Fourth Quarter 2016 Investor Conference Call · April 3, 2017. Q4 2016 Investor Call 2 Safe Harbor...

Fourth Quarter 2016Investor Conference Call

DRAFT 5

April 3, 2017

Q4 2016 Investor Call 2

Safe HarborBasis of PresentationUnless otherwise noted or unless the context otherwise requires, all references to “we,” “us,” “our,” “AS,” the “Group” and the “Company” refer to Algeco Scotsman Global S.à r.l., a limited liability company incorporated under the laws of Luxembourg, together with its subsidiaries. As used in this presentation, “Americas” means the United States, Canada, Mexico, and, where the context requires, Brazil, and “Asia Pacific” means Australia, New Zealand, and China. Unless otherwise noted or unless the context otherwise requires, all amounts are presented in U.S. dollars (“US$”).

Use of Non-GAAP Financial MeasuresThis presentation includes certain financial measures not calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), including, but not limited to, EBITDA, Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial condition and results. Therefore, these measures should not be considered in isolation or as alternatives to net income, cash flow from operations or other measures of profitability, liquidity or performance under GAAP. These measures may not be comparable to similarly-titled measures used by other companies. A reconciliation of each non-GAAP financial measure to the most comparable GAAP financial measure is included in an appendix to this presentation.

Use of Constant Currency ResultsWe believe that currency exchange rates are an important factor in understanding period-to-period comparisons of our financial results. Accordingly, we present financial results on a constant currency basis in addition to our reported actual currency results. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. Unless stated otherwise, in this presentation, we calculate constant currency results by calculating current-year results using prior-year currency exchange rates. We generally refer to such amounts as excluding or adjusting for the impact of foreign currency or being on a constant currency basis. These constant currency results should be considered in addition to, as opposed to as a substitute for, our actual currency results. Constant currency results, as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.


Safe HarborForward-Looking StatementsThis presentation contains forward-looking statements, which reflect industry outlook, our expectations regarding our future growth, results of operations, operational and financial performance, liquidity and capital resources, capital expenditures and investments, strategic transactions, business prospects and opportunities, challenges and future events. All statements other than statements of historical fact are forward-looking statements. Words such as, but not limited to, “anticipate,” “continue,” “estimate,” “expect,” “may,” “might,” “will,” “project,” “should,” “would,” “believe,” “intend,” “continue,” “could,” “plan,” “predict,” and negatives of these words and similar expressions are intended to identify forward-looking statements. In particular, statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance contained in this presentation are forward-looking statements. Although the forward-looking statements contained in this presentation reflect management’s current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results or events may differ materially from those stated in or implied by these forward-looking statements.

A number of factors could cause actual results, performance, events or achievements to differ materially from the results expressed or implied in the forward-looking statements. Readers should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause our actual results, performance, events and achievements in the future periods to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that the results performance, events or achievements contemplated in the forward-looking statements will be realized.

We cannot assure you that forward-looking statements will prove to be accurate, as actual actions, results and future events could differ materially from those anticipated or implied by such statements. All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. These forward-looking statements are made only as of the date of this presentation and, except as required by law, we undertake no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation should be read together with our December 31, 2015 and December 31, 2016 consolidated financial statements and the notes thereto and our managements discussion and analysis of financial condition and results of operations covering our results presented in such financial statements and the risk factors described therein.


Q4 2016 Overview

� Q4 Adjusted EBITDA of $88.6m at Constant Currency FX and $86.3m at Actual FX

� Adj. EBITDA at CC FX down ($21.5m) from Q4 2015

� Adj. EBITDA at Act FX down ($23.8m) from Q4 2015

� Q4 Adjusted EBITDA decline at CC FX driven by the following three factors:

