Month: February 2022

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Thailand to open COVID-19 Acute Respiratory Infection clinics on March 1st

COVID-19 patients in Thailand, who are asymptomatic or have only mild symptoms, will be able to access medical services at Acute Respiratory Infection (ARI) clinics, in addition to home and community isolation facilities, from March 1st, according to Public Health Permanent Secretary Dr.Kiattibhoom Vongrachit today (Saturday).

He said that out-patient medical services at ARI clinics are an alternative for people infected with COVID-19 in case they can’t access home or community isolation facilities after testing positive for the virus.

At the ARI clinics, he said that patients will have access to COVID-19 tests, examinations, medications and advice from doctors about how to take care of themselves while they are quarantined at home.

Details about the ARI medical services, as well as guidelines for access, will be discussed with the Thailand’s Royal colleges of Paediatricians, Physicians and Obstetricians and Gynaecologists, said Dr. Kiattibhoom.

He maintained that about 90% of the new infections are by theOmicron variant and most of the infected exhibit either no or just mild symptoms, so there is no need for them to be treated in general hospitals and the ARI clinics should be able to cope with them.

The ARI clinics are part of preparatory measures to cope with the transition of COVID-19 from a pandemic to endemic, he said.

Source: Thai Public Broadcasting Service

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Views of Russian invasion of Ukraine mirror divide in strife-torn Myanmar

Russia’s invasion of Ukraine has highlighted the sharp divide in Myanmar a year after a military coup sparked mass resistance and armed conflict, with the junta praising Moscow for trying to “ensure world peace” and the ousted civilian leadership decrying “alarming and frightening” bullying.

Moscow – which has continued to support and arm the junta led by Sr. Gen. Min Aung Hlaing that crushed Myanmar’s decade-long democratic reform in a Feb. 1, 2021 coup – got immediate backing from the regime after Russian forces invaded and attacked Ukraine on Thursday.

“Firstly, I see it as an effort to consolidate Russian sovereignty,” junta spokesman Zaw Min Tun told RFA’s Myanmar Service.

“Secondly, it shows that Russia is a force to be reckoned with in the balance of power to ensure world peace.”

Myanmar’s shadow National Unity Government (NUG) said that while last year’s military takeover was not a foreign invasion, similarities can be drawn between Russia’s actions and how the military imposed its will on the Southeast Asian nation of 54 million people.

“The concept of bullying is similar,” NUG Foreign Minister Zin Mar Aung told RFA.

“From an international point of view, they crossed the border and invaded a small country. It is more alarming and frightening for geographically related nations and for allies. We are watching to see how countries react to the shift in the balance of power.”

Russia, a U.N. Security Council member, has continued to provide the junta with drones, fighter jets, and armored vehicles that have been used to attack its civilians a year after the coup, despite widespread atrocities and credible reports of crimes against humanity. Min Aung Hlaing visited Russia in June, 2021.

“It should be incontrovertible that weapons used to kill civilians should no longer be transferred to Myanmar. These transfers truly shock the conscience,” former U.S. Rep. Tom Andrews, who serves as U.N. Special Rapporteur on the situation of Human Rights in Myanmar, said in a report to the U.N. Security Council.

The junta has cracked down on its opponents through attacks on peaceful protesters, arrests, and beatings and killings. The military regime has also attacked opposition strongholds with helicopter gunships, fighter jets, and troops that have burned hundreds of villages they accuse of supporting anti-junta militias.

As of Saturday, more than 1,580 people had been killed since the coup and some 12,300 arrested, according to the Assistance Association for Political Prisoners, a human rights organization based in Thailand.

Imbalance of power

The war in Ukraine is also being monitored by the opposition-led paramilitary People’s Defense Force (PDF), which was formed in the aftermath of the coup to protect the country’s civilian population and is fighting the military across a wide swathe of Myanmar.

Yebaw Wei Gyi, a PDF leader, said his group is particularly interested in how the rest of the world will react to the invasion and what the implications are for the junta, which has been targeted with sanctions and ostracized by the international community for its actions in Myanmar.

“In the current scenario, NATO countries like the EU and the United States are in a difficult position to decide whether they should go in and Russia knows,” he said.

“Ukraine is not in a position to fight Russia alone. But will the U.S., EU and NATO, who are behind Ukraine, get involved? If they do … it could lead to a world war. But if they don’t, Russia will crush Ukraine and do what it wants.”

Halting democratic progress

Other observers in Myanmar said that Russia’s actions had destabilized the world order and called for concerted pressure on Moscow to end the conflict.

“Russia’s military incursion into Ukraine has led to turmoil for international relations,” said political analyst Than Soe Naing.

“If the world fails to put a stop to this, we will fall back into an era of empire building. Global democratization efforts will also suffer, and the clock will be turned back several centuries.”

Than Soe Naing said that sanctions alone are not enough to rein in Russian President Vladimir Putin’s sense of adventurism and called for a paradigm shift in global military cooperation.

Nan Linn, a spokesman for the Yangon University Alumni Association, said that the people of Myanmar will stand with the Ukrainian people because they see parallels between the coup and how Russia used military aggression to violate their sovereign rights.

“Russia’s invasion of Ukraine is a matter of grave concern for global security because it is part of a very worrying trend in which powerful nations and dictators are exerting influence in the world,” he said.

“We stand with the people of Ukraine in the Russian invasion because we cannot accept such a bullying act without respect for national sovereignty.”

Radio Free Asia Copyright © 1998-2016, RFA. Used with the permission of Radio Free Asia, 2025 M St. NW, Suite 300, Washington DC 20036

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Labour Minister Assigns Assistant to Visit the Factory Sandbox Project at Maxim Integrated Products in Chonburi

Labour Minister Mr. Suchart Chomklin assigned Assistant to the Labour Minister Mr. Surachai Chaitrakulthong to visit factories under the “Factory Sandbox” project at Maxim Integrated Products (Thailand) Co., Ltd., in Khlong Tamru Subdistrict, Mueang Chonburi District, Chonburi Province. Deputy Governor of Chonburi Province Mr. Niti Wiwatwanich, the Departmental Inspector-General Mr. Sakdinat Sonthisakyothin, and the heads of government agencies under the Ministry of Labour in Chonburi joined the visit. Mr. Richard Cohen, Vice Presidential Advisor to the Sr. V.P., Mr. Wirat Sriamornkitkul, Managing Director of Maxim Integrated Products (Thailand) Co., Ltd., employees, and staff gave a welcome.

Assistant to the Labour Minister Mr. Surachai Chaitrakulthong revealed that the government under the leadership of Prime Minister and Minister of Defense General Prayuth Chan-ocha and Labour Minister Mr. Suchart Chomklin is committed to solving issues from the COVID-19 situation that has affected the health of the workforce, which is an important force in driving the economy in all sectors of the country. The Ministry of Labour by Labour Minister Mr. Suchart Chomklin had the idea of managing the structure and processes in a manner of “Health Economics” that aims to operate in parallel between public health and the economy. It has a special emphasis on the manufacturing sector, which is considered a key mechanism to support its economy. The main principles are to inspect, maintain, control, and supervise the resource management that is limited to the most beneficial and targeted groups for insured persons in enterprises operating in the manufacturing and exporting sectors, including vehicles, electronic components, food, and medical devices, which employs 100 or more employees. The focus is on 11 provinces with major export sources such as Chachoengsao, Chonburi, Nonthaburi, Pathum Thani, Prachinburi, Phra Nakhon Si Ayutthaya, Rayong, Lop Buri, Saraburi, Samut Prakan, and Samut Sakhon, to promote prevention and control from the COVID-19 virus, by limiting the area to prevent wide spread that will affect the country’s economy both directly and indirectly. It also aims to care for the health of people across the country. The “Factory Sandbox” project will greatly benefit in maintaining economic stability in the manufacturing export sector, maintaining the employment level, and preventing factory clusters from infection. The initiative also aims to create a balance between public health measures and drive the country’s economy forward while building confidence for both Thai and foreign investors.

Mr. Surachai went on to say that today, he and the relevant departments were assigned by Labour Minister Mr. Suchart Chomklin to visit the area to monitor the operation of the “Factory Sandbox” project at Maxim Integrated Products (Thailand) Co., Ltd. He thanked the company’s management and staff for their cooperation in implementing the “Factory Sandbox” project and Vibharam Amata Nakorn Hospital, which provides screening services. Employees and insured persons can access screening for COVID-19 at the establishment. The Ministry of Labour’s Social Security Office is determined and dedicated to work. It is ready to help companies continue their businesses without stopping production and promptly alleviate insured persons’ suffering in all situations. He also acknowledged the problems arising from the impact in all aspects to find a way to formulate corrective measures accordingly. With the changes that occur, he asked that insured persons be confident that the Social Security Office will take care of insured persons to provide stability to their lives and health.

