0001647088-23-000071 | 10-Q | XBRL Viewer | Willscot Mobile Mini Holdings Corp

Leases (Tables)

6 Months Ended

Jun. 30, 2023

As of June 30, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2023 (remaining)	$	33,230	$	8,905
2024	60,869		17,994
2025	51,326		17,667
2026	39,676		17,351
2027	29,208		14,099
Thereafter	62,057		26,651
Total lease payments	276,366		102,667
Less: interest	(40,937)		(11,939)
Present value of lease liabilities	$	235,429	$	90,728

Schedule of Finance Lease Maturities

As of June 30, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2023 (remaining)	$	33,230	$	8,905
2024	60,869		17,994
2025	51,326		17,667
2026	39,676		17,351
2027	29,208		14,099
Thereafter	62,057		26,651
Total lease payments	276,366		102,667
Less: interest	(40,937)		(11,939)
Present value of lease liabilities	$	235,429	$	90,728

Schedule of Lease Activity

The Company’s lease activity during the six months ended June 30, 2023 and 2022 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2023		2022
Finance Lease Expense
Amortization of finance lease assets	$	7,580	$	6,820
Interest on obligations under finance leases	1,566		839
Total finance lease expense	$	9,146	$	7,659

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	723	$	1,574
Selling, general and administrative	32,006		29,709

Short-term lease expense
Cost of leasing and services	12,404		16,739
Selling, general and administrative	905		986

Variable lease expense
Cost of leasing and services	1,675		2,822
Selling, general and administrative	4,847		3,419

Total operating lease expense	$	52,560	$	55,249

Supplemental cash flow information related to leases for the six months ended June 30, 2023 and 2022 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2023		2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	33,501	$	30,918
Operating cash outflows from finance leases	$	1,515	$	837
Financing cash outflows from finance leases	$	8,087	$	7,506

Right of use assets obtained in exchange for lease obligations	$	36,604	$	19,030
Assets obtained in exchange for finance leases	$	24,382	$	14,576

Weighted-Average Remaining Operating Lease Term and Weighted Average Discount Rate

Weighted average remaining operating lease terms and the weighted average discount rates as of June 30, 2023 and December 31, 2022 were as follows:


Lease Terms and Discount Rates	June 30, 2023		December 31, 2022
Weighted average remaining lease term - operating leases	5.6 years		5.8 years
Weighted average discount rate - operating leases	5.6	%	5.0	%
Weighted average remaining lease term - finance leases	5.1 years		4.9 years
Weighted average discount rate - finance leases	4.1	%	3.1	%

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

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


(in thousands)	June 30, 2023		December 31, 2022
Raw materials	$	40,971	$	38,611
Finished units	3,389		2,419
Inventories	$	44,360	$	41,030

Stock-Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Shares
Outstanding beginning balance (in shares)	35,244	36,176
Granted (in shares)	25,483	35,244
Vested (in shares)	(35,244)	(36,176)
Outstanding ending balance (in shares)	25,483	35,244
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 37.17	$ 29.30
Granted (in USD per share)	44.59	37.17
Vested (in USD per share)	37.17	29.30
Outstanding ending balance (in USD per share)	$ 44.59	$ 37.17

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Interest rate swap
Derivative [Line Items]
Prepaid expenses and other current assets	$ 13,215
Other non-current assets	$ 3,134
Foreign currency contract
Derivative [Line Items]
Accrued liabilities		$ 930

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 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, 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	124,547
Other comprehensive income (loss)	(26,205)
Ending balance (in shares) at Jun. 30, 2022		216,091,000
Ending balance at Jun. 30, 2022	1,773,950	$ 22	3,295,747	(55,276)	(1,466,543)
Beginning balance (in shares) at Mar. 31, 2022		223,174,000
Beginning balance at Mar. 31, 2022	1,966,185	$ 22	3,536,906	(30,824)	(1,539,919)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73,376				73,376
Other comprehensive income (loss)	(24,452)			(24,452)
Withholding taxes on net share settlement of stock-based compensation	(1,075)		(1,075)
Stock-based compensation and issuance of Common Stock from vesting (in shares)		70,000
Stock-based compensation and issuance of Common Stock from vesting	9,292		9,292
Repurchase and cancellation of Common Stock (in shares)		(7,222,000)
Repurchase and cancellation of Common Stock	(249,515)		(249,515)
Issuance of Common Stock from the exercise of options and warrants (in shares)		69,000
Issuance of common stock from the exercise of options and warrants	139		139
Ending balance (in shares) at Jun. 30, 2022		216,091,000
Ending balance at Jun. 30, 2022	$ 1,773,950	$ 22	3,295,747	(55,276)	(1,466,543)
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
Ending balance (in shares) at Mar. 31, 2023		203,723,000
Ending balance at Mar. 31, 2023	$ 1,563,924	$ 21	2,667,424	(62,855)	(1,040,666)
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	298,613
Other comprehensive income (loss)	$ 26,013
Issuance of Common Stock from the exercise of options and warrants (in shares)	419,530
Ending balance (in shares) at Jun. 30, 2023	198,375,893	198,376,000
Ending balance at Jun. 30, 2023	$ 1,438,545	$ 20	2,435,571	(44,109)	(952,937)
Beginning balance (in shares) at Mar. 31, 2023		203,723,000
Beginning balance at Mar. 31, 2023	1,563,924	$ 21	2,667,424	(62,855)	(1,040,666)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	87,729				87,729
Other comprehensive income (loss)	18,746			18,746
Stock-based compensation and issuance of Common Stock from vesting (in shares)		35,000
Stock-based compensation and issuance of Common Stock from vesting	9,348		9,348
Repurchase and cancellation of Common Stock (in shares)		(5,406,000)
Repurchase and cancellation of Common Stock	(241,546)	$ (1)	(241,545)
Issuance of Common Stock from the exercise of options and warrants (in shares)		24,000
Issuance of common stock from the exercise of options and warrants	$ 344		344
Ending balance (in shares) at Jun. 30, 2023	198,375,893	198,376,000
Ending balance at Jun. 30, 2023	$ 1,438,545	$ 20	$ 2,435,571	$ (44,109)	$ (952,937)

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 40,971	$ 38,611
Finished units	3,389	2,419
Inventories	$ 44,360	$ 41,030

Acquisitions (Details) $ in Thousands	3 Months Ended		6 Months Ended
Acquisitions (Details) $ in Thousands	Jun. 30, 2023 USD ($) storageUnit blastResistantModularUnit	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) regionalAndLocalStorageAndModularCompany storageUnit blastResistantModularUnit	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Assets and liabilities acquired, number of entities \| regionalAndLocalStorageAndModularCompany			5
Rental equipment, net	$ 3,196,518		$ 3,196,518		$ 3,077,287
Land held-for-sale	8,924		8,924		$ 31,220
Integration costs			6,120	$ 9,280
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses			149,400
Rental equipment, net	147,900		147,900
Series of Individually Immaterial Asset Acquisitions \| Land
Business Acquisition [Line Items]
Land held-for-sale	$ 4,500		$ 4,500
Storage Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired \| storageUnit	1,800		1,800
Modular Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired \| blastResistantModularUnit	700		700
Mobile Mini Inc and Other Asset Acquisitions
Business Acquisition [Line Items]
Integration costs	$ 2,200	$ 5,200	$ 6,100	$ 9,300

Derivatives - Narrative (Details)	Jun. 30, 2023	Jan. 31, 2023 USD ($) derivativeAgreement Rate	Dec. 31, 2022 GBP (£) USD ($)	Dec. 31, 2018 USD ($)
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Notational amount		$ 750,000,000		$ 400,000,000
Fixed rate		3.44%		3.06%
Derivative, number of instruments held \| derivativeAgreement		2
Receive rate	5.08%
Foreign currency contract
Derivative Instruments, Gain (Loss) [Line Items]
Notational amount \| £			£ 330,000,000
Exchange rate \| Rate		120.50%
Foreign currency contract \| Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Price range			1.20550
Foreign currency contract \| Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Price range			1.20440

Earnings Per Share - Schedule of Anti-dilutive securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	583,000	1,253,000	398,000	904,000
Time-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	210,000	0	211,000	0
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	373,000	1,253,000	187,000	904,000

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible assets subject to amortization:
Accumulated amortization	$ (71,250)	$ (59,375)
Net book value	118,250
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	478,500	478,500
Accumulated amortization	(71,250)	(59,375)
Net book value	407,250	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	5 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 188,000	$ 188,000
Accumulated amortization	(70,500)	(58,750)
Net book value	117,500	129,250
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (70,500)	$ (58,750)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	3 years	3 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Accumulated amortization	(750)	(625)
Net book value	750	875
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (750)	$ (625)

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

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


(in thousands)	June 30, 2023		December 31, 2022
Raw materials	$	40,971	$	38,611
Finished units	3,389		2,419
Inventories	$	44,360	$	41,030

Fair Value Measures - Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,958,745	$ 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	2,958,598	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	1,943,243	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	1,973,819	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	521,523	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	524,989	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	493,979	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	459,790	450,135
2028 Secured Notes \| Fair Value \| Level 3 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 0	$ 0

Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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


(in thousands)	Balance Sheet Location	June 30, 2023
Cash Flow Hedges:
Interest rate swap	Prepaid expenses and other current assets	$	13,215
Interest rate swap	Other non-current assets	$	3,134

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

The following table discloses the impact of the interest rate swaps, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s statements of operations for the six months ended June 30, 2023 and 2022:


(in thousands)	2023		2022
Gain recognized in OCI	$	20,666	$	4,669
Location of gain (loss) recognized in income	Interest expense, net		Interest expense, net
(Gain) loss reclassified from AOCI into income	$	(4,456)	$	4,530

The location and the impact of the foreign currency contract, excluding the impact of income taxes, on the Company’s statement of operations for the six months ended June 30, 2023 was as follows:


(in thousands)	Income Statement Location	Six Months Ended June 30, 2023
Loss recognized in income	Currency losses, net	$	7,715

Fair Value Measures - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 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	$ 5.0	6.2
2028 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	6.0	$ 6.5
Revolving Credit Facility \| ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 30.6

Goodwill and Intangibles

6 Months Ended

Jun. 30, 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	706		—		706
Balance at June 30, 2023	$	519,583	$	492,552	$	1,012,135

The Company had no goodwill impairment during the six months ended June 30, 2023 or the year ended December 31, 2022.

Intangible Assets

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


	June 30, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	5.0	$	188,000	$	(70,500)	$	117,500
Technology	3.0	1,500		(750)		750
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	$	(71,250)	$	407,250


	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 $6.0 million and $5.9 million for the three months ended June 30, 2023 and 2022, respectively, and $11.9 million and $11.8 million for the six months ended June 30, 2023 and 2022, respectively.