� Oil and gas related contract off-rent in Alaska ~$4m

� Impact of the South Texas Family Residential Center contract extension ~$9m

� Europe shared services infrastructure and other SG&A costs ~$11m

� Of which, ~$6m should be considered non-recurring

� Europe and core U.S. Modular Space Leasing businesses continue to grow

� Strong support on PIK exchange (+90%); now expected to use an English scheme of arrangement to

implement PIK exchange

� ABL facility extended until July 2018


Clear Global LeadershipLeading global business services provider of modular space and secure portable storage solutions

� Market leader in all major markets within our operating

regions:

� Americas - #1 / #2

� Asia Pacific (Aus/NZ) - #1

� Europe - #1 / #2

� Branch / depot locations globally: 235

� Countries with physical presence: 25

� Modular and storage fleet units: ~274,000

� Fully managed remote accommodation ~10,500

rooms:


Diverse Footprint and End Markets

� Broad geographic, end-market and

customer diversity

� The Commercial / Industrial sector

represents our strongest market,

while the contribution from the Oil &

Gas sector has begun to stabilize

� Diverse customer base

- Approximately 61,000 customers

- Top 20 customers ~24% of

Leasing and Services revenue

� Long contract periods

- Average modular lease duration:

~27 months

Europe48%

Asia Pacific15%

Americas37%

21%

20%

10%13%

11%

16%

6% 3%

Commercial/Industrial Services/Other

Oil & Gas Manufacturing

Infrastructure/Residential Government

Education Mining

FY 2016 Revenue Mix – Geographic FY 2016 Revenue Mix – Sector

10%

21%

3%

16%

6%

11%

13%

20%


Strategic Priorities

� Manage capital aggressively

� Invest primarily in target markets demonstrating organic growth

� In markets that have weak economies, we are constraining capital investment

Revenue

� Optimize pricing (rental rates) globally and increase the amount and percentage of

revenue contribution from value added products and services (“VAPS”)

� Increase Modular Space Leasing revenue in target markets – U.S., France, U.K., and

Germany

Profitability

Capital Discipline

� Increase utilization globally

� Continue focus on managing costs and operating efficiencies


Agenda

I) Q4 Highlights

II) Financial Results

III) Recent Events

IV) Questions & Answers


Q4 2016 Highlights

� Continued managing capital aggressively

� Full Year Gross CapEx decreased ~$73m from prior year as the company continues to

manage its liquidity conservatively

� Overall Q4 revenue up ~2% driven by increased Modular Space growth in Europe and

higher New Sales volume in Asia Pacific; partially offset by lower Remote

Accommodations in the Americas and decreased New Sales in Europe

� Modular Space pricing globally decreased ~2% from prior year driven by continued

energy sector related declines in Asia Pacific and Canada; partially offset by better

pricing in Europe and core U.S. (excluding Alaska)

� VAPS revenue grew ~18% to ~$48m and VAPS revenue per unit grew by ~18%

Capital Discipline

� Utilization increased 230bps from prior year to 77.3% driven by increases in the U.K.,

France, Australia, and the U.S.

� SG&A increased $11.3m driven by Europe (investment in shared services infrastructure

and non-recurring costs); partially offset by reductions in Corporate and Canada

� Adjusted EBITDA declined $21.5m as increased Europe Modular Space Leasing was

offset by lower Remote Accommodations and Modular Space Leasing volume in the

Americas, lower Sales volume in Europe, and higher SG&A

Revenue

Profitability


Modular Space – Avg. Rental Rate

$212

$216

$222

$218 $217 $217

$214

$210 $208 $209 $208

$205

$190

$200

$210

$220

$230

Q1 Q2 Q3 Q4

2014 2015 2016

Average Modular Monthly Rental Rate*

$46 $51

$56 $54 $52 $57

$61 $61 $63 $68

$73 $72

$-

$10

$20

$30

$40

$50

$60

$70

$80

Q1 Q2 Q3 Q4

2014 2015 2016

Average Incremental VAPS Impact*

All quarters presented in US$ at Q4 2016 Reported FX Rates


73.4%

74.7% 74.8%

73.5%

72.1%72.9%

73.9%

75.0%75.1%

77.0%77.7% 77.3%

68%

70%

72%

74%

76%

78%

Q1 Q2 Q3 Q4

2014 2015 2016

221.7

225.1 225.2

220.4

213.4 213.7 215.4

212.1

208.0

211.7 213.5

211.6

200

205

210

215

220

225

230

Q1 Q2 Q3 Q4

2014 2015 2016

Avg. Modular Fleet Utilization % Avg. Modular UoR (# of Units)

