QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended | |||||
OR | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from ________ to ________ |
Commission File Number: |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
The |
Accelerated filer ☐ | |||||
Non-accelerated filer ☐ | Smaller reporting company | ||||
Emerging growth company |
PART I Financial Information | |||||||||||
Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (audited) | |||||||||||
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022 | |||||||||||
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022 | |||||||||||
Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2023 and 2022 | |||||||||||
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 | |||||||||||
(in thousands, except share data) | June 30, 2023 (unaudited) | December 31, 2022 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade receivables, net of allowances for credit losses at June 30, 2023 and December 31, 2022 of $ | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Assets held for sale - current | |||||||||||
Total current assets | |||||||||||
Rental equipment, net | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other non-current assets | |||||||||||
Assets held for sale - non-current | |||||||||||
Total long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and equity | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses | |||||||||||
Accrued employee benefits | |||||||||||
Deferred revenue and customer deposits | |||||||||||
Operating lease liabilities - current | |||||||||||
Current portion of long-term debt | |||||||||||
Liabilities held for sale - current | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred tax liabilities | |||||||||||
Operating lease liabilities - non-current | |||||||||||
Other non-current liabilities | |||||||||||
Liabilities held for sale - non-current | |||||||||||
Long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Preferred Stock: $ | |||||||||||
Common Stock: $ | |||||||||||
Additional paid-in-capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total shareholders' equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except share and per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||
Leasing | $ | $ | $ | $ | |||||||||||||||||||
Delivery and installation | |||||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||
New units | |||||||||||||||||||||||
Rental units | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs: | |||||||||||||||||||||||
Costs of leasing and services: | |||||||||||||||||||||||
Leasing | |||||||||||||||||||||||
Delivery and installation | |||||||||||||||||||||||
Costs of sales: | |||||||||||||||||||||||
New units | |||||||||||||||||||||||
Rental units | |||||||||||||||||||||||
Depreciation of rental equipment | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Other depreciation and amortization | |||||||||||||||||||||||
Currency losses (gains), net | ( | ( | |||||||||||||||||||||
Other income, net | ( | ( | ( | ( | |||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Income from continuing operations before income tax | |||||||||||||||||||||||
Income tax expense from continuing operations | |||||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income from discontinued operations before income tax | |||||||||||||||||||||||
Gain on sale of discontinued operations | |||||||||||||||||||||||
Income tax expense from discontinued operations | |||||||||||||||||||||||
Income from discontinued operations | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share from continuing operations attributable to WillScot Mobile Mini common shareholders: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share from discontinued operations attributable to WillScot Mobile Mini common shareholders: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share attributable to WillScot Mobile Mini common shareholders: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustment, net of income tax expense of $ | ( | ( | |||||||||||||||||||||
Net gain on derivatives, net of income tax expense of $ | |||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
Six Months Ended June 30, 2023 | ||||||||||||||||||||
Common Stock | Additional Paid-in-Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Shareholders' Equity | ||||||||||||||||
(in thousands) | Shares | Amount | ||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||
Withholding taxes on net share settlement of stock-based compensation | — | — | ( | — | — | ( | ||||||||||||||
Stock-based compensation and issuance of Common Stock from vesting | — | — | — | |||||||||||||||||
Repurchase and cancellation of Common Stock | ( | — | ( | — | — | ( | ||||||||||||||
Issuance of Common Stock from the exercise of options | — | — | — | |||||||||||||||||
Balance at March 31, 2023 | ( | ( | ||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||
Stock-based compensation and issuance of Common Stock from vesting | — | — | — | |||||||||||||||||
Repurchase and cancellation of Common Stock | ( | ( | ( | — | — | ( | ||||||||||||||
Issuance of Common Stock from the exercise of options | — | — | — | |||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||
Common Stock | Additional Paid-in-Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Shareholders' Equity | ||||||||||||||||
(in thousands) | Shares | Amount | ||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | ||||||||||||||
Withholding taxes on net share settlement of stock-based compensation | — | — | ( | — | — | ( | ||||||||||||||
Stock-based compensation and issuance of Common Stock from vesting | — | — | — | |||||||||||||||||
Repurchase and cancellation of Common Stock and warrants | ( | — | ( | — | — | ( | ||||||||||||||
Issuance of Common Stock from the exercise of options and warrants | — | — | — | |||||||||||||||||
Balance at March 31, 2022 | ( | ( | ||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | ||||||||||||||
Withholding taxes on net share settlement of stock-based compensation | — | — | ( | — | — | ( | ||||||||||||||
Stock-based compensation and issuance of Common Stock from vesting | — | — | — | |||||||||||||||||
Repurchase and cancellation of Common Stock and warrants | ( | — | ( | — | — | ( | ||||||||||||||
Issuance of Common Stock from the exercise of options and warrants | — | — | — | |||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||
Six Months Ended June 30, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Provision for credit losses | |||||||||||
Gain on sale of discontinued operations | ( | ||||||||||
Gain on sale of rental equipment and other property, plant and equipment | ( | ( | |||||||||
Amortization of debt discounts and debt issuance costs | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income tax expense | |||||||||||
Loss on foreign currency forward contract | |||||||||||
Unrealized currency losses, net | ( | ( | |||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade receivables | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Operating lease assets and liabilities | |||||||||||
Accounts payable and other accrued expenses | ( | ||||||||||
Deferred revenue and customer deposits | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Proceeds from sale of discontinued operations | |||||||||||
Acquisitions, net of cash acquired | ( | ( | |||||||||
Proceeds from sale of rental equipment | |||||||||||
Purchase of rental equipment and refurbishments | ( | ( | |||||||||
Payment for settlement of foreign currency forward contract | ( | ||||||||||
Proceeds from the sale of property, plant and equipment | |||||||||||
Purchase of property, plant and equipment | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Financing activities: | |||||||||||
Receipts from issuance of Common Stock from the exercise of options | |||||||||||
Repurchase and cancellation of Common Stock and warrants | ( | ( | |||||||||
Receipts from borrowings | |||||||||||
Payment of financing costs | ( | ||||||||||
Repayment of borrowings | ( | ( | |||||||||
Principal payments on finance lease obligations | ( | ( | |||||||||
Taxes paid on employee stock awards | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Net change in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at the beginning of the period | |||||||||||
Cash and cash equivalents at the end of the period | $ | $ | |||||||||
Supplemental cash flow information: | |||||||||||
Interest paid, net | $ | $ | |||||||||
Income taxes paid, net | $ | $ | |||||||||
Assets acquired under capital leases | $ | $ | |||||||||
Capital expenditures accrued or payable | $ | $ |
Six Months Ended June 30, 2023 | |||||
(in thousands) | UK Storage Solutions | ||||
Revenues: | |||||
Leasing and services revenue: | |||||
Leasing | $ | ||||
Delivery and installation | |||||
Sales revenue: | |||||
New units | |||||
Rental units | |||||
Total revenues | |||||
Costs: | |||||
Costs of leasing and services: | |||||
Leasing | |||||
Delivery and installation | |||||
Costs of sales: | |||||
New units | |||||
Rental units | |||||
Gross profit | |||||
Expenses: | |||||
Selling, general and administrative | |||||
Other income, net | ( | ||||
Operating income | |||||
Interest expense | |||||
Income from discontinued operations before income tax | |||||
Gain on sale of discontinued operations | |||||
Income tax expense from discontinued operations | |||||
Income from discontinued operations | $ | ||||
Other selected data: | |||||
Adjusted EBITDA from discontinued operations | $ |
Three Months Ended June 30, 2022 | |||||||||||||||||
(in thousands) | Tank and Pump | UK Storage Solutions | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Leasing and services revenue: | |||||||||||||||||
Leasing | $ | $ | $ | ||||||||||||||
Delivery and installation | |||||||||||||||||
Sales revenue: | |||||||||||||||||
New units | |||||||||||||||||
Rental units | |||||||||||||||||
Total revenues | |||||||||||||||||
Costs: | |||||||||||||||||
Costs of leasing and services: | |||||||||||||||||
Leasing | |||||||||||||||||
Delivery and installation | |||||||||||||||||
Costs of sales: | |||||||||||||||||
New units | |||||||||||||||||
Rental units | ( | ||||||||||||||||
Depreciation of rental equipment | |||||||||||||||||
Gross profit | |||||||||||||||||
Expenses: | |||||||||||||||||
Selling, general and administrative | |||||||||||||||||
Other depreciation and amortization | |||||||||||||||||
Currency losses, net | |||||||||||||||||
Other expense, net | |||||||||||||||||
Operating income | |||||||||||||||||
Interest expense | |||||||||||||||||
Income from discontinued operations before income tax | |||||||||||||||||
Income tax expense from discontinued operations | |||||||||||||||||
Income from discontinued operations | $ | $ | $ | ||||||||||||||
Other selected data: | |||||||||||||||||
Adjusted EBITDA from discontinued operations | $ | $ | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||
