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 second quarter 2021 results and provided
an update on operations, the current market environment, and merger
integration activities.
The Company will host an investor day in New
York on November 8, 2021. Further details will be provided at a
later date.
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.
WillScot Mobile Mini Holdings’ Financial
Highlights1Highlights of Second
Quarter Results
- Total revenues
of $461.1 million increased by $204.2 million relative to prior
year, or 79.5%, driven by the addition of Mobile Mini's revenues to
our consolidated results, upon closing of the Merger on July 1,
2020, as well as due to increased core leasing revenues in the NA
Modular segment.
- Modular space
monthly rental rates in the NA Modular segment increased by 19.7%
year over year while delivery volumes increased 12.0% year over
year.
- Adjusted EBITDA
of $175.5 million increased by $78.0 million, or 80.0% year over
year, driven both by the addition of Mobile Mini to our results and
6.2% year over year organic growth in the NA Modular segment.
- Adjusted EBITDA
Margin of 38.1% increased by 10 basis points ("bps") relative to
prior year, driven by the addition of Mobile Mini's higher margin
portable storage business, and partly offset by accelerating
activations and associated variable costs and delivery and
installation revenues in the quarter.
- Net income of
$20.4 million increased by $34.5 million year over year and
included $15.0 million of integration and restructuring charges, an
$8.0 million non-cash tax expense due to a statutory rate increase
in the UK, a $2.8 million non-cash loss on debt extinguishment, and
a $0.6 million fair value gain on warrant liabilities. Net Income
Excluding Gain/Loss from Warrants of $19.8 million increased by
$7.0 million year over year.
- Generated $82.1
million of free cash flow, an increase of $43.1 million or 110%
relative to prior year, and representing a free cash flow margin of
18%.
- Maintained
leverage at 3.7x our pro forma last-twelve-months Adjusted EBITDA
of $682.3 million while repurchasing $132.7 million of common stock
and warrants.
- Redeemed
$58.5 million of our 6.125% senior notes due 2025, using
capacity available in our lower cost ABL facility.
Highlights of Second Quarter Pro Forma
Results
- Pro Forma total
revenues increased 18.1% or $70.6 million relative to prior year,
driven by increases in leasing revenue and delivery and
installation revenue.
- Leasing revenues
of $343.2 million increased by 18.2% year over year due to
continued increases in pricing and value-added products and
stabilization of unit on rent volumes.
- In NA Modular,
modular space unit monthly rental rates increased by 19.7%. In NA
Storage, portable storage unit and modular space unit monthly
rental rates increased by 10.3%. In UK Storage, modular space
monthly rental rates increased 39.9%.
- Modular space
unit deliveries in NA Modular increased by 12%.
- Portable storage
and modular space unit deliveries in NA Storage increased 42%,
which is in line with 2019 delivery levels.
- Adjusted EBITDA
of $175.5 million, increased by $21.7 million, or 14.1%, year over
year on a pro forma basis, with strong growth across all
segments.
- Adjusted EBITDA
Margin of 38.1% decreased by 130 bps relative to prior year on a
pro forma basis as expected due to increased activity levels.
Accelerating deliveries created incremental variable costs and
increased delivery and installation revenues, which are lower
margin revenues compared to total revenues.
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 June 30, |
|
Six Months Ended June 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue |
$ |
461,102 |
|
|
$ |
256,862 |
|
|
|
$ |
886,425 |
|
|
$ |
512,683 |
|
Consolidated net income (loss) |
$ |
20,371 |
|
|
$ |
(14,130 |
) |
|
|
$ |
24,818 |
|
|
$ |
77,525 |
|
Adjusted EBITDA1 |
$ |
175,495 |
|
|
$ |
97,520 |
|
|
|
$ |
339,080 |
|
|
$ |
187,062 |
|
Net cash provided by operating activities |
$ |
139,537 |
|
|
$ |
75,379 |
|
|
|
$ |
261,608 |
|
|
$ |
113,727 |
|
Free Cash Flow1 |
$ |
82,056 |
|
|
$ |
38,996 |
|
|
|
$ |
173,216 |
|
|
$ |
46,804 |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
Pro Forma Adjusted EBITDA1
by Segment (in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
NA Modular |
$ |
103,545 |
|
|
$ |
97,520 |
|
|
$ |
200,916 |
|
|
$ |
187,064 |
|
NA Storage |
49,526 |
|
|
40,770 |
|
|
95,848 |
|
|
84,764 |
|
UK Storage |
12,328 |
|
|
6,853 |
|
|
23,392 |
|
|
13,258 |
|
Tank and Pump |
10,096 |
|
|
8,659 |
|
|
18,924 |
|
|
18,136 |
|
Consolidated Adjusted EBITDA |
$ |
175,495 |
|
|
$ |
153,802 |
|
|
$ |
339,080 |
|
|
$ |
303,222 |
|
Management
Commentary1
Brad Soultz, Chief Executive Officer of WillScot
Mobile Mini Holdings, commented "our second quarter results were
excellent. Our team proved once again that we can deliver
operationally while executing a complex integration with precision.
