Category: Press Releases

Posted on

WillScot Mobile Mini Reports Third Quarter 2023 Results

Investor Day Announced Upon Achieving Record Margins, Strong Free Cash Flow, and Accelerating Return on Invested Capital

PHOENIX, Nov. 01, 2023 (GLOBE NEWSWIRE) — WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” or the “Company”) (Nasdaq: WSC), the North American leader in innovative flexible space and storage solutions, today announced third quarter 2023 results and provided an update on operations and the current market environment, including the following highlights:

  • Third quarter revenue increased 5% to $605 million, income from continuing operations increased 17% to $92 million, and Adjusted EBITDA increased 11% year-over-year to $266 million.
  • Adjusted EBITDA Margin from continuing operations of 43.9% expanded 250 basis points year-over-year.
  • Generated Free Cash Flow of $148 million, up 77% year-over-year, and Free Cash Flow Margin of 24%.
  • Invested $333 million of capital in two acquisitions during the quarter, with $494 million invested over last 12 months.
  • Returned $220 million to shareholders by repurchasing 5.0 million shares of Common Stock during the quarter, reducing economic share count by 9.2% over the last twelve months as of September 30, 20231.
  • Generated 18% Return on Invested Capital (“ROIC”) over the last 12 months, which increased approximately 380 basis points year-over-year.
  • The Company will host an investor Day on March 4, 2024. Details will be provided at a later date.

Brad Soultz, Chief Executive Officer of WillScot Mobile Mini, commented, “Our team delivered excellent financial results in the quarter, driven by continued strength in pricing and Value-Added Products (VAPS) penetration with volumes in line with our expectations.”

Soultz continued, “We are generating record Free Cash Flow, with $148 million in Q3 2023 and $533 million over the last 12 months. At the midpoint of our revised guidance, we expect to generate approximately $550 million of Free Cash Flow in 2023, up over 150% since our November 2021 Investor Day. And over the same time horizon, we reduced our economic share count by almost 20% to 193 million common shares outstanding. Our ability to drive Free Cash Flow while reinvesting in our business organically, inorganically, and in our stock illustrates how we generate consistent compound returns over time.”

Soultz concluded, “Over the last 12 months, we reinvested $494 million in tuck-in acquisitions. In particular, we made some exciting additions to our portfolio of flexible space solutions with the build-out of North America’s leading cold storage leasing platform in Q3 and the addition of a premium large clearspan structures platform in October. These are high-growth categories that complement our existing modular and storage capabilities and extend the spectrum of space solutions available to our customers. With leadership positions in both categories, we expect to scale and grow these businesses meaningfully, building on our unrivaled commercial and operating capabilities and as part of our fully integrated space solutions offering. Along with other recent acquisitions, these expansions will provide for additional growth levers above and beyond the $1 billion of idiosyncratic growth levers which are already in flight.”

Three Months Ended September 30, Nine Months Ended September 30,
(in thousands, except share data) 2023 2022 2023 2022
Revenue $ 604,834 $ 578,008 $ 1,752,391 $ 1,552,069
Income from continuing operations $ 91,516 $ 78,176 $ 255,516 $ 177,323
Adjusted EBITDA from continuing operations2 $ 265,480 $ 239,368 $ 773,663 $ 615,784
Adjusted EBITDA Margin (%)2 43.9 % 41.4 % 44.1 % 39.7 %
Net cash provided by operating activities $ 190,998 $ 210,385 $ 541,918 $ 544,238
Free Cash Flow2,5 $ 147,768 $ 83,386 $ 410,309 $ 207,428
Weighted Average Dilutive Shares Outstanding 199,258,304 217,927,725 204,461,042 223,933,319
Free Cash Flow Margin (%)2,5 24.4 % 13.1 % 23.6 % 12.0 %
Return on Invested Capital2 17.6 % 16.3 % 17.4 % 14.2 %
Three Months Ended September 30, Nine Months Ended September 30,
Adjusted EBITDA by Segment (in thousands)2,6 2023 2022 2023 2022
Modular $ 148,386 $ 135,246 $ 436,793 $ 357,656
Storage 117,094 104,122 336,870 258,128
Consolidated Adjusted EBITDA $ 265,480 $ 239,368 $ 773,663 $ 615,784

Third Quarter 2023 Results2

Tim Boswell, President and Chief Financial Officer, commented, “Adjusted EBITDA, Free Cash Flow margin, and Return on Invested Capital accelerated in Q3 2023 and are all performing at record levels heading into 2024. Our excellent financial performance in the quarter was driven by continued strength in pricing across our portfolio, growing Valued-Added Products (VAPS) penetration, outstanding margin performance across all revenue streams, and continued cost discipline. Revenue of $605 million and Adjusted EBITDA of $266 million increased 5% and 11% year-over-year, respectively, with Adjusted EBITDA margin compressing sequentially from increased activation volumes and up 250 basis points from 2022, as expected.”

Boswell concluded, “At the midpoint of guidance in 2023, we expect to generate approximately $1,058 million of Adjusted EBITDA. And as we head into 2024, we have high confidence in our $1 billion of idiosyncratic growth levers, as well as incremental opportunities from the recent product line additions that we are actively scaling. We look forward to discussing both existing and new opportunities for value creation across our portfolio at our Investor Day on March 4, 2024, in New York.”

Consolidated Q3 2023 Results From Continuing Operations

  • Revenue of $605 million increased by 5% year-over-year driven by our organic revenue growth initiatives and the impact of acquisitions.
  • Adjusted EBITDA margin from continuing operations was 43.9% in the third quarter of 2023 and increased 250 bps versus prior year driven by continued expansion of most margin lines. Most significantly, leasing margins increased 280 bps versus prior year and delivery and installation margins increased 120 bps versus prior year, both driven by increased pricing and variable cost efficiencies.

Modular Solutions Segment

  • Revenue of $388 million increased by 7% year-over-year.
  • Average modular space monthly rental rate increased $143 year-over-year, or 14%, to $1,142.
  • Average modular space units on rent decreased 1,434 units year-over-year, or 1.7%, to 81,866.
  • Adjusted EBITDA of $148 million increased by 10% year-over-year and Adjusted EBITDA Margin of 38.3% expanded by 100 basis points.

Storage Solutions Segment

  • Revenue of $217 million increased by 1% year-over-year.
  • Average portable storage monthly rental rate increased $49 year-over-year, or 25%, to $246.
  • Average portable storage units on rent decreased by 28,252 units year-over-year, or 16.1%, to 147,694.
  • Ground Level Office modular products average monthly rental rate of $854 increased 19% year-over-year as a result of price optimization and increased VAPS penetration.
  • Average modular space units on rent decreased 3,706, or 16.8%, year-over-year, to 18,410.
  • Adjusted EBITDA of $117 million increased by 12% year-over-year and Adjusted EBITDA Margin of 53.9% expanded by 570 basis points.

Capitalization and Liquidity Update2

As of and for the three months ended September 30, 2023:

  • Generated $148 million of Free Cash Flow in the third quarter, up 77% year-over-year.
  • Invested $333 million of capital in two acquisitions during the quarter, with $494 million invested over last 12 months.
  • Completed private offering of $500 million of senior secured notes at 7.375% due 2031. Proceeds were used to repay approximately $494 million of outstanding indebtedness under the ABL Facility and certain fees and expenses.
  • Increased excess availability to approximately $1.3 billion under our asset backed revolving credit facility.
  • Weighted average pre-tax interest rate, inclusive of our 3.44% floating-to-fixed interest rate swap and recent debt issuance, was approximately 6.1%, and annual cash interest expense based on the current debt structure and benchmark rates was approximately $214 million. Our debt structure is approximately 65% / 35% fixed-to-floating.
  • No debt maturities prior to 2025.
  • Leverage is at 3.3x last twelve months Adjusted EBITDA from continuing operations of $1,042 million, which is inside our target range of 3.0x to 3.5x.
  • Repurchased 5.0 million shares of Common Stock for $220 million in the third quarter 2023, contributing to a 9.2% reduction in our economic share count over the last twelve months.

