0001647088-22-000051 | 10-Q | XBRL Viewer | Willscot Mobile Mini Holdings Corp

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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)		208,889,811
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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 (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 15,442	$ 12,699
Trade receivables, net of allowances for credit losses of $56,127 and $46,160, respectively	439,309	368,856
Inventories	44,873	32,092
Prepaid expenses and other current assets	39,691	36,539
Assets held for sale - current	951	32,854
Total current assets	540,266	483,040
Rental equipment, net	3,227,735	2,946,008
Property, plant and equipment, net	311,526	282,247
Operating lease assets	225,955	235,344
Goodwill	1,064,582	1,078,699
Intangible assets, net	431,291	451,928
Other non-current assets	8,909	10,797
Assets held for sale - non-current	0	285,536
Total long-term assets	5,269,998	5,290,559
Total assets	5,810,264	5,773,599
Liabilities and equity
Accounts payable	160,262	110,270
Accrued expenses	123,300	95,592
Accrued employee benefits	53,477	65,927
Deferred revenue and customer deposits	212,005	159,612
Operating lease liabilities - current	51,971	51,103
Current portion of long-term debt	13,497	11,968
Liabilities held for sale - current	0	23,173
Total current liabilities	614,512	517,645
Long-term debt	2,935,800	2,676,985
Deferred tax liabilities	385,854	337,784
Operating lease liabilities - non-current	174,777	184,199
Other non-current liabilities	18,182	15,737
Liabilities held for sale - non-current	0	44,486
Long-term liabilities	3,514,613	3,259,191
Total liabilities	4,129,125	3,776,836
Commitments and contingencies (see Note 17)
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 211,243,820 and 223,939,527 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	22	22
Additional paid-in capital	3,112,076	3,616,902
Accumulated other comprehensive loss	(93,009)	(29,071)
Accumulated deficit	(1,337,950)	(1,591,090)
Total shareholders' equity	1,681,139	1,996,763
Total liabilities and shareholders' equity	$ 5,810,264	$ 5,773,599

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 56,127	$ 46,160
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)	211,243,820	223,939,527
Common stock outstanding (in shares)	211,243,820	223,939,527

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Leasing	$ 447,535	$ 342,599	$ 1,226,206	$ 965,894
Total revenues	604,173	461,047	1,632,339	1,295,634
Costs:
Leasing	111,898	77,967	288,774	222,747
Depreciation of rental equipment	69,159	52,990	192,228	165,027
Gross profit	314,332	239,226	858,615	651,134
Expenses:
Selling, general and administrative	145,444	127,346	445,319	356,651
Other depreciation and amortization	17,066	16,459	50,895	51,793
Lease impairment expense and other related charges	0	601	254	2,328
Restructuring costs	0	1,856	(86)	11,956
Currency losses, net	236	127	247	196
Other (income) expense, net	(2,526)	1,475	(7,642)	202
Operating income	154,112	91,362	369,628	228,008
Interest expense	38,165	29,006	102,362	87,793
Fair value loss on common stock warrant liabilities	0	0	0	26,597
Loss on extinguishment of debt	0	0	0	5,999
Income from continuing operations before income tax	115,947	62,356	267,266	107,619
Income tax expense from continuing operations	30,219	5,243	67,167	32,341
Income from continuing operations	85,728	57,113	200,099	75,278
Discontinued operations:
Income from discontinued operations before income tax	10,802	5,391	24,488	14,255
Income tax expense from discontinued operations	1,986	1,401	5,496	3,612
Gain on sale of discontinued operations	34,049	0	34,049	0
Income from discontinued operations	42,865	3,990	53,041	10,643
Income from continuing operations	$ 128,593	$ 61,103	$ 253,140	$ 85,921
Earnings per share from continuing operations:
Basic (in USD per share)	$ 0.40	$ 0.25	$ 0.91	$ 0.33
Diluted (in USD per share)	0.39	0.24	0.89	0.32
Earnings per share from discontinued operations:
Basic (in USD per share)	0.20	0.02	0.24	0.05
Diluted (in USD per share)	0.20	0.02	0.24	0.05
Earnings per share:
Basic (in USD per share)	0.60	0.27	1.15	0.38
Diluted (in USD per share)	$ 0.59	$ 0.26	$ 1.13	$ 0.37
Weighted average shares:
Basic (in shares)	213,636,876	225,998,202	219,312,260	227,557,664
Diluted (in shares)	217,927,725	231,868,397	223,933,319	234,084,800
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	$ 604,173	$ 461,047	$ 1,632,339	$ 1,295,634
Leasing
Revenues:
Leasing	447,535	342,599	1,226,206	965,894
Costs:
Leasing	111,898	77,967	288,774	222,747
Delivery and installation
Revenues:
Revenues	132,837	91,910	341,027	252,914
Costs:
Cost of sales	95,680	74,221	256,130	209,963
New units
Revenues:
Revenues	9,901	15,370	26,232	35,915
Total revenues	9,901	15,370	26,232	35,915
Costs:
Cost of sales	6,007	11,175	15,469	24,322
Rental units
Revenues:
Revenues	13,900	11,168	38,874	40,911
Total revenues	13,900	11,168	38,874	40,911
Costs:
Cost of sales	$ 7,097	$ 5,468	$ 21,123	$ 22,441

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 128,593	$ 61,103	$ 253,140	$ 85,921
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of income tax expense of $0 for both the three and nine months ended September 30, 2022 and $0 and $60 for the three and nine months ended September 30, 2021, respectively.	(37,733)	(11,162)	(67,435)	(3,035)
Net change in derivatives, net of income tax expense of $676 for the three months ended September 30, 2021, and $1,171 and $1,999 for the nine months ended September 30, 2022 and 2021, respectively.	0	2,206	3,497	6,529
Total other comprehensive (loss) income	(37,733)	(8,956)	(63,938)	3,494
Total comprehensive income	$ 90,860	$ 52,147	$ 189,202	$ 89,415

- Definition

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

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense	$ 0	$ 0	$ 0	$ 60
Net gain on derivatives, net of income tax expense		$ 676	$ 1,171	$ 1,999

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive 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	85,921
Ending balance (in shares) at Sep. 30, 2021		223,666,000
Ending balance at Sep. 30, 2021	1,956,584	$ 23	3,655,587	(33,713)	(1,665,313)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,103				61,103
Other comprehensive (loss) income	(8,956)			(8,956)
Stock-based compensation and issuance of Common Stock from vesting (in shares)		192,000
Stock-based compensation and issuance of Common Stock from vesting	7,686		7,686
Repurchase and cancellation of Common Stock and warrants (in shares)		(3,752,000)
Repurchase and cancellation of Common Stock and warrants	(106,264)		(106,264)
Issuance of Common Stock from the exercise of options and warrants (in shares)		393,000
Issuance of Common Stock from the exercise of options and warrants	1,517		1,517
Withholding taxes on net share settlement of stock-based compensation	(3,915)		(3,915)
Ending balance (in shares) at Sep. 30, 2021		223,666,000
Ending balance at Sep. 30, 2021	$ 1,956,584	$ 23	3,655,587	(33,713)	(1,665,313)
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	$ 253,140
Issuance of Common Stock from the exercise of options and warrants (in shares)	1,860,778
Ending balance (in shares) at Sep. 30, 2022	211,243,820	211,244,000
Ending balance at Sep. 30, 2022	$ 1,681,139	$ 22	3,112,076	(93,009)	(1,337,950)
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		216,091,000
Ending balance at Jun. 30, 2022	1,773,950	$ 22	3,295,747	(55,276)	(1,466,543)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	128,593				128,593
Other comprehensive (loss) income	(37,733)			(37,733)
Stock-based compensation and issuance of Common Stock from vesting (in shares)		26,000
Stock-based compensation and issuance of Common Stock from vesting	6,941		6,941
Repurchase and cancellation of Common Stock and warrants (in shares)		(5,271,000)
Repurchase and cancellation of Common Stock and warrants	(197,457)		(197,457)
Issuance of Common Stock from the exercise of options and warrants (in shares)		398,000
Issuance of Common Stock from the exercise of options and warrants	7,363		7,363
Withholding taxes on net share settlement of stock-based compensation	$ (518)		(518)
Ending balance (in shares) at Sep. 30, 2022	211,243,820	211,244,000
Ending balance at Sep. 30, 2022	$ 1,681,139	$ 22	$ 3,112,076	$ (93,009)	$ (1,337,950)

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

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Operating activities:

Net income

$ 253,140

$ 85,921

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

Depreciation and amortization

257,371

235,536

Provision for credit losses

26,018

26,661

Gain on sale of discontinued operations

(34,049)

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

(21,698)

(25,327)

Amortization of debt discounts and debt issuance costs

9,795

10,554

Fair value loss on common stock warrant liabilities

26,597

Loss on extinguishment of debt

5,999

Stock-based compensation expense

22,628

21,674

Deferred income tax expense

56,812

28,140

Unrealized currency losses, net

171

Other

2,976

Changes in operating assets and liabilities:

Trade receivables

(101,895)

(93,592)

Inventories

(13,623)

(7,311)

Prepaid expenses and other assets

(9,446)

3,118

Operating lease assets and liabilities

851

Accounts payable and other accrued expenses

43,565

48,336

Deferred revenue and customer deposits

51,622

25,656

Net cash provided by operating activities

544,238

392,055

Investing activities:

Proceeds from sale of discontinued operation

319,543

Acquisitions, net of cash acquired

(208,663)

(56,244)

Proceeds from sale of rental equipment

52,263

42,034

Purchase of rental equipment and refurbishments

(360,465)

(178,191)

Proceeds from sale of property, plant and equipment

1,645

16,647

Purchase of property, plant and equipment

(30,253)

(20,836)

Net cash used in investing activities

(225,930)

(196,590)

Financing activities:

Receipts from issuance of Common Stock from the exercise of options

10,815

7,315

Repurchase and cancellation of Common Stock and warrants

(515,684)

(320,562)

Receipts from borrowings

763,177

551,063

Payment of financing costs

(8,130)

Repayment of borrowings

(510,677)

(423,591)

Payment of debt extinguishment premium costs

(3,705)

Principal payments on finance lease obligations

(39,336)

(12,321)

Taxes paid on employee stock awards

(13,888)

(7,134)

Net cash used in financing activities

(313,723)

(208,935)

Effect of exchange rate changes on cash and cash equivalents

(1,842)

(150)

Net change in cash and cash equivalents

2,743

(13,620)

Cash and cash equivalents at the beginning of the period

12,699

24,937

Cash and cash equivalents at the end of the period

15,442

11,317

Supplemental cash flow information:

Interest paid

^[1]

88,231

75,423

Income taxes paid, net

17,598

6,124

Capital expenditures accrued or payable

$ 40,385

$ 35,819

[1]	Includes $8,986 of payments related to the interest rate swap for the nine months ended September 30, 2021.

