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

wsc-20230930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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/370dfb50c89fbfa9ad72ea4a8f927ebe-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: 191,630,296 shares at October 27, 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 Nine Months Ended September 30, 2023 and 2022
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022
Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2023 and 2022
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities


2



ITEM 1.    Financial Statements

WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share data)
September 30, 2023 (unaudited)
December 31, 2022
Assets
Cash and cash equivalents$5,789 $7,390 
Trade receivables, net of allowances for credit losses at September 30, 2023 and December 31, 2022 of $78,738 and $57,048, respectively
469,344 409,766 
Inventories44,729 41,030 
Prepaid expenses and other current assets48,392 31,635 
Assets held for sale - current951 31,220 
Total current assets569,205 521,041 
Rental equipment, net3,347,017 3,077,287 
Property, plant and equipment, net328,054 304,659 
Operating lease assets256,272 219,405 
Goodwill1,158,076 1,011,429 
Intangible assets, net401,313 419,125 
Other non-current assets15,541 6,683 
Assets held for sale - non-current 268,022 
Total long-term assets5,506,273 5,306,610 
Total assets$6,075,478 $5,827,651 
Liabilities and equity
Accounts payable$92,319 $109,349 
Accrued expenses123,238 109,542 
Accrued employee benefits31,550 56,340 
Deferred revenue and customer deposits227,257 203,793 
Operating lease liabilities - current56,588 50,499 
Current portion of long-term debt15,981 13,324 
Liabilities held for sale - current 19,095 
Total current liabilities546,933 561,942 
Long-term debt3,460,066 3,063,042 
Deferred tax liabilities535,434 401,453 
Operating lease liabilities - non-current193,364 169,618 
Other non-current liabilities27,045 18,537 
Liabilities held for sale - non-current 47,759 
Long-term liabilities4,215,909 3,700,409 
Total liabilities4,762,842 4,262,351 
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at September 30, 2023 and December 31, 2022
  
Common Stock: $0.0001 par, 500,000,000 shares authorized and 193,460,704 and 207,951,682 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
20 21 
Additional paid-in-capital2,218,110 2,886,951 
Accumulated other comprehensive loss(44,073)(70,122)
Accumulated deficit(861,421)(1,251,550)
Total shareholders' equity1,312,636 1,565,300 
Total liabilities and shareholders' equity$6,075,478 $5,827,651 

See the accompanying notes which are an integral part of these condensed consolidated financial statements.
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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)
2023202220232022
Revenues:
Leasing and services revenue:
Leasing$466,769 $427,842 $1,356,040 $1,165,787 
Delivery and installation115,598 127,016 334,982 323,396 
Sales revenue:
New units10,155 9,608 29,816 25,322 
Rental units12,312 13,542 31,553 37,564 
Total revenues604,834 578,008 1,752,391 1,552,069 
Costs:
Costs of leasing and services:
Leasing104,331 107,720 300,402 276,165 
Delivery and installation82,081 91,744 238,437 244,861 
Costs of sales:
New units5,096 5,798 16,099 14,875 
Rental units6,682 6,846 16,203 20,216 
Depreciation of rental equipment66,950 68,015 190,556 188,793 
Gross profit339,694 297,885 990,694 807,159 
Expenses:
Selling, general and administrative151,983 140,116 449,685 428,389 
Other depreciation and amortization17,852 15,656 52,371 45,969 
Currency losses, net96 160 6,885 124 
Other income, net(8,336)(2,520)(14,533)(7,597)
Operating income178,099 144,473 496,286 340,274 
Interest expense53,803 38,009 145,915 101,732 
Income from continuing operations before income tax124,296 106,464 350,371 238,542 
Income tax expense from continuing operations32,780 28,288 94,855 61,219 
Income from continuing operations91,516 78,176 255,516 177,323 
Discontinued operations:
Income from discontinued operations before income tax 20,285 4,003 53,212 
Gain on sale of discontinued operations 34,049 176,078 34,049 
Income tax expense from discontinued operations 3,917 45,468 11,444 
Income from discontinued operations 50,417 134,613 75,817 
Net income$91,516 $128,593 $390,129 $253,140 
Earnings per share from continuing operations attributable to WillScot Mobile Mini common shareholders:
Basic$0.47 $0.36 $1.27 $0.80 
Diluted$0.46 $0.36 $1.25 $0.79 
Earnings per share from discontinued operations attributable to WillScot Mobile Mini common shareholders:
Basic $ $0.24 $0.67 $0.35 
Diluted$ $0.23 $0.66 $0.34 
Earnings per share attributable to WillScot Mobile Mini common shareholders:
Basic$0.47 $0.60 $1.94 $1.15 
Diluted$0.46 $0.59 $1.91 $1.13 
Weighted average shares:
Basic196,198,638 213,636,876 201,042,902 219,312,260 
Diluted199,258,304 217,927,725 204,461,042 223,933,319 

