0001647088-24-000159 | 10-Q | XBRL Viewer

Rental Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

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


(in thousands)	September 30, 2024		December 31, 2023
Modular space units	$	3,660,481	$	3,541,451
Portable storage units	1,059,704		1,009,059
Value added products	203,764		204,933
Total rental equipment	4,923,949		4,755,443
Less: accumulated depreciation	(1,522,751)		(1,374,128)
Rental equipment, net	$	3,401,198	$	3,381,315

(Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Numerator:
(Loss) income from continuing operations	$	(70,475)	$	91,516	$	(61,086)	$	255,516
Income from discontinued operations	—		—		—		134,613
Net (loss) income	$	(70,475)	$	91,516	$	(61,086)	$	390,129

Denominator:
Weighted average Common Shares outstanding – basic	188,281		196,199		189,362		201,043
Dilutive effect of shares outstanding

RSAs	—		5		—		16
Time-based RSUs	—		232		—		283
Performance-based RSUs	—		1,864		—		2,138
Stock Options	—		958		—		981
Weighted average Common Shares outstanding – diluted	188,281		199,258		189,362		204,461

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


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2024	2023	2024	2023
RSAs	32	—	32	—
Time-based RSUs	592	—	592	141
Performance-based RSUs	1,832	368	1,832	247
Stock Options	1,356	—	1,356	—
Total anti-dilutive shares	3,813	368	3,813	388

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 42,276	$ 43,071
Finished units	10,300	4,335
Inventories	$ 52,576	$ 47,406

Debt - Carrying Value of Debt Outstanding (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 28, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance Leases	$ 134,159		$ 117,099
Total debt	3,630,890		3,557,302
Less: current portion of long-term debt	22,933		18,786
Total long-term debt	$ 3,607,957		3,538,516
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%
Long-term debt	$ 524,630		522,735
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Long-term debt	$ 495,306		494,500
Senior Notes \| 2029 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.625%	6.625%
Long-term debt	$ 493,328		0
Senior Notes \| 2031 Secured Notes
Debt Instrument [Line Items]
Interest rate	7.375%
Long-term debt	$ 494,170		493,709
Line of Credit \| ABL Facility - Multicurrency Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 1,489,297		$ 1,929,259

Restructuring - Summary of Activities in the Restructuring Accruals (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 5,693		$ 0
Charges	2,334	$ 0	8,540	$ 0
Cash payments	(5,185)		(5,698)
Ending Balance	$ 2,842		$ 2,842

Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense	$ 0	$ 0	$ 0	$ 0
Net gain on derivatives, income tax (benefit)	$ (8,183)	$ 2,247	$ (3,134)	$ 6,293

Fair Value Measures

9 Months Ended

Sep. 30, 2024

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 following 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 values of cash and short-term deposits, marketable securities, trade receivables, trade payables, and other current liabilities approximate their carrying amounts. The Company's nonfinancial assets, which are measured at fair value on a nonrecurring basis, include rental equipment, property, plant and equipment, goodwill, intangible assets and certain other assets. Based on the borrowing rates currently available for bank loans with similar terms and average maturities, the fair values of finance leases at September 30, 2024 and December 31, 2023 approximate their respective book values. 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 values of the 2025 Secured Notes, the 2028 Secured Notes, the 2029 Secured Notes, and the 2031 Secured Notes are based on their last trading price at the end of each period obtained from a third party. The following table shows the carrying amounts and fair values of these financial liabilities measured using Level 2 inputs:


	September 30, 2024		December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount			Fair Value
2025 Secured Notes	$	524,630	$	526,826		$	522,735		$	527,021
2028 Secured Notes	495,306		486,495			494,500			474,285
2029 Secured Notes	493,328		515,390			—			—
2031 Secured Notes	494,170		528,695			493,709			528,075
Total	$	2,007,434	$	2,057,406		$	1,510,944		$	1,529,381

As of September 30, 2024, the carrying values of the 2025 Secured Notes, the 2028 Secured Notes, the 2029 Secured Notes, and the 2031 Secured Notes included $1.9 million, $4.7 million, $6.7 million, and $5.8 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. As of December 31, 2023, the carrying values of the 2025 Secured Notes, the 2028 Secured Notes, and the 2031 Secured Notes included $3.8 million, $5.5 million, and $6.3 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability.

The location and the fair value of derivative assets and liabilities in the condensed consolidated balance sheets 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.

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+ Details

Rental Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 4,923,949	$ 4,755,443
Less: accumulated depreciation	(1,522,751)	(1,374,128)
Rental equipment, net	3,401,198	3,381,315
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,660,481	3,541,451
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	1,059,704	1,009,059
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 203,764	$ 204,933

Goodwill and Intangibles (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Activity

Changes in the carrying amount of goodwill were as follows:


(in thousands)
Balance at December 31, 2022	$	1,011,429
Additions from acquisitions	164,502
Effects of movements in foreign exchange rates	704
Balance at December 31, 2023	1,176,635
Addition from acquisition	887
Effects of movements in foreign exchange rates	(633)
Balance at September 30, 2024	$	1,176,889

Schedule of Finite-Lived Intangible Assets

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


	September 30, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.8	$	214,408	$	(106,141)	$	108,267
Technology	1.8	1,500		(1,063)		437
Trade name – Mobile Mini	2.8	31,460		(4,625)		26,835
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	372,368	$	(111,829)	$	260,539


	December 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.5	$	214,408	$	(84,324)	$	130,084
Technology	2.5	1,500		(875)		625
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		$	504,908	$	(85,199)	$	419,709

Schedule of Indefinite-Lived Intangible Assets

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


	September 30, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.8	$	214,408	$	(106,141)	$	108,267
Technology	1.8	1,500		(1,063)		437
Trade name – Mobile Mini	2.8	31,460		(4,625)		26,835
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	372,368	$	(111,829)	$	260,539


	December 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.5	$	214,408	$	(84,324)	$	130,084
Technology	2.5	1,500		(875)		625
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		$	504,908	$	(85,199)	$	419,709

Schedule of Future Amortization of Intangible Assets

As of September 30, 2024, the expected future amortization expense for intangible assets is as follows for the years ended December 31:


(in thousands)
2024 (remaining)	$	11,770
2025	42,804
2026	36,460
2027	29,885
2028	14,620

Total	$	135,539

- Definition

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

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+ Details

Derivatives - Impact of Interest Rate Swap (Details) - Interest rate swaps - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in OCI	$ 3,947	$ 33,153
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain reclassified from AOCI into income	$ (16,487)	$ (7,928)

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,201,336	$ 1,320,126	$ 1,261,250	$ 1,438,545	$ 1,563,924	$ 1,565,300
Other comprehensive (loss) income before reclassifications	(17,021)	3,093	13,259	3,508	21,676	8,793
Reclassifications from AOCI to income	(5,597)	(5,623)	(5,267)	(3,472)	(2,930)	(1,526)
Ending balance	1,054,079	1,201,336	1,320,126	1,312,636	1,438,545	1,563,924
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(47,306)	(44,776)	(52,768)	(44,109)	(62,855)	(70,122)
Ending balance	(69,924)	(47,306)	(44,776)	(44,073)	(44,109)	(62,855)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(65,733)	(61,579)	(56,031)	(56,273)	(62,188)	(70,122)
Other comprehensive (loss) income before reclassifications	1,952	(4,154)	(5,548)	(6,732)	5,915	7,934
Reclassifications from AOCI to income	0	0	0	0	0	0
Ending balance	(63,781)	(65,733)	(61,579)	(63,005)	(56,273)	(62,188)
Unrealized gains (losses) on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	18,427	16,803	3,263	12,164	(667)	0
Other comprehensive (loss) income before reclassifications	(18,973)	7,247	18,807	10,240	15,761	859
Reclassifications from AOCI to income	(5,597)	(5,623)	(5,267)	(3,472)	(2,930)	(1,526)
Ending balance	$ (6,143)	$ 18,427	$ 16,803	$ 18,932	$ 12,164	$ (667)

- Definition

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

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+ Details

Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity

Common Stock

In connection with the stock compensation vesting and stock option exercises described in Note 14, the Company issued 704,809 shares of Common Stock during the nine months ended September 30, 2024.

Stock Repurchase Program

In September 2024, the Board of Directors approved a reset of the share repurchase program authorizing the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock. 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.

During the nine months ended September 30, 2024, the Company repurchased 3,623,298 shares of Common Stock for $140.4 million, excluding excise tax. As of September 30, 2024, $951.9 million of the authorization for future repurchases of Common Stock remained available.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the nine months ended September 30, 2024 and 2023 were as follows:


	Nine Months Ended September 30, 2024
(in thousands)	Foreign currency translation		Unrealized gains (losses) on hedging activities		Total
Balance at December 31, 2023	$	(56,031)	$	3,263	$	(52,768)
Other comprehensive (loss) income before reclassifications	(5,548)		18,807		13,259
Reclassifications from AOCI to income	—		(5,267)		(5,267)
Balance at March 31, 2024	(61,579)		16,803		(44,776)
Other comprehensive (loss) income before reclassifications	(4,154)		7,247		3,093
Reclassifications from AOCI to income	—		(5,623)		(5,623)
Balance at June 30, 2024	(65,733)		18,427		(47,306)
Other comprehensive income (loss) before reclassifications	1,952		(18,973)		(17,021)
Reclassifications from AOCI to income	—		(5,597)		(5,597)
Balance at September 30, 2024	$	(63,781)	$	(6,143)	$	(69,924)


	Nine Months Ended September 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)
Other comprehensive (loss) income before reclassifications	(6,732)		10,240		3,508
Reclassifications from AOCI to income	—		(3,472)		(3,472)
Balance at September 30, 2023	$	(63,005)	$	18,932	$	(44,073)

For the three months ended September 30, 2024 and 2023, gains of $5.6 million and $3.5 million, respectively, were reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps. For the nine months ended September 30, 2024 and 2023, gains of $16.5 million and $7.9 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 $1.5 million and $0.9 million for the three months ended September 30, 2024 and 2023, respectively, and tax expense of $4.5 million and $2.1 million for the nine months ended September 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Restructuring (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Summary of Activities in the Restructuring Accruals

The following is a summary of the activity in the Company’s restructuring accrual for the three and nine months ended September 30, 2024:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2024		2024
Beginning balance	$	5,693	$	—
Charges	2,334		8,540
Cash payments	(5,185)		(5,698)
Ending balance	$	2,842	$	2,842

