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

wsc-20230630
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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, 2023
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/29d5323fe9a51b1a0675fbf28f4bf68d-WSMM Holdings Corp Logo.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: 197,304,704 shares at July 28, 2023.





WILLSCOT MOBILE MINI HOLDINGS CORP.
Quarterly Report on Form 10-Q
Table of Contents
PART I Financial Information
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022


2



ITEM 1.    Financial Statements

WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share data)
June 30, 2023 (unaudited)
December 31, 2022
Assets
Cash and cash equivalents$7,660 $7,390 
Trade receivables, net of allowances for credit losses at June 30, 2023 and December 31, 2022 of $68,096 and $57,048, respectively
441,643 409,766 
Inventories44,360 41,030 
Prepaid expenses and other current assets42,868 31,635 
Assets held for sale - current8,924 31,220 
Total current assets545,455 521,041 
Rental equipment, net3,196,518 3,077,287 
Property, plant and equipment, net315,444 304,659 
Operating lease assets234,468 219,405 
Goodwill1,012,135 1,011,429 
Intangible assets, net407,250 419,125 
Other non-current assets7,230 6,683 
Assets held for sale - non-current 268,022 
Total long-term assets5,173,045 5,306,610 
Total assets$5,718,500 $5,827,651 
Liabilities and equity
Accounts payable$91,783 $109,349 
Accrued expenses120,301 109,542 
Accrued employee benefits43,647 56,340 
Deferred revenue and customer deposits209,726 203,793 
Operating lease liabilities - current54,110 50,499 
Current portion of long-term debt13,952 13,324 
Liabilities held for sale - current 19,095 
Total current liabilities533,519 561,942 
Long-term debt3,035,521 3,063,042 
Deferred tax liabilities506,425 401,453 
Operating lease liabilities - non-current181,319 169,618 
Other non-current liabilities23,171 18,537 
Liabilities held for sale - non-current 47,759 
Long-term liabilities3,746,436 3,700,409 
Total liabilities4,279,955 4,262,351 
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at June 30, 2023 and December 31, 2022
  
Common Stock: $0.0001 par, 500,000,000 shares authorized and 198,375,893 and 207,951,682 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
20 21 
Additional paid-in-capital2,435,571 2,886,951 
Accumulated other comprehensive loss(44,109)(70,122)
Accumulated deficit(952,937)(1,251,550)
Total shareholders' equity1,438,545 1,565,300 
Total liabilities and shareholders' equity$5,718,500 $5,827,651 

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 June 30,Six Months Ended June 30,
(in thousands, except share and per share data)
2023202220232022
Revenues:
Leasing and services revenue:
Leasing$449,320 $386,386 $889,271 $737,945 
Delivery and installation112,754 110,841 219,384 196,380 
Sales revenue:
New units9,004 9,927 19,661 15,714 
Rental units11,011 15,736 19,241 24,022 
Total revenues582,089 522,890 1,147,557 974,061 
Costs:
Costs of leasing and services:
Leasing98,556 88,111 196,071 168,445 
Delivery and installation81,349 82,537 156,356 153,117 
Costs of sales:
New units4,795 5,321 11,003 9,077 
Rental units5,067 8,478 9,521 13,370 
Depreciation of rental equipment64,450 63,230 123,606 120,778 
Gross profit327,872 275,213 651,000 509,274 
Expenses:
Selling, general and administrative146,810 150,129 297,702 288,273 
Other depreciation and amortization17,346 14,951 34,519 30,313 
Currency losses (gains), net14 (173)6,789 (36)
Other income, net(2,838)(3,794)(6,197)(5,077)
Operating income166,540 114,100 318,187 195,801 
Interest expense47,246 33,153 92,112 63,723 
Income from continuing operations before income tax119,294 80,947 226,075 132,078 
Income tax expense from continuing operations31,565 20,848 62,075 32,931 
Income from continuing operations87,729 60,099 164,000 99,147 
Discontinued operations:
Income from discontinued operations before income tax 17,140 4,003 32,927 
Gain on sale of discontinued operations  176,078  
Income tax expense from discontinued operations 3,863 45,468 7,527 
Income from discontinued operations 13,277 134,613 25,400 
Net income$87,729 $73,376 $298,613 $124,547 
Earnings per share from continuing operations attributable to WillScot Mobile Mini common shareholders:
Basic$0.44 $0.27 $0.80 $0.45 
Diluted$0.43 $0.26 $0.78 $0.44 
Earnings per share from discontinued operations attributable to WillScot Mobile Mini common shareholders:
Basic $ $0.06 $0.66 $0.11 
Diluted$ $0.06 $0.65 $0.11 
Earnings per share attributable to WillScot Mobile Mini common shareholders:
Basic$0.44 $0.33 $1.46 $0.56 
Diluted$0.43 $0.32 $1.43 $0.55 
Weighted average shares:
Basic200,946,619 223,376,276 204,635,764 222,196,986 
Diluted204,326,162 227,484,012 208,233,141 226,983,150 

