0001647088-21-000063 | 10-Q | XBRL Viewer | Willscot Mobile Mini Holdings Corp

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-37552
Entity Registrant Name	WILLSCOT MOBILE MINI HOLDINGS CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3430194
Entity Address, Address Line One	4646 E Van Buren St.
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85008
City Area Code	480
Local Phone Number	894-6311
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		226,182,486
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001647088
Current Fiscal Year End Date	--12-31
Common Stock, par value $0.0001 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	WSC
Security Exchange Name	NASDAQ
Warrants to purchase Common Stock(1)
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Common Stock(1)
Trading Symbol	WSCTW

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 15,402	$ 24,937
Trade receivables, net of allowances for credit losses at June 30, 2021 and December 31, 2020 of $36,785 and $29,258, respectively	365,164	330,942
Inventories	32,294	23,731
Prepaid expenses and other current assets	26,686	29,954
Assets held for sale	0	12,004
Total current assets	439,546	421,568
Rental equipment, net	2,914,572	2,931,646
Property, plant and equipment, net	303,488	303,650
Operating lease assets	235,258	232,094
Goodwill	1,180,737	1,171,219
Intangible assets, net	474,327	495,947
Other non-current assets	11,785	16,081
Total long-term assets	5,120,167	5,150,637
Total assets	5,559,713	5,572,205
Liabilities and equity
Accounts payable	132,031	106,926
Accrued expenses	149,670	141,672
Deferred revenue and customer deposits	151,819	135,485
Operating lease liabilities - current	49,606	48,063
Current portion of long-term debt	16,557	16,521
Total current liabilities	499,683	448,667
Long-term debt	2,506,295	2,453,809
Deferred tax liabilities	332,492	307,541
Operating lease liabilities - non-current	184,874	183,761
Common stock warrant liabilities	0	77,404
Other non-current liabilities	30,956	37,150
Long-term liabilities	3,054,617	3,059,665
Total liabilities	3,554,300	3,508,332
Commitments and contingencies (see Note 17)
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at June 30, 2021 and December 31, 2020	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 226,832,627 and 229,038,158 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	23	23
Additional paid-in-capital	3,756,563	3,852,291
Accumulated other comprehensive loss	(24,757)	(37,207)
Accumulated deficit	(1,726,416)	(1,751,234)
Total shareholders' equity	2,005,413	2,063,873
Total liabilities and equity	$ 5,559,713	$ 5,572,205

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Trade receivables, net of allowance	$ 36,785	$ 29,258
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)	226,832,627	229,038,158
Common stock outstanding (in shares)	226,832,627	229,038,158

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Leasing	$ 343,179	$ 190,143	$ 658,841	$ 378,495
Total revenues	461,102	256,862	886,425	512,683
Costs:
Leasing	83,032	47,747	152,927	97,556
Depreciation of rental equipment	62,893	45,494	118,591	91,442
Gross profit	222,810	109,964	436,190	216,154
Expenses:
Selling, general and administrative	122,387	63,653	238,872	129,190
Transaction costs	0	1,619	844	11,050
Other depreciation and amortization	21,622	2,883	39,946	5,957
Lease impairment expense and other related charges	474	1,394	1,727	3,055
Restructuring costs	6,960	749	10,102	689
Currency losses (gains), net	33	(380)	69	518
Other expense (income), net	719	(1,021)	(1,269)	(745)
Operating income	70,615	41,067	145,899	66,440
Interest expense	29,212	28,519	59,176	56,776
Fair value (gain) loss on common stock warrant liabilities	(610)	26,963	26,597	(68,366)
Loss on extinguishment of debt	2,814	0	5,999	0
Income (loss) before income tax	39,199	(14,415)	54,127	78,030
Income tax expense (benefit)	18,828	(285)	29,309	505
Net income (loss)	20,371	(14,130)	24,818	77,525
Net income attributable to non-controlling interest, net of tax	0	1,343	0	1,213
Net income (loss) attributable to WillScot Mobile Mini	$ 20,371	$ (15,473)	$ 24,818	$ 76,312
Earnings (loss) per share attributable to WillScot Mobile Mini common shareholders
Basic (in USD per share)	$ 0.09	$ (0.14)	$ 0.11	$ 0.69
Diluted (in USD per share)	$ 0.08	$ (0.14)	$ 0.11	$ 0.06
Weighted average shares:
Basic (in shares)	228,406,812	110,692,426	228,350,318	110,174,536
Diluted (in shares)	236,536,713	110,692,426	234,898,911	112,336,118
Delivery and installation
Revenues:
Revenues	$ 91,680	$ 51,640	$ 175,184	$ 102,710
Costs:
Cost of sales	77,153	43,523	147,289	87,388
New units
Revenues:
Revenues	11,008	9,763	21,963	19,376
Total revenues	11,008	9,763	21,963	19,376
Costs:
Cost of sales	7,052	6,331	14,161	12,534
Rental units
Revenues:
Revenues	15,235	5,316	30,437	12,102
Total revenues	15,235	5,316	30,437	12,102
Costs:
Cost of sales	$ 8,162	$ 3,803	$ 17,267	$ 7,609

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 20,371	$ (14,130)	$ 24,818	$ 77,525
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $60 and $0 for the three and six months ended June 30, 2021 and $0 for the three and six months ended June 30, 2020, respectively	3,093	7,982	8,127	(13,162)
Net gain (loss) on derivatives, net of income tax expense of $656 and $0 for the three months ended June 30, 2021 and 2020, respectively and $1,323 and $0 for the six months ended June 30, 2021 and 2020, respectively	2,146	975	4,323	(7,783)
Total other comprehensive income (loss)	5,239	8,957	12,450	(20,945)
Comprehensive income (loss)	25,610	(5,173)	37,268	56,580
Comprehensive income (loss) attributable to non-controlling interest	0	2,161	0	(672)
Total comprehensive income (loss) attributable to WillScot Mobile Mini	$ 25,610	$ (7,334)	$ 37,268	$ 57,252

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense (benefit)	$ 60,000	$ 0	$ 0	$ 0
Net losses on derivatives, tax benefit	$ 656,000	$ 0	$ 1,323,000	$ 0

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in-Capital

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

Total Shareholders' Equity

Non-Controlling Interest

Class A Common Stock

Common Stock

Class B Common Stock

Common Stock

Beginning balance (in shares) at Dec. 31, 2019

108,819,000

^[1]

8,024,000

Beginning balance at Dec. 31, 2019

$ 555,199

$ 2,378,733

$ (62,775)

$ (1,825,361)

$ 490,609

$ 64,590

$ 11

^[1]

$ 1

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

91,655

91,785

(130)

Total other comprehensive income (loss)

(29,902)

(27,199)

(2,703)

Stock-based compensation and issuance of Common Stock from vesting (in shares)

^[1]

239,000

Stock-based compensation and issuance of Common Stock from vesting

1,787

Receipts from issuance of Common Stock from the exercise of options and warrants (in shares)

^[1]

1,497,000

Issuance of Common Stock from the exercise of warrants

28,958

Withholding taxes on net share settlement of stock-based compensation

(673)

Ending balance (in shares) at Mar. 31, 2020

110,555,000

^[1]

8,024,000

Ending Balance at Mar. 31, 2020

647,024

2,408,805

(89,974)

(1,733,576)

585,267

61,757

$ 11

^[1]

$ 1

Beginning balance (in shares) at Dec. 31, 2019

108,819,000

^[1]

8,024,000

Beginning balance at Dec. 31, 2019

555,199

2,378,733

(62,775)

(1,825,361)

490,609

64,590

$ 11

^[1]

$ 1

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

77,525

Total other comprehensive income (loss)

(20,945)

Ending balance (in shares) at Jun. 30, 2020

121,233,000

^[1]

Ending Balance at Jun. 30, 2020

670,668

2,504,512

(84,807)

(1,749,049)

670,668

$ 12

^[1]

$ 0

Beginning balance (in shares) at Mar. 31, 2020

110,555,000

^[1]

8,024,000

Beginning balance at Mar. 31, 2020

647,024

2,408,805

(89,974)

(1,733,576)

585,267

61,757

$ 11

^[1]

$ 1

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(14,130)

(15,473)

1,343

Total other comprehensive income (loss)

8,957

8,139

818

Reclassification of ModSpace Warrants

26,216

Stock-based compensation and issuance of Common Stock from vesting

2,227

Shares issued for conversion (in shares)

10,641,000

^[1]

(8,024,000)

Shares issued for conversion

66,890

(2,972)

63,918

(63,918)

$ 1

^[1]

$ (1)

Receipts from issuance of Common Stock from the exercise of options and warrants (in shares)

^[1]

37,000

Issuance of Common Stock from the exercise of warrants

374

Ending balance (in shares) at Jun. 30, 2020

121,233,000

^[1]

Ending Balance at Jun. 30, 2020

$ 670,668

2,504,512

(84,807)

(1,749,049)

670,668

$ 0

$ 12

^[1]

$ 0

Beginning balance (in shares) at Dec. 31, 2020

229,038,158

229,038,000

^[1]

Beginning balance at Dec. 31, 2020

3,852,291

(37,207)

(1,751,234)

2,063,873

$ 23

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

4,447

Total other comprehensive income (loss)

7,211

Stock-based compensation and issuance of Common Stock from vesting (in shares)

^[1]

229,000

Stock-based compensation and issuance of Common Stock from vesting

4,951

Repurchase and cancellation of options and warrants (in shares)

^[1]

2,793,000

Repurchase and cancellation of Common Stock and warrants

76,788

Receipts from issuance of Common Stock from the exercise of options and warrants (in shares)

^[1]

341,000

Issuance of Common Stock from the exercise of warrants

5,414

Withholding taxes on net share settlement of stock-based compensation

(3,219)

Ending balance (in shares) at Mar. 31, 2021

^[1]

226,815,000

Ending Balance at Mar. 31, 2021

3,782,649

(29,996)

(1,746,787)

2,005,889

$ 23

^[1]

Beginning balance (in shares) at Dec. 31, 2020

229,038,158

229,038,000

^[1]

Beginning balance at Dec. 31, 2020

3,852,291

(37,207)

(1,751,234)

2,063,873

$ 23

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

$ 24,818

Total other comprehensive income (loss)

$ 12,450

Receipts from issuance of Common Stock from the exercise of options and warrants (in shares)

4,687,881

Ending balance (in shares) at Jun. 30, 2021

226,832,627

226,833,000

^[1]

Ending Balance at Jun. 30, 2021

3,756,563

(24,757)

(1,726,416)

2,005,413

$ 23

^[1]

Beginning balance (in shares) at Mar. 31, 2021

^[1]

226,815,000

Beginning balance at Mar. 31, 2021

3,782,649

(29,996)

(1,746,787)

2,005,889

$ 23

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

$ 20,371

20,371

Total other comprehensive income (loss)

$ 5,239

5,239

Stock-based compensation and issuance of Common Stock from vesting (in shares)

^[1]

60,000

Stock-based compensation and issuance of Common Stock from vesting

9,038

Repurchase and cancellation of options and warrants (in shares)

^[1]

4,100,000

Repurchase and cancellation of Common Stock and warrants

35,508

Receipts from issuance of Common Stock from the exercise of options and warrants (in shares)

^[1]

4,058,000

Issuance of Common Stock from the exercise of warrants

384

Ending balance (in shares) at Jun. 30, 2021

226,832,627

226,833,000

^[1]

Ending Balance at Jun. 30, 2021

$ 3,756,563

$ (24,757)

$ (1,726,416)

$ 2,005,413

$ 23

^[1]

[1]	(1) See Note 1 for information regarding the Company's conversion of Class A Common Stock to Common Stock on July 1, 2020 concurrent with the Merger.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net income	$ 24,818	$ 77,525
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	160,480	98,917
Provision for credit losses	16,910	9,122
Impairment losses on right of use assets	0	57
Gain on sale of rental equipment and other property, plant and equipment	(14,793)	(4,366)
Amortization of debt discounts and debt issuance costs	7,082	5,899
Fair value (gain) loss on common stock warrant liabilities	26,597	(68,366)
Loss on extinguishment of debt	5,999	0
Stock-based compensation expense	13,989	4,014
Deferred income tax expense	24,389	608
Unrealized currency (gains) losses, net	(184)	1,095
Changes in operating assets and liabilities:
Trade receivables	(50,324)	5,709
Inventories	(8,535)	520
Prepaid and other assets	10,004	(6,620)
Operating lease assets and liabilities	(537)	(64)
Accrued interest	116	753
Accounts payable and other accrued expenses	30,573	(17,767)
Deferred revenue and customer deposits	15,024	6,691
Net cash provided by operating activities	261,608	113,727
Investing activities:
Proceeds from sale of rental equipment	30,437	12,102
Purchase of rental equipment and refurbishments	(117,817)	(79,682)
Proceeds from the sale of property, plant and equipment	16,438	3,843
Purchase of property, plant and equipment	(17,450)	(3,186)
Net cash used in investing activities	(88,392)	(66,923)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options	5,798	4,580
Repurchase and cancellation of Common Stock and warrants	(214,299)	0
Receipts from borrowings	387,658	704,293
Payment of financing costs	0	(1,225)
Repayment of borrowings	(347,225)	(92,282)
Payment of debt extinguishment premium costs	(3,705)	0
Principal payments on finance lease obligations	(7,921)	0
Taxes paid on employee stock awards	(3,219)	(673)
Net cash (used in) provided by financing activities	(182,913)	614,693
Effect of exchange rate changes on cash and cash equivalents	162	(394)
Net change in cash and cash equivalents	(9,535)	661,103
Cash and cash equivalents at the beginning of the period	24,937	3,045
Cash and cash equivalents at the end of the period	15,402	664,148
Supplemental cash flow information:
Interest paid	46,105	46,058
Income taxes paid, net	4,383	(22)
Capital expenditures accrued or payable	$ 19,099	$ 18,742

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2021
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 provider of modular space and portable storage solutions in the United States (“US”), Canada, Mexico and the United Kingdom ("UK"). The Company also maintains a fleet of specialty containment products, including liquid and solid containment solutions. The Company leases, sells, delivers and installs mobile solutions and storage products through an integrated network of branch locations that spans North America and the UK. On July 1, 2020, WillScot Corporation, a Delaware corporation (“WillScot”), and Mobile Mini, Inc. (“Mobile Mini”) merged (the “Merger”). Immediately following the Merger, WillScot changed its name to “WillScot Mobile Mini Holdings Corp.” and filed an amended and restated certificate of incorporation (the "A&R Charter"), which reclassified all outstanding shares of WillScot Class A Common Stock and converted such shares into shares of Common Stock, par value $0.0001 per share, of WillScot Mobile Mini ("WillScot Mobile Mini Common Stock"). The WillScot Class A Common Stock was listed on the Nasdaq Capital Market (Nasdaq: WSC) up until the Merger, and the WillScot Mobile Mini Common Stock has been listed on the Nasdaq Capital Market (Nasdaq: WSC) since the Merger. As used herein, the term “Common Stock” or “the Company’s Common Stock” refers to WillScot Class A Common Stock prior to filing of the A&R Charter on July 1, 2020 and to WillScot Mobile Mini Common Stock as of and following the filing of the A&R Charter July 1, 2020. The preparation of financial statements in accordance with US Generally Accepted Accounting Principles (“GAAP”) requires that our condensed consolidated financial statements and most of the disclosures in these notes be presented on a historical basis. Unless the context otherwise requires, the terms “Company” and “WillScot Mobile Mini” as used in these financial statements mean WillScot and its subsidiaries when referring to periods prior to July 1, 2020 (prior to the Merger) and to WillScot Mobile Mini, when referring to periods on or after July 1, 2020 (after the Merger). Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Quarterly Report on Form 10-Q and do not include all the information and notes required by 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, necessary 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 six months ended June 30, 2021 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/A for the year ended December 31, 2020. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation. Recently Issued and Adopted Accounting Standards Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), which is elective, and provides for optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company is currently evaluating the impact of reference rate reform and the potential impact of adoption of these elective practical expedients on its condensed consolidated financial statements and does not expect the impact to be material. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. The amendments in the ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of the pronouncement on its consolidated financial statements. Recently Adopted Accounting StandardsIn December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. On January 1, 2021, the Company adopted ASU 2019-12 and the impact of adoption was not material to the Company's consolidated financial statements. The Company will apply the standard prospectively for intraperiod tax allocation, year-to-date losses that exceed anticipated annual losses and enacted changes in tax laws.

Acquisitions

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Mobile Mini Merger

Purchase Price

Upon completion of the Merger on July 1, 2020, each issued and outstanding share of Mobile Mini Common Stock, par value $0.01 per share, converted to 2.405 shares of WillScot Class A Common Stock, par value $0.0001 per share, and cash in lieu of any fractional shares. The Company issued 106,426,721 shares of Class A Common Stock to Mobile Mini stockholders as consideration for the Merger. The trading price of the Class A Common Stock was $12.53 per share on the closing date. In addition, Mobile Mini stock options converted into WillScot Mobile Mini stock options. The purchase price was determined as follows:


(in thousands, except share and per share data)	July 1, 2020
Mobile Mini Common Stock outstanding	44,252,275
Share conversion ratio	2.405
Common Stock issued	106,426,721
Common Stock per share price as of July 1, 2020	$	12.53
Fair value of shares of WillScot Class A Common Stock issued	$	1,333,527
Cash paid for fractional shares	30
Fair value of Mobile Mini Options converted to WillScot Mobile Mini Options	19,279
Total purchase price	$	1,352,836

The Merger was accounted for using the acquisition method of accounting, and WillScot was considered the accounting acquirer. Under the acquisition method of accounting, the Company assigned the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values at the closing date. The excess of the purchase price over those fair values was recorded as goodwill.

The purchase price for the Merger was assigned to the underlying assets acquired and liabilities assumed based upon their fair values at the date of acquisition, July 1, 2020. The Company recorded the fair values based on independent valuations, discounted cash flow analyses, quoted market prices, contributory asset charges, and estimates made by management. The following table summarizes the July 1, 2020 fair values of the assets acquired and liabilities assumed.

Opening Balance Sheet


(in thousands)	July 1, 2020
Cash and cash equivalents	$	17,203
Trade receivables	87,492
Inventories	8,987
Prepaid expenses and other current assets	13,717
Rental equipment	1,032,672
Property, plant and equipment	160,729
Operating lease assets	92,054
Intangible assets	374,500		(a)
Goodwill identified	937,135
Other non-current assets	2,520
Total identifiable assets acquired	2,727,009
Accounts payable	(29,797)
Accrued expenses	(40,335)
Deferred revenue and customer deposits	(38,846)
Operating lease liabilities	(89,968)
Debt and finance lease liabilities	(897,244)
Deferred tax liabilities	(276,555)
Other long-term liabilities	(1,428)
Total liabilities assumed	(1,374,173)
Purchase Price	$	1,352,836

(a) The initial fair value estimates were calculated using preliminary estimates and assumptions which have been updated in the current reporting period as additional information was obtained during the measurement period. The underlying assets have been adjusted from those previously recorded accordingly. Intangible assets were reduced by approximately $8.0 million from amounts reported at December 31, 2020.

