0001647088-25-000029 | 10-Q | XBRL Viewer

Print Document

Rental Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 4,985,569	$ 4,948,316
Less: accumulated depreciation	(1,618,543)	(1,570,377)
Rental equipment, net	3,367,026	3,377,939
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,702,224	3,658,086
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	1,062,200	1,070,025
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 221,145	$ 220,205

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

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

Restricted Stock Awards

The following table summarizes the Company's RSA activity for the three months ended March 31, 2025 and 2024:


	2025			2024
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	36,346	$	38.11	28,946	$	44.44



Outstanding at end of period	36,346	$	38.11	28,946	$	44.44

Compensation expense for RSAs recognized in selling, general and administrative ("SG&A") expense on the condensed consolidated statements of operations was $0.3 million for both the three months ended March 31, 2025 and 2024. At March 31, 2025, unrecognized compensation cost related to RSAs totaled $0.3 million and was expected to be recognized over the remaining weighted average vesting period of 0.2 years.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity for the three months ended March 31, 2025 and 2024:


	2025			2024
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	576,652	$	43.87	618,836	$	36.07
Granted	391,843	$	35.27	273,524	$	48.68
Forfeited	(14,453)	$	42.79	(9,795)	$	44.92
Vested	(237,655)	$	39.86	(223,566)	$	33.31
Outstanding at end of period	716,387	$	40.52	658,999	$	42.11

Compensation expense for Time-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $2.4 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. At March 31, 2025, unrecognized compensation cost related to Time-Based RSUs totaled $25.9 million and was expected to be recognized over the remaining weighted average vesting period of 3.2 years.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU award activity for the three months ended March 31, 2025 and 2024:


	2025			2024
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	1,768,460	$	47.02	1,939,691	$	42.95
Granted	406,265	$	44.16	295,833	$	66.60
Forfeited	(6,579)	$	62.57	(7,150)	$	47.70
Vested(a)	(601,129)	$	42.34	(353,323)	$	39.10
Outstanding at end of period	1,567,017	$	48.01	1,875,051	$	47.39

(a) The Performance-Based RSUs vested at 77% of target, or 462,886 shares, and 200% of target, or 706,646 shares, for the three months ended March 31, 2025 and 2024, respectively.

Compensation expense for Performance-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $5.6 million and $6.4 million for the three months ended March 31, 2025 and 2024, respectively. At March 31, 2025, unrecognized compensation cost related to Performance-Based RSUs totaled $37.2 million and was expected to be recognized over the remaining weighted average vesting period of 1.6 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 Company's Compensation Committee. The 100% target payout is tied to performance at the 50% percentile, with a payout curve ranging from 0% (for performance less than the 25% percentile) to 200% (for performance above the 85% percentile).

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

Stock Options

The following table summarizes the Company's stock option activity for the three months ended March 31, 2025:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	814,889	$	12.77

Exercised	—	$	—	(188,134)	$	11.86
Outstanding at end of period	534,188	$	13.60	626,755	$	13.05

Fully vested and exercisable options, March 31, 2025	534,188	$	13.60	626,755	$	13.05

The following table summarizes the Company's stock option activity for the three months ended March 31, 2024:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	829,246	$	12.86
Exercised	—	$	—	(3,504)	$	19.68
Outstanding at end of period	534,188	$	13.60	825,742	$	12.83

Fully vested and exercisable options, March 31, 2024	534,188	$	13.60	825,742	$	12.83

Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Equity

Common Stock

In connection with the stock compensation vesting and stock option exercises described in Note 11, the Company issued 639,241 shares of Common Stock during the three months ended March 31, 2025.

Dividends

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.

In February 2025, the Board of Directors declared a quarterly dividend of $13.0 million or $0.07 per share. Dividends paid were $12.9 million for the three months ended March 31, 2025.

Stock Repurchase Program

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

During the three months ended March 31, 2025, the Company repurchased 1,094,932 shares of Common Stock for $32.0 million, excluding excise tax. As of March 31, 2025, $789.8 million of the authorization for future repurchases of Common Stock remained available.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31, 2025
(in thousands)	Foreign currency translation		Unrealized gains on hedging activities		Total
Balance at December 31, 2024	$	(80,720)	$	10,093	$	(70,627)
Other comprehensive income (loss) before reclassifications	161		(5,710)		(5,549)
Reclassifications from AOCI to income	—		(2,431)		(2,431)
Balance at March 31, 2025	$	(80,559)	$	1,952	$	(78,607)


	Three Months Ended March 31, 2024
(in thousands)	Foreign currency translation		Unrealized gains on hedging activities		Total
Balance at December 31, 2023	$	(56,031)	$	3,263	$	(52,768)
Other comprehensive (loss) income before reclassifications	(5,548)		18,807		13,259
Reclassifications from AOCI to income	—		(5,267)		(5,267)
Balance at March 31, 2024	$	(61,579)	$	16,803	$	(44,776)

For the three months ended March 31, 2025 and 2024, gains of $2.4 million and $5.3 million, respectively, were reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps. The interest rate swaps are discussed in Note 9. Associated with these reclassifications, the Company recorded tax expense of $0.6 million and $1.4 million for the three months ended March 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various lawsuits, claims and legal proceedings that arise in the ordinary course of business. The Company assesses these matters on a case-by-case basis as they arise and establishes reserves as required. As of March 31, 2025, 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 Company's consolidated financial position, results of operations, or cash flows. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties.

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - Interest rate swaps - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Prepaid expenses and other current assets	$ 4,707	$ 6,990
Other non-current assets	0	6,666
Other non-current liabilities	$ 1,897	$ 0

Fair Value Measures (Tables)

3 Months Ended

Mar. 31, 2025

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:


	March 31, 2025				December 31, 2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2025 Secured Notes	$	—	$	—	$	525,283	$	527,269
2028 Secured Notes	495,861		485,135		495,582		477,170
2029 Secured Notes	492,708		506,005		492,467		506,235
2030 Secured Notes	493,249		505,625		—		—
2031 Secured Notes	494,360		514,595		494,329		514,310
Total	$	1,976,178	$	2,011,360	$	2,007,661	$	2,024,984

Segment Reporting - Schedule of Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Net income	$ 43,055	$ 56,240
Currency losses, net	223	77
Other	423	631
Adjusted EBITDA	228,785	248,009
Continuing Operations
Segment Reporting Information [Line Items]
Net income	43,055	56,240
Income tax expense	17,910	17,118
Interest expense, net	58,469	56,588
Depreciation and amortization	97,092	92,828
Currency losses, net	223	77
Restructuring costs, lease impairment expense and other related charges	702	746
Transaction costs	34	0
Integration costs	227	2,877
Stock compensation expense	8,341	9,099
Other	2,732	12,436
Adjusted EBITDA	$ 228,785	$ 248,009

