Willscot Holdings Corporation · NASDAQ:WSC
Willscot — Investor Day (March 2025)
89 slides from Willscot's investor day presentation, Mar 7, 2025
Slide 1: 2025 Investor Day
TM 2025 INVESTOR DAY March 7, 2025 w 2025 WILLSCOT INVESTOR DAY RIGHT FROM THE START
Slide 2: Safe Harbor
SAFE HARBOR Forward Looking Statements Non-GAAP Financial Measures This presentation contains forward-looking statements (including the This presentation includes non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash guidance/outl
Slide 3: Agenda
AGENDA 9:00 AM – 12:00 PM Opening Remarks Optimizing Our Platform Driving Growth BREAK Building Our Team Delivering Financial Results Closing Remarks and Q&A RECEPTION AND PRODUCT SHOWCASE 3
Slide 4: Investor Day Kick Off Video
INVESTOR DAY KICK OFF VIDEO Link to Video 4
Slide 5: Opening Remarks
01 Opening Remarks Brad Soultz Chief Executive Officer Opening Remarks Optimizing Our Platform Driving Growth Building Our Team Delivering Financial Results Closing Remarks and Q&A 5
Slide 6: A Decade on the Road to Growth
A DECADE ON THE ROAD TO GROWTH Essentials: WillScot of Reinvented yesteryear FLEX is here to stay Our leadership in Replicating success modular is bolstered More than Thinking BIG & staying cold modular: 2015 unlocking storage 2016 Built to withstand: 2018 BRM’s Fully-integrated, 2019 primed for gro
Slide 7: Compelling Financial Results and Clear Path to Continued Growth
COMPELLING FINANCIAL RESULTS AND CLEAR PATH TO CONTINUED GROWTH 2,396 Successes1 Focus Areas Re-accelerate organic growth after 27% Revenue CAGR flat 2023 to 2025 Adjusted EBITDA CAGR Accelerate drive to excellence following 1,673 36% ~50% organic ~50% inorganic completion of the Mobile Mini integra
Slide 8: We Have Multiple Paths to Double Our Revenue
WE HAVE MULTIPLE PATHS TO DOUBLE OUR REVENUE Potential Growth Opportunity Potential Growth Opportunity At our 2021 Investor Day, we 2021 Investor Day 2025 Investor Day believed we had $1B of growth opportunity ~$1B $2.5B+ From 2021 through 2024, we Value Added harvested some of that growth Produ
Slide 9: Robust Organic Growth Supplemented by Smart M&A
ROBUST ORGANIC GROWTH SUPPLEMENTED BY SMART M&A M&A has been a high priority for capital Adjusted EBITDA1 allocation and our pipeline supports a $M continuation ~50% of our Adjusted EBITDA growth 301 has been acquired ~50% of our Adjusted EBITDA growth ( 98 ) 120 has been organic, compounding
Slide 10: Expansion in Cash from Operations Supports Balanced Capital Allocation
EXPANSION IN CASH FROM OPERATIONS SUPPORTS BALANCED CAPITAL ALLOCATION Capital Allocation Framework Capital Allocated1 Capital Allocation Framework 2021 Investor Day 2022 - 2024 2025 Investor Day % % % 25% 23% 25% Cumulative 45% 50% Cash from 52% $2B2 ~$5B2 Operations2 25% 25% 25% 5% Net Capex M&A N
Slide 11: Our Next Growth Milestones: $3B Revenue, $1.5B Adjusted EBITDA, $700M Free Cash Flow
OUR NEXT GROWTH MILESTONES: $3B REVENUE, $1.5B ADJUSTED EBITDA, $700M FREE CASH FLOW Performance 3 – 5 Year 3 – 5 Year 3,000 Metric1 Operating Ranges As of Q4 2024 Operating Ranges % | $M (‘21 Investor Day) (‘25 Investor Day) 2,396 Revenue CAGR2 5 - 10% 13% 5 - 10% 44% 50% Adjusted EBITDA Margin3
Slide 12: Continuous Evaluation of Strategy & Leadership
CONTINUOUS EVALUATION OF STRATEGY & LEADERSHIP In early 2022, we commenced a comprehensive review of Strategy our strategy to identify the “Next Horizon” of accretive Assessment growth levers In late 2022, our Board commenced a “deep-dive” strategic self-assessment to ensure its composition, ski
Slide 13: Today's Presenters