Based on the carrying value at June 30, 2023, future amortization of intangible assets is expected to be as follows for the years ended December 31:


(in thousands)
2023 (remaining)	$	11,875
2024	23,750
2025	23,750
2026	23,625
2027	23,500
Thereafter	11,750
Total	$	118,250

Goodwill and Intangibles - Goodwill Activity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,011,429	$ 1,013,601
Effects of movements in foreign exchange rates	706	(2,172)
Goodwill, end of period	1,012,135	1,011,429
Modular
Goodwill [Roll Forward]
Goodwill, beginning of period	518,877	521,049
Effects of movements in foreign exchange rates	706	(2,172)
Goodwill, end of period	519,583	518,877
Storage
Goodwill [Roll Forward]
Goodwill, beginning of period	492,552	492,552
Effects of movements in foreign exchange rates	0	0
Goodwill, end of period	$ 492,552	$ 492,552

- 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

Stock-Based Compensation

6 Months Ended

Jun. 30, 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 six months ended June 30, 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
Granted	25,483	$	44.59	35,244	$	37.17

Vested	(35,244)	$	37.17	(36,176)	$	29.30
Outstanding at end of period	25,483	$	44.59	35,244	$	37.17

Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.3 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively. Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.6 million and $0.6 million for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, there was $1.0 million of unrecognized compensation cost related to RSAs that is expected to be recognized over the remaining weighted average vesting period of 0.9 years.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity for the six months ended June 30, 2023 and 2022:


	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	(43,486)	$	34.67	(31,712)	$	30.45
Vested	(281,153)	$	22.40	(437,571)	$	16.61
Outstanding at end of period	678,528	$	34.91	885,807	$	25.93

Compensation expense for Time-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $2.2 million and $2.5 million for the three months ended June 30, 2023 and 2022, respectively. Compensation expense for RSUs recognized in SG&A on the condensed consolidated statements of operations was $4.0 million and $4.7 million for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, unrecognized compensation cost related to Time-Based RSUs totaled $19.0 million and is expected to be recognized over the remaining weighted average vesting period of 2.5 years.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU award activity for the six months ended June 30, 2023 and 2022:


	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	$	69.52	745,079	$	42.34
Forfeited	(985)	$	69.52	(30,712)	$	41.81
Vested	(181,319)	$	16.82	(313,152)	$	16.45
Outstanding at end of period	2,088,772	$	41.54	1,937,609	$	33.84

Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $6.9 million and $6.5 million for the three months ended June 30, 2023 and 2022, respectively. Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $12.7 million and $10.3 million for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, unrecognized compensation cost related to Performance-Based RSUs totaled $49.2 million and is expected to be recognized over the remaining vesting period of 1.9 years.

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

Stock Options

The following table summarizes the Company's stock option activity for the six months ended June 30, 2023:


	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	—	$	—	(29,335)	$	14.06
Outstanding at end of period	534,188	$	13.60	834,941	$	12.87

Fully vested and exercisable options, June 30, 2023	534,188	$	13.60	834,941	$	12.87

The following table summarizes the Company's stock option activity for the six months ended June 30, 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	—	$	—	(237,819)	$	14.51
Outstanding at end of period	534,188	$	13.60	1,289,824	$	14.68

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

WillScot Options

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

Discontinued Operations

6 Months Ended

Jun. 30, 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.


	Six Months Ended June 30, 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 six months ended June 30, 2023.


	Three Months Ended June 30, 2022
(in thousands)	Tank and Pump		UK Storage Solutions		Total
Revenues:
Leasing and services revenue:
Leasing	$	22,078	$	20,156	$	42,234
Delivery and installation	9,219		5,342		14,561
Sales revenue:
New units	678		489		1,167
Rental units	110		679		789
Total revenues	32,085		26,666		58,751
Costs:
Costs of leasing and services:
Leasing	4,608		4,193		8,801
Delivery and installation	7,640		3,410		11,050
Costs of sales:
New units	496		322		818
Rental units	(23)		500		477
Depreciation of rental equipment	2,793		1,154		3,947
Gross profit	16,571		17,087		33,658
Expenses:
Selling, general and administrative	6,289		5,652		11,941
Other depreciation and amortization	2,413		1,690		4,103

Currency losses, net	—		46		46
Other expense, net	1		5		6
Operating income	7,868		9,694		17,562
Interest expense	190		232		422
Income from discontinued operations before income tax	7,678		9,462		17,140
Income tax expense from discontinued operations	1,997		1,866		3,863
Income from discontinued operations	$	5,681	$	7,596	$	13,277
Other selected data:
Adjusted EBITDA from discontinued operations	$	12,462	$	12,230	$	24,692


	Six Months Ended June 30, 2022
(in thousands)	Tank and Pump		UK Storage Solutions		Total
Revenues:
Leasing and services revenue:
Leasing	$	43,140	$	40,727	$	83,867
Delivery and installation	17,544		11,809		29,353
Sales revenue:					—
New units	1,360		617		1,977
Rental units	324		953		1,277
Total revenues	62,368		54,106		116,474
Costs:
Costs of leasing and services:
Leasing	8,915		8,430		17,345
Delivery and installation	14,651		7,334		21,985
Costs of sales:
New units	1,003		385		1,388
Rental units	72		657		729
Depreciation of rental equipment	6,323		2,292		8,615
Gross profit	31,404		35,008		66,412
Expenses:
Selling, general and administrative	12,501		11,769		24,270
Other depreciation and amortization	4,829		3,515		8,344

Currency losses, net	—		47		47
Other expense (income), net	20		(40)		(20)
Operating income	14,054		19,717		33,771
Interest expense	368		476		844
Income from discontinued operations before income tax	13,686		19,241		32,927
Income tax expense from discontinued operations	3,510		4,017		7,527
Income from discontinued operations	$	10,176	$	15,224	$	25,400
Other selected data:
Adjusted EBITDA from discontinued operations	$	23,968	$	24,774	$	48,742


	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 six months ended June 30, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:


(in thousands)	Six Months Ended June 30, 2022
Operating activities of discontinued operations:
Depreciation and amortization	$	11,152
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	325
Purchases of rental equipment and refurbishments	$	(13,658)

Purchases of property, plant and equipment	$	(170)

The following table presents a reconciliation of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former Tank and Pump segment for the three and six months ended June 30, 2022. See Note 16 for further information regarding Adjusted EBITDA.


(in thousands)	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Income from discontinued operations	$	5,681	$	10,176

Income tax expense from discontinued operations	1,997		3,510
Income from discontinued operations before income tax	7,678		13,686
Interest expense	190		368
Depreciation and amortization	5,206		11,152




Stock compensation expense	135		239
Other	(747)		(1,477)
Adjusted EBITDA from discontinued operations	$	12,462	$	23,968

For the six months ended June 30, 2023 and 2022, significant operating and investing items related to the former UK Storage Solutions segment were as follows:


	Six Months Ended June 30,
(in thousands)	2023		2022
Operating activities of discontinued operations:
Depreciation and amortization	$	—	$	5,807
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	514	$	953
Purchases of rental equipment and refurbishments	$	(371)	$	(17,219)
Proceeds from sale of property, plant and equipment	$	8	$	502
Purchases of property, plant and equipment	$	(64)	$	(3,188)

The following table presents reconciliations of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former UK Storage Solutions segment for the three and six months ended June 30, 2023 and 2022, respectively. See Note 16 for further information regarding Adjusted EBITDA.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Income from discontinued operations	$	—	$	7,596	$	134,243	$	15,224
Gain on sale of discontinued operations	—		—		175,708		—
Income tax expense from discontinued operations	—		1,866		45,468		4,017
Income from discontinued operations before income tax and gain on sale	—		9,462		4,003		19,241
Interest expense	—		232		56		476
Depreciation and amortization	—		2,844		—		5,807
Currency losses, net	—		46		—		47



Stock compensation expense			29		(196)		47
Other			(383)		261		(844)
Adjusted EBITDA from discontinued operations	$	—	$	12,230	$	4,124	$	24,774

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Recognition of previously deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 26.2
Deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 104.8		$ 104.8		$ 102.2
Modular Leasing \| Revenues \| Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	76.00%	73.00%	76.00%	75.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Equity - Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended
Equity - Narrative (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	May 31, 2023
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from the exercise of options and warrants (in shares)					419,530
Authorized share repurchase program							$ 1,000,000,000
Shares repurchased (in shares)					9,995,319
Shares repurchased					$ 454,900,000
Remaining authorized share repurchase program	$ 854,100,000				854,100,000
Reclassifications to consolidated statement of operations	2,930,000	$ 1,526,000	$ (1,640,000)	$ (2,890,000)
Reclassifications to consolidated statement of operations, tax expense (benefit)	700,000		(400,000)		1,100,000	$ (1,100,000)
Unrealized gains on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations	2,930,000	$ 1,526,000	(1,640,000)	$ (2,890,000)
Interest rate swap \| Unrealized gains on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations	$ 2,900,000		$ (1,600,000)		$ 4,500,000	$ (4,500,000)

Discontinued Operations - Cash Flows From Discontinued Operations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities of discontinued operations:
Depreciation and amortization	$ 158,125	$ 168,050
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	25,254	35,080
Purchase of rental equipment and refurbishments	(102,709)	(225,389)
Proceeds from the sale of property, plant and equipment	265	751
Purchase of property, plant and equipment	(11,189)	(20,253)
Discontinued Operations, Disposed of by Sale \| Tank and Pump
Operating activities of discontinued operations:
Depreciation and amortization		11,152
Investing activities of discontinued operations:
Proceeds from sale of rental equipment		325
Purchase of rental equipment and refurbishments		(13,658)
Purchase of property, plant and equipment		(170)
Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Operating activities of discontinued operations:
Depreciation and amortization	0	5,807
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	514	953
Purchase of rental equipment and refurbishments	(371)	(17,219)
Proceeds from the sale of property, plant and equipment	8	502
Purchase of property, plant and equipment	$ (64)	$ (3,188)

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions WillScot Mobile Mini is the holding company for the Williams Scotsman and Mobile Mini family of companies, which resulted from the combination of WillScot Corporation (“WillScot”) and Mobile Mini, Inc. (“Mobile Mini”) through a merger that occurred on July 1, 2020 (the "Merger"). Asset Acquisitions During the six months ended June 30, 2023, the Company acquired certain assets and liabilities of five regional and local storage and modular companies, which consisted primarily of approximately 1,800 storage units and 700 modular units, for $149.4 million in cash, net of cash acquired. The accompanying consolidated financial statements include $147.9 million of rental equipment and $4.5 million of land held for sale as of June 30, 2023 as a result of these acquisitions. A sale of the acquired land is expected to close before the end of the year. Integration Costs The Company recorded $2.2 million and $5.2 million in integration costs related to asset acquisitions and the Merger within selling, general and administrative expense ("SG&A") during the three months ended June 30, 2023 and 2022, respectively, and $6.1 million and $9.3 million in integration costs related to acquisitions and the Merger during the six months ended June 30, 2023 and 2022, respectively.

Leases - Lease Cost (Details) - USD ($) $ in Thousands	6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Finance Lease Expense
Amortization of finance lease assets	$ 7,580	$ 6,820
Interest on obligations under finance leases	1,566	839
Total finance lease expense	9,146	7,659
Operating Lease Expense
Total operating lease expense	52,560	55,249
Cost of leasing and services
Operating Lease Expense
Fixed lease expense	723	1,574
Short-term lease expense	12,404	16,739
Variable lease expense	1,675	2,822
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	32,006	29,709
Short-term lease expense	905	986
Variable lease expense	$ 4,847	$ 3,419

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Discontinued Operations


	Six Months Ended June 30, 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 June 30, 2022
(in thousands)	Tank and Pump		UK Storage Solutions		Total
Revenues:
Leasing and services revenue:
Leasing	$	22,078	$	20,156	$	42,234
Delivery and installation	9,219		5,342		14,561
Sales revenue:
New units	678		489		1,167
Rental units	110		679		789
Total revenues	32,085		26,666		58,751
Costs:
Costs of leasing and services:
Leasing	4,608		4,193		8,801
Delivery and installation	7,640		3,410		11,050
Costs of sales:
New units	496		322		818
Rental units	(23)		500		477
Depreciation of rental equipment	2,793		1,154		3,947
Gross profit	16,571		17,087		33,658
Expenses:
Selling, general and administrative	6,289		5,652		11,941
Other depreciation and amortization	2,413		1,690		4,103

Currency losses, net	—		46		46
Other expense, net	1		5		6
Operating income	7,868		9,694		17,562
Interest expense	190		232		422
Income from discontinued operations before income tax	7,678		9,462		17,140
Income tax expense from discontinued operations	1,997		1,866		3,863
Income from discontinued operations	$	5,681	$	7,596	$	13,277
Other selected data:
Adjusted EBITDA from discontinued operations	$	12,462	$	12,230	$	24,692