2023 Outlook 2, 3, 4
This guidance is subject to risks and uncertainties, including those described in “Forward-Looking Statements” below.

$M 2022 Results
From Continuing Operations		 Prior 2023
Outlook		 Current 2023
Outlook
Revenue $2,143 $2,350 – $2,450 $2,360 – $2,390
Adjusted EBITDA2,3 $884 $1,025 – $1,075 $1,050 – $1,065
Net CAPEX3,4 $367 $250 – $300 $225 – $275

1 – Assumes common shares outstanding as of September 30, 2023 versus common shares outstanding plus warrants outstanding under the treasury stock method as of September 30, 2022 and the closing stock price of $41.59 on September 30, 2023.
2 – Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Margin, Net Debt to Adjusted EBITDA, and Return on Invested Capital 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”) are included at the end of this press release.
3 – Information reconciling forward-looking Adjusted EBITDA and Net CAPEX to GAAP financial measures is unavailable to the Company without unreasonable effort and therefore neither the most comparable GAAP measures nor reconciliations to the most comparable GAAP measures are 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 – Free Cash Flow incorporates results from discontinued operations. For comparability, reported revenue is adjusted to include results from discontinued operations to calculate Free Cash Flow Margin.
6 – During the first quarter of 2023, the ground level office business within the Modular segment was transferred to the Storage segment, and associated revenues, expenses, and operating metrics were transferred to the Storage segment. All periods presented have been retrospectively revised to reflect this change within the Modular and Storage segments. See further discussion within the Unaudited Segment Operating Data 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, Return on Invested Capital, Net CAPEX and Net Debt to Adjusted EBITDA ratio. Adjusted EBITDA is defined as net income (loss) plus net interest (income) expense, income tax expense (benefit), depreciation and amortization adjusted to exclude certain non-cash items and the effect of what we consider transactions or events not related to our core 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 common stock warrant liabilities, and other discrete expenses. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Free Cash Flow is defined as net cash provided by operating activities, less purchases of, and proceeds from, rental equipment and property, plant and equipment, which are all included in cash flows from investing activities. Free Cash Flow Margin is defined as Free Cash Flow divided by revenue. Return on Invested Capital is defined as adjusted earnings before interest and amortization divided by net assets. Adjusted earnings before interest and amortization is the sum of income (loss) before income tax expense, net interest (income) expense, amortization adjusted for non-cash items considered non-core to business operations including net currency (gains) losses, goodwill and other impairment charges, restructuring costs, costs to integrate acquired companies, non-cash charges for stock compensation plans, gains and losses resulting from changes in fair value and extinguishment of common stock warrant liabilities, and other discrete expenses, reduced by our estimated statutory tax rate. Given we are not a significant US taxpayer due to our current tax attributes, we include estimated taxes at our current statutory tax rate of approximately 26%. Net assets is total assets less goodwill and intangible assets, net and all non-interest bearing liabilities and is calculated as a five quarter average. 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 the sale of rental equipment and proceeds from the sale of property, plant and equipment (collectively, “Total Proceeds”), which are all included in cash flows from investing activities. Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA. 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; (iv) provide additional tools for investors to use in evaluating ongoing operating results and trends; and (v) align with definitions in our credit agreement. The Company believes that Free Cash Flow and Free Cash Flow Margin are useful to investors because they allow investors to compare cash generation performance over various reporting periods and against peers. The Company believes that Return on Invested Capital provides information about the long-term health and profitability of the business relative to the Company’s cost of capital. The Company 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. 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 regarding the most comparable GAAP financial measures and reconciling forward-looking Adjusted EBITDA to those GAAP financial measures is unavailable to the Company without unreasonable effort. We cannot provide the most comparable GAAP financial measures nor 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 third quarter 2023 results and 2023 outlook at 10 a.m. Eastern Time on Thursday, November 2, 2023. To access the live call by phone, use the following link:
https://register.vevent.com/register/BI2ce9e6dc68744e0c9ac96d9c78fbfe6c

You will be provided with dial-in details after registering. To avoid delays, we recommend that participants dial into the conference call 15 minutes ahead of the scheduled start time. A live webcast will also be accessible via the “Events & Presentations” section of the Company’s investor relations website www.willscotmobilemini.com. Choose “Events” and select the information pertaining to the WillScot Mobile Mini Holdings Third Quarter 2023 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 12 months on the Company’s investor relations website.

About WillScot Mobile Mini

WillScot Mobile Mini 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 and flexible temporary space solutions. The Company’s diverse product offering includes modular office complexes, mobile offices, classrooms, temporary restrooms, portable storage containers, blast protective and climate-controlled structures, clearspan structures, and a thoughtfully curated selection of furnishings, appliances, and other services so its solutions are turnkey for customers. WillScot Mobile Mini services diverse end markets across all sectors of the economy from a network of approximately 240 branch locations and additional drop lots throughout the United States, Canada, and Mexico.

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,” “guidance,” “see,” “have confidence” 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: our mergers and acquisitions pipeline, acceleration of our run rate, acceleration toward and the timing of our achievement of our three to five year milestones, growth and acceleration of cash flow, driving higher returns on invested capital, and Adjusted EBITDA margin expansion. 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 judge the demand outlook; our ability to achieve planned synergies related to acquisitions; our ability to successfully execute our growth strategy, 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 and inflationary pressures adversely affecting our profitability; potential litigation involving our Company; general economic and market conditions impacting demand for our products and services and our ability to benefit from an inflationary environment; 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 for the year ended December 31, 2022), 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 on 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 Jake Saylor
investors@willscotmobilemini.com jake.saylor@willscot.com

WillScot Mobile Mini Holdings Corp.
Consolidated Statements of Operations
(Unaudited)

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(in thousands, except share and per share data) 2023 2022 2023 2022
Revenues:
Leasing and services revenue:
Leasing $ 466,769 $ 427,842 $ 1,356,040 $ 1,165,787
Delivery and installation 115,598 127,016 334,982 323,396
Sales revenue:
New units 10,155 9,608 29,816 25,322
Rental units 12,312 13,542 31,553 37,564
Total revenues 604,834 578,008 1,752,391 1,552,069
Costs:
Costs of leasing and services:
Leasing 104,331 107,720 300,402 276,165
Delivery and installation 82,081 91,744 238,437 244,861
Costs of sales:
New units 5,096 5,798 16,099 14,875
Rental units 6,682 6,846 16,203 20,216
Depreciation of rental equipment 66,950 68,015 190,556 188,793
Gross profit 339,694 297,885 990,694 807,159
Expenses:
Selling, general and administrative 151,983 140,116 449,685 428,389
Other depreciation and amortization 17,852 15,656 52,371 45,969
Currency losses, net 96 160 6,885 124
Other income, net (8,336 ) (2,520 ) (14,533 ) (7,597 )
Operating income 178,099 144,473 496,286 340,274
Interest expense 53,803 38,009 145,915 101,732
Income from continuing operations before income tax 124,296 106,464 350,371 238,542
Income tax expense from continuing operations 32,780 28,288 94,855 61,219
Income from continuing operations 91,516 78,176 255,516 177,323
Discontinued operations:
Income from discontinued operations before income tax — 20,285 4,003 53,212
Gain on sale of discontinued operations — 34,049 176,078 34,049
Income tax expense from discontinued operations — 3,917 45,468 11,444
Income from discontinued operations — 50,417 134,613 75,817
Net income $ 91,516 $ 128,593 $ 390,129 $ 253,140
Earnings per share from continuing operations attributable to WillScot Mobile Mini common shareholders:
Basic $ 0.47 $ 0.36 $ 1.27 $ 0.80
Diluted $ 0.46 $ 0.36 $ 1.25 $ 0.79
Earnings per share from discontinued operations attributable to WillScot Mobile Mini common shareholders:
Basic $ — $ 0.24 $ 0.67 $ 0.35
Diluted $ — $ 0.23 $ 0.66 $ 0.34
Earnings per share attributable to WillScot Mobile Mini common shareholders:
Basic $ 0.47 $ 0.60 $ 1.94 $ 1.15
Diluted $ 0.46 $ 0.59 $ 1.91 $ 1.13
Weighted average shares:
Basic 196,198,638 213,636,876 201,042,902 219,312,260
Diluted 199,258,304 217,927,725 204,461,042 223,933,319