TODAY’S PRESENTERS ARE A MIX OF INDUSTRY VETERANS AND RECENT HIRES Brad Soultz Tim Boswell Matt Jacobsen Felicia Gorcyca Andrew Auns Nicole Christian Brian Decker Chief Executive President and Chief Chief Financial Chief Human Senior Vice President Senior Vice President Senior Vice President Officer
Slide 14: Optimizing Our Platform
02 Optimizing Our Platform Tim Boswell President Chief Operating Officer Som Das Senior Vice President of Logistics and Operations Mithat Sancar Senior Vice President of Shared Services Conrad Zils Vice President of Commercial Excellence Opening Remarks Optimizing Our Platform Driving Growth Buildin
Slide 15: LA Rams Project Spotlight
LA RAMS PROJECT SPOTLIGHT Video Link 15 15
Slide 16: Robust Customer Feedback Loop to Inform Our Priorities
WE USE A ROBUST CUSTOMER FEEDBACK LOOP TO INFORM OUR PRIORITIES Quarterly Customer Scores Net Promoter and Customer 70 Satisfaction surveys collect feedback after all key customer interactions 65 Field leaders contact Detractors within 60 48 hours to resolve issues Functional leaders review fe
Slide 17: Initiatives Over the Past Two Years Support Our Strategy
OUR INITIATIVES OVER THE PAST TWO YEARS SUPPORT OUR STRATEGY AND BUILD ON PROMOTER AND DETRACTOR FEEDBACK Defined 5-7 WIN LOCALLY Role Realignment, localization Enhanced year strategic roadmap Storage VAPS go to market as and systems Defined back-office pricing & quote one team efficiencies improvem
Slide 18: Three Operational Pillars Focused on Customer Experience
OUR THREE OPERATIONAL PILLARS ARE FOCUSED ON THE ALIGNMENT OF CUSTOMER EXPERIENCE FIELD OPS CENTRAL OPS COMMERCIAL Field Focus Central Focus Commercial Focus Consolidated local dispatch Order-to-cash optimization Sales Coverage Customer Satisfaction Insourcing Omni-channel support Demand generatio
Slide 19: Scaled Field Operations Are a Competitive Advantage
OUR SCALED FIELD OPERATIONS ARE A COMPETITIVE ADVANTAGE – ANY SIZE PROJECT, ANYWHERE, OVER 700 TIMES PER DAY FIELD OPS CENTRAL OPS COMMERCIAL Large Scale Projects Total Site Giant Retailer Small and Fast Projects Our hub and spoke operations and We have a diverse product portfolio and Our scaled inh
Slide 20: In-House Logistics and Field Service Are Scale Advantages
IN-HOUSE LOGISTICS AND FIELD SERVICE ARE SCALE ADVANTAGES THAT BENEFIT CUSTOMERS AND OUR RESULTS FIELD OPS CENTRAL OPS COMMERCIAL Logistics Differentiation Service Enhancements Our Customers Prefer Customers expect better our Resources for the last order status today more mile. Vendors offer than ev
Slide 21: Scaled Branch Operations Expand Products Efficiently
SCALED BRANCH OPERATIONS ALLOW US TO EXPAND PRODUCTS EFFICIENTLY AND REDUCE CUSTOMER LEAD TIMES AND COSTS FIELD OPS CENTRAL OPS COMMERCIAL Operations Excellence Asset Management 21 We are 35 miles away Customers can reliably from our customers, to call on ONE provider for win local Space Solutions W
Slide 22: Key Takeaways – Field Operations
KEY TAKEAWAYS – FIELD OPERATIONS Industry-leading operational capabilities are a core component of our value proposition and a competitive differentiator In-house transportation and service improve the customer experience and drive margin efficiencies Scale allows us to expand our offering eff
Slide 23: Order-to-Cash Process Opportunity
OUR ORDER-TO-CASH PROCESS PRESENTS SIGNIFICANT OPPORTUNITY TO IMPROVE CUSTOMER EXPERIENCE AND RESULTS FIELD OPS CENTRAL OPS COMMERCIAL Customer NPS Working Capital Adjusted EBITDA Days Sales Outstanding (DSOs) Bad Debt and Credit % of Rev. Top Detractor Feedback Process to resolve billing inquiries
Slide 24: Adding New Customer Service Channels
