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Name | Symbol | Market | Type |
---|---|---|---|
Target Hospitality Corporation | NASDAQ:THWWW | NASDAQ | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0025 | 0.0025 | 0.0169 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended March 31, 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 |
Delaware | 82-3430194 | |||||||
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.0001 per share | WSC | The Nasdaq Capital Market |
Large accelerated filer ☒ | Accelerated filer ☐ | ||||
Non-accelerated filer ☐ | Smaller reporting company ☐ | ||||
Emerging growth company ☐ |
PART I Financial Information | |||||||||||
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2023 and 2022 | |||||||||||
(in thousands, except share data) | March 31, 2023 (unaudited) | December 31, 2022 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 15,918 | $ | 7,390 | |||||||
Trade receivables, net of allowances for credit losses at March 31, 2023 and December 31, 2022 of $61,402 and $57,048, respectively | 415,344 | 409,766 | |||||||||
Inventories | 42,007 | 41,030 | |||||||||
Prepaid expenses and other current assets | 42,684 | 31,635 | |||||||||
Assets held for sale - current | 8,924 | 31,220 | |||||||||
Total current assets | 524,877 | 521,041 | |||||||||
Rental equipment, net | 3,128,061 | 3,077,287 | |||||||||
Property, plant and equipment, net | 305,608 | 304,659 | |||||||||
Operating lease assets | 219,926 | 219,405 | |||||||||
Goodwill | 1,011,513 | 1,011,429 | |||||||||
Intangible assets, net | 413,188 | 419,125 | |||||||||
Other non-current assets | 6,578 | 6,683 | |||||||||
Assets held for sale - non-current | — | 268,022 | |||||||||
Total long-term assets | 5,084,874 | 5,306,610 | |||||||||
Total assets | $ | 5,609,751 | $ | 5,827,651 | |||||||
Liabilities and equity | |||||||||||
Accounts payable | $ | 92,057 | $ | 108,071 | |||||||
Accrued expenses | 120,838 | 110,820 | |||||||||
Accrued employee benefits | 28,803 | 56,340 | |||||||||
Deferred revenue and customer deposits | 199,274 | 203,793 | |||||||||
Operating lease liabilities - current | 51,076 | 50,499 | |||||||||
Current portion of long-term debt | 13,514 | 13,324 | |||||||||
Liabilities held for sale - current | — | 19,095 | |||||||||
Total current liabilities | 505,562 | 561,942 | |||||||||
Long-term debt | 2,876,453 | 3,063,042 | |||||||||
Deferred tax liabilities | 464,798 | 401,453 | |||||||||
Operating lease liabilities - non-current | 169,914 | 169,618 | |||||||||
Other non-current liabilities | 29,100 | 18,537 | |||||||||
Liabilities held for sale - non-current | — | 47,759 | |||||||||
Long-term liabilities | 3,540,265 | 3,700,409 | |||||||||
Total liabilities | 4,045,827 | 4,262,351 | |||||||||
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at March 31, 2023 and December 31, 2022 | — | — | |||||||||
Common Stock: $0.0001 par, 500,000,000 shares authorized and 203,723,099 and 207,951,682 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 21 | 21 | |||||||||
Additional paid-in-capital | 2,667,424 | 2,886,951 | |||||||||
Accumulated other comprehensive loss | (62,855) | (70,122) | |||||||||
Accumulated deficit | (1,040,666) | (1,251,550) | |||||||||
Total shareholders' equity | 1,563,924 | 1,565,300 | |||||||||
Total liabilities and shareholders' equity | $ | 5,609,751 | $ | 5,827,651 |
Three Months Ended March 31, | |||||||||||
(in thousands, except share and per share data) | 2023 | 2022 | |||||||||
Revenues: | |||||||||||
Leasing and services revenue: | |||||||||||
Leasing | $ | 439,951 | $ | 351,559 | |||||||
Delivery and installation | 106,630 | 85,539 | |||||||||
Sales revenue: | |||||||||||
New units | 10,657 | 5,787 | |||||||||
Rental units | 8,230 | 8,286 | |||||||||
Total revenues | 565,468 | 451,171 | |||||||||
Costs: | |||||||||||