Unaudited Segment Operating Data

The Company operates in two reportable segments: Modular and Storage. Modular represents the activities of the North American modular business, excluding ground level offices, which were transferred to the Storage segment during the first quarter of 2023. Storage represents the activities of the North American portable storage and ground level office business. All periods presented have been retrospectively revised to reflect this change within the Modular and Storage segments. Effective January 1, 2023, we transferred approximately 6,000 Ground Level Office (GLO) modular products from the Modular Solutions segment to our Storage Solutions segment. We transferred these legacy WillScot GLOs to the Storage Solutions segment because they are modified container products that can be operated more efficiently on the legacy Mobile Mini branch and logistics infrastructure. The adjustment transferred approximately $49.8 million of revenue and $20.8 million of Adjusted EBITDA on an annualized basis from Modular Solutions to Storage Solutions. We recast historical segment financial results and operating key performance indicators (KPIs) to reflect this transfer.

For the three months ended September 30, 2022, this transfer resulted in approximately $13.3 million of revenue, $7.3 million of gross profit, and $5.4 million of Adjusted EBITDA being transferred from the Modular segment to the Storage segment. For the nine months ended September 30, 2022, this resulted in approximately $36.8 million of revenue, $20.9 million of gross profit, and $14.8 million of Adjusted EBITDA being transferred from the Modular segment to the Storage segment. As part of the transfer, we adjusted average monthly rental rate for modular units (Ground Level Offices) in the Storage segment to incorporate Value-Added Products specifically applicable to Ground Level Offices.

Comparison of Three Months Ended September 30, 2023 and 2022

Three Months Ended September 30, 2023
(in thousands, except for units on rent and rates) Modular Storage Total
Revenue $ 387,806 $ 217,028 $ 604,834
Gross profit $ 181,179 $ 158,515 $ 339,694
Adjusted EBITDA from continuing operations $ 148,386 $ 117,094 $ 265,480
Capital expenditures for rental equipment $ 51,400 $ 11,988 $ 63,388
Average modular space units on rent 81,866 18,410 100,276
Average modular space utilization rate 65.4 % 59.4 % 64.2 %
Average modular space monthly rental rate $ 1,142 $ 854 $ 1,089
Average portable storage units on rent 480 147,694 148,174
Average portable storage utilization rate 61.1 % 70.1 % 70.0 %
Average portable storage monthly rental rate $ 258 $ 246 $ 246
Three Months Ended September 30, 2022
(in thousands, except for units on rent and rates) Modular Storage Total
Revenue $ 362,072 $ 215,936 $ 578,008
Gross profit $ 149,521 $ 148,364 $ 297,885
Adjusted EBITDA from continuing operations $ 135,246 $ 104,122 $ 239,368
Capital expenditures for rental equipment $ 81,052 $ 41,246 $ 122,298
Average modular space units on rent 83,300 22,116 105,416
Average modular space utilization rate 67.9 % 72.0 % 68.7 %
Average modular space monthly rental rate $ 999 $ 719 $ 940
Average portable storage units on rent 556 175,946 176,502
Average portable storage utilization rate 63.1 % 88.8 % 88.7 %
Average portable storage monthly rental rate $ 227 $ 197 $ 197

Comparison of Nine Months Ended September 30, 2023 and 2022

Nine Months Ended September 30, 2023
(in thousands, except for units on rent and rates) Modular Storage Total
Revenue $ 1,108,151 $ 644,240 $ 1,752,391
Gross profit $ 519,254 $ 471,440 $ 990,694
Adjusted EBITDA from continuing operations $ 436,793 $ 336,870 $ 773,663
Capital expenditures for rental equipment $ 141,183 $ 24,543 $ 165,726
Average modular space units on rent 81,885 19,282 101,167
Average modular space utilization rate 65.8 % 62.3 % 65.1 %
Average modular space monthly rental rate $ 1,096 $ 815 $ 1,043
Average portable storage units on rent 479 155,099 155,578
Average portable storage utilization rate 60.4 % 74.0 % 73.9 %
Average portable storage monthly rental rate $ 232 $ 229 $ 229
Nine Months Ended September 30, 2022
(in thousands, except for units on rent and rates) Modular Storage Total
Revenue $ 985,873 $ 566,196 $ 1,552,069
Gross profit $ 418,730 $ 388,429 $ 807,159
Adjusted EBITDA from continuing operations $ 357,656 $ 258,128 $ 615,784
Capital expenditures for rental equipment $ 221,111 $ 95,699 $ 316,810
Average modular space units on rent 82,122 22,411 104,533
Average modular space utilization rate 67.5 % 73.2 % 68.6 %
Average modular space monthly rental rate $ 945 $ 657 $ 883
Average portable storage units on rent 498 163,855 164,353
Average portable storage utilization rate 56.5 % 86.1 % 86.0 %
Average portable storage monthly rental rate $ 201 $ 182 $ 182

WillScot Mobile Mini Holdings Corp.
Consolidated Balance Sheets

(in thousands, except share data) September 30, 2023 (unaudited) December 31, 2022
Assets
Cash and cash equivalents $5,789 $7,390
Trade receivables, net of allowances for credit losses at September 30, 2023 and December 31, 2022 of $78,738 and $57,048, respectively 469,344 409,766
Inventories 44,729 41,030
Prepaid expenses and other current assets 48,392 31,635
Assets held for sale – current 951 31,220
Total current assets 569,205 521,041
Rental equipment, net 3,347,017 3,077,287
Property, plant and equipment, net 328,054 304,659
Operating lease assets 256,272 219,405
Goodwill 1,158,076 1,011,429
Intangible assets, net 401,313 419,125
Other non-current assets 15,541 6,683
Assets held for sale – non-current — 268,022
Total long-term assets 5,506,273 5,306,610
Total assets $6,075,478 $5,827,651
Liabilities and equity
Accounts payable $92,319 $109,349
Accrued expenses 123,238 109,542
Accrued employee benefits 31,550 56,340
Deferred revenue and customer deposits 227,257 203,793
Operating lease liabilities – current 56,588 50,499
Current portion of long-term debt 15,981 13,324
Liabilities held for sale – current — 19,095
Total current liabilities 546,933 561,942
Long-term debt 3,460,066 3,063,042
Deferred tax liabilities 535,434 401,453
Operating lease liabilities – non-current 193,364 169,618
Other non-current liabilities 27,045 18,537
Liabilities held for sale – non-current — 47,759
Long-term liabilities 4,215,909 3,700,409
Total liabilities 4,762,842 4,262,351
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at September 30, 2023 and December 31, 2022 — —
Common Stock: $0.0001 par, 500,000,000 shares authorized and 193,460,704 and 207,951,682 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 20 21
Additional paid-in-capital 2,218,110 2,886,951
Accumulated other comprehensive loss (44,073) (70,122)
Accumulated deficit (861,421) (1,251,550)
Total shareholders’ equity 1,312,636 1,565,300
Total liabilities and shareholders’ equity $6,075,478 $5,827,651

Reconciliation of Non-GAAP Financial Measures

In addition to using GAAP financial measurements, 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 below. We believe that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic and ongoing operating results of the Company.