And our diversified portfolio is positioned for growth through a
powerful combination of internal initiatives and end market
strength. In our NA Modular segment, units on rent stabilized
sequentially, as deliveries across our end markets ramped.
Historical pricing trends accelerated at a record pace, with a
19.7% year over year increase in average monthly rental rate,
underpinned by increases in core pricing and VAPS penetration and
augmented by the return of shorter duration special events as COVID
restrictions relaxed relative to last year. Our NA Storage segment
demonstrated impressive rate improvement, with a 10.3% year over
year price increase as we focused on rates on new activations of
storage units and continued core pricing increases on the ground
level office fleet. Our UK Storage segment booked another
tremendous quarter, with blended rates up 26.4%, units on rent up
13.5%, and Adjusted EBITDA up nearly 80% year over year. Finally,
our Tank & Pump segment increased its OEC utilization to 71.2%
and inflected strongly, generating year over year Revenue and
EBITDA growth in the quarter as end markets recovered."
Soultz continued, "While these results are
outstanding, I'm most proud of the relentless focus demonstrated by
our team as we migrated the legacy WillScot business onto Mobile
Mini's SAP platform. This work was painstaking and all-consuming
for many on our team, yet we executed flawlessly while minimizing
disruptions in the business. This ERP cutover established a
foundation from which we will build and, on the one-year
anniversary of the WillScot and Mobile Mini merger, is the catalyst
which will allow us to begin executing our strategy as a combined
company."
Tim Boswell, Chief Financial Officer of WillScot
Mobile Mini Holdings, commented "in the second quarter, we saw
improvement across virtually every financial and operational metric
in our business. Cash generation remains robust, with $82.1 million
in free cash flow in the quarter and a 20% free cash flow margin in
the twelve months since the merger closed, despite cash costs from
our integration efforts over that period and the fact that we are
only just beginning to realize synergies from the Mobile Mini
merger. With the SAP migration complete, synergy realization will
accelerate as our teams restore their focus on the portfolio of
commercial and operational value creation levers that we have
identified. Our outlook for the remainder of 2021 and our run-rate
expectations for 2022 continue to improve as reflected in our
updated financial guidance. All of these factors together gave us
confidence to put our balance sheet to work in the quarter,
maintaining leverage at 3.7x, repurchasing $135 million of common
stock and warrants, and redeeming $58.5 million of our senior
notes due 2025. With the most difficult phase of the integration
behind us, we are squarely focused on the future and unlocking the
value in this platform, and we look forward to discussing these
opportunities at our Investor Day on November 8th in New York."
Second Quarter 2021
Results1
Total revenues increased 79.5% to $461.1
million, while leasing revenues increased 80.5% versus the prior
year quarter driven primarily by the addition of Mobile Mini's
revenues to our consolidated results as well as due to increased
leasing revenues in the NA Modular segment.
- Average modular
space units on rent increased 23,372 units, or 26.8%, and average
portable storage units on rent increased 135,867 units, both driven
by the Mobile Mini Merger.
- Average modular
space monthly rental rate increased $67, or 10.0% to $736 driven by
a $132, or 19.7% increase in the NA Modular segment, offset by the
dilutive impact of lower rates due to mix on the Mobile Mini
modular space units.
- Average portable
storage monthly rental rate increased $19, or 15.8% to $139 driven
by the accretive impact of higher rates from the Mobile Mini
portable storage fleet.
- NA Modular
segment revenue increased $32.5 million, or 12.7%, to $289.4
million, primarily driven by a $27.5 million, or 14.5%. increase to
our core leasing revenue due to continued growth of pricing and
value added products:
- NA Modular space
average monthly rental rate of $801 increased 19.7% year over year,
representing a continuation of the long-term price optimization and
VAPS penetration opportunities across our portfolio.