(in thousands) | Tank and Pump | UK Storage Solutions | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Leasing and services revenue: | |||||||||||||||||
Leasing | $ | $ | $ | ||||||||||||||
Delivery and installation | |||||||||||||||||
Sales revenue: | — | ||||||||||||||||
New units | |||||||||||||||||
Rental units | |||||||||||||||||
Total revenues | |||||||||||||||||
Costs: | |||||||||||||||||
Costs of leasing and services: | |||||||||||||||||
Leasing | |||||||||||||||||
Delivery and installation | |||||||||||||||||
Costs of sales: | |||||||||||||||||
New units | |||||||||||||||||
Rental units | |||||||||||||||||
Depreciation of rental equipment | |||||||||||||||||
Gross profit | |||||||||||||||||
Expenses: | |||||||||||||||||
Selling, general and administrative | |||||||||||||||||
Other depreciation and amortization | |||||||||||||||||
Currency losses, net | |||||||||||||||||
Other expense (income), net | ( | ( | |||||||||||||||
Operating income | |||||||||||||||||
Interest expense | |||||||||||||||||
Income from discontinued operations before income tax | |||||||||||||||||
Income tax expense from discontinued operations | |||||||||||||||||
Income from discontinued operations | $ | $ | $ | ||||||||||||||
Other selected data: | |||||||||||||||||
Adjusted EBITDA from discontinued operations | $ | $ | $ |
December 31, 2022 | ||||||||
(in thousands) | UK Storage Solutions | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | |||||||
Trade receivables, net of allowances for doubtful accounts of $ | ||||||||
Inventories | ||||||||
Prepaid expenses and other current assets | ||||||||
Rental equipment, net | ||||||||
Property, plant and equipment, net | ||||||||
Operating lease assets | ||||||||
Goodwill | ||||||||
Intangible assets, net | ||||||||
Other non-current assets | ||||||||
Total assets held for sale | $ | |||||||
Liabilities | ||||||||
Accounts payable | $ | |||||||
Accrued expenses | ||||||||
Accrued employee benefits | ||||||||
Deferred revenue and customer deposits | ||||||||
Deferred tax liabilities | ||||||||
Operating lease liabilities | ||||||||
Other non-current liabilities | ||||||||
Total liabilities held for sale | $ |
(in thousands) | Six Months Ended June 30, 2022 | ||||
Operating activities of discontinued operations: | |||||
Depreciation and amortization | $ | ||||
Investing activities of discontinued operations: | |||||
Proceeds from sale of rental equipment | $ | ||||
Purchases of rental equipment and refurbishments | $ | ( | |||
Purchases of property, plant and equipment | $ | ( |
(in thousands) | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||
Income from discontinued operations | $ | $ | |||||||||
Income tax expense from discontinued operations | |||||||||||
Income from discontinued operations before income tax | |||||||||||
Interest expense | |||||||||||
Depreciation and amortization | |||||||||||
Stock compensation expense | |||||||||||
Other | ( | ( | |||||||||
Adjusted EBITDA from discontinued operations | $ | $ |
Six Months Ended June 30, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Operating activities of discontinued operations: | |||||||||||
Depreciation and amortization | $ | $ | |||||||||
Investing activities of discontinued operations: | |||||||||||
Proceeds from sale of rental equipment | $ | $ | |||||||||
Purchases of rental equipment and refurbishments | $ | ( | $ | ( | |||||||
Proceeds from sale of property, plant and equipment | $ | $ | |||||||||
Purchases of property, plant and equipment | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Income from discontinued operations | $ | $ | $ | $ | |||||||||||||||||||
Gain on sale of discontinued operations | |||||||||||||||||||||||
Income tax expense from discontinued operations | |||||||||||||||||||||||
Income from discontinued operations before income tax and gain on sale | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Currency losses, net | |||||||||||||||||||||||
Stock compensation expense | ( | ||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Adjusted EBITDA from discontinued operations | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
US | $ | $ | $ | $ | |||||||||||||||||||
Canada | |||||||||||||||||||||||
Mexico | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Modular space leasing revenue | $ | $ | $ | $ | |||||||||||||||||||
Portable storage leasing revenue | |||||||||||||||||||||||
VAPS and third party leasing revenues(a) | |||||||||||||||||||||||
Other leasing-related revenue(b) | |||||||||||||||||||||||
Leasing revenue | |||||||||||||||||||||||
Delivery and installation revenue | |||||||||||||||||||||||
Total leasing and services revenue | |||||||||||||||||||||||
New unit sales revenue | |||||||||||||||||||||||
Rental unit sales revenue | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
(a) | Includes $ | ||||
(b) | Includes primarily damage billings, delinquent payment charges, and other processing fees. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Provision for credit losses, net of recoveries | |||||||||||||||||||||||
Write-offs | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency translation and other | ( | ||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
(in thousands) | Operating | Finance | |||||||||
2023 (remaining) | $ | $ | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
Thereafter | |||||||||||
Total lease payments | |||||||||||
Less: interest | ( | ( | |||||||||
$ | $ |
(in thousands) | Six Months Ended June 30, | ||||||||||
Financial Statement Line | 2023 | 2022 | |||||||||
Finance Lease Expense | |||||||||||
Amortization of finance lease assets | $ | $ | |||||||||
Interest on obligations under finance leases | |||||||||||
Total finance lease expense | $ | $ | |||||||||
Operating Lease Expense | |||||||||||
Fixed lease expense | |||||||||||
Cost of leasing and services | $ | $ | |||||||||
Selling, general and administrative | |||||||||||
Short-term lease expense | |||||||||||
Cost of leasing and services | |||||||||||
Selling, general and administrative | |||||||||||
Variable lease expense | |||||||||||
Cost of leasing and services | |||||||||||
Selling, general and administrative | |||||||||||
Total operating lease expense | $ | $ |
(in thousands) | Six Months Ended June 30, | ||||||||||
Supplemental Cash Flow Information | 2023 | 2022 | |||||||||
Cash paid for the amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash outflows from operating leases | $ | $ | |||||||||
Operating cash outflows from finance leases | $ | $ | |||||||||
Financing cash outflows from finance leases | $ | $ | |||||||||
Right of use assets obtained in exchange for lease obligations | $ | $ | |||||||||
Assets obtained in exchange for finance leases | $ | $ |
Lease Terms and Discount Rates | June 30, 2023 | December 31, 2022 | |||||||||
Weighted average remaining lease term - operating leases | |||||||||||
Weighted average discount rate - operating leases | % | % | |||||||||
Weighted average remaining lease term - finance leases | |||||||||||
Weighted average discount rate - finance leases | % | % |
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Raw materials | $ | $ | |||||||||
Finished units | |||||||||||
Inventories | $ | $ |
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Modular space units | $ | $ | |||||||||
Portable storage units | |||||||||||
Value added products | |||||||||||
Total rental equipment | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Rental equipment, net | $ | $ |
(in thousands) | Modular | Storage | Total | ||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ||||||||||||||
Effects of movements in foreign exchange rates | ( | ( | |||||||||||||||
Balance at December 31, 2022 | |||||||||||||||||
Effects of movements in foreign exchange rates | |||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ |
June 30, 2023 | |||||||||||||||||||||||
(in thousands) | Weighted average remaining life (in years) | Gross carrying amount | Accumulated amortization | Net book value | |||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||
Mobile Mini customer relationships | $ | $ | ( | $ | |||||||||||||||||||
Technology | ( | ||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||
Trade name - Mobile Mini | — | ||||||||||||||||||||||
Trade name - WillScot | — | ||||||||||||||||||||||
Total intangible assets other than goodwill | $ | $ | ( | $ |
December 31, 2022 | |||||||||||||||||||||||
(in thousands) | Weighted average remaining life (in years) | Gross carrying amount | Accumulated amortization | Net book value | |||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||
Mobile Mini customer relationships | $ | $ | ( | $ | |||||||||||||||||||
Technology | ( | ||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||
Trade name - Mobile Mini | — | ||||||||||||||||||||||
Trade name - WillScot | — | ||||||||||||||||||||||
Total intangible assets other than goodwill | $ | $ | ( | $ |
(in thousands) | |||||
2023 (remaining) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
(in thousands, except rates) | Interest rate | Year of maturity | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
2025 Secured Notes | 2025 | $ | $ | ||||||||||||||||||||
ABL Facility(a) | Varies | 2027 | |||||||||||||||||||||
2028 Secured Notes | 2028 | ||||||||||||||||||||||
Varies | Varies | ||||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Less: current portion of long-term debt | |||||||||||||||||||||||
Total long-term debt | $ | $ |
Six Months Ended June 30, 2023 | |||||||||||||||||
(in thousands) | Foreign currency translation | Unrealized gains on hedging activities | Total | ||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||
Reclassifications from AOCI to income | ( | ( | |||||||||||||||
Balance at March 31, 2023 | ( | ( | ( | ||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||
Reclassifications from AOCI to income | ( | ( | |||||||||||||||
Balance at June 30, 2023 | $ | ( | $ | $ | ( | ||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||
(in thousands) | Foreign currency translation | Unrealized losses on hedging activities | Total | ||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ||||||||||||||
Reclassifications from AOCI to income | |||||||||||||||||
Balance at March 31, 2022 | ( | ( | ( | ||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ||||||||||||||
Reclassifications from AOCI to income | |||||||||||||||||
Balance at June 30, 2022 | $ | ( | $ | $ | ( | ||||||||||||
(in thousands) | Balance Sheet Location | June 30, 2023 | ||||||
Cash Flow Hedges: | ||||||||
Interest rate swap | Prepaid expenses and other current assets | $ | ||||||
Interest rate swap | Other non-current assets | $ |
(in thousands) | 2023 | 2022 | |||||||||
Gain recognized in OCI | $ | $ | |||||||||
Location of gain (loss) recognized in income | Interest expense, net | Interest expense, net | |||||||||
(Gain) loss reclassified from AOCI into income | $ | ( | $ |
(in thousands) | Balance Sheet Location | December 31, 2022 | ||||||