We also regularly evaluate gross profit by segment to assist in the assessment of the operational performance of each operating segment. We consider Adjusted EBITDA to be the more important metric because it more fully captures the business performance of the segments, inclusive of indirect costs.

We also evaluate Free Cash Flow, a non-GAAP measure that provides useful information concerning cash flow available to fund our capital allocation alternatives.

Adjusted EBITDA From Continuing Operations

Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before income tax expense (benefit), net interest (income) expense, depreciation and amortization adjusted for certain items 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.
  • 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 termination costs.
  • Transaction costs including legal and professional fees and other transaction specific related costs.
  • Costs to integrate acquired companies, including outside professional fees, non-capitalized costs associated with system integrations, non-lease branch and fleet relocation expenses, employee training costs, and other costs required to realize cost or revenue synergies.
  • Non-cash charges for stock compensation plans.
  • Gains and losses resulting from changes in fair value and extinguishment of common stock warrant liabilities.
  • Other expense, including consulting expenses related to certain one-time projects, financing costs not classified as interest expense, and gains and losses on disposals of property, plant, and equipment.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider the measure in isolation or as a substitute for net income (loss), cash flow from operations or other methods of analyzing the Company’s results as reported under US GAAP. Some of these limitations are:

  • Adjusted EBITDA does not reflect changes in, or cash requirements for our working capital needs;
  • Adjusted EBITDA does not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
  • Adjusted EBITDA does not reflect our tax expense or the cash requirements to pay our taxes;
  • Adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;
  • Adjusted EBITDA does not reflect the impact on earnings or changes resulting from matters that we consider not to be indicative of our future operations;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements; and
  • Other companies in our industry may calculate Adjusted EBITDA differently, limiting its usefulness as a comparative measure.

Because of these limitations, Adjusted EBITDA should not be considered as discretionary cash available to reinvest in the growth of our business or as measures of cash that will be available to meet our obligations.

The following table provides unaudited reconciliations of Income from continuing operations to Adjusted EBITDA from continuing operations:

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(in thousands) 2023 2022 2023 2022
Income from continuing operations $ 91,516 $ 78,176 $ 255,516 $ 177,323
Income tax expense from continuing operations 32,780 28,288 94,855 61,219
Interest expense 53,803 38,009 145,915 101,732
Depreciation and amortization 84,802 83,671 242,927 234,762
Currency losses, net 96 160 6,885 124
Restructuring costs, lease impairment expense and other related charges — — 22 168
Transaction costs 787 — 787 35
Integration costs 780 3,902 6,900 13,182
Stock compensation expense 8,636 7,111 26,134 22,512
Other (7,720 ) 51 (6,278 ) 4,727
Adjusted EBITDA from continuing operations $ 265,480 $ 239,368 $ 773,663 $ 615,784

The following tables provide unaudited reconciliations of Income before income tax to Adjusted EBITDA for the ground level office segment adjustment:

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(in thousands) 2022 2022
Income before income tax $ 4,521 $ 12,121
Depreciation 906 2,725
Adjusted EBITDA $ 5,427 $ 14,846
Twelve Months Ended
December 31,
(in thousands) 2022
Income before income tax $ 17,142
Depreciation 3,624
Adjusted EBITDA $ 20,766

Adjusted EBITDA Margin From Continuing Operations

We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. Management believes that the presentation of Adjusted EBITDA Margin provides useful information to investors regarding the performance of our business. The following table provides unaudited reconciliations of Adjusted EBITDA Margin:

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(in thousands) 2023 2022 2023 2022
Adjusted EBITDA from continuing operations (A) $ 265,480 $ 239,368 $ 773,663 $ 615,784
Revenue (B) $ 604,834 $ 578,008 $ 1,752,391 $ 1,552,069
Adjusted EBITDA Margin from Continuing Operations (A/B) 43.9 % 41.4 % 44.1 % 39.7 %
Income from continuing operations (C) $ 91,516 $ 78,176 $ 255,516 $ 177,323
Income from Continuing Operations Margin (C/B) 15.1 % 13.5 % 14.6 % 11.4 %

Net Debt to Adjusted EBITDA From Continuing Operations ratio

Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA from continuing operations from the last twelve months. We define Net Debt as total debt from continuing operations net of total cash and cash equivalents from continuing operations. Management believes that the presentation of Net Debt to Adjusted EBITDA ratio provides useful information to investors regarding the performance of our business. The following table provides an unaudited reconciliation of Net Debt to Adjusted EBITDA ratio:

(in thousands) September 30, 2023
Long-term debt $ 3,460,066
Current portion of long-term debt 15,981
Total debt 3,476,047
Cash and cash equivalents 5,789
Net debt (A) $ 3,470,258
Adjusted EBITDA from continuing operations from the three months ended December 31, 2022 $ 268,090
Adjusted EBITDA from continuing operations from the three months ended March 31, 2023 246,842
Adjusted EBITDA from continuing operations from the three months ended June 30, 2023 261,341
Adjusted EBITDA from continuing operations from the three months ended September 30, 2023 265,480
Adjusted EBITDA from continuing operations from the last twelve months (B) $ 1,041,753
Net Debt to Adjusted EBITDA ratio (A/B) 3.3

Free Cash Flow and Free Cash Flow Margin

Free Cash Flow is a non-GAAP measure. 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 including discontinued operations. Management believes that the presentation of Free Cash Flow and Free Cash Flow Margin provides useful additional information concerning cash flow available to fund our capital allocation alternatives. Free Cash Flow as presented includes amounts for the former Tank and Pump segment through September 30, 2022 and the former UK Storage Solutions segment through January 31, 2023.

The following table provides unaudited reconciliations of Free Cash Flow and Free Cash Flow Margin:

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(in thousands) 2023 2022 2023 2022
Net cash provided by operating activities $ 190,998 $ 210,385 $ 541,918 $ 544,238
Purchase of rental equipment and refurbishments (63,388 ) (135,076 ) (166,097 ) (360,465 )
Proceeds from sale of rental equipment 12,720 17,183 37,974 52,263
Purchase of property, plant and equipment (5,563 ) (10,000 ) (16,752 ) (30,253 )
Proceeds from the sale of property, plant and equipment 13,001 894 13,266 1,645
Free Cash Flow (A) $ 147,768 $ 83,386 $ 410,309 $ 207,428
Revenue from continuing operations (B) $ 604,834 $ 578,008 $ 1,752,391 $ 1,552,069
Revenue from discontinued operations — 60,153 8,694 176,627
Total Revenue including discontinued operations (C) $ 604,834 $ 638,161 $ 1,761,085 $ 1,728,696
Free Cash Flow Margin (A/C) 24.4 % 13.1 % 23.3 % 12.0 %
Net cash provided by operating activities (D) $ 190,998 $ 210,385 $ 541,918 $ 544,238
Net cash provided by operating activities margin (D/C) 31.6 % 33.0 % 30.8 % 31.5 %

Net CAPEX

We define Net CAPEX as purchases of rental equipment and refurbishments and purchases of property, plant and equipment (collectively, “Total Capital Expenditures”), less proceeds from the sale of rental equipment and proceeds from the sale of property, plant and equipment (collectively, “Total Proceeds”), which are all included in cash flows from investing activities. Management believes that the presentation of Net CAPEX provides useful information regarding the net capital invested in our rental fleet and property, plant and equipment each year to assist in analyzing the performance of our business. As presented below, Net CAPEX including discontinued operations includes amounts for the former Tank and Pump segment through September 30, 2022 and the former UK Storage Solutions segment through January 31, 2023.