Mobile Mini generated $330.8 million of revenue and $51.9 million of pre-tax income in the six months ended June 30, 2021, which is included in the condensed consolidated financial statements of operations.

The pro forma results presented below give effect to the following as if they occurred on January 1, 2019:


(i)			The Merger;
(ii)			Borrowings under the Company's 2025 Secured Notes and 2020 ABL Facility (both as defined in Note 9) used to repay certain debt in connection with the Merger;
(iii)			Extinguishment of the Mobile Mini revolving credit facility and senior notes assumed in the Merger and immediately repaid;
(iv)			Extinguishment of WillScot's 2017 ABL Facility and WillScot's 2022 Secured Notes (both as defined in Note 9) repaid in connection with the Merger;
(v)			Transaction costs incurred in connection with the Merger; and
(vi)			Elimination of WillScot's non-controlling interest and WillScot's Class B common stock in connection with the Merger. See Note 10 for further details.

The pro forma information is not necessarily indicative of the Company’s results of operations had the Merger been completed on January 1, 2019, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies, synergies, or revenue opportunities that could result from the Merger.

The Company's results of operations for the three and six months ended June 30, 2021 represent the activities of the Company after the Merger. As a result, there were no differences between pro forma results and actual results on a reported basis.

The tables below present unaudited pro forma condensed combined statements of operations information for the three and six months ended June 30, 2020:


(in thousands)	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
WillScot revenues	$	256,862	$	512,683
Mobile Mini revenues	133,663		284,240
Pro forma revenues	$	390,525	$	796,923

WillScot Mobile Mini (loss) income before income tax	$	(14,415)	$	78,030	(a)
Mobile Mini income before income tax	22,967		37,874
Pro forma income before income tax	8,552		115,904
Pro forma adjustments to combined income before income tax:
Elimination of Merger transaction costs	3,198		27,849		(b)
Impact of fair value mark-ups on rental fleet depreciation	(1,167)		(2,334)		(c)
Other depreciation expense and intangible asset amortization	(5,669)		(11,338)		(d)
Interest expense	(3,549)		(6,113)		(e)
Elimination of Mobile Mini interest expense	7,210		15,922		(f)
Pro forma income before income tax	8,575		139,890
Income tax expense	9,737		23,244		(g)
Pro forma net (loss) income	$	(1,162)	$	116,646


(a)			Excludes impact of non-controlling interest which was eliminated as part of the Sapphire Exchange. See Note 10.
(b)			Eliminates discrete transaction costs incurred as a result of the Mobile Mini Merger.
(c)			Depreciation on rental equipment and property, plant and equipment were adjusted for the determination of the fair value of equipment acquired in the Mobile Mini Merger.
(d)			Represents the differential in other depreciation and amortization expense related to the fair value purchase accounting adjustments as a result of the Merger, principally the amortization of the Mobile Mini customer relationship valued at $209,000 with a 13-year life.
(e)			In connection with the Merger, the Company entered into a new ABL Facility and drew $1.47 billion at close with an estimated interest rate of 2.046%, issued the 2025 Secured Notes at 6.125%, repaid the 2022 Secured Notes and repaid the 2017 ABL Facility. Interest and amortization of deferred financing fees for the 2020 ABL Facility and the 2025 Secured Notes has been included offset by the removal of interest and amortization of deferred financing fees attributable to the 2022 Secured Notes and the 2017 ABL Facility. See Note 9 for definitions of terms.
(f)			Interest and amortization of deferred financing fees on the senior notes and line of credit maintained by Mobile Mini which were assumed at acquisition and repaid immediately using proceeds from the 2020 ABL Facility and 2025 Secured Notes was eliminated. See Note 9 for definition of terms.
(g)			Reflects the recorded income tax provision plus the adjustment to recognize the income tax impacts of the unaudited pro forma adjustments for which a tax expense is recognized using a US federal and state statutory tax rate of 25.5%. This rate may vary from the effective tax rates of the historical and combined businesses. In addition, the three and six months ended June 30, 2020 included an adjustment of $2.7 million to eliminate the reversal of valuation allowance as a result of reassessment of the realizability of deferred tax assets as a result of the Merger.

Transaction and Integration Costs

The Company recorded $1.6 million in transaction costs related to the Merger during the three months ended June 30, 2020, and $0.8 million and $11.0 million in transaction costs related to the Merger in the six months ended June 30, 2021 and 2020, respectively. The Company also recorded $7.6 million and $15.0 million in integration costs related to the Merger within selling, general and administrative ("SG&A") expense during the three and six months ended June 30, 2021, respectively.

Revenue

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Disaggregation

Geographic Areas

The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2020 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
US	$	399,280	$	237,613	$	770,549	$	472,941
Canada	29,543		16,279		53,127		32,985
Mexico	3,848		2,970		7,311		6,757
UK	28,431		—		55,438		—
Total revenues	$	461,102	$	256,862	$	886,425	$	512,683

Major Product and Service Lines

Equipment leasing is the Company's core business. This includes rental modular space, portable space and tank and pump units along with value added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, and other items used by customers in connection with the Company's products. 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, 2021 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Modular space leasing revenue	$	181,376	$	132,377	$	351,328	$	263,775
Portable storage leasing revenue	58,848		5,716		113,461		11,565
Tank and pump leasing revenue	17,109		—		32,869		—
VAPS and third party leasing revenues(a)	70,880		42,421		133,306		83,423
Other leasing-related revenue(b)	14,966		9,629		27,877		19,732
Leasing revenue	343,179		190,143		658,841		378,495
Delivery and installation revenue	91,680		51,640		175,184		102,710
Total leasing and services revenue	434,859		241,783		834,025		481,205
New unit sales revenue	11,008		9,763		21,963		19,376
Rental unit sales revenue	15,235		5,316		30,437		12,102
Total revenues	$	461,102	$	256,862	$	886,425	$	512,683


(a)			Includes $7.8 million and $4.3 million of service revenue for the three months ended June 30, 2021 and 2020, respectively, and $14.0 million and $8.3 million of service revenue for the six months ended June 30, 2021 and 2020 , respectively.
(b)			Includes primarily damage billings, delinquent payment charges, and other processing fees.

Leasing and Services Revenue

The majority of revenue (73% for the three and six months ended June 30 2021 and 72% for the three and six months ended June 30, 2020) is generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue for the three and six months ended June 30, 2021 and 2020 is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606").

Receivables, Contract Assets and Liabilities

As reflected above, approximately 73% of the Company's rental revenue is generated by lease revenue subject to the guidance in ASC 842. The customers that are responsible for the remaining revenue accounted for under ASC 606 are generally the same customers that rent the Company's equipment. The Company manages credit risk associated with its accounts receivables at the customer level. As 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 its total revenues. The Company's top five customers with the largest open receivables balances represented 4.4% of the total receivables balance as of June 30, 2021.

As of June 30, 2021 and December 31, 2020, the Company had approximately $74.7 million and $74.1 million, respectively, of deferred revenue that relates to removal services for lease transactions and advance billings for sale transactions, which are within the scope of ASC 606 and are included in deferred revenue and customer deposits in the condensed consolidated balance sheets. During the three months ended June 30, 2021, $18.1 million of previously deferred revenue relating to removal services for lease transactions and advance billings for sale transactions was recognized as revenue.

The Company does not have material contract assets and it did not recognize any material impairments of contract assets.

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 costs ultimately incurred to provide those services.

The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions paid to its sales force. 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.

Credit Losses

The Company is exposed to credit losses from trade receivables generated through its leasing and sales business. The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review. The credit review considers expected billing exposure and 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 new leases 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. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowances for credit losses reflect the estimate of the amount of receivables that the Company will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. This estimate could require change based on 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 allowances.

Activity in the allowance for credit losses was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Balance at beginning of period	$	31,630	$	16,471	$	29,258	$	15,828
Net charges to bad debt expense and revenue	8,390		5,730		16,910		9,122
Write-offs	(4,058)		(2,829)		(9,872)		(5,573)
Foreign currency translation and other	823		(189)		489		(194)
Balance at end of period	$	36,785	$	19,183	$	36,785	$	19,183

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

As of June 30, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021 (remaining)	$	31,653	$	10,193
2022	56,891		18,747
2023	46,544		15,296
2024	38,183		12,375
2025	31,384		12,482
Thereafter	74,309		18,932
Total lease payments	278,964		88,025
Less: interest	(44,484)		(6,496)
Present value of lease liabilities	$	234,480	$	81,529

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, 2021 and 2020 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2021		2020
Finance Lease Expense
Amortization of finance lease assets	$	9,514	$	—
Interest on obligations under finance leases	1,098		—
Total finance lease expense	$	10,612	$	—

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	2,131	$	3,074
Selling, general and administrative	29,359		16,866
Lease impairment expense and other related charges	1,107		1,359
Short-term lease expense
Cost of leasing and services	11,575		13,603
Selling, general and administrative	723		851
Lease impairment expense and other related charges	—		466
Variable lease expense
Cost of leasing and services	3,373		3,657
Selling, general and administrative	3,792		2,131
Lease impairment expense and other related charges	335		511
Total operating lease expense	$	52,395	$	42,518

Lease impairment expense and other related charges relate to closed locations that are no longer used in operations as a result of consolidation activities within the Company. During the six months ended June 30, 2021, the Company recorded $1.7 million in lease impairment expense and other related charges which is comprised of $0.2 million loss on lease exit and impairment charges and $1.5 million in closed location rent expense. During the six months ended June 30, 2020, the Company recorded $3.1 million in lease impairment expense and other related charges which is comprised of $0.8 million loss on lease exit and $2.3 million in closed location rent expense.

Supplemental cash flow information related to leases for the six months ended June 30, 2021 and 2020 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2021		2020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	33,409	$	20,271
Financing cash outflows from finance leases	$	8,030	$	—

Right of use assets obtained in exchange for lease obligations	$	28,288	$	19,242
Assets obtained in exchange for finance leases	$	11,530	$	—

Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2021 and December 31, 2020 were as follows:


Lease Terms and Discount Rates	June 30, 2021		December 31, 2020
Weighted-average remaining lease term - operating leases	6.2 years		6.4 years
Weighted-average discount rate - operating leases	5.6	%	5.7	%
Weighted-average remaining lease term - finance leases	4.5 years		4.6 years
Weighted-average discount rate - finance leases	2.9	%	2.9	%

The Company presents information related to leasing revenues in Note 3.

Leases

As of June 30, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021 (remaining)	$	31,653	$	10,193
2022	56,891		18,747
2023	46,544		15,296
2024	38,183		12,375
2025	31,384		12,482
Thereafter	74,309		18,932
Total lease payments	278,964		88,025
Less: interest	(44,484)		(6,496)
Present value of lease liabilities	$	234,480	$	81,529

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, 2021 and 2020 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2021		2020
Finance Lease Expense
Amortization of finance lease assets	$	9,514	$	—
Interest on obligations under finance leases	1,098		—
Total finance lease expense	$	10,612	$	—

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	2,131	$	3,074
Selling, general and administrative	29,359		16,866
Lease impairment expense and other related charges	1,107		1,359
Short-term lease expense
Cost of leasing and services	11,575		13,603
Selling, general and administrative	723		851
Lease impairment expense and other related charges	—		466
Variable lease expense
Cost of leasing and services	3,373		3,657
Selling, general and administrative	3,792		2,131
Lease impairment expense and other related charges	335		511
Total operating lease expense	$	52,395	$	42,518

Supplemental cash flow information related to leases for the six months ended June 30, 2021 and 2020 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2021		2020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	33,409	$	20,271
Financing cash outflows from finance leases	$	8,030	$	—

Right of use assets obtained in exchange for lease obligations	$	28,288	$	19,242
Assets obtained in exchange for finance leases	$	11,530	$	—

Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2021 and December 31, 2020 were as follows:


Lease Terms and Discount Rates	June 30, 2021		December 31, 2020
Weighted-average remaining lease term - operating leases	6.2 years		6.4 years
Weighted-average discount rate - operating leases	5.6	%	5.7	%
Weighted-average remaining lease term - finance leases	4.5 years		4.6 years
Weighted-average discount rate - finance leases	2.9	%	2.9	%

The Company presents information related to leasing revenues in Note 3.

Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories at the respective balance sheet dates consisted of the following:


(in thousands)	June 30, 2021		December 31, 2020
Raw materials	$	24,493	$	19,560
Finished units	7,801		4,171
Inventories	$	32,294	$	23,731

Rental Equipment, net

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Rental Equipment, net

Rental equipment, net at the respective balance sheet dates consisted of the following:


(in thousands)	June 30, 2021		December 31, 2020
Modular space units	$	2,822,231	$	2,796,284
Portable storage units	696,600		653,707
Tank and pump products	144,951		132,071
Value added products	156,987		143,652
Total rental equipment	3,820,769		3,725,714
Less: accumulated depreciation	(906,197)		(794,068)
Rental equipment, net	$	2,914,572	$	2,931,646

Goodwill

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GoodwillChanges in the carrying amount of goodwill were as follows:


(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Total
Balance at December 31, 2019	$	235,177	$	—	$	—	$	—	$	235,177
Acquisition of Mobile Mini	—		726,529		59,183		143,262		928,974
Effects of movements in foreign exchange rates	651		—		6,417		—		7,068
Balance at December 31, 2020	235,828		726,529		65,600		143,262		1,171,219
Changes to Mobile Mini purchase accounting	285,000		(233,666)		—		(43,173)		8,161

Effects of movements in foreign exchange rates	842		(293)		808		—		1,357
Balance at June 30, 2021	$	521,670	$	492,570	$	66,408	$	100,089	$	1,180,737

The Company had no goodwill impairment during the six months ended June 30, 2021 or the year ended December 31, 2020. Changes to Mobile Mini purchase accounting are largely the result of the finalization of the assignment of goodwill to the reporting units during the measurement period.

Intangibles

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:


	June 30, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.2	$	3,000	$	(2,875)	$	125
Mobile Mini customer relationships	7.1	209,000		(25,048)		183,952
Technology	5.0	1,500		(250)		1,250
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	502,500	$	(28,173)	$	474,327


	December 31, 2020
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.7	$	3,000	$	(2,375)	$	625
Mobile Mini customer relationships	8.0	217,000		(12,053)		204,947
Technology	5.5	1,500		(125)		1,375
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	510,500	$	(14,553)	$	495,947

Amortization expense related to intangible assets was $6.8 million and $0.3 million for the three months ended June 30, 2021 and 2020, respectively, and $13.8 million and $0.5 million for the six months ended June 30, 2021 and 2020, respectively.

As discussed in Note 2, the Company acquired Mobile Mini on July 1, 2020. The Company recorded $164.0 million to indefinite-lived intangible assets and $210.5 million of intangibles subject to amortization related to Mobile Mini customer relationships and technology.

Based on the carrying value at June 30, 2021, future amortization of intangible assets is expected to be as follows for the years ended December 31:


(in thousands)
2021 (remaining)	$	13,334
2022	26,416
2023	26,416
2024	26,416
2025	26,416
Thereafter	66,329
Total	$	185,327

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

The carrying value of debt outstanding at the respective balance sheet dates consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	June 30, 2021		December 31, 2020
2025 Secured Notes	6.125%	2025	$	517,054	$	637,068
ABL Facility(a)	Varies	2025	1,432,252		1,263,833
2028 Secured Notes	4.625%	2028	492,017		491,555
Finance Leases	Varies	Varies	81,529		77,874
Total debt			2,522,852		2,470,330
Less: current portion of long-term debt			16,557		16,521
Total long-term debt			$	2,506,295	$	2,453,809

(a) As of both June 30, 2021 and December 31, 2020, the Company had no outstanding principal borrowings on the Multicurrency Facility and $7.2 million and $7.9 million, respectively, of related debt issuance costs. No related debt issuance costs were recorded as a direct offset against the principal borrowings on the Multicurrency Facility, and the $7.2 million and $7.9 million in excess of principal was included in other non-current assets on the condensed consolidated balance sheets.

Asset Backed Lending Facilities ("ABL Facility")

On November 29, 2017, Williams Scotsman Holdings Corp ("Holdings"), Williams Scotsman International, Inc. ("WSII") and certain of its subsidiaries entered into an ABL credit agreement (the “2017 ABL Facility”), as amended, that provided a senior secured revolving credit facility that matured on May 29, 2022. The 2017 ABL Facility consisted of (i) a $1.3 billion asset-backed revolving credit facility for WSII and certain of its domestic subsidiaries (the "2017 US ABL Facility"), (ii) a $140.0 million asset-based revolving credit facility (the "2017 Canadian ABL Facility") for certain Canadian subsidiaries of WSII, and (iii) an accordion feature that permitted the borrowers to increase the lenders’ commitments in an aggregate amount not to exceed $375.0 million, subject to the satisfaction of customary conditions and lender approval, plus any voluntary prepayments that are accompanied by permanent commitment reductions under the 2017 ABL Facility.

On July 1, 2020, in connection with the completion of the Merger, Holdings, WSII, and certain of its subsidiaries, entered into a new asset-based credit agreement, that provides 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 (the “US Facility”), available to WSII and certain of its subsidiaries (collectively, the “US Borrowers”), and (ii) a $400 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility" together with the US Facility, the “2020 ABL Facility”), available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros by the US Borrowers, and certain of WSII’s wholly-owned subsidiaries organized in Canada and in the UK. On July 1, 2020, in connection with the completion of the Merger, approximately $1.5 billion of proceeds from the 2020 ABL Facility were used to repay the 2017 ABL Facility and the asset-backed lending facility assumed in the transaction with Mobile Mini, as well as to pay fees and expenses related to the Merger and the debt financing transactions. In connection with the repayment of the 2017 ABL facility, the Company wrote off $4.4 million of deferred financing costs to loss on extinguishment of debt in the third quarter of 2020. The 2020 ABL Facility matures July 1, 2025.