Source: Ministry of Labour

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Export Sector Appreciates Government’s Factory Sandbox Project for Solving COVID-19 Issues and Promoting 17% Growth Valued 2.71Bn USD, the Highest in 11 Years

Labour Minister Mr. Suchart Chomklin revealed that the COVID-19 situation had impacted the country’s tourism and service sectors, which are an important source of income. But at the same time, the export sector with over 2 million workers in 4 sectors has grown, namely in food, medical equipment, automotive and electronic parts, which is the result of implementing the Factory Sandbox project by the Ministry of Labour, following government policy. It has supported export businesses on continuous employment, and entrepreneurs can continue their business. This reflects the success of the Factory Sandbox project, which is a government policy under the leadership of Prime Minister and Minister of Defense General Prayuth Chan-ocha, and the Ministry of Labour under the supervision of Deputy Prime Minister General Prawit Wongsuwan. The Ministry of Labour has worked with the Ministry of Interior, the Ministry of Public Health and the Ministry of Industry to carry out such projects with “Economics and Public Health principles.” The projects carried out COVID-19 testing and treatment in 12 provinces for 730 enterprises, 349,016 employees, including carrying COVID-19 vaccinations for 112,746 employees to build immunity for workers and confidence in driving the economy from the manufacturing sector to investors in large-scale manufacturing enterprises. It is a mechanism that supports the country’s economy and stimulates its consumption and exports.

Mr. Suchart continued that the Ministry of Commerce’s data revealed that exports in December 2021 grew by 17.14 percent, the highest in 11 years, surpassing the target valued at 271 billion USD. This results from the government’s policy to stimulate employment to support the economy. In particular, the Factory Sandbox program helped support over 30 percent of manufacturing jobs out of 11 million insured persons, enabling the industrial economy to move forward.

“The government’s Factory Sandbox policy has helped solve COVID-19 issues faced by entrepreneurs in the export sector to prevent factory clusters and further spread so that the country can move forward. It has helped build confidence for both Thai and foreign investors and has maintained over 3 million jobs in the manufacturing and export sectors,” said Mr. Suchart.

Source: Ministry of Labour

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Meltwater CEO John Box named to PRWeek’s Dashboard 25

SAN FRANCISCO, Feb. 25, 2022 (GLOBE NEWSWIRE) — Meltwater, a leading global provider of social and media intelligence, announced that CEO John Box was named to the 2022 PRWeek Dashboard 25, the definitive annual list of industry leaders who are shaping the $4.1 billion communications technology industry.

The list is made up of individuals from the biggest comms tech providers and platforms in the market and up-and-coming disruptors that are inspiring the next phase of innovation across media and social monitoring services, in-house communications teams, PR agencies, newswires, private equity, and more. The honorees are recognized for success within their own organizations and elevating communications technology to new heights through innovative and transformative work.

“PRWeek Dashboard 25 is an amazing opportunity to celebrate the achievements of senior practitioners in the comms tech space, encompassing social media monitoring, influencer management, media analysis, media monitoring and press release distribution,” said Frank Washkuch, executive editor, PRWeek. “This list is a Who’s Who of the people helping PR executives prove their hard work is effective.”

Box was named to the list for the second year in a row and highlighted for his leadership in a banner year for Meltwater. In 2021, the company saw four acquisitions in the span of eight months, uplisted to the Oslo Stock Exchange, posted record growth, and won numerous awards for its world-class product and culture.

Under Box’s leadership, Meltwater has grown into one of the global leaders in media intelligence and social analytics, providing over 27,000 customers with an intuitive, all-in-one solution that bridges the gaps between PR, Communications and Marketing teams.

For more information, please contact:
pr@meltwater.com

About Meltwater

Meltwater provides social and media intelligence. By examining millions of posts each day from social media platforms, blogs and news sites, Meltwater helps companies make better, more informed decisions based on insight from the outside. The company was founded in Oslo, Norway, in 2001 and is headquartered in San Francisco, California, with 50 offices across six continents. The company has 2,200 employees and 27,000 corporate customers, including industry leaders in several sectors. Learn more at meltwater.com.

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Dusk to Dawn Urgent Care Celebrates as Dr. Vinson Eugene Allen Breaks Guinness World Records™ Title in Los Angeles

Tallest 3D-Printed Sculpture of a Human

Dr. Vinson Eugene Allen breaks a GUINNESS WORLD RECORD

Dr. Vinson Eugene Allen breaks a GUINNESS WORLD RECORD

GARDENA, Calif., Feb. 24, 2022 (GLOBE NEWSWIRE) — On Saturday, February 5, 2022, in Gardena, CA, Dr. Vinson Eugene Allen breaks a GUINNESS WORLD RECORDS title for the tallest 3D-printed sculpture of a human. The 19 ft 10 in (6.04m) tall, 1500lb (680.3886kg) sculpture took 12 weeks to create and five people to assemble. It was a massive sight for those in attendance at the unveiling ceremony. Dr. Allen broke the record set in the UK in October 2017. He is now the first American to hold the title.

The massive sculpture was assembled on-site and inspected by officials. Our entire team witnessed the growing excitement as the last section of the sculpture was placed. The emotional state of all who attended the unveiling, quickly realize they were witnessing history in the making. The Guinness World Records adjudicator spoke to Dr. Allen in private, disclosing that he is now the new record title holder of the tallest 3D-printed sculpture of a human. Dr. Connie Yu Allen hugged her husband along with their children in celebration of this achievement.

The Guinness World Records adjudicator announced to the crowd of onlookers that Dr. Allen had broken the 5-year record. Dr. Allen and his family took center stage as the roar of cheers and celebration started with proud Los Angeles residents. Dr. Vinson Eugene Allen and the Saint Vinson Eugene Allen Organization desire to show children all over the world, “Dream big and you can be big. Let nothing stop you.” The monumental sculpture is named “The Statue of Inspiration” for the legacy of Dr. Allen’s 20 years of unwavering commitment to those not only in his community, but abroad as well.

The final resting place of the statue has not yet been determined. Negotiations are underway to have the sculpture placed in a local community-based museum. Details will be released once confirmation of a designated location has been made.

Dr. Vinson Eugene Allen is the founder of Dusk to Dawn Urgent Care facilities, located throughout Southern California. For 20 years, Dr. Allen has provided culturally diverse doctors, physician assistants, and nurse practitioners for patients seeking medical professionals who represent their language and culture. Dr. Allen is connected to the people of each community. He is a brother to some and a son to the elderly. He is genuine, an inspiration to those who come in contact with him.

Media Inquiries: Derrick Dzurko

Email: derrick@e1mgmedia.com

Phone: (888) 231-6942

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Image 1: Dr. Vinson Eugene Allen breaks a GUINNESS WORLD RECORD

Dr. Vinson Eugene Allen breaks a GUINNESS WORLD RECORDS title for the tallest 3D-printed sculpture of a human. The Allen Family

Image 2: Dr. Vinson Eugene Allen breaks a GUINNESS WORLD RECORDS title

Dr. Vinson Eugene Allen breaks a GUINNESS WORLD RECORDS title for the tallest 3D-printed sculpture of a human.

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New York, Paris, Milan, Decentraland; Global Fashion Goes Virtual with the World’s Biggest Metaverse Fashion Week to Date

Selfridges, Tommy Hilfiger, Dolce&Gabbana, Elie Saab, Guo Pei, Etro, Jacob & Co, Vogue Arabia, Dundas, Cavalli, Paco Rabanne, Hogan, FEWOCiOUS, The Fabricant, and others lead an all-star roster of digital catwalks into the next generation of fashion, the Metaversal Age.

New York, Paris, Milan, Decentraland.

Global Fashion Goes Virtual with the World’s Biggest Metaverse Fashion Week to Date.

NEW YORK, Feb. 24, 2022 (GLOBE NEWSWIRE) — The Metaverse – The virtual social world Decentraland announced today that it is hosting the world’s biggest, entirely digital, fashion week with the launch of Metaverse Fashion Week, to take place March 24 – 27, 2022. As an established hotbed of digital, wearable design, Decentraland will host four days of runway shows, fashion experiences, pop-up shops, and afterparties, featuring some of the most renowned names in the global fashion world.

“Fashion and haute couture are not new to the metaverse,” says Decentraland Foundation’s Creative Director, Sam Hamilton. “Decentraland has been on the cutting edge of rare and in-demand digital fashion since the launch of avatar wearables in 2020. Since that time, creators have been pushing both the technical and stylistic limits of Decentraland wearables, and have created a booming economy with over $1 million in sales of avatar wearables last year.”