The following table provides unaudited reconciliations of Net CAPEX:

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(in thousands) 2023 2022 2023 2022
Total purchases of rental equipment and refurbishments $ (63,388 ) $ (135,076 ) $ (166,097 ) $ (360,465 )
Total proceeds from sale of rental equipment 12,720 17,183 37,974 52,263
Net CAPEX for Rental Equipment (50,668 ) (117,893 ) (128,123 ) (308,202 )
Purchase of property, plant and equipment (5,563 ) (10,000 ) (16,752 ) (30,253 )
Proceeds from sale of property, plant and equipment 13,001 894 13,266 1,645
Net CAPEX including discontinued operations (43,230 ) (126,999 ) (131,609 ) (336,810 )
UK Storage Solutions Net CAPEX — (3,903 ) 87 (22,855 )
Tank and Pump Net CAPEX — (7,935 ) — (21,438 )
Net CAPEX from continuing operations $ (43,230 ) $ (115,161 ) $ (131,696 ) $ (292,517 )

Return on Invested Capital

Return on Invested Capital is defined as adjusted earnings before interest and amortization divided by net assets. Adjusted earnings before interest and amortization is the sum of income (loss) before income tax expense, net interest (income) expense, amortization adjusted for non-cash items considered non-core to business operations including net currency (gains) losses, goodwill and other impairment charges, restructuring costs, costs to integrate acquired companies, non-cash charges for stock compensation plans, gains and losses resulting from changes in fair value and extinguishment of common stock warrant liabilities, and other discrete expenses, reduced by estimated taxes. Given we are not a significant US taxpayer due to our current tax attributes, we include estimated taxes at our current statutory tax rate of approximately 26% effective in 2023. Net assets is total assets less goodwill, and intangible assets, net and all non-interest bearing liabilities. Denominator is calculated as a four quarter average for annual metrics and two quarter average for quarterly metrics.

The following table provides unaudited reconciliations of Return on Invested Capital. Average Invested Capital and Adjusted EBITDA related to our former Tank and Pump segment and former UK Storage Solutions segment have been excluded prospectively from July 1, 2022 and January 1, 2023, respectively, and prior periods have not been adjusted.

Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2023 2022 2023 2022
Total Assets $ 6,075,478 $ 5,810,264 $ 6,075,478 $ 5,810,264
Goodwill (1,158,076 ) (1,064,582 ) (1,158,076 ) (1,064,582 )
Intangible assets, net (401,313 ) (431,291 ) (401,313 ) (431,291 )
Total Liabilities (4,762,842 ) (4,129,125 ) (4,762,842 ) (4,129,125 )
Long Term Debt 3,460,066 2,935,800 3,460,066 2,935,800
Net Assets excluding interest bearing debt and goodwill and intangibles $ 3,213,313 $ 3,121,066 $ 3,213,313 $ 3,121,066
Average Invested Capital (A) $ 3,133,997 $ 3,147,195 $ 3,104,225 $ 3,117,986
Adjusted EBITDA $ 265,480 $ 251,339 $ 773,663 $ 676,497
Depreciation (78,864 ) (79,851 ) (225,114 ) (234,644 )
Adjusted EBITA (B) $ 186,616 $ 171,488 $ 548,549 $ 441,853
Statutory Tax Rate (C) 26 % 25 % 26 % 25 %
Estimated Tax (B*C) $ 48,520 $ 42,872 $ 142,623 $ 110,463
Adjusted earnings before interest and amortization (D) $ 138,096 $ 128,616 $ 405,926 $ 331,390
ROIC (D/A), annualized 17.6 % 16.3 % 17.4 % 14.2 %


GlobeNewswire Distribution ID 8970661

Posted on

Wistar Scientists Engineer New NK cell Engaging Immunotherapy Approaches to Target and potentially Treat recalcitrant Ovarian Cancer

Novel human Siglec-7 monoclonal and bispecific antibodies are being developed as potential future cancer immunotherapies

PHILADELPHIA, PA, Nov. 01, 2023 (GLOBE NEWSWIRE) — The Wistar Institute’s David B. Weiner, Ph.D., executive vice president, director of the Vaccine & Immunotherapy Center (VIC) and W.W. Smith Charitable Trust Distinguished Professor in Cancer Research, and collaborators, have engineered novel monoclonal antibodies that engage Natural Killer cells through a unique surface receptor that activates the immune system to fight against cancer.

In their publication titled, “Siglec-7 glyco-immune binding MAbs or NK cell engager biologics induce potent anti-tumor immunity against ovarian cancers,” published in Science Advances, the team demonstrates the preclinical feasibility of utilizing these new cancer immunotherapeutic approaches against diverse ovarian cancer types, including treatment-resistant and refractory ovarian cancers — alone or in combination with checkpoint inhibitor treatment.

The research started as a collaboration between Wistar’s Drs. Weiner and Mohamed Abdel-Mohsen, who were exploring the development of new glyco-signaling biologic tools that may be important in the fight against cancer.

Ovarian cancer (OC) is frequently diagnosed late in the disease process, and OC resistance to currently available treatments make it especially problematic; according to the NIH, the chances of someone diagnosed with OC and surviving for five years is around fifty-fifty. Ovarian cancer demonstrates a low response rate to standard-of-care treatments like chemotherapies, PARP inhibitors and the widely used checkpoint inhibitor, PD-1.

In the small proportion of ovarian cancer patients that do respond to these treatments, resistance becomes problematic over time — resulting in tumor escape and cancer progression. Genetic mutations, such as the well-known BRCA gene mutations, predispose women to a high risk of progressive OC. The CDC expects more than thirteen thousand women to die of ovarian cancer this year in the U.S. alone.

To combat ovarian cancer treatment resistance, the team hypothesized that they might be able to engage not only the traditional T cell immune arm of the immune system which PD-1 and known checkpoint inhibitors (CPI) activate, but also implement a strategy to activate Natural killer cells (NK cells), a subset of important anti-tumor immune cells, through a conserved glyco-immune marker found on the surface of most NK cells called Siglec-7 (Sialic acid-binding immunoglobulin-type lectin). NK cells have been recently described to express Siglec-7, so the team tested two new strategies to engage and activate NK cells against ovarian cancer through Siglec-7.

The first approach used human monoclonal antibodies (mAb) discovered and developed at Wistar and novel assays to visualize and demonstrate that certain anti-Siglec-7 mAbs could activate human NK cells — which, in the presence of the antibodies, responded against multiple human OC cell lines. These now-activated NK cells would kill OC but not non-cancer cells with the Siglec-7 mAb treatment.

The researchers demonstrated that multiple OC carrying mutations, including BRCA1 and BRCA2, could be targeted by Siglec-7 antibodies through activated NK cells. The group moved to study the treatment of OC in a humanized mouse model and observed that the Siglec-7 treatment could impact OC growth slowing the tumors and increasing the animals’ survival.

Having demonstrated the feasibility of utilizing a Siglec-7 mAb in OC models, the team thought there were additional ways to use the Siglec-7 mAb to further focus on OC disease. They hypothesized that directly fusing the Siglec-7 reactive binding site of the Siglec-7 mAb to a second mAb that uniquely binds late OC through a molecule named Follicle Stimulating Hormone receptor (FSHR), which they had previously developed, would create a targeted Siglec-7 bispecific antibody that could bind through two distinct targets creating a new class of NK cell engagers (NKCE).

