Daily Archives: October 1, 2018

Williams Scotsman Updates 2018 Earnings Guidance

BALTIMORE, Oct. 01, 2018 (GLOBE NEWSWIRE) — WillScot Corporation (NASDAQ: WSC) (“Williams Scotsman”) today revised its 2018 earnings guidance to reflect operating results through the second quarter of 2018, as well as the acquisition of Modular Space Corporation (“ModSpace”), which closed on August 15, 2018.

Brad Soultz, President and Chief Executive Officer of Williams Scotsman commented, “Our team continues to execute at a very high level and has transformed Williams Scotsman into the leading provider of specialty rental services and temporary space solutions in North America. Before returning Williams Scotsman to the public markets in 2017, we had built a scalable operating platform that was generating robust organic growth, particularly in our Modular – U.S. segment. The continued support of our customers and investors, as well as the dedication of our employees, has allowed us to accelerate this growth in 2018. I am delighted to report that we expect to deliver the high end of the range of our prior Adjusted EBITDA guidance for 2018, resulting in $170 to $175 million of Adjusted EBITDA before the in-year contribution from the ModSpace acquisition. This will be supplemented by four and a half months of contribution from ModSpace’s operations, resulting in our updated Adjusted EBITDA guidance of $210 to $220 million for the 2018 fiscal year.”

Soultz continued, “While acquisition activity is obviously accelerating our growth, our combined pro forma leasing fundamentals remain strong and supportive of continued organic growth. Inclusive of ModSpace, Acton, and Tyson, Williams Scotsman’s pro forma modular average rental rates in our Modular – U.S. segment were up 11.6%, modular units on rent were up 1.0%, and modular utilization was up 280 basis points year-over-year in the second quarter. We are particularly excited about the opportunity to expand the penetration of Williams Scotsman’s ‘Ready to Work’ solutions across all 130,000 of our modular space assets. In addition to this strong commercial execution, the integration of Acton remains on track, we have made tremendous progress with the ModSpace integration, and we remain committed to our original synergy and integration cost targets. I am particularly proud of the collaboration and engagement demonstrated by all Williams Scotsman employees new and old, as we work to not only transform an industry leader, but to create a world-class organization leveraging our combined talents.”

Updated 2018 Outlook

Timothy Boswell, Chief Financial Officer of Williams Scotsman commented, “We are excited to see units on rent, pricing, and value-added products and services all trending favorably in our Modular – U.S. segment. We expect these fundamentals will deliver our increased guidance in 2018 and, when further supplemented by cost and revenue synergies from our recent acquisitions, have a compounding effect heading into 2019.” The company’s updated 2018 outlook appears below, inclusive of Acton for the full year, Tyson since January 3, 2018, and ModSpace since August 15, 2018. This guidance is subject to the risks and uncertainties described in the “Forward-Looking Statements” also below:

  • Total revenue between $740 million and $770 million
  • Adjusted EBITDA between $210 million and $220 million
  • Net rental capital expenditures after gross rental unit sales between $115 million and $135 million

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, including Adjusted EBITDA. Williams Scotsman believes that this non-GAAP measure is useful to investors because it (i) allows 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) is 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 Williams Scotsman to its competitors; and (iv) provides an additional tool for investors to use in evaluating ongoing operating results and trends. A metric similar to Adjusted EBITDA is also used to evaluate Williams Scotsman’s ability to service its debt. This non-GAAP measure 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 Williams Scotsman’s non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies.

About WillScot Corporation

Headquartered in Baltimore, Maryland, WillScot Corporation is the public holding company for the Williams Scotsman family of companies. WillScot Corporation trades on the NASDAQ stock exchange under the ticker symbol “WSC,” and is the specialty rental services market leader providing innovative modular space and portable storage solutions across North America. Williams Scotsman is the modular space supplier of choice for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors. With over half a century of innovative history, organic growth and strategic acquisitions, Williams Scotsman serves a broad customer base from over 120 locations throughout the United States, Canada and Mexico, with a fleet of over 160,000 modular space and portable storage units.

