0001647088-23-000026 | 10-Q | XBRL Viewer | Willscot Mobile Mini Holdings Corp

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	WSC
Security Exchange Name	NASDAQ
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		202,317,982
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001647088
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 15,918	$ 7,390
Trade receivables, net of allowances for credit losses at March 31, 2023 and December 31, 2022 of $61,402 and $57,048, respectively	415,344	409,766
Inventories	42,007	41,030
Prepaid expenses and other current assets	42,684	31,635
Assets held for sale - current	8,924	31,220
Total current assets	524,877	521,041
Rental equipment, net	3,128,061	3,077,287
Property, plant and equipment, net	305,608	304,659
Operating lease assets	219,926	219,405
Goodwill	1,011,513	1,011,429
Intangible assets, net	413,188	419,125
Other non-current assets	6,578	6,683
Assets held for sale - non-current	0	268,022
Total long-term assets	5,084,874	5,306,610
Total assets	5,609,751	5,827,651
Liabilities and equity
Accounts payable	92,057	108,071
Accrued expenses	120,838	110,820
Accrued employee benefits	28,803	56,340
Deferred revenue and customer deposits	199,274	203,793
Operating lease liabilities - current	51,076	50,499
Current portion of long-term debt	13,514	13,324
Liabilities held for sale - current	0	19,095
Total current liabilities	505,562	561,942
Long-term debt	2,876,453	3,063,042
Deferred tax liabilities	464,798	401,453
Operating lease liabilities - non-current	169,914	169,618
Other non-current liabilities	29,100	18,537
Liabilities held for sale - non-current	0	47,759
Long-term liabilities	3,540,265	3,700,409
Total liabilities	4,045,827	4,262,351
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at March 31, 2023 and December 31, 2022	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 203,723,099 and 207,951,682 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	21	21
Additional paid-in-capital	2,667,424	2,886,951
Accumulated other comprehensive loss	(62,855)	(70,122)
Accumulated deficit	(1,040,666)	(1,251,550)
Total shareholders' equity	1,563,924	1,565,300
Total liabilities and shareholders' equity	$ 5,609,751	$ 5,827,651

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 61,402	$ 57,048
Preferred stock par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	1,000,000	1,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	203,723,099	207,951,682
Common stock outstanding (in shares)	203,723,099	207,951,682

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 565,468	$ 451,171
Costs:
Depreciation of rental equipment	59,156	57,548
Gross profit	323,128	234,061
Expenses:
Selling, general and administrative	150,892	138,144
Other depreciation and amortization	17,173	15,362
Currency losses, net	6,775	137
Other income, net	(3,359)	(1,283)
Operating income	151,647	81,701
Interest expense	44,866	30,570
Income from continuing operations before income tax	106,781	51,131
Income tax expense from continuing operations	30,510	12,083
Income from continuing operations	76,271	39,048
Discontinued operations:
Income from discontinued operations before income tax	4,003	15,787
Gain on sale of discontinued operations	176,078	0
Income tax expense from discontinued operations	45,468	3,664
Income from discontinued operations	134,613	12,123
Net income	$ 210,884	$ 51,171
Earnings per share from continuing operations attributable to WillScot Mobile Mini common shareholders:
Basic (in USD per share)	$ 0.37	$ 0.17
Diluted (in USD per share)	0.36	0.17
Earnings per share from discontinued operations attributable to WillScot Mobile Mini common shareholders:
Basic (in USD per share)	0.65	0.06
Diluted (in USD per share)	0.64	0.05
Earnings per share attributable to WillScot Mobile Mini common shareholders:
Basic (in USD per share)	1.02	0.23
Diluted (in USD per share)	$ 1.00	$ 0.22
Weighted average shares:
Basic (in shares)	206,092,169	223,490,912
Diluted (in shares)	209,663,985	228,955,504
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	$ 565,468	$ 451,171
Leasing Revenue
Revenues:
Leasing	439,951	351,559
Costs:
Leasing	97,515	80,334
Delivery and installation revenue
Revenues:
Revenues	106,630	85,539
Total revenues	106,630	85,539
Costs:
Cost of sales	75,007	70,580
New units
Revenues:
Revenues	10,657	5,787
Total revenues	10,657	5,787
Costs:
Cost of sales	6,208	3,756
Rental units
Revenues:
Revenues	8,230	8,286
Total revenues	8,230	8,286
Costs:
Cost of sales	$ 4,454	$ 4,892

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 210,884	$ 51,171
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $0 for each of the three months ended March 31, 2023 and 2022	7,934	(4,074)
Net (loss) gain on derivatives, net of income tax (benefit) expense of $(222) and $777 for the three months ended March 31, 2023 and 2022, respectively	(667)	2,321
Total other comprehensive income (loss)	7,267	(1,753)
Total comprehensive income	$ 218,151	$ 49,418

- 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
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense	$ 0
Net gain (loss) on derivatives, net of income tax expense (benefit)	$ (222)	$ 777

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		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 income (loss)	(1,753)			(1,753)
Withholding taxes on net share settlement of stock-based compensation	(12,295)		(12,295)
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 (in shares)		(2,064,000)
Repurchase and cancellation of Common Stock	(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
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, 2022	207,951,682	207,952,000
Beginning balance at Dec. 31, 2022	$ 1,565,300	$ 21	2,886,951	(70,122)	(1,251,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	210,884				210,884
Other comprehensive income (loss)	7,267			7,267
Withholding taxes on net share settlement of stock-based compensation	(10,058)		(10,058)
Stock-based compensation and issuance of Common Stock from vesting (in shares)		355,000
Stock-based compensation and issuance of Common Stock from vesting	8,150		8,150
Repurchase and cancellation of Common Stock (in shares)		(4,589,000)
Repurchase and cancellation of Common Stock	(217,687)		(217,687)
Issuance of Common Stock from the exercise of options (in shares)		6,000
Issuance of Common Stock from the exercise of options	$ 68		68
Issuance of Common Stock from the exercise of options and warrants (in shares)	360,725
Ending balance (in shares) at Mar. 31, 2023	203,723,099	203,723,000
Ending balance at Mar. 31, 2023	$ 1,563,924	$ 21	$ 2,667,424	$ (62,855)	$ (1,040,666)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income	$ 210,884	$ 51,171
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	76,329	81,820
Provision for credit losses	8,803	8,601
Gain on sale of discontinued operations	(176,078)	0
Gain on sale of rental equipment and other property, plant and equipment	(3,396)	(3,232)
Amortization of debt discounts and debt issuance costs	2,743	3,489
Stock-based compensation expense	8,150	6,395
Deferred income tax expense	63,699	12,362
Loss on foreign currency forward contract	7,715	0
Unrealized currency losses, net	(1,042)	86
Other	1,087	914
Changes in operating assets and liabilities:
Trade receivables	(10,954)	(12,064)
Inventories	(350)	(7,122)
Prepaid expenses and other assets	(3,049)	(9,042)
Operating lease assets and liabilities	345	268
Accounts payable and other accrued expenses	(32,694)	(1,239)
Deferred revenue and customer deposits	(3,427)	13,120
Net cash provided by operating activities	148,765	145,527
Investing activities:
Proceeds from sale of discontinued operations	403,992	0
Acquisitions, net of cash acquired	(78,503)	(57,457)
Proceeds from sale of rental equipment	7,781	14,554
Purchase of rental equipment and refurbishments	(47,128)	(95,236)
Payment for settlement of foreign currency forward contract	(7,715)	0
Proceeds from the sale of property, plant and equipment	258	260
Purchase of property, plant and equipment	(6,736)	(10,481)
Net cash provided by (used in) investing activities	271,949	(148,360)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options	68	3,313
Repurchase and cancellation of Common Stock and warrants	(215,098)	(77,708)
Receipts from borrowings	363,800	152,500
Repayment of borrowings	(558,300)	(59,000)
Principal payments on finance lease obligations	(3,499)	(5,224)
Taxes paid on employee stock awards	(10,058)	(12,295)
Net cash (used in) provided by financing activities	(423,087)	1,586
Effect of exchange rate changes on cash and cash equivalents	517	(131)
Net change in cash and cash equivalents	(1,856)	(1,378)
Cash and cash equivalents at the beginning of the period	17,774	12,699
Cash and cash equivalents at the end of the period	15,918	11,321
Supplemental cash flow information:
Interest paid, net	39,570	22,197
Income taxes paid, net	5,653	2,606
Assets acquired under capital leases	8,907	7,011
Capital expenditures accrued or payable	$ 17,786	$ 28,433

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Nature of Operations WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative flexible work space and portable storage solutions in the United States (“US”), Canada, and Mexico. The Company leases, sells, delivers and installs modular space solutions and portable storage products through an integrated network of branch locations that spans North America. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation. Recently Issued and Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with FASB Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"). The Company adopted ASU 2021-08 on January 1, 2023 on a prospective basis. The adoption of this ASU did not have a material impact on the Company's financial statements or related disclosures.

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions WillScot Mobile Mini is the holding company for the Williams Scotsman and Mobile Mini family of companies, which resulted from the combination of WillScot Corporation (“WillScot”) and Mobile Mini, Inc. (“Mobile Mini”) through a merger that occurred on July 1, 2020 (the "Merger"). Asset Acquisitions During the first quarter of 2023, the Company acquired certain assets and liabilities of two regional and local storage and modular companies, which consisted primarily of approximately 300 storage units and 500 modular units for $79.6 million in cash. The accompanying consolidated financial statements include $70.4 million of rental equipment and $4.5 million of land held for sale as of March 31, 2023 as a result of these acquisitions. A sale of the acquired land is expected to close before the end of the year. Integration Costs The Company recorded $3.9 million and $4.1 million in integration costs related to asset acquisitions and the Merger within selling, general and administrative ("SG&A") expense during the three months ended March 31, 2023 and 2022, respectively.

Discontinued Operations

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Discontinued Operations

Tank and Pump Divestiture

On September 30, 2022, the Company sold its former Tank and Pump segment for $321.9 million. Exiting the former Tank and Pump segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses. The criteria for discontinued operations presentation were met during the third quarter of 2022 and results for the former Tank and Pump segment are reported in income from discontinued operations within the consolidated statements of operations for periods presented prior to September 30, 2022.

UK Storage Solutions Divestiture

On December 12, 2022, the Company entered into a stock purchase agreement to sell its former UK Storage Solutions segment. The sale transaction was completed on January 31, 2023. Total cash consideration for the transaction was $418.1 million. Exiting the former UK Storage Solutions segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses in North America. The criteria for discontinued operations presentation were met during the fourth quarter of 2022 and results for the former UK Storage Solutions segment are reported in income from discontinued operations within the consolidated statements of operations for all periods presented. The carrying value of the former UK Storage Solutions segment's assets and liabilities are presented within assets and liabilities held for sale on the consolidated balance sheet as of December 31, 2022.

The following tables present the results of the former Tank and Pump segment and the former UK Storage Solutions segment as reported in income from discontinued operations within the consolidated statements of operations, and the carrying value of the former UK Storage Solutions segment's assets and liabilities as presented within assets and liabilities held for sale on the consolidated balance sheet.


