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

wsc-20220930
false2022Q30001647088--12-31http://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrent0.50.500016470882022-01-012022-09-300001647088wsc:CommonStockParValue00001PerShareMember2022-01-012022-09-300001647088wsc:WarrantsToPurchaseCommonStockMember2022-01-012022-09-3000016470882022-11-01xbrli:shares00016470882022-09-30iso4217:USD00016470882021-12-31iso4217:USDxbrli:shares0001647088wsc:LeasingRevenueMember2022-07-012022-09-300001647088wsc:LeasingRevenueMember2021-07-012021-09-300001647088wsc:LeasingRevenueMember2022-01-012022-09-300001647088wsc:LeasingRevenueMember2021-01-012021-09-300001647088wsc:ModularDeliverAndInstallationMember2022-07-012022-09-300001647088wsc:ModularDeliverAndInstallationMember2021-07-012021-09-300001647088wsc:ModularDeliverAndInstallationMember2022-01-012022-09-300001647088wsc:ModularDeliverAndInstallationMember2021-01-012021-09-300001647088wsc:NewUnitsMember2022-07-012022-09-300001647088wsc:NewUnitsMember2021-07-012021-09-300001647088wsc:NewUnitsMember2022-01-012022-09-300001647088wsc:NewUnitsMember2021-01-012021-09-300001647088wsc:RentalUnitsMember2022-07-012022-09-300001647088wsc:RentalUnitsMember2021-07-012021-09-300001647088wsc:RentalUnitsMember2022-01-012022-09-300001647088wsc:RentalUnitsMember2021-01-012021-09-300001647088wsc:TotalLeasingAndProductAndServiceRevenuesCostsMember2022-07-012022-09-300001647088wsc:TotalLeasingAndProductAndServiceRevenuesCostsMember2021-07-012021-09-300001647088wsc:TotalLeasingAndProductAndServiceRevenuesCostsMember2022-01-012022-09-300001647088wsc:TotalLeasingAndProductAndServiceRevenuesCostsMember2021-01-012021-09-3000016470882022-07-012022-09-3000016470882021-07-012021-09-3000016470882021-01-012021-09-300001647088us-gaap:CommonStockMember2021-12-310001647088us-gaap:AdditionalPaidInCapitalMember2021-12-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310001647088us-gaap:RetainedEarningsMember2021-12-310001647088us-gaap:RetainedEarningsMember2022-01-012022-03-3100016470882022-01-012022-03-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-03-310001647088us-gaap:CommonStockMember2022-01-012022-03-310001647088us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001647088us-gaap:CommonStockMember2022-03-310001647088us-gaap:AdditionalPaidInCapitalMember2022-03-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-03-310001647088us-gaap:RetainedEarningsMember2022-03-3100016470882022-03-310001647088us-gaap:RetainedEarningsMember2022-04-012022-06-3000016470882022-04-012022-06-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-04-012022-06-300001647088us-gaap:CommonStockMember2022-04-012022-06-300001647088us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001647088us-gaap:CommonStockMember2022-06-300001647088us-gaap:AdditionalPaidInCapitalMember2022-06-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-06-300001647088us-gaap:RetainedEarningsMember2022-06-3000016470882022-06-300001647088us-gaap:RetainedEarningsMember2022-07-012022-09-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-07-012022-09-300001647088us-gaap:CommonStockMember2022-07-012022-09-300001647088us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001647088us-gaap:CommonStockMember2022-09-300001647088us-gaap:AdditionalPaidInCapitalMember2022-09-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-09-300001647088us-gaap:RetainedEarningsMember2022-09-300001647088us-gaap:CommonStockMember2020-12-310001647088us-gaap:AdditionalPaidInCapitalMember2020-12-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001647088us-gaap:RetainedEarningsMember2020-12-3100016470882020-12-310001647088us-gaap:RetainedEarningsMember2021-01-012021-03-3100016470882021-01-012021-03-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-03-310001647088us-gaap:CommonStockMember2021-01-012021-03-310001647088us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001647088us-gaap:CommonStockMember2021-03-310001647088us-gaap:AdditionalPaidInCapitalMember2021-03-310001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001647088us-gaap:RetainedEarningsMember2021-03-3100016470882021-03-310001647088us-gaap:RetainedEarningsMember2021-04-012021-06-3000016470882021-04-012021-06-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-04-012021-06-300001647088us-gaap:CommonStockMember2021-04-012021-06-300001647088us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001647088us-gaap:CommonStockMember2021-06-300001647088us-gaap:AdditionalPaidInCapitalMember2021-06-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-06-300001647088us-gaap:RetainedEarningsMember2021-06-3000016470882021-06-300001647088us-gaap:RetainedEarningsMember2021-07-012021-09-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-07-012021-09-300001647088us-gaap:CommonStockMember2021-07-012021-09-300001647088us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001647088us-gaap:CommonStockMember2021-09-300001647088us-gaap:AdditionalPaidInCapitalMember2021-09-300001647088us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-09-300001647088us-gaap:RetainedEarningsMember2021-09-3000016470882021-09-300001647088us-gaap:InterestRateSwapMember2021-01-012021-09-300001647088wsc:StorageUnitMemberus-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2022-09-30wsc:storageUnit0001647088wsc:ModularUnitMemberus-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2022-09-30wsc:blastResistantModularUnit0001647088us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2022-07-012022-09-300001647088wsc:StorageUnitMemberus-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2022-06-300001647088wsc:ModularUnitMemberus-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2022-06-300001647088us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2022-01-012022-06-300001647088us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2022-09-300001647088wsc:StorageUnitMemberus-