0001647088-22-000040 | 10-Q | XBRL Viewer | Willscot Mobile Mini Holdings Corp

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Aug. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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)		213,700,706
Amendment Flag	false
Document Fiscal Year Focus	2022
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
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, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 11,706	$ 12,699
Trade receivables, net of allowances for credit losses at June 30, 2022 and December 31, 2021 of $53,544 and $47,629, respectively	440,993	399,887
Inventories	41,824	32,739
Prepaid expenses and other current assets	44,245	36,761
Assets held for sale	1,518	954
Total current assets	540,286	483,040
Rental equipment, net	3,257,475	3,080,981
Property, plant and equipment, net	322,707	312,178
Operating lease assets	235,266	247,064
Goodwill	1,171,725	1,178,806
Intangible assets, net	446,578	460,678
Other non-current assets	4,771	10,852
Total long-term assets	5,438,522	5,290,559
Total assets	5,978,808	5,773,599
Liabilities and equity
Accounts payable	155,901	118,271
Accrued expenses	115,124	100,195
Accrued employee benefits	63,331	68,414
Deferred revenue and customer deposits	189,333	159,639
Operating lease liabilities - current	52,495	53,005
Current portion of long-term debt	20,663	18,121
Total current liabilities	596,847	517,645
Long-term debt	3,017,678	2,694,319
Deferred tax liabilities	390,092	354,879
Operating lease liabilities - non-current	183,851	194,256
Other non-current liabilities	16,390	15,737
Long-term liabilities	3,608,011	3,259,191
Total liabilities	4,204,858	3,776,836
Commitments and contingencies
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at June 30, 2022 and December 31, 2021	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 216,090,996 and 223,939,527 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	22	22
Additional paid-in-capital	3,295,747	3,616,902
Accumulated other comprehensive loss	(55,276)	(29,071)
Accumulated deficit	(1,466,543)	(1,591,090)
Total shareholders' equity	1,773,950	1,996,763
Total liabilities and shareholders' equity	$ 5,978,808	$ 5,773,599

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trade receivables, net of allowance	$ 53,544	$ 47,629
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)	216,090,996	223,939,527
Common stock outstanding (in shares)	216,090,996	223,939,527

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Leasing	$ 428,620	$ 343,179	$ 821,812	$ 658,841
Total revenues	581,642	461,102	1,090,536	886,425
Costs:
Leasing	96,912	83,032	185,790	152,927
Depreciation of rental equipment	67,176	62,893	129,392	118,591
Gross profit	308,873	222,810	575,688	436,190
Expenses:
Selling, general and administrative	162,164	122,387	312,374	239,716
Other depreciation and amortization	19,054	21,622	38,658	39,946
Lease impairment expense and other related charges	(9)	474	254	1,727
Restructuring costs	(86)	6,960	(86)	10,102
Currency (gains) losses, net	(127)	33	11	69
Other (income) expense, net	(3,784)	719	(5,093)	(1,269)
Operating income	131,661	70,615	229,570	145,899
Interest expense	33,574	29,212	64,564	59,176
Fair value (gain) loss on common stock warrant liabilities	0	(610)	0	26,597
Loss on extinguishment of debt	0	2,814	0	5,999
Income before income tax	98,087	39,199	165,006	54,127
Income tax expense	24,711	18,828	40,459	29,309
Net Income	$ 73,376	$ 20,371	$ 124,547	$ 24,818
Earnings per share
Basic (in USD per share)	$ 0.33	$ 0.09	$ 0.56	$ 0.11
Diluted (in USD per share)	$ 0.32	$ 0.08	$ 0.55	$ 0.11
Weighted average shares:
Basic (in shares)	223,376,276	228,406,812	222,196,986	228,350,318
Diluted (in shares)	227,484,012	236,536,713	226,983,150	234,898,911
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	$ 581,642	$ 461,102	$ 1,090,536	$ 886,425
Leasing
Revenues:
Leasing	428,620	343,179	821,812	658,841
Costs:
Leasing	96,912	83,032	185,790	152,927
Delivery and installation
Revenues:
Revenues	125,403	91,680	225,734	175,184
Costs:
Cost of sales	93,587	77,153	175,102	147,289
New units
Revenues:
Revenues	11,094	11,008	17,691	21,963
Total revenues	11,094	11,008	17,691	21,963
Costs:
Cost of sales	6,139	7,052	10,465	14,161
Rental units
Revenues:
Revenues	16,525	15,235	25,299	30,437
Total revenues	16,525	15,235	25,299	30,437
Costs:
Cost of sales	$ 8,955	$ 8,162	$ 14,099	$ 17,267

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 73,376	$ 20,371	$ 124,547	$ 24,818
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of income tax expense of $0 for both the three and six months ended June 30, 2022 and $60 and $0 for the three and six months ended June 30, 2021, respectively.	(25,628)	3,093	(29,702)	8,127
Net change in derivatives, net of income tax expense of $394 and $656 for the three months ended June 30, 2022 and 2021, respectively, and $1,171 and $1,323 for the six months ended June 30, 2022 and 2021, respectively.	1,176	2,146	3,497	4,323
Total other comprehensive (loss) income	(24,452)	5,239	(26,205)	12,450
Total comprehensive income	$ 48,924	$ 25,610	$ 98,342	$ 37,268

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense	$ 0	$ 60	$ 0	$ 0
Net gain on derivatives, net of income tax expense	$ 394	$ 656	$ 1,171	$ 1,323

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
Beginning balance (in shares) at Dec. 31, 2020		229,038,000
Beginning balance at Dec. 31, 2020	$ 2,063,873	$ 23	$ 3,852,291	$ (37,207)	$ (1,751,234)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,447				4,447
Other comprehensive (loss) income	7,211			7,211
Stock-based compensation and issuance of Common Stock from vesting (in shares)		229,000
Stock-based compensation and issuance of Common Stock from vesting	4,951		4,951
Repurchase and cancellation of Common Stock and warrants (in shares)		(2,793,000)
Repurchase and cancellation of Common Stock and warrants	(76,788)		(76,788)
Issuance of Common Stock from the exercise of options and warrants (in shares)		341,000
Issuance of Common Stock from the exercise of options and warrants	5,414		5,414
Withholding taxes on net share settlement of stock-based compensation	(3,219)		(3,219)
Ending balance (in shares) at Mar. 31, 2021		226,815,000
Ending balance at Mar. 31, 2021	2,005,889	$ 23	3,782,649	(29,996)	(1,746,787)
Beginning balance (in shares) at Dec. 31, 2020		229,038,000
Beginning balance at Dec. 31, 2020	2,063,873	$ 23	3,852,291	(37,207)	(1,751,234)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,818
Other comprehensive (loss) income	12,450
Ending balance (in shares) at Jun. 30, 2021		226,833,000
Ending balance at Jun. 30, 2021	2,005,413	$ 23	3,756,563	(24,757)	(1,726,416)
Beginning balance (in shares) at Mar. 31, 2021		226,815,000
Beginning balance at Mar. 31, 2021	2,005,889	$ 23	3,782,649	(29,996)	(1,746,787)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,371				20,371
Other comprehensive (loss) income	5,239			5,239
Stock-based compensation and issuance of Common Stock from vesting (in shares)		60,000
Stock-based compensation and issuance of Common Stock from vesting	9,038		9,038
Repurchase and cancellation of Common Stock and warrants (in shares)		(4,100,000)
Repurchase and cancellation of Common Stock and warrants	(35,508)		(35,508)
Issuance of Common Stock from the exercise of options and warrants (in shares)		4,058,000
Issuance of Common Stock from the exercise of options and warrants	384		384
Ending balance (in shares) at Jun. 30, 2021		226,833,000
Ending balance at Jun. 30, 2021	$ 2,005,413	$ 23	3,756,563	(24,757)	(1,726,416)
Beginning balance (in shares) at Dec. 31, 2021	223,939,527	223,940,000
Beginning balance at Dec. 31, 2021	$ 1,996,763	$ 22	3,616,902	(29,071)	(1,591,090)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51,171				51,171
Other comprehensive (loss) income	(1,753)			(1,753)
Stock-based compensation and issuance of Common Stock from vesting (in shares)		498,000
Stock-based compensation and issuance of Common Stock from vesting	6,395		6,395
Repurchase and cancellation of Common Stock and warrants (in shares)		(2,064,000)
Repurchase and cancellation of Common Stock and warrants	(77,409)		(77,409)
Issuance of Common Stock from the exercise of options and warrants (in shares)		800,000
Issuance of Common Stock from the exercise of options and warrants	3,313		3,313
Withholding taxes on net share settlement of stock-based compensation	(12,295)		(12,295)
Ending balance (in shares) at Mar. 31, 2022		223,174,000
Ending balance at Mar. 31, 2022	$ 1,966,185	$ 22	3,536,906	(30,824)	(1,539,919)
Beginning balance (in shares) at Dec. 31, 2021	223,939,527	223,940,000
Beginning balance at Dec. 31, 2021	$ 1,996,763	$ 22	3,616,902	(29,071)	(1,591,090)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	124,547
Other comprehensive (loss) income	$ (26,205)
Issuance of Common Stock from the exercise of options and warrants (in shares)	1,437,420
Ending balance (in shares) at Jun. 30, 2022	216,090,996	216,091,000
Ending balance at Jun. 30, 2022	$ 1,773,950	$ 22	3,295,747	(55,276)	(1,466,543)
Beginning balance (in shares) at Mar. 31, 2022		223,174,000
Beginning balance at Mar. 31, 2022	1,966,185	$ 22	3,536,906	(30,824)	(1,539,919)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73,376				73,376
Other comprehensive (loss) income	(24,452)			(24,452)
Stock-based compensation and issuance of Common Stock from vesting (in shares)		70,000
Stock-based compensation and issuance of Common Stock from vesting	9,292		9,292
Repurchase and cancellation of Common Stock and warrants (in shares)		(7,222,000)
Repurchase and cancellation of Common Stock and warrants	(249,515)		(249,515)
Issuance of Common Stock from the exercise of options and warrants (in shares)		69,000
Issuance of Common Stock from the exercise of options and warrants	139		139
Withholding taxes on net share settlement of stock-based compensation	$ (1,075)		(1,075)
Ending balance (in shares) at Jun. 30, 2022	216,090,996	216,091,000
Ending balance at Jun. 30, 2022	$ 1,773,950	$ 22	$ 3,295,747	$ (55,276)	$ (1,466,543)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Operating activities:

