Group 1 - WillScot (WSC) reported quarterly earnings of $0.49 per share, exceeding the Zacks Consensus Estimate of $0.47 per share, and up from $0.44 per share a year ago [1][2] - The company posted revenues of $602.52 million for the quarter, missing the Zacks Consensus Estimate by 0.39%, and down from $612.38 million year-over-year [3] - WillScot shares have increased approximately 16.7% since the beginning of the year, outperforming the S&P 500's gain of 4.5% [4] Group 2 - The current consensus EPS estimate for the upcoming quarter is $0.38 on revenues of $586.64 million, and for the current fiscal year, it is $1.77 on revenues of $2.44 billion [8] - The Real Estate - Operations industry, to which WillScot belongs, is currently ranked in the bottom 13% of over 250 Zacks industries, indicating potential challenges ahead [9] - Redfin (RDFN), another company in the same industry, is expected to report a quarterly loss of $0.24 per share, reflecting a year-over-year decline of 20% [10]

Lease Agreements and Revenue - For the year ended December 31, 2024, over 90% of new lease orders were on standard lease agreements, pre-negotiated master leases, or national account agreements[43]. - The average effective duration of the consolidated lease portfolio for modular space and portable storage units was approximately 41 months, indicating predictable lease revenue[44]. - The average minimum contractual lease term at the time of delivery for modular space units was 10 months, with customers consistently extending their leases[45]. - The average effective duration of the lease portfolio for storage containers on rent was over 43 months as of December 31, 2024[46]. - The long-term nature of leases, with average lease durations of approximately 41 months, produces strong operating income and predictable cash flow[77]. - The average lease duration for the company's fleet is approximately three years, creating recurring opportunities for price increases[89]. Company Operations and Market Presence - The company operates approximately 260 branch locations and additional drop lots across the US, Canada, and Mexico, servicing diverse end markets[17]. - As of December 31, 2024, the company had over 362,000 total units, with a fleet net book value of $3.4 billion and approximately 128 million square feet of relocatable commercial space[48]. - The commercial and industrial market and the construction and infrastructure market accounted for approximately 43% and 42% of revenues, respectively, for the year ended December 31, 2024[51]. - The company generated approximately 94% of its revenue from the US, 5% from Canada, and 1% from Mexico for the year ended December 31, 2024[171]. - The company operates in the approximately $2 trillion North American market for commercial space, with a total addressable market estimated at $20 billion[79]. Acquisitions and Growth Strategy - The company executed 36 acquisitions totaling approximately $4.7 billion in total enterprise value since its public listing in 2017, enhancing its revenue and cost synergies[71]. - In 2023, the company acquired a US national provider of cold storage solutions and a US national provider of premium large clearspan structures, establishing market leadership in these segments[86]. - The company plans to continue pursuing acquisitions to expand geographic reach and capabilities while optimizing returns on capital[88]. - The company intends to expand operations into new geographic markets and product lines, which may require significant financial resources and management attention[163]. Product Offerings and Innovations - The company introduced new Value-Added Products (VAPS) including solar panels and perimeter solutions, expanding its product portfolio[19]. - The company achieved new product introductions in 2024, including proprietary solar racking systems and perimeter solutions through acquisitions[87]. - Modular space units can range from standalone portable units as small as 24 square feet to large complex units exceeding 40,000 square feet, showcasing versatility in offerings[20]. - The company’s blast-resistant modules are designed for quick deployment in hazardous industries, enhancing worksite safety[27]. Financial Performance and Cash Flow - Free Cash Flow generation has accelerated rapidly, with expectations to continue this trend and return capital to shareholders through share repurchases and dividends[94]. - The company targets and realizes unit-level internal rates of return (IRR) in excess of 25% when evaluating new modular units and storage containers[73]. - The company maintains a disciplined focus on return on capital, assessing opportunities for organic growth versus acquisitions[93]. Employee Engagement and Development - Approximately 90% of employees participate in the 401(k) retirement savings program, with the company matching $15.1 million in contributions in 2024[102]. - The company employs around 4,500 people across the US, Canada, Mexico, and India, with 72% working in branch locations[95]. - In 2024, employees completed over 35,000 hours of training across various courses, enhancing compliance, safety, and job-related skills[106]. - The company maintains a library of over 6,000 courses in its learning and development system, supporting continuous employee growth[106]. - The company has established Inclusiveness Resource Teams (IRTs) to promote diversity and inclusion within the workplace[105]. - The company has a foundational leadership development program that enrolls an average of 70 participants annually, fostering leadership skills[107]. Safety and Compliance - The Total Recordable Incident Rate (TRIR) for 2024 was 0.85, indicating a strong commitment to employee safety and a goal of creating a zero-harm culture[112]. - The company has implemented annual compliance training to maintain high standards of professionalism and integrity, including cybersecurity and data privacy[109]. Technology and Operational Efficiency - Investments in technology, including a consolidated CRM platform and upgraded logistics systems, are expected to drive operational efficiencies and improve customer experience[63]. - The company’s logistics and service capabilities are considered unrivaled in the industry, enhancing its value proposition to customers[42]. - The company has implemented a consolidated logistics platform and route optimization processes to minimize costs and emissions in 2024[91]. Risks and Challenges - The company has experienced a decline in new contract activations and units on rent in 2024 due to a decrease in non-residential construction square foot starts in the US[143]. - The company may face significant competition in the modular space and portable storage industries, which could result in pricing pressure and loss of market share[149]. - The company faces risks related to labor shortages and increased labor costs, which could adversely affect its ability to control expenses and efficiently conduct operations[156]. - The company is subject to evolving public disclosure and financial reporting regulations, which could increase compliance costs and risks of noncompliance[168]. - The company may incur unforeseen challenges and costs related to the integration of acquisitions, which could affect operational efficiency[141]. - The company is partly self-insured for various risks, and significant claims or a rise in insurance costs could adversely impact its financial condition[164]. - The company’s operations could be adversely affected by natural disasters or other business disruptions, impacting revenue and increasing costs[160]. - The company may incur impairment charges on goodwill and intangible assets if fair value assessments indicate a decline, which could adversely impact operating results[184]. Financial Obligations and Debt - Total indebtedness as of December 31, 2024, was $3.7 billion, including $1.6 billion under the ABL Facility and various secured notes totaling $2.2 billion[196]. - The company's ability to meet debt service obligations is contingent on future operating and financial performance, which may be adversely affected by various uncontrollable factors[197]. - The credit facility requires compliance with specified financial maintenance tests, and failure to meet these tests could result in immediate repayment demands from lenders[202]. - Covenants in the credit agreement impose restrictions on operational flexibility, including limitations on incurring additional debt and making certain payments[200]. Cybersecurity and Risk Management - The company has established a comprehensive cybersecurity risk management framework to protect stakeholders and ensure operational integrity[206]. - Cybersecurity threats could materially impact the company's business strategy and financial condition, prompting regular assessments and action plans[213]. - The company engages third-party experts to enhance cybersecurity processes and reduce risks associated with evolving threats[211].