	Six Months Ended June 30, 2022
(in thousands)	Tank and Pump		UK Storage Solutions		Total
Revenues:
Leasing and services revenue:
Leasing	$	43,140	$	40,727	$	83,867
Delivery and installation	17,544		11,809		29,353
Sales revenue:					—
New units	1,360		617		1,977
Rental units	324		953		1,277
Total revenues	62,368		54,106		116,474
Costs:
Costs of leasing and services:
Leasing	8,915		8,430		17,345
Delivery and installation	14,651		7,334		21,985
Costs of sales:
New units	1,003		385		1,388
Rental units	72		657		729
Depreciation of rental equipment	6,323		2,292		8,615
Gross profit	31,404		35,008		66,412
Expenses:
Selling, general and administrative	12,501		11,769		24,270
Other depreciation and amortization	4,829		3,515		8,344

Currency losses, net	—		47		47
Other expense (income), net	20		(40)		(20)
Operating income	14,054		19,717		33,771
Interest expense	368		476		844
Income from discontinued operations before income tax	13,686		19,241		32,927
Income tax expense from discontinued operations	3,510		4,017		7,527
Income from discontinued operations	$	10,176	$	15,224	$	25,400
Other selected data:
Adjusted EBITDA from discontinued operations	$	23,968	$	24,774	$	48,742


	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 six months ended June 30, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:


(in thousands)	Six Months Ended June 30, 2022
Operating activities of discontinued operations:
Depreciation and amortization	$	11,152
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	325
Purchases of rental equipment and refurbishments	$	(13,658)

Purchases of property, plant and equipment	$	(170)


(in thousands)	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Income from discontinued operations	$	5,681	$	10,176

Income tax expense from discontinued operations	1,997		3,510
Income from discontinued operations before income tax	7,678		13,686
Interest expense	190		368
Depreciation and amortization	5,206		11,152




Stock compensation expense	135		239
Other	(747)		(1,477)
Adjusted EBITDA from discontinued operations	$	12,462	$	23,968

For the six months ended June 30, 2023 and 2022, significant operating and investing items related to the former UK Storage Solutions segment were as follows:


	Six Months Ended June 30,
(in thousands)	2023		2022
Operating activities of discontinued operations:
Depreciation and amortization	$	—	$	5,807
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	514	$	953
Purchases of rental equipment and refurbishments	$	(371)	$	(17,219)
Proceeds from sale of property, plant and equipment	$	8	$	502
Purchases of property, plant and equipment	$	(64)	$	(3,188)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Income from discontinued operations	$	—	$	7,596	$	134,243	$	15,224
Gain on sale of discontinued operations	—		—		175,708		—
Income tax expense from discontinued operations	—		1,866		45,468		4,017
Income from discontinued operations before income tax and gain on sale	—		9,462		4,003		19,241
Interest expense	—		232		56		476
Depreciation and amortization	—		2,844		—		5,807
Currency losses, net	—		46		—		47



Stock compensation expense			29		(196)		47
Other			(383)		261		(844)
Adjusted EBITDA from discontinued operations	$	—	$	12,230	$	4,124	$	24,774

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Goodwill and Intangibles - Future Amortization (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining)	$ 11,875
2024	23,750
2025	23,750
2026	23,625
2027	23,500
Thereafter	11,750
Net book value	$ 118,250

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 298,613	$ 124,547
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	158,125	168,050
Provision for credit losses	22,193	18,865
Gain on sale of discontinued operations	(176,078)	0
Gain on sale of rental equipment and other property, plant and equipment	(11,691)	(14,195)
Amortization of debt discounts and debt issuance costs	5,501	6,975
Stock-based compensation expense	17,498	15,687
Deferred income tax expense	90,675	31,072
Loss on foreign currency forward contract	7,715	0
Unrealized currency losses, net	(1,030)	(71)
Other	2,176	1,916
Changes in operating assets and liabilities:
Trade receivables	(48,641)	(60,737)
Inventories	(2,273)	(9,293)
Prepaid expenses and other assets	(2,211)	(13,907)
Operating lease assets and liabilities	37	936
Accounts payable and other accrued expenses	(19,705)	34,756
Deferred revenue and customer deposits	10,016	29,252
Net cash provided by operating activities	350,920	333,853
Investing activities:
Proceeds from sale of discontinued operations	403,992	0
Acquisitions, net of cash acquired	(149,421)	(103,927)
Proceeds from sale of rental equipment	25,254	35,080
Purchase of rental equipment and refurbishments	(102,709)	(225,389)
Payment for settlement of foreign currency forward contract	(7,715)	0
Proceeds from the sale of property, plant and equipment	265	751
Purchase of property, plant and equipment	(11,189)	(20,253)
Net cash provided by (used in) investing activities	158,477	(313,738)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options	412	3,452
Repurchase and cancellation of Common Stock and warrants	(456,297)	(319,225)
Receipts from borrowings	628,538	454,322
Payment of financing costs	0	(8,021)
Repayment of borrowings	(674,719)	(127,607)
Principal payments on finance lease obligations	(8,133)	(10,353)
Taxes paid on employee stock awards	(10,058)	(13,370)
Net cash used in financing activities	(520,257)	(20,802)
Effect of exchange rate changes on cash and cash equivalents	746	(306)
Net change in cash and cash equivalents	(10,114)	(993)
Cash and cash equivalents at the beginning of the period	17,774	12,699
Cash and cash equivalents at the end of the period	7,660	11,706
Supplemental cash flow information:
Interest paid, net	86,123	59,980
Income taxes paid, net	15,055	10,608
Assets acquired under capital leases	24,379	17,065
Capital expenditures accrued or payable	$ 18,740	$ 39,949

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense	$ 0	$ 0	$ 0	$ 0
Net gain on derivatives, net of income tax expense	$ 4,268	$ 394	$ 4,046	$ 1,171

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating
2023 (remaining)	$ 33,230
2024	60,869
2025	51,326
2026	39,676
2027	29,208
Thereafter	62,057
Total lease payments	276,366
Less: interest	(40,937)
Present value of lease liabilities	235,429
Finance
2023 (remaining)	8,905
2024	17,994
2025	17,667
2026	17,351
2027	14,099
Thereafter	26,651
Total lease payments	102,667
Less: interest	(11,939)
Present value of lease liabilities	$ 90,728	$ 74,370
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term debt

Equity

6 Months Ended

Jun. 30, 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 419,530 shares of Common Stock during the six months ended June 30, 2023.

Stock Repurchase Program

In May 2023, the Board of Directors approved an increase to the share repurchase program authorizing the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and the timing and exact amount of any repurchases will depend on various factors, including market pricing, business, legal, accounting, and other considerations.

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

During the six months ended June 30, 2023, the Company repurchased 9,995,319 shares of Common Stock for $454.9 million, excluding excise tax. As of June 30, 2023, $854.1 million of the approved share repurchase pool remained available.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2023 and 2022 were as follows:


	Six Months Ended June 30, 2023
(in thousands)	Foreign currency translation		Unrealized gains on hedging activities		Total
Balance at December 31, 2022	$	(70,122)	$	—	$	(70,122)
Other comprehensive income 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)
Other comprehensive income before reclassifications	5,915		15,761		21,676
Reclassifications from AOCI to income	—		(2,930)		(2,930)
Balance at June 30, 2023	$	(56,273)	$	12,164	$	(44,109)


	Six Months Ended June 30, 2022
(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)
Other comprehensive loss before reclassifications	(4,074)		(569)		(4,643)
Reclassifications from AOCI to income	—		2,890		2,890
Balance at March 31, 2022	(29,648)		(1,176)		(30,824)
Other comprehensive loss before reclassifications	(25,628)		(464)		(26,092)
Reclassifications from AOCI to income	—		1,640		1,640
Balance at June 30, 2022	$	(55,276)	$	—	$	(55,276)

For the three months ended June 30, 2023 and 2022, a gain of $2.9 million and a loss of $1.6 million, respectively, were reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps. For the six months ended June 30, 2023 and 2022, a gain of $4.5 million and a loss of $4.5 million, respectively, were reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps. The interest rate swaps are discussed in Note 12. Associated with these reclassifications, the Company recorded tax expense of $0.7 million and a tax benefit of $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and tax expense of $1.1 million and a tax benefit of $1.1 million for the six months ended June 30, 2023 and 2022, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Income from continuing operations	$ 87,729	$ 60,099	$ 164,000	$ 99,147
Income tax expense from continuing operations	31,565	20,848	62,075	32,931
Interest expense	47,246	33,153	92,112	63,723
Depreciation and amortization			158,125	151,091
Currency losses (gains), net	14	(173)	6,789	(36)
Restructuring costs, lease impairment expense and other related charges (income)			22	168
Transaction costs			0	35
Integration costs			6,120	9,280
Stock compensation expense			17,498	15,401
Adjusted EBITDA from continuing operations	261,341	208,643	508,183	376,416
Continuing Operations
Segment Reporting Information [Line Items]
Income from continuing operations	87,729	60,099	164,000	99,147
Income tax expense from continuing operations	31,565	20,848	62,075	32,931
Interest expense	47,246	33,153
Depreciation and amortization	81,796	78,181
Currency losses (gains), net	14	(173)
Restructuring costs, lease impairment expense and other related charges (income)	0	(95)
Transaction costs	0	22
Integration costs	2,247	5,193
Stock compensation expense	9,348	9,128
Other	1,396	2,287	$ 1,442	$ 4,676
Adjusted EBITDA from continuing operations	$ 261,341	$ 208,643

Leases - Lease Terms and Discount Rates (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term - operating leases	5 years 7 months 6 days	5 years 9 months 18 days
Weighted average discount rate - operating leases	5.60%	5.00%
Weighted average remaining lease term - finance leases	5 years 1 month 6 days	4 years 10 months 24 days
Weighted average discount rate - finance leases	4.10%	3.10%

Stock-Based Compensation - Time-Based RSU Award Activity (Details) - Time-based RSUs - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Shares
Outstanding beginning balance (in shares)	789,779	997,451
Granted (in shares)	213,388	357,639
Forfeited (in shares)	(43,486)	(31,712)
Vested (in shares)	(281,153)	(437,571)
Outstanding ending balance (in shares)	678,528	885,807
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 26.16	$ 18.54
Granted (in USD per share)	50.74	35.53
Forfeited (in USD per share)	34.67	30.45
Vested (in USD per share)	22.40	16.61
Outstanding ending balance (in USD per share)	$ 34.91	$ 25.93

Goodwill and Intangibles - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss			$ 0		$ 0
Amortization expense for intangible assets	$ 6,000,000	$ 5,900,000	$ 11,900,000	$ 11,800,000

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information regarding each of the Company’s reportable segments for the three and six months ended June 30, 2023 and 2022, respectively.


