WillScot Holdings (WSC) Q4 FY2023 earnings: revenue $612 million, up 3.7% on the year

WillScot Holdings Corp. (WSC) reported revenue of $612 million for Q4 FY2023, the quarter ended 31 December 2023, up 3.7% on the same quarter a year earlier. Net income was $86 million, down 0.1% on the year, and diluted earnings per share $0.44. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$612 millionup 3.7%

Net income$86 milliondown 0.1%

Diluted EPS$0.44

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	612	605	n/a	n/a
Cost of revenue	269	265	n/a	n/a
Gross profit	343	340	n/a	n/a
Gross margin	56.0%	56.2%	n/a
Selling, general and administrative	146	152	n/a	n/a
Operating income	177	178	n/a	n/a
Operating margin	28.9%	29.4%	n/a
Interest expense	59.1	53.8	n/a	n/a
Pre-tax income	118	124	n/a	n/a
Income tax	31.7	32.8	n/a	n/a
Effective tax rate	26.8%	26.4%	n/a
Net income	86.3	91.5	n/a	n/a
Net margin	14.1%	15.1%	n/a
Diluted EPS	$0.44	$0.46	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	219	191	n/a	n/a
Capital expenditure	5.5	5.6	n/a	n/a
Free cash flow	214	185	n/a	n/a
Free cash flow margin	34.9%	30.7%	n/a
Cash from investing	-132	-376	n/a	n/a
Cash from financing	-81.9	183	n/a	n/a
Depreciation and amortisation	20.6	17.9	n/a	n/a
Share-based compensation	8.4	8.6	n/a	n/a
Diluted shares, weighted	194m	199m	n/a	n/a
Shares outstanding at period end	190m	193m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,261	1,313	n/a	n/a
Debt	3,539	3,460	n/a	n/a
Operating lease liabilities	188	193	n/a	n/a
Other liabilities	1,150	1,109	n/a	n/a
Total liabilities and equity	6,138	6,075	n/a	n/a
Goodwill	1,177	1,158	n/a	n/a
Intangible assets	420	401	n/a	n/a
Cash and equivalents	11.0	5.8	n/a	n/a
Receivables	451	469	n/a	n/a
Inventory	47.4	44.7	n/a	n/a
Other assets	4,032	3,996	n/a	n/a
Total assets	6,138	6,075	n/a	n/a

Questions

What was WillScot Holdings' revenue in Q4 FY2023?

WillScot Holdings (WSC) reported revenue of $612 million for Q4 FY2023, the quarter ended 31 December 2023, up 3.7% on the same quarter a year earlier.

How much did WillScot Holdings earn in Q4 FY2023?

Net income for Q4 FY2023 was $86 million, down 0.1% on the year, and diluted earnings per share $0.44.

When did WillScot Holdings report Q4 FY2023 results?

WillScot Holdings filed its 10-K for the year that ended with the quarter on 20 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	605	612	587	605	601	603	560	589	567	566	549	612
Cost of revenue	265	269	451	277	280	980	259	293	285	n/a	263	306
Gross profit	340	343	317	327	321	336	300	296	282	286	286	306
Gross margin	56%	56%	54%	54%	53%	56%	54%	50%	50%	50%	52%	50%
SG&A	152	146	168	181	153	138	157	145	138	142	154	160
Operating income	178	177	130	-5.2	-35.2	174	119	127	119	-184	96.7	117
Operating margin	29%	29%	22%	-1%	-6%	29%	21%	22%	21%	-32%	18%	19%
Interest expense	53.8	59.1	56.6	55.5	55.8	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	124	118	73.4	-60.8	-91.0	115	61.0	67.9	60.3	-245	43.1	64.0
Tax rate	26%	27%	23%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	91.5	86.3	56.2	-46.9	-70.5	89.2	43.1	47.9	43.3	-187	28.1	47.0
Net margin	15%	14%	10%	-8%	-12%	15%	8%	8%	8%	-33%	5%	8%
Diluted EPS	$0.46	$0.44	$0.29	-$0.25	-$0.37	$0.48	$0.23	$0.26	$0.24	-$1.03	$0.15	$0.26
Operating cash flow	191	219	209	176	-1.6	179	207	205	191	159	191	162
Capital expenditure	5.6	5.5	6.6	6.2	3.3	2.3	4.6	6.3	4.2	9.2	3.6	4.7
Free cash flow	185	214	202	169	-4.9	177	202	199	187	150	187	158
Dividends paid	n/a	n/a	0.0	0.0	0.0	0.0	12.9	12.8	12.7	12.8	12.7	12.7
Shares outstanding	193m	190m	191m	189m	187m	184m	183m	182m	182m	181m	181m	181m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 20 February 2024, accession 0001647088-24-000030: the filing on EDGAR. All of WillScot Holdings Corp.'s filings: EDGAR company page.

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