ADDING NEW CUSTOMER SERVICE CHANNELS CAN IMPROVE SERVICE LEVELS WHILE REDUCING OPERATING COSTS FIELD OPS CENTRAL OPS COMMERCIAL Enhanced Online Portal Scaled Offshore Operations Launched enhanced online Added offshore sales portal in Q3 2024 offering support resources in 2024, enhanced customer self
Slide 25: Key Takeaways – Central Operations
KEY TAKEAWAYS – CENTRAL OPERATIONS We have only just begun the early stages of shared services optimization following substantial systems and operational integration Order-to-cash process alone represents an opportunity to improve the customer experience and unlock ~$100M of working capital and
Slide 26: Unified Sales Coverage Model
UNIFIED OUR SALES COVERAGE MODEL TO A SINGLE LOCAL POINT OF ACCOUNTABILITY FOR OUR CUSTOMERS FIELD OPS CENTRAL OPS COMMERCIAL 2023: ~450 Commercial Resources 2025: Expanding to ~500 Storage GM Modular GM General Manager Branch Level P&Ls Regional P&Ls Market Level P&L Pursue local storage projects P
Slide 27: Aligned Account Management Teams by Vertical
ALIGNED ACCOUNT MANAGEMENT TEAMS BY VERTICAL AND FORMALIZED BUSINESS DEVELOPMENT STRATEGY FIELD OPS CENTRAL OPS COMMERCIAL 2023: ~50 Commercial Resources 2025: Expanding to ~75 Enterprise Accts (Modular) Strategic Accts (Storage) Enterprise Accounts Account Revenue: $435M Account Revenue: $75M Accou
Slide 28: Contemporary Digital Marketing Capabilities
ADDED CONTEMPORARY DIGITAL MARKETING CAPABILITIES FOR STRONGER BRAND AWARENESS AND LEAD GENERATION FIELD OPS CENTRAL OPS COMMERCIAL Strategies Implemented in 2024 Change Since Implementation KPI Change Rebranded under WillScot brand and consolidated fragmented 1 web presence (8 websites) to 1 websit
Slide 29: Sales HQ in CRM for AI-Informed Selling Actions
DEVELOPED “SALES HQ” IN CRM TO PRESCRIBE AI-INFORMED SELLING ACTIONS FOR OUR SALES TEAM FIELD OPS CENTRAL OPS COMMERCIAL Feature 2023 2024+ Territory visibility features In 2024, we launched a technology tool that prioritizes projects for our Automated project feed from multiple sources sales team
Slide 30: Sales Productivity Building into 2025
QUALITATIVE AND QUANTITATIVE FEEDBACK SHOWS SALES PRODUCTIVITY BUILDING INTO 2025 FIELD OPS CENTRAL OPS COMMERCIAL Observed Leading Indicators from Sales Tool Enablement 27.7K Higher project-related sales activities “Visibility and ease of “The clear segregation of projects (calls/emails) completed
Slide 31: Roadmap to Improve Sales Productivity and Customer Experience
WE ARE EXECUTING A ROADMAP TO CONTINUE IMPROVING SALES PRODUCTIVITY AND THE CUSTOMER EXPERIENCE FIELD OPS CENTRAL OPS COMMERCIAL Guided Config / Quoting AI-Enabled Pricing Engine E-Commerce • Guided discovery and product / • Competitive, segmented, and AI- • Frictionless storage container VAPS recom
Slide 32: Key Takeaways – Commercial Operations
KEY TAKEAWAYS – COMMERCIAL OPERATIONS Sales coverage model and organization stability improved dramatically heading into 2025 following a year of significant change We are in the early stages of realizing benefits of significant investments in digital demand generation We deployed and will con
Slide 33: Driving Growth
03 Driving Growth Tim Boswell President Chief Operating Officer Karan Oberoi Vice President of Strategy Corey Salemi Vice President of Product Management Opening Remarks Optimizing Our Platform Driving Growth Building Our Team Delivering Financial Results Closing Remarks and Q&A 33
Slide 34: Expanding Our Addressable Market
WE SEE AN ATTRACTIVE OPPORTUNITY TO CONTINUE EXPANDING OUR ADDRESSABLE MARKET $1.5T Historical $290B+ Logistics Job Site Services $35B Commercial $29B Storage Office Furniture Growing TAM as $13B we extend our Maritime Containers core capabilities $20B Total Addressable Market (TAM) $640B+ Facility