Borrowings under the 2020 ABL Facility initially bear interest at (i) in the case of US Dollars, at WSII’s option, either an adjusted LIBOR rate plus 1.875% or an alternative base rate plus 0.875%, (ii) in the case of Canadian Dollars, at WSII’s option, either a Canadian BA rate plus 1.875% or Canadian prime rate plus 0.875%, and (iii) in the case of Euros and British Pounds Sterling, an adjusted LIBOR rate plus 1.875%. The 2020 ABL Facility requires the payment of an annual commitment fee on the unused available borrowings of 0.225% per annum. At June 30, 2021, the weighted average interest rate for borrowings under the 2020 ABL Facility was 1.96%. The weighted average interest rate on the balance outstanding as of June 30, 2021, as adjusted for the effects of the interest rate swap agreements, was 2.77%. Refer to Note 16 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 Line Cap. At June 30, 2021, the Line Cap was $2.4 billion and the Borrowers had $917.4 million of available borrowing capacity under the 2020 ABL Facility, including $517.4 million under the US Facility and $400.0 million under the Multicurrency Facility. Borrowing capacity under the 2020 ABL Facility is made available for up to $205.9 million of letters of credit and up to $170.0 million of swingline loans. At June 30, 2021, letters of credit and bank guarantees carried fees of 2.00%. The Company had issued $14.1 million of standby letters of credit under the 2020 ABL Facility at June 30, 2021.

The Company had $1.5 billion outstanding principal under the 2020 ABL Facility at June 30, 2021. Debt issuance costs of $36.2 million were included in the carrying value of the 2020 ABL Facility at June 30, 2021.

2022 Senior Secured Notes

WSII had $270.0 million aggregate principal amount of 7.875% senior secured notes due December 15, 2022 (the “2022 Secured Notes”). In connection with the Merger and related financing transactions in the third quarter of 2020, using proceeds from the 2025 Secured Notes discussed below, the Company redeemed all of its 2022 Secured Notes.

2023 Senior Secured Notes

WSII had $490.0 million of 6.875% senior secured notes due August 15, 2023 (the “2023 Secured Notes”). On August 11, 2020, WSII redeemed 10% of the outstanding principal amount of the 2023 Secured Notes, $49.0 million. On August 25, 2020, the Company completed a private offering of its 2028 Secured Notes, discussed below, and used the offering proceeds to repay, along with expenses, the $441.0 million outstanding principal amount of its 2023 Secured Notes.

2025 Senior Secured Notes

In anticipation of the Merger, on June 15, 2020, Picasso Finance Sub, Inc., a newly-formed indirect finance subsidiary (the “Finance Sub”) of the Company, completed a private offering of $650.0 million in aggregate principal amount of its 6.125% senior secured notes due 2025 (the “2025 Secured Notes”). Finance Sub was merged into WSII on July 1, 2020. The offering proceeds were used to repay the 2022 Secured Notes, repay Mobile Mini senior notes assumed in the acquisition and pay certain fees and expenses related to the Merger and the related financing transactions.

On March 26, 2021, using cash on hand and borrowings on the 2020 ABL Facility, the Company redeemed 10% of the outstanding principal, or $65.0 million, of its 2025 Secured Notes and recorded a loss on extinguishment of debt in the condensed consolidated statement of operations of $3.2 million comprised of a redemption premium of $1.9 million and write- off of unamortized deferred financing fees of $1.3 million in the first quarter of 2021.

On June 16, 2021, using cash on hand and borrowings on the 2020 ABL Facility, the Company redeemed 10% of the outstanding principal, or $58.5 million, of its 2025 Secured Notes and recorded a loss on extinguishment of debt in the condensed consolidated statement of operations of $2.8 million comprised of a redemption premium of $1.8 million and write-off of unamortized deferred financing fees of $1.0 million in the second quarter of 2021.

The 2025 Secured Notes mature on June 15, 2025 and bear interest at a rate of 6.125% per annum. Interest is payable semi-annually on June 15 and December 15 of each year, beginning December 15, 2020. Unamortized deferred financing costs pertaining to the 2025 Secured Notes were $9.5 million as of June 30, 2021.

2028 Senior Secured Notes

On August 25, 2020, the Company, completed a private offering of $500.0 million in aggregate principal amount of 4.625% senior secured notes due 2028 (the “2028 Secured Notes”). The 2028 Secured Notes mature on August 15, 2028. They bear interest at a rate of 4.625% per annum. Interest is payable semi-annually on August 15 and February 15 of each year, beginning February 15, 2021. Unamortized deferred financing cost pertaining to the 2028 Secured Notes were $8.0 million as of June 30, 2021.

The Company is in compliance with all debt covenants and restrictions for the aforementioned debt instruments as of June 30, 2021 and December 31, 2020.

Finance Leases

The Company maintains finance leases primarily related to transportation equipment. At June 30, 2021 and December 31, 2020, obligations under finance leases for certain real property and transportation related equipment were $81.5 million and $77.9 million, respectively. Refer to Note 4 for further information.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
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+ Details

Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Equity

Common Stock

On June 30, 2020, as contemplated by the Merger Agreement, Sapphire Holding S.à r.l. ("Sapphire Holdings"), an affiliate of TDR Capital LLP (“TDR Capital”), exchanged each of its shares of common stock of Holdings for 1.3261 shares of newly issued WillScot Class A Common Stock (the "Sapphire Exchange"). As a result of the Sapphire Exchange, all issued and outstanding shares of WillScot’s Class B Common Stock, par value $0.0001 per share (the "Class B Common Stock"), were automatically canceled for no consideration and the existing exchange agreement was automatically terminated. As a result of the Sapphire Exchange, Holdings became a wholly-owned subsidiary of WillScot. Sapphire Holdings received 10,641,182 shares of Common Stock of WillScot in the Sapphire Exchange. Prior to the Sapphire Exchange, Sapphire Holdings' ownership of Holdings was recorded as a non-controlling interest in the condensed consolidated financial statements. Subsequent to the Sapphire Exchange, the Company's subsidiaries are each wholly owned and there is no non-controlling interest. As a result of the Sapphire Exchange, non-controlling interest of $63.9 million was reclassified to $66.9 million of additional paid-in-capital and $3.0 million to accumulated other comprehensive loss, on the condensed consolidated balance sheet.

In connection with the Merger on July 1, 2020, the Company issued 106,426,722 shares of Class A Common Stock in exchange for Mobile Mini Common Stock outstanding and subsequently filed an amended and restated certificate of incorporation, which reclassified all outstanding shares of the Class A Common Stock and converted such shares into shares of Common Stock, par value $0.0001 per share, of WillScot Mobile Mini.

In connection with the stock compensation vesting events and stock option exercises described in Note 15, and the warrant exercises described below, the Company issued 4,687,881 shares of Common Stock during the six months ended June 30, 2021.

Stock Repurchase Program

On August 7, 2020, the Company's Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $250 million of its outstanding shares of Common Stock. On April 29, 2021, the Board of Directors approved an increase in repurchase authority to $500 million. 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 and conditions, business, legal, accounting, and other considerations.

The Company may repurchase its shares in open market transactions from time to time or through privately negotiated transactions in accordance with federal securities laws, at the Company's discretion. The repurchase program, which has no expiration date, may be increased, suspended, or terminated at any time. The program is expected to be implemented over the course of several years and is conducted subject to the covenants in the agreements governing the Company's indebtedness.

During the six months ended June 30, 2021, the Company repurchased 7,901,657 shares of Common Stock and stock equivalents for $216.3 million. As of June 30, 2021, $249.2 million of the approved 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, 2021 and 2020 were as follows:


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2020	$	(24,694)	$	(12,513)	$	(37,207)
Other comprehensive income (loss) before reclassifications	5,034		(760)		4,274
Reclassifications from AOCI to income	—		2,937		2,937

Balance at March 31, 2021	(19,660)		(10,336)		(29,996)
Other comprehensive income (loss) before reclassifications	3,093		(848)		2,245
Reclassifications from AOCI to income	—		2,994		2,994

Balance at June 30, 2021	$	(16,567)	$	(8,190)	$	(24,757)


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2019	$	(52,982)	$	(9,793)	$	(62,775)
Other comprehensive loss before reclassifications	(21,144)		(10,330)		(31,474)
Reclassifications from AOCI to income	—		1,572		1,572
Less other comprehensive loss attributable to non-controlling interest	1,913		790		2,703
Balance at March 31, 2020	(72,213)		(17,761)		(89,974)
Other comprehensive income (loss) before reclassifications	7,982		(1,642)		6,340
Reclassifications from AOCI to income	—		2,617		2,617
Less other comprehensive loss (income) attributable to non-controlling interest	(730)		(88)		(818)
Impact of elimination of non-controlling interest on accumulated other comprehensive income	(1,299)		(1,673)		(2,972)
Balance at June 30, 2020	$	(66,260)	$	(18,547)	$	(84,807)

For the six months ended June 30, 2021 and 2020, $5.9 million and $4.2 million, respectively, was reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps discussed in Note 16. The Company recorded a tax expense of $0.7 million and $0 for the three months ended June 30, 2021 and 2020, respectively, and $1.3 million and $0 for the six months ended June 30, 2021 and 2020, respectively, associated with this reclassification.

Warrants

2015 Public Warrants

WillScot was incorporated under the name Double Eagle Acquisition Corporation ("DEAC") on June 26, 2015. On November 29, 2017, DEAC acquired Williams Scotsman International, Inc. (“WSII”) from Algeco Scotsman Global S.à.r.l., which is majority owned by an investment fund managed by TDR Capital, and DEAC domesticated to Delaware and changed its name to WillScot Corporation.

As part of its initial public offering, DEAC issued warrants (the “2015 Public Warrants”). Each 2015 Public Warrant entitled the holder to purchase one-half of one share of Common Stock at a price of $5.75 per half share (or $11.50 per whole share), subject to adjustment. On January 24, 2020, the Company delivered a notice (the "Redemption Notice") to redeem all of its 2015 Public Warrants that remained unexercised on February 24, 2020. As further described in the Redemption Notice and permitted under the Warrant Agreement, holders of these warrants who exercised them following the date of the Redemption Notice were required to do so on a cashless basis. From January 1, 2020 through January 24, 2020, 796,610 warrants were exercised for cash, resulting in the Company receiving cash proceeds of $4.6 million and the Company issuing 398,305 shares of the Company's Class A Common Stock. After January 24, 2020 through February 24, 2020, 5,836,048 warrants were exercised on a cashless basis. An aggregate of 1,097,162 shares of the Company's Class A Common Stock was issued in connection with these exercises. On February 24, 2020, the Company completed the redemption of 38,509 remaining warrants under the Redemption Notice for $0.01 per warrant. No Public Warrants remain outstanding.

2015 Private Warrants

DEAC also issued warrants to purchase its Common Stock in a private placement concurrently with its initial public offering (the “2015 Private Warrants”). Each 2015 Private Warrant entitled the holder to purchase one-half of one share of Common Stock at a price of $5.75 per half share (or $11.50 per whole share), subject to adjustment. Additionally, if held by certain original investors (or their permitted assignees), the 2015 Private Warrants could be exercised on a cashless basis and are not subject to redemption. During the six months ended June 30, 2021, 3,055,000 2015 Private Warrants were repurchased for $25.5 million and cancelled. In addition, during the six months ended June 30, 2021, 9,655,000 warrants were exercised on a cashless basis, resulting in the issuance of 2,939,898 shares of Common Stock. As a result of these transactions, no 2015 private warrants were outstanding as of June 30, 2021.

2018 Warrants

In connection with the Modular Space Holdings ("ModSpace") acquisition in 2018, WillScot issued warrants to purchase approximately 10.0 million shares of Common Stock (the "2018 Warrants") to former shareholders of ModSpace. Each 2018 Warrant entitles the holder thereof to purchase one share of Common Stock at an exercise price of $15.50 per share, subject to potential adjustment. The 2018 Warrants expire on November 29, 2022. During the six months ended June 30, 2021, 218,135 of these 2018 Warrants were repurchased for $2.2 million and cancelled. In addition, during the six months ended June 30, 2021, 2,346,195 2018 Warrants were exercised on a cashless basis, resulting in the issuance of 1,091,066 shares of common stock. At June 30, 2021, 7,165,911 2018 Warrants were outstanding.

The Company accounted for its warrants in the following ways: (i) the 2015 Public Warrants as liabilities through their final redemption in February 2020, (ii) the 2015 Private Warrants as liabilities through their final repurchase or exercise in May 2021, and (iii) the 2018 Warrants as liabilities until June 30, 2020, the date all issued and outstanding shares of the Company's Class B Common Stock were cancelled. Subsequent to June 30, 2020, the 2018 Warrants were equity classified.

The Company determined the following fair values for the outstanding common stock warrants recorded as liabilities:


(in thousands)	June 30, 2021		December 31, 2020
2015 Private Warrants	$	—	$	77,404

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Warrants

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Warrants

Equity

Common Stock

Stock Repurchase Program

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2021 and 2020 were as follows:


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2020	$	(24,694)	$	(12,513)	$	(37,207)
Other comprehensive income (loss) before reclassifications	5,034		(760)		4,274
Reclassifications from AOCI to income	—		2,937		2,937

Balance at March 31, 2021	(19,660)		(10,336)		(29,996)
Other comprehensive income (loss) before reclassifications	3,093		(848)		2,245
Reclassifications from AOCI to income	—		2,994		2,994

Balance at June 30, 2021	$	(16,567)	$	(8,190)	$	(24,757)


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2019	$	(52,982)	$	(9,793)	$	(62,775)
Other comprehensive loss before reclassifications	(21,144)		(10,330)		(31,474)
Reclassifications from AOCI to income	—		1,572		1,572
Less other comprehensive loss attributable to non-controlling interest	1,913		790		2,703
Balance at March 31, 2020	(72,213)		(17,761)		(89,974)
Other comprehensive income (loss) before reclassifications	7,982		(1,642)		6,340
Reclassifications from AOCI to income	—		2,617		2,617
Less other comprehensive loss (income) attributable to non-controlling interest	(730)		(88)		(818)
Impact of elimination of non-controlling interest on accumulated other comprehensive income	(1,299)		(1,673)		(2,972)
Balance at June 30, 2020	$	(66,260)	$	(18,547)	$	(84,807)

Warrants

2015 Public Warrants

2015 Private Warrants

2018 Warrants

The Company determined the following fair values for the outstanding common stock warrants recorded as liabilities:


(in thousands)	June 30, 2021		December 31, 2020
2015 Private Warrants	$	—	$	77,404

- Definition

+ References

+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recorded $18.8 million and $29.3 million of income tax expense for the three and six months ended June 30, 2021, respectively and $(0.3) million and $0.5 million of income tax (benefit) expense for the three and six months ended June 30, 2020, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2021 was 48.0% and 54.2%, respectively. The Company's effective tax rate for the three and six months ended June 30, 2020 was 2.0% and 0.6%, respectively.The effective tax rate for the three and six months ended June 30, 2021 differs from the US federal statutory rate of 21% primarily due to the permanent add-backs related to the mark to market accounting on the Company’s warrants and the impact of the UK statutory rate increase. The effective tax rate for the three and six months ended June 30, 2020 is different form the US statutory rate of 21% primarily as a result of a benefit from the reversal of the Company's valuation allowance due to pre-tax income offset by a net increase in expense for certain discrete items recorded in the respective quarters.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measures

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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:


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

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, 2021 approximate their respective book values.

Prior to their redemption, the Company’s 2015 Public Warrants traded in active markets. When classified as liabilities, warrants traded in active markets with sufficient trading volume represent Level 1 financial instruments as they are publicly traded in active markets and thus have observable market prices which are used to estimate the fair value adjustments for the related common stock warrant liabilities. When classified as liabilities, warrants not traded in active markets, or traded with insufficient volume, represent Level 3 financial instruments that are valued using a Black-Scholes option-pricing model to estimate the fair value adjustments for the related common stock warrant 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:


	June 30, 2021								December 31, 2020
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
ABL Facilities	$	1,432,252	$	—	$	1,468,500	$	—	$	1,263,833	$	—	$	1,304,612	$	—


2025 Secured Notes	517,054		—		558,501		—		637,068		—		694,876		—
2028 Secured Notes	492,017		—		515,895		—		491,555		—		518,820		—
Total	$	2,441,323	$	—	$	2,542,896	$	—	$	2,392,456	$	—	$	2,518,308	$	—

As of June 30, 2021, the carrying values of the ABL Facilities, the 2025 Secured Notes, and the 2028 Secured Notes include $36.2 million, $9.5 million, and $8.0 million, respectively, of unamortized debt issuance costs, which are presented as a direct reduction of the corresponding liability. As of December 31, 2020, the carrying value of the ABL Facilities, the 2025 Secured Notes, and the 2028 Secured Notes includes $40.8 million, $12.9 million, and $8.4 million, respectively, of unamortized debt issuance costs, which are presented as a direct reduction of the corresponding liability.

The carrying value of the ABL Facilities, 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 designated as hedges in the condensed consolidated balance sheet are disclosed in Note 16.

The following table shows the carrying amounts and fair values of financial liabilities which are measured at fair value:


	June 30, 2021								December 31, 2020
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
2015 Private warrants	$	—	$	—	$	—	$	—	$	77,404	$	—	$	—	$	77,404


Total	$	—	$	—	$	—	$	—	$	77,404	$	—	$	—	$	77,404

Level 3 Disclosures

When the 2015 Private Warrants and 2018 Warrants were classified as liabilities, the Company utilized a Black Scholes option-pricing model to value the warrants at each reporting period and transaction date, with changes in fair value recognized in the statements of operations. The estimated fair value of the common stock warrant liability was determined using Level 3 inputs. Inherent in the pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimated the volatility of its ordinary shares based on historical volatility that matched the expected remaining life of the warrants. The risk-free interest rate was based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants was assumed to be equivalent to their remaining contractual term. The dividend rate was based on the historical rate, which the Company anticipates to remain at zero.

The 2018 Warrants were reclassified to equity at June 30, 2020, the date all issued and outstanding shares of the Company's Class B Common Stock were cancelled. As such, they were not recorded at fair value at June 30, 2020.

The following table provides quantitative information regarding Level 3 fair value measurements:


	December 31, 2020
(in thousands)	2015 Private Warrants
Stock Price	$	23.17
Strike Price	$	11.50
Expected Life	1.91
Volatility	41.2		%
Risk Free rate	0.13		%
Dividend yield	—
Fair value of warrants	$	12.17

The following table presents changes in Level 3 liabilities measured at fair value for the three months ended June 30, 2021 and June 30, 2020:



(in thousands)	2015 Private Warrants
Balance - March 31, 2021	$	99,781
Exercise or conversion	(78,495)
Measurement adjustment	(1,571)
Repurchases	(19,715)
Balance - June 30, 2021	$	—


(in thousands)	2015 Private Warrants		2018 Warrants
Balance - March 31, 2020	$	20,196	$	13,853
Exercise or conversion	—		(374)
Measurement adjustment	14,225		12,737

Reclassification to equity at June 30, 2020	—		(26,216)
Balance - June 30, 2020	$	34,421	$	—

The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2021 and June 30, 2020.