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2021-09-300001647088wsc:ModularUnitMemberus-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2021-09-300001647088us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2021-07-012021-09-300001647088us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2021-09-300001647088wsc:MobileMiniIncAndAssetAcquisitionsMember2022-07-012022-09-300001647088wsc:MobileMiniIncAndAssetAcquisitionsMember2021-07-012021-09-300001647088wsc:MobileMiniIncAndAssetAcquisitionsMember2022-01-012022-09-300001647088wsc:MobileMiniIncAndAssetAcquisitionsMember2021-01-012021-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-08-190001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberwsc:LeasingRevenueMember2022-07-012022-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberwsc:LeasingRevenueMember2021-07-012021-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberwsc:LeasingRevenueMember2022-01-012022-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberwsc:LeasingRevenueMember2021-01-012021-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-07-012022-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-07-012021-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-01-012022-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-01-012021-09-300001647088wsc:NewUnitsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-07-012022-09-300001647088wsc:NewUnitsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-07-012021-09-300001647088wsc:NewUnitsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-01-012022-09-300001647088wsc:NewUnitsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-01-012021-09-300001647088wsc:RentalUnitsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-07-012022-09-300001647088wsc:RentalUnitsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-07-012021-09-300001647088wsc:RentalUnitsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-01-012022-09-300001647088wsc:RentalUnitsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-01-012021-09-300001647088wsc:TotalLeasingAndProductAndServiceRevenuesCostsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-07-012022-09-300001647088wsc:TotalLeasingAndProductAndServiceRevenuesCostsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-07-012021-09-300001647088wsc:TotalLeasingAndProductAndServiceRevenuesCostsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-01-012022-09-300001647088wsc:TotalLeasingAndProductAndServiceRevenuesCostsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-01-012021-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-07-012022-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-07-012021-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-01-012022-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-01-012021-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2021-12-310001647088wsc:ExcludingTankAndPumpSolutionsSegmentMember2021-12-310001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberwsc:TankAndPumpSolutionsSegmentMember2022-07-012022-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberwsc:TankAndPumpSolutionsSegmentMember2021-07-012021-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberwsc:TankAndPumpSolutionsSegmentMember2022-01-012022-09-300001647088us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberwsc:TankAndPumpSolutionsSegmentMember2021-01-012021-09-300001647088country:US2022-07-012022-09-300001647088country:US2021-07-012021-09-300001647088country:US2022-01-012022-09-300001647088country:US2021-01-012021-09-300001647088country:CA2022-07-012022-09-300001647088country:CA2021-07-012021-09-300001647088country:CA2022-01-012022-09-300001647088country:CA2021-01-012021-09-300001647088country:MX2022-07-012022-09-300001647088country:MX2021-07-012021-09-300001647088country:MX2022-01-012022-09-300001647088country:MX2021-01-012021-09-300001647088country:GB2022-07-012022-09-300001647088country:GB2021-07-012021-09-300001647088country:GB2022-01-012022-09-300001647088country:GB2021-01-012021-09-300001647088wsc:ModularSpaceLeasingMember2022-07-012022-09-300001647088wsc:ModularSpaceLeasingMember2021-07-012021-09-300001647088wsc:ModularSpaceLeasingMember2022-01-012022-09-300001647088wsc:ModularSpaceLeasingMember2021-01-012021-09-300001647088wsc:PortableStorageLeasingMember2022-07-012022-09-300001647088wsc:PortableStorageLeasingMember2021-07-012021-09-300001647088wsc:PortableStorageLeasingMember2022-01-012022-09-300001647088wsc:PortableStorageLeasingMember2021-01-012021-09-300001647088wsc:ValueAddedProductAndServicesMember2022-07-012022-09-300001647088wsc:ValueAddedProductAndServicesMember2021-07-012021-09-300001647088wsc:ValueAddedProductAndServicesMember2022-01-012022-09-300001647088wsc:ValueAddedProductAndServicesMember2021-01-012021-09-300001647088wsc:OtherLeasingRelatedProductsAndServicesMember2022-07-012022-09-300001647088wsc:OtherLeasingRelatedProductsAndServicesMember2021-07-012021-09-300001647088wsc:OtherLeasingRelatedProductsAndServicesMember2022-01-012022-09-300001647088wsc:OtherLeasingRelatedProductsAndServicesMember2021-01-012021-09-300001647088wsc:ModularLeasingMember2022-07-012022-09-300001647088wsc:ModularLeasingMember2021-07-012021-09-300001647088wsc:ModularLeasingMember2022-01-012022-09-300001647088wsc:ModularLeasingMember2021-01-012021-09-300001647088wsc:ModularDeliveryAndInstallationMember2022-07-012022-09-300001647088wsc:ModularDeliveryAndInstallationMember2021-07-012021-09-300001647088wsc:ModularDeliveryAndInstallationMember2022-01-012022-09-300001647088wsc:ModularDeliveryAndInstallationMember2021-01-012021-09-300001647088wsc:LeasingAndServicesMember2022-07-012022-09-300001647088wsc:LeasingAndServicesMember2021-07-012021-09-300001647088wsc:LeasingAndServicesMember2022-01-012022-09-300001647088wsc:LeasingAndServicesMember2021-01-012021-09-300001647088wsc:ValueAddedServicesMember2022-07-012022-09-300001647088wsc:ValueAddedServicesMember2021-07-012