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
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)
2023202220232022
Net income$87,729 $73,376 $298,613 $124,547 
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $0 for both the three and six months ended June 30, 2023 and 2022
5,915 (25,628)13,849 (29,702)
Net gain on derivatives, net of income tax expense of $4,268 and $394 for the three months ended June 30, 2023 and 2022, respectively, and $4,046 and $1,171 for the six months ended June 30, 2023 and 2022, respectively.
12,831 1,176 12,164 3,497 
Total other comprehensive income (loss)18,746 (24,452)26,013 (26,205)
Total comprehensive income$106,475 $48,924 $324,626 $98,342 

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)
Six Months Ended June 30, 2023
 Common StockAdditional Paid-in-CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Shareholders' Equity
(in thousands)SharesAmount
Balance at December 31, 2022207,952 $21 $2,886,951 $(70,122)$(1,251,550)$1,565,300 
Net income— — — — 210,884 210,884 
Other comprehensive income— — — 7,267 — 7,267 
Withholding taxes on net share settlement of stock-based compensation— — (10,058)— — (10,058)
Stock-based compensation and issuance of Common Stock from vesting355 — 8,150 — — 8,150 
Repurchase and cancellation of Common Stock(4,589)— (217,687)— — (217,687)
Issuance of Common Stock from the exercise of options6 — 68 — — 68 
Balance at March 31, 2023203,723 21 2,667,424 (62,855)(1,040,666)1,563,924 
Net income— — — — 87,729 87,729 
Other comprehensive income— — — 18,746 — 18,746 
Stock-based compensation and issuance of Common Stock from vesting35 — 9,348 — — 9,348 
Repurchase and cancellation of Common Stock(5,406)(1)(241,545)— — (241,546)
Issuance of Common Stock from the exercise of options24 — 344 — — 344 
Balance at June 30, 2023198,376 $20 $2,435,571 $(44,109)$(952,937)$1,438,545 

6


Six Months Ended June 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)
Withholding taxes on net share settlement of stock-based compensation— — (12,295)— — (12,295)
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 
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)
Withholding taxes on net share settlement of stock-based compensation— — (1,075)— — (1,075)
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 
Balance at June 30, 2022216,091 $22 $3,295,747 $(55,276)$(1,466,543)$1,773,950 

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)
Six Months Ended June 30,
(in thousands)
20232022
Operating activities:
Net income$298,613 $124,547 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization158,125 168,050 
Provision for credit losses22,193 18,865 
Gain on sale of discontinued operations(176,078) 
Gain on sale of rental equipment and other property, plant and equipment(11,691)(14,195)
Amortization of debt discounts and debt issuance costs5,501 6,975 
Stock-based compensation expense17,498 15,687 
Deferred income tax expense90,675 31,072 
Loss on foreign currency forward contract7,715  
Unrealized currency losses, net(1,030)(71)
Other2,176 1,916 
Changes in operating assets and liabilities:
Trade receivables(48,641)(60,737)
Inventories(2,273)(9,293)
Prepaid expenses and other assets(2,211)(13,907)
Operating lease assets and liabilities37 936 
Accounts payable and other accrued expenses(19,705)34,756 
Deferred revenue and customer deposits10,016 29,252 
Net cash provided by operating activities350,920 333,853 
Investing activities:
Proceeds from sale of discontinued operations403,992  
Acquisitions, net of cash acquired (149,421)(103,927)
Proceeds from sale of rental equipment25,254 35,080 
Purchase of rental equipment and refurbishments(102,709)(225,389)
Payment for settlement of foreign currency forward contract(7,715) 
Proceeds from the sale of property, plant and equipment265 751 
Purchase of property, plant and equipment(11,189)(20,253)
Net cash provided by (used in) investing activities158,477 (313,738)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options412 3,452 
Repurchase and cancellation of Common Stock and warrants(456,297)(319,225)
Receipts from borrowings628,538 454,322 
Payment of financing costs (8,021)
Repayment of borrowings(674,719)(127,607)
Principal payments on finance lease obligations(8,133)(10,353)
Taxes paid on employee stock awards(10,058)(13,370)
Net cash used in financing activities(520,257)(20,802)
Effect of exchange rate changes on cash and cash equivalents 746 (306)
Net change in cash and cash equivalents (10,114)(993)
Cash and cash equivalents at the beginning of the period17,774 12,699 
Cash and cash equivalents at the end of the period$7,660 $11,706 
Supplemental cash flow information:
Interest paid, net$86,123 $59,980 
Income taxes paid, net$15,055 $10,608 
Assets acquired under capital leases$24,379 $17,065 
Capital expenditures accrued or payable$18,740 $39,949 