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) expense from continuing operations	$ (20,566)	$ 32,780	$ (17,377)	$ 94,855
Effective tax rate	22.60%	26.40%	22.20%	27.10%

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

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


(in thousands)	September 30, 2024		December 31, 2023
Raw materials	$	42,276	$	43,071
Finished units	10,300		4,335
Inventories	$	52,576	$	47,406

Leases - Lease Terms and Discount Rates (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term - operating leases	5 years 1 month 6 days	5 years 4 months 24 days
Weighted average discount rate - operating leases	5.90%	5.90%
Weighted average remaining lease term - finance leases	4 years 9 months 18 days	5 years
Weighted average discount rate - finance leases	5.10%	4.80%

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company had total revenue in the following geographic areas for the three and nine months ended September 30, 2024 and 2023 as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
US	$	565,021	$	567,221	$	1,683,434	$	1,645,727
Canada	29,657		30,921		88,495		88,702
Mexico	6,754		6,692		21,274		17,962
Total revenues	$	601,432	$	604,834	$	1,793,203	$	1,752,391

The Company’s revenue by major product and service line for the three and nine months ended September 30, 2024 and 2023 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Modular space leasing revenue	$	254,531	$	243,947	$	760,404	$	705,041
Portable storage leasing revenue	85,746		98,155		263,628		288,932
VAPS and third party leasing revenues(a)	100,176		99,872		296,602		291,697
Other leasing-related revenue(b)	15,125		24,795		54,137		70,370
Leasing revenue	455,578		466,769		1,374,771		1,356,040
Delivery and installation revenue	114,765		115,598		323,274		334,982
Total leasing and services revenue	570,343		582,367		1,698,045		1,691,022
New unit sales revenue	17,850		10,155		52,727		29,816
Rental unit sales revenue	13,239		12,312		42,431		31,553
Total revenues	$	601,432	$	604,834	$	1,793,203	$	1,752,391


(a)			Includes $10.3 million and $6.4 million of service revenue for the three months ended September 30, 2024 and 2023, respectively, and $30.4 million and $18.1 million of service revenue for the nine months ended September 30, 2024 and 2023, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, other processing fees, and provisions for specific uncollectible receivables.

Schedule of Accounts Receivable Allowance for Credit Losses

Activity in the allowance for credit losses was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	89,070	$	68,096	$	81,656	$	57,048
Provision for credit losses, net of recoveries	22,121		15,871		45,317		38,079
Write-offs	(11,869)		(5,252)		(27,528)		(16,758)
Foreign currency translation and other	(81)		23		(204)		369
Balance at end of period	$	99,241	$	78,738	$	99,241	$	78,738

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Nature of Operations WillScot Holdings Corporation (“WillScot” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative and flexible turnkey temporary space 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. On July 29, 2024, the Company amended and restated its certificate of incorporation to effect a change of the Company’s name from “WillScot Mobile Mini Holdings Corp.” to “WillScot Holdings Corporation." 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 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 nine months ended September 30, 2024 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, 2023. Segment Reporting In January 2024, the Company completed the unification of its go-to market structure by integrating its modular and storage divisions under a single leadership team organized by geography, achieving local product unification within each metropolitan statistical area and the ability to consistently deliver its portfolio of solutions to its entire customer base. In connection with this change in operating model, the Company realigned the composition of its operating and reportable segments to reflect how its Chief Operating Decision Maker reviews financial information to allocate resources to and assess performance of the segments. As a result, the Company concluded that its two operating segments (US and Other North America) are aggregated into one reportable segment as the operating segments share similar economic characteristics (e.g., comparable gross margins and comparable adjusted earnings before interest, taxes, depreciation and amortization margins) and similar qualitative characteristics as the operating segments offer similar products and services to similar customers, use similar methods to distribute products and are subject to similar competitive risks. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation. Recently Issued Accounting Standards ASU 2023-07. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands the breadth and frequency of segment disclosures, requiring disclosure of (i) significant segment expenses, (ii) other segment items, (iii) the chief operating decision maker's title and position, (iv) how the chief operating decision maker uses the reported measures of a segment's profit or loss and (v) interim disclosure of all segment profit, loss and asset disclosures currently required annually. ASU 2023-07 clarifies that a public entity may report one or more measures of segment profit or loss and requires that single reportable segment entities provide all required segment disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its segment disclosures. ASU 2023-09. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. Public business entities ("PBEs") are required to provide this incremental detail in a numerical, tabular format, while all other entities will do so through enhanced qualitative disclosures. The ASU also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its income tax disclosures.

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations		$ 0	$ 176,078
Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business consideration amount	$ 418,100
Gain on sale of discontinued operations			175,708
Discontinued Operations, Disposed of by Sale \| Tank and Pump Solutions Segment
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

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (remaining)	$ 7,523
2025	555,083
2026	28,331
2027	1,535,368
2028	527,564
Thereafter	1,038,450
Total debt	$ 3,692,319

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


(in thousands, except rates)	Interest rate	Year of maturity	September 30, 2024		December 31, 2023
2025 Secured Notes	6.125%	2025	$	524,630	$	522,735
ABL Facility	Varies	2027	1,489,297		1,929,259
2028 Secured Notes	4.625%	2028	495,306		494,500
2029 Secured Notes	6.625%	2029	493,328		—
2031 Secured Notes	7.375%	2031	494,170		493,709
Finance Leases	Varies	Varies	134,159		117,099
Total debt			3,630,890		3,557,302
Less: current portion of long-term debt			22,933		18,786
Total long-term debt			$	3,607,957	$	3,538,516

Schedule of Maturities of Long-Term Debt

Maturities of debt, including finance leases, during the periods subsequent to September 30, 2024 are as follows:


(in thousands)
2024 (remaining)	$	7,523
2025	555,083
2026	28,331
2027	1,535,368
2028	527,564
Thereafter	1,038,450
Total	$	3,692,319

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	2
Number of reportable segments	1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
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 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.
Segment Reporting	In January 2024, the Company completed the unification of its go-to market structure by integrating its modular and storage divisions under a single leadership team organized by geography, achieving local product unification within each metropolitan statistical area and the ability to consistently deliver its portfolio of solutions to its entire customer base. In connection with this change in operating model, the Company realigned the composition of its operating and reportable segments to reflect how its Chief Operating Decision Maker reviews financial information to allocate resources to and assess performance of the segments. As a result, the Company concluded that its two operating segments (US and Other North America) are aggregated into one reportable segment as the operating segments share similar economic characteristics (e.g., comparable gross margins and comparable adjusted earnings before interest, taxes, depreciation and amortization margins) and similar qualitative characteristics as the operating segments offer similar products and services to similar customers, use similar methods to distribute products and are subject to similar competitive risks.
Reclassifications	Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
Recently Issued Accounting Standards	ASU 2023-07. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands the breadth and frequency of segment disclosures, requiring disclosure of (i) significant segment expenses, (ii) other segment items, (iii) the chief operating decision maker's title and position, (iv) how the chief operating decision maker uses the reported measures of a segment's profit or loss and (v) interim disclosure of all segment profit, loss and asset disclosures currently required annually. ASU 2023-07 clarifies that a public entity may report one or more measures of segment profit or loss and requires that single reportable segment entities provide all required segment disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its segment disclosures. ASU 2023-09. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. Public business entities ("PBEs") are required to provide this incremental detail in a numerical, tabular format, while all other entities will do so through enhanced qualitative disclosures. The ASU also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its income tax disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Disaggregation

Geographic Areas

The Company had total revenue in the following geographic areas for the three and nine months ended September 30, 2024 and 2023 as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
US	$	565,021	$	567,221	$	1,683,434	$	1,645,727
Canada	29,657		30,921		88,495		88,702
Mexico	6,754		6,692		21,274		17,962
Total revenues	$	601,432	$	604,834	$	1,793,203	$	1,752,391

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 turnkey temporary 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 nine months ended September 30, 2024 and 2023 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Modular space leasing revenue	$	254,531	$	243,947	$	760,404	$	705,041
Portable storage leasing revenue	85,746		98,155		263,628		288,932
VAPS and third party leasing revenues(a)	100,176		99,872		296,602		291,697
Other leasing-related revenue(b)	15,125		24,795		54,137		70,370
Leasing revenue	455,578		466,769		1,374,771		1,356,040
Delivery and installation revenue	114,765		115,598		323,274		334,982
Total leasing and services revenue	570,343		582,367		1,698,045		1,691,022
New unit sales revenue	17,850		10,155		52,727		29,816
Rental unit sales revenue	13,239		12,312		42,431		31,553
Total revenues	$	601,432	$	604,834	$	1,793,203	$	1,752,391


(a)			Includes $10.3 million and $6.4 million of service revenue for the three months ended September 30, 2024 and 2023, respectively, and $30.4 million and $18.1 million of service revenue for the nine months ended September 30, 2024 and 2023, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, other processing fees, and provisions for specific uncollectible receivables.

Leasing and Services Revenue

The majority of revenue (74% and 75% for the three and nine months ended September 30, 2024, respectively, and 76% for both the three and nine months ended September 30, 2023) was generated by lease income subject to the guidance of Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or the sale of units subject to the guidance in Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606").

Receivables and Credit Losses

The Company manages credit risk associated with its accounts receivable at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 842 and ASC 606, 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 manages credit risk through credit approvals, credit limits, and other monitoring procedures.

The Company's allowance for credit losses reflects its estimate of the amount of receivables that it will be unable to collect. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimates reflect changing circumstances, and the Company may be required to increase or decrease its allowance in future periods.

Activity in the allowance for credit losses was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	89,070	$	68,096	$	81,656	$	57,048
Provision for credit losses, net of recoveries	22,121		15,871		45,317		38,079
Write-offs	(11,869)		(5,252)		(27,528)		(16,758)
Foreign currency translation and other	(81)		23		(204)		369
Balance at end of period	$	99,241	$	78,738	$	99,241	$	78,738

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. As of September 30, 2024 and December 31, 2023, the Company had approximately $136.9 million and $124.1 million, respectively, of deferred revenue related to services billed in advance. During the three and nine months ended September 30, 2024, $13.3 million and $61.0 million, respectively, of deferred revenue billed in advance was recognized as revenue.

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

The Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption 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. As a result, the Company has applied the practical expedient for incremental costs of obtaining a sales contract and expenses commissions as incurred.