The team sought to test whether this Siglec-7 NKCE approach would be effective through the direct linkage of potentially killer NK cells to a guided missile aimed specifically at OC, which would open up a new path to develop additional Siglec-7 based immunotherapeutic approaches. In both bench and humanized mouse challenge studies, the Siglec-7-NKCE was effective at targeting OC, activating NK cells in local proximity and efficiently killing multiple OC.

Both Siglec-7 technologies (mAbs and NKCEs) demonstrated an ability to recruit and activate the NK cell population, shrink tumors and prolong survival in the models studied. The observation of on-target specificity of the approaches suggests that cancer’s apparent Siglec vulnerability can be exploited therapeutically, perhaps with limited toxicity — a promising sign for the future of anti-cancer Siglec research, but the team cautions that more work in this regard is important.

In an additional set of preliminary studies, the team also found that this Siglec-7 approach could complement PD-1 checkpoint inhibitor (CPI) therapy. This is an important area of further study that could uncover more details of the mechanisms involved and possibly extend the utility of such CPI in OC and, potentially, other cancers. “These findings open the door to further exploration of how we can engineer Siglec-7 immunotherapies and perhaps other related molecules for ovarian cancer and perhaps a larger group of recalcitrant cancers,” stated Dr. David B. Weiner, adding, “Further studies may bring such approaches as described to represent new tools in our antitumor toolbelt.”

As always, more research is needed to refine these technologies further on the long journey from the lab bench to the clinic. But this paper offers a different avenue for attempting to exploit these unique interactions of immune surface molecules such as Siglec-7 and perhaps other Siglecs.

“We have observed not one but two methods that can target NK cells in an effort to control ovarian cancer in both Petri dishes and in vivo models,” said Dr. Devivasha Bordoloi, the first author on the paper. “This research shows a lot of promise, and I’m excited to move these studies to the next steps.”

Co-authors: Devivasha Bordoloi, Abhijeet J. Kulkarni, Opeyemi S. Adeniji, Pratik S. Bhojnagarwala, Shushu Zhao, Candice Ionescu, Alfredo Perales-Puchalt, Elizabeth M Parzych, Xizhou Zhu, Ali R. Ali, Joel Cassel, Rugang Zhang, Mohamed Abdel-Mohsen and David B. Weiner of The Wistar Institute; and M. Betina Pampena and Michael R. Betts of Perelman School of Medicine, University of Pennsylvania,

Work supported by: Department of Defense Ovarian Cancer Research Program award W81XWH-19-1-0189; the W.W. Smith Charitable Trust Professorship in Cancer Research; and the Wistar Science Accelerator Postdoctoral Fellowship.

Publication information: “Siglec-7 glyco-immune binding MAbs or NK cell engager biologics induce potent anti-tumor immunity against ovarian cancers,” from Science Advances

The Wistar Institute, the first independent, nonprofit biomedical research institute in the United States, marshals the talents of an international team of outstanding scientists through a culture of biomedical collaboration and innovation. Wistar scientists are focused on solving some of the world’s most challenging and important problems in the field of cancer, infectious disease, and immunology. Wistar has been producing groundbreaking advances in world health for more than a century, consistent with its legacy of leadership in biomedical research and a track record of life-saving contributions in immunology and cell biology. wistar.org.

Darien Sutton
The Wistar Institute
215-870-2048
dsutton@wistar.org

GlobeNewswire Distribution ID 8970669

Posted on

eXp Realty Unveils Innovative Partnership with HomeHunter To Streamline International Property Search

eXp Realty Unveils Innovative Partnership with HomeHunter To Streamline International Property Search

eXp Realty®, “the most agent-centric real estate brokerage on the planet™” and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), announced today a new partnership with HomeHunter, an innovative web application designed to improve the home search process for consumers across Europe, the Middle East, South Africa, India, Australia and New Zealand.

BELLINGHAM, Wash., Nov. 01, 2023 (GLOBE NEWSWIRE) — eXp Realty®, “the most agent-centric real estate brokerage on the planet™” and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), announced today a new partnership with HomeHunter, an innovative web application designed to improve the home search process for consumers across Europe, the Middle East, South Africa, India, Australia and New Zealand.

HomeHunter is powered by WikiRealty and goes beyond a traditional search tool, providing a personalized, comprehensive and centralized platform for an easy global home search. It goes beyond the limits of individual searches to streamline the hunt for a home, bringing together data from numerous international platforms. It also features an intuitive bookmarking function that allows users to save their favorite properties from different regions and platforms with just a single click, and provides a curated list of property suggestions based on user search history.

“HomeHunter is poised to become a core source for listing data all over the world with unprecedented opportunities,” said Glenn Sanford, founder and CEO of eXp Realty. “We are immensely proud to be the pioneering brokerage to offer our agents access to this tool to improve the home search experience for their clients. It exemplifies our commitment to enhancing our agents’ value proposition on an international scale. By streamlining the home-buying process for consumers, this tool empowers eXp Realty agents to allocate more of their time to revenue-generating opportunities.”

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty®, Virbela® and SUCCESS® Enterprises.

eXp Realty is the largest independent real estate company in the world with more than 89,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including its innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by Virbela, an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS® Enterprises, anchored by SUCCESS® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.

For more information, visit https://expworldholdings.com. 

Safe Harbor Statement

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Examples of such forward-looking statements include, but are not limited to, the availability of incentive programs in international markets and the future value of financial incentive programs. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

Media Relations Contact:

eXp World Holdings, Inc.
mediarelations@expworldholdings.com

Investor Relations Contact:

Denise Garcia
investors@expworldholdings.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/46667153-6cfb-4078-8cac-368b0a36d78b

GlobeNewswire Distribution ID 8970566

Posted on

งาน Tomorrow.Blue Economy สำรวจโอกาสทางทะเลเพื่ออนาคตที่ยั่งยืน

บาร์เซโลนา ประเทศสเปน, Nov. 01, 2023 (GLOBE NEWSWIRE) — การส่งเสริมและการพัฒนาโอกาสความเป็นไปได้ของเศรษฐกิจสีน้ำเงิน (Blue Economy) และการสนับสนุนการอนุรักษ์ทรัพยากรทางทะเลและมหาสมุทรเพื่อเป็นตัวขับเคลื่อนการเติบโตทางเศรษฐกิจ ทั้งหมดนี้คือเป้าหมายของ Tomorrow.Blue Economy (TBE) ซึ่งเป็นงานที่จะรวบรวมผู้เชี่ยวชาญจากนานาชาติ โดยจะจัดขึ้นระหว่างวันที่ 7 ถึง 9 พฤศจิกายน ณ ฟีร่า เดอ บาร์เซโลนา กรานเวีย (Fira de Barcelona’s Gran Via) เพื่อไขว่คว้าหาโอกาสและความท้าทายของภาคส่วนนี้ที่มีความสำคัญต่ออนาคตของโลก

งานนี้จัดขึ้นโดย Fira de Barcelona สภาเทศบาลเมืองบาร์เซโลนา โดยร่วมมือกับ Barcelona Activa, ท่าเรือบาร์เซโลนา, สภามหาสมุทรโลก (WOC) ซึ่งเป็นองค์กรธุรกิจนานาชาติชั้นนำในภาคเศรษฐกิจทางทะเลที่ยั่งยืน และ Smart Ports: Piers of the Future ซึ่งเป็นกลุ่มพันธมิตรที่ประกอบด้วยท่าเรือของแอนต์เวิร์ป-บรูจส์ บาร์เซโลนา ปูซาน กอเทนเบิร์ก แฮมเบิร์ก ลอสแอนเจลิส มอนทรีออล และรอตเตอร์ดัม เพื่อส่งเสริมการปฏิรูปท่าเรือสู่ระบบดิจิทัลและสร้างความยั่งยืน โดยจะเน้นถึงความเป็นไปได้ของการใช้ทรัพยากรทางทะเลอย่างรับผิดชอบ