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 11.3	$ 7.4

Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company had total revenue in the following geographic areas for the three months ended March 31, 2025 and 2024 as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
US	$	531,046	$	553,433
Canada	23,199		26,532
Mexico	5,306		7,216
Total revenues	$	559,551	$	587,181

The Company’s revenue by major product and service line for the three months ended March 31, 2025 and 2024 was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Modular space leasing revenue(a)	$	245,864	$	252,147
Portable storage leasing revenue	77,035		91,449
VAPS and third party leasing revenues(b)	96,339		96,314
Other leasing-related revenue(b),(c)	15,152		20,691
Leasing revenue	434,390		460,601
Delivery and installation revenue	88,661		100,362
Total leasing and services revenue	523,051		560,963
New unit sales revenue	22,437		13,499
Rental unit sales revenue	14,063		12,719
Total revenues	$	559,551	$	587,181

(a) Includes revenue from clearspan structures.

(b) Includes $9.2 million and $7.5 million of service revenue for the three months ended March 31, 2025 and 2024, respectively.

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

Schedule of Receivable Allowance for Credit Losses

Activity in the allowance for credit losses was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Balance at beginning of period	$	101,693	$	81,656
Provision for credit losses, net of recoveries	12,338		11,807
Write-offs recorded as a reduction to revenue	(13,765)		(7,055)
Foreign currency translation and other	25		10
Balance at end of period	$	100,291	$	86,418

Inventories

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventories

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


(in thousands)	March 31, 2025		December 31, 2024
Raw materials	$	40,305	$	39,823
Finished units	7,431		7,650
Inventories	$	47,736	$	47,473

Segment Reporting - Schedule of Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Total revenues	$ 559,551	$ 587,181
Costs of leasing and services:
Employee SG&A expense	68,266	70,640
Other segment items	77,267	73,147
Adjusted EBITDA	228,785	248,009
Unit leasing and other rental-related
Revenues:
Leasing	338,051	364,287
VAPS and third party leasing
Revenues:
Leasing	96,339	96,314
Total revenues	96,339	96,314
Costs of leasing and services:
Unit leasing	16,326	16,831
Delivery revenue
Revenues:
Revenues	49,035	56,186
Costs of leasing and services:
Cost of sales	40,556	44,514
Installation revenue
Revenues:
Revenues	39,626	44,176
Costs of leasing and services:
Cost of sales	33,240	33,328
New units
Revenues:
Revenues	22,437	13,499
Total revenues	22,437	13,499
Costs of leasing and services:
Cost of sales	15,198	8,273
Rental units
Revenues:
Revenues	14,063	12,719
Total revenues	14,063	12,719
Costs of leasing and services:
Cost of sales	8,169	6,876
Unit leasing
Costs of leasing and services:
Unit leasing	$ 71,744	$ 85,563

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Intangible assets subject to amortization:
Accumulated amortization	$ (135,052)	$ (123,704)
Finite-lived intangible assets	114,816
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	507,408	507,408
Accumulated impairment loss	(132,540)	(132,540)
Accumulated amortization	(135,052)	(123,704)
Net book value	239,816	251,164
Trade name – WillScot
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross carrying amount	$ 125,000	$ 125,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	3 years 2 months 12 days	3 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 215,408	$ 215,408
Accumulated impairment loss	0	0
Accumulated amortization	(120,717)	(113,415)
Finite-lived intangible assets	94,691	101,993
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (120,717)	$ (113,415)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	1 year 3 months 18 days	1 year 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Accumulated impairment loss	0	0
Accumulated amortization	(1,188)	(1,125)
Finite-lived intangible assets	312	375
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (1,188)	$ (1,125)
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	2 years 6 months	2 years 8 months 12 days
Intangible assets subject to amortization:
Gross carrying amount	$ 165,500	$ 165,500
Accumulated impairment loss	(132,540)	(132,540)
Accumulated amortization	(13,147)	(9,164)
Finite-lived intangible assets	19,813	23,796
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (13,147)	$ (9,164)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes the Company's RSA activity for the three months ended March 31, 2025 and 2024:


	2025			2024
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	36,346	$	38.11	28,946	$	44.44



Outstanding at end of period	36,346	$	38.11	28,946	$	44.44

Schedule of Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity for the three months ended March 31, 2025 and 2024:


	2025			2024
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	576,652	$	43.87	618,836	$	36.07
Granted	391,843	$	35.27	273,524	$	48.68
Forfeited	(14,453)	$	42.79	(9,795)	$	44.92
Vested	(237,655)	$	39.86	(223,566)	$	33.31
Outstanding at end of period	716,387	$	40.52	658,999	$	42.11

The following table summarizes the Company's Performance-Based RSU award activity for the three months ended March 31, 2025 and 2024:


	2025			2024
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	1,768,460	$	47.02	1,939,691	$	42.95
Granted	406,265	$	44.16	295,833	$	66.60
Forfeited	(6,579)	$	62.57	(7,150)	$	47.70
Vested(a)	(601,129)	$	42.34	(353,323)	$	39.10
Outstanding at end of period	1,567,017	$	48.01	1,875,051	$	47.39

(a) The Performance-Based RSUs vested at 77% of target, or 462,886 shares, and 200% of target, or 706,646 shares, for the three months ended March 31, 2025 and 2024, respectively.

Schedule of Stock Option Awards

The following table summarizes the Company's stock option activity for the three months ended March 31, 2025:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	814,889	$	12.77

Exercised	—	$	—	(188,134)	$	11.86
Outstanding at end of period	534,188	$	13.60	626,755	$	13.05

Fully vested and exercisable options, March 31, 2025	534,188	$	13.60	626,755	$	13.05

The following table summarizes the Company's stock option activity for the three months ended March 31, 2024:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	829,246	$	12.86
Exercised	—	$	—	(3,504)	$	19.68
Outstanding at end of period	534,188	$	13.60	825,742	$	12.83

Fully vested and exercisable options, March 31, 2024	534,188	$	13.60	825,742	$	12.83

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Equity (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31, 2025
(in thousands)	Foreign currency translation		Unrealized gains on hedging activities		Total
Balance at December 31, 2024	$	(80,720)	$	10,093	$	(70,627)
Other comprehensive income (loss) before reclassifications	161		(5,710)		(5,549)
Reclassifications from AOCI to income	—		(2,431)		(2,431)
Balance at March 31, 2025	$	(80,559)	$	1,952	$	(78,607)


