0001647088-21-000036 | 10-Q | XBRL Viewer | Willscot Mobile Mini Holdings Corp

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	May 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-37552
Entity Registrant Name	WILLSCOT MOBILE MINI HOLDINGS CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3430194
Entity Address, Address Line One	4646 E Van Buren St.
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85008
City Area Code	480
Local Phone Number	894-6311
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	WSC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		226,826,328
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001647088
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 26,934	$ 24,937
Trade receivables, net of allowances for credit losses at March 31, 2021 and December 31, 2020 of $31,630 and $29,258, respectively	322,425	330,942
Inventories	24,132	21,655
Prepaid expenses and other current assets	28,152	29,954
Assets held for sale	2,413	12,004
Total current assets	404,056	419,492
Rental equipment, net	2,928,682	2,933,722
Property, plant and equipment, net	300,687	303,650
Operating lease assets	229,260	232,094
Goodwill	1,179,421	1,171,219
Intangible assets, net	481,199	495,947
Other non-current assets	15,570	16,081
Total long-term assets	5,134,819	5,152,713
Total assets	5,538,875	5,572,205
Liabilities and equity
Accounts payable	111,408	106,926
Accrued expenses	133,036	141,672
Deferred revenue and customer deposits	139,575	135,485
Current portion of long-term debt	16,229	16,521
Operating lease liabilities - current	48,366	48,063
Total current liabilities	448,614	448,667
Long-term debt	2,454,024	2,453,809
Deferred tax liabilities	315,244	307,541
Operating lease liabilities - non-current	180,823	183,761
Common stock warrant liabilities	99,781	77,404
Other non-current liabilities	34,500	37,150
Long-term liabilities	3,084,372	3,059,665
Total liabilities	3,532,986	3,508,332
Commitments and contingencies (see Note 17)
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at March 31, 2021 and December 31, 2020	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 226,815,146, and 229,038,158 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	23	23
Additional paid-in-capital	3,782,649	3,852,291
Accumulated other comprehensive loss	(29,996)	(37,207)
Accumulated deficit	(1,746,787)	(1,751,234)
Total shareholders' equity	2,005,889	2,063,873
Total liabilities and equity	$ 5,538,875	$ 5,572,205

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Trade receivables, net of allowance	$ 31,630	$ 29,258
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)	226,815,146	229,038,158
Common stock outstanding (in shares)	226,815,146	229,038,158
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

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Leasing	$ 315,662	$ 188,352
Total revenues	425,323	255,821
Costs:
Leasing	69,895	49,809
Depreciation of rental equipment	55,698	45,948
Gross profit	213,380	106,190
Expenses:
Selling, general and administrative	116,485	65,537
Transaction costs	844	9,431
Other depreciation and amortization	18,324	3,074
Lease impairment expense and other related charges	1,253	1,661
Restructuring costs	3,142	(60)
Currency losses, net	36	898
Other (income) expense, net	(1,988)	276
Operating income	75,284	25,373
Interest expense	29,964	28,257
Fair value loss (gain) on common stock warrant liabilities	27,207	(95,329)
Loss on extinguishment of debt	3,185	0
Income before income tax	14,928	92,445
Income tax expense	10,481	790
Net income	4,447	91,655
Net loss attributable to non-controlling interest, net of tax	0	(130)
Net income attributable to WillScot Mobile Mini	$ 4,447	$ 91,785
Earnings (loss) per share attributable to WillScot Mobile Mini common shareholders
Basic (in USD per share)	$ 0.02	$ 0.84
Diluted (in USD per share)	$ 0.02	$ (0.05)
Weighted average shares:
Basic (in shares)	228,293,197	109,656,646
Diluted (in shares)	234,720,295	112,672,997
Delivery and installation
Revenues:
Revenues	$ 83,504	$ 51,070
Costs:
Cost of sales	70,136	43,865
New units
Revenues:
Revenues	10,955	9,613
Total revenues	10,955	9,613
Costs:
Cost of sales	7,109	6,203
Rental units
Revenues:
Revenues	15,202	6,786
Total revenues	15,202	6,786
Costs:
Cost of sales	$ 9,105	$ 3,806

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 4,447	$ 91,655
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $0 and $0 for the three months ended March 31, 2021 and 2020, respectively	5,034	(21,144)
Net gain (loss) on derivatives, net of income tax expense of $667 and $0 for the three months ended March 31, 2021 and 2020, respectively	2,177	(8,758)
Total other comprehensive income (loss)	7,211	(29,902)
Comprehensive income	11,658	61,753
Comprehensive loss attributable to non-controlling interest	0	(2,833)
Total comprehensive income attributable to WillScot Mobile Mini	$ 11,658	$ 64,586

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense (benefit)	$ 0	$ 0
Net losses on derivatives, tax benefit	$ 667	$ 0

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in-Capital

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

Total Shareholders' Equity

Non-Controlling Interest

Class A Common Stock

Common Stock

Class B Common Stock

Common Stock

Beginning balance (in shares) at Dec. 31, 2019

108,819,000

^[1]

8,024,000

Beginning balance at Dec. 31, 2019

$ 555,199

$ 2,378,733

$ (62,775)

$ (1,825,361)

$ 490,609

$ 64,590

$ 11

^[1]

$ 1

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

91,655

91,785

(130)

Total other comprehensive income (loss)

(29,902)

(27,199)

(2,703)

Stock-based compensation and issuance of Common Stock from vesting (in shares)

^[1]

239,000

Stock-based compensation and issuance of Common Stock from vesting

1,787

Issuance of Common Stock from the exercise of options and warrants (in shares)

^[1]

1,497,000

Receipts from issuance of Common Stock from warrant exercises and redemptions

28,958

$ 0

^[1]

Withholding taxes on net share settlement of stock-based compensation

(673)

Ending balance (in shares) at Mar. 31, 2020

110,555,000

^[1]

8,024,000

Ending Balance at Mar. 31, 2020

$ 647,024

2,408,805

(89,974)

(1,733,576)

585,267

$ 61,757

$ 11

^[1]

$ 1

Beginning balance (in shares) at Dec. 31, 2020

229,038,158

229,038,000

Beginning balance at Dec. 31, 2020

3,852,291

(37,207)

(1,751,234)

2,063,873

$ 23

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

$ 4,447

4,447

Total other comprehensive income (loss)

7,211

Stock-based compensation and issuance of Common Stock from vesting (in shares)

229,000

Stock-based compensation and issuance of Common Stock from vesting

4,951

Repurchase and cancellation of options and warrants (in shares)

2,793,000

Repurchase and cancellation of Common Stock and warrants

$ 76,788

$ 0

76,788

Issuance of Common Stock from the exercise of options and warrants (in shares)

570,197

341,000

Receipts from issuance of Common Stock from warrant exercises and redemptions

5,414

$ 0

Withholding taxes on net share settlement of stock-based compensation

$ (3,219)

(3,219)

Ending balance (in shares) at Mar. 31, 2021

226,815,146

226,815,000

Ending Balance at Mar. 31, 2021

$ 3,782,649

$ (29,996)

$ (1,746,787)

$ 2,005,889

$ 23

[1]	(1) See Note 1 for information regarding the Company's conversion of Class A Common Stock to Common Stock on July 1, 2020 concurrent with the Merger.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income	$ 4,447	$ 91,655
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	74,855	49,764
Provision for credit losses	8,516	3,392
Gain on sale of rental equipment and other property, plant and equipment	(8,128)	(2,980)
Amortization of debt discounts and debt issuance costs	3,565	2,896
Fair value loss (gain) on common stock warrant liabilities	27,207	(95,329)
Loss on extinguishment of debt	3,185	0
Stock-based compensation expense	4,951	1,787
Deferred income tax benefit	8,057	684
Unrealized currency losses (gains), net	(64)	891
Changes in operating assets and liabilities:
Trade receivables	341	636
Inventories	(2,452)	281
Prepaid and other assets	2,995	(5,701)
Operating lease assets and liabilities	183	(280)
Accrued interest	3,394	(3,540)
Accounts payable and other accrued expenses	(13,096)	(9,760)
Deferred revenue and customer deposits	4,115	3,952
Net cash provided by operating activities	122,071	38,348
Investing activities:
Proceeds from sale of rental equipment	15,202	6,786
Purchase of rental equipment and refurbishments	(52,535)	(39,648)
Proceeds from the sale of property, plant and equipment	13,729	3,840
Purchase of property, plant and equipment	(7,307)	(1,518)
Net cash used in investing activities	(30,911)	(30,540)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options	5,414	4,580
Repurchase and cancellation of Common Stock and warrants	(81,618)	0
Receipts from borrowings	162,000	35,793
Repayment of borrowings	(166,112)	(45,282)
Payment of debt extinguishment premium costs	(1,950)	0
Principal payments on finance lease obligations	(3,735)	0
Taxes paid on employee stock awards	(3,219)	(673)
Net cash used in financing activities	(89,220)	(5,582)
Effect of exchange rate changes on cash and cash equivalents	57	(629)
Net change in cash and cash equivalents	1,997	1,597
Cash and cash equivalents at the beginning of the period	24,937	3,045
Cash and cash equivalents at the end of the period	26,934	4,642
Supplemental cash flow information:
Interest paid	20,089	27,384
Income taxes paid, net	588	4
Capital expenditures accrued or payable	$ 25,975	$ 22,345

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Nature of Operations WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” and, together with its subsidiaries, the “Company”) is a leading provider of modular space and portable storage solutions in the United States (“US”), Canada, Mexico and the United Kingdom ("UK"). The Company also maintains a fleet of specialty containment products, including liquid and solid containment solutions. The Company leases, sells, delivers and installs mobile solutions and storage products through an integrated network of branch locations that spans North America and the UK. On July 1, 2020, WillScot Corporation, a Delaware corporation (“WillScot”), and Mobile Mini, Inc. (“Mobile Mini”) merged (the “Merger”). Immediately following the Merger, WillScot changed its name to “WillScot Mobile Mini Holdings Corp.” and filed an amended and restated certificate of incorporation (the "A&R Charter"), which reclassified all outstanding shares of WillScot Class A Common Stock and converted such shares into shares of Common Stock, par value $0.0001 per share, of WillScot Mobile Mini ("WillScot Mobile Mini Common Stock"). The WillScot Class A Common Stock was listed on the Nasdaq Capital Market (Nasdaq: WSC) up until the Merger, and the WillScot Mobile Mini Common Stock has been listed on the Nasdaq Capital Market (Nasdaq: WSC) since the Merger. As used herein, the term “Common Stock” or “the Company’s Common Stock” refers to WillScot Class A Common Stock prior to filing of the A&R Charter on July 1, 2020 and to WillScot Mobile Mini Common Stock as of and following the filing of the A&R Charter July 1, 2020. The preparation of financial statements in accordance with US Generally Accepted Accounting Principles (“GAAP”) requires that our condensed consolidated financial statements and most of the disclosures in these notes be presented on a historical basis. Unless the context otherwise requires, the terms “Company” and “WillScot Mobile Mini” as used in these financial statements mean WillScot and its subsidiaries when referring to periods prior to July 1, 2020 (prior to the Merger) and to WillScot Mobile Mini, when referring to periods on or after July 1, 2020 (after the Merger). Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Quarterly Report on Form 10-Q and do not include all the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated. The results of operations for the three months ended March 31, 2021 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/A for the year ended December 31, 2020. Restatement of Previously Reported Financial Statements The notes included herein should be read in conjunction with the Company's restated audited consolidated financial statements included in the Company's Annual Report on Form 10-K/A filed with the SEC on May 10, 2021 (the "2020 Form 10-K/A"). As previously disclosed in the 2020 Form 10-K/A, the Company restated its previously issued consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 to make the necessary accounting adjustments related to warrant accounting. The Company has restated herein its condensed consolidated financial statements for the quarter ended March 31, 2020 and related amounts within the accompanying footnotes to the condensed consolidated financial statements. For the quarter ended March 31, 2020, restated net income attributable to WillScot Mobile Mini is $91.8 million, an increase of $95.3 million from the previously disclosed net loss of $3.5 million. Recently Issued and Adopted Accounting Standards Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), which is elective, and provides for optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company is currently evaluating the impact of reference rate reform and the potential impact of adoption of these elective practical expedients on its condensed consolidated financial statements and does not expect the impact to be material. In August 2020, the FASB issued ASU 2020-06, Debt, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. The amendments in the ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of the pronouncement on its consolidated financial statements. Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. On January 1, 2021, the Company adopted ASU 2019-12 and the impact of adoption was not material to the Company's consolidated financial statements. The Company will apply the standard prospectively for intraperiod tax allocation, year-to-date losses that exceed anticipated annual losses and enacted changes in tax laws.

Acquisitions

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Acquisitions

Mobile Mini Merger

Purchase Price

Upon completion of the Merger on July 1, 2020, each issued and outstanding share of Mobile Mini Common Stock, par value $0.01 per share, converted to 2.405 shares of WillScot Class A Common Stock, par value $0.0001 per share, and cash in lieu of any fractional shares. The Company issued 106,426,721 shares of Class A Common Stock to Mobile Mini stockholders as consideration for the Merger. The trading price of the Class A Common Stock was $12.53 per share on the closing date. In addition, Mobile Mini stock options converted into WillScot Mobile Mini stock options. The purchase price was determined as follows:


(in thousands, except share and per share data)	July 1, 2020
Mobile Mini Common Stock outstanding	44,252,275
Share conversion ratio	2.405
Common Stock issued	106,426,721
Common Stock per share price as of July 1, 2020	$	12.53
Fair value of shares of WillScot Class A Common Stock issued	$	1,333,527
Cash paid for fractional shares	30
Fair value of Mobile Mini Options converted to WillScot Mobile Mini Options	19,279
Total purchase price	$	1,352,836

The Merger was accounted for using the acquisition method of accounting, and WillScot was considered the accounting acquirer. Under the acquisition method of accounting, the Company assigned the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values at the closing date. The excess of the purchase price over those fair values was recorded as goodwill.

The purchase price for the Merger was assigned to the underlying assets acquired and liabilities assumed based upon their fair values at the date of acquisition, July 1, 2020. The Company recorded the fair values based on independent valuations, discounted cash flow analyses, quoted market prices, contributory asset charges, and estimates made by management. The following table summarizes the July 1, 2020 preliminary fair values of the assets acquired and liabilities assumed. The final assignment of the fair value of the Merger, including the final valuation of acquired rental equipment, intangible assets and the related deferred tax liability and the final assignment of goodwill to reporting units, was not complete at March 31, 2021, but will be finalized within the allowable one-year measurement period.

Opening Balance Sheet


(in thousands)	July 1, 2020
Cash and cash equivalents	$	17,203
Trade receivables	87,492
Inventories	8,987
Prepaid expenses and other current assets	13,717
Rental equipment	1,033,190
Property, plant and equipment	161,401
Operating lease assets	92,054
Intangible assets	374,500		(a)
Goodwill identified	936,173
Other non-current assets	2,519
Total identifiable assets acquired	$	2,727,236
Accounts payable	(29,797)
Accrued expenses	(40,235)
Deferred revenue and customer deposits	(38,846)
Operating lease liabilities	(89,968)
Debt and finance lease liabilities	(897,244)
Deferred tax liabilities	(276,882)
Other long-term liabilities	(1,428)
Total liabilities assumed	(1,374,400)
Purchase Price	$	1,352,836


(a)			The initial fair value estimates were calculated using preliminary estimates and assumptions which have been updated in the current reporting period as additional information was obtained during the measurement period. The underlying assets have been adjusted from those previously recorded accordingly. Intangible assets were reduced by approximately $8.0 million from amounts reported at December 31, 2020.

Mobile Mini generated $159.1 million of revenue and $26.9 million of pre-tax income in the three months ended March 31, 2021, which is included in the condensed consolidated financial statements of operations.

