Core Insights - WillScot Holdings Corporation reported mixed financial results for Q3 2025, with strong cash flow but challenges in revenue growth and increased accounts receivable write-offs [3][4][12] Financial Performance - Q3 2025 revenue was $567 million, with Adjusted EBITDA of $243 million, reflecting isolated events not fully anticipated in the previous outlook [3][4][12] - Leasing revenues, excluding write-offs, were stable sequentially, with a slight year-over-year decline of 4.7% [3][4][12] - Adjusted EBITDA Margin improved to 42.9%, up 60 basis points sequentially [3][4][12] - Net income for Q3 2025 was $43 million, compared to a loss of $70 million in Q3 2024 [7][35] Revenue Breakdown - Modular space leasing revenue was $250.8 million, down from $254.5 million year-over-year [9][10] - Portable storage leasing revenue decreased to $79.8 million from $85.7 million year-over-year [9][10] - Total revenues for the nine months ended September 30, 2025, were $1.72 billion, compared to $1.79 billion in the same period of 2024 [7][9] Cash Flow and Capital Management - Net cash provided by operating activities was $191 million, resulting in Adjusted Free Cash Flow of $122 million [13][14] - The company paid down $84 million of outstanding debt and returned $21 million to shareholders through share repurchases and dividends [4][13] - The company amended its revolving credit facility, extending maturity to October 2030, which is expected to reduce annual cash interest expense by approximately $5 million [4][13] Strategic Initiatives - The company is focused on driving organic revenue growth, improving customer satisfaction, and optimizing its balance sheet and asset utilization [4][5][6] - A network optimization initiative is underway, aiming to reduce real estate costs and improve operational efficiency [6][12] - The company plans to establish a conservative outlook for Q4 2025, projecting revenue of approximately $545 million and Adjusted EBITDA of $250 million [3][4][12]

Core Viewpoint - WillScot Holdings Corporation has amended its asset-based lending credit facility to reduce borrowing costs and extend the maturity date to October 16, 2030, enhancing its liquidity position and growth capacity [1][2]. Summary by Sections Credit Facility Amendments - The credit facility has been right-sized to $3.0 billion, with an accordion feature expanded to $1.0 billion, allowing for significant growth capacity [2][4]. - The interest rate spreads above Term SOFR and Term CORRA have been reduced to a maximum of 137.5 basis points, down from 160 basis points, resulting in initial savings of 22.5 basis points [2][3]. Financial Impact - The company anticipates annual cash interest expense savings of approximately $5.0 million at current borrowing levels, with potential for further reductions [2]. - Additional interest rate reductions of 12.5 basis points will occur after September 30, 2026, if certain conditions regarding average availability and net leverage are met [3]. Current Financial Position - As of the transaction close, WillScot had approximately $1.4 billion in available borrowing capacity under the amended facility [4]. - The aggregate principal amount of the credit facility has been reduced from $3.7 billion to $3.0 billion, which will lower undrawn line fees [4]. Institutional Support - The amended facility is supported by a syndicate of financial institutions, with Bank of America N.A. serving as the Administrative Agent and Collateral Agent [5].

Core Viewpoint - WillScot Holdings Corporation will release its third quarter 2025 financial results on November 6, 2025, after market close, followed by a conference call to discuss the results [1] Financial Results Announcement - The financial results will be released on November 6, 2025, after market close [1] - A conference call and webcast will be held on the same day at 5:30 p.m. EST to discuss the results [1] Conference Call Access - Participants can access the live call by phone, with North America dialing 1-833-630-1956 and international participants dialing 1-412-317-1837 [2] - A live webcast will be available on the company's website, with an archived version accessible for 12 months post-call [2] Investor Conference Participation - WillScot will participate in the Baird Global Industrial Conference on November 12 & 13, 2025, in Chicago, Illinois [3] - Portfolio managers and analysts interested in in-person meetings should contact their sales representative [3] Company Overview - WillScot is a leading provider of innovative temporary flexible space solutions in North America, listed on Nasdaq under the ticker symbol "WSC" [4] - The company offers a comprehensive range of products, including modular office complexes, mobile offices, classrooms, and more, ensuring turnkey solutions for diverse customer segments [4] - Headquartered in Phoenix, Arizona, WillScot operates approximately 260 branch locations across the United States, Canada, and Mexico [4]

Core Viewpoint - WillScot Holdings Corporation has announced the appointment of Tim Boswell as the new CEO, effective January 1, 2026, succeeding Brad Soultz, who has significantly contributed to the company's growth during his tenure [2][4][5] Leadership Changes - Tim Boswell will join the Board of Directors upon his appointment as CEO [2] - Worthing Jackman has transitioned from non-Executive Chairman to Executive Chairman to support the new CEO and the management team [2][4] - Jeff Sagansky has been appointed as Lead Independent Director [2] Tim Boswell's Background - Tim Boswell has a 13-year history with WillScot, holding various leadership roles, including President and COO [3] - He has extensive experience in capital markets and has led strategic initiatives such as M&A, pricing, and marketing [3] Company Growth Under Previous Leadership - Under Brad Soultz's leadership, WillScot's revenues grew over 5 times, and free cash flow exceeded $500 million [4] - The company has transformed its financial profile significantly during Soultz's tenure [4] Future Outlook - The Board expresses confidence in Tim Boswell's ability to lead the company into its next chapter, focusing on growth and value creation for shareholders [4][5] - Worthing Jackman emphasizes the importance of the strategic plan and the expectation of continued growth under Boswell's leadership [4]