Slide 35: Changes Required to Execute Our Growth Strategy
WE THOUGHTFULLY CONSIDERED THE CHANGES REQUIRED TO EXECUTE UPON OUR GROWTH STRATEGY Where can WillScot double down on operational and commercial excellence? How do we align WillScot’s organization and resources to best support growth? In what ways can WillScot adapt its go-to-market approach for
Slide 36: Foundation Across Three Core Growth Levers
WE PUT IN PLACE THE FOUNDATION TO EXECUTE ACROSS THREE CORE GROWTH LEVERS WillScot 3-5 Year Revenue Milestone Waterfall $B 1.5+ Total Opportunity 1+ That We Are Targeting 2.4 Our Next 3 Milestone 2024 Drive Local Develop Enterprise Sell 3-5 Year Milestone Market Execution Accounts and Verticals Valu
Slide 37: Local and Enterprise Initiatives Support ~$1B Growth Opportunity
LOCAL AND ENTERPRISE INITIATIVES SUPPORT ~$1B GROWTH OPPORTUNITY ENERGY & RETAIL VALUE PROF. SERVICES & GOV / MILITARY CONSTRUCTION INDUSTRIAL CHAIN EVENTS & EDUCATION TAM1: ~$6B TAM: ~$2B TAM: ~$5B TAM: ~$5B TAM: ~$1.5B Growth Play WSC Rev2: ~$1B WSC Rev: ~$350M WSC Rev: ~$350M WSC Rev: ~$500M WSC
Slide 38: Drive Local Market Execution: 80% of Revenue
1. DRIVE LOCAL MARKET EXECUTION: 80% OF OUR REVENUE Distribution of Customers Total Revenue Enterprise Regional Local 200 Customers 16,000 Customers 70,000 Customers 45% Focus on driving organic growth locally: Single GM is accountable for performance in each of our 130 local markets Field and i
Slide 39: Drive Local Market Execution: Organic Market Penetration
1. DRIVE LOCAL MARKET EXECUTION: FOCUSING ON ORGANIC MARKET PENETRATION Challenges in 2024 Actions Taken Outcome Implemented new general management structure and sales Sales productivity and staffing Non-Res square footage starts coverage model in Q1 2024 which actions supporting Y/Y activation decl
Slide 40: Drive Local Market Execution: New Tools
1. DRIVE LOCAL MARKET EXECUTION: NEW TOOLS PROVIDE GREATER CONTROL AND PRECISION IN THE SALES PROCESS Value per Target new local Improve customer Initiative transaction across Within the 80% portion of Revenue customers conversion local customers that is attributed to our Local and Regional custom
Slide 41: Develop Enterprise Accounts: Expand with Largest Customers
2. DEVELOP ENTERPRISE ACCOUNTS AND VERTICALS: OPPORTUNITY TO EXPAND WITH OUR LARGEST CUSTOMERS Distribution of Customers Total Revenue Enterprise Regional Local 200 Customers 16,000 Customers 70,000 Customers 45% Focus on driving organic growth nationally: Our largest customers represent an immedi
Slide 42: Enterprise Portfolio Over-Indexed to Construction and Retail
2. DEVELOP ENTERPRISE ACCOUNTS AND VERTICALS: CURRENT PORTFOLIO IS OVER-INDEXED TO CONSTRUCTION AND RETAIL Revenue by End Market Sample of Enterprise Account Opportunities Total WillScot Enterprise Accounts Construction Construction Commercial / Industrial Commercial / Industrial Retail / Wholesale
Slide 43: We Already Touch Every Major End Market
2. DEVELOP ENTERPRISE ACCOUNTS AND VERTICALS: WE ALREADY TOUCH EVERY MAJOR END MARKET IN THE ECONOMY Education & Government Retail & Distribution Construction & Builders Energy & Industrial Healthcare Manufacturing Entertainment 43 43
Slide 44: Implementing Vertical-Aligned Business Development Function
2. DEVELOP ENTERPRISE ACCOUNTS AND VERTICALS: IMPLEMENTING A VERTICAL-ALIGNED BUS. DEV. FUNCTION New vertical Development of Establish executive Expanded WillScot Targeted Marketing account vertical subject sponsorship product assortment support realignment matter experts program WillScot’s unrivale
Slide 45: Sell Value: Our Biggest Strength Is Getting Stronger