Metaverse Fashion Week, a tour-de-force of houses, brands, designers, and fashion devotees will gather around multiple catwalks in Decentraland’s newest district, the ‘Luxury Fashion District,’ presented by UNXD and Vogue Arabia, to experience fashion’s hottest and most iconic brands make their Web3 debut:

  • The quintessential London retailer, Selfridges, officially kicks off Fashion Week on March 23 with the inauguration of its flagship metaverse store. The launch features an immersive experience with Paco Rabanne + Victor Vasarely.
  • At the center of MVFW is a futuristic runway hosting daily shows by iconic fashion houses, such as Dolce&Gabbana, Dundas, and Etro, and more of the world’s most renowned luxury brands; as well as digital fashion brands like The Fabricant, new designers making their digital wearables debut at MVFW like Kid Super, and NFT superstar FEWOCiOUS. Collaborations between The Vogu x Hype and Sophia the Robot will also offer a glimpse into the future of A.I. fashion.
  • The runway is surrounded by a luxury shopping area inspired by the architecture at Avenue Montaigne in Paris. It houses metaverse brand/shopping experiences by Tommy Hilfiger, Dolce&Gabbana, Elie Saab, Etro, Dundas, Jacob & Co., Franck Muller, Garrett Leight, Cavalli, Faith Connexion and Faith Tribe, Nicholas Kirkwood in collaboration with White Rabbit NFT, Merts Otsamo in collaboration with DressX, Monnier + Republiqe and Chufy. In addition, throughout the Luxury Fashion District, visitors will be engulfed in a sensorial experience of iconic Chinese couturier Guo Pei’s masterpieces presented by UNXD, and Auroboros + UNXD will present a unique fashion immersion.

Fashion Week activations, however, live all around Decentraland, including, fully-immersive experiences, digital marketplaces, and additional brand activations:

  • A stunning and immersive artistic experience with Charlie Cohen’s Electric Cities, powered by Yahoo, will delight visitors and is bound to be a highlight of the week.
  • Rarible is sponsoring the new Designers Street. The Rarible Fresh Drip Zone is an area for emerging and digital designers, including Artisant, Fabeeo Breen, Fred Segal, Fresh Couture, Girl Gang, Perry Ellis, Placebo, The Fabricant, Charlie Cohen, with portals to the existing headquarters of DressX, Auroboros, XR Couture and Tribute Brand. Rarible will also have its own store in collaboration with designers to be announced in March.
  • CashLabs Art Gallery + Screening Room – Where Art Meets Fashion: CashLabs Space will bring together a confluence of exhibitions highlighting the intersection of fashion and art from a mix of renowned artists and designers, as well as up-and-coming talent. Artists to be featured in CashLabs Space include Krista Kim x The Fabricant, Avavav, Antoni Tudisco, Operator, Jason Ebeyer, and Alex Box. This activation also contains a dedicated movie theater in collaboration with Show Studio, presenting fashion films by brands like Chanel and the House of Lanvin. The CashLabs team will host several fashion talks with leading names in the industry, including the official opening of the event with Alexandre de Betak.
  • The Metaloop by Kollectiff will feature a special catwalk that brings to life runway shows in collaboration with DressX, Kid Super, Cider, 8SIAN, The Rebels, Christine Massarany, Anrealage, Phygicode, WYLD FLWR, The Immersive Kind and Placebo.
  • Boson Protocol has built a marketplace enabling the sale of digital-to-physical garments as NFTs from top tier brands. Boson Portal is a pioneering, customizable brand environment for metaverse commerce. The space will host a series of panel discussions, highlighting the importance of decentralized commerce in the future of mainstream fashion. Brands to be showcased include Tommy Hilfiger, WYLD FLWR, Christine Massarany, DeadFellaz, PHYGICODETM x Rubin Singer, 8SIAN, and more to be announced.
  • Metaparty and virtual real estate marketplace, Parcel.so, present the Community Precinct. This multi-level experience features mini-games, parkour, a chill-out floor and a fashion show featuring the very best of the Decentraland wearables designer community.
  • Participants of Metaverse Fashion Week are invited to join Dragon City, who is bringing several designers and brands from Asia, and Parcel and Metaparty Community Precinct to champion the creators who consistently push the boundaries of wearables design every day in the metaverse.
  • MetaTokyo’s community presents a pop-up museum featuring photographs from AMIAYA, the fashion model/DJ/artist, and STREET, the legendary street style photography magazine. The community will be able to buy NFTs of the photographs, as well as participate in an airdrop of wearables featuring the AMIAYA style.

Metaverse Fashion Week will also feature the notorious After-Show Parties that are synonymous with IRL fashion weeks. Global brands such as Dolce&Gabbana (held opening night), Hogan+Exclusible, Faith Connexion and Faith Tribe + Blondish, and an installation and performance by Imitation of Christ. will host after-parties held in Decentraland. Tribute Brand is doing special Decentraland Wearable drops during a remarkable metaverse party with ICYKOF. KnownOrigin will host an afterparty on Friday, March 25, showcasing a bespoke digital fashion collection and live streaming DJ sets throughout the night. In addition, there will be a #FashionFridays pre-party show on TwitterSpaces leading up to the start of Metaverse Fashion Week. The full line-up for the after parties will be announced in early March.

As these historic brands and trailblazers recognize this paradigm shift around what fashion means in the 21st century, Decentraland is honored to host the world’s most legendary fashion houses in the world’s first Metaverse Fashion Week… See you at the catwalks.

To experience the Metaverse Fashion Week, please visit https://twitter.com/decentraland.

About Decentraland
Decentraland is a decentralized virtual social platform powered by the Ethereum blockchain. Within the Decentraland platform, users can create, experience, and monetize content and applications. Decentraland is unique in that it is owned and governed by the people who use the platform every day. Through the decentralized autonomous organization (DAO) users can submit proposals for owners of MANA (Decentraland currency) and LAND (Decentraland property) to vote on.

About the Decentraland Foundation
Decentralization in Decentraland is supported by the Decentraland Foundation. The Foundation is a non-profit organization that owns intellectual property, reports on third-party activities and developments, and works alongside companies, contributors, players, users and community members for the benefit of the platform.

For Media Inquiry:
Jo Hunt
E: jo@serotonin.co

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/333d0775-2656-4313-b33b-84b55fa3a8f9

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FCB Promotes Bella Patel to Global Chief Talent Officer & Mark Jungwirth to Global Chief Financial Officer

Promotions Follow Planned Succession Moves in Global Leadership

Bella Patel & Mark Jungwirth

Patel & Jungwirth

NEW YORK, Feb. 24, 2022 (GLOBE NEWSWIRE) — FCB today announced the promotions of Bella Patel to Global Chief Talent Officer and Mark Jungwirth to Global Chief Financial Officer. Patel and Jungwirth have both been with the agency in North America for more than a decade and take on their roles as part of the agency’s succession plan that saw former Global Chief Talent Officer Cindy Augustine move to McCann Worldgroup and Global CFO Carmine Battista move to a new role within IPG that will be announced soon. Both Patel and Jungwirth will report directly to recently announced Global Chair and Global Chief Creative Officer Susan Credle and Global CEO Tyler Turnbull.

Patel joined FCB in 2006 and has led the Human Resources practice since 2011. Under her leadership as Chief Talent Officer, FCB Chicago has attracted and fostered top talent that has helped fuel its recent business and creative resurgence. In the last year alone, the agency welcomed over 280 new faces with its most diverse new-hire class ever and raised its inclusion focus to have a greater impact on the culture of FCB’s largest and founding office. Prior to joining FCB, Patel worked as part of the human resources team at Raytheon Polar Services Company’s Antarctic program, as well as at Hyatt Hotels. As FCB’s Global Chief Talent Officer, Patel will partner with talent leads across the network’s offices to further fuel the agency’s culture of inclusion and its “talent above all else” approach to recruitment and retention.

“At FCB, we believe our creative product is fueled by diversity, data and technology. As Global Chief Talent Officer, Bella will continue to make sure we honor that belief. Having led talent initiatives in our largest office for the last decade, Bella is well prepared to take on this important role. I cannot wait to see her impact as we look to attract and retain new generations of FCB talent with diverse and inspiring perspectives,” said Credle.

Commenting on her appointment, Patel shared, “As a talent champion and believer that inclusivity drives greater creativity, I’ve always thrived on building diverse teams that are passionate about our industry. I’m looking forward to stepping into this global role to partner with transformational leaders like Susan and Tyler who believe talent is one of our greatest assets.”

Joining Patel on FCB’s Global Leadership Team is Mark Jungwirth, who, after two years serving as the agency’s North America CFO, moves into the Global CFO role. Jungwirth joined FCB in 2010 to lead the agency’s finances and operations in Chicago, where he quickly rose to become its Chief Financial and Technology Officer. He has been a driving force in the reorganization and operational impact of the FCB network and has influenced the network’s corporate strategy and resource investment as an operational lead, overseeing IT, project management and office services, initially for Chicago and then for all operations across North America. Prior to his 11 years with FCB, Mark earned his CPA with Ernst & Young before joining IPG and spending 13 years working at agencies across the company including Campbell-Ewald and McCann Worldgroup. In his new global role, Jungwirth expands his partnership with all offices across FCB to continue to help drive new growth and operational efficiency and excellence for the network.