ในการจัดงานครั้งที่สองนี้ TBE จะรวบรวมผู้เชี่ยวชาญ นักวิทยาศาสตร์ บริษัท ธุรกิจสตาร์ทอัป และสถาบันต่าง ๆ เพื่อร่วมแบ่งปันโซลูชันและประสบการณ์ในการสร้างความก้าวหน้าให้กับเส้นทางนี้บนพื้นฐานของนวัตกรรมโดยใช้แนวทางแบบสหวิทยาการ และผ่านความร่วมมือระหว่างภาครัฐและภาคเอกชน โปรแกรมจะนำเสนอหัวข้อต่าง ๆ อาทิ การเปลี่ยนแปลงสภาพภูมิอากาศ การเงิน พลังงานนอกชายฝั่ง การบริหารทรัพยากรน้ำ ความหลากหลายทางชีวภาพ การขนส่งทางทะเลที่เป็นมิตรต่อสิ่งแวดล้อม ท่าเรืออัจฉริยะ การล่องเรือเพื่อนันทนาการ การท่องเที่ยว และอาชีพในภาคส่วนเศรษฐกิจสีน้ำเงิน

วิทยากรบางส่วนได้แก่ Aurora Catà, รองประธานของ America’s Cup Events Barcelona; Michael DiBernardo, รองผู้อำนวยการอาวุโสฝ่ายการตลาดและลูกค้าสัมพันธ์ของ Port of Los Angeles; Vasileios Latinos, หัวหน้าฝ่ายความพร้อมในการรับมือการเปลี่ยนแปลงสภาพภูมิอากาศและการปรับตัว ประจำสำนักเลขาธิการยุโรปของ ICLEI; Jens Meier, ประธานเจ้าหน้าที่บริหารของ Hamburg Port Authority; Lluís Salvadó, ประธานของ Port of Barcelona; Jordi Valls, รองนายกเทศมนตรีฝ่ายเศรษฐกิจ ภาษี การส่งเสริมเศรษฐกิจ และการท่องเที่ยว; และ Erwin Verstraelen, ประธานเจ้าหน้าที่ฝ่ายดิจิทัลและนวัตกรรมของ Port of Antwerp-Bruges

ตามข้อมูลขององค์การสหประชาชาติ มีการประมาณการว่าเศรษฐกิจสีน้ำเงินสร้างเม็ดเงินที่มีมูลค่าถึง 1.5 ล้านล้านดอลลาร์สหรัฐให้กับเศรษฐกิจทั่วโลก และสร้างงานมากกว่า 30 ล้านตำแหน่ง อีกทั้งยังจัดหาแหล่งโปรตีนที่สำคัญให้แก่ประชากรมากกว่าสามพันล้านคน นอกจากนี้ รายงานจากองค์การเพื่อความร่วมมือทางเศรษฐกิจและการพัฒนา (OECD) ยังคาดการณ์ว่าเศรษฐกิจทางทะเลอาจจะมีขนาดใหญ่ขึ้นเป็นสองเท่าและมีมูลค่าถึง 3 ล้านล้านดอลลาร์สหรัฐภายในปี 2030

งาน Tomorrow.Blue Economy, Tomorrow.Mobility, Tomorrow.Building และ PUZZLE X จะจัดขึ้นพร้อม ๆ กับงาน Smart City Expo World Congress ซึ่งเป็นงานที่จัดแสดงนวัตกรรมสำหรับเมืองและชุมชนเมืองที่ใหญ่ที่สุดในโลก ทั้งนี้ คาดว่างานทั้งหมดนี้จะมีผู้เข้าร่วมจัดนิทรรศการกว่า 1,000 ราย และมีผู้แทนจากเมืองต่าง ๆ มากกว่า 800 เมือง และ 140 ประเทศ และมีวิทยากร 600 ท่าน

หากสื่อมวลชนต้องการสอบถาม กรุณาติดต่อ:

Salvador Bilurbina
อีเมล: sbilurbina@firabarcelona.com
โทร: +34628162674

ดูรูปภาพประกอบการแถลงข่าวนี้ได้ที่ https://www.globenewswire.com/NewsRoom/AttachmentNg/d6e13a8e-daa9-4980-9fd0-64cf263c0f12

GlobeNewswire Distribution ID 1000897129

Posted on

Japan’s WAFUU.COM: 20-Language Global Expansion, 1200%+ Growth

Operated by QRESTIA Inc., WAFUU.COM is a Japan-based e-commerce site that offers a curated selection of Japanese cosmetics, snacks, anime, games, and gadgets. We aim to share the allure of Japan globally, offering multi-language support and extensive shipping options.

WAFUU.COM: Japan-Based Cross-Border E-Commerce Site Expands to 70 Countries with 20-Language Support

WAFUU.COM, a Japan-based e-commerce platform, breaks new ground by expanding its shipping network to 70 countries and providing a 20-language interface, bringing Japanese culture closer to a global audience.

WAFUU-JAPAN

TOKYO, Nov. 01, 2023 (GLOBE NEWSWIRE) — The world’s fascination with Japanese culture is far from waning, and WAFUU.COM, operated by QRESTIA Inc., has taken ambitious steps to meet this global demand. The growth rate of over 1200% (compared to the same month last year) is attributed to an expansive product range, multi-language support, the impact of a weaker yen, and an expanded target audience.

This initiative was brought to life by a team deeply passionate about sharing the beauty of Japan. WAFUU.COM has recently expanded its offerings by initiating shipping to 70 countries and adding support for 20 languages, breaking down previous challenges of restricted shipping zones, high shipping costs, and language barriers to reach an even wider audience than before.

This growth suggests that our multi-language platform is effectively reaching countries that previously had limited access to Japanese products. As we continue to refine the user experience, several future upgrades are planned to make the platform more user-friendly. “We have always aimed to build a bridge between Japan and the rest of the world, and this new initiative helps us do just that,” says FUKADA HIDEMASA, CEO of QRESTIA Inc.

Before pivoting to its current e-commerce model, WAFUU.COM was engaged in a business that actively utilized web marketing. This well-honed expertise and experience have been seamlessly transitioned into their new venture in cross-border e-commerce. Product selection is backed by comprehensive market research and AI technology, taking into account both global and local Japanese trends as well as online and offline purchasing data. Building on previous experience with multi-language business operations, the company has also accelerated its multi-language support, making Japanese products more accessible than ever. This multi-faceted approach ensures a product lineup that resonates with a diverse customer base.” For more information, visit https://wafuu.com/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8aecd815-8139-4240-a056-bf82abf32f15

CONTACT FUKADA HIDEMASA
COMPANY QRESTIA Inc.
PHONE +81-35726-9180
EMAIL pr@qrestia.com
WEB https://wafuu.com

GlobeNewswire Distribution ID 8967985

Posted on

Verisk Estimates Industry Insured Losses from Hurricane Otis to Range from MXN 50 Billion to MXN 110 Billion (~USD 3 Billion to 6 Billion)

Otis becomes strongest landfalling hurricane on record in this region and the fourth most intense in the nation’s history

BOSTON, Nov. 01, 2023 (GLOBE NEWSWIRE) — Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, estimates industry insured losses to onshore property for Hurricane Otis will likely fall from MXN 50 billion to MXN 110 billion (~USD 3 billion to 6 billion). The industry loss range includes insured estimates of wind and precipitation-induced flood across Otis’s track. Most of the modeled loss is attributable to wind.

