Thu, Aug 1, 9:09 PM (227 days ago)
WillScot Holdings Corporation's Form 10-Q for the quarter ending June 30, 2024, reports a mixed financial performance. Total revenue increased by 3.9% year-over-year to $604.6 million, driven by a 2.1% rise in leasing revenue and significant gains in new and rental unit sales. However, delivery and installation revenue decreased by 4.1%. Despite the revenue growth, the company reported a net loss from continuing operations of $46.9 million, primarily due to a $132.5 million impairment charge related to rebranding efforts and $22.9 million in acquisition-related legal and professional fees. Adjusted EBITDA rose slightly to $263.6 million, yet the adjusted EBITDA margin declined to 43.6%. Cash flow from operations increased to $384.3 million, while capital expenditures for rental equipment rose by 34.0%. The company repurchased 2.04 million shares for $78.7 million during the quarter. The pending acquisition of McGrath RentCorp is expected to close in 2024, supported by a $500 million bridge credit facility and an increased ABL Facility.