	Three Months Ended March 31, 2024
(in thousands)	Foreign currency translation		Unrealized gains on hedging activities		Total
Balance at December 31, 2023	$	(56,031)	$	3,263	$	(52,768)
Other comprehensive (loss) income before reclassifications	(5,548)		18,807		13,259
Reclassifications from AOCI to income	—		(5,267)		(5,267)
Balance at March 31, 2024	$	(61,579)	$	16,803	$	(44,776)

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	Apr. 29, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-37552
Entity Registrant Name	WILLSCOT HOLDINGS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3430194
Entity Address, Address Line One	4646 E Van Buren St.
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85008
City Area Code	480
Local Phone Number	894-6311
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	WSC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		182,389,573
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001647088
Current Fiscal Year End Date	--12-31

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Numerator:
Net income	$	43,055	$	56,240

Denominator:
Weighted average Common Shares outstanding – basic	183,681		190,138
Dilutive effect of outstanding securities:
RSAs	22		20
Time-based RSUs	88		255
Performance-based RSUs	700		1,676
Stock options	811		976
Weighted average Common Shares outstanding – dilutive	185,302		193,065

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:


	Three Months Ended March 31,
(in thousands)	2025	2024

Time-based RSUs	567	270
Performance-based RSUs	1,011	661

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Nature of Operations WillScot Holdings Corporation (“WillScot” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative and flexible turnkey space solutions in the United States (“US”), Canada, and Mexico. The Company leases, sells, delivers and installs modular space solutions (modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures and sanitation solutions) and portable storage products (portable storage containers and climate-controlled containers and trailers) through an integrated network of branch locations. WillScot also offers its customers a thoughtfully curated selection of solutions with Value-Added Products ("VAPS"), such as 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 that improve the overall customer experience. The Company operates a hybrid in-house and outsourced logistics and service infrastructure that provides delivery, site work, installation, disassembly, removal and other services to customers for an additional fee as part of leasing and sales operations. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by accounting principles generally accepted in the US ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as WillScot. All intercompany balances and transactions are eliminated in consolidation. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. 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. ASU 2023-09 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 annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied either prospectively or retrospectively. The Company is currently evaluating ASU 2024-03 to determine its impact on the Company's disclosures.

Intangible Assets - Future Amortization (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (remaining)	$ 32,090
2026	37,093
2027	30,463
2028	14,920
2029	250
Net book value	$ 114,816

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2021
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 0.3	$ 0.3
Unrecognized compensation expense for awards	$ 0.3
Unrecognized compensation expense, period for recognition	2 months 12 days
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 2.4	$ 2.3
Unrecognized compensation expense for awards	$ 25.9
Unrecognized compensation expense, period for recognition	3 years 2 months 12 days
Granted (in shares)	391,843	273,524
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 5.6	$ 6.4
Unrecognized compensation expense for awards	$ 37.2
Unrecognized compensation expense, period for recognition	1 year 7 months 6 days
Vesting 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)	406,265	295,833	555,790
Stock price trigger (in USD per share)			$ 47.50
Performance-based RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years 6 months
Nonvested, target number (in shares)			0
Stock price trigger (in USD per share)			$ 42.50
Performance-based RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years 9 months 18 days
Nonvested, target number (in shares)			1,333,334
Stock price trigger (in USD per share)			$ 60.00

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Options
Exercised (in shares)	(639,241)
WillScot Options
Options
Outstanding beginning balance (in shares)	534,188	534,188
Exercised (in shares)	0	0
Outstanding ending balance (in shares)	534,188	534,188
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 13.60	$ 13.60
Exercised (in USD per share)	0	0
Outstanding ending balance (in USD per share)	$ 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	534,188
Fully vested and exercisable options, weighted-average exercise price per share (in USD per share)	$ 13.60	$ 13.60
Converted Mobile Mini Options
Options
Outstanding beginning balance (in shares)	814,889	829,246
Exercised (in shares)	(188,134)	(3,504)
Outstanding ending balance (in shares)	626,755	825,742
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 12.77	$ 12.86
Exercised (in USD per share)	11.86	19.68
Outstanding ending balance (in USD per share)	$ 13.05	$ 12.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Fully vested and exercisable options (in shares)	626,755	825,742
Fully vested and exercisable options, weighted-average exercise price per share (in USD per share)	$ 13.05	$ 12.83

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	March 31, 2025
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated impairment loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.2	$	215,408	$	—	$	(120,717)	$	94,691
Technology	1.3	1,500		—		(1,188)		312
Trade names	2.5	165,500		(132,540)		(13,147)		19,813
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	507,408	$	(132,540)	$	(135,052)	$	239,816


	December 31, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated 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

Schedule of Indefinite-Lived Intangible Assets

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


	March 31, 2025
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated impairment loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.2	$	215,408	$	—	$	(120,717)	$	94,691
Technology	1.3	1,500		—		(1,188)		312
Trade names	2.5	165,500		(132,540)		(13,147)		19,813
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	507,408	$	(132,540)	$	(135,052)	$	239,816


	December 31, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated 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

Schedule of Future Amortization of Intangible Assets

As of March 31, 2025, the expected future amortization expense for intangible assets was as follows for the years ended December 31:


(in thousands)
2025 (remaining)	$	32,090
2026	37,093
2027	30,463
2028	14,920
2029	250

Total	$	114,816

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table sets forth certain information regarding significant expense categories for the three months ended March 31, 2025 and 2024, respectively.


	Three Months Ended March 31,
(in thousands)	2025		2024
Revenues:
Leasing and services revenue:
Unit leasing and other rental-related	$	338,051	$	364,287
VAPS and third party leasing	96,339		96,314
Delivery revenue	49,035		56,186
Installation revenue	39,626		44,176
Sales revenue:
New units	22,437		13,499
Rental units	14,063		12,719
Total revenues	559,551		587,181

Less:(a)
Costs of leasing and services:
Unit leasing	71,744		85,563
VAPS and third party leasing	16,326		16,831
Delivery	40,556		44,514
Installation	33,240		33,328
Costs of sales:
New units	15,198		8,273
Rental units	8,169		6,876
Employee SG&A expense(b)	68,266		70,640
Other segment items(c)	77,267		73,147
Adjusted EBITDA	$	228,785	$	248,009

(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, bonuses, 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 table presents reconciliations of the Company’s net income to Adjusted EBITDA for the three months ended March 31, 2025 and 2024, respectively:


	Three Months Ended March 31,
(in thousands)	2025		2024
Net income	$	43,055	$	56,240
Income tax expense	17,910		17,118
Interest expense, net	58,469		56,588
Depreciation and amortization	97,092		92,828
Currency losses, net	223		77
Restructuring costs, lease impairment expense and other related charges	702		746



Transaction costs	34		—
Integration costs	227		2,877
Stock compensation expense	8,341		9,099
Other	2,732		12,436
Adjusted EBITDA	$	228,785	$	248,009

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 134.8		$ 139.4
Previously deferred revenue recognized	$ 34.7
Leasing \| Revenues \| Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	76.00%	77.00%

- Definition

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

+ References + Details

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

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


(in thousands, except rates)	Interest rate	Year of maturity	March 31, 2025		December 31, 2024
2025 Secured Notes	6.125%	2025	$	—	$	525,283
ABL Facility	Varies	2027	1,499,088		1,556,651
2028 Secured Notes	4.625%	2028	495,861		495,582
2029 Secured Notes	6.625%	2029	492,708		492,467
2030 Secured Notes	6.625%	2030	493,249		—
2031 Secured Notes	7.375%	2031	494,360		494,329
Finance Leases	Varies	Varies	146,989		143,788
Total debt			3,622,255		3,708,100
Less: current portion of long-term debt			25,439		24,598
Total long-term debt			$	3,596,816	$	3,683,502

Schedule of Maturities of Long-Term Debt

Maturities of debt, including finance leases, during the periods subsequent to March 31, 2025 are as follows:


(in thousands)
2025 (remaining)	$	25,740
2026	32,043
2027	1,543,809
2028	531,291
2029	523,413
Thereafter	1,028,577
Total	$	3,684,873

- 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
-Topic 505
-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

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 100,291	$ 101,693
Preferred stock par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	1,000,000	1,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	183,109,208	183,564,899
Common stock outstanding (in shares)	183,109,208	183,564,899

Derivatives - Impact of Interest Rate Swap (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in OCI	$ (8,403)	$ 23,322
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain reclassified from AOCI into income	$ (2,431)	$ (5,267)

Rental Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Rental Equipment

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


(in thousands)	March 31, 2025		December 31, 2024
Modular space units	$	3,702,224	$	3,658,086
Portable storage units	1,062,200		1,070,025
Value added products	221,145		220,205
Total rental equipment	4,985,569		4,948,316
Less: accumulated depreciation	(1,618,543)		(1,570,377)
Rental equipment, net	$	3,367,026	$	3,377,939

Debt - Carrying Value of Debt Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 27, 2025	Mar. 26, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Finance Leases	$ 146,989			$ 143,788
Total debt	3,622,255			3,708,100
Less: current portion of long-term debt	25,439			24,598
Total long-term debt	$ 3,596,816			3,683,502
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%	6.125%
Long-term debt	$ 0			525,283
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Long-term debt	$ 495,861			495,582
Senior Notes \| 2029 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.625%
Long-term debt	$ 492,708			492,467
Senior Notes \| 2030 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.625%		6.625%
Long-term debt	$ 493,249			0
Senior Notes \| 2031 Secured Notes
Debt Instrument [Line Items]
Interest rate	7.375%
Long-term debt	$ 494,360			494,329
Line of Credit \| ABL Facility - Multicurrency Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 1,499,088			$ 1,556,651

Derivatives - Narrative (Details) $ in Millions	1 Months Ended
Derivatives - Narrative (Details) $ in Millions	Jan. 31, 2024 USD ($) derivativeAgreement	Jan. 31, 2023 USD ($) derivativeAgreement	Mar. 31, 2025
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivative instruments entered into \| derivativeAgreement	2	2
Notational amount \| $	$ 500.0	$ 750.0
Fixed rate	3.70%	3.44%
Interest Rate Swaps, Entered January 2023
Derivative Instruments, Gain (Loss) [Line Items]
Receive rate			4.32%

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended March 31,
(in thousands)	2025		2024
Numerator:
Net income	$	43,055	$	56,240

Denominator:
Weighted average Common Shares outstanding – basic	183,681		190,138
Dilutive effect of outstanding securities:
RSAs	22		20
Time-based RSUs	88		255
Performance-based RSUs	700		1,676
Stock options	811		976
Weighted average Common Shares outstanding – dilutive	185,302		193,065

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


	Three Months Ended March 31,
(in thousands)	2025	2024

Time-based RSUs	567	270
Performance-based RSUs	1,011	661

Earnings Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income, basic	$ 43,055	$ 56,240
Net income, diluted	$ 43,055	$ 56,240
Denominator:
Weighted average Common Shares outstanding - basic (in shares)	183,680,565	190,137,533
Weighted average Common Shares outstanding – diluted (in shares)	185,301,787	193,065,392
RSAs
Denominator:
Awards (in shares)	22,000	20,000
Time-based RSUs
Denominator:
Awards (in shares)	88,000	255,000
Performance-based RSUs
Denominator:
Awards (in shares)	700,000	1,676,000
Stock options
Denominator:
Awards (in shares)	811,000	976,000

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 43,055	$ 56,240
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of income tax expense of $0.	161	(5,548)
Net (loss) gain on derivatives, net of income tax (benefit) expense of $(2,693) and $4,515 for the three months ended March 31, 2025 and 2024, respectively.	(8,141)	13,540
Total other comprehensive (loss) income	(7,980)	7,992
Total comprehensive income	$ 35,075	$ 64,232

- Definition

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

+ References + Details

- Definition

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

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

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

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

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

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 40,305	$ 39,823
Finished units	7,431	7,650
Inventories	$ 47,736	$ 47,473

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

Stock-Based Compensation - Schedule of Time-Based RSU Award Activity (Details) - Time-based RSUs - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Number of Shares
Outstanding beginning balance (in shares)	576,652	618,836
Granted (in shares)	391,843	273,524
Forfeited (in shares)	(14,453)	(9,795)
Vested (in shares)	(237,655)	(223,566)
Outstanding ending balance (in shares)	716,387	658,999
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 43.87	$ 36.07
Granted (in USD per share)	35.27	48.68
Forfeited (in USD per share)	42.79	44.92
Vested (in USD per share)	39.86	33.31
Outstanding ending balance (in USD per share)	$ 40.52	$ 42.11

Fair Value Measures - Schedule of Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 1,976,178	$ 2,007,661
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,011,360	2,024,984
2025 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	525,283
2025 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	527,269
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	495,861	495,582
2028 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	485,135	477,170
2029 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	492,708	492,467
2029 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	506,005	506,235
2030 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	493,249	0
2030 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	505,625	0
2031 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	494,360	494,329
2031 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 514,595	$ 514,310

Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Disaggregation

Geographic Areas

The Company had total revenue in the following geographic areas for the three months ended March 31, 2025 and 2024 as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
US	$	531,046	$	553,433
Canada	23,199		26,532
Mexico	5,306		7,216
Total revenues	$	559,551	$	587,181

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. 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 three months ended March 31, 2025 and 2024 was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Modular space leasing revenue(a)	$	245,864	$	252,147
Portable storage leasing revenue	77,035		91,449
VAPS and third party leasing revenues(b)	96,339		96,314
Other leasing-related revenue(b),(c)	15,152		20,691
Leasing revenue	434,390		460,601
Delivery and installation revenue	88,661		100,362
Total leasing and services revenue	523,051		560,963
New unit sales revenue	22,437		13,499
Rental unit sales revenue	14,063		12,719
Total revenues	$	559,551	$	587,181

(a) Includes revenue from clearspan structures.