Financial Performance - Generated revenue of $603 million in Q4 2024, with a gross profit margin of 55.8% and diluted earnings per share of $0.48[5] - Full year 2024 revenue reached $2,396 million, with Adjusted EBITDA of $1,063 million and an Adjusted EBITDA margin of 44.4%[5] - Total revenues for Q4 2024 were $602.5 million, a decrease of 1.4% compared to $612.4 million in Q4 2023[20] - Gross profit for the year ended December 31, 2024, was $1.3 billion, down 2.4% from $1.33 billion in 2023[20] - Operating income for Q4 2024 was $174.4 million, slightly down from $177.2 million in Q4 2023[20] - Net income for the year ended December 31, 2024, was $28.1 million, a significant decrease from $476.5 million in 2023[20] - Adjusted EBITDA for the year ended December 31, 2024, was $1,063,160, slightly up from $1,061,465 in 2023[42] - Adjusted EBITDA from continuing operations for Q4 2024 was $284,712 thousand, slightly down from $287,802 thousand in Q4 2023, resulting in an Adjusted EBITDA Margin of 47.3% compared to 47.0% in the previous year[32] Cash Flow and Dividends - Adjusted Free Cash Flow for Q4 2024 was $137 million, representing a margin of 22.7%[5] - The company initiated a quarterly cash dividend program of $0.07 per share, with a long-term focus on increasing the dividend payment[5] - Adjusted Free Cash Flow is calculated as net cash from operating activities minus capital expenditures, indicating cash generation performance[12] - Adjusted Free Cash Flow for Q4 2024 was $136,830 thousand, down from $166,280 thousand in Q4 2023, resulting in an Adjusted Free Cash Flow Margin of 22.7% compared to 27.2%[37] Debt and Capital Expenditures - Total debt as of December 31, 2024, was $3,708 million, with a leverage ratio of 3.5x based on last 12 months Adjusted EBITDA[5] - Long-term debt increased to $3.68 billion in 2024 from $3.54 billion in 2023[22] - Net CAPEX for Q4 2024 was $(55,359) thousand, compared to $(53,042) thousand in Q4 2023, indicating increased capital expenditures[39] - The company reported a total debt of $3,708,100 thousand as of December 31, 2024[33] Operational Efficiency - The company achieved a Return on Invested Capital (ROIC) of 16.7% over the last 12 months[5] - WillScot's Adjusted EBITDA from continuing operations is a key non-GAAP financial measure that reflects net income adjusted for interest, taxes, depreciation, and non-cash items[12] - The company defines Adjusted EBITDA Margin from continuing operations as Adjusted EBITDA divided by revenue, providing insight into operational efficiency[12] - The company emphasizes the importance of Adjusted Free Cash Flow Margin as a measure of cash generation relative to revenue[12] - WillScot's ability to acquire and integrate new assets is a critical factor for achieving planned synergies and growth[16] - The company is focused on expanding its Adjusted EBITDA margin, which is essential for long-term profitability[16] Market Presence and Future Outlook - The company operates approximately 260 branch locations across the United States, Canada, and Mexico, highlighting its extensive market presence[15] - WillScot's forward-looking statements include expectations for growth in cash flow and higher returns on invested capital, indicating a positive outlook[16] - For FY 2025, the company projects revenue between $2,275 million and $2,475 million, and Adjusted EBITDA between $1,000 million and $1,090 million[5] - The company plans to host a conference call on February 20, 2025, to discuss its fourth quarter 2024 results and 2025 outlook, providing an opportunity for investor engagement[14] Asset Management - Total assets decreased to $6.03 billion in 2024 from $6.14 billion in 2023[22] - Total Assets as of December 31, 2024, were $6,034,911, a decrease from $6,137,915 in 2023[42] - Net Assets increased to $3,249,578 in 2024 from $3,203,422 in 2023[42] - Average Invested Capital for the year ended December 31, 2024, was $3,217,513, an increase from $3,124,064 in 2023[42] Taxation and Expenses - Estimated taxes for the year ended December 31, 2024, were $179,173, down from $194,645 in 2023[42] - The statutory tax rate applied was 25% for both 2024 and 2023[42] - Depreciation expenses for the year ended December 31, 2024, were $346,467, up from $312,830 in 2023[42] - The company reported a termination fee of $180 million and an impairment loss of $132.5 million for the year ended December 31, 2024[20] - Cash paid for transaction costs from terminated acquisitions amounted to $13,270 thousand in Q4 2024[37]

