WillScot Mobile Mini Holdings Corp., a leading provider of flexible workspace and portable storage solutions in North America, has reported strong third-quarter 2022 results. The company achieved revenue of $604 million, income from continuing operations of $86 million, and Adjusted EBITDA of $251 million, excluding its divested Tank and Pump segment. Including discontinued operations, net income reached $129 million and Adjusted EBITDA totaled $264 million.

The company saw year-over-year improvements, with Adjusted EBITDA margins expanding to 41.6%, up 270 basis points. Cash from operations increased by 61.3% year-over-year to $210 million, while Free Cash Flow rose 6.2% to $83 million. WillScot Mobile Mini Holdings also completed four acquisitions during the quarter and repurchased 5.3 million shares, returning $197 million to shareholders.

CEO Brad Soultz highlighted the company’s focus on organic and inorganic growth, cross-selling initiatives, and transitioning its sales approach to value-based selling. This strategy has helped expand its market position and boost revenue from Value Added Products (VAPS). The successful divestiture of the Tank and Pump segment further reduced leverage to 3.4x Net Debt to Adjusted EBITDA.

The company updated its full-year 2022 outlook, projecting Adjusted EBITDA from continuing operations to be between $910 million and $930 million, reflecting 30% to 33% growth compared to 2021. With these results, WillScot Mobile Mini is on track to surpass its $1 billion Adjusted EBITDA run-rate milestone set during its 2021 Investor Day.

Looking forward, the company plans to focus on core segments, M&A opportunities, and delivering shareholder value as it prepares for a strong 2023.