Documentfalse2019Q30001647088--12-31P3YP3Y00016470882019-01-012019-09-30xbrli:shares0001647088us-gaap:CommonClassAMember2019-10-310001647088us-gaap:CommonClassBMember2019-10-31iso4217:USD00016470882019-09-3000016470882018-12-31iso4217:USDxbrli:shares0001647088us-gaap:CommonClassAMember2018-12-310001647088us-gaap:CommonClassAMember2019-09-300001647088us-gaap:CommonClassBMember2018-12-310001647088us-gaap:CommonClassBMember2019-09-3000016470882019-07-012019-09-3000016470882018-07-012018-09-3000016470882018-01-012018-09-300001647088wsc:ModularDeliverandInstallationMember2019-07-012019-09-300001647088wsc:ModularDeliverandInstallationMember2018-07-012018-09-300001647088wsc:ModularDeliverandInstallationMember2019-01-012019-09-300001647088wsc:ModularDeliverandInstallationMember2018-01-012018-09-300001647088wsc:NewUnitsMember2019-07-012019-09-300001647088wsc:NewUnitsMember2018-07-012018-09-300001647088wsc:NewUnitsMember2019-01-012019-09-300001647088wsc:NewUnitsMember2018-01-012018-09-300001647088wsc:RentalUnitsMember2019-07-012019-09-300001647088wsc:RentalUnitsMember2018-07-012018-09-300001647088wsc:RentalUnitsMember2019-01-012019-09-300001647088wsc:RentalUnitsMember2018-01-012018-09-300001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2018-12-310001647088us-gaap:CommonClassBMemberus-gaap:CommonStockMember2018-12-310001647088us-gaap:AdditionalPaidInCapitalMember2018-12-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2018-12-310001647088us-gaap:RetainedEarningsMember2018-12-310001647088us-gaap:ParentMember2018-12-310001647088us-gaap:NoncontrollingInterestMember2018-12-310001647088us-gaap:RetainedEarningsMember2019-01-012019-03-310001647088us-gaap:ParentMember2019-01-012019-03-310001647088us-gaap:NoncontrollingInterestMember2019-01-012019-03-3100016470882019-01-012019-03-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-03-310001647088us-gaap:RetainedEarningsMember2019-01-010001647088us-gaap:ParentMember2019-01-0100016470882019-01-010001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-01-012019-03-310001647088us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-03-310001647088us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-03-310001647088us-gaap:AdditionalPaidInCapitalMember2019-03-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-03-310001647088us-gaap:RetainedEarningsMember2019-03-310001647088us-gaap:ParentMember2019-03-310001647088us-gaap:NoncontrollingInterestMember2019-03-3100016470882019-03-310001647088us-gaap:RetainedEarningsMember2019-04-012019-06-300001647088us-gaap:ParentMember2019-04-012019-06-300001647088us-gaap:NoncontrollingInterestMember2019-04-012019-06-3000016470882019-04-012019-06-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-04-012019-06-300001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-04-012019-06-300001647088us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-06-300001647088us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-06-300001647088us-gaap:AdditionalPaidInCapitalMember2019-06-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-06-300001647088us-gaap:RetainedEarningsMember2019-06-300001647088us-gaap:ParentMember2019-06-300001647088us-gaap:NoncontrollingInterestMember2019-06-3000016470882019-06-300001647088us-gaap:RetainedEarningsMember2019-07-012019-09-300001647088us-gaap:ParentMember2019-07-012019-09-300001647088us-gaap:NoncontrollingInterestMember2019-07-012019-09-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-07-012019-09-300001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-07-012019-09-300001647088us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-09-300001647088us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-09-300001647088us-gaap:AdditionalPaidInCapitalMember2019-09-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-09-300001647088us-gaap:RetainedEarningsMember2019-09-300001647088us-gaap:ParentMember2019-09-300001647088us-gaap:NoncontrollingInterestMember2019-09-300001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2017-12-310001647088us-gaap:CommonClassBMemberus-gaap:CommonStockMember2017-12-310001647088us-gaap:AdditionalPaidInCapitalMember2017-12-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2017-12-310001647088us-gaap:RetainedEarningsMember2017-12-310001647088us-gaap:ParentMember2017-12-310001647088us-gaap:NoncontrollingInterestMember2017-12-3100016470882017-12-310001647088us-gaap:RetainedEarningsMember2018-01-012018-03-310001647088us-gaap:ParentMember2018-01-012018-03-310001647088us-gaap:NoncontrollingInterestMember2018-01-012018-03-3100016470882018-01-012018-03-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2018-01-012018-03-310001647088us-gaap:AdditionalPaidInCapitalMember2018-01-012018-03-310001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2018-03-310001647088us-gaap:CommonClassBMemberus-gaap:CommonStockMember2018-03-310001647088us-gaap:AdditionalPaidInCapitalMember2018-03-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2018-03-310001647088us-gaap:RetainedEarningsMember2018-03-310001647088us-gaap:ParentMember2018-03-310001647088us-gaap:NoncontrollingInterestMember2018-03-3100016470882018-03-310001647088us-gaap:RetainedEarningsMember2018-04-012018-06-300001647088us-gaap:ParentMember2018-04-012018-06-300001647088us-gaap:NoncontrollingInterestMember2018-04-012018-06-3000016470882018-04-012018-06-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2018-04-012018-06-300001647088us-gaap:AdditionalPaidInCapitalMember2018-04-012018-06-300001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2018-06-300001647088us-gaap:CommonClassBMemberus-gaap:CommonStockMember2018-06-300001647088us-gaap:AdditionalPaidInCapitalMember2018-06-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2018-06-300001647088us-gaap:RetainedEarningsMember2018-06-300001647088us-gaap:ParentMember2018-06-300001647088us-gaap:NoncontrollingInterestMember2018-06-3000016470882018-06-300001647088us-gaap:RetainedEarningsMember2018-07-012018-09-300001647088us-gaap:ParentMember2018-07-012018-09-300001647088us-gaap:NoncontrollingInterestMember2018-07-012018-09-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2018-07-012018-09-300001647088us-gaap:AdditionalPaidInCapitalMember2018-07-012018-09-300001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2018-07-012018-09-300001647088us-gaap:CommonClassAMemberus-gaap:CommonStockMember2018-09-300001647088us-gaap:CommonClassBMemberus-gaap:CommonStockMember2018-09-300001647088us-gaap:AdditionalPaidInCapitalMember2018-09-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2018-09-300001647088us-gaap:RetainedEarningsMember2018-09-300001647088us-gaap:ParentMember2018-09-300001647088us-gaap:NoncontrollingInterestMember2018-09-3000016470882018-09-300001647088wsc:ModularSpaceHoldingsInc.Member2019-01-012019-09-300001647088wsc:ModularSpaceHoldingsInc.Member2018-01-012018-09-300001647088wsc:TysonOnsiteMember