Core Insights - WillScot Holdings Corporation reported strong financial results for Q4 and full year 2024, highlighting a robust Adjusted EBITDA margin of 47.3% and Adjusted Free Cash Flow of $137 million, reflecting the company's sustainable cash flow profile and growth strategy [5][6][10]. Q4 2024 Results - Generated revenue of $603 million, with a gross profit margin of 55.8% and income from continuing operations of $89 million, resulting in diluted earnings per share of $0.48 [6][7]. - Adjusted EBITDA for Q4 was $285 million, with an Adjusted EBITDA margin of 47.3%, an increase of 30 basis points year-over-year [6][7]. - Net cash provided by operating activities was $179 million, achieving a margin of 29.7% [6][8]. Full Year 2024 Results - Total revenue for 2024 reached $2,396 million, with a gross profit margin of 54.3% and income from continuing operations of $28 million, leading to diluted earnings per share of $0.15 [6][7]. - Adjusted EBITDA for the year was $1,063 million, with an Adjusted EBITDA margin of 44.4% [6][7]. - The company generated net cash from operating activities of $562 million at a margin of 23.4%, including $226 million in fees from terminated acquisitions [6][7]. 2025 Outlook - The company anticipates revenue for 2025 to range between $2,275 million and $2,475 million, with Adjusted EBITDA expected between $1,000 million and $1,090 million [10][6]. - The outlook reflects expectations for continued growth in average monthly rates and expanded product offerings, while also considering moderating headwinds in units on rent [10][6]. - The company plans to hold an Investor Day on March 7, 2025, to discuss its operational strategy and long-term financial targets [10][6]. Capital Allocation and Shareholder Returns - The Board of Directors initiated a quarterly cash dividend program of $0.07 per share, with a focus on increasing the dividend over time [6][10]. - In 2024, the company returned $270 million to shareholders through the repurchase of 7.1 million shares, reducing the outstanding share count by 3.4% [6][10]. Capitalization and Liquidity - As of December 31, 2024, total debt was $3,708 million, with net debt of $3,699 million, and a leverage ratio of 3.5x based on the last 12 months Adjusted EBITDA [15][37]. - The company maintained approximately $1.6 billion in availability under its asset-backed revolving credit facility [15][6].