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 business services provider specializing in innovative flexible work space and portable storage solutions in the United States (“US”), Canada, and Mexico. The Company leases, sells, delivers and installs modular space solutions and portable storage products through an integrated network of branch locations that spans North America.
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 six months ended June 30, 2023 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, 2022.
Reclassifications
Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
Recently Issued and Adopted Accounting Standards
In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 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 FASB Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"). The Company adopted ASU 2021-08 on January 1, 2023 on a prospective basis. The adoption of this ASU did not have a material impact on the Company's financial statements or related disclosures.

NOTE 2 - Acquisitions
WillScot Mobile Mini is the holding company for the Williams Scotsman and Mobile Mini family of companies, which resulted from the combination of WillScot Corporation (“WillScot”) and Mobile Mini, Inc. (“Mobile Mini”) through a merger that occurred on July 1, 2020 (the "Merger").
Asset Acquisitions
During the six months ended June 30, 2023, the Company acquired certain assets and liabilities of five regional and local storage and modular companies, which consisted primarily of approximately 1,800 storage units and 700 modular units, for $149.4 million in cash, net of cash acquired. The accompanying consolidated financial statements include $147.9 million of rental equipment and $4.5 million of land held for sale as of June 30, 2023 as a result of these acquisitions. A sale of the acquired land is expected to close before the end of the year.
Integration Costs
The Company recorded $2.2 million and $5.2 million in integration costs related to asset acquisitions and the Merger within selling, general and administrative expense ("SG&A") during the three months ended June 30, 2023 and 2022, respectively, and $6.1 million and $9.3 million in integration costs related to acquisitions and the Merger during the six months ended June 30, 2023 and 2022, respectively.
9


NOTE 3 - Discontinued Operations
Tank and Pump Divestiture
On September 30, 2022, the Company sold its former Tank and Pump segment for $321.9 million. Exiting the former Tank and Pump segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses. The criteria for discontinued operations presentation were met during the third quarter of 2022 and results for the former Tank and Pump segment are reported in income from discontinued operations within the consolidated statements of operations for periods presented prior to September 30, 2022.
UK Storage Solutions Divestiture
On December 12, 2022, the Company entered into a stock purchase agreement to sell its former UK Storage Solutions segment. The sale transaction was completed on January 31, 2023. Total cash consideration for the transaction was $418.1 million. Exiting the former UK Storage Solutions segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses in North America. The criteria for discontinued operations presentation were met during the fourth quarter of 2022 and results for the former UK Storage Solutions segment are reported in income from discontinued operations within the consolidated statements of operations for all periods presented. The carrying value of the former UK Storage Solutions segment's assets and liabilities are presented within assets and liabilities held for sale on the consolidated balance sheet as of December 31, 2022.
The following tables present the results of the former Tank and Pump segment and the former UK Storage Solutions segment as reported in income from discontinued operations within the consolidated statements of operations, and the carrying value of the former UK Storage Solutions segment's assets and liabilities as presented within assets and liabilities held for sale on the consolidated balance sheet.
Six Months Ended June 30, 2023
(in thousands)UK Storage Solutions
Revenues:
Leasing and services revenue:
Leasing$6,389 
Delivery and installation1,802 
Sales revenue:
New units54 
Rental units449 
Total revenues8,694 
Costs:
Costs of leasing and services:
Leasing1,407 
Delivery and installation1,213 
Costs of sales:
New units38 
Rental units492 
Gross profit5,544 
Expenses:
Selling, general and administrative1,486 
Other income, net(1)
Operating income4,059 
Interest expense56 
Income from discontinued operations before income tax4,003 
Gain on sale of discontinued operations 175,708 
Income tax expense from discontinued operations45,468 
Income from discontinued operations$134,243 
Other selected data:
Adjusted EBITDA from discontinued operations$4,124 
In January 2023, a $0.4 million adjustment was made to the gain on sale of the former Tank and Pump segment due to the final contractual working capital adjustment. Including this adjustment, the total gain on sale of discontinued operations was $176.1 million for the six months ended June 30, 2023.
10


