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

wsc-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
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/907e0ad815272c9f88a6a6a53704779e-wsc-20210930_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
Warrants to purchase Common Stock(1)
WSCTWOTC Markets Group Inc.
(1) Issued in connection with the registrant's acquisition of Modular Space Holding, Inc. in August 2018, which are exercisable for one share of the registrant's common stock at an exercise price of $15.50 per share.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
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: 223,153,746 shares at November 1, 2021.





WILLSCOT MOBILE MINI HOLDINGS CORP.
Quarterly Report on Form 10-Q
Table of Contents
PART I Financial Information
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020


2



ITEM 1.    Financial Statements

WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share data)
September 30, 2021 (unaudited)
December 31, 2020
Assets
Cash and cash equivalents$11,317 $24,937 
Trade receivables, net of allowances for credit losses at September 30, 2021 and December 31, 2020 of $41,867 and $29,258, respectively
398,350 330,942 
Inventories30,943 23,731 
Prepaid expenses and other current assets35,940 29,954 
Assets held for sale962 12,004 
Total current assets477,512 421,568 
Rental equipment, net2,968,895 2,931,646 
Property, plant and equipment, net307,253 303,650 
Operating lease assets233,800 232,094 
Goodwill1,178,290 1,171,219 
Intangible assets, net467,289 495,947 
Other non-current assets11,142 16,081 
Total long-term assets5,166,669 5,150,637 
Total assets$5,644,181 $5,572,205 
Liabilities and equity
Accounts payable$145,320 $106,926 
Accrued expenses163,339 141,672 
Deferred revenue and customer deposits163,977 135,485 
Operating lease liabilities - current50,552 48,063 
Current portion of long-term debt18,652 16,521 
Total current liabilities541,840 448,667 
Long-term debt2,598,300 2,453,809 
Deferred tax liabilities346,687 307,541 
Operating lease liabilities - non-current183,035 183,761 
Common stock warrant liabilities 77,404 
Other non-current liabilities17,735 37,150 
Long-term liabilities3,145,757 3,059,665 
Total liabilities3,687,597 3,508,332 
Commitments and contingencies (see Note 17)
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at September 30, 2021 and December 31, 2020
  
Common Stock: $0.0001 par, 500,000,000 shares authorized and 223,665,627 and 229,038,158 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
23 23 
Additional paid-in-capital3,655,587 3,852,291 
Accumulated other comprehensive loss(33,713)(37,207)
Accumulated deficit(1,665,313)(1,751,234)
Total shareholders' equity1,956,584 2,063,873 
Total liabilities and equity$5,644,181 $5,572,205 

See the accompanying notes which are an integral part of these condensed consolidated financial statements.

3


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except share and per share data)
2021202020212020
Revenues:
Leasing and services revenue:
Leasing$363,396 $300,082 $1,022,237 $678,577 
Delivery and installation99,699 84,694 274,883 187,404 
Sales revenue:
New units15,860 19,360 37,823 38,736 
Rental units11,597 13,179 42,034 25,281 
Total revenues490,552 417,315 1,376,977 929,998 
Costs:
Costs of leasing and services:
Leasing82,448 64,788 235,375 162,344 
Delivery and installation80,991 66,354 228,280 153,742 
Costs of sales:
New units11,499 12,935 25,660 25,469 
Rental units5,603 8,837 22,870 16,446 
Depreciation of rental equipment56,462 54,837 175,053 146,279 
Gross profit253,549 209,564 689,739 425,718 
Expenses:
Selling, general and administrative133,424 112,079 372,296 241,269 
Transaction costs303 52,191 1,147 63,241 
Other depreciation and amortization18,814 16,867 58,760 22,824 
Lease impairment expense and other related charges601 944 2,328 3,999 
Restructuring costs1,856 3,854 11,958 4,543 
Currency losses (gains), net127 (371)196 147 
Other expense (income), net1,476 (1,012)207 (1,757)
Operating income96,948 25,012 242,847 91,452 
Interest expense29,201 33,034 88,377 89,810 
Fair value loss (gain) on common stock warrant liabilities 22,303 26,597 (46,063)
Loss on extinguishment of debt 42,401 5,999 42,401 
Income (loss) before income tax67,747 (72,726)121,874 5,304 
Income tax expense (benefit)6,644 (66,675)35,953 (66,170)
Net income (loss)61,103 (6,051)85,921 71,474 
Net income attributable to non-controlling interest, net of tax   1,213 
Net income (loss) attributable to WillScot Mobile Mini$61,103 $(6,051)$85,921 $70,261 
Earnings (loss) per share attributable to WillScot Mobile Mini common shareholders
Basic$0.27 $(0.03)$0.38 $0.47 
Diluted$0.26 $(0.03)$0.37 $0.15 
Weighted average shares:
Basic225,998,202 226,649,993 227,557,664 149,283,083 
Diluted231,868,397 226,649,993 234,084,800 152,432,945 

