative flexible workspace and portable
storage solutions. WillScot Mobile Mini services diverse end
markets across all sectors of the economy from a network of
approximately 275 branch locations and additional drop lots
throughout the United States, Canada, Mexico, and the United
Kingdom.
Forward-Looking Statements
This press release contains forward-looking
statements (including the guidance/outlook contained herein) within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and Section 21E of the Securities Exchange Act of 1934, as
amended. The words "estimates," "expects," "anticipates,"
"believes," "forecasts," "plans," "intends," "may," "will,"
"should," "shall," "outlook" and variations of these words and
similar expressions identify forward-looking statements, which are
generally not historical in nature. Certain of these
forward-looking statements include statements relating to: strength
in core leasing KPIs for the foreseeable future, the scalability
and strength of our platform, our ability to expand and sustain
expanded margins, and our revenue, Adjusted EBITDA and Net Capex
outlooks. Forward-looking statements are subject to a number of
risks, uncertainties, assumptions and other important factors, many
of which are outside our control, which could cause actual results
or outcomes to differ materially from those discussed in the
forward-looking statements. Although the Company believes that
these forward-looking statements are based on reasonable
assumptions, they are predictions and we can give no assurance that
any such forward-looking statement will materialize. Important
factors that may affect actual results or outcomes include, among
others, our ability to acquire and integrate new assets and
operations; our ability to achieve planned synergies related to
acquisitions; our ability to manage growth and execute our business
plan; our estimates of the size of the markets for our products;
the rate and degree of market acceptance of our products; the
success of other competing modular space and portable storage
solutions that exist or may become available; rising costs
adversely affecting our profitability; potential litigation
involving our Company; general economic and market conditions
impacting demand for our products and services; our ability to
maintain an effective system of internal controls; and such other
risks and uncertainties described in the periodic reports we file
with the SEC from time to time (including our Form 10-K/A for the
year ended December 31, 2020), which are available through the
SEC’s EDGAR system at www.sec.gov and on our website. Any
forward-looking statement speaks only at the date which it is made,
and the Company disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Additional Information and Where to Find
It Additional information can be found on the company's
website at www.willscotmobilemini.com.
Contact Information |
|
|
|
|
|
Investor Inquiries: |
|
Media Inquiries: |
Nick Girardi |
|
Scott Junk |
investors@willscotmobilemini.com |
|