Revenue

Revenue Disaggregation

Geographic Areas

The Company had total revenue in the following geographic areas for the three and nine months ended September 30, 2024 and 2023 as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
US	$	565,021	$	567,221	$	1,683,434	$	1,645,727
Canada	29,657		30,921		88,495		88,702
Mexico	6,754		6,692		21,274		17,962
Total revenues	$	601,432	$	604,834	$	1,793,203	$	1,752,391

Major Product and Service Lines

The Company’s revenue by major product and service line for the three and nine months ended September 30, 2024 and 2023 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Modular space leasing revenue	$	254,531	$	243,947	$	760,404	$	705,041
Portable storage leasing revenue	85,746		98,155		263,628		288,932
VAPS and third party leasing revenues(a)	100,176		99,872		296,602		291,697
Other leasing-related revenue(b)	15,125		24,795		54,137		70,370
Leasing revenue	455,578		466,769		1,374,771		1,356,040
Delivery and installation revenue	114,765		115,598		323,274		334,982
Total leasing and services revenue	570,343		582,367		1,698,045		1,691,022
New unit sales revenue	17,850		10,155		52,727		29,816
Rental unit sales revenue	13,239		12,312		42,431		31,553
Total revenues	$	601,432	$	604,834	$	1,793,203	$	1,752,391


(a)			Includes $10.3 million and $6.4 million of service revenue for the three months ended September 30, 2024 and 2023, respectively, and $30.4 million and $18.1 million of service revenue for the nine months ended September 30, 2024 and 2023, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, other processing fees, and provisions for specific uncollectible receivables.

Leasing and Services Revenue

Receivables and Credit Losses

Activity in the allowance for credit losses was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	89,070	$	68,096	$	81,656	$	57,048
Provision for credit losses, net of recoveries	22,121		15,871		45,317		38,079
Write-offs	(11,869)		(5,252)		(27,528)		(16,758)
Foreign currency translation and other	(81)		23		(204)		369
Balance at end of period	$	99,241	$	78,738	$	99,241	$	78,738

Contract Assets and Liabilities

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

- 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
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-Name Accounting Standards Codification
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-Paragraph 15
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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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

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Operating Lease Maturities

As of September 30, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2024 (remaining)	$	13,853	$	7,523
2025	76,801		28,583
2026	61,389		28,331
2027	49,025		25,083
2028	37,149		27,564
Thereafter	62,605		38,450
Total lease payments	300,822		155,534
Less: interest	(42,981)		(21,375)
Present value of lease liabilities	$	257,841	$	134,159

Schedule of Finance Lease Maturities

As of September 30, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2024 (remaining)	$	13,853	$	7,523
2025	76,801		28,583
2026	61,389		28,331
2027	49,025		25,083
2028	37,149		27,564
Thereafter	62,605		38,450
Total lease payments	300,822		155,534
Less: interest	(42,981)		(21,375)
Present value of lease liabilities	$	257,841	$	134,159

Schedule of Lease Activity

The Company’s lease activity during the nine months ended September 30, 2024 and 2023 was as follows:


(in thousands)	Nine Months Ended September 30,
Financial Statement Line	2024		2023
Finance Lease Expense
Amortization of finance lease assets	$	10,355	$	11,976
Interest on obligations under finance leases	4,679		2,571
Total finance lease expense	$	15,034	$	14,547

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	860	$	1,013
Selling, general and administrative	59,396		49,327
Lease impairment expense and other related charges	31		—
Short-term lease expense
Cost of leasing and services	21,586		18,631
Selling, general and administrative	1,524		1,353
Lease impairment expense and other related charges	—		22
Variable lease expense
Cost of leasing and services	739		1,865
Selling, general and administrative	7,732		7,028
Lease impairment expense and other related charges	836		—
Total operating lease expense	$	92,704	$	79,239

Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and 2023 was as follows:


(in thousands)	Nine Months Ended September 30,
Supplemental Cash Flow Information	2024		2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	59,847	$	50,495
Operating cash outflows from finance leases	$	4,621	$	2,515
Financing cash outflows from finance leases	$	14,815	$	12,425

Right of use assets obtained in exchange for lease obligations	$	63,599	$	78,969
Assets obtained in exchange for finance leases	$	31,907	$	38,534

Weighted average remaining operating lease terms and the weighted average discount rates as of September 30, 2024 and December 31, 2023 were as follows:


Lease Terms and Discount Rates	September 30, 2024		December 31, 2023
Weighted average remaining lease term - operating leases	5.1 years		5.4 years
Weighted average discount rate - operating leases	5.9	%	5.9	%
Weighted average remaining lease term - finance leases	4.8 years		5.0 years
Weighted average discount rate - finance leases	5.1	%	4.8	%

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 136.9		$ 136.9		$ 124.1
Previously deferred revenue recognized	$ 13.3		$ 61.0
Leasing Revenue \| Revenues \| Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	74.00%	76.00%	75.00%	76.00%

- 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

Goodwill and Intangibles - Future Amortization (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining)	$ 11,770
2025	42,804
2026	36,460
2027	29,885
2028	14,620
Net book value	$ 135,539

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense includes grants of stock options, time-based restricted stock units ("Time-Based RSUs") and performance-based restricted stock units ("Performance-Based RSUs," together with Time-Based RSUs, the "RSUs"). In addition, stock-based payments to non-executive directors include grants of restricted stock awards ("RSAs"). Time-Based RSUs and RSAs are valued based on the intrinsic value of the difference between the exercise price, if any, of the award and the fair market value of WillScot'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 nine months ended September 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	28,946	$	44.44	35,244	$	37.17
Granted	32,332	$	38.20	28,946	$	44.44

Vested	(28,946)	$	44.44	(35,244)	$	37.17
Outstanding at end of period	32,332	$	38.20	28,946	$	44.44

Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.3 million for both the three months ended September 30, 2024 and 2023. Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $1.0 million for both the nine months ended September 30, 2024 and 2023. At September 30, 2024, unrecognized compensation cost related to RSAs totaled $0.8 million and was expected to be recognized over the remaining weighted average vesting period of 0.7 years.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity for the nine months ended September 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	618,836	$	36.07	789,779	$	26.16
Granted	273,524	$	48.68	213,388	$	50.74
Forfeited	(35,254)	$	45.91	(52,435)	$	36.29
Vested	(264,907)	$	30.36	(322,482)	$	21.38
Outstanding at end of period	592,199	$	43.87	628,250	$	36.12

Compensation expense for Time-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $2.8 million and $2.2 million for the three months ended September 30, 2024 and 2023, respectively. Compensation expense for Time-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $7.8 million and $6.1 million for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, unrecognized compensation cost related to Time-Based RSUs totaled $18.0 million and was expected to be recognized over the remaining weighted average vesting period of 2.4 years.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU award activity for the nine months ended September 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	1,939,691	$	42.95	1,894,250	$	33.67
Granted	295,833	$	66.60	376,826	$	69.52
Forfeited	(26,325)	$	56.58	(27,500)	$	48.38
Vested	(377,197)	$	39.08	(293,934)	$	16.34
Outstanding at end of period	1,832,002	$	47.37	1,949,642	$	42.96

Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $6.4 million and $6.2 million for the three months ended September 30, 2024 and 2023, respectively. Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $19.5 million and $18.8 million for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, unrecognized compensation cost related to Performance-Based RSUs totaled $32.8 million and was expected to be recognized over the remaining weighted average vesting period of 1.3 years.

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

For 555,790 Performance-Based RSUs granted in 2021, the awards cliff vest based on achievement of specified share prices of the Company's Common Stock at annual measurement dates over performance periods of 4.5 years to 4.8 years. The target number of RSUs may be adjusted from 0 to 1,333,334 based on the stock price attainment levels defined by the Company's Compensation Committee. The target payout for the 555,790 Performance-Based RSUs is tied to a stock price of $47.50, with a payout ranging from 0 RSUs (for a stock price less than $42.50) to 1,333,334 RSUs (for a stock price of $60.00 or greater).

Stock Options

The following table summarizes the Company's stock option activity for the nine months ended September 30, 2024:


	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	829,246	$	12.86

Exercised	—	$	—	(7,093)	$	17.04
Outstanding at end of period	534,188	$	13.60	822,153	$	12.82

Fully vested and exercisable options, September 30, 2024	534,188	$	13.60	822,153	$	12.82

The following table summarizes the Company's stock option activity for the nine months ended September 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	—	$	—	(32,623)	$	13.87
Outstanding at end of period	534,188	$	13.60	831,653	$	12.87

Fully vested and exercisable options, September 30, 2023	534,188	$	13.60	831,653	$	12.87

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 99,241	$ 81,656
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)	187,048,646	189,967,135
Common stock outstanding (in shares)	187,048,646	189,967,135

Leases - Lease Cost (Details) - USD ($) $ in Thousands	9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Finance Lease Expense
Amortization of finance lease assets	$ 10,355	$ 11,976
Interest on obligations under finance leases	4,679	2,571
Total finance lease expense	15,034	14,547
Operating Lease Expense
Total operating lease expense	92,704	79,239
Cost of leasing and services
Operating Lease Expense
Fixed lease expense	860	1,013
Short-term lease expense	21,586	18,631
Variable lease expense	739	1,865
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	59,396	49,327
Short-term lease expense	1,524	1,353
Variable lease expense	7,732	7,028
Lease impairment expense and other related charges
Operating Lease Expense
Fixed lease expense	31	0
Short-term lease expense	0	22
Variable lease expense	$ 836	$ 0