- Average modular
space units on rent decreased 2,342, or 2.7% year over year driven
by lower deliveries, during 2020 as a result of the COVID-19
pandemic. Sequentially from March 31, 2021, average modular space
units on rent were flat.
Adjusted EBITDA of $175.5 million increased
$78.0 million, or 80.0% year over year. Of this increase, $71.9
million was driven by the addition of Mobile Mini to our
consolidated results, with the remainder driven by strong organic
growth in the NA Modular segment.
- Adjusted EBITDA
in our NA Modular segment increased $6.0 million, or 6.2% to $103.5
million primarily driven by a $9.1 million, or 6.0%, increase in
leasing and services gross profit excluding depreciation driven by
increased pricing and VAPS. These increases more than offset a
$14.8 million increase in variable leasing costs, driven by the 12%
increase in delivery volumes versus prior year.
- Consolidated
Adjusted EBITDA Margin was 38.1% in the second quarter and
increased 10 bps versus prior year, driven by the addition of
Mobile Mini's higher margin portable storage business, offset by a
higher proportion of delivery and installation revenues to total
revenues and the increased variable costs in the current year
quarter.
Net income of $20.4 million for the three months
ended June 30, 2021 included a $0.6 million gain on the change in
fair value of common stock warrant liabilities. Net Income
Excluding Gain/Loss from Warrants of $19.8 million for the three
months ended June 30, 2021, represented an increase of $7.0
million, and included a $2.8 million loss on extinguishment of debt
related to the partial redemption of the 2025 Secured Notes, a $8.0
million non-cash tax expense due to a statutory rate increase in
the UK, and $15.0 million of discrete costs expensed in the period
related to transaction and integration activities. Discrete costs
in the period included $7.6 million of integration costs and $7.4
million of restructuring costs, lease impairment expense and other
related charges.
Free Cash Flow increased by $43.1 million year
over year to $82.1 million, representing a 17.8% free cash flow
margin.
Second Quarter 2020 Pro Forma
Results1Total revenues increased 18.1% or
$70.6 million on a pro forma basis to $461.1 million driven by an
increase in leasing revenues of $52.9 million, or 18.2% year over
year.
- Consolidated
average modular space monthly rental rates increased $122, or 19.9%
year over year driven by a $132, or 19.7%, increase in the NA
Modular segment and a $110, or 23.8% increase in the NA Storage
segment, and a $125, or 39.9% increase in the UK Storage
segment.
- Consolidated
average portable storage monthly rental rates increased $10, or
7.8% versus prior year.
- Average modular
space units on rent declined 0.3% year over year driven by lower
deliveries during 2020 as a result of the COVID-19 pandemic.
However, average modular space units on rent improved 0.1%
sequentially from Q1 to Q2. Portable storage units on rent
increased 8.2% year over year.
Adjusted EBITDA of $175.5 million, represented a
$21.7 million, or 14.1%, increase year over year, with strong
growth across the NA Modular, NA Storage, UK Storage and Tank and
Pump segments.
Adjusted EBITDA margin contracted 130 bps year
over year to 38.1% as expected, driven by a higher proportion of
delivery and installation revenues to total revenues and a $23.4
million increase in variable costs to support higher activity
levels in the current year quarter across all segments.
Capitalization and Liquidity
Update1,3As of June 30, 2021
- Generated $82.1
million of free cash flow in the second quarter and a 20% free cash
flow margin over the last twelve months.
- Repurchased 3.9
million shares for $108.2 million in connection with a secondary
offering and repurchased an additional $26.5 million of common
stock and warrants, returning a total of $134.7 million to our
shareholders.
- Redeemed
$58.5 million of our 6.125% senior notes due 2025, refinancing
this balance to our lower-cost asset-based revolving credit
facility.
- Over $0.9
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 $98
million.
- No debt
maturities prior to 2025.
- Maintained
leverage at 3.7x our pro forma last-twelve-months Adjusted EBITDA
of $682.3 million and are on a rapid deleveraging trajectory.
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 |
|
$1,750 million - $1,830 million |
|
$1,800 million - $1,850 million |
Adjusted EBITDA1,2 |
$646 million |
|
$690 million - $720 million |
|
$710 million - $730 million |
Net CAPEX2,3 |
$161 million |
|
$190 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. 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. Free Cash Flow Margin is defined
as Free Cash Flow divided by Total Revenue. 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
financial 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. However,
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.
