$WSC

WillScot Holdings Corp

CIK:0001647088|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 612,151	$ 589,083	$ 1,160,779	$ 1,148,634
Costs:
Depreciation of rental equipment	72,240	88,444	141,002	162,396
Gross profit	306,264	296,070	591,939	596,436
Other operating expenses:
Selling, general and administrative	160,258	145,013	314,266	301,784
Other depreciation and amortization	23,019	24,188	46,688	47,328
Restructuring costs	5,448	10	16,698	385
Other expense (income), net	45	(41)	130	605
Operating income	117,494	126,900	214,157	246,334
Interest expense, net	53,479	58,977	107,086	117,446
Income before income tax	64,015	67,923	107,071	128,888
Income tax expense	17,042	19,984	31,975	37,894
Net income	$ 46,973	$ 47,939	$ 75,096	$ 90,994
Earnings per share
Basic (in USD per share)	$ 0.26	$ 0.26	$ 0.41	$ 0.50
Diluted (in USD per share)	$ 0.26	$ 0.26	$ 0.41	$ 0.49
Weighted average shares outstanding:
Basic (in shares)	181,012,131	182,468,243	181,005,445	183,071,055
Diluted (in shares)	181,808,591	183,439,165	181,641,748	184,367,127
Leasing
Revenues:
Leasing	$ 449,684	$ 442,916	$ 875,206	$ 877,306
Total revenues	449,684	442,916	875,206	877,306
Costs:
Leasing	108,113	95,338	204,140	183,408
Delivery and installation
Revenues:
Revenues	135,844	108,452	235,366	197,113
Costs:
Cost of sales	110,320	88,154	193,563	161,950
New units
Revenues:
Revenues	14,587	21,620	23,581	44,057
Total revenues	14,587	21,620	23,581	44,057
Costs:
Cost of sales	9,049	13,552	15,267	28,750
Rental units
Revenues:
Revenues	12,036	16,095	26,626	30,158
Total revenues	12,036	16,095	26,626	30,158
Costs:
Cost of sales	$ 6,165	$ 7,525	$ 14,868	$ 15,694

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 75,096	$ 90,994
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	187,690	209,724
Provision for credit losses	39,737	19,756
Gain on sale of rental equipment and other property, plant and equipment	(12,177)	(14,338)
Amortization of debt discounts and debt issuance costs	4,202	6,974
Stock-based compensation expense	15,002	16,714
Deferred income tax expense	23,679	1,129
Other	6,955	2,123
Changes in operating assets and liabilities
Trade receivables	(67,915)	18
Inventories	(3,609)	530
Prepaid expenses and other assets	5,414	10,027
Operating lease assets and liabilities	2,016	239
Accounts payable and other accrued expenses	59,091	80,394
Deferred revenue and customer deposits	18,141	(12,346)
Net cash provided by operating activities	353,322	411,938
Investing activities:
Acquisitions, net of cash acquired	(1,539)	(136,815)
Purchase of rental equipment and refurbishments	(223,974)	(157,821)
Proceeds from sale of rental equipment	33,433	30,332
Purchase of property, plant and equipment	(8,369)	(10,920)
Proceeds from sale of property, plant and equipment	2,924	1,593
Purchases of investments	(1,179)	(68)
Maturities of marketable securities	1,172	600
Net cash used in investing activities	(197,532)	(273,099)
Financing activities:
Receipts from borrowings	278,931	860,307
Repayment of borrowings	(381,431)	(880,890)
Payment of financing costs	0	(7,328)
Payments on finance lease obligations	(14,382)	(11,231)
Receipts from issuance of Common Stock from the exercise of options	142	10,040
Repurchase and cancellation of Common Stock	(7,250)	(73,225)
Taxes paid on employee stock awards	(1,857)	(7,983)
Dividends paid	(25,422)	(25,632)
Net cash used in financing activities	(151,269)	(135,942)
Effect of exchange rate changes on cash and cash equivalents	(941)	952
Net change in cash and cash equivalents	3,580	3,849
Cash and cash equivalents at the beginning of the period	14,587	9,001
Cash and cash equivalents at the end of the period	18,167	12,850
Supplemental cash flow information:
Interest paid, net	103,660	103,689
Income taxes paid, net	5,281	10,812
Capital expenditures accrued or payable	$ 22,759	$ 16,035

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 18,167	$ 14,587
Trade receivables, net of allowances for credit losses at June 30, 2026 and December 31, 2025 of $70,737 and $61,755, respectively	422,041	394,708
Inventories	48,930	45,560
Prepaid expenses	16,220	27,709
Other current assets	50,613	41,328
Assets held for sale	1,159	1,159
Total current assets	557,130	525,051
Rental equipment, net	3,138,907	3,093,321
Property, plant and equipment, net	391,926	390,220
Operating lease assets	294,918	310,662
Goodwill	1,256,689	1,257,612
Intangible assets, net	203,186	224,088
Other non-current assets	22,753	15,213
Total long-term assets	5,308,379	5,291,116
Total assets	5,865,509	5,816,167
Liabilities and equity
Accounts payable	152,280	109,864
Accrued expenses	133,813	125,896
Accrued employee benefits	47,638	36,176
Deferred revenue and customer deposits	250,567	237,322
Operating lease liabilities – current	68,797	70,752
Current portion of long-term debt	33,469	31,094
Total current liabilities	686,564	611,104
Long-term debt	3,461,831	3,557,074
Deferred tax liabilities	516,715	492,332
Operating lease liabilities - non-current	230,206	241,933
Other non-current liabilities	59,534	57,470
Long-term liabilities	4,268,286	4,348,809
Total liabilities	4,954,850	4,959,913
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 181,055,275 and 181,184,438 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	19	19
Additional paid-in-capital	1,706,005	1,725,642
Accumulated other comprehensive loss	(70,507)	(69,453)
Accumulated deficit	(724,858)	(799,954)
Total shareholders' equity	910,659	856,254
Total liabilities and shareholders' equity	$ 5,865,509	$ 5,816,167