	Three Months Ended June 30, 2023
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	281,095	$	168,225			$	449,320
Delivery and installation	75,168		37,586				112,754
Sales revenue:
New units	7,171		1,833				9,004
Rental units	7,241		3,770				11,011
Total revenues	370,675		211,414				582,089

Costs:
Cost of leasing and services:
Leasing	77,342		21,214				98,556
Delivery and installation	58,543		22,806				81,349
Cost of sales:
New units	3,855		940				4,795
Rental units	3,191		1,876				5,067
Depreciation of rental equipment	55,004		9,446				64,450
Gross profit	$	172,740	$	155,132			$	327,872
Other selected data:
Adjusted EBITDA from continuing operations	$	151,443	$	109,898	$	—	$	261,341
Selling, general and administrative expense	$	79,397	$	54,710	$	12,703	$	146,810
Purchases of rental equipment and refurbishments	$	50,371	$	5,210	$	—	$	55,581


	Three Months Ended June 30, 2022
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	241,525	$	144,861			$	386,386
Delivery and installation	71,988		38,853				110,841
Sales revenue:
New units	8,450		1,477				9,927
Rental units	13,291		2,445				15,736
Total revenues	335,254		187,636				522,890

Costs:
Cost of leasing and services:
Leasing	65,446		22,665				88,111
Delivery and installation	57,615		24,922				82,537
Cost of sales:
New units	4,209		1,112				5,321
Rental units	6,878		1,600				8,478
Depreciation of rental equipment	54,495		8,735				63,230
Gross profit	$	146,611	$	128,602			$	275,213
Other selected data:
Adjusted EBITDA from continuing operations	$	122,824	$	85,819	$	—	$	208,643
Selling, general and administrative expense	$	82,366	$	52,492	$	15,271	$	150,129
Purchases of rental equipment and refurbishments	$	82,482	$	34,282	$	—	$	116,764


	Six Months Ended June 30, 2023
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	550,366	$	338,905			$	889,271
Delivery and installation	139,989		79,395				219,384
Sales revenue:
New units	16,092		3,569				19,661
Rental units	13,898		5,343				19,241
Total revenues	720,345		427,212				1,147,557

Costs:
Cost of leasing and services:
Leasing	150,924		45,147				196,071
Delivery and installation	110,046		46,310				156,356
Cost of sales:
New units	9,520		1,483				11,003
Rental units	6,561		2,960				9,521
Depreciation of rental equipment	105,219		18,387				123,606
Gross profit	$	338,075	$	312,925			$	651,000
Other selected data:
Adjusted EBITDA from continuing operations	$	288,407	$	219,776	$	—	$	508,183
Selling, general and administrative expense	$	161,213	$	112,385	$	24,104	$	297,702
Purchases of rental equipment and refurbishments	$	89,783	$	12,555	$	—	$	102,338


	Six Months Ended June 30, 2022
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	464,823	$	273,122			$	737,945
Delivery and installation	126,320		70,060				196,380
Sales revenue:
New units	13,294		2,420				15,714
Rental units	19,364		4,658				24,022
Total revenues	623,801		350,260				974,061

Costs:
Cost of leasing and services:
Leasing	126,776		41,669				168,445
Delivery and installation	105,521		47,596				153,117
Cost of sales:
New units	7,465		1,612				9,077
Rental units	10,327		3,043				13,370
Depreciation of rental equipment	104,503		16,275				120,778
Gross profit	$	269,209	$	240,065			$	509,274
Other selected data:
Adjusted EBITDA from continuing operations	$	222,410	$	154,006	$	—	$	376,416
Selling, general and administrative expense	$	157,004	$	104,354	$	26,915	$	288,273
Purchases of rental equipment and refurbishments	$	140,059	$	54,453	$	—	$	194,512

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

The following table presents reconciliations of the Company’s income from continuing operations to Adjusted EBITDA for the three and six months ended June 30, 2023 and 2022, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Income from continuing operations	$	87,729	$	60,099	$	164,000	$	99,147
Income tax expense from continuing operations	31,565		20,848		62,075		32,931


Interest expense	47,246		33,153		92,112		63,723
Depreciation and amortization	81,796		78,181		158,125		151,091
Currency losses (gains), net	14		(173)		6,789		(36)
Restructuring costs, lease impairment expense and other related charges (income)	—		(95)		22		168
Transaction costs	—		22		—		35
Integration costs	2,247		5,193		6,120		9,280
Stock compensation expense	9,348		9,128		17,498		15,401
Other	1,396		2,287		1,442		4,676
Adjusted EBITDA from continuing operations	$	261,341	$	208,643	$	508,183	$	376,416

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various lawsuits, claims and legal proceedings that arise in the ordinary course of business. The Company assesses these matters on a case-by-case basis as they arise and establishes reserves as required. As of June 30, 2023, with respect to these outstanding matters, the Company believes that the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the consolidated financial position, results of operations, or cash flows. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties.

Revenue

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
US	$	545,333	$	485,286	$	1,078,507	$	906,970
Canada	30,839		32,901		57,780		58,174
Mexico	5,917		4,703		11,270		8,917
Total revenues	$	582,089	$	522,890	$	1,147,557	$	974,061

Major Product and Service Lines

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

The Company’s revenue by major product and service line for the three and six months ended June 30, 2023 and 2022 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Modular space leasing revenue	$	236,625	$	204,667	$	461,095	$	395,056
Portable storage leasing revenue	93,462		81,186		190,777		151,890
VAPS and third party leasing revenues(a)	97,698		81,855		191,825		157,160
Other leasing-related revenue(b)	21,535		18,678		45,574		33,839
Leasing revenue	449,320		386,386		889,271		737,945
Delivery and installation revenue	112,754		110,841		219,384		196,380
Total leasing and services revenue	562,074		497,227		1,108,655		934,325
New unit sales revenue	9,004		9,927		19,661		15,714
Rental unit sales revenue	11,011		15,736		19,241		24,022
Total revenues	$	582,089	$	522,890	$	1,147,557	$	974,061


(a)			Includes $6.1 million and $5.6 million of service revenue for the three months ended June 30, 2023 and 2022, respectively, and $11.7 million and $11.5 million of service revenue for the six months ended June 30, 2023 and 2022, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, and other processing fees.

Leasing and Services Revenue

The majority of revenue (76% for both the three and six months ended June 30, 2023, and 73% and 75% for the three and six months ended June 30, 2022, respectively) was generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606.

Receivables and Credit Losses

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

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

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

Activity in the allowance for credit losses was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	61,402	$	47,124	$	57,048	$	45,773
Provision for credit losses, net of recoveries	13,390		9,593		22,193		17,904
Write-offs	(6,969)		(5,385)		(11,506)		(12,395)
Foreign currency translation and other	273		(48)		361		2
Balance at end of period	$	68,096	$	51,284	$	68,096	$	51,284

Contract Assets and Liabilities

When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue

is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. During the three months ended June 30, 2023, deferred revenue relating to services billed in advance of $26.2 million was recognized as revenue. As of June 30, 2023 and December 31, 2022, the Company had approximately $104.8 million and $102.2 million, respectively, of deferred revenue related to these services.

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

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

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 582,089	$ 522,890	$ 1,147,557	$ 974,061
Costs:
Depreciation of rental equipment	64,450	63,230	123,606	120,778
Gross profit	327,872	275,213	651,000	509,274
Expenses:
Selling, general and administrative	146,810	150,129	297,702	288,273
Other depreciation and amortization	17,346	14,951	34,519	30,313
Currency losses (gains), net	14	(173)	6,789	(36)
Other income, net	(2,838)	(3,794)	(6,197)	(5,077)
Operating income	166,540	114,100	318,187	195,801
Interest expense	47,246	33,153	92,112	63,723
Income from continuing operations before income tax	119,294	80,947	226,075	132,078
Income tax expense from continuing operations	31,565	20,848	62,075	32,931
Income from continuing operations	87,729	60,099	164,000	99,147
Discontinued operations:
Income from discontinued operations before income tax	0	17,140	4,003	32,927
Gain on sale of discontinued operations	0	0	176,078	0
Income tax expense from discontinued operations	0	3,863	45,468	7,527
Income from discontinued operations	0	13,277	134,613	25,400
Net income	$ 87,729	$ 73,376	$ 298,613	$ 124,547
Earnings per share from continuing operations attributable to WillScot Mobile Mini common shareholders:
Basic (in USD per share)	$ 0.44	$ 0.27	$ 0.80	$ 0.45
Diluted (in USD per share)	0.43	0.26	0.78	0.44
Earnings per share from discontinued operations attributable to WillScot Mobile Mini common shareholders:
Basic (in USD per share)	0	0.06	0.66	0.11
Diluted (in USD per share)	0	0.06	0.65	0.11
Earnings per share attributable to WillScot Mobile Mini common shareholders:
Basic (in USD per share)	0.44	0.33	1.46	0.56
Diluted (in USD per share)	$ 0.43	$ 0.32	$ 1.43	$ 0.55
Weighted average shares:
Basic (in shares)	200,946,619	223,376,276	204,635,764	222,196,986
Diluted (in shares)	204,326,162	227,484,012	208,233,141	226,983,150
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	$ 582,089	$ 522,890	$ 1,147,557	$ 974,061
Leasing Revenue
Revenues:
Leasing	449,320	386,386	889,271	737,945
Costs:
Leasing	98,556	88,111	196,071	168,445
Delivery and installation revenue
Revenues:
Revenues	112,754	110,841	219,384	196,380
Total revenues	112,754	110,841	219,384	196,380
Costs:
Cost of sales	81,349	82,537	156,356	153,117
New units
Revenues:
Revenues	9,004	9,927	19,661	15,714
Total revenues	9,004	9,927	19,661	15,714
Costs:
Cost of sales	4,795	5,321	11,003	9,077
Rental units
Revenues:
Revenues	11,011	15,736	19,241	24,022
Total revenues	11,011	15,736	19,241	24,022
Costs:
Cost of sales	$ 5,067	$ 8,478	$ 9,521	$ 13,370

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30				June 30
(in thousands)	2023		2022		2023		2022
Numerator:
Income from continuing operations	$	87,729	$	60,099	$	164,000	$	99,147
Income from discontinued operations	—		13,277		134,613		25,400
Net income	$	87,729	$	73,376	$	298,613	$	124,547

Denominator:
Weighted average Common Shares outstanding – basic	200,947		223,376		204,636		222,197
Dilutive effect of shares outstanding
Warrants	—		1,746		—		1,818
RSAs	16		18		21		22
Time-based RSUs	242		307		309		395
Performance-based RSUs	2,148		952		2,274		1,385
Stock Options	973		1,085		993		1,166
Weighted average Common Shares outstanding – dilutive	204,326		227,484		208,233		226,983

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following amounts of common shares that the Company may be obligated to issue were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


	Three Months Ended		Six Months Ended
	June 30		June 30
(in thousands)	2023	2022	2023	2022


