0001647088-25-000009 | 10-K | XBRL Viewer

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Leases - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 81,046	$ 68,889	$ 61,418
Operating cash outflows from finance leases	6,087	3,715	1,895
Financing cash outflows from finance leases	19,429	16,510	15,159
Right of use assets obtained in exchange for lease obligations	92,343	95,897	55,005
Assets obtained in exchange for finance leases	$ 46,253	$ 58,737	$ 29,803

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense from continuing operations for the years ended December 31, are comprised of the following:


(in thousands)	2024		2023		2022
Current
Federal	$	29,518	$	—	$	—
State	17,457		12,250		11,327
Foreign	6,823		7,382		6,204
Deferred
Federal	(23,990)		80,698		63,585
State	(19,197)		27,276		8,917
Foreign	(2,136)		(1,031)		(1,170)
Total income tax expense from continuing operations	$	8,475	$	126,575	$	88,863

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense from continuing operations differed from the amount computed by applying the US statutory income tax rate of 21% to the income from continuing operations before income taxes as follows for the years ended December 31:


(in thousands)	2024			2023			2022
Income from continuing operations before income tax
US	$	18,686		$	444,557		$	341,412
Foreign	17,918			23,862			23,792
Total income from continuing operations before income tax	$	36,604		$	468,419		$	365,204

US Federal statutory income tax expense	$	7,687		$	98,368		$	76,693
Effect of tax rates in foreign jurisdictions	1,175			1,434			1,085
State income tax expense, net of federal benefit	784			25,412			17,078
Valuation allowances	2,776			(815)			(6,907)
Non-deductible (non-taxable) items	677			775			1,147
Non-deductible executive compensation	1,813			2,014			1,258

Tax credits	(6,988)			(396)			(161)
Uncertain tax positions	(791)			(523)			(804)
Tax law changes (excluding valuation allowance) (a)	(166)			(50)			(94)
Other	1,508			356			(432)
Income tax expense from continuing operations	$	8,475		$	126,575		$	88,863
Effective income tax rate	23.15		%	27.02		%	24.33		%

(a) Tax law changes primarily represent changes in tax law in foreign jurisdictions.

Schedule of Deferred Income Taxes

Significant components of the Company’s deferred tax assets and liabilities as of December 31 are as follows:


(in thousands)	2024		2023
Deferred tax assets
Deferred interest expense	$	118,228	$	116,982
Employee benefit plans	10,408		9,079
Accrued liabilities	5,011		5,996
Allowance for credit losses	25,828		21,964
Deferred revenue	60,907		57,494
Operating lease liability	66,925		61,849
Other	12,397		5,006
Tax loss carryforwards	75,312		99,676
Deferred tax assets, gross	375,016		378,046
Valuation allowance	(4,206)		(1,430)
Net deferred income tax asset	$	370,810	$	376,616

Deferred tax liabilities
Rental equipment and other property, plant and equipment	$	(791,853)	$	(808,873)
Intangible assets	(18,106)		(60,358)
Right of use asset	(66,508)		(61,653)

Deferred tax liability	(876,467)		(930,884)
Net deferred income tax liability	$	(505,657)	$	(554,268)

Schedule of Tax Loss Carryforwards

The Company’s tax loss carryforwards are as follows at December 31, 2024:


(in thousands)	Loss Carryforward		Deferred Tax		Expiration
Jurisdiction:
US - Federal	$	105,115	$	22,074	2031, Indefinite
US - Capital Loss	180,000		44,742		2029
US - State	190,330		8,496		2025 – 2043, Indefinite
Total	$	475,445	$	75,312

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands)	2024		2023		2022
Unrecognized tax benefits – January 1,	$	43,134	$	43,627	$	44,314



Decrease from expiration of statute of limitations(a)	(16,624)		(493)		(687)
Unrecognized tax benefits – December 31,	$	26,510	$	43,134	$	43,627

(a) Includes $15.8 of presentational adjustments with no effect on amounts presented in the consolidated balance sheet or the annual effective tax rate for the year ended December 31, 2024.

Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss ("AOCI"), net of tax, for the years ended December 31, 2024, 2023 and 2022, were as follows:


(in thousands)	Foreign Currency Translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)
Other comprehensive loss before reclassifications	(44,548)		(1,033)		(45,581)
Reclassifications from AOCI to income (a)	—		4,530		4,530
Balance at December 31, 2022	(70,122)		—		(70,122)
Other comprehensive income before reclassifications	14,091		14,813		28,904
Reclassifications from AOCI to income (a)	—		(11,550)		(11,550)
Balance at December 31, 2023	(56,031)		3,263		(52,768)
Other comprehensive (loss) income before reclassifications	(24,689)		27,005		2,316
Reclassifications from AOCI to income (a)	—		(20,175)		(20,175)
Balance at December 31, 2024	$	(80,720)	$	10,093	$	(70,627)

(a) For the years ended December 31, 2024, 2023 and 2022, $(20.2) million, $(11.6) million and $4.5 million, respectively, was reclassified from AOCI into the consolidated statements of operations within interest expense related to the interest rate swaps discussed in Note 14. For the years ended December 31, 2024, 2023 and 2022, the Company recorded tax expense (benefit) of $5.0 million, $2.9 million and $(1.1) million, respectively, associated with this reclassification.

Discontinued Operations

12 Months Ended

Dec. 31, 2024

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

Discontinued Operations

Tank and Pump Divestiture

On September 30, 2022, the Company sold its former Tank and Pump segment for $321.9 million. Exiting the former Tank and Pump segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses. Results for the former Tank and Pump segment are reported in income from discontinued operations within the consolidated statements of operations for the year ended December 31, 2022.

UK Storage Solutions Divestiture

On January 31, 2023, the Company sold its former UK Storage Solutions segment for $418.1 million. Exiting the UK Storage Solutions segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses in North America. Results for the former UK Storage Solutions segment are reported in income from discontinued operations within the consolidated statements of operations for the years ended December 31, 2023 and 2022.

The following tables present the results of the former Tank and Pump segment and the former UK Storage Solutions segment as reported in income from discontinued operations within the consolidated statements of operations. The 2022 results for the former Tank and Pump segment represent results for the nine months ended September 30, 2022 as the Company sold the former Tank and Pump segment on September 30, 2022. The 2023 results for the former UK Storage Solutions segment represent results for one month as the Company sold the former UK Storage Solutions segment on January 31, 2023.


	Year Ended December 31, 2023
(in thousands)	UK Storage Solutions
Revenues:
Leasing and services revenue:
Leasing	$	6,389
Delivery and installation	1,802
Sales revenue:
New units	54
Rental units	449
Total revenues	8,694
Costs:
Costs of leasing and services:
Leasing	1,407
Delivery and installation	1,213
Costs of sales:
New units	38
Rental units	492

Gross profit	5,544
Expenses:
Selling, general and administrative	1,486



Other income, net	(1)
Operating income	4,059
Interest expense	56
Income from discontinued operations before income tax	4,003
Gain on sale of discontinued operations	175,708
Income tax expense from discontinued operations	45,468
Income from discontinued operations	$	134,243

In January 2023, a $0.4 million adjustment was made to the gain on sale of the former Tank and Pump segment due to the final contractual working capital adjustment. Including this adjustment, the total gain on sale of discontinued operations was $176.1 million for the year ended December 31, 2023.


	Year Ended December 31, 2022
(in thousands)	Tank and Pump		UK Storage Solutions		Total
Revenues:
Leasing and services revenue:
Leasing	$	65,572	$	79,772	$	145,344
Delivery and installation	27,665		22,876		50,541
Sales revenue:
New units	2,202		1,106		3,308
Rental units	917		1,455		2,372
Total revenues	96,356		105,209		201,565
Costs:
Costs of leasing and services:
Leasing	13,828		16,737		30,565
Delivery and installation	23,285		14,867		38,152
Costs of sales:
New units	1,636		738		2,374
Rental units	310		1,012		1,322
Depreciation of rental equipment	8,145		4,254		12,399
Gross profit	49,152		67,601		116,753
Expenses:
Selling, general and administrative	18,045		21,795		39,840
Other depreciation and amortization	6,103		5,906		12,009

Currency losses, net	—		138		138
Other expense (income), net	4		(7)		(3)
Operating income	25,000		39,769		64,769
Interest expense	512		789		1,301
Income from discontinued operations before income tax	24,488		38,980		63,468
Income tax expense from discontinued operations	843		34,882		35,725
Gain on sale of discontinued operations	35,456		—		35,456
Income from discontinued operations	$	59,101	$	4,098	$	63,199

For the year ended December 31, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:


	Years Ended December 31,
(in thousands)	2022
Operating activities of discontinued operations:
Depreciation and amortization	$	14,248

Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	918
Purchases of rental equipment and refurbishments	$	(21,831)

Purchases of property, plant and equipment	$	(525)

For the years ended December 31, 2023 and 2022, significant operating and investing items related to the UK Storage Solutions segment were as follows:


	Years Ended December 31,
(in thousands)	2023		2022
Operating activities of discontinued operations:
Depreciation and amortization	$	—	$	10,160

Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	514	$	1,455
Purchases of rental equipment and refurbishments	$	(371)	$	(23,931)
Proceeds from sale of property, plant and equipment	$	8	$	504
Purchases of property, plant and equipment	$	(64)	$	(3,752)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 9,001	$ 10,958
Trade receivables, net of allowance for credit losses at December 31, 2024 and December 31, 2023 of $101,693 and $81,656, respectively	430,381	451,130
Inventories	47,473	47,406
Prepaid expenses and other current assets	67,751	57,492
Assets held for sale	2,904	2,110
Total current assets	557,510	569,096
Rental equipment, net	3,377,939	3,381,315
Property, plant and equipment, net	363,073	340,887
Operating lease assets	266,761	245,647
Goodwill	1,201,353	1,176,635
Intangible assets, net	251,164	419,709
Other non-current assets	17,111	4,626
Total long-term assets	5,477,401	5,568,819
Total assets	6,034,911	6,137,915
Liabilities and equity
Accounts payable	96,597	86,123
Accrued expenses	121,583	129,621
Accrued employee benefits	25,062	45,564
Deferred revenue and customer deposits	250,790	224,518
Operating lease liabilities - current	66,378	57,408
Current portion of long-term debt	24,598	18,786
Total current liabilities	585,008	562,020
Long-term debt	3,683,502	3,538,516
Deferred tax liabilities	505,913	554,268
Operating lease liabilities – non-current	200,875	187,837
Other non-current liabilities	41,020	34,024
Long-term liabilities	4,431,310	4,314,645
Total liabilities	5,016,318	4,876,665
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at December 31, 2024 and 2023	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 183,564,899 and 189,967,135 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	19	20
Additional paid-in-capital	1,836,165	2,089,091
Accumulated other comprehensive loss	(70,627)	(52,768)
Accumulated deficit	(746,964)	(775,093)
Total shareholders' equity	1,018,593	1,261,250
Total liabilities and shareholders' equity	$ 6,034,911	$ 6,137,915

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, net of income tax expense (benefit)	$ 0	$ 0	$ 0
Net gain on derivatives, net of income tax expense	$ 2,251	$ 1,088	$ 1,171

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 18, 2025, the Company's Board of Directors approved a quarterly dividend program. Under the program, subject to quarterly approval and declaration by the Board of Directors, dividends will be payable on the third Wednesday of the third month of each calendar quarter to stockholders of record as of the first Wednesday of that same month. The Board of Directors has declared a quarterly dividend of $0.07 per share, payable on March 19, 2025 to stockholders of record as of the close of business on March 5, 2025.

Goodwill and Intangible Assets - Schedule of Goodwill Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,176,635	$ 1,011,429
Additions from acquisitions	26,948	164,502
Effects of movements in foreign exchange rates	(2,230)	704
Goodwill, ending of period	$ 1,201,353	$ 1,176,635

- Definition

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

+ References

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

The carrying value of debt outstanding at December 31 consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	2024		2023
2025 Secured Notes	6.125%	2025	$	525,283	$	522,735
ABL Facility	Varies	2027	1,556,651		1,929,259
2028 Secured Notes	4.625%	2028	495,582		494,500
2029 Secured Notes	6.625%	2029	492,467		—
2031 Secured Notes	7.375%	2031	494,329		493,709
Finance Leases	Varies	Varies	143,788		117,099
Total debt			3,708,100		3,557,302
Less: current portion of long-term debt			24,598		18,786
Total long-term debt			$	3,683,502	$	3,538,516

Maturities of debt, including finance leases, during the years subsequent to December 31, 2024 are as follows:


(in thousands)
2025	$	558,506
2026	30,488
2027	1,602,901
2028	529,735
2029	521,858
Thereafter	525,306
Total	$	3,768,794

The Company records debt issuance costs as offsets against the carrying value of the related debt. These debt costs are amortized and included as part of interest expense over the remaining contractual terms of those debt instruments for each of the next five years as follows:


(in thousands)	Debt issuance cost amortization
2025	$	12,069
2026	$	11,065
2027	$	7,489
2028	$	3,454
2029	$	1,763
Thereafter	$	1,759

Asset Backed Lending Facility

On July 1, 2020, certain subsidiaries of the Company, including Williams Scotsman, Inc. ("WSI"), entered into an asset-based credit agreement. As amended on June 30, 2022, the agreement provides for revolving credit facilities in the aggregate principal amount of up to $3.7 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $3.3 billion (the “US Facility”), (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility," and together with the US Facility, the "ABL Facility"), available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros, and (iii) an accordion feature that permits the Company to increase the lenders' commitments in an aggregate amount not to exceed the greater of $750.0 million and the amount of suppressed availability (as defined in the ABL Facility), plus any voluntary prepayments that are accompanied by permanent commitment reductions under the ABL Facility, subject to the satisfaction of customary conditions including lender approval. The ABL Facility is scheduled to mature on June 30, 2027.

The applicable margin for Canadian Bankers' Acceptance Rate, Term Secured Overnight Financing Rate ("SOFR"), British Pounds Sterling and Euro loans is 1.50%. In addition to the applicable margin, the facility includes a credit spread adjustment of 0.10%. The applicable margin for base rate and Canadian Prime Rate loans is 0.50%. The applicable margins are subject to one step down of 0.25% or one step up of 0.25% based on the Company's leverage ratio and excess availability from the prior quarter. The ABL Facility requires the payment of a commitment fee on the unused available borrowings of 0.20% annually. As of December 31, 2024, the weighted average interest rate for borrowings under the ABL Facility, as adjusted for the effects of the interest rate swap agreements, was 5.33%. Refer to Note 14 for a more detailed discussion on interest rate management.

On February 26, 2024, WSI entered into an amendment to the ABL Facility (the "Fifth Amendment") to, among other things, change the rate under the ABL Facility for borrowings denominated in Canadian Dollars from a Canadian Dollar Offered Rate ("CDOR")-based rate to a Canadian Overnight Repo Rate Average ("CORRA")-based rate, subject to certain adjustments specified in the ABL Facility, and to update certain other provisions regarding successor interest rates to CDOR. On February 27, 2024, WSI and certain other subsidiaries of the Company entered into an amendment to the ABL Facility (the "Sixth Amendment"), which was to become effective upon the closing of the Company's proposed acquisition of McGrath. Following the termination of the Merger Agreement on September 17, 2024, the Sixth Amendment was null and void.

Borrowing availability under the US Facility and the Multicurrency Facility is equal to the lesser of (i) the aggregate Revolver Commitments and (ii) the Borrowing Base ("Line Cap"). At December 31, 2024, the Line Cap was $3.2 billion and the Borrowers had approximately $1.6 billion of available borrowing capacity under the ABL Facility, including $1.4 billion under the US Facility and $183.1 million under the Multicurrency Facility. Borrowing capacity under the ABL Facility is made available for up to $220.0 million letters of credit and $220.0 million of swingline loans. At December 31, 2024, the available capacity was $199.4 million of letters of credit and $219.3 million of swingline loans. At December 31, 2024, letters of credit and bank guarantees carried fees of 1.625%. The Company had issued $20.6 million of standby letters of credit under the ABL Facility at December 31, 2024. The Company had approximately $1.6 billion outstanding principal under the ABL Facility at December

31, 2024. Debt issuance costs of $19.0 million and $26.8 million were included in the carrying value of the ABL Facility at December 31, 2024 and December 31, 2023, respectively.

The obligations of the US Borrowers are unconditionally guaranteed by WSI and each existing and subsequently acquired or organized direct or indirect wholly-owned US organized restricted subsidiary of WSI, other than excluded subsidiaries (together with WSI, the "US Guarantors"). The obligations of the Multicurrency Borrowers are unconditionally guaranteed by the US Borrowers and the US Guarantors, and each existing and subsequently acquired or organized direct or indirect wholly-owned Canadian organized restricted subsidiary of Holdings other than certain excluded subsidiaries (together with the US Guarantors, the "ABL Guarantors").

Senior Secured Notes

On June 15, 2020, WSI 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") to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended ("Rule 144A"). 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. In 2021, the Company redeemed $123.5 million of its 2025 Secured Notes. As of December 31, 2024, the aggregate principal amount outstanding for the 2025 Secured Notes was $526.5 million. Unamortized deferred financing costs pertaining to the 2025 Secured Notes were $1.2 million as of December 31, 2024. At December 31, 2024, the 2025 Secured Notes were classified as long-term on the Consolidated Balance Sheet as the Company has the intent and believes it has the ability to refinance this obligation on a long-term basis as demonstrated by the forecasted available capacity under the ABL Facility, among other refinancing alternatives to be considered opportunistically.

On August 25, 2020, WSI completed a private offering of $500.0 million in aggregate principal amount of its 4.625% senior secured notes due 2028 (the "2028 Secured Notes") to qualified institutional buyers pursuant to Rule 144A. The 2028 Secured Notes mature on August 15, 2028 and bear interest at a rate of 4.625% per annum. Interest is payable semi-annually on August 15 and February 15 of each year. Unamortized deferred financing costs pertaining to the 2028 Secured Notes were $4.4 million as of December 31, 2024.

On September 25, 2023, WSI completed a private offering of $500.0 million in aggregate principal amount of its 7.375% senior secured notes due 2031 (the "2031 Secured Notes") to qualified institutional buyers pursuant to Rule 144A. Proceeds were used to repay approximately $494.0 million of outstanding indebtedness under the ABL Facility and certain fees and expenses. The 2031 Secured Notes mature on October 1, 2031 and bear interest at a rate of 7.375% per annum. Interest is payable semi-annually on April 1 and October 1 of each year, beginning April 1, 2024. Unamortized deferred financing costs pertaining to the 2031 Secured Notes were $5.7 million as of December 31, 2024.

On June 28, 2024, WSI completed a private offering of $500.0 million in aggregate principal amount of its 6.625% senior secured notes due 2029 (the "2029 Secured Notes") to qualified institutional buyers pursuant to Rule 144A. Proceeds were used to repay approximately $495.0 million of outstanding indebtedness under the ABL Facility and certain fees and expenses. The 2029 Secured Notes mature on June 15, 2029 and bear interest at a rate of 6.625% per annum. Interest is payable semi-annually on June 15 and December 15 of each year, beginning December 15, 2024. Unamortized deferred financing costs pertaining to the 2029 Secured Notes were $7.5 million as of December 31, 2024.

The tables below depict the redemption prices (expressed as percentages of the principal amount) of the notes if redeemed during the twelve-month period commencing on the dates below, plus accrued and unpaid interest, if any, to but not including the date of redemption.