(in thousands)	2015 Private Warrants
Balance - December 31, 2020	$	77,404
Exercise or conversion	(78,495)
Measurement adjustment	25,486
Repurchases	(24,395)
Balance - June 30, 2021	$	—


(in thousands)	2015 Private Warrants		2018 Warrants
Balance - December 31, 2019	$	72,705	$	58,369
Exercise or conversion	—		(416)
Measurement adjustment	(38,284)		(31,737)

Reclassification to equity at June 30, 2020	—		(26,216)
Balance - June 30, 2020	$	34,421	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Restructuring

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring

RestructuringRestructuring costs include charges associated with exit or disposal activities that meet the definition of restructuring under FASB ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”). The Company's restructuring plans are generally country or region specific and are typically completed within a one-year period. Restructuring costs incurred under these plans include (i) one-time termination benefits related to employee separations, (ii) contract termination costs, and (iii) other related costs associated with exit or disposal activities, including but not limited to, costs for consolidating or closing facilities other than lease costs accounted for under ASC 842. Costs related to the integration of acquired businesses that do not meet the definition of restructuring under ASC 420, such as employee training costs, duplicate facility costs and professional services expenses, are included within SG&A expense.

The following is a summary of the activity in the Company’s restructuring accruals for the three and six months ended June 30, 2021 and 2020:


	Three Months Ended June 30,
	2021						2020
(in thousands)	Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total
Beginning balance	$	3,318	$	—	$	3,318	$	168	$	—	$	168

Charges	6,960		—		6,960		743		6		749
Cash payments	(1,567)		—		(1,567)		(388)		—		(388)
Foreign currency translation	—		—		—		1		—		1
Non-cash movements	(4,331)		—		(4,331)		—		(5)		(5)
Ending balance	$	4,380	$	—	$	4,380	$	524	$	1	$	525


	Six Months Ended June 30,
	2021						2020
(in thousands)	Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total
Beginning balance	$	1,750	$	—	$	1,750	$	447	$	—	$	447

Charges	10,102		—		10,102		671		18		689
Cash payments	(1,703)		—		(1,703)		(595)		—		(595)
Foreign currency translation	—		—		—		1		—		1
Non-cash movements	(5,769)		—		(5,769)		—		(17)		(17)
Ending balance	$	4,380	$	—	$	4,380	$	524	$	1	$	525

The restructuring charges during the three and six months ended June 30, 2021 are primarily driven by employee termination costs as a result of the elimination of positions due to the Merger. The restructuring charges during the three and six months ended June 30, 2020 primarily relate to employee termination costs due to reductions in force in response to the COVID-19 pandemic.

The restructuring non-cash movements during the three and six months ended June 30, 2021 primarily represent stock compensation costs recognized as a result of the modification of certain equity awards associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's President and Chief Operating Officer.

Segments (as defined in Note 18)

The $7.0 million of restructuring charges for the three months ended June 30, 2021 includes $0.5 million of charges related to the NA Modular segment, $2.1 million of charges related to the NA Storage segment, and $4.4 million of unallocated charges.

The $10.1 million of restructuring charges for the six months ended June 30, 2021 includes $1.5 million of charges related to the NA Modular segment, $2.8 million of charges related to the NA Storage segment, and $5.8 million of unallocated charges.

Restructuring charges for the three and six months ended 2020 pertain to the NA Modular segment.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based CompensationPrior to the Merger, stock awards were granted under the WillScot Corporation 2017 Incentive Award Plan (the "2017 Incentive Plan"), which included Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs"). On June 24, 2020, WillScot's stockholders approved the WillScot Mobile Mini 2020 Incentive Award Plan ("2020 Incentive Plan") to take effect pending completion of the Merger. The plan amended and restated in its entirety the 2017 Incentive Plan. As a result, all historical and future incentive awards to the Company's Board of Directors, executive officers and employees, as determined by the Company's Compensation Committee ("the Comp Committee"), are granted under the 2020 Incentive Plan. The 2020 Incentive Plan is administered by the Comp Committee. Under the 2020 Incentive Plan, the Comp Committee may grant an aggregate of 6,488,988 shares of Common Stock in the form of non-qualified stock options, incentive stock options, stock appreciation rights, RSAs, RSUs, performance compensation awards and stock bonus awards. Stock-based payments, including the grant of stock options, RSAs and RSUs, are subject to service-based vesting requirements, and expense is recognized on a straight-line basis over the vesting period. Forfeitures are accounted for as they occur.

Stock-based compensation expense includes grants of stock options, time-based RSUs ("Time-Based RSUs") and performance-based RSUs ("Performance-Based RSUs", together with Time-Based RSUs, the "RSUs"). The 2020 Incentive Plan continues the former Market-Based RSUs renamed as "Performance-Based RSUs." RSUs are recognized in the financial statements based on their fair value. In addition, stock-based payments to non-executive directors include grants of 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 RSUs 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 as of June 30,:


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	57,448	$	11.75	52,755	$	14.69
Granted	44,708	29.30		65,959	11.75
Forfeited	(4,266)	29.30		—	—
Vested	(57,448)	11.75		(52,755)	14.69
Balance June 30,	40,442	$	29.30	65,959	$	11.75

Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.1 million and $0.3 million for the three months ended June 30, 2021 and 2020, respectively. Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.3 million and $0.5 million for the six months ended June 30, 2021 and 2020, respectively. At June 30, 2021, there was $1.1 million of unrecognized compensation cost related to RSAs that is expected to be recognized over the remaining weighted average vesting period of 1.0 years.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity as of June 30,:


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	1,125,766	$	13.44	1,065,305	$	12.78
Granted	405,505	27.20		174,020	16.78
Forfeited	(65,153)	16.74		(15,106)	13.45
Vested	(147,592)	12.90		(323,678)	12.93
Balance June 30,	1,318,526	$	17.57	900,541	$	13.49

Compensation expense for Time-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $2.4 million and $1.2 million for the three months ended June 30, 2021 and 2020, respectively. Compensation expense for RSUs recognized in SG&A on the condensed consolidated statements of operations was $4.3 million and $2.2 million for the six months ended June 30, 2021 and 2020, respectively. At June 30, 2021, unrecognized compensation cost related to Time-Based RSUs totaled $17.4 million and is expected to be recognized over the remaining weighted average vesting period of 2.6 years.

Included in restructuring costs for the three and six months ended June 30, 2021 was expense of approximately $3.5 million and $4.8 million, respectively, recognized as a result of the modification of certain RSUs associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's President and Chief Operating Officer.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU award activity as of June 30,:


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	593,388	$	14.88	288,281	$	13.22
Granted	397,981	39.10		202,923	16.82
Forfeited	(20,077)	25.87		(12,700)	14.70

Balance June 30,	971,292	$	24.56	478,504	$	14.71

Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $2.0 million and $0.6 million for the three months ended June 30, 2021 and 2020, respectively. Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $3.1 million and $0.9 million for the six months ended June 30, 2021 and 2020, respectively. At June 30, 2021, unrecognized compensation cost related to Performance-Based RSUs totaled $16.3 million and is expected to be recognized over the remaining vesting period of 1.9 years.

Included in restructuring costs for the three and six months ended June 30, 2021 was expense of approximately $0.8 million and $1.0 million, respectively, recognized as a result of the modification of certain Performance-Based RSUs associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's President and Chief Operating Officer.

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 2021 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).

For grants in 2020 and prior, the TSR of the Company's Common Stock is compared to the TSR of constituents in the Russell 3000 Index. The target number of RSUs may be adjusted from 0% to 150% 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 150% (for performance at or above the 75% percentile).

Stock Options

The following table summarizes the Company's stock option activity as of June 30, 2021:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance December 31 , 2020	534,188	$	13.60	2,031,455	$	14.78
Forfeited	—	—		(6,240)	12.19
Exercised	—	—		(373,132)	15.77
Balance June 30, 2021	534,188	$	13.60	1,652,083	$	14.57

Fully vested and exercisable options, June 30, 2021	400,641	$	13.60	1,652,083	$	14.57

The following table summarizes the Company's stock option activity as of June 30, 2020:


	WillScot Options	Weighted-Average Exercise Price per Share
Balance, December 31, 2019	534,188	$	13.60


Balance, June 30, 2020	534,188	$	13.60

Fully vested and exercisable options, December 31, 2019	133,547	$	13.60
Vested	133,547	13.60
Fully vested and exercisable options, June 30, 2020	267,094	$	13.60

WillScot Options

Compensation expense for stock option awards, recognized in SG&A on the condensed consolidated statements of operations, was $0.2 million for each of the three months ended June 30, 2021 and 2020. Compensation expense for stock option awards, recognized in SG&A on the condensed consolidated statements of operations, was $0.4 million for each of the six months ended June 30, 2021 and 2020. At June 30, 2021, unrecognized compensation cost related to stock option awards totaled $0.5 million and is expected to be recognized over the remaining vesting period of 0.7 years.

Derivatives

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

On November 6, 2018, the Company entered into an interest rate swap agreement (the “Swap Agreement”) with a financial counterparty that effectively converts $400.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL Facility into fixed-rate debt. The Swap Agreement will terminate on May 29, 2022. Under the terms of the Swap Agreement, the Company receives a floating rate equal to one-month LIBOR and makes payments based on a fixed rate of 3.06% on the notional amount. The receive rate under the terms of the Swap Agreement was 0.07% and 0.15% at June 30, 2021 and December 31, 2020, respectively.

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 ABL Facility.

The location and the fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows:


(in thousands)	Balance Sheet Account	June 30, 2021		December 31, 2020
Cash Flow Hedges:
Interest rate swap	Accrued expenses	$	11,263	$	11,619
Interest rate swap	Other non-current liabilities	$	—	$	5,308

The fair value of the interest rate swap is based on dealer quotes of market forward rates, a Level 2 input on the fair value hierarchy, and reflects the amount that the Company would receive or pay as of June 30, 2021 and December 31, 2020, respectively, for contracts involving the same attributes and maturity dates.

The following table discloses the impact of the interest rate swap, 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,:


(in thousands)	2021		2020
Gain (loss) recognized in OCI	$	4,323	$	(7,783)
Location of gain (loss) recognized in income	Interest expense		Interest expense
Loss reclassified from AOCI into income (effective portion)	$	(5,931)	$	(4,189)

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
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, 2021, 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

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Reporting

The Company operates in four reportable segments as follows: North America Modular Solutions ("NA Modular"), North America Storage Solutions ("NA Storage"), United Kingdom Storage Solutions ("UK Storage") and Tank and Pump Solutions ("Tank and Pump"). 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.

In connection with the Merger, the Company determined its reportable segments as discussed above and retrospectively adjusted prior year's presentation to conform to the current presentation of reportable segments.

The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects the 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 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 net income (loss) to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic operating results of the Company.

The Company also regularly evaluates gross profit by segment to assist in the assessment of its operational performance. The Company considers Adjusted EBITDA to be the more important metric because it more fully captures the business performance of the segments, inclusive of indirect costs.

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, 2021 and 2020, respectively. Consistent with the financial statements, the segment results do not include Mobile Mini's operations for the three and six months ended June 30, 2020. Please refer to the Management Discussion & Analysis of Financial Condition and Results of Operations included in this document, for pro forma results inclusive of Mobile Mini's financial results for periods prior to the Merger date.


	Three Months Ended June 30, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	217,635	$	85,966	$	21,014	$	18,564			$	343,179
Delivery and installation	54,851		23,519		5,839		7,471				91,680
Sales revenue:
New units	6,871		1,864		1,295		978				11,008
Rental units	10,025		4,445		284		481				15,235
Total revenues	289,382		115,794		28,432		27,494				461,102

Costs:
Cost of leasing and services:
Leasing	61,773		12,174		4,729		4,356				83,032
Delivery and installation	51,154		16,743		3,309		5,947				77,153
Cost of sales:
New units	4,376		1,122		845		709				7,052
Rental units	5,127		2,558		294		183				8,162
Depreciation of rental equipment	50,816		7,476		1,318		3,283				62,893
Gross profit	$	116,136	$	75,721	$	17,937	$	13,016			$	222,810
Other selected data:
Adjusted EBITDA	$	103,545	$	49,526	$	12,328	$	10,096	$	—	$	175,495
Selling, general and administrative expense	$	63,406	$	33,672	$	6,926	$	6,203	$	12,180	$	122,387
Purchases of rental equipment and refurbishments	$	49,364	$	8,773	$	4,226	$	2,919	$	—	$	65,282


	Three Months Ended June 30, 2020
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	190,143	$	—	$	—	$	—			$	190,143
Delivery and installation	51,640		—		—		—				51,640
Sales revenue:
New units	9,763		—		—		—				9,763
Rental units	5,316		—		—		—				5,316
Total revenues	256,862		—		—		—				256,862

Costs:
Cost of leasing and services:
Leasing	47,747		—		—		—				47,747
Delivery and installation	43,523		—		—		—				43,523
Cost of sales:
New units	6,331		—		—		—				6,331
Rental units	3,803		—		—		—				3,803
Depreciation of rental equipment	45,494		—		—		—				45,494
Gross profit	$	109,964	$	—	$	—	$	—			$	109,964
Other selected data:
Adjusted EBITDA	$	97,520	$	—	$	—	$	—	$	—	$	97,520
Selling, general and administrative expense (a)	$	59,347	$	—	$	—	$	—	$	5,925	$	65,272
Purchases of rental equipment and refurbishments	$	40,034	$	—	$	—	$	—	$	—	$	40,034

(a) Includes both SG&A expense and Transaction costs from the condensed consolidated statement of operations.


	Six Months Ended June 30, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	417,243	$	166,317	$	39,735	$	35,546			$	658,841
Delivery and installation	103,531		44,884		12,589		14,180				175,184
Sales revenue:
New units	14,331		4,048		2,166		1,418				21,963
Rental units	20,501		8,293		949		694				30,437
Total revenues	555,606		223,542		55,439		51,838				886,425

Costs:
Cost of leasing and services:
Leasing	112,848		22,907		9,025		8,147				152,927
Delivery and installation	95,859		32,483		7,400		11,547				147,289
Cost of sales:
New units	9,250		2,463		1,434		1,014				14,161
Rental units	10,975		5,080		918		294				17,267
Depreciation of rental equipment	97,536		12,269		2,232		6,554				118,591
Gross profit	$	229,138	$	148,340	$	34,430	$	24,282			$	436,190
Other selected data:
Adjusted EBITDA	$	200,916	$	95,848	$	23,392	$	18,924	$	—	$	339,080
Selling, general and administrative expense (a)	$	125,756	$	64,761	$	13,269	$	11,913	$	24,017	$	239,716
Purchases of rental equipment and refurbishments	$	88,499	$	12,245	$	10,996	$	6,077	$	—	$	117,817

(a) Includes both SG&A expense and Transaction costs from the consolidated statement of operations.


	Six Months Ended June 30, 2020
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	378,495	$	—	$	—	$	—			$	378,495
Delivery and installation	102,710		—		—		—				102,710
Sales revenue:
New units	19,376		—		—		—				19,376
Rental units	12,102		—		—		—				12,102
Total revenues	512,683		—		—		—				512,683

Costs:
Cost of leasing and services:
Leasing	97,556		—		—		—				97,556
Delivery and installation	87,388		—		—		—				87,388
Cost of sales:
New units	12,534		—		—		—				12,534
Rental units	7,609		—		—		—				7,609
Depreciation of rental equipment	91,442		—		—		—				91,442
Gross profit	$	216,154	$	—	$	—	$	—			$	216,154
Other selected data:
Adjusted EBITDA	$	187,062	$	—	$	—	$	—	$	—	$	187,062
Selling, general and administrative expense (a)	$	121,919	$	—	$	—	$	—	$	18,321	$	140,240
Purchases of rental equipment and refurbishments	$	79,682	$	—	$	—	$	—	$	—	$	79,682

(a) Includes both SG&A expense and Transaction costs from the condensed consolidated statement of operations.

The following tables present a reconciliation of the Company’s income (loss) from operations to Adjusted EBITDA for the three and six months ended June 30, 2021 and 2020, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Net income (loss)	$	20,371	$	(14,130)	$	24,818	$	77,525
Income tax expense (benefit)	18,828		(285)		29,309		505
Loss on extinguishment of debt	2,814		—		5,999		—
Interest expense	29,212		28,519		59,176		56,776
Depreciation and amortization	84,515		48,377		158,537		97,399
Fair value loss (gain) on common stock warrant liabilities	(610)		26,963		26,597		(68,366)
Currency losses (gains), net	33		(380)		69		518
Restructuring costs, lease impairment expense and other related charges	7,434		2,143		11,829		3,744
Transaction costs	—		1,619		844		11,050
Integration costs	7,622		2,153		14,964		3,839
Stock compensation expense	4,707		2,227		8,221		4,014
Other	569		314		(1,283)		58
Adjusted EBITDA	$	175,495	$	97,520	$	339,080	$	187,062

Included in restructuring costs for the three and six months ended June 30, 2021 was expense of approximately $4.3 million and $5.8 million, respectively, recognized as a result of the modification of certain equity awards associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's President and Chief Operating Officer. For the six months ended June 30, 2021, stock-based compensation expense reported in the Statement of Cash Flows included these charges.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to WillScot Mobile Mini by the weighted average number of shares of Common Stock outstanding during the period. The shares of Common Stock issued as a result of the vesting of RSUs and RSAs as well as the exercise of stock options or redemption of warrants were included in EPS based on the weighted average number of days in which they were vested and outstanding during the period.

Prior to June 30, 2020, the Company had shares of Class B Common Stock which had no rights to dividends or distributions made by the Company and, in turn, were excluded from the EPS calculation. On June 30, 2020, the Sapphire Exchange was completed, and all shares of Class B Common Stock were cancelled, and Sapphire Holdings received 10,641,182 shares of Common Stock.

Diluted EPS is computed similarly to basic EPS, except that it includes the potential dilution that would occur if dilutive securities were exercised. Effects of potentially dilutive securities are presented only in periods in which they are dilutive. When liability-classified warrants are in the money and the impact of their inclusion on diluted EPS is dilutive, diluted EPS also assumes share settlement of such instruments through an adjustment to net income available to common stockholders for the fair value (gain) loss on common stock warrant liabilities and inclusion of the number of dilutive shares in the denominator.

The following table reconciles net income attributable to WillScot Mobile Mini common shareholders and the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation.