Costs of leasing and services: | |||||||||||
Leasing | 97,515 | 80,334 | |||||||||
Delivery and installation | 75,007 | 70,580 | |||||||||
Costs of sales: | |||||||||||
New units | 6,208 | 3,756 | |||||||||
Rental units | 4,454 | 4,892 | |||||||||
Depreciation of rental equipment | 59,156 | 57,548 | |||||||||
Gross profit | 323,128 | 234,061 | |||||||||
Expenses: | |||||||||||
Selling, general and administrative | 150,892 | 138,144 | |||||||||
Other depreciation and amortization | 17,173 | 15,362 | |||||||||
Currency losses, net | 6,775 | 137 | |||||||||
Other income, net | (3,359) | (1,283) | |||||||||
Operating income | 151,647 | 81,701 | |||||||||
Interest expense | 44,866 | 30,570 | |||||||||
Income from continuing operations before income tax | 106,781 | 51,131 | |||||||||
Income tax expense from continuing operations | 30,510 | 12,083 | |||||||||
Income from continuing operations | 76,271 | 39,048 | |||||||||
Discontinued operations: | |||||||||||
Income from discontinued operations before income tax | 4,003 | 15,787 | |||||||||
Gain on sale of discontinued operations | 176,078 | — | |||||||||
Income tax expense from discontinued operations | 45,468 | 3,664 | |||||||||
Income from discontinued operations | 134,613 | 12,123 | |||||||||
Net income | $ | 210,884 | $ | 51,171 | |||||||
Earnings per share from continuing operations attributable to WillScot Mobile Mini common shareholders: | |||||||||||
Basic | $ | 0.37 | $ | 0.17 | |||||||
Diluted | $ | 0.36 | $ | 0.17 | |||||||
Earnings per share from discontinued operations attributable to WillScot Mobile Mini common shareholders: | |||||||||||
Basic | $ | 0.65 | $ | 0.06 | |||||||
Diluted | $ | 0.64 | $ | 0.05 | |||||||
Earnings per share attributable to WillScot Mobile Mini common shareholders: | |||||||||||
Basic | $ | 1.02 | $ | 0.23 | |||||||
Diluted | $ | 1.00 | $ | 0.22 | |||||||
Weighted average shares: | |||||||||||
Basic | 206,092,169 | 223,490,912 | |||||||||
Diluted | 209,663,985 | 228,955,504 |
Three Months Ended March 31, 2023 | ||||||||||||||||||||
Common Stock | Additional Paid-in-Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Shareholders' Equity | ||||||||||||||||
(in thousands) | Shares | Amount | ||||||||||||||||||
Balance at December 31, 2022 | 207,952 | $ | 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 vesting | 355 | — | 8,150 | — | — | 8,150 | ||||||||||||||
Repurchase and cancellation of Common Stock | (4,589) | — | (217,687) | — | — | (217,687) | ||||||||||||||
Issuance of Common Stock from the exercise of options | 6 | — | 68 | — | — | 68 | ||||||||||||||
Balance at March 31, 2023 | 203,723 | $ | 21 | $ | 2,667,424 | $ | (62,855) | $ | (1,040,666) | $ | 1,563,924 | |||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||
Common Stock | Additional Paid-in-Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Shareholders' Equity | ||||||||||||||||
(in thousands) | Shares | Amount | ||||||||||||||||||
Balance at December 31, 2021 | 223,940 | $ | 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 vesting | 498 | — | 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 warrants | 800 | — | 3,313 | — | — | 3,313 | ||||||||||||||
Balance at March 31, 2022 | 223,174 | $ | 22 | $ | 3,536,906 | $ | (30,824) | $ | (1,539,919) | $ | 1,966,185 | |||||||||
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Operating activities: | |||||||||||
Net income | $ | 210,884 | $ | 51,171 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 76,329 | 81,820 | |||||||||
Provision for credit losses | 8,803 | 8,601 | |||||||||
Gain on sale of discontinued operations | (176,078) | — | |||||||||
Gain on sale of rental equipment and other property, plant and equipment | (3,396) | (3,232) | |||||||||
Amortization of debt discounts and debt issuance costs | 2,743 | 3,489 | |||||||||
Stock-based compensation expense | 8,150 | 6,395 | |||||||||