(b) Includes $9.2 million and $7.5 million of service revenue for the three months ended March 31, 2025 and 2024, respectively.

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

Leasing and Services Revenue

The majority of revenue (76% and 77% for the three months ended March 31, 2025 and 2024, respectively) was generated by lease income subject to the guidance of Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or the sale of units subject to the guidance in Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606").

Receivables

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

Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end markets. The Company manages credit risk through credit approvals, credit limits, and other monitoring procedures.

The Company's allowance for credit losses reflects its estimate of the amount of receivables that the Company 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 estimate is sensitive to changing circumstances, and the Company may be required to increase or decrease its allowance 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 expense.

Activity in the allowance for credit losses was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Balance at beginning of period	$	101,693	$	81,656
Provision for credit losses, net of recoveries	12,338		11,807
Write-offs recorded as a reduction to revenue	(13,765)		(7,055)
Foreign currency translation and other	25		10
Balance at end of period	$	100,291	$	86,418

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 March 31, 2025 and December 31, 2024, the Company had approximately $134.8 million and $139.4 million, respectively, of deferred revenue related to service revenue billed in advance. During the three months ended March 31, 2025, $34.7 million 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

Inventories (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

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


(in thousands)	March 31, 2025		December 31, 2024
Raw materials	$	40,305	$	39,823
Finished units	7,431		7,650
Inventories	$	47,736	$	47,473

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by accounting principles generally accepted in the US ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented.
Principles of Consolidation	Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as WillScot. All intercompany balances and transactions are eliminated in consolidation.
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. ASU 2023-09 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 annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied either prospectively or retrospectively. The Company is currently evaluating ASU 2024-03 to determine its impact on the Company's disclosures.

Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

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


	March 31, 2025
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated impairment loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.2	$	215,408	$	—	$	(120,717)	$	94,691
Technology	1.3	1,500		—		(1,188)		312
Trade names	2.5	165,500		(132,540)		(13,147)		19,813
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	507,408	$	(132,540)	$	(135,052)	$	239,816


	December 31, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated 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

Amortization expense related to intangible assets was $11.3 million and $7.4 million for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the expected future amortization expense for intangible assets was as follows for the years ended December 31:


(in thousands)
2025 (remaining)	$	32,090
2026	37,093
2027	30,463
2028	14,920
2029	250

Total	$	114,816

Revenue - Rollforward of Receivable Allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 101,693	$ 81,656
Provision for credit losses, net of recoveries	12,338	11,807
Write-offs recorded as a reduction to revenue	(13,765)	(7,055)
Foreign currency translation and other	25	10
Balance at end of period	$ 100,291	$ 86,418

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income tax (benefit) expense from continuing operations	$ 17,910	$ 17,118
Effective tax rate	29.40%	23.30%

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense	$ 0	$ 0
Net (loss) gain on derivatives, net of income tax (benefit) expense	$ (2,693)	$ 4,515

Fair Value Measures

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 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 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:


	March 31, 2025				December 31, 2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2025 Secured Notes	$	—	$	—	$	525,283	$	527,269
2028 Secured Notes	495,861		485,135		495,582		477,170
2029 Secured Notes	492,708		506,005		492,467		506,235
2030 Secured Notes	493,249		505,625		—		—
2031 Secured Notes	494,360		514,595		494,329		514,310
Total	$	1,976,178	$	2,011,360	$	2,007,661	$	2,024,984

As of March 31, 2025, the carrying values of the 2028 Secured Notes, the 2029 Secured Notes, the 2030 Secured Notes, and the 2031 Secured Notes included $4.1 million, $7.3 million, $6.8 million, and $5.6 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. 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.

The location and the fair value of derivative assets and liabilities in the condensed consolidated balance sheets are disclosed in Note 9.

- 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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 10,679	$ 9,001
Trade receivables, net of allowances for credit losses at March 31, 2025 and December 31, 2024 of $100,291 and $101,693, respectively	400,501	430,381
Inventories	47,736	47,473
Prepaid expenses and other current assets	57,585	67,751
Assets held for sale	1,953	2,904
Total current assets	518,454	557,510
Rental equipment, net	3,367,026	3,377,939
Property, plant and equipment, net	365,497	363,073
Operating lease assets	257,530	266,761
Goodwill	1,201,710	1,201,353
Intangible assets, net	239,816	251,164
Other non-current assets	11,643	17,111
Total long-term assets	5,443,222	5,477,401
Total assets	5,961,676	6,034,911
Liabilities and equity
Accounts payable	93,976	96,597
Accrued expenses	168,889	121,583
Accrued employee benefits	25,689	25,062
Deferred revenue and customer deposits	240,816	250,790
Operating lease liabilities – current	66,559	66,378
Current portion of long-term debt	25,439	24,598
Total current liabilities	621,368	585,008
Long-term debt	3,596,816	3,683,502
Deferred tax liabilities	496,418	505,913
Operating lease liabilities - non-current	191,736	200,875
Other non-current liabilities	43,976	41,020
Long-term liabilities	4,328,946	4,431,310
Total liabilities	4,950,314	5,016,318
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at March 31, 2025 and December 31, 2024	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 183,109,208 and 183,564,899 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	19	19
Additional paid-in-capital	1,793,859	1,836,165
Accumulated other comprehensive loss	(78,607)	(70,627)
Accumulated deficit	(703,909)	(746,964)
Total shareholders' equity	1,011,362	1,018,593
Total liabilities and shareholders' equity	$ 5,961,676	$ 6,034,911

Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

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	March 31, 2025		December 31, 2024
Cash Flow Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	4,707	$	6,990
Interest rate swaps	Other non-current assets	$	—	$	6,666
Interest rate swaps	Other non-current liabilities	$	(1,897)	$	—

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

The following table discloses the impact of the interest rate swaps, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(in thousands)	2025		2024
(Loss) gain recognized in OCI	$	(8,403)	$	23,322
Location of gain recognized in income	Interest expense, net		Interest expense, net
Gain reclassified from AOCI into income	$	(2,431)	$	(5,267)

Debt - Narrative (Details) - USD ($)			3 Months Ended
Debt - Narrative (Details) - USD ($)	Mar. 27, 2025	Jun. 30, 2022	Mar. 31, 2025	Mar. 31, 2024	Mar. 26, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Repayment of borrowings			$ 702,579,000	$ 199,925,000
Present value of lease liabilities			146,989,000			$ 143,788,000
Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Credit spread		0.10%
Asset Based Liability Facility Due 2027 \| Line of Credit \| SOFR And Canadian BA Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Asset Based Liability Facility Due 2027 \| Line of Credit \| Base Rate And Canadian BA Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Debt instrument, variable rate, step down percentage		0.25%
Debt instrument, variable rate, step up percentage		0.25%
2030 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ 6,800,000
Debt, face amount					$ 500,000,000
Interest rate			6.625%		6.625%
2025 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs						1,200,000
Debt, face amount	$ 33,000,000
Interest rate	6.125%		6.125%
Redemption price, percentage	100.00%
Repayment of borrowings	$ 526,500,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		$ 3,700,000,000	$ 3,200,000,000
Commitment fee		0.20%
Weighted average interest rate for borrowings			5.33%
Available borrowing capacity			$ 1,600,000,000
Letters of credit amount outstanding			26,500,000
Outstanding principal			1,500,000,000
Unamortized debt issuance costs			15,900,000			$ 19,000,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 - US Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		$ 3,300,000,000
Available borrowing capacity			1,400,000,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 - Multicurrency Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		400,000,000
Line of credit facility, accordion feature amount, maximum		$ 750,000,000
Available borrowing capacity			185,900,000
Unamortized debt issuance costs			1,200,000
Letter of Credit \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility			$ 220,000,000
Commitment fee			1.625%
Available borrowing capacity			$ 193,500,000
Swingline Loans \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility			220,000,000
Available borrowing capacity			$ 186,000,000

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023		189,967,000
Beginning balance at Dec. 31, 2023	$ 1,261,250	$ 20	$ 2,089,091	$ (52,768)	$ (775,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,240				56,240
Other comprehensive (loss) income	7,992			7,992
Withholding taxes on net share settlement of stock-based compensation	(14,524)		(14,524)
Common Stock-based award activity (in shares)		628,000
Common Stock-based award activity	9,099		9,099
Issuance of Common Stock from the exercise of options (in shares)		3,000
Issuance of Common Stock from the exercise of options	69		69
Ending balance (in shares) at Mar. 31, 2024		190,598,000
Ending balance at Mar. 31, 2024	$ 1,320,126	$ 20	2,083,735	(44,776)	(718,853)
Beginning balance (in shares) at Dec. 31, 2024	183,564,899	183,565,000
Beginning balance at Dec. 31, 2024	$ 1,018,593	$ 19	1,836,165	(70,627)	(746,964)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,055				43,055
Other comprehensive (loss) income	(7,980)			(7,980)
Withholding taxes on net share settlement of stock-based compensation	(7,718)		(7,718)
Common Stock-based award activity (in shares)		451,000
Common Stock-based award activity	8,341		8,341
Repurchase and cancellation of Common Stock (in shares)		(1,095,000)
Repurchase and cancellation of Common Stock	(32,117)		(32,117)
Cash dividends declared	$ (13,044)		(13,044)
Issuance of Common Stock from the exercise of options (in shares)	639,241	188,000
Issuance of Common Stock from the exercise of options	$ 2,232		2,232
Ending balance (in shares) at Mar. 31, 2025	183,109,208	183,109,000
Ending balance at Mar. 31, 2025	$ 1,011,362	$ 19	$ 1,793,859	$ (78,607)	$ (703,909)

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,018,593	$ 1,261,250
Other comprehensive income (loss) before reclassifications	(5,549)	13,259
Reclassifications from AOCI to income	(2,431)	(5,267)
Ending balance	1,011,362	1,320,126
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(70,627)	(52,768)
Ending balance	(78,607)	(44,776)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(80,720)	(56,031)
Other comprehensive income (loss) before reclassifications	161	(5,548)
Reclassifications from AOCI to income	0	0
Ending balance	(80,559)	(61,579)
Unrealized gains on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	10,093	3,263
Other comprehensive income (loss) before reclassifications	(5,710)	18,807
Reclassifications from AOCI to income	(2,431)	(5,267)
Ending balance	$ 1,952	$ 16,803

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenues	$ 559,551	$ 587,181
Leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	434,390	460,601
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	245,864	252,147
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	77,035	91,449
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	96,339	96,314
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	15,152	20,691
Leasing and Services
Disaggregation of Revenue [Line Items]
Total revenues	523,051	560,963
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	88,661	100,362
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	22,437	13,499
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	14,063	12,719
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	9,200	7,500
US
Disaggregation of Revenue [Line Items]
Total revenues	531,046	553,433
Canada
Disaggregation of Revenue [Line Items]
Total revenues	23,199	26,532
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,306	$ 7,216

Rental Equipment (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment

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


(in thousands)	March 31, 2025		December 31, 2024
Modular space units	$	3,702,224	$	3,658,086
Portable storage units	1,062,200		1,070,025
Value added products	221,145		220,205
Total rental equipment	4,985,569		4,948,316
Less: accumulated depreciation	(1,618,543)		(1,570,377)
Rental equipment, net	$	3,367,026	$	3,377,939

Derivatives

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

In January 2023, the Company entered into two interest rate swap agreements with financial counterparties relating to $750.0 million in aggregate notional amount of variable-rate debt under the ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a fixed interest rate of 3.44% on the notional amount. In January 2024, the Company entered into two interest rate swap agreements with financial counterparties relating to $500.0 million in aggregate notional amount of variable-rate debt under the ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a fixed interest rate of 3.70% on the notional amount.

The swap agreements were designated and qualified as hedges of the Company's exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility. The swap agreements terminate on June 30, 2027. At March 31, 2025, the floating rate that the Company received under the terms of these swap agreements was 4.32%.

