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"WSC short: Core business imploding despite 30% growth in cold storage & clearspan segments. Units on rent falling, revenue -3.4%, EBITDA down, CapEx up. Depreciation charge spiked 17% YoY despite lower units/revenue - sign of fleet devaluation? $3.6B debt with $1.5B due 2027 likely unpayable. Ancient fleet, unrentable inventory = potential equity wipeout."
"WSC (overview): Debt refinancing at higher rates suggests ABL lenders cut credit access. COO admits 'idle fleet' needs significant CapEx, supporting view that cash-generating capability is exhausted. Fleet neglected, cash gone, debt remains. Aging units sit idle for years. Simple explanation: cash spent on shareholder returns, leaving debt-laden fleet unable to service it."
"WSC (overview): Key pillars of bull thesis battered. Fleet utilization down, EBITDA -1.1%, FCF -17.1% Q4. 2025 guidance: EBITDA -1%, CapEx +14%. Debt/UOR up 63% in 3yrs. $527M due Jun 2025, $2.1B ABL Jun 2027. Old fleet can't support debt. Buyout unlikely due to high leverage, poor fleet quality."
"WSC: Modular & storage rental co. facing challenges post-failed McGrath deal. Utilization down (62.1% modular, 58.1% storage), CapEx up 10% YoY despite -12% units on rent. Bull thesis crumbling: EBITDA flat, FCF eroding, debt maturities loom. Competition from URI, VAPS growth slowing. Survival questionable amid financial model breakdown."
"WSC short: FTC blocks MGRC deal, ending roll-up growth. 16.8% provision for credit losses vs 1% peers signals accounting risk. Pricing power fading, VAPS stagnant. URI competition rising. EBITDA growth cut to 4% for 2024. FCF declining as CapEx rises. $525M debt due 2025, $1.8B 2027. Ancient fleet needs investment. Buybacks vs debt repayment dilemma."
"Underinvestment in fleet flatters FCF but leaves units unrentable. Low 62.5% utilization vs 78% industry. CapEx 22% of revenue vs peers' 60%. Old units used as loan collateral. Mgmt incentivized for buybacks over fleet. 2024 guidance overly optimistic. Debt to spike post-MGRC deal."
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