021-09-300001647088wsc:ValueAddedServicesMember2022-01-012022-09-300001647088wsc:ValueAddedServicesMember2021-01-012021-09-300001647088wsc:ModularLeasingMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-07-012022-09-30xbrli:pure0001647088wsc:ModularLeasingMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-01-012022-09-300001647088wsc:ModularLeasingMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2021-01-012021-09-300001647088wsc:ModularLeasingMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2021-07-012021-09-300001647088us-gaap:CostOfSalesMember2022-01-012022-09-300001647088us-gaap:CostOfSalesMember2021-01-012021-09-300001647088us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300001647088us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300001647088wsc:OperatingLeaseImpairmentLossAndOtherMember2022-01-012022-09-300001647088wsc:OperatingLeaseImpairmentLossAndOtherMember2021-01-012021-09-300001647088wsc:ModularSpaceUnitsMember2022-09-300001647088wsc:ModularSpaceUnitsMember2021-12-310001647088wsc:PortableStorageMember2022-09-300001647088wsc:PortableStorageMember2021-12-310001647088wsc:ValueAddedProductsAndServicesAssetsLeasedToOthersMember2022-09-300001647088wsc:ValueAddedProductsAndServicesAssetsLeasedToOthersMember2021-12-310001647088wsc:NorthAmericaModularSolutionsSegmentMember2020-12-310001647088wsc:NorthAmericaStorageSolutionsSegmentMember2020-12-310001647088wsc:UnitedKingdomStorageSolutionsSegmentMember2020-12-310001647088wsc:NorthAmericaModularSolutionsSegmentMember2021-01-012021-12-310001647088wsc:NorthAmericaStorageSolutionsSegmentMember2021-01-012021-12-310001647088wsc:UnitedKingdomStorageSolutionsSegmentMember2021-01-012021-12-3100016470882021-01-012021-12-310001647088wsc:NorthAmericaModularSolutionsSegmentMember2021-12-310001647088wsc:NorthAmericaStorageSolutionsSegmentMember2021-12-310001647088wsc:UnitedKingdomStorageSolutionsSegmentMember2021-12-310001647088wsc:NorthAmericaModularSolutionsSegmentMember2022-01-012022-09-300001647088wsc:NorthAmericaStorageSolutionsSegmentMember2022-01-012022-09-300001647088wsc:UnitedKingdomStorageSolutionsSegmentMember2022-01-012022-09-300001647088wsc:NorthAmericaModularSolutionsSegmentMember2022-09-300001647088wsc:NorthAmericaStorageSolutionsSegmentMember2022-09-300001647088wsc:UnitedKingdomStorageSolutionsSegmentMember2022-09-300001647088us-gaap:CustomerRelationshipsMember2022-01-012022-09-300001647088us-gaap:CustomerRelationshipsMember2022-09-300001647088us-gaap:TechnologyBasedIntangibleAssetsMember2022-01-012022-09-300001647088us-gaap:TechnologyBasedIntangibleAssetsMember2022-09-300001647088wsc:MobileMiniTradeNamesMember2022-09-300001647088wsc:WillScotTradeNamesMember2022-09-300001647088us-gaap:CustomerRelationshipsMember2021-01-012021-12-310001647088us-gaap:CustomerRelationshipsMember2021-12-310001647088us-gaap:TechnologyBasedIntangibleAssetsMember2021-01-012021-12-310001647088us-gaap:TechnologyBasedIntangibleAssetsMember2021-12-310001647088wsc:MobileMiniTradeNamesMember2021-12-310001647088wsc:WillScotTradeNamesMember2021-12-310001647088wsc:MobileMiniIncMember2022-07-012022-09-300001647088wsc:MobileMiniIncMember2021-07-012021-09-300001647088wsc:MobileMiniIncMember2022-01-012022-09-300001647088wsc:MobileMiniIncMember2021-01-012021-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2025Member2022-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2025Member2021-12-310001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025MulticurrencyFacilityMember2022-09-300001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025MulticurrencyFacilityMember2021-12-310001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2028Member2022-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2028Member2021-12-310001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025Member2020-07-010001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025USFacilityMember2020-07-010001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025MulticurrencyFacilityMember2020-07-010001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:LondonInterbankOfferedRateLIBORMembercurrency:USD2022-01-072022-01-070001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025Membercurrency:USDus-gaap:BaseRateMember2022-01-072022-01-070001647088wsc:BankersAcceptanceRateMemberus-gaap:LineOfCreditMembercurrency:CADus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025Member2022-01-072022-01-070001647088us-gaap:LineOfCreditMembercurrency:CADus-gaap:RevolvingCreditFacilityMemberus-gaap:PrimeRateMemberwsc:AssetBasedLiabilityFacilityDue2025Member2022-01-072022-01-070001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025Membercurrency:EURwsc:EuroInterbankOfferedRateMember2022-01-072022-01-070001647088us-gaap:LineOfCreditMemberwsc:SterlingOvernightIndexAverageMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025Membercurrency:GBP2022-01-072022-01-070001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2027Member2022-06-300001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2027USFacilityMember2022-06-300001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2027MulticurrencyFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-06-300001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-012022-09-300001647088us-gaap:LineOfCreditMembercurrency:CADwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-012022-09-300001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Member2022-01-012022-09-300001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025Member2022-09-300001647088us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberwsc:AssetBasedLiabilityFacilityDue2025USFacilityMember2022-09-300001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:LetterOfCreditMember2022-09-300001647088us-gaap:LineOfCreditMemberus-gaap:BridgeLoanMemberwsc:AssetBasedLiabilityFacilityDue2025Member2022-09-300001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:LetterOfCreditMember2022-01-012022-09-3000016470882022-07-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-03-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2022-03-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2022-04-012022-06-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2022-07-012022-09-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-03-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310001647088us-gaap:AccumulatedTranslationAdjustmentMember2021-04-012021-06-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-06-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2021-07-012021-09-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-012021-09-300001647088us-gaap:AccumulatedTranslationAdjustmentMember2021-09-300001647088us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-09-300001647088us-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300001647088us-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-09-300001647088us-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-012021-09-300001647088wsc:PrivatePlacementWarrantsMember2021-01-012021-06-300001647088wsc:PrivatePlacementWarrantsMember2021-06-300001647088wsc:ModularSpaceHoldingsIncMemberus-gaap:WarrantMemberwsc:TwoThousandEighteenWarrantsMember2018-08-152018-08-150001647088wsc:TwoThousandEighteenWarrantsMember2018-08-150001647088wsc:TwoThousandEighteenWarrantsMember2022-01-012022-09-300001647088wsc:TwoThousandEighteenWarrantsMember2022-09-300001647088wsc:PublicWarrantsMember2020-07-010001647088wsc:PrivatePlacementWarrantsMember2015-12-310001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001647088us-gaap:FairValueInputsLevel1Memberus-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-09-300001647088us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001647088us-gaap:FairValueInputsLevel1Memberus-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-12-310001647088us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2025Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001647088us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2025Member2022-09-300001647088us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Memberwsc:SeniorSecuredNotesDue2025Member2022-09-300001647088us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2025Member2022-09-300001647088us-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2025Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001647088us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2025Member2021-12-310001647088us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Memberwsc:SeniorSecuredNotesDue2025Member2021-12-310001647088us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2025Member2021-12-310001647088us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberwsc:SeniorSecuredNotesDue2028Member2022-09-300001647088us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2028Member2022-09-300001647088us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Memberwsc:SeniorSecuredNotesDue2028Member2022-09-300001647088us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2028Member2022-09-300001647088us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberwsc:SeniorSecuredNotesDue2028Member2021-12-310001647088us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2028Member2021-12-310001647088us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Memberwsc:SeniorSecuredNotesDue2028Member2021-12-310001647088us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberwsc:SeniorSecuredNotesDue2028Member2021-12-310001647088us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001647088us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001647088us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-09-300001647088us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001647088us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001647088us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001647088us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-12-310001647088us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Member2022-09-300001647088us-gaap:LineOfCreditMemberwsc:AssetBasedLiabilityFacilityDue2025Member2021-12-310001647088wsc:PrivatePlacementWarrantsMember2020-12-310001647088wsc:PrivatePlacementWarrantsMember2021-01-012021-09-300001647088wsc:PrivatePlacementWarrantsMember2021-09-300001647088us-gaap:RestrictedStockMember2021-12-310001647088us-gaap:RestrictedStockMember2020-12-310001647088us-gaap:RestrictedStockMember2022-01-012022-09-300001647088us-gaap:RestrictedStockMember2021-01-012021-09-300001647088us-gaap:RestrictedStockMember2022-09-300001647088us-gaap:RestrictedStockMember2021-09-300001647088us-gaap:RestrictedStockMember2021-07-012021-09-300001647088us-gaap:RestrictedStockMember2022-07-012022-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2021-12-310001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2020-12-310001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2022-01-012022-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2021-01-012021-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2022-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2021-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2022-07-012022-09-300001647088wsc:TimeBasedRestrictedStockUnitsRSUsMember2021-07-012021-09-300001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMember2021-12-310001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMember2020-12-310001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMember2022-01-012022-09-300001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMember2021-01-012021-09-300001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMember2022-09-300001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMember2021-09-300001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMember2022-07-012022-09-300001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMember2021-07-012021