WillScot Holdings (WSC) FY2022 results: revenue $2.1 billion, up 28.1% on the year

WillScot Holdings Corp. (WSC) reported revenue of $2.1 billion for fiscal 2022, the year ended 31 December 2022, up 28.1% on the year before. Net income was $340 million, up 112.0%, and diluted earnings per share $1.53. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$2.1 billion

+28.1% on the year

FY2015FY2022

Operating margin

23.9%

18.0% a year earlier

FY2015FY2022

Net income

$340 million

+112.0% on the year

FY2015FY2022

Diluted EPS

$1.53

+121.7% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,143	1,673	1,273	+28.1%
Cost of revenue	1,707	828	665	+106.0%
Gross profit	1,135	845	608	+34.4%
Gross margin	53.0%	50.5%	47.8%
Selling, general and administrative	567	480	338	+18.1%
Operating income	511	300	162	+70.3%
Operating margin	23.9%	18.0%	12.7%
Interest expense	146	116	119	+25.7%
Pre-tax income	365	151	3.5	+141.2%
Income tax	88.9	36.5	-56.0	+143.3%
Effective tax rate	24.3%	24.1%	-1586.2%
Net income	340	160	74.1	+112.0%
Net margin	15.8%	9.6%	5.8%
Diluted EPS	$1.53	$0.69	$0.41	+121.7%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	745	540	305	+37.9%
Capital expenditure	43.7	30.5	16.5	+43.2%
Free cash flow	701	509	288	+37.6%
Free cash flow margin	32.7%	30.4%	22.7%
Cash from investing	-309	-384	-125
Cash from financing	-429	-168	-159
Depreciation and amortisation	62.4	61.8	35.2	+1.0%
Share-based compensation	29.6	26.2	9.9	+13.1%
Diluted shares, weighted	221m	233m	174m	-4.9%
Shares outstanding at period end	208m	224m	229m	-7.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,565	1,997	2,064	-21.6%
Non-controlling interest	n/a	n/a	0.0
Debt	3,063	2,672	2,470	+14.6%
Operating lease liabilities	170	170	184	-0.1%
Other liabilities	1,030	935	854	+10.1%
Total liabilities and equity	5,828	5,774	5,572	+0.9%
Fixed assets	n/a	312	304
Goodwill	1,011	1,014	962	-0.2%
Intangible assets	419	443	496	-5.4%
Cash and equivalents	7.4	6.4	24.9	+15.6%
Receivables	410	351	331	+16.6%
Inventory	41.0	29.8	23.7	+37.7%
Other assets	3,939	3,617	3,431	+8.9%
Total assets	5,828	5,774	5,572	+0.9%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.