2025 Secured Notes


Year	Redemption Price
June 15, 2024 and thereafter	100.000	%

2028 Secured Notes


Year	Redemption Price
August 15, 2024	101.156	%
August 15, 2025 and thereafter	100.000	%

2029 Secured Notes

The Company may redeem the 2029 Secured Notes at any time before June 15, 2026 at a redemption price equal to 100% of the principal amount thereof, plus a customary make whole premium for the notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date. Before June 15, 2026, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Secured Notes at a price equal to 106.625% of the principal amount of the notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date with the net proceeds of certain equity offerings. At any time prior to June 15, 2026, the Company may also redeem up to 10% of the aggregate principal amount at a redemption price equal to 103% of the principal amount of the 2029 Secured Notes being redeemed during each twelve-month period commencing with the issue date, plus accrued and unpaid interest, if any, to but not including the redemption date. The table below depicts the redemption prices (expressed as percentages of the principal amount) of the

notes if redeemed during the twelve-month period commencing on the dates below, plus accrued and unpaid interest, if any, to but not including the date of redemption.


Year	Redemption Price
June 15, 2026	103.313	%
June 15, 2027	101.656	%
June 15, 2028 and thereafter	100.000	%

2031 Secured Notes

The Company may redeem the 2031 Secured Notes at any time before October 1, 2026 at a redemption price equal to 100% of the principal amount thereof, plus a customary make whole premium for the notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date. Before October 1, 2026, the Company may redeem up to 40% of the aggregate principal amount of the 2031 Secured Notes at a price equal to 107.375% of the principal amount of the notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date with the net proceeds of certain equity offerings. At any time prior to October 1, 2026, the Company may also redeem up to 10% of the aggregate principal amount at a redemption price equal to 103% of the principal amount of the 2031 Secured Notes being redeemed during each twelve-month period commencing with the issue date, plus accrued and unpaid interest, if any, to but not including the redemption date. The table below depicts the redemption prices (expressed as percentages of the principal amount) of the notes if redeemed during the twelve-month period commencing on the dates below, plus accrued and unpaid interest, if any, to but not including the date of redemption.


Year	Redemption Price
October 1, 2026	103.688	%
October 1, 2027	101.844	%
October 1, 2028 and thereafter	100.000	%

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

Finance Leases

The Company maintains finance leases primarily for transportation related equipment. At December 31, 2024 and December 31, 2023, obligations under the finance leases were $143.8 million and $117.1 million, respectively.

The Company is in compliance with all debt covenants and restrictions for the aforementioned debt instruments as of and for the year ended December 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Earnings Per Share - Schedule of Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Income from continuing operations	$ 28,129	$ 341,844	$ 276,341
Income from discontinued operations	0	134,613	63,199
Net income basic	28,129	476,457	339,540
Net income diluted	$ 28,129	$ 476,457	$ 339,540
Weighted average shares:
Weighted average Common Shares outstanding - basic (in shares)	188,101,693	198,554,885	216,808,577
Warrants (in shares)	0	0	1,605,000
Weighted average Common Shares outstanding – diluted (in shares)	190,292,256	201,849,836	221,399,162
RSAs
Weighted average shares:
Awards (in shares)	15,000	15,000	18,000
Time-based RSUs
Weighted average shares:
Awards (in shares)	152,000	274,000	401,000
Performance-Based RSUs
Weighted average shares:
Awards (in shares)	1,112,000	2,040,000	1,471,000
Stock Options
Weighted average shares:
Awards (in shares)	911,000	966,000	1,095,000

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 29, 2022
Business Acquisition [Line Items]
Matching contributions to defined contribution plans	$ 15,100,000	$ 14,100,000	$ 13,800,000
Shares authorized under plan (in shares)	6,488,988
Cash dividends	$ 0
Deferred revenue	249,000,000.0	222,500,000
Customer deposits	1,800,000	2,000,000.0
Advertising and promotion expense	$ 15,900,000	$ 10,500,000	$ 8,500,000
Warrants outstanding				$ 0
Minimum
Business Acquisition [Line Items]
Operating lease term	1 month
Maximum
Business Acquisition [Line Items]
Operating lease term	60 months
Average
Business Acquisition [Line Items]
Operating lease term	10 months
RSAs
Business Acquisition [Line Items]
Vesting period	1 year
Granted (in shares)	36,346	28,946	35,244
Vested (in shares)	28,946	35,244	36,176
Time-Based Restricted Stock Units
Business Acquisition [Line Items]
Vesting period	4 years
Granted (in shares)	273,524	213,388	377,804
Vested (in shares)	270,164	322,483	478,906
Performance-Based RSUs
Business Acquisition [Line Items]
Performance period	3 years
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%
Granted (in shares)	295,833	376,826	745,079
Vested (in shares)	404,990	293,934	313,152
Performance-Based RSUs \| Awards Granted 2021
Business Acquisition [Line Items]
Granted (in shares)	555,790
Share price (in USD per share)	$ 47.50
Performance-Based RSUs \| Minimum \| Awards Granted 2021
Business Acquisition [Line Items]
Performance period	4 years 6 months
Performance-Based RSUs \| Maximum \| Awards Granted 2021
Business Acquisition [Line Items]
Performance period	4 years 9 months 18 days
Unrestricted Stock \| Minimum \| Awards Granted 2021
Business Acquisition [Line Items]
Vested (in shares)	0
Share price (in USD per share)	$ 42.50
Unrestricted Stock \| Maximum \| Awards Granted 2021
Business Acquisition [Line Items]
Vested (in shares)	1,333,334
Share price (in USD per share)	$ 60.00
Stock Options
Business Acquisition [Line Items]
Vesting period	4 years
Expiration period	10 years

Derivatives - Narrative (Details)		1 Months Ended	12 Months Ended
Derivatives - Narrative (Details)	Jan. 31, 2023 USD ($) derivativeAgreement Rate	Jan. 31, 2024 USD ($) derivativeAgreement	Dec. 31, 2024 USD ($)	Dec. 31, 2022 EUR (€) GBP (£)	Dec. 31, 2018 USD ($)
Derivative [Line Items]
Cash flow hedge gain to be reclassified within next 12 months \| $			$ 6,800,000
Interest rate swap
Derivative [Line Items]
Number of derivative instruments \| derivativeAgreement	2	2
Notational amount \| $	$ 750,000,000.0	$ 500,000,000.0			$ 400,000,000
Pay rate	3.44%	3.70%			3.06%
Foreign Currency Contract
Derivative [Line Items]
Notational amount \| €				€ 330,000,000.0
Exchange rate \| Rate	120.50%
Foreign Currency Contract \| Maximum
Derivative [Line Items]
Price range \| £				1.20550
Foreign Currency Contract \| Minimum
Derivative [Line Items]
Price range \| £				1.20440
Interest Rate Swaps, Entered January 2023
Derivative [Line Items]
Receive rate			4.34%
Interest Rate Swaps, Entered January 2024
Derivative [Line Items]
Receive rate			4.38%

Debt - Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Finance Leases	$ 143,788	$ 117,099

Restructuring

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

In June 2024, the Company implemented a cost-reduction plan for certain centralized and redundant resources to be completed within a one-year period. During the year ended December 31, 2024, restructuring costs incurred under this plan included employee termination costs of $8.6 million. The following is a summary of the activity in the Company’s restructuring accruals for the year ended December 31, 2024:


	Year Ended December 31,
(in thousands)	2024
Beginning balance	$	—
Charges	8,559
Cash payments	(7,572)
Foreign currency translation	(34)
Ending balance	$	953

Debt - Schedule of Debt Discount Amortization (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 12,069
2026	11,065
2027	7,489
2028	3,454
2029	1,763
Thereafter	$ 1,759

Fair Value Measures - Narrative (Details) - Senior Notes - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
2025 Secured Notes
Business Acquisition [Line Items]
Unamortized debt issuance costs	$ 1.2	$ 3.8
2028 Secured Notes
Business Acquisition [Line Items]
Unamortized debt issuance costs	4.4	5.5
2029 Secured Notes
Business Acquisition [Line Items]
Unamortized debt issuance costs	7.5
2031 Secured Notes
Business Acquisition [Line Items]
Unamortized debt issuance costs	$ 5.7	$ 6.3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible assets subject to amortization:
Accumulated amortization	$ (123,704)	$ (85,199)
Finite-lived intangible assets	126,164
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	507,408	504,908
Impairment Loss	(132,540)	0	$ 0
Accumulated amortization	(123,704)	(85,199)
Net book value	251,164	419,709
Trade name – WillScot
Indefinite-lived intangible assets:
Gross carrying amount	$ 125,000	125,000
Trade name - Mobile Mini
Indefinite-lived intangible assets:
Gross carrying amount		$ 164,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	3 years 6 months	4 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 215,408	$ 214,408
Impairment Loss	0
Accumulated amortization	(113,415)	(84,324)
Finite-lived intangible assets	101,993	130,084
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (113,415)	$ (84,324)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	1 year 6 months	2 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Impairment Loss	0
Accumulated amortization	(1,125)	(875)
Finite-lived intangible assets	375	625
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (1,125)	$ (875)
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	2 years 8 months 12 days
Intangible assets subject to amortization:
Gross carrying amount	$ 165,500
Impairment Loss	(132,540)
Accumulated amortization	(9,164)
Finite-lived intangible assets	23,796
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (9,164)

Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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


(in thousands)	Balance Sheet Location	2024		2023
Cash Flow Hedges:
Interest rate swap	Prepaid expenses and other current assets	$	6,990	$	9,145
Interest rate swap	Other non-current assets	$	6,666	$	—
Interest rate swap	Other non-current liabilities	$	—	$	(4,595)

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

The following table discloses the impact of the interest rate swaps, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s statement of operations for the years ended December 31:


(in thousands)	2024		2023		2022
Gain recognized in OCI	$	29,256	$	15,901	$	4,669
Location of gain (loss) recognized in income	Interest expense, net		Interest expense, net		Interest expense, net
(Gain) loss reclassified from AOCI into income	$	(20,175)	$	(11,550)	$	4,530

The following table discloses the impact of the foreign currency contract, excluding the impact of income taxes, on the Company’s statement of operations for the years ended December 31:


(in thousands)	2023		2022
Loss recognized in income	$	7,715	$	930
Location of loss recognized in income	Currency losses, net		Currency losses, net

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 39,823	$ 43,071
Finished units	7,650	4,335
Inventories	$ 47,473	$ 47,406

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,395,718	$ 2,364,767	$ 2,142,623
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,011,086	953,822	840,926
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	356,873	396,781	361,197
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	397,640	391,948	343,625
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	74,276	91,384	75,942
Leasing
Disaggregation of Revenue [Line Items]
Total revenues	1,839,875	1,833,935	1,621,690
Leasing and Services
Disaggregation of Revenue [Line Items]
Total revenues	2,258,756	2,271,114	2,050,842
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	418,881	437,179	429,152
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	74,499	48,129	40,338
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	62,463	45,524	51,443
VAPS service revenue
Disaggregation of Revenue [Line Items]
Total revenues	35,200	23,900	25,300
US
Disaggregation of Revenue [Line Items]
Total revenues	2,243,545	2,219,561	1,998,796
Canada
Disaggregation of Revenue [Line Items]
Total revenues	125,154	120,123	125,536
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	$ 27,019	$ 25,083	$ 18,291

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	1

Summary of Significant Accounting Policies - Schedule of Rental Equipment (Details)	Dec. 31, 2024
VAPS and other related rental equipment
Property, Plant and Equipment [Line Items]
Residual Value	0.00%
Minimum \| Modular space units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Residual Value	0.00%
Minimum \| Portable storage units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Residual Value	20.00%
Minimum \| VAPS and other related rental equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	1 year
Maximum \| Modular space units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	30 years
Residual Value	55.00%
Maximum \| Portable storage units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	30 years
Residual Value	55.00%
Maximum \| VAPS and other related rental equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years

Discontinued Operations - Schedule of Income From Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 2,395,718	$ 2,364,767	$ 2,142,623
Costs of leasing and services:
Depreciation of rental equipment	302,143	265,733	256,719
Gross profit	1,301,839	1,333,870	1,135,482
Other operating expenses:
Selling, general and administrative	630,705	596,090	567,493
Other depreciation and amortization	82,829	72,921	62,380
Currency losses, net	593	6,754	886
Other expense (income), net	2,698	(15,354)	(6,673)
Operating income	263,915	673,459	511,482
Income tax expense from discontinued operations	0	45,468	35,725
Gain on sale of discontinued operations	0	176,078	35,456
Income from discontinued operations	0	134,613	63,199
Tank and Pump
Other operating expenses:
Gain on sale of discontinued operations		176,100
Discontinued Operations, Disposed of by Sale
Revenues:
Total revenues			201,565
Costs of leasing and services:
Depreciation of rental equipment			12,399
Gross profit			116,753
Other operating expenses:
Selling, general and administrative			39,840
Other depreciation and amortization			12,009
Currency losses, net			138
Other expense (income), net			(3)
Operating income			64,769
Interest expense, net			1,301
Income from discontinued operations before income tax			63,468
Income tax expense from discontinued operations			35,725
Income from discontinued operations			63,199
Discontinued Operations, Disposed of by Sale \| Tank and Pump
Revenues:
Total revenues			96,356
Costs of leasing and services:
Depreciation of rental equipment			8,145
Gross profit			49,152
Other operating expenses:
Selling, general and administrative			18,045
Other depreciation and amortization			6,103
Currency losses, net			0
Other expense (income), net			4
Operating income			25,000
Interest expense, net			512
Income from discontinued operations before income tax			24,488
Income tax expense from discontinued operations			843
Gain on sale of discontinued operations			35,456
Income from discontinued operations			59,101
Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Revenues:
Total revenues		8,694	105,209
Costs of leasing and services:
Depreciation of rental equipment			4,254
Gross profit		5,544	67,601
Other operating expenses:
Selling, general and administrative		1,486	21,795
Other depreciation and amortization			5,906
Currency losses, net			138
Other expense (income), net		(1)	(7)
Operating income		4,059	39,769
Interest expense, net		56	789
Income from discontinued operations before income tax		4,003	38,980
Income tax expense from discontinued operations		45,468	34,882
Gain on sale of discontinued operations		175,708	0
Income from discontinued operations		134,243	4,098
Leasing
Revenues:
Leasing	1,839,875	1,833,935	1,621,690
Total revenues	1,839,875	1,833,935	1,621,690
Costs of leasing and services:
Unit leasing	385,078	398,467	376,868
Leasing \| Discontinued Operations, Disposed of by Sale
Revenues:
Leasing			145,344
Costs of leasing and services:
Unit leasing			30,565
Leasing \| Discontinued Operations, Disposed of by Sale \| Tank and Pump
Revenues:
Leasing			65,572
Costs of leasing and services:
Unit leasing			13,828
Leasing \| Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Revenues:
Leasing		6,389	79,772
Costs of leasing and services:
Unit leasing		1,407	16,737
Delivery and installation \| Discontinued Operations, Disposed of by Sale
Revenues:
Revenues			50,541
Costs of leasing and services:
Cost of sales			38,152
Delivery and installation \| Discontinued Operations, Disposed of by Sale \| Tank and Pump
Revenues:
Revenues			27,665
Costs of leasing and services:
Cost of sales			23,285
Delivery and installation \| Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Revenues:
Revenues		1,802	22,876
Costs of leasing and services:
Cost of sales		1,213	14,867
New units
Revenues:
Revenues	74,499	48,129	40,338
Total revenues	74,499	48,129	40,338
Costs of leasing and services:
Cost of sales	45,554	26,439	24,011
New units \| Discontinued Operations, Disposed of by Sale
Revenues:
Revenues			3,308
Costs of leasing and services:
Cost of sales			2,374
New units \| Discontinued Operations, Disposed of by Sale \| Tank and Pump
Revenues:
Revenues			2,202
Costs of leasing and services:
Cost of sales			1,636
New units \| Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Revenues:
Revenues		54	1,106
Costs of leasing and services:
Cost of sales		38	738
Rental units
Revenues:
Revenues	62,463	45,524	51,443
Total revenues	62,463	45,524	51,443
Costs of leasing and services:
Cost of sales	$ 32,224	23,141	26,907
Rental units \| Discontinued Operations, Disposed of by Sale
Revenues:
Revenues			2,372
Costs of leasing and services:
Cost of sales			1,322
Rental units \| Discontinued Operations, Disposed of by Sale \| Tank and Pump
Revenues:
Revenues			917
Costs of leasing and services:
Cost of sales			310
Rental units \| Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Revenues:
Revenues		449	1,455
Costs of leasing and services:
Cost of sales		$ 492	$ 1,012

Restructuring - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring expected completion period	1 year
Restructuring costs		$ 8,559	$ 0	$ (86)

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Organization and Nature of Operations

WillScot Holdings Corporation (“WillScot” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative and flexible turnkey space solutions in the United States (“US”), Canada and Mexico. The Company leases, sells, delivers and installs modular space solutions and portable storage products through an integrated network of branch locations that spans North America.

On September 30, 2022, the Company completed the sale of its former Tank and Pump Solutions ("Tank and Pump") segment. On January 31, 2023, the Company completed the sale of its former United Kingdom Storage Solutions ("UK Storage Solutions") segment. The consolidated financial statements present the historical financial results of the former Tank and Pump and UK Storage Solutions segments as discontinued operations for all periods presented. See Note 3 for further discussion.

On July 29, 2024, the Company amended and restated its certificate of incorporation to effect a change of the Company’s name from “WillScot Mobile Mini Holdings Corp.” to “WillScot Holdings Corporation."

Basis of Presentation and Principles of Consolidation

The consolidated financial statements were prepared in conformity with accounting principles generally accepted in the US (“GAAP”). The consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest. 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 WillScot. All intercompany balances and transactions are eliminated in consolidation.

Reclassifications

Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.

Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents.

Trade Receivables and Allowance for Credit Losses

The Company is exposed to credit losses from trade receivables. The Company assesses each customer’s ability to pay for the products it leases or sells and the services it provides 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 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 established credit limits, contract terms, and due dates. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowance for credit losses reflects the estimate of the amount of receivables that the Company will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. This estimate is sensitive to changing circumstances. Accordingly, the Company may be required to increase or decrease its allowances in future periods in response to changing circumstances, including changes in the economy or in the particular circumstances of individual customers.

Specifically identifiable lease revenue receivables and sales receivables not deemed probable of collection are recorded as a reduction of revenue following the completion of collection efforts. The remaining provision for credit losses is recorded as selling, general and administrative expenses.

Activity in the allowance for credit losses for the years ended December 31 was as follows:


(in thousands)	2024		2023		2022
Balance at beginning of period	$	81,656	$	57,048	$	45,773
Provision for credit losses, net of recoveries	55,437		49,650		34,881

Write-offs recorded as a reduction to revenue	(35,025)		(25,182)		(23,705)
Foreign currency translation and other	(375)		140		99
Balance at end of period	$	101,693	$	81,656	$	57,048

The Company’s trade accounts receivable subject the Company to potential concentrations of credit risk. The Company performs on-going credit evaluations of its customers. Receivables related to sales are generally secured by the product sold to the customer. The Company generally has the right to repossess its rental units in the event of non-payment of receivables relating to the Company’s leasing operations.

Inventories

Inventories consist of raw materials and finished units for sale. Inventories are measured at the lower of cost or net realizable value based on the weighted-average cost. The cost includes expenditures incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing inventories to their existing location and condition.

Rental Equipment

Rental equipment is comprised of modular space and portable storage units held for rent or on rent to customers and Value-Added Products (“VAPS”) that are in use or available to be used by customers. Rental equipment is measured at cost less accumulated depreciation. Cost includes expenditures that are directly attributable to the acquisition of the asset. Costs of improvements and conversions of rental equipment are capitalized when such costs extend the useful life of the equipment. Costs incurred for equipment to meet a particular customer specification are either capitalized and depreciated over the lease term taking into consideration the residual value of the asset or charged to the customer at the beginning of the lease and expensed as incurred. Maintenance and repair costs are expensed as incurred.

Depreciation is computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	5 - 30 years	0 - 55%
Portable storage units	7 - 30 years	20 - 55%
VAPS and other related rental equipment	1 - 10 years	0%

Property, Plant and Equipment

Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses.

The Company capitalizes external costs and directly attributable internal costs to acquire or create internal use software incurred subsequent to the completion of the preliminary project stage. Costs associated with post-implementation activities are expensed as incurred.