-09-300001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMemberwsc:AwardsGranted2021Member2022-09-300001647088wsc:ShareBasedPaymentArrangementOptionWillScotMember2021-12-310001647088wsc:ShareBasedPaymentArrangementOptionMobileMiniMember2021-12-310001647088wsc:ShareBasedPaymentArrangementOptionWillScotMember2022-01-012022-09-300001647088wsc:ShareBasedPaymentArrangementOptionMobileMiniMember2022-01-012022-09-300001647088wsc:ShareBasedPaymentArrangementOptionWillScotMember2022-09-300001647088wsc:ShareBasedPaymentArrangementOptionMobileMiniMember2022-09-300001647088wsc:ShareBasedPaymentArrangementOptionWillScotMember2020-12-310001647088wsc:ShareBasedPaymentArrangementOptionMobileMiniMember2020-12-310001647088wsc:ShareBasedPaymentArrangementOptionWillScotMember2021-01-012021-09-300001647088wsc:ShareBasedPaymentArrangementOptionMobileMiniMember2021-01-012021-09-300001647088wsc:ShareBasedPaymentArrangementOptionWillScotMember2021-09-300001647088wsc:ShareBasedPaymentArrangementOptionMobileMiniMember2021-09-300001647088us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001647088us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001647088us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001647088us-gaap:InterestRateSwapMember2018-12-310001647088us-gaap:InterestRateSwapMember2021-12-310001647088us-gaap:InterestRateSwapMember2022-01-012022-09-300001647088us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-01-012022-09-300001647088us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-01-012021-09-30wsc:segment0001647088us-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2022-07-012022-09-300001647088us-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2022-07-012022-09-300001647088us-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2022-07-012022-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2022-07-012022-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2022-07-012022-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2022-07-012022-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2022-07-012022-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2022-07-012022-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2022-07-012022-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2022-07-012022-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2022-07-012022-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2022-07-012022-09-300001647088us-gaap:CorporateNonSegmentMember2022-07-012022-09-300001647088us-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2021-07-012021-09-300001647088us-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2021-07-012021-09-300001647088us-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2021-07-012021-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2021-07-012021-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2021-07-012021-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2021-07-012021-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2021-07-012021-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2021-07-012021-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2021-07-012021-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2021-07-012021-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2021-07-012021-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2021-07-012021-09-300001647088us-gaap:CorporateNonSegmentMember2021-07-012021-09-300001647088us-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2022-01-012022-09-300001647088us-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2022-01-012022-09-300001647088us-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2022-01-012022-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2022-01-012022-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2022-01-012022-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2022-01-012022-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2022-01-012022-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2022-01-012022-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2022-01-012022-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2022-01-012022-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2022-01-012022-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2022-01-012022-09-300001647088us-gaap:CorporateNonSegmentMember2022-01-012022-09-300001647088us-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2021-01-012021-09-300001647088us-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2021-01-012021-09-300001647088us-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2021-01-012021-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2021-01-012021-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2021-01-012021-09-300001647088wsc:ModularDeliverAndInstallationMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2021-01-012021-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2021-01-012021-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2021-01-012021-09-300001647088wsc:NewUnitsMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2021-01-012021-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaModularSolutionsSegmentMember2021-01-012021-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:NorthAmericaStorageSolutionsSegmentMember2021-01-012021-09-300001647088wsc:RentalUnitsMemberus-gaap:OperatingSegmentsMemberwsc:UnitedKingdomStorageSolutionsSegmentMember2021-01-012021-09-300001647088us-gaap:CorporateNonSegmentMember2021-01-012021-09-300001647088wsc:TransitionSeparationAndReleaseAgreementMember2021-07-012021-09-300001647088wsc:TransitionSeparationAndReleaseAgreementMember2021-01-012021-09-300001647088us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMember2022-07-012022-09-300001647088wsc:PerformanceBasedRestrictedStockUnitsRSUsMember2022-01-012022-09-300001647088us-gaap:WarrantMember2021-01-012021-09-300001647088us-gaap:WarrantMember2021-07-012021-09-30