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


(in thousands)	Balance Sheet Location	March 31, 2025		December 31, 2024
Cash Flow Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	4,707	$	6,990
Interest rate swaps	Other non-current assets	$	—	$	6,666
Interest rate swaps	Other non-current liabilities	$	(1,897)	$	—

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 (see Note 10), and reflected the amount that the Company would receive or pay for contracts involving the same attributes and maturity dates.


	Three Months Ended March 31,
(in thousands)	2025		2024
(Loss) gain recognized in OCI	$	(8,403)	$	23,322
Location of gain recognized in income	Interest expense, net		Interest expense, net
Gain reclassified from AOCI into income	$	(2,431)	$	(5,267)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded $17.9 million and $17.1 million of income tax expense for the three months ended March 31, 2025 and 2024, respectively. The Company’s effective tax rate for the three months ended March 31, 2025 and 2024 was 29.4% and 23.3%, respectively. The effective tax rate for the three months ended March 31, 2025 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes, non-deductible executive compensation, and discrete tax expense related to equity compensation. The effective tax rate for the three months ended March 31, 2024 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes and non-deductible executive compensation, partially offset by a discrete tax benefit related to employee stock vesting.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

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

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

+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Total revenues	$ 559,551	$ 587,181
Costs:
Depreciation of rental equipment	73,952	74,908
Gross profit	300,366	316,888
Other operating expenses:
Selling, general and administrative	157,146	168,314
Other depreciation and amortization	23,140	17,920
Currency losses, net	223	77
Other expense, net	423	631
Operating income	119,434	129,946
Interest expense, net	58,469	56,588
Income before income tax	60,965	73,358
Income tax expense	17,910	17,118
Net income	$ 43,055	$ 56,240
Earnings per share:
Basic (in USD per share)	$ 0.23	$ 0.30
Diluted (in USD per share)	$ 0.23	$ 0.29
Weighted average shares:
Basic (in shares)	183,680,565	190,137,533
Diluted (in shares)	185,301,787	193,065,392
Leasing
Revenues:
Leasing	$ 434,390	$ 460,601
Total revenues	434,390	460,601
Costs:
Leasing	88,070	102,394
Delivery and installation
Revenues:
Revenues	88,661	100,362
Total revenues	88,661	100,362
Costs:
Cost of sales	73,796	77,842
New units
Revenues:
Revenues	22,437	13,499
Total revenues	22,437	13,499
Costs:
Cost of sales	15,198	8,273
Rental units
Revenues:
Revenues	14,063	12,719
Total revenues	14,063	12,719
Costs:
Cost of sales	$ 8,169	$ 6,876

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2025 (remaining)	$ 25,740
2026	32,043
2027	1,543,809
2028	531,291
2029	523,413
Thereafter	1,028,577
Total debt	$ 3,684,873

Fair Value Measures - Narrative (Details) - Senior Notes - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
2025 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs		$ 1.2
2028 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 4.1	4.4
2029 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	7.3	7.5
2030 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	6.8
2031 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 5.6	$ 5.7

Stock-Based Compensation - Schedule of Performance-Based RSU Award Activity (Details) - Performance-based RSUs - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2021
Number of Shares
Outstanding beginning balance (in shares)	1,768,460	1,939,691
Granted (in shares)	406,265	295,833	555,790
Forfeited (in shares)	(6,579)	(7,150)
Vested (in shares)	(601,129)	(353,323)
Outstanding ending balance (in shares)	1,567,017	1,875,051
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 47.02	$ 42.95
Granted (in USD per share)	44.16	66.60
Forfeited (in USD per share)	62.57	47.70
Vested (in USD per share)	42.34	39.10
Outstanding ending balance (in USD per share)	$ 48.01	$ 47.39
Percentage of target vested during period	77.00%	200.00%
Vesting target (in shares)	462,886	706,646

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - RSAs - $ / shares	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Number of Shares
Outstanding beginning balance (in shares)	36,346	28,946	28,946
Outstanding ending balance (in shares)	36,346	36,346	28,946
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 38.11	$ 44.44	$ 44.44
Outstanding ending balance (in USD per share)	$ 38.11	$ 38.11	$ 44.44

Earnings Per Share - Schedule of Anti-dilutive securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
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)	567	270
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	1,011	661

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities:
Net income	$ 43,055	$ 56,240
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	97,092	92,828
Provision for credit losses	12,338	11,807
Gain on sale of rental equipment and other property, plant and equipment	(5,697)	(5,677)
Amortization of debt discounts and debt issuance costs	4,030	2,947
Stock-based compensation expense	8,341	9,099
Deferred income tax (benefit) expense	(5,343)	8,811
Unrealized currency gains, net	205	46
Other	957	1,030
Changes in operating assets and liabilities
Trade receivables	17,663	(8,099)
Inventories	(232)	(366)
Prepaid expenses and other assets	7,882	1,914
Operating lease assets and liabilities	238	282
Accounts payable and other accrued expenses	37,254	30,414
Deferred revenue and customer deposits	(11,156)	7,400
Net cash provided by operating activities	206,627	208,676
Investing activities:
Acquisitions, net of cash acquired	(3,060)	(43,399)
Purchase of rental equipment and refurbishments	(72,552)	(72,417)
Proceeds from sale of rental equipment	14,063	14,195
Purchase of property, plant and equipment	(4,634)	(6,554)
Proceeds from sale of property, plant and equipment	1,291	0
Purchase of investments	(63)	(2,792)
Net cash used in investing activities	(64,955)	(110,967)
Financing activities:
Receipts from borrowings	615,433	123,585
Repayment of borrowings	(702,579)	(199,925)
Payment of financing costs	(6,665)	0
Payments on finance lease obligations	(5,742)	(4,827)
Receipts from issuance of Common Stock from the exercise of options	2,232	69
Repurchase and cancellation of Common Stock	(22,008)	0
Taxes paid on employee stock awards	(7,718)	(14,524)
Dividends paid	(12,882)	0
Net cash used in financing activities	(139,929)	(95,622)
Effect of exchange rate changes on cash and cash equivalents	(65)	102
Net change in cash and cash equivalents	1,678	2,189
Cash and cash equivalents at the beginning of the period	9,001	10,958
Cash and cash equivalents at the end of the period	10,679	13,147
Supplemental cash flow information:
Interest paid, net	44,308	43,179
Income taxes paid, net	4,542	952
Capital expenditures accrued or payable	17,430	15,844
Accrued Common Stock repurchases	$ 10,000	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 43,055	$ 56,240

- Definition

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

+ References

+ Details

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

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


(in thousands, except rates)	Interest rate	Year of maturity	March 31, 2025		December 31, 2024
2025 Secured Notes	6.125%	2025	$	—	$	525,283
ABL Facility	Varies	2027	1,499,088		1,556,651
2028 Secured Notes	4.625%	2028	495,861		495,582
2029 Secured Notes	6.625%	2029	492,708		492,467
2030 Secured Notes	6.625%	2030	493,249		—
2031 Secured Notes	7.375%	2031	494,360		494,329
Finance Leases	Varies	Varies	146,989		143,788
Total debt			3,622,255		3,708,100
Less: current portion of long-term debt			25,439		24,598
Total long-term debt			$	3,596,816	$	3,683,502

Maturities of debt, including finance leases, during the periods subsequent to March 31, 2025 are as follows:


(in thousands)
2025 (remaining)	$	25,740
2026	32,043
2027	1,543,809
2028	531,291
2029	523,413
Thereafter	1,028,577
Total	$	3,684,873

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 March 31, 2025, 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 9 for a more detailed discussion on interest rate management.