scott.junk@willscotmobilemini.com |
|
|
|
WillScot Mobile Mini Holdings
Corp.Condensed Consolidated Statements of
Operations
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands, except share and per share
data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenues: |
|
|
|
|
|
|
|
Leasing and services revenue: |
|
|
|
|
|
|
|
Leasing |
$ |
363,396 |
|
|
$ |
300,082 |
|
|
$ |
1,022,237 |
|
|
$ |
678,577 |
|
Delivery and installation |
99,699 |
|
|
84,694 |
|
|
274,883 |
|
|
187,404 |
|
Sales revenue: |
|
|
|
|
|
|
|
New units |
15,860 |
|
|
19,360 |
|
|
37,823 |
|
|
38,736 |
|
Rental units |
11,597 |
|
|
13,179 |
|
|
42,034 |
|
|
25,281 |
|
Total revenues |
490,552 |
|
|
417,315 |
|
|
1,376,977 |
|
|
929,998 |
|
Costs: |
|
|
|
|
|
|
|
Costs of leasing and services: |
|
|
|
|
|
|
|
Leasing |
82,448 |
|
|
64,788 |
|
|
235,375 |
|
|
162,344 |
|
Delivery and installation |
80,991 |
|
|
66,354 |
|
|
228,280 |
|
|
153,742 |
|
Costs of sales: |
|
|
|
|
|
|
|
New units |
11,499 |
|
|
12,935 |
|
|
25,660 |
|
|
25,469 |
|
Rental units |
5,603 |
|
|
8,837 |
|
|
22,870 |
|
|
16,446 |
|
Depreciation of rental equipment |
56,462 |
|
|
54,837 |
|
|
175,053 |
|
|
146,279 |
|
Gross profit |
253,549 |
|
|
209,564 |
|
|
689,739 |
|
|
425,718 |
|
Expenses: |
|
|
|
|
|
|
|
Selling, general and administrative |
133,424 |
|
|
112,079 |
|
|
372,296 |
|
|
241,269 |
|
Transaction costs |
303 |
|
|
52,191 |
|
|
1,147 |
|
|
63,241 |
|
Other depreciation and amortization |
18,814 |
|
|
16,867 |
|
|
58,760 |
|
|
22,824 |
|
Lease impairment expense and other related charges |
601 |
|
|
944 |
|
|
2,328 |
|
|
3,999 |
|
Restructuring costs |
1,856 |
|
|
3,854 |
|
|
11,958 |
|
|
4,543 |
|
Currency losses (gains), net |
127 |
|
|
(371 |
) |
|
196 |
|
|
147 |
|
Other expense (income), net |
1,476 |
|
|
(1,012 |
) |
|
207 |
|
|
(1,757 |
) |
Operating income |
96,948 |
|
|
25,012 |
|
|
242,847 |
|
|
91,452 |
|
Interest expense |
29,201 |
|
|
33,034 |
|
|
88,377 |
|
|
89,810 |
|
Fair value loss (gain) on common stock warrant liabilities |
— |
|
|
22,303 |
|
|
26,597 |
|
|
(46,063 |
) |
Loss on extinguishment of debt |
— |
|
|
42,401 |
|
|
5,999 |
|
|
42,401 |
|
Income (loss) before income tax |
67,747 |
|
|
(72,726 |
) |
|
121,874 |
|
|
5,304 |
|
Income tax expense (benefit) |
6,644 |
|
|
(66,675 |
) |
|
35,953 |
|
|
(66,170 |
) |
Net income (loss) |
61,103 |
|
|
(6,051 |
) |
|
85,921 |
|
|
71,474 |
|
Net income attributable to non-controlling interest, net of
tax |
— |
|
|
— |
|
|
— |
|
|
1,213 |
|
Net income (loss) attributable to WillScot Mobile Mini |
$ |
61,103 |
|
|
$ |
(6,051 |
) |
|
$ |
85,921 |
|
|
$ |
70,261 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to WillScot Mobile Mini
common shareholders |
|
|
|
|
|
|
|
Basic |
$ |
0.27 |
|
|
$ |
(0.03 |
) |
|
$ |
0.38 |
|
|
$ |
0.47 |
|
Diluted |
$ |
0.26 |
|
|
$ |
(0.03 |
) |
|
$ |
0.37 |
|
|
$ |
0.15 |
|
Weighted average shares: |
|
|
|
|
|
|
|
Basic |
225,998,202 |
|
|
226,649,993 |
|
|
227,557,664 |
|
|
149,283,083 |
|
Diluted |
231,868,397 |
|
|
226,649,993 |
|
|
234,084,800 |