Three Months Ended June 30, 2022
(in thousands)Tank and Pump UK Storage SolutionsTotal
Revenues:
Leasing and services revenue:
Leasing$22,078 $20,156 $42,234 
Delivery and installation9,219 5,342 14,561 
Sales revenue:
New units678 489 1,167 
Rental units110 679 789 
Total revenues32,085 26,666 58,751 
Costs:
Costs of leasing and services:
Leasing4,608 4,193 8,801 
Delivery and installation7,640 3,410 11,050 
Costs of sales:
New units496 322 818 
Rental units(23)500 477 
Depreciation of rental equipment2,793 1,154 3,947 
Gross profit16,571 17,087 33,658 
Expenses:
Selling, general and administrative6,289 5,652 11,941 
Other depreciation and amortization2,413 1,690 4,103 
Currency losses, net 46 46 
Other expense, net1 5 6 
Operating income7,868 9,694 17,562 
Interest expense190 232 422 
Income from discontinued operations before income tax7,678 9,462 17,140 
Income tax expense from discontinued operations1,997 1,866 3,863 
Income from discontinued operations$5,681 $7,596 $13,277 
Other selected data:
Adjusted EBITDA from discontinued operations$12,462 $12,230 $24,692 

11


Six Months Ended June 30, 2022
(in thousands)Tank and Pump UK Storage SolutionsTotal
Revenues:
Leasing and services revenue:
Leasing$43,140 $40,727 $83,867 
Delivery and installation17,544 11,809 29,353 
Sales revenue:— 
New units1,360 617 1,977 
Rental units324 953 1,277 
Total revenues62,368 54,106 116,474 
Costs:
Costs of leasing and services:
Leasing8,915 8,430 17,345 
Delivery and installation14,651 7,334 21,985 
Costs of sales:
New units1,003 385 1,388 
Rental units72 657 729 
Depreciation of rental equipment6,323 2,292 8,615 
Gross profit31,404 35,008 66,412 
Expenses:
Selling, general and administrative12,501 11,769 24,270 
Other depreciation and amortization4,829 3,515 8,344 
Currency losses, net 47 47 
Other expense (income), net20 (40)(20)
Operating income14,054 19,717 33,771 
Interest expense368 476 844 
Income from discontinued operations before income tax13,686 19,241 32,927 
Income tax expense from discontinued operations3,510 4,017 7,527 
Income from discontinued operations$10,176 $15,224 $25,400 
Other selected data:
Adjusted EBITDA from discontinued operations$23,968 $24,774 $48,742 
12


December 31, 2022
(in thousands)UK Storage Solutions
Assets
Cash and cash equivalents$10,384 
Trade receivables, net of allowances for doubtful accounts of $300
15,991 
Inventories3,058 
Prepaid expenses and other current assets1,787 
Rental equipment, net165,853 
Property, plant and equipment, net20,645 
Operating lease assets15,134 
Goodwill58,144 
Intangible assets, net6,414 
Other non-current assets1,832 
Total assets held for sale$299,242 
Liabilities
Accounts payable$4,515 
Accrued expenses3,273 
Accrued employee benefits1,009 
Deferred revenue and customer deposits6,850 
Deferred tax liabilities29,737 
Operating lease liabilities15,192 
Other non-current liabilities6,278 
Total liabilities held for sale$66,854 
For the six months ended June 30, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:
(in thousands)
Six Months Ended June 30, 2022
Operating activities of discontinued operations:
Depreciation and amortization$11,152 
Investing activities of discontinued operations:
Proceeds from sale of rental equipment$325 
Purchases of rental equipment and refurbishments$(13,658)
Purchases of property, plant and equipment$(170)
The following table presents a reconciliation of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former Tank and Pump segment for the three and six months ended June 30, 2022. See Note 16 for further information regarding Adjusted EBITDA.
(in thousands)Three Months Ended June 30, 2022Six Months Ended June 30, 2022
Income from discontinued operations$5,681 $10,176 
Income tax expense from discontinued operations1,997 3,510 
Income from discontinued operations before income tax7,678 13,686 
Interest expense190 368 
Depreciation and amortization5,206 11,152 
Stock compensation expense135 239 
Other(747)(1,477)
Adjusted EBITDA from discontinued operations$12,462 $23,968 
13


