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Dynavax Announces Collaboration with the University of Queensland and the Coalition for Epidemic Preparedness (CEPI) Focused on the Development of a Coronavirus (COVID-19) Vaccine

Dynavax is providing CpG 1018, the adjuvant contained in HEPLISAV-B, to support the rapid development of a COVID-19 vaccine

EMERYVILLE, Calif., March 02, 2020 (GLOBE NEWSWIRE) — Dynavax Technologies Corporation (NASDAQ: DVAX), a biopharmaceutical company focused on developing and commercializing novel vaccines, today announced it is collaborating with the University of Queensland (UQ) as part of a Coalition for Epidemic Preparedness (CEPI) initiative to develop a vaccine to prevent COVID-19.  Dynavax is providing technical expertise and the Company’s proprietary toll-like receptor 9 (TLR9) agonist adjuvant, CpG 1018, to support this initiative.

CpG 1018 is the adjuvant used in HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], an adult hepatitis B vaccine approved by the U.S. Food and Drug Administration (FDA). Dynavax developed CpG 1018 to provide an increased vaccine immune response, which has been demonstrated in HEPLISAV-B. CpG 1018 provides a well‑developed technology and a significant safety database, potentially accelerating the development of a COVID-19 vaccine.

CEPI, in conjunction with the World Health Organization, is leading multiple programs/partnerships that seek to improve the scientific understanding of the novel coronavirus, and to develop vaccines against it. UQ and CEPI established a partnership in January 2019 focused on developing a “molecular clamp” vaccine platform, a technology that enables targeted and rapid vaccine production against multiple viral pathogens.  Building on this existing partnership, CEPI requested UQ use its recently developed rapid response technology, which allows for the rapid generation of new vaccines from the knowledge of a virus’s genetic sequence information, to develop a new vaccine against COVID-19.

“The comprehensive humanitarian response to address the risk of COVID-19 by the vaccine development community is a testament to the dedication our industry has to global public health,” commented Ryan Spencer, Chief Executive Officer of Dynavax. “We are proud to contribute to this global effort to develop a vaccine to prevent COVID-19 in collaboration with the exceptional team of researchers at the University of Queensland.”

About Dynavax
Dynavax is a commercial stage biopharmaceutical company developing and commercializing novel vaccines. The Company launched its first commercial product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], in February 2018, following U.S. FDA approval for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older.  For more information, visit www.dynavax.com and follow the company on LinkedIn.

About University of Queensland
The University of Queensland is one of Australia’s leading research and teaching institutions, a global top 50 university, ranked first in Australia and ninth in the world for biotechnology.  www.uq.edu.au.

About Coalition for Epidemic Preparedness Innovations (CEPI)
CEPI is an innovative partnership between public, private, philanthropic, and civil organisations, launched at Davos in 2017, to develop vaccines to stop future epidemics. CEPI has reached over US$750 million of its $1 billion funding target. CEPI’s priority diseases include Ebola virus, Lassa virus, Middle East Respiratory Syndrome coronavirus, Nipah virus, Rift Valley Fever and Chikungunya virus. CEPI also invests in platform technologies that can be used for rapid vaccine and immunoprophylactic development against unknown pathogens (ie, Disease X). To date, CEPI has committed to investing over $475 million in vaccine and platform development.  Learn more at cepi.net. Follow us at @CEPIvaccines.

Forward-Looking Statements
This press release contains “forward-looking” statements, including statements regarding the potential to develop a COVID-19 vaccine and to do so on an accelerated basis.  Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in vaccine research and development, including the timing of completing development, the results of clinical trials, and whether and when the vaccine will be approved for use, as well as other risks detailed in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as well as discussions of potential risks, uncertainties and other important factors in our other filings with the U.S. Securities and Exchange Commission. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. Information on Dynavax’s website at www.dynavax.com is not incorporated by reference in our current periodic reports with the SEC.

Contacts:
Nicole Arndt, Senior Manager, Investor Relations
narndt@dynavax.com
510-665-7264

Derek Cole, President
Investor Relations Advisory Solutions
derek.cole@IRadvisory.com

Ascom Myco 3 smartphone gets certification from MEDITECH for the Expanse Point of Care EHR Solution

Ascom announced that EHR provider MEDITECH has certified the Ascom Myco 3 smartphone with its Expanse Point of Care solution. Nurses, therapists, aides, and other clinicians can now complete most tasks on their handheld Ascom Myco 3 device – including receive alerts, document vitals and interventions, review records, and verify and administer medications using the smartphone’s built-in barcode scanner. Patients can also benefit from more quality caregiving time with their clinicians.

MEDITECH joins an increasing roster of prominent EHR companies to certify the healthcare device on its platform to meet the communication needs of medical organizations today and tomorrow.

Pamela Crandall, Senior Marketing Solution Manager at MEDITECH, says: “The Ascom Myco 3 device gives our customers another powerful option for accessing our Expanse Point of Care and wireless phlebotomy solutions through Dryrain’s Enterprise browser. Nurses appreciate the mobility of using smartphone devices and the additional facetime it gives them with patients.”

Phlebotomists can also use the Ascom Myco 3 to access MEDITECH’s phlebotomy handheld solution to access a real-time list of specimens awaiting collection and print labels at the patient’s bedside. In addition, phlebotomists can use the barcode scanner to verify patient identification prior to specimen draw.

Francis Schmeer, Chief Sales Officer of Ascom, underlines: “We are delighted to partner with MEDITECH, a leading vendor and founder of the EHR market. The Ascom Myco 3, sold globally and in trials in many leading hospitals, is showing great results across the care continuum. Our aim with this smartphone designed for healthcare professionals is to provide mobility with confidence and improve clinician workflows at the point of care.”

For more information on the Ascom Myco 3 smartphone visit the website here.

Philips sleep survey shows only half of people worldwide are satisfied with their sleep, but are less likely than before to take action to improve it

March 2, 2020

  • Global survey reveals 36% have slept separately from their bed partner in an attempt to improve sleep
  • 74% admit to using cell phones in bed
  • 60% agree they are interested in new information or strategies to help them get better sleep

Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the findings from its 5th annual sleep survey in a report, “Wake Up Call: Global Sleep Satisfaction Trends.” Philips surveyed more than 13,000 adults in 13 countries to capture attitudes, perceptions, and behaviors around sleep. This year’s results show global sleep satisfaction remains low with worry/stress, relationships and cell phone use reported as key sleep inhibitors.

Worry and stress continue to affect a good night’s sleep
Only 49% of people are satisfied [1] with their sleep, with worry/stress reported as the most limiting factor to a good night’s sleep (33%). Interestingly, fewer people in 2020 are taking action to improve sleep compared to 2019, with nearly all listed strategies to improve sleep lower or consistent in 2020 when compared to 2019 results. For example, reading before bed was the most popular strategy used to improve sleep in 2019 (39%), but only 28% of people report reading to improve sleep in 2020. Other notable distinctions in sleep-related behavior appeared across age and gender differences.