Modular Space – Utilization (Units in 000’s)


Remote Accommodations

Average Daily Rate Average Rooms on Rent (1)

(1) (Rooms in 000’s)

5.2 4.9

5.2 5.5

5.3 5.7

6.5

5.8

4.9 4.7 4.7 4.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Q1 Q2 Q3 Q4

2014 2015 2016

$93 $93

$97 $97$98

$108 $107

$100

$105$107 $106

$85

$70

$80

$90

$100

$110

Q1 Q2 Q3 Q4

2014 2015 2016

All quarters presented in US$ at Q4 2016 Reported FX Rates


Q4 2016 Financials (in US$ at Constant Currency)

Q4

($ in millions) 2015 2016 Y-o-Y Y-o-Y %

- Modular Space Leasing $182.9 $187.5 $4.6 2.5%

- Modular Space Delivery & Install $58.1 $58.1 ($0.0) (0.0%)

- Remote Accommodations $53.7 $39.8 ($13.9) (25.8%)

Leasing & Services Revenue $294.7 $285.5 ($9.2) (3.1%)

- New Units $77.7 $90.9 $13.2 17.0%

- Rental Units $6.5 $9.2 $2.7 41.2%

Sales Revenue $84.1 $100.0 $15.9 18.9%

Total Revenue $378.8 $385.5 $6.7 1.8%

Adjusted Gross Profit (1) $192.6 $182.4 ($10.2) (5.3%)

Adjusted Gross Profit % (1) 50.8% 47.3% (350ps)

SG&A (2) $82.5 $93.8 ($11.3) (13.7%)

Adjusted EBITDA $110.1 $88.6 ($21.5) (19.5%)

Adjusted EBITDA % 29.1% 23.0% (610bps)

(1) Excludes depreciation on rental equipment(2) Excludes sponsor fees and other non-recurring items

� Leasing & Services revenue was down

$9.2m due to decreased Remote

Accommodations in the U.S. and Asia-

Pacific, partially offset by increased

Modular Space in Europe

� New Units Sales increase of $13.2m

driven by higher volumes in Asia Pacific,

partially offset by declines in Europe;

Rental Units Sales improved $2.7m driven

by the Americas

� Adjusted Gross Profit % decreased

350bps driven by Asia Pacific

� SG&A increased $11.3m driven by the

Europe; partially offset by savings in

Corporate and Canada

� Adjusted EBITDA declined $21.5m driven

by decreased Remote Accommodations

volume in the U.S. and Asia Pacific, lower

Sales volume in Europe, and increased

SG&A


Americas Overview (at Constant Currency)

Q4 2015 Q4 2016

Average Modular Units on Rent (#) 58,056 54,702

Average Modular Utilization 72% 72%

Avg. Modular Monthly Rental Rate ($) at CC 348 330

Avg. Remote Accom Rooms on Rent (#) 4,302 3,385

Avg. Remote Accom Utilization 53% 47%

Avg. Remote Accom Daily Rate ($) at CC 109 88

Core U.S. growing, Mexico stable, Canada negatively affected by oil & gas

Revenue � Decreased Modular Space revenue ($6.4m) driven

by declines in Canada and Alaska; lower Remote Accommodations revenue ($12.1m)

� Continued Modular Space growth in the core U.S. (excl. Alaska) primarily offset by lower UoR and pricing in Canada and Alaska (oil & gas driven)

� Remote Accommodations Rooms on Rent (“RoR”) decrease driven by declines in oil and gas related camps; decreased Avg Daily Rate driven by the new terms under of the South Texas Family Residential Center contact extension