Borrowing availability under the US Facility and the Multicurrency Facility is equal to the lesser of (i) the aggregate revolver commitments and (ii) the borrowing base ("Line Cap"). At March 31, 2025, the Line Cap was $3.2 billion and the Company had $1.6 billion of available borrowing capacity under the ABL Facility, including $1.4 billion under the US Facility and $185.9 million under the Multicurrency Facility. Borrowing capacity under the ABL Facility is made available for up to $220.0 million of letters of credit and $220.0 million of swingline loans. At March 31, 2025, the available capacity was $193.5 million of letters of credit and $186.0 million of swingline loans. At March 31, 2025, letters of credit and bank guarantees carried fees of 1.625%. The Company had issued $26.5 million of standby letters of credit under the ABL Facility at March 31, 2025.

The Company had approximately $1.5 billion of outstanding borrowings under the ABL Facility at March 31, 2025. Debt issuance costs of $15.9 million and $19.0 million were included in the carrying value of the ABL Facility at March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, the Company had no outstanding principal borrowings on the Multicurrency Facility and $1.2 million of related debt issuance costs, which were recorded in other non-current assets on the condensed consolidated balance sheet.

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

Senior Secured Notes

On March 26, 2025, WSI completed a private offering of $500.0 million in aggregate principal amount of its 6.625% senior secured notes due 2030 (the "2030 Secured Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended and to non-U.S. persons outside the U.S. in accordance with Regulation S under the Securities Act. The 2030 Secured Notes mature on April 15, 2030 and bear interest at a rate of 6.625% per annum. Interest is payable semi-annually on April 15 and October 15 of each year, beginning October 15, 2025. Unamortized deferred financing costs pertaining to the 2030 Secured Notes were $6.8 million as of March 31, 2025.

On March 27, 2025, net proceeds from the offering of the 2030 Secured Notes, together with $33.0 million of additional borrowings under the ABL Facility, were used to (i) redeem all of WSI's outstanding 6.125% senior secured notes due 2025 (the "2025 Secured Notes") at a redemption price equal to 100.00% of the principal amount of the 2025 Notes outstanding, totaling $526.5 million, plus accrued and unpaid interest to, but excluding, the redemption date and (ii) pay related fees and expenses.

The 2028 Secured Notes, 2029 Secured Notes, 2030 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 2028 Secured Notes, if the lien associated with the ABL Facility represents the only lien outstanding on the collateral under the 2029 Secured Notes, 2030 Secured Notes, and the 2031 Secured Notes (other than certain permitted liens), the collateral securing the 2029 Secured Notes, 2030 Secured Notes, and the 2031 Secured Notes will be released and the 2029 Secured Notes, 2030 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 March 31, 2025 and December 31, 2024, obligations under the finance leases were $147.0 million and $143.8 million, respectively.

Covenant Compliance

The Company was in compliance with all debt covenants and restrictions associated with its debt instruments as of March 31, 2025.

- 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

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

The Company has one reportable segment. Refer to Note 2 for revenue by geographic area and revenue by major product and service lines. Refer to the Condensed Consolidated Balance Sheets for total assets. Refer to the Condensed Consolidated Statements 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. 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 table sets forth certain information regarding significant expense categories for the three months ended March 31, 2025 and 2024, respectively.


	Three Months Ended March 31,
(in thousands)	2025		2024
Revenues:
Leasing and services revenue:
Unit leasing and other rental-related	$	338,051	$	364,287
VAPS and third party leasing	96,339		96,314
Delivery revenue	49,035		56,186
Installation revenue	39,626		44,176
Sales revenue:
New units	22,437		13,499
Rental units	14,063		12,719
Total revenues	559,551		587,181

Less:(a)
Costs of leasing and services:
Unit leasing	71,744		85,563
VAPS and third party leasing	16,326		16,831
Delivery	40,556		44,514
Installation	33,240		33,328
Costs of sales:
New units	15,198		8,273
Rental units	8,169		6,876
Employee SG&A expense(b)	68,266		70,640
Other segment items(c)	77,267		73,147
Adjusted EBITDA	$	228,785	$	248,009

(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, bonuses, commissions, payroll taxes, and employee benefits.

The following table presents reconciliations of the Company’s net income to Adjusted EBITDA for the three months ended March 31, 2025 and 2024, respectively:


	Three Months Ended March 31,
(in thousands)	2025		2024
Net income	$	43,055	$	56,240
Income tax expense	17,910		17,118
Interest expense, net	58,469		56,588
Depreciation and amortization	97,092		92,828
Currency losses, net	223		77
Restructuring costs, lease impairment expense and other related charges	702		746



Transaction costs	34		—
Integration costs	227		2,877
Stock compensation expense	8,341		9,099
Other	2,732		12,436
Adjusted EBITDA	$	228,785	$	248,009

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Equity - Narrative (Details) - USD ($)	3 Months Ended
Equity - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Feb. 28, 2025	Sep. 30, 2024
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from the exercise of options (in shares)	639,241
Cash dividend	$ 13,000,000.0
Dividends payable (in dollars per share)			$ 0.07
Dividend paid	$ 12,882,000	$ 0
Authorized share repurchase program				$ 1,000,000,000
Shares repurchased (in shares)	1,094,932
Shares repurchased	$ 32,000,000
Remaining authorized share repurchase program	789,800,000
Reclassifications to consolidated statement of operations, tax expense	17,910,000	17,118,000
Reclassification out of Accumulated Other Comprehensive Income
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations, tax expense	600,000	1,400,000
Interest rate swaps \| Unrealized gains on hedging activities \| Reclassification out of Accumulated Other Comprehensive Income
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations	$ 2,400,000	$ 5,300,000