Conference Call Information
WillScot Mobile Mini Holdings will host a
conference call and webcast to discuss its second quarter 2021
results and outlook at 10 a.m. Eastern Time on Friday, August 6,
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 Second
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 270 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: the
acceleration of synergies; our ability to continue to improve
results; our future cash flow and liquidity, our deleveraging
trajectory, continued VAPS penetration opportunities, 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
CorporationConsolidated Statements of
Operations (in thousands, except share and per share
data)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands, except share and per share
data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenues: |
|
|
|
|
|
|
|
Leasing and services revenue: |
|
|
|
|
|
|
|
Leasing |
$ |
343,179 |
|
|
$ |
190,143 |
|
|
$ |
658,841 |
|
|
$ |
378,495 |
|
Delivery and installation |
91,680 |
|
|
51,640 |
|
|
175,184 |
|
|
102,710 |
|
Sales revenue: |
|
|
|
|
|
|
|
New units |
11,008 |
|
|
9,763 |
|
|
21,963 |
|
|
19,376 |
|
Rental units |
15,235 |
|
|
5,316 |
|
|
30,437 |
|
|
12,102 |
|
Total revenues |
461,102 |
|
|
256,862 |
|
|
886,425 |
|
|
512,683 |
|
Costs: |
|
|
|
|
|
|
|
Costs of leasing and services: |
|
|
|
|
|
|
|
Leasing |
83,032 |
|
|
47,747 |
|
|
152,927 |
|
|
97,556 |
|
Delivery and installation |
77,153 |
|
|
43,523 |
|
|
147,289 |
|
|
87,388 |
|
Costs of sales: |
|
|
|
|
|
|
|
New units |
7,052 |
|
|
6,331 |
|
|
14,161 |
|
|
12,534 |
|
Rental units |
8,162 |
|
|
3,803 |
|
|
17,267 |
|
|
7,609 |
|
Depreciation of rental equipment |
62,893 |
|
|
45,494 |
|
|
118,591 |
|
|
91,442 |
|
Gross profit |
222,810 |
|
|
109,964 |
|
|
436,190 |
|
|
216,154 |
|
Expenses: |
|
|
|
|
|
|
|
Selling, general and administrative |
122,387 |
|
|
63,653 |
|
|
238,872 |
|
|
129,190 |
|
Transaction costs |
— |
|
|
1,619 |
|
|
844 |
|
|
11,050 |
|
Other depreciation and amortization |
21,622 |
|
|
2,883 |
|
|
39,946 |
|
|
5,957 |
|
Lease impairment expense and other related charges |
474 |
|
|
1,394 |
|
|
1,727 |
|
|
3,055 |
|
Restructuring costs |
6,960 |
|
|
749 |
|
|
10,102 |
|
|
689 |
|
Currency losses (gains), net |
33 |
|
|
(380 |
) |
|
69 |
|
|
518 |
|
Other expense (income), net |
719 |
|
|
(1,021 |
) |
|
(1,269 |
) |
|
(745 |
) |
Operating income |
70,615 |
|
|
41,067 |
|
|
145,899 |
|
|
66,440 |
|
Interest expense |
29,212 |
|
|
28,519 |
|
|
59,176 |
|
|
56,776 |
|
Fair value (gain) loss on common stock warrant liabilities |
(610 |
) |
|
26,963 |
|
|
26,597 |
|
|
(68,366 |
) |
Loss on extinguishment of debt |
2,814 |
|
|
— |
|
|
5,999 |
|
|
— |
|
Income (loss) before income tax |
39,199 |
|
|
(14,415 |
) |
|
54,127 |
|
|
78,030 |
|
Income tax expense (benefit) |
18,828 |
|
|
(285 |
) |
|
29,309 |
|
|
505 |
|
Net income (loss) |
20,371 |
|
|
(14,130 |
) |
|
24,818 |
|
|
77,525 |
|
Net income attributable to non-controlling interest, net of
tax |
— |
|
|
1,343 |
|
|
— |
|
|
1,213 |
|
Net income (loss) attributable to WillScot Mobile Mini |
$ |
20,371 |
|
|
$ |
(15,473 |
) |
|
$ |
24,818 |
|
|
$ |
76,312 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to WillScot MobileMini
common shareholders |
|
|
|
|
|
|
|
Basic |
$ |
0.09 |
|
|
$ |
(0.14 |
) |
|
$ |
0.11 |
|
|
$ |
0.69 |
|
Diluted |
$ |
0.08 |
|
|
$ |
(0.14 |
) |
|
$ |
0.11 |
|
|
$ |
0.06 |
|
Weighted average shares: |
|
|
|
|
|
|
|
Basic |
228,406,812 |
|
|
110,692,426 |
|
|
228,350,318 |
|
|
110,174,536 |
|
Diluted |
236,536,713 |
|
|
110,692,426 |
|
|
234,898,911 |