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

9 Months Ended

Sep. 30, 2021

USD ($)

Interest paid

$ 75,423

^[1]

Interest rate swap

Interest paid

$ 8,986,000

[1]	Includes $8,986 of payments related to the interest rate swap for the nine months ended September 30, 2021.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 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 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 nine months ended September 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 Financial Accounting Standards Board issued Accounting Standards Update ("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	9 Months Ended
Acquisitions	Sep. 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 third quarter of 2022, the Company acquired certain assets and liabilities of several smaller entities, which consisted primarily of approximately 7,600 storage units and 3,000 modular units, for $104.7 million in cash. During the first six months of 2022, the Company acquired certain assets and liabilities of several smaller entities, which consisted primarily of approximately 4,100 storage units and 1,400 modular units, for $103.9 million in cash. The accompanying consolidated financial statements include $202.3 million of rental equipment as a result of 2022 acquisitions. During the third quarter of 2021, the Company acquired certain assets and liabilities of several smaller entities, which consisted primarily of approximately 11,000 storage units and 400 modular units for $56.3 million in cash. As a result of these acquisitions, the Company recognized $53.0 million of rental equipment and $3.0 million of land in its consolidated balance sheet. Integration Costs The Company recorded $3.9 million and $8.2 million in integration costs related to acquisitions and the Merger within selling, general and administrative ("SG&A") expense during the three months ended September 30, 2022 and 2021, respectively, and $13.2 million and $23.2 million in integration costs related to acquisitions and the Merger during the nine months ended September 30, 2022 and 2021, respectively.

Divestiture

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Divestitures

Divestiture

On August 19, 2022, the Company entered into a stock purchase agreement to sell its Tank and Pump Solutions ("Tank and Pump") business for approximately $323 million. The sale transaction was completed on September 30, 2022. Exiting the Tank and Pump business represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses. In accordance with ASC 360, Property, Plant, and Equipment, the Company ceased recording depreciation and amortization for Tank and Pump rental fleet, property, plant and equipment, and operating lease assets during the third quarter of 2022 when the Tank and Pump business initially qualified as held for sale. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, the Company determined that the criteria for discontinued operations presentation were met during the third quarter of 2022.

As part of the divestiture, the Company entered into a customary transition services agreement with the buyer to assist them in the transition of certain functions, including, but not limited to, information technology, accounting and human resources, for a period of six months with an option for the buyer to extend the agreement for a period of up to twelve months. There will be no significant continuing involvement with the Tank and Pump business after its disposal.

The following tables present the results of Tank and Pump as reported in income from discontinued operations within the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 and the carrying value of the divested business' assets and liabilities as presented within assets and liabilities held for sale on the condensed consolidated balance sheet as of December 31, 2021.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Revenues:
Leasing and services revenue:
Leasing	$	22,432	$	20,797	$	65,572	$	56,343
Delivery and installation	10,121		7,789		27,665		21,969
Sales revenue:
New units	842		490		2,202		1,908
Rental units	593		429		917		1,123
Total revenues	33,988		29,505		96,356		81,343
Costs:
Costs of leasing and services:
Leasing	4,913		4,481		13,828		12,628
Delivery and installation	8,634		6,770		23,285		18,317
Costs of sales:
New units	633		324		1,636		1,338
Rental units	238		135		310		429
Depreciation of rental equipment	1,822		3,472		8,145		10,026
Gross profit	17,748		14,323		49,152		38,605
Expenses:
Selling, general and administrative	5,544		6,381		18,045		16,792
Other depreciation and amortization	1,274		2,355		6,103		6,967
Other (expense) income, net	(16)		1		4		7
Operating income	10,946		5,586		25,000		14,839
Interest expense	144		195		512		584
Income from discontinued operations before income tax	10,802		5,391		24,488		14,255
Income tax expense from discontinued operations	1,986		1,401		5,496		3,612
Income from discontinued operations	$	8,816	$	3,990	$	18,992	$	10,643
Other selected data:
Adjusted EBITDA	$	13,048	$	10,946	$	37,016	$	29,870


(in thousands)	December 31, 2021

Assets
Trade receivables, net of allowances for doubtful accounts of $1,469	$	31,031
Inventories	647
Prepaid expenses and other current assets	222
Rental Equipment, net	134,973
Property, plant and equipment, net	29,931
Operating lease assets	11,720
Goodwill	100,107
Intangible assets, net	8,750
Other non-current assets	55
Total assets held for sale	$	317,436
Liabilities
Accounts payable	$	8,001
Accrued expenses	4,603
Accrued employee benefits	2,487
Deferred revenue and customer deposits	27
Deferred tax liabilities	17,095
Operating lease liabilities	11,959
Other non-current liabilities	23,487
Total liabilities held for sale	$	67,659

At December 31, 2021, assets held for sale of $1.0 million were not related to the Tank and Pump business and were excluded from the table above.

For the nine months ended September 30, 2022 and 2021, significant operating and investing items related to the Tank and Pump business were as follows:


	Nine Months Ended September 30,
(in thousands)	2022		2021
Operating activities of discontinued operations:
Depreciation and amortization	$	14,248	$	16,993

Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	917	$	1,123
Purchase of rental equipment and refurbishments	$	(19,064)	$	(11,093)
Proceeds from sale of property, plant and equipment	$	—	$	170
Purchase of property, plant and equipment	$	(403)	$	(1,220)

The following table presents reconciliations of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the Tank and Pump business for the three and nine months ended September 30, 2022 and 2021, respectively. See Note 18 for further information regarding Adjusted EBITDA.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Income from discontinued operations before income tax	$	10,802	$	5,391	$	24,488	$	14,255


Interest expense	144		195		512		584
Depreciation and amortization	3,096		5,828		14,248		16,993

Restructuring costs, lease impairment expense and other related charges	—		—		—		2

Integration costs	—		5		—		5
Stock compensation expense	(221)		102		18		175
Other	(773)		(575)		(2,250)		(2,144)
Adjusted EBITDA from discontinued operations	$	13,048	$	10,946	$	37,016	$	29,870

Revenue

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
US	$	538,737	$	399,590	$	1,445,709	$	1,121,627
Canada	34,815		29,692		92,989		79,493
Mexico	4,453		3,666		13,370		10,977
UK	26,168		28,099		80,271		83,537
Total revenues	$	604,173	$	461,047	$	1,632,339	$	1,295,634

Major Product and Service Lines

Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes modular space and portable storage units along with value-added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, 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 nine months ended September 30, 2022 and 2021 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Modular space leasing revenue	$	226,261	$	188,507	$	638,273	$	539,836
Portable storage leasing revenue	103,503		66,184		269,964		179,645
VAPS and third party leasing revenues(a)	96,220		72,293		261,964		203,493
Other leasing-related revenue(b)	21,551		15,615		56,005		42,920
Leasing revenue	447,535		342,599		1,226,206		965,894
Delivery and installation revenue	132,837		91,910		341,027		252,914
Total leasing and services revenue	580,372		434,509		1,567,233		1,218,808
New unit sales revenue	9,901		15,370		26,232		35,915
Rental unit sales revenue	13,900		11,168		38,874		40,911
Total revenues	$	604,173	$	461,047	$	1,632,339	$	1,295,634


(a)			Includes $8.8 million and $7.2 million of service revenue for the three months ended September 30, 2022 and 2021, respectively, and $23.1 million and $21.2 million of service revenue for the nine months ended September 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 nine months ended September 30, 2022, respectively, and 73% for both the three and nine months ended September 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 September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Balance at beginning of period	$	50,720	$	35,608	$	46,160	$	28,442
Provision for credit losses, net of recoveries	9,977		8,292		27,487		24,839
Write-offs	(4,474)		(4,541)		(17,384)		(14,411)
Foreign currency translation and other	(96)		(126)		(136)		363
Balance at end of period	$	56,127	$	39,233	$	56,127	$	39,233

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 September 30, 2022, deferred revenue relating to services billed in advance of $24.5 million was recognized as revenue. As of September 30, 2022 and December 31, 2021, the Company had approximately $107.9 million and $79.4 million, respectively, of deferred revenue related to these services.

The Company does not have material contract assets, and the Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the 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

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

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


(in thousands)	Operating		Finance
2022 (remaining)	$	15,803	$	3,501
2023	58,926		15,226
2024	49,583		13,523
2025	41,080		13,197
2026	30,330		12,809
Thereafter	69,011		22,052
Total lease payments	264,733		80,308
Less: interest	(37,985)		(7,460)
Present value of lease liabilities	$	226,748	$	72,848

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 nine months ended September 30, 2022 and 2021 was as follows:


(in thousands)	Nine Months Ended September 30,
Financial Statement Line	2022		2021
Finance Lease Expense
Amortization of finance lease assets	$	11,034	$	9,538
Interest on obligations under finance leases	1,504		1,072
Total finance lease expense	$	12,538	$	10,610

Operating Lease Expense
Fixed lease expense
Costs of leasing and services	$	2,242	$	3,019
Selling, general and administrative	46,580		42,494
Lease impairment expense and other related charges	213		1,571
Short-term lease expense
Costs of leasing and services	24,122		17,751
Selling, general and administrative	1,466		615

Variable lease expense
Costs of leasing and services	3,989		5,442
Selling, general and administrative	5,951		5,332
Lease impairment expense and other related charges	40		402
Total operating lease expense	$	84,603	$	76,626

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 nine months ended September 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 nine months ended September 30, 2021, the Company recorded $2.3 million in lease impairment expense and other related charges which is comprised of $2.0 million in closed location rent expense and $0.3 million loss on lease exit and impairment charges.

