WillScot Holdings (WSC) FY2023 results: revenue $2.4 billion, up 10.4% on the year

WillScot Holdings Corp. (WSC) reported revenue of $2.4 billion for fiscal 2023, the year ended 31 December 2023, up 10.4% on the year before. Net income was $476 million, up 40.3%, and diluted earnings per share $2.36. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue

$2.4 billion

+10.4% on the year

FY2016FY2023

Operating margin

28.5%

23.9% a year earlier

FY2016FY2023

Net income

$476 million

+40.3% on the year

FY2016FY2023

Diluted EPS

$2.36

+54.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,365	2,143	1,673	+10.4%
Cost of revenue	1,031	1,707	828	-39.6%
Gross profit	1,334	1,135	845	+17.5%
Gross margin	56.4%	53.0%	50.5%
Selling, general and administrative	596	567	480	+5.1%
Operating income	673	511	300	+31.7%
Operating margin	28.5%	23.9%	18.0%
Interest expense	205	146	116	+40.2%
Pre-tax income	468	365	151	+28.3%
Income tax	127	88.9	36.5	+42.4%
Effective tax rate	27.0%	24.3%	24.1%
Net income	476	340	160	+40.3%
Net margin	20.1%	15.8%	9.6%
Diluted EPS	$2.36	$1.53	$0.69	+54.2%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	761	745	540	+2.2%
Capital expenditure	22.2	43.7	30.5	-49.1%
Free cash flow	739	701	509	+5.4%
Free cash flow margin	31.3%	32.7%	30.4%
Cash from investing	-350	-309	-384
Cash from financing	-419	-429	-168
Depreciation and amortisation	72.9	62.4	61.8	+16.9%
Share-based compensation	34.5	29.6	26.2	+16.5%
Dividends paid	0.0	n/a	n/a
Diluted shares, weighted	202m	221m	233m	-8.8%
Shares outstanding at period end	190m	208m	224m	-8.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,261	1,565	1,997	-19.4%
Debt	3,557	3,063	2,672	+16.1%
Operating lease liabilities	188	170	170	+10.7%
Other liabilities	1,132	1,030	935	+9.9%
Total liabilities and equity	6,138	5,828	5,774	+5.3%
Fixed assets	n/a	n/a	312
Goodwill	1,177	1,011	1,014	+16.3%
Intangible assets	420	419	443	+0.1%
Cash and equivalents	11.0	7.4	6.4	+48.3%
Receivables	451	410	351	+10.1%
Inventory	47.4	41.0	29.8	+15.5%
Other assets	4,032	3,939	3,617	+2.4%
Total assets	6,138	5,828	5,774	+5.3%

10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.