Willscot Mobile Mini Holdings Corp (NASDAQ:WSC) Q1 2024 Earnings Conference Call May 2, 2024 5:30 PM ET Company Participants Nick Girardi - Senior Director of Treasury and Investor Relations Brad Soultz - Chief Executive Officer Tim Boswell - President and Chief Financial Officer Conference Call Participants Scott Schneeberger - Oppenheimer Manav Patnaik - Barclays Tim Mulrooney - William Blair Steven Ramsey - TRG Andrew Wittmann - Baird Faiza Alwy - Deutsche Bank Angel Castillo - Morgan Stanley Philip Ng - ...

[PART I Financial Information](index=3&type=section&id=PART%20I%20Financial%20Information) This section provides the company's financial statements, including balance sheets, statements of operations, and cash flows, along with detailed notes [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) For the first quarter ended March 31, 2024, total revenues increased by 3.8% to $587.2 million, while income from continuing operations decreased to $56.2 million, and diluted EPS fell to $0.29 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets slightly increased to $6.18 billion, total liabilities marginally decreased to $4.86 billion, and total shareholders' equity rose to $1.32 billion Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 (unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $575,363 | $569,096 | | **Total assets** | **$6,180,334** | **$6,137,915** | | **Total current liabilities** | $595,793 | $562,020 | | **Total liabilities** | **$4,860,208** | **$4,876,665** | | **Total shareholders' equity** | **$1,320,126** | **$1,261,250** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2024, total revenues increased to $587.2 million, but operating income declined to $129.9 million, and diluted EPS from continuing operations decreased to $0.29 Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Total revenues** | **$587,181** | **$565,468** | | Gross profit | $316,888 | $323,128 | | **Operating income** | **$129,946** | **$151,647** | | Income from continuing operations | $56,240 | $76,271 | | Net income | $56,240 | $210,884 | | **Diluted EPS from continuing operations** | **$0.29** | **$0.36** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to $208.7 million, while net cash used in investing activities was $111.0 million, and net cash used in financing activities substantially decreased to $95.6 million Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$208,676** | **$148,765** | | Net cash (used in) provided by investing activities | ($110,967) | $271,949 | | **Net cash used in financing activities** | **($95,622)** | **($423,087)** | | Net change in cash and cash equivalents | $2,189 | ($1,856) | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Key notes include a change to a single reportable segment, the pending acquisition of McGrath RentCorp, the 2023 divestiture of the UK Storage Solutions business, and details on debt and derivatives - In January 2024, the company unified its go-to-market structure, resulting in the aggregation of its two operating segments (US and Other North America) into a **single reportable segment**[26](index=26&type=chunk) - On January 28, 2024, the company entered into an agreement to acquire McGrath RentCorp, a transaction expected to close in 2024[33](index=33&type=chunk) - The company sold its UK Storage Solutions segment on January 31, 2023, for **$418.1 million**, with results now reported in discontinued operations for 2023[35](index=35&type=chunk) - As of March 31, 2024, total debt was approximately **$3.5 billion**, primarily consisting of an ABL Facility and various secured notes[61](index=61&type=chunk)[155](index=155&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a 3.8% increase in Q1 2024 revenue to $587.2 million, driven by higher rental rates and VAPS penetration, which offset a 15.1% decrease in average total units on rent [First Quarter Highlights](index=23&type=section&id=First%20Quarter%20Highlights) Q1 2024 revenue grew 3.8% year-over-year, while income from continuing operations fell by $20.0 million, and Adjusted EBITDA remained stable at $248.0 million Q1 2024 Key Metrics vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $587.2M | $565.5M | +3.8% | | Income from continuing operations | $56.2M | $76.3M | -26.3% | | Adjusted EBITDA | $248.0M | $246.8M | +0.5% | | Avg. modular space monthly rental rate | $1,149 | $1,031 | +11.4% | | Avg. portable storage units on rent | 131,014 | 167,403 | -21.7% | [Consolidated Results of Operations](index=25&type=section&id=Consolidated%20Results%20of%20Operations) Total revenue for Q1 2024 increased by $21.7 million due to improved pricing, while gross profit decreased by $6.2 million, and SG&A expenses rose by $16.7 million primarily from acquisition-related legal fees - Leasing revenue increased by **$20.7 million (4.7%)** due to improved pricing and VAPS penetration, offsetting a decrease of 40,398 average total units on rent[117](index=117&type=chunk) - Gross profit decreased by **$6.2 million (1.9%)**, impacted by a **$15.8 million** increase in depreciation expense and a **$9.1 million** drop in delivery and installation gross profit[120](index=120&type=chunk) - SG&A increased by **$16.7 million (11.1%)**, with **$12.4 million** of the increase attributed to discrete costs, primarily legal and professional fees for the McGrath acquisition[122](index=122&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=27&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) The company provides reconciliations for non-GAAP measures, with Adjusted EBITDA at $248.0 million and Adjusted Gross Profit at $391.8 million for Q1 2024 Reconciliation of Income from Continuing Operations to Adjusted EBITDA (in thousands) | Line Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Income from continuing operations | $56,240 | $76,271 | | Income tax expense | $17,118 | $30,510 | | Interest expense | $56,588 | $44,866 | | Depreciation and amortization | $92,828 | $76,329 | | Other Adjustments (Currency, Integration, Stock Comp, etc.) | $25,235 | $18,866 | | **Adjusted EBITDA from continuing operations** | **$248,009** | **$246,842** | [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $1.3 billion available under its $3.7 billion ABL Facility, and Free Cash Flow for Q1 2024 increased by 40% to $143.9 million - As of March 31, 2024, the company had **$1.3 billion** of available borrowing capacity under its ABL Facility[144](index=144&type=chunk) Free Cash Flow Calculation (in thousands) | Line Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $208,676 | $148,765 | | Net CAPEX | ($64,776) | ($45,825) | | **Free Cash Flow** | **$143,900** | **$102,940** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate risk, managed through interest rate swaps on $1.25 billion notional variable-rate debt, and foreign currency risk from operations in Canada and Mexico - The company manages interest rate risk on its ABL Facility with swap agreements covering an aggregate of **$1.25 billion** in notional variable-rate debt[164](index=164&type=chunk) - Foreign currency risk is present due to operations in Canada and Mexico, which generate approximately **6%** of consolidated net revenues[165](index=165&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) As of March 31, 2024, the company's disclosure controls and procedures were deemed effective, with no material changes in internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were **effective** as of March 31, 2024[167](index=167&type=chunk) [PART II Other Information](index=34&type=section&id=PART%20II%20Other%20Information) This section covers legal proceedings, risk factors, and details on unregistered sales of equity securities and the use of proceeds [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings arising in the ordinary course of business, which are not expected to have a material adverse effect on its financial position - The company believes that outstanding legal matters will not, individually or in aggregate, have a **material adverse effect** on its financial condition or results of operations[170](index=170&type=chunk) [Item 1A. Risk Factors](index=34&type=page&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - Risk factors discussed in the 2023 Annual Report on Form 10-K have **not materially changed**[171](index=171&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its Common Stock during Q1 2024, with $498.2 million remaining available under its $1.0 billion share repurchase authorization - No common stock was repurchased during Q1 2024[172](index=172&type=chunk) - As of March 31, 2024, **$498.2 million** remained available under the company's **$1.0 billion** share repurchase authorization[172](index=172&type=chunk)