Meteorological History of Otis 

Hurricane Otis first became a tropical depression on October 22, with the forecast at the time anticipating it not reaching hurricane strength nor reaching land. At 1:00 am local time Tuesday, Otis remained a tropical storm with maximum sustained winds of 50 mph. As Otis continued to strengthen that morning, the official forecast was increased to bring the cyclone to hurricane intensity by landfall. Early that afternoon the storm was found to have maximum sustained winds now at 110 mph.

Otis continued to intensify at a remarkable pace over the next several hours, reaching Saffir-Simpson category 5 status by 11 p.m. local time – meaning Otis had increased its maximum winds by 115 mph in just 25 hours. Otis made landfall two and a half hours later with maximum sustained wind estimates of 165 mph. Interaction with the mountainous terrain of southern Mexico quickly dissipated Otis as it moved inland. By 4 p.m. on Wednesday, the National Hurricane Center had downgraded Otis to a tropical depression and issued its final advisory on the storm, just 15 hours after it reached the Pacific coast of Mexico as the strongest landfalling hurricane on record in this region.

Hazard and Damage Observations 

Few wind measuring stations survived the storm and provided reliable data on wind speeds. One station near Acapulco that endured the storm recorded a peak wind gust of 135 mph. Observations from aircraft as well as satellite data were used to help constrain the modeled windfield. Maximum rainfall amounts along the coast generally fell between 8 and 12 inches, with a widespread 2+ inches across much of the state of Guerrero.

The coastline of Acapulco contains many larger apartment and condominium buildings as well as hotels. Many of those had a majority of the windows blown out by Otis’s devastating winds. Roof covering damage was also noted on many buildings near the coast. Smaller commercial and residential buildings in Acapulco saw major damage as well, with cladding tossed from walls, roofs torn off and debris scattered. Significant damage was also observed to the north and west of Acapulco. In Coyuca de Benitez, Guerrero, there was minor damage to a hospital as well as significant damage to residential structures observed.

Damage to coastal and inland exposures in and around Acapulco was catastrophic.

Insurance take up for residential risks is quite low in Mexico, though a bit higher for commercial risks. However, it is likely there is higher residential insurance take up in Acapulco, particularly in direct coastal areas, than across the rest of the state of Guerrero.

Included in the industry insured loss estimate are losses to onshore residential, commercial and industrial properties and automobiles for their building, contents and time element coverage from wind and precipitation induced flood.

Verisk’s modeled insured loss estimates do not consider:

  • Losses paid out by any sovereign or government protection programs
  • Losses from coastal storm surge
  • Losses to inland marine, ocean-going marine cargo and hull, and pleasure boats/yachts
  • Losses to uninsured properties
  • Losses to infrastructure
  • Losses from extra-contractual obligations
  • Losses from hazardous waste cleanup, vandalism or civil commotion, whether directly or indirectly caused by the event
  • Loss adjustment expenses

About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

Mary Keller 
Verisk 
617-954-1754 
mary.keller@verisk.com

GlobeNewswire Distribution ID 8969998

Posted on

Salsify Announces a New Connector to NIQ Brandbank, Empowering Brands to Deliver Accurate, Complete, and Compliant Product Content to Leading Global Retailers

Salsify customers can centralize content and streamline syndication through NIQ Brandbank to their network of retailers’ digital shelves

BOSTON, Nov. 01, 2023 (GLOBE NEWSWIRE) — Salsify, the Product Experience Management (PXM) platform empowering brand manufacturers, distributors, and retailers to win on the digital shelf, today announced a new connector to NIQ Brandbank. The connector streamlines Salsify customers’ product content transfer to NIQ Brandbank and their extensive network of retailers. This connector between Salsify and NIQ Brandbank empowers brands and retailers to efficiently enhance the shopping experience by leveraging comprehensive, accurate, and current brand-supplied product content, driving discoverability of products through all sellers.

In the current economic environment, continued margin and cost pressure combined with changing consumer preferences are forcing brands and retailers to re-evaluate investments and race for economies of scale while extracting improved conversion rates on the digital shelf. The NIQ Brandbank connector automates much of the process of brand and retailer product content collaboration across NIQ Brandbank’s industry-leading network of 700+ retailers in 39 countries, including myriad grocery retailers across both the United Kingdom and North America. The resulting process efficiencies combined with improved performance on the product page contributes both the top line and bottom line growth that is critical in this next decade of the digital shelf.

More than 1300 brands already benefit from Salsify’s PXM solution, unifying diverse product information, streamlining workflows, and fostering collaboration across teams. These substantial efficiencies empower Salsify customers to expand into new markets and new digital shelves, while continuously optimizing content to align with evolving retailer requirements. With the new Salsify | NIQ Brandbank connector, joint customers can seamlessly access NIQ Brandbank’s extensive retailer network directly through the Salsify PXM solution. This direct connection enables suppliers to easily share their own brand-consistent product content, including artwork, comprehensive packaging details, allergen information, and HFSS data, all while significantly reducing time and manual efforts.

“This NIQ Brandbank and Salsify integration and collaboration is a clear win both for our joint customers and the consumers they serve,” said Steve Burdett, Group Commercial Director at NIQ Brandbank. “We are very excited to offer added value to our mutual customers relating to content syndication across various territories.”

With the new highly efficient NIQ Brandbank connector, Salsify customers can:

  1. Ensure brand consistency by sharing their brand-compliant and current product content to NIQ Brandbank, which can then be shared with their network of 700+ retailers.
  2. Drive discoverability by collaborating with retailers to create accurate and complete product experiences that meet what consumers are searching for online.
  3. Increase their retailer reach without requiring more resources by leveraging the same brand-compliant content in their Salsify PXM central source of truth that they do for other, non-NIQ Brandbank retailers.
  4. Support retailer content completion and legislative requirements, validating compliance with the latest grocery regulatory requirements, including HFSS.
  5. Removing costs and delays from their business with automated distribution processes directly from your content source.

“NIQ Brandbank has a strong global presence, including in the UK, which is the number one market in EMEA for online retail. Our customers want to make the most of the business opportunity it represents,” said Julie Marobella, Chief Product Officer at Salsify. “This unprecedented depth of PIM integration with NIQ Brandbank’s network will make it simple and efficient for our customers and retailers to directly collaborate on the most accurate, up-to-date, and compliant product content available.”

For more information on the Salsify NIQ Brandbank integration, register here for this joint webinar on November 21st.

About Salsify
Salsify helps thousands of brand manufacturers, distributors, and retailers in over 140 countries collaborate to win on the digital shelf. The company’s Product Experience Management (PXM) platform enables organizations to centralize all of their product content, connect to the commerce ecosystem, and automate business processes in order to deliver the best possible product experiences across every selling destination.

Learn how the world’s largest brands, including Mars, L’Oreal, Coca-Cola, Bosch, and ASICS, as well as retailers and distributors such as DoorDash, E.Leclerc, Carrefour, Metro, and Intermarché use Salsify everyday to drive efficiency, power growth, and lead the digital shelf. For more information, please visit: www.salsify.com.

About NIQ Brandbank
NIQ Brandbank is the leading provider of digital product content solutions powering omnichannel shopping experiences.

We enable brands and retailers to deliver the best shopping experience by giving them the ability to capture and share rich digital product content on all channels seamlessly. NIQ Brandbank’s end-to-end solutions connect shoppers to the most up to date and relevant digital product content making consumer goods more discoverable and engaging.

With 25 years of experience and operating in 39 countries, NIQ Brandbank is the content partner to over 52,000+ brands, 700+ retailers, and wholesalers across the globe, creating a rich online shopping experience, while minimizing the cost and complexity for the industry.

For more information, please visit https://nielseniq.com/global/en/landing-page/brandbank/.

Media Contact
Carolyn Adams
carolyn@bluerunpr.com

GlobeNewswire Distribution ID 8969698