|
|
152,432,945 |
|
Unaudited Segment Operating
Data
Comparison of Three Months Ended
September 30, 2021 and 2020
|
Three Months Ended September 30, 2021 |
(in thousands, except for units on rent and
rates) |
NA Modular |
|
NA Storage |
|
UK Storage |
|
Tank and Pump |
|
Total |
Revenue |
$ |
299,051 |
|
|
$ |
133,897 |
|
|
$ |
28,099 |
|
|
$ |
29,505 |
|
|
$ |
490,552 |
|
Gross profit |
$ |
127,854 |
|
|
$ |
92,496 |
|
|
$ |
18,876 |
|
|
$ |
14,323 |
|
|
$ |
253,549 |
|
Adjusted EBITDA |
$ |
106,825 |
|
|
$ |
59,123 |
|
|
$ |
13,255 |
|
|
$ |
10,946 |
|
|
$ |
190,149 |
|
Capital expenditures for rental equipment |
$ |
31,789 |
|
|
$ |
11,920 |
|
|
$ |
11,649 |
|
|
$ |
5,016 |
|
|
$ |
60,374 |
|
Average modular space units on rent |
84,218 |
|
|
16,316 |
|
|
9,298 |
|
|
— |
|
|
109,832 |
|
Average modular space utilization rate |
67.6 |
% |
|
77.6 |
% |
|
83.4 |
% |
|
— |
% |
|
70.1 |
% |
Average modular space monthly rental rate |
$ |
834 |
|
|
$ |
602 |
|
|
$ |
454 |
|
|
$ |
— |
|
|
$ |
767 |
|
Average portable storage units on rent |
493 |
|
|
137,123 |
|
|
25,632 |
|
|
— |
|
|
163,248 |
|
Average portable storage utilization rate |
48.0 |
% |
|
83.2 |
% |
|
89.1 |
% |
|
— |
% |
|
83.9 |
% |
Average portable storage monthly rental rate |
$ |
179 |
|
|
$ |
155 |
|
|
$ |
90 |
|
|
$ |
— |
|
|
$ |
145 |
|
Average tank and pump solutions rental fleet utilization based on
original equipment cost |
— |
% |
|
— |
% |
|
— |
% |
|
74.8 |
% |
|
74.8 |
% |
|
Three Months Ended September 30, 2020 |
(in thousands, except for units on rent and
rates) |
NA Modular |
|
NA Storage |
|
UK Storage |
|
Tank and Pump |
|
Total |
Revenue |
$ |
267,867 |
|
|
$ |
104,493 |
|
|
$ |
21,653 |
|
|
$ |
23,302 |
|
|
$ |
417,315 |
|
Gross profit |
$ |
112,079 |
|
|
$ |
73,384 |
|
|
$ |
12,671 |
|
|
$ |
11,430 |
|
|
$ |
209,564 |
|
Adjusted EBITDA |
$ |
100,281 |
|
|
$ |
46,465 |
|
|
$ |
8,306 |
|
|
$ |
8,507 |
|
|
$ |
163,559 |
|
Capital expenditures for rental equipment |
$ |
34,249 |
|
|
$ |
7,234 |
|
|
$ |
677 |
|
|
$ |
431 |
|
|
$ |
42,591 |
|
Average modular space units on rent |
86,400 |
|
|
16,383 |
|
|
8,444 |
|
|
— |
|
|
111,227 |
|
Average modular space utilization rate |
68.3 |
% |
|
80.4 |
% |
|
79.1 |
% |
|
— |
% |
|
70.6 |
% |
Average modular space monthly rental rate |
$ |
693 |
|
|
$ |
505 |
|
|
$ |
356 |
|
|
$ |
— |
|
|
$ |
640 |
|
Average portable storage units on rent |
15,473 |
|
|
105,221 |
|
|
23,146 |
|
|
— |
|
|
143,840 |
|
Average portable storage utilization rate |
61.3 |
% |
|
73.4 |
% |
|
83.2 |
% |
|
— |
% |
|
73.2 |
% |
Average portable storage monthly rental rate |
$ |
124 |
|
|
$ |
145 |
|
|
$ |
75 |
|
|
$ |
— |
|
|
$ |
131 |
|
Average tank and pump solutions rental fleet utilization based on
original equipment cost |
— |
% |
|
— |
% |
|
— |
% |
|
58.2 |
% |
|
58.2 |
% |
Comparison of the Nine Months Ended
September 30, 2021 and 2020
|
Nine Months Ended September 30, 2021 |
(in thousands, except for units on rent and
rates) |
NA Modular |
|
NA Storage |
|
UK Storage |
|
Tank and Pump |