See the accompanying notes which are an integral part of these condensed consolidated financial statements.
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WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)
2023202220232022
Net income$91,516 $128,593 $390,129 $253,140 
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $0 for both the three and nine months ended September 30, 2023 and 2022, respectively.
(6,732)(37,733)7,117 (67,435)
Net gain on derivatives, net of income tax expense of $2,247 for the three months ended September 30, 2023, and $6,293 and $1,171 for the nine months ended September 30, 2023 and 2022, respectively.
6,768  18,932 3,497 
Total other comprehensive income (loss)36 (37,733)26,049 (63,938)
Total comprehensive income$91,552 $90,860 $416,178 $189,202 

See the accompanying notes which are an integral part of these condensed consolidated financial statements.
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WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Nine Months Ended September 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 
Net income— — — — 91,516 91,516 
Other comprehensive income— — — 36 — 36 
Withholding taxes on net share settlement of stock-based compensation— — (4,113)— — (4,113)
Stock-based compensation and issuance of Common Stock from vesting124 — 8,636 — — 8,636 
Repurchase and cancellation of Common Stock(5,042)— (222,024)— — (222,024)
Issuance of Common Stock from the exercise of options3 — 40 — — 40 
Balance at September 30, 2023193,461 $20 $2,218,110 $(44,073)$(861,421)$1,312,636 

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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)
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 
Net income— — — — 128,593 128,593 
Other comprehensive loss— — — (37,733)— (37,733)
Withholding taxes on net share settlement of stock-based compensation— — (518)— — (518)
Stock-based compensation and issuance of Common Stock from vesting26 — 6,941 — — 6,941 
Repurchase and cancellation of Common Stock and warrants(5,271)— (197,457)— — (197,457)
Issuance of Common Stock from the exercise of options and warrants398 — 7,363 — — 7,363 
Balance at September 30, 2022211,244 $22 $3,112,076 $(93,009)$(1,337,950)$1,681,139 

See the accompanying notes which are an integral part of these condensed consolidated financial statements.
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WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
(in thousands)
20232022
Operating activities:
Net income$390,129 $253,140 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization242,927 257,371 
Provision for credit losses38,079 26,018 
Gain on sale of discontinued operations(176,078)(34,049)
Gain on sale of rental equipment and other property, plant and equipment(26,256)(21,698)
Amortization of debt discounts and debt issuance costs8,281 9,795 
Stock-based compensation expense26,134 22,628 
Deferred income tax expense118,455 56,812 
Loss on settlement of foreign currency forward contract7,715  
Unrealized currency losses, net(943)171 
Other3,312 2,976 
Changes in operating assets and liabilities:
Trade receivables(85,261)(101,895)
Inventories(600)(13,623)
Prepaid expenses and other assets(3,772)(9,446)
Operating lease assets and liabilities707 851 
Accounts payable and other accrued expenses(26,518)43,565 
Deferred revenue and customer deposits25,607 51,622 
Net cash provided by operating activities541,918 544,238 
Investing activities:
Proceeds from sale of discontinued operations403,992 319,543 
Acquisitions, net of cash acquired (482,190)(208,663)
Proceeds from sale of rental equipment37,974 52,263 
Purchase of rental equipment and refurbishments(166,097)(360,465)
Payment for settlement of foreign currency forward contract(7,715) 
Proceeds from the sale of property, plant and equipment13,266 1,645 
Purchase of property, plant and equipment(16,752)(30,253)
Net cash used in investing activities(217,522)(225,930)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options453 10,815 
Repurchase and cancellation of Common Stock and warrants(678,166)(515,684)
Receipts from borrowings1,651,600 763,177 
Payment of financing costs(6,377)(8,130)
Repayment of borrowings(1,277,872)(510,677)
Principal payments on finance lease obligations(12,549)(39,336)
Taxes paid on employee stock awards(14,171)(13,888)
Net cash used in financing activities(337,082)(313,723)
Effect of exchange rate changes on cash and cash equivalents 701 (1,842)
Net change in cash and cash equivalents (11,985)2,743 
Cash and cash equivalents at the beginning of the period(a)
17,774 12,699 
Cash and cash equivalents at the end of the period$5,789 $15,442 
Supplemental cash flow information:
Interest paid, net$135,301 $88,231 
Income taxes paid, net$22,764 $17,598 
Capital expenditures accrued or payable$15,615 $40,385 
(a)
Cash and cash equivalents at the beginning of 2023 of $17,774 includes cash and cash equivalents of $7,390 and cash and cash equivalents included in assets held for sale of $10,384.