The pro forma results presented below give effect to the following as if they occurred on January 1, 2019:


(i)			The Merger
(ii)			Borrowings under the Company's 2025 Secured Notes and 2020 ABL Facility (both as defined in Note 9) used to repay certain debt in connection with the Merger
(iii)			Extinguishment of the Mobile Mini revolving credit facility and senior notes assumed in the Merger and immediately repaid
(iv)			Extinguishment of WillScot's 2017 ABL Facility and WillScot's 2022 Secured Notes (both as defined in Note 9) repaid in connection with the Merger
(v)			Elimination of WillScot's non-controlling interest and WillScot's Class B common stock in connection with the Merger. See Note 10 for further details.

The pro forma information is not necessarily indicative of the Company’s results of operations had the Merger been completed on January 1, 2019, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies, synergies, or revenue opportunities that could result from the Merger.

The Company's results of operations for the three months ended March 31, 2021 represent the activities of the Company after the Merger. As a result, there were no differences between pro forma results and actual results on a reported basis.

The tables below present unaudited pro forma condensed combined statements of operations information for the three months ended March 31, 2020:


(in thousands)	Three Months Ended March 31, 2020 (as restated)
WillScot revenues	$	255,821
Mobile Mini revenues	150,576
Pro forma revenues	$	406,397

WillScot Mobile Mini income before income tax	$	92,445	(a)
Mobile Mini income before income tax	14,907
Pro forma income before income tax	107,352
Pro forma adjustments to combined income before income tax:
Elimination of Merger transaction costs	24,651		(b)
Impact of fair value mark-ups on rental fleet depreciation	(1,167)		(c)
Other depreciation expense and intangible asset amortization	(5,669)		(d)
Interest expense	(2,564)		(e)
Elimination of Mobile Mini interest	8,712		(f)
Pro forma income before income tax	131,315
Income tax expense	(13,506)		(g)
Pro forma net income	$	117,809


(a)			Excludes impact of non-controlling interest which was eliminated as part of the Sapphire Exchange. See Note 10.
(b)			Eliminates discrete transaction costs incurred as a result of the Mobile Mini Merger.
(c)			Depreciation on rental equipment and property, plant and equipment were adjusted for the preliminary determination of the fair value of equipment acquired in the Mobile Mini Merger.
(d)			Represents the differential in other depreciation and amortization expense related to the provisional fair value purchase accounting adjustments as a result of the Merger, principally the amortization of the Mobile Mini customer relationship estimated at $209,000 and a 13 year life.
(e)			In connection with the Merger, the Company entered into a new ABL Facility and drew $1.47 billion at close with an estimated interest rate of 2.046%, issued the 2025 Secured Notes at 6.125%, repaid the 2022 Secured Notes and repaid the 2017 ABL Facility. Interest and amortization of deferred financing fees for the 2020 ABL Facility and the 2025 Secured Notes has been included offset by the removal of interest and amortization of deferred financing fees attributable to the 2022 Secured Notes and the 2017 ABL Facility. See Note 9 for definitions of terms.
(f)			Interest and amortization of deferred financing fees on the senior notes and line of credit maintained by Mobile Mini which were assumed at acquisition and repaid immediately using proceeds from the 2020 ABL Facility and 2025 Secured Notes was eliminated. See Note 9 for definition of terms.
(g)			Reflects the recorded income tax provision plus the adjustment to recognize the income tax impacts of the unaudited pro forma adjustments for which a tax expense is recognized using a US federal and state statutory tax rate of 25.5%. This rate may vary from the effective tax rates of the historical and combined businesses.

Transaction and Integration Costs

The Company recorded $0.8 million and $9.4 million in transaction costs related to the Merger during the three months ended March 31, 2021 and 2020, respectively. The Company also recorded $7.3 million in integration costs related to the Merger within selling, general and administrative ("SG&A") expense for the three months ended March 31, 2021.

Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Disaggregation

Geographic Areas

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


	Three Months Ended March 31,
(in thousands)	2021		2020
US	$	371,269	$	235,328
Canada	23,584		16,706
Mexico	3,463		3,787
UK	27,007		—
Total revenues	$	425,323	$	255,821

Major Product and Service Lines

Equipment leasing is the Company's core business. This includes rental modular space, portable space and tank and pump units along with value added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, and other items used by customers in connection with the Company's products. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance and ad hoc services and removal services at the end of lease transactions.

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


	Three Months Ended March 31,
(in thousands)	2021		2020
Modular space leasing revenue	$	169,952	$	131,398
Portable storage leasing revenue	54,613		5,849
Tank and pump leasing revenue	15,760		—
VAPS and third party leasing revenues(a)	62,426		41,002
Other leasing-related revenue(b)	12,911		10,103
Leasing revenue	315,662		188,352
Delivery and installation revenue	83,504		51,070
Total leasing and services revenue	399,166		239,422
New unit sales revenue	10,955		9,613
Rental unit sales revenue	15,202		6,786
Total revenues	$	425,323	$	255,821


(a)			Includes $6.2 million and $4.0 million of service revenue for the three months ended March 31, 2021 and 2020, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, and other processing fees.

Leasing and Services Revenue

The majority of revenue (73% and 72% for the three months ended March 31, 2021 and 2020, respectively) is generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue for the three months ended March 31, 2021 and 2020 is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606").

Receivables, Contract Assets and Liabilities

As reflected above, approximately 73% of the Company's rental revenue is generated by lease revenue subject to the guidance in ASC 842. The customers that are responsible for the remaining revenue accounted for under ASC 606 are generally the same customers that rent the Company's equipment. The Company manages credit risk associated with its accounts receivables at the customer level. As the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address its total

revenues. The Company's top five customers with the largest open receivables balances represented 5.0% of the total receivables balance as of March 31, 2021.

As of March 31, 2021 and December 31, 2020, the Company had approximately $75.4 million and $74.1 million, respectively, of deferred revenue that relates to removal services for lease transactions and advance billings for sale transactions, which are within the scope of ASC 606 and are included in deferred revenue and customer deposits in the condensed consolidated balance sheets. During the three months ended March 31, 2021, $19.3 million of previously deferred revenue relating to removal services for lease transactions and advance billings for sale transactions was recognized as revenue.

The Company does not have material contract assets and it did not recognize any material impairments of 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 made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the costs ultimately incurred to provide those services.

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

Credit Losses

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

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

Activity in the allowance for credit losses was as follows:


	Three Months Ended March 31,
(in thousands)	2021		2020
Balance at beginning of year	$	29,258	$	15,828
Net charges to bad debt expense and revenue	8,516		3,392
Write-offs	(5,813)		(2,744)
Foreign currency translation and other	(331)		(5)
Balance at end of period	$	31,630	$	16,471

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

As of March 31, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021 (remaining)	$	45,902	$	14,383
2022	53,179		17,655
2023	42,937		14,204
2024	34,899		11,283
2025	28,057		11,391
Thereafter	69,774		14,790
Total lease payments	274,748		83,706
Less: interest	(45,559)		(6,155)
Present value of lease liabilities	$	229,189	$	77,551

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

The Company’s lease activity during the three months ended March 31, 2021 and 2020 was as follows:


(in thousands)	Three Months Ended March 31,
Financial Statement Line	2021		2020
Finance Lease Expense
Amortization of finance lease assets	$	4,378	$	—
Interest on obligations under finance leases	547		—
Total finance lease expense	$	4,925	$	—

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	1,106	$	1,602
Selling, general and administrative	14,472		7,885
Lease impairment expense and other related charges	596		684
Short-term lease expense
Cost of leasing and services	6,379		7,300
Selling, general and administrative	552		386
Lease impairment expense and other related charges	—		212
Variable lease expense
Cost of leasing and services	1,802		1,832
Selling, general and administrative	1,838		867
Lease impairment expense and other related charges	176		287
Total operating lease expense	$	26,921	$	21,055

Lease impairment expense and other related charges relate to closed locations that are no longer used in operations as a result of consolidation activities within the Company. During the three months ended March 31, 2021, the Company recorded $1.3 million in lease impairment expense and other related charges which is comprised of $0.5 million loss on lease exit and impairment charges and $0.8 million in closed location rent expense. During the three months ended March 31, 2020, the Company recorded $1.7 million in lease impairment expense and other related charges which is comprised of $0.5 million loss on lease exit and $1.2 million in closed location rent expense.

Supplemental cash flow information related to leases for the three months ended March 31, 2021 and 2020 was as follows:


(in thousands)	Three Months Ended March 31,
Supplemental Cash Flow Information	2021		2020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	16,458	$	10,108
Financing cash outflows from finance leases	$	4,320	$	—

Right of use assets obtained in exchange for lease obligations	$	10,878	$	13,270
Assets obtained in exchange for finance leases	$	3,366	$	—

Weighted-average remaining operating lease terms and the weighted average discount rates as of March 31, 2021 and December 31, 2020 were as follows:


Lease Terms and Discount Rates	March 31, 2021		December 31, 2020
Weighted-average remaining lease term - operating leases	6.3 years		6.4 years
Weighted-average discount rate - operating leases	5.6	%	5.7	%
Weighted-average remaining lease term - finance leases	4.5 years		4.6 years
Weighted-average discount rate - finance leases	2.9	%	2.9	%

The Company presents information related to leasing revenues in Note 3.

Inventories

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

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


(in thousands)	March 31, 2021		December 31, 2020
Raw materials	$	21,665	$	19,560
Finished units	2,467		2,095
Inventories	$	24,132	$	21,655

Rental Equipment, net

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Rental Equipment, net

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


(in thousands)	March 31, 2021		December 31, 2020
Modular space units	$	2,556,286	$	2,520,704
Portable storage units	940,653		931,363
Tank and pump products	134,445		132,071
Value added products	148,135		143,652
Total rental equipment	3,779,519		3,727,790
Less: accumulated depreciation	(850,837)		(794,068)
Rental equipment, net	$	2,928,682	$	2,933,722

Goodwill

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Changes in the carrying amount of goodwill were as follows:


(in thousands)
Balance at December 31, 2019	$	235,177
Acquisition of Mobile Mini	928,974
Effects of movements in foreign exchange rates	7,068
Balance at December 31, 2020	1,171,219
Changes to purchase accounting - Mobile Mini	7,199
Effects of movements in foreign exchange rates	1,003
Balance at March 31, 2021	$	1,179,421

As discussed further in Note 2, the Company acquired Mobile Mini on July 1, 2020. Goodwill was preliminarily allocated to the NA Modular, NA Storage, UK Storage and Tank and Pump segments, as defined in Note 18, in the amounts of $285.0 million, $491.8 million, $59.2 million and $100.2 million, respectively. The Company expects to finalize the valuation of the acquired net assets of Mobile Mini, including the final assignment of goodwill to reporting units, within the one-year measurement period from the date of acquisition. The Company expects any adjustments to goodwill for financial reporting to be non-deductible for income tax purposes.

The Company had no goodwill impairment during the three months ended March 31, 2021 or the year ended December 31, 2020.

Intangibles

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

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


	March 31, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.4	$	3,000	$	(2,625)	$	375
Mobile Mini customer relationships	7.3	209,000		(18,488)		190,512
Technology	5.3	1,500		(188)		1,312
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		$	502,500	$	(21,301)	$	481,199


	December 31, 2020
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.7	$	3,000	$	(2,375)	$	625
Mobile Mini customer relationships	8.0	217,000		(12,053)		204,947
Technology	5.5	1,500		(125)		1,375
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		$	510,500	$	(14,553)	$	495,947

As discussed in Note 2, the Company acquired Mobile Mini on July 1, 2020. The Company preliminarily recorded $164.0 million to indefinite-lived intangible assets and $210.5 million of intangibles subject to amortization related to Mobile Mini customer relationships and technology, respectively, in the NA Storage, UK Storage, and Tank and Pump segments. The

Company expects to finalize the valuation of the acquired net assets of Mobile Mini, including the related intangible assets, within the one-year measurement period from the date of acquisition. The Company expects any adjustments to intangible assets for financial reporting to be non-deductible for income tax purposes.

Based on the carrying value at March 31, 2021, future amortization of intangible assets is expected to be as follows for the years ended December 31:


(in thousands)
2021 (remaining)	$	26,791
2022	26,416
2023	26,416
2024	26,416
2025	26,416
Thereafter	59,744
Total	$	192,199

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

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


(in thousands, except rates)	Interest rate	Year of maturity	March 31, 2021		December 31, 2020
2025 Secured Notes	6.125%	2025	$	573,930	$	637,068
ABL Facility(a)	Varies	2025	1,326,988		1,263,833
2028 Secured Notes	4.625%	2028	491,784		491,555
Finance Leases	Varies	Varies	77,551		77,874
Total debt			2,470,253		2,470,330
Less: current portion of long-term debt			16,229		16,521
Total long-term debt			$	2,454,024	$	2,453,809

(a) As of both March 31, 2021 and December 31, 2020, the Company had no outstanding principal borrowings on the Multicurrency Facility and $7.6 million and $7.9 million, respectively, of related debt issuance costs. No related debt issuance costs were recorded as a direct offset against the principal borrowings on the Multicurrency Facility, and the $7.6 million and $7.9 million in excess of principal was included in other non-current assets on the condensed consolidated balance sheets.

Asset Backed Lending Facilities ("ABL Facility")

On November 29, 2017, Williams Scotsman Holdings Corp ("Holdings"), Williams Scotsman International, Inc. ("WSII") and certain of its subsidiaries entered into an ABL credit agreement (the “2017 ABL Facility”), as amended, that provided a senior secured revolving credit facility that matured on May 29, 2022. The 2017 ABL Facility consisted of (i) a $1.3 billion asset-backed revolving credit facility for WSII and certain of its domestic subsidiaries (the "2017 US ABL Facility"), (ii) a $140.0 million asset-based revolving credit facility (the "2017 Canadian ABL Facility") for certain Canadian subsidiaries of WSII, and (iii) an accordion feature that permitted the borrowers to increase the lenders’ commitments in an aggregate amount not to exceed $375.0 million, subject to the satisfaction of customary conditions and lender approval, plus any voluntary prepayments that are accompanied by permanent commitment reductions under the 2017 ABL Facility.

On July 1, 2020, in connection with the completion of the Merger, Holdings, WSII, and certain of its subsidiaries, entered into a new asset-based credit agreement, that provides for revolving credit facilities in the aggregate principal amount of up to $2.4 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $2.0 billion (the “US Facility”), available to WSII and certain of its subsidiaries (collectively, the “US Borrowers”), and (ii) a $400 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility" together with the US Facility, the “2020 ABL Facility”), available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros by the US Borrowers, and certain of WSII’s wholly-owned subsidiaries organized in Canada and in the UK. On July 1, 2020, in connection with the completion of the Merger, approximately $1.5 billion of proceeds from the 2020 ABL Facility were used to repay the 2017 ABL Facility and the asset-backed lending facility assumed in the transaction with Mobile Mini, as well as to pay fees and expenses related to the Merger and the debt financing transactions. In connection with the repayment of the 2017 ABL facility, the Company wrote off $4.4 million of deferred financing costs to loss on extinguishment of debt in the third quarter of 2020. The 2020 ABL Facility matures July 1, 2025.

Borrowings under the 2020 ABL Facility initially bear interest at (i) in the case of US Dollars, at WSII’s option, either an adjusted LIBOR rate plus 1.875% or an alternative base rate plus 0.875%, (ii) in the case of Canadian Dollars, at WSII’s option, either a Canadian BA rate plus 1.875% or Canadian prime rate plus 0.875%, and (iii) in the case of Euros and British Pounds Sterling, an adjusted LIBOR rate plus 1.875%. The 2020 ABL Facility requires the payment of an annual commitment fee on the unused available borrowings of 0.225% per annum. At March 31, 2021, the weighted average interest rate for borrowings under the 2020 ABL Facility was 1.99%. The weighted average interest rate on the balance outstanding as of March 31, 2021, as adjusted for the effects of the interest rate swap agreements was 2.85%. Refer to Note 16 for a more detailed discussion on interest rate management.