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, 2022
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/b9aaaae5115843d77632cc3aa4742715-wsc-20220930_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 of principal executive offices, including zip code)

(480) 894-6311
(Registrant’s telephone number, including area code)


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: 208,889,811 shares at November 1, 2022.





WILLSCOT MOBILE MINI HOLDINGS CORP.
Quarterly Report on Form 10-Q
Table of Contents
PART I Financial Information
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021


2



ITEM 1.    Financial Statements

WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
September 30, 2022
December 31, 2021
Assets
Cash and cash equivalents$15,442 $12,699 
Trade receivables, net of allowances for credit losses of $56,127 and $46,160, respectively
439,309 368,856 
Inventories44,873 32,092 
Prepaid expenses and other current assets39,691 36,539 
Assets held for sale - current951 32,854 
Total current assets540,266 483,040 
Rental equipment, net3,227,735 2,946,008 
Property, plant and equipment, net311,526 282,247 
Operating lease assets225,955 235,344 
Goodwill1,064,582 1,078,699 
Intangible assets, net431,291 451,928 
Other non-current assets8,909 10,797 
Assets held for sale - non-current 285,536 
Total long-term assets5,269,998 5,290,559 
Total assets$5,810,264 $5,773,599 
Liabilities and equity
Accounts payable$160,262 $110,270 
Accrued expenses123,300 95,592 
Accrued employee benefits53,477 65,927 
Deferred revenue and customer deposits212,005 159,612 
Operating lease liabilities - current51,971 51,103 
Current portion of long-term debt13,497 11,968 
Liabilities held for sale - current 23,173 
Total current liabilities614,512 517,645 
Long-term debt2,935,800 2,676,985 
Deferred tax liabilities385,854 337,784 
Operating lease liabilities - non-current174,777 184,199 
Other non-current liabilities18,182 15,737 
Liabilities held for sale - non-current 44,486 
Long-term liabilities3,514,613 3,259,191 
Total liabilities4,129,125 3,776,836 
Commitments and contingencies (see Note 17)
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding
  
Common Stock: $0.0001 par, 500,000,000 shares authorized and 211,243,820 and 223,939,527 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
22 22 
Additional paid-in capital3,112,076 3,616,902 
Accumulated other comprehensive loss(93,009)(29,071)
Accumulated deficit(1,337,950)(1,591,090)
Total shareholders' equity1,681,139 1,996,763 
Total liabilities and shareholders' equity$5,810,264 $5,773,599 
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)
2022202120222021
Revenues:
Leasing and services revenue:
Leasing$447,535 $342,599 $1,226,206 $965,894 
Delivery and installation132,837 91,910 341,027 252,914 
Sales revenue:
New units9,901 15,370 26,232 35,915 
Rental units13,900 11,168 38,874 40,911 
Total revenues604,173 461,047 1,632,339 1,295,634 
Costs:
Costs of leasing and services:
Leasing111,898 77,967 288,774 222,747 
Delivery and installation95,680 74,221 256,130 209,963 
Costs of sales:
New units6,007 11,175 15,469 24,322 
Rental units7,097 5,468 21,123 22,441 
Depreciation of rental equipment69,159 52,990 192,228 165,027 
Gross profit314,332 239,226 858,615 651,134 
Expenses:
Selling, general and administrative145,444 127,346 445,319 356,651 
Other depreciation and amortization17,066 16,459 50,895 51,793 
Lease impairment expense and other related charges 601 254 2,328 
Restructuring costs 1,856 (86)11,956 
Currency losses, net236 127 247 196 
Other (income) expense, net(2,526)1,475 (7,642)202 
Operating income154,112 91,362 369,628 228,008 
Interest expense38,165 29,006 102,362 87,793 
Fair value loss on common stock warrant liabilities   26,597 
Loss on extinguishment of debt   5,999 
Income from continuing operations before income tax115,947 62,356 267,266 107,619 
Income tax expense from continuing operations30,219 5,243 67,167 32,341 
Income from continuing operations85,728 57,113 200,099 75,278 
Discontinued operations:
Income from discontinued operations before income tax10,802 5,391 24,488 14,255 
Income tax expense from discontinued operations1,986 1,401 5,496 3,612 
Gain on sale of discontinued operations34,049  34,049  
Income from discontinued operations42,865 3,990 53,041 10,643 
Net income$128,593 $61,103 $253,140 $85,921 