|
Total |
Revenue |
$ |
854,657 |
|
|
$ |
357,439 |
|
|
$ |
83,538 |
|
|
$ |
81,343 |
|
|
$ |
1,376,977 |
|
Gross profit |
$ |
356,992 |
|
|
$ |
240,836 |
|
|
$ |
53,306 |
|
|
$ |
38,605 |
|
|
$ |
689,739 |
|
Adjusted EBITDA |
$ |
307,741 |
|
|
$ |
154,971 |
|
|
$ |
36,647 |
|
|
$ |
29,870 |
|
|
$ |
529,229 |
|
Capital expenditures for rental equipment |
$ |
120,288 |
|
|
$ |
24,165 |
|
|
$ |
22,645 |
|
|
$ |
11,093 |
|
|
$ |
178,191 |
|
Average modular space units on rent |
84,589 |
|
|
16,371 |
|
|
9,256 |
|
|
— |
|
|
110,216 |
|
Average modular space utilization rate |
67.6 |
% |
|
78.5 |
% |
|
83.8 |
% |
|
— |
% |
|
70.2 |
% |
Average modular space monthly rental rate |
$ |
790 |
|
|
$ |
570 |
|
|
$ |
428 |
|
|
$ |
— |
|
|
$ |
727 |
|
Average portable storage units on rent |
9,566 |
|
|
118,598 |
|
|
25,284 |
|
|
— |
|
|
153,448 |
|
Average portable storage utilization rate |
64.1 |
% |
|
78.0 |
% |
|
90.0 |
% |
|
— |
% |
|
78.7 |
% |
Average portable storage monthly rental rate |
$ |
129 |
|
|
$ |
152 |
|
|
$ |
86 |
|
|
$ |
— |
|
|
$ |
140 |
|
Average tank and pump solutions rental fleet utilization based on
original equipment cost |
— |
% |
|
— |
% |
|
— |
% |
|
71.2 |
% |
|
71.2 |
% |
|
Nine Months Ended September 30, 2020 |
(in thousands, except for units on rent and
rates) |
NA Modular |
|
NA Storage |
|
UK Storage |
|
Tank and Pump |
|
Total |
Revenue |
$ |
780,550 |
|
|
$ |
104,493 |
|
|
$ |
21,653 |
|
|
$ |
23,302 |
|
|
$ |
929,998 |
|
Gross profit |
$ |
328,233 |
|
|
$ |
73,384 |
|
|
$ |
12,671 |
|
|
$ |
11,430 |
|
|
$ |
425,718 |
|
Adjusted EBITDA |
$ |
287,345 |
|
|
$ |
46,465 |
|
|
$ |
8,306 |
|
|
$ |
8,507 |
|
|
$ |
350,623 |
|
Capital expenditures for rental equipment |
$ |
113,931 |
|
|
$ |
7,234 |
|
|
$ |
677 |
|
|
$ |
431 |
|
|
$ |
122,273 |
|
Average modular space units on rent |
87,161 |
|
|
5,461 |
|
|
2,815 |
|
|
— |
|
|
95,437 |
|
Average modular space utilization rate |
68.7 |
% |
|
80.4 |
% |
|
79.1 |
% |
|
— |
% |
|
69.8 |
% |
Average modular space monthly rental rate |
$ |
672 |
|
|
$ |
505 |
|
|
$ |
356 |
|
|
$ |
— |
|
|
$ |
653 |
|
Average portable storage units on rent |
15,896 |
|
|
35,074 |
|
|
7,715 |
|
|
— |
|
|
58,685 |
|
Average portable storage utilization rate |
62.6 |
% |
|
73.4 |
% |
|
83.2 |
% |
|
— |
% |
|
71.3 |
% |
Average portable storage monthly rental rate |
$ |
121 |
|
|
$ |
145 |
|
|
$ |
75 |
|
|
$ |
— |
|
|
$ |
129 |
|
Average tank and pump solutions rental fleet utilization based on
original equipment cost |
— |
% |
|
— |
% |
|
— |
% |
|
58.2 |
% |
|
58.2 |
% |
WillScot Mobile Mini Holdings
Corp.Condensed Consolidated Balance
Sheets
(in thousands, except share data) |
September 30, 2021 (unaudited) |
|
December 31, 2020 |
Assets |
|
|
|
Cash and cash equivalents |
$ |
11,317 |
|
|
$ |
24,937 |
|
Trade receivables, net of allowances for credit losses at September
30, 2021 and December 31, 2020 of $41,867 and $29,258,
respectively |
398,350 |
|
|
330,942 |
|
Inventories |
30,943 |
|
|
23,731 |
|
Prepaid expenses and other current assets |
35,940 |