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


(in thousands)	Nine Months Ended September 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	$	48,309	$	46,509
Operating cash outflows from finance leases	$	1,502	$	1,067
Financing cash outflows from finance leases	$	12,868	$	9,011

Right of use assets obtained in exchange for lease obligations	$	37,771	$	41,209
Assets obtained in exchange for finance leases	$	22,414	$	17,184

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


Lease Terms and Discount Rates	September 30, 2022		December 31, 2021
Weighted-average remaining lease term - operating leases	5.9 years		6.1 years
Weighted-average discount rate - operating leases	5.1	%	5.0	%
Weighted-average remaining lease term - finance leases	5.1 years		4.9 years
Weighted-average discount rate - finance leases	3.2	%	2.8	%

Leases

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


(in thousands)	Operating		Finance
2022 (remaining)	$	15,803	$	3,501
2023	58,926		15,226
2024	49,583		13,523
2025	41,080		13,197
2026	30,330		12,809
Thereafter	69,011		22,052
Total lease payments	264,733		80,308
Less: interest	(37,985)		(7,460)
Present value of lease liabilities	$	226,748	$	72,848

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 nine months ended September 30, 2022 and 2021 was as follows:


(in thousands)	Nine Months Ended September 30,
Financial Statement Line	2022		2021
Finance Lease Expense
Amortization of finance lease assets	$	11,034	$	9,538
Interest on obligations under finance leases	1,504		1,072
Total finance lease expense	$	12,538	$	10,610

Operating Lease Expense
Fixed lease expense
Costs of leasing and services	$	2,242	$	3,019
Selling, general and administrative	46,580		42,494
Lease impairment expense and other related charges	213		1,571
Short-term lease expense
Costs of leasing and services	24,122		17,751
Selling, general and administrative	1,466		615

Variable lease expense
Costs of leasing and services	3,989		5,442
Selling, general and administrative	5,951		5,332
Lease impairment expense and other related charges	40		402
Total operating lease expense	$	84,603	$	76,626

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


(in thousands)	Nine Months Ended September 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	$	48,309	$	46,509
Operating cash outflows from finance leases	$	1,502	$	1,067
Financing cash outflows from finance leases	$	12,868	$	9,011

Right of use assets obtained in exchange for lease obligations	$	37,771	$	41,209
Assets obtained in exchange for finance leases	$	22,414	$	17,184

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


Lease Terms and Discount Rates	September 30, 2022		December 31, 2021
Weighted-average remaining lease term - operating leases	5.9 years		6.1 years
Weighted-average discount rate - operating leases	5.1	%	5.0	%
Weighted-average remaining lease term - finance leases	5.1 years		4.9 years
Weighted-average discount rate - finance leases	3.2	%	2.8	%

Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

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


(in thousands)	September 30, 2022		December 31, 2021
Raw materials	$	38,720	$	26,340
Finished units	6,153		5,752
Inventories	$	44,873	$	32,092

Rental Equipment, net

9 Months Ended

Sep. 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)	September 30, 2022		December 31, 2021
Modular space units	$	3,254,022	$	3,005,195
Portable storage units	898,275		758,619
Value added products	198,494		168,358
Total rental equipment	4,350,791		3,932,172
Less: accumulated depreciation	(1,123,056)		(986,164)
Rental equipment, net	$	3,227,735	$	2,946,008

Goodwill

9 Months Ended

Sep. 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		Total
Balance at December 31, 2020	$	235,828	$	726,529	$	65,600	$	1,027,957
Changes to Mobile Mini purchase accounting	285,000		(233,666)		—		51,334
Effects of movements in foreign exchange rates	221		(311)		(502)		(592)
Balance at December 31, 2021	521,049		492,552		65,098		1,078,699


Effects of movements in foreign exchange rates	(2,766)		—		(11,351)		(14,117)
Balance at September 30, 2022	$	518,283	$	492,552	$	53,747	$	1,064,582

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

Intangibles

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

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


	September 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	5.7	$	199,000	$	(57,646)	$	141,354
Technology	3.8	1,500		(563)		937
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		$	489,500	$	(58,209)	$	431,291


	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	$	199,000	$	(37,197)	$	161,803
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		$	489,500	$	(37,572)	$	451,928

Amortization expense related to intangible assets was $6.0 million and $6.6 million for the three months ended September 30, 2022 and 2021, respectively, and $19.2 million and $20.0 million for the nine months ended September 30, 2022 and 2021, respectively.

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


(in thousands)
2022 (remaining)	$	6,583
2023	25,583
2024	25,583
2025	25,583
2026	23,897
Thereafter	35,062
Total	$	142,291

Debt

9 Months Ended

Sep. 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	September 30, 2022		December 31, 2021
2025 Secured Notes	6.125%	2025	$	519,778	$	518,117
ABL Facility(a)	Varies	2027	1,863,451		1,612,783
2028 Secured Notes	4.625%	2028	493,220		492,490
Finance Leases	Varies	Varies	72,848		65,563
Total debt			2,949,297		2,688,953
Less: current portion of long-term debt			13,497		11,968
Total long-term debt			$	2,935,800	$	2,676,985

(a) As of both September 30, 2022 and December 31, 2021, the Company had no outstanding principal borrowings on the multicurrency revolving credit facility and $4.4 million and $6.2 million, respectively, of related debt issuance costs. No related debt issuance costs were recorded as a direct offset against the principal borrowings on the Multicurrency Facility, and the $4.4 million and $6.2 million in excess of principal was included in other non-current assets on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively.

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 September 30, 2022, the weighted average interest rate for borrowings under the ABL Facility was 4.46%.

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 September 30, 2022, the Company had $1.9 billion outstanding principal under the ABL Facility, the Line Cap was $3.0 billion, and the Company had $1.1 billion of available borrowing capacity under the ABL Facility, including $821.3 million under the US Facility and $292.1 million under the Multicurrency Facility. At September 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 September 30, 2022. At September 30, 2022, letters of credit and bank guarantees carried fees of 1.625% annually.

Debt issuance costs of $33.6 million were included in the carrying value of the ABL Facility at September 30, 2022.

Finance Leases

The Company maintains finance leases primarily related to transportation equipment. At September 30, 2022 and December 31, 2021, obligations under finance leases for transportation related equipment were $72.8 million and $65.6 million, respectively. Refer to Note 5 for further information.

The Company is in compliance with all debt covenants and restrictions for the aforementioned debt instruments as of September 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

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Equity

Common Stock

In connection with the stock compensation vesting events and stock option exercises described in Note 15, and the warrant exercises described in Note 12, the Company issued 1,860,778 shares of Common Stock during the nine months ended September 30, 2022.

Stock Repurchase Program

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. 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 nine months ended September 30, 2022, the Company repurchased 14,575,160 shares of Common Stock and stock equivalents for $524.4 million. As of September 30, 2022, $863.3 million of the approved repurchase amount remained available.

Accumulated Other Comprehensive Loss

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


	Nine Months Ended September 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)
Other comprehensive loss	(37,733)		—		(37,733)

Balance at September 30, 2022	$	(93,009)	$	—	$	(93,009)


	Nine Months Ended September 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)
Other comprehensive income before reclassifications	(11,162)		(830)		(11,992)
Reclassifications from AOCI to income	—		3,036		3,036
Balance at September 30, 2021	$	(27,729)	$	(5,984)	$	(33,713)

For the nine months ended September 30, 2022 and 2021, $4.5 million and $9.0 million, respectively, was reclassified from AOCI into interest expense in the condensed consolidated statements of operations related to the interest rate swap discussed in Note 16. Associated with these reclassifications, the Company recorded tax expense of $0.7 million for the three months ended September 30, 2021, and $1.1 million and $2.0 million for the nine months ended September 30, 2022 and 2021, respectively. The interest rate swap terminated on May 29, 2022.

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 acquisition in 2018, WillScot issued warrants to purchase approximately 10.0 million shares of Common Stock (the "2018 Warrants") to former shareholders. 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 nine months ended September 30, 2022, 33,965 of the 2018 Warrants were repurchased for $0.6 million and cancelled. In addition, during the nine months ended September 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 September 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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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Warrants

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 were as follows:


	Nine Months Ended September 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)
Other comprehensive loss	(37,733)		—		(37,733)

Balance at September 30, 2022	$	(93,009)	$	—	$	(93,009)


	Nine Months Ended September 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)
Other comprehensive income before reclassifications	(11,162)		(830)		(11,992)
Reclassifications from AOCI to income	—		3,036		3,036
Balance at September 30, 2021	$	(27,729)	$	(5,984)	$	(33,713)

Warrants

2015 Warrants

2018 Warrants

- Definition

+ References

+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded $30.2 million and $67.2 million of income tax expense for the three and nine months ended September 30, 2022, respectively, and $5.2 million and $32.4 million of income tax expense for the three and nine months ended September 30, 2021, respectively. The Company’s effective tax rate for the three and nine months ended September 30, 2022 was 26.1% and 25.1%, respectively. The Company's effective tax rate for the three and nine months ended September 30, 2021 was 8.4% and 30.1%, respectively. The effective tax rate for the three and nine months ended September 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 months ended September 30, 2021 differs from the U.S federal statutory rate of 21% primarily due to the reversal of approximately of $12.8 million in reserves for uncertain tax positions ("UTP") due to the expiration of relevant statutes of limitation. The effective tax rate for the nine months ended September 30, 2021 differs from the US federal statutory rate of 21% primarily due to the permanent add-backs related to fair value accounting on the Company's warrants and executive compensation with an offset related to the discrete tax benefit from the reversal of reserves for UTP.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-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
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-Paragraph 17
-Subparagraph (b)
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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)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-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
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-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
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measures

9 Months Ended

Sep. 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 values of finance leases at September 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:


	September 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	$	1,863,451	$	—	$	1,897,000	$	—	$	1,612,783	$	—	$	1,644,500	$	—


2025 Secured Notes	519,778		—		513,932		—		518,117		—		551,835		—
2028 Secured Notes	493,220		—		435,320		—		492,490		—		515,635		—
Total	$	2,876,449	$	—	$	2,846,252	$	—	$	2,623,390	$	—	$	2,711,970	$	—

As of September 30, 2022, the carrying values of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $33.6 million, $6.7 million, and $6.8 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 16.

Level 3 Disclosures

During the periods 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 nine months ended September 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

9 Months Ended

Sep. 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	—	$	—	(8,532)	$	29.30
Vested	(36,176)	$	29.30	(57,448)	$	11.75
Balance September 30,	35,244	$	37.17	36,176	$	29.30

Compensation expense for RSAs recognized in SG&A expense on the condensed consolidated statements of operations was $0.3 million for both the three months ended September 30, 2022 and 2021. Compensation expense for RSAs recognized in SG&A expense on the condensed consolidated statements of operations was $0.9 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, there was $0.9 million of unrecognized compensation cost related to RSAs that is expected to be recognized over the remaining weighted average vesting period of 0.7 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	377,804	$	35.40	415,737	$	27.25
Forfeited	(94,841)	$	31.08	(65,153)	$	16.74
Vested	(478,906)	$	16.42	(667,151)	$	13.98
Balance September 30,	801,508	$	26.27	1,009,295	$	18.59

Compensation expense for Time-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $1.7 million and $3.2 million for the three months ended September 30, 2022 and 2021, respectively. Compensation expense for RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $6.4 million and $7.5 million for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, unrecognized compensation cost related to Time-Based RSUs totaled $15.9 million and is expected to be recognized over the remaining weighted average vesting period of 2.4 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	977,645	$	33.21
Forfeited	(61,678)	$	41.62	(20,077)	$	25.87
Vested	(313,152)	$	16.45	—	$	—
Balance September 30,	1,906,643	$	33.72	1,550,956	$	26.29

Compensation expense for Performance-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $4.9 million and $2.7 million for the three months ended September 30, 2022 and 2021, respectively. Compensation expense for Performance-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $15.2 million and $5.8 million for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, unrecognized compensation cost related to Performance-Based RSUs totaled $41.4 million and is expected to be recognized over the remaining vesting period of 2.3 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	—	$	—	(635,318)	$	17.02
Balance September 30, 2022	534,188	$	13.60	892,325	$	12.97

Fully vested and exercisable options, September 30, 2022	534,188	$	13.60	892,325	$	12.97


	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	—	$	—	(484,986)	$	15.26
Balance September 30, 2021	534,188	$	13.60	1,540,229	$	14.65

Fully vested and exercisable options, September 30, 2021	400,641	$	13.60	1,540,229	$	14.65

WillScot Options

Compensation 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 September 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 $0.6 million for the nine months ended September 30, 2022 and 2021, respectively.