“Mark is an incredibly talented person and leader who gets the value of creativity and the growth it drives for our clients and for our business. He is a true strategic partner who has helped ensure our business operations are run in a way that serves the creative product and has found new ways to monetize the value that product and our people deliver for clients. I know he will do the same for our global network,” commented Turnbull.

“In my time with FCB, I’ve been on the front lines of proving that creativity is an economic multiplier. I could not be more excited to do the same for us at the global level. I’m looking forward to working closely with Susan, Tyler and our offices across FCB to further hone our focus on growth, efficiency and investment to help us better unleash creativity and drive measurable results for our clients,” said Jungwirth.

Patel and Jungwirth have already been working closely with their teams and predecessors to ensure a smooth and efficient transition as their new remits began in Q1 of this year.

These promotions come on the heels of FCB underscoring its commitment to creativity through top succession moves announced earlier this month. Susan Credle expanded her remit as Global CCO to include Global Chair and Tyler Turnbull stepped into the Global CEO role. Named Cannes Lions 2020/2021 Global Creative Network of the Year, FCB has experienced incredible momentum that has helped it become one of the most successful and awarded creative networks in the world.

About FCB
FCB (Foote, Cone & Belding) is a global, award-winning and integrated marketing communications company with a heritage of creativity and success dating from 1873. Named Cannes Lions 2020/2021 Global Creative Network of the Year, Adweek 2020 Global Agency of the Year, 2020 Ad Age A-List and the #1 Global Network on The Good Report 2020, FCB focuses on creating Never Finished campaign ideas that have the power to transform brands, businesses and communities. With more than 8,000 people in 109 operations in 80 countries, the company is part of the Interpublic Group of Companies (NYSE: IPG). Visit fcb.com or follow @FCBglobal on Instagram and Twitter and FCB Global on Facebook and LinkedIn.

Media Contact:
Melanie Mitchem
+1 917 902 0998
Melanie.Mitchem@fcb.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0633906e-9cd9-46ad-86cb-5583360f4da7

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WillScot Mobile Mini Holdings Reports Fourth Quarter and Full Year 2021 Results

                                                            Commercial Momentum, Organic Reinvestment, and M&A Support 2022 Outlook And Long-Term Growth Opportunities

PHOENIX, Feb. 24, 2022 (GLOBE NEWSWIRE) — WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini Holdings” or the “Company”) (Nasdaq: WSC), the North American leader in innovative flexible work space and portable storage solutions, today announced fourth quarter and full year 2021 results and provided an update on operations and the current market environment, including the following highlights:

  • Continued execution and commercial momentum in all operating segments resulted in fourth quarter revenue of $518 million, net income of $74 million, and Adjusted EBITDA of $211 million; full year 2021 revenue of $1,895 million, net income of $160 million, and Adjusted EBITDA of $740 million.
  • Invested $147 million in and fully integrated seven acquisitions in second half of 2021.
  • Generated $303 million Free Cash Flow and Free Cash Flow Margin of 16.0% in 2021, while reinvesting for growth.
  • Returned $364 million to shareholders by repurchasing 12.9 million shares and stock equivalents in 2021, or 4% of economic share count as of December 31st, 20201 .
  • Reaffirmed full-year 2022 outlook of $810 million to $850 million Adjusted EBITDA, reflecting robust demand across all end markets, representing 10% to 15% growth versus 2021.

Brad Soultz, Chief Executive Officer of WillScot Mobile Mini Holdings, commented, “Our team’s results and achievements in 2021 underscore our unique position; we operate in a category of one; we are extending our market leadership position by executing idiosyncratic growth initiatives that are within our control; and we are compounding that growth with smart M&A. Given the trajectory upon which we exited 2021 and supportive end markets, I am confident that 2022 will be no less exciting for our business. We had a fantastic year, I want to thank the entire team for their hard work and dedication, and I’m excited for the opportunities ahead of us.”

Soultz continued, “While we are relentless in our focus on the future, I would be remiss in not pointing out a few significant milestones the team achieved in 2021. Our organic operational and financial momentum built steadily through the course of the year, driving over $300 million of free cash flow. Predictable free cash flow coupled with our accelerating run-rate gave us full optionality to reinvest organically, cultivate our acquisition pipeline, and repurchase our stock, all of which are driving sustainable growth, returns, and shareholder value creation. We successfully migrated the legacy WillScot business onto Mobile Mini’s SAP platform – a herculean task that resulted in minimal disruption and evidences the consistent execution capabilities of our team. We further expanded our best-in-class team, adding expertise in operations, marketing, data analytics, and M&A. We closed seven tuck-in acquisitions in the second half of 2021, adding 15,700 storage units, 5,800 modular units, and over 100 new team members to our market-leading organization. We repurchased 4% of our economic share count relative to the end of 2020, and view repurchases as a powerful long-term value creation lever for our shareholders. We introduced our ESG program and key focus areas. And we held our inaugural Investor Day to share our growth strategy for the next five years.”

“Going forward, we will remain laser focused on continuing the commercial momentum in our business. We are rolling out our VAPS offering for Storage and continue to expand our VAPS offering for Modular. We are driving rate optimization and have tangible opportunities to extend our customer value proposition through market penetration and M&A. We will continue to execute the integration and realization of cost synergies associated with our prior acquisitions. Operationally, we are investing in our human capital at all levels in the organization to support our growth aspirations with a specific focus on career development and our diversity and inclusion initiatives. And we are continuing to invest in technology by harmonizing our customer relationship management systems, which will support all of our commercial initiatives. As characterized at our Investor Day, it is not a matter of if we achieve the $1B Adjusted EBITDA milestone, rather when and by how far we eclipse it.”

Three Months Ended
December 31,		 Year Ended
December 31,
(in thousands) 2021 2020 2021 2020
Revenue $ 517,920 $ 437,647 $ 1,894,897 $ 1,367,645
Consolidated net income $ 74,223 $ 3,866 $ 160,144 $ 75,340
Adjusted EBITDA2 $ 211,164 $ 179,684 $ 740,393 $ 530,307
Adjusted EBITDA Margin (%)2 40.8 % 41.1 % 39.1 % 38.8 %
Net cash provided by operating activities $ 147,847 $ 129,717 $ 539,902 $ 304,812
Free Cash Flow2 $ 51,318 $ 87,430 $ 303,027 $ 162,279
Fully Diluted Shares Outstanding 229,965,703 233,625,946 232,793,902 177,268,383
Free Cash Flow Margin (%)2 9.9 % 20.0 % 16.0 % 11.9 %
Return on Invested Capital2 13.7 % 11.9 % 11.7 % 9.6 %
Three Months Ended
December 31,		 Year Ended
December 31,
Pro Forma Adjusted EBITDA2 by Segment (in thousands) 2021 2020 2021 2020
NA Modular $ 115,263 $ 107,460 $ 423,004 $ 394,805
NA Storage 71,629 53,372 226,600 184,601
UK Storage 12,392 9,516 49,039 31,080
Tank and Pump 11,880 9,336 41,750 35,979
Consolidated Adjusted EBITDA $ 211,164 $ 179,684 $ 740,393 $ 646,465

Refer to the Supplemental Pro Forma Information section on Form 10-K to be filed with the SEC and made available on the WillScot Mobile Mini Holdings Corp. investor relations website for full reconciliations of reported and pro forma results.

Fourth Quarter 2021 Results2

Tim Boswell, President and Chief Financial Officer of WillScot Mobile Mini Holdings, commented “Total Revenue was up 18% and Adjusted EBITDA was up 18% in the fourth quarter relative to prior year, with particular strength in pricing and value-added products in NA Modular and pricing and unit on rent volumes in NA Storage.  We exceeded the top-end of our prior Revenue and Adjusted EBITDA guidance for 2021, outperforming in all segments, we are consistently generating attractive returns with ROICs north of 12%, and we are committing additional human and financial capital to build upon this momentum. In the fourth quarter, we invested about $90 million of capital into highly utilized fleet categories, value-added products, and modular refurbishments to capitalize upon the current market environment and minimize any supply constraints, heading into 2022. And we invested $147 million in seven tuck-in acquisitions from September to December, which contributed approximately $8 million of revenue in the fourth quarter and highlights the extreme scalability of our technology and operating platform. While these transactions were dilutive to margins in Q4, they bring numerous financial and strategic benefits longer-term, consistent with those that we have realized in all of our past acquisitions. And they compound powerfully with our core organic growth initiatives, all of which progressed favorably in the quarter.”