For the six months ended June 30, 2023 and 2022, significant operating and investing items related to the former UK Storage Solutions segment were as follows:
Six Months Ended June 30,
(in thousands)
20232022
Operating activities of discontinued operations:
Depreciation and amortization$ $5,807 
Investing activities of discontinued operations:
Proceeds from sale of rental equipment$514 $953 
Purchases of rental equipment and refurbishments$(371)$(17,219)
Proceeds from sale of property, plant and equipment$8 $502 
Purchases of property, plant and equipment$(64)$(3,188)
The following table presents reconciliations of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former UK Storage Solutions segment for the three and six months ended June 30, 2023 and 2022, respectively. See Note 16 for further information regarding Adjusted EBITDA.
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Income from discontinued operations$ $7,596 $134,243 $15,224 
Gain on sale of discontinued operations  175,708  
Income tax expense from discontinued operations 1,866 45,468 4,017 
Income from discontinued operations before income tax and gain on sale 9,462 4,003 19,241 
Interest expense 232 56 476 
Depreciation and amortization 2,844  5,807 
Currency losses, net 46  47 
Stock compensation expense29 (196)47 
Other(383)261 (844)
Adjusted EBITDA from discontinued operations$ $12,230 $4,124 $24,774 

NOTE 4 - Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2023 and 2022 as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2023202220232022
US$545,333 $485,286 $1,078,507 $906,970 
Canada30,839 32,901 57,780 58,174 
Mexico5,917 4,703 11,270 8,917 
Total revenues$582,089 $522,890 $1,147,557 $974,061 
Major Product and Service Lines
Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes modular space and portable storage units along with value-added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, integral tool racking, heavy duty capacity shelving, workstations, electrical and lighting products and other items used by customers in connection with the Company's products. The Company also offers its lease customers a damage waiver program that protects them in case the leased unit is damaged. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance and ad hoc services and removal services at the end of lease transactions.
14


The Company’s revenue by major product and service line for the three and six months ended June 30, 2023 and 2022 was as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2023202220232022
Modular space leasing revenue$236,625 $204,667 $461,095 $395,056 
Portable storage leasing revenue93,462 81,186 190,777 151,890 
VAPS and third party leasing revenues(a)
97,698 81,855 191,825 157,160 
Other leasing-related revenue(b)
21,535 18,678 45,574 33,839 
Leasing revenue449,320 386,386 889,271 737,945 
Delivery and installation revenue112,754 110,841 219,384 196,380 
Total leasing and services revenue562,074 497,227 1,108,655 934,325 
New unit sales revenue9,004 9,927 19,661 15,714 
Rental unit sales revenue11,011 15,736 19,241 24,022 
Total revenues$582,089 $522,890 $1,147,557 $974,061 
(a)
Includes $6.1 million and $5.6 million of service revenue for the three months ended June 30, 2023 and 2022, respectively, and $11.7 million and $11.5 million of service revenue for the six months ended June 30, 2023 and 2022, respectively.
(b)Includes primarily damage billings, delinquent payment charges, and other processing fees.
Leasing and Services Revenue
The majority of revenue (76% for both the three and six months ended June 30, 2023, and 73% and 75% for the three and six months ended June 30, 2022, respectively) was generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606.
Receivables and Credit Losses
The Company is exposed to credit losses from trade receivables and manages credit risk at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues. Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end user markets.
The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review that considers expected billing exposure, timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the customer transacts after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation.
The Company monitors ongoing credit exposure through an active review of customer balances against contract terms and due dates and may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowance for credit losses reflects the estimate of the amount of receivables that the Company will be unable to collect based on historical collection experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. The Company's estimate reflects changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease its allowance.
Activity in the allowance for credit losses was as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2023202220232022
Balance at beginning of period$61,402 $47,124 $57,048 $45,773 
Provision for credit losses, net of recoveries13,390 9,593 22,193 17,904 
Write-offs(6,969)(5,385)(11,506)(12,395)
Foreign currency translation and other273 (48)361 2 
Balance at end of period$68,096 $51,284 $68,096 $51,284 
Contract Assets and Liabilities
When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue
15


