WillScot | 10-Q: FY2025 Q2 Revenue Beats Estimate at USD 589.08 M

LB filings
2025.07.31 21:03
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Revenue: As of FY2025 Q2, the actual value is USD 589.08 M, beating the estimate of USD 587.53 M.

EPS: As of FY2025 Q2, the actual value is USD 0.26, missing the estimate of USD 0.3539.

Segment Revenue

  • Leasing and Services Revenue: For the three months ended June 30, 2025, leasing revenue was $442.9 million, a decrease from $458.6 million in the same period in 2024. Delivery and installation revenue was $108.5 million, slightly up from $108.1 million in 2024. New unit sales revenue was $21.6 million, and rental unit sales revenue was $16.1 million.

Operational Metrics

  • Net Income: The company reported a net income of $47.9 million for the three months ended June 30, 2025, compared to a net loss of $46.9 million in the same period in 2024.
  • Gross Profit: Gross profit for the three months ended June 30, 2025, was $296.1 million, down from $327.1 million in 2024.
  • Operating Income: Operating income was $126.9 million for the three months ended June 30, 2025, compared to an operating loss of $5.2 million in 2024.
  • Adjusted EBITDA: Adjusted EBITDA was $248.9 million for the three months ended June 30, 2025, a decrease from $263.6 million in 2024.

Cash Flow

  • Operating Cash Flow: Net cash provided by operating activities was $205.3 million for the three months ended June 30, 2025, compared to $175.6 million in 2024.
  • Free Cash Flow: Adjusted Free Cash Flow was $130.3 million for the three months ended June 30, 2025, compared to $128.9 million in 2024.

Unique Metrics

  • Average Modular Space Units on Rent: The average modular space units on rent were 90,285 for the three months ended June 30, 2025, down from 95,671 in 2024.
  • Average Portable Storage Units on Rent: The average portable storage units on rent were 107,514 for the three months ended June 30, 2025, down from 124,743 in 2024.

Future Outlook and Strategy

  • Core Business Focus: The company plans to continue leveraging its predictable Adjusted Free Cash Flow to pursue capital allocation priorities, including investing in organic opportunities, maintaining leverage, executing accretive acquisitions, and returning capital to shareholders through share repurchases and dividends.
  • Non-Core Business: The company completed acquisitions of a regional provider of climate-controlled containers and trailers and a local provider of clearspan solutions, integrating these into its operations to enhance its service offerings.
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