Deferred income tax expense | 63,699 | 12,362 | |||||||||
Loss on foreign currency forward contract | 7,715 | — | |||||||||
Unrealized currency losses, net | (1,042) | 86 | |||||||||
Other | 1,087 | 914 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade receivables | (10,954) | (12,064) | |||||||||
Inventories | (350) | (7,122) | |||||||||
Prepaid expenses and other assets | (3,049) | (9,042) | |||||||||
Operating lease assets and liabilities | 345 | 268 | |||||||||
Accounts payable and other accrued expenses | (32,694) | (1,239) | |||||||||
Deferred revenue and customer deposits | (3,427) | 13,120 | |||||||||
Net cash provided by operating activities | 148,765 | 145,527 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of discontinued operations | 403,992 | — | |||||||||
Acquisitions, net of cash acquired | (78,503) | (57,457) | |||||||||
Proceeds from sale of rental equipment | 7,781 | 14,554 | |||||||||
Purchase of rental equipment and refurbishments | (47,128) | (95,236) | |||||||||
Payment for settlement of foreign currency forward contract | (7,715) | — | |||||||||
Proceeds from the sale of property, plant and equipment | 258 | 260 | |||||||||
Purchase of property, plant and equipment | (6,736) | (10,481) | |||||||||
Net cash provided by (used in) investing activities | 271,949 | (148,360) | |||||||||
Financing activities: | |||||||||||
Receipts from issuance of Common Stock from the exercise of options | 68 | 3,313 | |||||||||
Repurchase and cancellation of Common Stock and warrants | (215,098) | (77,708) | |||||||||
Receipts from borrowings | 363,800 | 152,500 | |||||||||
Repayment of borrowings | (558,300) | (59,000) | |||||||||
Principal payments on finance lease obligations | (3,499) | (5,224) | |||||||||
Taxes paid on employee stock awards | (10,058) | (12,295) | |||||||||
Net cash (used in) provided by financing activities | (423,087) | 1,586 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 517 | (131) | |||||||||
Net change in cash and cash equivalents | (1,856) | (1,378) | |||||||||
Cash and cash equivalents at the beginning of the period | 17,774 | 12,699 | |||||||||
Cash and cash equivalents at the end of the period | $ | 15,918 | $ | 11,321 | |||||||
Supplemental cash flow information: | |||||||||||
Interest paid, net | $ | 39,570 | $ | 22,197 | |||||||
Income taxes paid, net | $ | 5,653 | $ | 2,606 | |||||||
Assets acquired under capital leases | $ | 8,907 | $ | 7,011 | |||||||
Capital expenditures accrued or payable | $ | 17,786 | $ | 28,433 |
Three Months Ended March 31, 2023 | |||||
(in thousands) | UK Storage Solutions | ||||
Revenues: | |||||
Leasing and services revenue: | |||||
Leasing | $ | 6,389 | |||
Delivery and installation | 1,802 | ||||
Sales revenue: | |||||
New units | 54 | ||||
Rental units | 449 | ||||
Total revenues | 8,694 | ||||
Costs: | |||||
Costs of leasing and services: | |||||
Leasing | 1,407 | ||||
Delivery and installation | 1,213 | ||||
Costs of sales: | |||||
New units | 38 | ||||
Rental units | 492 | ||||
Gross profit | 5,544 | ||||
Expenses: | |||||
Selling, general and administrative | 1,486 | ||||
Other income, net | (1) | ||||
Operating income | 4,059 | ||||
Interest expense | 56 | ||||
Income from discontinued operations before income tax | 4,003 | ||||
Gain on sale of discontinued operations | 175,708 | ||||
Income tax expense from discontinued operations | 45,468 | ||||
Income from discontinued operations | $ | 134,243 | |||
Other selected data: | |||||
Adjusted EBITDA from discontinued operations | $ | 4,124 |
Three Months Ended March 31, 2022 | |||||||||||||||||
(in thousands) | Tank and Pump | UK Storage Solutions | Total | ||||||||||||||
Revenues: | |||||||||||||||||
Leasing and services revenue: | |||||||||||||||||
Leasing | $ | 21,062 | $ | 20,571 | $ | 41,633 | |||||||||||