Foreign currency contract | Accrued liabilities | $ |
(in thousands) | Income Statement Location | Six Months Ended June 30, 2023 | ||||||
Loss recognized in income | Currency losses, net | $ |
Level 1 - | Observable inputs such as quoted prices in active markets for identical assets or liabilities; | ||||
Level 2 - | Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and | ||||
Level 3 - | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
ABL Facility | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
2025 Secured Notes | ||||||||||||||||||||||||||
2028 Secured Notes | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
2023 | 2022 | ||||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding at beginning of period | $ | $ | |||||||||||||||||||||
Granted | $ | $ | |||||||||||||||||||||
Vested | ( | $ | ( | $ | |||||||||||||||||||
Outstanding at end of period | $ | $ |
2023 | 2022 | ||||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding at beginning of period | $ | $ | |||||||||||||||||||||
Granted | $ | $ | |||||||||||||||||||||
Forfeited | ( | $ | ( | $ | |||||||||||||||||||
Vested | ( | $ | ( | $ | |||||||||||||||||||
Outstanding at end of period | $ | $ | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding at beginning of period | $ | $ | |||||||||||||||||||||
Granted | $ | $ | |||||||||||||||||||||
Forfeited | ( | $ | ( | $ | |||||||||||||||||||
Vested | ( | $ | ( | $ | |||||||||||||||||||
Outstanding at end of period | $ | $ |
WillScot Options | Weighted-Average Exercise Price per Share | Converted Mobile Mini Options | Weighted-Average Exercise Price per Share | ||||||||||||||||||||
Outstanding at beginning of period | $ | $ | |||||||||||||||||||||
Exercised | $ | ( | $ | ||||||||||||||||||||
Outstanding at end of period | $ | $ | |||||||||||||||||||||
Fully vested and exercisable options, June 30, 2023 | $ | $ |
WillScot Options | Weighted-Average Exercise Price per Share | Converted Mobile Mini Options | Weighted-Average Exercise Price per Share | ||||||||||||||||||||
Outstanding at beginning of period | $ | $ | |||||||||||||||||||||
Exercised | $ | ( | $ | ||||||||||||||||||||
Outstanding at end of period | $ | $ | |||||||||||||||||||||
Fully vested and exercisable options, June 30, 2022 | $ | $ |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
(in thousands) | Modular | Storage | Unallocated Costs | Total | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||
Leasing | $ | $ | $ | ||||||||||||||||||||
Delivery and installation | |||||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||
New units | |||||||||||||||||||||||
Rental units | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs: | |||||||||||||||||||||||
Cost of leasing and services: | |||||||||||||||||||||||
Leasing | |||||||||||||||||||||||
Delivery and installation | |||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
New units | |||||||||||||||||||||||
Rental units | |||||||||||||||||||||||
Depreciation of rental equipment | |||||||||||||||||||||||
Gross profit | $ | $ | $ | ||||||||||||||||||||
Other selected data: | |||||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Selling, general and administrative expense | $ | $ | $ | $ | |||||||||||||||||||
Purchases of rental equipment and refurbishments | $ | $ | $ | $ |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
(in thousands) | Modular | Storage | Unallocated Costs | Total | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||
Leasing | $ | $ | $ | ||||||||||||||||||||
Delivery and installation | |||||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||
New units | |||||||||||||||||||||||
Rental units | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs: | |||||||||||||||||||||||
Cost of leasing and services: | |||||||||||||||||||||||
Leasing | |||||||||||||||||||||||
Delivery and installation | |||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
New units | |||||||||||||||||||||||
Rental units | |||||||||||||||||||||||
Depreciation of rental equipment | |||||||||||||||||||||||
Gross profit | $ | $ | $ | ||||||||||||||||||||
Other selected data: | |||||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Selling, general and administrative expense | $ | $ | $ | $ | |||||||||||||||||||
Purchases of rental equipment and refurbishments | $ | $ | $ | $ |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
(in thousands) | Modular | Storage | Unallocated Costs | Total | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||
Leasing | $ | $ | $ | ||||||||||||||||||||
Delivery and installation | |||||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||
New units | |||||||||||||||||||||||
Rental units | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs: | |||||||||||||||||||||||
Cost of leasing and services: | |||||||||||||||||||||||
Leasing | |||||||||||||||||||||||
Delivery and installation | |||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
New units | |||||||||||||||||||||||
Rental units | |||||||||||||||||||||||
Depreciation of rental equipment | |||||||||||||||||||||||
Gross profit | $ | $ | $ | ||||||||||||||||||||
Other selected data: | |||||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Selling, general and administrative expense | $ | $ | $ | $ | |||||||||||||||||||
Purchases of rental equipment and refurbishments | $ | $ | $ | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
(in thousands) | Modular | Storage | Unallocated Costs | Total | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||
Leasing | $ | $ | $ | ||||||||||||||||||||
Delivery and installation | |||||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||
New units | |||||||||||||||||||||||
Rental units | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs: | |||||||||||||||||||||||
Cost of leasing and services: | |||||||||||||||||||||||
Leasing | |||||||||||||||||||||||
Delivery and installation | |||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
New units | |||||||||||||||||||||||
Rental units | |||||||||||||||||||||||
Depreciation of rental equipment | |||||||||||||||||||||||
Gross profit | $ | $ | $ | ||||||||||||||||||||
Other selected data: | |||||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Selling, general and administrative expense | $ | $ | $ | $ | |||||||||||||||||||
Purchases of rental equipment and refurbishments | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Income tax expense from continuing operations | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Currency losses (gains), net | ( | ( | |||||||||||||||||||||
Restructuring costs, lease impairment expense and other related charges (income) | ( | ||||||||||||||||||||||
Transaction costs | |||||||||||||||||||||||
Integration costs | |||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30 | June 30 | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Income from discontinued operations | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average Common Shares outstanding – basic | |||||||||||||||||||||||
Dilutive effect of shares outstanding | |||||||||||||||||||||||
Warrants | |||||||||||||||||||||||
RSAs | |||||||||||||||||||||||
Time-based RSUs | |||||||||||||||||||||||
Performance-based RSUs | |||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||
Weighted average Common Shares outstanding – dilutive |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30 | June 30 | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Time-based RSUs | |||||||||||||||||||||||
Performance-based RSUs | |||||||||||||||||||||||
Total anti-dilutive shares |
Three Months Ended June 30, | 2023 vs. 2022 $ Change | ||||||||||||||||
(in thousands) | 2023 | 2022 | |||||||||||||||
Revenues: | |||||||||||||||||
Leasing and services revenue: | |||||||||||||||||
Leasing | $ | 449,320 | $ | 386,386 | $ | 62,934 | |||||||||||
Delivery and installation | 112,754 | 110,841 | 1,913 | ||||||||||||||
Sales revenue: | |||||||||||||||||
New units | 9,004 | 9,927 | (923) | ||||||||||||||
Rental units | 11,011 | 15,736 | (4,725) | ||||||||||||||
Total revenues | 582,089 | 522,890 | 59,199 | ||||||||||||||
Costs: | |||||||||||||||||
Costs of leasing and services: | |||||||||||||||||
Leasing | 98,556 | 88,111 | 10,445 | ||||||||||||||
Delivery and installation | 81,349 | 82,537 | (1,188) | ||||||||||||||
Costs of sales: | |||||||||||||||||
New units | 4,795 | 5,321 | (526) | ||||||||||||||
Rental units | 5,067 | 8,478 | (3,411) | ||||||||||||||
Depreciation of rental equipment | 64,450 | 63,230 | 1,220 | ||||||||||||||
Gross profit | 327,872 | 275,213 | 52,659 | ||||||||||||||
Expenses: | |||||||||||||||||
Selling, general and administrative | 146,810 | 150,129 | (3,319) | ||||||||||||||
Other depreciation and amortization | 17,346 | 14,951 | 2,395 | ||||||||||||||
Currency losses (gains), net | 14 | (173) | 187 | ||||||||||||||
Other income, net | (2,838) | (3,794) | 956 | ||||||||||||||
Operating income | 166,540 | 114,100 | 52,440 | ||||||||||||||
Interest expense | 47,246 | 33,153 | 14,093 | ||||||||||||||
Income from continuing operations before income tax | 119,294 | 80,947 | 38,347 | ||||||||||||||
Income tax expense from continuing operations | 31,565 | 20,848 | 10,717 | ||||||||||||||
Income from continuing operations | 87,729 | 60,099 | 27,630 | ||||||||||||||
Discontinued operations: | |||||||||||||||||
Income from discontinued operations before income tax | — | 17,140 | (17,140) | ||||||||||||||
Income tax expense from discontinued operations | — | 3,863 | (3,863) | ||||||||||||||
Income from discontinued operations | — | 13,277 | (13,277) | ||||||||||||||
Net income | $ | 87,729 | $ | 73,376 | $ | 14,353 |
Six Months Ended June 30, | 2023 vs. 2022 $ Change | ||||||||||||||||
(in thousands) | 2023 | 2022 | |||||||||||||||
Revenues: | |||||||||||||||||
Leasing and services revenue: | |||||||||||||||||
Leasing | $ | 889,271 | $ | 737,945 | $ | 151,326 | |||||||||||
Delivery and installation | 219,384 | 196,380 | 23,004 | ||||||||||||||
Sales revenue: | |||||||||||||||||
New units | 19,661 | 15,714 | 3,947 | ||||||||||||||
Rental units | 19,241 | 24,022 | (4,781) | ||||||||||||||
Total revenues | 1,147,557 | 974,061 | 173,496 | ||||||||||||||
Costs: | |||||||||||||||||
Costs of leasing and services: | |||||||||||||||||
Leasing | 196,071 | 168,445 | 27,626 | ||||||||||||||
Delivery and installation | 156,356 | 153,117 | 3,239 | ||||||||||||||
Costs of sales: | |||||||||||||||||
New units | 11,003 | 9,077 | 1,926 | ||||||||||||||
Rental units | 9,521 | 13,370 | (3,849) | ||||||||||||||
Depreciation of rental equipment | 123,606 | 120,778 | 2,828 | ||||||||||||||
Gross profit | 651,000 | 509,274 | 141,726 | ||||||||||||||
Expenses: | |||||||||||||||||
Selling, general and administrative | 297,702 | 288,273 | 9,429 | ||||||||||||||
Other depreciation and amortization | 34,519 | 30,313 | 4,206 | ||||||||||||||
Currency losses (gains), net | 6,789 | (36) | 6,825 | ||||||||||||||
Other income, net | (6,197) | (5,077) | (1,120) | ||||||||||||||