Land is not depreciated. Leasehold improvements are amortized over the lease term. Assets leased under finance leases are depreciated over the shorter of the lease term or their useful life, unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Maintenance and repair costs are expensed as incurred.

Depreciation is computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			10 - 40 years
Vehicles, machinery, and equipment			3 - 30 years
Furniture and fixtures			3 - 10 years
Software			3 - 10 years

Impairment of Long-Lived Assets

When circumstances indicate the carrying amount of long-lived assets in a held-for-use asset group may not be recoverable, the Company evaluates the assets for potential impairment using internal projections of undiscounted cash flows resulting from the use and eventual disposal of the assets. Events or changes in circumstances that may necessitate a recoverability evaluation include, but are not limited to, adverse changes in the regulatory environment or an expectation it is more likely than not that the asset will be disposed of before the end of its previously estimated useful life. If the carrying amount of the assets exceeds the undiscounted cash flows, an impairment expense is recognized for the amount by which the carrying amount of the asset group exceeds its fair value (subject to the carrying amount not being reduced below fair value for any individual long-lived asset that is determinable without undue cost and effort).

Consistent with the provisions of Leases (Topic 842) ("ASC 842"), the Company assesses whether any operating lease asset impairment exists in accordance with the measurement guidance in Accounting Standard Codification ("ASC") 360, Property Plant and Equipment.

Cloud Computing Arrangements

The Company evaluates implementation costs incurred in a cloud computing arrangement that is a service contract under the internal-use software framework. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Costs incurred in the development stage are generally capitalized as other assets. Amortization expense is calculated on a straight-line basis over the contractual term of the cloud computing arrangement and recorded as selling, general and administrative expense.

Purchase Accounting

The Company records assets acquired and liabilities assumed at their respective estimated fair values on the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration transferred over the fair value of the identifiable net assets and is assigned to the Company's reporting units that are expected to benefit from the acquisition. When appropriate, our estimates of the fair values of assets and liabilities acquired include assistance from independent third-party valuation firms. Valuations are finalized as soon as practicable, but not later than one year from the acquisition date. Any subsequent changes to fair values assigned in purchase accounting result in a corresponding adjustment to goodwill. Transaction costs are expensed in the acquisition of a business.

Long-lived assets (principally rental equipment), goodwill and other intangible assets represent the largest components of our acquisitions. Rental equipment is valued utilizing a market approach or a replacement cost approach. Intangible assets are recognized at their estimated fair values as of the date of acquisition and generally consist of customer relationships and trade names. The Company exercises judgment in the determination of the estimated fair value of intangible assets acquired and their estimated useful lives. The estimated fair value and useful lives of customer relationships is determined based on estimates and judgments regarding discounted future after-tax earnings and cash flows arising from customer relationships. The fair value of trade name intangible assets is determined utilizing the relief-from-royalty method. A royalty rate based on observed market royalties is applied to projected revenue supporting the trade name and discounted to present value.

Acquisitions of assets and liabilities that do not meet the definition of a business are accounted for as asset acquisitions. An asset acquisition is accounted for by allocating the cost of the acquisition to the individual assets acquired and liabilities assumed on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Transaction costs are considered a component of the cost of an asset acquisition.

Evaluation of Goodwill Impairment

The Company performs its annual impairment test of goodwill at the reporting unit level as of October 1, as well as during any reporting period in which events or changes in circumstances occur that, in management’s judgment, may constitute triggering events. The Company performs its assessment of goodwill utilizing either a qualitative or quantitative impairment test. The qualitative impairment test assesses company-specific, industry, market and general economic factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or elects not to use the qualitative impairment test, a quantitative impairment test is performed. The quantitative impairment test involves a comparison of the estimated fair value of a reporting unit to its carrying amount. The Company estimates the fair value of a reporting unit by using a discounted cash flow model that calculates fair value as the present value of expected cash flows of the reporting units.

Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, value of net operating losses, future economic and market conditions and determination of appropriate market comparables. Management bases fair value estimates on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from these estimates.

If the carrying amount of the reporting unit exceeds the calculated fair value of the reporting unit, an impairment charge would be recognized for the excess of carrying value over fair value, not to exceed the amount of goodwill attributable to that reporting unit.

Intangible Assets Other than Goodwill

Intangible assets that are acquired by the Company and determined to have an indefinite useful life are not amortized but are tested for impairment at least annually. After determining the Mobile Mini trade name was no longer indefinite-lived and recording an impairment during the year ended December 31, 2024, the Company’s only remaining indefinite-lived intangible asset is the WillScot trade name. The Company performs its assessment of indefinite-lived intangible assets utilizing either a qualitative or quantitative impairment test. When utilizing a quantitative impairment test, the Company calculates fair value using a relief-from-royalty method. This method is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. If the

carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge would be recorded to the extent the recorded indefinite-lived intangible asset exceeds the fair value.

Other intangible assets that have finite useful lives are measured at cost less accumulated amortization and impairment losses, if any. Amortization is recognized in profit or loss over the estimated useful lives of the intangible asset.

Retirement Benefit Obligation

The Company provides benefits to certain of its employees under defined contribution benefit plans. The Company’s contributions to these plans are generally based on a percentage of employee compensation or employee contributions. These plans are funded on a current basis. For its US and Canada employees, the Company sponsors defined contribution benefit plans that have discretionary matching contribution and profit-sharing features. For the years ended December 31, 2024, 2023 and 2022, the Company made matching contributions of $15.1 million, $14.1 million and $13.8 million to these plans, respectively.

Stock-Based Compensation

On June 24, 2020, WillScot's stockholders approved the WillScot 2020 Incentive Award Plan ("2020 Incentive Plan") and, as a result, all subsequent incentive awards are granted under the 2020 Incentive Plan. The 2020 Incentive Plan is administered by the Compensation Committee. Under the 2020 Incentive Plan, the Compensation 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"). 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'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.

RSAs cliff vest in a one year period. Time-Based RSUs vest ratably over a period of four years. Certain Performance-Based RSUs cliff vest based on achievement of the relative total stockholder return ("TSR") of the Company's Common Stock as compared to the TSR of the constituents in the S&P MidCap 400 Index at the grant date over the performance period of three years. The target number of RSUs may be adjusted from 0% to 200% based on the TSR attainment levels defined by the 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 at or above the 85% percentile). Vesting is also subject to continued service requirements through the vesting date.

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

Stock options vest in tranches over a period of four years and expire ten years from the grant date. The fair value of each stock option award on the grant date is estimated using the Black-Scholes option-pricing model with the following assumptions: expected dividend yield, expected stock price volatility, weighted-average risk-free interest rate and weighted-average expected term of the options. The volatility assumption used in the Black-Scholes option-pricing model was based on a blend of peer group volatility and Company trading history as the Company did not have a sufficient trading history as a stand-alone public company to rely exclusively on its own trading history. Future calculations may use the Company trading history. Additionally, due to an insufficient history with respect to stock option activity and post-vesting cancellations, the expected term assumption was based on the simplified method under GAAP, which is based on the vesting period and contractual term for each tranche of awards. The mid-point between the weighted-average vesting term and the expiration date is used as the expected term under this method. The risk-free interest rate used in the Black-Scholes model is based on the implied US Treasury bill yield curve at the date of grant with a remaining term equal to the Company’s expected term assumption. As of December 31, 2024, WillScot had not declared or paid a cash dividend on common shares.

Foreign Currency Translation and Transactions

The Company’s reporting currency is the US Dollar (“USD”). Exchange rate adjustments resulting from foreign currency transactions are recognized in profit or loss, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive loss, which is a component of shareholders’ equity.

The assets and liabilities of subsidiaries whose functional currency is different from the USD are translated into USD at exchange rates at the reporting date and income and expenses are translated using average exchange rates for the respective period.

Exchange rate adjustments resulting from transactions in foreign currencies (currencies other than the Company entities’ functional currencies) are remeasured to the respective functional currencies using exchange rates at the dates of the transactions and are recognized in currency (gains) losses on the consolidated statements of operations.

Foreign exchange gains and losses arising from a receivable or payable to a consolidated Company entity, the settlement of which is neither planned nor anticipated in the foreseeable future, are considered to form part of a net investment in the Company entity and are included within accumulated other comprehensive loss.

Derivative Instruments and Hedging Activities

The Company utilizes derivative financial instruments to manage its exposure to fluctuations in interest rates on variable rate debt and currency exchange rates. The Company does not use derivatives for trading or speculative purposes.

The Company records derivatives on the balance sheet at fair value within prepaid expenses and other current assets and other non-current assets (if in an unrealized gain position) or within accrued liabilities and other non-current liabilities (if in an unrealized loss position). If a derivative is designated as a cash flow hedge and meets the highly effective threshold, the changes in the fair value of derivatives are recorded in accumulated other comprehensive loss. Amounts reported in accumulated other comprehensive loss related to the cash flow hedges are reclassified to earnings when the hedged item impacts earnings. For any derivative instruments not designated as hedging instruments, changes in fair value would be recognized in earnings in the period that the change occurs. The Company assesses, both at the inception of the hedge and on an ongoing quarterly basis, whether the derivatives designated as cash flow hedges are highly effective in offsetting the changes in cash flows of the hedged items. In the consolidated statements of cash flows, cash inflows and outflows related to derivative instruments are presented based on the underlying nature of the hedged items.

The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions.

Revenue Recognition

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of revenue is generated by rental income subject to the guidance in ASC 842. The remaining revenue is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606").

Leasing Revenue

Income from operating leases is recognized on a straight-line basis over the lease term. The Company's lease arrangements can include multiple lease and non-lease components. Examples of lease components include, but are not limited to, the lease of modular space and portable storage units and VAPS. Examples of non-lease components include, but are not limited to, the delivery, installation, and removal services commonly provided in a bundled transaction with the lease components. Arrangement consideration is allocated between lease components and non-lease components based on the relative estimated selling (leasing) price of each deliverable. Selling (leasing) price of the lease component is estimated using an adjusted market approach whereby the Company estimates the price that customers in the market would be willing to pay.

When leases and services are billed in advance, recognition of revenue is deferred until services are rendered. If equipment is returned prior to the contractually obligated period, the excess, if any, between the amount the customer is contractually required to pay over the cumulative amount of revenue recognized to date is recognized as incremental revenue upon return.

Rental equipment is leased under operating leases. Rental contracts with customers are generally based on a 28‑day or monthly rate and billing cycle. Operating lease minimum contractual terms generally range from 1 month to 60 months and leases are customarily renewable on a month-to-month basis after their initial term. Operating lease minimum contractual terms for modular space products, excluding ground level offices, averaged approximately 10 months for the year ended December 31, 2024. The rental continues until cancelled by the Company or the customer.

Services Revenue

The Company generally has three non-lease service-related performance obligations in its contracts with customers:

•Delivery and installation of the modular or portable storage unit;

•Other ad hoc services performed during the lease term; and

•Removal services that occur at the end of the lease term.

Consideration is allocated to each of these performance obligations within the contract based upon their estimated relative standalone selling prices using an adjusted market approach. Revenue from these activities is recognized as the services are performed.

Sales Revenue

Sales revenue is generated by the sale of new and rental units. Revenue from the sale of new and rental units is generally recognized at a point in time upon the transfer of control to the customer, which occurs when the unit is delivered and installed in accordance with the contract. Sales transactions constitute a single performance obligation.

Other Matters

The Company's non-lease revenues do not include material amounts of variable consideration, other than the variability for service arrangements expected to be performed beyond a twelve-month period.

The Company's payment terms vary by the type and location of its customer and the product or services offered. The time between invoicing and when payment is due is not significant. While the Company may bill certain customers in advance, its contracts do not contain a significant financing component based on the short length of time between upfront billings and the performance of contracted services. For certain products, services, or customer types, the Company requires payment before the products or services are delivered to the customer. At December 31, 2024, current deferred revenue and customer deposits included deferred revenue of $249.0 million and customer deposits of $1.8 million, respectively. At December 31, 2023, current deferred revenue and customer deposits included deferred revenue of $222.5 million and customer deposits of $2.0 million, respectively.

Revenue is recognized net of sales tax billed to customers, which is subsequently remitted to governmental authorities.

Leases as Lessee

The Company leases real estate for certain of its branch offices, administrative offices, rental equipment storage properties, vehicles and equipment, and administrative operations. The Company determines if an arrangement is or contains a lease at inception. Leases are classified as either finance or operating at inception of the lease, with classification affecting the pattern of expense recognition in the statement of operations. Short-term leases, defined as leases with an initial term of 12 months or less, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight-line basis over the lease term.

The Company has leases that contain both lease and non-lease components and has elected, as an accounting policy, to not separate lease components and non-lease components. Right of use ("ROU") assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The lease liability is calculated as the present value of the remaining minimum rental payments for existing leases using either the rate implicit in the lease or, if none exists, the Company's incremental borrowing rate, as the discount rate. The Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments for those leases where the implicit rate is not known. The Company's incremental borrowing rate is a hypothetical rate based on its understanding of what would be the Company's secured credit rating. Variable lease payments are expensed in the period in which the obligation for those payments is incurred. Variable lease payments include payments for common area maintenance, real estate taxes, management fees and insurance.

Many of the Company’s real estate lease agreements include one or more options to extend the lease, which are not included in the minimum lease terms unless the Company is reasonably certain it will exercise the option. Additionally, the Company’s leases do not generally include options to terminate the lease prior to the end of the lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Advertising and Promotion

Advertising and promotion costs, which are expensed as incurred, were $15.9 million, $10.5 million and $8.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Shipping Costs

The Company includes costs to deliver rental equipment to customers, whether performed by third-parties or by internal employees, in costs of leasing and services and cost of sales.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company records deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent results of operations. Valuation allowances are recorded to reduce the deferred tax assets to an amount that will more likely than not be realized. When a valuation allowance is established or there is an increase in an allowance in a reporting period, tax expense is generally recorded in the Company’s consolidated statement of operations. Conversely, to the extent circumstances indicate that a valuation allowance is no longer necessary, that portion of the valuation allowance is reversed, which generally reduces the Company’s income tax expense.

Deferred tax liabilities are recognized for the income taxes on the undistributed earnings of wholly-owned foreign subsidiaries unless such earnings are indefinitely reinvested, or will only be repatriated when possible to do so at minimal

additional tax cost. Income tax relating to items recognized directly in equity is recognized in equity and not in profit (loss) for the year.

In accordance with applicable authoritative guidance, the Company accounts for uncertain income tax positions using a benefit recognition model with a two-step approach; a more-likely-than-not recognition criterion; and a measurement approach that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit of the tax position will be sustained on its technical merits, no benefit is recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. The Company classifies interest on tax deficiencies and income tax penalties within income tax expense.

The Company accounts for any impacts of the Global Intangible Low-Taxed Income ("GILTI") in the period in which they are incurred.

Fair Value Measurements

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The inputs are prioritized into three levels that may be used to measure fair value. See further discussion of the levels in Note 15.

Warrants

The Company accounted for warrants as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreements. In periods subsequent to issuance, warrants classified as liabilities were subject to remeasurement at each balance sheet date and transaction date with changes in the estimated fair values of the common stock warrant liabilities and gains and losses on extinguishment of common stock warrant liabilities reported in the consolidated statements of operations. Effective November 29, 2022, no warrants were outstanding.

Recently Issued and Adopted Accounting Standards

Recently Issued Accounting Standards

ASU 2023-09. Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. The ASU also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its income tax disclosures.

ASU 2024-03. Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued Accounting Standards Update No. 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

Recently Adopted Accounting Standards

ASU 2023-07. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued Accounting Standards Update No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands the breadth and frequency of segment disclosures, requiring disclosure of (i) significant segment expenses, (ii) other segment items, (iii) the chief operating decision maker's title and position, (iv) how the chief operating decision maker uses the reported measures of a segment's profit or loss and (v) interim disclosure of all segment profit, loss and asset disclosures currently required annually. ASU 2023-07 clarifies that a public entity may report one or more measures of segment profit or loss and requires that single reportable segment entities provide all required segment disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 as of December 31, 2024. Refer to Note 18 - Segment Reporting.

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Provision for credit losses, net of recoveries	$ 20.4	$ 23.4	$ 10.4
Deferred revenue for removal services for lease transactions and advance billings for sale transactions	139.4	124.1
Recognition of previously deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 72.7	$ 67.6	$ 47.2
Accounts Receivable \| Credit Concentration Risk \| No Single Customer
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	1.70%	1.00%
Accounts Receivable \| Credit Concentration Risk \| Top Five Customers
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	5.20%	4.30%
Leasing revenue \| Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	75.00%	77.00%	75.00%

Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Equity

Preferred Stock

WillScot's certificate of incorporation authorizes the issuance of 1,000,000 shares of Preferred Stock with a par value of $0.0001 per share. As of December 31, 2024 and 2023, the Company had zero shares of Preferred Stock issued and outstanding.

Common Stock

WillScot's certificate of incorporation authorizes the issuance of 500,000,000 shares of Common Stock with a par value of $0.0001 per share. The Company had 183,564,899 shares of Common Stock issued and outstanding as of December 31, 2024. The outstanding shares of the Company's Common Stock are duly authorized, validly issued, fully paid and non-assessable.

In connection with stock compensation vesting and stock option exercises described in Note 16, and the warrant exercises described in Note 12, the Company issued 731,210, 549,272 and 3,847,905 shares of Common Stock during the years ended December 31, 2024, 2023 and 2022, respectively.

Stock Repurchase Program

In September 2024, the Board of Directors approved a reset of the share repurchase program authorizing the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and the timing and exact amount of any repurchases will depend on various factors, including market pricing, business, legal, accounting, and other considerations. The Company may repurchase its shares in open market transactions 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 will be conducted subject to the covenants in the agreements governing indebtedness.

During the year ended December 31, 2024, the Company repurchased 7,133,446 shares of Common Stock for $270.4 million, excluding excise tax. During the year ended December 31, 2023, the Company repurchased 18,533,819 shares of Common Stock and stock equivalents for $810.8 million, excluding excise tax. As of December 31, 2024, $821.8 million of the authorization for future repurchases of our common stock remained available.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss ("AOCI"), net of tax, for the years ended December 31, 2024, 2023 and 2022, were as follows:


(in thousands)	Foreign Currency Translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)
Other comprehensive loss before reclassifications	(44,548)		(1,033)		(45,581)
Reclassifications from AOCI to income (a)	—		4,530		4,530
Balance at December 31, 2022	(70,122)		—		(70,122)
Other comprehensive income before reclassifications	14,091		14,813		28,904
Reclassifications from AOCI to income (a)	—		(11,550)		(11,550)
Balance at December 31, 2023	(56,031)		3,263		(52,768)
Other comprehensive (loss) income before reclassifications	(24,689)		27,005		2,316
Reclassifications from AOCI to income (a)	—		(20,175)		(20,175)
Balance at December 31, 2024	$	(80,720)	$	10,093	$	(70,627)

Warrants

In connection with the acquisition of Modular Space Holdings, Inc. ("ModSpace") in 2018, the Company issued warrants to purchase approximately 10.0 million shares of its Common Stock (the "2018 Warrants") to former shareholders of ModSpace. Each 2018 Warrant entitled the holder to purchase one share of Common Stock at an exercise price of $15.50 per share, subject to potential adjustment. The 2018 Warrants expired on November 29, 2022.

The Company accounted for 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. Subsequent to June 30, 2020, the 2018 Warrants were equity classified through their expiration in November 2022.

During the year ended December 31, 2022, 33,965 of the 2018 Warrants were repurchased for $0.6 million and cancelled. In addition, during the year ended December 31, 2022, 4,011,665 of the 2018 Warrants were exercised on a cashless basis, resulting in the issuance of 2,590,940 shares of Common Stock. The remaining 32,543 of the 2018 Warrants expired on November 29, 2022. Effective November 29, 2022, no 2018 Warrants were outstanding.