|
|
29,954 |
|
Assets held for sale |
962 |
|
|
12,004 |
|
Total current assets |
477,512 |
|
|
421,568 |
|
Rental equipment, net |
2,968,895 |
|
|
2,931,646 |
|
Property, plant and equipment, net |
307,253 |
|
|
303,650 |
|
Operating lease assets |
233,800 |
|
|
232,094 |
|
Goodwill |
1,178,290 |
|
|
1,171,219 |
|
Intangible assets, net |
467,289 |
|
|
495,947 |
|
Other non-current assets |
11,142 |
|
|
16,081 |
|
Total long-term assets |
5,166,669 |
|
|
5,150,637 |
|
Total assets |
$ |
5,644,181 |
|
|
$ |
5,572,205 |
|
Liabilities and equity |
|
|
|
Accounts payable |
$ |
145,320 |
|
|
$ |
106,926 |
|
Accrued expenses |
163,339 |
|
|
141,672 |
|
Deferred revenue and customer deposits |
163,977 |
|
|
135,485 |
|
Operating lease liabilities - current |
50,552 |
|
|
48,063 |
|
Current portion of long-term debt |
18,652 |
|
|
16,521 |
|
Total current liabilities |
541,840 |
|
|
448,667 |
|
Long-term debt |
2,598,300 |
|
|
2,453,809 |
|
Deferred tax liabilities |
346,687 |
|
|
307,541 |
|
Operating lease liabilities - non-current |
183,035 |
|
|
183,761 |
|
Common stock warrant liabilities |
— |
|
|
77,404 |
|
Other non-current liabilities |
17,735 |
|
|
37,150 |
|
Long-term liabilities |
3,145,757 |
|
|
3,059,665 |
|
Total liabilities |
3,687,597 |
|
|
3,508,332 |
|
Commitments and contingencies |
|
|
|
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero
shares issued and outstanding at September 30, 2021 and December
31, 2020 |
— |
|
|
— |
|
Common Stock: $0.0001 par, 500,000,000 shares authorized and
223,665,627 and 229,038,158 shares issued and outstanding at
September 30, 2021 and December 31, 2020, respectively |
23 |
|
|
23 |
|
Additional paid-in-capital |
3,655,587 |
|
|
3,852,291 |
|
Accumulated other comprehensive loss |
(33,713) |
|
|
(37,207) |
|
Accumulated deficit |
(1,665,313) |
|
|
(1,751,234) |
|
Total shareholders' equity |
1,956,584 |
|
|
2,063,873 |
|
Total liabilities and equity |
$ |
5,644,181 |
|
|
$ |
5,572,205 |
|
Reconciliation of Non-GAAP Financial
Measures
We use certain non-GAAP financial information
that we believe is important for purposes of comparison to prior
periods and development of future projections and earnings growth
prospects. This information is also used by management to measure
the profitability of our ongoing operations and analyze our
business performance and trends.
We evaluate business segment performance on
Adjusted EBITDA, a non-GAAP measure that excludes certain items as
described in the reconciliation of our consolidated net income
(loss) to Adjusted EBITDA reconciliation below. We believe that
evaluating segment performance excluding such items is meaningful
because it provides insight with respect to intrinsic operating
results of the Company.
We also regularly evaluate gross profit by
segment to assist in the assessment of the operational performance
of each operating segment. We consider Adjusted EBITDA to be the
more important metric because it more fully captures the business
performance of the segments, inclusive of indirect costs.
