SEC Filing | Investor Relations | WillScot Mobile Mini Holdings Corp.

wsc-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________

Commission File Number:001-37552
https://cdn.kscope.io/af4be1e09cb86c9f9fcd8bb307053da2-wsc-20200630_g1.jpg
WILLSCOT MOBILE MINI HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
Delaware82-3430194
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)
4646 E Van Buren St., Suite 400
Phoenix, Arizona 85008
(Address, including zip code, of principal executive offices)

(480) 894-6311
(Registrant’s telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareWSC
The Nasdaq Capital Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
Shares of Common Stock, par value $0.0001 per share, outstanding: 227,721,220 shares at July 31, 2020.

1




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

PART I Financial Information
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019


2



PART I
ITEM 1. Financial Statements
WillScot Corporation
Condensed Consolidated Balance Sheets
(in thousands, except share data)June 30, 2020 (unaudited)December 31, 2019
Assets
Cash and cash equivalents$9,061  $3,045  
Restricted cash655,087    
Trade receivables, net of allowances for credit losses at June 30, 2020 and December 31, 2019 of $19,183 and $15,828, respectively
231,007  247,596  
Inventories14,800  15,387  
Prepaid expenses and other current assets21,392  14,621  
Assets held for sale9,332  11,939  
Total current assets940,679  292,588  
Rental equipment, net1,908,299  1,944,436  
Property, plant and equipment, net142,454  147,689  
Operating lease assets146,721  146,698  
Goodwill233,829  235,177  
Intangible assets, net126,125  126,625  
Other non-current assets3,433  4,436  
Total long-term assets2,560,861  2,605,061  
Total assets$3,501,540  $2,897,649  
Liabilities and equity
Accounts payable$87,847  $109,926  
Accrued liabilities101,212  82,355  
Accrued interest16,772  16,020  
Deferred revenue and customer deposits89,258  82,978  
Current portion of long-term debt265,398    
Operating lease liabilities - current30,438  29,133  
Total current liabilities590,925  320,412  
Long-term debt1,971,010  1,632,589  
Deferred tax liabilities69,044  70,693  
Deferred revenue and customer deposits12,284  12,342  
Operating lease liabilities - non-current117,159  118,429  
Other non-current liabilities36,028  34,229  
Long-term liabilities2,205,525  1,868,282  
Total liabilities2,796,450  2,188,694  
Commitments and contingencies (see Note 15)
Class A common stock: $0.0001 par, 400,000,000 shares authorized at June 30, 2020 and December 31, 2019; 121,233,232 and 108,818,854 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
12  11  
Class B common stock: no shares authorized or outstanding at June 30, 2020 and $0.0001 par, 100,000,000 shares authorized at December 31, 2019; 8,024,419 shares issued and outstanding at December 31, 2019
  1  
Additional paid-in-capital2,471,312  2,396,501  
Accumulated other comprehensive loss(84,807) (62,775) 
Accumulated deficit(1,681,427) (1,689,373) 
Total shareholders' equity705,090  644,365  
Non-controlling interest  64,590  
Total equity705,090  708,955  
Total liabilities and equity$3,501,540  $2,897,649  
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
3



WillScot Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands, except share and per share data)
2020201920202019
Revenues:
Leasing and services revenue:
Modular leasing$190,143  $185,818  $378,495  $363,110  
Modular delivery and installation51,640  55,966  102,710  105,966  
Sales revenue:
New units9,763  11,507  19,376  26,348  
Rental units5,316  10,422  12,102  21,974  
Total revenues256,862  263,713  512,683  517,398  
Costs:
Costs of leasing and services:
Modular leasing47,747  55,073  97,556  102,308  
Modular delivery and installation43,523  48,468  87,388  91,811  
Costs of sales:
New units6,331  7,999  12,534  18,877  
Rental units3,803  6,721  7,609  14,516  
Depreciation of rental equipment45,494  43,968  91,442  85,071  
Gross Profit109,964  101,484  216,154  204,815  
Expenses:
Selling, general and administrative65,272  70,385  140,240  143,704  
Other depreciation and amortization2,883  2,949  5,957  5,733  
Impairment losses on long-lived assets  348    2,638  
Lease impairment expense and other related charges1,394  1,520  3,055  4,605  
Restructuring costs749  1,632  689  3,288  
Currency losses (gains), net(380) (354) 518  (670) 
Other income, net(1,021) (1,290) (745) (2,241) 
Operating income41,067  26,294  66,440  47,758  
Interest expense28,519  31,668  56,776  62,783  
Loss on extinguishment of debt  7,244    7,244  
Income (loss) from operations before income tax12,548  (12,618) 9,664  (22,269) 
Income tax (benefit) expense(285) (1,180) 505  (802) 
Net Income (loss)12,833  (11,438) 9,159  (21,467) 
Net Income (loss) attributable to non-controlling interest, net of tax1,343  (832) 1,213  (1,590) 
Net Income (loss) attributable to WillScot$11,490  $(10,606) $7,946  $(19,877) 
Earnings (loss) per share attributable to WillScot
Basic$0.10  $(0.10) $0.07  $(0.18) 
Diluted$0.10  $(0.10) $0.07  $(0.18) 
Weighted average shares:
Basic110,692,426  108,693,924  110,174,536  108,609,068  
Diluted111,432,963  108,693,924  112,209,212  108,609,068  
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
4