3. SELL VALUE: OUR BIGGEST STRENGTH IS GETTING STRONGER PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES Pricing VAPS Customers have different Opportunity to increase VAPS purchasing criteria and alternatives penetration across all categories Continue best-in-class approach to Balancing drivi
Slide 46: Long History of Sustained Rate Growth
3. SELL VALUE: WE HAVE A LONG HISTORY OF SUSTAINED RATE GROWTH ACROSS ECONOMIC CYCLES PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES Management Transition to Value- WSC Merger Optimize Joins Based Selling IPO Integration Processes 200% Indexed Unit Price 150% 100% 50% 0% Modular Unit Core Average M
Slide 47: Value-Based Pricing, Differentiation and Process Rigor Drive Rate
3. SELL VALUE: VALUE-BASED PRICING, PRODUCT DIFFERENTIATION, AND PROCESS RIGOR ALL DRIVE RATE PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES STRUCTURAL STRATEGIC TACTICAL Low Cost: 50 basis points of average project Differentiated offering: Value-Added Products, Manual centralized oversight: 90-day
Slide 48: AI-Enabled Segmentation for Initial and Renewal Rates
3. SELL VALUE: IMPLEMENTING AI-ENABLED SEGMENTATION BOTH FOR INITIAL AND RENEWAL RATES PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES Actual Term 30 months 800 $781 AI-Enabled Pricing Engine Contracted Term Maximizes Initial Contract Rates 12 months Monthly Rate 700 +56% $625 600 500 $500 0 Rate Ma
Slide 49: Fleet Mix Evolving Towards Higher Value Categories
3. SELL VALUE: OUR FLEET MIX IS STEADILY EVOLVING TOWARDS HIGHER VALUE CATEGORIES PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES Fleet Mix by NBV $B 1.0 2.8 3.4 VAPS FLEX Traditional Complexes Singles & GLOs Traditional Storage Cold Storage Clearspan 2017 2021 2024 3-5 Year Target Our fleet mix e
Slide 50: Turnkey Solutions Transformed Go to Market and Revenue Mix
3. SELL VALUE: DEVELOPING TURNKEY SOLUTIONS TRANSFORMED OUR GO TO MARKET AND OUR REVENUE MIX PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES $3.00B 26% VAPS Revenue CAGR from 2012-2024 10-20% VAPS Revenue CAGR from 2024-2029 supports 5-10% Total Revenue CAGR $2.40B Adjacency VAPS Customer-Driven
Slide 51: ~$300M Opportunity to Penetrate Existing Transaction Volume
3. SELL VALUE: WE HAVE ~$300M OPPORTUNITY TO PENETRATE EXISTING TRANSACTION VOLUME PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES Modular VAPS Monthly Rate Achieved by Sales Representatives $1,400 Top sales representatives consistently achieve VAPS monthly rates >$600 $1,300 Highly Inelastic Cl
Slide 52: ~$500M Opportunity in Existing Offering
3. SELL VALUE: ~$500M OPPORTUNITY IN EXISTING OFFERING BY IMPROVING SALES PERFORMANCE MANAGEMENT PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES Dry Storage $250 ~$500M total VAPS opportunity in existing offering by improving sales performance management Close Ratio1 $200 72% ~$300M in Modular $
Slide 53: Evaluating New Categories and Prioritizing Deployment
3. SELL VALUE: EVALUATING NEW CATEGORIES AND PRIORITIZING DEPLOYMENT ACROSS NETWORK PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES Expansion Filter and Philosophy Strategic Planning Timeline To existing space solutions, substantial end Complementary market overlap, supported by trends and Launched
Slide 54: New Categories Have Significant End-Market Overlap
3. SELL VALUE: NEW CATEGORIES HAVE SIGNIFICANT END-MARKET OVERLAP WITH EXISTING REVENUE PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES End Market Overlap1 Use Cases Engineering & Architecture – 2% Cold Storage Highway & Heavy Construction – 4% Home Builders & Developers – 12% Construction & Infrast