Core Insights - WillScot Holdings Corporation reported second quarter 2025 results that were broadly in line with expectations, highlighting an Adjusted EBITDA Margin of 42.3% and an Adjusted Free Cash Flow Margin of 22.1% [3][5][6] - The company narrowed its full-year 2025 outlook for revenue and Adjusted EBITDA, reflecting mixed market conditions and macroeconomic views for the second half of the year [3][5][6] Financial Performance - Revenue for Q2 2025 was $589 million, a decrease of 2.5% from $605 million in Q2 2024 [4][5] - Net income for the quarter was $47.9 million, compared to a net loss of $46.9 million in the same quarter last year [4][5] - Adjusted Net Income was $49.2 million, down from $75 million year-over-year [4][5] - Adjusted EBITDA for the quarter was $248.9 million, with a margin of 42.3%, slightly down from 43.6% in Q2 2024 [4][5][6] Cash Flow and Capital Allocation - The company generated $205 million in net cash from operating activities, up 17% year-over-year, resulting in $130 million of Adjusted Free Cash Flow [5][6] - WillScot deployed approximately $134 million towards tuck-in acquisitions and returned $53 million to shareholders through share repurchases and dividends [3][5][6] - The expected Adjusted Free Cash Flow for FY 2025 is projected to be between $500 million and $550 million [5][6] Market Outlook - Leasing revenues were $443 million, reflecting a 2.0% sequential improvement but a 3.4% decline compared to the prior year, with average monthly rates increasing by 5.2% for modular space units and 7.2% for portable storage units [5][6] - The company has narrowed its revenue outlook for FY 2025 to a range of $2.3 billion to $2.35 billion and Adjusted EBITDA to $1 billion to $1.02 billion [6][8] Capital Structure and Debt - Total debt stood at $3.7 billion, with a net debt of $3.7 billion, resulting in a Net Debt to Adjusted EBITDA ratio of 3.6x [9][34] - The company maintained approximately $1.6 billion in availability under its asset-backed revolving credit facility [9][34]

Core Points - WillScot Holdings Corporation will release its second quarter 2025 financial results on July 31, 2025, after market close [1] - A conference call and webcast will be hosted by the management team on the same day at 5:30 p.m. EDT 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 [3] - WillScot operates from 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 [3]

Core Insights - WillScot Holdings Corporation is a leader in innovative temporary space solutions and will participate in several investor conferences in June 2025 [1][4]. Company Overview - WillScot is listed on the Nasdaq under the ticker symbol "WSC" and is the premier provider of turnkey space solutions in North America [2]. - 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 [2]. - WillScot 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 [2]. Upcoming Investor Conferences - Stifel Cross Sector Insights Conference on June 3, 2025, in Boston, Massachusetts [4]. - Baird Global Consumer, Tech & Services Conference on June 4, 2025, in New York, New York [4]. - Wells Fargo Industrials & Materials Conference on June 10, 2025, in Chicago, Illinois [4].

Core Insights - WillScot Holdings Corporation has partnered with Penske Entertainment Corp. to provide temporary space solutions for the NTT INDYCAR SERIES and Indianapolis Motor Speedway for the 2025, 2026, and 2027 seasons [1][2] Company Overview - WillScot is a leading provider of innovative and turnkey space solutions in North America, offering a comprehensive range of products including modular office complexes, mobile offices, classrooms, temporary restrooms, portable storage containers, and climate-controlled units [4] - The company operates from approximately 260 branch locations across the United States, Canada, and Mexico, serving diverse customer segments across various sectors of the economy [4] Partnership Details - The partnership with Penske Entertainment Corp. positions WillScot as the preferred supplier for large-scale events, emphasizing the company's commitment to delivering efficient and safe space solutions that enhance the fan experience [2][3] - Penske Entertainment Corp. owns the Indianapolis Motor Speedway and the NTT INDYCAR SERIES, which is recognized as the premier open-wheel racing series in North America [2][3]

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]

Core Viewpoint - WillScot Holdings Corporation has declared a quarterly dividend of $0.07 per common share, which will be paid on June 18, 2025, to shareholders of record as of June 4, 2025 [1] Company Overview - WillScot is a leading provider of innovative temporary space solutions in North America, listed on the Nasdaq under the ticker symbol "WSC" [2] - 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 [2] - Headquartered in Phoenix, Arizona, WillScot 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 [2]