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 nine months ended September 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").
Business Combinations
During the three months ended September 30, 2023, the Company acquired a national provider of cold storage solutions and a regional modular space manufacturing and leasing business, which consisted primarily of approximately 2,200 climate-controlled containers and refrigerated storage trailers and 1,300 modular leasing units, respectively.
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The aggregate purchase price paid for these acquisitions and the preliminary allocations of the aggregate purchase price were as follows:
(in thousands)
Purchase Price:
Cash used in acquisitions, net of cash acquired of $2,177
$332,769 
Allocated as follows:
Trade receivables7,226 
Inventories2,017 
Rental equipment171,055 
Property, plant, and equipment2,884 
Operating lease assets2,749 
Other assets11,550 
Accounts payable(186)
Deferred revenue(6,837)
Operating lease liabilities(2,749)
Other liabilities(1,638)
Total identifiable net assets186,071 
Goodwill146,698 
Total net assets acquired$332,769 
The purchase price allocations are preliminary and subject to revision as additional information is obtained. The preliminary allocation of purchase price, including the measurement of acquired net working capital and the valuation of acquired rental equipment and intangible assets, is based on the best estimates of management and is subject to revision based on the final valuations. Goodwill recognized is attributable to expected operating synergies, assembled workforces, and the going concern value of the acquired businesses. Goodwill recorded for these acquisitions is deductible for tax purposes.
Asset Acquisitions
During the nine months ended September 30, 2023, the Company also 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 as a result of these acquisitions.
Integration Costs
The Company also recorded $0.8 million and $3.9 million in integration costs related to acquisitions and the Merger within selling, general and administrative expense ("SG&A") during the three months ended September 30, 2023 and 2022, respectively, and $6.9 million and $13.2 million in integration costs related to acquisitions and the Merger during the nine months ended September 30, 2023 and 2022, respectively.

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.
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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.
Nine Months Ended September 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 nine months ended September 30, 2023.
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Three Months Ended September 30, 2022
(in thousands)Tank and Pump UK Storage SolutionsTotal
Revenues:
Leasing and services revenue:
Leasing$22,432 $19,693 $42,125 
Delivery and installation10,121 5,822 15,943 
Sales revenue:
New units842 293 1,135 
Rental units593 357 950 
Total revenues33,988 26,165 60,153 
Costs:
Costs of leasing and services:
Leasing4,913 4,179 9,092 
Delivery and installation8,634 3,935 12,569 
Costs of sales:
New units633 209 842 
Rental units238 251 489 
Depreciation of rental equipment1,822 1,144 2,966 
Gross profit17,748 16,447 34,195 
Expenses:
Selling, general and administrative5,544 5,328 10,872 
Other depreciation and amortization1,274 1,410 2,684 
Currency losses, net 76 76 
Other expense, net(16)(5)(21)
Operating income10,946 9,638 20,584 
Interest expense144 155 299 
Income from discontinued operations before income tax10,802 9,483 20,285 
Income tax expense from discontinued operations1,986 1,931 3,917 
Gain on sale of discontinued operations34,049  34,049 
Income from discontinued operations$42,865 $7,552 $50,417 
Other selected data:
Adjusted EBITDA from discontinued operations$13,048 $11,971 $25,019 