Derivatives

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

In 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
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 nine months ended September 30,:


(in thousands)	2022		2021
Gain recognized in OCI	$	4,669	$	8,528
Location of gain recognized in income	Interest expense, net		Interest expense, net
Loss reclassified from AOCI into income (effective portion)	$	(4,530)	$	(8,967)

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 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 September 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 of the Company. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties.

Segment Reporting

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

The Company operates in three reportable segments as follows: North America Modular Solutions ("NA Modular"), North America Storage Solutions ("NA Storage") and United Kingdom Storage Solutions ("UK Storage"). Total assets for each reportable segment are not available because the Company utilizes a centralized approach to working capital management. Transactions between reportable segments are not significant.

The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects further adjustments to EBITDA (“Adjusted EBITDA”) to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core and ongoing business operations. 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 income from continuing operations to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic and ongoing operating results of the Company. The Company also regularly evaluates gross profit by segment to assist in the assessment of its operational performance. The Company considers Adjusted EBITDA to be an important metric because it reflects 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 nine months ended September 30, 2022 and 2021, respectively.


	Three Months Ended September 30, 2022
(in thousands)	NA Modular		NA Storage		UK Storage		Unallocated Costs 1		Total
Revenues:
Leasing and services revenue:
Leasing	$	271,271	$	156,572	$	19,692			$	447,535
Delivery and installation	84,373		42,643		5,821				132,837
Sales revenue:
New units	7,893		1,714		294				9,901
Rental units	11,827		1,716		357				13,900
Total revenues	375,364		202,645		26,164				604,173

Costs:
Cost of leasing and services:
Leasing	81,385		26,334		4,179				111,898
Delivery and installation	66,464		25,281		3,935				95,680
Cost of sales:
New units	4,796		1,002		209				6,007
Rental units	5,639		1,207		251				7,097
Depreciation of rental equipment	60,228		7,786		1,145				69,159
Gross profit	$	156,852	$	141,035	$	16,445			$	314,332
Other selected data:
Adjusted EBITDA	$	140,673	$	98,695	$	11,971	$	—	$	251,339
Selling, general and administrative expense	$	79,345	$	49,799	$	5,622	$	10,678	$	145,444
Purchases of rental equipment and refurbishments	$	81,052	$	41,246	$	4,605	$	—	$	126,903

1 Unallocated SG&A expense includes non-cash charges for stock compensation plans and costs to integrate acquired companies.


	Three Months Ended September 30, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	219,736	$	101,172	$	21,691			$	342,599
Delivery and installation	58,017		28,330		5,563				91,910
Sales revenue:
New units	13,483		1,307		580				15,370
Rental units	7,815		3,088		265				11,168
Total revenues	299,051		133,897		28,099				461,047

Costs:
Cost of leasing and services:
Leasing	59,260		14,393		4,314				77,967
Delivery and installation	51,655		19,328		3,238				74,221
Cost of sales:
New units	10,080		727		368				11,175
Rental units	3,636		1,587		245				5,468
Depreciation of rental equipment	46,566		5,366		1,058				52,990
Gross profit	$	127,854	$	92,496	$	18,876			$	239,226
Other selected data:
Adjusted EBITDA	$	106,825	$	59,123	$	13,255	$	—	$	179,203
Selling, general and administrative expense	$	66,529	$	39,314	$	6,680	$	14,823	$	127,346
Purchases of rental equipment and refurbishments	$	31,789	$	11,920	$	11,649	$	—	$	55,358


	Nine Months Ended September 30, 2022
(in thousands)	NA Modular		NA Storage		UK Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	756,294	$	409,491	$	60,421			$	1,226,206
Delivery and installation	213,686		109,710		17,631				341,027
Sales revenue:
New units	21,258		4,064		910				26,232
Rental units	31,482		6,082		1,310				38,874
Total revenues	1,022,720		529,347		80,272				1,632,339

Costs:
Cost of leasing and services:
Leasing	213,675		62,489		12,610				288,774
Delivery and installation	174,498		70,364		11,268				256,130
Cost of sales:
New units	12,297		2,578		594				15,469
Rental units	16,125		4,090		908				21,123
Depreciation of rental equipment	166,552		22,241		3,435				192,228
Gross profit	$	439,573	$	367,585	$	51,457			$	858,615
Other selected data:
Adjusted EBITDA	$	372,502	$	243,282	$	36,745	$	—	$	652,529
Selling, general and administrative expense	$	242,268	$	146,189	$	18,147	$	38,715	$	445,319
Purchases of rental equipment and refurbishments	$	221,111	$	95,699	$	21,824	$	—	$	338,634


	Nine Months Ended September 30, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	636,979	$	267,489	$	61,426			$	965,894
Delivery and installation	161,548		73,214		18,152				252,914
Sales revenue:
New units	27,814		5,355		2,746				35,915
Rental units	28,316		11,381		1,214				40,911
Total revenues	854,657		357,439		83,538				1,295,634

Costs:
Cost of leasing and services:
Leasing	172,108		37,300		13,339				222,747
Delivery and installation	147,514		51,811		10,638				209,963
Cost of sales:
New units	19,330		3,190		1,802				24,322
Rental units	14,611		6,667		1,163				22,441
Depreciation of rental equipment	144,102		17,635		3,290				165,027
Gross profit	$	356,992	$	240,836	$	53,306			$	651,134
Other selected data:
Adjusted EBITDA	$	307,741	$	154,971	$	36,647	$	—	$	499,359
Selling, general and administrative expense	$	192,285	$	105,577	$	19,949	$	38,840	$	356,651
Purchases of rental equipment and refurbishments	$	120,288	$	24,165	$	22,645	$	—	$	167,098

The following table presents reconciliations of the Company’s Income from continuing operations to Adjusted EBITDA for the three and nine months ended September 30, 2022 and 2021, respectively:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Income from continuing operations	$	85,728	$	57,113	$	200,099	$	75,278
Income tax expense from continuing operations	30,219		5,243		67,167		32,341
Loss on extinguishment of debt	—		—		—		5,999
Fair value loss on common stock warrant liabilities	—		—		—		26,597
Interest expense	38,165		29,006		102,362		87,793
Depreciation and amortization	86,225		69,449		243,123		216,820
Currency losses, net	236		127		247		196
Restructuring costs, lease impairment expense and other related charges	—		2,457		168		14,284
Transaction costs	—		303		35		1,147
Integration costs	3,902		8,242		13,182		23,206
Stock compensation expense	7,180		6,157		22,628		14,305
Other	(316)		1,106		3,518		1,393
Adjusted EBITDA	$	251,339	$	179,203	$	652,529	$	499,359

Included in restructuring costs for the three and nine months ended September 30, 2021 was expense of approximately $1.4 million and $7.2 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
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+ Details

Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Numerator:
Income from continuing operations	$	85,728	$	57,113	$	200,099	$	75,278
Income from discontinued operations	42,865		3,990		53,041		10,643
Net income	$	128,593	$	61,103	$	253,140	$	85,921

Denominator:
Weighted average Common Shares outstanding - basic	213,637		225,998		219,312		227,558
Dilutive effect of shares outstanding
Warrants	1,812		3,722		1,816		4,112
RSAs	8		4		17		25
Time-based RSUs	355		476		382		573
Performance-based RSUs	1,067		618		1,279		751
Stock Options	1,049		1,050		1,127		1,066

Weighted average Common Shares outstanding - dilutive	217,928		231,868		223,933		234,085

For the three and nine months ended September 30, 2022, 555,790 and 788,183 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 nine months ended September 30, 2021, no warrants, shares or options were excluded from the computation of diluted EPS.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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 Financial Accounting Standards Board issued Accounting Standards Update ("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.

Divestiture (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Discontinued Operations


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Revenues:
Leasing and services revenue:
Leasing	$	22,432	$	20,797	$	65,572	$	56,343
Delivery and installation	10,121		7,789		27,665		21,969
Sales revenue:
New units	842		490		2,202		1,908
Rental units	593		429		917		1,123
Total revenues	33,988		29,505		96,356		81,343
Costs:
Costs of leasing and services:
Leasing	4,913		4,481		13,828		12,628
Delivery and installation	8,634		6,770		23,285		18,317
Costs of sales:
New units	633		324		1,636		1,338
Rental units	238		135		310		429
Depreciation of rental equipment	1,822		3,472		8,145		10,026
Gross profit	17,748		14,323		49,152		38,605
Expenses:
Selling, general and administrative	5,544		6,381		18,045		16,792
Other depreciation and amortization	1,274		2,355		6,103		6,967
Other (expense) income, net	(16)		1		4		7
Operating income	10,946		5,586		25,000		14,839
Interest expense	144		195		512		584
Income from discontinued operations before income tax	10,802		5,391		24,488		14,255
Income tax expense from discontinued operations	1,986		1,401		5,496		3,612
Income from discontinued operations	$	8,816	$	3,990	$	18,992	$	10,643
Other selected data:
Adjusted EBITDA	$	13,048	$	10,946	$	37,016	$	29,870


(in thousands)	December 31, 2021

Assets
Trade receivables, net of allowances for doubtful accounts of $1,469	$	31,031
Inventories	647
Prepaid expenses and other current assets	222
Rental Equipment, net	134,973
Property, plant and equipment, net	29,931
Operating lease assets	11,720
Goodwill	100,107
Intangible assets, net	8,750
Other non-current assets	55
Total assets held for sale	$	317,436
Liabilities
Accounts payable	$	8,001
Accrued expenses	4,603
Accrued employee benefits	2,487
Deferred revenue and customer deposits	27
Deferred tax liabilities	17,095
Operating lease liabilities	11,959
Other non-current liabilities	23,487
Total liabilities held for sale	$	67,659

For the nine months ended September 30, 2022 and 2021, significant operating and investing items related to the Tank and Pump business were as follows:


	Nine Months Ended September 30,
(in thousands)	2022		2021
Operating activities of discontinued operations:
Depreciation and amortization	$	14,248	$	16,993

Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	917	$	1,123
Purchase of rental equipment and refurbishments	$	(19,064)	$	(11,093)
Proceeds from sale of property, plant and equipment	$	—	$	170
Purchase of property, plant and equipment	$	(403)	$	(1,220)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Income from discontinued operations before income tax	$	10,802	$	5,391	$	24,488	$	14,255


Interest expense	144		195		512		584
Depreciation and amortization	3,096		5,828		14,248		16,993

Restructuring costs, lease impairment expense and other related charges	—		—		—		2

Integration costs	—		5		—		5
Stock compensation expense	(221)		102		18		175
Other	(773)		(575)		(2,250)		(2,144)
Adjusted EBITDA from discontinued operations	$	13,048	$	10,946	$	37,016	$	29,870