Boswell continued, “Looking into 2022, we remain confident in the guidance ranges that we introduced in November and are currently tracking toward the higher end of our revenue range and the midpoint of our Adjusted EBITDA range. Implicitly, margins are expanding to the lower end of our guidance range, as recent acquisitions ramp to full earning potential, we invest broadly in our human capital, and we make specific investments in inventory and customer relationship management processes and technology, all of which support our top-line growth aspirations. Our capital allocation strategy remains unchanged. We will continue to balance the timing to reach our 3.0x to 3.5x leverage range with the availability of compelling M&A opportunities, long-term investments in our own stock, and visibility into future free cash flow, as we progress towards our $500 million Free Cash Flow run-rate milestone in the second half of 2022 heading into 2023. It was great to see many of you in-person in November. The team is dialed-in executing the plans that we discussed to drive sustainable growth and returns.”

NA Modular

  • Revenue of $309.5 million increased by 14.4% year-over-year.
    • Average modular space monthly rental rate increased $142 year-over-year, or 19.6% to $866.
    • Modular space unit deliveries decreased 2% year-over-year, and were up 1% vs. 2019 levels.
    • Average modular space units on rent decreased 1,683 units year-over-year, or 2.0% to 84,328. For the full year 2021, unit returns were down 11% vs. 2019, consistent with our expectations for UOR inflection in the first half of 2022.
    • Value-Added Products and Services (VAPS) average monthly rate increased $53 year-over-year, or 28% to $241. For delivered units over the last twelve months, VAPS average monthly rate increased $82 year-over-year, or 26%, to $393.
  • Adjusted EBITDA of $115.3 million increased by 7.3% year-over-year. The transfer of the NA Modular portable storage fleet to the NA Storage segment in Q3 2021 represented a decline of about $5 million of revenue and EBITDA in Q4 2021, which has not been adjusted historically.

NA Storage

  • Revenue of $151.4 million increased by 29.1% year-over-year.
    • Average portable storage monthly rental rate increased $13 year-over-year, or 8.7% to $163.
    • Portable storage unit deliveries across the NA Storage and NA Modular segments combined increased 6% year-over-year, including contributions from our recent acquisitions.
    • Average portable storage units on rent increased by 37,616 units year-over-year, or 31.2% to 158,055. This increase reflects broad-based end market strength, the transfer of approximately 12,000 units from NA Modular (legacy WillScot) into the NA Storage segment that was completed in Q3 2021, and approximately 12,900 average units on rent as a result of the acquisition of 15,700 storage units during Q3 and Q4 2021.
  • Adjusted EBITDA of $71.6 million increased by 34.1% year-over-year. The transfer of the NA Modular portable storage fleet to the NA Storage segment in Q3 2021 represented an increase of about $5 million of revenue and EBITDA in Q4 2021, which has not been adjusted historically.

UK Storage

  • Revenue of $27.5 million increased 11.3% year-over-year, driven by continued strong price and volume trends, and Adjusted EBITDA of $12.4 million increased by 30.5%.

Tank and Pump

  • Revenue of $29.5 million increased 18.2% year-over-year, driven by tightening OEC utilization, and Adjusted EBITDA of $11.9 million increased by 27.2%.

Full Year 2021 Results2

Key drivers of our 2021 financial performance included:

  • Total revenues increased by $527.3 million, or 38.6%, attributable to the addition of Mobile Mini’s revenues to our consolidated results once the Merger closed on July 1, 2020 and due to organic revenue growth levers in the business. Leasing revenue increased $410.7 million, or 41.0%, delivery and installation revenue increased $100.5 million, or 36.7%, rental unit sales increased $16.3 million, or 41.9%, and new unit sales revenue decreased $0.2 million, or 0.4%.
    • On a Pro Forma basis, total revenues increased by $243.0 million, or 14.7%, from $1,651.9 million to $1,894.9 million.
  • Generated consolidated net income of $160.1 million for the year ended December 31, 2021, representing an increase of $84.8 million versus the year ended December 31, 2020. Net Income Excluding Gain/Loss from Warrants of $186.7 million for the year ended December 31, 2021, represented an increase of $114.8 million, or 159.7%, versus the year ended December 31, 2020, and included a $6.0 million loss on extinguishment of debt related to our financing activities in the first and second quarter of 2021 and $44.6 million of discrete costs expensed in the period related to transaction and integration activities. Discrete costs in the period included $1.4 million of transaction costs, $28.4 million of integration costs, and $14.8 million of restructuring costs, lease impairment expense and other related charges.
    • On a Pro Forma basis, net income increased by $36.3 million, or 29.3%, from $123.8 million to $160.1 million.
  • Generated Adjusted EBITDA of $740.4 million for the year ended December 31, 2021, representing an increase of $210.1 million, or 39.6%, as compared to 2020. Of this increase, $181.9 million was driven by including a full year of Mobile Mini in our consolidated results, including strong year over year organic growth within the NA Storage, UK, and Tank and Pump segments, and the remainder was driven by strong organic growth across all of our segments. The increase was partially offset by increases in SG&A related to variable compensation and occupancy costs.
    • On a Pro Forma basis, Adjusted EBITDA increased by $93.9 million, or 14.5%, from $646.5 million to $740.4 million.
  • Generated Free Cash Flow of $303.0 million for the year ended December 31, 2021, representing an increase of $140.7 million as compared to 2020. Net cash provided by operating activities increased $235.1 million to $539.9 million. Net cash used in investing activities, excluding cash acquired or used as part of acquisitions, increased $94.3 million as a result of increased capital spending to support growing demand for new project deliveries across all segments. We reinvested this Free Cash Flow, along with additional net borrowings under the ABL, to acquire storage and modular units of several smaller entities for a total of $147.2 million and to repurchase $363.6 million of our common stock and warrants, while de-levering the business from 3.8x to 3.6x Net Debt to Adjusted EBITDA. Our predictable lease revenues, idiosyncratic levers to drive growth and margin expansion, and reduced interest costs due to our financing activities during the year contributed to our strong financial position.

Overall, while new lease activation volumes over the past eight quarters were impacted in line with the swings in economic activity, our lease revenue streams were stable and predictable and remain on an attractive upward long-term trajectory, which is a result of the diversification in our end markets, our long lease durations, and the success of the organic growth initiatives that we are executing.

Capitalization and Liquidity Update2

As of December 31, 2021:

  • Repurchased 1.2 million shares of Common Stock and stock equivalents for $43.3 million in the fourth quarter and 12.9 million shares of Common Stock and stock equivalents for $363.6 million for the full year 2021, representing a 4% reduction in our economic share count. As of December 31, 2021, $956.7 million of the $1.0 billion share repurchase authorization remained.
  • Over $0.7 billion of excess availability under the asset-based revolving credit facility, a flexible covenant structure, and accelerating free cash flow provide ample liquidity to fund multiple capital allocation alternatives.
  • Weighted average interest rate is approximately 3.7% and annual cash interest expense based on the current debt structure is approximately $102 million.
  • No debt maturities prior to 2025.
  • Reduced leverage to 3.6x last-twelve-months Adjusted EBITDA of $740.4 million and maintaining our target range of 3.0x to 3.5x.

2022 Outlook2, 3, 4

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

2020 Pro Forma Results 2021 Results 2022 Outlook
Revenue $1,652 million $1,895 million $1,925 million – $2,025 million
Adjusted EBITDA1,2 $646 million $740 million $810 million – $850 million
Net CAPEX2,3 $161 million $237 million $225 million – $275 million

1 – Assumes common shares outstanding plus treasury stock method from warrants outstanding as of 12/31/2020 versus 12/31/2021 and the closing stock price of $40.84 on 12/31/2021.
2 – Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Margin, Net Income Excluding Gain/Loss from Warrants, 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”) is 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 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.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, Pro Forma Revenue, Pro Forma Adjusted EBITDA, Pro Forma Net Income, Adjusted Gross Profit, Adjusted Gross Profit Percentage, Net Income Excluding Gain/Loss from Warrants, and Net CAPEX. Adjusted EBITDA is defined as net income (loss) 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 25%. 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. Pro Forma Revenue is defined the same as revenue, but includes pre-acquisition results from Mobile Mini for all periods presented. Adjusted Gross Profit is defined as gross profit plus depreciation of rental equipment. Adjusted Gross Profit Percentage is defined as Adjusted Gross Profit divided by revenue. Net Income Excluding Gain/Loss from Warrants is defined as net income plus or minus the change in the fair value of the common stock warrant liability. 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. 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 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 due to the addition of significant acquisitions during the reported periods. This information is also used by management to measure the performance of our ongoing operations and analyze our business performance and trends. This information is used by investors for the purposes of development of future projections and earnings growth prospects. The Company believes that Adjusted Gross Profit and Adjusted Gross Profit Percentage are useful to investors because they allow investors to assess gross profit excluding non-cash expenses, which provides useful information regarding our results of operations and assists in analyzing the underlying performance of our business. The Company believes that Net Income Excluding Gain/Loss from Warrants is useful to investors because it removes the impact of stock market volatility from our operational results. 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 reconciling forward-looking Adjusted EBITDA to GAAP financial measures is unavailable to the Company without unreasonable effort. We cannot provide reconciliations of forward-looking Adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. Although we provide a range of Adjusted EBITDA that we believe will be achieved, we cannot accurately predict all the components of the Adjusted EBITDA calculation. The Company provides Adjusted EBITDA guidance because we believe that Adjusted EBITDA, when viewed with our results under GAAP, provides useful information for the reasons noted above.

