WillScot Holdings Corp
WSC Nasdaq Services-Miscellaneous Equipment Rental & Leasing Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$2.3B
4.8%
vs prior year
Operating margin
Operating income as a share of revenue.
8.0%
3.1 pts
Net income
Profit after all expenses, interest and tax.
−$53.0M
288.4%
Free cash flow
Cash from operations minus capital spending.
$738M
35.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.2%
1.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.37 EPS (TTM)
What WillScot Holdings Corp does
No business description yet.
- Legal name
- WillScot Holdings Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0001647088-26-000011
0001647088
Revenue and margins
WillScot Holdings Corp had $2.3B of revenue in fiscal 2025, down 4.8% on the year before.
FY16
Revenue $427M
FY17
Revenue $446M
FY18
Revenue $751M
FY19
Revenue $1.1B
FY20
Revenue $1.3B
FY21
Revenue $1.7B
FY22
Revenue $2.1B
FY23
Revenue $2.4B
FY24
Revenue $2.4B
FY25
Revenue $2.3B
Q3 '23
Revenue $605M
Q4 '23
Revenue $612M
Q1 '24
Revenue $587M
Q2 '24
Revenue $605M
Q3 '24
Revenue $601M
Q4 '24
Revenue $603M
Q1 '25
Revenue $560M
Q2 '25
Revenue $589M
Q3 '25
Revenue $567M
Q4 '25
Revenue $566M
Q1 '26
Revenue $549M
Q2 '26
Revenue $612M
FY16
Gross 39.4%
Operating −0.7%
Net −7.3%
FCF 13.2%
FY17
Gross 37.1%
Operating −13.1%
Net −33.1%
FCF −1.3%
FY18
Gross 38.5%
Operating 0.8%
Net −3.4%
FCF 4.3%
FY19
Gross 38.9%
Operating 11.0%
Net −1.0%
FCF 15.4%
FY20
Gross 47.8%
Operating 12.7%
Net 5.8%
FCF 22.7%
FY21
Gross 50.5%
Operating 18.0%
Net 9.6%
FCF 30.4%
FY22
Gross 53.0%
Operating 23.9%
Net 15.8%
FCF 32.7%
FY23
Gross 56.4%
Operating 28.5%
Net 20.1%
FCF 31.3%
FY24
Gross 54.3%
Operating 11.0%
Net 1.2%
FCF 22.7%
FY25
Gross 51.0%
Operating 8.0%
Net −2.3%
FCF 32.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 56.2%
Operating 29.4%
Net 15.1%
FCF 30.7%
Q4 '23
Gross 56.0%
Operating 28.9%
Net 14.1%
FCF 34.9%
Q1 '24
Gross 54.0%
Operating 22.1%
Net 9.6%
FCF 34.4%
Q2 '24
Gross 54.1%
Operating −0.9%
Net −7.7%
FCF 28.0%
Q3 '24
Gross 53.5%
Operating −5.9%
Net −11.7%
FCF −0.8%
Q4 '24
Gross 55.8%
Operating 28.9%
Net 14.8%
FCF 29.3%
Q1 '25
Gross 53.7%
Operating 21.3%
Net 7.7%
FCF 36.1%
Q2 '25
Gross 50.3%
Operating 21.5%
Net 8.1%
FCF 33.8%
Q3 '25
Gross 49.7%
Operating 21.0%
Net 7.6%
FCF 33.0%
Q4 '25
Gross 50.4%
Operating −32.5%
Net −33.1%
FCF 26.5%
Q1 '26
Gross 52.1%
Operating 17.6%
Net 5.1%
FCF 34.2%
Q2 '26
Gross 50.0%
Operating 19.2%
Net 7.7%
FCF 25.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$30.9M
FY17
Net income −$148M
FY18
Net income −$25.2M
FY19
Net income −$11.1M
FY20
Net income $74.0M
FY21
Net income $160M
FY22
Net income $340M
FY23
Net income $476M
FY24
Net income $28.1M
FY25
Net income −$53.0M
Q3 '23
Net income $91.5M
Q4 '23
Net income $86.3M
Q1 '24
Net income $56.2M
Q2 '24
Net income −$46.9M
Q3 '24
Net income −$70.5M
Q4 '24
Net income $89.2M
Q1 '25
Net income $43.1M
