SEC Filing | Investor Relations | WillScot Holdings Corporation

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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
https://cdn.kscope.io/f5bfea8f5e241c645cbffd82c762c6a4-wsc-20190930_g1.jpg
WILLSCOT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware82-3430194
(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 classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0001 per shareWSC
The Nasdaq Capital Market
Warrants to purchase Class A common stock(1)WSCWWOTC Markets Group Inc.
Warrants to purchase Class A common stock(2)WSCTWOTC 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 ☒
1


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.



2


WILLSCOT CORPORATION
Quarterly Report on Form 10-Q
Table of Contents

PART I Financial Information

3


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  
Inventories15,956  16,218  
Prepaid expenses and other current assets24,684  21,828  
Assets held for sale9,155  2,841  
Total current assets304,234  256,347  
Rental equipment, net1,952,829  1,929,290  
Property, plant and equipment, net186,956  183,750  
Goodwill234,597  247,017  
Intangible assets, net128,103  131,801  
Other non-current assets4,641  4,280  
Total long-term assets2,507,126  2,496,138  
Total assets$2,811,360  $2,752,485  
Liabilities and equity
Accounts payable$101,532  $90,353  
Accrued liabilities96,395  84,696  
Accrued interest13,386  20,237  
Deferred revenue and customer deposits87,702  71,778  
Current portion of long-term debt2,025  1,959  
Total current liabilities301,040  269,023  
Long-term debt1,710,160  1,674,540  
Deferred tax liabilities67,583  67,384  
Deferred revenue and customer deposits11,265  7,723  
Other non-current liabilities37,373  31,618  
Long-term liabilities1,826,381  1,781,265  
Total liabilities2,127,421  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-capital2,394,091  2,389,548  
Accumulated other comprehensive loss(68,908) (68,026) 
Accumulated deficit(1,703,699) (1,683,319) 
Total shareholders' equity621,496  638,215  
Non-controlling interest62,443  63,982  
Total equity683,939  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.
4


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)
2019201820192018
Revenues:
Leasing and services revenue:
Modular leasing$191,294  $141,660  $557,025  $340,171  
Modular delivery and installation61,883  46,777  168,643  104,440  
Sales revenue:
New units11,536  20,920  38,064  33,584  
Rental units7,627  9,567  29,741  15,813  
Total revenues272,340  218,924  793,473  494,008  
Costs:
Costs of leasing and services:
Modular leasing58,168  39,215  160,476  93,506  
Modular delivery and installation54,364  42,390  146,175  98,038  
Costs of sales:
New units7,421  15,089  26,298  23,780  
Rental units5,092  5,750  19,608  9,328  
Depreciation of rental equipment43,869  35,534  128,940  82,849  
Gross profit103,426  80,946  311,976  186,507  
Expenses:
Selling, general and administrative68,159  71,897  213,267  164,845  
Other depreciation and amortization3,707  3,720  9,878  7,726  
Impairment losses on long-lived assets—  —  5,076  —  
Restructuring costs1,980  6,137  9,083  7,214  
Currency losses (gains), net234  (425) (436) 1,171  
Other income, net(1,053) (594) (3,293) (5,013) 
Operating income30,399  211  78,401  10,564  
Interest expense30,857  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 tax273  (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 - diluted0.00  (0.37) (0.19) (0.48) 
Weighted average shares - basic108,720,857  90,726,920  108,646,741  82,165,909  
Weighted average shares - diluted112,043,866  90,726,920  108,646,741  82,165,909  
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
5


WillScot Corporation
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
Three Months Ended
September 30,		Nine Months Ended September 30,
(in thousands)
2019201820192018
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.
6


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, 2018108,509  $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 compensation184  —  —  —  636  —  —  636  —  636  
Balance at March 31, 2019108,693  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 compensation6  —  —  —  1,901  —  —  1,901  —  1,901  
Balance at June 30, 2019108,699  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 options14  —  —  —  194  —  —  194  —  194  
Stock-based compensation and issuance of common stock from vesting38  —  —  —  1,812  —  —  1,812  —  1,812  
Balance at September 30, 2019108,751  $11  8,024  $1  $2,394,091  $(68,908) $(1,703,699) $621,496  $62,443  $683,939  

7


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, 201784,645  $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, 201884,645  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, 201884,645  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 WSII9,200  1  —  —  131,544  —  —  131,545  7,574  139,119  
Acquisition of ModSpace and the related financing transactions including stock and warrants6,458  1  —  —  134,493  —  —  134,494  13,614  148,108  
Balance at September 30, 2018100,303  $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.
8


WillScot Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
September 30,
(in thousands)
20192018
Operating activities:
Net loss$(22,174) $(43,185) 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization140,712  91,587  
Provision for doubtful accounts11,817  5,436  
Impairment losses on long-lived assets5,076  —  
Gain on sale of rental equipment and other property, plant and equipment(8,553) (11,194) 
Amortization of debt discounts and debt issuance costs8,732  4,801  
Loss on extinguishment of debt7,244  —  
Stock-based compensation expense5,003  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) 
Inventories284  (553) 
Prepaid and other assets(1,734) 173  
Accrued interest (6,851) 12,902  
Accounts payable and other accrued liabilities7,324  (11,969) 
Deferred revenue and customer deposits19,464  5,153  
Net cash provided by operating activities99,076  15,580  
Investing activities:
Acquisition of a business - ModSpace—  (1,060,140) 
Acquisition of a business - Tyson—  (24,006) 
Proceeds from sale of rental equipment31,504  21,593  
Purchase of rental equipment and refurbishments(160,877) (111,505) 
Proceeds from the sale of property, plant and equipment13,199  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 stock194  147,200  
Receipts from borrowings