2019-01-012019-09-300001647088wsc:TysonOnsiteMember2018-01-012018-09-30xbrli:pure0001647088wsc:WilliamsScotsmanHoldingsCorpMember2019-09-300001647088wsc:SapphireHoldingSaRlMember2019-09-300001647088srt:MinimumMemberus-gaap:ScenarioPlanMemberus-gaap:AccountingStandardsUpdate201602Member2019-01-010001647088srt:MaximumMemberus-gaap:ScenarioPlanMemberus-gaap:AccountingStandardsUpdate201602Member2019-01-010001647088us-gaap:ScenarioPlanMemberus-gaap:AccountingStandardsUpdate201602Member2019-01-010001647088wsc:ModularSpaceHoldingsInc.Member2018-08-152018-08-150001647088us-gaap:CommonClassAMemberwsc:ModularSpaceHoldingsInc.Memberus-gaap:CommonStockMember2018-08-152018-08-150001647088us-gaap:CommonClassAMemberwsc:ModularSpaceHoldingsInc.Memberus-gaap:WarrantMember2018-08-152018-08-150001647088us-gaap:CommonClassAMemberwsc:ModularSpaceHoldingsInc.Member2018-08-150001647088us-gaap:CommonClassAMemberwsc:PublicOfferingMember2018-07-202018-07-200001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Member2018-08-060001647088us-gaap:SeniorNotesMemberwsc:SeniorUnsecuredNotesDue2023Member2018-08-030001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:CommonStockMember2018-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:WarrantMember2018-08-1500016470882018-08-150001647088wsc:ModularSpaceHoldingsInc.Member2018-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:MeasurementInputPriceVolatilityMember2018-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:MeasurementInputRiskFreeInterestRateMember2018-08-150001647088us-gaap:MeasurementInputExpectedDividendRateMemberwsc:ModularSpaceHoldingsInc.Member2018-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:MeasurementInputExpectedTermMember2018-08-150001647088wsc:ModularSpaceHoldingsInc.Member2018-12-310001647088wsc:ModularSpaceHoldingsInc.Member2018-08-152019-08-150001647088wsc:ModularSpaceHoldingsInc.Member2019-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:LeaseAgreementsMember2018-12-310001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:LeaseAgreementsMember2018-08-152019-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:LeaseAgreementsMember2019-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:TradeNamesMember2018-12-310001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:TradeNamesMember2018-08-152019-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:TradeNamesMember2019-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:TradeNamesMember2018-08-152018-08-150001647088wsc:ModularSpaceHoldingsInc.Memberwsc:ModularUSSegmentMember2018-08-152018-08-150001647088wsc:ModularOtherNorthAmericaSegmentMemberwsc:ModularSpaceHoldingsInc.Member2018-08-152018-08-150001647088wsc:ModularSpaceHoldingsInc.Member2018-01-012018-09-300001647088wsc:ModularSpaceHoldingsInc.Memberwsc:FairValueandUsefulLivesImpactonDepreciationMember2018-01-012018-09-300001647088wsc:ModularSpaceHoldingsInc.Memberwsc:IntangibleAssetAmortizationMember2018-01-012018-09-300001647088wsc:InterestExpenseAdjustmentMemberwsc:ModularSpaceHoldingsInc.Member2018-01-012018-09-300001647088wsc:ModularSpaceHoldingsInc.Memberwsc:EliminationofHistoricInterestExpenseAdjustmentMember2018-01-012018-09-300001647088wsc:AssetBasedLendingFacilityDue2022Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2018-08-152018-08-150001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDueAugust2023Member2018-08-150001647088us-gaap:SeniorNotesMemberwsc:SeniorUnsecuredNotesDueNovember2023Member2018-08-150001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDueAugust2023AndSeniorUnsecuredNotesDueNovember2023Member2018-08-15wsc:property0001647088us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwsc:LegacyModSpaceBranchFacilitiesMember2019-01-012019-09-300001647088us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwsc:LegacyModSpaceBranchFacilitiesMember2018-12-310001647088us-gaap:ProductConcentrationRiskMemberwsc:ModularLeasingMemberus-gaap:SalesRevenueNetMember2019-07-012019-09-300001647088us-gaap:ProductConcentrationRiskMemberwsc:ModularLeasingMemberus-gaap:SalesRevenueNetMember2019-01-012019-09-300001647088us-gaap:ProductConcentrationRiskMemberwsc:ModularLeasingMemberus-gaap:SalesRevenueNetMember2018-07-012018-09-300001647088us-gaap:ProductConcentrationRiskMemberwsc:ModularLeasingMemberus-gaap:SalesRevenueNetMember2018-01-012018-09-300001647088srt:MinimumMember2019-09-300001647088srt:MaximumMember2019-09-300001647088srt:WeightedAverageMember2019-09-300001647088country:US2019-07-012019-09-300001647088country:US2018-07-012018-09-300001647088country:US2019-01-012019-09-300001647088country:US2018-01-012018-09-300001647088country:CA2019-07-012019-09-300001647088country:CA2018-07-012018-09-300001647088country:CA2019-01-012019-09-300001647088country:CA2018-01-012018-09-300001647088country:MX2019-07-012019-09-300001647088country:MX2018-07-012018-09-300001647088country:MX2019-01-012019-09-300001647088country:MX2018-01-012018-09-300001647088wsc:ModularSpaceLeasingMember2019-07-012019-09-300001647088wsc:ModularSpaceLeasingMember2018-07-012018-09-300001647088wsc:ModularSpaceLeasingMember2019-01-012019-09-300001647088wsc:ModularSpaceLeasingMember2018-01-012018-09-300001647088wsc:PortableStorageLeasingMember2019-07-012019-09-300001647088wsc:PortableStorageLeasingMember2018-07-012018-09-300001647088wsc:PortableStorageLeasingMember2019-01-012019-09-300001647088wsc:PortableStorageLeasingMember2018-01-012018-09-300001647088wsc:ValueAddedProductAndServicesMember2019-07-012019-09-300001647088wsc:ValueAddedProductAndServicesMember2018-07-012018-09-300001647088wsc:ValueAddedProductAndServicesMember2019-01-012019-09-300001647088wsc:ValueAddedProductAndServicesMember2018-01-012018-09-300001647088wsc:OtherLeasingRelatedProductsAndServicesMember2019-07-012019-09-300001647088wsc:OtherLeasingRelatedProductsAndServicesMember2018-07-012018-09-300001647088wsc:OtherLeasingRelatedProductsAndServicesMember2019-01-012019-09-300001647088wsc:OtherLeasingRelatedProductsAndServicesMember2018-01-012018-09-300001647088wsc:ModularLeasingMember2019-07-012019-09-300001647088wsc:ModularLeasingMember2018-07-012018-09-300001647088wsc:ModularLeasingMember2019-01-012019-09-300001647088wsc:ModularLeasingMember2018-01-012018-09-300001647088wsc:ModularDeliveryAndInstallationMember2019-07-012019-09-300001647088wsc:ModularDeliveryAndInstallationMember2018-07-012018-09-300001647088wsc:ModularDeliveryAndInstallationMember2019-01-012019-09-300001647088wsc:ModularDeliveryAndInstallationMember2018-01-012018-09-300001647088wsc:LeasingAndServicesMember2019-07-012019-09-300001647088wsc:LeasingAndServicesMember2018-07-012018-09-300001647088wsc:LeasingAndServicesMember2019-01-012019-09-300001647088wsc:LeasingAndServicesMember2018-01-012018-09-300001647088wsc:ValueAddedServicesMember2019-07-012019-09-300001647088wsc:ValueAddedServicesMember2018-07-012018-09-300001647088wsc:ValueAddedServicesMember2019-01-012019-09-300001647088wsc:ValueAddedServicesMember2018-01-012018-09-300001647088us-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2019-01-012019-09-300001647088wsc:ModularSpaceandPortableStorageMember2019-09-300001647088wsc:ModularSpaceandPortableStorageMember2018-12-310001647088wsc:ValueaddedProductsandServicesMember2019-09-300001647088wsc:ValueaddedProductsandServicesMember2018-12-310001647088wsc:ModularUSSegmentMember2017-12-310001647088wsc:ModularOtherNorthAmericaSegmentMember2017-12-310001647088wsc:ModularUSSegmentMember2018-01-012018-12-310001647088wsc:ModularOtherNorthAmericaSegmentMember2018-01-012018-12-3100016470882018-01-012018-12-310001647088wsc:ModularUSSegmentMember2018-12-310001647088wsc:ModularOtherNorthAmericaSegmentMember2018-12-310001647088wsc:ModularUSSegmentMember2019-01-012019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMember2019-01-012019-09-300001647088wsc:ModularUSSegmentMember2019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMember2019-09-300001647088wsc:ModularUSSegmentMember2018-08-152018-08-150001647088wsc:ModularOtherNorthAmericaSegmentMember2018-08-152018-08-150001647088wsc:UnitedStatesReportingUnitMember2018-12-310001647088wsc:CanadianReportingUnitMember2018-12-310001647088us-gaap:OffMarketFavorableLeaseMember2019-01-012019-09-300001647088us-gaap:OffMarketFavorableLeaseMember2019-09-300001647088us-gaap:TradeNamesMember2019-01-012019-09-300001647088us-gaap:TradeNamesMember2019-09-300001647088us-gaap:TradeNamesMember2019-09-300001647088us-gaap:OffMarketFavorableLeaseMember2018-01-012018-12-310001647088us-gaap:OffMarketFavorableLeaseMember2018-12-310001647088us-gaap:TradeNamesMember2018-01-012018-12-310001647088us-gaap:TradeNamesMember2018-12-310001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:LeaseAgreementsMember2018-08-152018-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:LeaseAgreementsMemberwsc:ModularUSSegmentMember2018-08-152018-08-150001647088wsc:ModularOtherNorthAmericaSegmentMemberwsc:ModularSpaceHoldingsInc.Memberus-gaap:LeaseAgreementsMember2018-08-152018-08-150001647088wsc:ModularSpaceHoldingsInc.Memberus-gaap:TradeNamesMember2019-01-012019-09-300001647088wsc:DepreciationAndAmortizationMember2019-07-012019-09-300001647088us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-07-012019-09-300001647088wsc:DepreciationAndAmortizationMember2019-01-012019-09-300001647088us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-09-300001647088wsc:DepreciationAndAmortizationMember2018-07-012018-09-300001647088wsc:DepreciationAndAmortizationMember2018-01-012018-09-300001647088us-gaap:SellingGeneralAndAdministrativeExpensesMember2018-01-012018-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDueDecember2022Member2019-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDueDecember2022Member2018-12-310001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDueAugust2023Member2019-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDueAugust2023Member2018-12-310001647088us-gaap:SeniorNotesMemberwsc:SeniorUnsecuredNotesDueNovember2023Member2019-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorUnsecuredNotesDueNovember2023Member2018-12-310001647088us-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Memberus-gaap:RevolvingCreditFacilityMember2019-09-300001647088us-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Memberus-gaap:RevolvingCreditFacilityMember2018-12-310001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2019-09-300001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2018-12-310001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2019-09-300001647088wsc:LongTermDebtAndCapitalLeaseObligationsCurrentAndNonCurrentMember2018-12-310001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2018-12-310001647088wsc:AssetBasedLendingFacilityDue2022Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2019-09-300001647088wsc:AssetBasedLendingFacilityDue2022Memberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2018-12-310001647088wsc:AssetBasedLendingFacilityDue2022Memberus-gaap:LineOfCreditMember2019-09-300001647088wsc:AssetBasedLendingFacilityDue2022Memberus-gaap:LineOfCreditMember2018-12-310001647088us-gaap:LetterOfCreditMemberwsc:AssetBasedLendingFacilityDue2022Memberus-gaap:LineOfCreditMember2019-01-012019-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDueDecember2022Member2017-11-290001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDueAugust2023Member2018-08-060001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023TackOnOfferingMember2019-05-140001647088us-gaap:SeniorNotesMemberwsc:SeniorUnsecuredNotesDue2023Member2019-06-190001647088us-gaap:SeniorNotesMemberwsc:SeniorUnsecuredNotesDueNovember2023Member2019-06-192019-06-190001647088us-gaap:SeniorNotesMemberwsc:SeniorUnsecuredNotesDueNovember2023Member2019-06-190001647088us-gaap:SeniorNotesMemberwsc:SeniorUnsecuredNotesDueNovember2023Memberwsc:DebtInstrumentInterestRatePaymentPeriodOneMember2018-08-030001647088wsc:FinancingObligationMember2019-09-300001647088wsc:FinancingObligationMember2018-12-310001647088us-gaap:CapitalLeaseObligationsMember2019-09-300001647088us-gaap:CapitalLeaseObligationsMember2018-12-310001647088wsc:CapitalLeasesandOtherFinancingObligationsMember2019-09-300001647088wsc:CapitalLeasesandOtherFinancingObligationsMember2018-12-310001647088srt:MinimumMember2019-01-012019-09-300001647088srt:MaximumMember2019-01-012019-09-300001647088wsc:PrivatePlacementWarrantsMember2019-09-300001647088wsc:TwoThousandEighteenWarrantsMember2019-09-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-12-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-03-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-03-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2019-03-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-03-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2019-04-012019-06-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-04-012019-06-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2019-06-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-06-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2019-07-012019-09-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-07-012019-09-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2019-09-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-09-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2017-12-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2017-12-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2018-01-012018-03-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-01-012018-03-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2018-03-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-03-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2018-04-012018-06-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-04-012018-06-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