Delivery and installation | 8,325 | 6,467 | 14,792 | ||||||||||||||
Sales revenue: | |||||||||||||||||
New units | 682 | 128 | 810 | ||||||||||||||
Rental units | 214 | 274 | 488 | ||||||||||||||
Total revenues | 30,283 | 27,440 | 57,723 | ||||||||||||||
Costs: | |||||||||||||||||
Costs of leasing and services: | |||||||||||||||||
Leasing | 4,307 | 4,237 | 8,544 | ||||||||||||||
Delivery and installation | 7,011 | 3,924 | 10,935 | ||||||||||||||
Costs of sales: | |||||||||||||||||
New units | 507 | 63 | 570 | ||||||||||||||
Rental units | 95 | 157 | 252 | ||||||||||||||
Depreciation of rental equipment | 3,530 | 1,138 | 4,668 | ||||||||||||||
Gross profit | 14,833 | 17,921 | 32,754 | ||||||||||||||
Expenses: | |||||||||||||||||
Selling, general and administrative | 6,212 | 6,117 | 12,329 | ||||||||||||||
Other depreciation and amortization | 2,416 | 1,825 | 4,241 | ||||||||||||||
Currency losses, net | — | 1 | 1 | ||||||||||||||
Other expense (income), net | 19 | (45) | (26) | ||||||||||||||
Operating income | 6,186 | 10,023 | 16,209 | ||||||||||||||
Interest expense | 178 | 244 | 422 | ||||||||||||||
Income from discontinued operations before income tax | 6,008 | 9,779 | 15,787 | ||||||||||||||
Income tax expense from discontinued operations | 1,513 | 2,151 | 3,664 | ||||||||||||||
Income from discontinued operations | $ | 4,495 | $ | 7,628 | $ | 12,123 | |||||||||||
Other selected data: | |||||||||||||||||
Adjusted EBITDA from discontinued operations | $ | 11,506 | $ | 12,544 | $ | 24,050 |
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 | |||||||
Inventories | 3,058 | |||||||
Prepaid expenses and other current assets | 1,787 | |||||||
Rental equipment, net | 165,853 | |||||||
Property, plant and equipment, net | 20,645 | |||||||
Operating lease assets | 15,134 | |||||||
Goodwill | 58,144 | |||||||
Intangible assets, net | 6,414 | |||||||
Other non-current assets | 1,832 | |||||||
Total assets held for sale | $ | 299,242 | ||||||
Liabilities | ||||||||
Accounts payable | $ | 4,515 | ||||||
Accrued expenses | 3,273 | |||||||
Accrued employee benefits | 1,009 | |||||||
Deferred revenue and customer deposits | 6,850 | |||||||
Deferred tax liabilities | 29,737 | |||||||
Operating lease liabilities | 15,192 | |||||||
Other non-current liabilities | 6,278 | |||||||
Total liabilities held for sale | $ | 66,854 |
Three Months Ended March 31, | |||||
(in thousands) | 2022 | ||||
Operating activities of discontinued operations: | |||||
Depreciation and amortization | $ | 5,946 | |||
Investing activities of discontinued operations: | |||||
Proceeds from sale of rental equipment | $ | 214 | |||
Purchases of rental equipment and refurbishments | $ | (7,873) | |||
Purchases of property, plant and equipment | $ | (82) |
Three Months Ended March 31, | |||||
(in thousands) | 2022 | ||||
Income from discontinued operations | $ | 4,495 | |||
Income tax expense from discontinued operations | 1,513 | ||||
Income from discontinued operations before income tax | 6,008 | ||||
Interest expense | 178 | ||||
Depreciation and amortization | 5,946 | ||||
Stock compensation expense | 104 | ||||
Other | (730) | ||||
Adjusted EBITDA from discontinued operations | $ | 11,506 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Operating activities of discontinued operations: | |||||||||||
Depreciation and amortization | $ | — | $ | 2,963 | |||||||
Investing activities of discontinued operations: | |||||||||||
Proceeds from sale of rental equipment | $ | 514 | $ | 274 | |||||||
Purchases of rental equipment and refurbishments | $ | (371) | $ | (9,615) | |||||||
Proceeds from sale of property, plant and equipment | $ | 8 | $ | 255 | |||||||
Purchases of property, plant and equipment | $ | (64) | $ | (2,265) |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Income from discontinued operations | $ | 134,243 | $ | 7,628 | |||||||