	Three Months Ended				Six Months Ended
	June 30				June 30
(in thousands)	2021		2020		2021		2020
Numerator:
Net income attributable to common shareholders - basic	$	20,371	$	(15,473)	$	24,818	$	76,312
Fair value (gain) loss on common stock warrant liabilities	(610)		—		—		(70,021)
Net income (loss) attributable to common shareholders - dilutive	$	19,761	$	(15,473)	$	24,818	$	6,291

Denominator:
Weighted average Common Shares outstanding - basic	228,407		110,692		228,350		110,175
Dilutive effect of shares outstanding
Warrants	5,705		—		4,000		1,805
RSAs	20		—		36		34
Time-based RSUs	599		—		622		107
Performance-based RSUs	725		—		817		215
Stock Options	1,081		—		1,074		—

Weighted average Common Shares outstanding - dilutive	236,537		110,692		234,899		112,336

The following potential common shares were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


	Three Months Ended		Six Months Ended
	June 30		June 30
(in thousands)	2021	2020	2021	2020
Warrants	—	18,563	—	—
RSAs	—	66	—	—
Time-based RSUs	—	901	—	—
Performance-based RSUs	—	408	—	—
Stock Options	—	534	—	534

Related Parties

6 Months Ended

Jun. 30, 2021

Related Parties

Related party balances included in the Company’s condensed consolidated balance sheets at June 30, 2021 and December 31, 2020, consisted of the following:


(in thousands)	Financial Statement Line Item	June 30, 2021		December 31, 2020
Receivables due from affiliates	Trade receivables, net of allowances for credit losses	$	19	$	30
Amounts due to affiliates	Accrued expenses	(476)		(461)
Total related party liabilities, net		$	(457)	$	(431)

Related party transactions included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020, respectively, consisted of the following:


		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Financial Statement Line Item	2021		2020		2021		2020
Leasing revenue from related parties	Leasing revenue	$	59	$	294	$	165	$	827
Consulting expense to related party	Selling, general & administrative expense	(248)		(2,158)		(2,149)		(2,996)
Total related party expense, net		$	(189)	$	(1,864)	$	(1,984)	$	(2,169)

On June 30, 2020, the Company completed the Sapphire Exchange, whereby Sapphire Holdings, an affiliate of TDR Capital, exchanged shares of Class B Common Stock for 10,641,182 shares of Class A Common Stock. As a result of the Sapphire Exchange, all issued and outstanding shares of WillScot’s Class B Common Stock were automatically canceled for no consideration and the existing exchange agreement was automatically terminated.

On August 22, 2018, WillScot’s principal stockholder, Sapphire Holdings, entered into a margin loan (the "Margin Loan") under which all of its shares of WillScot Mobile Mini Common Stock were pledged to secure borrowings of up to $125.0 million under the loan agreement. WillScot Mobile Mini was not a party to the loan agreement and had no obligations thereunder. On June 29, 2021, Sapphire Holdings repaid all outstanding amounts under the Margin Loan with proceeds from the sale of certain shares of WillScot Mobile Mini and no WillScot Mobile Mini shares remain pledged thereunder.

On March 1, 2021, the Company repurchased from Sapphire Holdings and cancelled 2,750,000 shares of its Common Stock. On June 29, 2021, the Company repurchased from Sapphire Holdings and cancelled an additional 3,900,000 shares of its Common Stock. Following the reduction in Sapphire Holdings’ beneficial ownership of Common Stock resulting from the foregoing repurchases and the underwritten secondary offering by Sapphire Holdings of 16,100,000 shares of Common Stock on June 25, 2021, Gary Lindsay resigned his position as a member of the WillScot Mobile Mini board of directors pursuant to the terms of the shareholders agreement dated as of July 1, 2020 between Sapphire Holdings, TDR Capital II Holdings L.P., TDR Capital, L.L.P. and WillScot Mobile Mini. As of June 30, 2021, Sapphire Holdings owns approximately 10.3% of the Company's Common Stock.

The Company purchased rental equipment from related party affiliates of $0.7 million and $1.4 million for the three months ended June 30, 2021 and 2020, respectively. The Company purchased rental equipment from related party affiliates of $2.5 million and $1.6 million for the six months ended June 30, 2021 and 2020, respectively.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Quarterly Report on Form 10-Q and do not include all the information and notes required by 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, necessary 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	Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
Recently Issued and Adopted Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), which is elective, and provides for optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company is currently evaluating the impact of reference rate reform and the potential impact of adoption of these elective practical expedients on its condensed consolidated financial statements and does not expect the impact to be material. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. The amendments in the ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of the pronouncement on its consolidated financial statements. Recently Adopted Accounting StandardsIn December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. On January 1, 2021, the Company adopted ASU 2019-12 and the impact of adoption was not material to the Company's consolidated financial statements. The Company will apply the standard prospectively for intraperiod tax allocation, year-to-date losses that exceed anticipated annual losses and enacted changes in tax laws.

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Acquisition

The purchase price was determined as follows:


(in thousands, except share and per share data)	July 1, 2020
Mobile Mini Common Stock outstanding	44,252,275
Share conversion ratio	2.405
Common Stock issued	106,426,721
Common Stock per share price as of July 1, 2020	$	12.53
Fair value of shares of WillScot Class A Common Stock issued	$	1,333,527
Cash paid for fractional shares	30
Fair value of Mobile Mini Options converted to WillScot Mobile Mini Options	19,279
Total purchase price	$	1,352,836

The following table summarizes the July 1, 2020 fair values of the assets acquired and liabilities assumed.

Opening Balance Sheet


(in thousands)	July 1, 2020
Cash and cash equivalents	$	17,203
Trade receivables	87,492
Inventories	8,987
Prepaid expenses and other current assets	13,717
Rental equipment	1,032,672
Property, plant and equipment	160,729
Operating lease assets	92,054
Intangible assets	374,500		(a)
Goodwill identified	937,135
Other non-current assets	2,520
Total identifiable assets acquired	2,727,009
Accounts payable	(29,797)
Accrued expenses	(40,335)
Deferred revenue and customer deposits	(38,846)
Operating lease liabilities	(89,968)
Debt and finance lease liabilities	(897,244)
Deferred tax liabilities	(276,555)
Other long-term liabilities	(1,428)
Total liabilities assumed	(1,374,173)
Purchase Price	$	1,352,836

Schedule of Unaudited Pro Forma Information

The tables below present unaudited pro forma condensed combined statements of operations information for the three and six months ended June 30, 2020:


(in thousands)	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
WillScot revenues	$	256,862	$	512,683
Mobile Mini revenues	133,663		284,240
Pro forma revenues	$	390,525	$	796,923

WillScot Mobile Mini (loss) income before income tax	$	(14,415)	$	78,030	(a)
Mobile Mini income before income tax	22,967		37,874
Pro forma income before income tax	8,552		115,904
Pro forma adjustments to combined income before income tax:
Elimination of Merger transaction costs	3,198		27,849		(b)
Impact of fair value mark-ups on rental fleet depreciation	(1,167)		(2,334)		(c)
Other depreciation expense and intangible asset amortization	(5,669)		(11,338)		(d)
Interest expense	(3,549)		(6,113)		(e)
Elimination of Mobile Mini interest expense	7,210		15,922		(f)
Pro forma income before income tax	8,575		139,890
Income tax expense	9,737		23,244		(g)
Pro forma net (loss) income	$	(1,162)	$	116,646


(a)			Excludes impact of non-controlling interest which was eliminated as part of the Sapphire Exchange. See Note 10.
(b)			Eliminates discrete transaction costs incurred as a result of the Mobile Mini Merger.
(c)			Depreciation on rental equipment and property, plant and equipment were adjusted for the determination of the fair value of equipment acquired in the Mobile Mini Merger.
(d)			Represents the differential in other depreciation and amortization expense related to the fair value purchase accounting adjustments as a result of the Merger, principally the amortization of the Mobile Mini customer relationship valued at $209,000 with a 13-year life.
(e)			In connection with the Merger, the Company entered into a new ABL Facility and drew $1.47 billion at close with an estimated interest rate of 2.046%, issued the 2025 Secured Notes at 6.125%, repaid the 2022 Secured Notes and repaid the 2017 ABL Facility. Interest and amortization of deferred financing fees for the 2020 ABL Facility and the 2025 Secured Notes has been included offset by the removal of interest and amortization of deferred financing fees attributable to the 2022 Secured Notes and the 2017 ABL Facility. See Note 9 for definitions of terms.
(f)			Interest and amortization of deferred financing fees on the senior notes and line of credit maintained by Mobile Mini which were assumed at acquisition and repaid immediately using proceeds from the 2020 ABL Facility and 2025 Secured Notes was eliminated. See Note 9 for definition of terms.
(g)			Reflects the recorded income tax provision plus the adjustment to recognize the income tax impacts of the unaudited pro forma adjustments for which a tax expense is recognized using a US federal and state statutory tax rate of 25.5%. This rate may vary from the effective tax rates of the historical and combined businesses. In addition, the three and six months ended June 30, 2020 included an adjustment of $2.7 million to eliminate the reversal of valuation allowance as a result of reassessment of the realizability of deferred tax assets as a result of the Merger.

Revenue (Tables)

6 Months Ended

Jun. 30, 2021

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, 2020 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
US	$	399,280	$	237,613	$	770,549	$	472,941
Canada	29,543		16,279		53,127		32,985
Mexico	3,848		2,970		7,311		6,757
UK	28,431		—		55,438		—
Total revenues	$	461,102	$	256,862	$	886,425	$	512,683

The Company’s revenue by major product and service line for the three and six months ended June 30, 2021 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Modular space leasing revenue	$	181,376	$	132,377	$	351,328	$	263,775
Portable storage leasing revenue	58,848		5,716		113,461		11,565
Tank and pump leasing revenue	17,109		—		32,869		—
VAPS and third party leasing revenues(a)	70,880		42,421		133,306		83,423
Other leasing-related revenue(b)	14,966		9,629		27,877		19,732
Leasing revenue	343,179		190,143		658,841		378,495
Delivery and installation revenue	91,680		51,640		175,184		102,710
Total leasing and services revenue	434,859		241,783		834,025		481,205
New unit sales revenue	11,008		9,763		21,963		19,376
Rental unit sales revenue	15,235		5,316		30,437		12,102
Total revenues	$	461,102	$	256,862	$	886,425	$	512,683


(a)			Includes $7.8 million and $4.3 million of service revenue for the three months ended June 30, 2021 and 2020, respectively, and $14.0 million and $8.3 million of service revenue for the six months ended June 30, 2021 and 2020 , respectively.
(b)			Includes primarily damage billings, delinquent payment charges, and other processing fees.

Schedule of Accounts and Notes Receivable Allowances

Activity in the allowance for credit losses was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Balance at beginning of period	$	31,630	$	16,471	$	29,258	$	15,828
Net charges to bad debt expense and revenue	8,390		5,730		16,910		9,122
Write-offs	(4,058)		(2,829)		(9,872)		(5,573)
Foreign currency translation and other	823		(189)		489		(194)
Balance at end of period	$	36,785	$	19,183	$	36,785	$	19,183

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

As of June 30, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021 (remaining)	$	31,653	$	10,193
2022	56,891		18,747
2023	46,544		15,296
2024	38,183		12,375
2025	31,384		12,482
Thereafter	74,309		18,932
Total lease payments	278,964		88,025
Less: interest	(44,484)		(6,496)
Present value of lease liabilities	$	234,480	$	81,529

Finance Lease, Liability, Fiscal Year Maturity

As of June 30, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021 (remaining)	$	31,653	$	10,193
2022	56,891		18,747
2023	46,544		15,296
2024	38,183		12,375
2025	31,384		12,482
Thereafter	74,309		18,932
Total lease payments	278,964		88,025
Less: interest	(44,484)		(6,496)
Present value of lease liabilities	$	234,480	$	81,529

Lease Activity

The Company’s lease activity during the six months ended June 30, 2021 and 2020 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2021		2020
Finance Lease Expense
Amortization of finance lease assets	$	9,514	$	—
Interest on obligations under finance leases	1,098		—
Total finance lease expense	$	10,612	$	—

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	2,131	$	3,074
Selling, general and administrative	29,359		16,866
Lease impairment expense and other related charges	1,107		1,359
Short-term lease expense
Cost of leasing and services	11,575		13,603
Selling, general and administrative	723		851
Lease impairment expense and other related charges	—		466
Variable lease expense
Cost of leasing and services	3,373		3,657
Selling, general and administrative	3,792		2,131
Lease impairment expense and other related charges	335		511
Total operating lease expense	$	52,395	$	42,518

Supplemental cash flow information related to leases for the six months ended June 30, 2021 and 2020 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2021		2020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	33,409	$	20,271
Financing cash outflows from finance leases	$	8,030	$	—

Right of use assets obtained in exchange for lease obligations	$	28,288	$	19,242
Assets obtained in exchange for finance leases	$	11,530	$	—

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, 2021 and December 31, 2020 were as follows:


Lease Terms and Discount Rates	June 30, 2021		December 31, 2020
Weighted-average remaining lease term - operating leases	6.2 years		6.4 years
Weighted-average discount rate - operating leases	5.6	%	5.7	%
Weighted-average remaining lease term - finance leases	4.5 years		4.6 years
Weighted-average discount rate - finance leases	2.9	%	2.9	%

Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories at the respective balance sheet dates consisted of the following:


(in thousands)	June 30, 2021		December 31, 2020
Raw materials	$	24,493	$	19,560
Finished units	7,801		4,171
Inventories	$	32,294	$	23,731

Rental Equipment, net (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment, net

Rental equipment, net at the respective balance sheet dates consisted of the following:


(in thousands)	June 30, 2021		December 31, 2020
Modular space units	$	2,822,231	$	2,796,284
Portable storage units	696,600		653,707
Tank and pump products	144,951		132,071
Value added products	156,987		143,652
Total rental equipment	3,820,769		3,725,714
Less: accumulated depreciation	(906,197)		(794,068)
Rental equipment, net	$	2,914,572	$	2,931,646

Goodwill (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill activity

Changes in the carrying amount of goodwill were as follows:


(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Total
Balance at December 31, 2019	$	235,177	$	—	$	—	$	—	$	235,177
Acquisition of Mobile Mini	—		726,529		59,183		143,262		928,974
Effects of movements in foreign exchange rates	651		—		6,417		—		7,068
Balance at December 31, 2020	235,828		726,529		65,600		143,262		1,171,219
Changes to Mobile Mini purchase accounting	285,000		(233,666)		—		(43,173)		8,161

Effects of movements in foreign exchange rates	842		(293)		808		—		1,357
Balance at June 30, 2021	$	521,670	$	492,570	$	66,408	$	100,089	$	1,180,737

Intangible (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:


	June 30, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.2	$	3,000	$	(2,875)	$	125
Mobile Mini customer relationships	7.1	209,000		(25,048)		183,952
Technology	5.0	1,500		(250)		1,250
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	502,500	$	(28,173)	$	474,327


	December 31, 2020
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.7	$	3,000	$	(2,375)	$	625
Mobile Mini customer relationships	8.0	217,000		(12,053)		204,947
Technology	5.5	1,500		(125)		1,375
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	510,500	$	(14,553)	$	495,947

Schedule of Intangible Assets

Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:


	June 30, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.2	$	3,000	$	(2,875)	$	125
Mobile Mini customer relationships	7.1	209,000		(25,048)		183,952
Technology	5.0	1,500		(250)		1,250
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	502,500	$	(28,173)	$	474,327


	December 31, 2020
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.7	$	3,000	$	(2,375)	$	625
Mobile Mini customer relationships	8.0	217,000		(12,053)		204,947
Technology	5.5	1,500		(125)		1,375
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	510,500	$	(14,553)	$	495,947

Schedule of Future Amortization of Intangible Assets

Based on the carrying value at June 30, 2021, future amortization of intangible assets is expected to be as follows for the years ended December 31:


(in thousands)
2021 (remaining)	$	13,334
2022	26,416
2023	26,416
2024	26,416
2025	26,416
Thereafter	66,329
Total	$	185,327

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The carrying value of debt outstanding at the respective balance sheet dates consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	June 30, 2021		December 31, 2020
2025 Secured Notes	6.125%	2025	$	517,054	$	637,068
ABL Facility(a)	Varies	2025	1,432,252		1,263,833
2028 Secured Notes	4.625%	2028	492,017		491,555
Finance Leases	Varies	Varies	81,529		77,874
Total debt			2,522,852		2,470,330
Less: current portion of long-term debt			16,557		16,521
Total long-term debt			$	2,506,295	$	2,453,809

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Equity (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021 and 2020 were as follows:


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2020	$	(24,694)	$	(12,513)	$	(37,207)
Other comprehensive income (loss) before reclassifications	5,034		(760)		4,274
Reclassifications from AOCI to income	—		2,937		2,937

Balance at March 31, 2021	(19,660)		(10,336)		(29,996)
Other comprehensive income (loss) before reclassifications	3,093		(848)		2,245
Reclassifications from AOCI to income	—		2,994		2,994

Balance at June 30, 2021	$	(16,567)	$	(8,190)	$	(24,757)


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2019	$	(52,982)	$	(9,793)	$	(62,775)
Other comprehensive loss before reclassifications	(21,144)		(10,330)		(31,474)
Reclassifications from AOCI to income	—		1,572		1,572
Less other comprehensive loss attributable to non-controlling interest	1,913		790		2,703
Balance at March 31, 2020	(72,213)		(17,761)		(89,974)
Other comprehensive income (loss) before reclassifications	7,982		(1,642)		6,340
Reclassifications from AOCI to income	—		2,617		2,617
Less other comprehensive loss (income) attributable to non-controlling interest	(730)		(88)		(818)
Impact of elimination of non-controlling interest on accumulated other comprehensive income	(1,299)		(1,673)		(2,972)
Balance at June 30, 2020	$	(66,260)	$	(18,547)	$	(84,807)

Warrants (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Fair Value of Outstanding Warrants Recorded as Liabilities

The Company determined the following fair values for the outstanding common stock warrants recorded as liabilities:


(in thousands)	June 30, 2021		December 31, 2020
2015 Private Warrants	$	—	$	77,404

Fair Value Measures (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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:


	June 30, 2021								December 31, 2020
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
ABL Facilities	$	1,432,252	$	—	$	1,468,500	$	—	$	1,263,833	$	—	$	1,304,612	$	—


2025 Secured Notes	517,054		—		558,501		—		637,068		—		694,876		—
2028 Secured Notes	492,017		—		515,895		—		491,555		—		518,820		—
Total	$	2,441,323	$	—	$	2,542,896	$	—	$	2,392,456	$	—	$	2,518,308	$	—

The following table shows the carrying amounts and fair values of financial liabilities which are measured at fair value:


	June 30, 2021								December 31, 2020
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
2015 Private warrants	$	—	$	—	$	—	$	—	$	77,404	$	—	$	—	$	77,404


Total	$	—	$	—	$	—	$	—	$	77,404	$	—	$	—	$	77,404

Quantitative Information Regarding Level 3 Fair Value Measurements

he following table provides quantitative information regarding Level 3 fair value measurements:


	December 31, 2020
(in thousands)	2015 Private Warrants
Stock Price	$	23.17
Strike Price	$	11.50
Expected Life	1.91
Volatility	41.2		%
Risk Free rate	0.13		%
Dividend yield	—
Fair value of warrants	$	12.17

Changes in Level 3 Liabilities Measured at Fair Value

The following table presents changes in Level 3 liabilities measured at fair value for the three months ended June 30, 2021 and June 30, 2020:



(in thousands)	2015 Private Warrants
Balance - March 31, 2021	$	99,781
Exercise or conversion	(78,495)
Measurement adjustment	(1,571)
Repurchases	(19,715)
Balance - June 30, 2021	$	—


(in thousands)	2015 Private Warrants		2018 Warrants
Balance - March 31, 2020	$	20,196	$	13,853
Exercise or conversion	—		(374)
Measurement adjustment	14,225		12,737

Reclassification to equity at June 30, 2020	—		(26,216)
Balance - June 30, 2020	$	34,421	$	—

The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2021 and June 30, 2020.


