WillScot Holdings Corporation

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

All right. Thank you, Gary. Good afternoon, everyone, and welcome to the Will Scott Third Quarter 2025 Earnings Call. Participants on today's call include Brad Soltz, Chief Executive Officer, Tim Boswell, President and Chief Operating Officer, Matt Jacobson, Chief Financial Officer, and Worthing Jackman, Executive Chairman. Today's presentation material may be found on our Investor Relations website at investors.willscott.com. Before we begin, I'd like to direct your attention to slide 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 comments made on today's call. 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 in our filings with the SEC. With that, it's my pleasure to turn the call over to our Executive Chairman, Worthing Jackman.

Thank you, Charlie. Good afternoon. We appreciate you joining us for today's call, where we will discuss the current operating environment and strategic priorities, third quarter results, and our updated outlook for 2025. As many of you know, I joined the Will Scott Board about a year ago, became chairman this past June, and was named executive chairman in early September upon our announcement that Tim will be succeeding Brad as CEO effective January 1st. My expanded role has been designed both to assist Tim and the senior leadership team in achieving our strategic plan, returning to growth, and driving shareholder value creation. With ongoing cyclical headwinds and an intense competitive environment, we must compete differently and execute better to drive growth. With a focus on returning to growth, we expect that a mixed shift in revenue to more differentiated, higher-value offerings should create more consistent and predictable results, while also reducing variability from more commoditized or transactional lines of business, such as dry storage. When revenue inflects back to positive growth, adjusted EBITDA growth should outpace top-line growth. We see the ability to drive adjusted EBITDA margins above 45% as units on rent trends begin to improve given the associated high incremental flow-through. That is in addition to initiatives underway to optimize our platform outlined in our Investor Day in March. There are multiple aspects of our optimization plan, a new component of which is evaluating our branch network and fleet storage acreage needs. following the integration last year of Wolf's Guide and Mobile Mini's field sales and operations teams. We see opportunity to reduce our real estate footprint and related expenses, along with eliminating excess fleet, which Matt will review in his remarks. Together with continuing efforts to streamline corporate support functions and drive a more decentralized operating model, we see a pathway to help accelerate margin improvement. We believe we have the right strategy and team in place. but to earn credibility and build momentum, we must increase accountability across the organization and deliver on our commitments. The company has fallen short over the last two years to deliver against expectations that it set and takes full responsibility. Guidance is a key focus for me. Management's previous approach relative to expectations exposed the company if activations did materialize when expected, and market demand was less than anticipated, competition increased on more transactional lines of business, or sales effectiveness and execution issues arose. I believe that expectations should be set against outcomes under our control, providing cushion to either exceed guidance or absorb the unknowns, and more importantly, to minimize the risk of surprising investors. Going forward, we'll be taking a more conservative approach to guidance to minimize the risk of negative surprises versus communicated expectations. It's important to emphasize, however, that our internal plan and incentive comp targets will always hold us accountable to deliver results above this more conservative guidance approach. With that, I'd like to pass the call over to Brad for some brief remarks on this, his final earnings call. Matt and Tim will then review our current operating environment, third quarter results, our updated outlook, and strategic priorities before heading into Q&A. Brad?