Gain on sale of discontinued operations | 175,708 | — | |||||||||
Income tax expense from discontinued operations | 45,468 | 2,151 | |||||||||
Income from discontinued operations before income tax and gain on sale | 4,003 | 9,779 | |||||||||
Interest expense | 56 | 244 | |||||||||
Depreciation and amortization | — | 2,963 | |||||||||
Currency losses, net | — | 1 | |||||||||
Stock compensation expense | (196) | 18 | |||||||||
Other | 261 | (461) | |||||||||
Adjusted EBITDA from discontinued operations | $ | 4,124 | $ | 12,544 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
US | $ | 533,174 | $ | 421,684 | |||||||
Canada | 26,941 | 25,273 | |||||||||
Mexico | 5,353 | 4,214 | |||||||||
Total revenues | $ | 565,468 | $ | 451,171 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Modular space leasing revenue | $ | 224,470 | $ | 190,390 | |||||||
Portable storage leasing revenue | 97,315 | 70,703 | |||||||||
VAPS and third party leasing revenues(a) | 94,126 | 75,305 | |||||||||
Other leasing-related revenue(b) | 24,040 | 15,161 | |||||||||
Leasing revenue | 439,951 | 351,559 | |||||||||
Delivery and installation revenue | 106,630 | 85,539 | |||||||||
Total leasing and services revenue | 546,581 | 437,098 | |||||||||
New unit sales revenue | 10,657 | 5,787 | |||||||||
Rental unit sales revenue | 8,230 | 8,286 | |||||||||
Total revenues | $ | 565,468 | $ | 451,171 |
(a) | Includes $5.6 million and $5.9 million of service revenue for the three months ended March 31, 2023 and 2022, respectively. | ||||
(b) | Includes primarily damage billings, delinquent payment charges, and other processing fees. |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Balance at beginning of period | $ | 57,048 | $ | 45,773 | |||||||
Provision for credit losses, net of recoveries | 8,803 | 8,311 | |||||||||
Write-offs | (4,537) | (7,010) | |||||||||
Foreign currency translation and other | 88 | 50 | |||||||||
Balance at end of period | $ | 61,402 | $ | 47,124 |
(in thousands) | Operating | Finance | |||||||||
2023 (remaining) | $ | 46,323 | $ | 12,694 | |||||||
2024 | 54,591 | 15,259 | |||||||||
2025 | 45,588 | 14,932 | |||||||||
2026 | 33,680 | 14,618 | |||||||||
2027 | 22,750 | 11,372 | |||||||||
Thereafter | 57,028 | 20,080 | |||||||||
Total lease payments | 259,960 | 88,955 | |||||||||
Less: interest | (38,970) | (9,090) | |||||||||
$ | 220,990 | $ | 79,865 |
(in thousands) | Three Months Ended March 31, | ||||||||||
Financial Statement Line | 2023 | 2022 | |||||||||
Finance Lease Expense | |||||||||||
Amortization of finance lease assets | $ | 3,761 | $ | 3,333 | |||||||
Interest on obligations under finance leases | 759 | 429 | |||||||||
Total finance lease expense | $ | 4,520 | $ | 3,762 | |||||||
Operating Lease Expense | |||||||||||
Fixed lease expense | |||||||||||
Cost of leasing and services | $ | 420 | $ | 825 | |||||||
Selling, general and administrative | 15,717 | 14,930 | |||||||||
Short-term lease expense | |||||||||||
Cost of leasing and services | 6,654 | 8,862 | |||||||||
Selling, general and administrative | 462 | 668 | |||||||||
Variable lease expense | |||||||||||
Cost of leasing and services | 1,026 | 1,287 | |||||||||
Selling, general and administrative | 2,474 | 1,767 | |||||||||
Total operating lease expense | $ | 26,753 | $ | 28,339 |
(in thousands) | Three Months Ended March 31, | ||||||||||
Supplemental Cash Flow Information | 2023 | 2022 | |||||||||
Cash paid for the amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash outflows from operating leases | $ | 16,693 | $ | 15,753 | |||||||
Operating cash outflows from finance leases | $ | 728 | $ | 412 | |||||||
Financing cash outflows from finance leases | $ | 3,446 | $ | 3,848 | |||||||
Right of use assets obtained in exchange for lease obligations | $ | 8,741 | $ | 8,794 | |||||||
Assets obtained in exchange for finance leases | $ | 8,913 | $ | 5,411 |