(in thousands)	2015 Private Warrants
Balance - December 31, 2020	$	77,404
Exercise or conversion	(78,495)
Measurement adjustment	25,486
Repurchases	(24,395)
Balance - June 30, 2021	$	—


(in thousands)	2015 Private Warrants		2018 Warrants
Balance - December 31, 2019	$	72,705	$	58,369
Exercise or conversion	—		(416)
Measurement adjustment	(38,284)		(31,737)

Reclassification to equity at June 30, 2020	—		(26,216)
Balance - June 30, 2020	$	34,421	$	—

Restructuring (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Summary of Activities in the Restructuring Accruals

The following is a summary of the activity in the Company’s restructuring accruals for the three and six months ended June 30, 2021 and 2020:


	Three Months Ended June 30,
	2021						2020
(in thousands)	Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total
Beginning balance	$	3,318	$	—	$	3,318	$	168	$	—	$	168

Charges	6,960		—		6,960		743		6		749
Cash payments	(1,567)		—		(1,567)		(388)		—		(388)
Foreign currency translation	—		—		—		1		—		1
Non-cash movements	(4,331)		—		(4,331)		—		(5)		(5)
Ending balance	$	4,380	$	—	$	4,380	$	524	$	1	$	525


	Six Months Ended June 30,
	2021						2020
(in thousands)	Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total
Beginning balance	$	1,750	$	—	$	1,750	$	447	$	—	$	447

Charges	10,102		—		10,102		671		18		689
Cash payments	(1,703)		—		(1,703)		(595)		—		(595)
Foreign currency translation	—		—		—		1		—		1
Non-cash movements	(5,769)		—		(5,769)		—		(17)		(17)
Ending balance	$	4,380	$	—	$	4,380	$	524	$	1	$	525

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Restricted Stock Awards

The following table summarizes the Company's RSA activity as of June 30,:


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	57,448	$	11.75	52,755	$	14.69
Granted	44,708	29.30		65,959	11.75
Forfeited	(4,266)	29.30		—	—
Vested	(57,448)	11.75		(52,755)	14.69
Balance June 30,	40,442	$	29.30	65,959	$	11.75

Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity as of June 30,:


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	1,125,766	$	13.44	1,065,305	$	12.78
Granted	405,505	27.20		174,020	16.78
Forfeited	(65,153)	16.74		(15,106)	13.45
Vested	(147,592)	12.90		(323,678)	12.93
Balance June 30,	1,318,526	$	17.57	900,541	$	13.49

The following table summarizes the Company's Performance-Based RSU award activity as of June 30,:


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	593,388	$	14.88	288,281	$	13.22
Granted	397,981	39.10		202,923	16.82
Forfeited	(20,077)	25.87		(12,700)	14.70

Balance June 30,	971,292	$	24.56	478,504	$	14.71

Stock Option Awards

The following table summarizes the Company's stock option activity as of June 30, 2021:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance December 31 , 2020	534,188	$	13.60	2,031,455	$	14.78
Forfeited	—	—		(6,240)	12.19
Exercised	—	—		(373,132)	15.77
Balance June 30, 2021	534,188	$	13.60	1,652,083	$	14.57

Fully vested and exercisable options, June 30, 2021	400,641	$	13.60	1,652,083	$	14.57

The following table summarizes the Company's stock option activity as of June 30, 2020:


	WillScot Options	Weighted-Average Exercise Price per Share
Balance, December 31, 2019	534,188	$	13.60


Balance, June 30, 2020	534,188	$	13.60

Fully vested and exercisable options, December 31, 2019	133,547	$	13.60
Vested	133,547	13.60
Fully vested and exercisable options, June 30, 2020	267,094	$	13.60

Derivatives (Tables)

6 Months Ended

Jun. 30, 2021

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, at the respective balance sheet dates, were as follows:


(in thousands)	Balance Sheet Account	June 30, 2021		December 31, 2020
Cash Flow Hedges:
Interest rate swap	Accrued expenses	$	11,263	$	11,619
Interest rate swap	Other non-current liabilities	$	—	$	5,308

Schedule of Impact of Interest Rate Swap on Other Comprehensive Income, AOCI and Statement of Operations


(in thousands)	2021		2020
Gain (loss) recognized in OCI	$	4,323	$	(7,783)
Location of gain (loss) recognized in income	Interest expense		Interest expense
Loss reclassified from AOCI into income (effective portion)	$	(5,931)	$	(4,189)

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended June 30, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	217,635	$	85,966	$	21,014	$	18,564			$	343,179
Delivery and installation	54,851		23,519		5,839		7,471				91,680
Sales revenue:
New units	6,871		1,864		1,295		978				11,008
Rental units	10,025		4,445		284		481				15,235
Total revenues	289,382		115,794		28,432		27,494				461,102

Costs:
Cost of leasing and services:
Leasing	61,773		12,174		4,729		4,356				83,032
Delivery and installation	51,154		16,743		3,309		5,947				77,153
Cost of sales:
New units	4,376		1,122		845		709				7,052
Rental units	5,127		2,558		294		183				8,162
Depreciation of rental equipment	50,816		7,476		1,318		3,283				62,893
Gross profit	$	116,136	$	75,721	$	17,937	$	13,016			$	222,810
Other selected data:
Adjusted EBITDA	$	103,545	$	49,526	$	12,328	$	10,096	$	—	$	175,495
Selling, general and administrative expense	$	63,406	$	33,672	$	6,926	$	6,203	$	12,180	$	122,387
Purchases of rental equipment and refurbishments	$	49,364	$	8,773	$	4,226	$	2,919	$	—	$	65,282


	Three Months Ended June 30, 2020
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	190,143	$	—	$	—	$	—			$	190,143
Delivery and installation	51,640		—		—		—				51,640
Sales revenue:
New units	9,763		—		—		—				9,763
Rental units	5,316		—		—		—				5,316
Total revenues	256,862		—		—		—				256,862

Costs:
Cost of leasing and services:
Leasing	47,747		—		—		—				47,747
Delivery and installation	43,523		—		—		—				43,523
Cost of sales:
New units	6,331		—		—		—				6,331
Rental units	3,803		—		—		—				3,803
Depreciation of rental equipment	45,494		—		—		—				45,494
Gross profit	$	109,964	$	—	$	—	$	—			$	109,964
Other selected data:
Adjusted EBITDA	$	97,520	$	—	$	—	$	—	$	—	$	97,520
Selling, general and administrative expense (a)	$	59,347	$	—	$	—	$	—	$	5,925	$	65,272
Purchases of rental equipment and refurbishments	$	40,034	$	—	$	—	$	—	$	—	$	40,034

(a) Includes both SG&A expense and Transaction costs from the condensed consolidated statement of operations.


	Six Months Ended June 30, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	417,243	$	166,317	$	39,735	$	35,546			$	658,841
Delivery and installation	103,531		44,884		12,589		14,180				175,184
Sales revenue:
New units	14,331		4,048		2,166		1,418				21,963
Rental units	20,501		8,293		949		694				30,437
Total revenues	555,606		223,542		55,439		51,838				886,425

Costs:
Cost of leasing and services:
Leasing	112,848		22,907		9,025		8,147				152,927
Delivery and installation	95,859		32,483		7,400		11,547				147,289
Cost of sales:
New units	9,250		2,463		1,434		1,014				14,161
Rental units	10,975		5,080		918		294				17,267
Depreciation of rental equipment	97,536		12,269		2,232		6,554				118,591
Gross profit	$	229,138	$	148,340	$	34,430	$	24,282			$	436,190
Other selected data:
Adjusted EBITDA	$	200,916	$	95,848	$	23,392	$	18,924	$	—	$	339,080
Selling, general and administrative expense (a)	$	125,756	$	64,761	$	13,269	$	11,913	$	24,017	$	239,716
Purchases of rental equipment and refurbishments	$	88,499	$	12,245	$	10,996	$	6,077	$	—	$	117,817

(a) Includes both SG&A expense and Transaction costs from the consolidated statement of operations.


	Six Months Ended June 30, 2020
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	378,495	$	—	$	—	$	—			$	378,495
Delivery and installation	102,710		—		—		—				102,710
Sales revenue:
New units	19,376		—		—		—				19,376
Rental units	12,102		—		—		—				12,102
Total revenues	512,683		—		—		—				512,683

Costs:
Cost of leasing and services:
Leasing	97,556		—		—		—				97,556
Delivery and installation	87,388		—		—		—				87,388
Cost of sales:
New units	12,534		—		—		—				12,534
Rental units	7,609		—		—		—				7,609
Depreciation of rental equipment	91,442		—		—		—				91,442
Gross profit	$	216,154	$	—	$	—	$	—			$	216,154
Other selected data:
Adjusted EBITDA	$	187,062	$	—	$	—	$	—	$	—	$	187,062
Selling, general and administrative expense (a)	$	121,919	$	—	$	—	$	—	$	18,321	$	140,240
Purchases of rental equipment and refurbishments	$	79,682	$	—	$	—	$	—	$	—	$	79,682

(a) Includes both SG&A expense and Transaction costs from the condensed consolidated statement of operations.

Reconciliation of Assets from Segment to Consolidated

The following tables present a reconciliation of the Company’s income (loss) from operations to Adjusted EBITDA for the three and six months ended June 30, 2021 and 2020, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Net income (loss)	$	20,371	$	(14,130)	$	24,818	$	77,525
Income tax expense (benefit)	18,828		(285)		29,309		505
Loss on extinguishment of debt	2,814		—		5,999		—
Interest expense	29,212		28,519		59,176		56,776
Depreciation and amortization	84,515		48,377		158,537		97,399
Fair value loss (gain) on common stock warrant liabilities	(610)		26,963		26,597		(68,366)
Currency losses (gains), net	33		(380)		69		518
Restructuring costs, lease impairment expense and other related charges	7,434		2,143		11,829		3,744
Transaction costs	—		1,619		844		11,050
Integration costs	7,622		2,153		14,964		3,839
Stock compensation expense	4,707		2,227		8,221		4,014
Other	569		314		(1,283)		58
Adjusted EBITDA	$	175,495	$	97,520	$	339,080	$	187,062

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	Three Months Ended				Six Months Ended
	June 30				June 30
(in thousands)	2021		2020		2021		2020
Numerator:
Net income attributable to common shareholders - basic	$	20,371	$	(15,473)	$	24,818	$	76,312
Fair value (gain) loss on common stock warrant liabilities	(610)		—		—		(70,021)
Net income (loss) attributable to common shareholders - dilutive	$	19,761	$	(15,473)	$	24,818	$	6,291

Denominator:
Weighted average Common Shares outstanding - basic	228,407		110,692		228,350		110,175
Dilutive effect of shares outstanding
Warrants	5,705		—		4,000		1,805
RSAs	20		—		36		34
Time-based RSUs	599		—		622		107
Performance-based RSUs	725		—		817		215
Stock Options	1,081		—		1,074		—

Weighted average Common Shares outstanding - dilutive	236,537		110,692		234,899		112,336

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potential common shares were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


	Three Months Ended		Six Months Ended
	June 30		June 30
(in thousands)	2021	2020	2021	2020
Warrants	—	18,563	—	—
RSAs	—	66	—	—
Time-based RSUs	—	901	—	—
Performance-based RSUs	—	408	—	—
Stock Options	—	534	—	534

Related Parties (Tables)

6 Months Ended

Jun. 30, 2021

Related party balances included in the Company’s condensed consolidated balance sheets at June 30, 2021 and December 31, 2020, consisted of the following:


(in thousands)	Financial Statement Line Item	June 30, 2021		December 31, 2020
Receivables due from affiliates	Trade receivables, net of allowances for credit losses	$	19	$	30
Amounts due to affiliates	Accrued expenses	(476)		(461)
Total related party liabilities, net		$	(457)	$	(431)


		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Financial Statement Line Item	2021		2020		2021		2020
Leasing revenue from related parties	Leasing revenue	$	59	$	294	$	165	$	827
Consulting expense to related party	Selling, general & administrative expense	(248)		(2,158)		(2,149)		(2,996)
Total related party expense, net		$	(189)	$	(1,864)	$	(1,984)	$	(2,169)

Summary of Significant Accounting Policies - Narrative (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020	Jul. 01, 2020
Business Acquisition [Line Items]
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001	$ 0.0001
Class A Common Stock
Business Acquisition [Line Items]
Common stock par value (in USD per share)			$ 0.0001

Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 01, 2020 $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2020 USD ($)	Dec. 31, 2020 $ / shares
Business Acquisition [Line Items]
Common stock par value (in USD per share) \| $ / shares	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Transaction costs		$ 0	$ 1,619	$ 844	$ 11,050
Integration costs		7,622	2,153	14,964	3,839
Mobile Mini, Inc.
Business Acquisition [Line Items]
Common stock par value (in USD per share) \| $ / shares	$ 0.01
Mobile Mini, Inc.
Business Acquisition [Line Items]
Number of shares exchanged (in shares)	2.405
Common stock issued (in shares) \| shares	106,426,721
Value of shares converted from acquiree's shares (in USD per share) \| $ / shares	$ 12.53
Revenue since acquisition date				330,800
Pre-tax income since acquisition date				51,900
Transaction costs			$ 1,600	$ 800	11,000
Integration costs		$ 7,600			$ 15,000

Acquisitions - Schedule of Consideration Transferred and Purchase Price Allocation (Details) $ / shares in Units, $ in Thousands		6 Months Ended
	Jul. 01, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Jun. 30, 2021 shares
Business Acquisition [Line Items]
Mobile Mini Common Stock outstanding (in shares) \| shares		229,038,158	226,832,627
Intangible assets, adjustments		$ 8,000
Mobile Mini, Inc.
Business Acquisition [Line Items]
Mobile Mini Common Stock outstanding (in shares) \| shares	44,252,275
Mobile Mini, Inc.
Business Acquisition [Line Items]
Number of shares exchanged (in shares)	2.405
Common stock issued (in shares) \| shares	106,426,721
Common Stock per share price as of July 1, 2020 (in USD per share) \| $ / shares	$ 12.53
Cash paid for fractional shares	$ 30
Total purchase price	$ 1,352,836
Mobile Mini, Inc. \| Common Stock
Business Acquisition [Line Items]
Common stock issued (in shares) \| shares	106,426,721
Common Stock per share price as of July 1, 2020 (in USD per share) \| $ / shares	$ 12.53
Fair value of shares issued and converted	$ 1,333,527
Mobile Mini, Inc. \| Stock Options
Business Acquisition [Line Items]
Fair value of shares issued and converted	$ 19,279

Acquisitions - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jul. 01, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill identified	$ 1,180,737	$ 1,171,219		$ 235,177
Mobile Mini, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents			$ 17,203
Trade receivables			87,492
Inventories			8,987
Prepaid expenses and other current assets			13,717
Rental equipment			1,032,672
Property, plant and equipment			160,729
Operating lease assets			92,054
Intangible assets			374,500
Goodwill identified			937,135
Other non-current assets			2,520
Total identifiable assets acquired			2,727,009
Accounts payable			(29,797)
Accrued expenses			(40,335)
Deferred revenue and customer deposits			(38,846)
Operating lease liabilities			(89,968)
Debt and finance lease liabilities			(897,244)
Deferred tax liabilities			(276,555)
Other long-term liabilities			(1,428)
Total liabilities assumed			(1,374,173)
Purchase Price			$ 1,352,836

Acquisitions - Pro Forma Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 01, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 15, 2020
Business Acquisition [Line Items]
Revenues		$ 461,102	$ 256,862	$ 886,425	$ 512,683
Income (loss) before income tax		$ 39,199	(14,415)	$ 54,127	78,030
State and Federal Income Taxes, Percent		25.50%		25.50%
Elimination of reversal of valuation allowance due to reassessment			2,700		2,700
2025 Secured Notes \| Senior Notes
Business Acquisition [Line Items]
Interest rate	6.125%	6.125%		6.125%		6.125%
Revolving Credit Facility \| 2020 ABL Facility \| Line of Credit
Business Acquisition [Line Items]
Debt drawn	$ 1,470,000
Estimated interest rate	2.046%
Mobile Mini, Inc.
Business Acquisition [Line Items]
Revenues			133,663		284,240
Mobile Mini, Inc.
Business Acquisition [Line Items]
Pro forma revenues			390,525		796,923
Income (loss) before income tax			8,575		139,890
Pro forma income before income tax			8,552		115,904
Income tax expense			9,737		23,244
Pro forma net (loss) income			(1,162)		116,646
Intangible assets	$ 374,500
Mobile Mini, Inc. \| Mobile Mini customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 209,000
Intangible assets, weighted average life	13 years
Mobile Mini, Inc. \| Elimination of Merger transaction costs
Business Acquisition [Line Items]
Income (loss) before income tax			3,198		27,849
Mobile Mini, Inc. \| Impact of fair value mark-ups on rental fleet depreciation
Business Acquisition [Line Items]
Income (loss) before income tax			(1,167)		(2,334)
Mobile Mini, Inc. \| Other depreciation expense and intangible asset amortization
Business Acquisition [Line Items]
Income (loss) before income tax			(5,669)		(11,338)
Mobile Mini, Inc. \| Interest expense
Business Acquisition [Line Items]
Income (loss) before income tax			(3,549)		(6,113)
Mobile Mini, Inc. \| Elimination of Mobile Mini interest expense
Business Acquisition [Line Items]
Income (loss) before income tax			7,210		15,922
Mobile Mini, Inc. \| Mobile Mini, Inc.
Business Acquisition [Line Items]
Income (loss) before income tax			$ 22,967		$ 37,874

