WillScot Reports First Quarter 2025 Results and Reaffirms 2025 Full Year Outlook

Core Insights - WillScot Holdings Corporation reported first quarter 2025 results that align with expectations, reaffirming its full-year outlook for 2025 [3][6] - The company generated $145 million in Adjusted Free Cash Flow with a margin of 26%, and returned $45 million to shareholders [3][5] - Despite macroeconomic uncertainties, the pending order book increased by 7% year-over-year, supporting anticipated lease activations in the second quarter [3][5] Financial Performance - Revenue for Q1 2025 was $559.6 million, down from $587.2 million in Q1 2024 [4][19] - Net income decreased to $43.1 million from $56.2 million year-over-year [4][20] - Adjusted EBITDA was $228.8 million, with a margin of 40.9%, compared to $248.0 million and 42.2% in the previous year [4][30] Shareholder Returns - The company returned $45 million to shareholders through share repurchases and dividends [5][6] - Approximately 1.1 million shares were repurchased for $32 million, contributing to a 3.9% reduction in outstanding shares over the past year [9][5] Capital Expenditures and Investments - WillScot invested $62 million in Net CAPEX during the first quarter, focusing on fleet expansion and new product lines [6][9] - The company maintained a strong balance sheet, with total debt at $3.6 billion and net debt at $3.6 billion [9][31] Outlook - The company reaffirmed its full-year 2025 outlook for revenue between $2.275 billion and $2.475 billion, and Adjusted EBITDA between $1 billion and $1.09 billion [8][7] - WillScot aims to achieve three-to-five-year financial milestones of $3 billion in revenue, $1.5 billion in Adjusted EBITDA, and $700 million in Adjusted Free Cash Flow [3][5]