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WILLSCOT ▪ MOBILE MINI HOLDINGS CORP WILLSCOT mobile mini SOLUTIONS WillScot Mobile Mini Holdings Announces First Quarter Results and Updates 2021 Outlook April 29 , 2021 Q1 Performance , Strong Commercial Trends , And Integration Execution Support Increase To 2021 Outlook PHOENIX , April 29 , 2021 ( GLOBE NEWSWIRE ) -- 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 preliminary first quarter 2021 results and provided an update on its 2021 outlook . Given our momentum exiting the first quarter , coupled with strong commercial trends in our business and continued integration execution , we are raising our full year 2021 revenue and Adjusted EBITDA guidance . While our first quarter results are preliminary due to an SEC Statement published on April 12 , 2021 ( the " SEC Statement " ) , indicating that many warrant structures common in SPACS should be accounted for as liabilities rather than as equity and then marked to market in each reporting period , this change will not impact our Revenue , Adjusted EBITDA , or Free Cash Flow . As discussed in more detail in a Current Report Form 8 - K filed with the SEC , we will conform to this change when we amend our Annual Report on Form 10 - K for the year ended December 31 , 2020 and file our Quarterly Report on the Form 10 - Q for the quarter ended March 31 , 2021. There have been no changes to the terms of the warrants , our operational performance indicators , our GAAP metrics above Operating Income , our non - GAAP metrics , or our capital structure as a result of this change in presentation . On July 1 , 2020 , Williams Scotsman , Inc. closed the merger with Mobile Mini , Inc. ( the " Merger " ) and changed its name to 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 related 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 reporting 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 Highlights 1 Highlights of First Quarter Results • Total revenues of $ 425.3 million increased by $ 169.5 million relative to prior year , or 66.3 % , 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 leasing revenues in the NA Modular segment . • Modular space monthly rental rates in the NA Modular segment increased by 12.9 % year over year . • NA Storage monthly rental rates increased by 5.0 % year over year . • Adjusted EBITDA of $ 163.6 million increased by $ 74.1 million , or 82.8 % year over year , driven both by the addition of Mobile Mini to our results and 8.8 % year over year organic growth in the NA Modular segment . • Adjusted EBITDA Margin of 38.5 % increased by 350 basis points ( " bps " ) relative to prior year , driven by 160 bps of margin expansion in the NA Modular segment , and the addition of Mobile Mini's higher margin portable storage business . • Net income ( loss ) range of ( $ 3.3 million ) to $ 11.7 million pending the finalization of the mark - to - market adjustment of our 2015 private warrants . Adjusted Net Income , which excludes the change in fair value of the warrant liability , was $ 31.7 million , up $ 35.4 million year over year . • Generated $ 91.2 million of Free Cash Flow , an increase of $ 83.4 million or 1068 % relative to prior year , representing a free cash flow margin of 21.4 % . • Reduced leverage to 3.7x our pro forma last - twelve - months Adjusted EBITDA of $ 660.6 million while repurchasing $ 81.6 million of common stock and warrants . • Redeemed $ 65.0 million of our 6.125 % senior notes due 2025 . • Increased share repurchase authority to $ 500 million from $ 250 million . Additional Supplemental Pro Forma Financial Information will be filed in our Quarterly Report 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 . ( in thousands ) Revenue Consolidated net income ( loss ) range ( preliminary as restated ) Adjusted EBITDA1 2021 EA EA EA $ $ $ Three Months Ended March 31 , 2020 425,323 $ ( 3,346 ) 11,654 $ 163,585 $ 255,821 76,456 106,456 89,544