“The decrease in people taking action to improve sleep is alarming, especially when it is clear people around the world deeply value sleep. Sleep deficit impacts people both mentally and physically, so we need to educate people on available sleep resources and empower them with the confidence that their efforts will pay off,” said Mark Aloia, PhD, Global Lead for Behavior Change, Sleep & Respiratory Care at Philips. “As we head into the next decade, Philips is focused on designing a future where technology leveraged across the entire sleep ecosystem can help people get the most out of their lives.”

Sleep issues coming between bedpartners
Factors putting quality sleep at risk stem from both social and technology distractions. When it comes to relationships, 36% of people with a partner/spouse agree [1] they sometimes sleep separately from their partner/spouse to improve their sleep, and 30% agree [1] their or their partner/spouse’s difficulty sleeping is impacting their relationship. Despite experts’ recommendations to the contrary, almost 4-in-ten report using their phones right before falling asleep (39%) or as soon as they wake up (39%).

While external factors can be altered to improve sleep, some sleep conditions are outside of a person’s control. This year, respondents report lower rates of insomnia, snoring, shift work disorder and chronic pain, but sleep apnea remains consistent (2019: 10% vs. 2020: 9%). Of those reporting to have sleep apnea, 51% said their sleep apnea is impacting their relationship(s). Yet, 48% of people with sleep apnea said they felt getting good sleep was out of their control – even though a variety of solutions exist to treat it.

The desire for help is there, as 60% of people agree [1] they are interested in new information or strategies to help them get better sleep. Watching TV remains the most common strategy people use to improve their sleep (2019: 37% vs. 2020: 33%), and new data this year shows 15% have tried or currently use either marijuana or CBD oil to better their sleep. For more insight from this year or past years’ surveys, please visit Philips.com/WorldSleepDay.

Using 35 years of deep clinical expertise in sleep technology, Philips’ growing portfolio of sleep solutions seek to address 80% of the most common sleep issues [2]. To learn more about the Global Sleep Survey and Philips’ commitment to improving access to sleep technology worldwide, visit Philips.com/WorldSleepDay. To join the conversation about sleep health and Philips’ growing suite of consumer and scripted sleep solutions, follow @Philips@PhilipsSleepWellness or @PhilipsResp.

[1] indicates net “somewhat” or “complete” agreement with the statement
[2] Snoring, Short Sleep, Insomnia, and Obstructive Sleep Apnea

For further information, please contact:

Kathy O’Reilly
Philips Global Press Office
Tel.: +1 978-221-8919
E-mail: kathy.oreilly@philips.com
Twitter: kathyoreilly

Meredith Amoroso
Philips Sleep and Respiratory Care
Mobile: +1 724-584-8991
E-mail: meredith.amoroso@philips.com

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2019 sales of EUR 19.5 billion and employs approximately 80,000 employees with sales and services in more than 100 countries. News about Philips can be found at https://www.philips.com/newscenter.

About the Survey
This survey was conducted online by KJT Group, Inc. on behalf of Philips from November 12 – December 5, 2019 among 13,004 adults ages 18 and older in 13 countries (Australia: n=1,000; Brazil: n=1,000; China: n=1,001; France: n=1,000; Germany: n=1,000; India: n=1,000; Italy: n=1,000; Japan: n=1,001; Netherlands: n=1,001; Singapore: n=1,000; South Korea: n=1,000; United Kingdom: n=1,000; and the U.S.: n=1,001). The survey was web-based and self-administered in the primary language(s) of each country. These were non-probability samples and thus a margin of error cannot be accurately estimated. For complete survey methodology, including weighting variables, please contact Meredith Amoroso at meredith.amoroso@philips.com.

Attachments

The International Coalition of National Security Advisors’ (ICNSA) launches series of workshops worldwide and creates a Legal Defense Fund to fight slander

Seneviratne Den Haag ICNSA Interview
Seneviratne Den Haag ICNSA Interview
ICNSA National Security, Sovereignty and Preservation of Heritage Conference Panel
ICNSA National Security, Sovereignty and Preservation of Heritage Conference Panel.Prof. Dr. David Pinto, Jean Labrique, Harm Groenendojk, Toine Manders, and Saman Seneviratne, the Keynote Speaker. Peter van der Velden of the Netherland’s Popular Party was the host. Daniël Gerritsen, Chairman, Committee on Activism of ICNSA and an inspiring politician moderated the event.
ICNSA February 2020 Den Haag Conference
Peter van der Velden of the Netherland’s Popular Party was the host

DEN HAAG, The Netherlands, March 02, 2020 (GLOBE NEWSWIRE) — The International Coalition of National Security Advisors’ (ICNSA) inaugural 3 day conference kicked off on February 20, 2020 at the Wandelganger Nieuwspoort, newsroom for the Parliament and where the Prime Minister of the Netherlands does his weekly address. Session was on National Security, Sovereignty, and Preservation of Heritage with speakers Prof. Dr. David Pinto, Jean Labrique, Harm Groenendojk, Toine Manders, and Saman Seneviratne, the Keynote Speaker. Peter van der Velden of the Netherland’s Popular Party was the host. Daniël Gerritsen, Chairman, Committee on Activism of ICNSA and an inspiring politician moderated the event. See event program.

Second session held in Hoofddorp, was dedicated to maritime security joined by Oliver Vehmeier, President of Royal Marina Yacht Group (RMYG). RMYG provides a total experience from the vessel to entertainment to personal security said Vehmeier who was a guest contributor on the session on Compliance with International Maritime laws, Coast Guard, navigating international waters, privacy, pirates and maritime threats to national security.

Third session in Rotterdam led by the Endowment for the Preservation of Judeo Christian Values (EPJCV), represented by Seneviratne, promotes preservation through policy changes and changes to laws protecting the unborn through to end-of-life treatments. EPJCV promoting Judeo Christian events; “From Holocaust to Resurrection of Israel,” led by Chabad Flevland and Emanuël Kerk in collaboration with Christian churches said Gerritsen.

Following the sessions in the Netherlands, a special session was held in Los Angeles, United States where Cybersecurity Expert Kenneth Davis was the subject matter expert who is involved at civilian, military and government levels was the key analyst. Davis used Gerritsen’s son being removed by Youth Protection Rotterdam as case study one. Davis, also a former Deputy Sherriff has several years of working knowledge where there’s current litigation: “Saman Seneviratne’s Integrity was attacked through anonymous internet postings and slander to destroy his business and personal reputation,” said Davis citing litigation.

Melvin Avanzado, Attorney and Social Justice Advocate. Attorney Avanzado has been selected to proctor the Legal Defense Fund for ICNSA.