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Revenue (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
US	$	538,737	$	399,590	$	1,445,709	$	1,121,627
Canada	34,815		29,692		92,989		79,493
Mexico	4,453		3,666		13,370		10,977
UK	26,168		28,099		80,271		83,537
Total revenues	$	604,173	$	461,047	$	1,632,339	$	1,295,634

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Modular space leasing revenue	$	226,261	$	188,507	$	638,273	$	539,836
Portable storage leasing revenue	103,503		66,184		269,964		179,645
VAPS and third party leasing revenues(a)	96,220		72,293		261,964		203,493
Other leasing-related revenue(b)	21,551		15,615		56,005		42,920
Leasing revenue	447,535		342,599		1,226,206		965,894
Delivery and installation revenue	132,837		91,910		341,027		252,914
Total leasing and services revenue	580,372		434,509		1,567,233		1,218,808
New unit sales revenue	9,901		15,370		26,232		35,915
Rental unit sales revenue	13,900		11,168		38,874		40,911
Total revenues	$	604,173	$	461,047	$	1,632,339	$	1,295,634


(a)			Includes $8.8 million and $7.2 million of service revenue for the three months ended September 30, 2022 and 2021, respectively, and $23.1 million and $21.2 million of service revenue for the nine months ended September 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 September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Balance at beginning of period	$	50,720	$	35,608	$	46,160	$	28,442
Provision for credit losses, net of recoveries	9,977		8,292		27,487		24,839
Write-offs	(4,474)		(4,541)		(17,384)		(14,411)
Foreign currency translation and other	(96)		(126)		(136)		363
Balance at end of period	$	56,127	$	39,233	$	56,127	$	39,233

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Operating Lease Maturities

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


(in thousands)	Operating		Finance
2022 (remaining)	$	15,803	$	3,501
2023	58,926		15,226
2024	49,583		13,523
2025	41,080		13,197
2026	30,330		12,809
Thereafter	69,011		22,052
Total lease payments	264,733		80,308
Less: interest	(37,985)		(7,460)
Present value of lease liabilities	$	226,748	$	72,848

Schedule of Finance Lease Maturities

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


(in thousands)	Operating		Finance
2022 (remaining)	$	15,803	$	3,501
2023	58,926		15,226
2024	49,583		13,523
2025	41,080		13,197
2026	30,330		12,809
Thereafter	69,011		22,052
Total lease payments	264,733		80,308
Less: interest	(37,985)		(7,460)
Present value of lease liabilities	$	226,748	$	72,848

Schedule of Lease Activity

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


(in thousands)	Nine Months Ended September 30,
Financial Statement Line	2022		2021
Finance Lease Expense
Amortization of finance lease assets	$	11,034	$	9,538
Interest on obligations under finance leases	1,504		1,072
Total finance lease expense	$	12,538	$	10,610

Operating Lease Expense
Fixed lease expense
Costs of leasing and services	$	2,242	$	3,019
Selling, general and administrative	46,580		42,494
Lease impairment expense and other related charges	213		1,571
Short-term lease expense
Costs of leasing and services	24,122		17,751
Selling, general and administrative	1,466		615

Variable lease expense
Costs of leasing and services	3,989		5,442
Selling, general and administrative	5,951		5,332
Lease impairment expense and other related charges	40		402
Total operating lease expense	$	84,603	$	76,626

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


(in thousands)	Nine Months Ended September 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	$	48,309	$	46,509
Operating cash outflows from finance leases	$	1,502	$	1,067
Financing cash outflows from finance leases	$	12,868	$	9,011

Right of use assets obtained in exchange for lease obligations	$	37,771	$	41,209
Assets obtained in exchange for finance leases	$	22,414	$	17,184

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 September 30, 2022 and December 31, 2021 were as follows:


Lease Terms and Discount Rates	September 30, 2022		December 31, 2021
Weighted-average remaining lease term - operating leases	5.9 years		6.1 years
Weighted-average discount rate - operating leases	5.1	%	5.0	%
Weighted-average remaining lease term - finance leases	5.1 years		4.9 years
Weighted-average discount rate - finance leases	3.2	%	2.8	%

Inventories (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

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


(in thousands)	September 30, 2022		December 31, 2021
Raw materials	$	38,720	$	26,340
Finished units	6,153		5,752
Inventories	$	44,873	$	32,092

Rental Equipment, net (Tables)

9 Months Ended

Sep. 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)	September 30, 2022		December 31, 2021
Modular space units	$	3,254,022	$	3,005,195
Portable storage units	898,275		758,619
Value added products	198,494		168,358
Total rental equipment	4,350,791		3,932,172
Less: accumulated depreciation	(1,123,056)		(986,164)
Rental equipment, net	$	3,227,735	$	2,946,008

Goodwill (Tables)

9 Months Ended

Sep. 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		Total
Balance at December 31, 2020	$	235,828	$	726,529	$	65,600	$	1,027,957
Changes to Mobile Mini purchase accounting	285,000		(233,666)		—		51,334
Effects of movements in foreign exchange rates	221		(311)		(502)		(592)
Balance at December 31, 2021	521,049		492,552		65,098		1,078,699


Effects of movements in foreign exchange rates	(2,766)		—		(11,351)		(14,117)
Balance at September 30, 2022	$	518,283	$	492,552	$	53,747	$	1,064,582

- Definition

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

+ References

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+ Details

Intangibles (Tables)

9 Months Ended

Sep. 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:


	September 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	5.7	$	199,000	$	(57,646)	$	141,354
Technology	3.8	1,500		(563)		937
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		$	489,500	$	(58,209)	$	431,291


	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	$	199,000	$	(37,197)	$	161,803
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		$	489,500	$	(37,572)	$	451,928

Schedule of Finite-Lived Intangible Assets

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


	September 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	5.7	$	199,000	$	(57,646)	$	141,354
Technology	3.8	1,500		(563)		937
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		$	489,500	$	(58,209)	$	431,291


	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	$	199,000	$	(37,197)	$	161,803
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		$	489,500	$	(37,572)	$	451,928

Schedule of Future Amortization of Intangible Assets

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


(in thousands)
2022 (remaining)	$	6,583
2023	25,583
2024	25,583
2025	25,583
2026	23,897
Thereafter	35,062
Total	$	142,291

Debt (Tables)

9 Months Ended

Sep. 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	September 30, 2022		December 31, 2021
2025 Secured Notes	6.125%	2025	$	519,778	$	518,117
ABL Facility(a)	Varies	2027	1,863,451		1,612,783
2028 Secured Notes	4.625%	2028	493,220		492,490
Finance Leases	Varies	Varies	72,848		65,563
Total debt			2,949,297		2,688,953
Less: current portion of long-term debt			13,497		11,968
Total long-term debt			$	2,935,800	$	2,676,985

- Definition

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

+ References

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+ Details

Equity (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 were as follows:


	Nine Months Ended September 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)
Other comprehensive loss	(37,733)		—		(37,733)

Balance at September 30, 2022	$	(93,009)	$	—	$	(93,009)


	Nine Months Ended September 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)
Other comprehensive income before reclassifications	(11,162)		(830)		(11,992)
Reclassifications from AOCI to income	—		3,036		3,036
Balance at September 30, 2021	$	(27,729)	$	(5,984)	$	(33,713)

Fair Value Measures (Tables)

9 Months Ended

Sep. 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:


	September 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	$	1,863,451	$	—	$	1,897,000	$	—	$	1,612,783	$	—	$	1,644,500	$	—


2025 Secured Notes	519,778		—		513,932		—		518,117		—		551,835		—
2028 Secured Notes	493,220		—		435,320		—		492,490		—		515,635		—
Total	$	2,876,449	$	—	$	2,846,252	$	—	$	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 nine months ended September 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- September 30, 2021	$	—

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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	—	$	—	(8,532)	$	29.30
Vested	(36,176)	$	29.30	(57,448)	$	11.75
Balance September 30,	35,244	$	37.17	36,176	$	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	377,804	$	35.40	415,737	$	27.25
Forfeited	(94,841)	$	31.08	(65,153)	$	16.74
Vested	(478,906)	$	16.42	(667,151)	$	13.98
Balance September 30,	801,508	$	26.27	1,009,295	$	18.59

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	977,645	$	33.21
Forfeited	(61,678)	$	41.62	(20,077)	$	25.87
Vested	(313,152)	$	16.45	—	$	—
Balance September 30,	1,906,643	$	33.72	1,550,956	$	26.29

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	—	$	—	(635,318)	$	17.02
Balance September 30, 2022	534,188	$	13.60	892,325	$	12.97

Fully vested and exercisable options, September 30, 2022	534,188	$	13.60	892,325	$	12.97


	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	—	$	—	(484,986)	$	15.26
Balance September 30, 2021	534,188	$	13.60	1,540,229	$	14.65

Fully vested and exercisable options, September 30, 2021	400,641	$	13.60	1,540,229	$	14.65

Derivatives (Tables)

9 Months Ended

Sep. 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
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	$	8,528
Location of gain recognized in income	Interest expense, net		Interest expense, net
Loss reclassified from AOCI into income (effective portion)	$	(4,530)	$	(8,967)

Segment Reporting (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021, respectively.


	Three Months Ended September 30, 2022
(in thousands)	NA Modular		NA Storage		UK Storage		Unallocated Costs 1		Total
Revenues:
Leasing and services revenue:
Leasing	$	271,271	$	156,572	$	19,692			$	447,535
Delivery and installation	84,373		42,643		5,821				132,837
Sales revenue:
New units	7,893		1,714		294				9,901
Rental units	11,827		1,716		357				13,900
Total revenues	375,364		202,645		26,164				604,173

Costs:
Cost of leasing and services:
Leasing	81,385		26,334		4,179				111,898
Delivery and installation	66,464		25,281		3,935				95,680
Cost of sales:
New units	4,796		1,002		209				6,007
Rental units	5,639		1,207		251				7,097
Depreciation of rental equipment	60,228		7,786		1,145				69,159
Gross profit	$	156,852	$	141,035	$	16,445			$	314,332
Other selected data:
Adjusted EBITDA	$	140,673	$	98,695	$	11,971	$	—	$	251,339
Selling, general and administrative expense	$	79,345	$	49,799	$	5,622	$	10,678	$	145,444
Purchases of rental equipment and refurbishments	$	81,052	$	41,246	$	4,605	$	—	$	126,903

1 Unallocated SG&A expense includes non-cash charges for stock compensation plans and costs to integrate acquired companies.