2018-06-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-06-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2018-07-012018-09-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-07-012018-09-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2018-09-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-09-3000016470882018-01-012018-01-010001647088us-gaap:InterestRateSwapMember2019-07-012019-09-300001647088us-gaap:InterestRateSwapMember2019-01-012019-09-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2019-07-012019-09-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2019-01-012019-09-300001647088us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Member2019-09-300001647088us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Member2019-09-300001647088us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Member2019-09-300001647088us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Member2019-09-300001647088us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Member2018-12-310001647088us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Member2018-12-310001647088us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Member2018-12-310001647088us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Member2018-12-310001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMember2019-09-300001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2019-09-300001647088us-gaap:FairValueInputsLevel2Memberwsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2019-09-300001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMember2019-09-300001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMember2018-12-310001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2018-12-310001647088us-gaap:FairValueInputsLevel2Memberwsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMember2018-12-310001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMember2018-12-310001647088us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberwsc:SeniorSecuredNotesDueDecember2022Member2019-09-300001647088us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberwsc:SeniorSecuredNotesDueDecember2022Member2019-09-300001647088us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberwsc:SeniorSecuredNotesDueDecember2022Member2019-09-300001647088us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberwsc:SeniorSecuredNotesDueDecember2022Member2019-09-300001647088us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberwsc:SeniorSecuredNotesDueDecember2022Member2018-12-310001647088us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberwsc:SeniorSecuredNotesDueDecember2022Member2018-12-310001647088us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberwsc:SeniorSecuredNotesDueDecember2022Member2018-12-310001647088us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberwsc:SeniorSecuredNotesDueDecember2022Member2018-12-310001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Memberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-09-300001647088us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2019-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2018-12-310001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Memberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2018-12-310001647088us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2018-12-310001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2018-12-310001647088us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberwsc:SeniorUnsecuredNotesDue2023Member2019-09-300001647088us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberwsc:SeniorUnsecuredNotesDue2023Member2019-09-300001647088us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberwsc:SeniorUnsecuredNotesDue2023Member2019-09-300001647088us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberwsc:SeniorUnsecuredNotesDue2023Member2019-09-300001647088us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberwsc:SeniorUnsecuredNotesDue2023Member2018-12-310001647088us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberwsc:SeniorUnsecuredNotesDue2023Member2018-12-310001647088us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberwsc:SeniorUnsecuredNotesDue2023Member2018-12-310001647088us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberwsc:SeniorUnsecuredNotesDue2023Member2018-12-310001647088us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-09-300001647088us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-09-300001647088us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-09-300001647088us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2019-09-300001647088us-gaap:CarryingReportedAmountFairValueDisclosureMember2018-12-310001647088us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2018-12-310001647088us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2018-12-310001647088us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2018-12-310001647088us-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Member2019-09-300001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:LineOfCreditMember2019-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Member2019-09-300001647088us-gaap:LineOfCreditMemberwsc:USAssetBasedLiabilityFacilityDue2022Member2018-12-310001647088wsc:CanadianAssetBasedLiabilityFacilityDue2022Memberus-gaap:LineOfCreditMember2018-12-310001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2023Member2018-12-310001647088us-gaap:SeniorNotesMemberwsc:SeniorUnsecuredNotesDue2023Member2018-12-310001647088us-gaap:EmployeeSeveranceMember2019-06-300001647088us-gaap:FacilityClosingMember2019-06-300001647088us-gaap:EmployeeSeveranceMember2018-06-300001647088us-gaap:FacilityClosingMember2018-06-300001647088us-gaap:EmployeeSeveranceMember2019-07-012019-09-300001647088us-gaap:FacilityClosingMember2019-07-012019-09-300001647088us-gaap:EmployeeSeveranceMember2018-07-012018-09-300001647088us-gaap:FacilityClosingMember2018-07-012018-09-300001647088us-gaap:EmployeeSeveranceMember2019-09-300001647088us-gaap:FacilityClosingMember2019-09-300001647088us-gaap:EmployeeSeveranceMember2018-09-300001647088us-gaap:FacilityClosingMember2018-09-300001647088us-gaap:EmployeeSeveranceMember2018-12-310001647088us-gaap:FacilityClosingMember2018-12-310001647088us-gaap:EmployeeSeveranceMember2017-12-310001647088us-gaap:FacilityClosingMember2017-12-310001647088us-gaap:EmployeeSeveranceMember2019-01-012019-09-300001647088us-gaap:FacilityClosingMember2019-01-012019-09-300001647088us-gaap:EmployeeSeveranceMember2018-01-012018-09-300001647088us-gaap:FacilityClosingMember2018-01-012018-09-300001647088us-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2019-07-012019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300001647088us-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2019-01-012019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300001647088us