Q2 '25
Net income $47.9M
Q3 '25
Net income $43.3M
Q4 '25
Net income −$187M
Q1 '26
Net income $28.1M
Q2 '26
Net income $47.0M
FY16
Diluted EPS $0.01
FY17
Diluted EPS −$7.47
FY18
Diluted EPS −$0.53
FY19
Diluted EPS −$1.11
FY20
Diluted EPS $0.25
FY21
Diluted EPS $0.69
FY22
Diluted EPS $1.53
FY23
Diluted EPS $2.36
FY24
Diluted EPS $0.15
FY25
Diluted EPS −$0.29
Q3 '23
Diluted EPS $0.46
Q4 '23
Diluted EPS $0.47
Q1 '24
Diluted EPS $0.29
Q2 '24
Diluted EPS −$0.25
Q3 '24
Diluted EPS −$0.37
Q4 '24
Diluted EPS $0.48
Q1 '25
Diluted EPS $0.23
Q2 '25
Diluted EPS $0.26
Q3 '25
Diluted EPS $0.24
Q4 '25
Diluted EPS −$1.02
Q1 '26
Diluted EPS $0.15
Q2 '26
Diluted EPS $0.26
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital −0.4%
Return on equity −133.7%
Return on assets −1.8%
FY17
Return on capital −4.4%
Return on equity −64.4%
Return on assets −9.5%
FY18
Return on capital 0.2%
Return on equity −4.7%
Return on assets −1.2%
FY19
Return on capital 4.4%
Return on equity −2.0%
Return on assets −0.4%
FY20
Return on capital 3.6%
Return on equity 5.8%
Return on assets 1.7%
FY21
Return on capital 4.9%
Return on equity 7.9%
Return on assets 2.8%
FY22
Return on capital 8.4%
Return on equity 19.1%
Return on assets 5.9%
FY23
Return on capital 10.2%
Return on equity 33.7%
Return on assets 8.0%
FY24
Return on capital 4.3%
Return on equity 2.5%
Return on assets 0.5%
FY25
Return on capital 3.2%
Return on equity −5.7%
Return on assets −0.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $738M in fiscal 2025, 32.3% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $56.4M
FY17
Free cash flow −$5.8M
FY18
Free cash flow $32.5M
FY19
Free cash flow $164M
FY20
Free cash flow $288M
FY21
Free cash flow $509M
FY22
Free cash flow $701M
FY23
Free cash flow $739M
FY24
Free cash flow $543M
FY25
Free cash flow $738M
Q3 '23
Free cash flow $185M
Q4 '23
Free cash flow $214M
Q1 '24
Free cash flow $202M
Q2 '24
Free cash flow $169M
Q3 '24
Free cash flow −$4.9M
Q4 '24
Free cash flow $177M
Q1 '25
Free cash flow $202M
Q2 '25
Free cash flow $199M
Q3 '25
Free cash flow $187M
Q4 '25
Free cash flow $150M
Q1 '26
Free cash flow $187M
Q2 '26
Free cash flow $158M
FY16
Cash from operations $58.7M
Capital spending $2.4M
FY17
Cash from operations −$1.4M
Capital spending $4.4M
FY18
Cash from operations $37.1M
Capital spending $4.6M
FY19
Cash from operations $173M
Capital spending $8.3M
FY20
Cash from operations $305M
Capital spending $16.5M
FY21
Cash from operations $540M
Capital spending $30.5M
FY22
Cash from operations $745M
Capital spending $43.7M
FY23
Cash from operations $761M
Capital spending $22.2M
FY24
Cash from operations $562M
Capital spending $18.4M
FY25
Cash from operations $762M
Capital spending $24.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations $191M
Capital spending $5.6M
Q4 '23
Cash from operations $219M
Capital spending $5.5M
Q1 '24
Cash from operations $209M