	Three Months Ended March 31, 2023
(in thousands)	UK Storage Solutions
Revenues:
Leasing and services revenue:
Leasing	$	6,389
Delivery and installation	1,802
Sales revenue:
New units	54
Rental units	449
Total revenues	8,694
Costs:
Costs of leasing and services:
Leasing	1,407
Delivery and installation	1,213
Costs of sales:
New units	38
Rental units	492

Gross profit	5,544
Expenses:
Selling, general and administrative	1,486



Other income, net	(1)
Operating income	4,059
Interest expense	56
Income from discontinued operations before income tax	4,003
Gain on sale of discontinued operations	175,708
Income tax expense from discontinued operations	45,468
Income from discontinued operations	$	134,243
Other selected data:
Adjusted EBITDA from discontinued operations	$	4,124

In January 2023, a $0.4 million adjustment was made to the gain on sale of the former Tank and Pump segment due to the final contractual working capital adjustment. Including this adjustment, the total gain on sale of discontinued operations was $176.1 million for the three months ended March 31, 2023.


	Three Months Ended March 31, 2022
(in thousands)	Tank and Pump		UK Storage Solutions		Total
Revenues:
Leasing and services revenue:
Leasing	$	21,062	$	20,571	$	41,633
Delivery and installation	8,325		6,467		14,792
Sales revenue:
New units	682		128		810
Rental units	214		274		488
Total revenues	30,283		27,440		57,723
Costs:
Costs of leasing and services:
Leasing	4,307		4,237		8,544
Delivery and installation	7,011		3,924		10,935
Costs of sales:
New units	507		63		570
Rental units	95		157		252
Depreciation of rental equipment	3,530		1,138		4,668
Gross profit	14,833		17,921		32,754
Expenses:
Selling, general and administrative	6,212		6,117		12,329
Other depreciation and amortization	2,416		1,825		4,241

Currency losses, net	—		1		1
Other expense (income), net	19		(45)		(26)
Operating income	6,186		10,023		16,209
Interest expense	178		244		422
Income from discontinued operations before income tax	6,008		9,779		15,787
Income tax expense from discontinued operations	1,513		2,151		3,664
Income from discontinued operations	$	4,495	$	7,628	$	12,123
Other selected data:
Adjusted EBITDA from discontinued operations	$	11,506	$	12,544	$	24,050


	December 31, 2022
(in thousands)	UK Storage Solutions
Assets
Cash and cash equivalents	$	10,384
Trade receivables, net of allowances for doubtful accounts of $300	15,991
Inventories	3,058
Prepaid expenses and other current assets	1,787
Rental equipment, net	165,853
Property, plant and equipment, net	20,645
Operating lease assets	15,134
Goodwill	58,144
Intangible assets, net	6,414
Other non-current assets	1,832
Total assets held for sale	$	299,242
Liabilities
Accounts payable	$	4,515
Accrued expenses	3,273
Accrued employee benefits	1,009
Deferred revenue and customer deposits	6,850
Deferred tax liabilities	29,737
Operating lease liabilities	15,192
Other non-current liabilities	6,278
Total liabilities held for sale	$	66,854

For the three months ended March 31, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:


	Three Months Ended March 31,
(in thousands)	2022
Operating activities of discontinued operations:
Depreciation and amortization	$	5,946
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	214
Purchases of rental equipment and refurbishments	$	(7,873)

Purchases of property, plant and equipment	$	(82)

The following table presents a reconciliation of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former Tank and Pump segment for the three months ended March 31, 2022. See Note 16 for further information regarding Adjusted EBITDA.


	Three Months Ended March 31,
(in thousands)	2022
Income from discontinued operations	$	4,495

Income tax expense from discontinued operations	1,513
Income from discontinued operations before income tax	6,008
Interest expense	178
Depreciation and amortization	5,946




Stock compensation expense	104
Other	(730)
Adjusted EBITDA from discontinued operations	$	11,506

For the three months ended March 31, 2023 and 2022, significant operating and investing items related to the former UK Storage Solutions segment were as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
Operating activities of discontinued operations:
Depreciation and amortization	$	—	$	2,963
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	514	$	274
Purchases of rental equipment and refurbishments	$	(371)	$	(9,615)
Proceeds from sale of property, plant and equipment	$	8	$	255
Purchases of property, plant and equipment	$	(64)	$	(2,265)

The following table presents reconciliations of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former UK Storage Solutions segment for the three months ended March 31, 2023 and 2022, respectively. See Note 16 for further information regarding Adjusted EBITDA.


	Three Months Ended March 31,
(in thousands)	2023		2022
Income from discontinued operations	$	134,243	$	7,628
Gain on sale of discontinued operations	175,708		—
Income tax expense from discontinued operations	45,468		2,151
Income from discontinued operations before income tax and gain on sale	4,003		9,779
Interest expense	56		244
Depreciation and amortization	—		2,963
Currency losses, net	—		1



Stock compensation expense	(196)		18
Other	261		(461)
Adjusted EBITDA from discontinued operations	$	4,124	$	12,544

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Disaggregation

Geographic Areas

The Company had total revenue in the following geographic areas for the three months ended March 31, as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
US	$	533,174	$	421,684
Canada	26,941		25,273
Mexico	5,353		4,214
Total revenues	$	565,468	$	451,171

Major Product and Service Lines

Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes modular space and portable storage units along with value-added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, integral tool racking, heavy duty capacity shelving, workstations, electrical and lighting products and other items used by customers in connection with the Company's products. The Company also offers its lease customers a damage waiver program that protects them in case the leased unit is damaged. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance and ad hoc services and removal services at the end of lease transactions.

The Company’s revenue by major product and service line for the three months ended March 31, was as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
Modular space leasing revenue	$	224,470	$	190,390
Portable storage leasing revenue	97,315		70,703
VAPS and third party leasing revenues(a)	94,126		75,305
Other leasing-related revenue(b)	24,040		15,161
Leasing revenue	439,951		351,559
Delivery and installation revenue	106,630		85,539
Total leasing and services revenue	546,581		437,098
New unit sales revenue	10,657		5,787
Rental unit sales revenue	8,230		8,286
Total revenues	$	565,468	$	451,171


(a)			Includes $5.6 million and $5.9 million of service revenue for the three months ended March 31, 2023 and 2022, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, and other processing fees.

Leasing and Services Revenue

The majority of revenue (77% for the both the three months ended March 31, 2023 and March 31, 2022) was generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606.

Receivables and Credit Losses

The Company is exposed to credit losses from trade receivables and manages credit risk at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues. Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end user markets.

The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review that considers expected billing exposure, timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the

customer transacts after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation.

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

Activity in the allowance for credit losses was as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
Balance at beginning of period	$	57,048	$	45,773
Provision for credit losses, net of recoveries	8,803		8,311
Write-offs	(4,537)		(7,010)
Foreign currency translation and other	88		50
Balance at end of period	$	61,402	$	47,124

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 March 31, 2023, deferred revenue relating to services billed in advance of $27.7 million was recognized as revenue. As of March 31, 2023 and December 31, 2022, the Company had approximately $99.0 million and $102.2 million, respectively, of deferred revenue related to these services.

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

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

- 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

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

As of March 31, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2023 (remaining)	$	46,323	$	12,694
2024	54,591		15,259
2025	45,588		14,932
2026	33,680		14,618
2027	22,750		11,372
Thereafter	57,028		20,080
Total lease payments	259,960		88,955
Less: interest	(38,970)		(9,090)
Present value of lease liabilities	$	220,990	$	79,865

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 three months ended March 31, 2023 and 2022 was as follows:


(in thousands)	Three Months Ended March 31,
Financial Statement Line	2023		2022
Finance Lease Expense
Amortization of finance lease assets	$	3,761	$	3,333
Interest on obligations under finance leases	759		429
Total finance lease expense	$	4,520	$	3,762

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	420	$	825
Selling, general and administrative	15,717		14,930

Short-term lease expense
Cost of leasing and services	6,654		8,862
Selling, general and administrative	462		668

Variable lease expense
Cost of leasing and services	1,026		1,287
Selling, general and administrative	2,474		1,767

Total operating lease expense	$	26,753	$	28,339

Supplemental cash flow information related to leases for the three months ended March 31, 2023 and 2022 was as follows:


(in thousands)	Three Months Ended March 31,
Supplemental Cash Flow Information	2023		2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	16,693	$	15,753
Operating cash outflows from finance leases	$	728	$	412
Financing cash outflows from finance leases	$	3,446	$	3,848

Right of use assets obtained in exchange for lease obligations	$	8,741	$	8,794
Assets obtained in exchange for finance leases	$	8,913	$	5,411

Weighted average remaining operating lease terms and the weighted average discount rates as of March 31, 2023 and December 31, 2022 were as follows:


Lease Terms and Discount Rates	March 31, 2023		December 31, 2022
Weighted average remaining lease term - operating leases	5.7 years		5.8 years
Weighted average discount rate - operating leases	5.5	%	5.4	%
Weighted average remaining lease term - finance leases	5.0 years		5.1 years
Weighted average discount rate - finance leases	3.5	%	3.4	%

The Company presents information related to leasing revenues in Note 4.

Leases

As of March 31, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2023 (remaining)	$	46,323	$	12,694
2024	54,591		15,259
2025	45,588		14,932
2026	33,680		14,618
2027	22,750		11,372
Thereafter	57,028		20,080
Total lease payments	259,960		88,955
Less: interest	(38,970)		(9,090)
Present value of lease liabilities	$	220,990	$	79,865

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 three months ended March 31, 2023 and 2022 was as follows:


(in thousands)	Three Months Ended March 31,
Financial Statement Line	2023		2022
Finance Lease Expense
Amortization of finance lease assets	$	3,761	$	3,333
Interest on obligations under finance leases	759		429
Total finance lease expense	$	4,520	$	3,762

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	420	$	825
Selling, general and administrative	15,717		14,930

Short-term lease expense
Cost of leasing and services	6,654		8,862
Selling, general and administrative	462		668

Variable lease expense
Cost of leasing and services	1,026		1,287
Selling, general and administrative	2,474		1,767

Total operating lease expense	$	26,753	$	28,339

Supplemental cash flow information related to leases for the three months ended March 31, 2023 and 2022 was as follows:


(in thousands)	Three Months Ended March 31,
Supplemental Cash Flow Information	2023		2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	16,693	$	15,753
Operating cash outflows from finance leases	$	728	$	412
Financing cash outflows from finance leases	$	3,446	$	3,848

Right of use assets obtained in exchange for lease obligations	$	8,741	$	8,794
Assets obtained in exchange for finance leases	$	8,913	$	5,411

Weighted average remaining operating lease terms and the weighted average discount rates as of March 31, 2023 and December 31, 2022 were as follows:


Lease Terms and Discount Rates	March 31, 2023		December 31, 2022
Weighted average remaining lease term - operating leases	5.7 years		5.8 years
Weighted average discount rate - operating leases	5.5	%	5.4	%
Weighted average remaining lease term - finance leases	5.0 years		5.1 years
Weighted average discount rate - finance leases	3.5	%	3.4	%

The Company presents information related to leasing revenues in Note 4.