-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2018-07-012018-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2018-07-012018-09-300001647088us-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2018-01-012018-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2019-01-012019-09-300001647088wsc:MarketBasedRestrictedStockUnitsRSUsMember2019-01-012019-09-300001647088us-gaap:RestrictedStockMember2019-01-012019-09-300001647088us-gaap:RestrictedStockMember2019-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2019-09-300001647088wsc:MarketBasedRestrictedStockUnitsRSUsMember2019-09-300001647088us-gaap:RestrictedStockMember2019-07-012019-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2019-07-012019-09-300001647088wsc:MarketBasedRestrictedStockUnitsRSUsMember2019-03-212019-03-210001647088wsc:MarketBasedRestrictedStockUnitsRSUsMember2019-07-012019-09-300001647088us-gaap:EmployeeStockOptionMember2019-07-012019-09-300001647088us-gaap:EmployeeStockOptionMember2019-01-012019-09-300001647088us-gaap:InterestRateSwapMember2019-09-300001647088us-gaap:InterestRateSwapMember2018-12-310001647088us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2019-07-012019-09-300001647088us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2019-01-012019-09-30wsc:business_linewsc:segment0001647088us-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMemberwsc:ModularDeliverandInstallationMember2019-07-012019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberus-gaap:OperatingSegmentsMemberwsc:ModularDeliverandInstallationMember2019-07-012019-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2019-07-012019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberwsc:NewUnitsMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2019-07-012019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberwsc:RentalUnitsMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300001647088us-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMemberwsc:ModularDeliverandInstallationMember2018-07-012018-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberus-gaap:OperatingSegmentsMemberwsc:ModularDeliverandInstallationMember2018-07-012018-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2018-07-012018-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberwsc:NewUnitsMemberus-gaap:OperatingSegmentsMember2018-07-012018-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2018-07-012018-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberwsc:RentalUnitsMemberus-gaap:OperatingSegmentsMember2018-07-012018-09-300001647088us-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMemberwsc:ModularDeliverandInstallationMember2019-01-012019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberus-gaap:OperatingSegmentsMemberwsc:ModularDeliverandInstallationMember2019-01-012019-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2019-01-012019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberwsc:NewUnitsMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2019-01-012019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberwsc:RentalUnitsMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2018-01-012018-09-300001647088us-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMemberwsc:ModularDeliverandInstallationMember2018-01-012018-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberus-gaap:OperatingSegmentsMemberwsc:ModularDeliverandInstallationMember2018-01-012018-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2018-01-012018-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberwsc:NewUnitsMemberus-gaap:OperatingSegmentsMember2018-01-012018-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:ModularUSSegmentMember2018-01-012018-09-300001647088wsc:ModularOtherNorthAmericaSegmentMemberwsc:RentalUnitsMemberus-gaap:OperatingSegmentsMember2018-01-012018-09-300001647088us-gaap:CommonClassAMember2017-11-292017-11-2900016470882018-01-192018-01-190001647088us-gaap:EmployeeStockOptionMember2019-07-012019-09-300001647088us-gaap:EmployeeStockOptionMember2019-01-012019-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2019-01-012019-09-300001647088us-gaap:RestrictedStockMember2019-01-012019-09-300001647088us-gaap:WarrantMember2019-01-012019-09-300001647088wsc:MarketBasedRestrictedStockUnitsRSUsMember2019-01-012019-09-300001647088us-gaap:EmployeeStockOptionMember2018-01-012018-09-300001647088us-gaap:EmployeeStockOptionMember2018-07-012018-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2018-01-012018-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2018-07-012018-09-300001647088us-gaap:RestrictedStockMember2018-01-012018-09-300001647088us-gaap:RestrictedStockMember2018-07-012018-09-300001647088us-gaap:WarrantMember2018-01-012018-09-300001647088us-gaap:WarrantMember2018-07-012018-09-300001647088us-gaap:RestrictedStockMember2018-07-012018-09-300001647088us-gaap:RestrictedStockMember2018-01-012018-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2018-07-012018-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2018-01-012018-09-300001647088wsc:MarketBasedRestrictedStockUnitsRSUsMember2018-07-012018-09-300001647088wsc:MarketBasedRestrictedStockUnitsRSUsMember2018-01-012018-09-300001647088srt:AffiliatedEntityMember2018-12-310001647088srt:AffiliatedEntityMemberwsc:InsuranceProgramClaimsReimbursementsMember2019-01-012019-09-300001647088srt:AffiliatedEntityMemberwsc:AlgecoGlobalMember2018-12-310001647088srt:AffiliatedEntityMember2019-07-012019-09-300001647088srt:AffiliatedEntityMember2018-07-012018-09-300001647088srt:AffiliatedEntityMember2019-01-012019-09-300001647088srt:AffiliatedEntityMember2018-01-012018-09-300001647088srt:DirectorMember2019-07-012019-09-300001647088srt:DirectorMember2018-07-012018-09-300001647088srt:DirectorMember2019-01-012019-09-300001647088srt:DirectorMember2018-01-012018-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2019 | |
OR | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________ to ________ | |
| | | | | |
Commission File Number: | 001-37552 |
WILLSCOT CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 82-3430194 |
(State or other jurisdiction of incorporation) | | (I.R.S. Employer Identification No.) |
901 S. Bond Street, #600
Baltimore, Maryland 21231
(Address, including zip code, of principal executive offices)
(410) 931-6000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Class A common stock, par value $0.0001 per share | WSC | The Nasdaq Capital Market |
Warrants to purchase Class A common stock(1) | WSCWW | OTC Markets Group Inc. |
Warrants to purchase Class A common stock(2) | WSCTW | OTC Markets Group Inc. |
(1) Issued in connection with the initial public offering of Double Eagle Acquisition Corp., the registrant’s legal predecessor company, in September 2015, which are exercisable for one-half of one share of the registrant’s Class A common stock for an exercise price of $5.75.