Core Points - WillScot Holdings Corporation has announced the initiation of a quarterly cash dividend program, reflecting its commitment to returning capital to shareholders while investing in growth [1][2] - The first dividend will be $0.07 per share, payable on March 19, 2025, to shareholders of record as of March 5, 2025 [1] - The Board will regularly assess the cash dividend program with a long-term focus on increasing the dividend payment over time [3] Company Overview - WillScot is a leading provider of innovative temporary flexible space solutions in North America, offering a comprehensive range of products including modular office complexes, mobile offices, classrooms, and portable storage containers [4] - The company 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 [4]

Core Insights - Wall Street analysts expect WillScot (WSC) to report quarterly earnings of $0.47 per share, reflecting a year-over-year increase of 6.8% [1] - Revenue projections for the upcoming quarter are estimated at $604.87 million, which represents a decline of 1.2% compared to the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the past 30 days, indicating a stable outlook from analysts [1] Revenue Breakdown - Analysts project 'Leasing and services revenue- leasing' to reach $466.62 million, down 2.4% from the prior-year quarter [4] - The estimate for 'Leasing and services revenue- Delivery and installation' is $100.35 million, indicating a decrease of 1.8% year-over-year [4] - 'Sale- Rental units' is expected to generate $14.31 million, reflecting a year-over-year increase of 2.4% [4] Additional Metrics - The combined estimate for 'Sale- New units' is projected at $22.38 million, suggesting a significant year-over-year increase of 22.2% [5] - WillScot shares have increased by 3.8% over the past month, while the Zacks S&P 500 composite has risen by 4.7% [5] - With a Zacks Rank of 4 (Sell), WSC is anticipated to underperform the overall market in the near term [5]

Core Viewpoint - WillScot Holdings Corporation will release its fourth quarter 2024 financial results on February 20, 2025, after market close, followed by a conference call to discuss the results [1] Company Overview - WillScot is a leading provider of innovative temporary flexible space solutions in North America, listed on the Nasdaq under the ticker symbol "WSC" [3] - 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, along with furnishings and supplementary services [3] - Headquartered in Phoenix, Arizona, WillScot operates approximately 270 branch locations and additional drop lots across the United States, Canada, and Mexico, serving diverse customer segments across all sectors of the economy [3]

Core Insights - WillScot Holdings Corporation has been designated as the preferred temporary space provider for the Los Angeles Rams, following the completion of a 65,000 square feet practice facility in Woodland Hills, California [1][4] - The facility was developed between February 2024 and August 2024, showcasing WillScot's expertise in modular space solutions [1][3] - The partnership highlights WillScot's capability to deliver customized space solutions quickly, with the installation completed in just two and a half months [3][4] Company Overview - WillScot is a leading provider of innovative temporary space solutions in North America, offering a wide range of products including modular office complexes, mobile offices, and climate-controlled units [5] - The company operates approximately 260 branch locations across the United States, Canada, and Mexico, managing around 135 million square feet of relocatable space for 85,000 customers [3][5] - WillScot's services are essential for various customer segments across all sectors of the economy [5] Project Details - The newly constructed facility includes coaches' offices, team meeting rooms, specialized athletic training spaces, locker rooms, a media room, and a meal room, tailored to the Rams' specific needs [3] - The collaboration involved close communication between WillScot's design, engineering, and installation teams and the Los Angeles Rams to ensure the facility met the team's requirements [2][4] - WillScot has previously worked with the Rams on their temporary office facility in Thousand Oaks in 2016, establishing a strong partnership [4]

PHOENIX, Jan. 09, 2025 (GLOBE NEWSWIRE) -- WillScot Holdings Corp. ("WillScot" or the "Company") (NASDAQ:WSC), a leader in innovative flexible space solutions, announced today that the Company will host an investor day on March 7, 2025. The event will take place in Phoenix, Arizona and begin at 9:00 a.m. MST. Invitations will be distributed to investors at a later date. The Company is also reaffirming its most recently stated Fiscal Year 2024 guidance. About WillScot Listed on the Nasdaq stock exchange unde ...

PHOENIX, Jan. 09, 2025 (GLOBE NEWSWIRE) -- WillScot Holdings Corp. (“WillScot” or the “Company”) (Nasdaq: WSC), a leader in innovative flexible space solutions, announced today that the Company will host an investor day on March 7, 2025. The event will take place in Phoenix, Arizona and begin at 9:00 a.m. MST. Invitations will be distributed to investors at a later date. The Company is also reaffirming its most recently stated Fiscal Year 2024 guidance. About WillScot Listed on the Nasdaq stock exchange und ...