Lease Terms and Discount Rates | March 31, 2023 | December 31, 2022 | |||||||||
Weighted average remaining lease term - operating leases | 5.7 years | 5.8 years | |||||||||
Weighted average discount rate - operating leases | 5.5 | % | 5.4 | % | |||||||
Weighted average remaining lease term - finance leases | 5.0 years | 5.1 years | |||||||||
Weighted average discount rate - finance leases | 3.5 | % | 3.4 | % |
(in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Raw materials | $ | 38,827 | $ | 38,611 | |||||||
Finished units | 3,180 | 2,419 | |||||||||
Inventories | $ | 42,007 | $ | 41,030 |
(in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Modular space units | $ | 3,292,264 | $ | 3,197,779 | |||||||
Portable storage units | 848,982 | 849,193 | |||||||||
Value added products | 202,358 | 203,444 | |||||||||
Total rental equipment | 4,343,604 | 4,250,416 | |||||||||
Less: accumulated depreciation | (1,215,543) | (1,173,129) | |||||||||
Rental equipment, net | $ | 3,128,061 | $ | 3,077,287 |
(in thousands) | Modular | Storage | Total | ||||||||||||||
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, 2022 | 518,877 | 492,552 | 1,011,429 | ||||||||||||||
Effects of movements in foreign exchange rates | 84 | — | 84 | ||||||||||||||
Balance at March 31, 2023 | $ | 518,961 | $ | 492,552 | $ | 1,011,513 |
March 31, 2023 | |||||||||||||||||||||||
(in thousands) | Weighted average remaining life (in years) | Gross carrying amount | Accumulated amortization | Net book value | |||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||
Mobile Mini customer relationships | 5.3 | $ | 188,000 | $ | (64,625) | $ | 123,375 | ||||||||||||||||
Technology | 3.3 | 1,500 | (687) | 813 | |||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||
Trade name - Mobile Mini | 164,000 | — | 164,000 | ||||||||||||||||||||
Trade name - WillScot | 125,000 | — | 125,000 | ||||||||||||||||||||
Total intangible assets other than goodwill | $ | 478,500 | $ | (65,312) | $ | 413,188 |
December 31, 2022 | |||||||||||||||||||||||
(in thousands) | Weighted average remaining life (in years) | Gross carrying amount | Accumulated amortization | Net book value | |||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||
Mobile Mini customer relationships | 5.5 | $ | 188,000 | $ | (58,750) | $ | 129,250 | ||||||||||||||||
Technology | 3.5 | 1,500 | (625) | 875 | |||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||
Trade name - Mobile Mini | 164,000 | — | 164,000 | ||||||||||||||||||||
Trade name - WillScot | 125,000 | — | 125,000 | ||||||||||||||||||||
Total intangible assets other than goodwill | $ | 478,500 | $ | (59,375) | $ | 419,125 |
(in thousands) | |||||
2023 (remaining) | $ | 17,813 | |||
2024 | 23,750 | ||||
2025 | 23,750 | ||||
2026 | 23,625 | ||||
2027 | 23,500 | ||||
Thereafter | 11,750 | ||||
Total | $ | 124,188 |
(in thousands, except rates) | Interest rate | Year of maturity | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
2025 Secured Notes | 6.125% | 2025 | $ | 520,931 | $ | 520,350 | |||||||||||||||||
ABL Facility(a) | Varies | 2027 | 1,795,448 | 1,988,176 | |||||||||||||||||||
2028 Secured Notes | 4.625% | 2028 | 493,723 | 493,470 | |||||||||||||||||||
Varies | Varies | 79,865 | 74,370 | ||||||||||||||||||||
Total debt | 2,889,967 | 3,076,366 | |||||||||||||||||||||
Less: current portion of long-term debt | 13,514 | 13,324 | |||||||||||||||||||||
Total long-term debt | $ | 2,876,453 | $ | 3,063,042 |
Three Months Ended March 31, 2023 | |||||||||||||||||
(in thousands) | Foreign currency translation | Unrealized losses on hedging activities | Total | ||||||||||||||
Balance at December 31, 2022 | $ | (70,122) | $ | — | $ | (70,122) | |||||||||||
Other comprehensive income (loss) before reclassifications | 7,934 | 859 | 8,793 | ||||||||||||||
