Investors interested in Real Estate - Operations stocks are likely familiar with Kennedy-Wilson (KW) and WillScot (WSC) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out. We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores h ...

WillScot (WSC) reported $604.59 million in revenue for the quarter ended June 2024, representing a year-overyear increase of 3.9%. EPS of $0.39 for the same period compares to $0.43 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $612.99 million, representing a surprise of -1.37%. The company delivered an EPS surprise of -2.50%, with the consensus EPS estimate being $0.40. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stree ...

WillScot (WSC) came out with quarterly earnings of $0.39 per share, missing the Zacks Consensus Estimate of $0.40 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -2.50%. A quarter ago, it was expected that this maker of portable classrooms, mobile offices and storage units would post earnings of $0.33 per share when it actually produced earnings of $0.29, delivering a surprise of - ...

Reinforces WillScot Brand as Leading Temporary Space Solutions Provider With History of Innovation and Expanding Capabilities Introduces "Right From the Start" Tagline, Emphasizing Commitment to Customer Service Excellence Includes Launch of Digital Experience, Underpinned by a New Website PHOENIX, July 29, 2024 (GLOBE NEWSWIRE) -- WillScot Holdings Corporation ("WillScot" or the "Company") (NASDAQ:WSC), the North America leader in innovative temporary space solutions, today announced it is combining all of ...

The earnings report, which is expected to be released on August 1, 2024, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. Zacks Consensus Estimate Revenues are expected to be $612.99 million, up 5.3% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 1.9% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectiv ...

PHOENIX, July 18, 2024 (GLOBE NEWSWIRE) -- WillScot Mobile Mini Holdings Corp. ("WillScot Mobile Mini" or the "Company") (Nasdaq: WSC), a leader in innovative temporary space solutions, today announced that it will release its second quarter 2024 financial results on August 1, 2024, after market close. Chief Executive Officer, Brad Soultz, and President and Chief Financial Officer, Tim Boswell, will host a conference call and webcast on August 1, 2024, at 5:30 p.m. ET to discuss the Company's results. To ac ...

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 ...

Financial Data and Key Metrics Changes - 2023 was a record year for the company, achieving over $1 billion in adjusted EBITDA, $577 million in free cash flow, and a 35% increase in earnings per share from continuing operations to $1.69 [6][20][28] - The company reported a 47% adjusted EBITDA margin in Q4, marking an all-time high, with free cash flow margin at 24% for the year [22][31][28] - Return on invested capital (ROIC) was 18%, with a leverage ratio of 3.3 times net debt to adjusted EBITDA, comfortably within the target range [23][33][38] Business Line Data and Key Metrics Changes - Leasing revenues grew by 5% year-over-year in Q4, with a 10% increase in the modular segment and a 2% decline in the storage segment [21][26] - Sales contribution increased by 15%, helping to offset declines in transportation revenues within the storage segment [26] - The company expects continued growth in value-added products and pricing across all product lines, with core storage rental rates projected to remain strong [42][86] Market Data and Key Metrics Changes - Non-residential construction starts declined significantly in 2023, impacting overall market conditions, but modular quoting growth has converted into net orders and activations, exceeding prior year levels [13][39] - The company anticipates mid-single-digit delivery volume growth year-over-year, with a cautious outlook for the first half of 2024 due to ongoing headwinds in certain segments [41][84] Company Strategy and Development Direction - The company aims to safely and frugally grow leasing and service revenues, focusing on value-added products and technology investments to enhance customer experience [8][10] - A definitive agreement to acquire McGrath RentCorp is expected to further accelerate growth and extend the company's value proposition [15][17] - The company has unified its go-to-market approach, consolidating sales teams to maximize local market penetration and improve operational efficiency [12][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite market headwinds, citing strong cash flows and a solid business model [24][39] - The outlook for 2024 is cautious, with expectations for continued tailwinds in larger-scale projects but headwinds in smaller projects and commercial office markets [40][82] - Management highlighted the importance of maintaining a balanced approach to growth assumptions, particularly in light of mixed macroeconomic indicators [84][82] Other Important Information - The company plans to transition to a single reportable segment beginning Q1 2024, reflecting its operational structure [47] - Capital expenditures are expected to normalize, with a projected increase to approximately $275 million, driven by demand for modular refurbishments and climate-controlled storage [46][92] Q&A Session Summary Question: Clarification on portable storage rate growth - Management confirmed that core organic average storage rates were up about 20% year-over-year, despite a lower mix of seasonal retail storage pricing [53] Question: Expectations for rate growth in portable storage - Management anticipates high double-digit growth in core storage rental rates entering 2024, excluding cold storage [54] Question: Drivers of unit decline in storage - Average units on rent were down about 35,000, primarily due to retail clientele and overall market decline in non-residential square footage [56] Question: Insights on demand and leading indicators - Management noted year-over-year quoting growth in the modular business and encouraging trends in net order growth, indicating a positive demand outlook [58] Question: Impact of volumes on margin comparisons - Management indicated that margins could inflect positively even without activation growth, as maintenance expenses are incurred to support activations [62] Question: Changes in sales force compensation structure - Management stated that the consolidation of sales teams is evolutionary, with a focus on cross-selling and enhanced digital tools to support sales efforts [66] Question: Contribution from climate control and clearspan in 2024 guidance - Management expects about $35 million of acquired EBITDA from previous acquisitions to contribute to 2024 guidance, with additional growth from organic levers [75] Question: Retail remodeling activity and its impact - Management has taken a cautious view on retail volumes, not assuming a significant rebound in the first half of 2024 [78] Question: Modular pricing trends - Management confirmed that pricing remains strong, with healthy spreads indicating continued pricing power entering 2024 [86]