WillScot Mobile Mini (WSC) Bank of America Leveraged Finance Conference summary

Business overview and recent developments

• Largest turnkey temporary space provider in North America, serving construction, education, commercial, and retail markets.

• Generates $2.25 billion in revenue with 43% EBITDA margins and strong free cash flow conversion.

• Capital allocation: 25% to reinvestment, 25% to M&A, 50% to leverage management and shareholder returns, including a new dividend.

• Facing a non-residential construction slowdown for three years, focusing on operational improvements and internal growth levers.

Market dynamics and growth outlook

• Large enterprise projects remain strong, with enterprise accounts up 9% year-over-year, but smaller projects (80% of business) remain weak.

• Architectural Billings Index improved from 43 to 47, indicating slight market recovery.

• Sales team increased by 10% to drive internal growth and return to organic volume growth in the next few quarters.

Operational strategy and network optimization

• Announced network optimization: selling 10% of rental fleet and reducing acreage to save $20–$30 million in real estate costs.

• Integration of storage and modular operations under single management to drive efficiency.

• Utilization rates expected to rise to 60% for storage and mid-to-upper 60s for modular, with targets below 85% to avoid constraining demand.