Net income

$ 124,547

$ 24,818

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

168,050

160,480

Provision for credit losses

18,865

16,910

Gain on sale of rental equipment and other property, plant and equipment

(14,195)

(14,793)

Amortization of debt discounts and debt issuance costs

6,975

7,082

Fair value (gain) loss on common stock warrant liabilities

26,597

Loss on extinguishment of debt

5,999

Stock-based compensation expense

15,687

13,989

Deferred income tax expense

31,072

24,389

Unrealized currency gains, net

(71)

(184)

Other

1,916

Changes in operating assets and liabilities:

Trade receivables

(60,737)

(50,324)

Inventories

(9,293)

(8,535)

Prepaid expenses and other assets

(13,907)

10,004

Operating lease assets and liabilities

936

(537)

Accounts payable and other accrued expenses

34,756

30,689

Deferred revenue and customer deposits

29,252

15,024

Net cash provided by operating activities

333,853

261,608

Investing activities:

Acquisitions, net of cash acquired

(103,927)

Proceeds from sale of rental equipment

35,080

30,437

Purchase of rental equipment and refurbishments

(225,389)

(117,817)

Proceeds from sale of property, plant and equipment

751

16,438

Purchase of property, plant and equipment

(20,253)

(17,450)

Net cash used in investing activities

(313,738)

(88,392)

Financing activities:

Receipts from issuance of Common Stock from the exercise of options

3,452

5,798

Repurchase and cancellation of Common Stock and warrants

(319,225)

(214,299)

Receipts from borrowings

454,322

387,658

Payment of financing costs

(8,021)

Repayment of borrowings

(127,607)

(347,225)

Payment of debt extinguishment premium costs

(3,705)

Principal payments on finance lease obligations

(10,353)

(7,921)

Taxes paid on employee stock awards

(13,370)

(3,219)

Net cash used in financing activities

(20,802)

(182,913)

Effect of exchange rate changes on cash and cash equivalents

(306)

162

Net change in cash and cash equivalents

(993)

(9,535)

Cash and cash equivalents at the beginning of the period

12,699

24,937

Cash and cash equivalents at the end of the period

11,706

15,402

Supplemental cash flow information:

Interest paid

^[1]

59,980

52,053

Income taxes paid, net

10,608

4,383

Capital expenditures accrued or payable

$ 39,949

$ 19,099

[1]	Includes $5,948 of payments related to the interest rate swap for the six months ended June 30, 2021.

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)
$ in Thousands

6 Months Ended

Jun. 30, 2021

USD ($)

Interest paid

$ 52,053

^[1]

Interest rate swap

Interest paid

$ 5,948

[1]	Includes $5,948 of payments related to the interest rate swap for the six months ended June 30, 2021.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Nature of Operations WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative flexible work space and portable storage solutions in the United States (“US”), Canada, 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. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation. Recently Issued Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"). ASU 2021-08 is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On July 1, 2020, WillScot 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.” Asset Acquisitions During the second quarter of 2022, the Company acquired certain assets and liabilities of several smaller entities, which consisted primarily of approximately 4,100 storage units and 1,000 modular units for $47.1 million in cash. The accompanying consolidated financial statements include $47.1 million of rental equipment as a result of these acquisitions. During the first quarter of 2022, the Company acquired certain assets and liabilities, which consisted primarily of approximately 400 blast resistant modular units. Integration Costs The Company recorded $5.2 million and $7.6 million in integration costs related to acquisitions and the Merger within selling, general and administrative ("SG&A") expense during the three months ended June 30, 2022 and 2021, respectively, and $9.3 million and $15.0 million in integration costs related to acquisitions and the Merger during the six months ended June 30, 2022 and 2021, respectively.

Revenue

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
US	$	517,374	$	399,280	$	969,342	$	770,549
Canada	32,901		29,543		58,174		53,127
Mexico	4,703		3,848		8,917		7,311
UK	26,664		28,431		54,103		55,438
Total revenues	$	581,642	$	461,102	$	1,090,536	$	886,425

Major Product and Service Lines

Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes modular space, portable storage and tank and pump units along with value-added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, security products, shelving systems 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, 2022 and 2021 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Modular space leasing revenue	$	212,862	$	181,376	$	411,939	$	351,328
Portable storage leasing revenue	88,548		58,848		166,532		113,461
Tank and pump leasing revenue	20,706		17,109		39,937		32,869
VAPS and third party leasing revenues(a)	87,498		70,880		168,424		133,306
Other leasing-related revenue(b)	19,006		14,966		34,980		27,877
Leasing revenue	428,620		343,179		821,812		658,841
Delivery and installation revenue	125,403		91,680		225,734		175,184
Total leasing and services revenue	554,023		434,859		1,047,546		834,025
New unit sales revenue	11,094		11,008		17,691		21,963
Rental unit sales revenue	16,525		15,235		25,299		30,437
Total revenues	$	581,642	$	461,102	$	1,090,536	$	886,425


(a)			Includes $6.8 million and $7.8 million of service revenue for the three months ended June 30, 2022 and 2021, respectively, and $14.3 million and $14.0 million of service revenue for the six months ended June 30, 2022 and 2021, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, and other processing fees.

Leasing and Services Revenue

The majority of revenue (73% and 74% for the three and six months ended June 30, 2022, respectively, and 73% for both the three and six months ended June 30, 2021) was generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606.

Receivables and Credit Losses

The Company is exposed to credit losses from trade receivables and manages credit risk at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues.

Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end user markets.

The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review that considers expected billing exposure, timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the customer transacts after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation.

The Company monitors ongoing credit exposure through an active review of customer balances against contract terms and due dates. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowance for credit losses reflects the estimate of the amount of receivables that the Company will be unable to collect based on historical collection experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. The Company's estimate reflects changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease its allowance.

Activity in the allowance for credit losses was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Balance at beginning of period	$	49,258	$	31,630	$	47,629	$	29,258
Provision for credit losses, net of recoveries	10,264		8,390		18,865		16,910
Write-offs	(5,900)		(4,058)		(12,910)		(9,872)
Foreign currency translation and other	(78)		823		(40)		489
Balance at end of period	$	53,544	$	36,785	$	53,544	$	36,785

Contract Assets and Liabilities

When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. During the three months ended June 30, 2022, deferred revenue relating to services billed in advance of $20.7 million was recognized as revenue. As of June 30, 2022 and December 31, 2021, the Company had approximately $95.7 million and $79.4 million, respectively, of deferred revenue related to these services.

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 and therefore the Company is applying the optional expedient to omit disclosure of such amounts.

The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year; therefore, the commissions are expensed as incurred.

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

As of June 30, 2022, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2022 (remaining)	$	32,125	$	11,992
2023	56,620		20,004
2024	47,858		17,092
2025	40,227		17,200
2026	29,457		15,202
Thereafter	69,628		21,304
Total lease payments	275,915		102,794
Less: interest	(39,569)		(7,651)
Present value of lease liabilities	$	236,346	$	95,143

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, 2022 and 2021 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2022		2021
Finance Lease Expense
Amortization of finance lease assets	$	10,546	$	9,514
Interest on obligations under finance leases	1,299		1,098
Total finance lease expense	$	11,845	$	10,612

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	1,574	$	2,131
Selling, general and administrative	32,430		29,359
Lease impairment expense and other related charges	213		1,107
Short-term lease expense
Cost of leasing and services	17,056		11,575
Selling, general and administrative	1,071		723

Variable lease expense
Cost of leasing and services	2,822		3,373
Selling, general and administrative	4,273		3,792
Lease impairment expense and other related charges	40		335
Total operating lease expense	$	59,479	$	52,395

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, 2022, the Company recorded $0.3 million in lease impairment expense and other related charges which is comprised of closed location rent expense. 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 $1.5 million in closed location rent expense and $0.2 million loss on lease exit and impairment charges.

Supplemental cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2022		2021
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	33,850	$	33,409
Operating cash outflows from finance leases	$	1,297	$	1,095
Financing cash outflows from finance leases	$	10,371	$	6,935

Right of use assets obtained in exchange for lease obligations	$	19,504	$	28,288
Assets obtained in exchange for finance leases	$	17,065	$	11,530

Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2022 and December 31, 2021 were as follows:


Lease Terms and Discount Rates	June 30, 2022		December 31, 2021
Weighted-average remaining lease term - operating leases	6.1 years		6.1 years
Weighted-average discount rate - operating leases	4.9	%	5.0	%
Weighted-average remaining lease term - finance leases	4.8 years		4.5 years
Weighted-average discount rate - finance leases	3.2	%	2.9	%

Leases

As of June 30, 2022, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2022 (remaining)	$	32,125	$	11,992
2023	56,620		20,004
2024	47,858		17,092
2025	40,227		17,200
2026	29,457		15,202
Thereafter	69,628		21,304
Total lease payments	275,915		102,794
Less: interest	(39,569)		(7,651)
Present value of lease liabilities	$	236,346	$	95,143

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, 2022 and 2021 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2022		2021
Finance Lease Expense
Amortization of finance lease assets	$	10,546	$	9,514
Interest on obligations under finance leases	1,299		1,098
Total finance lease expense	$	11,845	$	10,612

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	1,574	$	2,131
Selling, general and administrative	32,430		29,359
Lease impairment expense and other related charges	213		1,107
Short-term lease expense
Cost of leasing and services	17,056		11,575
Selling, general and administrative	1,071		723

Variable lease expense
Cost of leasing and services	2,822		3,373
Selling, general and administrative	4,273		3,792
Lease impairment expense and other related charges	40		335
Total operating lease expense	$	59,479	$	52,395

Supplemental cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2022		2021
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	33,850	$	33,409
Operating cash outflows from finance leases	$	1,297	$	1,095
Financing cash outflows from finance leases	$	10,371	$	6,935

Right of use assets obtained in exchange for lease obligations	$	19,504	$	28,288
Assets obtained in exchange for finance leases	$	17,065	$	11,530

Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2022 and December 31, 2021 were as follows:


Lease Terms and Discount Rates	June 30, 2022		December 31, 2021
Weighted-average remaining lease term - operating leases	6.1 years		6.1 years
Weighted-average discount rate - operating leases	4.9	%	5.0	%
Weighted-average remaining lease term - finance leases	4.8 years		4.5 years
Weighted-average discount rate - finance leases	3.2	%	2.9	%

Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

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


(in thousands)	June 30, 2022		December 31, 2021
Raw materials	$	35,411	$	26,854
Finished units	6,413		5,885
Inventories	$	41,824	$	32,739

Rental Equipment, net

6 Months Ended

Jun. 30, 2022

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, 2022		December 31, 2021
Modular space units	$	3,185,153	$	3,005,195
Portable storage units	821,582		758,619
Tank and pump products	167,854		156,112
Value added products	189,534		168,419
Total rental equipment	4,364,123		4,088,345
Less: accumulated depreciation	(1,106,648)		(1,007,364)
Rental equipment, net	$	3,257,475	$	3,080,981

Goodwill

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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, 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	221		(311)		(502)		18		(574)
Balance at December 31, 2021	521,049		492,552		65,098		100,107		1,178,806


Effects of movements in foreign exchange rates	(354)		(234)		(6,493)		—		(7,081)
Balance at June 30, 2022	$	520,695	$	492,318	$	58,605	$	100,107	$	1,171,725

The Company had no goodwill impairment during the six months ended June 30, 2022 or the year ended December 31, 2021.