- Definition

The entire disclosure for equity.

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+ Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 28,129	$ 476,457	$ 339,540
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of income tax expense (benefit) of $0 for the years ended December 31, 2024, 2023 and 2022, respectively	(24,689)	14,091	(44,548)
Net gain on derivatives, net of income tax expense of $2,251, $1,088 and $1,171 for the years ended December 31, 2024, 2023 and 2022, respectively	6,830	3,263	3,497
Total other comprehensive (loss) income	(17,859)	17,354	(41,051)
Total comprehensive income	$ 10,270	$ 493,811	$ 298,489

- Definition

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

+ References + Details

- Definition

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

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+ Details

Debt - Asset Backed Lending Facility (Details) - Line of Credit - USD ($)		12 Months Ended
	Jun. 30, 2022	Dec. 31, 2024	Dec. 31, 2023
Revolving Credit Facility \| ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility	$ 3,700,000,000	$ 3,200,000,000
Credit spread	0.10%
Commitment fee	0.20%
Weighted-average interest rate for borrowings		5.33%
Available borrowing capacity		$ 1,600,000,000
Letters of credit amount outstanding		20,600,000
Outstanding principal borrowings on the credit facility		1,600,000,000
Debt issuance costs		19,000,000	$ 26,800,000
Revolving Credit Facility \| ABL Facility \| SOFR And Canadian BA Rate
Line of Credit Facility [Line Items]
Applicable margin	1.50%
Revolving Credit Facility \| ABL Facility \| Base Rate And Canadian BA Rate
Line of Credit Facility [Line Items]
Applicable margin	0.50%
Debt instrument, variable rate, step down percentage	0.25%
Debt instrument, variable rate, step up percentage	0.25%
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 - US Facility
Line of Credit Facility [Line Items]
Line of credit facility	$ 3,300,000,000
Available borrowing capacity		1,400,000,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 - Multicurrency Facility
Line of Credit Facility [Line Items]
Line of credit facility	400,000,000
Lenders commitment aggregate amount	$ 750,000,000
Available borrowing capacity		183,100,000
Letter of Credit \| ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility		$ 220,000,000
Commitment fee		1.625%
Available borrowing capacity		$ 199,400,000
Swingline Loans \| ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility		220,000,000
Available borrowing capacity		$ 219,300,000

Fair Value Measures

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measures

The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company utilizes the following accounting guidance for the three levels of inputs that may be used to measure fair value:


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

The Company has assessed that the fair values of cash and short-term deposits, marketable securities, trade receivables, trade payables, and other current liabilities approximate their carrying amounts. The Company's nonfinancial assets, which are measured at fair value on a nonrecurring basis, include rental equipment, property, plant and equipment, goodwill, intangible assets and certain other assets. Based on the borrowing rates currently available for bank loans with similar terms and average maturities, the fair values of finance leases at December 31, 2024 and December 31, 2023 approximate their respective book values. The carrying value of the ABL Facility, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of current market rates.

The fair values of the 2025 Secured Notes, the 2028 Secured Notes, the 2029 Secured Notes, and the 2031 Secured Notes are based on their last trading price at the end of each period obtained from a third party. The following table shows the carrying amounts and fair values of these financial liabilities measured using Level 2 inputs:


	December 31, 2024				December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

2025 Secured Notes	$	525,283	$	527,269	$	522,735	$	527,021
2028 Secured Notes	495,582		477,170		494,500		474,285
2029 Secured Notes	492,467		506,235		—		—
2031 Secured Notes	494,329		514,310		493,709		528,075
Total	$	2,007,661	$	2,024,984	$	1,510,944	$	1,529,381

As of December 31, 2024, the carrying values of the 2025 Secured Notes, the 2028 Secured Notes, the 2029 Secured Notes, and the 2031 Secured Notes included $1.2 million, $4.4 million, $7.5 million, and $5.7 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. As of December 31, 2023, the carrying values of the 2025 Secured Notes, the 2028 Secured Notes, and the 2031 Secured notes included $3.8 million, $5.5 million, and $6.3 million, respectively, of unamortized debt issuance costs which were presented as a direct reduction of the corresponding liability. The location and the fair value of derivative assets and liabilities in the consolidated balance sheet are disclosed in Note 14.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 2,395,718	$ 2,364,767	$ 2,142,623
Costs:
Depreciation of rental equipment	302,143	265,733	256,719
Gross profit	1,301,839	1,333,870	1,135,482
Other operating expenses:
Selling, general and administrative	630,705	596,090	567,493
Other depreciation and amortization	82,829	72,921	62,380
Termination fee	180,000	0	0
Impairment loss on intangible asset	132,540	0	0
Restructuring costs	8,559	0	(86)
Currency losses, net	593	6,754	886
Other expense (income), net	2,698	(15,354)	(6,673)
Operating income	263,915	673,459	511,482
Interest expense, net	227,311	205,040	146,278
Income from continuing operations before income tax	36,604	468,419	365,204
Income tax expense from continuing operations	8,475	126,575	88,863
Income from continuing operations	28,129	341,844	276,341
Discontinued operations:
Income from discontinued operations before income tax	0	4,003	63,468
Gain on sale of discontinued operations	0	176,078	35,456
Income tax expense from discontinued operations	0	45,468	35,725
Income from discontinued operations	0	134,613	63,199
Net income	$ 28,129	$ 476,457	$ 339,540
Earnings per share from continuing operations:
Basic (in USD per share)	$ 0.15	$ 1.72	$ 1.27
Diluted (in USD per share)	0.15	1.69	1.25
Earnings per share from discontinued operations:
Basic (in USD per share)	0	0.68	0.30
Diluted (in USD per share)	0	0.67	0.28
Earnings per share:
Basic (in USD per share)	0.15	2.40	1.57
Diluted (in USD per share)	$ 0.15	$ 2.36	$ 1.53
Weighted average shares:
Basic (in shares)	188,101,693	198,554,885	216,808,577
Diluted (in shares)	190,292,256	201,849,836	221,399,162
Leasing
Revenues:
Leasing	$ 1,839,875	$ 1,833,935	$ 1,621,690
Total revenues	1,839,875	1,833,935	1,621,690
Costs:
Leasing	385,078	398,467	376,868
Delivery revenue
Revenues:
Revenues	418,881	437,179	429,152
Total revenues	418,881	437,179	429,152
Costs:
Cost of sales	328,880	317,117	322,636
New units
Revenues:
Revenues	74,499	48,129	40,338
Total revenues	74,499	48,129	40,338
Costs:
Cost of sales	45,554	26,439	24,011
Rental units
Revenues:
Revenues	62,463	45,524	51,443
Total revenues	62,463	45,524	51,443
Costs:
Cost of sales	$ 32,224	$ 23,141	$ 26,907

Rental Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Rental Equipment, net

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2024		2023
Modular space units	$	3,658,086	$	3,541,451
Portable storage units	1,070,025		1,009,059
Value-added products	220,205		204,933
Total rental equipment	4,948,316		4,755,443
Less: accumulated depreciation	(1,570,377)		(1,374,128)
Rental equipment, net	$	3,377,939	$	3,381,315

The Company had rental equipment in the following geographic areas at December 31:


(in thousands)	2024		2023
US	$	4,532,692	$	4,311,256
Canada	374,446		396,127
Mexico	41,178		48,060
Total rental equipment	4,948,316		4,755,443
Less: accumulated depreciation	(1,570,377)		(1,374,128)
Rental equipment, net	$	3,377,939	$	3,381,315

Property, Plant and Equipment, net

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2024		2023
Land, buildings, and leasehold improvements	$	184,475	$	178,117
Vehicles and equipment	272,587		233,793
Office furniture, fixtures and software	119,622		109,460
Total property, plant and equipment	576,684		521,370
Less: accumulated depreciation	(213,611)		(180,483)
Property, plant and equipment, net	$	363,073	$	340,887

Depreciation expense related to property, plant and equipment was $44.3 million, $47.1 million, and $38.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. The depreciation expense for these assets was presented in other depreciation and amortization in the consolidated statements of operations. As of December 31, 2024 and 2023, the gross cost of property, plant and equipment assets under finance leases was $177.6 million and $133.3 million, respectively, with related accumulated depreciation of $52.5 million and $40.8 million, respectively.

Business Combination and Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) regionalStorageAndModularCompany coldStorageUnit modularUnit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 1,201,353	$ 1,176,635	$ 1,011,429
Asset acquisition, number of companies acquired \| regionalStorageAndModularCompany	3
Rental equipment, net	$ 3,377,939	3,381,315
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses, gross	84,500
Rental equipment, net	$ 80,700
Cold Storage Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired (approximately) \| coldStorageUnit	600
Modular Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired (approximately) \| modularUnit	800
RentaFence.com
Business Acquisition [Line Items]
Cash acquired from acquisition	$ 36,800
Goodwill	25,300
Intangibles assets	2,500
Rental equipment acquired	8,800
Mobile Mini Inc and Other Asset Acquisitions
Business Acquisition [Line Items]
Integration costs	7,500	$ 10,400	$ 15,500
McGrath RentCorp
Business Acquisition [Line Items]
Termination fee payment	180,000
Transaction costs	$ 42,400

Revenue - Schedule of Future Commited Modular Leasing Revenues (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
2025	$ 368,440
2026	125,376
2027	45,784
2028	18,164
2029	4,705
Thereafter	3,602
Total	$ 566,071

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Activity

Changes in the carrying amount of goodwill were as follows:


(in thousands)	Total
Balance at December 31, 2022	$	1,011,429
Additions from acquisitions	164,502
Effects of movements in foreign exchange rates	704
Balance at December 31, 2023	1,176,635
Additions from acquisitions	26,948
Effects of movements in foreign exchange rates	(2,230)
Balance at December 31, 2024	$	1,201,353

Schedule of Finite Lived Intangible Assets

Intangible assets other than goodwill at December 31, consisted of the following:


	December 31, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Impairment Loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.5	$	215,408	$	—	$	(113,415)	$	101,993
Technology	1.5	1,500		—		(1,125)		375
Trade names	2.7	165,500		(132,540)		(9,164)		23,796
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	507,408	$	(132,540)	$	(123,704)	$	251,164


	December 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.5	$	214,408	$	(84,324)	$	130,084
Technology	2.5	1,500		(875)		625
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	504,908	$	(85,199)	$	419,709

Schedule of Indefinite Lived Intangible Assets

Intangible assets other than goodwill at December 31, consisted of the following:


	December 31, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Impairment Loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.5	$	215,408	$	—	$	(113,415)	$	101,993
Technology	1.5	1,500		—		(1,125)		375
Trade names	2.7	165,500		(132,540)		(9,164)		23,796
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	507,408	$	(132,540)	$	(123,704)	$	251,164


	December 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.5	$	214,408	$	(84,324)	$	130,084
Technology	2.5	1,500		(875)		625
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	504,908	$	(85,199)	$	419,709

Schedule of Finite-Lived Intangible Assets Amortization Expense

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


(in thousands)	Amortization Expense
2025	$	43,438
2026	37,093
2027	30,463
2028	14,920
2029	250

Total	$	126,164

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Derivatives - Schedule of Impact of Interest Rate Swap and Foreign currency contract on Other Comprehensive Income, AOCI, and Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	$ 29,256	$ 15,901	$ 4,669
Interest rate swap \| Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) loss reclassified from AOCI into income	$ (20,175)	(11,550)	4,530
Foreign Currency Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI		$ 7,715	$ 930

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits – January 1,	$ 43,134	$ 43,627	$ 44,314
Decrease from expiration of statute of limitations	16,624	493	687
Unrecognized tax benefits – December 31,	26,510	43,134	43,627
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease from expiration of statute of limitations	16,624	$ 493	$ 687
Presentational Adjustments with no Balance Sheet Impact
Unrecognized Tax Benefits [Roll Forward]
Decrease from expiration of statute of limitations	15,800
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease from expiration of statute of limitations	$ 15,800

Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Nov. 30, 2024
Leases [Abstract]
Lease not yet commenced minimum lease payments	$ 48.7	$ 20.0
Lease not yet commenced, term	12 years

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The carrying value of debt outstanding at December 31 consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	2024		2023
2025 Secured Notes	6.125%	2025	$	525,283	$	522,735
ABL Facility	Varies	2027	1,556,651		1,929,259
2028 Secured Notes	4.625%	2028	495,582		494,500
2029 Secured Notes	6.625%	2029	492,467		—
2031 Secured Notes	7.375%	2031	494,329		493,709
Finance Leases	Varies	Varies	143,788		117,099
Total debt			3,708,100		3,557,302
Less: current portion of long-term debt			24,598		18,786
Total long-term debt			$	3,683,502	$	3,538,516

Schedule of Maturities of Debt and Lease Obligation

Maturities of debt, including finance leases, during the years subsequent to December 31, 2024 are as follows:


(in thousands)
2025	$	558,506
2026	30,488
2027	1,602,901
2028	529,735
2029	521,858
Thereafter	525,306
Total	$	3,768,794

Schedule of Amortization of Deferred Debt Issuance Costs

These debt costs are amortized and included as part of interest expense over the remaining contractual terms of those debt instruments for each of the next five years as follows:


(in thousands)	Debt issuance cost amortization
2025	$	12,069
2026	$	11,065
2027	$	7,489
2028	$	3,454
2029	$	1,763
Thereafter	$	1,759

Schedule of Debt Redemption

2025 Secured Notes


Year	Redemption Price
June 15, 2024 and thereafter	100.000	%

2028 Secured Notes


Year	Redemption Price
August 15, 2024	101.156	%
August 15, 2025 and thereafter	100.000	%

The table below depicts the redemption prices (expressed as percentages of the principal amount) of the

notes if redeemed during the twelve-month period commencing on the dates below, plus accrued and unpaid interest, if any, to but not including the date of redemption.


Year	Redemption Price
June 15, 2026	103.313	%
June 15, 2027	101.656	%
June 15, 2028 and thereafter	100.000	%

The table below depicts the redemption prices (expressed as percentages of the principal amount) of the notes if redeemed during the twelve-month period commencing on the dates below, plus accrued and unpaid interest, if any, to but not including the date of redemption.


Year	Redemption Price
October 1, 2026	103.688	%
October 1, 2027	101.844	%
October 1, 2028 and thereafter	100.000	%

- 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
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2024	Feb. 13, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37552
Entity Registrant Name	WILLSCOT HOLDINGS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3430194
Entity Address, Address Line One	4646 E Van Buren St.
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85008
City Area Code	480
Local Phone Number	894-6311
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	WSC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 6.9
Entity Common Stock, Shares Outstanding		183,575,055
Documents Incorporated by Reference	The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant's definitive proxy statement for the 2025 annual meeting of stockholders, which definitive proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001647088

Derivatives

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Interest Rate Swaps

In January 2024, the Company entered into two interest rate swap agreements with financial counterparties relating to $500.0 million in aggregate notional amount of variable-rate debt under the ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a fixed interest rate of 3.70% on the notional amount. The swap agreements terminate on June 30, 2027.

In January 2023, the Company entered into two interest rate swap agreements with financial counterparties relating to $750.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a fixed interest rate of 3.44% on the notional amount. The swap agreements terminate on June 30, 2027.

In 2018, the Company entered into an interest rate swap agreement with a financial counterparty relating to $400.0 million in aggregate notional amount of variable-rate debt under the ABL Facility. Under the terms of the agreement, the Company received a floating rate equal to one-month LIBOR and made payments based on a fixed interest rate of 3.06% on the notional amount. The swap agreement terminated on May 29, 2022.

The swap agreements were designated and qualified as hedges of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility. At December 31, 2024, the floating rate that the Company received under the terms of these swap agreements was 4.34% for the swap agreements entered in January 2023 and 4.38% for the swap agreements entered in January 2024.

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


(in thousands)	Balance Sheet Location	2024		2023
Cash Flow Hedges:
Interest rate swap	Prepaid expenses and other current assets	$	6,990	$	9,145
Interest rate swap	Other non-current assets	$	6,666	$	—
Interest rate swap	Other non-current liabilities	$	—	$	(4,595)

The fair value of the interest rate swaps was based on dealer quotes of market forward rates, a Level 2 input on the fair value hierarchy, and reflected the amount that the Company would receive or pay for contracts involving the same attributes and maturity dates.


(in thousands)	2024		2023		2022
Gain recognized in OCI	$	29,256	$	15,901	$	4,669
Location of gain (loss) recognized in income	Interest expense, net		Interest expense, net		Interest expense, net
(Gain) loss reclassified from AOCI into income	$	(20,175)	$	(11,550)	$	4,530

Over the next twelve months, the Company expects to reclassify $6.8 million, net of tax, from accumulated other comprehensive income into the consolidated statement of operations within interest expense related to the interest rate swaps.

Foreign Currency Contract

In December 2022, the Company executed a contingent forward contract to sell £330.0 million upon the closing of the sale of the former UK Storage Solutions segment at a price ranging from 1.20550 to 1.20440 USD to British Pounds Sterling. The price was dependent upon the date of the closing of the sale. This contract, which was to expire on September 11, 2023, mitigated the foreign currency risk of the USD relative to the British Pound Sterling prior to the closing of the sale of the former UK Storage Solutions segment. This contract did not qualify for hedge accounting and was revalued at fair value at the reporting date with unrealized gains and losses reflected in the Company's results of operations. Upon the closing of the sale of the UK Storage Solutions segment on January 31, 2023, the Company settled the contingent forward contract and received cash at an exchange rate of 1.205 USD to British Pounds Sterling.