The ICNSA is a collaborative coalition of National Security Advisors, politicians, researchers, and policy advisors who research, educate, analyze and disseminate vital information that effects national sovereignty, constitutions, and national heritage. Next ICNSA event is scheduled for April of 2020. Please contact InvitationRequest@ICNSA.org.

Media Relations
Social Phenomenon Thinktank
www.sptfellows.com
4243175595

Photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/23bee822-5d35-4be3-9993-d6c2a8a74ed1https://www.globenewswire.com/NewsRoom/AttachmentNg/726fbd4d-600f-4d3d-a488-3b69737c3ddbhttps://www.globenewswire.com/NewsRoom/AttachmentNg/3ea97b9e-e442-4402-b893-0d6680f31682

WILLSCOT CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2019 RESULTS AND PROVIDES 2020 OUTLOOK

Transformational 2019 Highlighted By Fourth Quarter 2019 Consolidated Net Income of $8.9 million, Adjusted EBITDA1 of $98.2 million, and Free Cash Flow1 of $43.7 Million

Announces Combination with Mobile Mini, Creating the North American Leader in Modular Space and Portable Storage Solutions

BALTIMORE, March 02, 2020 (GLOBE NEWSWIRE) — WillScot Corporation (“WillScot” or the “Company”) (Nasdaq: WSC) today announced its fourth quarter and full year 2019 financial results and provided its 2020 outlook.

Fourth Quarter 2019 Financial Highlights1,2

  • Revenues of $278.0 million, representing an 8.0% (or $20.6 million) year over year increase, driven by growth in core leasing and services revenues of $17.5 million, or 7.7%.
    • Modular space average monthly rental rate increased to $641, a 14.1% increase year over year.
  • Adjusted EBITDA of $98.2 million represents a 33.6% (or $24.7 million) year over year increase.
    • Adjusted EBITDA margin of 35.3% increased 670 basis points (“bps”) year over year.
    • Approximately 80% of the expected $70.0 million annualized cost synergies related to the ModSpace and Acton acquisitions were in our fourth quarter 2019 results on a run rate basis.
  • Consolidated net income of $8.9 million (including $7.9 million of discrete costs from acquisition and integration-related activities) increased by $19.3 million, and Free Cash Flow of $43.7 million increased by $63.8 million, year over year, consistent with our planned transition to net profitability and cash generation.

2019 Full Year Financial Highlights1,2

  • Revenues of $1,063.7 million, representing a 41.6% (or $312.3 million) year over year increase, driven by growth in core leasing and services revenues of $291.5 million, or 43.3%.
    • Consolidated modular space average monthly rental rate increased to $614 representing an 11.2% increase year over year. Pro forma modular space average monthly rental rates increased 13.7% year over year, driven primarily by a 14.9% year over year increase in our core Modular – US segment, marking the 9th consecutive quarter of double-digit rate growth in the segment. Growth of 14.9% was driven approximately 60.0% from unit rate growth, with the remaining 40.0% driven by growth in value added products and services (“VAPS”).
    • Modular leasing revenue increased 7.7% on a pro forma basis, reflecting continued strong organic growth.
  • Adjusted EBITDA of $356.5 million, including $4.4 million of costs reclassified as operating leases upon adoption of ASC 842(5), represents a 65.4% (or $141.0 million) year over year increase.
    • Adjusted EBITDA margin increased 480 bps year over year and 680 bps on a pro forma basis to 33.5%.
  • Consolidated net loss of $11.5 million (including $46.0 million of discrete costs from acquisition and integration-related activities) decreased by $42.1 million, and Free Cash Flow of $20.0 million increased by $116.9 million year over year, consistent with our planned transition to net profitability and cash generation.

Announced Combination with Mobile Mini
Today, in a separate press release, WillScot announced that it has entered into a definitive merger agreement with Mobile Mini. The combination will create an industry-leading specialty leasing platform with unrivaled scale and product breadth, a broad and strategic footprint, and substantial free cash flow and liquidity with which to pursue multiple organic and inorganic growth opportunities. The combined company will operate a fleet consisting of over 360 thousand units with predictable recurring revenue supported by average useful asset lives of over 20 years and average lease durations greater than 30 months. The approximately $6.6 billion enterprise value combination will take form in an all-stock merger in which Mobile Mini shareholders will receive 2.4050 WillScot shares for every one share of Mobile Mini owned. The combination is expected to close in the third quarter of 2020.

 Three Months Ended
December 31,
 Year Ended
December 31,
(in thousands)2019 2018 2019 2018
Revenue$278,045  $257,404  $1,063,665  $751,412 
Consolidated net income (loss)$8,928  $(10,387) $(11,543) $(53,572)
Net cash provided by operating activities$73,490  $21,569  $172,566  $37,149 
Free Cash Flow1$43,682  $(20,165) $19,984  $(96,907)
 Three Months Ended
December 31,
 Year Ended
December 31,
Adjusted EBITDA1 by Segment (in thousands)2019 2018 2019 2018
Modular – US$88,800  $67,240  $325,068  $196,410 
Modular – Other North America9,417  6,267  31,480  19,123 
Consolidated Adjusted EBITDA$98,217  $73,507  $356,548  $215,533 
                

Management Commentary1,2,3

Brad Soultz, President and Chief Executive Officer of WillScot, commented, “WillScot delivered another quarter of substantial Adjusted EBITDA growth completing a truly transformational year for WillScot. Revenue and Adjusted EBITDA for the fourth quarter were up 8.0% and 33.6% organically over the prior year, and our Adjusted EBITDA margin of 35.3% increased 670 bps versus the fourth quarter of 2018. We’ve achieved this through our increased scale, solid synergy realization, and our rate and VAPS growth. We remain committed to de-leveraging organically, and our free cash flow generation of $43.7 million in the fourth quarter heading into 2020 gives us confidence that we will de-lever well below 4x during the course of 2020 based on our guidance.”

Tim Boswell, Chief Financial Officer commented, “In Q4 we delivered solid year over year modular leasing revenue growth of $14.5 million or 8.1% organically, which is the best indicator of our trajectory heading into 2020. Modular space average rental rates in our Modular – US segment increased 15.1% year over year, due to the continued churn of our acquired portfolios and increased VAPS penetration and pricing on rental contracts. Organic lease revenue growth and cost synergy realization drove 670 bps of year over year Adjusted EBITDA margin expansion with approximately 80.0% of Acton and ModSpace synergies realized in Q4. All of this drove positive net income in the fourth quarter of $8.9 million and free cash flow of $43.7 million realizing our planned transition to net profitability and cash generation. We deployed the free cash flow to reduce debt and completed our transition to Large Accelerated Filer status, accomplishing all of the fundamental objectives we set for the year. Together these achievements represent a strong foundation from which to embark on WillScot’s next chapter of transformation.”

“Finally, today we announced a strategic combination with Mobile Mini, the world’s leading provider of portable storage solutions serving customers in the U.S., U.K., and Canada. We are very excited to join together our two leading companies with complementary capabilities and cultures, best-in-class teams, and proven track records of driving profitable growth and shareholder value creation,” Brad Soultz, continued.