Intangibles

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

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


	June 30, 2022
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:

Mobile Mini customer relationships	6.1	$	209,000	$	(52,422)	$	156,578
Technology	4.0	1,500		(500)		1,000
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		$	499,500	$	(52,922)	$	446,578


	December 31, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:

Mobile Mini customer relationships	6.6	$	209,000	$	(38,447)	$	170,553
Technology	4.5	1,500		(375)		1,125
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		$	499,500	$	(38,822)	$	460,678

Amortization expense related to intangible assets was $6.6 million and $6.8 million for the three months ended June 30, 2022 and 2021, respectively, and $13.2 million and $13.8 million for the six months ended June 30, 2022 and 2021, respectively.

Based on the carrying value at June 30, 2022, future amortization of intangible assets is expected to be as follows for the years ended December 31:


(in thousands)
2022 (remaining)	$	13,334
2023	26,416
2024	26,416
2025	26,416
2026	25,287
Thereafter	39,709
Total	$	157,578

Debt

6 Months Ended

Jun. 30, 2022

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, 2022		December 31, 2021
2025 Secured Notes	6.125%	2025	$	519,215	$	518,117
ABL Facility(a)	Varies	2027	1,931,009		1,612,783
2028 Secured Notes	4.625%	2028	492,974		492,490
Finance Leases	Varies	Varies	95,143		89,050
Total debt			3,038,341		2,712,440
Less: current portion of long-term debt			20,663		18,121
Total long-term debt			$	3,017,678	$	2,694,319

(a) As of December 31, 2021, the Company had no outstanding principal borrowings on the multicurrency revolving credit facility and $6.2 million 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 $6.2 million in excess of principal was included in other non-current assets on the condensed consolidated balance sheet as of December 31, 2021.

Asset Backed Lending Facility

On July 1, 2020, certain subsidiaries of the Company entered into an asset-based credit agreement (the "ABL Facility") that initially provided for revolving credit facilities in the aggregate principal amount of up to $2.4 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $2.0 billion and (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros. The ABL Facility was initially scheduled to mature on July 1, 2025.

Borrowings under ABL Facility bear interest at a base rate plus an applicable margin determined quarterly by reference to the Company's excess availability for the most recently completed quarter. Effective January 7, 2022, borrowings were subject to the highest applicable margin and bore interest at (i) in the case of US Dollars, at the borrower's option, either an adjusted LIBOR rate plus 2.125% or an alternative base rate plus 1.125%, (ii) in the case of Canadian Dollars, at the borrower's option, either a Canadian BA rate plus 2.125% or Canadian prime rate plus 1.125%, (iii) in the case of Euros, the EURIBOR rate plus 2.125%, and (iv) in the case of British Pounds Sterling, the SONIA rate plus 2.125%.

On June 30, 2022, certain subsidiaries of the Company entered into an amendment to the ABL Facility to, among other things, extend the expiration date until June 30, 2027 and increase the aggregate principal amount of the revolving credit facilities to $3.7 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $3.3 billion (the “US Facility”) and (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility"), available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros.

The amendment also converted the interest rate for borrowings denominated in US dollars from a LIBOR-based rate to a Term SOFR-based rate with an interest period of one month and adjusted the applicable margins. The applicable margin for Canadian BA rate, Term SOFR, British Pounds Sterling and Euros loans is 1.50%. The applicable margin for base rate and Canadian Prime Rate loans is 0.50%. The applicable margins are subject to one step down of 0.25% based on excess availability or one step up of 0.25% based on the Company's leverage ratio. The ABL Facility requires the payment of an annual commitment fee on the unused available borrowings of 0.20% annually. At June 30, 2022, the weighted average interest rate for borrowings under the ABL Facility was 3.13%.

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, 2022, the Company had $2.0 billion outstanding principal under the ABL Facility, the Line Cap was $3.0 billion, and the Company had $1.0 billion of available borrowing capacity under the ABL Facility, including $724.6 million under the US Facility and $309.5 million under the Multicurrency Facility. At June 30, 2022, borrowing capacity under the ABL Facility allowed for up to $204.9 million of letters of credit and up to $220.0 million of swingline loans. The Company had issued $15.1 million of standby letters of credit under the ABL Facility at June 30, 2022. At June 30, 2022, letters of credit and bank guarantees carried fees of 1.625% annually.

Debt issuance costs of $40.2 million were included in the carrying value of the ABL Facility at June 30, 2022.

Finance Leases

The Company maintains finance leases primarily related to transportation equipment. At June 30, 2022 and December 31, 2021, obligations under finance leases for certain real property and transportation related equipment were $95.1 million and $89.1 million, respectively. Refer to Note 4 for further information.

The Company is in compliance with all debt covenants and restrictions for the aforementioned debt instruments as of June 30, 2022.

- 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.

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+ Details

Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

Common Stock

In connection with the stock compensation vesting events and stock option exercises described in Note 14, and the warrant exercises described in Note 11, the Company issued 1,437,420 shares of Common Stock during the six months ended June 30, 2022.

Stock Repurchase Program

A share repurchase program authorizes the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and the timing and exact amount of any repurchases will depend on various factors, including market pricing and conditions, business, legal, accounting, and other considerations. During the six months ended June 30, 2022, the Company repurchased 9,304,626 shares of Common Stock and stock equivalents for $326.9 million. As of June 30, 2022, $629.8 million of the approved repurchase amount remained available. In July 2022, the Company's Board of Directors approved an increase to the share repurchase program that authorizes the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2022 and 2021 were as follows:


	Six Months Ended June 30, 2022
(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)
Other comprehensive loss before reclassifications	(4,074)		(569)		(4,643)
Reclassifications from AOCI to income	—		2,890		2,890

Balance at March 31, 2022	(29,648)		(1,176)		(30,824)
Other comprehensive loss before reclassifications	(25,628)		(464)		(26,092)
Reclassifications from AOCI to income	—		1,640		1,640
Balance at June 30, 2022	$	(55,276)	$	—	$	(55,276)


	Six Months Ended June 30, 2021
(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)

For the six months ended June 30, 2022 and 2021, $4.5 million and $5.9 million, was reclassified from AOCI into interest expense in the condensed consolidated statements of operations related to the interest rate swap discussed in Note 15. Associated with these reclassifications, the Company recorded tax expense of $0.4 million and $0.7 million for the three months ended June 30, 2022 and 2021, respectively, and $1.1 million and $1.3 million for the six months ended June 30, 2022 and 2021, respectively.

Warrants

2015 Warrants

WillScot was incorporated under the name Double Eagle Acquisition Corporation ("DEAC") on June 26, 2015. DEAC issued warrants to purchase its Common Stock in a private placement concurrently with its initial public offering (the “2015 Private Warrants”) each of which entitled the holder to purchase one-half of one share of Common Stock. During the six months ended June 30, 2021, 3,055,000 of the 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 of June 30, 2021, no 2015 Private Warrants remained outstanding.

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 to purchase one share of Common Stock at an exercise price of $15.50 per share, subject to adjustment. The 2018 Warrants expire on November 29, 2022. During the six months ended June 30, 2022, 33,965 of the 2018 Warrants were repurchased for $0.6 million and cancelled. In addition, during the six months ended June 30, 2022, 1,037,379 of the 2018 Warrants were exercised on a cashless basis, resulting in the issuance of 631,863 shares of common stock. At June 30, 2022, 3,006,829 of the 2018 Warrants were outstanding.

The Company accounted for its warrants in the following ways: (i) the 2015 Private Warrants as liabilities through their final repurchase or exercise in May 2021, and (ii) the 2018 Warrants as liabilities until June 30, 2020 after which they are accounted for as equity instruments. Warrants classified as liabilities were subject to remeasurement at each balance sheet date and transaction date with changes in the estimated fair values of the common stock warrant liabilities and gains and losses on extinguishment of common stock warrant liabilities reported in the consolidated statements of operations.

- 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.

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+ Details

Warrants

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 were as follows:


	Six Months Ended June 30, 2022
(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)
Other comprehensive loss before reclassifications	(4,074)		(569)		(4,643)
Reclassifications from AOCI to income	—		2,890		2,890

Balance at March 31, 2022	(29,648)		(1,176)		(30,824)
Other comprehensive loss before reclassifications	(25,628)		(464)		(26,092)
Reclassifications from AOCI to income	—		1,640		1,640
Balance at June 30, 2022	$	(55,276)	$	—	$	(55,276)


	Six Months Ended June 30, 2021
(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)

Warrants

2015 Warrants

2018 Warrants

- Definition

+ References

+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded $24.7 million and $40.5 million of income tax expense for the three and six months ended June 30, 2022, respectively, and $18.8 million and $29.3 million of income tax expense for the three and six months ended June 30, 2021, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2022 was 25.2% and 24.5%, 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 effective tax rate for the three and six months ended June 30, 2022 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes offset by a discrete tax benefit related to employee stock vesting. The effective tax rate for the three and six months ended June 30, 2021 differed from the US statutory rate of 21% primarily due to the permanent add-backs related to changes in the estimated fair values of the Company's common stock warrant liabilities and the impact of the UK statutory rate increase.

- 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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-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measures

6 Months Ended

Jun. 30, 2022

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, 2022 approximate their respective book values.