See the accompanying notes which are an integral part of these condensed consolidated financial statements.
4


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)
2021202020212020
Net income (loss)$61,103 $(6,051)$85,921 $71,474 
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $0 and $60 for the three and nine months ended September 30, 2021, respectively, and $0 for the three and nine months ended September 30, 2020
(11,162)14,619 (3,035)1,457 
Net gain (loss) on derivatives, net of income tax expense (benefit) of $676 and $(1,183) for the three months ended September 30, 2021 and 2020, respectively, and $1,999 and $(1,183) for the nine months ended September 30, 2021 and 2020, respectively
2,206 3,905 6,529 (3,878)
Total other comprehensive income (loss)(8,956)18,524 3,494 (2,421)
Comprehensive income52,147 12,473 89,415 69,053 
Comprehensive loss attributable to non-controlling interest   (672)
Total comprehensive income attributable to WillScot Mobile Mini$52,147 $12,473 $89,415 $69,725 


See the accompanying notes which are an integral part of these condensed consolidated financial statements.
5


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Nine Months Ended September 30, 2021
 Common StockAdditional Paid-in-CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Shareholders' Equity
(in thousands)SharesAmount
Balance at December 31, 2020229,038 $23 $3,852,291 $(37,207)$(1,751,234)$2,063,873 
Net income— — — — 4,447 4,447 
Other comprehensive income— — — 7,211 — 7,211 
Stock-based compensation and issuance of Common Stock from vesting229 — 4,951 — — 4,951 
Repurchase and cancellation of Common Stock and warrants(2,793)— (76,788)— — (76,788)
Issuance of Common Stock from the exercise of options and warrants341 — 5,414 — — 5,414 
Withholding taxes on net share settlement of stock-based compensation— — (3,219)— — (3,219)
Balance at March 31, 2021226,815 $23 $3,782,649 $(29,996)$(1,746,787)$2,005,889 
Net income— — — — 20,371 20,371 
Other comprehensive income— — — 5,239 — 5,239 
Stock-based compensation and issuance of Common Stock from vesting60 — 9,038 — — 9,038 
Repurchase and cancellation of Common Stock and warrants(4,100)— (35,508)— — (35,508)
Issuance of Common Stock from the exercise of options and warrants4,058 — 384 — — 384 
Balance at June 30, 2021226,833 $23 $3,756,563 $(24,757)$(1,726,416)$2,005,413 
Net income— — — — 61,103 61,103 
Other comprehensive income— — — (8,956)— (8,956)
Stock-based compensation and issuance of Common Stock from vesting192 — 7,686 — — 7,686 
Repurchase and cancellation of Common Stock and warrants(3,752)— (106,264)— — (106,264)
Issuance of Common Stock from the exercise of options and warrants393 — 1,517 — — 1,517 
Withholding taxes on net share settlement of stock-based compensation— — (3,915)— — (3,915)
Balance at September 30, 2021223,666 $23 $3,655,587 $(33,713)$(1,665,313)$1,956,584 





See the accompanying notes which are an integral part of these condensed consolidated financial statements.
6