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

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


(in thousands)	March 31, 2023		December 31, 2022
Raw materials	$	38,827	$	38,611
Finished units	3,180		2,419
Inventories	$	42,007	$	41,030

Rental Equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Rental Equipment, net

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


(in thousands)	March 31, 2023		December 31, 2022
Modular space units	$	3,292,264	$	3,197,779
Portable storage units	848,982		849,193
Value added products	202,358		203,444
Total rental equipment	4,343,604		4,250,416
Less: accumulated depreciation	(1,215,543)		(1,173,129)
Rental equipment, net	$	3,128,061	$	3,077,287

Goodwill and Intangibles

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Goodwill

Changes in the carrying amount of goodwill were as follows:


(in thousands)	Modular		Storage		Total
Balance at December 31, 2021	$	521,049	$	492,552	$	1,013,601
Effects of movements in foreign exchange rates	(2,172)		—		(2,172)
Balance at December 31, 2022	518,877		492,552		1,011,429
Effects of movements in foreign exchange rates	84		—		84
Balance at March 31, 2023	$	518,961	$	492,552	$	1,011,513

The Company had no goodwill impairment during the three months ended March 31, 2023 or the year ended December 31, 2022.

Intangible Assets

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


	March 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	5.3	$	188,000	$	(64,625)	$	123,375
Technology	3.3	1,500		(687)		813
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		$	478,500	$	(65,312)	$	413,188


	December 31, 2022
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	5.5	$	188,000	$	(58,750)	$	129,250
Technology	3.5	1,500		(625)		875
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		$	478,500	$	(59,375)	$	419,125

Amortization expense related to intangible assets was $5.9 million for the each of the three months ended March 31, 2023 and 2022.

Based on the carrying value at March 31, 2023, future amortization of intangible assets is expected to be as follows for the years ended December 31:


(in thousands)
2023 (remaining)	$	17,813
2024	23,750
2025	23,750
2026	23,625
2027	23,500
Thereafter	11,750
Total	$	124,188

Debt

3 Months Ended

Mar. 31, 2023

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	March 31, 2023		December 31, 2022
2025 Secured Notes	6.125%	2025	$	520,931	$	520,350
ABL Facility(a)	Varies	2027	1,795,448		1,988,176
2028 Secured Notes	4.625%	2028	493,723		493,470
Finance Leases	Varies	Varies	79,865		74,370
Total debt			2,889,967		3,076,366
Less: current portion of long-term debt			13,514		13,324
Total long-term debt			$	2,876,453	$	3,063,042

(a) As of both March 31, 2023 and December 31, 2022, the Company had no outstanding principal borrowings on the Multicurrency Facility and $2.4 million and $2.5 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 $2.4 million and $2.5 million in excess of principal was included in other non-current assets on the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, 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.

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

Euros. The amendment also converted the interest rate for borrowings denominated in US Dollars from a LIBOR-based rate to a Term-SOFR-based rate with an interest period of one month and adjusted the applicable margins. The applicable margin for Canadian BA rate, Term SOFR, British Pounds Sterling and Euros loans is 1.50%. The facility includes a credit spread adjustment of 0.10% in addition to the applicable margin. The applicable margin for base rate and Canadian Prime Rate loans is 0.50%. The applicable margins are subject to one step down of 0.25% based on excess availability or one step up of 0.25% based on the Company's leverage ratio. The ABL Facility requires the payment of a commitment fee on the unused available borrowings of 0.20% annually. The weighted average interest rate on the balance outstanding as of March 31, 2023, as adjusted for the effects of the interest rate swap agreements, was 6.52%. Refer to Note 12 for a more detailed discussion on interest rate management.

Borrowing availability under the US Facility and the Multicurrency Facility is equal to the lesser of (i) the aggregate Revolver Commitments and (ii) the Borrowing Base ("Line Cap"). At March 31, 2023, the Line Cap was $3.0 billion and the Borrowers had $1.1 billion of available borrowing capacity under the ABL Facility, including $972.5 million under the US Facility and $162.0 million under the Multicurrency Facility. Borrowing capacity under the ABL Facility is made available for up to $205.6 million of letters of credit and up to $200.5 million of swingline loans. At March 31, 2023, letters of credit and bank guarantees carried fees of 1.625%. The Company had issued $14.4 million of standby letters of credit under the ABL Facility at March 31, 2023.

The Company had approximately $1.8 billion outstanding principal under the ABL Facility at March 31, 2023. Debt issuance costs of $30.1 million were included in the carrying value of the ABL Facility at March 31, 2023.

Finance Leases

The Company maintains finance leases primarily related to transportation equipment. At March 31, 2023 and December 31, 2022, obligations under finance leases for certain real property and transportation related equipment were $79.9 million and $74.4 million, respectively. Refer to Note 5 for further information.

The Company was in compliance with all debt covenants and restrictions associated with its debt instruments as of March 31, 2023.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity

Common Stock

In connection with the stock compensation vesting events and stock option exercises described in Note 14, the Company issued 360,725 shares of Common Stock during the three months ended March 31, 2023.

Stock Repurchase Program

In July 2022, the Board of Directors approved an increase to the share repurchase program authorizing the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and the timing and exact amount of any repurchases will depend on various factors, including market pricing, business, legal, accounting, and other considerations.

In August 2022, the Inflation Reduction Act of 2022 was enacted into law and imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. In the first quarter of 2023, the Company reflected the applicable excise tax in equity as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued expenses on the consolidated balance sheet.

During the three months ended March 31, 2023, the Company repurchased 4,589,308 shares of Common Stock for $215.7 million, excluding excise tax. As of March 31, 2023, $415.1 million of the approved share repurchase pool remained available.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the three months ended March 31, 2023 and 2022 were as follows:


	Three Months Ended March 31, 2023
(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2022	$	(70,122)	$	—	$	(70,122)
Other comprehensive income (loss) before reclassifications	7,934		859		8,793
Reclassifications from AOCI to income	—		(1,526)		(1,526)
Balance at March 31, 2023	$	(62,188)	$	(667)	$	(62,855)


	Three Months Ended March 31, 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)

For the three months ended March 31, 2023 and 2022, a gain of $1.5 million and a loss of $2.9 million, respectively, were reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps discussed in Note 12. The Company recorded tax benefit of $0.4 million and tax expense $0.7 million for the three months ended March 31, 2023 and 2022, respectively, associated with these reclassifications.

- Definition

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

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recorded $30.5 million and $12.1 million of income tax expense from continuing operations for the three months ended March 31, 2023 and 2022, respectively. The Company’s effective tax rate for the three months ended March 31, 2023 and 2022 was 28.6% and 23.7%, respectively.The effective tax rate for the three months ended March 31, 2023 differs from the US federal statutory rate of 21% primarily due to state and provincial taxes and an add-back for non-deductible executive compensation. The effective tax rate for the three months ended March 31, 2022 differs from the US statutory rate of 21% primarily due to state and provincial taxes offset by a discrete tax benefit related to employee stock vesting.

- 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.

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+ Details

Derivatives

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

In 2018, the Company entered into an interest rate swap agreement with a financial counterparty that effectively converted $400.0 million in aggregate notional amount of variable-rate debt under the Company’s former asset backed lending facility into fixed-rate debt. Under the terms of the agreement, the Company received a floating rate equal to one-month LIBOR and made payments based on a fixed rate of 3.06% on the notional amount. The swap agreement was designated and qualified as a hedge of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the former asset backed lending facility and terminated on May 29, 2022.

In January 2023, the Company entered into two interest rate swap agreements with financial counterparties relating to $750.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a weighted average fixed interest rate of 3.44% on the notional amount. The swap agreements were designated and qualified as hedges of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility. The swap agreements terminate on June 30, 2027. The floating rate that the Company receives under the terms of these swap agreements was 4.79% at March 31, 2023.

The location and the fair value of derivative instruments designated as hedges were as follows:


(in thousands)	Balance Sheet Location	March 31, 2023
Cash Flow Hedges:
Interest rate swap	Prepaid expenses and other current assets	$	8,646
Interest rate swap	Other non-current liabilities	$	(9,394)

The fair values of the interest rate swaps are based on dealer quotes of market forward rates, Level 2 inputs on the fair value hierarchy, and reflect the amounts that the Company would receive or pay as of March 31, 2023 for contracts involving the same attributes and maturity dates.

The following table discloses the impact of the interest rate swaps, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s statements of operations for the three months ended March 31,:


(in thousands)	2023		2022
(Loss) gain recognized in OCI	$	(641)	$	3,098
Location of gain (loss) recognized in income	Interest expense, net		Interest expense, net
(Gain) loss reclassified from AOCI into income	$	(1,526)	$	2,890

Foreign Currency Contract

In December 2022, the Company executed a contingent forward contract to sell £330.0 million upon the closing of the sale of the former UK Storage Solutions segment at a price ranging from 1.20550 to 1.20440 US Dollars (USD) to British Pounds Sterling. The price was dependent upon the date of the closing of the sale. This contract, which was to expire on September 11, 2023, mitigated the foreign currency risk of the USD relative to the British Pound Sterling prior to the closing of the sale of the former UK Storage Solutions segment. This contract did not qualify for hedge accounting and was revalued at fair value at the reporting period with unrealized gains and losses reflected in the Company's results of operations. Upon the closing of the sale of the former UK Storage Solutions segment on January 31, 2023, the Company settled the contingent foreign currency forward contract and received cash at an exchange rate of 1.205 USD to British Pounds Sterling.

The location and the fair value of the foreign currency contract was as follows:


(in thousands)	Balance Sheet Location	December 31, 2022
Foreign currency contract	Accrued liabilities	$	930

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

The location and the impact of the foreign currency contract, excluding the impact of income taxes, on the Company’s statement of operations for the three months ended March 31, 2023 was as follows:


(in thousands)	Income Statement Location	Three Months Ended March 31, 2023
Loss recognized in income	Currency losses, net	$	7,715

Fair Value Measures

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measures

The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

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


Level 1 -			Observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2 -			Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and
Level 3 -			Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions

The Company has assessed that the fair value of cash and cash equivalents, trade receivables, trade payables, and other current liabilities approximate their carrying amounts. Based on the borrowing rates currently available for bank loans with similar terms and average maturities, the fair value of finance leases at March 31, 2023 approximate their respective book values.

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


	March 31, 2023								December 31, 2022
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
ABL Facility	$	1,795,448	$	—	$	1,825,500	$	—	$	1,988,176	$	—	$	2,020,000	$	—


2025 Secured Notes	520,931		—		526,300		—		520,350		—		526,800		—
2028 Secured Notes	493,723		—		458,205		—		493,470		—		450,135		—
Total	$	2,810,102	$	—	$	2,810,005	$	—	$	3,001,996	$	—	$	2,996,935	$	—

As of March 31, 2023, the carrying values of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $30.1 million, $5.6 million, and $6.3 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. As of December 31, 2022, the carrying value of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $31.8 million, $6.2 million, and $6.5 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability.

The carrying value of the ABL Facility, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of current market rates. The fair value of the 2025 Secured Notes and the 2028 Secured Notes is based on their last trading price at the end of each period obtained from a third party. The classification and the fair value of derivative assets and liabilities are disclosed in Note 12.

