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Unless the context otherwise requires, we, us, our and Company refers to WillScot Holdings Corporation ("WillScot") and our subsidiaries. Our Company Headquartered in Scottsdale, Arizona, we are a leading business services provider specializing in innovative and flexible turnkey temporary space solutions.
Operating margin is thin at 7.95%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 2.5% YoY. Margins deteriorated 20.7pp alongside, both lines moving the wrong way.
ROIC dropped from 12.84% to 2.85%, capital efficiency is deteriorating. Net debt of $4.05B represents 5.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.27B
▼ -2.5% YoY
Net Income (TTM)
-$68M
▼ -288.4% YoY
Op. Margin
6.99%
▼ -20.7pp YoY
ROIC
2.50%
▼ -10.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$723M
▲ +35.8% YoY
Op. Cash Flow (TTM)
$746M
▲ +35.7% YoY
Net Debt
$3.97B
Cash & Equiv.
$16M
5Y CAGR: +11.3%
5Y CAGR: +20.7%
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