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 601,432	$ 604,834	$ 1,793,203	$ 1,752,391
Costs:
Depreciation of rental equipment	76,212	66,950	226,731	190,556
Gross profit	321,484	339,694	965,490	990,694
Other operating expenses:
Selling, general and administrative	150,865	151,983	493,043	449,663
Other depreciation and amortization	23,108	17,852	59,163	52,371
Termination fee	180,000	0	180,000	0
Impairment loss on intangible asset	0	0	132,540	0
Restructuring costs	2,334	0	8,540	0
Lease impairment expense and other related charges, net	144	0	867	22
Currency (gains) losses, net	(129)	96	(94)	6,885
Other expense (income), net	380	(8,336)	1,935	(14,533)
Operating (loss) income	(35,218)	178,099	89,496	496,286
Interest expense, net	55,823	53,803	167,959	145,915
(Loss) income from continuing operations before income tax	(91,041)	124,296	(78,463)	350,371
Income tax (benefit) expense from continuing operations	(20,566)	32,780	(17,377)	94,855
(Loss) income from continuing operations	(70,475)	91,516	(61,086)	255,516
Discontinued operations:
Income from discontinued operations before income tax	0	0	0	4,003
Gain on sale of discontinued operations	0	0	0	176,078
Income tax expense from discontinued operations	0	0	0	45,468
Income from discontinued operations	0	0	0	134,613
Net (loss) income	$ (70,475)	$ 91,516	$ (61,086)	$ 390,129
(Loss) earnings per share from continuing operations:
Basic (in USD per share)	$ (0.37)	$ 0.47	$ (0.32)	$ 1.27
Diluted (in USD per share)	(0.37)	0.46	(0.32)	1.25
Earnings per share from discontinued operations:
Basic (in USD per share)	0	0	0	0.67
Diluted (in USD per share)	0	0	0	0.66
(Loss) earnings per share:
Basic (in USD per share)	(0.37)	0.47	(0.32)	1.94
Diluted (in USD per share)	$ (0.37)	$ 0.46	$ (0.32)	$ 1.91
Weighted average shares:
Basic (in shares)	188,281,346	196,198,638	189,362,364	201,042,902
Diluted (in shares)	188,281,346	199,258,304	189,362,364	204,461,042
Leasing Revenue
Revenues:
Leasing	$ 455,578	$ 466,769	$ 1,374,771	$ 1,356,040
Total revenues	455,578	466,769	1,374,771	1,356,040
Costs:
Leasing	96,050	104,331	296,692	300,402
Delivery and installation revenue
Revenues:
Revenues	114,765	115,598	323,274	334,982
Total revenues	114,765	115,598	323,274	334,982
Costs:
Cost of sales	91,775	82,081	250,787	238,437
New units
Revenues:
Revenues	17,850	10,155	52,727	29,816
Total revenues	17,850	10,155	52,727	29,816
Costs:
Cost of sales	9,665	5,096	31,296	16,099
Rental units
Revenues:
Revenues	13,239	12,312	42,431	31,553
Total revenues	13,239	12,312	42,431	31,553
Costs:
Cost of sales	$ 6,246	$ 6,682	$ 22,207	$ 16,203

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 601,432	$ 604,834	$ 1,793,203	$ 1,752,391
Leasing Revenue
Disaggregation of Revenue [Line Items]
Total revenues	455,578	466,769	1,374,771	1,356,040
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	254,531	243,947	760,404	705,041
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	85,746	98,155	263,628	288,932
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	100,176	99,872	296,602	291,697
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	15,125	24,795	54,137	70,370
Total leasing and services revenue
Disaggregation of Revenue [Line Items]
Total revenues	570,343	582,367	1,698,045	1,691,022
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	114,765	115,598	323,274	334,982
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	17,850	10,155	52,727	29,816
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	13,239	12,312	42,431	31,553
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	10,300	6,400	30,400	18,100
US
Disaggregation of Revenue [Line Items]
Total revenues	565,021	567,221	1,683,434	1,645,727
Canada
Disaggregation of Revenue [Line Items]
Total revenues	29,657	30,921	88,495	88,702
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	$ 6,754	$ 6,692	$ 21,274	$ 17,962

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

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


(in thousands)	September 30, 2024		December 31, 2023
Raw materials	$	42,276	$	43,071
Finished units	10,300		4,335
Inventories	$	52,576	$	47,406

Equity - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Equity - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsidiary, Sale of Stock [Line Items]
Issuance of Common Stock from the exercise of options (in shares)			704,809
Authorized share repurchase program	$ 1,000,000,000		$ 1,000,000,000
Shares repurchased (in shares)			3,623,298
Shares repurchased			$ 140,400,000
Remaining authorized share repurchase program	951,900,000		951,900,000
Reclassifications to consolidated statement of operations	55,823,000	$ 53,803,000	167,959,000	$ 145,915,000
Reclassifications to consolidated statement of operations, tax expense	(20,566,000)	32,780,000	(17,377,000)	94,855,000
Reclassification out of Accumulated Other Comprehensive Income
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations, tax expense	1,500,000	900,000	4,500,000	2,100,000
Interest rate swaps \| Unrealized gains (losses) on hedging activities \| Reclassification out of Accumulated Other Comprehensive Income
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations	$ 5,600,000	$ 3,500,000	$ 16,500,000	$ 7,900,000

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

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	September 30, 2024		December 31, 2023
Cash Flow Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	3,414	$	9,145

Interest rate swaps	Other non-current liabilities	$	(11,248)	$	(4,595)

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 condensed consolidated statements of operations for the nine months ended September 30, 2024 and 2023:


	Nine Months Ended September 30,
(in thousands)	2024		2023
Gain recognized in OCI	$	3,947	$	33,153
Location of gain recognized in income	Interest expense, net		Interest expense, net
Gain reclassified from AOCI into income	$	(16,487)	$	(7,928)

Fair Value Measures - Narrative (Details) - Senior Notes - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
2025 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 1.9	$ 3.8
2028 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	4.7	5.5
2029 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	6.7
2031 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 5.8	$ 6.3

Stock-Based Compensation - Performance-Based RSU Award Activity (Details) - Performance-based RSUs - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021
Number of Shares
Outstanding beginning balance (in shares)	1,939,691	1,894,250
Granted (in shares)	295,833	376,826	555,790
Forfeited (in shares)	(26,325)	(27,500)
Vested (in shares)	(377,197)	(293,934)
Outstanding ending balance (in shares)	1,832,002	1,949,642
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 42.95	$ 33.67
Granted (in USD per share)	66.60	69.52
Forfeited (in USD per share)	56.58	48.38
Vested (in USD per share)	39.08	16.34
Outstanding ending balance (in USD per share)	$ 47.37	$ 42.96

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating
2024 (remaining)	$ 13,853
2025	76,801
2026	61,389
2027	49,025
2028	37,149
Thereafter	62,605
Total lease payments	300,822
Less: interest	(42,981)
Present value of lease liabilities	257,841
Finance
2024 (remaining)	7,523
2025	28,583
2026	28,331
2027	25,083
2028	27,564
Thereafter	38,450
Total lease payments	155,534
Less: interest	(21,375)
Present value of lease liabilities	$ 134,159	$ 117,099
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term debt
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37552
Entity Registrant Name	WILLSCOT HOLDINGS CORPORATION
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		184,759,527
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001647088
Current Fiscal Year End Date	--12-31

Derivatives

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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 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.

In January 2024, the Company entered into two interest rate swap agreements with financial counterparties relating to $500.0 million in aggregate notional amount of variable-rate debt under the 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 3.70% on the notional amount.

The swap agreements were designated and qualified as hedges of the Company's exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility. The swap agreements terminate on June 30, 2027. The floating rate that the Company receives under the terms of these swap agreements was 4.86% at September 30, 2024.

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


(in thousands)	Balance Sheet Location	September 30, 2024		December 31, 2023
Cash Flow Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	3,414	$	9,145

Interest rate swaps	Other non-current liabilities	$	(11,248)	$	(4,595)

The fair value of the interest rate swaps was based on dealer quotes of market forward rates, which are Level 2 inputs on the fair value hierarchy (see Note 13), and reflected the amount that the Company would receive or pay as of September 30, 2024 for contracts involving the same attributes and maturity dates.


	Nine Months Ended September 30,
(in thousands)	2024		2023
Gain recognized in OCI	$	3,947	$	33,153
Location of gain recognized in income	Interest expense, net		Interest expense, net
Gain reclassified from AOCI into income	$	(16,487)	$	(7,928)

Stock-Based Compensation - Restricted Stock Award Activity (Details) - RSAs - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Number of Shares
Outstanding beginning balance (in shares)	28,946	35,244
Granted (in shares)	32,332	28,946
Vested (in shares)	(28,946)	(35,244)
Outstanding ending balance (in shares)	32,332	28,946
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 44.44	$ 37.17
Granted (in USD per share)	38.20	44.44
Vested (in USD per share)	44.44	37.17
Outstanding ending balance (in USD per share)	$ 38.20	$ 44.44

Goodwill and Intangibles

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Goodwill

Changes in the carrying amount of goodwill were as follows:


(in thousands)
Balance at December 31, 2022	$	1,011,429
Additions from acquisitions	164,502
Effects of movements in foreign exchange rates	704
Balance at December 31, 2023	1,176,635
Addition from acquisition	887
Effects of movements in foreign exchange rates	(633)
Balance at September 30, 2024	$	1,176,889

The Company had no goodwill impairment during the nine months ended September 30, 2024 or the year ended December 31, 2023.

Intangible Assets

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


	September 30, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.8	$	214,408	$	(106,141)	$	108,267
Technology	1.8	1,500		(1,063)		437
Trade name – Mobile Mini	2.8	31,460		(4,625)		26,835
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	372,368	$	(111,829)	$	260,539


	December 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.5	$	214,408	$	(84,324)	$	130,084
Technology	2.5	1,500		(875)		625
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		$	504,908	$	(85,199)	$	419,709

Amortization expense related to intangible assets was $11.9 million and $5.9 million for the three months ended September 30, 2024 and 2023, respectively, and $26.6 million and $17.8 million for the nine months ended September 30, 2024 and 2023, respectively.

In the second quarter of 2024, the Company determined that a review of the carrying value of the Mobile Mini trade name was necessary based on the Company's plan to rebrand under a single WillScot brand name and discontinue the use of the Mobile Mini trade name. As of June 30, 2024, the Mobile Mini trade name was tested for impairment using the relief from royalty valuation method. The most significant unobservable input (Level 3) used to estimate the fair value was a discount rate of 9%. After determining the estimated fair value, the Company recorded an impairment charge of $132.5 million during the nine months ended September 30, 2024. This non-cash charge was recorded to impairment loss on intangible asset on the consolidated statement of operations. After the impairment charge, the remaining net book value of the Mobile Mini trade name was $31.5 million, which is being amortized over a remaining useful life. The Company did not record any other impairment charges during the nine months ended September 30, 2024.

As of September 30, 2024, the expected future amortization expense for intangible assets is as follows for the years ended December 31:


(in thousands)
2024 (remaining)	$	11,770
2025	42,804
2026	36,460
2027	29,885
2028	14,620

Total	$	135,539

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various lawsuits, claims and legal proceedings that arise in the ordinary course of business. The Company assesses these matters on a case-by-case basis as they arise and establishes reserves as required. As of September 30, 2024, 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.