Adjusted EBITDA� Decreased $13.8m driven by reduced Remote

Accommodations volume in the U.S., and lower Modular Space volume in Canada and Alaska

CapEx� Reduced U.S. refurbishment and new fleet

investment off elevated levels in 2015; minimal oil and gas related spend

(US$ in millions)

152.8 135.8

$0

$100

$200

Q4 2015 Q4 2016

Revenue

63.9

50.1

$0

$35

$70

Q4 2015 Q4 2016

Adjusted EBITDA

34.2

22.3

$0

$25

$50

Q4 2015 Q4 2016

CapEx


U.S. - Modular Space Leasing Revenue(US$ in millions)

Y-o-Y ChangePer Quarter: +$3.1m +$1.6m +$2.7m ($1.3m)

$53.4$55.6

$57.3$59.1$58.9

$61.0 $61.2$62.8$62.0 $62.6 $63.9

$61.5

$0

$10

$20

$30

$40

$50

$60

$70

Q1 Q2 Q3 Q4

2014 2015 2016

Q4 Excl AK +$2.9m


Europe Overview (at Constant Currency)

Q4 2015 Q4 2016

Average Modular Units on Rent (#) 143,125 144,237



(US$ in millions)Economic conditions stable

Revenue� Leasing & Services revenue increased

$8.3m driven by France and Germany, and higher VAPS volume across Europe

� Sales revenue decreased $9.1m due to the timing of New Sales volume in France and the U.K., partially offset by increased volume in Germany

Adjusted EBITDA� Adjusted EBITDA decreased $7.2m driven

by increased SG&A (shared services infrastructure and non-recurring costs) and lower New Sales volume; partially offset by increased Modular Space Leasing margin

CapEx� Increased investment to support growing

utilization in France, Germany, and the U.K.

27.0

40.2

$0

$25

$50

Q4 2015 Q4 2016

CapEx

181.6 180.8

$0

$110

$220

Q4 2015 Q4 2016

Revenue

46.4 39.2

$0

$25

$50

Q4 2015 Q4 2016

Adjusted EBITDA


Europe Asylum Seeker Housing

� Public support and appropriations for open borders are

declining, and as a result, demand for asylum seeker

housing is declining as well.

� Future demand is expected to be mostly for infrastructure

� Current Asylum Seeker Housing Business:

2016

YE2015

Q1- Q3 Growth

9-30Q4

Growth12-31

Units on Rent

~3,200 +1,550 ~4,750 (350) ~4,400

Units Sold

~900 +1,500 ~2,400 +900 ~3,300


Asia Pacific Overview (at Constant Currency)

Q4 2015 Q4 2016

Average Modular Units on Rent (#) 10.950 12,694



Avg. Remote Accom Rooms on Rent (#) 1,465 1,135

Avg. Remote Accom Utilization 48% 38%

Avg. Remote Accom Daily Rate ($) at CC 70 73

Energy and natural resources sector remains slow, but diversification in other sectors helping to stabilize business

Revenue� Leasing & Services revenue increased $1.0m

driven by higher Modular Space Revenue ($2.8m); partially offset by lower Remote Accommodations ($1.8m) Revenue.

� Sales revenue increased $23.5m driven by higher New Units Sales volume in Australia, New Zealand, and China

Adjusted EBITDA � Declined $2.2m driven by decreased Remote

Accommodations and New Sales margins in Australia; partially offset by increased New Sales margin in both New Zealand and China

CapEx� Continued minimal levels of CapEx

investment in Asia Pacific due to weak market conditions

44.4

68.9

$0

$40

$80

Q4 2015 Q4 2016

Revenue

7.35.1

$0

$5

$10

Q4 2015 Q4 2016

Adjusted EBITDA

1.9

4.3

$0

$5

$10

Q4 2015 Q4 2016

CapEx

(US$ in millions)


Full Year 2016 Overview

� Full Year Adjusted EBITDA of $410.1m at Constant Currency FX and $402.8m at Actual FX