The following table discloses the impact of the foreign currency contract, excluding the impact of income taxes, on the Company’s statement of operations for the years ended December 31:


(in thousands)	2023		2022
Loss recognized in income	$	7,715	$	930
Location of loss recognized in income	Currency losses, net		Currency losses, net

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Operating Lease Maturities

As of December 31, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating Leases		Finance Leases
2025	$	73,817	$	32,006
2026	66,773		30,488
2027	54,144		27,253
2028	41,901		29,735
2029	25,572		21,858
Thereafter	49,285		25,306
Total lease payments	311,492		166,646
Less: interest	(44,239)		(22,858)
Present value of lease liabilities	$	267,253	$	143,788

Schedule of Finance Lease Maturities

As of December 31, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating Leases		Finance Leases
2025	$	73,817	$	32,006
2026	66,773		30,488
2027	54,144		27,253
2028	41,901		29,735
2029	25,572		21,858
Thereafter	49,285		25,306
Total lease payments	311,492		166,646
Less: interest	(44,239)		(22,858)
Present value of lease liabilities	$	267,253	$	143,788

Schedule of Lease Activity

The Company’s lease activity during the years ended December 31, 2024, 2023, and 2022 was as follows:


	Years Ended December 31,
Components of lease expense (in thousands)	2024		2023		2022
Finance Lease Expense
Amortization of finance lease assets	$	14,159	$	16,945	$	13,900
Interest on obligations under finance leases	6,350		3,777		1,899
Total finance lease expense	$	20,509	$	20,722	$	15,799

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	1,101	$	1,396	$	2,797
Selling, general and administrative	80,199		67,374		60,017

Short-term lease expense
Cost of leasing and services	28,758		26,010		32,947
Selling, general and administrative	2,071		1,789		1,792

Variable lease expense
Cost of leasing and services	762		2,109		5,388
Selling, general and administrative	10,925		8,380		7,289

Total operating lease expense	$	123,816	$	107,058	$	110,230

Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023, and 2022 was as follows:


	Years Ended December 31,
Supplemental Cash Flow Information (in thousands)	2024		2023		2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	81,046	$	68,889	$	61,418
Operating cash outflows from finance leases	$	6,087	$	3,715	$	1,895
Financing cash outflows from finance leases	$	19,429	$	16,510	$	15,159

Right of use assets obtained in exchange for lease obligations	$	92,343	$	95,897	$	55,005
Assets obtained in exchange for finance leases	$	46,253	$	58,737	$	29,803

Schedule of 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 December 31 were as follows:


Lease Terms and Discount Rates	2024		2023
Weighted-average remaining lease term - operating leases	5.1 years		5.4 years
Weighted-average discount rate - operating leases	5.8	%	5.9	%
Weighted-average remaining lease term - finance leases	4.8 years		5.0 years
Weighted-average discount rate - finance leases	5.1	%	4.8	%

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations		$ 0	$ 176,078	$ 35,456
Tank and Pump
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on working capital adjustment	$ 400
Gain on sale of discontinued operations			176,100
Discontinued Operations, Disposed of by Sale \| Tank and Pump
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business consideration amount					$ 321,900
Gain on sale of discontinued operations				35,456
Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business consideration amount	$ 418,100
Gain on sale of discontinued operations			$ 175,708	$ 0

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes the Company's RSA activity during the years ended December 31, 2024, 2023 and 2022:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2021	36,176	$	29.30
Granted	35,244	$	37.17

Vested	(36,176)	$	29.30
Balance December 31, 2022	35,244	$	37.17
Granted	28,946	$	44.44

Vested	(35,244)	$	37.17
Balance December 31, 2023	28,946	$	44.44
Granted	36,346	$	38.11

Vested	(28,946)	$	44.44
Balance December 31, 2024	36,346	$	38.11

Schedule of Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity during the years ended December 31, 2024, 2023 and 2022:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2021	997,451	$	18.54
Granted	377,804	$	35.40
Forfeited	(106,570)	$	31.35
Vested	(478,906)	$	16.42
Balance December 31, 2022	789,779	$	26.16
Granted	213,388	$	50.74
Forfeited	(61,848)	$	36.75
Vested	(322,483)	$	21.38
Balance December 31, 2023	618,836	$	36.07
Granted	273,524	$	48.68
Forfeited	(45,544)	$	46.58
Vested	(270,164)	$	30.41
Balance December 31, 2024	576,652	$	43.87

The following table summarizes the Company's Performance-Based RSU award activity during the years ended December 31, 2024 and 2023 and 2022:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2021	1,536,394	$	26.34
Granted	745,079	$	42.34
Forfeited	(74,071)	$	41.66
Vested	(313,152)	$	16.45
Balance December 31, 2022	1,894,250	$	33.67
Granted	376,826	$	69.52
Forfeited	(37,451)	$	47.52
Vested	(293,934)	$	16.34
Balance December 31, 2023	1,939,691	$	42.95
Granted	295,833	$	66.60
Forfeited	(62,074)	$	63.46
Vested	(404,990)	$	39.30
Balance December 31, 2024	1,768,460	$	47.02

Schedule of Stock Option Awards

The following table summarizes the Company's stock option activity during the years ended December 31, 2024, 2023 and 2022:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance at December 31, 2021	534,188	$	13.60	1,527,643	$	14.66

Exercised	—	$	—	(663,367)	$	16.93
Balance at December 31, 2022	534,188	$	13.60	864,276	$	12.91

Exercised	—	$	—	(35,030)	$	14.21
Balance at December 31, 2023	534,188	$	13.60	829,246	$	12.86

Exercised	—	$	—	(14,357)	$	17.59
Balance at December 31, 2024	534,188	$	13.60	814,889	$	12.77

Fully vested and exercisable options, December 31, 2024	534,188	$	13.60	814,889	$	12.77

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing net income attributable to WillScot common shareholders 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 are included in EPS based on the weighted average number of days in which they were outstanding during the period.

Diluted EPS is computed similarly to basic EPS, except that it includes the potential dilution that could occur if dilutive securities were exercised. Effects of potentially dilutive securities are presented only in periods in which they are dilutive.

The following table reconciles income from continuing operations attributable to WillScot common shareholders to net income attributable to common shareholders for the dilutive EPS calculation and the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation for the years ended December 31:


(in thousands)	2024		2023		2022
Numerator:
Income from continuing operations	$	28,129	$	341,844	$	276,341
Income from discontinued operations	—		134,613		63,199
Net income	$	28,129	$	476,457	$	339,540

Denominator:
Weighted average Common Shares outstanding - basic	188,102		198,555		216,809
Dilutive effect of outstanding securities:
Warrants	—		—		1,605
RSAs	15		15		18
Time-Based RSUs	152		274		401
Performance-Based RSUs	1,112		2,040		1,471
Stock Options	911		966		1,095
Weighted average Common Shares outstanding - dilutive	190,292		201,850		221,399

The following potential common shares were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


(in thousands)	2024	2023	2022


Time-based RSUs	235	106	—
Performance-based RSUs	645	277	591

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in USD per share)	$ 0	$ 0	$ 0
Options outstanding, intrinsic value	$ 27.5
Options exercisable, intrinsic value	27.5
Options exercised, intrinsic value	0.4	$ 1.1	$ 16.0
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	1.3	1.3	1.2
Unrecognized compensation expense for non-option awards	$ 0.7
Weighted average remaining vesting period	6 months
Share-based compensation vested in period, fair value	$ 1.1	1.6	1.3
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	10.2	8.1	8.2
Unrecognized compensation expense for non-option awards	$ 15.1
Weighted average remaining vesting period	2 years 1 month 6 days
Share-based compensation vested in period, fair value	$ 12.4	16.2	18.0
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	24.5	24.9	20.2
Unrecognized compensation expense for non-option awards	$ 25.3
Weighted average remaining vesting period	1 year
Share-based compensation vested in period, fair value	$ 36.3	$ 15.0	11.9
WillScot Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense			$ 0.2
Weighted average remaining contractual term	3 years 2 months 12 days
Converted Mobile Mini Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term	2 years 10 months 24 days

Income Taxes - Schedule of Income Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Loss Carryforward	$ 475,445
Deferred Tax	75,312	$ 99,676
US - Federal
Operating Loss Carryforwards [Line Items]
Loss Carryforward	105,115
Deferred Tax, US - Capital Loss	44,742
Deferred Tax	22,074
US - Federal \| Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
US - Capital Loss	180,000
US - Capital Loss
Operating Loss Carryforwards [Line Items]
Loss Carryforward	190,330
Deferred Tax	$ 8,496

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements were prepared in conformity with accounting principles generally accepted in the US (“GAAP”).

Principles of Consolidation

The consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest. 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 WillScot. All intercompany balances and transactions are eliminated in consolidation.

Reclassifications

Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.

Accounting Estimates

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents.

Trade Receivables and Allowance for Credit Losses

Concentration of Credit Risk

Inventories

Rental Equipment and Property, Plant and Equipment

Depreciation is computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	5 - 30 years	0 - 55%
Portable storage units	7 - 30 years	20 - 55%
VAPS and other related rental equipment	1 - 10 years	0%

Property, Plant and Equipment

Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses.

Depreciation is computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			10 - 40 years
Vehicles, machinery, and equipment			3 - 30 years
Furniture and fixtures			3 - 10 years
Software			3 - 10 years

Impairment of Long-Lived Assets

Cloud Computing Arrangements

Purchase Accounting

Evaluation of Goodwill Impairment

Intangible Assets Other than Goodwill

Retirement Benefit Obligation

Stock-Based Compensation

Foreign Currency Translation and Transactions

Derivative Instruments and Hedging Activities

Revenue Recognition and Shipping Costs

Leasing Revenue

Services Revenue

The Company generally has three non-lease service-related performance obligations in its contracts with customers:

•Delivery and installation of the modular or portable storage unit;

•Other ad hoc services performed during the lease term; and

•Removal services that occur at the end of the lease term.

Sales Revenue

Other Matters

The Company's non-lease revenues do not include material amounts of variable consideration, other than the variability for service arrangements expected to be performed beyond a twelve-month period.

Revenue is recognized net of sales tax billed to customers, which is subsequently remitted to governmental authorities.

The Company includes costs to deliver rental equipment to customers, whether performed by third-parties or by internal employees, in costs of leasing and services and cost of sales.

Leases as Lessee

Advertising and Promotion

Advertising and promotion costs, which are expensed as incurred

Income Taxes

additional tax cost. Income tax relating to items recognized directly in equity is recognized in equity and not in profit (loss) for the year.

The Company accounts for any impacts of the Global Intangible Low-Taxed Income ("GILTI") in the period in which they are incurred.

Fair Value Measurements

Warrants

Recently Issued Accounting Standards

ASU 2023-09. Income Taxes (Topic 740): Improvements to Income Tax Disclosures

ASU 2024-03. Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Recently Adopted Accounting Standards

ASU 2023-07. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,261,250	$ 1,565,300	$ 1,996,763
Other comprehensive (loss) income before reclassifications	2,316	28,904	(45,581)
Reclassifications from AOCI to income	20,175	11,550	(4,530)
Ending balance	1,018,593	1,261,250	1,565,300
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(52,768)	(70,122)	(29,071)
Ending balance	(70,627)	(52,768)	(70,122)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(56,031)	(70,122)	(25,574)
Other comprehensive (loss) income before reclassifications	(24,689)	14,091	(44,548)
Reclassifications from AOCI to income	0	0	0
Ending balance	(80,720)	(56,031)	(70,122)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3,263	0	(3,497)
Other comprehensive (loss) income before reclassifications	27,005	14,813	(1,033)
Reclassifications from AOCI to income	20,175	11,550	(4,530)
Ending balance	10,093	3,263	0
Unrealized losses on hedging activities \| Interest rate swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications from AOCI to income	(20,200)	(11,600)	4,500
Tax expense (benefit) from reclassification from AOCI to income	$ 5,000	$ 2,900	$ (1,100)

- Definition

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

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-Section S99
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-Subparagraph (SX 210.5-02(29))
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+ Details

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		223,940,000
Beginning balance at Dec. 31, 2021	$ 1,996,763	$ 22	$ 3,616,902	$ (29,071)	$ (1,591,090)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	339,540				339,540
Other comprehensive (loss) income	$ (41,051)			(41,051)
Common stock-based award activity (in shares)	3,847,905	594,000
Common stock-based award activity	$ 29,613		29,613
Repurchase and cancellation of Common Stock and warrants (in shares)		(19,836,000)
Repurchase and cancellation of Common Stock and warrants	(756,908)	$ (2)	(756,906)
Issuance of common stock from the exercise of options and warrants (in shares)		3,254,000
Issuance of Common Stock from the exercise of options and warrants	11,231	$ 1	11,230
Withholding taxes on net share settlement of stock-based compensation	(13,888)		(13,888)
Ending balance (in shares) at Dec. 31, 2022		207,952,000
Ending balance at Dec. 31, 2022	1,565,300	$ 21	2,886,951	(70,122)	(1,251,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	476,457				476,457
Other comprehensive (loss) income	$ 17,354			17,354
Common stock-based award activity (in shares)	549,272	514,000
Common stock-based award activity	$ 34,486		34,486
Repurchase and cancellation of Common Stock and warrants (in shares)		(18,534,000)
Repurchase and cancellation of Common Stock and warrants	(818,674)	$ (1)	(818,673)
Issuance of common stock from the exercise of options and warrants (in shares)		35,000
Issuance of Common Stock from the exercise of options and warrants	498		498
Withholding taxes on net share settlement of stock-based compensation	$ (14,171)		(14,171)
Ending balance (in shares) at Dec. 31, 2023	189,967,135	189,967,000
Ending balance at Dec. 31, 2023	$ 1,261,250	$ 20	2,089,091	(52,768)	(775,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,129				28,129
Other comprehensive (loss) income	$ (17,859)			(17,859)
Common stock-based award activity (in shares)	731,210	717,000
Common stock-based award activity	$ 35,966		35,966
Repurchase and cancellation of Common Stock and warrants (in shares)		(7,133,000)
Repurchase and cancellation of Common Stock and warrants	(272,728)	$ (1)	(272,727)
Issuance of common stock from the exercise of options and warrants (in shares)		14,000
Issuance of Common Stock from the exercise of options and warrants	253		253
Withholding taxes on net share settlement of stock-based compensation	$ (16,418)		(16,418)
Ending balance (in shares) at Dec. 31, 2024	183,564,899	183,565,000
Ending balance at Dec. 31, 2024	$ 1,018,593	$ 19	$ 1,836,165	$ (70,627)	$ (746,964)

Earnings Per Share - Schedule of Anti-dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Time-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	235	106	0
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	645	277	591

Debt - 2031 and 2029 Secured Notes (Details) - Senior Notes	12 Months Ended
	Dec. 31, 2024
100% of Principal \| 2031 Secured Notes
Debt Instrument [Line Items]
Redemption Price	100.00%
100% of Principal \| 2029 Secured Notes
Debt Instrument [Line Items]
Redemption Price	100.00%
40% of Principal \| 2031 Secured Notes
Debt Instrument [Line Items]
Redemption Price	107.375%
Redemption percentage of aggregate principal amount	40.00%
40% of Principal \| 2029 Secured Notes
Debt Instrument [Line Items]
Redemption Price	106.625%
Redemption percentage of aggregate principal amount	40.00%
10% of Principal \| 2031 Secured Notes
Debt Instrument [Line Items]
Redemption Price	103.00%
Redemption percentage of aggregate principal amount	10.00%
10% of Principal \| 2029 Secured Notes
Debt Instrument [Line Items]
Redemption Price	103.00%
Redemption percentage of aggregate principal amount	10.00%

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

Rental Equipment, net

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2024		2023
Modular space units	$	3,658,086	$	3,541,451
Portable storage units	1,070,025		1,009,059
Value-added products	220,205		204,933
Total rental equipment	4,948,316		4,755,443
Less: accumulated depreciation	(1,570,377)		(1,374,128)
Rental equipment, net	$	3,377,939	$	3,381,315

The Company had rental equipment in the following geographic areas at December 31:


(in thousands)	2024		2023
US	$	4,532,692	$	4,311,256
Canada	374,446		396,127
Mexico	41,178		48,060
Total rental equipment	4,948,316		4,755,443
Less: accumulated depreciation	(1,570,377)		(1,374,128)
Rental equipment, net	$	3,377,939	$	3,381,315

Property, Plant and Equipment, net

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2024		2023
Land, buildings, and leasehold improvements	$	184,475	$	178,117
Vehicles and equipment	272,587		233,793
Office furniture, fixtures and software	119,622		109,460
Total property, plant and equipment	576,684		521,370
Less: accumulated depreciation	(213,611)		(180,483)
Property, plant and equipment, net	$	363,073	$	340,887

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill were as follows:


(in thousands)	Total
Balance at December 31, 2022	$	1,011,429
Additions from acquisitions	164,502
Effects of movements in foreign exchange rates	704
Balance at December 31, 2023	1,176,635
Additions from acquisitions	26,948
Effects of movements in foreign exchange rates	(2,230)
Balance at December 31, 2024	$	1,201,353

The Company conducted its annual impairment test of goodwill as of October 1, 2024 and determined that there was no impairment of goodwill identified. Accumulated historical goodwill impairment losses were $792.8 million prior to Double Eagle Acquisition Corporation's acquisition of Williams Scotsman International, Inc. in 2017. There were no goodwill impairments recorded for the years ended December 31, 2024, 2023 and 2022.

Intangible Assets

Intangible assets other than goodwill at December 31, consisted of the following:


	December 31, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Impairment Loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.5	$	215,408	$	—	$	(113,415)	$	101,993
Technology	1.5	1,500		—		(1,125)		375
Trade names	2.7	165,500		(132,540)		(9,164)		23,796
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	507,408	$	(132,540)	$	(123,704)	$	251,164


	December 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.5	$	214,408	$	(84,324)	$	130,084
Technology	2.5	1,500		(875)		625
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	504,908	$	(85,199)	$	419,709

For the years ended December 31, 2024, 2023 and 2022, the aggregate amount recorded to depreciation and amortization expense for intangible assets subject to amortization was $38.5 million, $25.8 million and $23.8 million, respectively.

In the second quarter of 2024, the Company determined that a review of the carrying value of the Mobile Mini trade name was necessary based on the Company's plan to rebrand under a single WillScot brand name and discontinue the use of the Mobile Mini trade name. As of June 30, 2024, the Mobile Mini trade name was tested for impairment using the relief from royalty valuation method. The estimate of fair value included a discount rate of 9%, an unobservable input (Level 3). After determining the estimated fair value, the Company recorded an impairment charge of $132.5 million during the year ended December 31, 2024. This non-cash charge was recorded to impairment loss on intangible asset on the consolidated statement of operations. After the impairment charge, the remaining net book value of the Mobile Mini trade name was $31.5 million, which is being amortized over the remaining useful life of the asset.

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


(in thousands)	Amortization Expense
2025	$	43,438
2026	37,093
2027	30,463
2028	14,920
2029	250

Total	$	126,164

Property, Plant and Equipment, net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 576,684	$ 521,370
Less: accumulated depreciation	(213,611)	(180,483)
Property, plant and equipment, net	363,073	340,887
Land, buildings, and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	184,475	178,117
Vehicles and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	272,587	233,793
Office furniture, fixtures and software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 119,622	$ 109,460

Leases - Schedule of Lease Terms and Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term - operating leases	5 years 1 month 6 days	5 years 4 months 24 days
Weighted-average discount rate - operating leases	5.80%	5.90%
Weighted-average remaining lease term - finance leases	4 years 9 months 18 days	5 years
Weighted-average discount rate - finance leases	5.10%	4.80%

Rental Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 4,948,316	$ 4,755,443
Less: accumulated depreciation	(1,570,377)	(1,374,128)
Rental equipment, net	3,377,939	3,381,315
US
Property, Plant and Equipment [Line Items]
Total rental equipment	4,532,692	4,311,256
Canada
Property, Plant and Equipment [Line Items]
Total rental equipment	374,446	396,127
Mexico
Property, Plant and Equipment [Line Items]
Total rental equipment	41,178	48,060
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,658,086	3,541,451
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	1,070,025	1,009,059
Value-added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 220,205	$ 204,933

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2024	Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Rental equipment purchase obligation	$ 48.7	$ 20.0

Warrants

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Warrants

Equity

Preferred Stock

Common Stock

Stock Repurchase Program

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss ("AOCI"), net of tax, for the years ended December 31, 2024, 2023 and 2022, were as follows:


(in thousands)	Foreign Currency Translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)
Other comprehensive loss before reclassifications	(44,548)		(1,033)		(45,581)
Reclassifications from AOCI to income (a)	—		4,530		4,530
Balance at December 31, 2022	(70,122)		—		(70,122)
Other comprehensive income before reclassifications	14,091		14,813		28,904
Reclassifications from AOCI to income (a)	—		(11,550)		(11,550)
Balance at December 31, 2023	(56,031)		3,263		(52,768)
Other comprehensive (loss) income before reclassifications	(24,689)		27,005		2,316
Reclassifications from AOCI to income (a)	—		(20,175)		(20,175)
Balance at December 31, 2024	$	(80,720)	$	10,093	$	(70,627)

Warrants

- Definition

The entire disclosure for equity.

+ References

+ Details

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

As of December 31, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating Leases		Finance Leases
2025	$	73,817	$	32,006
2026	66,773		30,488
2027	54,144		27,253
2028	41,901		29,735
2029	25,572		21,858
Thereafter	49,285		25,306
Total lease payments	311,492		166,646
Less: interest	(44,239)		(22,858)
Present value of lease liabilities	$	267,253	$	143,788

Lease liabilities as of December 31, 2024 excluded $48.7 million of minimum lease payments related to a lease arrangement that was legally binding but had not yet commenced. The lease is estimated to commence in fiscal year 2025 with an initial lease term of 12 years.