Slide 55: New Categories Opportunity ~$500M to ~$1B of Revenue
3. SELL VALUE: NEW CATEGORIES OPPORTUNITY IS ~$500M TO ~$1B OF REVENUE IN THREE-TO-FIVE YEARS PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES Opportunity Size Roadmap 2024 Run Rate 3-5 Years At Maturity Revenue ~$100M $500M - $1B $2B+ EBITDA ~$50M $250M - $500M $1B+ Buy | Incubate | Integrate & Matu
Slide 56: Evolving Offering Towards Higher Value Solutions
3. SELL VALUE: EVOLVING OUR OFFERING TOWARDS HIGHER VALUE SOLUTIONS PRICING PRODUCT POSITIONING VAPS NEW CATEGORIES Pace of Innovation Traditional Modular or Storage Next Generation Adjacency / New Category Cold Storage Transactional of Fleet Innovation Value + Solar Power Generation Clearspan Conne
Slide 57: Smart, Accretive Acquisitions Support All Growth Levers
WE WILL CONTINUE TO SUPPORT ALL GROWTH LEVERS WITH SMART, ACCRETIVE ACQUISITIONS Historical Pipeline1 Deals Since 2021 Actively Tracked # of Deals 34 900+ Capital Invested ~$1B Revenue ~$270M Engaged | Signed NDA Pre-Synergies EBITDA ~$120M 150+ Capital Allocated to M&A by Product Type Submitted IOI
Slide 58: Key Takeaways – Driving Growth
KEY TAKEAWAYS – DRIVING GROWTH We see $2.5B+ of targetable growth opportunity, more than enough to drive consistent 5-10% annual revenue growth We are positioned to ramp up organic growth both locally and nationally leveraging our unique capabilities We have a repeatable process to drive innov
Slide 59: King Kamehameha III Elementary School Project Spotlight
King Kamehameha III Elementary School Project Spotlight – Lahaina, HI Video Link 59 59
Slide 60: Building our Team
04 Building our Team Felicia Gorcyca Executive Vice President Chief Human Resources Officer Opening Remarks Optimizing Our Platform Driving Growth Building Our Team Delivering Financial Results Closing Remarks and Q&A 60
Slide 61: Human Capital Strategy Aligned to Growth Algorithm
OUR HUMAN CAPITAL STRATEGY IS ALIGNED TO OUR GROWTH ALGORITHM Best practices Novel product Customer Trusted & Ease of doing from other expertise & reliable business Benefits relationships industries at new end scale markets Human Strong & New Strong & Organic Lease Revenue World-Class Capital Stable
Slide 62: Tenured Team Ensures Continuity in Field
TENURED TEAM ENSURES CONTINUITY IN FIELD ~ 85% of GMs have legacy company experience, bringing deep knowledge of local markets and customer relationships Average tenure of GMs is ~10 years ~10 ~ 20% of WSC employees are members of our “Decades of Dedication” with milestone anniversaries of 10+ years
Slide 63: New Leadership Hires Add Capability and Capacity
NEW LEADERSHIP HIRES ADD CAPABILITY & CAPACITY TO EXECUTE OUR GROWTH HORIZONS Active Board of Directors Planful Transition of Strategic Senior Management Hires Rotation & Succession Executive Officers1 for Growth & Efficiency Initiatives 25% 40% 3 New 2 of 4 Multiple VP Independent EVPs are Hires fr
Slide 64: Our People Make WillScot a Great Place to Work
OUR PEOPLE MAKE WILLSCOT A GREAT PLACE TO WORK® Listen & Adjust Train & Empower Recognize & Celebrate Share & Represent EMPLOYEE LISTENING AWARDED FOR BEST LEARNING HIGHLY LOCAL, AUTHENTIC SIX EMPLOYEE-LED PROGRAM INCLUDES PROGRAM SUPPORTING A APPROACH TO RECOGNITION INCLUSIVENESS RESOURCE QUARTERLY
Slide 65: We Are Community Focused
WE ARE COMMUNITY FOCUSED “I feel good about the ways we contribute to the community.” 16 hours paid time off for each employee to volunteer in our communities ~400 causes supported 65
Slide 66: Our Core Values
