Q2 2024 Willscot Mobile Mini Holdings Corp Earnings Call Transcript
Key Points
- Q2 revenues were up 4%, driven by strong performance in rate and value-added products.
- Modular activations were up modestly compared to the prior year, showing resilience in the modular portfolio.
- The company implemented a plan resulting in a 15% reduction in indirect headcount, leading to durable cost savings.
- WillScot Holdings Corp (WSC) announced the consolidation of its entire offering under the WillScot brand, simplifying and amplifying marketing efforts.
- The company has a strong liquidity position with $1.8 billion in current liquidity and a weighted average pretax cost of debt at 5.8%.
- Q2 nonresidential square foot starts were down 14% year-over-year, impacting smaller-scale commercial construction projects.
- Storage activations were down 12% year-over-year, although they were up more than 20% sequentially.
- The sequential activation growth in storage and modular was slower than expected.
- The company revised its full-year outlook downward due to a lower revenue trajectory entering the second half of 2024.
- There were significant one-time expenses in Q2, including a $133 million noncash charge due to the impairment of the Mobile Mini trade name and $23 million related to the ongoing regulatory review of the McGrath acquisition.
Welcome to the second-quarter 2024 WillScot earnings conference call. My name is Cherie, and I will be your operator for today's call. (Operator Instructions)
Please note that this conference is being recorded. I will now turn the call over to Nick Girardi, Senior Director of Treasury and Investor Relations. Nick, you may begin.
Good afternoon, and welcome to the WillScot second-quarter 2024 earnings call. Participants on today's call include Brad Soultz, Chief Executive Officer, and Tim Boswell, President and Chief Financial Officer.
Today's presentation material may be found on the Investor Relations section of the WillScot website. Slides 2 and 3 contain our safe harbor statements. We will be making forward-looking statements during the presentation and our Q&A session. Our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control.
As a result, our actual results may differ
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