Capital spending $6.6M
Q2 '24
Cash from operations $176M
Capital spending $6.2M
Q3 '24
Cash from operations −$1.6M
Capital spending $3.3M
Q4 '24
Cash from operations $179M
Capital spending $2.3M
Q1 '25
Cash from operations $207M
Capital spending $4.6M
Q2 '25
Cash from operations $205M
Capital spending $6.3M
Q3 '25
Cash from operations $191M
Capital spending $4.2M
Q4 '25
Cash from operations $159M
Capital spending $9.2M
Q1 '26
Cash from operations $191M
Capital spending $3.6M
Q2 '26
Cash from operations $162M
Capital spending $4.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
WillScot Holdings Corp returned $51.1M to shareholders in fiscal 2025, 7% of free cash flow. The diluted share count fell 4.2%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends $0.0M
Buybacks —
FY24
Dividends $0.0M
Buybacks —
FY25
Dividends $51.1M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends $0.0M
Buybacks —
Q2 '24
Dividends $0.0M
Buybacks —
Q3 '24
Dividends $0.0M
Buybacks —
Q4 '24
Dividends $0.0M
Buybacks —
Q1 '25
Dividends $12.9M
Buybacks —
Q2 '25
Dividends $12.8M
Buybacks —
Q3 '25
Dividends $12.7M
Buybacks —
Q4 '25
Dividends $12.8M
Buybacks —
Q1 '26
Dividends $12.7M
Buybacks —
Q2 '26
Dividends $12.7M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.06B
FY17
Diluted shares 0.02B
FY18
Diluted shares 0.09B
FY19
Diluted shares 0.11B
FY20
Diluted shares 0.18B
FY21
Diluted shares 0.23B
FY22
Diluted shares 0.22B
FY23
Diluted shares 0.20B
FY24
Diluted shares 0.19B
FY25
Diluted shares 0.18B
Balance sheet
Cash, debt and the ratios that show how comfortably WillScot Holdings Corp can carry it.
FY16
Cash $6.2M
Debt $658M
FY17
Cash $9.2M
Debt $627M
FY18
Cash $9.0M
Debt $1.7B
FY19
Cash $3.0M
Debt $1.6B
FY20
Cash $24.9M
Debt $2.5B
FY21
Cash $6.4M
Debt $2.7B
FY22
Cash $7.4M
Debt $3.2B
FY23
Cash $11.0M
Debt $3.7B
FY24
Cash $9.0M
Debt $3.9B
FY25
Cash $14.6M
Debt $3.8B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $6.4M | $7.4M | $11.0M | $9.0M | $14.6M |
| Debt incl. finance leases | $2.7B | $3.2B | $3.7B | $3.9B | $3.8B |
| Net debt / EBITDA | 7.6x | 5.5x | 4.9x | 11.1x | 13.5x |
| Debt / equity | 1.3x | 2.0x | 2.8x | 3.6x | 4.2x |
| Interest coverage | 2.6x | 3.5x | 3.3x | — | — |
| Current ratio | 0.9x | 0.9x | 1.0x | 1.0x | 0.9x |
| Quick ratio | 0.9x | 0.9x | 0.9x | 0.9x | 0.8x |
| Total assets | $5.8B | $5.8B | $6.1B | $6.0B | $5.8B |
| Total liabilities | $3.8B | $4.3B | $4.9B | $5.0B | $5.0B |
| Shareholders' equity | $2.0B | $1.6B | $1.3B | $1.0B | $856M |
| Net debt (− = net cash) | $2.7B | $3.1B | $3.7B | $3.8B | $3.7B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | 4 / 9 | 5 / 9 | 6 / 9 | 7 / 9 | 6 / 9 | 7 / 9 | 8 / 9 | 5 / 9 | 3 / 9 |
| Accruals ratio | −5.3% | −9.4% | −3.0% | −6.5% | −5.5% | −6.7% | −7.0% | −4.8% | −8.8% | −13.8% |