- 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

3 Months Ended

Mar. 31, 2023

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 includes grants of restricted stock awards ("RSAs"). Time-Based RSUs and RSAs are valued based on the intrinsic value of the difference between the exercise price, if any, of the award and the fair market value of WillScot Mobile Mini's Common Stock on the grant date. Performance-Based RSUs are valued based on a Monte Carlo simulation model to reflect the impact of the Performance-Based RSU's market condition. The probability of satisfying a market condition is considered in the estimation of the grant-date fair value for Performance-Based RSUs and the compensation cost is not reversed if the market condition is not achieved, provided the requisite service has been provided.

Restricted Stock Awards

The following table summarizes the Company's RSA activity for the three months ended March 31, 2023 and 2022:


	2023			2022
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	35,244	$	37.17	36,176	$	29.30



Outstanding at end of period	35,244	$	37.17	36,176	$	29.30

Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.3 million for each of the three months ended March 31, 2023 and 2022. At March 31, 2023, there was $0.2 million of unrecognized compensation cost related to RSAs that is expected to be recognized over the remaining weighted average vesting period of 0.2 years.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity for the three months ended March 31, 2023 and 2022:


	2023			2022
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	789,779	$	26.16	997,451	$	18.54
Granted	213,388	$	50.74	357,639	$	35.53
Forfeited	(31,681)	$	33.67	(9,299)	$	27.20
Vested	(281,153)	$	22.40	(420,184)	$	16.21
Outstanding at end of period	690,333	$	34.95	925,607	$	26.08

Compensation expense for Time-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $1.8 million and $2.2 million for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, unrecognized compensation cost related to Time-Based RSUs totaled $21.6 million and is expected to be recognized over the remaining weighted average vesting period of 2.7 years.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU award activity for the three months ended March 31, 2023 and 2022:


	2023			2022
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	1,894,250	$	33.67	1,536,394	$	26.34
Granted	376,826	$	69.32	745,079	$	42.34
Forfeited	—	$	—	(5,046)	$	39.10
Vested	(181,319)	$	16.82	(267,964)	$	13.22
Outstanding at end of period	2,089,757	$	41.56	2,008,463	$	33.99

Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $5.8 million and $3.8 million for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, unrecognized compensation cost related to Performance-Based RSUs totaled $56.2 million and is expected to be recognized over the remaining vesting period of 2.1 years.

Certain Performance-Based RSUs cliff vest based on achievement of the relative total stockholder return ("TSR") of the Company's Common Stock as compared to the TSR of the constituents in an index at the grant date over the performance period of three years. For 2023 grants, the TSR of the Company's Common Stock is compared to the TSR of the constituents in the S&P 400 Index. The target number of RSUs may be adjusted from 0% to 200% based on the TSR attainment levels defined by the Company's Compensation Committee. The 100% target payout is tied to performance at the 50% percentile, with a payout curve ranging from 0% (for performance less than the 25% percentile) to 200% (for performance above the 85% percentile).

Stock Options

The following table summarizes the Company's stock option activity for the three months ended March 31, 2023:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	864,276	$	12.91

Exercised	—	—		(5,774)	11.79
Outstanding at end of period	534,188	$	13.60	858,502	$	12.92

Fully vested and exercisable options, March 31, 2023	534,188	$	13.60	858,502	$	12.92

The following table summarizes the Company's stock option activity for the three months ended March 31, 2022:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	1,527,643	$	14.66
Exercised	—	—		(227,258)	14.58
Outstanding at end of period	534,188	$	13.60	1,300,385	$	14.67

Fully vested and exercisable options, March 31, 2022	534,188	$	13.60	1,300,385	$	14.67

WillScot Options

Compensation expense for stock option awards, recognized in SG&A on the condensed consolidated statements of operations, was $0.2 million for the three months ended March 31, 2022.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various lawsuits, claims and legal proceedings that arise in the ordinary course of business. The Company assesses these matters on a case-by-case basis as they arise and establishes reserves as required. As of March 31, 2023, with respect to these outstanding matters, the Company believes that the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the consolidated financial position, results of operations, or cash flows. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties.

Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment ReportingThe Company operates in two reportable segments as follows: Modular Solutions ("Modular") and Storage Solutions ("Storage"). Total assets for each reportable segment are not available because the Company utilizes a centralized approach to working capital management. Transactions between reportable segments are not significant. During the first quarter of 2023, the ground level office business within the Modular segment was transferred to the Storage segment, and associated revenues, expenses, and operating metrics were transferred to the Storage segment. All periods presented have been retrospectively revised to reflect this change within the Modular and Storage segments. For the three months ended March 31, 2022, this resulted in approximately $11.1 million of revenue and $6.3 million of gross profit being transferred from the Modular segment to the Storage segment.

The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects further adjustments to EBITDA (“Adjusted EBITDA”) to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core and ongoing business operations. 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 considers Adjusted EBITDA to be an important metric because it reflects the business performance of the segments, inclusive of indirect costs. The Company also regularly evaluates gross profit by segment to assist in the assessment of its operational performance.

Reportable Segments

The following tables set forth certain information regarding each of the Company’s reportable segments for the three months ended March 31, 2023 and 2022, respectively.


	Three Months Ended March 31, 2023
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	269,271	$	170,680			$	439,951
Delivery and installation	64,821		41,809				106,630
Sales revenue:
New units	8,921		1,736				10,657
Rental units	6,657		1,573				8,230
Total revenues	349,670		215,798				565,468

Costs:
Cost of leasing and services:
Leasing	73,582		23,933				97,515
Delivery and installation	51,503		23,504				75,007
Cost of sales:
New units	5,665		543				6,208
Rental units	3,370		1,084				4,454
Depreciation of rental equipment	50,215		8,941				59,156
Gross profit	$	165,335	$	157,793			$	323,128
Other selected data:
Adjusted EBITDA	$	136,964	$	109,878	$	—	$	246,842
Selling, general and administrative expense	$	81,816	$	57,675	$	11,401	$	150,892
Purchases of rental equipment and refurbishments	$	39,412	$	7,345	$	—	$	46,757


	Three Months Ended March 31, 2022
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	223,298	$	128,261			$	351,559
Delivery and installation	54,332		31,207				85,539
Sales revenue:
New units	4,844		943				5,787
Rental units	6,073		2,213				8,286
Total revenues	288,547		162,624				451,171

Costs:
Cost of leasing and services:
Leasing	61,330		19,004				80,334
Delivery and installation	47,906		22,674				70,580
Cost of sales:
New units	3,256		500				3,756
Rental units	3,449		1,443				4,892
Depreciation of rental equipment	50,008		7,540				57,548
Gross profit	$	122,598	$	111,463			$	234,061
Other selected data:
Adjusted EBITDA	$	99,586	$	68,187	$	—	$	167,773
Selling, general and administrative expense	$	74,638	$	51,862	$	11,644	$	138,144
Purchases of rental equipment and refurbishments	$	57,577	$	20,171	$	—	$	77,748

The following table presents reconciliations of the Company’s income from continuing operations to Adjusted EBITDA for the three months ended March 31, 2023 and 2022, respectively:


	Three Months Ended March 31,
(in thousands)	2023		2022
Income from continuing operations	$	76,271	$	39,048
Income tax expense from continuing operations	30,510		12,083


Interest expense	44,866		30,570
Depreciation and amortization	76,329		72,910
Currency losses, net	6,775		137
Restructuring costs, lease impairment expense and other related charges	22		263
Transaction costs	—		13
Integration costs	3,873		4,087
Stock compensation expense	8,150		6,273
Other	46		2,389
Adjusted EBITDA	$	246,842	$	167,773

- 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

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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings Per Share

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


	Three Months Ended
	March 31
(in thousands)	2023		2022
Numerator:
Income from continuing operations	$	76,271	$	39,048
Income from discontinued operations	134,613		12,123
Net income	$	210,884	$	51,171

Denominator:
Weighted average Common Shares outstanding – basic	206,092		223,491
Dilutive effect of shares outstanding
Warrants	—		1,889
RSAs	27		27
Time-based RSUs	326		483
Performance-based RSUs	2,206		1,819
Stock Options	1,013		1,246
Weighted average Common Shares outstanding – dilutive	209,664		228,956

For the three months ended March 31, 2022, 555,790 shares of Performance-Based RSUs were excluded from the computation of diluted EPS because their effect would have been anti-dilutive.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented.
Principles of Consolidation	Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
Recently Issued and Adopted Accounting Standards	In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with FASB Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"). The Company adopted ASU 2021-08 on January 1, 2023 on a prospective basis. The adoption of this ASU did not have a material impact on the Company's financial statements or related disclosures.

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Discontinued Operations


	Three Months Ended March 31, 2023
(in thousands)	UK Storage Solutions
Revenues:
Leasing and services revenue:
Leasing	$	6,389
Delivery and installation	1,802
Sales revenue:
New units	54
Rental units	449
Total revenues	8,694
Costs:
Costs of leasing and services:
Leasing	1,407
Delivery and installation	1,213
Costs of sales:
New units	38
Rental units	492

Gross profit	5,544
Expenses:
Selling, general and administrative	1,486



Other income, net	(1)
Operating income	4,059
Interest expense	56
Income from discontinued operations before income tax	4,003
Gain on sale of discontinued operations	175,708
Income tax expense from discontinued operations	45,468
Income from discontinued operations	$	134,243
Other selected data:
Adjusted EBITDA from discontinued operations	$	4,124


	Three Months Ended March 31, 2022
(in thousands)	Tank and Pump		UK Storage Solutions		Total
Revenues:
Leasing and services revenue:
Leasing	$	21,062	$	20,571	$	41,633
Delivery and installation	8,325		6,467		14,792
Sales revenue:
New units	682		128		810
Rental units	214		274		488
Total revenues	30,283		27,440		57,723
Costs:
Costs of leasing and services:
Leasing	4,307		4,237		8,544
Delivery and installation	7,011		3,924		10,935
Costs of sales:
New units	507		63		570
Rental units	95		157		252
Depreciation of rental equipment	3,530		1,138		4,668
Gross profit	14,833		17,921		32,754
Expenses:
Selling, general and administrative	6,212		6,117		12,329
Other depreciation and amortization	2,416		1,825		4,241

Currency losses, net	—		1		1
Other expense (income), net	19		(45)		(26)
Operating income	6,186		10,023		16,209
Interest expense	178		244		422
Income from discontinued operations before income tax	6,008		9,779		15,787
Income tax expense from discontinued operations	1,513		2,151		3,664
Income from discontinued operations	$	4,495	$	7,628	$	12,123
Other selected data:
Adjusted EBITDA from discontinued operations	$	11,506	$	12,544	$	24,050