Forward-Looking Statements

This news release contains forward-looking statements (including the information under “Updated 2018 Outlook”) 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” and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Although Williams Scotsman believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statement will materialize. Important factors that may affect actual results or outcomes include, among others, our ability to acquire and integrate new assets and operations (including the ModSpace assets and operations); 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; implementation of tax reform; our ability to implement and maintain an effective system of internal controls; and such other risks and uncertainties described in the periodic reports we file with the Securities and Exchange Commission (“SEC”) from time to time (including our Form 10-K for the year ending December 31, 2017), 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 Williams Scotsman 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 about the transaction can be found on the Williams Scotsman investor relations website at https://investors.willscot.com.

Contact Information

Investor Inquiries:

Mark Barbalato
investors@willscot.com

Media Inquiries:

Scott Junk
scott.junk@willscot.com

Compuware zAdviser’s Enhanced AI Gives Mainframe Modernization Leaders More Intuitive, Granular Insight into Critical DevOps KPIs

Use of Elastic’s Kibana Visualization Technology and Amazon Web Services Better Reveal Opportunities to Improve Velocity, Quality and Efficiency of Updates to Core Systems

zAdviser leverages AI, specifically machine learning, to find correlations between developer behaviors and key performance indicators (KPIs) based on DevOps toolchain data and Compuware product-usage data.
Enhanced to leverage Elastic’s Elastic Cloud and its acclaimed Kibana visualization technology—zAdviser provides a broader range of metrics and a more intuitive and interactive way to explore this rich data.
zAdviser also now utilizes a seamless and secure encrypted pipeline to Amazon Web Services (AWS) to accelerate the capture and processing of customers’ data while ensuring security with encryption in transit and at rest.
As a result, enterprises can more aggressively measure and improve the velocity, quality and efficiency with which they update their core systems of record to become true high performers in the digital economy.

DETROIT, Oct. 01, 2018 (GLOBE NEWSWIRE) — Compuware today announced significant enhancements to zAdviser, an innovative service for maintenance-current Compuware customers that gives mainframe modernization leaders the actionable metrics they need to continuously measure and improve development velocity, quality and efficiency.

zAdviser’s AI technology helps DevOps teams pinpoint trends and patterns in their development processes and behaviors that may be helping or hindering their mainframe software delivery. By applying advanced machine learning algorithms to metrics captured across their DevOps toolchains, teams, individual users, and applications, zAdviser reveals actionable insights that would otherwise be difficult or impossible for DevOps leaders to identify.

Additionally, zAdviser aggregates data from across customer sites to optimize the accuracy of analytic results and provide useful industry benchmarks that show mainframe leaders how their organization is performing in relation to their peers. VeraSafe, a leader in data protection, privacy and trust seals, evaluated zAdviser against relevant GDPR requirements and found it to be fully compliant with that regulation. As such, zAdviser masks user IDs, encrypts data in transit and at rest, and ensures the Right to be Forgotten—fulfilling customers’ privacy and security requirements.

The latest zAdviser enhancements include:

A highly intuitive and interactive dashboard interface built on Elastic’s Elastic Cloud service and its acclaimed Kibana data visualization and exploration technology.
Capture of broader, richer behavioral and operational metrics from Compuware mainframe tools and popular third-party solutions such as Atlassian Jira and ServiceNow, as well as many source code management (SCM) systems including Compuware ISPW, the fastest-growing, state-of-the-art mainframe SCM.
Secure, near real-time streaming of customers’ proprietary Compuware product usage data to Amazon Web Services (AWS) with encryption in transit and in place, enabling continuous delivery of measurements to zAdviser for analysis.
Expanded AI/algorithmic correlation between behavioral data inputs and operational results, enabling DevOps leaders to better pinpoint anomalies that lead to opportunities for process improvements.

For example, mainframe modernization leaders can quickly determine if a high defect rate in a particular application immediately following a new update correlates to developers who have not maximized their use of specific DevOps tools. These leaders can then act on that insight with targeted training for developers on the optimal use of specific features in the tools in order to more effectively protect applications against potential future defects.

Similarly, leaders can easily explore their data to discover if increases in development velocity leads to decreases in application quality. If so, leaders may discover that increasing automated unit testing may help them maintain velocity while increasing quality. zAdviser also gives customers high-level insights into other DevOps KPIs—such as how much time their teams are spending on defect management vs. innovation in the form of turning enhancements into production code.