Time-based RSUs	210	—	211	—
Performance-based RSUs	373	1,253	187	904

Total anti-dilutive shares	583	1,253	398	904

Segment Reporting - Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 582,089	$ 522,890	$ 1,147,557	$ 974,061
Costs:
Depreciation of rental equipment	64,450	63,230	123,606	120,778
Gross profit	327,872	275,213	651,000	509,274
Other selected data:
Adjusted EBITDA from continuing operations	261,341	208,643	508,183	376,416
Selling, general and administrative expense	146,810	150,129	297,702	288,273
Purchases of rental equipment and refurbishments	55,581	116,764	102,338	194,512
Total revenues
Revenues:
Total revenues	582,089	522,890	1,147,557	974,061
Leasing
Revenues:
Leasing	449,320	386,386	889,271	737,945
Costs:
Leasing	98,556	88,111	196,071	168,445
Delivery and installation revenue
Revenues:
Revenues	112,754	110,841	219,384	196,380
Total revenues	112,754	110,841	219,384	196,380
Costs:
Cost of sales	81,349	82,537	156,356	153,117
New units
Revenues:
Revenues	9,004	9,927	19,661	15,714
Total revenues	9,004	9,927	19,661	15,714
Costs:
Cost of sales	4,795	5,321	11,003	9,077
Rental units
Revenues:
Revenues	11,011	15,736	19,241	24,022
Total revenues	11,011	15,736	19,241	24,022
Costs:
Cost of sales	5,067	8,478	9,521	13,370
Unallocated Costs
Other selected data:
Adjusted EBITDA from continuing operations	0	0	0	0
Selling, general and administrative expense	12,703	15,271	24,104	26,915
Purchases of rental equipment and refurbishments	0	0	0	0
Modular \| Operating Segments
Costs:
Depreciation of rental equipment	55,004	54,495	105,219	104,503
Gross profit	172,740	146,611	338,075	269,209
Other selected data:
Adjusted EBITDA from continuing operations	151,443	122,824	288,407	222,410
Selling, general and administrative expense	79,397	82,366	161,213	157,004
Purchases of rental equipment and refurbishments	50,371	82,482	89,783	140,059
Modular \| Operating Segments \| Total revenues
Revenues:
Total revenues	370,675	335,254	720,345	623,801
Modular \| Operating Segments \| Leasing
Revenues:
Leasing	281,095	241,525	550,366	464,823
Costs:
Leasing	77,342	65,446	150,924	126,776
Modular \| Operating Segments \| Delivery and installation revenue
Revenues:
Revenues	75,168	71,988	139,989	126,320
Costs:
Cost of sales	58,543	57,615	110,046	105,521
Modular \| Operating Segments \| New units
Revenues:
Revenues	7,171	8,450	16,092	13,294
Costs:
Cost of sales	3,855	4,209	9,520	7,465
Modular \| Operating Segments \| Rental units
Revenues:
Revenues	7,241	13,291	13,898	19,364
Costs:
Cost of sales	3,191	6,878	6,561	10,327
Storage \| Operating Segments
Costs:
Depreciation of rental equipment	9,446	8,735	18,387	16,275
Gross profit	155,132	128,602	312,925	240,065
Other selected data:
Adjusted EBITDA from continuing operations	109,898	85,819	219,776	154,006
Selling, general and administrative expense	54,710	52,492	112,385	104,354
Purchases of rental equipment and refurbishments	5,210	34,282	12,555	54,453
Storage \| Operating Segments \| Total revenues
Revenues:
Total revenues	211,414	187,636	427,212	350,260
Storage \| Operating Segments \| Leasing
Revenues:
Leasing	168,225	144,861	338,905	273,122
Costs:
Leasing	21,214	22,665	45,147	41,669
Storage \| Operating Segments \| Delivery and installation revenue
Revenues:
Revenues	37,586	38,853	79,395	70,060
Costs:
Cost of sales	22,806	24,922	46,310	47,596
Storage \| Operating Segments \| New units
Revenues:
Revenues	1,833	1,477	3,569	2,420
Costs:
Cost of sales	940	1,112	1,483	1,612
Storage \| Operating Segments \| Rental units
Revenues:
Revenues	3,770	2,445	5,343	4,658
Costs:
Cost of sales	$ 1,876	$ 1,600	$ 2,960	$ 3,043

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

The Company operates in two reportable segments as follows: Modular Solutions ("Modular") and Storage Solutions ("Storage"). Total assets for each reportable segment are not available because the Company utilizes a centralized approach to working capital management. Transactions between reportable segments are not significant. During the first quarter of 2023, the ground level office business within the Modular segment was transferred to the Storage segment, and associated revenues, expenses, and operating metrics were transferred to the Storage segment. All periods presented have been retrospectively revised to reflect this change within the Modular and Storage segments. For the three months ended June 30, 2022, this resulted in approximately $12.4 million of revenue and $7.2 million of gross profit being transferred from the Modular segment to the Storage segment. For the six months ended June 30, 2022, $23.6 million of revenue and $13.5 million of gross profit were transferred from the Modular segment to the Storage segment.

The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects further adjustments to EBITDA (“Adjusted EBITDA”) to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core and ongoing business operations. The Chief Operating Decision Maker ("CODM") evaluates business segment performance utilizing Adjusted EBITDA as shown in the reconciliation of the Company’s consolidated income from continuing operations to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic and ongoing operating results of the Company. The Company considers Adjusted EBITDA to be an important metric because it reflects the business performance of the segments, inclusive of indirect costs. The Company also regularly evaluates gross profit by segment to assist in the assessment of its operational performance.

Reportable Segments

The following tables set forth certain information regarding each of the Company’s reportable segments for the three and six months ended June 30, 2023 and 2022, respectively.


	Three Months Ended June 30, 2023
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	281,095	$	168,225			$	449,320
Delivery and installation	75,168		37,586				112,754
Sales revenue:
New units	7,171		1,833				9,004
Rental units	7,241		3,770				11,011
Total revenues	370,675		211,414				582,089

Costs:
Cost of leasing and services:
Leasing	77,342		21,214				98,556
Delivery and installation	58,543		22,806				81,349
Cost of sales:
New units	3,855		940				4,795
Rental units	3,191		1,876				5,067
Depreciation of rental equipment	55,004		9,446				64,450
Gross profit	$	172,740	$	155,132			$	327,872
Other selected data:
Adjusted EBITDA from continuing operations	$	151,443	$	109,898	$	—	$	261,341
Selling, general and administrative expense	$	79,397	$	54,710	$	12,703	$	146,810
Purchases of rental equipment and refurbishments	$	50,371	$	5,210	$	—	$	55,581


	Three Months Ended June 30, 2022
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	241,525	$	144,861			$	386,386
Delivery and installation	71,988		38,853				110,841
Sales revenue:
New units	8,450		1,477				9,927
Rental units	13,291		2,445				15,736
Total revenues	335,254		187,636				522,890

Costs:
Cost of leasing and services:
Leasing	65,446		22,665				88,111
Delivery and installation	57,615		24,922				82,537
Cost of sales:
New units	4,209		1,112				5,321
Rental units	6,878		1,600				8,478
Depreciation of rental equipment	54,495		8,735				63,230
Gross profit	$	146,611	$	128,602			$	275,213
Other selected data:
Adjusted EBITDA from continuing operations	$	122,824	$	85,819	$	—	$	208,643
Selling, general and administrative expense	$	82,366	$	52,492	$	15,271	$	150,129
Purchases of rental equipment and refurbishments	$	82,482	$	34,282	$	—	$	116,764


	Six Months Ended June 30, 2023
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	550,366	$	338,905			$	889,271
Delivery and installation	139,989		79,395				219,384
Sales revenue:
New units	16,092		3,569				19,661
Rental units	13,898		5,343				19,241
Total revenues	720,345		427,212				1,147,557

Costs:
Cost of leasing and services:
Leasing	150,924		45,147				196,071
Delivery and installation	110,046		46,310				156,356
Cost of sales:
New units	9,520		1,483				11,003
Rental units	6,561		2,960				9,521
Depreciation of rental equipment	105,219		18,387				123,606
Gross profit	$	338,075	$	312,925			$	651,000
Other selected data:
Adjusted EBITDA from continuing operations	$	288,407	$	219,776	$	—	$	508,183
Selling, general and administrative expense	$	161,213	$	112,385	$	24,104	$	297,702
Purchases of rental equipment and refurbishments	$	89,783	$	12,555	$	—	$	102,338


	Six Months Ended June 30, 2022
(in thousands)	Modular		Storage		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	464,823	$	273,122			$	737,945
Delivery and installation	126,320		70,060				196,380
Sales revenue:
New units	13,294		2,420				15,714
Rental units	19,364		4,658				24,022
Total revenues	623,801		350,260				974,061

Costs:
Cost of leasing and services:
Leasing	126,776		41,669				168,445
Delivery and installation	105,521		47,596				153,117
Cost of sales:
New units	7,465		1,612				9,077
Rental units	10,327		3,043				13,370
Depreciation of rental equipment	104,503		16,275				120,778
Gross profit	$	269,209	$	240,065			$	509,274
Other selected data:
Adjusted EBITDA from continuing operations	$	222,410	$	154,006	$	—	$	376,416
Selling, general and administrative expense	$	157,004	$	104,354	$	26,915	$	288,273
Purchases of rental equipment and refurbishments	$	140,059	$	54,453	$	—	$	194,512

The following table presents reconciliations of the Company’s income from continuing operations to Adjusted EBITDA for the three and six months ended June 30, 2023 and 2022, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Income from continuing operations	$	87,729	$	60,099	$	164,000	$	99,147
Income tax expense from continuing operations	31,565		20,848		62,075		32,931


Interest expense	47,246		33,153		92,112		63,723
Depreciation and amortization	81,796		78,181		158,125		151,091
Currency losses (gains), net	14		(173)		6,789		(36)
Restructuring costs, lease impairment expense and other related charges (income)	—		(95)		22		168
Transaction costs	—		22		—		35
Integration costs	2,247		5,193		6,120		9,280
Stock compensation expense	9,348		9,128		17,498		15,401
Other	1,396		2,287		1,442		4,676
Adjusted EBITDA from continuing operations	$	261,341	$	208,643	$	508,183	$	376,416

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Discontinued Operations - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations	$ 0	$ 13,277	$ 134,613	$ 25,400
Gain on sale of discontinued operations	0	0	176,078	0
Income tax expense from discontinued operations	0	3,863	45,468	7,527
Interest expense	47,246	33,153	92,112	63,723
Depreciation and amortization			158,125	151,091
Currency losses (gains), net	14	(173)	6,789	(36)
Stock compensation expense			17,498	15,401
Adjusted EBITDA from discontinued operations	261,341	208,643	508,183	376,416
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		13,277		25,400
Income tax expense from discontinued operations		3,863		7,527
Income from discontinued operations before income tax and gain on sale		17,140		32,927
Interest expense		422		844
Currency losses (gains), net		46		47
Adjusted EBITDA from discontinued operations		24,692		48,742
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		5,681		10,176
Income tax expense from discontinued operations		1,997		3,510
Income from discontinued operations before income tax and gain on sale		7,678		13,686
Interest expense		190		368
Depreciation and amortization		5,206		11,152
Currency losses (gains), net		0		0
Stock compensation expense		135		239
Other		(747)		(1,477)
Adjusted EBITDA from discontinued operations		12,462		23,968
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	0	7,596	134,243	15,224
Gain on sale of discontinued operations	0	0	175,708	0
Income tax expense from discontinued operations	0	1,866	45,468	4,017
Income from discontinued operations before income tax and gain on sale	0	9,462	4,003	19,241
Interest expense	0	232	56	476
Depreciation and amortization	0	2,844	0	5,807
Currency losses (gains), net	0	46	0	47
Stock compensation expense		29	(196)	47
Other		(383)	261	(844)
Adjusted EBITDA from discontinued operations	$ 0	$ 12,230	$ 4,124	$ 24,774

Fair Value Measures (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Levels Used For Measurement

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


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:


	June 30, 2023								December 31, 2022
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Carrying Amount		Level 1		Level 2		Level 3
ABL Facility	$	1,943,243	$	—	$	1,973,819	$	—	$	1,988,176	$	—	$	2,020,000	$	—
2025 Secured Notes	521,523		—		524,989		—		520,350		—		526,800		—
2028 Secured Notes	493,979		—		459,790		—		493,470		—		450,135		—
Total	$	2,958,745	$	—	$	2,958,598	$	—	$	3,001,996	$	—	$	2,996,935	$	—

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes the Company's RSA activity for the six months ended June 30, 2023 and 2022:


	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
Granted	25,483	$	44.59	35,244	$	37.17

Vested	(35,244)	$	37.17	(36,176)	$	29.30
Outstanding at end of period	25,483	$	44.59	35,244	$	37.17

Schedule of Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity for the six months ended June 30, 2023 and 2022:


	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	(43,486)	$	34.67	(31,712)	$	30.45
Vested	(281,153)	$	22.40	(437,571)	$	16.61
Outstanding at end of period	678,528	$	34.91	885,807	$	25.93

The following table summarizes the Company's Performance-Based RSU award activity for the six months ended June 30, 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	$	69.52	745,079	$	42.34
Forfeited	(985)	$	69.52	(30,712)	$	41.81
Vested	(181,319)	$	16.82	(313,152)	$	16.45
Outstanding at end of period	2,088,772	$	41.54	1,937,609	$	33.84

Schedule of Stock Option Awards

The following table summarizes the Company's stock option activity for the six months ended June 30, 2023:


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

Exercised	—	$	—	(29,335)	$	14.06
Outstanding at end of period	534,188	$	13.60	834,941	$	12.87

Fully vested and exercisable options, June 30, 2023	534,188	$	13.60	834,941	$	12.87

The following table summarizes the Company's stock option activity for the six months ended June 30, 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	—	$	—	(237,819)	$	14.51
Outstanding at end of period	534,188	$	13.60	1,289,824	$	14.68

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

Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2023 and 2022 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
US	$	545,333	$	485,286	$	1,078,507	$	906,970
Canada	30,839		32,901		57,780		58,174
Mexico	5,917		4,703		11,270		8,917
Total revenues	$	582,089	$	522,890	$	1,147,557	$	974,061

The Company’s revenue by major product and service line for the three and six months ended June 30, 2023 and 2022 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Modular space leasing revenue	$	236,625	$	204,667	$	461,095	$	395,056
Portable storage leasing revenue	93,462		81,186		190,777		151,890
VAPS and third party leasing revenues(a)	97,698		81,855		191,825		157,160
Other leasing-related revenue(b)	21,535		18,678		45,574		33,839
Leasing revenue	449,320		386,386		889,271		737,945
Delivery and installation revenue	112,754		110,841		219,384		196,380
Total leasing and services revenue	562,074		497,227		1,108,655		934,325
New unit sales revenue	9,004		9,927		19,661		15,714
Rental unit sales revenue	11,011		15,736		19,241		24,022
Total revenues	$	582,089	$	522,890	$	1,147,557	$	974,061


(a)			Includes $6.1 million and $5.6 million of service revenue for the three months ended June 30, 2023 and 2022, respectively, and $11.7 million and $11.5 million of service revenue for the six months ended June 30, 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 June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	61,402	$	47,124	$	57,048	$	45,773
Provision for credit losses, net of recoveries	13,390		9,593		22,193		17,904
Write-offs	(6,969)		(5,385)		(11,506)		(12,395)
Foreign currency translation and other	273		(48)		361		2
Balance at end of period	$	68,096	$	51,284	$	68,096	$	51,284

Debt - Narrative (Details) - USD ($)		6 Months Ended
Debt - Narrative (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jul. 01, 2020
Debt Instrument [Line Items]
Present value of lease liabilities		$ 90,728,000	$ 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		28,300,000	0
Unamortized debt issuance costs		2,300,000	$ 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		6.11%
Available borrowing capacity		$ 1,000,000,000
Letters of credit amount outstanding		14,400,000
Outstanding principal		2,000,000,000
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		829,400,000
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		209,600,000
Revolving Credit Facility \| ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Unamortized debt issuance costs		30,600,000
Letter of Credit \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		$ 220,000,000
Commitment fee		1.625%
Available borrowing capacity		$ 205,600,000
Swingline Loans \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		220,000,000
Available borrowing capacity		$ 212,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Intangibles (Tables)

6 Months Ended

Jun. 30, 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	706		—		706
Balance at June 30, 2023	$	519,583	$	492,552	$	1,012,135

Schedule of Finite-Lived Intangible Assets

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


	June 30, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	5.0	$	188,000	$	(70,500)	$	117,500
Technology	3.0	1,500		(750)		750
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	$	(71,250)	$	407,250


	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:


	June 30, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	5.0	$	188,000	$	(70,500)	$	117,500
Technology	3.0	1,500		(750)		750
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	$	(71,250)	$	407,250


	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 June 30, 2023, future amortization of intangible assets is expected to be as follows for the years ended December 31:


(in thousands)
2023 (remaining)	$	11,875
2024	23,750
2025	23,750
2026	23,625
2027	23,500
Thereafter	11,750
Total	$	118,250

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Stock-Based Compensation - Performance-Based RSU Award Activity (Details) - Performance-based RSUs - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Shares
Outstanding beginning balance (in shares)	1,894,250	1,536,394
Granted (in shares)	376,826	745,079
Forfeited (in shares)	(985)	(30,712)
Vested (in shares)	(181,319)	(313,152)
Outstanding ending balance (in shares)	2,088,772	1,937,609
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 33.67	$ 26.34
Granted (in USD per share)	69.52	42.34
Forfeited (in USD per share)	69.52	41.81
Vested (in USD per share)	16.82	16.45
Outstanding ending balance (in USD per share)	$ 41.54	$ 33.84

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 7,660	$ 7,390
Trade receivables, net of allowances for credit losses at June 30, 2023 and December 31, 2022 of $68,096 and $57,048, respectively	441,643	409,766
Inventories	44,360	41,030
Prepaid expenses and other current assets	42,868	31,635
Assets held for sale - current	8,924	31,220
Total current assets	545,455	521,041
Rental equipment, net	3,196,518	3,077,287
Property, plant and equipment, net	315,444	304,659
Operating lease assets	234,468	219,405
Goodwill	1,012,135	1,011,429
Intangible assets, net	407,250	419,125
Other non-current assets	7,230	6,683
Assets held for sale - non-current	0	268,022
Total long-term assets	5,173,045	5,306,610
Total assets	5,718,500	5,827,651
Liabilities and equity
Accounts payable	91,783	109,349
Accrued expenses	120,301	109,542
Accrued employee benefits	43,647	56,340
Deferred revenue and customer deposits	209,726	203,793
Operating lease liabilities - current	54,110	50,499
Current portion of long-term debt	13,952	13,324
Liabilities held for sale - current	0	19,095
Total current liabilities	533,519	561,942
Long-term debt	3,035,521	3,063,042
Deferred tax liabilities	506,425	401,453
Operating lease liabilities - non-current	181,319	169,618
Other non-current liabilities	23,171	18,537
Liabilities held for sale - non-current	0	47,759
Long-term liabilities	3,746,436	3,700,409
Total liabilities	4,279,955	4,262,351
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at June 30, 2023 and December 31, 2022	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 198,375,893 and 207,951,682 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	20	21
Additional paid-in-capital	2,435,571	2,886,951
Accumulated other comprehensive loss	(44,109)	(70,122)
Accumulated deficit	(952,937)	(1,251,550)
Total shareholders' equity	1,438,545	1,565,300
Total liabilities and shareholders' equity	$ 5,718,500	$ 5,827,651

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

As of June 30, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2023 (remaining)	$	33,230	$	8,905
2024	60,869		17,994
2025	51,326		17,667
2026	39,676		17,351
2027	29,208		14,099
Thereafter	62,057		26,651
Total lease payments	276,366		102,667
Less: interest	(40,937)		(11,939)
Present value of lease liabilities	$	235,429	$	90,728

Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets.

The Company’s lease activity during the six months ended June 30, 2023 and 2022 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2023		2022
Finance Lease Expense
Amortization of finance lease assets	$	7,580	$	6,820
Interest on obligations under finance leases	1,566		839
Total finance lease expense	$	9,146	$	7,659

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	723	$	1,574
Selling, general and administrative	32,006		29,709

Short-term lease expense
Cost of leasing and services	12,404		16,739
Selling, general and administrative	905		986

Variable lease expense
Cost of leasing and services	1,675		2,822
Selling, general and administrative	4,847		3,419

Total operating lease expense	$	52,560	$	55,249

Supplemental cash flow information related to leases for the six months ended June 30, 2023 and 2022 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2023		2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	33,501	$	30,918
Operating cash outflows from finance leases	$	1,515	$	837
Financing cash outflows from finance leases	$	8,087	$	7,506

Right of use assets obtained in exchange for lease obligations	$	36,604	$	19,030
Assets obtained in exchange for finance leases	$	24,382	$	14,576

Weighted average remaining operating lease terms and the weighted average discount rates as of June 30, 2023 and December 31, 2022 were as follows:


Lease Terms and Discount Rates	June 30, 2023		December 31, 2022
Weighted average remaining lease term - operating leases	5.6 years		5.8 years
Weighted average discount rate - operating leases	5.6	%	5.0	%
Weighted average remaining lease term - finance leases	5.1 years		4.9 years
Weighted average discount rate - finance leases	4.1	%	3.1	%

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

Leases

As of June 30, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2023 (remaining)	$	33,230	$	8,905
2024	60,869		17,994
2025	51,326		17,667
2026	39,676		17,351
2027	29,208		14,099
Thereafter	62,057		26,651
Total lease payments	276,366		102,667
Less: interest	(40,937)		(11,939)
Present value of lease liabilities	$	235,429	$	90,728

Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets.

The Company’s lease activity during the six months ended June 30, 2023 and 2022 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2023		2022
Finance Lease Expense
Amortization of finance lease assets	$	7,580	$	6,820
Interest on obligations under finance leases	1,566		839
Total finance lease expense	$	9,146	$	7,659

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	723	$	1,574
Selling, general and administrative	32,006		29,709

Short-term lease expense
Cost of leasing and services	12,404		16,739
Selling, general and administrative	905		986

Variable lease expense
Cost of leasing and services	1,675		2,822
Selling, general and administrative	4,847		3,419

Total operating lease expense	$	52,560	$	55,249

Supplemental cash flow information related to leases for the six months ended June 30, 2023 and 2022 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2023		2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	33,501	$	30,918
Operating cash outflows from finance leases	$	1,515	$	837
Financing cash outflows from finance leases	$	8,087	$	7,506

Right of use assets obtained in exchange for lease obligations	$	36,604	$	19,030
Assets obtained in exchange for finance leases	$	24,382	$	14,576

Weighted average remaining operating lease terms and the weighted average discount rates as of June 30, 2023 and December 31, 2022 were as follows:


Lease Terms and Discount Rates	June 30, 2023		December 31, 2022
Weighted average remaining lease term - operating leases	5.6 years		5.8 years
Weighted average discount rate - operating leases	5.6	%	5.0	%
Weighted average remaining lease term - finance leases	5.1 years		4.9 years
Weighted average discount rate - finance leases	4.1	%	3.1	%

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

Revenue - Rollforward of Accounts and Notes Receivable, Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 61,402	$ 47,124	$ 57,048	$ 45,773
Provision for credit losses, net of recoveries	13,390	9,593	22,193	17,904
Write-offs	(6,969)	(5,385)	(11,506)	(12,395)
Foreign currency translation and other	273	(48)	361	2
Balance at end of period	$ 68,096	$ 51,284	$ 68,096	$ 51,284

Rental Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 4,463,025	$ 4,250,416
Less: accumulated depreciation	(1,266,507)	(1,173,129)
Rental equipment, net	3,196,518	3,077,287
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,406,542	3,197,779
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	851,818	849,193
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 204,665	$ 203,444

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 31.6	$ (20.8)	$ 62.1	$ (32.9)
Effective tax rate	26.50%	25.80%	27.50%	24.90%

- Definition

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

+ References + Details

Derivatives

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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

In January 2023, the Company entered into two interest rate swap agreements with financial counterparties relating to $750.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a weighted average fixed interest rate of 3.44% on the notional amount. The swap agreements were designated and qualified as hedges of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility. The swap agreements terminate on June 30, 2027. The floating rate that the Company receives under the terms of these swap agreements was 5.08% at June 30, 2023.

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


(in thousands)	Balance Sheet Location	June 30, 2023
Cash Flow Hedges:
Interest rate swap	Prepaid expenses and other current assets	$	13,215
Interest rate swap	Other non-current assets	$	3,134

The fair values of the interest rate swaps are based on dealer quotes of market forward rates, Level 2 inputs on the fair value hierarchy, and reflect the amounts that the Company would receive or pay as of June 30, 2023 for contracts involving the same attributes and maturity dates.


