Willscot Mobile Mini Holdings Corp (NASDAQ:WSC) Q3 2022 Earnings Conference Call November 3, 2022 10:00 AM ET
Company Participants
Nick Girardi - Director, Treasury & IR
Bradley Soultz - CEO & Director
Timothy Boswell - President & CFO
Conference Call Participants
Andrew Wittmann - Robert W. Baird & Co.
Scott Schneeberger - Oppenheimer
John Kennedy - Barclays Bank
Stanley Elliott - Stifel, Nicolaus & Company
Brent Thielman - D.A. Davidson & Co.
Sean Wondrack - Deutsche Bank
Faiza Alwy - Deutsche Bank
Steven Ramsey - Thompson Research
Philip Ng - Jefferies
Operator
Welcome to the third quarter 2022 WillScot Mobile Mini Earnings Conference Call. My name is Michelle, and I will be your operator for this 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.
Nick Girardi
Good morning, and welcome to the WillScot Mobile Mini Third Quarter 2022 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 Mobile Mini website.
Slide 2 contains our safe harbor statement. 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 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 statement in our presentation and our filings with the SEC.
With that, I'll turn the call over to Brad Soultz.
Bradley Soultz
Thanks, Nick. Good morning, everyone. Thank you for joining us today. I'm Brad Soultz, CEO of WillScot Mobile Mini. First, I'd like to take a second to thank our colleagues that supported the successful divestiture of the Tank & Pump segment during this quarter. Following the divestiture, we are a unique pure-play Modular and Storage solutions provider of unparalleled scale with a higher quality revenue mix.
The consistent compounding growth of our core segments and the successful divestiture of the Tank & Pump segment during the quarter, together, reduced leverage from 3.7x in Q2 to 3.4x in Q3 and comfortably within our target leverage range of 3 to 3.5x net debt to EBITDA. The capital from the divestiture is already being redeployed, consistent with our capital allocation framework, including reinvestment to Modular and Storage segments, continued M&A and returns to shareholders.