| Altman Z'' | −2.99 | −3.70 | −1.68 | −1.62 | −0.24 | −0.03 | 0.23 | 0.60 | 0.07 | −0.15 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $427M | $446M | $751M | $1.1B | $1.3B | $1.7B | $2.1B | $2.4B | $2.4B | $2.3B |
| Gross profit | $168M | $166M | $289M | $413M | $608M | $845M | $1.1B | $1.3B | $1.3B | $1.2B |
| Operating income | −$3.2M | −$58.3M | $6.3M | $118M | $162M | $300M | $511M | $673M | $264M | $181M |
| Interest expense | $94.7M | $119M | $98.4M | $123M | $119M | $116M | $146M | $205M | — | — |
| Pretax income | −$87.6M | −$165M | −$68.3M | −$123M | $3.5M | $151M | $365M | $468M | $36.6M | −$55.4M |
| Income tax | −$24.5M | −$0.9M | −$38.6M | −$2.2M | −$56.0M | $36.5M | $88.9M | $127M | $8.5M | −$2.4M |
| Net income | −$30.9M | −$148M | −$25.2M | −$11.1M | $74.0M | $160M | $340M | $476M | $28.1M | −$53.0M |
| Net income to common | −$30.9M | −$148M | −$25.2M | −$121M | $74.1M | $160M | $340M | $476M | $28.1M | −$53.0M |
| Diluted EPS | $0.01 | −$7.47 | −$0.53 | −$1.11 | $0.25 | $0.69 | $1.53 | $2.36 | $0.15 | −$0.29 |
| Diluted shares | 0.06B | 0.02B | 0.09B | 0.11B | 0.18B | 0.23B | 0.22B | 0.20B | 0.19B | 0.18B |
| Cash flow | ||||||||||
| Cash from operations | $58.7M | −$1.4M | $37.1M | $173M | $305M | $540M | $745M | $761M | $562M | $762M |
| Capital expenditure | $2.4M | $4.4M | $4.6M | $8.3M | $16.5M | $30.5M | $43.7M | $22.2M | $18.4M | $24.3M |
| Free cash flow | $56.4M | −$5.8M | $32.5M | $164M | $288M | $509M | $701M | $739M | $543M | $738M |
| Depreciation and amortization | $9.0M | $8.7M | $13.3M | $12.4M | $35.2M | $61.8M | $62.4M | $72.9M | $82.8M | $96.1M |
| Stock-based compensation | $0.0M | $3.0M | $3.4M | $6.7M | $9.9M | $26.2M | $29.6M | $34.5M | $36.0M | $38.4M |
| Acquisitions | — | — | $1.1B | $0.0M | −$17.2M | $147M | $221M | $562M | $121M | $145M |
| Dividends paid | — | — | — | — | — | — | — | $0.0M | $0.0M | $51.1M |
| Dividends and buybacks | — | — | — | — | — | — | — | $0.0M | $0.0M | $51.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $6.2M | $9.2M | $9.0M | $3.0M | $24.9M | $6.4M | $7.4M | $11.0M | $9.0M | $14.6M |
| Total debt | $658M | $627M | $1.7B | $1.6B | $2.5B | $2.7B | $3.1B | $3.6B | $3.7B | $3.6B |
| Finance lease liabilities | — | — | — | $0.0M | $77.9M | $60.4M | $74.4M | $117M | $144M | $167M |
| Current assets | $138M | $128M | $256M | $293M | $422M | $483M | $521M | $569M | $558M | $525M |
| Current liabilities | $173M | $156M | $269M | $320M | $449M | $518M | $562M | $562M | $585M | $611M |
| Inventory | $8.9M | $10.1M | $16.2M | $15.4M | $23.7M | $29.8M | $41.0M | $47.4M | $47.5M | $45.6M |
| Property and equipment, net | $84.2M | $83.7M | $184M | — | $304M | $312M | — | — | — | — |
| Goodwill | $56.8M | $28.6M | $247M | $235M | $962M | $1.0B | $1.0B | $1.2B | $1.2B | $1.3B |
| Intangible assets | $125M | $126M | $132M | $127M | $496M | $443M | $419M | $420M | $251M | $224M |
| Total assets | $1.7B | $1.4B | $2.8B | $2.9B | $5.6B | $5.8B | $5.8B | $6.1B | $6.0B | $5.8B |