	December 31, 2022
(in thousands)	UK Storage Solutions
Assets
Cash and cash equivalents	$	10,384
Trade receivables, net of allowances for doubtful accounts of $300	15,991
Inventories	3,058
Prepaid expenses and other current assets	1,787
Rental equipment, net	165,853
Property, plant and equipment, net	20,645
Operating lease assets	15,134
Goodwill	58,144
Intangible assets, net	6,414
Other non-current assets	1,832
Total assets held for sale	$	299,242
Liabilities
Accounts payable	$	4,515
Accrued expenses	3,273
Accrued employee benefits	1,009
Deferred revenue and customer deposits	6,850
Deferred tax liabilities	29,737
Operating lease liabilities	15,192
Other non-current liabilities	6,278
Total liabilities held for sale	$	66,854

For the three months ended March 31, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:


	Three Months Ended March 31,
(in thousands)	2022
Operating activities of discontinued operations:
Depreciation and amortization	$	5,946
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	214
Purchases of rental equipment and refurbishments	$	(7,873)

Purchases of property, plant and equipment	$	(82)


	Three Months Ended March 31,
(in thousands)	2022
Income from discontinued operations	$	4,495

Income tax expense from discontinued operations	1,513
Income from discontinued operations before income tax	6,008
Interest expense	178
Depreciation and amortization	5,946




Stock compensation expense	104
Other	(730)
Adjusted EBITDA from discontinued operations	$	11,506

For the three months ended March 31, 2023 and 2022, significant operating and investing items related to the former UK Storage Solutions segment were as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
Operating activities of discontinued operations:
Depreciation and amortization	$	—	$	2,963
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	514	$	274
Purchases of rental equipment and refurbishments	$	(371)	$	(9,615)
Proceeds from sale of property, plant and equipment	$	8	$	255
Purchases of property, plant and equipment	$	(64)	$	(2,265)


	Three Months Ended March 31,
(in thousands)	2023		2022
Income from discontinued operations	$	134,243	$	7,628
Gain on sale of discontinued operations	175,708		—
Income tax expense from discontinued operations	45,468		2,151
Income from discontinued operations before income tax and gain on sale	4,003		9,779
Interest expense	56		244
Depreciation and amortization	—		2,963
Currency losses, net	—		1



Stock compensation expense	(196)		18
Other	261		(461)
Adjusted EBITDA from discontinued operations	$	4,124	$	12,544

- 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)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company had total revenue in the following geographic areas for the three months ended March 31, as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
US	$	533,174	$	421,684
Canada	26,941		25,273
Mexico	5,353		4,214
Total revenues	$	565,468	$	451,171

The Company’s revenue by major product and service line for the three months ended March 31, was as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
Modular space leasing revenue	$	224,470	$	190,390
Portable storage leasing revenue	97,315		70,703
VAPS and third party leasing revenues(a)	94,126		75,305
Other leasing-related revenue(b)	24,040		15,161
Leasing revenue	439,951		351,559
Delivery and installation revenue	106,630		85,539
Total leasing and services revenue	546,581		437,098
New unit sales revenue	10,657		5,787
Rental unit sales revenue	8,230		8,286
Total revenues	$	565,468	$	451,171


(a)			Includes $5.6 million and $5.9 million of service revenue for the three months ended March 31, 2023 and 2022, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, and other processing fees.

Schedule of Accounts Receivable Allowance for Credit Losses

Activity in the allowance for credit losses was as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
Balance at beginning of period	$	57,048	$	45,773
Provision for credit losses, net of recoveries	8,803		8,311
Write-offs	(4,537)		(7,010)
Foreign currency translation and other	88		50
Balance at end of period	$	61,402	$	47,124

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Operating Lease Maturities

As of March 31, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2023 (remaining)	$	46,323	$	12,694
2024	54,591		15,259
2025	45,588		14,932
2026	33,680		14,618
2027	22,750		11,372
Thereafter	57,028		20,080
Total lease payments	259,960		88,955
Less: interest	(38,970)		(9,090)
Present value of lease liabilities	$	220,990	$	79,865

Schedule of Finance Lease Maturities

As of March 31, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2023 (remaining)	$	46,323	$	12,694
2024	54,591		15,259
2025	45,588		14,932
2026	33,680		14,618
2027	22,750		11,372
Thereafter	57,028		20,080
Total lease payments	259,960		88,955
Less: interest	(38,970)		(9,090)
Present value of lease liabilities	$	220,990	$	79,865

Schedule of Lease Activity

The Company’s lease activity during the three months ended March 31, 2023 and 2022 was as follows:


(in thousands)	Three Months Ended March 31,
Financial Statement Line	2023		2022
Finance Lease Expense
Amortization of finance lease assets	$	3,761	$	3,333
Interest on obligations under finance leases	759		429
Total finance lease expense	$	4,520	$	3,762

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	420	$	825
Selling, general and administrative	15,717		14,930

Short-term lease expense
Cost of leasing and services	6,654		8,862
Selling, general and administrative	462		668

Variable lease expense
Cost of leasing and services	1,026		1,287
Selling, general and administrative	2,474		1,767

Total operating lease expense	$	26,753	$	28,339

Supplemental cash flow information related to leases for the three months ended March 31, 2023 and 2022 was as follows:


(in thousands)	Three Months Ended March 31,
Supplemental Cash Flow Information	2023		2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	16,693	$	15,753
Operating cash outflows from finance leases	$	728	$	412
Financing cash outflows from finance leases	$	3,446	$	3,848

Right of use assets obtained in exchange for lease obligations	$	8,741	$	8,794
Assets obtained in exchange for finance leases	$	8,913	$	5,411

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 March 31, 2023 and December 31, 2022 were as follows:


Lease Terms and Discount Rates	March 31, 2023		December 31, 2022
Weighted average remaining lease term - operating leases	5.7 years		5.8 years
Weighted average discount rate - operating leases	5.5	%	5.4	%
Weighted average remaining lease term - finance leases	5.0 years		5.1 years
Weighted average discount rate - finance leases	3.5	%	3.4	%

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

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


(in thousands)	March 31, 2023		December 31, 2022
Raw materials	$	38,827	$	38,611
Finished units	3,180		2,419
Inventories	$	42,007	$	41,030

Rental Equipment, net (Tables)

3 Months Ended

Mar. 31, 2023

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)	March 31, 2023		December 31, 2022
Modular space units	$	3,292,264	$	3,197,779
Portable storage units	848,982		849,193
Value added products	202,358		203,444
Total rental equipment	4,343,604		4,250,416
Less: accumulated depreciation	(1,215,543)		(1,173,129)
Rental equipment, net	$	3,128,061	$	3,077,287

Goodwill and Intangibles (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Activity

Changes in the carrying amount of goodwill were as follows:


(in thousands)	Modular		Storage		Total
Balance at December 31, 2021	$	521,049	$	492,552	$	1,013,601
Effects of movements in foreign exchange rates	(2,172)		—		(2,172)
Balance at December 31, 2022	518,877		492,552		1,011,429
Effects of movements in foreign exchange rates	84		—		84
Balance at March 31, 2023	$	518,961	$	492,552	$	1,011,513

Schedule of Finite-Lived Intangible Assets

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


	March 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	5.3	$	188,000	$	(64,625)	$	123,375
Technology	3.3	1,500		(687)		813
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		$	478,500	$	(65,312)	$	413,188


	December 31, 2022
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	5.5	$	188,000	$	(58,750)	$	129,250
Technology	3.5	1,500		(625)		875
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		$	478,500	$	(59,375)	$	419,125

Schedule of Indefinite-Lived Intangible Assets

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


	March 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	5.3	$	188,000	$	(64,625)	$	123,375
Technology	3.3	1,500		(687)		813
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		$	478,500	$	(65,312)	$	413,188


	December 31, 2022
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	5.5	$	188,000	$	(58,750)	$	129,250
Technology	3.5	1,500		(625)		875
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		$	478,500	$	(59,375)	$	419,125

Schedule of Future Amortization of Intangible Assets

Based on the carrying value at March 31, 2023, future amortization of intangible assets is expected to be as follows for the years ended December 31:


(in thousands)
2023 (remaining)	$	17,813
2024	23,750
2025	23,750
2026	23,625
2027	23,500
Thereafter	11,750
Total	$	124,188

- Definition

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

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2023

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	March 31, 2023		December 31, 2022
2025 Secured Notes	6.125%	2025	$	520,931	$	520,350
ABL Facility(a)	Varies	2027	1,795,448		1,988,176
2028 Secured Notes	4.625%	2028	493,723		493,470
Finance Leases	Varies	Varies	79,865		74,370
Total debt			2,889,967		3,076,366
Less: current portion of long-term debt			13,514		13,324
Total long-term debt			$	2,876,453	$	3,063,042

- Definition

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

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+ Details

Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the three months ended March 31, 2023 and 2022 were as follows:


	Three Months Ended March 31, 2023
(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2022	$	(70,122)	$	—	$	(70,122)
Other comprehensive income (loss) before reclassifications	7,934		859		8,793
Reclassifications from AOCI to income	—		(1,526)		(1,526)
Balance at March 31, 2023	$	(62,188)	$	(667)	$	(62,855)


	Three Months Ended March 31, 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)

Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet

The location and the fair value of derivative instruments designated as hedges were as follows:


(in thousands)	Balance Sheet Location	March 31, 2023
Cash Flow Hedges:
Interest rate swap	Prepaid expenses and other current assets	$	8,646
Interest rate swap	Other non-current liabilities	$	(9,394)

The location and the fair value of the foreign currency contract was as follows:


(in thousands)	Balance Sheet Location	December 31, 2022
Foreign currency contract	Accrued liabilities	$	930

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


(in thousands)	2023		2022
(Loss) gain recognized in OCI	$	(641)	$	3,098
Location of gain (loss) recognized in income	Interest expense, net		Interest expense, net
(Gain) loss reclassified from AOCI into income	$	(1,526)	$	2,890


(in thousands)	Income Statement Location	Three Months Ended March 31, 2023
Loss recognized in income	Currency losses, net	$	7,715

Fair Value Measures (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Levels Used For Measurement

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


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 value hierarchy:


	March 31, 2023								December 31, 2022
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
ABL Facility	$	1,795,448	$	—	$	1,825,500	$	—	$	1,988,176	$	—	$	2,020,000	$	—


2025 Secured Notes	520,931		—		526,300		—		520,350		—		526,800		—
2028 Secured Notes	493,723		—		458,205		—		493,470		—		450,135		—
Total	$	2,810,102	$	—	$	2,810,005	$	—	$	3,001,996	$	—	$	2,996,935	$	—

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes the Company's RSA activity for the three months ended March 31, 2023 and 2022:


	2023			2022
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	35,244	$	37.17	36,176	$	29.30



Outstanding at end of period	35,244	$	37.17	36,176	$	29.30

Schedule of Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity for the three months ended March 31, 2023 and 2022:


	2023			2022
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	789,779	$	26.16	997,451	$	18.54
Granted	213,388	$	50.74	357,639	$	35.53
Forfeited	(31,681)	$	33.67	(9,299)	$	27.20
Vested	(281,153)	$	22.40	(420,184)	$	16.21
Outstanding at end of period	690,333	$	34.95	925,607	$	26.08

The following table summarizes the Company's Performance-Based RSU award activity for the three months ended March 31, 2023 and 2022:


	2023			2022
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	1,894,250	$	33.67	1,536,394	$	26.34
Granted	376,826	$	69.32	745,079	$	42.34
Forfeited	—	$	—	(5,046)	$	39.10
Vested	(181,319)	$	16.82	(267,964)	$	13.22
Outstanding at end of period	2,089,757	$	41.56	2,008,463	$	33.99

Schedule of Stock Option Awards

The following table summarizes the Company's stock option activity for the three months ended March 31, 2023:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	864,276	$	12.91

Exercised	—	—		(5,774)	11.79
Outstanding at end of period	534,188	$	13.60	858,502	$	12.92

Fully vested and exercisable options, March 31, 2023	534,188	$	13.60	858,502	$	12.92

The following table summarizes the Company's stock option activity for the three months ended March 31, 2022:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	1,527,643	$	14.66
Exercised	—	—		(227,258)	14.58
Outstanding at end of period	534,188	$	13.60	1,300,385	$	14.67

Fully vested and exercisable options, March 31, 2022	534,188	$	13.60	1,300,385	$	14.67

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information regarding each of the Company’s reportable segments for the three months ended March 31, 2023 and 2022, respectively.