“Enterprises that have put off their mainframe modernization efforts must move quickly to bring their DevOps practices on the platform up to par if they want to stay competitive in a marketplace where continuous digital innovation has become table stakes,” said Daniel Howard, Senior Researcher at Bloor Research. “Rich, fact-based insight into their current state—and into whatever might be impeding them from achieving their desired state—is essential for accelerated adoption of mainframe DevOps.”

“It’s well known that you can’t improve what you don’t measure,” said Tina Johnstone, Director of Application Development at Pacific Life. “We can now engage in that continuous measurement to keep our modernization efforts on track and focus our skills training on what will have the greatest impact on the performance of the business.”

While zAdviser captures a broad range of metrics—including usage of specific tools and tool functions, SCM KPIs, and diverse DevOps performance parameters—customers don’t have to engage in “boil-the-ocean” deployments to get value from it right away. Instead, they can focus their scope at first on “low-hanging fruit.” For example, they may focus on improving their ratio of trapped bugs (found in pre-production) vs. escaped bugs (found in production) for a critical application that must meet increased code-drop frequency requirements.

The new release of zAdviser marks the 16th consecutive quarter that Compuware has delivered significant innovations that empower large enterprises to modernize and mainstream their mainframes, so they can better leverage the platform’s unmatched performance, scalability, reliability, efficiency and security. Compuware also announced today a partnership with CollabNet VersionOne to provide cross-platform visibility into agile development work throughout the enterprise.

“In their quest to become high digital performers, large enterprises must transform their mainframe software delivery methods to fulfill relentlessly escalating business requirements for quality, velocity and efficiency—and to seamlessly unify the mainframe into a single cross-platform enterprise DevOps toolchain,” said Chris O’Malley, CEO of Compuware. “With the release of zAdviser, Compuware has demonstrated once again that we are the single most committed, capable and consistent partner for enterprises that recognize this reality and want someone to help them achieve it with the utmost timeliness and confidence.”

Compuware Corporation
Compuware empowers the world’s largest companies to excel in the digital economy by fully leveraging their high-value mainframe investments. We do this by delivering highly innovative solutions that uniquely enable IT professionals with mainstream skills to manage mainframe applications, data, and platform operations. Learn more at compuware.com.

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Press Contact
Kristina LeBlanc, The Medialink Group, kristinawleblanc@gmail.com, (508) 930-5636
Mary McCarthy, Public Relations Manager, Compuware, mary.mccarthy@compuware.com, (313) 227-7088

For Sales and Marketing Information
Compuware Corporation, One Campus Martius, Detroit MI 48226, 800-266-7892, www.compuware.com.

Copyright © 2018, Compuware Corporation. All rights reserved. The Compuware products and services listed within this release are trademarks or registered trademarks of Compuware Corporation.

Photos accompanying this announcement are available at

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http://www.globenewswire.com/NewsRoom/AttachmentNg/9c215d65-7892-4a21-bddd-a26cc77a2da2

Strong Regional Growth in Demand for Graduate Management Education

Asia-Pacific, Canada and Europe Regions See Gains; Strong Economy and Political Turmoil Continue to Impact U.S. Numbers

RESTON, Va., Oct. 01, 2018 (GLOBE NEWSWIRE) — Overall, demand for graduate management education is stable in 2018 compared with 2017 according to findings of the annual Appl577b04a2-ef19-4c7b-8ceb-f5e46f11b012ication Trends Survey from the Graduate Management Admission Council. Applications to business school programs in the Asia-Pacific, European, and Canadian markets are up over 2017 while programs in the United States report a drop in volume.

Across graduate business school program types—including MBA, business master’s, and PhD programs—most programs in Asia-Pacific, Canada and Europe received more applications than last year. Growth in the Canadian and European regions derive largely from increases in international applications, while domestic growth is fueling increases in Asia-Pacific.

Regionally, strong growth in application volume across all program types was offset by declines in the United States. Programs in Asia-Pacific had an 8.9% increase, Canada realized 7.7% growth, and Europe had a 3.2% increase in application demand across all program types.

The United States experienced a nearly 7% decline, including a 1.8% decline in domestic application volume and a 10.5% drop in international volume across all program types.