Restructuring - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring costs	$ 2,334	$ 0	$ 8,540	$ 0

Goodwill and Intangibles - Goodwill Activity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,176,635	$ 1,011,429
Additions from acquisitions	887	164,502
Effects of movements in foreign exchange rates	(633)	704
Goodwill, end of period	$ 1,176,889	$ 1,176,635

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: 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 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: 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 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Derivatives - Narrative (Details) - Interest rate swaps $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($) derivativeAgreement	Jan. 31, 2023 USD ($) derivativeAgreement	Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivative instruments entered into \| derivativeAgreement	2	2
Notational amount \| $	$ 500.0	$ 750.0
Fixed rate	3.70%	3.44%
Receive rate			4.86%

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		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 (loss)	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)
Common Stock-based award activity (in shares)		355,000
Common Stock-based award activity	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		207,952,000
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 (loss)	390,129
Other comprehensive income (loss)	26,049
Ending balance (in shares) at Sep. 30, 2023		193,461,000
Ending balance at Sep. 30, 2023	1,312,636	$ 20	2,218,110	(44,073)	(861,421)
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 (loss)	87,729				87,729
Other comprehensive income (loss)	18,746			18,746
Common Stock-based award activity (in shares)		35,000
Common Stock-based award activity	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 (in shares)		24,000
Issuance of Common Stock from the exercise of options	344		344
Ending balance (in shares) at Jun. 30, 2023		198,376,000
Ending balance at Jun. 30, 2023	1,438,545	$ 20	2,435,571	(44,109)	(952,937)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	91,516				91,516
Other comprehensive income (loss)	36			36
Withholding taxes on net share settlement of stock-based compensation	(4,113)		(4,113)
Common Stock-based award activity (in shares)		124,000
Common Stock-based award activity	8,636		8,636
Repurchase and cancellation of Common Stock (in shares)		(5,042,000)
Repurchase and cancellation of Common Stock	(222,024)		(222,024)
Issuance of Common Stock from the exercise of options (in shares)		3,000
Issuance of Common Stock from the exercise of options	40		40
Ending balance (in shares) at Sep. 30, 2023		193,461,000
Ending balance at Sep. 30, 2023	$ 1,312,636	$ 20	2,218,110	(44,073)	(861,421)
Beginning balance (in shares) at Dec. 31, 2023	189,967,135	189,967,000
Beginning balance at Dec. 31, 2023	$ 1,261,250	$ 20	2,089,091	(52,768)	(775,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	56,240				56,240
Other comprehensive income (loss)	7,992			7,992
Withholding taxes on net share settlement of stock-based compensation	(14,524)		(14,524)
Common Stock-based award activity (in shares)		628,000
Common Stock-based award activity	9,099		9,099
Issuance of Common Stock from the exercise of options (in shares)		3,000
Issuance of Common Stock from the exercise of options	69		69
Ending balance (in shares) at Mar. 31, 2024		190,598,000
Ending balance at Mar. 31, 2024	$ 1,320,126	$ 20	2,083,735	(44,776)	(718,853)
Beginning balance (in shares) at Dec. 31, 2023	189,967,135	189,967,000
Beginning balance at Dec. 31, 2023	$ 1,261,250	$ 20	2,089,091	(52,768)	(775,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(61,086)
Other comprehensive income (loss)	$ (17,156)
Issuance of Common Stock from the exercise of options (in shares)	704,809
Ending balance (in shares) at Sep. 30, 2024	187,048,646	187,049,000
Ending balance at Sep. 30, 2024	$ 1,054,079	$ 19	1,960,163	(69,924)	(836,179)
Beginning balance (in shares) at Mar. 31, 2024		190,598,000
Beginning balance at Mar. 31, 2024	1,320,126	$ 20	2,083,735	(44,776)	(718,853)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(46,851)				(46,851)
Other comprehensive income (loss)	(2,530)			(2,530)
Common Stock-based award activity (in shares)		26,000
Common Stock-based award activity	9,614		9,614
Repurchase and cancellation of Common Stock (in shares)		(2,036,000)
Repurchase and cancellation of Common Stock	(79,075)	$ (1)	(79,074)
Issuance of Common Stock from the exercise of options (in shares)		4,000
Issuance of Common Stock from the exercise of options	52		52
Ending balance (in shares) at Jun. 30, 2024		188,592,000
Ending balance at Jun. 30, 2024	1,201,336	$ 19	2,014,327	(47,306)	(765,704)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(70,475)				(70,475)
Other comprehensive income (loss)	(22,618)			(22,618)
Withholding taxes on net share settlement of stock-based compensation	(1,429)		(1,429)
Common Stock-based award activity (in shares)		45,000
Common Stock-based award activity	9,534		9,534
Repurchase and cancellation of Common Stock (in shares)		(1,588,000)
Repurchase and cancellation of Common Stock	$ (62,269)		(62,269)
Ending balance (in shares) at Sep. 30, 2024	187,048,646	187,049,000
Ending balance at Sep. 30, 2024	$ 1,054,079	$ 19	$ 1,960,163	$ (69,924)	$ (836,179)

(Loss) Earnings Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
(Loss) income from continuing operations	$ (70,475)	$ 91,516	$ (61,086)	$ 255,516
Income from discontinued operations	0	0	0	134,613
Net (loss) income basic	(70,475)	91,516	(61,086)	390,129
Net (loss) income diluted	$ (70,475)	$ 91,516	$ (61,086)	$ 390,129
Denominator:
Weighted average Common Shares outstanding - basic (in shares)	188,281,346	196,198,638	189,362,364	201,042,902
Weighted average Common Shares outstanding – diluted (in shares)	188,281,346	199,258,304	189,362,364	204,461,042
RSAs
Denominator:
Awards (in shares)	0	5,000	0	16,000
Time-based RSUs
Denominator:
Awards (in shares)	0	232,000	0	283,000
Performance-based RSUs
Denominator:
Awards (in shares)	0	1,864,000	0	2,138,000
Stock Options
Denominator:
Awards (in shares)	0	958,000	0	981,000

Revenue - Rollforward of Accounts and Notes Receivable, Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 89,070	$ 68,096	$ 81,656	$ 57,048
Provision for credit losses, net of recoveries	22,121	15,871	45,317	38,079
Write-offs	(11,869)	(5,252)	(27,528)	(16,758)
Foreign currency translation and other	(81)	23	(204)	369
Balance at end of period	$ 99,241	$ 78,738	$ 99,241	$ 78,738

Goodwill and Intangibles - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment loss			$ 0		$ 0
Amortization expense for intangible assets	$ 11,900,000	$ 5,900,000	26,600,000	$ 17,800,000
Impairment of intangible assets			132,500,000
Finite-lived intangible assets	135,539,000		135,539,000
Trade name – Mobile Mini
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 31,500,000		$ 31,500,000
Trade name – Mobile Mini \| Measurement Input, Discount Rate \| Fair Value, Inputs, Level 3
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, measurement input						9.00%

- 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

Discontinued Operations - Income From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 601,432	$ 604,834	$ 1,793,203	$ 1,752,391
Costs of leasing and services:
Gross Profit	321,484	339,694	965,490	990,694
Other operating expenses:
Selling, general and administrative	150,865	151,983	493,043	449,663
Other income, net	380	(8,336)	1,935	(14,533)
Operating income	(35,218)	178,099	89,496	496,286
Interest expense	55,823	53,803	167,959	145,915
Gain on sale of discontinued operations			0	176,078
Income tax expense from discontinued operations	0	0	0	45,468
Income from discontinued operations	0	0	0	134,613
Leasing Revenue
Revenues:
Leasing	455,578	466,769	1,374,771	1,356,040
Total revenues	455,578	466,769	1,374,771	1,356,040
Costs of leasing and services:
Leasing	96,050	104,331	296,692	300,402
New units
Revenues:
Revenues	17,850	10,155	52,727	29,816
Total revenues	17,850	10,155	52,727	29,816
Costs of leasing and services:
Cost of sales	9,665	5,096	31,296	16,099
Rental units
Revenues:
Revenues	13,239	12,312	42,431	31,553
Total revenues	13,239	12,312	42,431	31,553
Costs of leasing and services:
Cost of sales	$ 6,246	$ 6,682	$ 22,207	16,203
Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Revenues:
Total revenues				8,694
Costs of leasing and services:
Gross Profit				5,544
Other operating 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
Discontinued Operations, Disposed of by Sale \| Leasing Revenue \| United Kingdom Storage Solutions Segment
Revenues:
Leasing				6,389
Costs of leasing and services:
Leasing				1,407
Discontinued Operations, Disposed of by Sale \| Delivery and installation \| United Kingdom Storage Solutions Segment
Revenues:
Revenues				1,802
Costs of leasing and services:
Cost of sales				1,213
Discontinued Operations, Disposed of by Sale \| New units \| United Kingdom Storage Solutions Segment
Revenues:
Revenues				54
Costs of leasing and services:
Cost of sales				38
Discontinued Operations, Disposed of by Sale \| Rental units \| United Kingdom Storage Solutions Segment
Revenues:
Revenues				449
Costs of leasing and services:
Cost of sales				$ 492

Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the nine months ended September 30, 2024 and 2023 were as follows:


	Nine Months Ended September 30, 2024
(in thousands)	Foreign currency translation		Unrealized gains (losses) on hedging activities		Total
Balance at December 31, 2023	$	(56,031)	$	3,263	$	(52,768)
Other comprehensive (loss) income before reclassifications	(5,548)		18,807		13,259
Reclassifications from AOCI to income	—		(5,267)		(5,267)
Balance at March 31, 2024	(61,579)		16,803		(44,776)
Other comprehensive (loss) income before reclassifications	(4,154)		7,247		3,093
Reclassifications from AOCI to income	—		(5,623)		(5,623)
Balance at June 30, 2024	(65,733)		18,427		(47,306)
Other comprehensive income (loss) before reclassifications	1,952		(18,973)		(17,021)
Reclassifications from AOCI to income	—		(5,597)		(5,597)
Balance at September 30, 2024	$	(63,781)	$	(6,143)	$	(69,924)


	Nine Months Ended September 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)
Other comprehensive (loss) income before reclassifications	(6,732)		10,240		3,508
Reclassifications from AOCI to income	—		(3,472)		(3,472)
Balance at September 30, 2023	$	(63,005)	$	18,932	$	(44,073)

Rental Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment

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


(in thousands)	September 30, 2024		December 31, 2023
Modular space units	$	3,660,481	$	3,541,451
Portable storage units	1,059,704		1,009,059
Value added products	203,764		204,933
Total rental equipment	4,923,949		4,755,443
Less: accumulated depreciation	(1,522,751)		(1,374,128)
Rental equipment, net	$	3,401,198	$	3,381,315