We also evaluate Free Cash Flow, a non-GAAP
measure that provides useful information concerning cash flow
available to fund our capital allocation alternatives.
Adjusted EBITDA
We define EBITDA as net income (loss) plus
interest (income) expense, income tax expense (benefit),
depreciation and amortization. Our adjusted EBITDA ("Adjusted
EBITDA") reflects the following further adjustments to EBITDA to
exclude certain non-cash items and the effect of what we consider
transactions or events not related to our core business
operations:
- Currency (gains)
losses, net: on monetary assets and liabilities denominated in
foreign currencies other than the subsidiaries’ functional
currency. Substantially all such currency gains (losses) are
unrealized and attributable to financings due to and from
affiliated companies.
- Goodwill and
other impairment charges related to non-cash costs associated with
impairment charges to goodwill, other intangibles, rental fleet and
property, plant and equipment.
- Restructuring
costs, lease impairment expense, and other related charges
associated with restructuring plans designed to streamline
operations and reduce costs including employee and lease
termination costs.
- Transaction
costs including legal and professional fees and other transaction
specific related costs.
- Costs to
integrate acquired companies, including outside professional fees,
non-capitalized costs associated with system integrations,
non-lease branch and fleet relocation expenses, employee training
costs, and other costs required to realize cost or revenue
synergies.
- Non-cash charges
for stock compensation plans.
- Gains and losses
resulting from changes in fair value and extinguishment of common
stock warrant liabilities.
- Other expense
includes consulting expenses related to certain one-time projects,
financing costs not classified as interest expense, and gains and
losses on disposals of property, plant, and equipment.
Adjusted EBITDA has limitations as an analytical
tool, and you should not consider the measure in isolation or as a
substitute for net income (loss), cash flow from operations or
other methods of analyzing the Company’s results as reported under
US GAAP. Some of these limitations are:
- Adjusted EBITDA
does not reflect changes in, or cash requirements for our working
capital needs;
- Adjusted EBITDA
does not reflect our interest expense, or the cash requirements
necessary to service interest or principal payments, on our
indebtedness;
- Adjusted EBITDA
does not reflect our tax expense or the cash requirements to pay
our taxes;
- Adjusted EBITDA
does not reflect historical cash expenditures or future
requirements for capital expenditures or contractual
commitments;
- Adjusted EBITDA
does not reflect the impact on earnings or changes resulting from
matters that we consider not to be indicative of our future
operations;
- although
depreciation and amortization are non-cash charges, the assets
being depreciated and amortized will often have to be replaced in
the future and Adjusted EBITDA does not reflect any cash
requirements for such replacements; and
- other companies
in our industry may calculate Adjusted EBITDA differently, limiting
its usefulness as a comparative measure.
Because of these limitations, Adjusted EBITDA
should not be considered as discretionary cash available to
reinvest in the growth of our business or as measures of cash that
will be available to meet our obligations.
The following table provides an unaudited
reconciliation of Net income (loss) to Adjusted EBITDA:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income (loss) |
$ |
61,103 |
|
|
$ |
(6,051 |
) |
|
$ |
85,921 |
|
|
$ |
71,474 |
|
Income tax expense (benefit) |
6,644 |
|
|
(66,675 |
) |
|
35,953 |
|
|
(66,170 |
) |
Loss on extinguishment of debt |
— |
|
|
42,401 |
|
|
5,999 |
|
|
42,401 |
|
Interest expense |
29,201 |
|
|
33,034 |
|
|
88,377 |
|
|
89,810 |
|
Depreciation and amortization |
75,276 |
|
|
71,704 |
|
|
233,813 |
|
|
169,103 |
|
Fair value loss (gain) on common stock warrant liabilities |
— |
|
|
22,303 |
|
|
26,597 |
|
|
(46,063 |
) |
Currency losses (gains), net |
127 |
|
|
(371 |
) |
|
196 |
|
|
147 |
|
Restructuring costs, lease impairment expense and other related
charges |
2,457 |
|
|
4,798 |
|
|
14,286 |
|
|
8,542 |
|
Transaction costs |
303 |
|
|
52,191 |
|
|
1,147 |
|
|
63,241 |
|
Integration costs |
8,247 |
|
|
7,083 |
|
|
23,211 |
|
|
10,921 |
|
Stock compensation expense |
6,259 |
|
|
2,944 |
|
|
14,480 |
|
|
6,958 |
|
Other |
532 |
|
|
198 |
|
|
(751 |
) |
|
259 |
|
Adjusted EBITDA |
$ |
190,149 |
|
|
$ |
163,559 |
|
|
$ |
529,229 |
|
|
$ |
350,623 |
|
Net Income Excluding Gain/Loss from
Warrants
We define Net Income Excluding Gain/Loss from
Warrants as net income plus or minus the impact of the change in
the fair value of the common stock warrant liability. Management
believes that our financial statements that will include the impact
of this mark-to-market expense or income may not be necessarily
reflective of the actual operating performance of our business.
