Financial PerformanceEBITDA margin expanded 50bps YoY and 80bps QoQ supported in part by cost initiatives, despite lower YoY sales.
Free Cash FlowFCF generation remains significant with $143 of FCF (ex-termination costs) in Q3, and WSC is able to modulate capex as dictated by demand given refurbishment capabilities.
Valuation SupportValuation support is seen due to the company's $705.5m of net operating losses, which could provide upside risks.