|
|
112,336,118 |
|
Unaudited Segment Operating
Data
Comparison of Three Months Ended June
30, 2021 and 2020
|
Three Months Ended June 30, 2021 |
(in thousands, except for units on rent and
rates) |
NA Modular |
|
NA Storage |
|
UK Storage |
|
Tank andPump |
|
Total |
Revenue |
$ |
289,382 |
|
|
$ |
115,794 |
|
|
$ |
28,432 |
|
|
$ |
27,494 |
|
|
$ |
461,102 |
|
Gross profit |
$ |
116,136 |
|
|
$ |
75,721 |
|
|
$ |
17,937 |
|
|
$ |
13,016 |
|
|
$ |
222,810 |
|
Adjusted EBITDA |
$ |
103,545 |
|
|
$ |
49,526 |
|
|
$ |
12,328 |
|
|
$ |
10,096 |
|
|
$ |
175,495 |
|
Capital expenditures for rental equipment |
$ |
49,364 |
|
|
$ |
8,773 |
|
|
$ |
4,226 |
|
|
$ |
2,919 |
|
|
$ |
65,282 |
|
Average modular space units on rent |
84,754 |
|
|
16,360 |
|
|
9,354 |
|
|
— |
|
|
110,468 |
|
Average modular space utilization rate |
67.7 |
% |
|
78.4 |
% |
|
84.3 |
% |
|
— |
% |
|
70.3 |
% |
Average modular space monthly rental rate |
$ |
801 |
|
|
$ |
573 |
|
|
$ |
438 |
|
|
$ |
— |
|
|
$ |
736 |
|
Average portable storage units on rent |
13,301 |
|
|
112,862 |
|
|
25,573 |
|
|
— |
|
|
151,736 |
|
Average portable storage utilization rate |
69.8 |
% |
|
76.1 |
% |
|
91.8 |
% |
|
— |
% |
|
77.7 |
% |
Average portable storage monthly rental rate |
$ |
133 |
|
|
$ |
151 |
|
|
$ |
88 |
|
|
$ |
— |
|
|
$ |
139 |
|
Average tank and pump solutions rental fleetutilization based on
original equipment cost |
— |
% |
|
— |
% |
|
— |
% |
|
71.2 |
% |
|
71.2 |
% |
|
Three Months Ended June 30, 2020 |
(in thousands, except for units on rent and
rates) |
NA Modular |
|
NA Storage |
|
UK Storage |
|
Tank andPump |
|
Total |
Revenue |
$ |
256,862 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
256,862 |
|
Gross profit |
$ |
109,964 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
109,964 |
|
Adjusted EBITDA |
$ |
97,520 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
97,520 |
|
Capital expenditures for rental equipment |
$ |
40,034 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
40,034 |
|
Average modular space units on rent |
87,096 |
|
|
— |
|
|
— |
|
|
— |
|
|
87,096 |
|
Average modular space utilization rate |
68.5 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
68.5 |
% |
Average modular space monthly rental rate |
$ |
669 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
669 |
|
Average portable storage units on rent |
15,869 |
|
|
— |
|
|
— |
|
|
— |
|
|
15,869 |
|
Average portable storage utilization rate |
62.5 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
62.5 |
% |
Average portable storage monthly rental rate |
$ |
120 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
120 |
|
Average tank and pump solutions rental fleetutilization based on
original equipment cost |
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Comparison of the Six Months Ended June
30, 2021 and 2020
|
Six Months Ended June 30, 2021 |
(in thousands, except for units on rent and
rates) |
NA Modular |
|
NA Storage |
|
UK Storage |
|
Tank andPump |
|
Total |
Revenue |
$ |
555,606 |
|
|
$ |
223,542 |
|
|
$ |
55,439 |
|
|
$ |
51,838 |
|
|
$ |
886,425 |
|
Gross profit |
$ |
229,138 |
|
|
$ |
148,340 |
|
|
$ |
34,430 |
|
|
$ |
24,282 |
|
|
$ |
436,190 |
|
Adjusted EBITDA |
$ |
200,916 |
|
|
$ |
95,848 |
|
|
$ |
23,392 |
|
|
$ |
18,924 |
|
|
$ |
339,080 |
|
Capital expenditures for rental equipment |
$ |
88,499 |
|
|
$ |
12,245 |
|
|
$ |
10,996 |
|
|
$ |
6,077 |
|
|
$ |
117,817 |
|
Average modular space units on rent |
84,737 |
|
|
16,399 |
|
|
9,235 |
|
|
— |
|
|
110,371 |
|
Average modular space utilization rate |
67.6 |
% |
|
78.9 |
% |
|
84.1 |
% |
|