Operating income | 318,187 | 195,801 | 122,386 | ||||||||||||||
Interest expense | 92,112 | 63,723 | 28,389 | ||||||||||||||
Income from continuing operations before income tax | 226,075 | 132,078 | 93,997 | ||||||||||||||
Income tax expense from continuing operations | 62,075 | 32,931 | 29,144 | ||||||||||||||
Income from continuing operations | 164,000 | 99,147 | 64,853 | ||||||||||||||
Discontinued operations: | |||||||||||||||||
Income from discontinued operations before income tax | 4,003 | 32,927 | (28,924) | ||||||||||||||
Gain on sale of discontinued operations | 176,078 | — | 176,078 | ||||||||||||||
Income tax expense from discontinued operations | 45,468 | 7,527 | 37,941 | ||||||||||||||
Income from discontinued operations | 134,613 | 25,400 | 109,213 | ||||||||||||||
Net income | $ | 298,613 | $ | 124,547 | $ | 174,066 |
Three Months Ended June 30, 2023 | |||||||||||||||||
(in thousands, except for units on rent and rates) | Modular | Storage | Total | ||||||||||||||
Revenue | $ | 370,675 | $ | 211,414 | $ | 582,089 | |||||||||||
Gross profit | $ | 172,740 | $ | 155,132 | $ | 327,872 | |||||||||||
Adjusted EBITDA from continuing operations | $ | 151,443 | $ | 109,898 | $ | 261,341 | |||||||||||
Capital expenditures for rental equipment | $ | 50,371 | $ | 5,210 | $ | 55,581 | |||||||||||
Average modular space units on rent | 81,886 | 19,200 | 101,086 | ||||||||||||||
Average modular space utilization rate | 65.8 | % | 62.3 | % | 65.1 | % | |||||||||||
Average modular space monthly rental rate | $ | 1,102 | $ | 835 | $ | 1,051 | |||||||||||
Average portable storage units on rent | 457 | 153,011 | 153,468 | ||||||||||||||
Average portable storage utilization rate | 58.0 | % | 73.2 | % | 73.1 | % | |||||||||||
Average portable storage monthly rental rate | $ | 238 | $ | 226 | $ | 226 |
Three Months Ended June 30, 2022 | |||||||||||||||||
(in thousands, except for units on rent and rates) | Modular | Storage | Total | ||||||||||||||
Revenue | $ | 335,254 | $ | 187,636 | $ | 522,890 | |||||||||||
Gross profit | $ | 146,611 | $ | 128,602 | $ | 275,213 | |||||||||||
Adjusted EBITDA from continuing operations | $ | 122,824 | $ | 85,819 | $ | 208,643 | |||||||||||
Capital expenditures for rental equipment | $ | 82,482 | $ | 34,282 | $ | 116,764 | |||||||||||
Average modular space units on rent | 82,383 | 22,232 | 104,615 | ||||||||||||||
Average modular space utilization rate | 67.7 | % | 72.7 | % | 68.7 | % | |||||||||||
Average modular space monthly rental rate | $ | 939 | $ | 668 | $ | 882 | |||||||||||
Average portable storage units on rent | 476 | 163,293 | 163,769 | ||||||||||||||
Average portable storage utilization rate | 53.7 | % | 86.1 | % | 86.0 | % | |||||||||||
Average portable storage monthly rental rate | $ | 211 | $ | 178 | $ | 178 |
Six Months Ended June 30, 2023 | |||||||||||||||||
(in thousands, except for units on rent and rates) | Modular | Storage | Total | ||||||||||||||
Revenue | $ | 720,345 | $ | 427,212 | $ | 1,147,557 | |||||||||||
Gross profit | $ | 338,075 | $ | 312,925 | $ | 651,000 | |||||||||||
Adjusted EBITDA from continuing operations | $ | 288,407 | $ | 219,776 | $ | 508,183 | |||||||||||
Capital expenditures for rental equipment | $ | 89,783 | $ | 12,555 | $ | 102,338 | |||||||||||
Average modular space units on rent | 81,894 | 19,717 | 101,611 | ||||||||||||||
Average modular space utilization rate | 66.0 | % | 63.8 | % | 65.6 | % | |||||||||||
Average modular space monthly rental rate | $ | 1,074 | $ | 796 | $ | 1,020 | |||||||||||
Average portable storage units on rent | 479 | 158,801 | 159,280 | ||||||||||||||
Average portable storage utilization rate | 60.1 | % | 76.0 | % | 75.9 | % | |||||||||||
Average portable storage monthly rental rate | $ | 227 | $ | 221 | $ | 221 |
Six Months Ended June 30, 2022 | |||||||||||||||||
(in thousands, except for units on rent and rates) | Modular | Storage | Total | ||||||||||||||
Revenue | $ | 623,801 | $ | 350,260 | $ | 974,061 | |||||||||||
Gross profit | $ | 269,209 | $ | 240,065 | $ | 509,274 | |||||||||||
Adjusted EBITDA from continuing operations | $ | 222,410 | $ | 154,006 | $ | 376,416 | |||||||||||
Capital expenditures for rental equipment | $ | 140,059 | $ | 54,453 | $ | 194,512 | |||||||||||
Average modular space units on rent | 81,533 | 22,558 | 104,091 | ||||||||||||||
Average modular space utilization rate | 67.3 | % | 73.8 | % | 68.6 | % | |||||||||||
Average modular space monthly rental rate | $ | 917 | $ | 626 | $ | 854 | |||||||||||
Average portable storage units on rent | 469 | 157,809 | 158,278 | ||||||||||||||
Average portable storage utilization rate | 53.1 | % | 84.7 | % | 84.5 | % | |||||||||||
Average portable storage monthly rental rate | $ | 186 | $ | 173 | $ | 173 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Income from continuing operations | $ | 87,729 | $ | 60,099 | $ | 164,000 | $ | 99,147 | |||||||||||||||
Income tax expense from continuing operations | 31,565 | 20,848 | 62,075 | 32,931 | |||||||||||||||||||
Interest expense | 47,246 | 33,153 | 92,112 | 63,723 | |||||||||||||||||||
Depreciation and amortization | 81,796 | 78,181 | 158,125 | 151,091 | |||||||||||||||||||
Currency losses (gains), net | 14 | (173) | 6,789 | (36) | |||||||||||||||||||
Restructuring costs, lease impairment expense and other related charges (income) | — | (95) | 22 | 168 | |||||||||||||||||||
Transaction costs | — | 22 | — | 35 | |||||||||||||||||||
Integration costs | 2,247 | 5,193 | 6,120 | 9,280 | |||||||||||||||||||
Stock compensation expense | 9,348 | 9,128 | 17,498 | 15,401 | |||||||||||||||||||
Other | 1,396 | 2,287 | 1,442 | 4,676 | |||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 261,341 | $ | 208,643 | $ | 508,183 | $ | 376,416 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Adjusted EBITDA from continuing operations (A) | $ | 261,341 | $ | 208,643 | $ | 508,183 | $ | 376,416 | |||||||||||||||
Revenue (B) | $ | 582,089 | $ | 522,890 | $ | 1,147,557 | $ | 974,061 | |||||||||||||||
Adjusted EBITDA Margin from Continuing Operations (A/B) | 44.9 | % | 39.9 | % | 44.3 | % | 38.6 | % | |||||||||||||||
Income from continuing operations (C) | $ | 87,729 | $ | 60,099 | $ | 164,000 | $ | 99,147 | |||||||||||||||
Income from Continuing Operations Margin (C/B) | 15.1 | % | 11.5 | % | 14.3 | % | 10.2 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue (A) | $ | 582,089 | $ | 522,890 | $ | 1,147,557 | $ | 974,061 | |||||||||||||||
Gross profit (B) | $ | 327,872 | $ | 275,213 | $ | 651,000 | $ | 509,274 | |||||||||||||||
Depreciation of rental equipment | 64,450 | 63,230 | 123,606 | 120,778 | |||||||||||||||||||
Adjusted Gross Profit (C) | $ | 392,322 | $ | 338,443 | $ | 774,606 | $ | 630,052 | |||||||||||||||
Gross Profit Percentage (B/A) | 56.3 | % | 52.6 | % | 56.7 | % | 52.3 | % | |||||||||||||||
Adjusted Gross Profit Percentage (C/A) | 67.4 | % | 64.7 | % | 67.5 | % | 64.7 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Total purchases of rental equipment and refurbishments | $ | (55,581) | $ | (130,153) | $ | (102,709) | $ | (225,389) | |||||||||||||||
Total proceeds from sale of rental equipment | 17,473 | 20,526 | 25,254 | 35,080 | |||||||||||||||||||
Net CAPEX for Rental Equipment | (38,108) | (109,627) | (77,455) | (190,309) | |||||||||||||||||||
Purchase of property, plant and equipment | (4,453) | (9,772) | (11,189) | (20,253) | |||||||||||||||||||
Proceeds from sale of property, plant and equipment | 7 | 491 | 265 | 751 | |||||||||||||||||||
Net CAPEX | $ | (42,554) | $ | (118,908) | $ | (88,379) | $ | (209,811) |
Six Months Ended June 30, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Net cash provided by operating activities | $ | 350,920 | $ | 333,853 | |||||||
Net cash provided by (used in) investing activities | 158,477 | (313,738) | |||||||||
Net cash used in financing activities | (520,257) | (20,802) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 746 | (306) | |||||||||
Net change in cash and cash equivalents | $ | (10,114) | $ | (993) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net cash provided by operating activities | $ | 202,155 | $ | 188,326 | $ | 350,920 | $ | 333,853 | |||||||||||||||
Purchase of rental equipment and refurbishments | (55,581) | (130,153) | (102,709) | (225,389) | |||||||||||||||||||
Proceeds from sale of rental equipment | 17,473 | 20,526 | 25,254 | 35,080 | |||||||||||||||||||
Purchase of property, plant and equipment | (4,453) | (9,772) | (11,189) | (20,253) | |||||||||||||||||||
Proceeds from the sale of property, plant and equipment | 7 | 491 | 265 | 751 | |||||||||||||||||||
Free Cash Flow | $ | 159,601 | $ | 69,418 | $ | 262,541 | $ | 124,042 |
Period | Total Number of Shares and Equivalents Purchased (in thousands) | Average Price Paid per Share | Total Number of Shares and Equivalents Purchased as part of Publicly Announced Plan (in thousands) | Maximum Dollar Value of Shares and Equivalents that May Yet Be Purchased Under the Plans (in millions) | |||||||||||||||||||
April 1, 2023 to April 30, 2023 | 2,187.4 | $ | 42.60 | 2,187.4 | $ | 321.9 | |||||||||||||||||
May 1, 2023 to May 31, 2023 | 1,863.8 | $ | 44.48 | 1,863.8 | $ | 917.1 | |||||||||||||||||
June 30, 2023 to June 30, 2023 | 1,354.8 | $ | 46.47 | 1,354.8 | $ | 854.1 | |||||||||||||||||
Total | 5,406.0 | $ | 44.22 | 5,406.0 |
Exhibit No. | Exhibit Description | ||||
10.1* | |||||
31.1* | |||||
31.2* | |||||
32.1** | |||||
32.2** | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104* | Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set. |
WillScot Mobile Mini Holdings Corp. | |||||||||||
By: | /s/ TIMOTHY D. BOSWELL | ||||||||||
Dated: | August 3, 2023 | Timothy D. Boswell | |||||||||
President & Chief Financial Officer (Principal Financial Officer and Duly Authorized Signing Officer) |
(i) | If to the Employer: | ||||
WillScot Mobile Mini Holdings Corp. | |||||
4646 E Van Buren St #400 | |||||
Phoenix, AZ 85008 | |||||
Attn: General Counsel & Secretary | |||||
(ii) | If to the Executive: | ||||
Felicia Gorcyca | |||||
To the address on file for Felicia Gorcyca with the Employer |
WILLSCOT MOBILE MINI HOLDINGS CORP. | ||||||||
By: | /s/ Brad Soultz | |||||||
Date: | June 16, 2023 | |||||||
Name: | Brad Soultz | |||||||
Title: | Chief Executive Officer | |||||||
EXECUTIVE | ||||||||
By: | /s/ Felicia Gorcyca | |||||||
Date: | June 16, 2023 | |||||||
Name: | Felicia Gorcyca |
EMPLOYEE | WILLSCOT MOBILE MINI HOLDINGS CORP. | |||||||
By: | ||||||||
___________________________________________ | ||||||||
Felicia Gorcyca | Name: | |||||||
Date:_____________________________________ | Title: | |||||||
Date: |
/s/ BRADLEY L. SOULTZ | ||||||||
Bradley L. Soultz | ||||||||
Chief Executive Officer and Director (Principal Executive Officer) |
/s/ TIMOTHY D. BOSWELL | ||||||||
Timothy D. Boswell | ||||||||
President and Chief Financial Officer (Principal Financial Officer) |
Certification of Chief Executive Officer |
/s/ BRADLEY L. SOULTZ | ||||||||
Bradley L. Soultz | ||||||||