Borrowing availability under the US Facility and the Multicurrency Facility is equal to the lesser of (i) the aggregate Revolver Commitments and (ii) the Line Cap. At March 31, 2021, the Line Cap was $2.4 billion and the Borrowers had $1.0 billion of available borrowing capacity under the 2020 ABL Facility, including $620.4 million under the US Facility and $400.0 million under the Multicurrency Facility. Borrowing capacity under the 2020 ABL Facility is made available for up to $205.9 million of letters of credit and up to $170.0 million of swingline loans. At March 31, 2021, letters of credit and bank guarantees carried fees of 2.00%. The Company had issued $14.1 million of standby letters of credit under the 2020 ABL Facility at March 31, 2021.

The Company had $1.4 billion outstanding principal under the 2020 ABL Facility at March 31, 2021. Debt issuance costs of $38.5 million were included in the carrying value of the 2020 ABL Facility at March 31, 2021.

2022 Senior Secured Notes

WSII had $270.0 million aggregate principal amount of 7.875% senior secured notes due December 15, 2022 (the “2022 Secured Notes”). In connection with the Merger and related financing transactions in the third quarter of 2020, using proceeds from the 2025 Secured Notes discussed below, the Company redeemed all of its 2022 Secured Notes.

2023 Senior Secured Notes

WSII had $490.0 million of 6.875% senior secured notes due August 15, 2023 (the “2023 Secured Notes”). On August 11, 2020, WSII redeemed 10% of the outstanding principal amount of the 2023 Secured Notes, $49.0 million. On August 25, 2020, the Company completed a private offering of its 2028 Secured Notes, discussed below, and used the offering proceeds to repay, along with expenses, the $441.0 million outstanding principal amount of its 2023 Secured Notes.

2025 Senior Secured Notes

In anticipation of the Merger, on June 15, 2020, Picasso Finance Sub, Inc., a newly-formed indirect finance subsidiary (the “Finance Sub”) of the Company, completed a private offering of $650.0 million in aggregate principal amount of its 6.125% senior secured notes due 2025 (the “2025 Secured Notes”). Finance Sub was merged into WSII on July 1, 2020. The offering proceeds were used to repay the 2022 Secured Notes, repay Mobile Mini senior notes assumed in the acquisition and pay certain fees and expenses related to the Merger and the related financing transactions.

On March 26, 2021, using cash on hand and borrowings on the 2020 ABL Facility, the Company redeemed 10% of the outstanding principal, $65.0 million, of its 2025 Secured Notes and recorded a loss on extinguishment of debt in the condensed consolidated statement of operations of $3.2 million comprised of a redemption premium of $1.9 million and write off of unamortized deferred financing fees of $1.3 million in the first quarter of 2021.

The 2025 Secured Notes mature on June 15, 2025 and bear interest at a rate of 6.125% per annum. Interest is payable semi-annually on June 15 and December 15 of each year, beginning December 15, 2020. Unamortized deferred financing costs pertaining to the 2025 Secured Notes were $11.1 million as of March 31, 2021.

2028 Senior Secured Notes

On August 25, 2020, the Company, completed a private offering of $500.0 million in aggregate principal amount of 4.625% senior secured notes due 2028 (the “2028 Secured Notes”). The 2028 Secured Notes mature on August 15, 2028. They bear interest at a rate of 4.625% per annum. Interest is payable semi-annually on August 15 and February 15 of each year, beginning February 25, 2021. Unamortized deferred financing cost pertaining to the 2028 Secured Notes were $8.2 million as of March 31, 2021.

The Company is in compliance with all debt covenants and restrictions for the aforementioned debt instruments as of March 31, 2021 and December 31, 2020.

Finance Leases

The Company maintains finance leases primarily related to transportation equipment. At March 31, 2021 and December 31, 2020, obligations under finance leases for certain real property and transportation related equipment were $77.6 million and $77.9 million, respectively. Refer to Note 4 for further information.

Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Equity

Common Stock

On June 30, 2020, as contemplated by the Merger Agreement, Sapphire Holding S.à r.l. ("Sapphire Holdings"), an affiliate of TDR Capital LLP (“TDR Capital”), exchanged each of its shares of common stock of Holdings for 1.3261 shares of newly issued WillScot Class A Common Stock (the "Sapphire Exchange"). As a result of the Sapphire Exchange, all issued and outstanding shares of WillScot’s Class B Common Stock, par value $0.0001 per share (the "Class B Common Stock"), were automatically canceled for no consideration and the existing exchange agreement was automatically terminated. As a result of the Sapphire Exchange, Sapphire Holdings became a wholly-owned subsidiary of WillScot. Sapphire Holdings received 10,641,182 shares of Common Stock of WillScot in the Sapphire Exchange. Prior to the Sapphire Exchange, Sapphire Holdings' ownership of Holdings was recorded as a non-controlling interest in the condensed consolidated financial statements. Subsequent to the Sapphire Exchange, the Company's subsidiaries are each wholly owned and there is no non-controlling interest. As a result of the Sapphire Exchange, non-controlling interest of $63.9 million was reclassified to $66.9 million of additional paid-in-capital and $(3.0) million to accumulated other comprehensive loss, on the condensed consolidated balance sheet.

In connection with the Merger on July 1, 2020, the Company issued 106,426,722 shares of Class A Common Stock in exchange for Mobile Mini Common Stock outstanding and subsequently filed an amended and restated certificate of incorporation, which reclassified all outstanding shares of the Class A Common Stock and converted such shares into shares of Common Stock, par value $0.0001 per share, of WillScot Mobile Mini.

On March 1, 2021, the Company repurchased and cancelled 2,750,000 shares of its Common Stock from Sapphire Holdings.

In connection with the stock compensation vesting events and stock option exercises described in Note 15, and the warrant exercises described below, the Company issued 570,197 shares of Common Stock during the three months ended March 31, 2021.

Stock Repurchase Program

On August 7, 2020, the Company's Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $250 million 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 and conditions, business, legal, accounting, and other considerations.

The Company may repurchase its shares in open market transactions from time to time or through privately negotiated transactions in accordance with federal securities laws, at the Company's discretion. The repurchase program, which has no expiration date, may be increased, suspended, or terminated at any time. The program is expected to be implemented over the course of several years and is conducted subject to the covenants in the agreements governing the Company's indebtedness.

During the three months ended March 31, 2021, the Company repurchased 3,056,217 shares of Common Stock and stock equivalents for $81.6 million, including the shares repurchased from Sapphire Holdings noted above. As of March 31, 2021, $133.9 million of the approved repurchase pool remains available.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the three months ended March 31, 2021 and 2020 were as follows:


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2020	$	(24,694)	$	(12,513)	$	(37,207)
Other comprehensive income (loss) before reclassifications	5,034		(760)		4,274
Reclassifications from AOCI to income	—		2,937		2,937

Balance at March 31, 2021	$	(19,660)	$	(10,336)	$	(29,996)


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2019	$	(52,982)	$	(9,793)	$	(62,775)
Other comprehensive loss before reclassifications	(21,144)		(10,330)		(31,474)
Reclassifications from AOCI to income	—		1,572		1,572
Less other comprehensive loss attributable to non-controlling interest	1,913		790		2,703
Balance at March 31, 2020	$	(72,213)	$	(17,761)	$	(89,974)

For the three months ended March 31, 2021 and 2020, $2.9 million and $1.6 million, respectively, was reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps discussed in Note 16. Associated with these reclassifications, the Company recorded a tax expense of $0.7 million and $0.0 million for the three months ended March 31, 2021 and 2020, respectively.

Warrants

2015 Public Warrants

WillScot was incorporated under the name Double Eagle Acquisition Corporation ("DEAC") on June 26, 2015. On November 29, 2017, DEAC acquired Williams Scotsman International, Inc. (“WSII”) from Algeco Scotsman Global S.à.r.l., which is majority owned by an investment fund managed by TDR Capital (the “Business Combination”). In connection with the Business Combination, DEAC domesticated to Delaware and changed its name to WillScot Corporation.

As part of its initial public offering, DEAC issued warrants (the “2015 Public Warrants”). Each 2015 Public Warrant entitled the holder to purchase one-half of one share of Common Stock at a price of $5.75 per half share (or $11.50 per whole share), subject to adjustment. On January 24, 2020, the Company delivered a notice (the "Redemption Notice") to redeem all of its 2015 Public Warrants that remained unexercised on February 24, 2020. As further described in the Redemption Notice and permitted under the Warrant Agreement, holders of these warrants who exercised them following the date of the Redemption Notice were required to do so on a cashless basis. From January 1, 2020 through January 24, 2020, 796,610 warrants were exercised for cash, resulting in the Company receiving cash proceeds of $4.6 million and the Company issuing 398,305 shares of the Company's Class A Common Stock. After January 24, 2020 through February 24, 2020, 5,836,048 warrants were exercised on a cashless basis. An aggregate of 1,097,162 shares of the Company's Class A Common Stock was issued in connection with these exercises. Thereafter, the Company completed the redemption of 38,509 remaining warrants under the Redemption Notice for $0.01 per warrant. At March 31, 2020, no Public Warrants were outstanding.

2015 Private Warrants

DEAC also issued warrants to purchase its Common Stock in a private placement concurrently with its initial public offering (the “2015 Private Warrants”). Each 2015 Private Warrant entitles the holder to purchase one-half of one share of Common Stock at a price of $5.75 per half share (or $11.50 per whole share), subject to adjustment. Additionally, if held by certain original investors (or their permitted assignees), the 2015 Private Warrants may be exercised on a cashless basis and are not subject to redemption. The 2015 Private Warrants expire on November 29, 2022. During the three months ended March 31, 2021, 630,000 2015 Private Warrants were repurchased for $4.8 million and cancelled.

2018 Warrants

In connection with the Modular Space Holdings ("ModSpace") acquisition in 2018, WillScot issued warrants to purchase approximately 10.0 million shares of Common Stock (the "2018 Warrants") to former shareholders of ModSpace. Each 2018 Warrant entitles the holder thereof to purchase one share of Common Stock at an exercise price of $15.50 per share, subject to potential adjustment. During the three months ended March 31, 2021, 203,161 2018 Warrants were repurchased for $2.0 million and cancelled.

At March 31, 2021, the Company had 9,527,080 2018 Warrants and 12,080,000 2015 Private Warrants outstanding.

The Company accounted for its warrants in the following ways: (i) the 2015 Private Warrants as liabilities for all periods presented, (ii) the 2015 Public Warrants as liabilities through their final redemption in February 2020 and (iii) the 2018 Warrants as liabilities until June 30, 2020, the date all issued and outstanding shares of the Company's Class B Common Stock were cancelled. The Company determined the following fair values for the outstanding common stock warrants recorded as liabilities:


(in thousands)	March 31, 2021		December 31, 2020 (as restated)
2015 Private Warrants	$	99,781	$	77,404

Warrants

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Warrants

Equity

Common Stock

On March 1, 2021, the Company repurchased and cancelled 2,750,000 shares of its Common Stock from Sapphire Holdings.

Stock Repurchase Program

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the three months ended March 31, 2021 and 2020 were as follows:


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2020	$	(24,694)	$	(12,513)	$	(37,207)
Other comprehensive income (loss) before reclassifications	5,034		(760)		4,274
Reclassifications from AOCI to income	—		2,937		2,937

Balance at March 31, 2021	$	(19,660)	$	(10,336)	$	(29,996)


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2019	$	(52,982)	$	(9,793)	$	(62,775)
Other comprehensive loss before reclassifications	(21,144)		(10,330)		(31,474)
Reclassifications from AOCI to income	—		1,572		1,572
Less other comprehensive loss attributable to non-controlling interest	1,913		790		2,703
Balance at March 31, 2020	$	(72,213)	$	(17,761)	$	(89,974)

Warrants

2015 Public Warrants

2015 Private Warrants

2018 Warrants

At March 31, 2021, the Company had 9,527,080 2018 Warrants and 12,080,000 2015 Private Warrants outstanding.


(in thousands)	March 31, 2021		December 31, 2020 (as restated)
2015 Private Warrants	$	99,781	$	77,404

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of $10.5 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively. The Company’s effective tax rate for the three months ended March 31, 2021 and 2020 was 70.2% and 0.85%, respectively. The effective tax rate for the three months ended March 31, 2021 significantly differs from the US federal statutory rate of 21% primarily due to the permanent add-back related to the mark to market accounting on the Company’s warrants. The effective tax rate for the three months ended March 31, 2020 is significantly different form the US statutory rate of 21% primarily because the Company did not recognize benefits for its pre-tax losses due to valuation allowances.

- Definition

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

+ References + Details

Fair Value Measures

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measures

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

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


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

The Company has assessed that the fair value of cash and cash equivalents, trade receivables, trade payables, and other current liabilities approximate their carrying amounts. Based on the borrowing rates currently available for bank loans with similar terms and average maturities, the fair value of finance leases at March 31, 2021 approximate their respective book values.

Prior to their redemption, the Company’s 2015 Public Warrants traded in active markets. When classified as liabilities, warrants traded in active markets with sufficient trading volume represent Level 1 financial instruments as they are publicly traded in active markets and thus have observable market prices which are used to estimate the fair value adjustments for the related common stock warrant liabilities. When classified as liabilities, warrants not traded in active markets, or traded with insufficient volume, represent Level 3 financial instruments that are valued using a Black-Scholes option-pricing model to estimate the fair value adjustments for the related common stock warrant liabilities.

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


	March 31, 2021								December 31, 2020
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
ABL Facilities	$	1,326,986	$	—	$	1,365,500	$	—	$	1,263,833	$	—	$	1,304,612	$	—


2025 Secured Notes	573,930		—		621,873		—		637,068		—		694,876		—
2028 Secured Notes	491,784		—		508,395		—		491,555		—		518,820		—
Total	$	2,392,700	$	—	$	2,495,768	$	—	$	2,392,456	$	—	$	2,518,308	$	—

As of March 31, 2021, the carrying values of the ABL Facilities, the 2025 Secured Notes, and the 2028 Secured Notes include $38.5 million, $11.1 million, and $8.2 million, respectively, of unamortized debt issuance costs, which are presented as a direct reduction of the corresponding liability. As of December 31, 2020, the carrying value of the ABL Facilities, the 2025 Secured Notes, and the 2028 Secured Notes includes $40.8 million, $12.9 million, and $8.4 million, respectively, of unamortized debt issuance costs, which are presented as a direct reduction of the corresponding liability.

The carrying value of the ABL Facilities, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of market rates. The fair value of the 2025 Secured Notes and the 2028 Secured Notes is based on their last trading price at the end of each period obtained from a third party. The location and the fair value of derivative assets and liabilities designated as hedges in the condensed consolidated balance sheet are disclosed in Note 16.

The following table shows the carrying amounts and fair values of financial liabilities which are measured at fair value:


	March 31, 2021								December 31, 2020
									(as restated)
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
2015 Private warrants	$	99,781	$	—	$	—	$	99,781	$	77,404	$	—	$	—	$	77,404


Total	$	99,781	$	—	$	—	$	99,781	$	77,404	$	—	$	—	$	77,404

Level 3 Disclosures

When the 2015 Private Warrants and 2018 Warrants were classified as liabilities, the Company utilized a Black Scholes option-pricing model to value the warrants at each reporting period and transaction date, with changes in fair value recognized in the statements of operations. The estimated fair value of the common stock warrant liability was determined using Level 3 inputs. Inherent in the pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimated the volatility of its ordinary shares based on historical volatility that matched the expected remaining life of the warrants. The risk-free interest rate was based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants was assumed to be equivalent to their remaining contractual term. The dividend rate was based on the historical rate, which the Company anticipates to remain at zero.

The 2018 Warrants were reclassified to equity at June 30, 2020, the date all issued and outstanding shares of the Company's Class B Common Stock were cancelled. As such, they were not recorded at fair value at at March 31, 2021.