Fourth Quarter 2019 Results1,2

Total revenues increased 8.0% to $278.0 million, as compared to $257.4 million in the prior year quarter driven by a 7.7% increase in leasing and services revenue due to improved pricing and growth of VAPS.

  • Modular – US segment revenue increased 7.8% to $251.3 million, as compared to $233.1 million in the prior year quarter, with core leasing and services revenues up $16.6 million, or 8.0%, year over year.
    • Modular space average monthly rental rate of $648 increased 15.1% year over year including the dilutive impacts of acquisitions. Improved pricing was driven by a combination of our price optimization tools and processes, as well as by continued growth in our “Ready to Work” solutions and increased VAPS penetration across our customer base.
    • Average modular space units on rent decreased 5,309, or 6.1%, year over year
  • Modular – Other North America segment revenue increased 9.9% to $26.7 million compared to $24.3 million in the prior year quarter.
    • Modular space average monthly rental rates were up 5.7% compared to the prior year quarter. Modular space units on rent decreased 2.5% to 8,953, and utilization for our modular space units decreased to 55.9%, down 70 bps from 56.6%.

Adjusted EBITDA of $98.2 million was up 33.6% compared to $73.5 million in the prior year quarter, and Adjusted EBITDA margins improved 670 bps year over year to 35.3%.

  • Modular – US segment Adjusted EBITDA increased 32.1% to $88.8 million, and Modular – Other North America segment Adjusted EBITDA increased $3.1 million to $9.4 million from the prior year quarter.
  • Adjusted EBITDA margins improved by 670 bps year over year driven by a 70 bps improvement in leasing and services gross profit margin, as well as a 600 bps reduction in selling, general and administrative expenses. We estimate that incremental cost synergies of approximately $11.2 million related to the Acton and ModSpace acquisitions were realized in the fourth quarter bringing total estimated synergies realized from the dates of the acquisitions to approximately $42.4 million. Approximately 80.0% of the annualized forecasted cost synergies of over $70 million were in our run rate as of December 31, 2019.

Net income of $8.9 million for the three months ended December 31, 2019 includes $7.9 million of discrete costs expensed in the period related to our integration and acquisition-related activities, including $2.7 million of integration costs, $2.7 million of restructuring costs, lease impairment expense and other related charges, $0.2 million of other impairments and $2.3 million of other expense. Net income of $8.9 million was up $19.3 million from a consolidated net loss of $10.4 million for the same period in 2018, which included $5.3 million of transaction costs, $8.3 million of restructuring costs, and $15.1 million of integration costs related to the Acton and ModSpace acquisitions.

Full Year 2019 Results1,2

Total revenues increased 41.6% to $1,063.7 million, as compared to $751.4 million in the prior year driven by a 43.3% increase in leasing and services revenue due to increased volumes from acquisitions, improved pricing, and growth of VAPS. Pro forma revenues decreased $0.4 million, or 0.0%, driven by reduced sales revenues, which declined $46.9 million, or 32.1%, driven primarily by one large new sale recognized in 2018 in the amount of $29.0 million in our Modular – US segment. The impact of the decline in non-recurring sales versus the prior year was nearly offset by continued strong organic growth in our core modular leasing revenues, which increased $53.4 million on a pro forma basis, or 7.7%, driven primarily by a 13.7% increase in pro forma average modular space monthly rental rates. The adoption of ASC 842 included a reclassification of amounts previously accounted for as bad debt expense from selling, general and administrative expenses, resulting in a $10.0 million reduction to revenue for the year and no change to net income, upon adoption in Q4 retroactive to January 1, 2019.

  • Modular – US segment revenue increased 41.9% to $961.7 million, as compared to $677.6 million in the prior year, with core leasing and services revenues up $271.4 million, or 44.7%, year over year.
    • Modular space average monthly rental rate of $617 increased 12.0% year over year including the dilutive impacts of acquisitions. Pro forma modular space monthly rental rates increased 14.9% year over year. Improved pricing was driven by a combination of our price optimization tools and processes, as well as by continued growth in our “Ready to Work” solutions and increased VAPS penetration across our customer base.
    • Average modular space units on rent increased 19,373, or a 30.6% year over year increase, due to an additional 8.5 months of contribution from the ModSpace acquisition. Pro forma units on rent decreased 4.5% year over year, and pro forma utilization increased by 40 bps year over year.
  • Modular – Other North America segment revenue increased 38.1% to $101.9 million, compared to $73.8 million in the prior year, with modular space average units on rent up 29.6% and average monthly rental rate up 5.5% compared to the prior year.
    • On a pro forma basis, Modular – Other North America segment modular space rental rate increased 4.4% compared to the prior year. Pro forma modular space units on rent decreased 2.5% to 8,973, and pro forma utilization for our modular space units decreased to 56.1%, down 30 bps from 56.4%.

Adjusted EBITDA of $356.5 million, including $4.4 million of costs related to finance leases reclassified as operating leases upon adoption of ASC 842, was up 65.4% compared to $215.5 million in the prior year, and Adjusted EBITDA margins improved 480 bps year over year to 33.5%.

  • Modular – US segment Adjusted EBITDA increased 65.5% to $325.0 million, and Modular – Other North America segment Adjusted EBITDA increased $12.4 million to $31.5 million from the prior year.
  • Adjusted EBITDA margins improved by 480 bps year over year driven by a 30 bps improvement in leasing and services gross profit margin as a result of improved delivery and installation rates, as well as a 470 bps reduction in selling, general and administrative expenses, offset slightly by decreased sale margins. We estimate that incremental cost synergies of approximately $36.0 million related to the Acton and ModSpace acquisitions were realized in the year bringing total estimated synergies realized from the dates of the acquisitions to approximately $42.4 million. Approximately 80% of the annualized forecasted cost synergies of over $70.0 million were in our run rate as of December 31, 2019.

Net loss of $11.5 million for the year ended December 31, 2019 includes $46.0 million of discrete costs expensed in the period related to integration and acquisition-related activities, including $26.6 million of integration costs, $11.5 million of impairment of long-lived assets and lease impairment expense and other related charges, $3.8 million of restructuring cost, and $4.1 of other expense. This is down $42.1 million from a consolidated net loss of $53.6 million in 2018, which included $20.1 million of transaction costs, $15.5 million of restructuring costs, and $30.0 million of integration costs related to the Acton and ModSpace acquisitions.