WillScot Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)
2020201920202019
Net income (loss)$12,833  $(11,438) $9,159  $(21,467) 
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $0 for the three and six months ended June 30, 2020 and 2019
7,982  4,321  

(13,162) 8,436  
Net gain (loss) on derivatives, net of income tax benefit of $0, $1,190 for the three months ended June 30, 2020 and 2019, respectively and $0, and $1,863 for the six months ended June 30, 2020 and 2019, respectively
975  (3,887) (7,783) (6,088) 
Comprehensive income (loss)21,790  (11,004) (11,786) (19,119) 
Comprehensive income (loss) attributable to non-controlling interest2,161  (786) 

(672) (1,378) 
Total comprehensive income (loss) attributable to WillScot$19,629  $(10,218) $(11,114) $(17,741) 
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
5



WillScot Corporation
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Six Months Ended June 30, 2020
Class A Common StockClass B Common StockAdditional Paid-in-CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Shareholders' EquityNon-Controlling InterestTotal Equity
(in thousands)SharesAmountSharesAmount
Balance at December 31, 2019108,819  $11  8,024  $1  $2,396,501  $(62,775) $(1,689,373) $644,365  $64,590  $708,955  
Net loss—  —  —  —  —  —  (3,544) (3,544) (130) (3,674) 
Other comprehensive income—  —  —  —  —  (27,199) —  (27,199) (2,703) (29,902) 
Stock-based compensation239  —  —  —  1,114  —  —  1,114  —  1,114  
Common stock issued in warrant exercises and redemptions1,497    —  —  4,580  —  —  4,580  —  4,580  
Balance at March 31, 2020110,555  $11  8,024  $1  $2,402,195  $(89,974) $(1,692,917) $619,316  $61,757  $681,073  
Net income—  —  —  —  —  —  11,490  11,490  1,343  12,833  
Other comprehensive income—  —  —  —  —  8,139  —  8,139  818  8,957  
Stock-based compensation  —  —  —  2,227  —  —  2,227  —  2,227  
Sapphire Exchange - see Note 1010,641  1  (8,024) (1) 66,890  (2,972) —  63,918  (63,918)   
Common stock issued in warrant exercises and redemptions37  —  —  —  —  —  —  —  —    
Balance at June 30, 2020121,233  $12    $  $2,471,312  $(84,807) $(1,681,427) $705,090  $  $705,090  

Six Months Ended June 30, 2019
Class A Common StockClass B Common StockAdditional Paid-in-CapitalAccumulated Other Comprehensive Loss Accumulated DeficitTotal Shareholders' EquityNon-Controlling InterestTotal Equity
(in thousands)SharesAmountSharesAmount
Balance at December 31, 2018108,509  $11  8,024  $1  $2,389,548  $(68,026) $(1,683,319) $638,215  $63,982  $702,197  
Net loss—  —  —  —  —  —  (9,271) (9,271) (758) (10,029) 
Other comprehensive income—  —  —  —  —  1,748  —  1,748  166  1,914  
Adoption of ASC 842—  —  —  —  —  —  4,723  4,723  503  5,226  
Adoption of ASC 606—  —  —  —  —  —  345  345  —  345  
Stock-based compensation184  —  —  —  636  —  —  636  —  636  
Balance at March 31, 2019108,693  $11  8,024  $1  $2,390,184  $(66,278) $(1,687,522) $636,396  $63,893  $700,289  
Net loss—  —  —  —  —  —  (10,606) (10,606) (832) (11,438) 
Other comprehensive income—  —  —  —  —  388  —  388  46  434  
Stock-based compensation6  —  —  —  1,901  —  —  1,901  —  1,901  
Balance at June 30, 2019108,699  $11  8,024  $1  $2,392,085  $(65,890) $(1,698,128) $628,079  $63,107  $691,186  