— |
% |
|
70.3 |
% |
Average modular space monthly rental rate |
$ |
769 |
|
|
$ |
554 |
|
|
$ |
420 |
|
|
$ |
— |
|
|
$ |
703 |
|
Average portable storage units on rent |
14,186 |
|
|
109,355 |
|
|
25,112 |
|
|
— |
|
|
148,653 |
|
Average portable storage utilization rate |
64.8 |
% |
|
75.0 |
% |
|
90.5 |
% |
|
— |
% |
|
76.1 |
% |
Average portable storage monthly rental rate |
$ |
128 |
|
|
$ |
150 |
|
|
$ |
85 |
|
|
$ |
— |
|
|
$ |
137 |
|
Average tank and pump solutions rental fleetutilization based on
original equipment cost |
— |
% |
|
— |
% |
|
— |
% |
|
69.3 |
% |
|
69.3 |
% |
|
Six Months Ended June 30, 2020 |
(in thousands, except for units on rent and
rates) |
NA Modular |
|
NA Storage |
|
UK Storage |
|
Tank andPump |
|
Total |
Revenue |
$ |
512,683 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
512,683 |
|
Gross profit |
$ |
216,154 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
216,154 |
|
Adjusted EBITDA |
$ |
187,062 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
187,062 |
|
Capital expenditures for rental equipment |
$ |
79,682 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
79,682 |
|
Average modular space units on rent |
87,542 |
|
|
— |
|
|
— |
|
|
— |
|
|
87,542 |
|
Average modular space utilization rate |
68.9 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
68.9 |
% |
Average modular space monthly rental rate |
$ |
661 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
661 |
|
Average portable storage units on rent |
16,114 |
|
|
— |
|
|
— |
|
|
— |
|
|
16,114 |
|
Average portable storage utilization rate |
63.5 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
63.5 |
% |
Average portable storage monthly rental rate |
$ |
120 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
120 |
|
Average tank and pump solutions rental fleetutilization based on
original equipment cost |
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
WillScot
CorporationConsolidated Balance Sheets(in
thousands, except share and per share data)
(in thousands, except share data) |
June 30, 2021(unaudited) |
|
December 31, 2020 |
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
15,402 |
|
|
$ |
24,937 |
|
Trade receivables, net of allowances for credit losses at June
30,2021 and December 31, 2020 of $36,785 and
$29,258,respectively |
365,164 |
|
|
330,942 |
|
Inventories |
32,294 |
|
|
23,731 |
|
Prepaid expenses and other current assets |
26,686 |
|
|
29,954 |
|
Assets held for sale |
— |
|
|
12,004 |
|
Total current assets |
439,546 |
|
|
421,568 |
|
Rental equipment, net |
2,914,572 |
|
|
2,931,646 |
|
Property, plant and equipment, net |
303,488 |
|
|
303,650 |
|
Operating lease assets |
235,258 |
|
|
232,094 |
|
Goodwill |
1,180,737 |
|
|
1,171,219 |
|
Intangible assets, net |
474,327 |
|
|
495,947 |
|
Other non-current assets |
11,785 |
|
|
16,081 |
|
Total long-term assets |
5,120,167 |
|
|
5,150,637 |
|
Total assets |
$ |
5,559,713 |
|
|
$ |
5,572,205 |
|
Liabilities and equity |
|
|
|
Accounts payable |
$ |
132,031 |
|
|
$ |
106,926 |
|
Accrued expenses |
149,670 |
|
|
141,672 |
|
Deferred revenue and customer deposits |
151,819 |
|
|
135,485 |
|
Operating lease liabilities - current |
49,606 |
|
|
48,063 |
|
Current portion of long-term debt |
16,557 |
|
|
16,521 |
|
Total current liabilities |
499,683 |
|
|
448,667 |
|
Long-term debt |
2,506,295 |
|
|
2,453,809 |
|
Deferred tax liabilities |
332,492 |
|
|
307,541 |
|
Operating lease liabilities - non-current |
184,874 |
|
|
183,761 |
|
Common stock warrant liabilities |
— |
|
|
77,404 |
|
Other non-current liabilities |
30,956 |
|
|
37,150 |
|