The following table shows the carrying amounts and fair values of financial liabilities which are disclosed, but not measured, at fair value, including their levels in the fair values hierarchy:


	June 30, 2022								December 31, 2021
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
ABL Facility	$	1,931,009	$	—	$	1,971,215	$	—	$	1,612,783	$	—	$	1,644,500	$	—


2025 Secured Notes	519,215		—		518,308		—		518,117		—		551,835		—
2028 Secured Notes	492,974		—		432,630		—		492,490		—		515,635		—
Total	$	2,943,198	$	—	$	2,922,153	$	—	$	2,623,390	$	—	$	2,711,970	$	—

As of June 30, 2022, the carrying values of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $40.2 million, $7.3 million, and $7.0 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. As of December 31, 2021, the carrying value of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $31.7 million, $8.4 million, and $7.5 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability.

The carrying value of the ABL Facility, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of current market rates. The fair value of the 2025 Secured Notes and the 2028 Secured Notes is based on their last trading price at the end of each period obtained from a third party. The classification and the fair value of derivative assets and liabilities designated as hedges in the condensed consolidated balance sheets are disclosed in Note 15.

Level 3 Disclosures

When the 2015 Private 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 were assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The volatility assumption was based on a blend of peer group volatility and Company trading history that matched the expected remaining life of the warrants as the Company did not have a sufficient trading history as a stand-alone public company to rely exclusively on its own trading history. The risk-free interest rate was based on the US 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 anticipated to remain at zero.

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


(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	$	—

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

- 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

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense includes grants of stock options, time-based restricted stock units ("Time-Based RSUs") and performance-based restricted stock units ("Performance-Based RSUs," together with Time-Based RSUs, the "RSUs"). In addition, stock-based payments to non-executive directors include grants of restricted stock awards ("RSAs"). Time-Based RSUs and RSAs are valued based on the intrinsic value of the difference between the exercise price, if any, of the award and the fair market value of WillScot Mobile Mini's Common Stock on the grant date. Performance-Based RSUs are valued based on a Monte Carlo simulation model to reflect the impact of the Performance-Based 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:


	2022			2021
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	36,176	$	29.30	57,448	$	11.75




Granted	35,244	$	37.17	44,708	$	29.30
Forfeited	—	$	—	(4,266)	$	29.30
Vested	(36,176)	$	29.30	(57,448)	$	11.75
Balance June 30,	35,244	$	37.17	40,442	$	29.30

Compensation expense for RSAs recognized in SG&A expense on the condensed consolidated statements of operations was $0.3 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively. Compensation expense for RSAs recognized in SG&A expense on the condensed consolidated statements of operations was $0.6 million and $0.3 million for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, there was $1.2 million of unrecognized compensation cost related to RSAs that is expected to be recognized over the remaining weighted average vesting period of 0.9 years.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity:


	2022			2021
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	997,451	$	18.54	1,325,862	$	13.46
Granted	357,639	$	35.53	405,505	$	27.20
Forfeited	(31,712)	$	30.45	(65,153)	$	16.74
Vested	(437,571)	$	16.61	(347,688)	$	13.30
Balance June 30,	885,807	$	25.93	1,318,526	$	17.61

Compensation expense for Time-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $2.5 million and $2.4 million for the three months ended June 30, 2022 and 2021, respectively.

Compensation expense for RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $4.7 million and $4.3 million for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, unrecognized compensation cost related to Time-Based RSUs totaled $18.9 million and is expected to be recognized over the remaining weighted average vesting period of 2.7 years.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU award activity:


	2022			2021
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	1,536,394	$	26.34	593,388	$	14.88
Granted	745,079	$	42.34	397,981	$	39.10
Forfeited	(30,712)	$	41.81	(20,077)	$	25.87
Vested	(313,152)	$	16.45	—	$	—
Balance June 30,	1,937,609	$	33.84	971,292	$	24.56

Compensation expense for Performance-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $6.5 million and $2.0 million for the three months ended June 30, 2022 and 2021, respectively. Compensation expense for Performance-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $10.3 million and $3.1 million for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, unrecognized compensation cost related to Performance-Based RSUs totaled $47.5 million and is expected to be recognized over the remaining vesting period of 1.9 years.

Certain Performance-Based RSUs cliff vest based on achievement of the relative total stockholder return ("TSR") of the Company's Common Stock as compared to the TSR of the constituents in an index at the grant date over the performance period of three years. For 2022 grants, the TSR of the Company's Common Stock is compared to the TSR of the constituents in the S&P MidCap 400 Index. The target number of RSUs may be adjusted from 0% to 200% based on the TSR attainment levels defined by the Company's Compensation Committee. The 100% target payout is tied to performance at the 50% percentile, with a payout curve ranging from 0% (for performance less than the 25% percentile) to 200% (for performance above the 85% percentile).

Stock Options

The following tables summarize the Company's stock option activity:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance December 31, 2021	534,188	$	13.60	1,527,643	$	14.66

Exercised	—	$	—	(237,819)	$	14.51
Balance June 30, 2022	534,188	$	13.60	1,289,824	$	14.68

Fully vested and exercisable options, June 30, 2022	534,188	$	13.60	1,289,824	$	14.68


	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

WillScot OptionsCompensation expense for stock option awards, recognized in SG&A expense on the condensed consolidated statements of operations, was $0.2 million for the three months ended June 30, 2021. Compensation expense for stock option awards, recognized in SG&A expense on the condensed consolidated statements of operations, was $0.2 million and $0.4 million for the six months ended June 30, 2022 and 2021.

Derivatives

6 Months Ended

Jun. 30, 2022

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 converted $400.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL facility into fixed-rate debt. The Swap Agreement terminated on May 29, 2022. Under the terms of the Swap Agreement, the Company received a floating rate equal to one-month LIBOR and made payments based on a fixed rate of 3.06% on the notional amount. The receive rate under the terms of the Swap Agreement was 0.11% at December 31, 2021. 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 balance sheet date, was as follows:


(in thousands)	Balance Sheet Account	December 31, 2021
Cash Flow Hedges:
Interest rate swap	Accrued expenses	$	5,259

The fair value of the interest rate swap was based on dealer quotes of market forward rates, a Level 2 input on the fair value hierarchy, and reflected the amount that the Company would receive or pay for contracts involving the same attributes and maturity dates.

The 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 combined consolidated statements of operations for the six months ended June 30,:


(in thousands)	2022		2021
Gain recognized in OCI	$	4,669	$	4,323
Location of gain recognized in income	Interest expense, net		Interest expense, net
Loss reclassified from AOCI into income (effective portion)	$	(4,530)	$	(5,931)

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
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, 2022, 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, 2022

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.

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 and ongoing business operations. In addition, 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 to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic and ongoing operating results of the Company. The Company 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, 2022 and 2021, respectively.


	Three Months Ended June 30, 2022
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	252,046	$	134,339	$	20,156	$	22,079			$	428,620
Delivery and installation	73,680		37,163		5,342		9,218				125,403
Sales revenue:
New units	8,520		1,407		489		678				11,094
Rental units	13,424		2,311		679		111				16,525
Total revenues	347,670		175,220		26,666		32,086				581,642

Costs:
Cost of leasing and services:
Leasing	68,297		19,814		4,193		4,608				96,912
Delivery and installation	58,969		23,568		3,410		7,640				93,587
Cost of sales:
New units	4,244		1,077		322		496				6,139
Rental units	6,947		1,531		500		(23)				8,955
Depreciation of rental equipment	55,405		7,826		1,152		2,793				67,176
Gross profit	$	153,808	$	121,404	$	17,089	$	16,572			$	308,873
Other selected data:
Adjusted EBITDA	$	127,881	$	80,762	$	12,230	$	12,462	$	—	$	233,335
Selling, general and administrative expense	$	85,416	$	48,468	$	6,010	$	6,904	$	15,366	$	162,164
Purchases of rental equipment and refurbishments	$	82,482	$	34,282	$	7,604	$	5,785	$	—	$	130,153


	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


	Six Months Ended June 30, 2022
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	485,024	$	252,920	$	40,727	$	43,141			$	821,812
Delivery and installation	129,314		67,067		11,809		17,544				225,734
Sales revenue:
New units	13,365		2,349		617		1,360				17,691
Rental units	19,653		4,368		953		325				25,299
Total revenues	647,356		326,704		54,106		62,370				1,090,536

Costs:
Cost of leasing and services:
Leasing	132,286		36,160		8,430		8,914				185,790
Delivery and installation	108,023		45,094		7,333		14,652				175,102
Cost of sales:
New units	7,501		1,575		386		1,003				10,465
Rental units	10,485		2,884		657		73				14,099
Depreciation of rental equipment	106,322		14,457		2,290		6,323				129,392
Gross profit	$	282,739	$	226,534	$	35,010	$	31,405			$	575,688
Other selected data:
Adjusted EBITDA	$	231,829	$	144,587	$	24,774	$	23,968	$	—	$	425,158
Selling, general and administrative expense	$	162,936	$	96,406	$	12,524	$	13,761	$	26,747	$	312,374
Purchases of rental equipment and refurbishments	$	140,059	$	54,453	$	17,219	$	13,658	$	—	$	225,389


	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	$	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

The following table presents a reconciliation of the Company’s Net income to Adjusted EBITDA for the three and six months ended June 30, 2022 and 2021, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Net income	$	73,376	$	20,371	$	124,547	$	24,818
Income tax expense	24,711		18,828		40,459		29,309
Loss on extinguishment of debt	—		2,814		—		5,999
Fair value (gain) loss on common stock warrant liabilities	—		(610)		—		26,597
Interest expense	33,574		29,212		64,564		59,176
Depreciation and amortization	86,230		84,515		168,050		158,537
Currency (gains) losses, net	(127)		33		11		69
Restructuring costs, lease impairment expense and other related charges	(95)		7,434		168		11,829
Transaction costs	22		—		41		844
Integration costs	5,203		7,622		9,291		14,964
Stock compensation expense	9,292		4,707		15,687		8,221
Other	1,149		569		2,340		(1,283)
Adjusted EBITDA	$	233,335	$	175,495	$	425,158	$	339,080

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 former President and Chief Operating Officer.