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

The Company’s lease activity during the years ended December 31, 2024, 2023, and 2022 was as follows:


	Years Ended December 31,
Components of lease expense (in thousands)	2024		2023		2022
Finance Lease Expense
Amortization of finance lease assets	$	14,159	$	16,945	$	13,900
Interest on obligations under finance leases	6,350		3,777		1,899
Total finance lease expense	$	20,509	$	20,722	$	15,799

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	1,101	$	1,396	$	2,797
Selling, general and administrative	80,199		67,374		60,017

Short-term lease expense
Cost of leasing and services	28,758		26,010		32,947
Selling, general and administrative	2,071		1,789		1,792

Variable lease expense
Cost of leasing and services	762		2,109		5,388
Selling, general and administrative	10,925		8,380		7,289

Total operating lease expense	$	123,816	$	107,058	$	110,230

Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023, and 2022 was as follows:


	Years Ended December 31,
Supplemental Cash Flow Information (in thousands)	2024		2023		2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	81,046	$	68,889	$	61,418
Operating cash outflows from finance leases	$	6,087	$	3,715	$	1,895
Financing cash outflows from finance leases	$	19,429	$	16,510	$	15,159

Right of use assets obtained in exchange for lease obligations	$	92,343	$	95,897	$	55,005
Assets obtained in exchange for finance leases	$	46,253	$	58,737	$	29,803

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


Lease Terms and Discount Rates	2024		2023
Weighted-average remaining lease term - operating leases	5.1 years		5.4 years
Weighted-average discount rate - operating leases	5.8	%	5.9	%
Weighted-average remaining lease term - finance leases	4.8 years		5.0 years
Weighted-average discount rate - finance leases	5.1	%	4.8	%

Leases

As of December 31, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating Leases		Finance Leases
2025	$	73,817	$	32,006
2026	66,773		30,488
2027	54,144		27,253
2028	41,901		29,735
2029	25,572		21,858
Thereafter	49,285		25,306
Total lease payments	311,492		166,646
Less: interest	(44,239)		(22,858)
Present value of lease liabilities	$	267,253	$	143,788

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

The Company’s lease activity during the years ended December 31, 2024, 2023, and 2022 was as follows:


	Years Ended December 31,
Components of lease expense (in thousands)	2024		2023		2022
Finance Lease Expense
Amortization of finance lease assets	$	14,159	$	16,945	$	13,900
Interest on obligations under finance leases	6,350		3,777		1,899
Total finance lease expense	$	20,509	$	20,722	$	15,799

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	1,101	$	1,396	$	2,797
Selling, general and administrative	80,199		67,374		60,017

Short-term lease expense
Cost of leasing and services	28,758		26,010		32,947
Selling, general and administrative	2,071		1,789		1,792

Variable lease expense
Cost of leasing and services	762		2,109		5,388
Selling, general and administrative	10,925		8,380		7,289

Total operating lease expense	$	123,816	$	107,058	$	110,230

Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023, and 2022 was as follows:


	Years Ended December 31,
Supplemental Cash Flow Information (in thousands)	2024		2023		2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	81,046	$	68,889	$	61,418
Operating cash outflows from finance leases	$	6,087	$	3,715	$	1,895
Financing cash outflows from finance leases	$	19,429	$	16,510	$	15,159

Right of use assets obtained in exchange for lease obligations	$	92,343	$	95,897	$	55,005
Assets obtained in exchange for finance leases	$	46,253	$	58,737	$	29,803

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


Lease Terms and Discount Rates	2024		2023
Weighted-average remaining lease term - operating leases	5.1 years		5.4 years
Weighted-average discount rate - operating leases	5.8	%	5.9	%
Weighted-average remaining lease term - finance leases	4.8 years		5.0 years
Weighted-average discount rate - finance leases	5.1	%	4.8	%

Debt - Senior Secured Notes (Details) - USD ($)			12 Months Ended
Debt - Senior Secured Notes (Details) - USD ($)	Jun. 28, 2024	Sep. 25, 2023	Dec. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Aug. 25, 2020	Jun. 15, 2020
2029 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount	$ 500,000,000					$ 500,000,000
Interest rate	6.625%			6.625%		4.625%
Debt issuance costs				$ 7,500,000
2025 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount							$ 650,000,000
Interest rate				6.125%			6.125%
Repayments of debt			$ 123,500,000
Debt issuance costs				$ 1,200,000	$ 3,800,000
Outstanding principal borrowings on the credit facility				$ 526,500,000
2028 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate				4.625%
Debt issuance costs				$ 4,400,000	5,500,000
2031 Secured Notes \| Line of Credit
Debt Instrument [Line Items]
Debt issuance costs				$ 5,700,000
2031 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount		$ 500,000,000
Interest rate		7.375%		7.375%
Debt issuance costs				$ 5,700,000	6,300,000
ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Repayments of outstanding indebtedness		$ 494,000,000
Revolving Credit Facility \| ABL Facility \| Line of Credit
Debt Instrument [Line Items]
Debt issuance costs				19,000,000	$ 26,800,000
Outstanding principal borrowings on the credit facility				$ 1,600,000,000
Repayments of outstanding indebtedness	$ 495,000,000

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information regarding significant expense categories for the years ended December 31, 2024, 2023, and 2022, respectively.


	Year Ended December 31,
(in thousands)	2024		2023		2022
Revenues:
Leasing and services revenue:
Unit leasing and other rental-related	$	1,442,235	$	1,441,987	$	1,278,065
VAPS and third party leasing	397,640		391,948		343,625
Delivery revenue	224,371		273,598		267,320
Installation revenue	194,510		163,581		161,832
Sales revenue:
New units	74,499		48,129		40,338
Rental units	62,463		45,524		51,443
Total revenues	2,395,718		2,364,767		2,142,623

Less:(a)
Costs of leasing and services:
Unit leasing	316,422		328,124		311,441
VAPS and third party leasing	68,656		70,343		65,427
Delivery	176,551		185,639		194,821
Installation	152,329		131,478		127,815
Costs of sales:
New units	45,554		26,439		24,011
Rental units	32,224		23,141		26,907
Employee SG&A expense(b)	247,886		257,327		268,136
Other segment items(c)	292,936		280,811		240,191
Adjusted EBITDA from continuing operations	$	1,063,160	$	1,061,465	$	883,874

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(b) Employee SG&A expense consists of salaries and wages, bonus, commissions, payroll taxes, and employee benefits.

(c) Other segment items consist of service agreements and professional fees, real estate and occupancy costs, travel, bad debt expense, marketing and advertising, taxes, and other miscellaneous expenses.

The following tables present a reconciliation of the Company’s Income from continuing operations to Adjusted EBITDA for the years ended December 31, 2024, 2023, and 2022, respectively:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Income from continuing operations	$	28,129	$	341,844	$	276,341
Income tax expense from continuing operations	8,475		126,575		88,863
Depreciation and amortization	384,972		338,654		319,099
Interest expense, net	227,311		205,040		146,278
Impairment loss on intangible asset	132,540		—		—
Restructuring costs, lease impairment expense and other related charges	9,435		22		168
Currency losses, net	593		6,754		886
Transaction costs	651		2,259		25
Integration costs	7,521		10,366		15,484
Impairment loss on long-lived asset	374		—		—
Stock compensation expense	35,966		34,486		29,613
Termination fee	180,000		—		—
Other(a)	47,193		(4,535)		7,117
Adjusted EBITDA from continuing operations	$	1,063,160	$	1,061,465	$	883,874

(a) Includes $42.4 million in legal and professional fees related to the terminated McGrath transaction for the year ended December 31, 2024.

Debt - Schedule of Carrying Value of Debt Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 28, 2024	Dec. 31, 2023	Sep. 25, 2023	Aug. 25, 2020	Jun. 15, 2020
Debt Instrument [Line Items]
Finance Leases	$ 143,788		$ 117,099
Total debt	3,708,100		3,557,302
Less: current portion of long-term debt	24,598		18,786
Total long-term debt	$ 3,683,502		$ 3,538,516
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total long-term debt		Total long-term debt
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%					6.125%
Debt	$ 525,283		$ 522,735
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Debt	$ 495,582		494,500
Senior Notes \| 2029 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.625%	6.625%			4.625%
Debt	$ 492,467		0
Senior Notes \| 2031 Secured Notes
Debt Instrument [Line Items]
Interest rate	7.375%			7.375%
Debt	$ 494,329		493,709
Line of Credit \| ABL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt	$ 1,556,651		$ 1,929,259

Summary of Significant Accounting Policies - Schedule of Activity in Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 81,656	$ 57,048	$ 45,773
Provision for credit losses, net of recoveries	55,437	49,650	34,881
Write-offs recorded as a reduction to revenue	(35,025)	(25,182)	(23,705)
Foreign currency translation and other	(375)	140	99
Balance at end of period	$ 101,693	$ 81,656	$ 57,048

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Disaggregation

Geographic Areas

The Company had total revenue in the following geographic areas for the years ended December 31, as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
US	$	2,243,545	$	2,219,561	$	1,998,796
Canada	125,154		120,123		125,536
Mexico	27,019		25,083		18,291
Total revenues	$	2,395,718	$	2,364,767	$	2,142,623

Major Product and Service Lines

Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes turnkey space solutions along with VAPS, which include workstations, furniture, appliances, media packages, power and solar solutions, telematics, connectivity and data solutions, security and protection products, entrance packages, electrical and lighting products, organization and space optimization assets, perimeter solutions, 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, removal, and other ad hoc services.

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


	Years Ended December 31,
(in thousands)	2024		2023		2022
Modular space leasing revenue(a)	$	1,011,086	$	953,822	$	840,926
Portable storage leasing revenue	356,873		396,781		361,197
VAPS and third party leasing revenues(b)	397,640		391,948		343,625
Other leasing-related revenue(c)	74,276		91,384		75,942
Leasing revenue	1,839,875		1,833,935		1,621,690
Delivery and installation revenue	418,881		437,179		429,152
Total leasing and services revenue	2,258,756		2,271,114		2,050,842
New unit sales revenue	74,499		48,129		40,338
Rental unit sales revenue	62,463		45,524		51,443
Total revenues	$	2,395,718	$	2,364,767	$	2,142,623

(a) Includes revenue from clearspan structures.

(b) Includes $35.2 million, $23.9 million, and $25.3 million of service revenue for the years ended December 31, 2024, 2023 and 2022, respectively.

(c) Includes primarily damage billings, delinquent payment charges, other processing fees, and is partially offset by provisions for specific uncollectible receivables.

Leasing and Services Revenue

The majority of revenue (75%, 77%, and 75% for the years ended December 31, 2024, 2023 and 2022, respectively) is generated by lease income subject to the guidance of ASC 842. The remaining revenue is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606.

At December 31, 2024 and for the years ended December 31, 2025 through 2029 and thereafter, future committed leasing revenues under non-cancelable operating leases with the Company’s customers, excluding revenue from delivery and installation and potential lease extensions, were as follows:


(in thousands)	Operating Leases
2025	$	368,440
2026	125,376
2027	45,784
2028	18,164
2029	4,705
Thereafter	3,602
Total	$	566,071

Receivables

The Company manages credit risk associated with its accounts receivables at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues.

Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end markets. No single customer accounted for more than 1.7% and 1.0% of the Company’s receivables at December 31, 2024 and 2023, respectively. The Company's top five customers with the largest open receivables balances represented 5.2% and 4.3% of the total receivables balance as of December 31, 2024 and 2023, respectively. The Company manages credit risk through credit approvals, credit limits, and other monitoring procedures.

The Company's allowance for credit losses reflects its estimate of the amount of receivables that it will be unable to collect. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimates reflect changing circumstances, and the Company may be required to increase or decrease its allowance. During the years ended December 31, 2024, 2023 and 2022, the Company recognized bad debt expense to reflect changes in the allowance for credit losses of $20.4 million, $23.4 million, and $10.4 million, respectively, within SG&A expense in its consolidated statements of operations.

Contract Assets and Liabilities

When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. As of December 31, 2024 and 2023, the Company had approximately $139.4 million and $124.1 million, respectively, of deferred revenue related to service revenue billed in advance. During the years ended December 31, 2024, 2023 and 2022, $72.7 million, $67.6 million and $47.2 million, respectively, of deferred revenue related to service revenue billed in advance was recognized as revenue.

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

The Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the market rate in place at the time those services are provided, and therefore, the Company is applying the optional exemption to omit disclosure of such amounts.

The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year. As a result, the Company has applied the practical expedient for incremental costs of obtaining a sales contract and expenses commissions as incurred.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

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

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

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

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

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

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

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

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

+ Details

Leases - Schedule of Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 73,817
2026	66,773
2027	54,144
2028	41,901
2029	25,572
Thereafter	49,285
Total lease payments	311,492
Less: interest	(44,239)
Present value of lease liabilities	267,253
Finance Leases
2025	32,006
2026	30,488
2027	27,253
2028	29,735
2029	21,858
Thereafter	25,306
Total lease payments	166,646
Less: interest	(22,858)
Present value of lease liabilities	$ 143,788	$ 117,099
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term debt

Stock-Based Compensation - Schedule of Performance-Based RSU Award Activity (Details) - Performance-Based RSUs - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning Balance (in shares)	1,939,691	1,894,250	1,536,394
Granted (in shares)	295,833	376,826	745,079
Forfeited (in shares)	(62,074)	(37,451)	(74,071)
Vested (in shares)	(404,990)	(293,934)	(313,152)
Ending Balance (in shares)	1,768,460	1,939,691	1,894,250
Weighted-Average Grant Date Fair Value
Beginning Balance (in USD per share)	$ 42.95	$ 33.67	$ 26.34
Granted (in USD per share)	66.60	69.52	42.34
Forfeited (in USD per share)	63.46	47.52	41.66
Vested (in USD per share)	39.30	16.34	16.45
Ending Balance (in USD per share)	$ 47.02	$ 42.95	$ 33.67

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Restricted Stock Awards

The following table summarizes the Company's RSA activity during the years ended December 31, 2024, 2023 and 2022:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2021	36,176	$	29.30
Granted	35,244	$	37.17

Vested	(36,176)	$	29.30
Balance December 31, 2022	35,244	$	37.17
Granted	28,946	$	44.44

Vested	(35,244)	$	37.17
Balance December 31, 2023	28,946	$	44.44
Granted	36,346	$	38.11

Vested	(28,946)	$	44.44
Balance December 31, 2024	36,346	$	38.11

Compensation expense for RSAs recognized in SG&A expense in the consolidated statements of operations was $1.3 million, $1.3 million, and $1.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024, unrecognized compensation cost related to RSAs totaled $0.7 million and was expected to be recognized over the remaining weighted average vesting period of 0.5 years. The total fair value of RSA's vested in 2024, 2023, and 2022 was $1.1 million, $1.6 million, and $1.3 million, respectively.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity during the years ended December 31, 2024, 2023 and 2022:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2021	997,451	$	18.54
Granted	377,804	$	35.40
Forfeited	(106,570)	$	31.35
Vested	(478,906)	$	16.42
Balance December 31, 2022	789,779	$	26.16
Granted	213,388	$	50.74
Forfeited	(61,848)	$	36.75
Vested	(322,483)	$	21.38
Balance December 31, 2023	618,836	$	36.07
Granted	273,524	$	48.68
Forfeited	(45,544)	$	46.58
Vested	(270,164)	$	30.41
Balance December 31, 2024	576,652	$	43.87

Compensation expense for Time-Based RSUs recognized in SG&A expense in the consolidated statements of operations was $10.2 million, $8.1 million, and $8.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024, unrecognized compensation cost related to Time-Based RSUs totaled $15.1 million and was expected to be recognized over the remaining weighted average vesting period of 2.1 years. The total fair value of Time-Based RSU's vested in 2024, 2023, and 2022 was $12.4 million, $16.2 million, and $18.0 million, respectively.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU award activity during the years ended December 31, 2024 and 2023 and 2022:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2021	1,536,394	$	26.34
Granted	745,079	$	42.34
Forfeited	(74,071)	$	41.66
Vested	(313,152)	$	16.45
Balance December 31, 2022	1,894,250	$	33.67
Granted	376,826	$	69.52
Forfeited	(37,451)	$	47.52
Vested	(293,934)	$	16.34
Balance December 31, 2023	1,939,691	$	42.95
Granted	295,833	$	66.60
Forfeited	(62,074)	$	63.46
Vested	(404,990)	$	39.30
Balance December 31, 2024	1,768,460	$	47.02

Compensation expense for Performance-Based RSUs recognized in SG&A expense in the consolidated statements of operations was $24.5 million, $24.9 million and $20.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024, unrecognized compensation cost related to Performance-Based RSUs totaled $25.3 million and was expected to be recognized over the remaining weighted average vesting period of 1.0 year. The total fair value of Performance-Based RSU's vested in 2024, 2023, and 2022 was $36.3 million, $15.0 million and $11.9 million, respectively. Refer to Note 1 for the details of conditions required for the performance-based RSUs to vest.

Stock Options

The following table summarizes the Company's stock option activity during the years ended December 31, 2024, 2023 and 2022:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance at December 31, 2021	534,188	$	13.60	1,527,643	$	14.66

Exercised	—	$	—	(663,367)	$	16.93
Balance at December 31, 2022	534,188	$	13.60	864,276	$	12.91

Exercised	—	$	—	(35,030)	$	14.21
Balance at December 31, 2023	534,188	$	13.60	829,246	$	12.86

Exercised	—	$	—	(14,357)	$	17.59
Balance at December 31, 2024	534,188	$	13.60	814,889	$	12.77

Fully vested and exercisable options, December 31, 2024	534,188	$	13.60	814,889	$	12.77

Under our stock option plans, the Company may issue shares on a net basis at the request of the option holder. This occurs by netting the option costs in shares from the shares exercised. No options were granted in the years ended December 31, 2024, 2023, and 2022.

At December 31, 2024, the intrinsic value of both stock options outstanding and stock options fully vested and currently exercisable was $27.5 million. At December 31, 2024, the weighted-average remaining contractual term of options outstanding was 3.2 years for WillScot options and 2.9 years for converted Mobile Mini options. The total pre-tax intrinsic value of stock options exercised during the years ended December 31, 2024, 2023, and 2022 was $0.4 million, $1.1 million, and $16.0 million, respectively.

Compensation expense for stock option awards, recognized in SG&A expense in the consolidated statements of operations, was $0.2 million for the year ended December 31, 2022. At December 31, 2022, all compensation cost related to stock option awards had been recognized.

Subsequent Events (Details)	Feb. 18, 2025 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.07

Debt - Schedule of Maturities of Debt and Lease Obligation (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 558,506
2026	30,488
2027	1,602,901
2028	529,735
2029	521,858
Thereafter	525,306
Total	$ 3,768,794

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Increase in deferred tax asset valuation allowance	$ 2.8
Undistributed foreign earnings	162.0
Unrecognized tax benefits that, if recognized, would affect the annual effective tax rate	25.8
Income tax penalties and interest expense (benefit)	(0.2)	$ 0.0	$ (0.1)
Income tax interest accrued	0.2	$ 0.4
Decrease in unrecognized tax benefits that is reasonably possible in next twelve months	$ 0.2

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance Lease Expense
Amortization of finance lease assets	$ 14,159	$ 16,945	$ 13,900
Interest on obligations under finance leases	6,350	3,777	1,899
Total finance lease expense	20,509	20,722	15,799
Operating Lease Expense
Total operating lease expense	123,816	107,058	110,230
Cost of leasing and services
Operating Lease Expense
Fixed lease expense	1,101	1,396	2,797
Short-term lease expense	28,758	26,010	32,947
Variable lease expense	762	2,109	5,388
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	80,199	67,374	60,017
Short-term lease expense	2,071	1,789	1,792
Variable lease expense	$ 10,925	$ 8,380	$ 7,289

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is involved in various lawsuits, claims and legal proceedings that arise in the ordinary course of business. The Company assesses these matters on a case-by-case basis as they arise and establishes reserves as required. As of December 31, 2024, with respect to these outstanding matters, the Company believes that the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the consolidated financial position, results of operations, or cash flows. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties. Purchase Commitments In November 2024, the Company entered into a fixed-dollar unconditional purchase obligation with a supplier for rental equipment. Under the terms of the agreement, the Company is obligated to purchase $20.0 million of rental equipment at any time prior to November 2027. The Company has no other material outstanding purchase obligations as of December 31, 2024.