See the accompanying notes which are an integral part of these condensed consolidated financial statements.
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WillScot Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
June 30,
(in thousands)
20202019
Operating activities:
Net income (loss)$9,159  $(21,467) 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization98,917  91,808  
Provision for doubtful accounts9,122  6,297  
Impairment losses on long-lived assets  2,638  
Impairment on right of use assets57  2,439  
Gain on sale of rental equipment and other property, plant and equipment(4,366) (5,359) 
Amortization of debt discounts and debt issuance costs5,899  5,646  
Loss on extinguishment of debt  7,244  
Stock-based compensation expense4,014  3,191  
Deferred income tax benefit (provision)608  (1,190) 
Unrealized currency (gains) losses1,095  (624) 
Changes in operating assets and liabilities
Trade receivables5,709  (44,492) 
Inventories520  1,039  
Prepaid and other assets(6,620) (784) 
Operating lease assets and liabilities(64) 935  
Accrued interest 753  (4,092) 
Accounts payable and other accrued liabilities(17,767) 3,126  
Deferred revenue and customer deposits6,691  13,699  
Net cash provided by operating activities113,727  60,054  
Investing activities:
Proceeds from sale of rental equipment12,102  23,083  
Purchase of rental equipment and refurbishments(79,682) (113,088) 
Proceeds from the sale of property, plant and equipment3,843  8,891  
Purchase of property, plant and equipment(3,186) (3,899) 
Net cash used in investing activities(66,923) (85,013) 
Financing activities:
Receipts from issuance of common stock4,580    
Receipts from borrowings704,293  461,203  
Payment of financing costs(1,225) (2,686) 
Repayment of borrowings(92,282) (430,260) 
Other financing activities(673) (654) 
Payment of debt extinguishment premium costs  (6,252) 
Net cash provided by financing activities614,693  21,351  
Effect of exchange rate changes on cash and cash equivalents(394) 140  
Net change in cash, cash equivalents, and restricted cash661,103  (3,468) 
Cash, cash equivalents, and restricted cash at the beginning of the period3,045  8,958  
Cash, cash equivalents, and restricted cash at the end of the period$664,148  $5,490  
Supplemental cash flow information:
Interest paid$46,058  $63,502  
Income taxes (refunded) paid, net$(22) $355  
Capital expenditures accrued or payable$18,742  $24,348  

See the accompanying notes which are an integral part of these condensed consolidated financial statements.
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WillScot Corporation
Notes to the Condensed Consolidated Financial Statements (Unaudited)
NOTE 1 - Summary of Significant Accounting Policies
Organization and Nature of Operations
WillScot Corporation (“WillScot” and, together with its subsidiaries, the “Company”) is a leading provider of modular space and portable storage solutions in the United States (“US”), Canada and Mexico. The Company leases, sells, delivers and installs mobile offices, modular buildings and storage products through an integrated network of branch locations that spans North America.
On November 29, 2017, Double Eagle Acquisition Corporation ("Double Eagle") indirectly acquired Williams Scotsman International, Inc. (“WSII”) from Algeco Scotsman Global S.à r.l. (together with its subsidiaries, the “Algeco Group”), which was majority owned by an investment fund managed by TDR Capital LLP ("TDR Capital"). As part of the transaction, Double Eagle domesticated to Delaware and changed its name to WillScot Corporation.
Immediately following the Merger with Mobile Mini Inc. as defined and discussed in Note 2 – Acquisitions and Relating Financing Transactions, on July 1, 2020, WillScot changed its name to “WillScot Mobile Mini Holdings Corp.” (“WillScot Mobile Mini”) and filed an amended and restated certificate of incorporation, which reclassified all outstanding shares of the Class A common stock and converted such shares into shares of common stock, par value $0.0001 per share, of WillScot Mobile Mini (the “Common Stock”). On June 30, 2020, TDR Capital exercised its right to exchange its shares in Williams Scotsman Holding Corp ("Holdings") for 10.6 million of Class A common stock at which point the Company's Class B common stock were automatically canceled. The WillScot Class A common stock was listed on the Nasdaq Capital Market (Nasdaq: WSC) up until the Merger, and the Common Stock has been listed on the Nasdaq Capital Market (Nasdaq: WSC) since the Merger.
As the Merger closed after WillScot’s second quarter 2020, the preparation of financial statements in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) requires that our Condensed Consolidated Financial Statements and most of the disclosure in these Notes be presented on a historical basis, as of or for the three and six months ended June 30, 2020 or prior periods. Unless the context otherwise requires, the terms “Company” and “WillScot Mobile Mini” as used in these financial statements mean WillScot Corporation and its subsidiaries when referring to periods prior to July 1, 2020 (prior to the Merger) and to WillScot Mobile Mini Holdings Corp., when referring to periods on or after July 1, 2020 (after the Merger).

Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Quarterly Report on Form 10-Q and do not include all the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position, the results of operations and cash flows for the interim periods presented.
On December 31, 2019, the 2019 financial statement amounts were adjusted for the adoption Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) ("ASC 842"), effective retroactively to January 1, 2019, and therefore may not agree to the Quarterly Reports filed on Form 10-Q for the respective periods of 2019.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated.
The results of operations for the six months ended June 30, 2020 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 WillScot's Annual Report on Form 10-K for the year ended December 31, 2019.
Recently Issued and Adopted Accounting Standards
Recently Issued Accounting Standards
In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848), which is elective, and provides for optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company is currently evaluating the impact of reference rate reform and potential impact of adoption of these elective practical expedients on its condensed consolidated financial statements and will consider the impact of adoption during its analysis.
Recently Adopted Accounting Standards
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASC 326"), which prescribes that financial assets (or a group of financial assets) should be measured at amortized cost basis to be presented at the net amount expected to be collected based on relevant historical information from historical experience, adjusted for current conditions and reasonable and supportable forecasts that affect collectability. Credit losses relating to these financial
8



assets are recorded through an allowance for credit losses. The Company adopted ASC 326 effective January 1, 2020. The effect of this guidance was immaterial to the Company's consolidated results of operations, financial position and cash flows.
Impact of COVID-19
On January 30, 2020, the World Health Organization declared an outbreak of a highly contagious form of an upper respiratory infection caused by COVID-19, a novel coronavirus strain commonly referred to as “coronavirus”. The Company was deemed an essential infrastructure business and has continued to supply its customers.
There have been significant changes to the global economic situation and to public securities markets as a consequence of the COVID-19 pandemic. If these conditions persist, it is reasonably likely that this could cause changes to estimates as a result of the markets in which the Company operates, the price of the Company’s publicly traded equity and debt in comparison to the Company’s carrying value, and the health of the global economy. Such changes to estimates could potentially result in impacts that would be material to the consolidated financial statements, particularly with respect to the fair value of the Company’s reporting units in relation to potential goodwill impairment, the fair value of long-lived assets in relation to potential impairment and the allowance for doubtful accounts.

NOTE 2 - Acquisitions and Related Financing Transactions
Mobile Mini Merger
On March 1, 2020, the Company, along with its newly formed subsidiary, Picasso Merger Sub, Inc. (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Mobile Mini, Inc. (“Mobile Mini”), the (“Merger”). The closing of the Merger was completed on July 1, 2020 and Merger Sub merged with and into Mobile Mini and the separate corporate existence of Merger Sub ceased and Mobile Mini continued its existence, as the surviving corporation in the Merger and a wholly-owned subsidiary of WillScot.
Upon completion of the Merger, each issued and outstanding share of Mobile Mini common stock, par value $0.01 per share, converted to the right to receive 2.4050 shares of WillScot’s Class A common stock, par value $0.0001 per share, and cash in lieu of any fractional shares.
Approximately 106 million shares of Common Stock were issued to Mobile Mini shareholders following the completion of the Merger and as of July 31, 2020 the Company had 227,721,220 of Common Stock. The trading price of Common Stock was $12.53 per share on the closing date. In addition, Mobile Mini stock options converted into WillScot Mobile Mini stock options. The preliminary purchase price is estimated at $1.4 billion subject to adjustment pending the finalization of preliminary valuation estimates.
The Merger will be accounted for using the acquisition method of accounting, and WillScot will be treated as the accounting acquirer. Under the acquisition method of accounting, we are required to assign the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values at the closing date. The excess of the purchase price over those fair values will be recorded as goodwill.
The Company expensed $