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Changes in Equity (continued)
(Unaudited)
Nine Months Ended September 30, 2020
Class A Common Stock(1)
Class B Common StockAdditional Paid-in-CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Shareholders' EquityNon-Controlling InterestTotal Equity
(in thousands)SharesAmountSharesAmount
Balance at December 31, 2019108,819 $11 8,024 $1 $2,378,733 $(62,775)$(1,825,361)$490,609 $64,590 $555,199 
Net income (loss)— — — — — — 91,785 91,785 (130)91,655 
Other comprehensive loss— — — — — (27,199)— (27,199)(2,703)(29,902)
Stock-based compensation and issuance of Common Stock from vesting239 — — — 1,787 — — 1,787 — 1,787 
Issuance of Common Stock from the exercise of warrants1,497 — — — 28,958 — — 28,958 — 28,958 
Withholding taxes on net share settlement of stock-based compensation— — — — (673)— — (673)— (673)
Balance at March 31, 2020110,555 $11 8,024 $1 $2,408,805 $(89,974)$(1,733,576)$585,267 $61,757 $647,024 
Net (loss) income— — — — — — (15,473)(15,473)1,343 (14,130)
Other comprehensive income— — — — — 8,139 — 8,139 818 8,957 
Reclassification of ModSpace Warrants— — — — 26,216 — — 26,216 — 26,216 
Stock-based compensation and issuance of Common Stock from vesting— — — — 2,227 — — 2,227 — 2,227 
Sapphire Exchange - see Note 1010,641 1 (8,024)(1)66,890 (2,972)— 63,918 (63,918) 
Issuance of Common Stock from the exercise of warrants37 — — — 374 — — 374 — 374 
Balance at June 30, 2020121,233 $12  $ $2,504,512 $(84,807)$(1,749,049)$670,668 $ $670,668 
Net loss— — — — — — (6,051)(6,051)— (6,051)
Other comprehensive income— — — — — 18,524 — 18,524 — 18,524 
Mobile Mini Merger106,427 11 — — 1,348,570 — — 1,348,581 — 1,348,581 
Stock-based compensation321 — — — 6,058 — — 6,058 — 6,058 
Balance at September 30, 2020227,981 $23  $ $3,859,140 $(66,283)$(1,755,100)$2,037,780 $ $2,037,780 

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

See the accompanying notes which are an integral part of these condensed consolidated financial statements.
7


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30,
(in thousands)
20212020
Operating activities:
Net income$85,921 $71,474 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization235,536 171,425 
Provision for credit losses26,661 22,184 
Impairment losses on right of use assets 57 
Gain on sale of rental equipment and other property, plant and equipment(25,327)(8,756)
Amortization of debt discounts and debt issuance costs10,554 9,547 
Fair value loss (gain) on common stock warrant liabilities26,597 (46,063)
Loss on extinguishment of debt5,999 42,401 
Stock-based compensation expense21,674 6,958 
Deferred income tax expense (benefit)28,140 (67,324)
Unrealized currency losses, net34 897 
Changes in operating assets and liabilities:
Trade receivables(93,592)(15,274)
Inventories(7,311)1,440 
Prepaid expenses and other assets3,118 2,215 
Operating lease assets and liabilities59 584 
Accrued interest 2,468 (7,657)
Accounts payable and other accrued expenses45,868 (19,090)
Deferred revenue and customer deposits25,656 10,077 
Net cash provided by operating activities392,055 175,095 
Investing activities:
Acquisition of businesses, net of cash acquired(56,244)17,173 
Proceeds from sale of rental equipment42,034 25,281 
Purchase of rental equipment and refurbishments(178,191)(122,273)
Proceeds from the sale of property, plant and equipment16,647 5,825 
Purchase of property, plant and equipment(20,836)(9,079)
Net cash used in investing activities(196,590)(83,073)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options7,315 7,694 
Repurchase and cancellation of Common Stock and warrants(320,562) 
Payment of Common Stock issuance costs (4,222)
Receipts from borrowings551,063 2,735,793 
Payment of financing costs (64,552)
Repayment of borrowings(423,591)(2,715,042)
Payment of debt extinguishment premium costs(3,705)(34,610)
Principal payments on finance lease obligations(12,321) 
Taxes paid on employee stock awards(7,134)(673)
Net cash used in financing activities(208,935)(75,612)
Effect of exchange rate changes on cash and cash equivalents (150)542 
Net change in cash and cash equivalents (13,620)16,952 
Cash and cash equivalents at the beginning of the period24,937 3,045 
Cash and cash equivalents at the end of the period$11,317 $19,997 
Supplemental cash flow information:
Interest paid$66,437 $80,558 
Income taxes paid, net$6,124 $1,276 
Capital expenditures accrued or payable$35,819 $24,179 


See the accompanying notes which are an integral part of these condensed consolidated financial statements.
8


WillScot Mobile Mini Holdings Corp.
Notes to the Condensed Consolidated Financial Statements (Unaudited)