(2) Issued in connection with the registrant’s acquisition of Modular Space Holdings, Inc. in August 2018, which are exercisable for one share of the registrant’s Class A common stock at an exercise price of $15.50 per share.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | |
Large accelerated filer ☐ | Accelerated filer ☒ |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
| Emerging growth company ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
Shares of Class A common stock, par value $0.0001 per share, outstanding: 108,751,354 shares at October 31, 2019.
Shares of Class B common stock, par value $0.0001 per share, outstanding: 8,024,419 shares at October 31, 2019.
WILLSCOT CORPORATION
Quarterly Report on Form 10-Q
Table of Contents
PART I
ITEM 1. Financial Statements
WillScot Corporation
Condensed Consolidated Balance Sheets
| | | | | | | | | | | |
(in thousands, except share data) | September 30, 2019 (unaudited) | | December 31, 2018 |
| | | |
Assets | | | |
Cash and cash equivalents | $ | 3,951 | | | $ | 8,958 | |
Trade receivables, net of allowances for doubtful accounts at September 30, 2019 and December 31, 2018 of $15,113 and $9,340, respectively | 250,488 | | | 206,502 | |
Inventories | 15,956 | | | 16,218 | |
Prepaid expenses and other current assets | 24,684 | | | 21,828 | |
Assets held for sale | 9,155 | | | 2,841 | |
Total current assets | 304,234 | | | 256,347 | |
Rental equipment, net | 1,952,829 | | | 1,929,290 | |
Property, plant and equipment, net | 186,956 | | | 183,750 | |
Goodwill | 234,597 | | | 247,017 | |
Intangible assets, net | 128,103 | | | 131,801 | |
Other non-current assets | 4,641 | | | 4,280 | |
Total long-term assets | 2,507,126 | | | 2,496,138 | |
Total assets | $ | 2,811,360 | | | $ | 2,752,485 | |
Liabilities and equity | | | |
Accounts payable | $ | 101,532 | | | $ | 90,353 | |
Accrued liabilities | 96,395 | | | 84,696 | |
Accrued interest | 13,386 | | | 20,237 | |
Deferred revenue and customer deposits | 87,702 | | | 71,778 | |
Current portion of long-term debt | 2,025 | | | 1,959 | |
Total current liabilities | 301,040 | | | 269,023 | |
Long-term debt | 1,710,160 | | | 1,674,540 | |
Deferred tax liabilities | 67,583 | | | 67,384 | |
Deferred revenue and customer deposits | 11,265 | | | 7,723 | |
Other non-current liabilities | 37,373 | | | 31,618 | |
Long-term liabilities | 1,826,381 | | | 1,781,265 | |
Total liabilities | 2,127,421 | | | 2,050,288 | |
Commitments and contingencies (see Note 15) | | | |
Class A common stock: $0.0001 par, 400,000,000 shares authorized at September 30, 2019 and December 31, 2018; 108,751,354 and 108,508,997 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 11 | | | 11 | |
Class B common stock: $0.0001 par, 100,000,000 shares authorized at September 30, 2019 and December 31, 2018; 8,024,419 shares issued and outstanding at September 30, 2019 and December 31, 2018 | 1 | | | 1 | |
Additional paid-in-capital | 2,394,091 | | | 2,389,548 | |
Accumulated other comprehensive loss | (68,908) | | | (68,026) | |
Accumulated deficit | (1,703,699) | | | (1,683,319) | |
Total shareholders' equity | 621,496 | | | 638,215 | |
Non-controlling interest | 62,443 | | | 63,982 | |
Total equity | 683,939 | | | 702,197 | |
Total liabilities and equity | $ | 2,811,360 | | | $ | 2,752,485 | |
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
WillScot Corporation
Condensed Consolidated Statements of Operations (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | Nine Months Ended September 30, | | |
(in thousands, except share and per share data) | 2019 | | 2018 | | 2019 | | 2018 |
Revenues: | | | | | | | |
Leasing and services revenue: | | | | | | | |
Modular leasing | $ | 191,294 | | | $ | 141,660 | | | $ | 557,025 | | | $ | 340,171 | |
Modular delivery and installation | 61,883 | | | 46,777 | | | 168,643 | | | 104,440 | |
Sales revenue: | | | | | | | |
New units | 11,536 | | | 20,920 | | | 38,064 | | | 33,584 | |
Rental units | 7,627 | | | 9,567 | | | 29,741 | | | 15,813 | |
Total revenues | 272,340 | | | 218,924 | | | 793,473 | | | 494,008 | |
Costs: | | | | | | | |
Costs of leasing and services: | | | | | | | |
Modular leasing | 58,168 | | | 39,215 | | | 160,476 | | | 93,506 | |
Modular delivery and installation | 54,364 | | | 42,390 | | | 146,175 | | | 98,038 | |
Costs of sales: | | | | | | | |
New units | 7,421 | | | 15,089 | | | 26,298 | | | 23,780 | |
Rental units | 5,092 | | | 5,750 | | | 19,608 | | | 9,328 | |
Depreciation of rental equipment | 43,869 | | | 35,534 | | | 128,940 | | | 82,849 | |
Gross profit | 103,426 | | | 80,946 | | | 311,976 | | | 186,507 | |