The following table provides quantitative information regarding Level 3 fair value measurements:


	March 31, 2021			March 31, 2020
				(as restated)
(in thousands)	2015 Private Warrants			2015 Private Warrants			2018 Warrants
Stock Price	$	27.75		$	10.13		$	10.13
Strike Price	$	11.50		$	11.50		$	15.50
Expected Life	1.66			2.66			2.66
Volatility	43.62		%	42.27		%	42.27		%
Risk Free rate	0.13		%	0.27		%	0.27		%
Dividend yield	—			—			—
Fair value of warrants	$	16.52		$	2.31		$	1.39

The following table presents changes in Level 3 liabilities measured at fair value for the three months ended March 31, 2021:


(in thousands)	2015 Private Warrants
Balance - December 31, 2020 (as restated)	$	77,404
Repurchases	(4,679)
Measurement adjustments	27,056
Balance - March 31, 2021	$	99,781

The following table presents changes in Level 3 liabilities measured at fair value for the three months ended March 31, 2020:


(in thousands)	2015 Private Warrants (as restated)		2018 Warrants (as restated)
Balance - December 31, 2019	$	72,705	$	58,369
Exercises	—		(41)
Measurement adjustments	(52,510)		(44,475)
Balance - March 31, 2020	$	20,196	$	13,853

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Restructuring

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring

RestructuringRestructuring costs include charges associated with exit or disposal activities that meet the definition of restructuring under FASB ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”). The Company's restructuring plans are generally country or region specific and are typically completed within a one-year period. Restructuring costs incurred under these plans include (i) one-time termination benefits related to employee separations, (ii) contract termination costs, and (iii) other related costs associated with exit or disposal activities, including but not limited to, costs for consolidating or closing facilities other than lease costs accounted for under ASC 842. Costs related to the integration of acquired businesses that do not meet the definition of restructuring under ASC 420, such as employee training costs, duplicate facility costs and professional services expenses, are included within SG&A expense.

The following is a summary of the activity in the Company’s restructuring accruals for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
	2021						2020
(in thousands)	Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total
Beginning balance	$	1,750	$	—	$	1,750	$	447	$	—	$	447

Charges	3,142		—		3,142		(72)		12		(60)
Cash payments	(137)		—		(137)		(207)		—		(207)

Non-cash movements	(1,437)		—		(1,437)		—		(12)		(12)
Ending balance	$	3,318	$	—	$	3,318	$	168	$	—	$	168

The restructuring charges for the three months ended March 31, 2021 are primarily driven by termination costs as a result of the elimination of positions due to the Merger. The restructuring charges for the three months ended March 31, 2020 primarily relate to the termination of employees in connection with ModSpace acquisition.

Segments (as defined in Note 18)

The $3.1 million of restructuring charges for the three months ended March 31, 2021 includes $1.0 million of charges related to the NA Modular segment, $0.7 million of charges related to the NA Storage segment, and $1.4 million of unallocated charges.

Restructuring charges for the three months ended March 31, 2020 pertain to the NA Modular segment.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Prior to the Merger, stock awards were granted under the WillScot Corporation 2017 Incentive Award Plan (the "2017 Incentive Plan"), which included Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs"). On June 24, 2020, WillScot's stockholders approved the WillScot Mobile Mini 2020 Incentive Award Plan ("2020 Incentive Plan") to take effect pending completion of the Merger. The plan amended and restated in its entirety the 2017 Incentive Plan. As a result, all historical and future incentive awards to the Company's Board of Directors, executive officers and employees, as determined by the Company's Compensation Committee ("the Comp Committee"), are granted under the 2020 Incentive Plan. The 2020 Incentive Plan is administered by the Comp Committee. Under the 2020 Incentive Plan, the Comp Committee may grant an aggregate of 6,488,988 shares of Common Stock in the form of non-qualified stock options, incentive stock options, stock appreciation rights, RSAs, RSUs, performance compensation awards and stock bonus awards. Stock-based payments, including the grant of stock options, RSAs and RSUs, are subject to service-based vesting requirements, and expense is recognized on a straight-line basis over the vesting period. Forfeitures are accounted for as they occur.

Stock-based compensation expense includes grants of stock options, time-based RSUs ("Time-Based RSUs") and performance-based RSUs ("Performance-Based RSUs", together with Time-Based RSUs, the "RSUs"). The 2020 Incentive Plan continues the former Market-Based RSUs renamed as "Performance-Based RSUs." RSUs are recognized in the financial statements based on their fair value. In addition, stock-based payments to non-executive directors include grants of RSAs. Time-Based RSUs and RSAs are valued based on the intrinsic value of the difference between the exercise price, if any, of the award and the fair market value of WillScot Mobile Mini's Common Stock on the grant date. Performance-Based RSUs are valued based on a Monte Carlo simulation model to reflect the impact of the Performance-Based RSUs market condition. The probability of satisfying a market condition is considered in the estimation of the grant-date fair value for Performance-Based RSUs and the compensation cost is not reversed if the market condition is not achieved, provided the requisite service has been provided.

Restricted Stock Awards

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


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	57,448	$	11.75	52,755	$	14.69



Balance March 31,	57,448	$	11.75	52,755	$	14.69

Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.2 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, there was $0.1 million of unrecognized compensation cost related to RSAs that is expected to be recognized over the remaining weighted average vesting period of 0.1 years.

Time-Based RSUs

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


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	1,125,766	$	13.44	1,065,305	$	12.78
Granted	405,505	27.20		174,020	16.78
Forfeited	(33,238)	13.62		(15,106)	13.45
Vested	(144,204)	12.92		(323,678)	12.93
Balance March 31,	1,353,829	$	17.61	900,541	$	13.49

Compensation expense for Time-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $2.1 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, unrecognized compensation cost related to Time-Based RSUs totaled $24.0 million and is expected to be recognized over the remaining weighted average vesting period of 2.9 years.

Included in restructuring costs for the three months ended 2021 was expense of approximately $1.1 million recognized as a result of the modification of certain RSUs associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's President and Chief Operating Officer.

Performance-Based RSUs

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


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	593,388	$	14.88	288,281	$	13.22
Granted	397,981	39.10		202,923	16.82
Forfeited	(10,886)	14.70		(12,700)	14.70

Balance March 31,	980,483	$	24.70	478,504	$	14.71

Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $1.0 million and $0.4 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, unrecognized compensation cost related to Performance-Based RSUs totaled $19.5 million and is expected to be recognized over the remaining vesting period of 2.1 years.

Included in restructuring costs for the three months ended 2021 was expense of approximately $0.3 million recognized as a result of the modification of certain Performance-Based RSUs associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's President and Chief Operating Officer.

Performance-Based RSUs cliff vest based on achievement of the relative total stockholder return ("TSR") of the Company's Common Stock as compared to the TSR of the constituents in an index at the grant date over the performance period of three years.

For 2021 grants, the TSR of the Company's Common Stock is compared to the TSR of the constituents in the S&P 400 Index. The target number of RSUs may be adjusted from 0% to 200% based on the TSR attainment levels defined by the Company's Compensation Committee. The 100% target payout is tied to performance at the 50% percentile, with a payout curve ranging from 0% (for performance less than the 25% percentile) to 200% (for performance above the 85% percentile).

For grants in 2020 and prior, the TSR of the Company's Common Stock is compared to the TSR of constituents in the Russell 3000 Index. The target number of RSUs may be adjusted from 0% to 150% 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 150% (for performance at or above the 75% percentile).

Stock Options

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


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance December 31 , 2020	534,188	$	13.60	2,031,455	$	14.78
Forfeited	—	$	13.60	(6,240)	12.19
Exercised	—	$	13.60	(346,247)	15.89
Balance March 31, 2021	534,188	$	13.60	1,678,968	14.57

Fully vested and exercisable options, December 31, 2020	267,094	$	13.60	1,678,968	$	14.57
Vested	133,547	$	13.60	—	$	—
Fully vested and exercisable options, March 31, 2021	400,641	$	13.60	1,678,968	$	—

The following table summarizes the Company's stock option activity:


	WillScot Options	Weighted-Average Exercise Price per Share
Balance, December 31, 2019	534,188	$	13.60


Balance, March 31, 2020	534,188	$	13.60

Fully vested and exercisable options, December 31, 2019	133,547	$	13.60
Vested	133,547	$	13.60
Fully vested and exercisable options, March 31, 2020	267,094	$	13.60

WillScot Options

Compensation expense for stock option awards, recognized in SG&A on the condensed consolidated statements of operations, was $0.2 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, unrecognized compensation cost related to stock option awards totaled $0.7 million and is expected to be recognized over the remaining vesting period of 1.0 year.

Derivatives

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DerivativesOn November 6, 2018, the Company entered into an interest rate swap agreement (the “Swap Agreement”) with a financial counterparty that effectively converts $400.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL Facility into fixed-rate debt. The Swap Agreement will terminate on May 29, 2022. Under the terms of the Swap Agreement, the Company receives a floating rate equal to one-month LIBOR and makes payments based on a fixed rate of 3.06% on the notional amount. The receive rate under the terms of the Swap Agreement was 0.11% and 0.15% at March 31, 2021 and December 31, 2020, respectively.

The Swap Agreement was designated and qualified as a hedge of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility.

The location and the fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows:


(in thousands)	Balance Sheet Account	March 31, 2021		December 31, 2020
Cash Flow Hedges:
Interest rate swap	Accrued expenses	$	11,645	$	11,619
Interest rate swap	Other non-current liabilities	$	2,414	$	5,308

The fair value of the interest rate swap is based on dealer quotes of market forward rates, a Level 2 input on the fair value hierarchy, and reflects the amount that the Company would receive or pay as of March 31, 2021 and December 31, 2020, respectively, for contracts involving the same attributes and maturity dates.

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


(in thousands)	2021		2020
Gain (loss) recognized in OCI	$	2,844	$	(8,758)
Location of gain (loss) recognized in income	Interest expense		Interest expense
Gain (loss) reclassified from AOCI into income (effective portion)	$	2,937	$	(1,572)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments At March 31, 2021 and December 31, 2020, commitments for the acquisition of rental equipment and property, plant and equipment were $9.9 million and $5.0 million, respectively. Contingencies - Legal Claims The Company is involved in various lawsuits or claims in the ordinary course of business. Management believes that there is no pending claim or lawsuit which, if adversely determined, would have a material effect on the Company’s financial condition, results of operations or cash flows.

Segment Reporting

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

The Company operates in four reportable segments as follows: North America Modular Solutions ("NA Modular"), North America Storage Solutions ("NA Storage"), United Kingdom Storage Solutions ("UK Storage") and Tank and Pump Solutions ("Tank and Pump"). Total assets for each reportable segment are not available because the Company utilizes a centralized approach to working capital management. Transactions between reportable segments are not significant.

In connection with the Merger, the Company determined its reportable segments as discussed above and retrospectively adjusted prior year's presentation to conform to the current presentation of reportable segments.

The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects the further adjustments to EBITDA ("Adjusted EBITDA") to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core business operations. The Chief Operating Decision Maker ("CODM") evaluates business segment performance utilizing Adjusted EBITDA as shown in the reconciliation of the Company’s consolidated net income (loss) to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic operating results of the Company.

The Company also regularly evaluates gross profit by segment to assist in the assessment of its operational performance. The Company considers Adjusted EBITDA to be the more important metric because it more fully captures the business performance of the segments, inclusive of indirect costs.

Reportable Segments

The following tables set forth certain information regarding each of the Company’s reportable segments for the three months ended March 31, 2021 and 2020, respectively. Consistent with the financial statements, the segment results do not include Mobile Mini's operations for the three months ended March 31, 2020. Please refer to the Management Discussion & Analysis of Financial Condition and Results of Operations included in this document, for pro forma results inclusive of Mobile Mini's financial results for periods prior to the Merger date.


	Three Months Ended March 31, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	199,608	$	80,351	$	18,721	$	16,982			$	315,662
Delivery and installation	48,680		21,365		6,750		6,709				83,504
Sales revenue:
New units	7,460		2,184		871		440				10,955
Rental units	10,476		3,848		665		213				15,202
Total revenues	266,224		107,748		27,007		24,344				425,323

Costs:
Cost of leasing and services:
Leasing	51,075		10,733		4,296		3,791				69,895
Delivery and installation	44,705		15,740		4,091		5,600				70,136
Cost of sales:
New units	4,874		1,341		589		305				7,109
Rental units	5,848		2,522		624		111				9,105
Depreciation of rental equipment	46,720		4,793		914		3,271				55,698
Gross profit	$	113,002	$	72,619	$	16,493	$	11,266			$	213,380
Other selected data:
Adjusted EBITDA	$	97,371	$	46,322	$	11,064	$	8,828	$	—	$	163,585
Selling, general and administrative expense (a)	$	62,350	$	31,089	$	6,343	$	5,710	$	11,837	$	117,329
Purchases of rental equipment and refurbishments	$	39,135	$	3,472	$	6,770	$	3,158	$	—	$	52,535

(a) Includes both SG&A expense and Transaction costs from the consolidated statement of operations.


	Three Months Ended March 31, 2020
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	188,352	$	—	$	—	$	—			$	188,352
Delivery and installation	51,070		—		—		—				51,070
Sales revenue:
New units	9,613		—		—		—				9,613
Rental units	6,786		—		—		—				6,786
Total revenues	255,821		—		—		—				255,821

Costs:
Cost of leasing and services:
Leasing	49,809		—		—		—				49,809
Delivery and installation	43,865		—		—		—				43,865
Cost of sales:
New units	6,203		—		—		—				6,203
Rental units	3,806		—		—		—				3,806
Depreciation of rental equipment	45,948		—		—		—				45,948
Gross profit	$	106,190	$	—	$	—	$	—			$	106,190
Other selected data:
Adjusted EBITDA	$	89,544	$	—	$	—	$	—	$	—	$	89,544
Selling, general and administrative expense (a)	$	62,572	$	—	$	—	$	—	$	12,396	$	74,968
Purchases of rental equipment and refurbishments	$	39,648	$	—	$	—	$	—	$	—	$	39,648

(a) Includes both SG&A expense and Transaction costs from the condensed consolidated statement of operations.

The following tables present a reconciliation of the Company’s income (loss) from operations to Adjusted EBITDA for the three months ended March 31, 2021 and 2020, respectively:


	Three Months Ended March 31,
(in thousands)	2021		2020
			(as restated)
Net income (loss)	$	4,447	$	91,655
Loss on extinguishment of debt	3,185		—
Income tax expense	10,481		790
Interest expense	29,964		28,257
Depreciation and amortization	74,022		49,022
Fair value loss (gain) on common stock warrant liabilities	27,207		(95,329)
Currency losses, net	36		898
Restructuring costs, lease impairment expense and other related charges	4,395		1,601
Transaction costs	844		9,431
Integration costs	7,342		1,685
Stock compensation expense	3,514		1,787
Other	(1,852)		(253)
Adjusted EBITDA	$	163,585	$	89,544

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to WillScot Mobile Mini by the weighted average number of shares of Common Stock outstanding during the period. The shares of Common Stock issued as a result of the vesting of RSUs and RSAs as well as the exercise of stock options or redemption of warrants were included in EPS based on the weighted average number of days in which they were vested and outstanding during the period.

Prior to June 30, 2020, the Company had shares of Class B Common Stock which had no rights to dividends or distributions made by the Company and, in turn, were excluded from the EPS calculation. On June 30, 2020, the Sapphire Exchange was completed, and all shares of Class B Common Stock were cancelled, and Sapphire Holdings received 10,641,182 shares of Common Stock.

Diluted EPS is computed similarly to basic EPS, except that it includes the potential dilution that would occur if dilutive securities were exercised. Effects of potentially dilutive securities are presented only in periods in which they are dilutive. When liability-classified warrants are in the money and the impact of their inclusion on diluted EPS is dilutive, diluted EPS also assumes share settlement of such instruments through an adjustment to net income available to common stockholders for the fair value (gain) loss on common stock warrant liabilities and inclusion of the number of dilutive shares in the denominator.

The following table reconciles net income attributable to WillScot Mobile Mini common shareholders and the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation.