Capitalization and Liquidity Update

Capital expenditures decreased $4.9 million, or 9.6%, to $46.0 million for the three months ended December 31, 2019, from $50.9 million for the three months ended December 31, 2018. Net CAPEX4 decreased $11.9 million, or 28.5%, to $29.8 million for the three months ended December 31, 2019. The decrease was driven primarily by completion of the ModSpace integration in 2019, which allowed for more precise capital allocation decisions in Q4 2019 relative to Q4 2018. Capital expenditures increased $47.9, or 28.9%, to $213.4 million for the year ended December 31, 2019, from $165.5 million for the year ended December 31, 2018. Net CAPEXincreased $18.5, or 13.8%, to $152.6 million for the year ended December 31, 2019.  The increase was driven primarily by increased investments to support our larger fleet subsequent to the ModSpace acquisition in August 2018.

During the three months ended December 31, 2019, we generated $43.7 million of Free Cash Flow1, representing an increase of $63.9 million as compared to the three months ended December 31, 2018. Free Cash Flow1 increased $116.9 million to $20.0 for the year ended December 31, 2019. Total long-term debt as of December 31, 2019 was $1,632.6 million.  Net cash provided by operating activities of $172.6 million offset net cash used in investing activities of $152.6 million. As of December 31, 2019, we had $509.1 million of available borrowing capacity under our ABL Facility.

2020 Outlook

This guidance is subject to risks and uncertainties, including those described in “Forward-Looking Statements” below. The 2020 guidance includes:

 Current Outlook
Total revenue$1.1 billion – $1.2 billion
Adjusted EBITDA1,3$410 million – $430 million
Net CAPEX4$160 million – $180 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 – The pro forma financial information and performance metrics contained in this press release include the results of WillScot and ModSpace on a pro forma basis for all periods presented. The ModSpace acquisition closed August 15, 2018.

3 – 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.

4 – Net CAPEX is a non-GAAP financial measure. Please see the non-GAAP reconciliation tables included at the end of this press release.

5 – Quarterly amounts were adjusted for the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC 842”), effective retroactively to January 1, 2019, of and therefore do not agree to the Quarterly Reports filed on Form 10-Q for the respective periods of 2019.  See reconciliation of the impact of adopting ASC 842 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, pro forma revenue, 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, 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 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 ModSpace for all periods presented. WillScot 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 WillScot to its competitors; and (iv) provide additional tools for investors to use in evaluating ongoing operating results and trends. WillScot 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 WillScot 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 WillScot’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 WillScot 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 WillScot 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. WillScot 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 will host a conference call and webcast to discuss its fourth quarter 2019 results and outlook at 8 a.m. Eastern Time on Monday, March 2, 2020. The live call can be accessed by dialing (855) 312-9420 (US/Canada toll-free) or (210) 874-7774 (international) and asking to be connected to the WillScot call. A live webcast will also be accessible via the “Events & Presentations” section of the Company’s investor relations website https://investors.willscot.com. Choose “Events” and select the information pertaining to the WillScot Fourth Quarter 2019 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 Corporation

Headquartered in Baltimore, Maryland, WillScot Corporation is the public holding company for the Williams Scotsman family of companies in the United States, Canada and Mexico. WillScot Corporation trades on the Nasdaq stock exchange under the ticker symbol “WSC” and is the specialty rental services market leader providing innovative modular space and portable storage solutions across North America. It is the modular space supplier of choice for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors. With over half a century of innovative history, organic growth and strategic acquisitions, its fleet comprises approximately 150,000 modular space and portable storage units managed through its network of approximately 120 locations.

Forward-Looking Statements

This news release contains forward-looking statements (including the earnings 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. 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 WillScot believes that these forward-looking statements are based on reasonable assumptions, it 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 (including cost increases resulting from tariffs); potential litigation involving our Company; general economic and market conditions impacting demand for our products and services; implementation of tax reform; our ability to implement and 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 for the year ending December 31, 2019), 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 WillScot 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 our investor relations website at http://investors.willscot.com.

Contact Information  
   
Investor Inquiries: Media Inquiries:
Mark Barbalato Scott Junk
investors@willscot.com
 scott.junk@willscot.com
   

WillScot Corporation
Consolidated Statements of Operations
(Unaudited; in thousands, except share and per share data)

 Years Ended December 31,
 2019 2018 2017
Revenues:     
Leasing and services revenue:     
Modular leasing$744,185  $518,235  $297,821 
Modular delivery and installation220,057  154,557  89,850 
Sales revenue:     
New units59,085  53,603  36,371 
Rental units40,338  25,017  21,900 
Total revenues1,063,665  751,412  445,942 
Costs:     
Costs of leasing and services:     
Modular leasing213,151  143,120  83,588 
Modular delivery and installation194,107  143,950  85,477 
Costs of sales:     
New units42,160  36,863  26,025 
Rental units26,255  16,659  12,643 
Depreciation of rental equipment174,679  121,436  72,639 
Gross profit413,313  289,384  165,570 
Expenses:     
Selling, general and administrative271,004  254,871  162,351 
Other depreciation and amortization12,395  13,304  8,653 
Impairment losses on goodwill    60,743 
Impairment losses on long-lived assets2,848  1,600   
Lease impairment expense and other related charges8,674     
Restructuring costs3,755  15,468  2,196 
Currency (gains) losses, net(688) 2,454  (12,878)
Other (income) expense, net(2,200) (4,574) 2,827 
Operating income (loss)117,525  6,261  (58,322)
Interest expense122,504  98,433  119,308 
Interest income    (12,232)
Loss on extinguishment of debt8,755     
Loss from continuing operations before income tax(13,734) (92,172) (165,398)
Income tax benefit(2,191) (38,600) (936)
Loss from continuing operations(11,543) (53,572) (164,462)
Income from discontinued operations, net of tax    14,650 
Net loss(11,543) (53,572) (149,812)
Net loss attributable to non-controlling interest, net of tax(421) (4,532) (2,110)
Net loss attributable to WillScot(11,122) (49,040) (147,702)
Non-cash deemed dividend related to warrant exchange  (2,135)  
Net loss attributable to WillScot common shareholders$(11,122) $(51,175) $(147,702)
(Loss) income per share attributable to WillScot common shareholders – basic and diluted     
Net loss per share attributable to WillScot common shareholders$(0.10) $(0.59) $(8.21)
Income per share attributable to discontinued operations$0.00  $0.00  $0.74 
Net loss per share attributable to WillScot common shareholders$(0.10) $(0.59) $(7.47)
      
Weighted average shares: basic & diluted 108,683,820   87,209,605   19,760,189 
            

Unaudited Quarterly Consolidated Operating Data

Quarterly Consolidated Results for the Year Ended December 31, 2019

(in thousands, except for units on rent and monthly rental rate)Q1 Q2 Q3 Q4 Full Year
Revenue(a)$253,685  $263,713  $268,222  $278,045  $1,063,665 
Gross profit(a)$103,331  $101,484  $99,307  $109,191  $413,313 
Adjusted EBITDA(a)$83,354  $ 

WILLSCOT AND MOBILE MINI TO COMBINE, CREATING A NORTH AMERICAN LEADER IN MODULAR SPACE AND PORTABLE STORAGE SOLUTIONS

Creates an industry leading specialty leasing platform with a highly predictable modular space and portable storage leasing portfolio, complementary capabilities, and a strengthened customer value proposition