Expenses: | | | | | | | |
Selling, general and administrative | 68,159 | | | 71,897 | | | 213,267 | | | 164,845 | |
Other depreciation and amortization | 3,707 | | | 3,720 | | | 9,878 | | | 7,726 | |
Impairment losses on long-lived assets | — | | | — | | | 5,076 | | | — | |
Restructuring costs | 1,980 | | | 6,137 | | | 9,083 | | | 7,214 | |
Currency losses (gains), net | 234 | | | (425) | | | (436) | | | 1,171 | |
Other income, net | (1,053) | | | (594) | | | (3,293) | | | (5,013) | |
Operating income | 30,399 | | | 211 | | | 78,401 | | | 10,564 | |
Interest expense | 30,857 | | | 43,447 | | | 95,353 | | | 67,321 | |
Loss on extinguishment of debt | — | | | — | | | 7,244 | | | — | |
Loss from operations before income tax | (458) | | | (43,236) | | | (24,196) | | | (56,757) | |
Income tax benefit | (1,220) | | | (6,507) | | | (2,022) | | | (13,572) | |
Net income (loss) | 762 | | | (36,729) | | | (22,174) | | | (43,185) | |
Net income (loss) attributable to non-controlling interest, net of tax | 273 | | | (3,210) | | | (1,449) | | | (3,715) | |
Net income (loss) attributable to WillScot | $ | 489 | | | $ | (33,519) | | | $ | (20,725) | | | $ | (39,470) | |
| | | | | | | |
Net income (loss) per share attributable to WillScot - basic | $ | 0.00 | | | $ | (0.37) | | | $ | (0.19) | | | $ | (0.48) | |
Net income (loss) per share attributable to WillScot - diluted | 0.00 | | | (0.37) | | | (0.19) | | | (0.48) | |
| | | | | | | |
Weighted average shares - basic | 108,720,857 | | | 90,726,920 | | | 108,646,741 | | | 82,165,909 | |
Weighted average shares - diluted | 112,043,866 | | | 90,726,920 | | | 108,646,741 | | | 82,165,909 | |
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
WillScot Corporation
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | Nine Months Ended September 30, | | |
(in thousands) | 2019 | | 2018 | | 2019 | | 2018 |
Net income (loss) | $ | 762 | | | $ | (36,729) | | | $ | (22,174) | | | $ | (43,185) | |
Other comprehensive (loss) income: | | | | | | | |
Foreign currency translation adjustment, net of income tax expense (benefit) of $0, $80, $0 and $(161) for the three and nine months ended September 30, 2019 and 2018, respectively | (2,799) | | | 2,298 | |
| 5,616 | | | (82) | |
Net loss on derivatives, net of income tax benefit of $153, $0, $2,016 and $0 for the three and nine months ended September 30, 2019 and 2018, respectively | (500) | | | — | | | (6,588) | | | — | |
Comprehensive loss | (2,537) | | | (34,431) | | | (23,146) | | | (43,267) | |
Comprehensive loss attributable to non-controlling interest | (28) | | | (2,967) | |
| (1,539) | | | (3,741) | |
Total comprehensive loss attributable to WillScot | $ | (2,509) | | | $ | (31,464) | | | $ | (21,607) | | | $ | (39,526) | |
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
WillScot Corporation
Condensed Consolidated Statements of Changes in Equity (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2019 | | | | | | | | | | |
| Class A Common Stock | | | Class B Common Stock | | | Additional Paid-in-Capital | | Accumulated Other Comprehensive Income | | Accumulated Deficit | | Total Shareholders' Equity | | Non-Controlling Interest | | Total Equity | |
(in thousands) | Shares | | Amount | | Shares | | Amount | | | | | | | |
Balance at December 31, 2018 | 108,509 | | $ | 11 | | 8,024 | | $ | 1 | | $ | 2,389,548 | | $ | (68,026) | | $ | (1,683,319) | | $ | 638,215 | | $ | 63,982 | | $ | 702,197 | |
Net loss | — | | — | | — | | — | | — | | — | | (10,301) | | (10,301) | | (860) | | (11,161) | |
Other comprehensive income | — | | — | | — | | — | | — | | 1,748 | | — | | 1,748 | | 166 | | 1,914 | |
Adoption of ASC 606 | — | | — | | — | | — | | — | | — | | 345 | | 345 | | — | | 345 | |
Stock-based compensation | 184 | | — | | — | | — | | 636 | | — | | — | | 636 | | — | | 636 | |
Balance at March 31, 2019 | 108,693 | | 11 | | 8,024 | | 1 | | 2,390,184 | | (66,278) | | (1,693,275) | | 630,643 | | 63,288 | | 693,931 | |
Net loss | — | | — | | — | | — | | — | | — | | (10,913) | | (10,913) | | (862) | | (11,775) | |
Other comprehensive income | — | | — | | — | | — | | — | | 368 | | — | | 368 | | 45 | | 413 | |
Stock-based compensation | 6 | | — | | — | | — | | 1,901 | | — | | — | | 1,901 | | — | | 1,901 | |
Balance at June 30, 2019 | 108,699 | | 11 | | 8,024 | | 1 | | 2,392,085 | | (65,910) | | (1,704,188) | | 621,999 | | 62,471 | | 684,470 | |
Net income | — | | — | | — | | — | | — | | — | | 489 | | 489 | | 273 | | 762 | |
Other comprehensive loss | — | | — | | — | | — | | — | | (2,998) | | — | | (2,998) | | (301) | | (3,299) | |