	Three Months Ended March 31, 2023
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	269,271	$	170,680			$	439,951
Delivery and installation	64,821		41,809				106,630
Sales revenue:
New units	8,921		1,736				10,657
Rental units	6,657		1,573				8,230
Total revenues	349,670		215,798				565,468

Costs:
Cost of leasing and services:
Leasing	73,582		23,933				97,515
Delivery and installation	51,503		23,504				75,007
Cost of sales:
New units	5,665		543				6,208
Rental units	3,370		1,084				4,454
Depreciation of rental equipment	50,215		8,941				59,156
Gross profit	$	165,335	$	157,793			$	323,128
Other selected data:
Adjusted EBITDA	$	136,964	$	109,878	$	—	$	246,842
Selling, general and administrative expense	$	81,816	$	57,675	$	11,401	$	150,892
Purchases of rental equipment and refurbishments	$	39,412	$	7,345	$	—	$	46,757


	Three Months Ended March 31, 2022
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	223,298	$	128,261			$	351,559
Delivery and installation	54,332		31,207				85,539
Sales revenue:
New units	4,844		943				5,787
Rental units	6,073		2,213				8,286
Total revenues	288,547		162,624				451,171

Costs:
Cost of leasing and services:
Leasing	61,330		19,004				80,334
Delivery and installation	47,906		22,674				70,580
Cost of sales:
New units	3,256		500				3,756
Rental units	3,449		1,443				4,892
Depreciation of rental equipment	50,008		7,540				57,548
Gross profit	$	122,598	$	111,463			$	234,061
Other selected data:
Adjusted EBITDA	$	99,586	$	68,187	$	—	$	167,773
Selling, general and administrative expense	$	74,638	$	51,862	$	11,644	$	138,144
Purchases of rental equipment and refurbishments	$	57,577	$	20,171	$	—	$	77,748

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

The following table presents reconciliations of the Company’s income from continuing operations to Adjusted EBITDA for the three months ended March 31, 2023 and 2022, respectively:


	Three Months Ended March 31,
(in thousands)	2023		2022
Income from continuing operations	$	76,271	$	39,048
Income tax expense from continuing operations	30,510		12,083


Interest expense	44,866		30,570
Depreciation and amortization	76,329		72,910
Currency losses, net	6,775		137
Restructuring costs, lease impairment expense and other related charges	22		263
Transaction costs	—		13
Integration costs	3,873		4,087
Stock compensation expense	8,150		6,273
Other	46		2,389
Adjusted EBITDA	$	246,842	$	167,773

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

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
	March 31
(in thousands)	2023		2022
Numerator:
Income from continuing operations	$	76,271	$	39,048
Income from discontinued operations	134,613		12,123
Net income	$	210,884	$	51,171

Denominator:
Weighted average Common Shares outstanding – basic	206,092		223,491
Dilutive effect of shares outstanding
Warrants	—		1,889
RSAs	27		27
Time-based RSUs	326		483
Performance-based RSUs	2,206		1,819
Stock Options	1,013		1,246
Weighted average Common Shares outstanding – dilutive	209,664		228,956

Acquisitions (Details) $ in Thousands	3 Months Ended
Acquisitions (Details) $ in Thousands	Mar. 31, 2023 USD ($) regionalAndLocalStorageAndModularCompany blastResistantModularUnit	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Assets and liabilities acquired, number of entities \| regionalAndLocalStorageAndModularCompany	2
Rental equipment, net	$ 3,128,061		$ 3,077,287
Land held-for-sale	8,924		$ 31,220
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses	79,600
Rental equipment, net	70,400
Series of Individually Immaterial Asset Acquisitions \| Land
Business Acquisition [Line Items]
Land held-for-sale	$ 4,500
Storage Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired \| blastResistantModularUnit	300
Modular Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired \| blastResistantModularUnit	500
Mobile Mini Inc and Other Asset Acquisitions
Business Acquisition [Line Items]
Integration costs	$ 3,900	$ 4,100

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations		$ 176,078	$ 0
Tank and Pump
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on working capital adjustment	$ 400
Gain on sale of discontinued operations		176,100
Discontinued Operations, Disposed of by Sale \| Tank and Pump
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business consideration amount				$ 321,900
Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business consideration amount	$ 418,100
Gain on sale of discontinued operations		$ 175,708

Discontinued Operations - Income From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 565,468	$ 451,171
Costs of leasing and services:
Depreciation of rental equipment	59,156	57,548
Gross profit	323,128	234,061
Expenses:
Selling, general and administrative	150,892	138,144
Other depreciation and amortization	17,173	15,362
Currency losses, net	6,775	137
Other income, net	(3,359)	(1,283)
Operating income	151,647	81,701
Interest expense	44,866	30,570
Gain on sale of discontinued operations	176,078	0
Income tax expense from discontinued operations	45,468	3,664
Income from discontinued operations	134,613	12,123
Adjusted EBITDA	246,842	167,773
Tank and Pump
Expenses:
Gain on sale of discontinued operations	176,100
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	565,468	451,171
Leasing Revenue
Revenues:
Leasing	439,951	351,559
Costs of leasing and services:
Leasing	97,515	80,334
New units
Revenues:
Revenues	10,657	5,787
Total revenues	10,657	5,787
Costs of leasing and services:
Cost of sales	6,208	3,756
Rental units
Revenues:
Revenues	8,230	8,286
Total revenues	8,230	8,286
Costs of leasing and services:
Cost of sales	4,454	4,892
Discontinued Operations, Disposed of by Sale
Costs of leasing and services:
Depreciation of rental equipment		4,668
Gross profit		32,754
Expenses:
Selling, general and administrative		12,329
Other depreciation and amortization		4,241
Currency losses, net		1
Other income, net		(26)
Operating income		16,209
Interest expense		422
Income from discontinued operations before income tax and gain on sale		15,787
Income tax expense from discontinued operations		3,664
Income from discontinued operations		12,123
Adjusted EBITDA		24,050
Discontinued Operations, Disposed of by Sale \| Tank and Pump
Costs of leasing and services:
Depreciation of rental equipment		3,530
Gross profit		14,833
Expenses:
Selling, general and administrative		6,212
Other depreciation and amortization		2,416
Currency losses, net		0
Other income, net		19
Operating income		6,186
Interest expense		178
Income from discontinued operations before income tax and gain on sale		6,008
Income tax expense from discontinued operations		1,513
Income from discontinued operations		4,495
Adjusted EBITDA		11,506
Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Costs of leasing and services:
Depreciation of rental equipment		1,138
Gross profit	5,544	17,921
Expenses:
Selling, general and administrative	1,486	6,117
Other depreciation and amortization		1,825
Currency losses, net	0	1
Other income, net	(1)	(45)
Operating income	4,059	10,023
Interest expense	56	244
Income from discontinued operations before income tax and gain on sale	4,003	9,779
Gain on sale of discontinued operations	175,708
Income tax expense from discontinued operations	45,468	2,151
Income from discontinued operations	134,243	7,628
Adjusted EBITDA	4,124	12,544
Discontinued Operations, Disposed of by Sale \| Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues		57,723
Discontinued Operations, Disposed of by Sale \| Total Leasing And Product And Service Revenues/Costs \| Tank and Pump
Revenues:
Total revenues		30,283
Discontinued Operations, Disposed of by Sale \| Total Leasing And Product And Service Revenues/Costs \| UK Storage Solutions
Revenues:
Total revenues	8,694	27,440
Discontinued Operations, Disposed of by Sale \| Leasing Revenue
Revenues:
Leasing		41,633
Costs of leasing and services:
Leasing		8,544
Discontinued Operations, Disposed of by Sale \| Leasing Revenue \| Tank and Pump
Revenues:
Leasing		21,062
Costs of leasing and services:
Leasing		4,307
Discontinued Operations, Disposed of by Sale \| Leasing Revenue \| UK Storage Solutions
Revenues:
Leasing	6,389	20,571
Costs of leasing and services:
Leasing	1,407	4,237
Discontinued Operations, Disposed of by Sale \| Modular Deliver and Installation
Revenues:
Revenues		14,792
Costs of leasing and services:
Cost of sales		10,935
Discontinued Operations, Disposed of by Sale \| Modular Deliver and Installation \| Tank and Pump
Revenues:
Revenues		8,325
Costs of leasing and services:
Cost of sales		7,011
Discontinued Operations, Disposed of by Sale \| Modular Deliver and Installation \| UK Storage Solutions
Revenues:
Revenues	1,802	6,467
Costs of leasing and services:
Cost of sales	1,213	3,924
Discontinued Operations, Disposed of by Sale \| New units
Revenues:
Revenues		810
Costs of leasing and services:
Cost of sales		570
Discontinued Operations, Disposed of by Sale \| New units \| Tank and Pump
Revenues:
Revenues		682
Costs of leasing and services:
Cost of sales		507
Discontinued Operations, Disposed of by Sale \| New units \| UK Storage Solutions
Revenues:
Revenues	54	128
Costs of leasing and services:
Cost of sales	38	63
Discontinued Operations, Disposed of by Sale \| Rental units
Revenues:
Revenues		488
Costs of leasing and services:
Cost of sales		252
Discontinued Operations, Disposed of by Sale \| Rental units \| Tank and Pump
Revenues:
Revenues		214
Costs of leasing and services:
Cost of sales		95
Discontinued Operations, Disposed of by Sale \| Rental units \| UK Storage Solutions
Revenues:
Revenues	449	274
Costs of leasing and services:
Cost of sales	$ 492	$ 157