The following table provides an unaudited
reconciliation of Net income (loss) to Net Income (Loss) Excluding
Gain/Loss from Warrants:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
(in thousands) |
2021 |
|
2020 |
2021 |
|
2020 |
Net income (loss) |
$ |
61,103 |
|
|
$ |
(6,051 |
) |
|
$ |
85,921 |
|
|
$ |
71,474 |
|
Fair value loss (gain) on common stock warrant liabilities |
— |
|
|
22,303 |
|
|
26,597 |
|
|
(46,063 |
) |
Net Income (Loss) Excluding Gain/Loss from Warrants |
$ |
61,103 |
|
|
$ |
16,252 |
|
|
$ |
112,518 |
|
|
$ |
25,411 |
|
Adjusted EBITDA Margin
We define Adjusted EBITDA Margin as Adjusted
EBITDA divided by Revenue. Management believes that the
presentation of Adjusted EBITDA Margin provides useful information
to investors regarding the performance of our business.
The following table provides an unaudited
reconciliation of Adjusted EBITDA Margin:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Adjusted EBITDA (A) |
$ |
190,149 |
|
|
$ |
163,559 |
|
|
$ |
529,229 |
|
|
$ |
350,623 |
|
Revenue (B) |
$ |
490,552 |
|
|
$ |
417,315 |
|
|
$ |
1,376,977 |
|
|
$ |
929,998 |
|
Adjusted EBITDA Margin (A/B) |
38.8 |
% |
|
39.2 |
% |
|
38.4 |
% |
|
37.7 |
% |
Free Cash Flow and Free Cash Flow
Margin
We define Free Cash Flow as net cash provided by
operating activities, less purchases of, and proceeds from, rental
equipment and property, plant and equipment, which are all included
in cash flows from investing activities. Free Cash Flow Margin is
defined as Free Cash Flow divided by Total Revenue. Management
believes that the presentation of Free Cash Flow and Free Cash Flow
Margin provides useful information to investors concerning cash
flow available to fund our capital allocation alternatives.
The following table provides an unaudited
reconciliation of net cash provided by operating activities to Free
Cash Flow.
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Net cash provided by operating activities |
$ |
130,447 |
|
|
$ |
61,368 |
|
|
$ |
392,055 |
|
|
$ |
175,095 |
|
Purchase of rental equipment and refurbishments |
(60,374 |
) |
|
(42,591 |
) |
|
(178,191 |
) |
|
(122,273 |
) |
Proceeds from sale of rental equipment |
11,597 |
|
|
13,179 |
|
|
42,034 |
|
|
25,281 |
|
Purchase of property, plant and equipment |
(3,386 |
) |
|
(5,893 |
) |
|
(20,836 |
) |
|
(9,079 |
) |
Proceeds from the sale of property, plant and equipment |
209 |
|
|
1,982 |
|
|
16,647 |
|
|
5,825 |
|
Free Cash Flow (A) |
$ |
78,493 |
|
|
$ |
28,045 |
|
|
$ |
251,709 |
|
|
$ |
74,849 |
|
|
|
|
|
|
|
|
|
Revenue (B) |
$ |
490,552 |
|
|
$ |
417,315 |
|
|
$ |
1,376,977 |
|
|
$ |
929,998 |
|
Free Cash Flow Margin (A/B) |
16.0 |
% |
|
6.7 |
% |
|
18.3 |
% |
|
8.0 |
% |
Adjusted Gross Profit and Adjusted Gross
Profit Percentage
We define Adjusted Gross Profit as gross profit
plus depreciation on rental equipment. Adjusted Gross Profit
Percentage is defined as Adjusted Gross Profit divided by revenue.