� Adj. EBITDA at CC FX up $0.1m from Full Year 2015

� Adj. EBITDA at Act FX down ($7.2m) from Full Year 2015

� Full Year Adjusted EBITDA was negatively impacted by the following three factors (at CC FX):

� Oil and gas related contract off-rent in Alaska ~$4m

� Europe non-recurring costs ~$6m

� Impact of the South Texas Family Residential Center contract extension ~$9m

� Adjusting for these three factors, Adj EBITDA would have increased ~$19m or ~5%

� Europe and core U.S. Modular Space Leasing businesses continue to grow

� Asia Pacific and Canada businesses stabilizing


Full Year 2016 Financials (in US$ at Constant Currency)

Full Year


- Modular Space Leasing $748.2 $764.5 $16.3 2.2%

- Modular Space Delivery & Install $231.6 $245.3 $13.7 5.9%


Leasing & Services Revenue $1,205.1 $1,195.0 ($10.0) (0.8%)

- New Units $314.9 $323.4 $8.5 2.7%

- Rental Units $28.3 $35.8 $7.5 26.6%

Sales Revenue $343.2 $359.2 $16.0 4.7%

Total Revenue $1,548.3 $1,554.3 $6.0 0.4%

Adjusted Gross Profit (1) $762.3 $764.2 $1.8 0.2%

Adjusted Gross Profit % (1) 49.2% 49.2% (10bps)

SG&A (2) $352.4 $354.0 ($1.7) (0.5%)

Adjusted EBITDA $410.0 $410.1 $0.1 0.0%



� Leasing & Services revenue was down

$10.0m due to decreased Remote

Accommodations in the U.S. and Asia

Pacific, partially offset by higher Modular

Space in Europe and the U.S.

� New Units Sales increase of $8.5m driven

by higher volume in Asia Pacific, partially

offset by declines in Europe and in the

Americas; Rental Units Sales up $7.5m

driven by the Americas

� Adjusted Gross Profit % decreased 10bps

driven by lower margins in Asia Pacific

� SG&A increased $1.7m driven by Europe;

partially offset by savings in the Americas

and Corporate

� Adjusted EBITDA increased $0.1m driven

by increased Modular Space volume and

margins in Europe and the U.S.; offset by

lower Remote Accommodation and New

Sales volumes


Regional Adj. EBITDA – PF FY 2016

Americas

Europe

PF 2016 Y/Y Growth of ~4%

PF 2016 Y/Y Growth of ~11%

(US$ in millions at Constant Currency)

224.2 10 234.2

(13)

221.2

0

150

300

FY 2015 Growth PF FY 2016 STFRC

Contract & AK

off-rent

FY 2016

176.320 196.3

(6)

190.3

0

100

200

FY 2015 Growth PF FY 2016 Non-Recurring

Costs

FY 2016


Disciplined Capital Management – FY

Capital Expenditure by Region

(28.3) (35.8)

85.8

120.4

182.4

71.8

8.2

13.6

2.1

0.1

Corporate

Asia Pacific

Americas

Europe

Global proceedsfrom Used UnitSales

Net CapEx: $ 250.2m

Gross CapEx: $ 278.5m

Net CapEx: $ 170.1m

Gross CapEx: $ 205.9m

� Gross CapEx down ~$73m or ~26%, driven by

the following;

� Investment in the South Texas Family Residential Center in H1 2015; non-recurring in 2016 (~$40m)

� Reduced oil and gas related investment

� Lower U.S. refurbishment and new fleet investment off elevated levels in 2015

� Increased asylum and commercial related investment in Germany, and continued investment in France and the U.K.