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 461,102	$ 256,862	$ 886,425	$ 512,683
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	181,376	132,377	351,328	263,775
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	58,848	5,716	113,461	11,565
Tank and pump leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	17,109	0	32,869	0
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	70,880	42,421	133,306	83,423
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	14,966	9,629	27,877	19,732
Leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	343,179	190,143	658,841	378,495
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	91,680	51,640	175,184	102,710
Total leasing and services revenue
Disaggregation of Revenue [Line Items]
Total revenues	434,859	241,783	834,025	481,205
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	11,008	9,763	21,963	19,376
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	15,235	5,316	30,437	12,102
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	7,800	4,300	14,000	8,300
US
Disaggregation of Revenue [Line Items]
Total revenues	399,280	237,613	770,549	472,941
Canada
Disaggregation of Revenue [Line Items]
Total revenues	29,543	16,279	53,127	32,985
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	3,848	2,970	7,311	6,757
UK
Disaggregation of Revenue [Line Items]
Total revenues	$ 28,431	$ 0	$ 55,438	$ 0

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 74.7		$ 74.7		$ 74.1
Recognition of previously deferred revenue for removal services for lease transactions and advance billings for sale transactions			$ 18.1
Trade receivables, net of allowances for credit losses \| Credit Concentration Risk \| Top Five Customers
Disaggregation of Revenue [Line Items]
Concentration risk percentage			4.40%
Modular Leasing \| Revenues \| Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	73.00%	72.00%	73.00%	72.00%

Revenue - Rollforward of Accounts and Notes Receivable, Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 31,630	$ 16,471	$ 29,258	$ 15,828
Net charges to bad debt expense and revenue	8,390	5,730	16,910	9,122
Write-offs	(4,058)	(2,829)	(9,872)	(5,573)
Foreign currency translation and other	823	(189)	489	(194)
Balance at end of period	$ 36,785	$ 19,183	$ 36,785	$ 19,183

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Operating
2021 (remaining)	$ 31,653
2022	56,891
2023	46,544
2024	38,183
2025	31,384
Thereafter	74,309
Total lease payments	278,964
Less: interest	(44,484)
Present value of lease liabilities	234,480
Finance
2021 (remaining)	10,193
2022	18,747
2023	15,296
2024	12,375
2025	12,482
Thereafter	18,932
Total lease payments	88,025
Less: interest	(6,496)
Present value of lease liabilities	$ 81,529	$ 77,874

Leases - Lease Cost (Details) - USD ($) $ in Thousands	6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Finance Lease Expense
Amortization of finance lease assets	$ 9,514	$ 0
Interest on obligations under finance leases	1,098	0
Total finance lease expense	10,612	0
Operating Lease Expense
Total operating lease expense	52,395	42,518
Cost of leasing and services
Operating Lease Expense
Fixed lease expense	2,131	3,074
Short-term lease expense	11,575	13,603
Variable lease expense	3,373	3,657
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	29,359	16,866
Short-term lease expense	723	851
Variable lease expense	3,792	2,131
Lease impairment expense and other related charges
Operating Lease Expense
Fixed lease expense	1,107	1,359
Short-term lease expense	0	466
Variable lease expense	$ 335	$ 511

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Lease impairment expense and other related charges	$ 474	$ 1,394	$ 1,727	$ 3,055
Impairment charges and loss on lease exit			200
Closed location rent expense			$ 1,500	2,300
Loss on lease exit				$ 800

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating cash outflows from operating leases	$ 33,409	$ 20,271
Financing cash outflows from finance leases	8,030	0
Right of use assets obtained in exchange for lease obligations	28,288	19,242
Assets obtained in exchange for finance leases	$ 11,530	$ 0

Leases - Lease Terms and Discount Rates (Details)	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term - operating leases	6 years 2 months 12 days	6 years 4 months 24 days
Weighted-average discount rate - operating leases	5.60%	5.70%
Weighted-average remaining lease term - finance leases	4 years 6 months	4 years 7 months 6 days
Weighted-average discount rate - finance leases	2.90%	2.90%

Inventories - Schedule of Mobile Mini Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 24,493	$ 19,560
Finished units	7,801	4,171
Inventories	$ 32,294	$ 23,731

Rental Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 3,820,769	$ 3,725,714
Less: accumulated depreciation	(906,197)	(794,068)
Rental equipment, net	2,914,572	2,931,646
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	2,822,231	2,796,284
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	696,600	653,707
Tank and pump products
Property, Plant and Equipment [Line Items]
Total rental equipment	144,951	132,071
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 156,987	$ 143,652

Goodwill - Goodwill Activity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,171,219	$ 235,177
Acquisition of Mobile Mini		928,974
Changes to Mobile Mini purchase accounting	8,161
Effects of movements in foreign exchange rates	1,357	7,068
Goodwill, end of period	1,180,737	1,171,219
NA Modular
Goodwill [Roll Forward]
Goodwill, beginning of period	235,828	235,177
Acquisition of Mobile Mini		0
Changes to Mobile Mini purchase accounting	285,000
Effects of movements in foreign exchange rates	842	651
Goodwill, end of period	521,670	235,828
NA Storage
Goodwill [Roll Forward]
Goodwill, beginning of period	726,529	0
Acquisition of Mobile Mini		726,529
Changes to Mobile Mini purchase accounting	(233,666)
Effects of movements in foreign exchange rates	(293)	0
Goodwill, end of period	492,570	726,529
UK Storage
Goodwill [Roll Forward]
Goodwill, beginning of period	65,600	0
Acquisition of Mobile Mini		59,183
Changes to Mobile Mini purchase accounting	0
Effects of movements in foreign exchange rates	808	6,417
Goodwill, end of period	66,408	65,600
Tank and Pump
Goodwill [Roll Forward]
Goodwill, beginning of period	143,262	0
Acquisition of Mobile Mini		143,262
Changes to Mobile Mini purchase accounting	(43,173)
Effects of movements in foreign exchange rates	0	0
Goodwill, end of period	$ 100,089	$ 143,262

Goodwill - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
Goodwill - Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Intangible assets subject to amortization:
Accumulated amortization		$ (28,173)	$ (14,553)
Net book value		185,327
Indefinite-lived intangible assets:
Gross carrying amount		502,500	510,500
Net book value		474,327	495,947
Trade name - Mobile Mini
Indefinite-lived intangible assets:
Indefinite-lived intangible assets		164,000	164,000
Trade name - WillScot
Indefinite-lived intangible assets:
Indefinite-lived intangible assets		$ 125,000	125,000
Trade name - ModSpace
Intangible assets subject to amortization:
Weighted average remaining life (in years)	8 months 12 days	2 months 12 days
Gross carrying amount		$ 3,000	3,000
Accumulated amortization		(2,875)	(2,375)
Net book value		$ 125	625
Mobile Mini customer relationships
Intangible assets subject to amortization:
Weighted average remaining life (in years)	8 years	7 years 1 month 6 days
Gross carrying amount		$ 209,000	217,000
Accumulated amortization		(25,048)	(12,053)
Net book value		$ 183,952	204,947
Technology
Intangible assets subject to amortization:
Weighted average remaining life (in years)	5 years 6 months	5 years
Gross carrying amount		$ 1,500	1,500
Accumulated amortization		(250)	(125)
Net book value		$ 1,250	$ 1,375

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Intangibles - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jul. 01, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 6.8	$ 13.8	$ 0.3	$ 0.5
Mobile Mini, Inc.
Finite-Lived Intangible Assets [Line Items]
Intangible assets, indefinite-lived					$ 164.0
Intangible assets, finite-lived					$ 210.5

Intangibles - Future Amortization (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (remaining)	$ 13,334
2022	26,416
2023	26,416
2024	26,416
2025	26,416
Thereafter	66,329
Net book value	$ 185,327

Debt - Carrying Value of Debt Outstanding (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Aug. 25, 2020	Jul. 01, 2020	Jun. 15, 2020
Debt Instrument [Line Items]
Finance Leases	$ 81,529,000	$ 77,874,000
Total debt	2,522,852,000	2,470,330,000
Less: current portion of long-term debt	16,557,000	16,521,000
Total long-term debt	$ 2,506,295,000	2,453,809,000
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%			6.125%	6.125%
Long-term debt	$ 517,054,000	637,068,000
Unamortized debt issuance costs	$ 9,500,000	12,900,000
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%		4.625%
Long-term debt	$ 492,017,000	491,555,000
Unamortized debt issuance costs	8,000,000.0	8,400,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	1,432,252,000	1,263,833,000
Line of Credit \| 2020 ABL Facility - Multicurrency Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal	0	0
Unamortized debt issuance costs	$ 7,200,000	$ 7,900,000

Debt - Narrative (Details) - USD ($)						3 Months Ended			6 Months Ended
Debt - Narrative (Details) - USD ($)	Jun. 16, 2021	Mar. 26, 2021	Aug. 25, 2020	Aug. 11, 2020	Jul. 01, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 15, 2020	May 14, 2019	Nov. 29, 2017
Debt Instrument [Line Items]
Loss on extinguishment of debt						$ 2,814,000		$ 0	$ 5,999,000	$ 0
Finance Leases						81,529,000			81,529,000		$ 77,874,000
Senior Notes \| 2022 Secured Notes
Debt Instrument [Line Items]
Debt, face amount														$ 270,000,000.0
Interest rate														7.875%
Senior Notes \| 2023 Senior Secured Notes
Debt Instrument [Line Items]
Repayments of debt			$ 441,000,000.0	$ 49,000,000.0
Debt, face amount													$ 490,000,000.0
Interest rate													6.875%
Percentage of principal amount redeemed				10.00%
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Repayments of debt		$ 65,000,000.0
Unamortized debt issuance costs						$ 9,500,000			$ 9,500,000		12,900,000
Debt, face amount												$ 650,000,000.0
Interest rate					6.125%	6.125%			6.125%			6.125%
Percentage of principal amount redeemed	10.00%	10.00%
Extinguishment of debt, amount	$ 58,500,000
Loss on extinguishment of debt						$ 2,800,000	$ 3,200,000
Early redemption premium						1,800,000	1,900,000
Write-off of unamortized deferred financing fees						1,000,000.0	$ 1,300,000
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs						$ 8,000,000.0			$ 8,000,000.0		8,400,000
Debt, face amount			$ 500,000,000.0
Interest rate			4.625%			4.625%			4.625%
Revolving Credit Facility \| Line of Credit \| 2017 ABL Facility
Debt Instrument [Line Items]
Accordion feature														$ 375,000,000.0
Repayments of debt					$ 1,500,000,000
Write-off of unamortized deferred financing fees					4,400,000
Revolving Credit Facility \| Line of Credit \| 2017 ABL Facility - US Facility
Debt Instrument [Line Items]
Maximum aggregate availability														1,300,000,000
Revolving Credit Facility \| Line of Credit \| 2017 ABL Facility - Canadian ABL Facility
Debt Instrument [Line Items]
Maximum aggregate availability														$ 140,000,000.0
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility
Debt Instrument [Line Items]
Maximum aggregate availability					$ 2,400,000,000	$ 2,400,000,000			$ 2,400,000,000
Fee on unused borrowings					0.225%
Weighted average interest rate for borrowings						1.96%			1.96%
Available borrowing capacity						$ 917,400,000			$ 917,400,000
Letters of credit amount outstanding						14,100,000			14,100,000
Outstanding principal						1,500,000,000			1,500,000,000
Unamortized debt issuance costs						$ 36,200,000			$ 36,200,000
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| Interest Rate Swap
Debt Instrument [Line Items]
Weighted average interest rate for borrowings after interest rate derivatives						2.77%			2.77%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| LIBOR \| United States of America, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate					1.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| LIBOR \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Basis spread on variable rate					1.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| LIBOR \| United Kingdom, Pounds
Debt Instrument [Line Items]
Basis spread on variable rate					1.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| Base Rate \| United States of America, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate					0.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| BA Rate \| Canada, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate					1.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| Prime Rate \| Canada, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate					0.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility - US Facility
Debt Instrument [Line Items]
Maximum aggregate availability					$ 2,000,000,000.0
Available borrowing capacity						$ 517,400,000			$ 517,400,000
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility - Multicurrency Facility
Debt Instrument [Line Items]
Maximum aggregate availability					$ 400,000,000
Available borrowing capacity						400,000,000.0			400,000,000.0
Outstanding principal						0			0		0
Unamortized debt issuance costs						7,200,000			$ 7,200,000		$ 7,900,000
Letter of Credit \| Line of Credit \| 2017 ABL Facility
Debt Instrument [Line Items]
Fee on unused borrowings									2.00%
Letter of Credit \| Line of Credit \| 2020 ABL Facility
Debt Instrument [Line Items]
Maximum aggregate availability						205,900,000			$ 205,900,000
Swingline Loans \| Line of Credit \| 2020 ABL Facility
Debt Instrument [Line Items]
Maximum aggregate availability						$ 170,000,000.0			$ 170,000,000.0

Equity - Narrative (Details) - USD ($)					3 Months Ended		6 Months Ended
Equity - Narrative (Details) - USD ($)	Jun. 29, 2021	Mar. 01, 2021	Jul. 01, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 29, 2021	Dec. 31, 2020	Aug. 07, 2020
Subsidiary, Sale of Stock [Line Items]
Shares issued for each share converted (in shares)				1.3261
Common stock par value (in USD per share)			$ 0.0001		$ 0.0001		$ 0.0001			$ 0.0001
Shares issued for conversion (in shares)				10,641,182
Shares issued for conversion						$ 0
Shares repurchased (in shares)							7,901,657
Issuance of Common Stock from the exercise of options and warrants (in shares)							4,687,881
Authorized share repurchase program									$ 500,000,000		$ 250,000,000
Shares repurchased							$ 216,300,000
Remaining authorized share repurchase program					$ 249,200,000		249,200,000
Net losses on derivatives, income tax benefit					$ 656,000	0	1,323,000	$ 0
Sapphire Holdings Sale of Stock
Subsidiary, Sale of Stock [Line Items]
Shares repurchased (in shares)	3,900,000	2,750,000
Interest Rate Swap \| Interest expense, net
Subsidiary, Sale of Stock [Line Items]
Loss reclassified from AOCI into income (effective portion)							$ (5,931,000)	$ (4,189,000)
Mobile Mini, Inc.
Subsidiary, Sale of Stock [Line Items]
Shares issued for merger (in shares)			106,426,722
Non-Controlling Interest
Subsidiary, Sale of Stock [Line Items]
Shares issued for conversion				$ (63,900,000)		(63,918,000)
Additional Paid-in-Capital
Subsidiary, Sale of Stock [Line Items]
Shares issued for conversion				66,900,000		66,890,000
Accumulated Other Comprehensive Income (Loss)
Subsidiary, Sale of Stock [Line Items]
Shares issued for conversion				$ (3,000,000.0)		$ (2,972,000)
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock par value (in USD per share)				$ 0.0001		$ 0.0001		$ 0.0001

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 647,024	$ 555,199
Other comprehensive loss before reclassifications	$ 2,245	$ 4,274	6,340	(31,474)
Reclassifications from AOCI to income	2,994	2,937	2,617	1,572
Less other comprehensive loss attributable to non-controlling interest			(818)	2,703
Impact of elimination of non-controlling interest on accumulated other comprehensive income			(2,972)
Ending Balance			670,668	647,024
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(19,660)	(24,694)	(72,213)	(52,982)
Other comprehensive loss before reclassifications	3,093	5,034	7,982	(21,144)
Reclassifications from AOCI to income	0	0	0	0
Less other comprehensive loss attributable to non-controlling interest			(730)	1,913
Impact of elimination of non-controlling interest on accumulated other comprehensive income			(1,299)
Ending Balance	(16,567)	(19,660)	(66,260)	(72,213)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(10,336)	(12,513)	(17,761)	(9,793)
Other comprehensive loss before reclassifications	(848)	(760)	(1,642)	(10,330)
Reclassifications from AOCI to income	2,994	2,937	2,617	1,572
Less other comprehensive loss attributable to non-controlling interest			(88)	790
Impact of elimination of non-controlling interest on accumulated other comprehensive income			(1,673)
Ending Balance	(8,190)	(10,336)	(18,547)	(17,761)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(29,996)	(37,207)	(89,974)	(62,775)
Ending Balance	$ (24,757)	$ (29,996)	$ (84,807)	$ (89,974)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (c)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4568740-111683

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)

+ Details

Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended		6 Months Ended	12 Months Ended
	Feb. 24, 2020	Feb. 24, 2020	Jan. 24, 2020	Jun. 30, 2021	Dec. 31, 2018
2015 Public Warrants
Class of Warrant or Right [Line Items]
Warrant half exercise price (in USD per share)				$ 5.75
Warrants exercise price (in USD per share)				$ 11.50
Warrants exercised (in shares)	38,509	5,836,048	796,610
Proceeds from warrant exercises			$ 4.6
Receipts from issuance of Common Stock from the exercise of options (in shares)		1,097,162	398,305
Warrant redemption price (in USD per share)	$ 0.01	$ 0.01
Warrants outstanding (in shares)				0
Number of shares which can be exchanged per warrant (in shares)				0.5
2015 Private warrants
Class of Warrant or Right [Line Items]
Warrant half exercise price (in USD per share)				$ 5.75
Warrants exercise price (in USD per share)				$ 11.50
Warrants exercised (in shares)				9,655,000
Receipts from issuance of Common Stock from the exercise of options (in shares)				2,939,898
Warrants outstanding (in shares)				0
Warrants repurchased and canceled (in shares)				3,055,000
Warrants repurchased and canceled				$ 25.5
Number of shares which can be exchanged per warrant (in shares)				0.5
2018 Warrants
Class of Warrant or Right [Line Items]
Warrants exercise price (in USD per share)				$ 15.50
Warrants exercised (in shares)				(2,346,195)
Receipts from issuance of Common Stock from the exercise of options (in shares)				1,091,066
Warrants outstanding (in shares)				7,165,911
Warrants repurchased and canceled (in shares)				218,135
Warrants repurchased and canceled				$ 2.2
Number of shares which can be exchanged per warrant (in shares)				1
2018 Warrants \| Modular Space Holdings Inc. \| Warrants
Class of Warrant or Right [Line Items]
Warrants issued from acquisition (in shares)					10,000,000.0