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 11,046	$ 10,958
Trade receivables, net of allowances for credit losses at September 30, 2024 and December 31, 2023 of $99,241 and $81,656, respectively	445,869	451,130
Inventories	52,576	47,406
Prepaid expenses and other current assets	64,750	57,492
Assets held for sale – current	4,078	2,110
Total current assets	578,319	569,096
Rental equipment, net	3,401,198	3,381,315
Property, plant and equipment, net	353,338	340,887
Operating lease assets	257,054	245,647
Goodwill	1,176,889	1,176,635
Intangible assets, net	260,539	419,709
Other non-current assets	9,882	4,626
Total long-term assets	5,458,900	5,568,819
Total assets	6,037,219	6,137,915
Liabilities and equity
Accounts payable	107,789	86,123
Accrued expenses	168,462	129,621
Accrued employee benefits	24,551	45,564
Deferred revenue and customer deposits	249,973	224,518
Operating lease liabilities – current	65,708	57,408
Current portion of long-term debt	22,933	18,786
Total current liabilities	639,416	562,020
Long-term debt	3,607,957	3,538,516
Deferred tax liabilities	492,152	554,268
Operating lease liabilities - non-current	192,133	187,837
Other non-current liabilities	51,482	34,024
Long-term liabilities	4,343,724	4,314,645
Total liabilities	4,983,140	4,876,665
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 187,048,646 and 189,967,135 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	19	20
Additional paid-in-capital	1,960,163	2,089,091
Accumulated other comprehensive loss	(69,924)	(52,768)
Accumulated deficit	(836,179)	(775,093)
Total shareholders' equity	1,054,079	1,261,250
Total liabilities and shareholders' equity	$ 6,037,219	$ 6,137,915

Acquisitions (Details) $ in Thousands		3 Months Ended		9 Months Ended
Acquisitions (Details) $ in Thousands	Sep. 17, 2024 USD ($)	Sep. 30, 2024 USD ($) storageUnit modularUnit	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) nationalProvider storageUnit modularUnit premiumLargeClearspanStructuresNationalProvider	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired				$ 84,462	$ 482,190
Rental equipment, net		$ 3,401,198		3,401,198		$ 3,381,315
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Integration fees		1,500	$ 800	7,400	$ 6,900
McGrath RentCorp
Business Acquisition [Line Items]
Termination fee payment	$ 180,000
Transaction costs		8,800		$ 41,300
Local Storage and Modular Companies
Business Acquisition [Line Items]
Assets and liabilities acquired, number of entities \| nationalProvider				3
National Provider of Premium Large Clearspan Structures
Business Acquisition [Line Items]
Assets and liabilities acquired, number of entities \| premiumLargeClearspanStructuresNationalProvider				1
Payments to acquire businesses, net of cash acquired				$ 84,500
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Rental equipment, net		$ 80,700		$ 80,700
Storage Unit \| Local Storage and Modular Companies
Business Acquisition [Line Items]
Number of units in real estate property acquired (approximately) \| storageUnit		600		600
Modular Unit \| Local Storage and Modular Companies
Business Acquisition [Line Items]
Number of units in real estate property acquired (approximately) \| modularUnit		800		800

Fair Value Measures (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Levels Used For Measurement

The Company utilizes the following 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 these financial liabilities measured using Level 2 inputs:


	September 30, 2024		December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount			Fair Value
2025 Secured Notes	$	524,630	$	526,826		$	522,735		$	527,021
2028 Secured Notes	495,306		486,495			494,500			474,285
2029 Secured Notes	493,328		515,390			—			—
2031 Secured Notes	494,170		528,695			493,709			528,075
Total	$	2,007,434	$	2,057,406		$	1,510,944		$	1,529,381

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - Interest rate swaps - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Prepaid expenses and other current assets	$ 3,414	$ 9,145
Other non-current liabilities	$ (11,248)	$ (4,595)

Discontinued Operations - Cash Flows From Discontinued Operations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$ 43,906	$ 37,974
Purchase of rental equipment and refurbishments	(206,989)	(166,097)
Proceeds from sale of property, plant and equipment	1,133	13,266
Purchase of property, plant and equipment	$ (16,119)	(16,752)
Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Investing activities of discontinued operations:
Proceeds from sale of rental equipment		514
Purchase of rental equipment and refurbishments		(371)
Proceeds from sale of property, plant and equipment		8
Purchase of property, plant and equipment		$ (64)

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

As of September 30, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2024 (remaining)	$	13,853	$	7,523
2025	76,801		28,583
2026	61,389		28,331
2027	49,025		25,083
2028	37,149		27,564
Thereafter	62,605		38,450
Total lease payments	300,822		155,534
Less: interest	(42,981)		(21,375)
Present value of lease liabilities	$	257,841	$	134,159

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

The Company’s lease activity during the nine months ended September 30, 2024 and 2023 was as follows:


(in thousands)	Nine Months Ended September 30,
Financial Statement Line	2024		2023
Finance Lease Expense
Amortization of finance lease assets	$	10,355	$	11,976
Interest on obligations under finance leases	4,679		2,571
Total finance lease expense	$	15,034	$	14,547

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	860	$	1,013
Selling, general and administrative	59,396		49,327
Lease impairment expense and other related charges	31		—
Short-term lease expense
Cost of leasing and services	21,586		18,631
Selling, general and administrative	1,524		1,353
Lease impairment expense and other related charges	—		22
Variable lease expense
Cost of leasing and services	739		1,865
Selling, general and administrative	7,732		7,028
Lease impairment expense and other related charges	836		—
Total operating lease expense	$	92,704	$	79,239

Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and 2023 was as follows:


(in thousands)	Nine Months Ended September 30,
Supplemental Cash Flow Information	2024		2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	59,847	$	50,495
Operating cash outflows from finance leases	$	4,621	$	2,515
Financing cash outflows from finance leases	$	14,815	$	12,425

Right of use assets obtained in exchange for lease obligations	$	63,599	$	78,969
Assets obtained in exchange for finance leases	$	31,907	$	38,534

Weighted average remaining operating lease terms and the weighted average discount rates as of September 30, 2024 and December 31, 2023 were as follows:


Lease Terms and Discount Rates	September 30, 2024		December 31, 2023
Weighted average remaining lease term - operating leases	5.1 years		5.4 years
Weighted average discount rate - operating leases	5.9	%	5.9	%
Weighted average remaining lease term - finance leases	4.8 years		5.0 years
Weighted average discount rate - finance leases	5.1	%	4.8	%

Leases

As of September 30, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2024 (remaining)	$	13,853	$	7,523
2025	76,801		28,583
2026	61,389		28,331
2027	49,025		25,083
2028	37,149		27,564
Thereafter	62,605		38,450
Total lease payments	300,822		155,534
Less: interest	(42,981)		(21,375)
Present value of lease liabilities	$	257,841	$	134,159

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

The Company’s lease activity during the nine months ended September 30, 2024 and 2023 was as follows:


(in thousands)	Nine Months Ended September 30,
Financial Statement Line	2024		2023
Finance Lease Expense
Amortization of finance lease assets	$	10,355	$	11,976
Interest on obligations under finance leases	4,679		2,571
Total finance lease expense	$	15,034	$	14,547

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	860	$	1,013
Selling, general and administrative	59,396		49,327
Lease impairment expense and other related charges	31		—
Short-term lease expense
Cost of leasing and services	21,586		18,631
Selling, general and administrative	1,524		1,353
Lease impairment expense and other related charges	—		22
Variable lease expense
Cost of leasing and services	739		1,865
Selling, general and administrative	7,732		7,028
Lease impairment expense and other related charges	836		—
Total operating lease expense	$	92,704	$	79,239

Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and 2023 was as follows:


(in thousands)	Nine Months Ended September 30,
Supplemental Cash Flow Information	2024		2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	59,847	$	50,495
Operating cash outflows from finance leases	$	4,621	$	2,515
Financing cash outflows from finance leases	$	14,815	$	12,425

Right of use assets obtained in exchange for lease obligations	$	63,599	$	78,969
Assets obtained in exchange for finance leases	$	31,907	$	38,534

Weighted average remaining operating lease terms and the weighted average discount rates as of September 30, 2024 and December 31, 2023 were as follows:


Lease Terms and Discount Rates	September 30, 2024		December 31, 2023
Weighted average remaining lease term - operating leases	5.1 years		5.4 years
Weighted average discount rate - operating leases	5.9	%	5.9	%
Weighted average remaining lease term - finance leases	4.8 years		5.0 years
Weighted average discount rate - finance leases	5.1	%	4.8	%

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 59,847	$ 50,495
Operating cash outflows from finance leases	4,621	2,515
Financing cash outflows from finance leases	14,815	12,425
Right of use assets obtained in exchange for lease obligations	63,599	78,969
Assets obtained in exchange for finance leases	$ 31,907	$ 38,534

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets subject to amortization:
Accumulated amortization	$ (111,829)	$ (85,199)
Net book value	135,539
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	372,368	504,908
Accumulated amortization	(111,829)	(85,199)
Net book value	260,539	419,709
Trade name – Mobile Mini
Intangible assets subject to amortization:
Net book value	31,500
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross carrying amount		164,000
Trade name – WillScot
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross carrying amount	$ 125,000	$ 125,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	3 years 9 months 18 days	4 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 214,408	$ 214,408
Accumulated amortization	(106,141)	(84,324)
Net book value	108,267	130,084
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (106,141)	$ (84,324)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	1 year 9 months 18 days	2 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Accumulated amortization	(1,063)	(875)
Net book value	437	625
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (1,063)	$ (875)
Trade name – Mobile Mini
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	2 years 9 months 18 days
Intangible assets subject to amortization:
Gross carrying amount	$ 31,460
Accumulated amortization	(4,625)
Net book value	26,835
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (4,625)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (70,475)	$ (46,851)	$ 56,240	$ 91,516	$ 87,729	$ 210,884	$ (61,086)	$ 390,129

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes the Company's RSA activity for the nine months ended September 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	28,946	$	44.44	35,244	$	37.17
Granted	32,332	$	38.20	28,946	$	44.44

Vested	(28,946)	$	44.44	(35,244)	$	37.17
Outstanding at end of period	32,332	$	38.20	28,946	$	44.44