	Three Months Ended
(in thousands)	March 31, 2021		March 31, 2020 (as restated)
Numerator:
Net income attributable to common shareholders - basic	$	4,447	$	91,785
Fair value gain on common stock warrant liabilities	—		(96,984)
Net income (loss) attributable to common shareholders - dilutive	$	4,447	$	(5,199)

Denominator:
Weighted average Common Shares outstanding - basic	228,293		109,657
Dilutive effect of shares outstanding
Warrants	3,927		3,016
RSAs	51		—
Time-based RSUs	645		—
Performance-based RSUs	737		—
Stock Options	1,067		—
Weighted average Common Shares outstanding - dilutive	234,720		112,673

For the three months ended March 31, 2021, warrants representing 3,513,763 shares of Common Stock were excluded from the computation of diluted EPS because their effect would have been anti-dilutive.

For the three months ended March 31, 2020, Class B Common Shares, Time-Based RSUs, Market-Based RSU's, RSAs, and warrants representing 10,641,182, 213,692, 316,579, 36,350 and 476,897 shares of Common Stock, respectively, were excluded from the computation of diluted EPS because their effect would have been anti-dilutive.

Related Parties

3 Months Ended

Mar. 31, 2021

Related Parties

Related party balances included in the Company’s condensed consolidated balance sheets at March 31, 2021 and December 31, 2020, consisted of the following:


(in thousands)	Financial Statement Line Item	March 31, 2021		December 31, 2020
Receivables due from affiliates	Trade receivables, net of allowances for credit losses	$	19	$	30
Amounts due to affiliates	Accrued expenses	(506)		(461)
Total related party liabilities, net		$	(487)	$	(431)

Related party transactions included in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020, respectively, consisted of the following:


		Three Months Ended March 31,
(in thousands)	Financial Statement Line Item	2021		2020
Leasing revenue from related parties	Leasing revenue	$	106	$	417
Consulting expense to related party	Selling, general & administrative expense	(1,901)		(838)
Total related party expense, net		$	(1,795)	$	(421)

On June 30, 2020, the Company completed the Sapphire Exchange, whereby Sapphire Holdings, an affiliate of TDR Capital, exchanged shares of Class B Common Stock for 10,641,182 shares of Class A Common Stock. As a result of the Sapphire Exchange, all issued and outstanding shares of WillScot’s Class B Common Stock were automatically canceled for no consideration and the existing exchange agreement was automatically terminated.

On August 22, 2018, WillScot’s majority stockholder, Sapphire Holdings, entered into a margin loan (the "Margin Loan"), which expires August 29, 2022, under which all of its shares of WillScot Mobile Mini Common Stock are pledged to secure borrowings of up to $125.0 million under the loan agreement. WillScot Mobile Mini is not a party to the loan agreement and has no obligations thereunder, but WillScot Mobile Mini delivered an issuer agreement to the lenders under which the Company has agreed to certain customary obligations relating to the shares pledged by Sapphire Holdings and, subject to applicable law and stock exchange rules, not to take any actions that are intended to materially hinder or delay the exercise of any remedies with respect to the pledged shares. As of March 31, 2021, 42,263,208 shares of WillScot Mobile Mini Common Stock, representing approximately 19% of WillScot Mobile Mini’s issued and outstanding Common Stock, were pledged by Sapphire Holdings under the Margin Loan.

On March 1, 2021, the Company repurchased and cancelled 2,750,000 shares of its Common Stock from Sapphire Holdings.

The Company purchased rental equipment from related party affiliates of $1.8 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Quarterly Report on Form 10-Q and do not include all the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, necessary 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.
Restatement of Previously Reported Financial Statements	Restatement of Previously Reported Financial Statements The notes included herein should be read in conjunction with the Company's restated audited consolidated financial statements included in the Company's Annual Report on Form 10-K/A filed with the SEC on May 10, 2021 (the "2020 Form 10-K/A"). As previously disclosed in the 2020 Form 10-K/A, the Company restated its previously issued consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 to make the necessary accounting adjustments related to warrant accounting. The Company has restated herein its condensed consolidated financial statements for the quarter ended March 31, 2020 and related amounts within the accompanying footnotes to the condensed consolidated financial statements. For the quarter ended March 31, 2020, restated net income attributable to WillScot Mobile Mini is $91.8 million, an increase of $95.3 million from the previously disclosed net loss of $3.5 million.
Recently Issued and Adopted Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), which is elective, and provides for optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company is currently evaluating the impact of reference rate reform and the potential impact of adoption of these elective practical expedients on its condensed consolidated financial statements and does not expect the impact to be material. In August 2020, the FASB issued ASU 2020-06, Debt, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. The amendments in the ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of the pronouncement on its consolidated financial statements. Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. On January 1, 2021, the Company adopted ASU 2019-12 and the impact of adoption was not material to the Company's consolidated financial statements. The Company will apply the standard prospectively for intraperiod tax allocation, year-to-date losses that exceed anticipated annual losses and enacted changes in tax laws.

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Schedule of Acquisition

The purchase price was determined as follows:


(in thousands, except share and per share data)	July 1, 2020
Mobile Mini Common Stock outstanding	44,252,275
Share conversion ratio	2.405
Common Stock issued	106,426,721
Common Stock per share price as of July 1, 2020	$	12.53
Fair value of shares of WillScot Class A Common Stock issued	$	1,333,527
Cash paid for fractional shares	30
Fair value of Mobile Mini Options converted to WillScot Mobile Mini Options	19,279
Total purchase price	$	1,352,836

Opening Balance Sheet


(in thousands)	July 1, 2020
Cash and cash equivalents	$	17,203
Trade receivables	87,492
Inventories	8,987
Prepaid expenses and other current assets	13,717
Rental equipment	1,033,190
Property, plant and equipment	161,401
Operating lease assets	92,054
Intangible assets	374,500		(a)
Goodwill identified	936,173
Other non-current assets	2,519
Total identifiable assets acquired	$	2,727,236
Accounts payable	(29,797)
Accrued expenses	(40,235)
Deferred revenue and customer deposits	(38,846)
Operating lease liabilities	(89,968)
Debt and finance lease liabilities	(897,244)
Deferred tax liabilities	(276,882)
Other long-term liabilities	(1,428)
Total liabilities assumed	(1,374,400)
Purchase Price	$	1,352,836


(a)			The initial fair value estimates were calculated using preliminary estimates and assumptions which have been updated in the current reporting period as additional information was obtained during the measurement period. The underlying assets have been adjusted from those previously recorded accordingly. Intangible assets were reduced by approximately $8.0 million from amounts reported at December 31, 2020.

Schedule of Unaudited Pro Forma Information

The tables below present unaudited pro forma condensed combined statements of operations information for the three months ended March 31, 2020:


(in thousands)	Three Months Ended March 31, 2020 (as restated)
WillScot revenues	$	255,821
Mobile Mini revenues	150,576
Pro forma revenues	$	406,397

WillScot Mobile Mini income before income tax	$	92,445	(a)
Mobile Mini income before income tax	14,907
Pro forma income before income tax	107,352
Pro forma adjustments to combined income before income tax:
Elimination of Merger transaction costs	24,651		(b)
Impact of fair value mark-ups on rental fleet depreciation	(1,167)		(c)
Other depreciation expense and intangible asset amortization	(5,669)		(d)
Interest expense	(2,564)		(e)
Elimination of Mobile Mini interest	8,712		(f)
Pro forma income before income tax	131,315
Income tax expense	(13,506)		(g)
Pro forma net income	$	117,809


(a)			Excludes impact of non-controlling interest which was eliminated as part of the Sapphire Exchange. See Note 10.
(b)			Eliminates discrete transaction costs incurred as a result of the Mobile Mini Merger.
(c)			Depreciation on rental equipment and property, plant and equipment were adjusted for the preliminary determination of the fair value of equipment acquired in the Mobile Mini Merger.
(d)			Represents the differential in other depreciation and amortization expense related to the provisional fair value purchase accounting adjustments as a result of the Merger, principally the amortization of the Mobile Mini customer relationship estimated at $209,000 and a 13 year life.
(e)			In connection with the Merger, the Company entered into a new ABL Facility and drew $1.47 billion at close with an estimated interest rate of 2.046%, issued the 2025 Secured Notes at 6.125%, repaid the 2022 Secured Notes and repaid the 2017 ABL Facility. Interest and amortization of deferred financing fees for the 2020 ABL Facility and the 2025 Secured Notes has been included offset by the removal of interest and amortization of deferred financing fees attributable to the 2022 Secured Notes and the 2017 ABL Facility. See Note 9 for definitions of terms.
(f)			Interest and amortization of deferred financing fees on the senior notes and line of credit maintained by Mobile Mini which were assumed at acquisition and repaid immediately using proceeds from the 2020 ABL Facility and 2025 Secured Notes was eliminated. See Note 9 for definition of terms.
(g)			Reflects the recorded income tax provision plus the adjustment to recognize the income tax impacts of the unaudited pro forma adjustments for which a tax expense is recognized using a US federal and state statutory tax rate of 25.5%. This rate may vary from the effective tax rates of the historical and combined businesses.

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended March 31,
(in thousands)	2021		2020
US	$	371,269	$	235,328
Canada	23,584		16,706
Mexico	3,463		3,787
UK	27,007		—
Total revenues	$	425,323	$	255,821

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


	Three Months Ended March 31,
(in thousands)	2021		2020
Modular space leasing revenue	$	169,952	$	131,398
Portable storage leasing revenue	54,613		5,849
Tank and pump leasing revenue	15,760		—
VAPS and third party leasing revenues(a)	62,426		41,002
Other leasing-related revenue(b)	12,911		10,103
Leasing revenue	315,662		188,352
Delivery and installation revenue	83,504		51,070
Total leasing and services revenue	399,166		239,422
New unit sales revenue	10,955		9,613
Rental unit sales revenue	15,202		6,786
Total revenues	$	425,323	$	255,821


(a)			Includes $6.2 million and $4.0 million of service revenue for the three months ended March 31, 2021 and 2020, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, and other processing fees.

Schedule of Accounts and Notes Receivable Allowances

Activity in the allowance for credit losses was as follows:


	Three Months Ended March 31,
(in thousands)	2021		2020
Balance at beginning of year	$	29,258	$	15,828
Net charges to bad debt expense and revenue	8,516		3,392
Write-offs	(5,813)		(2,744)
Foreign currency translation and other	(331)		(5)
Balance at end of period	$	31,630	$	16,471

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

As of March 31, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021 (remaining)	$	45,902	$	14,383
2022	53,179		17,655
2023	42,937		14,204
2024	34,899		11,283
2025	28,057		11,391
Thereafter	69,774		14,790
Total lease payments	274,748		83,706
Less: interest	(45,559)		(6,155)
Present value of lease liabilities	$	229,189	$	77,551

Finance Lease, Liability, Fiscal Year Maturity

As of March 31, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021 (remaining)	$	45,902	$	14,383
2022	53,179		17,655
2023	42,937		14,204
2024	34,899		11,283
2025	28,057		11,391
Thereafter	69,774		14,790
Total lease payments	274,748		83,706
Less: interest	(45,559)		(6,155)
Present value of lease liabilities	$	229,189	$	77,551

Lease Activity

The Company’s lease activity during the three months ended March 31, 2021 and 2020 was as follows:


(in thousands)	Three Months Ended March 31,
Financial Statement Line	2021		2020
Finance Lease Expense
Amortization of finance lease assets	$	4,378	$	—
Interest on obligations under finance leases	547		—
Total finance lease expense	$	4,925	$	—

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	1,106	$	1,602
Selling, general and administrative	14,472		7,885
Lease impairment expense and other related charges	596		684
Short-term lease expense
Cost of leasing and services	6,379		7,300
Selling, general and administrative	552		386
Lease impairment expense and other related charges	—		212
Variable lease expense
Cost of leasing and services	1,802		1,832
Selling, general and administrative	1,838		867
Lease impairment expense and other related charges	176		287
Total operating lease expense	$	26,921	$	21,055

Supplemental cash flow information related to leases for the three months ended March 31, 2021 and 2020 was as follows:


(in thousands)	Three Months Ended March 31,
Supplemental Cash Flow Information	2021		2020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	16,458	$	10,108
Financing cash outflows from finance leases	$	4,320	$	—

Right of use assets obtained in exchange for lease obligations	$	10,878	$	13,270
Assets obtained in exchange for finance leases	$	3,366	$	—

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

Weighted-average remaining operating lease terms and the weighted average discount rates as of March 31, 2021 and December 31, 2020 were as follows:


Lease Terms and Discount Rates	March 31, 2021		December 31, 2020
Weighted-average remaining lease term - operating leases	6.3 years		6.4 years
Weighted-average discount rate - operating leases	5.6	%	5.7	%
Weighted-average remaining lease term - finance leases	4.5 years		4.6 years
Weighted-average discount rate - finance leases	2.9	%	2.9	%

Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

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


(in thousands)	March 31, 2021		December 31, 2020
Raw materials	$	21,665	$	19,560
Finished units	2,467		2,095
Inventories	$	24,132	$	21,655

Rental Equipment, net (Tables)

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment, net

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


(in thousands)	March 31, 2021		December 31, 2020
Modular space units	$	2,556,286	$	2,520,704
Portable storage units	940,653		931,363
Tank and pump products	134,445		132,071
Value added products	148,135		143,652
Total rental equipment	3,779,519		3,727,790
Less: accumulated depreciation	(850,837)		(794,068)
Rental equipment, net	$	2,928,682	$	2,933,722

Goodwill (Tables)

3 Months Ended

Mar. 31, 2021

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, 2019	$	235,177
Acquisition of Mobile Mini	928,974
Effects of movements in foreign exchange rates	7,068
Balance at December 31, 2020	1,171,219
Changes to purchase accounting - Mobile Mini	7,199
Effects of movements in foreign exchange rates	1,003
Balance at March 31, 2021	$	1,179,421

Intangible (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


	March 31, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.4	$	3,000	$	(2,625)	$	375
Mobile Mini customer relationships	7.3	209,000		(18,488)		190,512
Technology	5.3	1,500		(188)		1,312
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		$	502,500	$	(21,301)	$	481,199


	December 31, 2020
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.7	$	3,000	$	(2,375)	$	625
Mobile Mini customer relationships	8.0	217,000		(12,053)		204,947
Technology	5.5	1,500		(125)		1,375
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		$	510,500	$	(14,553)	$	495,947

Schedule of Intangible Assets

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


	March 31, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.4	$	3,000	$	(2,625)	$	375
Mobile Mini customer relationships	7.3	209,000		(18,488)		190,512
Technology	5.3	1,500		(188)		1,312
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		$	502,500	$	(21,301)	$	481,199


	December 31, 2020
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.7	$	3,000	$	(2,375)	$	625
Mobile Mini customer relationships	8.0	217,000		(12,053)		204,947
Technology	5.5	1,500		(125)		1,375
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		$	510,500	$	(14,553)	$	495,947

Schedule of Future Amortization of Intangible Assets

Based on the carrying value at March 31, 2021, future amortization of intangible assets is expected to be as follows for the years ended December 31:


(in thousands)
2021 (remaining)	$	26,791
2022	26,416
2023	26,416
2024	26,416
2025	26,416
Thereafter	59,744
Total	$	192,199

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

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


(in thousands, except rates)	Interest rate	Year of maturity	March 31, 2021		December 31, 2020
2025 Secured Notes	6.125%	2025	$	573,930	$	637,068
ABL Facility(a)	Varies	2025	1,326,988		1,263,833
2028 Secured Notes	4.625%	2028	491,784		491,555
Finance Leases	Varies	Varies	77,551		77,874
Total debt			2,470,253		2,470,330
Less: current portion of long-term debt			16,229		16,521
Total long-term debt			$	2,454,024	$	2,453,809

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Fair Value of Outstanding Warrants Recorded as Liabilities

The Company determined the following fair values for the outstanding common stock warrants recorded as liabilities:


(in thousands)	March 31, 2021		December 31, 2020 (as restated)
2015 Private Warrants	$	99,781	$	77,404

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the three months ended March 31, 2021 and 2020 were as follows:


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2020	$	(24,694)	$	(12,513)	$	(37,207)
Other comprehensive income (loss) before reclassifications	5,034		(760)		4,274
Reclassifications from AOCI to income	—		2,937		2,937

Balance at March 31, 2021	$	(19,660)	$	(10,336)	$	(29,996)


(in thousands)	Foreign currency translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2019	$	(52,982)	$	(9,793)	$	(62,775)
Other comprehensive loss before reclassifications	(21,144)		(10,330)		(31,474)
Reclassifications from AOCI to income	—		1,572		1,572
Less other comprehensive loss attributable to non-controlling interest	1,913		790		2,703
Balance at March 31, 2020	$	(72,213)	$	(17,761)	$	(89,974)

Warrants (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Fair Value of Outstanding Warrants Recorded as Liabilities

The Company determined the following fair values for the outstanding common stock warrants recorded as liabilities:


(in thousands)	March 31, 2021		December 31, 2020 (as restated)
2015 Private Warrants	$	99,781	$	77,404

Fair Value Measures (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Carrying Amounts and Fair Values of Financial Assets and Liabilities

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


	March 31, 2021								December 31, 2020
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
ABL Facilities	$	1,326,986	$	—	$	1,365,500	$	—	$	1,263,833	$	—	$	1,304,612	$	—


2025 Secured Notes	573,930		—		621,873		—		637,068		—		694,876		—
2028 Secured Notes	491,784		—		508,395		—		491,555		—		518,820		—
Total	$	2,392,700	$	—	$	2,495,768	$	—	$	2,392,456	$	—	$	2,518,308	$	—

The following table shows the carrying amounts and fair values of financial liabilities which are measured at fair value:


	March 31, 2021								December 31, 2020
									(as restated)
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
2015 Private warrants	$	99,781	$	—	$	—	$	99,781	$	77,404	$	—	$	—	$	77,404


Total	$	99,781	$	—	$	—	$	99,781	$	77,404	$	—	$	—	$	77,404

Quantitative Information Regarding Level 3 Fair Value Measurements

The following table provides quantitative information regarding Level 3 fair value measurements:


	March 31, 2021			March 31, 2020
				(as restated)
(in thousands)	2015 Private Warrants			2015 Private Warrants			2018 Warrants
Stock Price	$	27.75		$	10.13		$	10.13
Strike Price	$	11.50		$	11.50		$	15.50
Expected Life	1.66			2.66			2.66
Volatility	43.62		%	42.27		%	42.27		%
Risk Free rate	0.13		%	0.27		%	0.27		%
Dividend yield	—			—			—
Fair value of warrants	$	16.52		$	2.31		$	1.39

Changes in Level 3 Liabilities Measured at Fair Value

The following table presents changes in Level 3 liabilities measured at fair value for the three months ended March 31, 2021:


(in thousands)	2015 Private Warrants
Balance - December 31, 2020 (as restated)	$	77,404
Repurchases	(4,679)
Measurement adjustments	27,056
Balance - March 31, 2021	$	99,781

The following table presents changes in Level 3 liabilities measured at fair value for the three months ended March 31, 2020:


(in thousands)	2015 Private Warrants (as restated)		2018 Warrants (as restated)
Balance - December 31, 2019	$	72,705	$	58,369
Exercises	—		(41)
Measurement adjustments	(52,510)		(44,475)
Balance - March 31, 2020	$	20,196	$	13,853

Restructuring (Tables)

3 Months Ended

Mar. 31, 2021

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 accruals for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
	2021						2020
(in thousands)	Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total
Beginning balance	$	1,750	$	—	$	1,750	$	447	$	—	$	447

Charges	3,142		—		3,142		(72)		12		(60)
Cash payments	(137)		—		(137)		(207)		—		(207)

Non-cash movements	(1,437)		—		(1,437)		—		(12)		(12)
Ending balance	$	3,318	$	—	$	3,318	$	168	$	—	$	168

Compensation Related Costs, Share Based Payments (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Restricted Stock Awards

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


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	57,448	$	11.75	52,755	$	14.69



Balance March 31,	57,448	$	11.75	52,755	$	14.69

Restricted Stock Units

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


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	1,125,766	$	13.44	1,065,305	$	12.78
Granted	405,505	27.20		174,020	16.78
Forfeited	(33,238)	13.62		(15,106)	13.45
Vested	(144,204)	12.92		(323,678)	12.93
Balance March 31,	1,353,829	$	17.61	900,541	$	13.49

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


	2021			2020
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31,	593,388	$	14.88	288,281	$	13.22
Granted	397,981	39.10		202,923	16.82
Forfeited	(10,886)	14.70		(12,700)	14.70

Balance March 31,	980,483	$	24.70	478,504	$	14.71

Stock Option Awards

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


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance December 31 , 2020	534,188	$	13.60	2,031,455	$	14.78
Forfeited	—	$	13.60	(6,240)	12.19
Exercised	—	$	13.60	(346,247)	15.89
Balance March 31, 2021	534,188	$	13.60	1,678,968	14.57

Fully vested and exercisable options, December 31, 2020	267,094	$	13.60	1,678,968	$	14.57
Vested	133,547	$	13.60	—	$	—
Fully vested and exercisable options, March 31, 2021	400,641	$	13.60	1,678,968	$	—

The following table summarizes the Company's stock option activity:


	WillScot Options	Weighted-Average Exercise Price per Share
Balance, December 31, 2019	534,188	$	13.60


Balance, March 31, 2020	534,188	$	13.60

Fully vested and exercisable options, December 31, 2019	133,547	$	13.60
Vested	133,547	$	13.60
Fully vested and exercisable options, March 31, 2020	267,094	$	13.60

Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

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, at the respective balance sheet dates, were as follows:


(in thousands)	Balance Sheet Account	March 31, 2021		December 31, 2020
Cash Flow Hedges:
Interest rate swap	Accrued expenses	$	11,645	$	11,619
Interest rate swap	Other non-current liabilities	$	2,414	$	5,308

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


(in thousands)	2021		2020
Gain (loss) recognized in OCI	$	2,844	$	(8,758)
Location of gain (loss) recognized in income	Interest expense		Interest expense
Gain (loss) reclassified from AOCI into income (effective portion)	$	2,937	$	(1,572)

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended March 31, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	199,608	$	80,351	$	18,721	$	16,982			$	315,662
Delivery and installation	48,680		21,365		6,750		6,709				83,504
Sales revenue:
New units	7,460		2,184		871		440				10,955
Rental units	10,476		3,848		665		213				15,202
Total revenues	266,224		107,748		27,007		24,344				425,323

Costs:
Cost of leasing and services:
Leasing	51,075		10,733		4,296		3,791				69,895
Delivery and installation	44,705		15,740		4,091		5,600				70,136
Cost of sales:
New units	4,874		1,341		589		305				7,109
Rental units	5,848		2,522		624		111				9,105
Depreciation of rental equipment	46,720		4,793		914		3,271				55,698
Gross profit	$	113,002	$	72,619	$	16,493	$	11,266			$	213,380
Other selected data:
Adjusted EBITDA	$	97,371	$	46,322	$	11,064	$	8,828	$	—	$	163,585
Selling, general and administrative expense (a)	$	62,350	$	31,089	$	6,343	$	5,710	$	11,837	$	117,329
Purchases of rental equipment and refurbishments	$	39,135	$	3,472	$	6,770	$	3,158	$	—	$	52,535

(a) Includes both SG&A expense and Transaction costs from the consolidated statement of operations.


	Three Months Ended March 31, 2020
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	188,352	$	—	$	—	$	—			$	188,352
Delivery and installation	51,070		—		—		—				51,070
Sales revenue:
New units	9,613		—		—		—				9,613
Rental units	6,786		—		—		—				6,786
Total revenues	255,821		—		—		—				255,821

Costs:
Cost of leasing and services:
Leasing	49,809		—		—		—				49,809
Delivery and installation	43,865		—		—		—				43,865
Cost of sales:
New units	6,203		—		—		—				6,203
Rental units	3,806		—		—		—				3,806
Depreciation of rental equipment	45,948		—		—		—				45,948
Gross profit	$	106,190	$	—	$	—	$	—			$	106,190
Other selected data:
Adjusted EBITDA	$	89,544	$	—	$	—	$	—	$	—	$	89,544
Selling, general and administrative expense (a)	$	62,572	$	—	$	—	$	—	$	12,396	$	74,968
Purchases of rental equipment and refurbishments	$	39,648	$	—	$	—	$	—	$	—	$	39,648

(a) Includes both SG&A expense and Transaction costs from the condensed consolidated statement of operations.

Reconciliation of Assets from Segment to Consolidated

The following tables present a reconciliation of the Company’s income (loss) from operations to Adjusted EBITDA for the three months ended March 31, 2021 and 2020, respectively:


	Three Months Ended March 31,
(in thousands)	2021		2020
			(as restated)
Net income (loss)	$	4,447	$	91,655
Loss on extinguishment of debt	3,185		—
Income tax expense	10,481		790
Interest expense	29,964		28,257
Depreciation and amortization	74,022		49,022
Fair value loss (gain) on common stock warrant liabilities	27,207		(95,329)
Currency losses, net	36		898
Restructuring costs, lease impairment expense and other related charges	4,395		1,601
Transaction costs	844		9,431
Integration costs	7,342		1,685
Stock compensation expense	3,514		1,787
Other	(1,852)		(253)
Adjusted EBITDA	$	163,585	$	89,544

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	Three Months Ended
(in thousands)	March 31, 2021		March 31, 2020 (as restated)
Numerator:
Net income attributable to common shareholders - basic	$	4,447	$	91,785
Fair value gain on common stock warrant liabilities	—		(96,984)
Net income (loss) attributable to common shareholders - dilutive	$	4,447	$	(5,199)

Denominator:
Weighted average Common Shares outstanding - basic	228,293		109,657
Dilutive effect of shares outstanding
Warrants	3,927		3,016
RSAs	51		—
Time-based RSUs	645		—
Performance-based RSUs	737		—
Stock Options	1,067		—
Weighted average Common Shares outstanding - dilutive	234,720		112,673

Related Parties (Tables)

3 Months Ended

Mar. 31, 2021

Related party balances included in the Company’s condensed consolidated balance sheets at March 31, 2021 and December 31, 2020, consisted of the following:


(in thousands)	Financial Statement Line Item	March 31, 2021		December 31, 2020
Receivables due from affiliates	Trade receivables, net of allowances for credit losses	$	19	$	30
Amounts due to affiliates	Accrued expenses	(506)		(461)
Total related party liabilities, net		$	(487)	$	(431)

Related party transactions included in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020, respectively, consisted of the following:


		Three Months Ended March 31,
(in thousands)	Financial Statement Line Item	2021		2020
Leasing revenue from related parties	Leasing revenue	$	106	$	417
Consulting expense to related party	Selling, general & administrative expense	(1,901)		(838)
Total related party expense, net		$	(1,795)	$	(421)

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Jul. 01, 2020
Business Acquisition [Line Items]
Net income attributable to WillScot Mobile Mini	$ 4,447	$ 91,800	$ 91,785
Common stock par value (in USD per share)	$ 0.0001			$ 0.0001	$ 0.0001
Intial
Business Acquisition [Line Items]
Net income attributable to WillScot Mobile Mini		(3,500)
Adjustment \| Warrant Reclassification
Business Acquisition [Line Items]
Net income attributable to WillScot Mobile Mini		$ 95,300
Class A Common Stock
Business Acquisition [Line Items]
Common stock par value (in USD per share)					$ 0.0001

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: 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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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions (Details) $ / shares in Units, $ in Thousands		3 Months Ended
Acquisitions (Details) $ / shares in Units, $ in Thousands	Jul. 01, 2020 $ / shares shares	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2020 USD ($)	Dec. 31, 2020 $ / shares
Business Acquisition [Line Items]
Common stock par value (in USD per share) \| $ / shares	$ 0.0001	$ 0.0001		$ 0.0001
Transaction costs		$ 844	$ 9,431
Integration costs		7,342	1,685
Mobile Mini, Inc.
Business Acquisition [Line Items]
Common stock par value (in USD per share) \| $ / shares	$ 0.01
Mobile Mini, Inc.
Business Acquisition [Line Items]
Number of shares exchanged (in shares)	2.405
Common stock issued (in shares) \| shares	106,426,721
Value of shares converted from acquiree's shares (in USD per share) \| $ / shares	$ 12.53
Revenue since acquisition date		159,100
Pre-tax income since acquisition date		26,900
Transaction costs		800	$ 9,400
Integration costs		$ 7,300

Acquisitions - Schedule of Consideration Transferred and Purchase Price Allocation (Details) $ / shares in Units, $ in Thousands	Jul. 01, 2020 USD ($) $ / shares shares	Mar. 31, 2021 shares	Dec. 31, 2020 shares
Business Acquisition [Line Items]
Mobile Mini Common Stock outstanding (in shares) \| shares		226,815,146	229,038,158
Mobile Mini, Inc.
Business Acquisition [Line Items]
Mobile Mini Common Stock outstanding (in shares) \| shares	44,252,275
Mobile Mini, Inc.
Business Acquisition [Line Items]
Number of shares exchanged (in shares)	2.405
Common stock issued (in shares) \| shares	106,426,721
Common Stock per share price as of July 1, 2020 (in USD per share) \| $ / shares	$ 12.53
Cash paid for fractional shares \| $	$ 30
Total purchase price \| $	$ 1,352,836
Mobile Mini, Inc. \| Common Stock
Business Acquisition [Line Items]
Common stock issued (in shares) \| shares	106,426,721
Common Stock per share price as of July 1, 2020 (in USD per share) \| $ / shares	$ 12.53
Fair value of shares issued and converted \| $	$ 1,333,527
Mobile Mini, Inc. \| Stock Options
Business Acquisition [Line Items]
Fair value of shares issued and converted \| $	$ 19,279

Acquisitions - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Mar. 31, 2021	Jul. 01, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill identified	$ 1,171,219	$ 1,179,421		$ 235,177
Mobile Mini, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents			$ 17,203
Trade receivables			87,492
Inventories			8,987
Prepaid expenses and other current assets			13,717
Rental equipment			1,033,190
Property, plant and equipment			161,401
Operating lease assets			92,054
Intangible assets			374,500
Goodwill identified			936,173
Other non-current assets			2,519
Total identifiable assets acquired			2,727,236
Accounts payable			(29,797)
Accrued expenses			(40,235)
Deferred revenue and customer deposits			(38,846)
Operating lease liabilities			(89,968)
Debt and finance lease liabilities			(897,244)
Deferred tax liabilities			(276,882)
Other long-term liabilities			(1,428)
Total liabilities assumed			(1,374,400)
Purchase Price			$ 1,352,836
Intangible assets, adjustments	$ (8,000)

Acquisitions - Pro Forma Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jul. 01, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 15, 2020
Business Acquisition [Line Items]
Revenues		$ 425,323	$ 255,821
Income (loss) before income tax		$ 14,928	92,445
2025 Secured Notes \| Senior Notes
Business Acquisition [Line Items]
Interest rate		6.125%		6.125%
Revolving Credit Facility \| 2020 ABL Facility \| Line of Credit
Business Acquisition [Line Items]
Debt drawn	$ 1,470,000
Estimated interest rate	2.046%
Mobile Mini, Inc.
Business Acquisition [Line Items]
Revenues			150,576
Mobile Mini, Inc.
Business Acquisition [Line Items]
Pro forma revenues			406,397
Income (loss) before income tax			131,315
Pro forma income before income tax			107,352
Income tax expense			(13,506)
Pro forma net income			117,809
Intangible assets	$ 374,500
Mobile Mini, Inc. \| Mobile Mini customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 209,000
Intangible assets, weighted average life	13 years
Mobile Mini, Inc. \| Elimination of Merger transaction costs
Business Acquisition [Line Items]
Income (loss) before income tax			24,651
Mobile Mini, Inc. \| Impact of fair value mark-ups on rental fleet depreciation
Business Acquisition [Line Items]
Income (loss) before income tax			(1,167)
Mobile Mini, Inc. \| Other depreciation expense and intangible asset amortization
Business Acquisition [Line Items]
Income (loss) before income tax			(5,669)
Mobile Mini, Inc. \| Interest expense
Business Acquisition [Line Items]
Income (loss) before income tax			(2,564)
Mobile Mini, Inc. \| Elimination of Mobile Mini interest
Business Acquisition [Line Items]
Income (loss) before income tax			8,712
Mobile Mini, Inc. \| Mobile Mini, Inc.
Business Acquisition [Line Items]
Income (loss) before income tax			$ 14,907