Chief Executive Officer and Director (Principal Executive Officer) |
Certification of Chief Financial Officer |
/s/ TIMOTHY D. BOSWELL | ||||||||
Timothy D. Boswell | ||||||||
President and Chief Financial Officer (Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 68,096 | $ 57,048 |
Preferred stock par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Preferred stock authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Preferred stock outstanding (in shares) | 0 | 0 |
Common stock par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Common stock authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock issued (in shares) | 198,375,893 | 207,951,682 |
Common stock outstanding (in shares) | 198,375,893 | 207,951,682 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 87,729 | $ 73,376 | $ 298,613 | $ 124,547 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment, net of income tax expense of $0 for both the three and six months ended June 30, 2023 and 2022 | 5,915 | (25,628) | 13,849 | (29,702) |
Net gain on derivatives, net of income tax expense of $4,268 and $394 for the three months ended June 30, 2023 and 2022, respectively, and $4,046 and $1,171 for the six months ended June 30, 2023 and 2022, respectively. | 12,831 | 1,176 | 12,164 | 3,497 |
Total other comprehensive income (loss) | 18,746 | (24,452) | 26,013 | (26,205) |
Total comprehensive income | $ 106,475 | $ 48,924 | $ 324,626 | $ 98,342 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Net gain on derivatives, net of income tax expense | $ 4,268 | $ 394 | $ 4,046 | $ 1,171 |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization and Nature of Operations WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative flexible work space and portable storage solutions in the United States (“US”), Canada, and Mexico. The Company leases, sells, delivers and installs modular space solutions and portable storage products through an integrated network of branch locations that spans North America. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation. Recently Issued and Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with FASB Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"). The Company adopted ASU 2021-08 on January 1, 2023 on a prospective basis. The adoption of this ASU did not have a material impact on the Company's financial statements or related disclosures.
|
Acquisitions |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions WillScot Mobile Mini is the holding company for the Williams Scotsman and Mobile Mini family of companies, which resulted from the combination of WillScot Corporation (“WillScot”) and Mobile Mini, Inc. (“Mobile Mini”) through a merger that occurred on July 1, 2020 (the "Merger"). Asset Acquisitions During the six months ended June 30, 2023, the Company acquired certain assets and liabilities of five regional and local storage and modular companies, which consisted primarily of approximately 1,800 storage units and 700 modular units, for $149.4 million in cash, net of cash acquired. The accompanying consolidated financial statements include $147.9 million of rental equipment and $4.5 million of land held for sale as of June 30, 2023 as a result of these acquisitions. A sale of the acquired land is expected to close before the end of the year. Integration Costs The Company recorded $2.2 million and $5.2 million in integration costs related to asset acquisitions and the Merger within selling, general and administrative expense ("SG&A") during the three months ended June 30, 2023 and 2022, respectively, and $6.1 million and $9.3 million in integration costs related to acquisitions and the Merger during the six months ended June 30, 2023 and 2022, respectively.
|
Discontinued Operations |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations Tank and Pump Divestiture On September 30, 2022, the Company sold its former Tank and Pump segment for $321.9 million. Exiting the former Tank and Pump segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses. The criteria for discontinued operations presentation were met during the third quarter of 2022 and results for the former Tank and Pump segment are reported in income from discontinued operations within the consolidated statements of operations for periods presented prior to September 30, 2022. UK Storage Solutions Divestiture On December 12, 2022, the Company entered into a stock purchase agreement to sell its former UK Storage Solutions segment. The sale transaction was completed on January 31, 2023. Total cash consideration for the transaction was $418.1 million. Exiting the former UK Storage Solutions segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses in North America. The criteria for discontinued operations presentation were met during the fourth quarter of 2022 and results for the former UK Storage Solutions segment are reported in income from discontinued operations within the consolidated statements of operations for all periods presented. The carrying value of the former UK Storage Solutions segment's assets and liabilities are presented within assets and liabilities held for sale on the consolidated balance sheet as of December 31, 2022. The following tables present the results of the former Tank and Pump segment and the former UK Storage Solutions segment as reported in income from discontinued operations within the consolidated statements of operations, and the carrying value of the former UK Storage Solutions segment's assets and liabilities as presented within assets and liabilities held for sale on the consolidated balance sheet.
In January 2023, a $0.4 million adjustment was made to the gain on sale of the former Tank and Pump segment due to the final contractual working capital adjustment. Including this adjustment, the total gain on sale of discontinued operations was $176.1 million for the six months ended June 30, 2023.
For the six months ended June 30, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:
The following table presents a reconciliation of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former Tank and Pump segment for the three and six months ended June 30, 2022. See Note 16 for further information regarding Adjusted EBITDA.
For the six months ended June 30, 2023 and 2022, significant operating and investing items related to the former UK Storage Solutions segment were as follows:
The following table presents reconciliations of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former UK Storage Solutions segment for the three and six months ended June 30, 2023 and 2022, respectively. See Note 16 for further information regarding Adjusted EBITDA.
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Revenue |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Revenue Disaggregation Geographic Areas The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2023 and 2022 as follows:
Major Product and Service Lines Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes modular space and portable storage units along with value-added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, integral tool racking, heavy duty capacity shelving, workstations, electrical and lighting products and other items used by customers in connection with the Company's products. The Company also offers its lease customers a damage waiver program that protects them in case the leased unit is damaged. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance and ad hoc services and removal services at the end of lease transactions. The Company’s revenue by major product and service line for the three and six months ended June 30, 2023 and 2022 was as follows:
Leasing and Services Revenue The majority of revenue (76% for both the three and six months ended June 30, 2023, and 73% and 75% for the three and six months ended June 30, 2022, respectively) was generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606. Receivables and Credit Losses The Company is exposed to credit losses from trade receivables and manages credit risk at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues. Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end user markets. The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review that considers expected billing exposure, timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the customer transacts after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation. The Company monitors ongoing credit exposure through an active review of customer balances against contract terms and due dates and may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowance for credit losses reflects the estimate of the amount of receivables that the Company will be unable to collect based on historical collection experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. The Company's estimate reflects changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease its allowance. Activity in the allowance for credit losses was as follows:
Contract Assets and Liabilities When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. During the three months ended June 30, 2023, deferred revenue relating to services billed in advance of $26.2 million was recognized as revenue. As of June 30, 2023 and December 31, 2022, the Company had approximately $104.8 million and $102.2 million, respectively, of deferred revenue related to these services. The Company does not have material contract assets, and the Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the market rate in place at the time those services are provided, and therefore, the Company is applying the optional expedient to omit disclosure of such amounts. The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year; therefore, the commissions are expensed as incurred.
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Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases As of June 30, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets. The Company’s lease activity during the six months ended June 30, 2023 and 2022 was as follows:
Supplemental cash flow information related to leases for the six months ended June 30, 2023 and 2022 was as follows:
Weighted average remaining operating lease terms and the weighted average discount rates as of June 30, 2023 and December 31, 2022 were as follows:
The Company presents information related to leasing revenues in Note 4.
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Leases | Leases As of June 30, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets. The Company’s lease activity during the six months ended June 30, 2023 and 2022 was as follows:
Supplemental cash flow information related to leases for the six months ended June 30, 2023 and 2022 was as follows:
Weighted average remaining operating lease terms and the weighted average discount rates as of June 30, 2023 and December 31, 2022 were as follows:
The Company presents information related to leasing revenues in Note 4.
