WillScot Mobile Mini (WSC)

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WillScot Introduces Innovative Power Solution – Solar Power by WillScot
Globenewswire· 2025-06-04 14:00
Core Insights - WillScot Holdings Corporation has launched "Solar Power by WillScot," a proprietary solar energy solution designed to provide clean and reliable power for its temporary space solutions [1][2] - This innovative power solution is fully integrated with WillScot's modular space offerings, allowing for flexible energy sourcing and cost reduction compared to traditional power generation methods [2][3] Company Overview - WillScot is a leading provider of innovative temporary space solutions in North America, offering a wide range of products including modular offices, mobile classrooms, and portable storage containers [4] - The company operates approximately 260 branch locations across the United States, Canada, and Mexico, serving diverse customer segments across various sectors of the economy [4] Product Features - Solar Power by WillScot can function as a standalone energy source or in conjunction with generators and the grid, providing scalable and sustainable power solutions [2] - The solution aims to reduce emissions, lower operating costs, and enhance efficiency for customers, supported by WillScot's local service network [3]
WillScot Announces Investor Conference Schedule for June 2025
Globenewswire· 2025-05-14 20:05
Core Insights - WillScot Holdings Corporation is a leader in innovative temporary space solutions and will participate in several investor conferences in June 2025 [1][4]. Company Overview - WillScot is listed on the Nasdaq under the ticker symbol "WSC" and is the premier provider of turnkey space solutions in North America [2]. - The company offers a comprehensive range of products including modular office complexes, mobile offices, classrooms, temporary restrooms, portable storage containers, protective buildings, climate-controlled units, and clearspan structures [2]. - WillScot operates approximately 260 branch locations and additional drop lots across the United States, Canada, and Mexico, serving diverse customer segments across all sectors of the economy [2]. Upcoming Investor Conferences - Stifel Cross Sector Insights Conference on June 3, 2025, in Boston, Massachusetts [4]. - Baird Global Consumer, Tech & Services Conference on June 4, 2025, in New York, New York [4]. - Wells Fargo Industrials & Materials Conference on June 10, 2025, in Chicago, Illinois [4].
WillScot Announces Partnership with Penske Entertainment Corp. to Sponsor NTT INDYCAR SERIES, Indianapolis Motor Speedway
Globenewswire· 2025-05-07 19:17
Core Insights - WillScot Holdings Corporation has partnered with Penske Entertainment Corp. to provide temporary space solutions for the NTT INDYCAR SERIES and Indianapolis Motor Speedway for the 2025, 2026, and 2027 seasons [1][2] Company Overview - WillScot is a leading provider of innovative and turnkey space solutions in North America, offering a comprehensive range of products including modular office complexes, mobile offices, classrooms, temporary restrooms, portable storage containers, and climate-controlled units [4] - The company operates from approximately 260 branch locations across the United States, Canada, and Mexico, serving diverse customer segments across various sectors of the economy [4] Partnership Details - The partnership with Penske Entertainment Corp. positions WillScot as the preferred supplier for large-scale events, emphasizing the company's commitment to delivering efficient and safe space solutions that enhance the fan experience [2][3] - Penske Entertainment Corp. owns the Indianapolis Motor Speedway and the NTT INDYCAR SERIES, which is recognized as the premier open-wheel racing series in North America [2][3]
WillScot Mobile Mini (WSC) - 2025 Q1 - Earnings Call Presentation
2025-05-02 07:21
QUARTERLY INVESTOR PRESENTATION FIRST QUARTER 2025 2 May 1, 2025 SAFE HARBOR Forward Looking Statements This presentation contains forward-looking statements (including the guidance/outlook contained herein) within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words "estimates," "expects," "anticipates," "believes," "forecasts," "plans," "intends," "may," "will," "should," "shall," "outlook," "guidance," "see, ...
