WillScot Holdings (WSC) FY2019 results: revenue $1.1 billion, up 41.6% on the year
WillScot Holdings Corp. (WSC) reported revenue of $1.1 billion for fiscal 2019, the year ended 31 December 2019, up 41.6% on the year before. Net income was -$11 million, and diluted earnings per share $-0.10. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$1.1 billion
+41.6% on the year
FY2015FY2019
Operating margin
11.0%
0.8% a year earlier
FY2015FY2019
Net income
-$11 million
FY2015FY2019
Diluted EPS
-$0.10
FY2015FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,064
751
446
+41.6%
Cost of revenue
650
462
85.5
+40.8%
Gross profit
413
289
166
+42.8%
Gross margin
38.9%
38.5%
37.1%
Selling, general and administrative
271
235
162
+15.4%
Operating income
118
6.3
-58.3
+1,777.1%
Operating margin
11.0%
0.8%
-13.1%
Interest expense
123
98.4
119
+24.5%
Pre-tax income
-123
-68.3
-165
Income tax
-2.2
-38.6
-0.9
Net income
-11.1
-25.2
-148
Net margin
-1.0%
-3.4%
-33.1%
Diluted EPS
-$0.10
-$0.59
-$7.47
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
173
37.1
-1.4
+364.5%
Capital expenditure
8.3
4.6
4.4
+80.4%
Free cash flow
164
32.5
-5.8
+404.9%
Free cash flow margin
15.4%
4.3%
-1.3%
Cash from investing
-153
-1,217
-393
Cash from financing
-26.1
1,180
397
Depreciation and amortisation
12.4
13.3
8.7
-6.8%
Share-based compensation
6.7
3.4
3.0
+94.4%
Dividend per share
n/a
n/a
$0.00
Diluted shares, weighted
109m
87m
n/a
+24.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
491
638
436
-23.1%
Non-controlling interest
64.6
64.0
48.9
+1.0%
Debt
1,633
1,675
625
-2.5%
Operating lease liabilities
118
n/a
n/a
Other liabilities
591
376
301
+57.4%
Total liabilities and equity
2,898
2,752
1,411
+5.3%
Fixed assets
n/a
184
83.7
Goodwill
235
247
28.6
-4.8%
Intangible assets
127
132
126
-3.9%
Cash and equivalents
3.0
9.0
9.2
-66.0%
Receivables
248
207
94.8
+19.9%
Inventory
15.4
16.2
10.1
-5.1%
Other assets
2,270
1,958
1,058
+15.9%
Total assets
2,898
2,752
1,411
+5.3%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.