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, net

Depreciation is computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	5 - 30 years	0 - 55%
Portable storage units	7 - 30 years	20 - 55%
VAPS and other related rental equipment	1 - 10 years	0%

Depreciation is computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			10 - 40 years
Vehicles, machinery, and equipment			3 - 30 years
Furniture and fixtures			3 - 10 years
Software			3 - 10 years

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2024		2023
Modular space units	$	3,658,086	$	3,541,451
Portable storage units	1,070,025		1,009,059
Value-added products	220,205		204,933
Total rental equipment	4,948,316		4,755,443
Less: accumulated depreciation	(1,570,377)		(1,374,128)
Rental equipment, net	$	3,377,939	$	3,381,315

The Company had rental equipment in the following geographic areas at December 31:


(in thousands)	2024		2023
US	$	4,532,692	$	4,311,256
Canada	374,446		396,127
Mexico	41,178		48,060
Total rental equipment	4,948,316		4,755,443
Less: accumulated depreciation	(1,570,377)		(1,374,128)
Rental equipment, net	$	3,377,939	$	3,381,315

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2024		2023
Land, buildings, and leasehold improvements	$	184,475	$	178,117
Vehicles and equipment	272,587		233,793
Office furniture, fixtures and software	119,622		109,460
Total property, plant and equipment	576,684		521,370
Less: accumulated depreciation	(213,611)		(180,483)
Property, plant and equipment, net	$	363,073	$	340,887

Rental Equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment, Net

Depreciation is computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	5 - 30 years	0 - 55%
Portable storage units	7 - 30 years	20 - 55%
VAPS and other related rental equipment	1 - 10 years	0%

Depreciation is computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			10 - 40 years
Vehicles, machinery, and equipment			3 - 30 years
Furniture and fixtures			3 - 10 years
Software			3 - 10 years

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2024		2023
Modular space units	$	3,658,086	$	3,541,451
Portable storage units	1,070,025		1,009,059
Value-added products	220,205		204,933
Total rental equipment	4,948,316		4,755,443
Less: accumulated depreciation	(1,570,377)		(1,374,128)
Rental equipment, net	$	3,377,939	$	3,381,315

The Company had rental equipment in the following geographic areas at December 31:


(in thousands)	2024		2023
US	$	4,532,692	$	4,311,256
Canada	374,446		396,127
Mexico	41,178		48,060
Total rental equipment	4,948,316		4,755,443
Less: accumulated depreciation	(1,570,377)		(1,374,128)
Rental equipment, net	$	3,377,939	$	3,381,315

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2024		2023
Land, buildings, and leasehold improvements	$	184,475	$	178,117
Vehicles and equipment	272,587		233,793
Office furniture, fixtures and software	119,622		109,460
Total property, plant and equipment	576,684		521,370
Less: accumulated depreciation	(213,611)		(180,483)
Property, plant and equipment, net	$	363,073	$	340,887

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	Ernst & Young, LLP
Auditor Location	Baltimore, MD
Auditor Firm ID	42

Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details)	Dec. 31, 2024
Minimum \| Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Minimum \| Vehicles, machinery, and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Minimum \| Software
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Maximum \| Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life	40 years
Maximum \| Vehicles, machinery, and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	30 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Maximum \| Software
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years

Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income from continuing operations before income tax
US	$ 18,686	$ 444,557	$ 341,412
Foreign	17,918	23,862	23,792
Income from continuing operations before income tax	36,604	468,419	365,204
US Federal statutory income tax expense	7,687	98,368	76,693
Effect of tax rates in foreign jurisdictions	1,175	1,434	1,085
State income tax expense, net of federal benefit	784	25,412	17,078
Valuation allowances	2,776	(815)	(6,907)
Non-deductible (non-taxable) items	677	775	1,147
Non-deductible executive compensation	1,813	2,014	1,258
Tax credits	(6,988)	(396)	(161)
Uncertain tax positions	(791)	(523)	(804)
Tax law changes (excluding valuation allowance)	(166)	(50)	(94)
Other	1,508	356	(432)
Total income tax expense from continuing operations	$ 8,475	$ 126,575	$ 88,863
Effective income tax rate	23.15%	27.02%	24.33%

Stock-Based Compensation - Schedule of Time-Based RSU Award Activity (Details) - Time-based RSUs - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning Balance (in shares)	618,836	789,779	997,451
Granted (in shares)	273,524	213,388	377,804
Forfeited (in shares)	(45,544)	(61,848)	(106,570)
Vested (in shares)	(270,164)	(322,483)	(478,906)
Ending Balance (in shares)	576,652	618,836	789,779
Weighted-Average Grant Date Fair Value
Beginning Balance (in USD per share)	$ 36.07	$ 26.16	$ 18.54
Granted (in USD per share)	48.68	50.74	35.40
Forfeited (in USD per share)	46.58	36.75	31.35
Vested (in USD per share)	30.41	21.38	16.42
Ending Balance (in USD per share)	$ 43.87	$ 36.07	$ 26.16

Segment Reporting - Schedule of Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 2,395,718	$ 2,364,767	$ 2,142,623
Costs of leasing and services:
Employee SG&A expense	247,886	257,327	268,136
Other segment items	292,936	280,811	240,191
Adjusted EBITDA from continuing operations	1,063,160	1,061,465	883,874
Unit leasing and other rental-related
Revenues:
Leasing	1,442,235	1,441,987	1,278,065
VAPS and third party leasing
Revenues:
Leasing	397,640	391,948	343,625
Total revenues	397,640	391,948	343,625
Costs of leasing and services:
Unit leasing	68,656	70,343	65,427
Delivery
Revenues:
Revenues	224,371	273,598	267,320
Costs of leasing and services:
Cost of sales	176,551	185,639	194,821
Installation
Revenues:
Revenues	194,510	163,581	161,832
Costs of leasing and services:
Cost of sales	152,329	131,478	127,815
New units
Revenues:
Revenues	74,499	48,129	40,338
Total revenues	74,499	48,129	40,338
Costs of leasing and services:
Cost of sales	45,554	26,439	24,011
Rental units
Revenues:
Revenues	62,463	45,524	51,443
Total revenues	62,463	45,524	51,443
Costs of leasing and services:
Cost of sales	32,224	23,141	26,907
Unit leasing
Costs of leasing and services:
Unit leasing	$ 316,422	$ 328,124	$ 311,441

Property, Plant and Equipment, net - Narrative (Details) - Property, Plant and Equipment - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 44.3	$ 47.1	$ 38.6
Gross cost of property, plant and equipment assets under finance leases	177.6	133.3
Accumulated depreciation of property, plant and equipment assets under finance leases	$ 52.5	$ 40.8

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

In January 2024, the Company completed the unification of its go-to market structure by integrating its modular and storage divisions under a single leadership team organized by geography, achieving local product unification within each metropolitan statistical area and the ability to consistently deliver its portfolio of solutions to its entire customer base. In connection with this change in operating model, the Company realigned the composition of its operating and reportable segments to reflect how its Chief Operating Decision Maker ("CODM") reviews financial information to allocate resources to and assess performance of the segments. As a result, the Company concluded that its two operating segments (US and Other North America) are aggregated into one reportable segment as the operating segments share similar economic characteristics (e.g., comparable gross margins and comparable adjusted earnings before interest, taxes, depreciation and amortization margins) and similar qualitative characteristics as the operating segments offer similar products and services to similar customers, use similar methods to distribute products and are subject to similar competitive risks. All historical financial segment information has been recast to conform to this new presentation.

The Company's CODM is the Chief Executive Officer ("CEO"), who reviews operating results to make decisions about allocating resources and assessing performance for the entire company.

Refer to Note 4 for revenue by geographic area and revenue by major product and service lines. Refer to Note 7 for rental equipment by geographic area. Refer to the Consolidated Balance Sheet for total assets. Refer to the Consolidated Statement of Cash Flows for total expenditures for additions to long-lived assets.

The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects further adjustments to EBITDA (“Adjusted EBITDA”) to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core and ongoing business operations. The measure of profit or loss used by the CODM to evaluate operating segment performance and allocate resources is Adjusted EBITDA. Adjusted EBITDA is used to determine capital allocation between operating segments and certain aspects of management's compensation. Management believes that evaluating operating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic and ongoing operating results of the Company. The Company considers Adjusted EBITDA to be an important metric because it reflects the business performance of the segments, inclusive of indirect costs.

The following tables set forth certain information regarding significant expense categories for the years ended December 31, 2024, 2023, and 2022, respectively.


	Year Ended December 31,
(in thousands)	2024		2023		2022
Revenues:
Leasing and services revenue:
Unit leasing and other rental-related	$	1,442,235	$	1,441,987	$	1,278,065
VAPS and third party leasing	397,640		391,948		343,625
Delivery revenue	224,371		273,598		267,320
Installation revenue	194,510		163,581		161,832
Sales revenue:
New units	74,499		48,129		40,338
Rental units	62,463		45,524		51,443
Total revenues	2,395,718		2,364,767		2,142,623

Less:(a)
Costs of leasing and services:
Unit leasing	316,422		328,124		311,441
VAPS and third party leasing	68,656		70,343		65,427
Delivery	176,551		185,639		194,821
Installation	152,329		131,478		127,815
Costs of sales:
New units	45,554		26,439		24,011
Rental units	32,224		23,141		26,907
Employee SG&A expense(b)	247,886		257,327		268,136
Other segment items(c)	292,936		280,811		240,191
Adjusted EBITDA from continuing operations	$	1,063,160	$	1,061,465	$	883,874

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(b) Employee SG&A expense consists of salaries and wages, bonus, commissions, payroll taxes, and employee benefits.

The following tables present a reconciliation of the Company’s Income from continuing operations to Adjusted EBITDA for the years ended December 31, 2024, 2023, and 2022, respectively:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Income from continuing operations	$	28,129	$	341,844	$	276,341
Income tax expense from continuing operations	8,475		126,575		88,863
Depreciation and amortization	384,972		338,654		319,099
Interest expense, net	227,311		205,040		146,278
Impairment loss on intangible asset	132,540		—		—
Restructuring costs, lease impairment expense and other related charges	9,435		22		168
Currency losses, net	593		6,754		886
Transaction costs	651		2,259		25
Integration costs	7,521		10,366		15,484
Impairment loss on long-lived asset	374		—		—
Stock compensation expense	35,966		34,486		29,613
Termination fee	180,000		—		—
Other(a)	47,193		(4,535)		7,117
Adjusted EBITDA from continuing operations	$	1,063,160	$	1,061,465	$	883,874

(a) Includes $42.4 million in legal and professional fees related to the terminated McGrath transaction for the year ended December 31, 2024.

- 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

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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories at December 31, consisted of the following:


(in thousands)	2024		2023
Raw materials	$	39,823	$	43,071
Finished units	7,650		4,335
Inventories	$	47,473	$	47,406

Warrants (Details) - 2018 Warrants - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2018	Nov. 29, 2022
Class of Warrant or Right [Line Items]
Warrants repurchased and canceled (in shares)	33,965
Warrants repurchased and canceled	$ 0.6
Warrants exercised (in shares)	4,011,665
Issuance of common stock from the exercise of warrants (in shares)	2,590,940
Warrants expired (in shares)			32,543
Warrants outstanding (in shares)			0
ModSpace
Class of Warrant or Right [Line Items]
Number of shares which can be exchanged per warrant (in shares)		1
Warrant exercise price (in USD per share)		$ 15.50
ModSpace \| Warrants \| Class A Common Stock
Class of Warrant or Right [Line Items]
Purchase price paid in stock (in shares)		10,000,000.0

Debt - Schedule of Redemption Price Percentage (Details) - Senior Notes	12 Months Ended
	Dec. 31, 2024
2025 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price	100.00%
2028 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price	101.156%
2028 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price	100.00%
2029 Secured Notes \| Redemption Period One
Debt Instrument [Line Items]
Redemption Price	103.313%
2029 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price	101.656%
2029 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price	100.00%
2031 Secured Notes \| Redemption Period One
Debt Instrument [Line Items]
Redemption Price	103.688%
2031 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price	101.844%
2031 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price	100.00%

Business Combination and Acquisitions	12 Months Ended
Business Combination and Acquisitions	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combination and Acquisitions	Business Combination and Acquisitions Business Combination During the year ended December 31, 2024, the Company acquired certain assets and assumed certain liabilities from a US regional provider of perimeter solutions for $36.8 million. As of the acquisition date, the goodwill acquired was $25.3 million, the intangible assets acquired were $2.5 million, and the fair value of rental equipment recognized was $8.8 million. The purchase price allocation is preliminary and subject to revision as additional information is obtained. The preliminary allocation of purchase price, including the valuation of acquired rental equipment and intangible assets, is based on the best estimates of management and is subject to revision based on the final valuations. Goodwill recognized is attributable to expected operating synergies, assembled workforces, and the going concern value of the acquired businesses. Goodwill recorded for this acquisition is deductible for tax purposes. Asset Acquisitions During 2024, the Company acquired certain assets and assumed certain liabilities of a US national provider of clearspan solutions and three regional storage and modular companies, which consisted primarily of approximately 600 climate-controlled containers and 800 modular units, for $84.5 million in cash. As of the acquisition dates, the fair value of rental equipment acquired from these asset acquisitions was $80.7 million. Integration Costs The Company records integration costs related to acquisitions within selling, general and administrative ("SG&A") expense. The Company incurred $7.5 million, $10.4 million and $15.5 million in integration costs for the years ended December 31, 2024, 2023 and 2022, respectively. Termination of Agreement to Acquire McGrath RentCorp On January 28, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with McGrath RentCorp ("McGrath"). On September 17, 2024, the Company and McGrath mutually agreed to terminate the Merger Agreement. In accordance with the terms of the Merger Agreement, the Company paid McGrath a $180.0 million termination fee during the year ended December 31, 2024. During the year ended December 31, 2024, the Company recorded $42.4 million in legal and professional fees related to the McGrath transaction within SG&A expense. In connection with the Company's proposed acquisition of McGrath, the Company entered into a commitment letter dated January 28, 2024, which was amended and restated on June 13, 2024 and modified by a Notice of Reduction of Bridge Commitments on June 28, 2024 (the "Commitment Letter"), pursuant to which certain financial institutions committed to make available, in accordance with the terms of the Commitment Letter, (i) a senior secured bridge credit facility and (ii) an upsize to the existing ABL Facility (as defined below). As a result of the termination of the Merger Agreement, the Commitment Letter was terminated.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax expense from continuing operations for the years ended December 31, are comprised of the following:


(in thousands)	2024		2023		2022
Current
Federal	$	29,518	$	—	$	—
State	17,457		12,250		11,327
Foreign	6,823		7,382		6,204
Deferred
Federal	(23,990)		80,698		63,585
State	(19,197)		27,276		8,917
Foreign	(2,136)		(1,031)		(1,170)
Total income tax expense from continuing operations	$	8,475	$	126,575	$	88,863


(in thousands)	2024			2023			2022
Income from continuing operations before income tax
US	$	18,686		$	444,557		$	341,412
Foreign	17,918			23,862			23,792
Total income from continuing operations before income tax	$	36,604		$	468,419		$	365,204

US Federal statutory income tax expense	$	7,687		$	98,368		$	76,693
Effect of tax rates in foreign jurisdictions	1,175			1,434			1,085
State income tax expense, net of federal benefit	784			25,412			17,078
Valuation allowances	2,776			(815)			(6,907)
Non-deductible (non-taxable) items	677			775			1,147
Non-deductible executive compensation	1,813			2,014			1,258

Tax credits	(6,988)			(396)			(161)
Uncertain tax positions	(791)			(523)			(804)
Tax law changes (excluding valuation allowance) (a)	(166)			(50)			(94)
Other	1,508			356			(432)
Income tax expense from continuing operations	$	8,475		$	126,575		$	88,863
Effective income tax rate	23.15		%	27.02		%	24.33		%

(a) Tax law changes primarily represent changes in tax law in foreign jurisdictions.

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as net operating losses and carryforwards. Significant components of the Company’s deferred tax assets and liabilities as of December 31 are as follows:


(in thousands)	2024		2023
Deferred tax assets
Deferred interest expense	$	118,228	$	116,982
Employee benefit plans	10,408		9,079
Accrued liabilities	5,011		5,996
Allowance for credit losses	25,828		21,964
Deferred revenue	60,907		57,494
Operating lease liability	66,925		61,849
Other	12,397		5,006
Tax loss carryforwards	75,312		99,676
Deferred tax assets, gross	375,016		378,046
Valuation allowance	(4,206)		(1,430)
Net deferred income tax asset	$	370,810	$	376,616

Deferred tax liabilities
Rental equipment and other property, plant and equipment	$	(791,853)	$	(808,873)
Intangible assets	(18,106)		(60,358)
Right of use asset	(66,508)		(61,653)

Deferred tax liability	(876,467)		(930,884)
Net deferred income tax liability	$	(505,657)	$	(554,268)

The Company's valuation allowance increased by $2.8 million from 2023, related to capital loss generated from the McGrath termination fee that is not more likely than not realizable in certain states that do not allow capital loss carryback or carryforward.

Tax loss carryforwards as of December 31, 2024 are outlined in the table below and include US Federal and US state. The availability of these tax losses to offset future income varies by jurisdiction. Furthermore, the ability to utilize the tax losses may be subject to additional limitations upon the occurrence of certain events, such as a change in the ownership of the Company. Some of the Company’s tax attributes are subject to annual limitations due to historical changes in ownership from acquisitions, mergers or other related ownership shift events; however, the Company anticipates that our remaining available net operating losses will be consumed prior to their expiration. The Company’s tax loss carryforwards are as follows at December 31, 2024:


(in thousands)	Loss Carryforward		Deferred Tax		Expiration
Jurisdiction:
US - Federal	$	105,115	$	22,074	2031, Indefinite
US - Capital Loss	180,000		44,742		2029
US - State	190,330		8,496		2025 – 2043, Indefinite
Total	$	475,445	$	75,312

As of December 31, 2024, the total amount of the basis difference in investments outside the US, which are indefinitely reinvested and for which deferred taxes have not been provided, is approximately $162.0 million. The tax, if any, associated with the recovery of the basis difference is dependent on the manner in which it is recovered and is not readily determinable.

Unrecognized Tax Positions

The Company is subject to taxation in US, Canada, Mexico, India, and state jurisdictions. The Company’s tax returns are subject to examination by the applicable tax authorities prior to the expiration of statute of limitations for assessing additional taxes, which generally ranges from two to five years after the end of the applicable tax year. As of December 31, 2024, generally, tax years for 2018 through 2023 remain subject to examination by the tax authorities. In addition, in certain taxing jurisdictions, in the case of carryover tax attributes to years open for assessment, such attributes may be subject to reduction by taxing authorities.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands)	2024		2023		2022
Unrecognized tax benefits – January 1,	$	43,134	$	43,627	$	44,314



Decrease from expiration of statute of limitations(a)	(16,624)		(493)		(687)
Unrecognized tax benefits – December 31,	$	26,510	$	43,134	$	43,627

(a) Includes $15.8 of presentational adjustments with no effect on amounts presented in the consolidated balance sheet or the annual effective tax rate for the year ended December 31, 2024.

At December 31, 2024 there were $25.8 million of unrecognized tax benefits that, if recognized, would affect the annual effective tax rate.

The Company classifies interest on tax deficiencies and income tax penalties within income tax expense. During the years ended December 31, 2024, 2023, and 2022, the Company recognized approximately $(0.2) million, $0.0 million, and $(0.1) million in interest, respectively. The Company accrued approximately $0.2 million and $0.4 million for the payment of interest at December 31, 2024 and 2023, respectively.

