WillScot Holdings (WSC) FY2020 results: revenue $1.3 billion, up 19.7% on the year
WillScot Holdings Corp. (WSC) reported revenue of $1.3 billion for fiscal 2020, the year ended 31 December 2020, up 19.7% on the year before. Net income was $74 million, and diluted earnings per share $0.41. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$1.3 billion
+19.7% on the year
FY2015FY2020
Operating margin
12.7%
11.0% a year earlier
FY2015FY2020
Net income
$74 million
FY2015FY2020
Diluted EPS
$0.41
FY2015FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,273
1,064
751
+19.7%
Cost of revenue
665
650
462
+2.2%
Gross profit
608
413
289
+47.2%
Gross margin
47.8%
38.9%
38.5%
Selling, general and administrative
338
271
235
+24.9%
Operating income
162
118
6.3
+37.7%
Operating margin
12.7%
11.0%
0.8%
Interest expense
119
123
98.4
-2.6%
Pre-tax income
3.5
-123
-68.3
Income tax
-56.0
-2.2
-38.6
Effective tax rate
-1586.2%
n/a
n/a
Net income
74.1
-11.1
-25.2
Net margin
5.8%
-1.0%
-3.4%
Diluted EPS
$0.41
-$0.10
-$0.59
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
305
173
37.1
+76.6%
Capital expenditure
16.5
8.3
4.6
+97.3%
Free cash flow
288
164
32.5
+75.6%
Free cash flow margin
22.7%
15.4%
4.3%
Cash from investing
-125
-153
-1,217
Cash from financing
-159
-26.1
1,180
Depreciation and amortisation
35.2
12.4
13.3
+183.8%
Share-based compensation
9.9
6.7
3.4
+47.8%
Diluted shares, weighted
174m
109m
87m
+59.8%
Shares outstanding at period end
229m
n/a
n/a
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,064
491
638
+320.7%
Non-controlling interest
0.0
64.6
64.0
Debt
2,470
1,633
1,675
+51.3%
Operating lease liabilities
184
118
n/a
+55.2%
Other liabilities
854
591
376
+44.4%
Total liabilities and equity
5,572
2,898
2,752
+92.3%
Fixed assets
304
n/a
184
Goodwill
962
235
247
+309.2%
Intangible assets
496
127
132
+291.7%
Cash and equivalents
24.9
3.0
9.0
+718.9%
Receivables
331
248
207
+33.7%
Inventory
23.7
15.4
16.2
+54.2%
Other assets
3,431
2,270
1,958
+51.1%
Total assets
5,572
2,898
2,752
+92.3%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.