WillScot Holdings Corporation

Welcome to the first quarter 2025 Will Scott earnings conference call. My name is Cherie and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. Please note that this conference is being recorded. I will now turn the call over to Charlie Wohlhutter. Charlie, you may begin.

All right. Thank you, Cherie. Good afternoon, everyone, and welcome to the Will Scott first quarter 2025 earnings call. Participants on today's call include Brad Soltz, Chief Executive Officer, Tim Boswell, President and Chief Operating Officer, and Matt Jacobson, Chief Financial Officer. Today's presentation material may be found on the investor relations section of the Will Scott website. I'd like now to direct your attention to slide number two, containing our safe harbor statements. We will be making forward-looking statements during the presentation in 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 materially from today's comments. For a more complete description of the factors that could cause actual results to differ and other possible risks, please refer to the Safe Harbor Statements in our presentation and our filings with the SEC. With that, I'll turn the call over to Brad Soltz to begin.

Thanks, Charlie. Good afternoon, everyone, and thank you for joining us today. I'm Brad Soltz, CEO of Will Scott. Please turn to slide seven of our Q1 earnings release deck. Our first quarter financial results were consistent with our expectation and support reaffirming our full year 2025 outlook. While there remains macro-related in-market uncertainty, our current pending order book is up 7% year-over-year for both modular and storage projects. products. These pending order levels should support our expected new lease activation levels in the second quarter. In Q1, our team delivered adjusted EBITDA margins of 41%, yielding $145 million of adjusted free cash flow at a 26% margin. We returned $45 million to shareholders, and we progressed our acquisition pipeline. On an LTM basis, our adjusted EBITDA margins are 44%, Adjusted free cash flow margins are 23%. ROIC is at 16%, yielding at $3 of free cash flow per share. We expect to build on these metrics to drive shareholder value through our margin expansion initiatives and our portfolio of $2.5 billion of growth levers. Importantly, we believe our portfolio of growth levers provides multiple paths to achieve our goals through different in-market backdrops. The Board and I have confidence in our team's ability to achieve our three- to five-year financial milestones of $3 billion in revenue, $1.5 billion in adjusted EBITDA, and $700 million in adjusted free cash flow. Additionally, we have multiple paths to drive free cash flow per share from $3 today to the top end of our revised three- to five-year range of $4 to $6 per share. Now, before I turn it over to Tim and Matt for additional context, I'd like to thank our team for their steadfast commitment to our customers, to each other, and to our business. And on behalf of our board of directors, I'd like to thank Eric Olson for his years of stewardship and Worthing Jackman as he succeeds Eric as our non-executive independent chairman. And finally, I would like to welcome Nick Sarkone, who in June will represent the fourth new independent director added to the board the past three years and is indicative of our commitment to enhance our large-scale industrial operational expertise. We collectively believe that we have the right strategy and, as important, the right team to achieve our goals for 2025 and beyond, creating multiple paths to shareholder value creation along the way. Tim?