Future tax settlements or statute of limitation expirations could result in a change to the Company’s uncertain tax positions. As of December 31, 2024, the Company believes that it is reasonably possible that approximately $0.2 million of unrecognized tax benefits could decrease in the next twelve months as a result of the expiration of statutes of limitation, audit settlements or resolution of tax uncertainties.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Fair Value Measures - Schedule of Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,007,661	$ 1,510,944
Fair Value \| Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,024,984	1,529,381
2025 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	525,283	522,735
2025 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	527,269	527,021
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	495,582	494,500
2028 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	477,170	474,285
2029 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	492,467	0
2029 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	506,235	0
2031 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	494,329	493,709
2031 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 514,310	$ 528,075

Discontinued Operations - Schedule of Cash Flows From Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities of discontinued operations:
Depreciation and amortization	$ 384,972	$ 338,654	$ 343,507
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	63,997	51,290	70,703
Purchase of rental equipment and refurbishments	(280,857)	(226,976)	(443,138)
Proceeds from sale of property, plant and equipment	1,867	13,272	1,775
Purchase of property, plant and equipment	$ (18,435)	(22,237)	(43,664)
Discontinued Operations, Disposed of by Sale \| Tank and Pump
Operating activities of discontinued operations:
Depreciation and amortization			14,248
Investing activities of discontinued operations:
Proceeds from sale of rental equipment			918
Purchase of rental equipment and refurbishments			(21,831)
Purchase of property, plant and equipment			(525)
Discontinued Operations, Disposed of by Sale \| UK Storage Solutions
Operating activities of discontinued operations:
Depreciation and amortization		0	10,160
Investing activities of discontinued operations:
Proceeds from sale of rental equipment		514	1,455
Purchase of rental equipment and refurbishments		(371)	(23,931)
Proceeds from sale of property, plant and equipment		8	504
Purchase of property, plant and equipment		$ (64)	$ (3,752)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


(in thousands)	2024		2023		2022
Numerator:
Income from continuing operations	$	28,129	$	341,844	$	276,341
Income from discontinued operations	—		134,613		63,199
Net income	$	28,129	$	476,457	$	339,540

Denominator:
Weighted average Common Shares outstanding - basic	188,102		198,555		216,809
Dilutive effect of outstanding securities:
Warrants	—		—		1,605
RSAs	15		15		18
Time-Based RSUs	152		274		401
Performance-Based RSUs	1,112		2,040		1,471
Stock Options	911		966		1,095
Weighted average Common Shares outstanding - dilutive	190,292		201,850		221,399

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potential common shares were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


(in thousands)	2024	2023	2022


Time-based RSUs	235	106	—
Performance-based RSUs	645	277	591

Segment Reporting - Schedule of Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Income from continuing operations	$ 28,129	$ 341,844	$ 276,341
Income tax expense from continuing operations	8,475	126,575	88,863
Impairment loss on intangible asset	132,540	0	0
Currency losses, net	593	6,754	886
Other	2,698	(15,354)	(6,673)
Adjusted EBITDA from continuing operations	$ 1,063,160	$ 1,061,465	$ 883,874
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	Impairment loss on long-lived asset	Impairment loss on long-lived asset	Impairment loss on long-lived asset
McGrath RentCorp
Segment Reporting Information [Line Items]
Transaction costs	$ 42,400
Continuing Operations
Segment Reporting Information [Line Items]
Income from continuing operations	28,129	$ 341,844	$ 276,341
Income tax expense from continuing operations	8,475	126,575	88,863
Depreciation and amortization	384,972	338,654	319,099
Interest expense, net	227,311	205,040	146,278
Impairment loss on intangible asset	132,540	0	0
Restructuring costs, lease impairment expense and other related charges	9,435	22	168
Currency losses, net	593	6,754	886
Transaction costs	651	2,259	25
Integration costs	7,521	10,366	15,484
Impairment loss on long-lived asset	374	0	0
Stock compensation expense	35,966	34,486	29,613
Termination fee	180,000	0	0
Other	47,193	(4,535)	7,117
Adjusted EBITDA from continuing operations	$ 1,063,160	$ 1,061,465	$ 883,874

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
WillScot Options
Options
Beginning balance (in shares)	534,188	534,188	534,188
Exercised (in shares)	0	0	0
Ending balance (in shares)	534,188	534,188	534,188
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 13.60	$ 13.60	$ 13.60
Exercised (in USD per share)	0	0	0
Ending balance (in USD per share)	$ 13.60	$ 13.60	$ 13.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Fully vested and exercisable options (in shares)	534,188
Fully vested and exercisable options, weighted-average exercise price per share (in USD per share)	$ 13.60
Converted Mobile Mini Options
Options
Beginning balance (in shares)	829,246	864,276	1,527,643
Exercised (in shares)	(14,357)	(35,030)	(663,367)
Ending balance (in shares)	814,889	829,246	864,276
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 12.86	$ 12.91	$ 14.66
Exercised (in USD per share)	17.59	14.21	16.93
Ending balance (in USD per share)	$ 12.77	$ 12.86	$ 12.91
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Fully vested and exercisable options (in shares)	814,889
Fully vested and exercisable options, weighted-average exercise price per share (in USD per share)	$ 12.77

Restructuring - Schedule of Activities in the Restructuring Accruals (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0
Charges	8,559	$ 0	$ (86)
Cash payments	(7,572)
Foreign currency translation	(34)
Ending balance	$ 953	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 28,129	$ 476,457	$ 339,540

- Definition

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

+ References

+ Details

Goodwill and Intangible Assets - Schedule of Future Amortization (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 43,438
2026	37,093
2027	30,463
2028	14,920
2029	250
Net book value	$ 126,164

Derivatives - Schedule of Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - Interest rate swap - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Prepaid expenses and other current assets	$ 6,990	$ 9,145
Other non-current assets	6,666	0
Other non-current liabilities	$ 0	$ (4,595)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income	$ 28,129	$ 476,457	$ 339,540
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	384,972	338,654	343,507
Provision for credit losses	55,437	49,650	34,835
Gain on sale of discontinued operations	0	(176,078)	(35,456)
Impairment loss on intangible asset	132,540	0	0
Gain on sale of rental equipment and other property, plant and equipment	(27,087)	(32,724)	(31,196)
Amortization of debt discounts and debt issuance costs	12,571	11,211	12,064
Stock-based compensation expense	35,966	34,486	29,613
Deferred income tax (benefit) expense	(45,323)	141,641	100,849
Loss on settlement of foreign currency forward contract	0	7,715	0
Unrealized currency gains, net	(56)	(1,374)	753
Other	4,621	3,413	4,081
Changes in operating assets and liabilities
Trade receivables	(34,519)	(76,357)	(94,463)
Inventories	(529)	(3,276)	(12,345)
Prepaid expenses and other assets	(12,132)	(18,310)	149
Operating lease assets and liabilities	939	1,045	856
Accounts payable and other accrued expenses	(1,272)	(14,836)	9,443
Deferred revenue and customer deposits	27,387	19,923	42,428
Net cash provided by operating activities	561,644	761,240	744,658
Investing activities:
Acquisitions, net of cash acquired	(121,221)	(561,629)	(220,620)
Purchase of rental equipment and refurbishments	(280,857)	(226,976)	(443,138)
Proceeds from sale of rental equipment	63,997	51,290	70,703
Purchase of property, plant and equipment	(18,435)	(22,237)	(43,664)
Proceeds from sale of property, plant and equipment	1,867	13,272	1,775
Payments to Acquire Investments	(7,699)	0	0
Proceeds from sale of discontinued operations	0	403,992	325,611
Payment for settlement of foreign currency forward contract	0	(7,715)	0
Net cash used in investing activities	(362,348)	(350,003)	(309,333)
Financing activities:
Receipts from borrowings	1,317,156	1,911,230	964,308
Repayment of borrowings	(1,195,932)	(1,475,219)	(588,808)
Payment of financing costs	(7,945)	(6,457)	(8,187)
Payments on finance lease obligations	(19,429)	(16,634)	(42,228)
Receipts from issuance of Common Stock from the exercise of options	253	498	11,230
Repurchase and cancellation of Common Stock	(270,439)	(818,182)	(751,795)
Excise tax paid on repurchase of Common Stock	(7,830)	0	0
Taxes paid on employee stock awards	(15,953)	(14,171)	(13,888)
Net cash used in financing activities	(200,119)	(418,935)	(429,368)
Effect of exchange rate changes on cash and cash equivalents	(1,134)	882	(882)
Net change in cash and cash equivalents	(1,957)	(6,816)	5,075
Cash and cash equivalents at the beginning of the period	10,958	17,774	12,699
Cash and cash equivalents at the end of the period	9,001	10,958	17,774
Supplemental cash flow information:
Interest paid, net	216,151	184,863	130,463
Income taxes paid, net	45,580	32,949	25,092
Capital expenditures accrued or payable	20,126	19,557	21,052
Reconciliation of cash and cash equivalents to the consolidated balance sheet:
Cash and cash equivalents	9,001	10,958
Continuing And Discontinued Operations
Reconciliation of cash and cash equivalents to the consolidated balance sheet:
Cash and cash equivalents	9,001	10,958	17,774
Continuing Operations
Adjustments to reconcile net income to net cash provided by operating activities:
Impairment loss on intangible asset	132,540	0	0
Reconciliation of cash and cash equivalents to the consolidated balance sheet:
Cash and cash equivalents	9,001	10,958	7,390
Discontinued Operations
Reconciliation of cash and cash equivalents to the consolidated balance sheet:
Cash and cash equivalents	$ 0	$ 0	$ 10,384

Equity - Narrative (Details) - USD ($)	12 Months Ended
Equity - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024
Equity [Abstract]
Preferred shares authorized (in shares)	1,000,000	1,000,000
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred shares issued (in shares)	0	0
Preferred shares outstanding (in shares)	0	0
Common stock authorized (in shares)	500,000,000	500,000,000
Preferred share par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock issued (in shares)	183,564,899	189,967,135
Common stock outstanding (in shares)	183,564,899	189,967,135
Stock-based compensation and issuance of common stock from vesting (in shares)	731,210	549,272	3,847,905
Authorized share repurchase program				$ 1,000,000,000
Shares repurchased (in shares)	7,133,446	18,533,819
Stock repurchased during period, value	$ 270,400,000	$ 810,800,000
Remaining authorized share repurchase program	$ 821,800,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 101,693	$ 81,656
Preferred share par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred shares authorized (in shares)	1,000,000	1,000,000
Preferred shares issued (in shares)	0	0
Preferred shares outstanding (in shares)	0	0
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	183,564,899	189,967,135
Common stock outstanding (in shares)	183,564,899	189,967,135

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories at December 31, consisted of the following:


(in thousands)	2024		2023
Raw materials	$	39,823	$	43,071
Finished units	7,650		4,335
Inventories	$	47,473	$	47,406

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company had total revenue in the following geographic areas for the years ended December 31, as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
US	$	2,243,545	$	2,219,561	$	1,998,796
Canada	125,154		120,123		125,536
Mexico	27,019		25,083		18,291
Total revenues	$	2,395,718	$	2,364,767	$	2,142,623

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


	Years Ended December 31,
(in thousands)	2024		2023		2022
Modular space leasing revenue(a)	$	1,011,086	$	953,822	$	840,926
Portable storage leasing revenue	356,873		396,781		361,197
VAPS and third party leasing revenues(b)	397,640		391,948		343,625
Other leasing-related revenue(c)	74,276		91,384		75,942
Leasing revenue	1,839,875		1,833,935		1,621,690
Delivery and installation revenue	418,881		437,179		429,152
Total leasing and services revenue	2,258,756		2,271,114		2,050,842
New unit sales revenue	74,499		48,129		40,338
Rental unit sales revenue	62,463		45,524		51,443
Total revenues	$	2,395,718	$	2,364,767	$	2,142,623

(a) Includes revenue from clearspan structures.

(b) Includes $35.2 million, $23.9 million, and $25.3 million of service revenue for the years ended December 31, 2024, 2023 and 2022, respectively.

(c) Includes primarily damage billings, delinquent payment charges, other processing fees, and is partially offset by provisions for specific uncollectible receivables.

Schedule of Future Commited Modular Leasing Revenues


(in thousands)	Operating Leases
2025	$	368,440
2026	125,376
2027	45,784
2028	18,164
2029	4,705
Thereafter	3,602
Total	$	566,071

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning Balance (in shares)	28,946	35,244	36,176
Granted (in shares)	36,346	28,946	35,244
Vested (in shares)	(28,946)	(35,244)	(36,176)
Ending Balance (in shares)	36,346	28,946	35,244
Weighted-Average Grant Date Fair Value
Beginning Balance (in USD per share)	$ 44.44	$ 37.17	$ 29.30
Granted (in USD per share)	38.11	44.44	37.17
Vested (in USD per share)	44.44	37.17	29.30
Ending Balance (in USD per share)	$ 38.11	$ 44.44	$ 37.17

Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Levels used for Measurement

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


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

Schedule of Carrying Amounts and Fair Values of Financial Assets and Liabilities

The following table shows the carrying amounts and fair values of these financial liabilities measured using Level 2 inputs:


	December 31, 2024				December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

2025 Secured Notes	$	525,283	$	527,269	$	522,735	$	527,021
2028 Secured Notes	495,582		477,170		494,500		474,285
2029 Secured Notes	492,467		506,235		—		—
2031 Secured Notes	494,329		514,310		493,709		528,075
Total	$	2,007,661	$	2,024,984	$	1,510,944	$	1,529,381

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ 29,518	$ 0	$ 0
State	17,457	12,250	11,327
Foreign	6,823	7,382	6,204
Deferred
Federal	(23,990)	80,698	63,585
State	(19,197)	27,276	8,917
Foreign	(2,136)	(1,031)	(1,170)
Total income tax expense from continuing operations	$ 8,475	$ 126,575	$ 88,863

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Activity in Allowance for Credit Losses

Activity in the allowance for credit losses for the years ended December 31 was as follows:


(in thousands)	2024		2023		2022
Balance at beginning of period	$	81,656	$	57,048	$	45,773
Provision for credit losses, net of recoveries	55,437		49,650		34,881

Write-offs recorded as a reduction to revenue	(35,025)		(25,182)		(23,705)
Foreign currency translation and other	(375)		140		99
Balance at end of period	$	101,693	$	81,656	$	57,048

Schedule of Property, Plant and Equipment, net

Depreciation is computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	5 - 30 years	0 - 55%
Portable storage units	7 - 30 years	20 - 55%
VAPS and other related rental equipment	1 - 10 years	0%

Depreciation is computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			10 - 40 years
Vehicles, machinery, and equipment			3 - 30 years
Furniture and fixtures			3 - 10 years
Software			3 - 10 years

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2024		2023
Modular space units	$	3,658,086	$	3,541,451
Portable storage units	1,070,025		1,009,059
Value-added products	220,205		204,933
Total rental equipment	4,948,316		4,755,443
Less: accumulated depreciation	(1,570,377)		(1,374,128)
Rental equipment, net	$	3,377,939	$	3,381,315

The Company had rental equipment in the following geographic areas at December 31:


(in thousands)	2024		2023
US	$	4,532,692	$	4,311,256
Canada	374,446		396,127
Mexico	41,178		48,060
Total rental equipment	4,948,316		4,755,443
Less: accumulated depreciation	(1,570,377)		(1,374,128)
Rental equipment, net	$	3,377,939	$	3,381,315

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2024		2023
Land, buildings, and leasehold improvements	$	184,475	$	178,117
Vehicles and equipment	272,587		233,793
Office furniture, fixtures and software	119,622		109,460
Total property, plant and equipment	576,684		521,370
Less: accumulated depreciation	(213,611)		(180,483)
Property, plant and equipment, net	$	363,073	$	340,887

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2024
Indefinite-lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0
Amortization expense	38,500,000	$ 25,800,000	$ 23,800,000
Finite-lived intangible assets	$ 126,164,000
Trade name - Mobile Mini
Indefinite-lived Intangible Assets [Line Items]
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment loss on intangible asset
Impairment of intangible assets	$ 132,500,000
Finite-lived intangible assets	31,500,000
Level 3 \| Measurement Input, Discount Rate \| Trade name - Mobile Mini
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, measurement input				9.00%
2024
Indefinite-lived Intangible Assets [Line Items]
Accumulated impairment loss	$ 792,800,000

Income Taxes - Schedule of Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Deferred interest expense	$ 118,228	$ 116,982
Employee benefit plans	10,408	9,079
Accrued liabilities	5,011	5,996
Allowance for credit losses	25,828	21,964
Deferred revenue	60,907	57,494
Operating lease liability	66,925	61,849
Other	12,397	5,006
Tax loss carryforwards	75,312	99,676
Deferred tax assets, gross	375,016	378,046
Valuation allowance	(4,206)	(1,430)
Net deferred income tax asset	370,810	376,616
Deferred tax liabilities
Rental equipment and other property, plant and equipment	(791,853)	(808,873)
Intangible assets	(18,106)	(60,358)
Right of use asset	(66,508)	(61,653)
Deferred tax liability	(876,467)	(930,884)
Net deferred income tax liability	$ (505,657)	$ (554,268)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2024

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

Schedule of Discontinued Operations


	Year Ended December 31, 2023
(in thousands)	UK Storage Solutions
Revenues:
Leasing and services revenue:
Leasing	$	6,389
Delivery and installation	1,802
Sales revenue:
New units	54
Rental units	449
Total revenues	8,694
Costs:
Costs of leasing and services:
Leasing	1,407
Delivery and installation	1,213
Costs of sales:
New units	38
Rental units	492

Gross profit	5,544
Expenses:
Selling, general and administrative	1,486



Other income, net	(1)
Operating income	4,059
Interest expense	56
Income from discontinued operations before income tax	4,003
Gain on sale of discontinued operations	175,708
Income tax expense from discontinued operations	45,468
Income from discontinued operations	$	134,243


	Year Ended December 31, 2022
(in thousands)	Tank and Pump		UK Storage Solutions		Total
Revenues:
Leasing and services revenue:
Leasing	$	65,572	$	79,772	$	145,344
Delivery and installation	27,665		22,876		50,541
Sales revenue:
New units	2,202		1,106		3,308
Rental units	917		1,455		2,372
Total revenues	96,356		105,209		201,565
Costs:
Costs of leasing and services:
Leasing	13,828		16,737		30,565
Delivery and installation	23,285		14,867		38,152
Costs of sales:
New units	1,636		738		2,374
Rental units	310		1,012		1,322
Depreciation of rental equipment	8,145		4,254		12,399
Gross profit	49,152		67,601		116,753
Expenses:
Selling, general and administrative	18,045		21,795		39,840
Other depreciation and amortization	6,103		5,906		12,009

Currency losses, net	—		138		138
Other expense (income), net	4		(7)		(3)
Operating income	25,000		39,769		64,769
Interest expense	512		789		1,301
Income from discontinued operations before income tax	24,488		38,980		63,468
Income tax expense from discontinued operations	843		34,882		35,725
Gain on sale of discontinued operations	35,456		—		35,456
Income from discontinued operations	$	59,101	$	4,098	$	63,199

For the year ended December 31, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:


	Years Ended December 31,
(in thousands)	2022
Operating activities of discontinued operations:
Depreciation and amortization	$	14,248

Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	918
Purchases of rental equipment and refurbishments	$	(21,831)

Purchases of property, plant and equipment	$	(525)

For the years ended December 31, 2023 and 2022, significant operating and investing items related to the UK Storage Solutions segment were as follows:


	Years Ended December 31,
(in thousands)	2023		2022
Operating activities of discontinued operations:
Depreciation and amortization	$	—	$	10,160

Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	514	$	1,455
Purchases of rental equipment and refurbishments	$	(371)	$	(23,931)
Proceeds from sale of property, plant and equipment	$	8	$	504
Purchases of property, plant and equipment	$	(64)	$	(3,752)

- Definition

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

+ References

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+ Details

Restructuring (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Activities in the Restructuring Accruals

The following is a summary of the activity in the Company’s restructuring accruals for the year ended December 31, 2024:


	Year Ended December 31,
(in thousands)	2024
Beginning balance	$	—
Charges	8,559
Cash payments	(7,572)
Foreign currency translation	(34)
Ending balance	$	953