Combined 2019 revenue of ~$1.7 billion and Adj. EBITDA1 of ~$650 million, including an estimated $50 million of cost synergies

Expects greater than $290 million of annual free cash flow2 generation in 2020, strengthening liquidity and creating capital allocation flexibility

Expects to realize $50 million in annualized cost synergies with ~80% captured in run-rate by year two post-close

Transaction expected to be highly accretive – with greater than 10% free cash flow2 per share accretion for both sets of shareholders

Compelling unit economics with diversified and predictable lease revenues – significant incremental revenue opportunity attributable to complementary customer offerings

BALTIMORE and PHOENIX, March 02, 2020 (GLOBE NEWSWIRE) — WillScot Corporation (NASDAQ: WSC) (“WillScot”) and Mobile Mini, Inc. (NASDAQ: MINI) today announced the companies have entered into a definitive merger agreement under which WillScot, a leading specialty rental services provider of innovative modular space and portable storage solutions across North America, will combine with Mobile Mini, a leading provider of portable storage solutions serving customers in the U.S., U.K., and Canada. Mobile Mini stockholders will receive 2.4050 shares of WillScot common stock for each share of Mobile Mini common stock in an all-stock merger of equals transaction.

The implied total enterprise value of the combined company is approximately $6.6 billion. Upon completion of the transaction, current WillScot and Mobile Mini stockholders will own 54% and 46% of the combined company, respectively. The transaction is expected to close in the third quarter of 2020.

This combination brings together WillScot’s leading modular space capabilities with Mobile Mini’s leading portable storage solutions. The combined company will benefit from complementary capabilities, a diverse customer base, a broad geographic footprint, increased scale, and multiple levers for growth driven by enhanced product and service offerings as well as significant cost savings.

Brad Soultz, President and Chief Executive Officer of WillScot, commented, “Today’s announcement represents a milestone event for both WillScot and Mobile Mini. The combination of our two great companies creates a leading provider of modular space and portable storage solutions, with a broadened footprint and expanded fleet ideally positioned to benefit from the cross-selling of WillScot’s Ready to Work solutions and Mobile Mini’s managed services offerings. The combined company will benefit from diversified and predictable lease revenue streams, as well as a strong balance sheet and robust free cash flow2 profile, facilitating further growth and enhancing our ability to generate superior returns for our stockholders. I am very excited to combine with Mobile Mini and could not be prouder of the WillScot team that made it possible.”

Kelly Williams, President and Chief Executive Officer of Mobile Mini, said, “We are pleased to join forces with WillScot to offer customers the largest portfolio of modular space and portable storage solutions in North America. We look forward to working with the WillScot team to successfully integrate our great businesses and deliver strong, predicable growth and profitability to stockholders over the long term, all while maintaining our commitment to our culture and focus on customer service.”

Compelling Strategic Rationale

  • Combines two iconic industry leaders – a leading provider of modular space solutions and a leading provider of portable storage solutions – with best-in class teams and proven track records of delivering profitable growth and stockholder value.
  • Creates industry-leading specialty leasing platform with enhanced ability to serve customers through a combination of distinct but complementary portfolios with leading brands and broad geographic footprint.
  • $50 million of anticipated annual cost synergies for this transaction with significant upside for incremental revenue synergies supported by cross-customer pull through, expansion of WillScot’s value adding products and services offering across Mobile Mini’s steel ground level offices, and expansion of Mobile Mini’s managed services offering across WillScot’s customer base.
  • Strengthens combined customer valuation proposition across diverse end markets via pull through from modular to storage and vice versa.
  • Significant capital allocation flexibility underpinned by an expected combined free cash flow2 of greater than $290 million and supported by a $2.9 billion NBV fleet generating predictable and strong recurring revenue with >30 months average lease duration and >20 years average useful asset life.
  • Builds on WillScot’s track record of successfully integrating the ModSpace, Tyson and Acton acquisitions, while driving over $70 million of annual cost synergies.

Organizational Structure

Following the close of the transaction, Brad Soultz, WillScot’s Chief Executive Officer, will serve as Chief Executive Officer of the combined company, Kelly Williams, Mobile Mini’s President and Chief Executive Officer, will serve as President and Chief Operating Officer of the combined company, Tim Boswell, WillScot’s Chief Financial Officer, will serve as Chief Financial Officer of the combined company and Chris Miner, Mobile Mini’s General Counsel, will serve as General Counsel of the combined company.

The combined company’s board of directors will consist of 11 directors, 6 of which are members from the WillScot Board of Directors and 5 of which are members from the Mobile Mini Board of Directors. Erik Olsson, the Non-Executive Chairman of the Board of Directors of Mobile Mini, will serve as Non-Executive Chairman of, and Gerry Holthaus, Non-Executive Chairman of the Board of Directors at WillScot, will serve as Lead Independent Director of, the board of directors of the combined company.

Combination Overview and Financial Rationale

Mobile Mini stockholders will receive 2.4050 shares of WillScot common stock for each share of Mobile Mini common stock held and, based on the closing price of WillScot’s Class A common stock on February 28, 2020, the consideration implies a premium of 8% to the closing price of Mobile Mini common stock on the same day. As part of the transaction, TDR Capital will exchange all of its shares of Williams Scotsman Holdings Corp. into approximately 10.6 million shares of WillScot Class A common stock pursuant to the Exchange Agreement dated November 29, 2017 among WillScot, Williams Scotsman Holdings Corp. and affiliates of TDR Capital, and all shares of WillScot’s Class B Common Stock will be cancelled for no consideration. Upon the effective time of the merger, the combined company will have a single class of common stock.

This combination is expected to result in an estimated enterprise value for the combined company at announcement of $6.6 billion, $1.7 billion in combined 2019 revenue and ~$650 million in combined 2019 Adjusted EBITDA1, including an estimated $50 million of cost synergies from this transaction. With over $290 million of annual free cash flow2 generation and net leverage of 3.8x3 Adjusted EBITDA1 at close, this transaction demonstrates the combined company’s financial strength, significant liquidity, and cash flow generation to provide for ongoing growth and stockholder value creation.

Additionally, the management teams anticipate $50 million in annualized gross pre-tax cost synergies, approximately 80% of which are expected to be realized in the combined company’s run-rate within two years of closing. The cost of achieving the synergies is expected to be approximately 150% of the total cost synergies. Significant opportunities for long-term revenue synergy generation are also anticipated, supported by a broad expansion of service offerings. The transaction is expected to be highly accretive with greater than 10% free cash flow2 per share accretion by end of 2021.