	Three Months Ended September 30, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	219,736	$	101,172	$	21,691			$	342,599
Delivery and installation	58,017		28,330		5,563				91,910
Sales revenue:
New units	13,483		1,307		580				15,370
Rental units	7,815		3,088		265				11,168
Total revenues	299,051		133,897		28,099				461,047

Costs:
Cost of leasing and services:
Leasing	59,260		14,393		4,314				77,967
Delivery and installation	51,655		19,328		3,238				74,221
Cost of sales:
New units	10,080		727		368				11,175
Rental units	3,636		1,587		245				5,468
Depreciation of rental equipment	46,566		5,366		1,058				52,990
Gross profit	$	127,854	$	92,496	$	18,876			$	239,226
Other selected data:
Adjusted EBITDA	$	106,825	$	59,123	$	13,255	$	—	$	179,203
Selling, general and administrative expense	$	66,529	$	39,314	$	6,680	$	14,823	$	127,346
Purchases of rental equipment and refurbishments	$	31,789	$	11,920	$	11,649	$	—	$	55,358


	Nine Months Ended September 30, 2022
(in thousands)	NA Modular		NA Storage		UK Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	756,294	$	409,491	$	60,421			$	1,226,206
Delivery and installation	213,686		109,710		17,631				341,027
Sales revenue:
New units	21,258		4,064		910				26,232
Rental units	31,482		6,082		1,310				38,874
Total revenues	1,022,720		529,347		80,272				1,632,339

Costs:
Cost of leasing and services:
Leasing	213,675		62,489		12,610				288,774
Delivery and installation	174,498		70,364		11,268				256,130
Cost of sales:
New units	12,297		2,578		594				15,469
Rental units	16,125		4,090		908				21,123
Depreciation of rental equipment	166,552		22,241		3,435				192,228
Gross profit	$	439,573	$	367,585	$	51,457			$	858,615
Other selected data:
Adjusted EBITDA	$	372,502	$	243,282	$	36,745	$	—	$	652,529
Selling, general and administrative expense	$	242,268	$	146,189	$	18,147	$	38,715	$	445,319
Purchases of rental equipment and refurbishments	$	221,111	$	95,699	$	21,824	$	—	$	338,634


	Nine Months Ended September 30, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	636,979	$	267,489	$	61,426			$	965,894
Delivery and installation	161,548		73,214		18,152				252,914
Sales revenue:
New units	27,814		5,355		2,746				35,915
Rental units	28,316		11,381		1,214				40,911
Total revenues	854,657		357,439		83,538				1,295,634

Costs:
Cost of leasing and services:
Leasing	172,108		37,300		13,339				222,747
Delivery and installation	147,514		51,811		10,638				209,963
Cost of sales:
New units	19,330		3,190		1,802				24,322
Rental units	14,611		6,667		1,163				22,441
Depreciation of rental equipment	144,102		17,635		3,290				165,027
Gross profit	$	356,992	$	240,836	$	53,306			$	651,134
Other selected data:
Adjusted EBITDA	$	307,741	$	154,971	$	36,647	$	—	$	499,359
Selling, general and administrative expense	$	192,285	$	105,577	$	19,949	$	38,840	$	356,651
Purchases of rental equipment and refurbishments	$	120,288	$	24,165	$	22,645	$	—	$	167,098

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

The following table presents reconciliations of the Company’s Income from continuing operations to Adjusted EBITDA for the three and nine months ended September 30, 2022 and 2021, respectively:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Income from continuing operations	$	85,728	$	57,113	$	200,099	$	75,278
Income tax expense from continuing operations	30,219		5,243		67,167		32,341
Loss on extinguishment of debt	—		—		—		5,999
Fair value loss on common stock warrant liabilities	—		—		—		26,597
Interest expense	38,165		29,006		102,362		87,793
Depreciation and amortization	86,225		69,449		243,123		216,820
Currency losses, net	236		127		247		196
Restructuring costs, lease impairment expense and other related charges	—		2,457		168		14,284
Transaction costs	—		303		35		1,147
Integration costs	3,902		8,242		13,182		23,206
Stock compensation expense	7,180		6,157		22,628		14,305
Other	(316)		1,106		3,518		1,393
Adjusted EBITDA	$	251,339	$	179,203	$	652,529	$	499,359

Earnings Per Share (Tables)

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Numerator:
Income from continuing operations	$	85,728	$	57,113	$	200,099	$	75,278
Income from discontinued operations	42,865		3,990		53,041		10,643
Net income	$	128,593	$	61,103	$	253,140	$	85,921

Denominator:
Weighted average Common Shares outstanding - basic	213,637		225,998		219,312		227,558
Dilutive effect of shares outstanding
Warrants	1,812		3,722		1,816		4,112
RSAs	8		4		17		25
Time-based RSUs	355		476		382		573
Performance-based RSUs	1,067		618		1,279		751
Stock Options	1,049		1,050		1,127		1,066

Weighted average Common Shares outstanding - dilutive	217,928		231,868		223,933		234,085

Acquisitions (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
Acquisitions (Details) $ in Thousands	Sep. 30, 2022 USD ($) storageUnit blastResistantModularUnit	Sep. 30, 2021 USD ($) blastResistantModularUnit	Jun. 30, 2022 USD ($) blastResistantModularUnit	Sep. 30, 2022 USD ($) storageUnit blastResistantModularUnit	Sep. 30, 2021 USD ($) blastResistantModularUnit	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Payments to acquire businesses, gross				$ 208,663	$ 56,244
Rental equipment, net	$ 3,227,735			3,227,735		$ 2,946,008
Integration costs	3,902	$ 8,242		13,182	23,206
Mobile Mini Inc and Asset Acquisitions
Business Acquisition [Line Items]
Integration costs	3,900	8,200		13,200	23,200
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses, gross	104,700	56,300	$ 103,900
Rental equipment, net	$ 202,300	53,000		$ 202,300	53,000
Land		$ 3,000			$ 3,000
Storage Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired	7,600	11,000	4,100	7,600	11,000
Modular Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired \| blastResistantModularUnit	3,000	400	1,400	3,000	400

Divestiture - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Aug. 19, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale - current	$ 951		$ 32,854
Excluding Tank and Pump Solutions Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale - current			$ 1,000
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Post-closing adjustments		$ 323,000

Divestiture - Income From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Leasing	$ 447,535	$ 342,599	$ 1,226,206	$ 965,894
Total revenues	604,173	461,047	1,632,339	1,295,634
Costs of leasing and services:
Leasing	111,898	77,967	288,774	222,747
Depreciation of rental equipment	69,159	52,990	192,228	165,027
Gross profit	314,332	239,226	858,615	651,134
Expenses:
Selling, general and administrative expense	145,444	127,346	445,319	356,651
Other depreciation and amortization	17,066	16,459	50,895	51,793
Other (income) expense, net	(2,526)	1,475	(7,642)	202
Operating income	154,112	91,362	369,628	228,008
Interest expense	38,165	29,006	102,362	87,793
Income from discontinued operations before income tax	10,802	5,391	24,488	14,255
Income tax expense from discontinued operations	1,986	1,401	5,496	3,612
Income from discontinued operations	42,865	3,990	53,041	10,643
Adjusted EBITDA	251,339	179,203	652,529	499,359
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	604,173	461,047	1,632,339	1,295,634
Leasing
Revenues:
Leasing	447,535	342,599	1,226,206	965,894
Costs of leasing and services:
Leasing	111,898	77,967	288,774	222,747
Delivery and installation
Revenues:
Revenues	132,837	91,910	341,027	252,914
Costs of leasing and services:
Costs of sales:	95,680	74,221	256,130	209,963
New units
Revenues:
Revenues	9,901	15,370	26,232	35,915
Total revenues	9,901	15,370	26,232	35,915
Costs of leasing and services:
Costs of sales:	6,007	11,175	15,469	24,322
Rental units
Revenues:
Revenues	13,900	11,168	38,874	40,911
Total revenues	13,900	11,168	38,874	40,911
Costs of leasing and services:
Costs of sales:	7,097	5,468	21,123	22,441
Discontinued Operations, Disposed of by Sale
Costs of leasing and services:
Depreciation of rental equipment	1,822	3,472	8,145	10,026
Gross profit	17,748	14,323	49,152	38,605
Expenses:
Selling, general and administrative expense	5,544	6,381	18,045	16,792
Other depreciation and amortization	1,274	2,355	6,103	6,967
Other (income) expense, net	(16)	1	4	7
Operating income	10,946	5,586	25,000	14,839
Interest expense	144	195	512	584
Income from discontinued operations before income tax	10,802	5,391	24,488	14,255
Income tax expense from discontinued operations	1,986	1,401	5,496	3,612
Income from discontinued operations	8,816	3,990	18,992	10,643
Adjusted EBITDA	13,048	10,946	37,016	29,870
Discontinued Operations, Disposed of by Sale \| Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	33,988	29,505	96,356	81,343
Discontinued Operations, Disposed of by Sale \| Leasing
Revenues:
Leasing	22,432	20,797	65,572	56,343
Costs of leasing and services:
Leasing	4,913	4,481	13,828	12,628
Discontinued Operations, Disposed of by Sale \| Delivery and installation
Revenues:
Revenues	10,121	7,789	27,665	21,969
Costs of leasing and services:
Costs of sales:	8,634	6,770	23,285	18,317
Discontinued Operations, Disposed of by Sale \| New units
Revenues:
Revenues	842	490	2,202	1,908
Costs of leasing and services:
Costs of sales:	633	324	1,636	1,338
Discontinued Operations, Disposed of by Sale \| Rental units
Revenues:
Revenues	593	429	917	1,123
Costs of leasing and services:
Costs of sales:	$ 238	$ 135	$ 310	$ 429

Divestiture - Discontinued Operations Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Trade receivables, net of allowances for doubtful accounts of $1,469	$ 439,309	$ 368,856
Inventories	44,873	32,092
Prepaid expenses and other current assets	39,691	36,539
Rental equipment, net	3,227,735	2,946,008
Property, plant and equipment, net	311,526	282,247
Operating lease assets	225,955	235,344
Goodwill	1,064,582	1,078,699	$ 1,027,957
Intangible assets, net	431,291	451,928
Other non-current assets	8,909	10,797
Liabilities
Accounts payable	160,262	110,270
Accrued expenses	123,300	95,592
Accrued employee benefits	53,477	65,927
Deferred revenue and customer deposits	212,005	159,612
Deferred tax liabilities	385,854	337,784
Operating lease liabilities - non-current	174,777	184,199
Other non-current liabilities	18,182	15,737
Allowance for doubtful accounts	$ 56,127	46,160
Discontinued Operations, Disposed of by Sale
Assets
Trade receivables, net of allowances for doubtful accounts of $1,469		31,031
Inventories		647
Prepaid expenses and other current assets		222
Rental equipment, net		134,973
Property, plant and equipment, net		29,931
Operating lease assets		11,720
Goodwill		100,107
Intangible assets, net		8,750
Other non-current assets		55
Total assets held for sale		317,436
Liabilities
Accounts payable		8,001
Accrued expenses		4,603
Accrued employee benefits		2,487
Deferred revenue and customer deposits		27
Deferred tax liabilities		17,095
Operating lease liabilities - non-current		11,959
Other non-current liabilities		23,487
Total liabilities held for sale		67,659
Allowance for doubtful accounts		$ 1,469