WillScot (WSC) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
ZACKS· 2025-05-01 23:35
Core Insights - WillScot (WSC) reported a revenue of $559.55 million for the quarter ended March 2025, reflecting a decrease of 4.7% year-over-year and a slight miss of 0.48% against the Zacks Consensus Estimate of $562.22 million [1] - The earnings per share (EPS) for the quarter was $0.24, down from $0.29 in the same quarter last year, resulting in an EPS surprise of -14.29% compared to the consensus estimate of $0.28 [1] Revenue Breakdown - Leasing revenue amounted to $434.39 million, which was below the average estimate of $448.46 million, marking a year-over-year decline of 5.7% [4] - Delivery and installation revenue was reported at $88.66 million, slightly above the estimated $88.54 million, but down 11.7% from the previous year [4] - Total leasing and services revenue was $523.05 million, compared to the average estimate of $537.01 million [4] - Sales revenue from rental units was $14.06 million, below the estimated $14.45 million, but showed a year-over-year increase of 10.6% [4] - Sales revenue from new units reached $22.44 million, significantly exceeding the average estimate of $16.10 million, representing a year-over-year growth of 66.2% [4] Stock Performance - Over the past month, WillScot's shares have declined by 13.4%, contrasting with a minor decrease of 0.7% in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]
WillScot (WSC) Q1 Earnings and Revenues Miss Estimates
ZACKS· 2025-05-01 22:50
Company Performance - WillScot reported quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.28 per share, and down from $0.29 per share a year ago [1][2] - The company posted revenues of $559.55 million for the quarter, missing the Zacks Consensus Estimate by 0.48%, and down from $587.18 million year-over-year [3] Earnings Surprise and Trends - The earnings surprise for the quarter was -14.29%, and over the last four quarters, the company has only surpassed consensus EPS estimates once [2] - The estimate revisions trend for WillScot is mixed, currently translating into a Zacks Rank 3 (Hold), indicating expected performance in line with the market [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.37 on revenues of $597.91 million, and for the current fiscal year, it is $1.60 on revenues of $2.39 billion [8] - The outlook for the Real Estate - Operations industry, to which WillScot belongs, is currently in the bottom 40% of Zacks industries, which may impact stock performance [9]
WillScot Mobile Mini (WSC) - 2025 Q1 - Earnings Call Transcript
2025-05-01 22:32
Financial Data and Key Metrics Changes - In Q1 2025, total revenue was $560 million, a decline of 5% year over year due to lower volumes [15][16] - Adjusted EBITDA for the quarter was $229 million, with a margin of 40.9%, reflecting a year-over-year margin decline of 130 basis points [17] - Adjusted free cash flow amounted to $145 million at a 26% margin, which was 120 basis points higher year over year [19] Business Line Data and Key Metrics Changes - Average units on rent decreased by 5% year over year for modular and 16% for storage [15] - Total leasing revenue declined by $26 million or 6% year over year, while delivery and installation revenue fell by $12 million or 12% [16] - Value-added products and services (VAPS) represented over 17% of total revenue in the quarter, moving towards a long-term goal of 20% to 25% [18] Market Data and Key Metrics Changes - The pending order book increased by 7% year over year for both modular and storage products [7][11] - The Architectural Billings Index was reported at 44 in March, with Q1 non-residential construction square footage starts down 17% year over year [11] Company Strategy and Development Direction - The company aims to achieve $3 billion in revenue, $1.5 billion in adjusted EBITDA, and $700 million in adjusted free cash flow over the next three to five years [8] - The focus is on margin expansion initiatives and leveraging a portfolio of growth levers valued at $2.5 billion [8] - The company is actively adding sales resources and enhancing productivity tools to drive performance across local and enterprise accounts [12][14] Management's Comments on Operating Environment and Future Outlook - Management remains cautious due to macroeconomic uncertainties but is encouraged by the order book growth and sales activity [11][24] - The company expects total revenues to improve sequentially in Q2, projecting a decline of approximately 2.5% year over year, an improvement from Q1 [22] - Management is closely monitoring the impact of tariffs and economic conditions on demand, with a proactive approach to adjust operations as needed [24][26] Other Important Information - The company successfully refinanced its 2025 senior secured notes, extending maturity to February 2030 at a fixed interest rate of 6.625% [20] - A total of $45 million was returned to shareholders through share repurchases and dividends in Q1 [21] Q&A Session Summary Question: Comments on the order book and conversion time - Management noted that quoting activity has increased by 10% year over year, with no observed changes in conversion or cancellation rates [32][34] Question: Follow-up on VAPS and average pricing - Management explained that the shift to reporting VAPS as a percentage of revenue reflects the expanded portfolio and deeper penetration across product lines [36][38] Question: Q2 top line outlook and expected volume trends - Management expects Q2 volumes to improve sequentially, particularly in the modular segment, which typically sees growth during this period [42][43] Question: Insights on retail customer segment and demand - Management indicated that there has been no change in the outlook for retail-related demand, with ongoing positive conversations with larger accounts [50][51] Question: Discussion on share repurchases versus M&A - Management reiterated a balanced approach to capital allocation, remaining active in both share repurchases and pursuing M&A opportunities as they arise [52][54] Question: Clarification on local market conditions - Management confirmed that local market conditions have not improved, and efforts are focused on internal initiatives to enhance performance [98][100]