OUR CORE VALUES Dedicated to Committed to Driven to Trustworthy Devoted to Community Health and Safety Inclusion & Diversity Excellence & Reliable Our Customers Focused We take responsibility We are stronger together We measure success We hold ourselves We anticipate the growing We actively engage i
Slide 67: Key Takeaways – Building Our Team
KEY TAKEAWAYS – BUILDING OUR TEAM Strong & stable workforce enables continuity for recurring revenue sources + upskilling sales & direct labor Deliberate process to identify talent gaps and make strategic additions to strengthen execution capabilities Strong & vibrant culture – our employees m
Slide 68: Delivering Financial Results
05 Delivering Financial Results Matt Jacobsen Executive Vice President Chief Financial Officer Opening Remarks Optimizing Our Platform Driving Growth Building Our Team Delivering Financial Results Closing Remarks and Q&A 68
Slide 69: Lease Revenues Resilient; Paths to 5-10% Revenue CAGR
WE BELIEVE OUR LEASE REVENUES HAVE PROVEN RESILIENT AND SEE PATHS TO MAINTAIN A 5-10% REVENUE CAGR OVER TIME $1.8B Leasing Revenue LTM GDP¹ Non-residential construction square foot starts¹ Lease Revenue2 11% CAGR 84% Increase $1.0B Lease Revenue2 2019 2020 2021 2022 2023 / 2024 “Normal” Demand COVID
Slide 70: Growth Algorithm Supports 5-10% Leasing Revenue Growth
OUR GROWTH ALGORITHM SUPPORTS LEASING REVENUE GROWTH OF 5-10% PER YEAR AT 45-50% ADJUSTED EBITDA MARGIN Customer Expanding Flexible space Turnkey value Ease of doing product Benefits solutions proposition business offering Organic Lease Growth Rate + Operational 45% - 50% Volume Revenue M&A Algorith
Slide 71: 2025 Outlook: Growth Initiatives Offsetting Volume Headwinds
2025 OUTLOOK: GROWTH INITIATIVES OFFSETTING ONGOING VOLUME HEADWINDS Q1’25 revenue down mid-single Revenue Adjusted EBITDA digits due to volume headwinds, moderating through course of from Continuing Operations1 from Continuing Operations1,2 $M $M year, assuming no further macro deterioration Mo
Slide 72: Our Financial Profile Will Continue to Strengthen
OUR FINANCIAL PROFILE WILL CONTINUE TO STRENGTHEN Growth Milestones Revenue1 Adjusted EBITDA1,2 $M $M $M 3,000 4,000 2,000 3,000 1,500 2,396 2,000 1,000 50% 1,000 500 44% - - 2024A 2025E 3 to 5 years 2024A 2025E 3 to 5 years 1,500 Free Cash Flow1,2 Return on Invested Capital1,2 1,063 $M % 700 1,000
Slide 73: Clear Path to $1.5B Adjusted EBITDA and $700M Free Cash Flow
WE SEE A CLEAR PATH TO $1.5B ADJUSTED EBITDA AND $700M FREE CASH FLOW Illustrative example drives 26% Illustrative Annual Free Cash Flow 1 $M Free Cash Flow growth from $554M in 2024 to $700M+ in 200 3 – 5 years 437 Portfolio of opportunities and 250 flexible capex create multiple paths to achie
Slide 74: Cash from Operations Supports Balanced Capital Allocation
EXPANSION IN CASH FROM OPERATIONS SUPPORTS BALANCED CAPITAL ALLOCATION Capital Allocation Framework Capital Allocated1 Capital Allocation Framework 2021 Investor Day 2022 - 2024 2025 Investor Day % % % 25% 23% 25% Cumulative 45% 50% Cash from 52% $2B2 ~$5B2 Operations2 25% 25% 25% 5% Net Capex M&A N
Slide 75: Multiple Paths to $4-$6 Free Cash Flow Per Share
WE HAVE MULTIPLE PATHS TO GENERATE $4 - $6 FREE CASH FLOW PER SHARE 0% M&A, 25% M&A, Capital Allocation Framework 75% Return to 50% Return to 2025 Investor Day 2021 2024 Shareholders1 Shareholders1 % FCF2 $303 $554 +83% $700 +26% $815 +47% 25% SO3 233 184 -21% 114 -38% 139 -25% 45% ~$5B1 FCF / Share
Slide 76: Bringing It All Together and Help With Modeling
BRINGING IT ALL TOGETHER…AND TO HELP YOU WITH YOUR MODELING Performance 3 – 5 Year Operating As of Q4 2024 3 – 5 Year Target We have multiple paths to achieve Metric1 Ranges Operating Ranges % | $M (‘21 Investor Day) (‘25 Investor Day) our milestones Free Cash Flow grows as we Revenue CAGR2 5 -