Divestiture - Cash Flows From Discontinued Operations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities of discontinued operations:
Depreciation and amortization	$ 257,371	$ 235,536
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	52,263	42,034
Purchase of rental equipment and refurbishments	(360,465)	(178,191)
Proceeds from sale of property, plant and equipment	1,645	16,647
Purchase of property, plant and equipment	(30,253)	(20,836)
Discontinued Operations, Disposed of by Sale
Operating activities of discontinued operations:
Depreciation and amortization	14,248	16,993
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	917	1,123
Purchase of rental equipment and refurbishments	(19,064)	(11,093)
Proceeds from sale of property, plant and equipment	0	170
Purchase of property, plant and equipment	$ (403)	$ (1,220)

Divestiture - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations before income tax	$ 10,802	$ 5,391	$ 24,488	$ 14,255
Interest expense	38,165	29,006	102,362	87,793
Depreciation and amortization	86,225	69,449	243,123	216,820
Restructuring costs, lease impairment expense and other related charges	0	2,457	168	14,284
Integration costs	3,902	8,242	13,182	23,206
Stock compensation expense	7,180	6,157	22,628	14,305
Other	(2,526)	1,475	(7,642)	202
Adjusted EBITDA	251,339	179,203	652,529	499,359
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations before income tax	10,802	5,391	24,488	14,255
Interest expense	144	195	512	584
Other	(16)	1	4	7
Adjusted EBITDA	13,048	10,946	37,016	29,870
Tank and Pump Solutions Segment \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations before income tax	10,802	5,391	24,488	14,255
Interest expense	144	195	512	584
Depreciation and amortization	3,096	5,828	14,248	16,993
Restructuring costs, lease impairment expense and other related charges	0	0	0	2
Integration costs	0	5	0	5
Stock compensation expense	(221)	102	18	175
Other	(773)	(575)	(2,250)	(2,144)
Adjusted EBITDA	$ 13,048	$ 10,946	$ 37,016	$ 29,870

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 604,173	$ 461,047	$ 1,632,339	$ 1,295,634
Leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	447,535	342,599	1,226,206	965,894
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	226,261	188,507	638,273	539,836
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	103,503	66,184	269,964	179,645
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	96,220	72,293	261,964	203,493
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	21,551	15,615	56,005	42,920
Total leasing and services revenue
Disaggregation of Revenue [Line Items]
Total revenues	580,372	434,509	1,567,233	1,218,808
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	132,837	91,910	341,027	252,914
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	9,901	15,370	26,232	35,915
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	13,900	11,168	38,874	40,911
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	8,800	7,200	23,100	21,200
US
Disaggregation of Revenue [Line Items]
Total revenues	538,737	399,590	1,445,709	1,121,627
Canada
Disaggregation of Revenue [Line Items]
Total revenues	34,815	29,692	92,989	79,493
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	4,453	3,666	13,370	10,977
UK
Disaggregation of Revenue [Line Items]
Total revenues	$ 26,168	$ 28,099	$ 80,271	$ 83,537

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	$ 24.5
Deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 107.9		$ 107.9		$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 50,720	$ 35,608	$ 46,160	$ 28,442
Provision for credit losses, net of recoveries	9,977	8,292	27,487	24,839
Write-offs	(4,474)	(4,541)	(17,384)	(14,411)
Foreign currency translation and other	(96)	(126)	(136)	363
Balance at end of period	$ 56,127	$ 39,233	$ 56,127	$ 39,233

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating
2022 (remaining)	$ 15,803
2023	58,926
2024	49,583
2025	41,080
2026	30,330
Thereafter	69,011
Total lease payments	264,733
Less: interest	(37,985)
Present value of lease liabilities	226,748
Finance
2022 (remaining)	3,501
2023	15,226
2024	13,523
2025	13,197
2026	12,809
Thereafter	22,052
Total lease payments	80,308
Less: interest	(7,460)
Present value of lease liabilities	$ 72,848	$ 65,563
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	9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Finance Lease Expense
Amortization of finance lease assets	$ 11,034	$ 9,538
Interest on obligations under finance leases	1,504	1,072
Total finance lease expense	12,538	10,610
Operating Lease Expense
Total operating lease expense	84,603	76,626
Costs of leasing and services
Operating Lease Expense
Fixed lease expense	2,242	3,019
Short-term lease expense	24,122	17,751
Variable lease expense	3,989	5,442
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	46,580	42,494
Short-term lease expense	1,466	615
Variable lease expense	5,951	5,332
Lease impairment expense and other related charges
Operating Lease Expense
Fixed lease expense	213	1,571
Variable lease expense	$ 40	$ 402

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Lease impairment expense and other related charges	$ 0	$ 601	$ 254	$ 2,328
Closed location rent expense				2,000
Impairment charges and loss on lease exit				$ 300

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 48,309	$ 46,509
Operating cash outflows from finance leases	1,502	1,067
Financing cash outflows from finance leases	12,868	9,011
Right of use assets obtained in exchange for lease obligations	37,771	41,209
Assets obtained in exchange for finance leases	$ 22,414	$ 17,184

Leases - Lease Terms and Discount Rates (Details)	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term - operating leases	5 years 10 months 24 days	6 years 1 month 6 days
Weighted-average discount rate - operating leases	5.10%	5.00%
Weighted-average remaining lease term - finance leases	5 years 1 month 6 days	4 years 10 months 24 days
Weighted-average discount rate - finance leases	3.20%	2.80%

Inventories - Schedule of Mobile Mini Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 38,720	$ 26,340
Finished units	6,153	5,752
Inventories	$ 44,873	$ 32,092

Rental Equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 4,350,791	$ 3,932,172
Less: accumulated depreciation	(1,123,056)	(986,164)
Rental equipment, net	3,227,735	2,946,008
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,254,022	3,005,195
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	898,275	758,619
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 198,494	$ 168,358

Goodwill - Goodwill Activity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,078,699	$ 1,027,957
Changes to Mobile Mini purchase accounting		51,334
Effects of movements in foreign exchange rates	(14,117)	(592)
Goodwill, end of period	1,064,582	1,078,699
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	(2,766)	221
Goodwill, end of period	518,283	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	0	(311)
Goodwill, end of period	492,552	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	(11,351)	(502)
Goodwill, end of period	$ 53,747	$ 65,098

- 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 ($)	9 Months Ended	12 Months Ended
Goodwill - Narrative (Details) - USD ($)	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Intangible assets subject to amortization:
Accumulated amortization	$ (58,209)	$ (37,572)
Net book value	142,291
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	489,500	489,500
Accumulated amortization	(58,209)	(37,572)
Net book value	431,291	451,928
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)	5 years 8 months 12 days	6 years 7 months 6 days
Intangible assets subject to amortization:
Gross carrying amount	$ 199,000	$ 199,000
Accumulated amortization	(57,646)	(37,197)
Net book value	141,354	161,803
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (57,646)	$ (37,197)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	3 years 9 months 18 days	4 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Accumulated amortization	(563)	(375)
Net book value	937	1,125
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (563)	$ (375)

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Intangibles - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Mobile Mini, Inc.
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 6.0	$ 6.6	$ 19.2	$ 20.0

Intangibles - Future Amortization (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining)	$ 6,583
2023	25,583
2024	25,583
2025	25,583
2026	23,897
Thereafter	35,062
Net book value	$ 142,291

Debt - Carrying Value of Debt Outstanding (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance Leases	$ 72,848,000	$ 65,563,000
Total debt	2,949,297,000	2,688,953,000
Less: current portion of long-term debt	13,497,000	11,968,000
Total long-term debt	$ 2,935,800,000	2,676,985,000
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%
Long-term debt	$ 519,778,000	518,117,000
Unamortized debt issuance costs	$ 6,700,000	8,400,000
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Long-term debt	$ 493,220,000	492,490,000
Unamortized debt issuance costs	6,800,000	7,500,000
Line of Credit \| ABL Facility - Multicurrency Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	1,863,451,000	1,612,783,000
Outstanding principal	0	0
Unamortized debt issuance costs	$ 4,400,000	$ 6,200,000

Debt - Narrative (Details) - USD ($)		9 Months Ended
Debt - Narrative (Details) - USD ($)	Jan. 07, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Jul. 01, 2020
Debt Instrument [Line Items]
Finance Leases		$ 72,848,000		$ 65,563,000
ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Fee on unused borrowings		0.20%
Unamortized debt issuance costs		$ 33,600,000		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			$ 2,400,000,000
Weighted average interest rate for borrowings		4.46%
Outstanding principal		$ 1,900,000,000
Available borrowing capacity		1,100,000,000
Letters of credit amount outstanding		15,100,000
Unamortized debt issuance costs		33,600,000
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		821,300,000
Revolving Credit Facility \| ABL Facility - Multicurrency Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability					$ 400,000,000
Outstanding principal		0		0
Available borrowing capacity		292,100,000
Unamortized debt issuance costs		4,400,000		$ 6,200,000
Revolving Credit Facility \| ABL Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability			$ 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
Revolving Credit Facility \| ABL Facility Due 2027 - Multicurrency Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability			$ 400,000,000
Letter of Credit \| ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability		$ 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

Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
Equity - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Jul. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from the exercise of options and warrants (in shares)						1,860,778
Authorized share repurchase program								$ 1,000,000
Shares repurchased (in shares)						14,575,160
Shares repurchased						$ 524,400
Remaining authorized share repurchase program						863,300
Reclassifications from AOCI to income	$ (1,640)	$ (2,890)	$ (3,036)	$ (2,994)	$ (2,937)
Unrealized losses on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications from AOCI to income	$ (1,640)	$ (2,890)	(3,036)	$ (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	$ 9,000
Reclassifications to consolidated statement of operations, tax expense			$ 700			$ 1,100	$ 2,000

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss before reclassifications	$ (37,733)	$ (26,092)	$ (4,643)	$ (11,992)	$ 2,245	$ 4,274
Reclassifications from AOCI to income		1,640	2,890	3,036	2,994	2,937
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(55,276)	(30,824)	(29,071)	(24,757)	(29,996)	(37,207)	$ (29,071)	$ (37,207)
Ending Balance	(93,009)	(55,276)	(30,824)	(33,713)	(24,757)	(29,996)	(93,009)	(33,713)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(55,276)	(29,648)	(25,574)	(16,567)	(19,660)	(24,694)	(25,574)	(24,694)
Other comprehensive loss before reclassifications	(37,733)	(25,628)	(4,074)	(11,162)	3,093	5,034
Reclassifications from AOCI to income		0	0	0	0	0
Ending Balance	(93,009)	(55,276)	(29,648)	(27,729)	(16,567)	(19,660)	(93,009)	(27,729)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	(1,176)	(3,497)	(8,190)	(10,336)	(12,513)	(3,497)	(12,513)
Other comprehensive loss before reclassifications	0	(464)	(569)	(830)	(848)	(760)
Reclassifications from AOCI to income		1,640	2,890	3,036	2,994	2,937
Ending Balance	$ 0	$ 0	$ (1,176)	$ (5,984)	$ (8,190)	$ (10,336)	$ 0	$ (5,984)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