� Capital investments are supported by long term

customer contracts

Gross CapEx:

Net

Net

FY 2015 FY 2016

(US$ in millions at Constant Currency)


Net Debt Structure

Net LeverageRatio

Cash and Cash Equivalents $ (70)

Asset Based Loan Revolver (ABL) (L+250) 853

Other Debt, including Capital Leases 163

Senior Secured Notes (8.5/9.0%) 1,384

Total Net Senior Secured Debt 2,330 5.8x

Senior Unsecured Notes (10.75%) 745 1.8x

Total Net Debt $ 3,075 7.6x

LTM 12/31/16 Adjusted EBITDA $ 403

Adjusted EBITDA / Interest Expense 1.7x

• ABL availability as of December 31, 2016 was approximately $51m after consideration of the 90% covenant threshold

• ABL availability as of December 31, 2016 would have been approximately $41m under the ABL, as amended

• Annual cash interest expense of approximately $242m

As of December 31, 2016(US$ in millions at Reported Currency)


ABL Borrowing Base(US$ in millions at Reported Currency)

59% 62% 63%

62% 63%

� ABL borrowing base contains certain assets

of the U.S., Canada, U.K., Australia, and

New Zealand

� ABL advance rates are assessed semi-

annually

� Q4 2016 decline driven by a reduction in

advance rates as well as FX

� The borrowing base was reduced by an additional $27m in Feb 2017, as a result of the semi-annual borrowing base valuation process

� Continued investment in the U.S. offsetting

reduced investment in Australia and

Canada

65%66% 68% 67% 68%

$1,112 $1,089 $1,091 $1,066

$0

$200

$400

$600

$800

$1,000

$1,200

Mar 31 2016 Jun 30 2016 Sep 30 2016 Dec 31 2016

U.S. Non-U.S. Total


PIK Transaction Overview

Cornerstones

� Holders of the PIK loans exchange their PIK loans for a pro rata share of:

� $95m in cash provided by an affiliate of TDR Capital LLP (“TDR”); plus

� Class B Limited Partnership Interests (“LPIs”) which entitle holders to:

� a minority portion of distributions by AS Global on certain events; and

� certain co-investment rights

� Additionally, an affiliate of TDR has committed to invest over a several month period following settlement an additional $250m into AS Global, in the form of cash, indebtedness or other investments with majority Class B LPI holders approval

� Early Tender Fee of 2.00% (which reduces cash consideration by 1.75% for consenting PIK lenders)

Rationale

� Initial step to address the Algeco Group’s capital structure

� Relieves the Algeco Group of the PIK loan debt burden and maturity overhang

� Provides PIK lenders with a cash return and participation in future upside:

� Provided by TDR from outside of the AS Global restricted group

1

2

3


Status of PIK Exchange Offer

� PIK exchange offer was launched February 13th

� The PIK exchange offer expired on March 21st; the offerors had obtained the consents of holders representing over 90% in principal amount of the PIK loans

� As previously announced, the offerors will commence an English scheme of arrangement or an alternative restructuring process to implement the terms of the PIK exchange such that it will be binding on 100% of the PIK Loan lenders

27Privileged & Confidential

ABL Extension

The Company has completed the extension of its ABL facility

� Extending the facility allows the Company to continue to work on its liability management objective

Some of the key terms of the extension are:

� Facility extended until July 2018

� Total facility reduced from $1.355 to $1.1 billion, reflecting our actual facility usage

� There is now a financial covenant for minimum LTM EBITDA

� There is now an excess availability requirement and a minimum cash requirement


Questions & Answers

Appendix



Foreign Exchange Exposure

Local to US$ FY 2015 FY 2016 % Chg

GBP 1.53 1.36 (11%)

CAD 0.78 0.76 (4%)

AUD 0.75 0.74 (1%)

EUR 1.11 1.11 (0%)

US$ millions EBITDA

Gross

Capex Net

GBP (5.7) 4.0 (1.7)

CAD (0.6) 0.0 (0.6)

AUD (0.2) (0.1) (0.3)

EUR (0.1) 0.5 0.4

Other (0.9) 0.9 0.0

Total (7.4)$ 5.4$ (2.0)$

Avg. Reported FX Rates

FY FX Impact by Currency

Local to US$ Q4 2015 Q4 2016 % Chg

GBP 1.52 1.24 (18%)

EUR 1.10 1.08 (2%)