Discontinued Operations - Discontinued Operations Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 15,918	$ 7,390
Trade receivables, net of allowances for doubtful accounts of $300	415,344	409,766
Inventories	42,007	41,030
Prepaid expenses and other current assets	42,684	31,635
Rental equipment, net	3,128,061	3,077,287
Property, plant and equipment, net	305,608	304,659
Operating lease assets	219,926	219,405
Goodwill	1,011,513	1,011,429	$ 1,013,601
Intangible assets, net	413,188	419,125
Other non-current assets	6,578	6,683
Liabilities
Accounts payable	92,057	108,071
Accrued expenses	120,838	110,820
Accrued employee benefits	28,803	56,340
Deferred revenue and customer deposits	199,274	203,793
Deferred tax liabilities	464,798	401,453
Operating lease liabilities	169,914	169,618
Other non-current liabilities	29,100	18,537
Allowance for doubtful accounts	$ 61,402	57,048
Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Assets
Cash and cash equivalents		10,384
Trade receivables, net of allowances for doubtful accounts of $300		15,991
Inventories		3,058
Prepaid expenses and other current assets		1,787
Rental equipment, net		165,853
Property, plant and equipment, net		20,645
Operating lease assets		15,134
Goodwill		58,144
Intangible assets, net		6,414
Other non-current assets		1,832
Total assets held for sale		299,242
Liabilities
Accounts payable		4,515
Accrued expenses		3,273
Accrued employee benefits		1,009
Deferred revenue and customer deposits		6,850
Deferred tax liabilities		29,737
Operating lease liabilities		15,192
Other non-current liabilities		6,278
Total liabilities held for sale		66,854
Allowance for doubtful accounts		$ 300

Discontinued Operations - Cash Flows From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities of discontinued operations:
Depreciation and amortization	$ 76,329	$ 81,820
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	7,781	14,554
Purchase of rental equipment and refurbishments	(47,128)	(95,236)
Proceeds from the sale of property, plant and equipment	258	260
Purchase of property, plant and equipment	(6,736)	(10,481)
Discontinued Operations, Disposed of by Sale \| Tank and Pump
Operating activities of discontinued operations:
Depreciation and amortization		5,946
Investing activities of discontinued operations:
Proceeds from sale of rental equipment		214
Purchase of rental equipment and refurbishments		(7,873)
Purchase of property, plant and equipment		(82)
Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Operating activities of discontinued operations:
Depreciation and amortization	0	2,963
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	514	274
Purchase of rental equipment and refurbishments	(371)	(9,615)
Proceeds from the sale of property, plant and equipment	8	255
Purchase of property, plant and equipment	$ (64)	$ (2,265)

Discontinued Operations - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations	$ 134,613	$ 12,123
Gain on sale of discontinued operations	176,078	0
Income tax expense from discontinued operations	45,468	3,664
Interest expense	44,866	30,570
Currency losses, net	6,775	137
Adjusted EBITDA from discontinued operations	246,842	167,773
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		12,123
Income tax expense from discontinued operations		3,664
Income from discontinued operations before income tax and gain on sale		15,787
Interest expense		422
Currency losses, net		1
Adjusted EBITDA from discontinued operations		24,050
Tank and Pump \| 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		4,495
Income tax expense from discontinued operations		1,513
Income from discontinued operations before income tax and gain on sale		6,008
Interest expense		178
Depreciation and amortization		5,946
Currency losses, net		0
Stock compensation expense		104
Other		(730)
Adjusted EBITDA from discontinued operations		11,506
UK Storage Solutions \| 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	134,243	7,628
Gain on sale of discontinued operations	175,708	0
Income tax expense from discontinued operations	45,468	2,151
Income from discontinued operations before income tax and gain on sale	4,003	9,779
Interest expense	56	244
Depreciation and amortization	0	2,963
Currency losses, net	0	1
Stock compensation expense	(196)	18
Other	261	(461)
Adjusted EBITDA from discontinued operations	$ 4,124	$ 12,544

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 565,468	$ 451,171
Modular Leasing
Disaggregation of Revenue [Line Items]
Total revenues	439,951	351,559
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	224,470	190,390
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	97,315	70,703
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	94,126	75,305
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	24,040	15,161
Total leasing and services revenue
Disaggregation of Revenue [Line Items]
Total revenues	546,581	437,098
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	106,630	85,539
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	10,657	5,787
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	8,230	8,286
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	5,600	5,900
US
Disaggregation of Revenue [Line Items]
Total revenues	533,174	421,684
Canada
Disaggregation of Revenue [Line Items]
Total revenues	26,941	25,273
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,353	$ 4,214

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Recognition of previously deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 27.7
Deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 99.0		$ 102.2
Modular Leasing \| Revenues \| Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	77.00%	77.00%

Revenue - Rollforward of Accounts and Notes Receivable, Allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 57,048	$ 45,773
Provision for credit losses, net of recoveries	8,803	8,311
Write-offs	(4,537)	(7,010)
Foreign currency translation and other	88	50
Balance at end of period	$ 61,402	$ 47,124

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating
2023 (remaining)	$ 46,323
2024	54,591
2025	45,588
2026	33,680
2027	22,750
Thereafter	57,028
Total lease payments	259,960
Less: interest	(38,970)
Present value of lease liabilities	220,990
Finance
2023 (remaining)	12,694
2024	15,259
2025	14,932
2026	14,618
2027	11,372
Thereafter	20,080
Total lease payments	88,955
Less: interest	(9,090)
Present value of lease liabilities	$ 79,865	$ 74,370
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term debt

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Finance Lease Expense
Amortization of finance lease assets	$ 3,761	$ 3,333
Interest on obligations under finance leases	759	429
Total finance lease expense	4,520	3,762
Operating Lease Expense
Total operating lease expense	26,753	28,339
Cost of leasing and services
Operating Lease Expense
Fixed lease expense	420	825
Short-term lease expense	6,654	8,862
Variable lease expense	1,026	1,287
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	15,717	14,930
Short-term lease expense	462	668
Variable lease expense	$ 2,474	$ 1,767

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 16,693	$ 15,753
Operating cash outflows from finance leases	728	412
Financing cash outflows from finance leases	3,446	3,848
Right of use assets obtained in exchange for lease obligations	8,741	8,794
Right-Of-Use Asset Obtained In Exchange For Finance Lease Liability, Continuing Operations	8,913	5,411
Assets obtained in exchange for finance leases	$ 8,907	$ 7,011

Leases - Lease Terms and Discount Rates (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term - operating leases	5 years 8 months 12 days	5 years 9 months 18 days
Weighted average discount rate - operating leases	5.50%	5.40%
Weighted average remaining lease term - finance leases	5 years	5 years 1 month 6 days
Weighted average discount rate - finance leases	3.50%	3.40%

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 38,827	$ 38,611
Finished units	3,180	2,419
Inventories	$ 42,007	$ 41,030

Rental Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 4,343,604	$ 4,250,416
Less: accumulated depreciation	(1,215,543)	(1,173,129)
Rental equipment, net	3,128,061	3,077,287
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,292,264	3,197,779
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	848,982	849,193
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 202,358	$ 203,444

Goodwill and Intangibles - Goodwill Activity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,011,429	$ 1,013,601
Effects of movements in foreign exchange rates	84	(2,172)
Goodwill, end of period	1,011,513	1,011,429
Modular
Goodwill [Roll Forward]
Goodwill, beginning of period	518,877	521,049
Effects of movements in foreign exchange rates	84	(2,172)
Goodwill, end of period	518,961	518,877
Storage
Goodwill [Roll Forward]
Goodwill, beginning of period	492,552	492,552
Effects of movements in foreign exchange rates	0	0
Goodwill, end of period	$ 492,552	$ 492,552

- 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 and Intangibles - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0		$ 0
Amortization expense for intangible assets	$ 5,900,000	$ 5,900,000

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Intangible assets subject to amortization:
Accumulated amortization	$ (65,312)	$ (59,375)
Net book value	124,188
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	478,500	478,500
Accumulated amortization	(65,312)	(59,375)
Net book value	413,188	419,125
Trade name - Mobile Mini
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross carrying amount	164,000	164,000
Trade name - WillScot
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross carrying amount	$ 125,000	$ 125,000
Mobile Mini customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	5 years 3 months 18 days	5 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 188,000	$ 188,000
Accumulated amortization	(64,625)	(58,750)
Net book value	123,375	129,250
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (64,625)	$ (58,750)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	3 years 3 months 18 days	3 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Accumulated amortization	(687)	(625)
Net book value	813	875
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (687)	$ (625)

Goodwill and Intangibles - Future Amortization (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining)	$ 17,813
2024	23,750
2025	23,750
2026	23,625
2027	23,500
Thereafter	11,750
Net book value	$ 124,188

Debt - Carrying Value of Debt Outstanding (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance Leases	$ 79,865,000	$ 74,370,000
Total debt	2,889,967,000	3,076,366,000
Less: current portion of long-term debt	13,514,000	13,324,000
Total long-term debt	$ 2,876,453,000	$ 3,063,042,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total long-term debt	Total long-term debt
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%
Long-term debt	$ 520,931,000	$ 520,350,000
Unamortized debt issuance costs	$ 5,600,000	6,200,000
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Long-term debt	$ 493,723,000	493,470,000
Unamortized debt issuance costs	6,300,000	6,500,000
Line of Credit \| ABL Facility - Multicurrency Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	1,795,448,000	1,988,176,000
Outstanding principal	0	0
Unamortized debt issuance costs	$ 2,400,000	$ 2,500,000

Debt - Narrative (Details) - USD ($)		3 Months Ended
Debt - Narrative (Details) - USD ($)	Jan. 07, 2022	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Jul. 01, 2020
Debt Instrument [Line Items]
Present value of lease liabilities		$ 79,865,000	$ 74,370,000
Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Credit spread	0.10%
Asset Based Liability Facility Due 2027 \| Line of Credit \| SOFR And Canadian BA Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Asset Based Liability Facility Due 2027 \| Line of Credit \| Base Rate And Canadian BA Rate
Debt Instrument [Line Items]
Debt instrument, variable rate, step down percentage	0.25%
Debt instrument, variable rate, step up percentage	0.25%
Asset Based Liability Facility Due 2027 \| Line of Credit \| Base Rate And Canadian BA Rate \| Canada, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Unamortized debt issuance costs			31,800,000
Revolving Credit Facility \| 2020 ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility					$ 2,400,000,000
Revolving Credit Facility \| 2020 ABL Facility - US Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility					2,000,000,000
Revolving Credit Facility \| 2020 ABL Facility - Multicurrency Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility					$ 400,000,000
Outstanding principal		0	0
Unamortized debt issuance costs		2,400,000	$ 2,500,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		$ 3,000,000,000		$ 3,700,000,000
Commitment fee	0.20%
Weighted average interest rate for borrowings		6.52%
Available borrowing capacity		$ 1,100,000,000
Letters of credit amount outstanding		14,400,000
Outstanding principal		1,800,000,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 - US Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility				3,300,000,000
Available borrowing capacity		972,500,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 - Multicurrency Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility				$ 400,000,000
Available borrowing capacity		162,000,000
Revolving Credit Facility \| ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Unamortized debt issuance costs		30,100,000
Letter of Credit \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		$ 205,600,000
Commitment fee		1.625%
Swingline Loans \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		$ 200,500,000

Equity - Narrative (Details) - USD ($)	3 Months Ended
Equity - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Jul. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from the exercise of options and warrants (in shares)	360,725
Authorized share repurchase program			$ 1,000,000,000
Shares repurchased (in shares)	4,589,308
Shares repurchased	$ 215,700,000
Remaining authorized share repurchase program	415,100,000
Reclassifications to consolidated statement of operations	1,526,000	$ (2,890,000)
Reclassifications to consolidated statement of operations, tax (benefit) expense	(400,000)	700,000
Unrealized losses on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations	1,526,000	(2,890,000)
Interest rate swap \| Unrealized losses on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations	$ 1,500,000	$ (2,900,000)