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 425,323	$ 255,821
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	169,952	131,398
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	54,613	5,849
Tank and pump leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	15,760	0
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	62,426	41,002
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	12,911	10,103
Leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	315,662	188,352
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	83,504	51,070
Total leasing and services revenue
Disaggregation of Revenue [Line Items]
Total revenues	399,166	239,422
New units
Disaggregation of Revenue [Line Items]
Total revenues	10,955	9,613
Rental units
Disaggregation of Revenue [Line Items]
Total revenues	15,202	6,786
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	6,200	4,000
US
Disaggregation of Revenue [Line Items]
Total revenues	371,269	235,328
Canada
Disaggregation of Revenue [Line Items]
Total revenues	23,584	16,706
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	3,463	3,787
UK
Disaggregation of Revenue [Line Items]
Total revenues	$ 27,007	$ 0

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 75,400		$ 74,100
Recognition of previously deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 19,300
Trade receivables, net of allowances for credit losses \| Credit Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	5.00%
Modular Leasing \| Revenues \| Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	73.00%	72.00%

Revenue - Rollforward of Accounts and Notes Receivable, Allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 29,258	$ 15,828
Net charges to bad debt expense and revenue	8,516	3,392
Write-offs	(5,813)	(2,744)
Foreign currency translation and other	(331)	(5)
Balance at end of period	$ 31,630	$ 16,471

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating
2021 (remaining)	$ 45,902
2022	53,179
2023	42,937
2024	34,899
2025	28,057
Thereafter	69,774
Total lease payments	274,748
Less: interest	(45,559)
Present value of lease liabilities	229,189
Finance
2021 (remaining)	14,383
2022	17,655
2023	14,204
2024	11,283
2025	11,391
Thereafter	14,790
Total lease payments	83,706
Less: interest	(6,155)
Present value of lease liabilities	$ 77,551	$ 77,874

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Finance Lease Expense
Amortization of finance lease assets	$ 4,378	$ 0
Interest on obligations under finance leases	547	0
Total finance lease expense	4,925	0
Operating Lease Expense
Total operating lease expense	26,921	21,055
Cost of leasing and services
Operating Lease Expense
Fixed lease expense	1,106	1,602
Short-term lease expense	6,379	7,300
Variable lease expense	1,802	1,832
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	14,472	7,885
Short-term lease expense	552	386
Variable lease expense	1,838	867
Lease impairment expense and other related charges
Operating Lease Expense
Fixed lease expense	596	684
Short-term lease expense	0	212
Variable lease expense	$ 176	$ 287

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Lease impairment expense and other related charges	$ 1,253	$ 1,661
Impairment charges and loss on lease exit	500
Closed location rent expense	$ 800	1,200
Loss on lease exit		$ 500

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating cash outflows from operating leases	$ 16,458	$ 10,108
Financing cash outflows from finance leases	4,320	0
Right of use assets obtained in exchange for lease obligations	10,878	13,270
Assets obtained in exchange for finance leases	$ 3,366	$ 0

Leases - Lease Terms and Discount Rates (Details)	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term - operating leases	6 years 3 months 18 days	6 years 4 months 24 days
Weighted-average discount rate - operating leases	5.60%	5.70%
Weighted-average remaining lease term - finance leases	4 years 6 months	4 years 7 months 6 days
Weighted-average discount rate - finance leases	2.90%	2.90%

Inventories - Schedule of Mobile Mini Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 21,665	$ 19,560
Finished units	2,467	2,095
Inventories	$ 24,132	$ 21,655

Rental Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 2,556,286	$ 2,520,704
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	940,653	931,363
Tank and pump products
Property, Plant and Equipment [Line Items]
Total rental equipment	134,445	132,071
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	148,135	143,652
Rental equipment, net
Property, Plant and Equipment [Line Items]
Total rental equipment	3,779,519	3,727,790
Less: accumulated depreciation	(850,837)	(794,068)
Rental equipment, net	$ 2,928,682	$ 2,933,722

Goodwill - Goodwill Activity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,171,219	$ 235,177
Acquisition of Mobile Mini		928,974
Changes to purchase accounting - Mobile Mini	7,199
Effects of movements in foreign exchange rates	1,003	7,068
Goodwill, end of period	$ 1,179,421	$ 1,171,219

Goodwill - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
Goodwill - Narrative (Details) - USD ($)	Jul. 01, 2020	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Acquisition of Mobile Mini			$ 928,974,000
Goodwill impairment loss		$ 0	$ 0
NA Modular \| Mobile Mini, Inc.
Goodwill [Line Items]
Acquisition of Mobile Mini	$ 285,000,000.0
NA Storage \| Mobile Mini, Inc.
Goodwill [Line Items]
Acquisition of Mobile Mini	491,800,000
UK Storage \| Mobile Mini, Inc.
Goodwill [Line Items]
Acquisition of Mobile Mini	59,200,000
Tank and pump leasing revenue \| Mobile Mini, Inc.
Goodwill [Line Items]
Acquisition of Mobile Mini	$ 100,200,000

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Intangible assets subject to amortization:
Accumulated amortization	$ (21,301)	$ (14,553)
Net book value	192,199
Indefinite-lived intangible assets:
Gross carrying amount	502,500	510,500
Net book value	$ 481,199	$ 495,947
Trade name - ModSpace
Intangible assets subject to amortization:
Weighted average remaining life (in years)	4 months 24 days	8 months 12 days
Gross carrying amount	$ 3,000	$ 3,000
Accumulated amortization	(2,625)	(2,375)
Net book value	$ 375	$ 625
Mobile Mini customer relationships
Intangible assets subject to amortization:
Weighted average remaining life (in years)	7 years 3 months 18 days	8 years
Gross carrying amount	$ 209,000	$ 217,000
Accumulated amortization	(18,488)	(12,053)
Net book value	$ 190,512	$ 204,947
Technology
Intangible assets subject to amortization:
Weighted average remaining life (in years)	5 years 3 months 18 days	5 years 6 months
Gross carrying amount	$ 1,500	$ 1,500
Accumulated amortization	(188)	(125)
Net book value	1,312	1,375
Trade name - Mobile Mini
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	164,000	164,000
Trade name - WillScot
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	$ 125,000	$ 125,000

Intangibles - Future Amortization (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (remaining)	$ 26,791
2022	26,416
2023	26,416
2024	26,416
2025	26,416
Thereafter	59,744
Net book value	$ 192,199

Intangibles - Narrative (Details) - Mobile Mini, Inc. $ in Millions	Jul. 01, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible assets, indefinite-lived	$ 164.0
Intangible assets, finite-lived	$ 210.5

Debt - Carrying Value of Debt Outstanding (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Aug. 25, 2020	Jun. 15, 2020
Debt Instrument [Line Items]
Finance Leases	$ 77,551,000	$ 77,874,000
Total debt	2,470,253,000	2,470,330,000
Less: current portion of long-term debt	16,229,000	16,521,000
Total long-term debt	$ 2,454,024,000	2,453,809,000
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%			6.125%
Long-term debt	$ 573,930,000	637,068,000
Unamortized debt issuance costs	$ 11,100,000	12,900,000
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%		4.625%
Long-term debt	$ 491,784,000	491,555,000
Unamortized debt issuance costs	8,200,000	8,400,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	1,326,988,000	1,263,833,000
Line of Credit \| 2020 ABL Facility - Multicurrency Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal	0	0
Unamortized debt issuance costs	$ 7,600,000	$ 7,900,000

Debt - Additional Information (Details) - USD ($)					3 Months Ended
Debt - Additional Information (Details) - USD ($)	Mar. 26, 2021	Aug. 25, 2020	Aug. 11, 2020	Jul. 01, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jun. 15, 2020	May 14, 2019	Nov. 29, 2017
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ 3,185,000	$ 0
Finance Leases					77,551,000		$ 77,874,000
Senior Notes \| 2022 Secured Notes
Debt Instrument [Line Items]
Debt, face amount										$ 270,000,000.0
Interest rate										7.875%
Senior Notes \| 2023 Senior Secured Notes
Debt Instrument [Line Items]
Repayments of debt		$ 441,000,000.0	$ 49,000,000.0
Debt, face amount									$ 490,000,000.0
Interest rate									6.875%
Percentage of principal amount redeemed			10.00%
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Repayments of debt	$ 65,000,000.0
Unamortized debt issuance costs					$ 11,100,000		12,900,000
Debt, face amount								$ 650,000,000.0
Interest rate					6.125%			6.125%
Percentage of principal amount redeemed	10.00%
Loss on extinguishment of debt	$ 3,200,000
Early redemption premium					$ 1,900,000
Write-off of unamortized deferred financing fees					1,300,000
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs					$ 8,200,000		8,400,000
Debt, face amount		$ 500,000,000.0
Interest rate		4.625%			4.625%
Revolving Credit Facility \| Line of Credit \| 2017 ABL Facility
Debt Instrument [Line Items]
Accordion feature										$ 375,000,000.0
Repayments of debt				$ 1,500,000,000
Write-off of unamortized deferred financing fees				4,400,000
Revolving Credit Facility \| Line of Credit \| 2017 ABL Facility - US Facility
Debt Instrument [Line Items]
Maximum aggregate availability										1,300,000,000
Revolving Credit Facility \| Line of Credit \| 2017 ABL Facility - Canadian ABL Facility
Debt Instrument [Line Items]
Maximum aggregate availability										$ 140,000,000.0
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility
Debt Instrument [Line Items]
Maximum aggregate availability				$ 2,400,000,000	$ 2,400,000,000
Fee on unused borrowings					0.225%
Weighted average interest rate for borrowings					1.99%
Available borrowing capacity					$ 1,000,000,000.0
Letters of credit amount outstanding					14,100,000
Outstanding principal					1,400,000,000
Unamortized debt issuance costs					$ 38,500,000
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| Interest Rate Swap
Debt Instrument [Line Items]
Weighted average interest rate for borrowings after interest rate derivatives					2.85%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| LIBOR \| United States of America, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate				1.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| LIBOR \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Basis spread on variable rate				1.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| LIBOR \| United Kingdom, Pounds
Debt Instrument [Line Items]
Basis spread on variable rate				1.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| Base Rate \| United States of America, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate				0.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| BA Rate \| Canada, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate				1.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility \| Prime Rate \| Canada, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate				0.875%
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility - US Facility
Debt Instrument [Line Items]
Maximum aggregate availability				$ 2,000,000,000.0
Available borrowing capacity					$ 620,400,000
Revolving Credit Facility \| Line of Credit \| 2020 ABL Facility - Multicurrency Facility
Debt Instrument [Line Items]
Maximum aggregate availability				$ 400,000,000
Available borrowing capacity					400,000,000.0
Outstanding principal					0		0
Unamortized debt issuance costs					$ 7,600,000		$ 7,900,000
Letter of Credit \| Line of Credit \| 2017 ABL Facility
Debt Instrument [Line Items]
Fee on unused borrowings					2.00%
Letter of Credit \| Line of Credit \| 2020 ABL Facility
Debt Instrument [Line Items]
Maximum aggregate availability					$ 205,900,000
Swingline Loans \| Line of Credit \| 2020 ABL Facility
Debt Instrument [Line Items]
Maximum aggregate availability					$ 170,000,000.0

Equity - Narrative (Details) - USD ($)				3 Months Ended
Equity - Narrative (Details) - USD ($)	Mar. 01, 2021	Jul. 01, 2020	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Aug. 07, 2020
Subsidiary, Sale of Stock [Line Items]
Shares issued for each share converted (in shares)			1.3261
Common stock par value (in USD per share)		$ 0.0001		$ 0.0001		$ 0.0001
Shares issued for conversion (in shares)			10,641,182
Issuance of Common Stock from the exercise of options and warrants (in shares)				570,197
Shares repurchased (in shares)				3,056,217
Authorized share repurchase program							$ 250,000,000
Shares repurchased				$ 81,600,000
Remaining authorized share repurchase program				133,900,000
Reclassifications to consolidated statement of operations				(2,937,000)	$ (1,572,000)
Reclassifications to consolidated statement of operations, tax expense (benefit)				700,000	0.0
Sapphire Holdings Sale of Stock
Subsidiary, Sale of Stock [Line Items]
Shares repurchased (in shares)	2,750,000
Mobile Mini, Inc.
Subsidiary, Sale of Stock [Line Items]
Shares issued for merger (in shares)		106,426,722
Non-Controlling Interest
Subsidiary, Sale of Stock [Line Items]
Shares issued for conversion			$ (63,900,000)
Additional Paid-in-Capital
Subsidiary, Sale of Stock [Line Items]
Shares issued for conversion			66,900,000
Accumulated Other Comprehensive Income (Loss)
Subsidiary, Sale of Stock [Line Items]
Shares issued for conversion			$ (3,000,000.0)
Unrealized losses on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations				(2,937,000)	(1,572,000)
Unrealized losses on hedging activities \| Interest Rate Swap
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations				$ 2,900,000	$ (1,600,000)
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock par value (in USD per share)			$ 0.0001

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 555,199
Other comprehensive loss before reclassifications	$ 4,274	(31,474)
Reclassifications from AOCI to income	2,937	1,572
Less other comprehensive loss attributable to non-controlling interest		2,703
Ending Balance		647,024
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(24,694)	(52,982)
Other comprehensive loss before reclassifications	5,034	(21,144)
Reclassifications from AOCI to income	0	0
Less other comprehensive loss attributable to non-controlling interest		1,913
Ending Balance	(19,660)	(72,213)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(12,513)	(9,793)
Other comprehensive loss before reclassifications	(760)	(10,330)
Reclassifications from AOCI to income	2,937	1,572
Less other comprehensive loss attributable to non-controlling interest		790
Ending Balance	(10,336)	(17,761)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(37,207)	(62,775)
Ending Balance	$ (29,996)	$ (89,974)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21914-107793

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568740-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4590271-111686

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21711-107793

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568447-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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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-Name Accounting Standards Codification
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 8
-Subparagraph (d)(3)

+ Details

Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended		3 Months Ended	13 Months Ended
	Aug. 15, 2018	Feb. 24, 2020	Jan. 24, 2020	Mar. 31, 2021	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Shares repurchased (in shares)				3,056,217
Shares repurchased				$ 81.6
2015 Public Warrants
Class of Warrant or Right [Line Items]
Number of shares which can be exchanged per warrant (in shares)				0.5	0.5
Warrant half exercise price (in USD per share)				$ 5.75	$ 5.75
Warrants exercise price (in USD per share)				11.50	$ 11.50
Warrants exercised (in shares)		5,836,048	796,610		38,509
Proceeds from warrant exercises			$ 4.6
Issuance of Common Stock from the exercise of options and warrants (in shares)		1,097,162	398,305
Warrant redemption price (in USD per share)				$ 0.01	$ 0.01
Warrants outstanding (in shares)				0	0
2015 Private Warrants
Class of Warrant or Right [Line Items]
Number of shares which can be exchanged per warrant (in shares)				0.5	0.5
Warrant half exercise price (in USD per share)				$ 5.75	$ 5.75
Warrants exercise price (in USD per share)				$ 11.50	$ 11.50
Warrants outstanding (in shares)				12,080,000	12,080,000
Shares repurchased (in shares)				630,000
Shares repurchased				$ 4.8
2018 Warrants
Class of Warrant or Right [Line Items]
Number of shares which can be exchanged per warrant (in shares)	1
Warrants exercise price (in USD per share)	$ 15.50
Warrants outstanding (in shares)				9,527,080	9,527,080
Shares repurchased (in shares)				203,161
Shares repurchased				$ 2.0
2018 Warrants \| Modular Space Holdings Inc. \| Warrants
Class of Warrant or Right [Line Items]
Warrants issued from acquisition (in shares)	10,000,000.0