Warrant - Schedule of Fair Value of Outstanding Warrants Recorded as Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Common stock warrant liabilities	$ 0	$ 77,404
2015 Private warrants
Class of Warrant or Right [Line Items]
Common stock warrant liabilities	$ 0	$ 77,404

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 18,828	$ (285)	$ 29,309	$ 505
Effective tax rate	48.00%	2.00%	54.20%	0.60%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Fair Value Measures (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,441,323	$ 2,392,456
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,542,896	2,518,308
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
ABL Facilities \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	36,200	40,800
ABL Facilities \| Carrying Amount \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,432,252	1,263,833
ABL Facilities \| Fair Value \| Level 1 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
ABL Facilities \| Fair Value \| Level 2 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,468,500	1,304,612
ABL Facilities \| Fair Value \| Level 3 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2025 Secured Notes \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	9,500	12,900
2025 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	517,054	637,068
2025 Secured Notes \| Fair Value \| Level 1 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2025 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	558,501	694,876
2025 Secured Notes \| Fair Value \| Level 3 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2028 Secured Notes \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	8,000	8,400
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	492,017	491,555
2028 Secured Notes \| Fair Value \| Level 1 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2028 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	515,895	518,820
2028 Secured Notes \| Fair Value \| Level 3 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 0	$ 0

Fair Value Measures - Warrant Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	$ 0	$ 77,404
2015 Private warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	77,404
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	77,404
Carrying Amount \| 2015 Private warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	77,404
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	0
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	0
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	77,404
Fair Value \| 2015 Private warrants \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	0
Fair Value \| 2015 Private warrants \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	0
Fair Value \| 2015 Private warrants \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	$ 0	$ 77,404

Fair Value Measures - Quantitative Information Regarding Level 3 Fair Value Measurments (Details) - 2015 Private warrants	Dec. 31, 2020
Stock Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	23.17
Strike Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	11.50
Expected Life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	1.91
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	0.412
Risk Free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	0.0013
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	0
Fair value of warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	12.17

Fair Value Measures - Changes in Level 3 Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
2015 Private warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 99,781	$ 20,196	$ 77,404	$ 72,705
Exercise or conversion	(78,495)	0	(78,495)	0
Measurement adjustment	(1,571)	14,225	25,486	(38,284)
Repurchases	(19,715)		(24,395)
Reclassification to equity at June 30, 2020		0		0
Ending balance	$ 0	34,421	$ 0	34,421
2018 Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		13,853		58,369
Exercise or conversion		(374)		(416)
Measurement adjustment		12,737		(31,737)
Reclassification to equity at June 30, 2020		(26,216)		(26,216)
Ending balance		$ 0		$ 0

Restructuring - Summary of Activities in the Restructuring Accruals (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Beginning balance	$ 3,318	$ 168	$ 1,750	$ 447
Charges	6,960	749	10,102	689
Cash payments	(1,567)	(388)	(1,703)	(595)
Foreign currency translation	0	1	0	1
Non-cash movements	(4,331)	(5)	(5,769)	(17)
Ending balance	4,380	525	4,380	525
Employee Costs
Restructuring Reserve [Roll Forward]
Beginning balance	3,318	168	1,750	447
Charges	6,960	743	10,102	671
Cash payments	(1,567)	(388)	(1,703)	(595)
Foreign currency translation	0	1	0	1
Non-cash movements	(4,331)	0	(5,769)	0
Ending balance	4,380	524	4,380	524
Facility Exit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	0	0	0	0
Charges	0	6	0	18
Cash payments	0	0	0	0
Foreign currency translation	0	0	0	0
Non-cash movements	0	(5)	0	(17)
Ending balance	$ 0	$ 1	$ 0	$ 1

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 6,960	$ 749	$ 10,102	$ 689
Operating Segments \| NA Modular
Restructuring Cost and Reserve [Line Items]
Restructuring costs	500		1,500
Operating Segments \| NA Storage
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,100		2,800
Unallocated Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 4,400		$ 5,800

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 4,707	$ 2,227	$ 8,221	$ 4,014
Unrecognized compensation expense for options	$ 500		$ 500
2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares which may be granted under plan (in shares)	6,488,988		6,488,988
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 100	300	$ 300	500
Unrecognized compensation expense for awards	1,100		$ 1,100
Unrecognized compensation expense, period for recognition			1 year
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	2,400	1,200	$ 4,300	2,200
Unrecognized compensation expense for awards	17,400		$ 17,400
Unrecognized compensation expense, period for recognition			2 years 7 months 6 days
Modification of awards	3,500		$ 4,800
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	2,000	600	3,100	900
Unrecognized compensation expense for awards	16,300		$ 16,300
Unrecognized compensation expense, period for recognition			1 year 10 months 24 days
Modification of awards	$ 800		$ 1,000
Performance-Based Restricted Stock Units \| Awards Granted 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR payout percentage, minimum	0.00%		0.00%
TSR payout percentage, maximum	200.00%		200.00%
TSR payout percentage, target	100.00%		100.00%
TSR, target	50.00%		50.00%
TSR, minimum	25.00%		25.00%
TSR, maximum	85.00%		85.00%
Performance-Based Restricted Stock Units \| Awards Granted in 2020 and Prior
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR payout percentage, minimum	0.00%		0.00%
TSR payout percentage, maximum	150.00%		150.00%
TSR payout percentage, target	100.00%		100.00%
TSR, target	50.00%		50.00%
TSR, minimum	25.00%		25.00%
TSR, maximum	75.00%		75.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 200	$ 200	$ 400	$ 400
Unrecognized compensation expense, period for recognition			8 months 12 days

Stock-Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Number of Shares
Beginning balance (in shares)	57,448	52,755
Granted (in shares)	44,708	65,959
Forfeited (in shares)	(4,266)	0
Vested (in shares)	(57,448)	(52,755)
Ending balance (in shares)	40,442	65,959
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 11.75	$ 14.69
Granted (in USD per share)	29.30	11.75
Forfeited (in USD per share)	29.30	0
Vested (in USD per share)	11.75	14.69
Ending balance (in USD per share)	$ 29.30	$ 11.75

Stock-Based Compensation - Time-Based RSUs (Details) - Time-Based Restricted Stock Units - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Number of Shares
Beginning balance (in shares)	1,125,766	1,065,305
Granted (in shares)	405,505	174,020
Forfeited (in shares)	(65,153)	(15,106)
Vested (in shares)	(147,592)	(323,678)
Ending balance (in shares)	1,318,526	900,541
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 13.44	$ 12.78
Granted (in USD per share)	27.20	16.78
Forfeited (in USD per share)	16.74	13.45
Vested (in USD per share)	12.90	12.93
Ending balance (in USD per share)	$ 17.57	$ 13.49

Stock-Based Compensation - Performance Based PSUs (Details) - Performance-Based Restricted Stock Units - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Number of Shares
Beginning balance (in shares)	593,388	288,281
Granted (in shares)	397,981	202,923
Forfeited (in shares)	(20,077)	(12,700)
Ending balance (in shares)	971,292	478,504
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 14.88	$ 13.22
Granted (in USD per share)	39.10	16.82
Forfeited (in USD per share)	25.87	14.70
Ending balance (in USD per share)	$ 24.56	$ 14.71

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019
WillScot Options
Options
Beginning balance (in shares)	534,188	534,188
Forfeited (in shares)	0
Exercised (in shares)	0
Ending balance (in shares)	534,188	534,188
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 13.60	$ 13.60
Forfeited (in USD per share)	0
Exercised (in USD per share)	0
Ending balance (in USD per share)	$ 13.60	$ 13.60
Vested and exercisable stock options (in shares)	400,641	267,094	133,547
Vested and exercisable stock options (in USD per share)	$ 13.60	$ 13.60	$ 13.60
Vested (in shares)		133,547
Vested (in USD per share)		$ 13.60
Converted Mobile Mini Options
Options
Beginning balance (in shares)	2,031,455
Forfeited (in shares)	(6,240)
Exercised (in shares)	(373,132)
Ending balance (in shares)	1,652,083
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 14.78
Forfeited (in USD per share)	12.19
Exercised (in USD per share)	15.77
Ending balance (in USD per share)	$ 14.57
Vested and exercisable stock options (in shares)	1,652,083
Vested and exercisable stock options (in USD per share)	$ 14.57

Derivatives - Narrative (Details) - Interest Rate Swap - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Notational amount	$ 400,000,000.0
Fixed rate	3.06%
Receive rate	0.07%	0.15%

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - Interest Rate Swap - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Accrued expenses	$ 11,263	$ 11,619
Other non-current liabilities	$ 0	$ 5,308

Derivative Instruments and Hedging Activities - Impact of Interest Rate Swap (Details) - Interest Rate Swap - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	$ 4,323	$ (7,783)
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into income (effective portion)	$ (5,931)	$ (4,189)

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			4
Stock compensation expense	$ 4,707	$ 2,227	$ 8,221	$ 4,014
Transition, Separation And Release Agreement
Segment Reporting Information [Line Items]
Stock compensation expense	$ 4,300		$ 5,800

Segment Reporting - Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Leasing	$ 343,179	$ 190,143	$ 658,841	$ 378,495
Total revenues	461,102	256,862	886,425	512,683
Costs:
Leasing	83,032	47,747	152,927	97,556
Depreciation of rental equipment	62,893	45,494	118,591	91,442
Gross profit	222,810	109,964	436,190	216,154
Other selected data:
Adjusted EBITDA	175,495	97,520	339,080	187,062
Selling, general and administrative expense	122,387	65,272	239,716	140,240
Purchases of rental equipment and refurbishments	65,282	40,034	117,817	79,682
Delivery and installation
Revenues:
Revenues	91,680	51,640	175,184	102,710
Costs:
Cost of sales	77,153	43,523	147,289	87,388
New units
Revenues:
Revenues	11,008	9,763	21,963	19,376
Total revenues	11,008	9,763	21,963	19,376
Costs:
Cost of sales	7,052	6,331	14,161	12,534
Rental units
Revenues:
Revenues	15,235	5,316	30,437	12,102
Total revenues	15,235	5,316	30,437	12,102
Costs:
Cost of sales	8,162	3,803	17,267	7,609
Unallocated Costs
Other selected data:
Adjusted EBITDA	0	0	0	0
Selling, general and administrative expense	12,180	5,925	24,017	18,321
Purchases of rental equipment and refurbishments	0	0	0	0
NA Modular \| Operating Segments
Revenues:
Leasing	217,635	190,143	417,243	378,495
Total revenues	289,382	256,862	555,606	512,683
Costs:
Leasing	61,773	47,747	112,848	97,556
Depreciation of rental equipment	50,816	45,494	97,536	91,442
Gross profit	116,136	109,964	229,138	216,154
Other selected data:
Adjusted EBITDA	103,545	97,520	200,916	187,062
Selling, general and administrative expense	63,406	59,347	125,756	121,919
Purchases of rental equipment and refurbishments	49,364	40,034	88,499	79,682
NA Modular \| Operating Segments \| Delivery and installation
Revenues:
Revenues	54,851	51,640	103,531	102,710
Costs:
Cost of sales	51,154	43,523	95,859	87,388
NA Modular \| Operating Segments \| New units
Revenues:
Revenues	6,871	9,763	14,331	19,376
Costs:
Cost of sales	4,376	6,331	9,250	12,534
NA Modular \| Operating Segments \| Rental units
Revenues:
Revenues	10,025	5,316	20,501	12,102
Costs:
Cost of sales	5,127	3,803	10,975	7,609
NA Storage \| Operating Segments
Revenues:
Leasing	85,966	0	166,317	0
Total revenues	115,794	0	223,542	0
Costs:
Leasing	12,174	0	22,907	0
Depreciation of rental equipment	7,476	0	12,269	0
Gross profit	75,721	0	148,340	0
Other selected data:
Adjusted EBITDA	49,526	0	95,848	0
Selling, general and administrative expense	33,672	0	64,761	0
Purchases of rental equipment and refurbishments	8,773	0	12,245	0
NA Storage \| Operating Segments \| Delivery and installation
Revenues:
Revenues	23,519	0	44,884	0
Costs:
Cost of sales	16,743	0	32,483	0
NA Storage \| Operating Segments \| New units
Revenues:
Revenues	1,864	0	4,048	0
Costs:
Cost of sales	1,122	0	2,463	0
NA Storage \| Operating Segments \| Rental units
Revenues:
Revenues	4,445	0	8,293	0
Costs:
Cost of sales	2,558	0	5,080	0
UK Storage \| Operating Segments
Revenues:
Leasing	21,014	0	39,735	0
Total revenues	28,432	0	55,439	0
Costs:
Leasing	4,729	0	9,025	0
Depreciation of rental equipment	1,318	0	2,232	0
Gross profit	17,937	0	34,430	0
Other selected data:
Adjusted EBITDA	12,328	0	23,392	0
Selling, general and administrative expense	6,926	0	13,269	0
Purchases of rental equipment and refurbishments	4,226	0	10,996	0
UK Storage \| Operating Segments \| Delivery and installation
Revenues:
Revenues	5,839	0	12,589	0
Costs:
Cost of sales	3,309	0	7,400	0
UK Storage \| Operating Segments \| New units
Revenues:
Revenues	1,295	0	2,166	0
Costs:
Cost of sales	845	0	1,434	0
UK Storage \| Operating Segments \| Rental units
Revenues:
Revenues	284	0	949	0
Costs:
Cost of sales	294	0	918	0
Tank and Pump \| Operating Segments
Revenues:
Leasing	18,564	0	35,546	0
Total revenues	27,494	0	51,838	0
Costs:
Leasing	4,356	0	8,147	0
Depreciation of rental equipment	3,283	0	6,554	0
Gross profit	13,016	0	24,282	0
Other selected data:
Adjusted EBITDA	10,096	0	18,924	0
Selling, general and administrative expense	6,203	0	11,913	0
Purchases of rental equipment and refurbishments	2,919	0	6,077	0
Tank and Pump \| Operating Segments \| Delivery and installation
Revenues:
Revenues	7,471	0	14,180	0
Costs:
Cost of sales	5,947	0	11,547	0
Tank and Pump \| Operating Segments \| New units
Revenues:
Revenues	978	0	1,418	0
Costs:
Cost of sales	709	0	1,014	0
Tank and Pump \| Operating Segments \| Rental units
Revenues:
Revenues	481	0	694	0
Costs:
Cost of sales	$ 183	$ 0	$ 294	$ 0

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting [Abstract]
Net income (loss)	$ 20,371	$ (14,130)	$ 91,655	$ 24,818	$ 77,525
Income tax (benefit) expense	18,828	(285)		29,309	505
Loss on extinguishment of debt	2,814	0		5,999	0
Interest expense	29,212	28,519		59,176	56,776
Depreciation, Amortization and Accretion, Net	84,515	48,377		158,537	97,399
Fair value (gain) loss on common stock warrant liabilities	(610)	26,963		26,597	(68,366)
Currency losses (gains), net	33	(380)		69	518
Restructuring costs, lease impairment expense and other related charges	7,434	2,143		11,829	3,744
Transaction costs	0	1,619		844	11,050
Integration costs	7,622	2,153		14,964	3,839
Stock compensation expense	4,707	2,227		8,221	4,014
Other	569	314		(1,283)	58
Adjusted EBITDA	$ 175,495	$ 97,520		$ 339,080	$ 187,062

Earnings (Loss) Per Share - Narrative (Details)	Jun. 30, 2020 shares
Earnings Per Share [Abstract]
Shares issued for conversion (in shares)	10,641,182

Earnings (Loss) Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income attributable to common shareholders - basic	$ 20,371	$ (15,473)	$ 24,818	$ 76,312
Fair value (gain) loss on common stock warrant liabilities	(610)	0	0	(70,021)
Net income (loss) attributable to common shareholders - dilutive	$ 19,761	$ (15,473)	$ 24,818	$ 6,291
Denominator:
Basic (in shares)	228,406,812	110,692,426	228,350,318	110,174,536
Warrants (in shares)	5,705,000	0	4,000,000	1,805,000
Diluted (in shares)	236,536,713	110,692,426	234,898,911	112,336,118
RSAs
Denominator:
Awards (in shares)	20,000	0	36,000	34,000
Time-based RSUs
Denominator:
Awards (in shares)	599,000	0	622,000	107,000
Performance-based RSUs
Denominator:
Awards (in shares)	725,000	0	817,000	215,000
Stock Options
Denominator:
Awards (in shares)	1,081,000	0	1,074,000	0

Earnings (Loss) Per Share - Schedule of Anti-dilutive securities (Details) - shares		3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Shares issued for conversion (in shares)	10,641,182
Warrants
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)		0	18,563,000	0	0
Restricted Stock Awards
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)		0	66,000	0	0
Time-Based Restricted Stock Units
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)		0	901,000	0	0
Performance-Based Restricted Stock Units
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)		0	408,000	0	0
Stock Options
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)		0	534,000	0	534,000

Related Parties - Related Party Balances Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total related party liabilities, net	$ (457)	$ (431)
Trade receivables, net of allowances for credit losses
Related Party Transaction [Line Items]
Receivables due from affiliates	19	30
Accrued expenses
Related Party Transaction [Line Items]
Amounts due to affiliates	$ (476)	$ (461)

- Definition

Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

+ Details

Related Parties - Related Party Transactions in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transactions [Abstract]
Leasing revenue from related parties	$ 59	$ 294	$ 165	$ 827
Consulting expense to related party	(248)	(2,158)	(2,149)	(2,996)
Total related party expense, net	$ (189)	$ (1,864)	$ (1,984)	$ (2,169)

Related Parties - Narrative (Details) - USD ($)					3 Months Ended		6 Months Ended
Related Parties - Narrative (Details) - USD ($)	Jun. 29, 2021	Jun. 25, 2021	Mar. 01, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 22, 2018
Related Party Transaction [Line Items]
Shares issued for conversion (in shares)				10,641,182
Shares repurchased (in shares)							7,901,657
Sapphire Holdings Sale of Stock
Related Party Transaction [Line Items]
Shares repurchased (in shares)	3,900,000		2,750,000
Sapphire Holding S.a. r.l. \| Underwritten Secondary Offering
Related Party Transaction [Line Items]
Issuance of stock (in shares)		16,100,000
Margin Loan \| Sapphire Holding S.a. r.l.
Related Party Transaction [Line Items]
Debt, face amount									$ 125,000,000.0
Affiliates
Related Party Transaction [Line Items]
Purchases from affiliates					$ 700,000	$ 1,400,000	$ 2,500,000	$ 1,600,000
WillScott Mobile Mini Holdings Corp and Subsidiaries \| Sapphire Holding S.a. r.l.
Related Party Transaction [Line Items]
Percentage ownership					10.30%		10.30%