On July 1, 2020, Williams Scotsman, Inc. closed the merger with Mobile Mini, Inc. (the “Merger”) and assumed the name WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC). Our reported results only include Mobile Mini for the periods subsequent to the Merger. Our Pro Forma Results include Mobile Mini’s results as if the Merger and financing transactions had occurred on January 1, 2019, which we believe is a better representation of how the combined company has performed over time. Following the Merger, we expanded our reporting segments from two segments to four reporting segments. The North America Modular segment aligns with the WillScot legacy business prior to the Merger and the North America Storage, UK Storage and Tank and Pump segments align with the Mobile Mini segments prior to the Merger.

Conference Call Information
WillScot Mobile Mini Holdings will host a conference call and webcast to discuss its fourth quarter and full year 2021 results and outlook at 10 a.m. Eastern Time on Friday, February 25, 2022. The live call may be accessed by dialing (855) 312-9420 (US/Canada toll-free) or (210) 874-7774 (international) and asking to be connected to the WillScot Mobile Mini Holdings call. A live webcast will also be accessible via the “Events & Presentations” section of the Company’s investor relations website www.willscotmobilemini.com. Choose “Events” and select the information pertaining to the WillScot Mobile Mini Holdings Fourth Quarter 2021 Conference Call. Additionally, there will be slides accompanying the webcast. Please allow at least 15 minutes prior to the call to register, download and install any necessary software. For those unable to listen to the live broadcast, an audio webcast of the call will be available for 60 days on the Company’s investor relations website.

About WillScot Mobile Mini Holdings

WillScot Mobile Mini Holdings trades on the Nasdaq stock exchange under the ticker symbol “WSC.” Headquartered in Phoenix, Arizona, the Company is a leading business services provider specializing in innovative flexible workspace and portable storage solutions. WillScot Mobile Mini services diverse end markets across all sectors of the economy from a network of approximately 275 branch locations and additional drop lots throughout the United States, Canada, Mexico, and the United Kingdom.

Forward-Looking Statements
This press release contains forward-looking statements (including the guidance/outlook contained herein) within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “estimates,” “expects,” “anticipates,” “believes,” “forecasts,” “plans,” “intends,” “may,” “will,” “should,” “shall,” “outlook” and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Certain of these forward-looking statements include statements relating to: the timing of our achievement of Free Cash Flow performance, our ability to expand and sustain expanded margins, and our revenue, Adjusted EBITDA and Net Capex outlooks. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions, they are predictions and we can give no assurance that any such forward-looking statement will materialize. Important factors that may affect actual results or outcomes include, among others, our ability to acquire and integrate new assets and operations; our ability to achieve planned synergies related to acquisitions; our ability to manage growth and execute our business plan; our estimates of the size of the markets for our products; the rate and degree of market acceptance of our products; the success of other competing modular space and portable storage solutions that exist or may become available; rising costs adversely affecting our profitability; potential litigation involving our Company; general economic and market conditions impacting demand for our products and services; our ability to maintain an effective system of internal controls; and such other risks and uncertainties described in the periodic reports we file with the SEC from time to time (including our Form 10-K for the year ended December 31, 2021), which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Any forward-looking statement speaks only at the date which it is made, and the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Additional Information and Where to Find It
Additional information can be found on the company’s website at www.willscotmobilemini.com.

Contact Information
Investor Inquiries: Media Inquiries:
Nick Girardi Scott Junk
investors@willscotmobilemini.com scott.junk@willscotmobilemini.com
WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Operations
Three Months Ended
December 31,		 Year Ended
December 31,
(in thousands, except share and per share data) 2021 2020 2021 2020
Revenues:
Leasing and services revenue:
Leasing $ 389,886 $ 322,870 $ 1,412,123 $ 1,001,447
Delivery and installation 99,799 86,752 374,682 274,156
Sales revenue:
New units 15,059 14,357 52,882 53,093
Rental units 13,176 13,668 55,210 38,949
Total revenues 517,920 437,647 1,894,897 1,367,645
Costs:
Costs of leasing and services:
Leasing 81,686 65,032 317,061 227,376
Delivery and installation 78,581 66,360 306,861 220,102
Costs of sales:
New units 9,717 9,372 35,377 34,841
Rental units 6,983 8,326 29,853 24,772
Depreciation of rental equipment 62,484 54,302 237,537 200,581
Gross profit 278,469 234,255 968,208 659,973
Expenses:
Selling, general and administrative 139,150 119,357 511,446 360,626
Transaction costs 228 812 1,375 64,053
Other depreciation and amortization 19,270 20,425 78,030 43,249
Lease impairment expense and other related charges 560 877 2,888 4,876
Restructuring costs (90 ) 1,984 11,868 6,527
Currency losses (gains), net 352 (502 ) 548 (355 )
Other expense (income), net 1,573 39 1,780 (1,718 )
Operating income 117,426 91,263 360,273 182,715
Interest expense 29,610 30,076 117,987 119,886
Fair value loss (gain) on common stock warrant liabilities — 42,602 26,597 (3,461 )
Loss on extinguishment of debt — — 5,999 42,401
Income (loss) before income tax 87,816 18,585 209,690 23,889
Income tax expense (benefit) 13,593 14,719 49,546 (51,451 )
Net income (loss) 74,223 3,866 160,144 75,340
Net income (loss) attributable to non-controlling interest, net of tax — — — 1,213
Net income (loss) attributable to WillScot Mobile Mini $ 74,223 $ 3,866 $ 160,144 $ 74,127
Earnings (loss) per share attributable to WillScot Mobile Mini common shareholders
Basic $ 0.33 $ (0.02 ) $ 0.71 $ 0.44
Diluted $ 0.32 $ (0.02 ) $ 0.69 $ 0.25
Weighted average shares:
Basic 223,436,603 228,637,826 226,518,931 169,230,177
Diluted 229,965,703 233,625,946 232,793,902 177,268,383
Unaudited Segment Operating Data
Comparison of Three Months Ended December 31, 2021 and 2020
Three Months Ended
December 31, 2021
(in thousands, except for units on rent and rates) NA Modular NA Storage UK Storage Tank and
Pump		 Total
Revenue $ 309,522 $ 151,363 $ 27,487 $ 29,548 $ 517,920
Gross profit $ 139,453 $ 107,423 $ 17,936 $ 13,657 $ 278,469
Adjusted EBITDA $ 115,263 $ 71,629 $ 12,392 $ 11,880 $ 211,164
Capital expenditures for rental equipment $ 67,207 $ 21,261 $ 5,185 $ 6,654 $ 100,307
Average modular space units on rent 84,328 18,006 8,627 — 110,961
Average modular space utilization rate 67.5 % 78.8 % 76.7 % — % 69.8 %
Average modular space monthly rental rate $ 866 $ 617 $ 439 $ — $ 792
Average portable storage units on rent 552 158,055 26,911 — 185,518
Average portable storage utilization rate 62.7 % 88.1 % 90.6 % — % 88.4 %
Average portable storage monthly rental rate $ 228 $ 163 $ 91 $ — $ 153
Average tank and pump solutions rental fleet utilization based on original equipment cost N/A N/A N/A 75.5 % 75.5 %
Three Months Ended
December 31, 2020
(in thousands, except for units on rent and rates) NA Modular NA Storage UK Storage Tank and
Pump		 Total
Revenue $ 270,612 $ 117,336 $ 24,708 $ 24,991 $ 437,647
Gross profit $ 123,409 $ 83,401 $ 14,971 $ 12,474 $ 234,255
Adjusted EBITDA $ 107,460 $ 53,372 $ 9,516 $ 9,336 $ 179,684
Capital expenditures for rental equipment $ 39,396 $ 7,735 $ 1,016 $ 1,963 $ 50,110
Average modular space units on rent 86,011 16,948 8,834 — 111,793
Average modular space utilization rate 68.2 % 80.9 % 82.4 % — % 70.9 %
Average modular space monthly rental rate $ 724 $ 547 $ 377 $ — $ 670
Average portable storage units on rent 15,603 120,439 24,496 — 160,538
Average portable storage utilization rate 62.6 % 83.0 % 88.6 % — % 81.2 %
Average portable storage monthly rental rate $ 124 $ 150 $ 78 $ — $ 136
Average tank and pump solutions rental fleet utilization based on original equipment cost N/A N/A N/A 65.2 % 65.2 %
Comparison of the Year Ended December 31, 2021 and 2020
Year Ended
December 31, 2021
(in thousands, except for units on rent and rates) NA Modular NA Storage UK Storage Tank and
Pump		 Total
Revenue $ 1,164,179 $ 508,802 $ 111,025 $ 110,891 $ 1,894,897
Gross profit $ 496,445 $ 348,259 $ 71,242 $ 52,262 $ 968,208
Adjusted EBITDA $ 423,004 $ 226,600 $ 49,039 $ 41,750 $ 740,393
Capital expenditures for rental equipment $ 187,495 $ 45,426 $ 27,830 $ 17,747 $ 278,498
Average modular space units on rent 84,524 16,780 9,098 — 110,402
Average modular space utilization rate 67.6 % 78.5 % 82.0 % — % 70.1 %
Average modular space monthly rental rate $ 809 $ 582 $ 434 $ — $ 744
Average portable storage units on rent 7,312 128,463 25,691 — 161,466
Average portable storage utilization rate 68.8 % 80.9 % 90.2 % — % 81.5 %
Average portable storage monthly rental rate $ 131 $ 155 $ 88 $ — $ 144
Average tank and pump solutions rental fleet utilization based on original equipment cost N/A N/A N/A 72.3 % 72.3 %
Year Ended
December 31, 2020
(in thousands, except for units on rent and rates) NA Modular NA Storage UK Storage Tank and
Pump		 Total
Revenue $ 1,051,162 $ 221,829 $ 46,361 $ 48,293 $ 1,367,645
Gross profit $ 451,642 $ 156,785 $ 27,642 $ 23,904 $ 659,973
Adjusted EBITDA $ 394,805 $ 99,837 $ 17,822 $ 17,843 $ 530,307
Capital expenditures for rental equipment $ 153,327 $ 14,969 $ 1,693 $ 2,394 $ 172,383
Average modular space units on rent 86,874 8,333 4,319 — 99,526
Average modular space utilization rate 68.9 % 80.6 % 80.8 % — % 70.2 %
Average modular space monthly rental rate $ 685 $ 526 $ 367 $ — $ 658
Average portable storage units on rent 15,823 56,415 11,910 — 84,148
Average portable storage utilization rate 63.5 % 78.2 % 85.9 % — % 75.9 %
Average portable storage monthly rental rate $ 122 $ 147 $ 76 $ — $ 132
Average tank and pump solutions rental fleet utilization based on original equipment cost N/A N/A N/A 61.7 % 61.7 %
WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share data) December 31, 2021
 December 31, 2020
Assets
Cash and cash equivalents $ 12,699 $ 24,937
Trade receivables, net of allowances for credit losses at December 31, 2021 and December 31, 2020 of $47,629 and $29,258, respectively 399,887 330,942
Inventories 32,739 23,731
Prepaid expenses and other current assets 36,761 29,954
Assets held for sale 954 12,004
Total current assets 483,040 421,568
Rental equipment, net 3,080,981 2,931,646
Property, plant and equipment, net 312,178 303,650
Operating lease assets 247,064 232,094
Goodwill 1,178,806 1,171,219
Intangible assets, net 460,678 495,947
Other non-current assets 10,852 16,081
Total long-term assets 5,290,559 5,150,637
Total assets $ 5,773,599 $ 5,572,205
Liabilities and equity
Accounts payable $ 118,271 $ 106,926
Accrued expenses 100,195 91,381
Accrued employee benefits 68,414 50,291
Deferred revenue and customer deposits 159,639 135,485
Operating lease liabilities – current 53,005 48,063
Current portion of long-term debt 18,121 16,521
Total current liabilities 517,645 448,667
Long-term debt 2,694,319 2,453,809
Deferred tax liabilities 354,879 307,541
Operating lease liabilities – non-current 194,256 183,761
Common stock warrant liabilities — 77,404
Other non-current liabilities 15,737 37,150
Long-term liabilities 3,259,191 3,059,665
Total liabilities 3,776,836 3,508,332
Commitments and contingencies
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at December 31, 2021 and December 31, 2020 — —
Common Stock: $0.0001 par, 500,000,000 shares authorized and 223,939,527 and 229,038,158 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 22 23
Additional paid-in-capital 3,616,902 3,852,291
Accumulated other comprehensive loss (29,071 ) (37,207 )
Accumulated deficit (1,591,090 ) (1,751,234 )
Total shareholders’ equity 1,996,763 2,063,873
Total liabilities and shareholders’ equity $ 5,773,599 $ 5,572,205