(in thousands)	2023		2022
Gain recognized in OCI	$	20,666	$	4,669
Location of gain (loss) recognized in income	Interest expense, net		Interest expense, net
(Gain) loss reclassified from AOCI into income	$	(4,456)	$	4,530

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 six months ended June 30, 2023 was as follows:


(in thousands)	Income Statement Location	Six Months Ended June 30, 2023
Loss recognized in income	Currency losses, net	$	7,715

Debt - Carrying Value of Debt Outstanding (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance Leases	$ 90,728,000	$ 74,370,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total long-term debt	Total long-term debt
Total debt	$ 3,049,473,000	$ 3,076,366,000
Less: current portion of long-term debt	13,952,000	13,324,000
Total long-term debt	$ 3,035,521,000	3,063,042,000
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%
Long-term debt	$ 521,523,000	520,350,000
Unamortized debt issuance costs	$ 5,000,000	6,200,000
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Long-term debt	$ 493,979,000	493,470,000
Unamortized debt issuance costs	6,000,000	6,500,000
Line of Credit \| ABL Facility - Multicurrency Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	1,943,243,000	1,988,176,000
Outstanding principal	28,300,000	0
Unamortized debt issuance costs	$ 2,300,000	$ 2,500,000

Discontinued Operations - Discontinued Operations Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 7,660	$ 7,390
Trade receivables, net of allowances for doubtful accounts of $300	441,643	409,766
Inventories	44,360	41,030
Prepaid expenses and other current assets	42,868	31,635
Rental equipment, net	3,196,518	3,077,287
Property, plant and equipment, net	315,444	304,659
Operating lease assets	234,468	219,405
Goodwill	1,012,135	1,011,429	$ 1,013,601
Intangible assets, net	407,250	419,125
Other non-current assets	7,230	6,683
Liabilities
Accounts payable	91,783	109,349
Accrued expenses	120,301	109,542
Accrued employee benefits	43,647	56,340
Deferred revenue and customer deposits	209,726	203,793
Deferred tax liabilities	506,425	401,453
Operating lease liabilities	181,319	169,618
Other non-current liabilities	23,171	18,537
Allowance for doubtful accounts	$ 68,096	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

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			2
Total revenues	$ 582,089	$ 522,890	$ 1,147,557	$ 974,061
Gross Profit	$ 327,872	275,213	$ 651,000	509,274
Storage \| Ground Level Office Businesses, Transferred from Modular Segment to Storage Segment
Segment Reporting Information [Line Items]
Total revenues		12,400		23,600
Gross Profit		$ 7,200		$ 13,500

- Definition

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

+ References

+ 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).

+ References

+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented.
Principles of Consolidation	Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
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 - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2023	Jun. 30, 2023	Jun. 30, 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

Rental Equipment, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Rental Equipment, net

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


(in thousands)	June 30, 2023		December 31, 2022
Modular space units	$	3,406,542	$	3,197,779
Portable storage units	851,818		849,193
Value added products	204,665		203,444
Total rental equipment	4,463,025		4,250,416
Less: accumulated depreciation	(1,266,507)		(1,173,129)
Rental equipment, net	$	3,196,518	$	3,077,287

Discontinued Operations - Income From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 582,089	$ 522,890	$ 1,147,557	$ 974,061
Costs of leasing and services:
Depreciation of rental equipment	64,450	63,230	123,606	120,778
Gross profit	327,872	275,213	651,000	509,274
Expenses:
Selling, general and administrative	146,810	150,129	297,702	288,273
Other depreciation and amortization	17,346	14,951	34,519	30,313
Currency losses (gains), net	14	(173)	6,789	(36)
Other expense (income), net	(2,838)	(3,794)	(6,197)	(5,077)
Operating income	166,540	114,100	318,187	195,801
Interest expense	47,246	33,153	92,112	63,723
Gain on sale of discontinued operations			176,078	0
Income tax expense from discontinued operations	0	3,863	45,468	7,527
Income from discontinued operations	0	13,277	134,613	25,400
Adjusted EBITDA from continuing operations	261,341	208,643	508,183	376,416
Tank and Pump
Expenses:
Gain on sale of discontinued operations			176,100
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	582,089	522,890	1,147,557	974,061
Leasing Revenue
Revenues:
Leasing	449,320	386,386	889,271	737,945
Costs of leasing and services:
Leasing	98,556	88,111	196,071	168,445
New units
Revenues:
Revenues	9,004	9,927	19,661	15,714
Total revenues	9,004	9,927	19,661	15,714
Costs of leasing and services:
Cost of sales	4,795	5,321	11,003	9,077
Rental units
Revenues:
Revenues	11,011	15,736	19,241	24,022
Total revenues	11,011	15,736	19,241	24,022
Costs of leasing and services:
Cost of sales	5,067	8,478	9,521	13,370
Discontinued Operations, Disposed of by Sale
Costs of leasing and services:
Depreciation of rental equipment		3,947		8,615
Gross profit		33,658		66,412
Expenses:
Selling, general and administrative		11,941		24,270
Other depreciation and amortization		4,103		8,344
Currency losses (gains), net		46		47
Other expense (income), net		6		(20)
Operating income		17,562		33,771
Interest expense		422		844
Income from discontinued operations before income tax and gain on sale		17,140		32,927
Income tax expense from discontinued operations		3,863		7,527
Income from discontinued operations		13,277		25,400
Adjusted EBITDA from continuing operations		24,692		48,742
Discontinued Operations, Disposed of by Sale \| Tank and Pump
Costs of leasing and services:
Depreciation of rental equipment		2,793		6,323
Gross profit		16,571		31,404
Expenses:
Selling, general and administrative		6,289		12,501
Other depreciation and amortization		2,413		4,829
Currency losses (gains), net		0		0
Other expense (income), net		1		20
Operating income		7,868		14,054
Interest expense		190		368
Income from discontinued operations before income tax and gain on sale		7,678		13,686
Income tax expense from discontinued operations		1,997		3,510
Income from discontinued operations		5,681		10,176
Adjusted EBITDA from continuing operations		12,462		23,968
Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Costs of leasing and services:
Depreciation of rental equipment		1,154		2,292
Gross profit		17,087	5,544	35,008
Expenses:
Selling, general and administrative		5,652	1,486	11,769
Other depreciation and amortization		1,690		3,515
Currency losses (gains), net	0	46	0	47
Other expense (income), net		5	1	(40)
Operating income		9,694	4,059	19,717
Interest expense	0	232	56	476
Income from discontinued operations before income tax and gain on sale	0	9,462	4,003	19,241
Gain on sale of discontinued operations			175,708
Income tax expense from discontinued operations	0	1,866	45,468	4,017
Income from discontinued operations	0	7,596	134,243	15,224
Adjusted EBITDA from continuing operations	$ 0	12,230	4,124	24,774
Discontinued Operations, Disposed of by Sale \| Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues		58,751		116,474
Discontinued Operations, Disposed of by Sale \| Total Leasing And Product And Service Revenues/Costs \| Tank and Pump
Revenues:
Total revenues		32,085		62,368
Discontinued Operations, Disposed of by Sale \| Total Leasing And Product And Service Revenues/Costs \| UK Storage Solutions
Revenues:
Total revenues		26,666	8,694	54,106
Discontinued Operations, Disposed of by Sale \| Leasing Revenue
Revenues:
Leasing		42,234		83,867
Costs of leasing and services:
Leasing		8,801		17,345
Discontinued Operations, Disposed of by Sale \| Leasing Revenue \| Tank and Pump
Revenues:
Leasing		22,078		43,140
Costs of leasing and services:
Leasing		4,608		8,915
Discontinued Operations, Disposed of by Sale \| Leasing Revenue \| UK Storage Solutions
Revenues:
Leasing		20,156	6,389	40,727
Costs of leasing and services:
Leasing		4,193	1,407	8,430
Discontinued Operations, Disposed of by Sale \| Modular Deliver and Installation
Revenues:
Revenues		14,561		29,353
Costs of leasing and services:
Cost of sales		11,050		21,985
Discontinued Operations, Disposed of by Sale \| Modular Deliver and Installation \| Tank and Pump
Revenues:
Revenues		9,219		17,544
Costs of leasing and services:
Cost of sales		7,640		14,651
Discontinued Operations, Disposed of by Sale \| Modular Deliver and Installation \| UK Storage Solutions
Revenues:
Revenues		5,342	1,802	11,809
Costs of leasing and services:
Cost of sales		3,410	1,213	7,334
Discontinued Operations, Disposed of by Sale \| New units
Revenues:
Revenues		1,167		1,977
Costs of leasing and services:
Cost of sales		818		1,388
Discontinued Operations, Disposed of by Sale \| New units \| Tank and Pump
Revenues:
Revenues		678		1,360
Costs of leasing and services:
Cost of sales		496		1,003
Discontinued Operations, Disposed of by Sale \| New units \| UK Storage Solutions
Revenues:
Revenues		489	54	617
Costs of leasing and services:
Cost of sales		322	38	385
Discontinued Operations, Disposed of by Sale \| Rental units
Revenues:
Revenues		789		1,277
Costs of leasing and services:
Cost of sales		477		729
Discontinued Operations, Disposed of by Sale \| Rental units \| Tank and Pump
Revenues:
Revenues		110		324
Costs of leasing and services:
Cost of sales		(23)		72
Discontinued Operations, Disposed of by Sale \| Rental units \| UK Storage Solutions
Revenues:
Revenues		679	449	953
Costs of leasing and services:
Cost of sales		$ 500	$ 492	$ 657

Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2023 and 2022 were as follows:


	Six Months Ended June 30, 2023
(in thousands)	Foreign currency translation		Unrealized gains on hedging activities		Total
Balance at December 31, 2022	$	(70,122)	$	—	$	(70,122)
Other comprehensive income 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)
Other comprehensive income before reclassifications	5,915		15,761		21,676
Reclassifications from AOCI to income	—		(2,930)		(2,930)
Balance at June 30, 2023	$	(56,273)	$	12,164	$	(44,109)


	Six Months Ended June 30, 2022
(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)
Other comprehensive loss before reclassifications	(4,074)		(569)		(4,643)
Reclassifications from AOCI to income	—		2,890		2,890
Balance at March 31, 2022	(29,648)		(1,176)		(30,824)
Other comprehensive loss before reclassifications	(25,628)		(464)		(26,092)
Reclassifications from AOCI to income	—		1,640		1,640
Balance at June 30, 2022	$	(55,276)	$	—	$	(55,276)

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Nature of Operations WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative flexible work space and portable storage solutions in the United States (“US”), Canada, and Mexico. The Company leases, sells, delivers and installs modular space solutions and portable storage products through an integrated network of branch locations that spans North America. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation. Recently Issued and Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with FASB Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"). The Company adopted ASU 2021-08 on January 1, 2023 on a prospective basis. The adoption of this ASU did not have a material impact on the Company's financial statements or related disclosures.

Fair Value Measures

6 Months Ended

Jun. 30, 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 June 30, 2023 approximate their respective book values.

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


	June 30, 2023								December 31, 2022
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Carrying Amount		Level 1		Level 2		Level 3
ABL Facility	$	1,943,243	$	—	$	1,973,819	$	—	$	1,988,176	$	—	$	2,020,000	$	—
2025 Secured Notes	521,523		—		524,989		—		520,350		—		526,800		—
2028 Secured Notes	493,979		—		459,790		—		493,470		—		450,135		—
Total	$	2,958,745	$	—	$	2,958,598	$	—	$	3,001,996	$	—	$	2,996,935	$	—

As of June 30, 2023, the carrying values of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $30.6 million, $5.0 million, and $6.0 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. As of December 31, 2022, the carrying value of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $31.8 million, $6.2 million, and $6.5 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability.