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

The following table reconciles the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation:


	Three Months Ended				Six Months Ended
	June 30				June 30
(in thousands)	2022		2021		2022		2021
Numerator:
Net income - basic	$	73,376	$	20,371	$	124,547	$	24,818
Fair value gain on common stock warrant liabilities	—		(610)		—		—
Net income - dilutive	$	73,376	$	19,761	$	124,547	$	24,818

Denominator:
Weighted average Common Shares outstanding - basic	223,376		228,407		222,197		228,350
Dilutive effect of shares outstanding
Warrants	1,746		5,705		1,818		4,000
RSAs	18		20		22		36
Time-based RSUs	307		599		395		622
Performance-based RSUs	952		725		1,385		817
Stock Options	1,085		1,081		1,166		1,074

Weighted average Common Shares outstanding - dilutive	227,484		236,537		226,983		234,899

For the three and six months ended June 30, 2022, 1,252,968 and 904,379 shares of Performance-Based RSUs, respectively, were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. For the three and six months ended June 30, 2021, no warrants, shares or options were excluded from the computation of diluted EPS.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented.
Principles of Consolidation	Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"). ASU 2021-08 is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
US	$	517,374	$	399,280	$	969,342	$	770,549
Canada	32,901		29,543		58,174		53,127
Mexico	4,703		3,848		8,917		7,311
UK	26,664		28,431		54,103		55,438
Total revenues	$	581,642	$	461,102	$	1,090,536	$	886,425

The Company’s revenue by major product and service line for the three and six months ended June 30, 2022 and 2021 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Modular space leasing revenue	$	212,862	$	181,376	$	411,939	$	351,328
Portable storage leasing revenue	88,548		58,848		166,532		113,461
Tank and pump leasing revenue	20,706		17,109		39,937		32,869
VAPS and third party leasing revenues(a)	87,498		70,880		168,424		133,306
Other leasing-related revenue(b)	19,006		14,966		34,980		27,877
Leasing revenue	428,620		343,179		821,812		658,841
Delivery and installation revenue	125,403		91,680		225,734		175,184
Total leasing and services revenue	554,023		434,859		1,047,546		834,025
New unit sales revenue	11,094		11,008		17,691		21,963
Rental unit sales revenue	16,525		15,235		25,299		30,437
Total revenues	$	581,642	$	461,102	$	1,090,536	$	886,425


(a)			Includes $6.8 million and $7.8 million of service revenue for the three months ended June 30, 2022 and 2021, respectively, and $14.3 million and $14.0 million of service revenue for the six months ended June 30, 2022 and 2021, 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)	2022		2021		2022		2021
Balance at beginning of period	$	49,258	$	31,630	$	47,629	$	29,258
Provision for credit losses, net of recoveries	10,264		8,390		18,865		16,910
Write-offs	(5,900)		(4,058)		(12,910)		(9,872)
Foreign currency translation and other	(78)		823		(40)		489
Balance at end of period	$	53,544	$	36,785	$	53,544	$	36,785

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Operating Lease Maturities

As of June 30, 2022, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2022 (remaining)	$	32,125	$	11,992
2023	56,620		20,004
2024	47,858		17,092
2025	40,227		17,200
2026	29,457		15,202
Thereafter	69,628		21,304
Total lease payments	275,915		102,794
Less: interest	(39,569)		(7,651)
Present value of lease liabilities	$	236,346	$	95,143

Schedule of Finance Lease Maturities

As of June 30, 2022, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2022 (remaining)	$	32,125	$	11,992
2023	56,620		20,004
2024	47,858		17,092
2025	40,227		17,200
2026	29,457		15,202
Thereafter	69,628		21,304
Total lease payments	275,915		102,794
Less: interest	(39,569)		(7,651)
Present value of lease liabilities	$	236,346	$	95,143

Schedule of Lease Activity

The Company’s lease activity during the six months ended June 30, 2022 and 2021 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2022		2021
Finance Lease Expense
Amortization of finance lease assets	$	10,546	$	9,514
Interest on obligations under finance leases	1,299		1,098
Total finance lease expense	$	11,845	$	10,612

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	1,574	$	2,131
Selling, general and administrative	32,430		29,359
Lease impairment expense and other related charges	213		1,107
Short-term lease expense
Cost of leasing and services	17,056		11,575
Selling, general and administrative	1,071		723

Variable lease expense
Cost of leasing and services	2,822		3,373
Selling, general and administrative	4,273		3,792
Lease impairment expense and other related charges	40		335
Total operating lease expense	$	59,479	$	52,395

Supplemental cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2022		2021
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	33,850	$	33,409
Operating cash outflows from finance leases	$	1,297	$	1,095
Financing cash outflows from finance leases	$	10,371	$	6,935

Right of use assets obtained in exchange for lease obligations	$	19,504	$	28,288
Assets obtained in exchange for finance leases	$	17,065	$	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, 2022 and December 31, 2021 were as follows:


Lease Terms and Discount Rates	June 30, 2022		December 31, 2021
Weighted-average remaining lease term - operating leases	6.1 years		6.1 years
Weighted-average discount rate - operating leases	4.9	%	5.0	%
Weighted-average remaining lease term - finance leases	4.8 years		4.5 years
Weighted-average discount rate - finance leases	3.2	%	2.9	%

Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

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


(in thousands)	June 30, 2022		December 31, 2021
Raw materials	$	35,411	$	26,854
Finished units	6,413		5,885
Inventories	$	41,824	$	32,739

Rental Equipment, net (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022		December 31, 2021
Modular space units	$	3,185,153	$	3,005,195
Portable storage units	821,582		758,619
Tank and pump products	167,854		156,112
Value added products	189,534		168,419
Total rental equipment	4,364,123		4,088,345
Less: accumulated depreciation	(1,106,648)		(1,007,364)
Rental equipment, net	$	3,257,475	$	3,080,981

Goodwill (Tables)

6 Months Ended

Jun. 30, 2022

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, 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	221		(311)		(502)		18		(574)
Balance at December 31, 2021	521,049		492,552		65,098		100,107		1,178,806


Effects of movements in foreign exchange rates	(354)		(234)		(6,493)		—		(7,081)
Balance at June 30, 2022	$	520,695	$	492,318	$	58,605	$	100,107	$	1,171,725

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Intangibles (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets

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


	June 30, 2022
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:

Mobile Mini customer relationships	6.1	$	209,000	$	(52,422)	$	156,578
Technology	4.0	1,500		(500)		1,000
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		$	499,500	$	(52,922)	$	446,578


	December 31, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:

Mobile Mini customer relationships	6.6	$	209,000	$	(38,447)	$	170,553
Technology	4.5	1,500		(375)		1,125
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		$	499,500	$	(38,822)	$	460,678

Schedule of Finite-Lived Intangible Assets

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


	June 30, 2022
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:

Mobile Mini customer relationships	6.1	$	209,000	$	(52,422)	$	156,578
Technology	4.0	1,500		(500)		1,000
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		$	499,500	$	(52,922)	$	446,578


	December 31, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:

Mobile Mini customer relationships	6.6	$	209,000	$	(38,447)	$	170,553
Technology	4.5	1,500		(375)		1,125
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		$	499,500	$	(38,822)	$	460,678

Schedule of Future Amortization of Intangible Assets

Based on the carrying value at June 30, 2022, future amortization of intangible assets is expected to be as follows for the years ended December 31:


(in thousands)
2022 (remaining)	$	13,334
2023	26,416
2024	26,416
2025	26,416
2026	25,287
Thereafter	39,709
Total	$	157,578

Debt (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022		December 31, 2021
2025 Secured Notes	6.125%	2025	$	519,215	$	518,117
ABL Facility(a)	Varies	2027	1,931,009		1,612,783
2028 Secured Notes	4.625%	2028	492,974		492,490
Finance Leases	Varies	Varies	95,143		89,050
Total debt			3,038,341		2,712,440
Less: current portion of long-term debt			20,663		18,121
Total long-term debt			$	3,017,678	$	2,694,319

- 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.

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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Equity (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 were as follows:


	Six Months Ended June 30, 2022
(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)
Other comprehensive loss before reclassifications	(4,074)		(569)		(4,643)
Reclassifications from AOCI to income	—		2,890		2,890

Balance at March 31, 2022	(29,648)		(1,176)		(30,824)
Other comprehensive loss before reclassifications	(25,628)		(464)		(26,092)
Reclassifications from AOCI to income	—		1,640		1,640
Balance at June 30, 2022	$	(55,276)	$	—	$	(55,276)


	Six Months Ended June 30, 2021
(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)

Fair Value Measures (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Levels used for Measurement

The Company utilizes the suggested accounting guidance for the three levels of inputs that may be used to measure fair value:


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

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 values hierarchy:


	June 30, 2022								December 31, 2021
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
ABL Facility	$	1,931,009	$	—	$	1,971,215	$	—	$	1,612,783	$	—	$	1,644,500	$	—


2025 Secured Notes	519,215		—		518,308		—		518,117		—		551,835		—
2028 Secured Notes	492,974		—		432,630		—		492,490		—		515,635		—
Total	$	2,943,198	$	—	$	2,922,153	$	—	$	2,623,390	$	—	$	2,711,970	$	—

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:


(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	$	—

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


(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	$	—

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes the Company's RSA activity:


	2022			2021
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	36,176	$	29.30	57,448	$	11.75




Granted	35,244	$	37.17	44,708	$	29.30
Forfeited	—	$	—	(4,266)	$	29.30
Vested	(36,176)	$	29.30	(57,448)	$	11.75
Balance June 30,	35,244	$	37.17	40,442	$	29.30

Schedule of Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity:


	2022			2021
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	997,451	$	18.54	1,325,862	$	13.46
Granted	357,639	$	35.53	405,505	$	27.20
Forfeited	(31,712)	$	30.45	(65,153)	$	16.74
Vested	(437,571)	$	16.61	(347,688)	$	13.30
Balance June 30,	885,807	$	25.93	1,318,526	$	17.61

The following table summarizes the Company's Performance-Based RSU award activity:


	2022			2021
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	1,536,394	$	26.34	593,388	$	14.88
Granted	745,079	$	42.34	397,981	$	39.10
Forfeited	(30,712)	$	41.81	(20,077)	$	25.87
Vested	(313,152)	$	16.45	—	$	—
Balance June 30,	1,937,609	$	33.84	971,292	$	24.56

Schedule of Stock Option Awards

The following tables summarize the Company's stock option activity:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance December 31, 2021	534,188	$	13.60	1,527,643	$	14.66

Exercised	—	$	—	(237,819)	$	14.51
Balance June 30, 2022	534,188	$	13.60	1,289,824	$	14.68

Fully vested and exercisable options, June 30, 2022	534,188	$	13.60	1,289,824	$	14.68


	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

Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

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 balance sheet date, was as follows:


(in thousands)	Balance Sheet Account	December 31, 2021
Cash Flow Hedges:
Interest rate swap	Accrued expenses	$	5,259

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


(in thousands)	2022		2021
Gain recognized in OCI	$	4,669	$	4,323
Location of gain recognized in income	Interest expense, net		Interest expense, net
Loss reclassified from AOCI into income (effective portion)	$	(4,530)	$	(5,931)

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information regarding each of the Company’s reportable segments for the three and six months ended June 30, 2022 and 2021, respectively.