12


Nine Months Ended September 30, 2022
(in thousands)Tank and Pump UK Storage SolutionsTotal
Revenues:
Leasing and services revenue:
Leasing$65,572 $60,420 $125,992 
Delivery and installation27,665 17,631 45,296 
Sales revenue:— 
New units2,202 910 3,112 
Rental units917 1,310 2,227 
Total revenues96,356 80,271 176,627 
Costs:
Costs of leasing and services:
Leasing13,828 12,609 26,437 
Delivery and installation23,285 11,269 34,554 
Costs of sales:
New units1,636 594 2,230 
Rental units310 908 1,218 
Depreciation of rental equipment8,145 3,436 11,581 
Gross profit49,152 51,455 100,607 
Expenses:
Selling, general and administrative18,045 17,097 35,142 
Other depreciation and amortization6,103 4,925 11,028 
Currency losses, net 123 123 
Other expense (income), net4 (45)(41)
Operating income25,000 29,355 54,355 
Interest expense512 631 1,143 
Income from discontinued operations before income tax24,488 28,724 53,212 
Income tax expense from discontinued operations5,496 5,948 11,444 
Gain on sale of discontinued operations34,049  34,049 
Income from discontinued operations$53,041 $22,776 $75,817 
Other selected data:
Adjusted EBITDA from discontinued operations$37,016 $36,745 $73,761 
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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 nine months ended September 30, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:
(in thousands)
Nine Months Ended September 30, 2022
Operating activities of discontinued operations:
Depreciation and amortization$14,248 
Investing activities of discontinued operations:
Proceeds from sale of rental equipment$918 
Purchases of rental equipment and refurbishments$(21,831)
Purchases of property, plant and equipment$(525)
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 nine months ended September 30, 2022. See Note 16 for further information regarding Adjusted EBITDA.
(in thousands)Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
Income from discontinued operations$42,865 $53,041 
Gain on sale of discontinued operations34,049 34,049 
Income tax expense from discontinued operations1,986 5,496 
Income from discontinued operations before income tax and gain on sale10,802 24,488 
Interest expense144 512 
Depreciation and amortization3,096 14,248 
Stock compensation expense(221)18 
Other(773)(2,250)
Adjusted EBITDA from discontinued operations$13,048 $37,016 
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For the nine months ended September 30, 2023 and 2022, significant operating and investing items related to the former UK Storage Solutions segment were as follows:
Nine Months Ended September 30,
(in thousands)
20232022
Operating activities of discontinued operations:
Depreciation and amortization$ $8,361 
Investing activities of discontinued operations:
Proceeds from sale of rental equipment$514 $1,310 
Purchases of rental equipment and refurbishments$(371)$(21,824)
Proceeds from sale of property, plant and equipment$8 $502 
Purchases of property, plant and equipment$(64)$(2,843)
The following table presents reconciliations of Income from discontinued operations before income tax to Adjusted EBITDA from discontinued operations for the former UK Storage Solutions segment for the three and nine months ended September 30, 2023 and 2022, respectively. See Note 16 for further information regarding Adjusted EBITDA.
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Income from discontinued operations$ $7,552 $134,243 $22,776 
Gain on sale of discontinued operations  175,708  
Income tax expense from discontinued operations 1,931 45,468 5,948 
Income from discontinued operations before income tax and gain on sale 9,483 4,003 28,724 
Interest expense 155 56 631 
Depreciation and amortization 2,554  8,361 
Currency losses, net 76  123 
Stock compensation expense 70 (196)117 
Other (367)261 (1,211)
Adjusted EBITDA from discontinued operations$ $11,971 $4,124 $36,745 

NOTE 4 - Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas for the three and nine months ended September 30, 2023 and 2022 as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2023202220232022
US$567,221 $538,740 $1,645,727 $1,445,710 
Canada30,921 34,815 88,702 92,989 
Mexico6,692 4,453 17,962 13,370 
Total revenues$604,834 $578,008 $1,752,391 $1,552,069 
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.
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The Company’s revenue by major product and service line for the three and nine months ended September 30, 2023 and 2022 was as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2023202220232022
Modular space leasing revenue$243,947 $218,328 $705,041 $613,386 
Portable storage leasing revenue98,155 96,555 288,932 248,444 
VAPS and third party leasing revenues(a)
99,872 91,724 291,697 248,883 
Other leasing-related revenue(b)
24,795 21,235 70,370 55,074 
Leasing revenue466,769 427,842 1,356,040 1,165,787 
Delivery and installation revenue115,598 127,016 334,982 323,396 
Total leasing and services revenue582,367 554,858 1,691,022 1,489,183 
New unit sales revenue10,155 9,608 29,816 25,322 
Rental unit sales revenue12,312 13,542 31,553 37,564 
Total revenues$604,834 $578,008 $1,752,391 $1,552,069 
(a)
Includes $6.4 million and $7.3 million of service revenue for the three months ended September 30, 2023 and 2022, respectively, and $18.1 million and $18.8 million of service revenue for the nine months ended September 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 nine months ended September 30, 2023, and 73% and 74% for the three and nine months ended September 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
September 30,
Nine Months Ended
September 30,
(in thousands)2023202220232022
Balance at beginning of period$68,096 $51,284 $57,048 $45,773 
Provision for credit losses, net of recoveries15,871 9,036 38,079 27,455 
Write-offs(5,252)(4,474)(16,758)(17,384)
Foreign currency translation and other23 (67)369 (65)
Balance at end of period$78,738 $55,779 $78,738 $55,779 
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Contract Assets and Liabilities
When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. As of September 30, 2023 and December 31, 2022, the Company had approximately $122.1 million and $102.2 million, respectively, of deferred revenue related to services billed in advance. During the three and nine months ended September 30, 2023, $15.4 million and $60.5 million, respectively, of deferred revenue billed in advance as of December 31, 2022 was recognized as revenue.
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 September 30, 2023, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
(in thousands)OperatingFinance
2023 (remaining)$17,198 $4,904 
202466,027 20,431 
202556,511 20,104 
202644,279 19,790 
202733,766 16,544 
Thereafter77,910 33,692 
Total lease payments295,691 115,465 
Less: interest(45,739)(14,529)
Present value of lease liabilities$249,952 $