Schedule of Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity for the nine months ended September 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	618,836	$	36.07	789,779	$	26.16
Granted	273,524	$	48.68	213,388	$	50.74
Forfeited	(35,254)	$	45.91	(52,435)	$	36.29
Vested	(264,907)	$	30.36	(322,482)	$	21.38
Outstanding at end of period	592,199	$	43.87	628,250	$	36.12

The following table summarizes the Company's Performance-Based RSU award activity for the nine months ended September 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	1,939,691	$	42.95	1,894,250	$	33.67
Granted	295,833	$	66.60	376,826	$	69.52
Forfeited	(26,325)	$	56.58	(27,500)	$	48.38
Vested	(377,197)	$	39.08	(293,934)	$	16.34
Outstanding at end of period	1,832,002	$	47.37	1,949,642	$	42.96

Schedule of Stock Option Awards

The following table summarizes the Company's stock option activity for the nine months ended September 30, 2024:


	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	829,246	$	12.86

Exercised	—	$	—	(7,093)	$	17.04
Outstanding at end of period	534,188	$	13.60	822,153	$	12.82

Fully vested and exercisable options, September 30, 2024	534,188	$	13.60	822,153	$	12.82

The following table summarizes the Company's stock option activity for the nine months ended September 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	—	$	—	(32,623)	$	13.87
Outstanding at end of period	534,188	$	13.60	831,653	$	12.87

Fully vested and exercisable options, September 30, 2023	534,188	$	13.60	831,653	$	12.87

(Loss) Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Numerator:
(Loss) income from continuing operations	$	(70,475)	$	91,516	$	(61,086)	$	255,516
Income from discontinued operations	—		—		—		134,613
Net (loss) income	$	(70,475)	$	91,516	$	(61,086)	$	390,129

Denominator:
Weighted average Common Shares outstanding – basic	188,281		196,199		189,362		201,043
Dilutive effect of shares outstanding

RSAs	—		5		—		16
Time-based RSUs	—		232		—		283
Performance-based RSUs	—		1,864		—		2,138
Stock Options	—		958		—		981
Weighted average Common Shares outstanding – diluted	188,281		199,258		189,362		204,461

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2024	2023	2024	2023
RSAs	32	—	32	—
Time-based RSUs	592	—	592	141
Performance-based RSUs	1,832	368	1,832	247
Stock Options	1,356	—	1,356	—
Total anti-dilutive shares	3,813	368	3,813	388

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net (loss) income	$ (61,086)	$ 390,129
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	285,894	242,927
Provision for credit losses	45,317	38,079
Gain on sale of discontinued operations	0	(176,078)
Impairment loss on intangible asset	132,540	0
Gain on sale of rental equipment and other property, plant and equipment	(19,103)	(26,256)
Amortization of debt discounts and debt issuance costs	9,192	8,281
Stock-based compensation expense	28,247	26,134
Deferred income tax (benefit) expense	(47,789)	118,455
Loss on settlement of foreign currency forward contract	0	7,715
Unrealized currency gains, net	(157)	(943)
Other	3,129	3,312
Changes in operating assets and liabilities:
Trade receivables	(38,501)	(85,261)
Inventories	(5,398)	(600)
Prepaid expenses and other assets	(12,583)	(3,772)
Operating lease assets and liabilities	1,073	707
Accounts payable and other accrued expenses	35,879	(26,518)
Deferred revenue and customer deposits	26,071	25,607
Net cash provided by operating activities	382,725	541,918
Investing activities:
Acquisitions, net of cash acquired	(84,462)	(482,190)
Purchase of rental equipment and refurbishments	(206,989)	(166,097)
Proceeds from sale of rental equipment	43,906	37,974
Purchase of property, plant and equipment	(16,119)	(16,752)
Proceeds from sale of property, plant and equipment	1,133	13,266
Purchase of investments	(6,137)	0
Proceeds from sale of discontinued operations	0	403,992
Payment for settlement of foreign currency forward contract	0	(7,715)
Net cash used in investing activities	(268,668)	(217,522)
Financing activities:
Receipts from borrowings	1,101,484	1,651,600
Repayment of borrowings	(1,046,793)	(1,277,872)
Payment of financing costs	(6,932)	(6,377)
Payments on finance lease obligations	(14,815)	(12,549)
Receipts from issuance of Common Stock from the exercise of options	121	453
Repurchase and cancellation of Common Stock	(130,346)	(678,166)
Taxes paid on employee stock awards	(15,953)	(14,171)
Net cash used in financing activities	(113,234)	(337,082)
Effect of exchange rate changes on cash and cash equivalents	(735)	701
Net change in cash and cash equivalents	88	(11,985)
Cash and cash equivalents at the beginning of the period	10,958	17,774
Cash and cash equivalents at the end of the period	11,046	5,789
Supplemental cash flow information:
Interest paid, net	141,702	135,301
Income taxes paid, net	42,693	22,764
Capital expenditures accrued or payable	$ 13,326	$ 15,615

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 0.3	$ 0.3	$ 1.0	$ 1.0
Unrecognized compensation expense for awards	0.8		$ 0.8
Unrecognized compensation expense, period for recognition			8 months 12 days
Granted (in shares)			32,332	28,946
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	2.8	2.2	$ 7.8	$ 6.1
Unrecognized compensation expense for awards	18.0		$ 18.0
Unrecognized compensation expense, period for recognition			2 years 4 months 24 days
Granted (in shares)			273,524	213,388
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	6.4	$ 6.2	$ 19.5	$ 18.8
Unrecognized compensation expense for awards	$ 32.8		$ 32.8
Unrecognized compensation expense, period for recognition			1 year 3 months 18 days
Vesting period			3 years
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%
Granted (in shares)			295,833	376,826	555,790
Stock price trigger (in USD per share)					$ 47.50
Performance-based RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years 6 months
Nonvested, target number (in shares)					0
Stock price trigger (in USD per share)					$ 42.50
Performance-based RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years 9 months 18 days
Nonvested, target number (in shares)					1,333,334
Stock price trigger (in USD per share)					$ 60.00

Debt - Narrative (Details) - USD ($)			9 Months Ended
Debt - Narrative (Details) - USD ($)	Jun. 28, 2024	Jun. 30, 2022	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Present value of lease liabilities			$ 134,159,000	$ 117,099,000
Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Credit spread		0.10%
Repayments of lines of credit	$ 495,000,000
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]
Basis spread on variable rate		0.50%
Debt instrument, variable rate, step down percentage		0.25%
Debt instrument, variable rate, step up percentage		0.25%
2029 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ 6,700,000
Debt, face amount	$ 500,000,000
Interest rate	6.625%		6.625%
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		$ 3,700,000,000	$ 3,200,000,000
Commitment fee		0.20%
Weighted average interest rate for borrowings			5.40%
Available borrowing capacity			$ 1,700,000,000
Letters of credit amount outstanding			20,800,000
Outstanding principal			1,500,000,000
Unamortized debt issuance costs			21,000,000	$ 26,800,000
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			1,500,000,000
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
Line of credit facility, accordion feature amount, maximum		$ 750,000,000
Available borrowing capacity			199,200,000
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			$ 199,200,000
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			$ 203,800,000

Stock-Based Compensation - Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares	Sep. 30, 2023 $ / shares shares
Options
Exercised (in shares)	(704,809)
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
Vested and exercisable stock options (in shares)	534,188	534,188
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share) \| $ / shares	$ 13.60	$ 13.60
Exercised (in USD per share) \| $ / shares	0	0
Outstanding ending balance (in USD per share) \| $ / shares	13.60	13.60
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share) \| $ / shares	$ 13.60	$ 13.60
Converted Mobile Mini Options
Options
Outstanding beginning balance (in shares)	829,246	864,276
Exercised (in shares)	(7,093)	(32,623)
Outstanding ending balance (in shares)	822,153	831,653
Vested and exercisable stock options (in shares)	822,153	831,653
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share) \| $ / shares	$ 12.86	$ 12.91
Exercised (in USD per share) \| $ / shares	17.04	13.87
Outstanding ending balance (in USD per share) \| $ / shares	12.82	12.87
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share) \| $ / shares	$ 12.82	$ 12.87

Fair Value Measures - Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,007,434	$ 1,510,944
Fair Value \| Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,057,406	1,529,381
2025 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	524,630	522,735
2025 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	526,826	527,021
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	495,306	494,500
2028 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	486,495	474,285
2029 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	493,328	0
2029 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	515,390	0
2031 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	494,170	493,709
2031 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 528,695	$ 528,075

Restructuring

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

In June 2024, the Company implemented a cost-reduction plan to be completed by the end of 2024. During the three and nine months ended September 30, 2024, restructuring costs incurred under this plan included employee termination costs of $2.3 million and $8.5 million, respectively. The following is a summary of the activity in the Company’s restructuring accrual for the three and nine months ended September 30, 2024:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2024		2024
Beginning balance	$	5,693	$	—
Charges	2,334		8,540
Cash payments	(5,185)		(5,698)
Ending balance	$	2,842	$	2,842

Stock-Based Compensation - Time-Based RSU Award Activity (Details) - Time-based RSUs - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Number of Shares
Outstanding beginning balance (in shares)	618,836	789,779
Granted (in shares)	273,524	213,388
Forfeited (in shares)	(35,254)	(52,435)
Vested (in shares)	(264,907)	(322,482)
Outstanding ending balance (in shares)	592,199	628,250
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 36.07	$ 26.16
Granted (in USD per share)	48.68	50.74
Forfeited (in USD per share)	45.91	36.29
Vested (in USD per share)	30.36	21.38
Outstanding ending balance (in USD per share)	$ 43.87	$ 36.12

(Loss) Earnings Per Share - Schedule of Anti-dilutive securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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)	3,813,000	368,000	3,813,000	388,000
RSAs
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)	32,000	0	32,000	0
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)	592,000	0	592,000	141,000
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	1,832,000	368,000	1,832,000	247,000
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	1,356,000	0	1,356,000	0

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded $20.6 million and $17.4 million of income tax benefit from continuing operations for the three and nine months ended September 30, 2024, respectively, and $32.8 million and $94.9 million of income tax expense from continuing operations for the three and nine months ended September 30, 2023, respectively. The Company’s effective tax rate for the three and nine months ended September 30, 2024 was 22.6% and 22.2%, respectively. The Company's effective tax rate for the three and nine months ended September 30, 2023 was 26.4% and 27.1%, respectively. The effective tax rate for the three and nine months ended September 30, 2024 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes, partially offset by discrete excess tax benefits related to equity compensation. The effective tax rate for the three and nine months ended September 30, 2023 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes and an add-back for non-deductible executive compensation.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Discontinued Operations

The following table presents the results of the former UK Storage Solutions segment as reported in income from discontinued operations within the condensed consolidated statement of operations.