	Three Months Ended June 30, 2022
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	252,046	$	134,339	$	20,156	$	22,079			$	428,620
Delivery and installation	73,680		37,163		5,342		9,218				125,403
Sales revenue:
New units	8,520		1,407		489		678				11,094
Rental units	13,424		2,311		679		111				16,525
Total revenues	347,670		175,220		26,666		32,086				581,642

Costs:
Cost of leasing and services:
Leasing	68,297		19,814		4,193		4,608				96,912
Delivery and installation	58,969		23,568		3,410		7,640				93,587
Cost of sales:
New units	4,244		1,077		322		496				6,139
Rental units	6,947		1,531		500		(23)				8,955
Depreciation of rental equipment	55,405		7,826		1,152		2,793				67,176
Gross profit	$	153,808	$	121,404	$	17,089	$	16,572			$	308,873
Other selected data:
Adjusted EBITDA	$	127,881	$	80,762	$	12,230	$	12,462	$	—	$	233,335
Selling, general and administrative expense	$	85,416	$	48,468	$	6,010	$	6,904	$	15,366	$	162,164
Purchases of rental equipment and refurbishments	$	82,482	$	34,282	$	7,604	$	5,785	$	—	$	130,153


	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


	Six Months Ended June 30, 2022
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	485,024	$	252,920	$	40,727	$	43,141			$	821,812
Delivery and installation	129,314		67,067		11,809		17,544				225,734
Sales revenue:
New units	13,365		2,349		617		1,360				17,691
Rental units	19,653		4,368		953		325				25,299
Total revenues	647,356		326,704		54,106		62,370				1,090,536

Costs:
Cost of leasing and services:
Leasing	132,286		36,160		8,430		8,914				185,790
Delivery and installation	108,023		45,094		7,333		14,652				175,102
Cost of sales:
New units	7,501		1,575		386		1,003				10,465
Rental units	10,485		2,884		657		73				14,099
Depreciation of rental equipment	106,322		14,457		2,290		6,323				129,392
Gross profit	$	282,739	$	226,534	$	35,010	$	31,405			$	575,688
Other selected data:
Adjusted EBITDA	$	231,829	$	144,587	$	24,774	$	23,968	$	—	$	425,158
Selling, general and administrative expense	$	162,936	$	96,406	$	12,524	$	13,761	$	26,747	$	312,374
Purchases of rental equipment and refurbishments	$	140,059	$	54,453	$	17,219	$	13,658	$	—	$	225,389


	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	$	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

Reconciliation of Company’s Net Income from Operations to Adjusted EBITDA

The following table presents a reconciliation of the Company’s Net income to Adjusted EBITDA for the three and six months ended June 30, 2022 and 2021, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Net income	$	73,376	$	20,371	$	124,547	$	24,818
Income tax expense	24,711		18,828		40,459		29,309
Loss on extinguishment of debt	—		2,814		—		5,999
Fair value (gain) loss on common stock warrant liabilities	—		(610)		—		26,597
Interest expense	33,574		29,212		64,564		59,176
Depreciation and amortization	86,230		84,515		168,050		158,537
Currency (gains) losses, net	(127)		33		11		69
Restructuring costs, lease impairment expense and other related charges	(95)		7,434		168		11,829
Transaction costs	22		—		41		844
Integration costs	5,203		7,622		9,291		14,964
Stock compensation expense	9,292		4,707		15,687		8,221
Other	1,149		569		2,340		(1,283)
Adjusted EBITDA	$	233,335	$	175,495	$	425,158	$	339,080

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

The following table reconciles the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation:


	Three Months Ended				Six Months Ended
	June 30				June 30
(in thousands)	2022		2021		2022		2021
Numerator:
Net income - basic	$	73,376	$	20,371	$	124,547	$	24,818
Fair value gain on common stock warrant liabilities	—		(610)		—		—
Net income - dilutive	$	73,376	$	19,761	$	124,547	$	24,818

Denominator:
Weighted average Common Shares outstanding - basic	223,376		228,407		222,197		228,350
Dilutive effect of shares outstanding
Warrants	1,746		5,705		1,818		4,000
RSAs	18		20		22		36
Time-based RSUs	307		599		395		622
Performance-based RSUs	952		725		1,385		817
Stock Options	1,085		1,081		1,166		1,074

Weighted average Common Shares outstanding - dilutive	227,484		236,537		226,983		234,899

Acquisitions (Details) $ in Thousands		3 Months Ended		6 Months Ended
Acquisitions (Details) $ in Thousands	Mar. 18, 2022 USD ($)	Jun. 30, 2022 USD ($) storageUnit blastResistantModularUnit	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) storageUnit blastResistantModularUnit	Jun. 30, 2021 USD ($)	Mar. 31, 2022 blastResistantModularUnit
Business Acquisition [Line Items]
Payments to acquire businesses, gross				$ 103,927	$ 0
Integration costs		$ 5,203	$ 7,622	9,291	14,964
Mobile Mini Inc and Asset Acquisitions
Business Acquisition [Line Items]
Integration costs		$ 5,200	$ 7,600	$ 9,300	$ 15,000
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 47,100
Modular Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired \| blastResistantModularUnit		1,000		1,000		400
Storage Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired \| storageUnit		4,100		4,100

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 581,642	$ 461,102	$ 1,090,536	$ 886,425
Leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	428,620	343,179	821,812	658,841
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	212,862	181,376	411,939	351,328
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	88,548	58,848	166,532	113,461
Tank and pump leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	20,706	17,109	39,937	32,869
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	87,498	70,880	168,424	133,306
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	19,006	14,966	34,980	27,877
Total leasing and services revenue
Disaggregation of Revenue [Line Items]
Total revenues	554,023	434,859	1,047,546	834,025
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	125,403	91,680	225,734	175,184
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	11,094	11,008	17,691	21,963
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	16,525	15,235	25,299	30,437
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	6,800	7,800	14,300	14,000
US
Disaggregation of Revenue [Line Items]
Total revenues	517,374	399,280	969,342	770,549
Canada
Disaggregation of Revenue [Line Items]
Total revenues	32,901	29,543	58,174	53,127
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	4,703	3,848	8,917	7,311
UK
Disaggregation of Revenue [Line Items]
Total revenues	$ 26,664	$ 28,431	$ 54,103	$ 55,438

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Recognition of previously deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 20.7
Deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 95.7		$ 95.7		$ 79.4
Modular Leasing \| Revenues \| Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	73.00%	73.00%	74.00%	73.00%

Revenue - Rollforward of Accounts and Notes Receivable, Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 49,258	$ 31,630	$ 47,629	$ 29,258
Provision for credit losses, net of recoveries	10,264	8,390	18,865	16,910
Write-offs	(5,900)	(4,058)	(12,910)	(9,872)
Foreign currency translation and other	(78)	823	(40)	489
Balance at end of period	$ 53,544	$ 36,785	$ 53,544	$ 36,785

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Operating
2022 (remaining)	$ 32,125
2023	56,620
2024	47,858
2025	40,227
2026	29,457
Thereafter	69,628
Total lease payments	275,915
Less: interest	(39,569)
Present value of lease liabilities	236,346
Finance
2022 (remaining)	11,992
2023	20,004
2024	17,092
2025	17,200
2026	15,202
Thereafter	21,304
Total lease payments	102,794
Less: interest	(7,651)
Present value of lease liabilities	$ 95,143	$ 89,050
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term debt	Total long-term debt

Leases - Lease Cost (Details) - USD ($) $ in Thousands	6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Finance Lease Expense
Amortization of finance lease assets	$ 10,546	$ 9,514
Interest on obligations under finance leases	1,299	1,098
Total finance lease expense	11,845	10,612
Operating Lease Expense
Total operating lease expense	59,479	52,395
Cost of leasing and services
Operating Lease Expense
Fixed lease expense	1,574	2,131
Short-term lease expense	17,056	11,575
Variable lease expense	2,822	3,373
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	32,430	29,359
Short-term lease expense	1,071	723
Variable lease expense	4,273	3,792
Lease impairment expense and other related charges
Operating Lease Expense
Fixed lease expense	213	1,107
Variable lease expense	$ 40	$ 335

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Lease impairment expense and other related charges	$ (9)	$ 474	$ 254	$ 1,727
Closed location rent expense				1,500
Impairment charges and loss on lease exit				$ 200

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 33,850	$ 33,409
Operating cash outflows from finance leases	1,297	1,095
Financing cash outflows from finance leases	10,371	6,935
Right of use assets obtained in exchange for lease obligations	19,504	28,288
Assets obtained in exchange for finance leases	$ 17,065	$ 11,530

Leases - Lease Terms and Discount Rates (Details)	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term - operating leases	6 years 1 month 6 days	6 years 1 month 6 days
Weighted-average discount rate - operating leases	4.90%	5.00%
Weighted-average remaining lease term - finance leases	4 years 9 months 18 days	4 years 6 months
Weighted-average discount rate - finance leases	3.20%	2.90%

Inventories - Schedule of Mobile Mini Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 35,411	$ 26,854
Finished units	6,413	5,885
Inventories	$ 41,824	$ 32,739

Rental Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 4,364,123	$ 4,088,345
Less: accumulated depreciation	(1,106,648)	(1,007,364)
Rental equipment, net	3,257,475	3,080,981
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,185,153	3,005,195
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	821,582	758,619
Tank and pump products
Property, Plant and Equipment [Line Items]
Total rental equipment	167,854	156,112
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 189,534	$ 168,419