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Inventories |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories at the respective balance sheet dates consisted of the following:
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Rental Equipment, net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Equipment, net | Rental Equipment, net Rental equipment, net at the respective balance sheet dates consisted of the following:
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Goodwill and Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangibles | Goodwill and Intangibles Goodwill Changes in the carrying amount of goodwill were as follows:
The Company had no goodwill impairment during the six months ended June 30, 2023 or the year ended December 31, 2022. Intangible Assets Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:
Amortization expense related to intangible assets was $6.0 million and $5.9 million for the three months ended June 30, 2023 and 2022, respectively, and $11.9 million and $11.8 million for the six months ended June 30, 2023 and 2022, respectively. Based on the carrying value at June 30, 2023, future amortization of intangible assets is expected to be as follows for the years ended December 31:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The carrying value of debt outstanding at the respective balance sheet dates consisted of the following:
(a) As of June 30, 2023, the Company had $28.3 million of outstanding principal borrowings on the Multicurrency Facility and $2.3 million of related debt issuance costs recorded as a direct offset against the principal borrowings on the Multicurrency Facility. As of December 31, 2022, the Company had no outstanding principal borrowings on the Multicurrency Facility and $2.5 million of related debt issuance costs, which were recorded in other non-current assets on the condensed consolidated balance sheets. Asset Backed Lending Facility On July 1, 2020, certain subsidiaries of the Company entered into an asset-based credit agreement (the "ABL Facility") that initially provided for revolving credit facilities in the aggregate principal amount of up to $2.4 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $2.0 billion and (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros. The ABL Facility was initially scheduled to mature on July 1, 2025. On June 30, 2022, certain subsidiaries of the Company entered into an amendment to the ABL Facility to, among other things, extend the expiration date until June 30, 2027 and increase the aggregate principal amount of the revolving credit facilities to $3.7 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $3.3 billion (the “US Facility”) and (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility"), available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros. The amendment also converted the interest rate for borrowings denominated in US Dollars from a LIBOR-based rate to a Term-SOFR-based rate with an interest period of one month and adjusted the applicable margins. The applicable margin for Canadian BA rate, Term SOFR, British Pounds Sterling and Euros loans is 1.50%. The facility includes a credit spread adjustment of 0.10% in addition to the applicable margin. The applicable margin for base rate and Canadian Prime Rate loans is 0.50%. The applicable margins are subject to one step down of 0.25% based on excess availability or one step up of 0.25% based on the Company's leverage ratio. The ABL Facility requires the payment of a commitment fee on the unused available borrowings of 0.20% annually. The weighted average interest rate on the balance outstanding as of June 30, 2023, as adjusted for the effects of the interest rate swap agreements, was 6.11%. Refer to Note 12 for a more detailed discussion on interest rate management. Borrowing availability under the US Facility and the Multicurrency Facility is equal to the lesser of (i) the aggregate Revolver Commitments and (ii) the Borrowing Base ("Line Cap"). At June 30, 2023, the Line Cap was $3.0 billion and the Borrowers had $1.0 billion of available borrowing capacity under the ABL Facility, including $829.4 million under the US Facility and $209.6 million under the Multicurrency Facility. Borrowing capacity under the ABL Facility is made available for up to $220.0 million letters of credit and $220.0 million of swingline loans. At June 30, 2023, the available capacity was $205.6 million of letters of credit and $212.0 million of swingline loans. At June 30, 2023, letters of credit and bank guarantees carried fees of 1.625%. The Company had issued $14.4 million of standby letters of credit under the ABL Facility at June 30, 2023. The Company had approximately $2.0 billion outstanding principal under the ABL Facility at June 30, 2023. Debt issuance costs of $30.6 million were included in the carrying value of the ABL Facility at June 30, 2023. Finance Leases The Company maintains finance leases primarily related to transportation equipment. At June 30, 2023 and December 31, 2022, obligations under finance leases for certain real property and transportation related equipment were $90.7 million and $74.4 million, respectively. Refer to Note 5 for further information. The Company was in compliance with all debt covenants and restrictions associated with its debt instruments as of June 30, 2023.
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Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity Common Stock In connection with the stock compensation vesting events and stock option exercises described in Note 14, the Company issued 419,530 shares of Common Stock during the six months ended June 30, 2023. Stock Repurchase Program In May 2023, the Board of Directors approved an increase to the share repurchase program authorizing the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and the timing and exact amount of any repurchases will depend on various factors, including market pricing, business, legal, accounting, and other considerations. In August 2022, the Inflation Reduction Act of 2022 was enacted into law and imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. The Company reflected the applicable excise tax in equity as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued expenses on the consolidated balance sheet. During the six months ended June 30, 2023, the Company repurchased 9,995,319 shares of Common Stock for $454.9 million, excluding excise tax. As of June 30, 2023, $854.1 million of the approved share repurchase pool remained available. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2023 and 2022 were as follows:
For the three months ended June 30, 2023 and 2022, a gain of $2.9 million and a loss of $1.6 million, respectively, were reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps. For the six months ended June 30, 2023 and 2022, a gain of $4.5 million and a loss of $4.5 million, respectively, were reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps. The interest rate swaps are discussed in Note 12. Associated with these reclassifications, the Company recorded tax expense of $0.7 million and a tax benefit of $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and tax expense of $1.1 million and a tax benefit of $1.1 million for the six months ended June 30, 2023 and 2022, respectively.
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Income Taxes |
6 Months Ended |
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Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company recorded $31.6 million and $62.1 million of income tax expense for the three and six months ended June 30, 2023, respectively, and $20.8 million and $32.9 million of income tax benefit for the three and six months ended June 30, 2022, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2023 was 26.5% and 27.5%, respectively. The Company's effective tax rate for the three and six months ended June 30, 2022 was 25.8% and 24.9%, respectively.The effective tax rate for the three and six months ended June 30, 2023 differs from the US federal statutory rate of 21% primarily due to state and provincial taxes and an add-back for non-deductible executive compensation. The effective tax rate for the three and six months ended June 30, 2022 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes offset by a discrete tax benefit related to employee stock vesting. |
Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | DerivativesIn 2018, the Company entered into an interest rate swap agreement with a financial counterparty that effectively converted $400.0 million in aggregate notional amount of variable-rate debt under the Company’s former asset backed lending facility into fixed-rate debt. Under the terms of the agreement, the Company received a floating rate equal to one-month LIBOR and made payments based on a fixed rate of 3.06% on the notional amount. The swap agreement was designated and qualified as a hedge of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the former asset backed lending facility and terminated on May 29, 2022. In January 2023, the Company entered into two interest rate swap agreements with financial counterparties relating to $750.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a weighted average fixed interest rate of 3.44% on the notional amount. The swap agreements were designated and qualified as hedges of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility. The swap agreements terminate on June 30, 2027. The floating rate that the Company receives under the terms of these swap agreements was 5.08% at June 30, 2023. The location and the fair value of derivative instruments designated as hedges were as follows:
The fair values of the interest rate swaps are based on dealer quotes of market forward rates, Level 2 inputs on the fair value hierarchy, and reflect the amounts that the Company would receive or pay as of June 30, 2023 for contracts involving the same attributes and maturity dates. The following table discloses the impact of the interest rate swaps, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s statements of operations for the six months ended June 30, 2023 and 2022:
Foreign Currency Contract In December 2022, the Company executed a contingent forward contract to sell £330.0 million upon the closing of the sale of the former UK Storage Solutions segment at a price ranging from 1.20550 to 1.20440 US Dollars (USD) to British Pounds Sterling. The price was dependent upon the date of the closing of the sale. This contract, which was to expire on September 11, 2023, mitigated the foreign currency risk of the USD relative to the British Pound Sterling prior to the closing of the sale of the former UK Storage Solutions segment. This contract did not qualify for hedge accounting and was revalued at fair value at the reporting period with unrealized gains and losses reflected in the Company's results of operations. Upon the closing of the sale of the former UK Storage Solutions segment on January 31, 2023, the Company settled the contingent foreign currency forward contract and received cash at an exchange rate of 1.205 USD to British Pounds Sterling. The location and the fair value of the foreign currency contract was as follows:
The fair value of the foreign currency contract was based on dealer quotes of market forward rates, a Level 2 input on the fair value hierarchy, and reflected the amount that the Company would receive or pay for contracts involving the same attributes and maturity dates. The location and the impact of the foreign currency contract, excluding the impact of income taxes, on the Company’s statement of operations for the six months ended June 30, 2023 was as follows:
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Fair Value Measures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measures | Fair Value Measures The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company utilizes the suggested accounting guidance for the three levels of inputs that may be used to measure fair value:
The Company has assessed that the fair value of cash and cash equivalents, trade receivables, trade payables, and other current liabilities approximate their carrying amounts. Based on the borrowing rates currently available for bank loans with similar terms and average maturities, the fair value of finance leases at June 30, 2023 approximate their respective book values. The following table shows the carrying amounts and fair values of financial liabilities which are disclosed, but not measured, at fair value, including their levels in the fair value hierarchy:
As of June 30, 2023, the carrying values of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $30.6 million, $5.0 million, and $6.0 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. As of December 31, 2022, the carrying value of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $31.8 million, $6.2 million, and $6.5 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. The carrying value of the ABL Facility, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of current market rates. The fair value of the 2025 Secured Notes and the 2028 Secured Notes is based on their last trading price at the end of each period obtained from a third party. The classification and the fair value of derivative assets and liabilities are disclosed in Note 12.