Long-term liabilities |
3,054,617 |
|
|
3,059,665 |
|
Total liabilities |
3,554,300 |
|
|
3,508,332 |
|
Commitments and contingencies (see Note 17) |
|
|
|
Preferred Stock: $0.0001 par, 1,000,000 shares authorizedand zero
shares issued and outstanding at June 30, 2021 andDecember 31,
2020 |
— |
|
|
— |
|
Common Stock: $0.0001 par, 500,000,000 shares authorized
and226,832,627 and 229,038,158 shares issued and outstanding atJune
30, 2021 and December 31, 2020, respectively |
23 |
|
|
23 |
|
Additional paid-in-capital |
3,756,563 |
|
|
3,852,291 |
|
Accumulated other comprehensive loss |
(24,757 |
) |
|
(37,207 |
) |
Accumulated deficit |
(1,726,416 |
) |
|
(1,751,234 |
) |
Total shareholders' equity |
2,005,413 |
|
|
2,063,873 |
|
Total liabilities and equity |
$ |
5,559,713 |
|
|
$ |
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 meet future debt service obligations and working
capital requirements.
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.
- 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 tables
provide unaudited reconciliations of Net income (loss) to Adjusted
EBITDA.
Adjusted EBITDA
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income (loss) |
$ |
20,371 |
|
|
$ |
(14,130 |
) |
|
$ |
24,818 |
|
|
$ |
77,525 |
|
Income tax expense (benefit) |
18,828 |
|
|
(285 |
) |
|
29,309 |
|
|
505 |
|
Loss on extinguishment of debt |
2,814 |
|
|
— |
|
|
5,999 |
|
|
— |
|
Interest expense |
29,212 |
|
|
28,519 |
|
|
59,176 |
|
|
56,776 |
|
Depreciation and amortization |
84,515 |
|
|
48,377 |
|
|
158,537 |
|
|
97,399 |
|
Fair value loss (gain) on commonstock warrant liabilities |
(610 |
) |
|
26,963 |
|
|
26,597 |
|
|
(68,366 |
) |
Currency losses (gains), net |
33 |
|
|
(380 |
) |
|
69 |
|
|
518 |
|
Restructuring costs, lease impairmentexpense and other related
charges |
7,434 |
|
|
2,143 |
|
|
11,829 |
|
|
3,744 |
|
Transaction costs |
— |
|
|
1,619 |
|
|
844 |
|
|
11,050 |
|
Integration costs |
7,622 |
|
|
2,153 |
|
|
14,964 |
|
|
3,839 |
|
Stock compensation expense |
4,707 |
|
|
2,227 |
|
|
8,221 |
|
|
4,014 |
|
Other |
569 |
|
|
314 |
|
|
(1,283 |
) |
|
58 |
|
Adjusted EBITDA |
$ |
175,495 |
|
|
$ |
97,520 |
|
|
$ |
339,080 |
|
|
$ |
187,062 |
|
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 financial performance of our business.
The following tables provide unaudited
reconciliations of Net income (loss) to Net Income Excluding
Gain/Loss from Warrants.
|
Three Months Ended June 30, |
Six Months Ended June 30, |
(in thousands) |
2021 |
|
2020 |
2021 |
|
2020 |
Net income (loss) |
$ |
20,371 |
|
|
$ |
(14,130 |
) |
$ |
24,818 |
|
|
$ |
77,525 |
|
Fair value (gain) loss on common stock warrant liabilities |
(610 |
) |
|
26,963 |
|
26,597 |
|
|
(68,366 |
) |
Net Income (Loss) Excluding Gain/Loss from Warrants |
$ |
19,761 |
|
|
$ |
12,833 |
|
$ |
51,415 |
|
|
$ |
9,159 |
|
Adjusted EBITDA Margin Non-GAAP
Reconciliation
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 tables provide unaudited
reconciliations of Adjusted EBITDA Margin.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Adjusted EBITDA (A) |
$ |
175,495 |
|
|
$ |
97,520 |
|
|
$ |
339,080 |
|
|
$ |
187,062 |
|
Revenue (B) |
$ |
461,102 |
|
|
$ |
256,862 |
|
|
$ |
886,425 |
|
|
$ |
512,683 |
|
Adjusted EBITDA Margin (A/B) |
38.1 |
% |
|
38.0 |
% |
|
38.3 |
% |
|
36.5 |
% |
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 provide useful information to investors regarding our
results of operations because they provide useful additional
information concerning cash flow available to meet future debt
service obligations and working capital requirements.