is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. During the three months ended June 30, 2023, deferred revenue relating to services billed in advance of $26.2 million was recognized as revenue. As of June 30, 2023 and December 31, 2022, the Company had approximately $104.8 million and $102.2 million, respectively, of deferred revenue related to these services.
The Company does not have material contract assets, and the Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the market rate in place at the time those services are provided, and therefore, the Company is applying the optional expedient to omit disclosure of such amounts.
The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year; therefore, the commissions are expensed as incurred.

NOTE 5 - Leases
As of June 30, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
(in thousands)OperatingFinance
2023 (remaining)$33,230 $8,905 
202460,869 17,994 
202551,326 17,667 
202639,676 17,351 
202729,208 14,099 
Thereafter62,057 26,651 
Total lease payments276,366 102,667 
Less: interest(40,937)(11,939)
Present value of lease liabilities$235,429 $90,728 
Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets.
16


The Company’s lease activity during the six months ended June 30, 2023 and 2022 was as follows:
(in thousands)Six Months Ended June 30,
Financial Statement Line20232022
Finance Lease Expense
Amortization of finance lease assets$7,580 $6,820 
Interest on obligations under finance leases 1,566 839 
Total finance lease expense $9,146 $7,659 
Operating Lease Expense
Fixed lease expense
Cost of leasing and services$723 $1,574 
Selling, general and administrative32,006 29,709 
Short-term lease expense
Cost of leasing and services12,404 16,739 
Selling, general and administrative905 986 
Variable lease expense
Cost of leasing and services1,675 2,822 
Selling, general and administrative4,847 3,419 
Total operating lease expense$52,560 $55,249 
Supplemental cash flow information related to leases for the six months ended June 30, 2023 and 2022 was as follows:
(in thousands)Six Months Ended June 30,
Supplemental Cash Flow Information20232022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$33,501 $30,918 
Operating cash outflows from finance leases$1,515 $837 
Financing cash outflows from finance leases$8,087 $7,506 
Right of use assets obtained in exchange for lease obligations$36,604 $19,030 
Assets obtained in exchange for finance leases $24,382 $14,576 
Weighted average remaining operating lease terms and the weighted average discount rates as of June 30, 2023 and December 31, 2022 were as follows:
Lease Terms and Discount RatesJune 30, 2023December 31, 2022
Weighted average remaining lease term - operating leases5.6 years5.8 years
Weighted average discount rate - operating leases5.6 %5.0 %
Weighted average remaining lease term - finance leases5.1 years4.9 years
Weighted average discount rate - finance leases4.1 %3.1 %
The Company presents information related to leasing revenues in Note 4.

NOTE 6 - Inventories
Inventories at the respective balance sheet dates consisted of the following:
(in thousands)
June 30, 2023December 31, 2022
Raw materials$40,971 $38,611 
Finished units3,389 2,419 
Inventories$44,360 $41,030 
17



NOTE 7 - Rental Equipment, net
Rental equipment, net at the respective balance sheet dates consisted of the following:
(in thousands)
June 30, 2023December 31, 2022
Modular space units$3,406,542 $3,197,779 
Portable storage units851,818 849,193 
Value added products204,665 203,444 
Total rental equipment4,463,025 4,250,416 
Less: accumulated depreciation(1,266,507)(1,173,129)
Rental equipment, net$3,196,518 $3,077,287 

NOTE 8 - Goodwill and Intangibles
Goodwill
Changes in the carrying amount of goodwill were as follows:
(in thousands)ModularStorageTotal
Balance at December 31, 2021$521,049 $492,552 $1,013,601 
Effects of movements in foreign exchange rates(2,172) (2,172)
Balance at December 31, 2022518,877 492,552 1,011,429 
Effects of movements in foreign exchange rates706  706 
Balance at June 30, 2023$519,583 $492,552 $1,012,135 
The Company had no goodwill impairment during the six months ended June 30, 2023 or the year ended December 31, 2022.
Intangible Assets
Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:
June 30, 2023
(in thousands)Weighted average remaining life (in years)Gross carrying amountAccumulated amortizationNet book value
Intangible assets subject to amortization:
Mobile Mini customer relationships