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Stock-Based Compensation |
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Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense includes grants of stock options, time-based restricted stock units ("Time-Based RSUs") and performance-based restricted stock units ("Performance-Based RSUs," together with Time-Based RSUs, the "RSUs"). In addition, stock-based payments to non-executive directors includes grants of restricted stock awards ("RSAs"). Time-Based RSUs and RSAs are valued based on the intrinsic value of the difference between the exercise price, if any, of the award and the fair market value of WillScot Mobile Mini's Common Stock on the grant date. Performance-Based RSUs are valued based on a Monte Carlo simulation model to reflect the impact of the Performance-Based RSU's market condition. The probability of satisfying a market condition is considered in the estimation of the grant-date fair value for Performance-Based RSUs and the compensation cost is not reversed if the market condition is not achieved, provided the requisite service has been provided. Restricted Stock Awards The following table summarizes the Company's RSA activity for the six months ended June 30, 2023 and 2022:
Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.3 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively. Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.6 million and $0.6 million for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, there was $1.0 million of unrecognized compensation cost related to RSAs that is expected to be recognized over the remaining weighted average vesting period of 0.9 years. Time-Based RSUs The following table summarizes the Company's Time-Based RSU activity for the six months ended June 30, 2023 and 2022:
Compensation expense for Time-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $2.2 million and $2.5 million for the three months ended June 30, 2023 and 2022, respectively. Compensation expense for RSUs recognized in SG&A on the condensed consolidated statements of operations was $4.0 million and $4.7 million for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, unrecognized compensation cost related to Time-Based RSUs totaled $19.0 million and is expected to be recognized over the remaining weighted average vesting period of 2.5 years. Performance-Based RSUs The following table summarizes the Company's Performance-Based RSU award activity for the six months ended June 30, 2023 and 2022:
Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $6.9 million and $6.5 million for the three months ended June 30, 2023 and 2022, respectively. Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $12.7 million and $10.3 million for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, unrecognized compensation cost related to Performance-Based RSUs totaled $49.2 million and is expected to be recognized over the remaining vesting period of 1.9 years. Certain Performance-Based RSUs cliff vest based on achievement of the relative total stockholder return ("TSR") of the Company's Common Stock as compared to the TSR of the constituents in an index at the grant date over the performance period of three years. For 2023 grants, the TSR of the Company's Common Stock is compared to the TSR of the constituents in the S&P 400 Index. The target number of RSUs may be adjusted from 0% to 200% based on the TSR attainment levels defined by the Company's Compensation Committee. The 100% target payout is tied to performance at the 50% percentile, with a payout curve ranging from 0% (for performance less than the 25% percentile) to 200% (for performance above the 85% percentile). Stock Options The following table summarizes the Company's stock option activity for the six months ended June 30, 2023:
The following table summarizes the Company's stock option activity for the six months ended June 30, 2022:
WillScot Options Compensation expense for stock option awards, recognized in SG&A on the condensed consolidated statements of operations, was $0.2 million for the six months ended June 30, 2022.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is involved in various lawsuits, claims and legal proceedings that arise in the ordinary course of business. The Company assesses these matters on a case-by-case basis as they arise and establishes reserves as required. As of June 30, 2023, with respect to these outstanding matters, the Company believes that the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the consolidated financial position, results of operations, or cash flows. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company operates in two reportable segments as follows: Modular Solutions ("Modular") and Storage Solutions ("Storage"). Total assets for each reportable segment are not available because the Company utilizes a centralized approach to working capital management. Transactions between reportable segments are not significant. During the first quarter of 2023, the ground level office business within the Modular segment was transferred to the Storage segment, and associated revenues, expenses, and operating metrics were transferred to the Storage segment. All periods presented have been retrospectively revised to reflect this change within the Modular and Storage segments. For the three months ended June 30, 2022, this resulted in approximately $12.4 million of revenue and $7.2 million of gross profit being transferred from the Modular segment to the Storage segment. For the six months ended June 30, 2022, $23.6 million of revenue and $13.5 million of gross profit were transferred from the Modular segment to the Storage segment. The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects further adjustments to EBITDA (“Adjusted EBITDA”) to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core and ongoing business operations. The Chief Operating Decision Maker ("CODM") evaluates business segment performance utilizing Adjusted EBITDA as shown in the reconciliation of the Company’s consolidated income from continuing operations to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic and ongoing operating results of the Company. The Company considers Adjusted EBITDA to be an important metric because it reflects the business performance of the segments, inclusive of indirect costs. The Company also regularly evaluates gross profit by segment to assist in the assessment of its operational performance. Reportable Segments The following tables set forth certain information regarding each of the Company’s reportable segments for the three and six months ended June 30, 2023 and 2022, respectively.
The following table presents reconciliations of the Company’s income from continuing operations to Adjusted EBITDA for the three and six months ended June 30, 2023 and 2022, respectively:
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Earnings Per Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Earnings Per Share The following table reconciles the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation:
The following amounts of common shares that the Company may be obligated to issue were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
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Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Pay vs Performance Disclosure | ||||||
Net income attributable to WillScot Mobile Mini | $ 87,729 | $ 210,884 | $ 73,376 | $ 51,171 | $ 298,613 | $ 124,547 |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented. |
Principles of Consolidation | Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
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Recently Issued and Adopted Accounting Standards | In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with FASB Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"). The Company adopted ASU 2021-08 on January 1, 2023 on a prospective basis. The adoption of this ASU did not have a material impact on the Company's financial statements or related disclosures. |
Discontinued Operations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The following tables present the results of the former Tank and Pump segment and the former UK Storage Solutions segment as reported in income from discontinued operations within the consolidated statements of operations, and the carrying value of the former UK Storage Solutions segment's assets and liabilities as presented within assets and liabilities held for sale on the consolidated balance sheet.
For the six months ended June 30, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:
The following table presents a reconciliation of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former Tank and Pump segment for the three and six months ended June 30, 2022. See Note 16 for further information regarding Adjusted EBITDA.
For the six months ended June 30, 2023 and 2022, significant operating and investing items related to the former UK Storage Solutions segment were as follows:
The following table presents reconciliations of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former UK Storage Solutions segment for the three and six months ended June 30, 2023 and 2022, respectively. See Note 16 for further information regarding Adjusted EBITDA.
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Revenue (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2023 and 2022 as follows:
The Company’s revenue by major product and service line for the three and six months ended June 30, 2023 and 2022 was as follows:
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Schedule of Accounts Receivable Allowance for Credit Losses | Activity in the allowance for credit losses was as follows:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease Maturities | As of June 30, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
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Schedule of Finance Lease Maturities | As of June 30, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
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Schedule of Lease Activity | The Company’s lease activity during the six months ended June 30, 2023 and 2022 was as follows:
Supplemental cash flow information related to leases for the six months ended June 30, 2023 and 2022 was as follows:
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Weighted-Average Remaining Operating Lease Term and Weighted Average Discount Rate | Weighted average remaining operating lease terms and the weighted average discount rates as of June 30, 2023 and December 31, 2022 were as follows:
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories at the respective balance sheet dates consisted of the following:
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Rental Equipment, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Rental Equipment, Net | Rental equipment, net at the respective balance sheet dates consisted of the following:
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Goodwill and Intangibles (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill Activity | Changes in the carrying amount of goodwill were as follows:
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Schedule of Finite-Lived Intangible Assets | Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:
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Schedule of Indefinite-Lived Intangible Assets | Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:
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Schedule of Future Amortization of Intangible Assets | Based on the carrying value at June 30, 2023, future amortization of intangible assets is expected to be as follows for the years ended December 31:
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The carrying value of debt outstanding at the respective balance sheet dates consisted of the following:
(a) As of June 30, 2023, the Company had $28.3 million of outstanding principal borrowings on the Multicurrency Facility and $2.3 million of related debt issuance costs recorded as a direct offset against the principal borrowings on the Multicurrency Facility. As of December 31, 2022, the Company had no outstanding principal borrowings on the Multicurrency Facility and $2.5 million of related debt issuance costs, which were recorded in other non-current assets on the condensed consolidated balance sheets.
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Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2023 and 2022 were as follows:
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Derivatives (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet | The location and the fair value of derivative instruments designated as hedges were as follows:
The location and the fair value of the foreign currency contract was as follows:
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Schedule of Impact of Interest Rate Swap on Other Comprehensive Income, AOCI and Statement of Operations | The following table discloses the impact of the interest rate swaps, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s statements of operations for the six months ended June 30, 2023 and 2022:
The location and the impact of the foreign currency contract, excluding the impact of income taxes, on the Company’s statement of operations for the six months ended June 30, 2023 was as follows:
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Fair Value Measures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Levels Used For Measurement | The Company utilizes the suggested accounting guidance for the three levels of inputs that may be used to measure fair value:
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Carrying Amounts and Fair Values of Financial Assets and Liabilities | The following table shows the carrying amounts and fair values of financial liabilities which are disclosed, but not measured, at fair value, including their levels in the fair value hierarchy:
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Awards | The following table summarizes the Company's RSA activity for the six months ended June 30, 2023 and 2022:
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Schedule of Restricted Stock Units | The following table summarizes the Company's Time-Based RSU activity for the six months ended June 30, 2023 and 2022:
The following table summarizes the Company's Performance-Based RSU award activity for the six months ended June 30, 2023 and 2022:
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Schedule of Stock Option Awards | The following table summarizes the Company's stock option activity for the six months ended June 30, 2023:
The following table summarizes the Company's stock option activity for the six months ended June 30, 2022:
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables set forth certain information regarding each of the Company’s reportable segments for the three and six months ended June 30, 2023 and 2022, respectively.