4


Earnings per share from continuing operations:
Basic$0.40 $0.25 $0.91 $0.33 
Diluted $0.39 $0.24 $0.89 $0.32 
Earnings per share from discontinued operations:
Basic$0.20 $0.02 $0.24 $0.05 
Diluted $0.20 $0.02 $0.24 $0.05 
Earnings per share:
Basic$0.60 $0.27 $1.15 $0.38 
Diluted $0.59 $0.26 $1.13 $0.37 
Weighted average shares:
Basic213,636,876 225,998,202 219,312,260 227,557,664 
Diluted217,927,725 231,868,397 223,933,319 234,084,800 


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 Comprehensive Income (Unaudited)
Three Months Ended September 30,Nine Months Ended
September 30,
(in thousands)
2022202120222021
Net income$128,593 $61,103 $253,140 $85,921 
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of income tax expense of $0 for both the three and nine months ended September 30, 2022 and $0 and $60 for the three and nine months ended September 30, 2021, respectively.
(37,733)(11,162)(67,435)(3,035)
Net change in derivatives, net of income tax expense of $676 for the three months ended September 30, 2021, and $1,171 and $1,999 for the nine months ended September 30, 2022 and 2021, respectively.
 2,206 3,497 6,529 
Total other comprehensive (loss) income(37,733)(8,956)(63,938)3,494 
Total comprehensive income $90,860 $52,147 $189,202 $89,415 


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 (Unaudited)
Nine Months Ended September 30, 2022
 Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Shareholders' Equity
(in thousands)SharesAmount
Balance at December 31, 2021223,940 $22 $3,616,902 $(29,071)$(1,591,090)$1,996,763 
Net income— — — — 51,171 51,171 
Other comprehensive loss— — — (1,753)— (1,753)
Stock-based compensation and issuance of Common Stock from vesting498 — 6,395 — — 6,395 
Repurchase and cancellation of Common Stock and warrants(2,064)— (77,409)— — (77,409)
Issuance of Common Stock from the exercise of options and warrants800 — 3,313 — — 3,313 
Withholding taxes on net share settlement of stock-based compensation— — (12,295)— — (12,295)
Balance at March 31, 2022223,174 22 3,536,906 (30,824)(1,539,919)1,966,185 
Net income— — — — 73,376 73,376 
Other comprehensive loss— — — (24,452)— (24,452)
Stock-based compensation and issuance of Common Stock from vesting70 — 9,292 — — 9,292 
Repurchase and cancellation of Common Stock and warrants(7,222)— (249,515)— — (249,515)
Issuance of Common Stock from the exercise of options and warrants69 — 139 — — 139 
Withholding taxes on net share settlement of stock-based compensation— — (1,075)— — (1,075)
Balance at June 30, 2022216,091 22 3,295,747 (55,276)(1,466,543)1,773,950 
Net income— — — — 128,593 128,593 
Other comprehensive loss— — — (37,733)— (37,733)
Stock-based compensation and issuance of Common Stock from vesting26 — 6,941 — — 6,941 
Repurchase and cancellation of Common Stock(5,271)— (197,457)— — (197,457)
Issuance of Common Stock from the exercise of options398 — 7,363 — — 7,363 
Withholding taxes on net share settlement of stock-based compensation— — (518)— — (518)
Balance at September 30, 2022211,244 $22 $3,112,076 $(93,009)$(1,337,950)$1,681,139 

7



Nine Months Ended September 30, 2021
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossAccumulated 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 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 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.
8



WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30,
(in thousands)
20222021
Operating activities:
Net income $253,140 $85,921 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization257,371 235,536 
Provision for credit losses26,018 26,661 
Gain on sale of discontinued operations(34,049) 
Gain on sale of rental equipment and other property, plant and equipment(21,698)(25,327)
Amortization of debt discounts and debt issuance costs9,795 10,554 
Fair value loss on common stock warrant liabilities 26,597 
Loss on extinguishment of debt 5,999 
Stock-based compensation expense22,628 21,674 
Deferred income tax expense56,812 28,140 
Unrealized currency losses, net171 34 
Other 2,976  
Changes in operating assets and liabilities:
Trade receivables(101,895)(93,592)
Inventories(13,623)(7,311)
Prepaid expenses and other assets(9,446)3,118 
Operating lease assets and liabilities851 59 
Accounts payable and other accrued expenses43,565 48,336 
Deferred revenue and customer deposits51,622 25,656 
Net cash provided by operating activities544,238 392,055 
Investing activities:
Proceeds from sale of discontinued operation319,543  
Acquisitions, net of cash acquired (208,663)(56,244)
Proceeds from sale of rental equipment52,263 42,034 
Purchase of rental equipment and refurbishments(360,465)(178,191)
Proceeds from sale of property, plant and equipment1,645 16,647 
Purchase of property, plant and equipment(30,253)(20,836)
Net cash used in investing activities(225,930)(196,590)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options10,815 7,315 
Repurchase and cancellation of Common Stock and warrants(515,684)(320,562)
Receipts from borrowings763,177 551,063 
Repayment of borrowings(510,677)(423,591)
Payment of financing costs(8,130) 
Payment of debt extinguishment premium costs (3,705)
Principal payments on finance lease obligations(39,336)(12,321)
Taxes paid on employee stock awards(13,888)(7,134)
Net cash used in financing activities(313,723)(208,935)
Effect of exchange rate changes on cash and cash equivalents (1,842)(150)
Net change in cash and cash equivalents 2,743 (13,620)
Cash and cash equivalents at the beginning of the period12,699 24,937 
Cash and cash equivalents at the end of the period$15,442 $11,317 
Supplemental cash flow information:
Interest paid 1
$88,231 $75,423 
Income taxes paid, net$17,598 $6,124 
Capital expenditures accrued or payable$40,385 $35,819 
1 Includes $8,986 of payments related to the interest rate swap for the nine months ended September 30, 2021.
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
9