The transaction has been approved by the Boards of Directors of WillScot and Mobile Mini. The transaction is subject to customary closing conditions, including receipt of customary antitrust approval and approval by the stockholders of each company, and is expected to close in third quarter of 2020. Additionally, the transaction also has the support of TDR Capital, which has entered into a customary voting agreement in support of the transaction. TDR Capital will be subject to a contractual lock-up for six months following closing. In the first year following the lock-up, TDR Capital will be prohibited from selling more than 50% of its shares of the combined company.

Morgan Stanley & Co. LLC served as the lead financial advisor to WillScot, Rothschild & Co. served as the financing advisor to WillScot, and Stifel, Nicolaus & Co., Inc. served as the financial advisors to the special committee of WillScot’s Board of Directors. BofA Securities Inc., Deutsche Bank Securities Inc., and J.P. Morgan Securities LLC served as additional financial advisors to WillScot. Allen & Overy LLP acted as external legal counsel to WillScot. Barclays Capital Inc. and Goldman Sachs & Co. LLC served as the financial advisors to Mobile Mini, and Davis Polk & Wardwell LLP acted as external legal counsel to Mobile Mini.

1 – Adjusted EBITDA of $357 million for the 12 months ended December 31, 2019 at WillScot 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, and other discrete expenses.  Adjusted EBITDA of $243 million for the 12 months ended December 31, 2019 at Mobile Mini is defined as net income before discontinued operations, net of tax (if applicable), interest expense, income taxes, depreciation and amortization, and debt restructuring or extinguishment expense (if applicable), including any write off of deferred financing costs, further adjusted to exclude certain non-cash expenses, including share based compensation, as well as transactions that management believes are not indicative of their business.

2 – Combined 2020E standalone Free Cash Flow, where Free Cash Flow is defined as Cash Flow from Operations – Net Capex. Net Capex is defined as purchases of rental equipment and refurbishments and purchases of property, plant and equipment, less proceeds from sale of rental equipment and proceeds from the sale of property, plant and equipment, which are all included in cash flows from investing activities.

3 – Including $50M of anticipated run-rate cost synergies for this transaction and estimated 2020 WillScot remaining cost synergies (net of inflation) of $29M from prior acquisitions (ModSpace, Acton and Tyson).

Conference Call Information

The companies will host a joint conference call and webcast today at 8:00 a.m. EST to discuss this announcement and WillScot’s fourth quarter and full year 2019 financial results. Participants on the call will include Brad Soultz and Tim Boswell, President and Chief Executive Officer and Chief Financial Officer respectively, of WillScot, and Kelly Williams, President and Chief Executive Officer of Mobile Mini.

The live call can be accessed by dialing (855) 312-9420 (U.S./Canada toll-free) or (210) 874-7774 (International) and asking to be connected to the WillScot – Mobile Mini call. A live webcast will also be accessible via the “Events & Presentations” section of the Company’s Investor Relations website https://investors.willscot.com. Choose “Events” and select the information pertaining to the Mobile Mini Merger 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 after the call on the Company’s Investor Relations website.

About WillScot Corporation
Headquartered in Baltimore, Maryland, WillScot is the public holding company for the WillScot family of companies. WillScot trades on Nasdaq under the ticker symbol “WSC,” and is a specialty rental services market leader providing innovative modular space and portable storage solutions across North America. WillScot is the modular space supplier of choice for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors. With over half a century of innovative history, organic growth and strategic acquisitions, WillScot serves a broad customer base from over 120 locations throughout the US, Canada and Mexico, with a fleet of approximately 150,000 modular space and portable storage units.

About Mobile Mini
Mobile Mini, Inc. is a leading provider of portable storage solutions through its total rental fleet of approximately 200,200 storage solutions containers and office units and a leading provider of tank and pump solutions in the U.S., with a rental fleet of approximately 12,700 units. Mobile Mini’s network is comprised of 156 locations in the U.S., U.K., and Canada. Mobile Mini is included on the Russell 2000® and 3000® Indexes and the S&P Small Cap Index.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “estimates,” “expects,” “anticipates,” “believes,” “forecasts,” “projects,” “plans,” “intends,” “may,” “will,” “should,” “could,” “shall,” “continue,” “outlook” and variations of these words and similar expressions (or the negative thereof) identify forward-looking statements, which are generally not historical in nature. Certain of these forward-looking statements relate to the proposed business combination (the “Proposed Transaction”) involving WillScot and Mobile Mini, including: expected scale; operating efficiency; stockholder, employee and customer benefits; key assumptions; timing of closing; the amount and timing of revenue and expense synergies; future financial benefits and operating results; and integration spend, which reflects management’s beliefs, expectations and objectives as of the date hereof.  Achievement of the expressed beliefs, expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from those beliefs, expectations or objectives.  These forward-looking statements are only estimates, assumptions and projections, and involve known and unknown risks and uncertainties, many of which are beyond the control of WillScot and Mobile Mini.

Important Proposed Transaction-related factors that may cause such differences include, but are not limited to: the risk that expected revenue, expense and other synergies from the Proposed Transaction may not be fully realized or may take longer to realize than expected; the parties are unable to successfully implement their integration strategies; the inherent uncertainty associated with financial or other projections; failure of the parties to satisfy the closing conditions in the merger agreement in a timely manner or at all, including stockholder and regulatory approvals; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the possibility that the Proposed Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; and disruptions to the parties’ businesses and financial condition as a result of the announcement and pendency of the Proposed Transaction. Other important factors include: the parties’ ability to manage growth and execute their business plan; their estimates of the size of the markets for their products; the rate and degree of market acceptance of their products; the success of other competing modular space and portable storage solutions that exist or may become available; rising costs adversely affecting their profitability (including cost increases resulting from tariffs); general economic and market conditions impacting demand for their products and services; the value of WillScot shares to be issued in the Proposed Transaction; the parties’ capital structure, levels of indebtedness and availability of credit; expected financing transactions undertaken in connection with the Proposed Transaction; third party contracts containing consent and/or other provisions that may be triggered by the Proposed Transaction; the ability to retain and hire key personnel and uncertainties arising from leadership changes; the response of business partners as a result of the announcement and pendency of the Proposed Transaction; the diversion of management attention from business operations to the Proposed Transaction; the ability to implement and maintain an effective system of internal controls; potential litigation and regulatory matters involving the combined company; implementation of tax reform; the intended qualification of the Proposed Transaction as a tax-free reorganization; the changes in political conditions in the U.S. and other countries in which the parties operate, including U.S. trade policies or the U.K.’s withdrawal from the European Union; and such other risks and uncertainties described in the periodic reports WillScot and Mobile Mini file with the SEC from time to time including WillScot’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was filed with the SEC on March 15, 2019, WillScot’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which will be filed with the SEC today and Mobile Mini’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 3, 2020, each of which are or will be available through the SEC’s EDGAR system at www.sec.gov.