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Reconciliation of Company’s Income from Continuing Operations to Adjusted EBITDA | The following table presents reconciliations of the Company’s income from continuing operations to Adjusted EBITDA for the three and six months ended June 30, 2023 and 2022, respectively:
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | The following table reconciles the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following amounts of common shares that the Company may be obligated to issue were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:
|
Revenue - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | |||||
Recognition of previously deferred revenue for removal services for lease transactions and advance billings for sale transactions | $ 26.2 | ||||
Deferred revenue for removal services for lease transactions and advance billings for sale transactions | $ 104.8 | $ 104.8 | $ 102.2 | ||
Modular Leasing | Revenues | Revenue Concentration Risk | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk percentage | 76.00% | 73.00% | 76.00% | 75.00% |
Revenue - Rollforward of Accounts and Notes Receivable, Allowance (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 61,402 | $ 47,124 | $ 57,048 | $ 45,773 |
Provision for credit losses, net of recoveries | 13,390 | 9,593 | 22,193 | 17,904 |
Write-offs | (6,969) | (5,385) | (11,506) | (12,395) |
Foreign currency translation and other | 273 | (48) | 361 | 2 |
Balance at end of period | $ 68,096 | $ 51,284 | $ 68,096 | $ 51,284 |
Leases - Lease Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating | ||
2023 (remaining) | $ 33,230 | |
2024 | 60,869 | |
2025 | 51,326 | |
2026 | 39,676 | |
2027 | 29,208 | |
Thereafter | 62,057 | |
Total lease payments | 276,366 | |
Less: interest | (40,937) | |
Present value of lease liabilities | 235,429 | |
Finance | ||
2023 (remaining) | 8,905 | |
2024 | 17,994 | |
2025 | 17,667 | |
2026 | 17,351 | |
2027 | 14,099 | |
Thereafter | 26,651 | |
Total lease payments | 102,667 | |
Less: interest | (11,939) | |
Present value of lease liabilities | $ 90,728 | $ 74,370 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total long-term debt |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Finance Lease Expense | ||
Amortization of finance lease assets | $ 7,580 | $ 6,820 |
Interest on obligations under finance leases | 1,566 | 839 |
Total finance lease expense | 9,146 | 7,659 |
Operating Lease Expense | ||
Total operating lease expense | 52,560 | 55,249 |
Cost of leasing and services | ||
Operating Lease Expense | ||
Fixed lease expense | 723 | 1,574 |
Short-term lease expense | 12,404 | 16,739 |
Variable lease expense | 1,675 | 2,822 |
Selling, general and administrative | ||
Operating Lease Expense | ||
Fixed lease expense | 32,006 | 29,709 |
Short-term lease expense | 905 | 986 |
Variable lease expense | $ 4,847 | $ 3,419 |
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Cash paid for the amounts included in the measurement of lease liabilities: | ||
Operating cash outflows from operating leases | $ 33,501 | $ 30,918 |
Operating cash outflows from finance leases | 1,515 | 837 |
Financing cash outflows from finance leases | 8,087 | 7,506 |
Right of use assets obtained in exchange for lease obligations | 36,604 | 19,030 |
Assets obtained in exchange for finance leases | $ 24,382 | $ 14,576 |
Leases - Lease Terms and Discount Rates (Details) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
Weighted average remaining lease term - operating leases | 5 years 7 months 6 days | 5 years 9 months 18 days |
Weighted average discount rate - operating leases | 5.60% | 5.00% |
Weighted average remaining lease term - finance leases | 5 years 1 month 6 days | 4 years 10 months 24 days |
Weighted average discount rate - finance leases | 4.10% | 3.10% |
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 40,971 | $ 38,611 |
Finished units | 3,389 | 2,419 |
Inventories | $ 44,360 | $ 41,030 |
Rental Equipment, net (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Total rental equipment | $ 4,463,025 | $ 4,250,416 |
Less: accumulated depreciation | (1,266,507) | (1,173,129) |
Rental equipment, net | 3,196,518 | 3,077,287 |
Modular space units | ||
Property, Plant and Equipment [Line Items] | ||
Total rental equipment | 3,406,542 | 3,197,779 |
Portable storage units | ||
Property, Plant and Equipment [Line Items] | ||
Total rental equipment | 851,818 | 849,193 |
Value added products | ||
Property, Plant and Equipment [Line Items] | ||
Total rental equipment | $ 204,665 | $ 203,444 |
Goodwill and Intangibles - Goodwill Activity (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | $ 1,011,429 | $ 1,013,601 |
Effects of movements in foreign exchange rates | 706 | (2,172) |
Goodwill, end of period | 1,012,135 | 1,011,429 |
Modular | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | 518,877 | 521,049 |
Effects of movements in foreign exchange rates | 706 | (2,172) |
Goodwill, end of period | 519,583 | 518,877 |
Storage | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | 492,552 | 492,552 |
Effects of movements in foreign exchange rates | 0 | 0 |
Goodwill, end of period | $ 492,552 | $ 492,552 |
Goodwill and Intangibles - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill impairment loss | $ 0 | $ 0 | |||
Amortization expense for intangible assets | $ 6,000,000 | $ 5,900,000 | $ 11,900,000 | $ 11,800,000 |
Goodwill and Intangibles - Future Amortization (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 (remaining) | $ 11,875 |
2024 | 23,750 |
2025 | 23,750 |
2026 | 23,625 |
2027 | 23,500 |
Thereafter | 11,750 |
Net book value | $ 118,250 |
Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 1,563,924 | $ 1,565,300 | $ 1,966,185 | $ 1,996,763 | $ 1,565,300 | $ 1,996,763 |
Other comprehensive income (loss) before reclassifications | 21,676 | 8,793 | (26,092) | (4,643) | ||
Reclassifications from AOCI to income | (2,930) | (1,526) | 1,640 | 2,890 | ||
Ending balance | 1,438,545 | 1,563,924 | 1,773,950 | 1,966,185 | 1,438,545 | 1,773,950 |
Total | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (62,855) | (70,122) | (30,824) | (29,071) | (70,122) | (29,071) |
Ending balance | (44,109) | (62,855) | (55,276) | (30,824) | (44,109) | (55,276) |
Foreign currency translation | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (62,188) | (70,122) | (29,648) | (25,574) | (70,122) | (25,574) |
Other comprehensive income (loss) before reclassifications | 5,915 | 7,934 | (25,628) | (4,074) | ||
Reclassifications from AOCI to income | 0 | 0 | 0 | 0 | ||
Ending balance | (56,273) | (62,188) | (55,276) | (29,648) | (56,273) | (55,276) |
Unrealized gains on hedging activities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (667) | 0 | (1,176) | (3,497) | 0 | (3,497) |
Other comprehensive income (loss) before reclassifications | 15,761 | 859 | (464) | (569) | ||
Reclassifications from AOCI to income | (2,930) | (1,526) | 1,640 | 2,890 | ||
Ending balance | $ 12,164 | $ (667) | $ 0 | $ (1,176) | $ 12,164 | $ 0 |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 31.6 | $ (20.8) | $ 62.1 | $ (32.9) |
Effective tax rate | 26.50% | 25.80% | 27.50% | 24.90% |
Derivatives - Narrative (Details) |
Jun. 30, 2023 |
Jan. 31, 2023
USD ($)
derivativeAgreement
Rate
|
Dec. 31, 2022
GBP (£)
USD ($)
|
Dec. 31, 2018
USD ($)
|
---|---|---|---|---|
Interest rate swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notational amount | $ 750,000,000 | $ 400,000,000 | ||
Fixed rate | 3.44% | 3.06% | ||
Derivative, number of instruments held | derivativeAgreement | 2 | |||
Receive rate | 5.08% | |||
Foreign currency contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notational amount | £ | £ 330,000,000 | |||
Exchange rate | Rate | 120.50% | |||
Foreign currency contract | Maximum | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Price range | 1.20550 | |||
Foreign currency contract | Minimum | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Price range | 1.20440 |
Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Interest rate swap | ||
Derivative [Line Items] | ||
Prepaid expenses and other current assets | $ 13,215 | |
Other non-current assets | $ 3,134 | |
Foreign currency contract | ||
Derivative [Line Items] | ||
Accrued liabilities | $ 930 |
Derivatives - Impact of Interest Rate Swap (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Interest rate swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain recognized in OCI | $ 20,666 | $ 4,669 |
Interest rate swap | Interest expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Gain) loss reclassified from AOCI into income | (4,456) | $ 4,530 |
Foreign currency contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain recognized in OCI | $ 7,715 |
Stock-Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Number of Shares | ||
Outstanding beginning balance (in shares) | 35,244 | 36,176 |
Granted (in shares) | 25,483 | 35,244 |
Vested (in shares) | (35,244) | (36,176) |
Outstanding ending balance (in shares) | 25,483 | 35,244 |
Weighted-Average Grant Date Fair Value | ||
Outstanding beginning balance (in USD per share) | $ 37.17 | $ 29.30 |
Granted (in USD per share) | 44.59 | 37.17 |
Vested (in USD per share) | 37.17 | 29.30 |
Outstanding ending balance (in USD per share) | $ 44.59 | $ 37.17 |
Stock-Based Compensation - Time-Based RSU Award Activity (Details) - Time-based RSUs - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Number of Shares | ||
Outstanding beginning balance (in shares) | 789,779 | 997,451 |
Granted (in shares) | 213,388 | 357,639 |
Forfeited (in shares) | (43,486) | (31,712) |
Vested (in shares) | (281,153) | (437,571) |
Outstanding ending balance (in shares) | 678,528 | 885,807 |
Weighted-Average Grant Date Fair Value | ||
Outstanding beginning balance (in USD per share) | $ 26.16 | $ 18.54 |
Granted (in USD per share) | 50.74 | 35.53 |
Forfeited (in USD per share) | 34.67 | 30.45 |
Vested (in USD per share) | 22.40 | 16.61 |
Outstanding ending balance (in USD per share) | $ 34.91 | $ 25.93 |
Stock-Based Compensation - Performance-Based RSU Award Activity (Details) - Performance-based RSUs - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Number of Shares | ||
Outstanding beginning balance (in shares) | 1,894,250 | 1,536,394 |
Granted (in shares) | 376,826 | 745,079 |
Forfeited (in shares) | (985) | (30,712) |
Vested (in shares) | (181,319) | (313,152) |
Outstanding ending balance (in shares) | 2,088,772 | 1,937,609 |
Weighted-Average Grant Date Fair Value | ||
Outstanding beginning balance (in USD per share) | $ 33.67 | $ 26.34 |
Granted (in USD per share) | 69.52 | 42.34 |
Forfeited (in USD per share) | 69.52 | 41.81 |
Vested (in USD per share) | 16.82 | 16.45 |
Outstanding ending balance (in USD per share) | $ 41.54 | $ 33.84 |
Segment Reporting - Narrative (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
segment
|
Jun. 30, 2022
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Total revenues | $ 582,089 | $ 522,890 | $ 1,147,557 | $ 974,061 |
Gross Profit | $ 327,872 | 275,213 | $ 651,000 | 509,274 |
Storage | Ground Level Office Businesses, Transferred from Modular Segment to Storage Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 12,400 | 23,600 | ||
Gross Profit | $ 7,200 | $ 13,500 |
Earnings Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Numerator: | ||||
Income from continuing operations | $ 87,729 | $ 60,099 | $ 164,000 | $ 99,147 |
Income from discontinued operations | 0 | 13,277 | 134,613 | 25,400 |
Income from continuing operations | 87,729 | 73,376 | 298,613 | 124,547 |
Net income | $ 87,729 | $ 73,376 | $ 298,613 | $ 124,547 |
Denominator: | ||||
Weighted average Common Shares outstanding - basic (in shares) | 200,946,619 | 223,376,276 | 204,635,764 | 222,196,986 |
Warrants (in shares) | 0 | 1,746,000 | 0 | 1,818,000 |
Weighted average Common Shares outstanding - dilutive (in shares) | 204,326,162 | 227,484,012 | 208,233,141 | 226,983,150 |
RSAs | ||||
Denominator: | ||||
Awards (in shares) | 16,000 | 18,000 | 21,000 | 22,000 |
Time-based RSUs | ||||
Denominator: | ||||
Awards (in shares) | 242,000 | 307,000 | 309,000 | 395,000 |
Performance-based RSUs | ||||
Denominator: | ||||
Awards (in shares) | 2,148,000 | 952,000 | 2,274,000 | 1,385,000 |
Stock Options | ||||
Denominator: | ||||
Awards (in shares) | 973,000 | 1,085,000 | 993,000 | 1,166,000 |
Earnings Per Share - Schedule of Anti-dilutive securities (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares) | 583,000 | 1,253,000 | 398,000 | 904,000 |
Time-based RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares) | 210,000 | 0 | 211,000 | 0 |
Performance-based RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares) | 373,000 | 1,253,000 | 187,000 | 904,000 |
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