WillScot Mobile Mini (WSC) - 2025 Q1 - Earnings Call Transcript
2025-05-01 21:30
Financial Data and Key Metrics Changes - In Q1 2025, total revenue was $560 million, a decline of 5% year over year, primarily due to lower volumes [15][16] - Adjusted EBITDA for the quarter was $229 million, with a margin of 40.9%, reflecting a year-over-year margin decline of 130 basis points [17][18] - Adjusted free cash flow amounted to $145 million at a 26% margin, which was 120 basis points higher year over year [20] Business Line Data and Key Metrics Changes - Average units on rent decreased by 5% year over year for modular and 16% for storage, aligning with expectations [15] - Total leasing revenue fell by $26 million or 6% year over year, while delivery and installation revenue decreased by $12 million or 12% [16] - Value-added products and services (VAPS) represented over 17% of total revenue, indicating growth in this segment despite a decline in consolidated units on rent [19] Market Data and Key Metrics Changes - The pending order book increased by 7% year over year for both modular and storage products, supporting expected new lease activations in Q2 [6][11] - The Architectural Billings Index was reported at 44 in March, with Q1 non-residential construction square footage starts down 17% year over year, indicating market caution [11] Company Strategy and Development Direction - The company aims to achieve $3 billion in revenue, $1.5 billion in adjusted EBITDA, and $700 million in adjusted free cash flow over the next three to five years [7] - There is a focus on margin expansion initiatives and leveraging a portfolio of growth levers valued at $2.5 billion [7] - The company is actively adding sales resources and enhancing productivity tools to drive performance across local and enterprise accounts [12][14] Management's Comments on Operating Environment and Future Outlook - Management remains cautious due to macroeconomic uncertainties but is encouraged by the order book growth and internal initiatives [11][14] - The company expects continued easing of volume headwinds, with modest top-line growth anticipated in the second half of the year [23][24] - Management is closely monitoring the impact of tariffs and labor market conditions on demand and operational performance [25][26] Other Important Information - The company successfully refinanced its 2025 senior secured notes, extending maturity to February 2030 at a fixed interest rate of 6.625% [20] - A total of $45 million was returned to shareholders through share repurchases and dividends in Q1 [22] Q&A Session Summary Question: Comments on the order book and conversion time - Management noted that quoting activity has increased by 10% year over year, with no observed changes in conversion or cancellation rates [34] Question: Details on VAPS and average pricing - Management explained that the shift to reporting VAPS as a percentage of revenue reflects the expanded portfolio and deeper penetration across product lines [39] Question: Q2 top line outlook and expected volume trends - Management expects Q2 revenues to improve sequentially, with no anticipated decline in volumes, particularly for modular products [44] Question: Insights on retail customer segment demand - Management indicated that there has been no change in the outlook for retail-related demand, with ongoing positive conversations with larger accounts [52] Question: Discussion on logistics and margin improvement - Management expressed optimism about logistics margins improving as in-sourcing initiatives progress and operational efficiencies are realized [70] Question: Pricing dynamics in an inflationary environment - Management believes that inflationary pressures can be beneficial, as they have the capability to pass through costs due to owning their fleet and in-house capabilities [74]
WillScot Mobile Mini (WSC) - 2025 Q1 - Quarterly Report
2025-05-01 21:00
PART I Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q1 2025 show a slight decrease in total assets and liabilities, with revenues of **$559.6 million** and net income of **$43.1 million**, while operating cash flow remained stable at **$206.6 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $518,454 | $557,510 | | Total assets | $5,961,676 | $6,034,911 | | Total current liabilities | $621,368 | $585,008 | | Total liabilities | $4,950,314 | $5,016,318 | | Total shareholders' equity | $1,011,362 | $1,018,593 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total revenues | $559,551 | $587,181 | | Gross profit | $300,366 | $316,888 | | Operating income | $119,434 | $129,946 | | Net income | $43,055 | $56,240 | | Diluted EPS | $0.23 | $0.29 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $206,627 | $208,676 | | Net cash used in investing activities | $(64,955) | $(110,967) | | Net cash used in financing activities | $(139,929) | $(95,622) | | Net change in cash and cash equivalents | $1,678 | $2,189 | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the company's business operations, financial instruments, and capital allocation strategies - The company's primary business involves providing turnkey space solutions, including leasing modular spaces and portable storage, complemented by Value-Added Products (VAPS) and services across the US, Canada, and Mexico[18](index=18&type=chunk) Revenue by Geography (in thousands) | Geography | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | US | $531,046 | $553,433 | | Canada | $23,199 | $26,532 | | Mexico | $5,306 | $7,216 | | **Total** | **$559,551** | **$587,181** | - In March 2025, the company issued **$500.0 million** of 6.625% senior secured notes due 2030, using proceeds to redeem all outstanding 6.125% senior secured notes due 2025[45](index=45&type=chunk)[46](index=46&type=chunk) - The Board of Directors approved a quarterly dividend program in February 2025, declaring a dividend of **$0.07 per share**; the company also repurchased **1.1 million shares** for **$32.0 million** in Q1 2025, with **$789.8 million** remaining under authorization[51](index=51&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $43,055 | $56,240 | | Adjustments (Taxes, Interest, D&A, etc.) | $185,730 | $191,769 | | **Adjusted EBITDA** | **$228,785** | **$248,009** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a **4.7% decrease** in total revenues to **$559.6 million** for Q1 2025, driven by an **11.5% decrease** in average units on rent, while generating **$144.8 million** in Adjusted Free Cash Flow used for debt reduction, share repurchases, and dividends Key Operational Metrics Comparison | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Average modular space units on rent | 90,548 | 95,817 | (5,269) | | Average modular space monthly rental rate | $1,209 | $1,149 | +$60 | | Average portable storage units on rent | 110,175 | 131,014 | (20,839) | | Average portable storage monthly rental rate | $267 | $262 | +$5 | | Adjusted EBITDA (in thousands) | $228,785 | $248,009 | ($19,224) | - Total revenues decreased by **$27.6 million (4.7%)** year-over-year, primarily due to a **$26.2 million (5.7%)** drop in leasing revenue from fewer units on rent, a result of reduced demand from higher interest rates impacting non-residential construction[92](index=92&type=chunk)[95](index=95&type=chunk) - Adjusted EBITDA decreased by **$19.2 million (7.8%)** year-over-year, driven by lower leasing and delivery gross profit, partially offset by an increase in new and used unit sales gross profit[100](index=100&type=chunk) - The company generated **$144.8 million** in Adjusted Free Cash Flow, which was used to repurchase **$32.0 million** of stock, pay **$13.0 million** in dividends, and reduce debt by **$85.8 million**[92](index=92&type=chunk) - The company's principal sources of liquidity are cash from operations and its **$3.7 billion** ABL Facility, which had **$1.6 billion** of available borrowing capacity as of March 31, 2025[114](index=114&type=chunk)[116](index=116&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk from its variable-rate ABL Facility and foreign currency risk from Canadian and Mexican operations, mitigating interest rate risk with **$1.25 billion** in interest rate swap agreements - The company manages interest rate risk on its ABL Facility using swap agreements; as of March 31, 2025, swaps covered **$1.25 billion** of the **$1.5 billion** outstanding principal, fixing rates at **3.70%** and **3.44%** on respective notional amounts[127](index=127&type=chunk) - Foreign currency risk exists through operations in Canada and Mexico, which account for approximately **5%** of consolidated net revenues; a strengthening U.S. dollar could negatively impact reported revenues from these regions[128](index=128&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[130](index=130&type=chunk) - No changes occurred during the quarter ended March 31, 2025, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[131](index=131&type=chunk) PART II Other Information [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings arising in the ordinary course of business, with management believing outcomes will not materially adversely affect financial position, results of operations, or cash flows - As of March 31, 2025, the company does not expect outstanding legal matters to have a material adverse effect on its financial condition or results[133](index=133&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) The company's risk factors remain largely unchanged from its 2024 Annual Report on Form 10-K, with an updated risk concerning trade policies and potential cost increases from tariffs on materials like steel, aluminum, and lumber - The company notes that risk factors are largely unchanged from the 2024 10-K, but provides an updated disclosure on the risk of trade policies and tariffs[134](index=134&type=chunk) - A key risk is that tariffs on imported materials (e.g., steel, lumber) could materially increase product and raw material costs, which the company may not be able to pass on to customers, potentially harming financial results[135](index=135&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2025, the company repurchased **1,094,900 shares** of Common Stock for approximately **$32.0 million**, with **$789.8 million** remaining under its **$1.0 billion** share repurchase program Share Repurchase Activity - Q1 2025 | Period | Shares Purchased (thousands) | Average Price Paid per Share | Remaining Authorization (millions) | | :--- | :--- | :--- | :--- | | Jan 2025 | — | $— | $821.8 | | Feb 2025 | — | $— | $821.8 | | Mar 2025 | 1,094.9 | $29.21 | $789.8 | - The company's share repurchase program was reset in September 2024, authorizing up to **$1.0 billion** in repurchases; as of March 31, 2025, **$789.8 million** remained available[137](index=137&type=chunk)
WillScot Mobile Mini (WSC) - 2025 Q1 - Quarterly Results
2025-05-01 20:12
Q1 2025 1, 2 Brad Soultz, Chief Executive Officer of WillScot, commented "Our first quarter financial results were consistent with our expectations and support reaffirming our previously issued full year 2025 outlook. We delivered $145 million of Adjusted Free Cash Flow at a 26% margin, returned $45 million to shareholders, and progressed our acquisition pipeline. In addition to our focus on day-to-day execution, we continued investing in the business to support our medium-to-longer term margin expansion an ...