Investors are cautioned not to place undue reliance on these forward-looking statements as the information in this press release speaks only as of March 2, 2020 or such earlier date as specified herein. WillScot and Mobile Mini disclaim 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. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. All subsequent written and oral forward-looking statements attributable to WillScot, Mobile Mini or any person acting on behalf of either party are expressly qualified in their entirety by the cautionary statements referenced above.

Additional Information and Where to Find It

This press release is for informational purposes only and does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This press release relates to the Proposed Transaction. In connection with the Proposed Transaction, WillScot will file a registration statement on Form S-4, which will include a document that serves as a prospectus of WillScot and a joint proxy statement of WillScot and Mobile Mini (the “joint proxy statement/prospectus”), and each party will file other documents regarding the Proposed Transaction with the U.S. Securities and Exchange Commission (the “SEC”). No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, IF AND WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE PROPOSED TRANSACTION. A definitive joint proxy statement/prospectus will be sent to WillScot’s stockholders and Mobile Mini’s stockholders. Investors and security holders will be able to obtain these documents (if and when available) free of charge from the SEC’s website at www.sec.gov. The documents filed by WillScot with the SEC may also be obtained free of charge from WillScot by requesting them by mail at WillScot Corporation, 901 S. Bond Street, Suite 600, Baltimore, Maryland 21231. The documents filed by Mobile Mini may also be obtained free of charge from Mobile Mini by requesting them by mail at Mobile Mini, Inc., 4646 E. Van Buren Street, Suite 400, Phoenix, Arizona 85008.

Participants in the Solicitation

WillScot, Mobile Mini, their respective directors and executive officers and other members of management and employees and certain of their respective significant stockholders may be deemed to be participants in the solicitation of proxies in respect of the Proposed Transaction. Information about WillScot’s directors and executive officers is available in WillScot’s proxy statement, dated April 30, 2019 for the 2019 Annual Meeting of Stockholders, WillScot’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was filed with the SEC on March 15, 2019, WillScot’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which will be filed with the SEC today and WillScot’s Current Reports on Form 8-K filed on May 17, 2019 and June 19, 2019. Information about Mobile Mini’s directors and executive officers is available in Mobile Mini’s proxy statement, dated March 12, 2019 for its 2019 Annual Meeting of Stockholders and Mobile Mini’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 3, 2020. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holding or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the Proposed Transaction when they become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the SEC, WillScot or Mobile Mini as indicated above.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Additional Information and Where to Find It

Additional information about the transaction can be found on the WillScot investor relations website at https://investors.willscot.com.

Contact Information

WillScot:

Investor Inquiries:

Mark Barbalato

investors@willscot.com

Media Inquiries:

Scott Junk

scott.junk@willscot.com

Mobile Mini:

Emily Tadano

etadano@mobilemini.com

Philips and Paracelsus Clinics enter into 8-year strategic partnership

March 2, 2020

Philips’ technology innovation, digitalization and AI-based analytics drive continuous process of sustainable transformation for Paracelsus Clinics

Amsterdam, the Netherlands & Osnabrück, Germany – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and Paracelsus Clinics, today announced they have entered into a strategic partnership for the next eight years. The partnership is focused on continuous modernization of Paracelsus Clinics’ medical imaging systems. Based on the evolving needs of the hospital, the partnership will offer solutions that maximize imaging system availability and standardize equipment operation, leveraging digitalization and process optimization to realize efficiency improvements while at the same time increasing quality.

“Paracelsus is committed to providing integrated care close to where people live in Germany,” said Dr. med. Dr. jur. Martin Siebert, CEO of Paracelsus Clinics. “With Philips, we now have a partner by our side who will support us in expanding this position and strengthen our future viability through its strengths in innovation and its digital competence. As an exclusive supplier, Philips will take care of new and replacement imaging system procurement, together with management and the training of our employees. The scope of delivery includes CT, MRI, angiography, X-ray and ultrasound systems. Philips offers the greatest possible flexibility in designing a tailor-made equipment pool that matches our changing requirements over time.”

“In addressing the challenges of the future, offering the latest technological innovations is only the first step,” said Peter Vullinghs, Senior Vice President, General Manager Philips GmbH Market DACH. “In our strategic partnership with Paracelsus we want to firmly anchor quality and efficiency as key success factors, not only at the structural level but also at the process level. It’s the only way we can achieve more together.”

“We were won over by the innovative concept for digitalization that Philips offered,” said Florian Distler, Head of the Procurement Management Office of Paracelsus Clinics. “This digital transformation will help us to better interlink outpatient, inpatient and rehabilitation at home.”

Artificial intelligence (AI) in leading-edge research
One of the intended lighthouse projects planned by Paracelsus and Philips will include installation of Philips’ Informatics AI Research Suite (IntelliSpace Discovery) in the Paracelsus Elena Clinic in Kassel – one of Germany’s leading clinics for the treatment of patients with Parkinson’s disease and related movement disorders. Paracelsus intends to use the AI capabilities of Philips’ Informatics AI Research Suite (IntelliSpace Discovery) to further advance the internationally recognized cutting-edge research carried out by the clinic so that new findings on neurodegenerative diseases find their way into clinical care. Scientists can use the AI research platform to develop their own machine learning algorithms for specific questions. In addition, Philips will equip the clinic with innovative MR technology to support diagnosis and treatment in acute neurology care.

Standardization – key to cost efficiency
A team of consultants from Philips’ Healthcare Transformation Services department, together with representatives from Paracelsus, have already initiated an optimization project for ultrasound imaging. Starting with a precise analysis of the current inventory, diagnostic capabilities, and the competitive environment at the Paracelsus Henstedt-Ulzburg, Reichenbach and Zwickau clinics, the team will develop recommendations for needs-based solutions with uniform operator interfaces. Where it involves ultrasound, the aim is to improve the level of ultrasound probe compatibility.

Improvement through proactive maintenance and performance measurement and analysis
Hospitals must be able to rely on medical technology always being ready for use. To ensure maximum availability, Philips will not only take responsibility for servicing its own technology at Paracelsus, but also that of third parties. Through a remote service that employs predictive analytics, potential issues can be identified and solved before downtime occurs.

Paracelsus also intends to leverage Philips’ Operational Informatics (PerformanceBridge) to gain deep insights into the performance and utilization of its imaging solutions. The solution’s enterprise-wide workflow tools enables modality-specific analyzes as well as in-house and cross-company comparisons, allowing potential improvements to be identified and operational performance increased.

For further information, please contact:

Joost Maltha
Philips Global Press Office
Tel: +31 6 10 55 8116
E-mail: joost.maltha@philips.com

Kerstin Zimmermann
Philips DACH
Mobil: +49 (0) 171/81 80 186
E-mail: kerstin.zimmermann@philips.com

Dirten von Schmeling
Paracelsus-Kliniken Deutschland GmbH & Co. KGaA
Tel.: + 49 0541 6692 333
E-mail: dirten.vonschmeling@pkd.de

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2019 sales of EUR 19.5 billion and employs approximately 80,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

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