Goodwill - Goodwill Activity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,178,806	$ 1,171,219
Changes to Mobile Mini purchase accounting		8,161
Effects of movements in foreign exchange rates	(7,081)	(574)
Goodwill, end of period	1,171,725	1,178,806
NA Modular
Goodwill [Roll Forward]
Goodwill, beginning of period	521,049	235,828
Changes to Mobile Mini purchase accounting		285,000
Effects of movements in foreign exchange rates	(354)	221
Goodwill, end of period	520,695	521,049
NA Storage
Goodwill [Roll Forward]
Goodwill, beginning of period	492,552	726,529
Changes to Mobile Mini purchase accounting		(233,666)
Effects of movements in foreign exchange rates	(234)	(311)
Goodwill, end of period	492,318	492,552
UK Storage
Goodwill [Roll Forward]
Goodwill, beginning of period	65,098	65,600
Changes to Mobile Mini purchase accounting		0
Effects of movements in foreign exchange rates	(6,493)	(502)
Goodwill, end of period	58,605	65,098
Tank and Pump
Goodwill [Roll Forward]
Goodwill, beginning of period	100,107	143,262
Changes to Mobile Mini purchase accounting		(43,173)
Effects of movements in foreign exchange rates	0	18
Goodwill, end of period	$ 100,107	$ 100,107

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
Goodwill - Narrative (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Intangible assets subject to amortization:
Accumulated amortization	$ (52,922)	$ (38,822)
Net book value	157,578
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	499,500	499,500
Accumulated amortization	(52,922)	(38,822)
Net book value	446,578	460,678
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
Mobile Mini customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	6 years 1 month 6 days	6 years 7 months 6 days
Intangible assets subject to amortization:
Gross carrying amount	$ 209,000	$ 209,000
Accumulated amortization	(52,422)	(38,447)
Net book value	156,578	170,553
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (52,422)	$ (38,447)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	4 years	4 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Accumulated amortization	(500)	(375)
Net book value	1,000	1,125
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (500)	$ (375)

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Intangibles - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Mobile Mini, Inc.
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 6.6	$ 6.8	$ 13.2	$ 13.8

Intangibles - Future Amortization (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining)	$ 13,334
2023	26,416
2024	26,416
2025	26,416
2026	25,287
Thereafter	39,709
Net book value	$ 157,578

Debt - Carrying Value of Debt Outstanding (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance Leases	$ 95,143,000	$ 89,050,000
Total debt	3,038,341,000	2,712,440,000
Less: current portion of long-term debt	20,663,000	18,121,000
Total long-term debt	$ 3,017,678,000	2,694,319,000
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%
Long-term debt	$ 519,215,000	518,117,000
Unamortized debt issuance costs	$ 7,300,000	8,400,000
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Long-term debt	$ 492,974,000	492,490,000
Unamortized debt issuance costs	7,000,000	7,500,000
Line of Credit \| ABL Facility - Multicurrency Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 1,931,009,000	1,612,783,000
Outstanding principal		0
Unamortized debt issuance costs		$ 6,200,000

Debt - Narrative (Details) - USD ($)	6 Months Ended
Debt - Narrative (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Jul. 01, 2020
Debt Instrument [Line Items]
Finance Leases	$ 95,143,000	$ 95,143,000	$ 89,050,000
ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Fee on unused borrowings		0.20%
Unamortized debt issuance costs	40,200,000	$ 40,200,000	31,700,000
ABL Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Variable rate, step down percentage		0.25%
Variable rate, step up percentage		0.25%
ABL Facility \| Line of Credit \| Canada, Dollars \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility \| ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	$ 3,000,000,000	$ 3,000,000,000		$ 2,400,000,000
Weighted average interest rate for borrowings	3.13%	3.13%
Available borrowing capacity	$ 1,000,000,000	$ 1,000,000,000
Letters of credit amount outstanding	15,100,000	15,100,000
Outstanding principal	2,000,000,000	2,000,000,000
Unamortized debt issuance costs	$ 40,200,000	40,200,000
Revolving Credit Facility \| ABL Facility \| Line of Credit \| United States of America, Dollars \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
Revolving Credit Facility \| ABL Facility \| Line of Credit \| United States of America, Dollars \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Revolving Credit Facility \| ABL Facility \| Line of Credit \| Canada, Dollars \| BA Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
Revolving Credit Facility \| ABL Facility \| Line of Credit \| Canada, Dollars \| Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Revolving Credit Facility \| ABL Facility \| Line of Credit \| Euro Member Countries, Euro \| Euro Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
Revolving Credit Facility \| ABL Facility \| Line of Credit \| United Kingdom, Pounds \| Sterling Overnight Index Average
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
Revolving Credit Facility \| 2020 ABL Facility - US Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability				2,000,000,000
Available borrowing capacity	$ 724,600,000	724,600,000
Revolving Credit Facility \| ABL Facility - Multicurrency Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability				$ 400,000,000
Available borrowing capacity	309,500,000	309,500,000
Outstanding principal			0
Unamortized debt issuance costs			$ 6,200,000
Revolving Credit Facility \| ABL Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	3,700,000,000	3,700,000,000
Revolving Credit Facility \| ABL Facility Due 2027 - US Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	3,300,000,000	3,300,000,000
Revolving Credit Facility \| ABL Facility Due 2027 - Multicurrency Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	400,000,000	400,000,000
Letter of Credit \| ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	204,900,000	$ 204,900,000
Fee on unused borrowings		1.625%
Swingline Loans \| ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	$ 220,000,000	$ 220,000,000

Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Equity - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jul. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from the exercise of options and warrants (in shares)					1,437,420
Authorized share repurchase program	$ 1,000,000				$ 1,000,000
Shares repurchased (in shares)					9,304,626
Shares repurchased					$ 326,900
Remaining authorized share repurchase program	629,800				629,800
Reclassifications from AOCI to income	(1,640)	$ (2,890)	$ (2,994)	$ (2,937)
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Authorized share repurchase program							$ 1,000,000
Unrealized losses on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications from AOCI to income	(1,640)	$ (2,890)	(2,994)	$ (2,937)
Interest rate swap \| Unrealized losses on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications from AOCI to income					4,500	$ 5,900
Reclassifications to consolidated statement of operations, tax expense	$ 400		$ 700		$ 1,100	$ 1,300

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss before reclassifications	$ (26,092)	$ (4,643)	$ 2,245	$ 4,274
Reclassifications from AOCI to income	1,640	2,890	2,994	2,937
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(30,824)	(29,071)	(29,996)	(37,207)	$ (29,071)	$ (37,207)
Ending Balance	(55,276)	(30,824)	(24,757)	(29,996)	(55,276)	(24,757)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(29,648)	(25,574)	(19,660)	(24,694)	(25,574)	(24,694)
Other comprehensive loss before reclassifications	(25,628)	(4,074)	3,093	5,034
Reclassifications from AOCI to income	0	0	0	0
Ending Balance	(55,276)	(29,648)	(16,567)	(19,660)	(55,276)	(16,567)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,176)	(3,497)	(10,336)	(12,513)	(3,497)	(12,513)
Other comprehensive loss before reclassifications	(464)	(569)	(848)	(760)
Reclassifications from AOCI to income	1,640	2,890	2,994	2,937
Ending Balance	$ 0	$ (1,176)	$ (8,190)	$ (10,336)	$ 0	$ (8,190)

- 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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Warrants (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Aug. 15, 2018	Jun. 30, 2022	Jun. 30, 2021	Jul. 01, 2020	Dec. 31, 2015
2015 Public Warrants
Class of Warrant or Right [Line Items]
Number of shares which can be exchanged per warrant (in shares)				0.5
2015 Private Warrants
Class of Warrant or Right [Line Items]
Warrants repurchased and canceled (in shares)		3,055,000
Warrants repurchased and canceled		$ 25.5
Warrants exercised (in shares)		9,655,000
Warrants outstanding (in shares)			0
Issuance of common stock from warrants exercised (in shares)		2,939,898
Number of shares which can be exchanged per warrant (in shares)					0.5
2018 Warrants
Class of Warrant or Right [Line Items]
Warrants repurchased and canceled (in shares)		33,965
Warrants repurchased and canceled		$ 0.6
Warrants exercised (in shares)		1,037,379
Warrants outstanding (in shares)		3,006,829
Issuance of common stock from warrants exercised (in shares)		631,863
Number of shares which can be exchanged per warrant (in shares)	1
Warrants exercise price (in USD per share)	$ 15.50
2018 Warrants \| Modular Space Holdings Inc. \| Warrant
Class of Warrant or Right [Line Items]
Warrants issued from acquisition (in shares)	10,000,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 24,711	$ 18,828	$ 40,459	$ 29,309
Effective tax rate	25.20%	48.00%	24.50%	54.20%

- Definition

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

+ References + Details

Fair Value Measures - Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,943,198	$ 2,623,390
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	2,922,153	2,711,970
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	40,200	31,700
ABL Facility \| Carrying Amount \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,931,009	1,612,783
ABL Facility \| Fair Value \| Level 1 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
ABL Facility \| Fair Value \| Level 2 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,971,215	1,644,500
ABL Facility \| 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	7,300	8,400
2025 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	519,215	518,117
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	518,308	551,835
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	7,000	7,500
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	492,974	492,490
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	432,630	515,635
2028 Secured Notes \| Fair Value \| Level 3 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 0	$ 0

Fair Value Measures - Changes in Level 3 Liabilities Measured at Fair Value (Details) - 2015 Private Warrants - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - March 31, 2021	$ 99,781	$ 77,404
Exercise or conversion	(78,495)	(78,495)
Measurement adjustment	(1,571)	25,486
Repurchases	(19,715)	(24,395)
Balance- June 30, 2021	$ 0	$ 0

Stock-Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares
Beginning balance (in shares)	36,176	57,448
Granted (in shares)	35,244	44,708
Forfeited (in shares)	0	(4,266)
Vested (in shares)	(36,176)	(57,448)
Ending balance (in shares)	35,244	40,442
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 29.30	$ 11.75
Granted (in USD per share)	37.17	29.30
Forfeited (in USD per share)	0	29.30
Vested (in USD per share)	29.30	11.75
Ending balance (in USD per share)	$ 37.17	$ 29.30

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 9,292	$ 4,707	$ 15,687	$ 8,221
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	300	100	600	300
Unrecognized compensation expense for awards	1,200		$ 1,200
Recognized over the remaining vesting period (in years)			10 months 24 days
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	2,500	2,400	$ 4,700	4,300
Unrecognized compensation expense for awards	18,900		$ 18,900
Recognized over the remaining vesting period (in years)			2 years 8 months 12 days
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	6,500	2,000	$ 10,300	3,100
Unrecognized compensation expense for awards	$ 47,500		$ 47,500
Recognized over the remaining vesting period (in years)			1 year 10 months 24 days
Performance-Based RSUs \| 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%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		$ 200	$ 200	$ 400

