Financial Performance - Q2 2025 total revenues decreased by 3% year-over-year to $589.083 million[64, 87] - Leasing revenue decreased by 3% year-over-year to $442.916 million[64, 87] - Adjusted EBITDA Margin decreased by approximately 130 bps year-over-year to 42.3%[64] - Adjusted Free Cash Flow Margin was 22% in Q2 2025 and 23.6% over the last twelve months[69, 110] - Leverage at 3.6x last-twelve-months Adjusted EBITDA of $1.029 billion[77, 103] Operational Metrics - Modular space unit average monthly rental rate increased 5% year-over-year to $1,237 in Q2 2025[58, 94] - Portable storage unit average monthly rental rate increased 7% year-over-year to $282 in Q2 2025[58, 94] - VAPS revenue increased 40 bps year-over-year to 17% of total revenue in Q2 2025[61, 94] - Average modular space units on rent declined 6% year-over-year[48] - Average portable storage units on rent declined 14% year-over-year[51] Future Outlook - The company revised its 2025 financial outlook, expecting revenue between $2.3 billion and $2.35 billion and Adjusted EBITDA between $1 billion and $1.02 billion[84]

Q1 2025 Financial Performance - Total revenues decreased by 5% year-over-year to $559551000[63, 65] - Leasing revenue decreased by 6% year-over-year, driven by volume declines in modular and storage units [65] - Adjusted EBITDA decreased by 8% year-over-year, with an Adjusted EBITDA Margin of 409%, a decrease of approximately 130 bps[65] - Adjusted Free Cash Flow Margin was 26% in Q1 2025 and 23% over the last twelve months[72] Units on Rent and Rental Rates - Average modular units on rent declined by 5% year-over-year[49] - Average portable storage units on rent declined by 16% year-over-year[49] - Modular space unit average monthly rental rate increased 5% year-over-year to $1209[54] - Portable storage unit average monthly rental rate increased 2% year-over-year to $267[55] Growth and Strategy - Value-Added Products and Solutions (VAPS) revenue increased by 80 bps year-over-year, reaching 172% of total revenue in Q1 2025[58] - The company is targeting VAPS to comprise 20%-25% of total revenue in 3-5 years[58] - The company maintains a leverage of 35x last-twelve-months Adjusted EBITDA of $104 billion[77]