CAD 0.75 0.75 0%

AUD 0.72 0.75 4%

US$ millions EBITDA

Gross

Capex Net

GBP (2.0) 1.7 (0.3)

EUR (0.4) 0.6 0.2

CAD (0.0) 0.0 (0.0)

AUD 0.1 (0.1) 0.0

Other (0.1) 0.1 0.0

Total (2.3)$ 2.3$ (0.0)$

Avg. Reported FX Rates

Q4 FX Impact by Currency


Q4 Financials (in US$ at Reported Currency FX)

Q4


- Modular Space Leasing $182.9 $180.5 ($2.5) (1.3%)

- Modular Space Delivery & Install $58.1 $56.7 ($1.4) (2.4%)


Leasing & Services Revenue $294.7 $277.3 ($17.4) (5.9%)

- New Units $77.7 $88.5 $10.9 14.0%

- Rental Units $6.5 $9.0 $2.5 38.4%

Sales Revenue $84.1 $97.5 $13.3 15.9%

Total Revenue $378.8 $374.8 ($4.1) (1.1%)


Adjusted Gross Profit % (1) 50.8% 47.2% (360ps)

SG&A (2) $82.5 $90.7 ($8.2) (9.9%)

Adjusted EBITDA $110.1 $86.3 ($23.8) (21.6%)




Full Year


- Modular Space Leasing $748.2 $744.0 ($4.2) (0.6%)

- Modular Space Delivery & Install $231.6 $239.9 $8.4 3.6%


Leasing & Services Revenue $1,205.1 $1,168.8 ($36.3) (3.0%)

- New Units $314.9 $314.6 ($0.4) (0.1%)

- Rental Units $28.3 $34.9 $6.6 23.5%

Sales Revenue $343.2 $349.5 $6.2 1.8%

Total Revenue $1,548.3 $1,518.3 ($30.1) (1.9%)


Adjusted Gross Profit % (1) 49.2% 49.2% 0bps

SG&A (2) $352.4 $345.0 $7.4 2.1%

Adjusted EBITDA $410.0 $402.8 ($7.2) (1.8%)

Adjusted EBITDA % 26.5% 26.5% 0bps


Full Year Financials (in US$ at Reported Currency FX)


Quarterly Highlights (in US$ at Reported Currency FX)

($ in millions)

Revenue 1Q15 2Q15 3Q15 4Q15 FY 2015 1Q16 2Q16 3Q16 4Q16 FY 2016

Europe 158.5 172.9 194.6 181.6 707.6 158.9 195.6 189.2 167.9 711.6

Americas 150.3 163.6 173.9 152.8 640.7 143.6 151.6 150.0 135.3 580.4

Asia Pacific 57.4 52.2 50.6 44.4 204.6 42.2 51.2 61.7 71.7 226.7

AS Total 364.8$ 386.1$ 418.6$ 378.8$ 1,548.3$ 344.3$ 398.3$ 400.9$ 374.8$ 1,518.3$

Adj. EBITDA 1Q15 2Q15 3Q15 4Q15 FY 2015 1Q16 2Q16 3Q16 4Q16 FY 2016

Europe 37.3 43.0 49.6 46.4 176.3 37.1 56.0 54.5 36.8 184.4

Americas 44.9 54.3 61.2 63.9 224.2 53.1 62.8 54.2 50.0 220.1

Asia Pacific 11.3 10.2 9.5 7.3 38.3 5.0 5.5 5.7 5.4 21.5

Corporate Exp (8.1) (6.3) (7.0) (7.4) (28.9) (6.5) (5.7) (5.2) (5.9) (23.3)