Slide 77: Key Takeaways – Delivering Financial Results
KEY TAKEAWAYS – DELIVERING FINANCIAL RESULTS Our portfolio of growth levers supports our ability to achieve milestones of $3B revenue, $1.5B Adjusted EBITDA and $700M Free Cash Flow We consistently demonstrate best in class profitability, cash flow, and returns Our capital allocation framework
Slide 78: Closing Remarks and Q&A
06 Closing Remarks and Q&A Brad Soultz Chief Executive Officer Opening Remarks Optimizing Our Platform Driving Growth Building Our Team Delivering Financial Results Closing Remarks and Q&A 78
Slide 79: Key Takeaways
KEY TAKEAWAYS Our portfolio of growth levers supports our ability to achieve milestones of $3B revenue, $1.5B Adjusted EBITDA and $700M Free Cash Flow Commercial and operation excellence drive significant customer experience and financial impact We consistently demonstrate best in class profit
Slide 80: Appendix – Reconciliation of Non-GAAP Financial Measures
APPENDIX – RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 80
Slide 81: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before income tax expense (benefit), net interest (income) expense, depreciation and amortization adjusted for certain items considered non-core to our business operations includi
Slide 82: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before income tax expense (benefit), net interest (income) expense, depreciation and amortization adjusted for certain items considered non-core to our business operations includi
Slide 83: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before income tax expense (benefit), net interest (income) expense, depreciation and amortization adjusted for certain items considered non-core to our business operations includi
Slide 84: Reconciliation of Non-GAAP Measures – Adjusted EBITDA Margin %
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA MARGIN % We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. Management believes that the presentation of Adjusted EBITDA Margin provides useful information to investors regarding the performance of our business. The following
Slide 85: Reconciliation of Non-GAAP Measures – Net Debt to Adjusted EBITDA Ratio
RECONCILIATION OF NON-GAAP MEASURES – NET DEBT TO ADJUSTED EBITDA RATIO Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA from continuing operations from the last twelve months. We define Net Debt as total debt from continuing operations net of total cash and cash e
Slide 86: Reconciliation of Non-GAAP Measures – Adjusted Free Cash Flow and Margin
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN We define Adjusted Free Cash Flow as net cash provided by operating activities; less purchases of rental equipment and property, plant and equipment and plus proceeds from sale of rental equipment and pr
Slide 87: Reconciliation of Non-GAAP Measures – Net CAPEX
RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX We define Net CAPEX as purchases of rental equipment and refurbishments and purchases of property, plant and equipment (collectively, "Total Capital Expenditures"), less proceeds from the sale of rental equipment and proceeds from the sale of property,
Slide 88: Reconciliation of Non-GAAP Measures – Return on Invested Capital
RECONCILIATION OF NON-GAAP MEASURES – RETURN ON INVESTED CAPITAL Return on Invested Capital is defined as Adjusted earnings before interest and amortization divided by Average Invested Capital. Management believes that the presentation of Return on Invested Capital provides useful information regard
Slide 89: WillScot
WILLSCOT ™ 2025 WILLSCOT INVESTOR DAY RIGHT FROM THESTART