(in thousands)	Nine Months Ended September 30, 2023
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

For the nine months ended September 30, 2023, significant investing items related to the former UK Storage Solutions segment were as follows:


(in thousands)	Nine Months Ended September 30, 2023


Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	514
Purchases of rental equipment and refurbishments	$	(371)
Proceeds from sale of property, plant and equipment	$	8
Purchases of property, plant and equipment	$	(64)

- Definition

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

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+ Details

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (70,475)	$ 91,516	$ (61,086)	$ 390,129
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of income tax expense of $0.	1,952	(6,732)	(7,750)	7,117
Net (loss) gain on derivatives, net of income tax (benefit) expense of $(8,183) and $2,247 for the three months ended September 30, 2024 and 2023, respectively, and $(3,134) and $6,293 for the nine months ended September 30, 2024 and 2023, respectively.	(24,570)	6,768	(9,406)	18,932
Total other comprehensive (loss) income	(22,618)	36	(17,156)	26,049
Total comprehensive (loss) income	$ (93,093)	$ 91,552	$ (78,242)	$ 416,178

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions Acquisitions During the nine months ended September 30, 2024, the Company acquired certain assets and assumed certain liabilities of three local storage and modular companies, which consisted primarily of approximately 600 storage units and 800 modular units, and one national provider of premium large clearspan structures for $84.5 million in cash, net of cash acquired. As of the acquisition dates, the fair value of rental equipment acquired was $80.7 million. Integration Costs The Company recorded $1.5 million and $0.8 million in integration costs related to acquisitions during the three months ended September 30, 2024 and 2023, respectively, and $7.4 million and $6.9 million in integration costs related to acquisitions during the nine months ended September 30, 2024 and 2023, respectively, within selling, general and administrative expense ("SG&A") . Termination of Agreement to Acquire McGrath RentCorp On January 28, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with McGrath RentCorp ("McGrath"). On September 17, 2024, the Company and McGrath mutually agreed to terminate the Merger Agreement. In accordance with the terms of the Merger Agreement, the Company paid McGrath a $180.0 million termination fee during the three months ended September 30, 2024. During the three and nine months ended September 30, 2024, the Company recorded $8.8 million and $41.3 million, respectively, in legal and professional fees related to the McGrath transaction within SG&A. In connection with the Company's proposed acquisition of McGrath, the Company entered into a commitment letter dated January 28, 2024, which was amended and restated on June 13, 2024 and modified by a Notice of Reduction of Bridge Commitments on June 28, 2024 (the "Commitment Letter"), pursuant to which certain financial institutions committed to make available, in accordance with the terms of the Commitment Letter, (i) a senior secured bridge credit facility and (ii) an upsize to the existing ABL Facility (as defined below) of Williams Scotsman, Inc. ("WSI") As a result of the termination of the Merger Agreement, the Commitment Letter was terminated.

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

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


(in thousands, except rates)	Interest rate	Year of maturity	September 30, 2024		December 31, 2023
2025 Secured Notes	6.125%	2025	$	524,630	$	522,735
ABL Facility	Varies	2027	1,489,297		1,929,259
2028 Secured Notes	4.625%	2028	495,306		494,500
2029 Secured Notes	6.625%	2029	493,328		—
2031 Secured Notes	7.375%	2031	494,170		493,709
Finance Leases	Varies	Varies	134,159		117,099
Total debt			3,630,890		3,557,302
Less: current portion of long-term debt			22,933		18,786
Total long-term debt			$	3,607,957	$	3,538,516

Maturities of debt, including finance leases, during the periods subsequent to September 30, 2024 are as follows:


(in thousands)
2024 (remaining)	$	7,523
2025	555,083
2026	28,331
2027	1,535,368
2028	527,564
Thereafter	1,038,450
Total	$	3,692,319

Asset Backed Lending Facility

On July 1, 2020, certain subsidiaries of the Company, including WSI, entered into an asset-based credit agreement. As amended on June 30, 2022, the agreement provides for revolving credit facilities in the aggregate principal amount of up 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”), (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility," and together with the US Facility, the "ABL Facility"), available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros, and (iii) an accordion feature that permits the Company to increase the lenders' commitments in an aggregate amount not to exceed the greater of $750.0 million and the amount of suppressed availability (as defined in the ABL Facility), plus any voluntary prepayments that are accompanied by permanent commitment reductions under the ABL Facility, subject to the satisfaction of customary conditions including lender approval. The ABL Facility is scheduled to mature on June 30, 2027.

The applicable margin for Canadian Bankers' Acceptance Rate, Term Secured Overnight Financing Rate ("SOFR"), British Pounds Sterling and Euro 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% or one step up of 0.25% based on the Company's leverage ratio and excess availability from the prior quarter. The ABL Facility requires the payment of a commitment fee on the unused available borrowings of 0.20% annually. As of September 30, 2024, the weighted average interest rate for borrowings under the ABL Facility, as adjusted for the effects of the interest rate swap agreements, was 5.40%. Refer to Note 12 for a detailed discussion of interest rate management.

On February 26, 2024, WSI entered into an amendment to the ABL Facility (the "Fifth Amendment") to, among other things, change the rate under the ABL Facility for borrowings denominated in Canadian Dollars from a Canadian Dollar Offered Rate ("CDOR")-based rate to a Canadian Overnight Repo Rate Average ("CORRA")-based rate, subject to certain adjustments specified in the ABL Facility, and to update certain other provisions regarding successor interest rates to CDOR.

In connection with the Company's proposed acquisition of McGrath, on February 27, 2024, WSI and certain other subsidiaries of the Company entered into an amendment to the ABL Facility (the "Sixth Amendment") to, among other things, (i) permit the incurrences of indebtedness by WSI and certain other subsidiaries of the Company to finance the McGrath acquisition; (ii) increase the maximum revolving credit facility amount; and (iii) modify the borrowing base, certain thresholds, basket sizes and default and notice triggers to account for the increased size of the business and new asset types of WSI and its subsidiaries following the proposed McGrath acquisition. Following the termination of the Merger Agreement on September 17, 2024, the Sixth Amendment was null and void.

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 September 30, 2024, the Line Cap was $3.2 billion and the Company had $1.7 billion of available borrowing capacity under the ABL Facility, including $1.5 billion under the US Facility and $199.2 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 swingline loans. At September 30, 2024, the available capacity was $199.2 million of letters of credit and $203.8 million of swingline loans. At September 30, 2024, letters of credit and bank guarantees carried fees of 1.625%. The Company had issued $20.8 million of standby letters of credit under the ABL Facility at September 30, 2024.

The Company had approximately $1.5 billion of outstanding borrowings under the ABL Facility at September 30, 2024. Debt issuance costs of $21.0 million and $26.8 million were presented as direct reductions of the corresponding liabilities at September 30, 2024 and December 31, 2023, respectively.

The ABL Facility and related guarantees are secured by a first priority security interest in substantially all of the assets of WSI and the Company’s other subsidiaries that are borrowers or guarantors under the ABL Facility (collectively the “ABL Loan Parties”), subject to customary exclusions.

Senior Secured Notes

The 2025 Secured Notes mature on June 15, 2025. At September 30, 2024, the 2025 Secured Notes were classified as long-term on the Condensed Consolidated Balance Sheet because the Company has the intent and believes it has the ability to refinance this obligation on a long-term basis as demonstrated by the forecasted available capacity under the ABL Facility, among other refinancing alternatives to be considered opportunistically.

On June 28, 2024, WSI completed a private offering of $500.0 million in aggregate principal amount of 6.625% senior secured notes due 2029 (the "2029 Secured Notes") to qualified institutional buyers pursuant to Rule 144A. Proceeds were used to repay approximately $495.0 million of outstanding indebtedness under the ABL Facility and certain fees and expenses. The 2029 Secured Notes mature on June 15, 2029 and bear interest at a rate of 6.625% per annum. Interest is payable semi-annually on June 15 and December 15 of each year, beginning December 15, 2024. Unamortized deferred financing costs pertaining to the 2029 Secured Notes were $6.7 million as of September 30, 2024.

The 2025 Secured Notes, 2028 Secured Notes, 2029 Secured Notes and 2031 Secured Notes (collectively, “the Secured Notes”) are unconditionally guaranteed by certain subsidiaries of the Company (collectively, “the Note Guarantors”). WillScot is not a guarantor of the Secured Notes. The Note Guarantors are guarantors or borrowers under the ABL Facility. To the extent lenders under the ABL Facility release the guarantee of any Note Guarantor, such Note Guarantor will also be released from obligations under the Secured Notes. The Secured Notes and related guarantees are secured by a second priority security interest in substantially the same assets of WSI and the Note Guarantors securing the ABL Facility. Upon the repayment of the 2025 Secured Notes and the 2028 Secured Notes, if the lien associated with the ABL Facility represents the only lien outstanding on the collateral under the 2029 Secured Notes and the 2031 Secured Notes (other than certain permitted), the collateral securing the 2029 Secured Notes and the 2031 Secured Notes will be released and the 2029 Secured Notes and the 2031 Secured Notes will become unsecured subject to satisfaction of customary conditions.

Finance Leases

The Company maintains finance leases primarily related to transportation-related equipment. At September 30, 2024 and December 31, 2023, obligations under finance leases were $134.2 million and $117.1 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 September 30, 2024.

- 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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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Discontinued Operations

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Discontinued Operations

UK Storage Solutions Divestiture

On January 31, 2023, the Company sold its former UK Storage Solutions segment for $418.1 million. Exiting the UK Storage Solutions segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses in North America. Results for the former UK Storage Solutions segment are reported in income from discontinued operations within the 2023 condensed consolidated statement of operations.

The following table presents the results of the former UK Storage Solutions segment as reported in income from discontinued operations within the condensed consolidated statement of operations.


(in thousands)	Nine Months Ended September 30, 2023
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

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 nine months ended September 30, 2023.

For the nine months ended September 30, 2023, significant investing items related to the former UK Storage Solutions segment were as follows:


(in thousands)	Nine Months Ended September 30, 2023


Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	514
Purchases of rental equipment and refurbishments	$	(371)
Proceeds from sale of property, plant and equipment	$	8
Purchases of property, plant and equipment	$	(64)