WILLSCOT MOBILE MINI REPORTS FIRST QUARTER 2024 RESULTS Solid Modular and Value-Added Products Demand Support Full Year 2024 Outlook PHOENIX, May 2, 2024 - WillScot Mobile Mini Holdings Corp. ("WillScot Mobile Mini" or the "Company") (Nasdaq: WSC), a leader in innovative temporary flexible space solutions, today announced first quarter 2024 results and provided an update on operations and the current market environment, including the following highlights: Q1 2024 Brad Soultz, Chief Executive Officer of Will ...

WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) Q4 2023 Earnings Conference Call February 20, 2024 5:30 AM ET Company Participants Nick Girardi - Senior Director, Treasury and IR Brad Soultz - CEO Tim Boswell - President and CFO Conference Call Participants Tim Mulrooney - William Blair Ronan Kennedy - Barclays Seth Weber - Wells Fargo Andrew Wittmann - Robert W. Baird Scott Schneeberger - Oppenheimer & Co. Faiza Alwy - Deutsche Bank Steven Ramsey - Thompson Research Philip Non-GAAP - Jefferies Brent Thiel ...

February 20, 2024 | --- | --- | --- | --- | --- | |----------------------------------|-------|-------|-------|-------| | | | | | | | Quarterly Investor | | | | | | Presentation Fourth Quarter 2023 | | | | | | | | | | | | | | | | | WILLSCOT | mabile mini 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 E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number: 001-37552 WILLSCOT MOBILE MINI HOLDINGS CORP. (Exact name of registrant as specified in its charter) (State or other jurisdictio ...

WILLSCOT MOBILE MINI REPORTS FOURTH QUARTER 2023 AND FULL YEAR 2023 RESULTS Record Financial Performance in 2023 with Strong Growth and Execution Continuing in 2024 PHOENIX, February 20, 2024 - WillScot Mobile Mini Holdings Corp. ("WillScot Mobile Mini" or the "Company") (Nasdaq: WSC), the North American leader in innovative flexible space solutions, today announced fourth quarter and full year 2023 results and provided an update on operations and the current market environment, including the following high ...

Financial Performance - Q3 2023 Adjusted EBITDA reached $266 million, an 11% year-over-year increase[47] - The company's 2023 Adjusted EBITDA guidance is between $1,050 million and $1,065 million, representing a 19% to 20% year-over-year increase with approximately 300 bps margin expansion[47] - LTM Free Cash Flow was $533 million, resulting in a 22% Free Cash Flow Margin[47] - Leasing revenue increased by 9% year-over-year, driven by pricing and Value-Added Products (VAPS) penetration[47] Capital Allocation and Debt - $907 million was spent on share repurchases in the last twelve months, reducing the economic share count by 9.2%[47] - Leverage ratio is 3.3x, within the target range of 3.0x to 3.5x[47] - Completed a $500 million offering of senior secured notes at 7.375% due in 2031[59] Operational Metrics - Consolidated modular space unit average monthly rental rate increased 16% year-over-year to $1,089 in Q3 2023[41] - Consolidated portable storage unit average monthly rental rate increased 25% year-over-year to $246 in Q3 2023[41] - Net CAPEX from continuing operations was $43.23 million for the quarter[78] Growth Opportunities - The company has identified approximately $500 million in potential revenue growth from Value Added Products and Services (VAPS)[8, 32]

WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) Q3 2023 Earnings Conference Call November 2, 2023 10:00 AM ET Company Participants Nick Girardi - Senior Director, Treasury and Investor Relations Brad Soultz - Chief Executive Officer Tim Boswell - President and CFO Conference Call Participants Seth Weber - Wells Scott Schneeberger - Oppenheimer & Co. Tim Mulrooney - William Blair Brian Biros - Thompson Research Group Faiza Alwy - Deutsche Bank Ronan Kennedy - Barclays Sean Wondrack - Deutsche Bank Operator ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-37552 WILLSCOT MOBILE MINI HOLDINGS CORP. (Exact name of registrant as specified in its charter) (State or other jur ...