AS Total 85.4$ 101.2$ 113.3$ 110.1$ 410.0$ 88.6$ 118.6$ 109.2$ 86.3$ 402.8$

CAPEX 1Q15 2Q15 3Q15 4Q15 FY 2015 1Q16 2Q16 3Q16 4Q16 FY 2016

Europe 12.8 20.8 25.1 27.0 85.8 15.2 20.9 41.7 38.0 115.7

Americas 53.7 47.0 47.5 34.2 182.4 13.2 16.9 19.0 22.2 71.3

Asia Pacific 2.1 2.6 1.6 1.9 8.2 2.5 2.8 3.6 4.4 13.3

Corporate Exp 0.1 0.7 1.0 0.4 2.1 0.1 0.0 0.0 0.0 0.1

AS Total 68.7$ 71.1$ 75.2$ 63.5$ 278.5$ 30.9$ 40.7$ 64.3$ 64.6$ 200.5$


Modular Space – Avg. Rental Rate*All quarters presented in US$ at Reported FX Rates

* As of Q1 2016, we have reclassified a portion of Europe revenues originally included in ARR to VAPS, and the

resulting impact lowers ARR and increases VAPS; as a result, we have retroactively adjusted the historical

figures to reflect these changes as well – only the Europe and AS Total calculations are affected

1Q14 2Q14 3Q14 4Q14 FY 2014 1Q15 2Q15 3Q15 4Q15 FY 2015 1Q16 2Q16 3Q16 4Q16 FY 2016

Europe 185 192 196 176 188 159 162 163 157 160 155 161 156 152 156

Americas 358 369 368 360 364 361 358 342 348 353 348 352 349 328 344

Asia Pacific 450 479 505 447 471 402 392 357 313 367 293 301 294 283 293

AS Total $252 $260 $264 $245 $256 $230 $230 $223 $217 $226 $214 $218 $213 $205 $213


Fleet Statistics (in US$ at Reported Currency FX)

Region 4Q15 4Q16 4Q15 4Q16

Europe 157$ 152$ -$ -$

Americas 348$ 328$ 109$ 88$

Asia Pacific 313$ 283$ 70$ 76$

AS Total 217$ 205$ 99$ 85$

Modular Avg Monthly

Rental Rate

Remote Accom Avg

Daily Rental Rate

Region FY15 FY16 FY15 FY16

Europe 160$ 156$ -$ -$

Americas 353$ 344$ 114$ 109$

Asia Pacific 367$ 293$ 78$ 74$

AS Total 226$ 213$ 104$ 101$

Modular Avg Monthly Remote Accom Avg


Reconciliation of Adjusted EBITDA(US$ in millions at Reported Currency FX)

Q4 2015 Q4 2016 FY 2015 FY 2016

Net income (loss) before taxes (139.4)$ (186.4)$ (412.8)$ (243.6)$

Interest expense, net 49.7 52.0 197.8 202.7

Depreciation and amortization 58.6 55.8 263.4 233.5

EBITDA (31.1) (78.6) 48.4 192.6

Currency losses, net 9.1 85.5 140.5 119.5

Change in fair value of contingent considerations (11.3) - (50.5) (4.6)

Loss on sale of business 14.4 1.6 33.3 2.5

Goodwill and other impairment charges 121.2 74.5 211.4 74.5

Restructuring costs 3.5 0.5 11.4 2.8

Sponsor management fees 1.7 1.1 9.7 6.9

Other expense 2.6 1.7 5.8 8.6

Adjusted EBITDA 110.1$ 86.3$ 410.0$ 402.8$

Algeco Scotsman Adjusted EBITDA


Reconciliation of Adjusted Gross Profit(US$ in millions at Reported Currency FX)

Q4 2015 Q4 2016 FY 2015 FY 2016

Gross Profit 141.4$ 128.3$ 545.2$ 542.7$

Depreciation of Rental Equipment 51.2 48.6 217.1 205.1

Adjusted Gross Profit 192.6$ 177.0$ 762.3$ 747.7$

Algeco Scotsman Adjusted Gross Profit

DRAFT 5

Algeco Scotsman901 S. Bond Street, Suite 600, Baltimore MD 21231

www.algecoscotsman.com

Fourth Quarter 2016 Investor Conference Call · April 3, 2017. Q4 2016 Investor Call 2 Safe Harbor...

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