The following table provides unaudited
reconciliations of net cash provided by operating activities to
Free Cash Flow.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Net cash provided by operating activities |
$ |
139,537 |
|
|
|
$ |
75,379 |
|
|
|
$ |
261,608 |
|
|
|
$ |
113,727 |
|
|
Purchase of rental equipment and refurbishments |
(65,282 |
) |
|
|
(40,034 |
) |
|
|
(117,817 |
) |
|
|
(79,682 |
) |
|
Proceeds from sale of rental equipment |
15,235 |
|
|
|
5,316 |
|
|
|
30,437 |
|
|
|
12,102 |
|
|
Purchase of property, plant and equipment |
(10,143 |
) |
|
|
(1,668 |
) |
|
|
(17,450 |
) |
|
|
(3,186 |
) |
|
Proceeds from the sale of property, plant and equipment |
2,709 |
|
|
|
3 |
|
|
|
16,438 |
|
|
|
3,843 |
|
|
Free Cash Flow (A) |
$ |
82,056 |
|
|
|
$ |
38,996 |
|
|
|
$ |
173,216 |
|
|
|
$ |
46,804 |
|
|
|
|
|
|
|
|
|
|
Revenue (B) |
$ |
461,102 |
|
|
|
$ |
256,862 |
|
|
|
$ |
886,425 |
|
|
|
$ |
512,683 |
|
|
Free Cash Flow Margin (A/B) |
17.8 |
|
% |
|
15.2 |
|
% |
|
19.5 |
|
% |
|
9.1 |
|
% |
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 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 unaudited
reconciliations of gross profit to Adjusted Gross Profit and
Adjusted Gross Profit Percentage.
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2021 |
Revenue (A) |
$ |
461,102 |
|
|
$ |
256,862 |
|
|
$ |
886,425 |
|
|
$ |
512,683 |
|
|
|
|
|
|
|
|
|
Gross profit (B) |
$ |
222,810 |
|
|
$ |
109,964 |
|
|
$ |
436,190 |
|
|
$ |
216,154 |
|
Depreciation of rental equipment |
62,893 |
|
|
45,494 |
|
|
118,591 |
|
|
91,442 |
|
Adjusted Gross Profit (C) |
$ |
285,703 |
|
|
$ |
155,458 |
|
|
$ |
554,781 |
|
|
$ |
307,596 |
|
|
|
|
|
|
|
|
|
Gross Profit Percentage (B/A) |
48.3 |
% |
|
42.8 |
% |
|
49.2 |
% |
|
42.2 |
% |
Adjusted Gross Profit Percentage (C/A) |
62.0 |
% |
|
60.5 |
% |
|
62.6 |
% |
|
60.0 |
% |
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 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 unaudited
reconciliations of Net CAPEX:
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Total purchases of rental equipment and refurbishments |
$ |
(65,282 |
) |
|
$ |
(40,034 |
) |
|
$ |
(117,817 |
) |
|
$ |
(79,682 |
) |
Total proceeds from sale of rental equipment |
15,235 |
|
|
5,316 |
|
|
30,437 |
|
|
12,102 |
|
Net CAPEX for Rental Equipment |
(50,047 |
) |
|
(34,718 |
) |
|
(87,380 |
) |
|
(67,580 |
) |
Purchase of property, plant and equipment |
(10,143 |
) |
|
(1,668 |
) |
|
(17,450 |
) |
|
(3,186 |
) |
Proceeds from sale of property, plant and equipment |
2,709 |
|
|
3 |
|
|
16,438 |
|
|
3,843 |
|
Net CAPEX |
$ |
(57,481 |
) |
|
$ |
(36,383 |
) |
|
$ |
(88,392 |
) |
|
$ |
(66,923 |
) |
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