| Total liabilities | $1.7B | $926M | $2.1B | $2.3B | $3.5B | $3.8B | $4.3B | $4.9B | $5.0B | $5.0B |
| Preferred stock | $0.0M | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $23.1M | $436M | $638M | $491M | $2.1B | $2.0B | $1.6B | $1.3B | $1.0B | $856M |
| Margins | ||||||||||
| Gross margin | 39.4% | 37.1% | 38.5% | 38.9% | 47.8% | 50.5% | 53.0% | 56.4% | 54.3% | 51.0% |
| Operating margin | −0.7% | −13.1% | 0.8% | 11.0% | 12.7% | 18.0% | 23.9% | 28.5% | 11.0% | 8.0% |
| EBITDA margin | 1.4% | −11.1% | 2.6% | 12.2% | 15.5% | 21.6% | 26.8% | 31.6% | 14.5% | 12.2% |
| Net margin | −7.3% | −33.1% | −3.4% | −1.0% | 5.8% | 9.6% | 15.8% | 20.1% | 1.2% | −2.3% |
| FCF margin | 13.2% | −1.3% | 4.3% | 15.4% | 22.7% | 30.4% | 32.7% | 31.3% | 22.7% | 32.3% |
| Returns | ||||||||||
| Return on capital | −0.4% | −4.4% | 0.2% | 4.4% | 3.6% | 4.9% | 8.4% | 10.2% | 4.3% | 3.2% |
| Return on capital employed | −0.2% | −4.6% | 0.3% | 4.6% | 3.2% | 5.7% | 9.7% | 12.1% | 4.8% | 3.5% |
| Return on equity | −133.7% | −64.4% | −4.7% | −2.0% | 5.8% | 7.9% | 19.1% | 33.7% | 2.5% | −5.7% |
| Return on assets | −1.8% | −9.5% | −1.2% | −0.4% | 1.7% | 2.8% | 5.9% | 8.0% | 0.5% | −0.9% |
| Return on tangible equity | — | −52.6% | −9.7% | −93.7% | 12.2% | 29.6% | 252.0% | — | — | — |
| Growth | ||||||||||
| Revenue growth | — | 4.5% | 68.5% | 41.6% | 19.7% | 31.4% | 28.1% | 10.4% | 1.3% | −4.8% |
| Net income growth | — | — | — | — | — | 116.4% | 112.0% | 40.3% | −94.1% | −288.4% |
| EPS growth | — | −74,800.0% | — | — | — | 176.0% | 121.7% | 54.2% | −93.6% | −293.3% |
| FCF growth | — | −110.3% | — | 404.9% | 75.6% | 76.7% | 37.6% | 5.4% | −26.5% | 35.8% |
| Share count change | — | −68.4% | 350.2% | 22.2% | 63.1% | 31.3% | −4.9% | −8.8% | −5.7% | −4.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 111.8x | — | 85.2x | 12.5x | 12.8x | 7.6x | 5.5x | 4.9x | 11.1x | 13.5x |
| Debt / equity | 28.4x | 1.4x | 2.6x | 3.3x | 1.2x | 1.3x | 2.0x | 2.8x | 3.6x | 4.2x |
| Interest coverage | −0.0x | −0.5x | 0.1x | 1.0x | 1.4x | 2.6x | 3.5x | 3.3x | — | — |
| Current ratio | 0.8x | 0.8x | 1.0x | 0.9x | 0.9x | 0.9x | 0.9x | 1.0x | 1.0x | 0.9x |
| Quick ratio | 0.7x | 0.8x | 0.9x | 0.9x | 0.9x | 0.9x | 0.9x | 0.9x | 0.9x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.6% | 1.0% | 0.6% | 0.8% | 1.3% | 1.8% | 2.0% | 0.9% | 0.8% | 1.1% |
| Stock comp / revenue | 0.0% | 0.7% | 0.5% | 0.6% | 0.8% | 1.6% | 1.4% | 1.5% | 1.5% | 1.7% |
| Payouts / FCF | — | — | — | — | — | — | — | 0.0% | 0.0% | 6.9% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 5.0 | 6.0 | 7.0 | 6.0 | 7.0 | 8.0 | 5.0 | 3.0 |
| Altman Z'' | −3.0 | −3.7 | −1.7 | −1.6 | −0.2 | −0.0 | 0.2 | 0.6 | 0.1 | −0.2 |
| Accruals ratio | −5.3% | −9.4% | −3.0% | −6.5% | −5.5% | −6.7% | −7.0% | −4.8% | −8.8% | −13.8% |
Source: SEC EDGAR XBRL filings (CIK 0001647088). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.