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,565,300	$ 1,996,763
Other comprehensive income (loss) before reclassifications	8,793	(4,643)
Reclassifications from AOCI to income	(1,526)	2,890
Ending balance	1,563,924	1,966,185
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(70,122)	(29,071)
Ending balance	(62,855)	(30,824)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(70,122)	(25,574)
Other comprehensive income (loss) before reclassifications	7,934	(4,074)
Reclassifications from AOCI to income	0	0
Ending balance	(62,188)	(29,648)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	(3,497)
Other comprehensive income (loss) before reclassifications	859	(569)
Reclassifications from AOCI to income	(1,526)	2,890
Ending balance	$ (667)	$ (1,176)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense from continuing operations	$ 30.5	$ 12.1
Effective tax rate	28.60%	23.70%

- Definition

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

+ References + Details

Derivatives - Narrative (Details)	Mar. 31, 2023	Jan. 31, 2023 USD ($) derivativeAgreement Rate	Dec. 31, 2022 USD ($)	Dec. 31, 2018 USD ($)
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Notational amount		$ 750,000,000		$ 400,000,000
Fixed rate		3.44%		3.06%
Derivative, number of instruments held \| derivativeAgreement		2
Receive rate	4.79%
Foreign currency contract
Derivative Instruments, Gain (Loss) [Line Items]
Notational amount			$ 330,000,000
Exchange rate \| Rate		120.50%
Foreign currency contract \| Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Price range			1.20550
Foreign currency contract \| Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Price range			1.20440

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Interest rate swap
Derivative [Line Items]
Prepaid expenses and other current assets	$ 8,646
Other non-current liabilities	$ (9,394)
Foreign currency contract
Derivative [Line Items]
Prepaid expenses and other current assets		$ 930

Derivatives - Impact of Interest Rate Swap (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in OCI	$ (641)	$ 3,098
Interest rate swap \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) loss reclassified from AOCI into income	(1,526)	$ 2,890
Foreign currency contract
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in OCI	$ 7,715

Fair Value Measures - Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,810,102	$ 3,001,996
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	2,810,005	2,996,935
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
ABL Facility \| Carrying Amount \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,795,448	1,988,176
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	1,825,500	2,020,000
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 \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	520,931	520,350
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	526,300	526,800
2025 Secured Notes \| Fair Value \| Level 3 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	493,723	493,470
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	458,205	450,135
2028 Secured Notes \| Fair Value \| Level 3 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 0	$ 0

Fair Value Measures - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs		$ 31.8
2025 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 5.6	6.2
2028 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	6.3	$ 6.5
Revolving Credit Facility \| ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 30.1

Stock-Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Number of Shares
Outstanding beginning balance (in shares)	35,244	36,176	36,176
Outstanding ending balance (in shares)	35,244	35,244	36,176
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 37.17	$ 29.30	$ 29.30
Outstanding ending balance (in USD per share)	$ 37.17	$ 37.17	$ 29.30

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 0.3	$ 0.3
Unrecognized compensation expense for awards	$ 0.2
Unrecognized compensation expense, period for recognition	2 months 12 days
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 1.8	2.2
Unrecognized compensation expense for awards	$ 21.6
Unrecognized compensation expense, period for recognition	2 years 8 months 12 days
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 5.8	3.8
Unrecognized compensation expense for awards	$ 56.2
Unrecognized compensation expense, period for recognition	2 years 1 month 6 days
Performance-Based Restricted Stock Units \| Awards Granted 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR payout percentage, minimum	0.00%
TSR payout percentage, maximum	200.00%
TSR payout percentage, target	100.00%
TSR, target	50.00%
TSR, minimum	25.00%
TSR, maximum	85.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		$ 0.2

Stock-Based Compensation - Time-Based RSU Award Activity (Details) - Time-Based Restricted Stock Units - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Number of Shares
Outstanding beginning balance (in shares)	789,779	997,451
Granted (in shares)	213,388	357,639
Forfeited (in shares)	(31,681)	(9,299)
Vested (in shares)	(281,153)	(420,184)
Outstanding ending balance (in shares)	690,333	925,607
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 26.16	$ 18.54
Granted (in USD per share)	50.74	35.53
Forfeited (in USD per share)	33.67	27.20
Vested (in USD per share)	22.40	16.21
Outstanding ending balance (in USD per share)	$ 34.95	$ 26.08

Stock-Based Compensation - Performance-Based RSU Award Activity (Details) - Performance-Based Restricted Stock Units - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Number of Shares
Outstanding beginning balance (in shares)	1,894,250	1,536,394
Granted (in shares)	376,826	745,079
Forfeited (in shares)	0	(5,046)
Vested (in shares)	(181,319)	(267,964)
Outstanding ending balance (in shares)	2,089,757	2,008,463
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 33.67	$ 26.34
Granted (in USD per share)	69.32	42.34
Forfeited (in USD per share)	0	39.10
Vested (in USD per share)	16.82	13.22
Outstanding ending balance (in USD per share)	$ 41.56	$ 33.99

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
WillScot Options
Options
Outstanding beginning balance (in shares)	534,188	534,188
Exercised (in shares)	0	0
Outstanding ending balance (in shares)	534,188	534,188
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 13.60	$ 13.60
Exercised (in USD per share)	0	0
Outstanding ending balance (in USD per share)	$ 13.60	$ 13.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Vested and exercisable stock options (in shares)	534,188	534,188
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share)	$ 13.60	$ 13.60
Converted Mobile Mini Options
Options
Outstanding beginning balance (in shares)	864,276	1,527,643
Exercised (in shares)	(5,774)	(227,258)
Outstanding ending balance (in shares)	858,502	1,300,385
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 12.91	$ 14.66
Exercised (in USD per share)	11.79	14.58
Outstanding ending balance (in USD per share)	$ 12.92	$ 14.67
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Vested and exercisable stock options (in shares)	858,502	1,300,385
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share)	$ 12.92	$ 14.67

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Total revenues	$ 565,468	$ 451,171
Gross Profit	$ 323,128	234,061
Storage \| Ground Level Office Businesses, Transferred from Modular Segment to Storage Segment
Segment Reporting Information [Line Items]
Total revenues		11,100
Gross Profit		$ 6,300

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Segment Reporting - Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 565,468	$ 451,171
Costs:
Depreciation of rental equipment	59,156	57,548
Gross profit	323,128	234,061
Other selected data:
Adjusted EBITDA	246,842	167,773
Selling, general and administrative expense	150,892	138,144
Purchases of rental equipment and refurbishments	46,757	77,748
Total revenues
Revenues:
Total revenues	565,468	451,171
Leasing
Revenues:
Leasing	439,951	351,559
Costs:
Leasing	97,515	80,334
Delivery and installation revenue
Revenues:
Revenues	106,630	85,539
Total revenues	106,630	85,539
Costs:
Cost of sales	75,007	70,580
New units
Revenues:
Revenues	10,657	5,787
Total revenues	10,657	5,787
Costs:
Cost of sales	6,208	3,756
Rental units
Revenues:
Revenues	8,230	8,286
Total revenues	8,230	8,286
Costs:
Cost of sales	4,454	4,892
Unallocated Costs
Other selected data:
Adjusted EBITDA	0	0
Selling, general and administrative expense	11,401	11,644
Purchases of rental equipment and refurbishments	0	0
Modular \| Operating Segments
Costs:
Depreciation of rental equipment	50,215	50,008
Gross profit	165,335	122,598
Other selected data:
Adjusted EBITDA	136,964	99,586
Selling, general and administrative expense	81,816	74,638
Purchases of rental equipment and refurbishments	39,412	57,577
Modular \| Operating Segments \| Total revenues
Revenues:
Total revenues	349,670	288,547
Modular \| Operating Segments \| Leasing
Revenues:
Leasing	269,271	223,298
Costs:
Leasing	73,582	61,330
Modular \| Operating Segments \| Delivery and installation revenue
Revenues:
Revenues	64,821	54,332
Costs:
Cost of sales	51,503	47,906
Modular \| Operating Segments \| New units
Revenues:
Revenues	8,921	4,844
Costs:
Cost of sales	5,665	3,256
Modular \| Operating Segments \| Rental units
Revenues:
Revenues	6,657	6,073
Costs:
Cost of sales	3,370	3,449
Storage \| Operating Segments
Costs:
Depreciation of rental equipment	8,941	7,540
Gross profit	157,793	111,463
Other selected data:
Adjusted EBITDA	109,878	68,187
Selling, general and administrative expense	57,675	51,862
Purchases of rental equipment and refurbishments	7,345	20,171
Storage \| Operating Segments \| Total revenues
Revenues:
Total revenues	215,798	162,624
Storage \| Operating Segments \| Leasing
Revenues:
Leasing	170,680	128,261
Costs:
Leasing	23,933	19,004
Storage \| Operating Segments \| Delivery and installation revenue
Revenues:
Revenues	41,809	31,207
Costs:
Cost of sales	23,504	22,674
Storage \| Operating Segments \| New units
Revenues:
Revenues	1,736	943
Costs:
Cost of sales	543	500
Storage \| Operating Segments \| Rental units
Revenues:
Revenues	1,573	2,213
Costs:
Cost of sales	$ 1,084	$ 1,443

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Income from continuing operations	$ 76,271	$ 39,048
Income tax expense from continuing operations	30,510	12,083
Interest expense	44,866	30,570
Currency losses, net	6,775	137
Adjusted EBITDA	246,842	167,773
Continuing Operations
Segment Reporting Information [Line Items]
Income from continuing operations	76,271	39,048
Income tax expense from continuing operations	30,510	12,083
Interest expense	44,866	30,570
Depreciation and amortization	76,329	72,910
Currency losses, net	6,775	137
Restructuring costs, lease impairment expense and other related charges	22	263
Transaction costs	0	13
Integration costs	3,873	4,087
Stock compensation expense	8,150	6,273
Other	46	2,389
Adjusted EBITDA	$ 246,842	$ 167,773

Earnings Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Income from continuing operations	$ 76,271	$ 39,048
Income from discontinued operations	134,613	12,123
Income from continuing operations	210,884	51,171
Net income	$ 210,884	$ 51,171
Denominator:
Weighted average Common Shares outstanding - basic (in shares)	206,092,169	223,490,912
Warrants (in shares)	0	1,889,000
Weighted average Common Shares outstanding - dilutive (in shares)	209,663,985	228,955,504
RSAs
Denominator:
Awards (in shares)	27,000	27,000
Time-based RSUs
Denominator:
Awards (in shares)	326,000	483,000
Performance-based RSUs
Denominator:
Awards (in shares)	2,206,000	1,819,000
Stock Options
Denominator:
Awards (in shares)	1,013,000	1,246,000

Earnings Per Share - Narrative (Details)	3 Months Ended
Earnings Per Share - Narrative (Details)	Mar. 31, 2022 shares
Performance-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	555,790