Warrant - Schedule of Fair Value of Outstanding Warrants Recorded as Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Common stock warrant liabilities	$ 99,781	$ 77,404
2015 Private Warrants
Class of Warrant or Right [Line Items]
Common stock warrant liabilities	$ 99,781	$ 77,404

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 10,481	$ 790
Effective tax rate	70.20%	0.85%

- Definition

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

+ References + Details

Fair Value Measures (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,392,700	$ 2,392,456
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,495,768	2,518,308
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
ABL Facilities \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	38,500	40,800
ABL Facilities \| Carrying Amount \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,326,986	1,263,833
ABL Facilities \| Fair Value \| Level 1 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
ABL Facilities \| Fair Value \| Level 2 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,365,500	1,304,612
ABL Facilities \| Fair Value \| Level 3 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2025 Secured Notes \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	11,100	12,900
2025 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	573,930	637,068
2025 Secured Notes \| Fair Value \| Level 1 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2025 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	621,873	694,876
2025 Secured Notes \| Fair Value \| Level 3 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2028 Secured Notes \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	8,200	8,400
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	491,784	491,555
2028 Secured Notes \| Fair Value \| Level 1 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2028 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	508,395	518,820
2028 Secured Notes \| Fair Value \| Level 3 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 0	$ 0

Fair Value Measures - Warrant Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	$ 99,781	$ 77,404
2015 Private Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	99,781	77,404
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	99,781	77,404
Carrying Amount \| 2015 Private Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	99,781	77,404
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	0
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	0
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	99,781	77,404
Fair Value \| 2015 Private Warrants \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	0
Fair Value \| 2015 Private Warrants \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	0	0
Fair Value \| 2015 Private Warrants \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	$ 99,781	$ 77,404

Fair Value Measures - Quantitative Information Regarding Level 3 Fair Value Measurments (Details)	Mar. 31, 2021	Dec. 31, 2020
Stock Price \| 2015 Private Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	27.75	10.13
Stock Price \| 2018 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input		10.13
Strike Price \| 2015 Private Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	11.50	11.50
Strike Price \| 2018 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input		15.50
Expected Life \| 2015 Private Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	1.66	2.66
Expected Life \| 2018 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input		2.66
Volatility \| 2015 Private Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	0.4362	0.4227
Volatility \| 2018 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input		0.4227
Risk Free rate \| 2015 Private Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	0.0013	0.0027
Risk Free rate \| 2018 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input		0.0027
Dividend yield \| 2015 Private Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	0	0
Dividend yield \| 2018 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input		0
Fair value of warrants \| 2015 Private Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input	16.52	2.31
Fair value of warrants \| 2018 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant valuation input		1.39

Fair Value Measures - Changes in Level 3 Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
2015 Private Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 77,404	$ 72,705
Repurchases/Exercises	(4,679)	0
Measurement adjustments	27,056	(52,510)
Ending balance	$ 99,781	20,196
2018 Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		58,369
Repurchases/Exercises		(41)
Measurement adjustments		(44,475)
Ending balance		$ 13,853

Restructuring - Summary of Activities in the Restructuring Accruals (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1,750	$ 447
Charges	3,142	(60)
Cash payments	(137)	(207)
Non-cash movements	(1,437)	(12)
Ending balance	3,318	168
Employee Costs
Restructuring Reserve [Roll Forward]
Beginning balance	1,750	447
Charges	3,142	(72)
Cash payments	(137)	(207)
Non-cash movements	(1,437)	0
Ending balance	3,318	168
Facility Exit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	0	0
Charges	0	12
Cash payments	0	0
Non-cash movements	0	(12)
Ending balance	$ 0	$ 0

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3,142	$ (60)
Operating Segments \| NA Modular
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,000
Operating Segments \| NA Storage
Restructuring Cost and Reserve [Line Items]
Restructuring costs	700
Unallocated Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,400

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 3,514	$ 1,787
Unrecognized compensation expense for options	$ 700
2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares which may be granted under plan (in shares)	6,488,988
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 200	200
Unrecognized compensation expense for awards	$ 100
Unrecognized compensation expense, period for recognition	1 month 6 days
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 2,100	1,000
Unrecognized compensation expense for awards	$ 24,000
Unrecognized compensation expense, period for recognition	2 years 10 months 24 days
Modification of awards	$ 1,100
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	1,000	400
Unrecognized compensation expense for awards	$ 19,500
Unrecognized compensation expense, period for recognition	2 years 1 month 6 days
Modification of awards	$ 300
Performance-Based Restricted Stock Units \| Awards Granted 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR payout percentage, minimum	0.00%
TSR payout percentage, maximum	200.00%
TSR payout percentage, target	100.00%
TSR, target	50.00%
TSR, minimum	25.00%
TSR, maximum	85.00%
Performance-Based Restricted Stock Units \| Awards Granted in 2020 and Prior
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR payout percentage, minimum	0.00%
TSR payout percentage, maximum	150.00%
TSR payout percentage, target	100.00%
TSR, target	50.00%
TSR, minimum	25.00%
TSR, maximum	75.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 200	$ 200
Unrecognized compensation expense, period for recognition	1 year

Stock-Based Compensation - Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Number of Shares
Beginning balance (in shares)	57,448	52,755	52,755
Ending balance (in shares)	57,448	57,448	52,755
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 11.75	$ 14.69	$ 14.69
Ending balance (in USD per share)	$ 11.75	$ 11.75	$ 14.69

Stock-Based Compensation - Time-Based RSUs (Details) - Time-Based Restricted Stock Units - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Number of Shares
Beginning balance (in shares)	1,125,766	1,065,305
Granted (in shares)	405,505	174,020
Forfeited (in shares)	(33,238)	(15,106)
Vested (in shares)	(144,204)	(323,678)
Ending balance (in shares)	1,353,829	900,541
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 13.44	$ 12.78
Granted (in USD per share)	27.20	16.78
Forfeited (in USD per share)	13.62	13.45
Vested (in USD per share)	12.92	12.93
Ending balance (in USD per share)	$ 17.61	$ 13.49

Stock-Based Compensation - Performance Based PSUs (Details) - Performance-Based Restricted Stock Units - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Number of Shares
Beginning balance (in shares)	593,388	288,281
Granted (in shares)	397,981	202,923
Forfeited (in shares)	(10,886)	(12,700)
Ending balance (in shares)	980,483	478,504
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 14.88	$ 13.22
Granted (in USD per share)	39.10	16.82
Forfeited (in USD per share)	14.70	14.70
Ending balance (in USD per share)	$ 24.70	$ 14.71

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
WillScot Options
Options
Beginning balance (in shares)	534,188	534,188
Forfeited (in shares)	0
Exercised (in shares)	0
Ending balance (in shares)	534,188	534,188
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 13.60	$ 13.60
Forfeited (in USD per share)	13.60
Exercised (in USD per share)	13.60
Ending balance (in USD per share)	$ 13.60	$ 13.60
Vested and exercisable stock options (in shares)	400,641	267,094	267,094	133,547
Vested and exercisable stock options (in USD per share)	$ 13.60	$ 13.60	$ 13.60	$ 13.60
Vested (in shares)	133,547	133,547
Vested (in USD per share)	$ 13.60	$ 13.60
Converted Mobile Mini Options
Options
Beginning balance (in shares)	2,031,455
Forfeited (in shares)	(6,240)
Exercised (in shares)	(346,247)
Ending balance (in shares)	1,678,968
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 14.78
Forfeited (in USD per share)	12.19
Exercised (in USD per share)	15.89
Ending balance (in USD per share)	$ 14.57
Vested and exercisable stock options (in shares)	1,678,968		1,678,968
Vested and exercisable stock options (in USD per share)	$ 0		$ 14.57
Vested (in shares)	0
Vested (in USD per share)	$ 0

Derivatives - Narrative (Details) - Interest Rate Swap - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Notational amount	$ 400,000,000.0
Fixed rate	3.06%
Receive rate	0.11%	0.15%

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - Interest Rate Swap - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Accrued expenses	$ 11,645	$ 11,619
Other non-current liabilities	$ 2,414	$ 5,308

Derivative Instruments and Hedging Activities - Impact of Interest Rate Swap (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	$ 2,844	$ (8,758)
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from AOCI into income (effective portion)	$ 2,937	$ (1,572)

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments for the acquisition of rental equipment and property, plant and equipment	$ 9.9	$ 5.0

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Reporting - Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Leasing	$ 315,662	$ 188,352
Total revenues	425,323	255,821
Costs:
Leasing	69,895	49,809
Depreciation of rental equipment	55,698	45,948
Gross profit	213,380	106,190
Other selected data:
Adjusted EBITDA	163,585	89,544
Selling, general and administrative expense	117,329	74,968
Purchases of rental equipment and refurbishments	52,535	39,648
Delivery and installation
Revenues:
Revenues	83,504	51,070
Costs:
Cost of sales	70,136	43,865
New units
Revenues:
Revenues	10,955	9,613
Total revenues	10,955	9,613
Costs:
Cost of sales	7,109	6,203
Rental units
Revenues:
Revenues	15,202	6,786
Total revenues	15,202	6,786
Costs:
Cost of sales	9,105	3,806
Unallocated Costs
Other selected data:
Adjusted EBITDA	0	0
Selling, general and administrative expense	11,837	12,396
Purchases of rental equipment and refurbishments	0	0
NA Modular \| Operating Segments
Revenues:
Leasing	199,608	188,352
Total revenues	266,224	255,821
Costs:
Leasing	51,075	49,809
Depreciation of rental equipment	46,720	45,948
Gross profit	113,002	106,190
Other selected data:
Adjusted EBITDA	97,371	89,544
Selling, general and administrative expense	62,350	62,572
Purchases of rental equipment and refurbishments	39,135	39,648
NA Modular \| Operating Segments \| Delivery and installation
Revenues:
Revenues	48,680	51,070
Costs:
Cost of sales	44,705	43,865
NA Modular \| Operating Segments \| New units
Revenues:
Revenues	7,460	9,613
Costs:
Cost of sales	4,874	6,203
NA Modular \| Operating Segments \| Rental units
Revenues:
Revenues	10,476	6,786
Costs:
Cost of sales	5,848	3,806
NA Storage \| Operating Segments
Revenues:
Leasing	80,351	0
Total revenues	107,748	0
Costs:
Leasing	10,733	0
Depreciation of rental equipment	4,793	0
Gross profit	72,619	0
Other selected data:
Adjusted EBITDA	46,322	0
Selling, general and administrative expense	31,089	0
Purchases of rental equipment and refurbishments	3,472	0
NA Storage \| Operating Segments \| Delivery and installation
Revenues:
Revenues	21,365	0
Costs:
Cost of sales	15,740	0
NA Storage \| Operating Segments \| New units
Revenues:
Revenues	2,184	0
Costs:
Cost of sales	1,341	0
NA Storage \| Operating Segments \| Rental units
Revenues:
Revenues	3,848	0
Costs:
Cost of sales	2,522	0
UK Storage \| Operating Segments
Revenues:
Leasing	18,721	0
Total revenues	27,007	0
Costs:
Leasing	4,296	0
Depreciation of rental equipment	914	0
Gross profit	16,493	0
Other selected data:
Adjusted EBITDA	11,064	0
Selling, general and administrative expense	6,343	0
Purchases of rental equipment and refurbishments	6,770	0
UK Storage \| Operating Segments \| Delivery and installation
Revenues:
Revenues	6,750	0
Costs:
Cost of sales	4,091	0
UK Storage \| Operating Segments \| New units
Revenues:
Revenues	871	0
Costs:
Cost of sales	589	0
UK Storage \| Operating Segments \| Rental units
Revenues:
Revenues	665	0
Costs:
Cost of sales	624	0
Tank and Pump \| Operating Segments
Revenues:
Leasing	16,982	0
Total revenues	24,344	0
Costs:
Leasing	3,791	0
Depreciation of rental equipment	3,271	0
Gross profit	11,266	0
Other selected data:
Adjusted EBITDA	8,828	0
Selling, general and administrative expense	5,710	0
Purchases of rental equipment and refurbishments	3,158	0
Tank and Pump \| Operating Segments \| Delivery and installation
Revenues:
Revenues	6,709	0
Costs:
Cost of sales	5,600	0
Tank and Pump \| Operating Segments \| New units
Revenues:
Revenues	440	0
Costs:
Cost of sales	305	0
Tank and Pump \| Operating Segments \| Rental units
Revenues:
Revenues	213	0
Costs:
Cost of sales	$ 111	$ 0

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Net income	$ 4,447	$ 91,655
Loss on extinguishment of debt	3,185	0
Income tax expense	10,481	790
Interest expense	29,964	28,257
Depreciation and amortization	74,022	49,022
Fair value loss (gain) on common stock warrant liabilities	27,207	(95,329)
Currency losses, net	36	898
Restructuring costs, lease impairment expense and other related charges	4,395	1,601
Transaction costs	844	9,431
Integration costs	7,342	1,685
Stock compensation expense	3,514	1,787
Other Income	(1,852)	(253)
Adjusted EBITDA	$ 163,585	$ 89,544

Earnings (Loss) Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income attributable to common shareholders - basic	$ 4,447	$ 91,785
Fair value gain on common stock warrant liabilities	0	(96,984)
Net income (loss) attributable to common shareholders - dilutive	$ 4,447	$ (5,199)
Denominator:
Basic (in shares)	228,293,197	109,656,646
Warrants (in shares)	3,927,000	3,016,000
Diluted (in shares)	234,720,295	112,672,997
RSAs
Denominator:
Awards (in shares)	51,000	0
Time-based RSUs
Denominator:
Awards (in shares)	645,000	0
Performance-based RSUs
Denominator:
Awards (in shares)	737,000	0
Stock Options
Denominator:
Awards (in shares)	1,067,000	0

Earnings (Loss) Per Share - Narrative (Details) - shares		3 Months Ended
	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Shares issued for conversion (in shares)	10,641,182
Class B Common Stock
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)			10,641,182
Time-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)			213,692
Performance-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)			316,579
Restricted Stock Awards
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)			36,350
Warrants
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)		3,513,763	476,897

Related Parties - Related Party Balances Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total related party liabilities, net	$ (487)	$ (431)
Trade receivables, net of allowances for credit losses
Related Party Transaction [Line Items]
Receivables due from affiliates	19	30
Accrued expenses
Related Party Transaction [Line Items]
Amounts due to affiliates	$ (506)	$ (461)

Related Parties - Related Party Transactions in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transactions [Abstract]
Leasing revenue from related parties	$ 106	$ 417
Consulting expense to related party	(1,901)	(838)
Total related party expense, net	$ (1,795)	$ (421)

Related Parties - Narrative (Details) - USD ($)		3 Months Ended
Related Parties - Narrative (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020	Aug. 22, 2018
Related Party Transaction [Line Items]
Shares issued for conversion (in shares)	10,641,182
Margin Loan \| Sapphire Holding S.a. r.l.
Related Party Transaction [Line Items]
Debt, face amount				$ 125,000,000.0
Majority Shareholder
Related Party Transaction [Line Items]
Number of shares pledged for collateral (in shares)		42,263,208
Affiliates
Related Party Transaction [Line Items]
Purchases from affiliates		$ 1,800,000	$ 200,000
Sapphire Holding S.a. r.l.
Related Party Transaction [Line Items]
Percentage ownership		19.00%