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 in the reconciliation of our consolidated net income (loss) to Adjusted EBITDA reconciliation below. We believe that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company.

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

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

Adjusted EBITDA

We define EBITDA as net income (loss) plus interest (income) expense, income tax expense (benefit), depreciation and amortization. Our adjusted EBITDA (“Adjusted EBITDA”) reflects the following further adjustments to EBITDA to exclude certain non-cash items and the effect of what we consider transactions or events not related to our core business operations:

  • Currency (gains) losses, net: on monetary assets and liabilities denominated in foreign currencies other than the subsidiaries’ functional currency. Substantially all such currency gains (losses) are unrealized and attributable to financings due to and from affiliated companies.
  • Goodwill and other impairment charges related to non-cash costs associated with impairment charges to goodwill, other intangibles, rental fleet and property, plant and equipment.
  • Restructuring costs, lease impairment expense, and other related charges associated with restructuring plans designed to streamline operations and reduce costs including employee and lease termination costs.
  • Transaction costs including legal and professional fees and other transaction specific related costs.
  • Costs to integrate acquired companies, including outside professional fees, non-capitalized costs associated with system integrations, non-lease branch and fleet relocation expenses, employee training costs, and other costs required to realize cost or revenue synergies.
  • Non-cash charges for stock compensation plans.
  • Gains and losses resulting from changes in fair value and extinguishment of common stock warrant liabilities.
  • Other expense includes consulting expenses related to certain one-time projects, financing costs not classified as interest expense, and gains and losses on disposals of property, plant, and equipment.

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

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

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

The following table provides an unaudited reconciliation of Net income to Adjusted EBITDA:

Three Months Ended
December 31,		 Year Ended
December 31,
(in thousands) 2021 2020 2021 2020
Net income $ 74,223 $ 3,866 $ 160,144 $ 75,340
Income tax expense (benefit) 13,593 14,719 49,546 (51,451 )
Loss on extinguishment of debt — — 5,999 42,401
Interest expense 29,610 30,076 117,987 119,886
Depreciation and amortization 81,754 74,727 315,567 243,830
Fair value loss (gain) on common stock warrant liabilities — 42,602 26,597 (3,461 )
Currency losses (gains), net 352 (502 ) 548 (355 )
Restructuring costs, lease impairment expense and other related charges 470 2,861 14,756 11,403
Transaction costs 228 812 1,375 64,053
Integration costs 5,213 7,417 28,424 18,338
Stock compensation expense 4,509 2,921 18,989 9,879
Other 1,212 185 461 444
Adjusted EBITDA $ 211,164 $ 179,684 $ 740,393 $ 530,307

Net Income Excluding Gain/Loss from Warrants

We define Net Income Excluding Gain/Loss from Warrants as net income plus or minus the impact of the change in the fair value of the common stock warrant liability. Management believes that the presentation of our financial statements excluding the impact of this mark-to-market adjustment provides useful information regarding our results of operations and assists in the review of the actual operating performance of our business.

The following table provides an unaudited reconciliation of Net income to Net Income Excluding Gain/Loss from Warrants:

Three Months Ended
December 31,		 Year Ended
December 31,
(in thousands) 2021 2020 2021 2020
Net income $ 74,223 $ 3,866 $ 160,144 $ 75,340
Fair value loss (gain) on common stock warrant liabilities — 42,602 26,597 (3,461 )
Net Income Excluding Gain/Loss from Warrants $ 74,223 $ 46,468 $ 186,741 $ 71,879

Adjusted EBITDA Margin

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 an unaudited reconciliation of Adjusted EBITDA Margin:

Three Months Ended
December 31,		 Year Ended
December 31,
(in thousands) 2021 2020 2021 2020
Adjusted EBITDA (A) $ 211,164 $ 179,684 $ 740,393 $ 530,307
Revenue (B) 517,920 437,647 1,894,897 1,367,645
Adjusted EBITDA Margin (A/B) 40.8 % 41.1 % 39.1 % 38.8 %
Net Income (C) $ 74,223 $ 3,866 $ 160,144 $ 75,340
Net Income Margin % (C/B) 14.3 % 0.9 % 8.5 % 5.5 %

Free Cash Flow and Free Cash Flow Margin

We define Free Cash Flow as net cash provided by operating activities, less purchases of, and proceeds from, rental equipment and property, plant and equipment, which are all included in cash flows from investing activities. Free Cash Flow Margin is defined as Free Cash Flow divided by Revenue. Management believes that the presentation of Free Cash Flow and Free Cash Flow Margin provides useful information to investors concerning cash flow available to fund our capital allocation alternatives.

The following table provides an unaudited reconciliation of net cash provided by operating activities to Free Cash Flow.

