WillScot Reports Fourth Quarter 2024 Results and Provides 2025 Outlook

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].