Adjusted Gross Profit and Adjusted Gross Profit Percentage are not
measurements of our financial performance under GAAP and should not
be considered as an alternative to gross profit, gross profit
percentage, or other performance measures derived in accordance
with GAAP. In addition, our measurement of Adjusted Gross Profit
and Adjusted Gross Profit Percentage may not be comparable to
similarly titled measures of other companies. Our management
believes that the presentation of Adjusted Gross Profit and
Adjusted Gross Profit Percentage provides useful information to
investors regarding our results of operations because it assists in
analyzing the performance of our business.
The following table provides an unaudited
reconciliation of gross profit to Adjusted Gross Profit and
Adjusted Gross Profit Percentage.
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2021 |
Revenue (A) |
$ |
490,552 |
|
|
$ |
417,315 |
|
|
$ |
1,376,977 |
|
|
$ |
929,998 |
|
|
|
|
|
|
|
|
|
Gross profit (B) |
$ |
253,549 |
|
|
$ |
209,564 |
|
|
$ |
689,739 |
|
|
$ |
425,718 |
|
Depreciation of rental equipment |
56,462 |
|
|
54,837 |
|
|
175,053 |
|
|
146,279 |
|
Adjusted Gross Profit (C) |
$ |
310,011 |
|
|
$ |
264,401 |
|
|
$ |
864,792 |
|
|
$ |
571,997 |
|
|
|
|
|
|
|
|
|
Gross Profit Percentage (B/A) |
51.7 |
% |
|
50.2 |
% |
|
50.1 |
% |
|
45.8 |
% |
Adjusted Gross Profit Percentage (C/A) |
63.2 |
% |
|
63.4 |
% |
|
62.8 |
% |
|
61.5 |
% |
Net CAPEX
We define Net CAPEX as purchases of rental
equipment and refurbishments and purchases of property, plant and
equipment (collectively, "Total Capital Expenditures"), less
proceeds from the sale of rental equipment and proceeds from the
sale of property, plant and equipment (collectively, "Total
Proceeds"), which are all included in cash flows from investing
activities. Our management believes that the presentation of Net
CAPEX provides useful information to investors regarding the net
capital invested into our rental fleet and plant, property and
equipment each year to assist in analyzing the performance of our
business.
The following table provides an unaudited
reconciliation of Net CAPEX:
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Total purchases of rental equipment and refurbishments |
$ |
(60,374 |
) |
|
$ |
(42,591 |
) |
|
$ |
(178,191 |
) |
|
$ |
(122,273 |
) |
Total proceeds from sale of rental equipment |
11,597 |
|
|
13,179 |
|
|
42,034 |
|
|
25,281 |
|
Net CAPEX for Rental Equipment |
(48,777 |
) |
|
(29,412 |
) |
|
(136,157 |
) |
|
(96,992 |
) |
Purchase of property, plant and equipment |
(3,386 |
) |
|
(5,893 |
) |
|
(20,836 |
) |
|
(9,079 |
) |
Proceeds from sale of property, plant and equipment |
209 |
|
|
1,982 |
|
|
16,647 |
|
|
5,825 |
|
Net CAPEX |
$ |
(51,954 |
) |
|
$ |
(33,323 |
) |
|
$ |
(140,346 |
) |
|
$ |
(100,246 |
) |
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