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 business services provider specializing in innovative flexible work space and portable storage solutions in the United States (“US”), Canada, Mexico and the United Kingdom ("UK"). 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.
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 US Generally Accepted Accounting Principles ("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, 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 the Company. All intercompany balances and transactions are eliminated.
The results of operations for the three and nine months ended September 30, 2022 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, 2021.
Reclassifications
Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
Recently Issued Accounting Standards
In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"). ASU 2021-08 is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.

NOTE 2 - Acquisitions
On July 1, 2020, WillScot 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.”
Asset Acquisitions
During the third quarter of 2022, the Company acquired certain assets and liabilities of several smaller entities, which consisted primarily of approximately 7,600 storage units and 3,000 modular units, for $104.7 million in cash. During the first six months of 2022, the Company acquired certain assets and liabilities of several smaller entities, which consisted primarily of approximately 4,100 storage units and 1,400 modular units, for $103.9 million in cash. The accompanying consolidated financial statements include $202.3 million of rental equipment as a result of 2022 acquisitions.
During the third quarter of 2021, the Company acquired certain assets and liabilities of several smaller entities, which consisted primarily of approximately 11,000 storage units and 400 modular units for $56.3 million in cash. As a result of these acquisitions, the Company recognized $53.0 million of rental equipment and $3.0 million of land in its consolidated balance sheet.
Integration Costs
The Company recorded $3.9 million and $8.2 million in integration costs related to acquisitions and the Merger within selling, general and administrative ("SG&A") expense during the three months ended September 30, 2022 and 2021, respectively, and $13.2 million and $23.2 million in integration costs related to acquisitions and the Merger during the nine months ended September 30, 2022 and 2021, respectively.
10



NOTE 3 - Divestiture
On August 19, 2022, the Company entered into a stock purchase agreement to sell its Tank and Pump Solutions ("Tank and Pump") business for approximately $323 million. The sale transaction was completed on September 30, 2022. Exiting the Tank and Pump business represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses. In accordance with ASC 360, Property, Plant, and Equipment, the Company ceased recording depreciation and amortization for Tank and Pump rental fleet, property, plant and equipment, and operating lease assets during the third quarter of 2022 when the Tank and Pump business initially qualified as held for sale. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, the Company determined that the criteria for discontinued operations presentation were met during the third quarter of 2022.
As part of the divestiture, the Company entered into a customary transition services agreement with the buyer to assist them in the transition of certain functions, including, but not limited to, information technology, accounting and human resources, for a period of six months with an option for the buyer to extend the agreement for a period of up to twelve months. There will be no significant continuing involvement with the Tank and Pump business after its disposal.
The following tables present the results of Tank and Pump as reported in income from discontinued operations within the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 and the carrying value of the divested business' assets and liabilities as presented within assets and liabilities held for sale on the condensed consolidated balance sheet as of December 31, 2021.
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
Revenues:
Leasing and services revenue:
Leasing$22,432 $20,797 $65,572 $56,343 
Delivery and installation10,121 7,789 27,665 21,969 
Sales revenue:
New units842 490 2,202 1,908 
Rental units593 429 917 1,123 
Total revenues33,988 29,505 96,356 81,343 
Costs:
Costs of leasing and services:
Leasing4,913 4,481 13,828 12,628 
Delivery and installation8,634 6,770 23,285 18,317 
Costs of sales:
New units633 324 1,636 1,338 
Rental units238 135 310 429 
Depreciation of rental equipment1,822 3,472 8,145 10,026 
Gross profit17,748 14,323 49,152 38,605 
Expenses:
Selling, general and administrative5,544 6,381 18,045 16,792 
Other depreciation and amortization1,274 2,355 6,103 6,967 
Other (expense) income, net(16)1 4 7 
Operating income10,946 5,586 25,000 14,839 
Interest expense144 195 512 584 
Income from discontinued operations before income tax10,802 5,391 24,488 14,255 
Income tax expense from discontinued operations 1,986