Three Months Ended
December 31,		 Year Ended
December 31,
(in thousands) 2021 2020 2021 2020
Net cash provided by operating activities $ 147,847 $ 129,717 $ 539,902 $ 304,812
Purchase of rental equipment and refurbishments (100,307 ) (50,110 ) (278,498 ) (172,383 )
Proceeds from sale of rental equipment 13,176 13,668 55,210 38,949
Purchase of property, plant and equipment (9,662 ) (7,375 ) (30,498 ) (16,454 )
Proceeds from the sale of property, plant and equipment 264 1,530 16,911 7,355
Free Cash Flow (A) $ 51,318 $ 87,430 $ 303,027 $ 162,279
Revenue (B) $ 517,920 $ 437,647 $ 1,894,897 $ 1,367,645
Free Cash Flow Margin (A/B) 9.9 % 20.0 % 16.0 % 11.9 %
Net cash provided by operating activities (D) $ 147,847 $ 129,717 $ 539,902 $ 304,812
Net cash provided by operating activities margin (D/B) 28.5 % 29.6 % 28.5 % 22.3 %

Adjusted Gross Profit and Adjusted Gross Profit Percentage

We define Adjusted Gross Profit as gross profit plus depreciation on rental equipment. Adjusted Gross Profit Percentage is defined as Adjusted Gross Profit divided by Revenue. Adjusted Gross Profit and Adjusted Gross Profit Percentage are not measurements of our financial performance under GAAP and should not be considered as an alternative to gross profit, gross profit percentage, or other performance measures derived in accordance with GAAP. In addition, our measurement of Adjusted Gross Profit and Adjusted Gross Profit Percentage may not be comparable to similarly titled measures of other companies. Our management believes that the presentation of Adjusted Gross Profit and Adjusted Gross Profit Percentage provides useful information to investors regarding our results of operations because it assists in analyzing the performance of our business.

The following table provides an unaudited reconciliation of gross profit to Adjusted Gross Profit and Adjusted Gross Profit Percentage.

Three Months Ended Year Ended
December 31, December 31,
(in thousands) 2021 2020 2021 2021
Revenue (A) $ 517,920 $ 437,647 $ 1,894,897 $ 1,367,645
Gross profit (B) $ 278,469 $ 234,255 $ 968,208 $ 659,973
Depreciation of rental equipment 62,484 54,302 237,537 200,581
Adjusted Gross Profit (C) $ 340,953 $ 288,557 $ 1,205,745 $ 860,554
Gross Profit Percentage (B/A) 53.8 % 53.5 % 51.1 % 48.3 %
Adjusted Gross Profit Percentage (C/A) 65.8 % 65.9 % 63.6 % 62.9 %

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. Our management believes that the presentation of Net CAPEX provides useful information to investors regarding the net capital invested into our rental fleet and plant, property and equipment each year to assist in analyzing the performance of our business.

The following table provides an unaudited reconciliation of Net CAPEX:

Three Months Ended Year Ended
December 31, December 31,
(in thousands) 2021 2020 2021 2020
Total purchases of rental equipment and refurbishments $ (100,307 ) $ (50,110 ) $ (278,498 ) $ (172,383 )
Total proceeds from sale of rental equipment 13,176 13,668 55,210 38,949
Net CAPEX for Rental Equipment (87,131 ) (36,442 ) (223,288 ) (133,434 )
Purchase of property, plant and equipment (9,662 ) (7,375 ) (30,498 ) (16,454 )
Proceeds from sale of property, plant and equipment 264 1,530 16,911 7,355
Net CAPEX $ (96,529 ) $ (42,287 ) $ (236,875 ) $ (142,533 )

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 25%. 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 for annual metrics and two quarter average for quarterly metrics. 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 following table provides an unaudited reconciliation of Return on Invested Capital:

Three Months Ended Year Ended
December 31, December 31,
(in thousands) 2021 2020 2021 2020
Total Assets $ 5,773,599 $ 5,572,205 $ 5,773,599 $ 5,572,205
Less: Goodwill (1,178,806 ) (1,171,219 ) (1,178,806 ) (1,171,219 )
Less: Intangible assets, net (460,678 ) (495,947 ) (460,678 ) (495,947 )
Less: Total Liabilities (3,776,836 ) (3,508,333 ) (3,776,836 ) (3,508,332 )
Add: Long Term Debt 2,694,319 2,453,809 2,694,319 2,453,809
Net Assets excluding interest bearing debt and goodwill and intangibles 3,051,598 2,850,515 3,051,598 2,850,516
Average Invested Capital (A) $ 2,980,452 $ 2,878,705 $ 2,893,471 $ 2,355,748
Adjusted EBITDA $ 211,164 $ 179,684 $ 740,393 $ 530,307
Less: Depreciation (75,104 ) (65,859 ) (288,300 ) (227,729 )
Adjusted EBITA (B) $ 136,060 $ 113,825 $ 452,093 $ 302,578
Statutory Tax Rate (C) 25 % 25 % 25 % 25 %
Estimated Tax (B*C) $ 34,015 $ 28,456 $ 113,023 $ 75,644
Adjusted earnings before interest and amortization (D) $ 102,045 $ 85,369 $ 339,070 $ 226,933
ROIC (D/A) 13.7 % 11.9 % 11.7 % 9.6 %
Operating income (E) $ 117,426 $ 91,263 $ 360,273 $ 182,715
Total Assets (F) $ 5,773,599 $ 5,572,205 $ 5,773,599 $ 5,572,205
Income before income tax / Total Assets (E/F) 8.2 % 6.5 % 6.4 % 4.5 %


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Neology Expands Leadership Team with Industry Veteran Bradley H. Feldmann as Chairman and CEO

Former Cubic Executive Joins Team to Drive Strategic Growth in Smart Mobility

Bradley H. Feldmann, Chairman and CEO of Neology

Former Cubic Executive Bradley H. Feldmann Joins Neology as Chairman and CEO to Drive Strategic Growth in Smart Mobility

SAN DIEGO, Feb. 24, 2022 (GLOBE NEWSWIRE) — Neology, a global innovator that is re-imagining mobility for smart cities and safer communities, today announced that Bradley H. Feldmann has been appointed Chairman and CEO. Founder Francisco Martinez de Velasco will continue to serve as President.

Feldmann is a well-known leader across the transportation, defense, and security industries, mostly notably from his tenure at Cubic Corporation. His expertise and guidance will accelerate Neology’s momentum of modernizing smart mobility systems through its proven open-platform solutions and advanced AI techniques particularly during the current inflection points happening globally.

As the former Chairman, President and CEO of Cubic Corporation (formerly publicly traded NYSE: CUB), Feldmann expanded Cubic’s enterprise value by 169% (15.4% CAGR). He made Cubic into a dominant player (70% patron share in the United Kingdom, North America, and Australia) in the transportation payments systems industry by winning $3 billion of backlog through breakthrough technology offerings and created a defense ecosystem of training and expeditionary C4ISR solutions from differentiated technologies through acquisition and product innovation. Most recently Feldmann was named the 2021 CEO of the Year by San Diego Business Journal and was recognized as one of the World’s Most Influential Decision Makers by the Wall Street Journal’s CEO Council, among many other career accolades.

“I am thrilled to join the Neology team and help take the company to the next level. I am very familiar with the company, its innovative solutions, and its reputation,” said Feldmann. “Given the increased demand for road usage solutions and fragmentation of the market, I strongly believe there is a great opportunity to accelerate our growth to better serve our smart mobility customers.”

“Brad is the ideal addition to our executive management team based on his stellar leadership record and deep knowledge of the industry, along with an understanding on where it is headed,” said Martinez de Velasco. “With his focus on ‘winning the customer,’ we know Brad will help fuel our growth and help scale the business.”

Neology is backed by One Equity Partners, a middle market private equity firm with more than $8 billion in assets under management focused on transformative combinations within the industrial, healthcare and technology sectors in North America and Europe.

“We welcome Brad to Neology’s executive team as he is a key piece to help navigate the industry’s shift to more progressive infrastructure that includes new technology techniques and a focus on the multi-modal user journey,” said Dr. Jörg Zirener, Senior Managing Director at OEP. “We are confident he will continue Neology’s trajectory as a market leading company in the current wave of smart mobility solutions.”

About Neology
Neology is re-imagining mobility to help our customers accelerate their vision for smart cities and safer communities. Our Mobility Platform™ is setting the industry standard through a unique combination of AI-powered adaptive solutions, a proven integration process, and unparalleled lifecycle support. Backed by a culture of innovation, our mobility experts work closely with global customers and a top-tier partner ecosystem to connect existing infrastructure assets with next-generation technology to modernize the way people move. To create safer, cleaner, more efficient mobility experiences, visit www.neology.net.

Media Contact:
Kelly Foster
kelly@johnkellyfoster.com
+1 619-846-8229

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/48a4c72a-e8c2-4d56-ab23-1f89427d8545