Issuance of common stock from the exercise of options | 14 | | — | | — | | — | | 194 | | — | | — | | 194 | | — | | 194 | |
Stock-based compensation and issuance of common stock from vesting | 38 | | — | | — | | — | | 1,812 | | — | | — | | 1,812 | | — | | 1,812 | |
Balance at September 30, 2019 | 108,751 | | $ | 11 | | 8,024 | | $ | 1 | | $ | 2,394,091 | | $ | (68,908) | | $ | (1,703,699) | | $ | 621,496 | | $ | 62,443 | | $ | 683,939 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2018 | | | | | | | | | | |
| Class A Common Stock | | | Class B Common Stock | | | Additional Paid-in-Capital | | Accumulated Other Comprehensive Income | | Accumulated Deficit | | Total Shareholders' Equity | | Non-Controlling Interest | | Total Equity | |
(in thousands) | Shares | | Amount | | Shares | | Amount | | | | | | | |
Balance at December 31, 2017 | 84,645 | | $ | 8 | | 8,024 | | $ | 1 | | $ | 2,121,926 | | $ | (49,497) | | $ | (1,636,819) | | $ | 435,619 | | $ | 48,931 | | $ | 484,550 | |
Net loss | — | | — | | — | | — | | — | | — | | (6,187) | | (6,187) | | (648) | | (6,835) | |
Other comprehensive income | — | | — | | — | | — | | — | | 239 | | — | | 239 | | 24 | | 263 | |
Adoption of ASU 2018-02 | — | | — | | — | | — | | — | | (2,540) | | 2,540 | | — | | — | | — | |
Stock-based compensation | — | | — | | — | | — | | 121 | | — | | — | | 121 | | — | | 121 | |
Balance at March 31, 2018 | 84,645 | | 8 | | 8,024 | | 1 | | 2,122,047 | | (51,798) | | (1,640,466) | | 429,792 | | 48,307 | | 478,099 | |
Net income | — | | — | | — | | — | | — | | — | | 236 | | 236 | | 143 | | 379 | |
Other comprehensive loss | — | | — | | — | | — | | — | | (2,619) | | — | | (2,619) | | (293) | | (2,912) | |
Stock-based compensation | — | | — | | — | | — | | 1,054 | | — | | — | | 1,054 | | — | | 1,054 | |
Balance at June 30, 2018 | 84,645 | | 8 | | 8,024 | | 1 | | 2,123,101 | | (54,417) | | (1,640,230) | | 428,463 | | 48,157 | | 476,620 | |
Net loss | — | | — | | — | | — | | — | | — | | (33,519) | | (33,519) | | (3,210) | | (36,729) | |
Other comprehensive income | — | | — | | — | | — | | — | | 2,298 | | — | | 2,298 | | 243 | | 2,541 | |
Stock-based compensation | — | | — | | — | | — | | 1,050 | | — | | — | | 1,050 | | — | | 1,050 | |
Issuance of common stock and contribution of proceeds to WSII | 9,200 | | 1 | | — | | — | | 131,544 | | — | | — | | 131,545 | | 7,574 | | 139,119 | |
Acquisition of ModSpace and the related financing transactions including stock and warrants | 6,458 | | 1 | | — | | — | | 134,493 | | — | | — | | 134,494 | | 13,614 | | 148,108 | |
Balance at September 30, 2018 | 100,303 | | $ | 10 | | 8,024 | | $ | 1 | | $ | 2,390,188 | | $ | (52,119) | | $ | (1,673,749) | | $ | 664,331 | | $ | 66,378 | | $ | 730,709 | |
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
WillScot Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, | | |
(in thousands) | 2019 | | 2018 |
Operating activities: | | | |
Net loss | $ | (22,174) | | | $ | (43,185) | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 140,712 | | | 91,587 | |
Provision for doubtful accounts | 11,817 | | | 5,436 | |
Impairment losses on long-lived assets | 5,076 | | | — | |
Gain on sale of rental equipment and other property, plant and equipment | (8,553) | | | (11,194) | |
Amortization of debt discounts and debt issuance costs | 8,732 | | | 4,801 | |
Loss on extinguishment of debt | 7,244 | | | — | |
Stock-based compensation expense | 5,003 | | | 2,225 | |
Deferred income tax benefit | (2,456) | | | (14,340) | |
Unrealized currency (gains) losses | (427) | | | 773 | |
Changes in operating assets and liabilities, net of effect of businesses acquired: | | | |
Trade receivables | (64,385) | | | (26,229) | |
Inventories | 284 | | | (553) | |
Prepaid and other assets | (1,734) | | | 173 | |
Accrued interest | (6,851) | | | 12,902 | |
Accounts payable and other accrued liabilities | 7,324 | | | (11,969) | |
Deferred revenue and customer deposits | 19,464 | | | 5,153 | |
Net cash provided by operating activities | 99,076 | | | 15,580 | |
Investing activities: | | | |
Acquisition of a business - ModSpace | — | | | (1,060,140) | |
Acquisition of a business - Tyson | — | | | | (24,006) | |
Proceeds from sale of rental equipment | 31,504 | | | 21,593 | |
Purchase of rental equipment and refurbishments | (160,877) | | | (111,505) | |
Proceeds from the sale of property, plant and equipment | 13,199 | | | 681 | |
Purchase of property, plant and equipment | (6,600) | | | (3,091) | |
Net cash used in investing activities | (122,774) | | | (1,176,468) | |
Financing activities: | | | |
Receipts from issuance of common stock | 194 | | | | 147,200 | |
Receipts from borrowings | |