NOTE 1 - Summary of Significant Accounting Policies
Organization and Nature of Operations
WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” and, together with its subsidiaries, the “Company”) is a leading provider of modular space and portable storage solutions in the United States (“US”), Canada, Mexico and the United Kingdom ("UK"). The Company also maintains a fleet of specialty containment products, including liquid and solid containment solutions. The Company leases, sells, delivers and installs mobile solutions and storage products through an integrated network of branch locations that spans North America and the UK.
On July 1, 2020, WillScot Corporation, a Delaware corporation (“WillScot”), and Mobile Mini, Inc. (“Mobile Mini”) merged (the “Merger”). Immediately following the Merger, WillScot changed its name to “WillScot Mobile Mini Holdings Corp.” and filed an amended and restated certificate of incorporation (the "A&R Charter"), which reclassified all outstanding shares of WillScot Class A Common Stock and converted such shares into shares of Common Stock, par value $0.0001 per share, of WillScot Mobile Mini ("WillScot Mobile Mini Common Stock"). The WillScot Class A Common Stock was listed on the Nasdaq Capital Market (Nasdaq: WSC) up until the Merger, and the WillScot Mobile Mini Common Stock has been listed on the Nasdaq Capital Market (Nasdaq: WSC) since the Merger. As used herein, the term “Common Stock” or “the Company’s Common Stock” refers to WillScot Class A Common Stock prior to filing of the A&R Charter on July 1, 2020 and to WillScot Mobile Mini Common Stock as of and following the filing of the A&R Charter July 1, 2020.
The preparation of financial statements in accordance with US Generally Accepted Accounting Principles (“GAAP”) requires that our condensed consolidated financial statements and most of the disclosures in these notes be presented on a historical basis. Unless the context otherwise requires, the terms “Company” and “WillScot Mobile Mini” as used in these financial statements mean WillScot and its subsidiaries when referring to periods prior to July 1, 2020 (prior to the Merger) and to WillScot Mobile Mini, when referring to periods on or after July 1, 2020 (after the Merger).
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Quarterly Report on Form 10-Q and do not include all the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated.
The results of operations for the nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2020.
Reclassifications
Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
Recently Issued and Adopted Accounting Standards
Recently Issued Accounting Standards
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), which is elective, and provides for optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company is currently evaluating the impact of reference rate reform and the potential impact of adoption of these elective practical expedients on its consolidated financial statements and does not expect the impact to be material.
In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. The amendments in the ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company does not expect the adoption of this pronouncement to have a material impact on its consolidated financial statements.
9


Recently Adopted Accounting Standards
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. On January 1, 2021, the Company adopted ASU 2019-12 and the impact of adoption was not material to the Company's consolidated financial statements. The Company applied the standard prospectively for intraperiod tax allocation, year-to-date losses that exceed anticipated annual losses and enacted changes in tax laws.

NOTE 2 - Acquisitions
Mobile Mini Merger
Purchase Price
Upon completion of the Merger on July 1, 2020, each issued and outstanding share of Mobile Mini Common Stock, par value $0.01 per share, converted to 2.405 shares of WillScot Class A Common Stock, par value $0.0001 per share, and cash in lieu of any fractional shares. The Company issued 106,426,721 shares of Class A Common Stock to Mobile Mini stockholders as consideration for the Merger. The trading price of the Class A Common Stock was $12.53 per share on the closing date. In addition, Mobile Mini stock options converted into WillScot Mobile Mini stock options. The purchase price was determined as follows:
(in thousands, except share and per share data)July 1, 2020
Mobile Mini Common Stock outstanding44,252,275 
Share conversion ratio2.405 
Common Stock issued106,426,721 
Common Stock per share price as of July 1, 2020$12.53 
     Fair value of shares of WillScot Class A Common Stock issued $1,333,527 
     Cash paid for fractional shares30 
     Fair value of Mobile Mini Options converted to WillScot Mobile Mini Options19,279 
          Total purchase price$1,352,836 
The Merger was accounted for using the acquisition method of accounting, and WillScot was considered the accounting acquirer. Under the acquisition method of accounting, the Company assigned the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values at the closing date. The excess of the purchase price over those fair values was recorded as goodwill.
The Company recorded the fair values based on independent valuations, discounted cash flow analyses, quoted market prices, contributory asset charges, and estimates made by management. The following table summarizes the July 1, 2020 fair values of the assets acquired and liabilities assumed.
10


Opening Balance Sheet
(in thousands)July 1, 2020
Cash and cash equivalents$17,203 
Trade receivables87,492 
Inventories8,987 
Prepaid expenses and other current assets13,717 
Rental equipment1,032,672 
Property, plant and equipment160,729 
Operating lease assets92,054 
Intangible assets374,500 
Goodwill identified937,135 
Other non-current assets2,520 
     Total identifiable assets acquired2,727,009 
Accounts payable(29,797)
Accrued expenses(40,335)
Deferred revenue and customer deposits(38,846)
Operating lease liabilities(89,968)
Debt and finance lease liabilities(897,244)
Deferred tax liabilities(276,555)
Other long-term liabilities(1,428)
Total liabilities assumed(1,374,173)
Purchase Price$