+ Details

Warrants (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended	9 Months Ended
	Aug. 15, 2018	Jun. 30, 2021	Sep. 30, 2022	Jul. 01, 2020	Dec. 31, 2015
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
Issuance of common stock from warrants exercised (in shares)		2,939,898
Warrants outstanding (in shares)		0
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
Issuance of common stock from warrants exercised (in shares)			631,863
Warrants outstanding (in shares)			3,006,829
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
2015 Public Warrants
Class of Warrant or Right [Line Items]
Number of shares which can be exchanged per warrant (in shares)				0.5

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense from continuing operations	$ 30.2	$ 5.2	$ 67.2	$ 32.4
Effective tax rate	26.10%	8.40%	25.10%	30.10%
Reserves for uncertain tax positions				$ 12.8

- 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	Sep. 30, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,876,449	$ 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	2,846,252	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	33,600	31,700
ABL Facility \| Carrying Amount \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,863,451	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	1,897,000	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	6,700	8,400
2025 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	519,778	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	513,932	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	6,800	7,500
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	493,220	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	435,320	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 $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - December 31, 2020	$ 77,404
Exercise or conversion	(78,495)
Measurement adjustment	25,486
Repurchases	(24,395)
Balance- September 30, 2021	$ 0

Stock-Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Number of Shares
Beginning balance (in shares)	36,176	57,448
Granted (in shares)	35,244	44,708
Forfeited (in shares)	0	(8,532)
Vested (in shares)	(36,176)	(57,448)
Ending balance (in shares)	35,244	36,176
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 7,180	$ 6,157	$ 22,628	$ 14,305
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	300	300	900	600
Unrecognized compensation expense for awards	900		$ 900
Recognized over the remaining vesting period (in years)			8 months 12 days
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	1,700	3,200	$ 6,400	7,500
Unrecognized compensation expense for awards	15,900		$ 15,900
Recognized over the remaining vesting period (in years)			2 years 4 months 24 days
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	4,900	2,700	$ 15,200	5,800
Unrecognized compensation expense for awards	$ 41,400		$ 41,400
Recognized over the remaining vesting period (in years)			2 years 3 months 18 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	$ 600

Stock-Based Compensation - Time-Based RSUs (Details) - Time-Based RSUs - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Number of Shares
Beginning balance (in shares)	997,451	1,325,862
Granted (in shares)	377,804	415,737
Forfeited (in shares)	(94,841)	(65,153)
Vested (in shares)	(478,906)	(667,151)
Ending balance (in shares)	801,508	1,009,295
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 18.54	$ 13.46
Granted (in USD per share)	35.40	27.25
Forfeited (in USD per share)	31.08	16.74
Vested (in USD per share)	16.42	13.98
Ending balance (in USD per share)	$ 26.27	$ 18.59

Stock-Based Compensation - Performance Based PSUs (Details) - Performance-Based RSUs - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Number of Shares
Beginning balance (in shares)	1,536,394	593,388
Granted (in shares)	745,079	977,645
Forfeited (in shares)	(61,678)	(20,077)
Vested (in shares)	(313,152)	0
Ending balance (in shares)	1,906,643	1,550,956
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 26.34	$ 14.88
Granted (in USD per share)	42.34	33.21
Forfeited (in USD per share)	41.62	25.87
Vested (in USD per share)	16.45	0
Ending balance (in USD per share)	$ 33.72	$ 26.29

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 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)	(635,318)	(484,986)
Ending balance (in shares)	892,325	1,540,229
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)	17.02	15.26
Ending balance (in USD per share)	$ 12.97	$ 14.65
Vested and exercisable stock options (in shares)	892,325	1,540,229
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share)	$ 12.97	$ 14.65

Derivatives - Narrative (Details) - Interest rate swap - USD ($)	Dec. 31, 2021	Dec. 31, 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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in OCI	$ 4,669	$ 8,528
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into income (effective portion)	$ (4,530)	$ (8,967)

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			3
Stock compensation expense	$ 7,180	$ 6,157	$ 22,628	$ 14,305
Transition, Separation And Release Agreement
Segment Reporting Information [Line Items]
Stock compensation expense		$ 1,400		$ 7,200

Segment Reporting - Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Leasing	$ 447,535	$ 342,599	$ 1,226,206	$ 965,894
Total revenues	604,173	461,047	1,632,339	1,295,634
Costs:
Leasing	111,898	77,967	288,774	222,747
Depreciation of rental equipment	69,159	52,990	192,228	165,027
Gross profit	314,332	239,226	858,615	651,134
Other selected data:
Adjusted EBITDA	251,339	179,203	652,529	499,359
Selling, general and administrative expense	145,444	127,346	445,319	356,651
Purchases of rental equipment and refurbishments	126,903	55,358	338,634	167,098
Delivery and installation
Revenues:
Revenues	132,837	91,910	341,027	252,914
Costs:
Cost of sales	95,680	74,221	256,130	209,963
New units
Revenues:
Revenues	9,901	15,370	26,232	35,915
Total revenues	9,901	15,370	26,232	35,915
Costs:
Cost of sales	6,007	11,175	15,469	24,322
Rental units
Revenues:
Revenues	13,900	11,168	38,874	40,911
Total revenues	13,900	11,168	38,874	40,911
Costs:
Cost of sales	7,097	5,468	21,123	22,441
Unallocated Costs
Other selected data:
Adjusted EBITDA	0	0	0	0
Selling, general and administrative expense	10,678	14,823	38,715	38,840
Purchases of rental equipment and refurbishments	0	0	0	0
NA Modular \| Operating Segments
Revenues:
Leasing	271,271	219,736	756,294	636,979
Total revenues	375,364	299,051	1,022,720	854,657
Costs:
Leasing	81,385	59,260	213,675	172,108
Depreciation of rental equipment	60,228	46,566	166,552	144,102
Gross profit	156,852	127,854	439,573	356,992
Other selected data:
Adjusted EBITDA	140,673	106,825	372,502	307,741
Selling, general and administrative expense	79,345	66,529	242,268	192,285
Purchases of rental equipment and refurbishments	81,052	31,789	221,111	120,288
NA Modular \| Operating Segments \| Delivery and installation
Revenues:
Revenues	84,373	58,017	213,686	161,548
Costs:
Cost of sales	66,464	51,655	174,498	147,514
NA Modular \| Operating Segments \| New units
Revenues:
Revenues	7,893	13,483	21,258	27,814
Costs:
Cost of sales	4,796	10,080	12,297	19,330
NA Modular \| Operating Segments \| Rental units
Revenues:
Revenues	11,827	7,815	31,482	28,316
Costs:
Cost of sales	5,639	3,636	16,125	14,611
NA Storage \| Operating Segments
Revenues:
Leasing	156,572	101,172	409,491	267,489
Total revenues	202,645	133,897	529,347	357,439
Costs:
Leasing	26,334	14,393	62,489	37,300
Depreciation of rental equipment	7,786	5,366	22,241	17,635
Gross profit	141,035	92,496	367,585	240,836
Other selected data:
Adjusted EBITDA	98,695	59,123	243,282	154,971
Selling, general and administrative expense	49,799	39,314	146,189	105,577
Purchases of rental equipment and refurbishments	41,246	11,920	95,699	24,165
NA Storage \| Operating Segments \| Delivery and installation
Revenues:
Revenues	42,643	28,330	109,710	73,214
Costs:
Cost of sales	25,281	19,328	70,364	51,811
NA Storage \| Operating Segments \| New units
Revenues:
Revenues	1,714	1,307	4,064	5,355
Costs:
Cost of sales	1,002	727	2,578	3,190
NA Storage \| Operating Segments \| Rental units
Revenues:
Revenues	1,716	3,088	6,082	11,381
Costs:
Cost of sales	1,207	1,587	4,090	6,667
UK Storage \| Operating Segments
Revenues:
Leasing	19,692	21,691	60,421	61,426
Total revenues	26,164	28,099	80,272	83,538
Costs:
Leasing	4,179	4,314	12,610	13,339
Depreciation of rental equipment	1,145	1,058	3,435	3,290
Gross profit	16,445	18,876	51,457	53,306
Other selected data:
Adjusted EBITDA	11,971	13,255	36,745	36,647
Selling, general and administrative expense	5,622	6,680	18,147	19,949
Purchases of rental equipment and refurbishments	4,605	11,649	21,824	22,645
UK Storage \| Operating Segments \| Delivery and installation
Revenues:
Revenues	5,821	5,563	17,631	18,152
Costs:
Cost of sales	3,935	3,238	11,268	10,638
UK Storage \| Operating Segments \| New units
Revenues:
Revenues	294	580	910	2,746
Costs:
Cost of sales	209	368	594	1,802
UK Storage \| Operating Segments \| Rental units
Revenues:
Revenues	357	265	1,310	1,214
Costs:
Cost of sales	$ 251	$ 245	$ 908	$ 1,163

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting [Abstract]
Income from continuing operations	$ 85,728	$ 57,113	$ 200,099	$ 75,278
Income tax expense from continuing operations	30,219	5,243	67,167	32,341
Loss on extinguishment of debt	0	0	0	5,999
Fair value loss on common stock warrant liabilities	0	0	0	26,597
Interest expense	38,165	29,006	102,362	87,793
Depreciation and amortization	86,225	69,449	243,123	216,820
Currency losses, net	236	127	247	196
Restructuring costs, lease impairment expense and other related charges	0	2,457	168	14,284
Transaction costs	0	303	35	1,147
Integration costs	3,902	8,242	13,182	23,206
Stock compensation expense	7,180	6,157	22,628	14,305
Other	(316)	1,106	3,518	1,393
Adjusted EBITDA	$ 251,339	$ 179,203	$ 652,529	$ 499,359

Earnings Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Income from continuing operations	$ 85,728	$ 57,113	$ 200,099	$ 75,278
Income from discontinued operations	42,865	3,990	53,041	10,643
Net income	$ 128,593	$ 61,103	$ 253,140	$ 85,921
Weighted average shares:
Weighted average Common Shares outstanding - basic (in shares)	213,636,876	225,998,202	219,312,260	227,557,664
Warrants (in shares)	1,812,000	3,722,000	1,816,000	4,112,000
Weighted average Common Shares outstanding - dilutive (in shares)	217,927,725	231,868,397	223,933,319	234,084,800
RSAs
Weighted average shares:
Awards (in shares)	8,000	4,000	17,000	25,000
Time-based RSUs
Weighted average shares:
Awards (in shares)	355,000	476,000	382,000	573,000
Performance-based RSUs
Weighted average shares:
Awards (in shares)	1,067,000	618,000	1,279,000	751,000
Stock Options
Weighted average shares:
Awards (in shares)	1,049,000	1,050,000	1,127,000	1,066,000

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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)	555,790		788,183
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