Stock-Based Compensation - Time-Based RSUs (Details) - Time-Based RSUs - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares
Beginning balance (in shares)	997,451	1,325,862
Granted (in shares)	357,639	405,505
Forfeited (in shares)	(31,712)	(65,153)
Vested (in shares)	(437,571)	(347,688)
Ending balance (in shares)	885,807	1,318,526
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 18.54	$ 13.46
Granted (in USD per share)	35.53	27.20
Forfeited (in USD per share)	30.45	16.74
Vested (in USD per share)	16.61	13.30
Ending balance (in USD per share)	$ 25.93	$ 17.61

Stock-Based Compensation - Performance Based PSUs (Details) - Performance-Based RSUs - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares
Beginning balance (in shares)	1,536,394	593,388
Granted (in shares)	745,079	397,981
Forfeited (in shares)	(30,712)	(20,077)
Vested (in shares)	(313,152)	0
Ending balance (in shares)	1,937,609	971,292
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 26.34	$ 14.88
Granted (in USD per share)	42.34	39.10
Forfeited (in USD per share)	41.81	25.87
Vested (in USD per share)	16.45	0
Ending balance (in USD per share)	$ 33.84	$ 24.56

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
WillScot Options
Options
Beginning balance (in shares)	534,188	534,188
Forfeited (in shares)		0
Exercised (in shares)	0	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	0
Ending balance (in USD per share)	$ 13.60	$ 13.60
Vested and exercisable stock options (in shares)	534,188	400,641
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share)	$ 13.60	$ 13.60
Converted Mobile Mini Options
Options
Beginning balance (in shares)	1,527,643	2,031,455
Forfeited (in shares)		(6,240)
Exercised (in shares)	(237,819)	(373,132)
Ending balance (in shares)	1,289,824	1,652,083
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 14.66	$ 14.78
Forfeited (in USD per share)		12.19
Exercised (in USD per share)	14.51	15.77
Ending balance (in USD per share)	$ 14.68	$ 14.57
Vested and exercisable stock options (in shares)	1,289,824	1,652,083
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share)	$ 14.68	$ 14.57

Derivatives - Narrative (Details) - Interest rate swap - USD ($)	Dec. 31, 2021	Nov. 06, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Notational amount		$ 400,000,000
Fixed rate		3.06%
Receive rate	0.11%

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Interest rate swap
Derivative [Line Items]
Accrued expenses	$ 5,259

Derivative - Impact of Interest Rate Swap (Details) - Interest rate swap - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in OCI	$ 4,669	$ 4,323
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into income (effective portion)	$ (4,530)	$ (5,931)

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			4
Stock compensation expense	$ 9,292	$ 4,707	$ 15,687	$ 8,221
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Leasing	$ 428,620	$ 343,179	$ 821,812	$ 658,841
Total revenues	581,642	461,102	1,090,536	886,425
Costs:
Leasing	96,912	83,032	185,790	152,927
Depreciation of rental equipment	67,176	62,893	129,392	118,591
Gross profit	308,873	222,810	575,688	436,190
Other selected data:
Adjusted EBITDA	233,335	175,495	425,158	339,080
Selling, general and administrative expense	162,164	122,387	312,374	239,716
Purchases of rental equipment and refurbishments	130,153	65,282	225,389	117,817
Delivery and installation
Revenues:
Revenues	125,403	91,680	225,734	175,184
Costs:
Cost of sales	93,587	77,153	175,102	147,289
New units
Revenues:
Revenues	11,094	11,008	17,691	21,963
Total revenues	11,094	11,008	17,691	21,963
Costs:
Cost of sales	6,139	7,052	10,465	14,161
Rental units
Revenues:
Revenues	16,525	15,235	25,299	30,437
Total revenues	16,525	15,235	25,299	30,437
Costs:
Cost of sales	8,955	8,162	14,099	17,267
Unallocated Costs
Other selected data:
Adjusted EBITDA	0	0	0	0
Selling, general and administrative expense	15,366	12,180	26,747	24,017
Purchases of rental equipment and refurbishments	0	0	0	0
NA Modular \| Operating Segments
Revenues:
Leasing	252,046	217,635	485,024	417,243
Total revenues	347,670	289,382	647,356	555,606
Costs:
Leasing	68,297	61,773	132,286	112,848
Depreciation of rental equipment	55,405	50,816	106,322	97,536
Gross profit	153,808	116,136	282,739	229,138
Other selected data:
Adjusted EBITDA	127,881	103,545	231,829	200,916
Selling, general and administrative expense	85,416	63,406	162,936	125,756
Purchases of rental equipment and refurbishments	82,482	49,364	140,059	88,499
NA Modular \| Operating Segments \| Delivery and installation
Revenues:
Revenues	73,680	54,851	129,314	103,531
Costs:
Cost of sales	58,969	51,154	108,023	95,859
NA Modular \| Operating Segments \| New units
Revenues:
Revenues	8,520	6,871	13,365	14,331
Costs:
Cost of sales	4,244	4,376	7,501	9,250
NA Modular \| Operating Segments \| Rental units
Revenues:
Revenues	13,424	10,025	19,653	20,501
Costs:
Cost of sales	6,947	5,127	10,485	10,975
NA Storage \| Operating Segments
Revenues:
Leasing	134,339	85,966	252,920	166,317
Total revenues	175,220	115,794	326,704	223,542
Costs:
Leasing	19,814	12,174	36,160	22,907
Depreciation of rental equipment	7,826	7,476	14,457	12,269
Gross profit	121,404	75,721	226,534	148,340
Other selected data:
Adjusted EBITDA	80,762	49,526	144,587	95,848
Selling, general and administrative expense	48,468	33,672	96,406	64,761
Purchases of rental equipment and refurbishments	34,282	8,773	54,453	12,245
NA Storage \| Operating Segments \| Delivery and installation
Revenues:
Revenues	37,163	23,519	67,067	44,884
Costs:
Cost of sales	23,568	16,743	45,094	32,483
NA Storage \| Operating Segments \| New units
Revenues:
Revenues	1,407	1,864	2,349	4,048
Costs:
Cost of sales	1,077	1,122	1,575	2,463
NA Storage \| Operating Segments \| Rental units
Revenues:
Revenues	2,311	4,445	4,368	8,293
Costs:
Cost of sales	1,531	2,558	2,884	5,080
UK Storage \| Operating Segments
Revenues:
Leasing	20,156	21,014	40,727	39,735
Total revenues	26,666	28,432	54,106	55,439
Costs:
Leasing	4,193	4,729	8,430	9,025
Depreciation of rental equipment	1,152	1,318	2,290	2,232
Gross profit	17,089	17,937	35,010	34,430
Other selected data:
Adjusted EBITDA	12,230	12,328	24,774	23,392
Selling, general and administrative expense	6,010	6,926	12,524	13,269
Purchases of rental equipment and refurbishments	7,604	4,226	17,219	10,996
UK Storage \| Operating Segments \| Delivery and installation
Revenues:
Revenues	5,342	5,839	11,809	12,589
Costs:
Cost of sales	3,410	3,309	7,333	7,400
UK Storage \| Operating Segments \| New units
Revenues:
Revenues	489	1,295	617	2,166
Costs:
Cost of sales	322	845	386	1,434
UK Storage \| Operating Segments \| Rental units
Revenues:
Revenues	679	284	953	949
Costs:
Cost of sales	500	294	657	918
Tank and Pump \| Operating Segments
Revenues:
Leasing	22,079	18,564	43,141	35,546
Total revenues	32,086	27,494	62,370	51,838
Costs:
Leasing	4,608	4,356	8,914	8,147
Depreciation of rental equipment	2,793	3,283	6,323	6,554
Gross profit	16,572	13,016	31,405	24,282
Other selected data:
Adjusted EBITDA	12,462	10,096	23,968	18,924
Selling, general and administrative expense	6,904	6,203	13,761	11,913
Purchases of rental equipment and refurbishments	5,785	2,919	13,658	6,077
Tank and Pump \| Operating Segments \| Delivery and installation
Revenues:
Revenues	9,218	7,471	17,544	14,180
Costs:
Cost of sales	7,640	5,947	14,652	11,547
Tank and Pump \| Operating Segments \| New units
Revenues:
Revenues	678	978	1,360	1,418
Costs:
Cost of sales	496	709	1,003	1,014
Tank and Pump \| Operating Segments \| Rental units
Revenues:
Revenues	111	481	325	694
Costs:
Cost of sales	$ (23)	$ 183	$ 73	$ 294

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting [Abstract]
Net income	$ 73,376	$ 51,171	$ 20,371	$ 4,447	$ 124,547	$ 24,818
Income tax expense	24,711		18,828		40,459	29,309
Loss on extinguishment of debt	0		2,814		0	5,999
Fair value (gain) loss on common stock warrant liabilities	0		(610)		0	26,597
Interest expense	33,574		29,212		64,564	59,176
Depreciation and amortization	86,230		84,515		168,050	158,537
Currency (gains) losses, net	(127)		33		11	69
Restructuring costs, lease impairment expense and other related charges	(95)		7,434		168	11,829
Transaction costs	22		0		41	844
Integration costs	5,203		7,622		9,291	14,964
Stock compensation expense	9,292		4,707		15,687	8,221
Other	1,149		569		2,340	(1,283)
Adjusted EBITDA	$ 233,335		$ 175,495		$ 425,158	$ 339,080

Earnings Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income - basic	$ 73,376	$ 20,371	$ 124,547	$ 24,818
Fair value gain on common stock warrant liabilities	0	(610)	0	0
Net income - dilutive	$ 73,376	$ 19,761	$ 124,547	$ 24,818
Weighted average shares:
Weighted average Common Shares outstanding - basic (in shares)	223,376,276	228,406,812	222,196,986	228,350,318
Warrants (in shares)	1,746,000	5,705,000	1,818,000	4,000,000
Weighted average Common Shares outstanding - dilutive (in shares)	227,484,012	236,536,713	226,983,150	234,898,911
RSAs
Weighted average shares:
Awards (in shares)	18,000	20,000	22,000	36,000
Time-based RSUs
Weighted average shares:
Awards (in shares)	307,000	599,000	395,000	622,000
Performance-based RSUs
Weighted average shares:
Awards (in shares)	952,000	725,000	1,385,000	817,000
Stock Options
Weighted average shares:
Awards (in shares)	1,085,000	1,081,000	1,166,000	1,074,000

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Performance-Based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	1,252,968		904,379
Warrant
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		0