“Demand for graduate management education is stable year over year,” said Sangeet Chowfla, GMAC president and CEO. “However, there are significant regional variations. Non-U.S. programs continue to thrive, highlighting the continued emergence of enhanced educational and professional opportunities outside the United States.”

“Several factors can help explain the lag in U.S. business school demand,” Chowfla continued. “A low unemployment rate means young professionals have an increased opportunity cost of leaving their jobs in pursuit of an advanced degree. Combined with a disruptive American political environment and the emergence over the past decade of tremendous educational and professional opportunities abroad, one can begin to understand in part why demand in the United States has dropped from previously record-high application volumes at some schools.”

Student Mobility Remains a Key Determinant

The ability to attract top international talent continues to be a critical determinant to programs’ overall application volumes. This year, 65 percent of Canadian programs and 63 percent of European programs report an increase in international applications over 2017. The majority of applications received by Canadian and European programs this year are from international applicants.

Most programs in the United States report declining demand as non-U.S. students continue to identify attractive educational and professional opportunities elsewhere. Application volumes from domestic candidates are also soft this year for U.S. programs, with only 4 in 10 reporting growth in domestic application volume.

“Access is a critical issue facing higher education,” said Bill Boulding, dean of Duke University’s Fuqua School and chairperson of the GMAC board of directors. “Economic indicators in the U.S. are strong, but if we are to maintain such growth and productivity we need to make it possible for people from all different regions and backgrounds to study and work in the location they desire. If that doesn’t happen, we limit not only the possibility of an individual, but also continued economic prosperity in the U.S. and growth around the world.”

MBA and Business Master’s Programs

Full-time, two-year MBA programs are still the most in-demand program type. Overall, MBA and business master’s programs report a similar volume of applications in 2018 compared with last year.

The majority of European Master in Management and Master of Finance programs report growth in demand. A bright spot for U.S. programs are Master of Data Analytics programs, most of which report application volume growth this year. Counter to the overall trend, more US Master of Data Analytics programs report international application growth than domestic application growth in 2018.

Additional Key Findings

  • GMAC conducted its 19th annual Application Trends Survey from early June to mid-July 2018.
  • The survey findings are based on responses from 1,087 graduate business programs at 363 universities worldwide.
  • Participating programs are located in 44 countries, including 43 states and the District of Columbia.
  • Participating programs, which include MBA, business master’s, and doctoral-level programs, received a combined total of 466,112 applications during the 2018 application cycle.
  • Nine in 10 participating programs report that the applicants this year are similarly or more academically qualified than candidates last year.

About GMAC
The Graduate Management Admission Council (GMAC) is a non-profit association of leading graduate business schools worldwide. Founded in 1953, we are committed to creating solutions for business schools and candidates to better discover, evaluate and connect with each other. We work on behalf of the schools and the graduate management education community, as well as guide candidates on their journey to higher education, to ensure that no talent goes undiscovered.

GMAC provides world-class research, professional development opportunities and assessments for the industry, designed to advance the art and science of admissions. Owned and administered by GMAC, the Graduate Management Admission Test® (GMAT®) is the most widely used graduate business school assessment, recognized by more than 7,000 programs worldwide. Other GMAC assessments include the NMAT by GMAC™ (NMAT®) exam, for entrance into graduate management programs in India, South Africa, and the Philippines, and the Executive Assessment (EA), specifically designed for Executive programs around the world.

Our flagship portal for graduate management education resources and information, www.mba.com, receives 14 million visits a year and features the School Search matching tool and Graduate Management Admission Search Service® (GMASS®) database, matching candidates and business schools.

GMAC is a global organization with offices in Hong Kong, China, Gurugram, India, Singapore, London, United Kingdom and the United States. To learn more about our work, please visit www.gmac.com.

Media contact:

Geoffrey Basye, Director of Media Relations, GMAC
+1 (703) 668-9799 or gbasye@gmac.com

Photos accompanying this announcement are available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/a608948c-e577-433e-bd7f-58e3f513f909

http://www.globenewswire.com/NewsRoom/AttachmentNg/577b04a2-ef19-4c7b-8ceb-f5e46f11b012