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

- 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

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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


(in thousands, except rates)	Interest rate	Year of maturity	June 30, 2023		December 31, 2022
2025 Secured Notes	6.125%	2025	$	521,523	$	520,350
ABL Facility(a)	Varies	2027	1,943,243		1,988,176
2028 Secured Notes	4.625%	2028	493,979		493,470
Finance Leases	Varies	Varies	90,728		74,370
Total debt			3,049,473		3,076,366
Less: current portion of long-term debt			13,952		13,324
Total long-term debt			$	3,035,521	$	3,063,042

(a) As of June 30, 2023, the Company had $28.3 million of outstanding principal borrowings on the Multicurrency Facility and $2.3 million of related debt issuance costs recorded as a direct offset against the principal borrowings on the Multicurrency Facility. As of December 31, 2022, the Company had no outstanding principal borrowings on the Multicurrency Facility and $2.5 million of related debt issuance costs, which were recorded in other non-current assets on the condensed consolidated balance sheets.

- 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 - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,563,924	$ 1,565,300	$ 1,966,185	$ 1,996,763	$ 1,565,300	$ 1,996,763
Other comprehensive income (loss) before reclassifications	21,676	8,793	(26,092)	(4,643)
Reclassifications from AOCI to income	(2,930)	(1,526)	1,640	2,890
Ending balance	1,438,545	1,563,924	1,773,950	1,966,185	1,438,545	1,773,950
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(62,855)	(70,122)	(30,824)	(29,071)	(70,122)	(29,071)
Ending balance	(44,109)	(62,855)	(55,276)	(30,824)	(44,109)	(55,276)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(62,188)	(70,122)	(29,648)	(25,574)	(70,122)	(25,574)
Other comprehensive income (loss) before reclassifications	5,915	7,934	(25,628)	(4,074)
Reclassifications from AOCI to income	0	0	0	0
Ending balance	(56,273)	(62,188)	(55,276)	(29,648)	(56,273)	(55,276)
Unrealized gains on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(667)	0	(1,176)	(3,497)	0	(3,497)
Other comprehensive income (loss) before reclassifications	15,761	859	(464)	(569)
Reclassifications from AOCI to income	(2,930)	(1,526)	1,640	2,890
Ending balance	$ 12,164	$ (667)	$ 0	$ (1,176)	$ 12,164	$ 0

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recorded $31.6 million and $62.1 million of income tax expense for the three and six months ended June 30, 2023, respectively, and $20.8 million and $32.9 million of income tax benefit for the three and six months ended June 30, 2022, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2023 was 26.5% and 27.5%, respectively. The Company's effective tax rate for the three and six months ended June 30, 2022 was 25.8% and 24.9%, respectively.The effective tax rate for the three and six months ended June 30, 2023 differs from the US federal statutory rate of 21% primarily due to state and provincial taxes and an add-back for non-deductible executive compensation. The effective tax rate for the three and six months ended June 30, 2022 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes offset by a discrete tax benefit related to employee stock vesting.

- Definition

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

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income attributable to WillScot Mobile Mini	$ 87,729	$ 210,884	$ 73,376	$ 51,171	$ 298,613	$ 124,547

- Definition

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

+ References

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 87,729	$ 73,376	$ 298,613	$ 124,547
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $0 for both the three and six months ended June 30, 2023 and 2022	5,915	(25,628)	13,849	(29,702)
Net gain on derivatives, net of income tax expense of $4,268 and $394 for the three months ended June 30, 2023 and 2022, respectively, and $4,046 and $1,171 for the six months ended June 30, 2023 and 2022, respectively.	12,831	1,176	12,164	3,497
Total other comprehensive income (loss)	18,746	(24,452)	26,013	(26,205)
Total comprehensive income	$ 106,475	$ 48,924	$ 324,626	$ 98,342

- Definition

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

+ References

+ Details

Derivatives - Impact of Interest Rate Swap (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in OCI	$ 20,666	$ 4,669
Interest rate swap \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) loss reclassified from AOCI into income	(4,456)	$ 4,530
Foreign currency contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in OCI	$ 7,715

Earnings Per Share

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30				June 30
(in thousands)	2023		2022		2023		2022
Numerator:
Income from continuing operations	$	87,729	$	60,099	$	164,000	$	99,147
Income from discontinued operations	—		13,277		134,613		25,400
Net income	$	87,729	$	73,376	$	298,613	$	124,547

Denominator:
Weighted average Common Shares outstanding – basic	200,947		223,376		204,636		222,197
Dilutive effect of shares outstanding
Warrants	—		1,746		—		1,818
RSAs	16		18		21		22
Time-based RSUs	242		307		309		395
Performance-based RSUs	2,148		952		2,274		1,385
Stock Options	973		1,085		993		1,166
Weighted average Common Shares outstanding – dilutive	204,326		227,484		208,233		226,983

The following amounts of common shares that the Company may be obligated to issue were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


	Three Months Ended		Six Months Ended
	June 30		June 30
(in thousands)	2023	2022	2023	2022


Time-based RSUs	210	—	211	—
Performance-based RSUs	373	1,253	187	904

Total anti-dilutive shares	583	1,253	398	904

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense			$ 17,498	$ 15,401
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 300	$ 300	600	600
Unrecognized compensation expense for awards	1,000		$ 1,000
Unrecognized compensation expense, period for recognition			10 months 24 days
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	2,200	2,500	$ 4,000	4,700
Unrecognized compensation expense for awards	19,000		$ 19,000
Unrecognized compensation expense, period for recognition			2 years 6 months
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	6,900	$ 6,500	$ 12,700	10,300
Unrecognized compensation expense for awards	$ 49,200		$ 49,200
Unrecognized compensation expense, period for recognition			1 year 10 months 24 days
Vesting period			3 years
Performance-based RSUs \| Awards Granted 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR payout percentage, minimum	0.00%		0.00%
TSR payout percentage, maximum	200.00%		200.00%
TSR payout percentage, target	100.00%		100.00%
TSR, target	50.00%		50.00%
TSR, minimum	25.00%		25.00%
TSR, maximum	85.00%		85.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense				$ 200

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		197,304,704
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001647088
Current Fiscal Year End Date	--12-31

Earnings Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Income from continuing operations	$ 87,729	$ 60,099	$ 164,000	$ 99,147
Income from discontinued operations	0	13,277	134,613	25,400
Income from continuing operations	87,729	73,376	298,613	124,547
Net income	$ 87,729	$ 73,376	$ 298,613	$ 124,547
Denominator:
Weighted average Common Shares outstanding - basic (in shares)	200,946,619	223,376,276	204,635,764	222,196,986
Warrants (in shares)	0	1,746,000	0	1,818,000
Weighted average Common Shares outstanding - dilutive (in shares)	204,326,162	227,484,012	208,233,141	226,983,150
RSAs
Denominator:
Awards (in shares)	16,000	18,000	21,000	22,000
Time-based RSUs
Denominator:
Awards (in shares)	242,000	307,000	309,000	395,000
Performance-based RSUs
Denominator:
Awards (in shares)	2,148,000	952,000	2,274,000	1,385,000
Stock Options
Denominator:
Awards (in shares)	973,000	1,085,000	993,000	1,166,000

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 68,096	$ 57,048
Preferred stock par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	1,000,000	1,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	198,375,893	207,951,682
Common stock outstanding (in shares)	198,375,893	207,951,682

Rental Equipment, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment, Net

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


(in thousands)	June 30, 2023		December 31, 2022
Modular space units	$	3,406,542	$	3,197,779
Portable storage units	851,818		849,193
Value added products	204,665		203,444
Total rental equipment	4,463,025		4,250,416
Less: accumulated depreciation	(1,266,507)		(1,173,129)
Rental equipment, net	$	3,196,518	$	3,077,287

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 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)	(29,335)	(237,819)
Outstanding ending balance (in shares)	834,941	1,289,824
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 12.91	$ 14.66
Exercised (in USD per share)	14.06	14.51
Outstanding ending balance (in USD per share)	$ 12.87	$ 14.68
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Vested and exercisable stock options (in shares)	834,941	1,289,824
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share)	$ 12.87	$ 14.68

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 582,089	$ 522,890	$ 1,147,557	$ 974,061
Modular Leasing
Disaggregation of Revenue [Line Items]
Total revenues	449,320	386,386	889,271	737,945
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	236,625	204,667	461,095	395,056
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	93,462	81,186	190,777	151,890
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	97,698	81,855	191,825	157,160
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	21,535	18,678	45,574	33,839
Total leasing and services revenue
Disaggregation of Revenue [Line Items]
Total revenues	562,074	497,227	1,108,655	934,325
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	112,754	110,841	219,384	196,380
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	9,004	9,927	19,661	15,714
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	11,011	15,736	19,241	24,022
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	6,100	5,600	11,700	11,500
US
Disaggregation of Revenue [Line Items]
Total revenues	545,333	485,286	1,078,507	906,970
Canada
Disaggregation of Revenue [Line Items]
Total revenues	30,839	32,901	57,780	58,174
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,917	$ 4,703	$ 11,270	$ 8,917

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 33,501	$ 30,918
Operating cash outflows from finance leases	1,515	837
Financing cash outflows from finance leases	8,087	7,506
Right of use assets obtained in exchange for lease obligations	36,604	19,030
Assets obtained in exchange for finance leases	$ 24,382	$ 14,576

Debt

6 Months Ended

Jun. 30, 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	June 30, 2023		December 31, 2022
2025 Secured Notes	6.125%	2025	$	521,523	$	520,350
ABL Facility(a)	Varies	2027	1,943,243		1,988,176
2028 Secured Notes	4.625%	2028	493,979		493,470
Finance Leases	Varies	Varies	90,728		74,370
Total debt			3,049,473		3,076,366
Less: current portion of long-term debt			13,952		13,324
Total long-term debt			$	3,035,521	$	3,063,042

Asset Backed Lending Facility

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

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

Euros. The amendment also converted the interest rate for borrowings denominated in US Dollars from a LIBOR-based rate to a Term-SOFR-based rate with an interest period of one month and adjusted the applicable margins. The applicable margin for Canadian BA rate, Term SOFR, British Pounds Sterling and Euros loans is 1.50%. The facility includes a credit spread adjustment of 0.10% in addition to the applicable margin. The applicable margin for base rate and Canadian Prime Rate loans is 0.50%. The applicable margins are subject to one step down of 0.25% based on excess availability or one step up of 0.25% based on the Company's leverage ratio. The ABL Facility requires the payment of a commitment fee on the unused available borrowings of 0.20% annually. The weighted average interest rate on the balance outstanding as of June 30, 2023, as adjusted for the effects of the interest rate swap agreements, was 6.11%. Refer to Note 12 for a more detailed discussion on interest rate management.

Borrowing availability under the US Facility and the Multicurrency Facility is equal to the lesser of (i) the aggregate Revolver Commitments and (ii) the Borrowing Base ("Line Cap"). At June 30, 2023, the Line Cap was $3.0 billion and the Borrowers had $1.0 billion of available borrowing capacity under the ABL Facility, including $829.4 million under the US Facility and $209.6 million under the Multicurrency Facility. Borrowing capacity under the ABL Facility is made available for up to $220.0 million letters of credit and $220.0 million of swingline loans. At June 30, 2023, the available capacity was $205.6 million of letters of credit and $212.0 million of swingline loans. At June 30, 2023, letters of credit and bank guarantees carried fees of 1.625%. The Company had issued $14.4 million of standby letters of credit under the ABL Facility at June 30, 2023.

The Company had approximately $2.0 billion outstanding principal under the ABL Facility at June 30, 2023. Debt issuance costs of $30.6 million were included in the carrying value of the ABL Facility at June 30, 2023.

Finance Leases

The Company maintains finance leases primarily related to transportation equipment. At June 30, 2023 and December 31, 2022, obligations under finance leases for certain real property and transportation related equipment were $90.7 million and $74.4 million, respectively. Refer to Note 5 for further information.

The Company was in compliance with all debt covenants and restrictions associated with its debt instruments as of June 30, 2023.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Topic 470
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+ Details