Reclassifications from AOCI to income | — | (1,526) | (1,526) | ||||||||||||||
Balance at March 31, 2023 | $ | (62,188) | $ | (667) | $ | (62,855) | |||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
(in thousands) | Foreign currency translation | Unrealized losses on hedging activities | Total | ||||||||||||||
Balance at December 31, 2021 | $ | (25,574) | $ | (3,497) | $ | (29,071) | |||||||||||
Other comprehensive loss before reclassifications | (4,074) | (569) | (4,643) | ||||||||||||||
Reclassifications from AOCI to income | — | 2,890 | 2,890 | ||||||||||||||
Balance at March 31, 2022 | $ | (29,648) | $ | (1,176) | $ | (30,824) | |||||||||||
(in thousands) | Balance Sheet Location | March 31, 2023 | ||||||
Cash Flow Hedges: | ||||||||
Interest rate swap | Prepaid expenses and other current assets | $ | 8,646 | |||||
Interest rate swap | Other non-current liabilities | $ | (9,394) |
(in thousands) | 2023 | 2022 | |||||||||
(Loss) gain recognized in OCI | $ | (641) | $ | 3,098 | |||||||
Location of gain (loss) recognized in income | Interest expense, net | Interest expense, net | |||||||||
(Gain) loss reclassified from AOCI into income | $ | (1,526) | $ | 2,890 |
(in thousands) | Balance Sheet Location | December 31, 2022 | ||||||
Foreign currency contract | Accrued liabilities | $ | 930 |
(in thousands) | Income Statement Location | Three Months Ended March 31, 2023 | ||||||
Loss recognized in income | Currency losses, net | $ | 7,715 |
Level 1 - | Observable inputs such as quoted prices in active markets for identical assets or liabilities; | ||||
Level 2 - | Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and | ||||
Level 3 - | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
ABL Facility | $ | 1,795,448 | $ | — | $ | 1,825,500 | $ | — | $ | 1,988,176 | $ | — | $ | 2,020,000 | $ | — | ||||||||||
2025 Secured Notes | 520,931 | — | 526,300 | — | 520,350 | — | 526,800 | — | ||||||||||||||||||
2028 Secured Notes | 493,723 | — | 458,205 | — | 493,470 | — | 450,135 | — | ||||||||||||||||||
Total | $ | 2,810,102 | $ | — | $ | 2,810,005 | $ | — | $ | 3,001,996 | $ | — | $ | 2,996,935 | $ | — |
2023 | 2022 | ||||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding at beginning of period | 35,244 | $ | 37.17 | 36,176 | $ | 29.30 | |||||||||||||||||
Outstanding at end of period | 35,244 | $ | 37.17 | 36,176 | $ | 29.30 |
2023 | 2022 | ||||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding at beginning of period | 789,779 | $ | 26.16 | 997,451 | $ | 18.54 | |||||||||||||||||
Granted | 213,388 | $ | 50.74 | 357,639 | $ | 35.53 | |||||||||||||||||
Forfeited | (31,681) | $ | 33.67 | (9,299) | $ | 27.20 | |||||||||||||||||
Vested | (281,153) | $ | 22.40 | (420,184) | $ | 16.21 | |||||||||||||||||
Outstanding at end of period | 690,333 | $ | 34.95 | 925,607 | $ | 26.08 | |||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding at beginning of period | 1,894,250 | $ | 33.67 | 1,536,394 | $ | 26.34 | |||||||||||||||||
Granted | 376,826 | $ | 69.32 | 745,079 | $ | 42.34 | |||||||||||||||||
Forfeited | — | $ | — | (5,046) | $ | 39.10 | |||||||||||||||||
Vested | (181,319) | $ | 16.82 | (267,964) | $ | 13.22 | |||||||||||||||||
Outstanding at end of period | 2,089,757 | $ | 41.56 | 2,008,463 | $ | 33.99 |
WillScot Options | Weighted-Average Exercise Price per Share | Converted Mobile Mini Options | Weighted-Average Exercise Price per Share | ||||||||||||||||||||
Outstanding at beginning of period | 534,188 | $ | 13.60 | 864,276 | $ | 12.91 | |||||||||||||||||
Exercised | — | — | (5,774) | 11.79 | |||||||||||||||||||
Outstanding at end of period | 534,188 | $ | 13.60 | 858,502 | $ | 12.92 | |||||||||||||||||
Fully vested and exercisable options, March 31, 2023 | 534,188 | $ | 13.60 | 858,502 | $ | 12.92 |
WillScot Options | Weighted-Average Exercise Price per Share | Converted Mobile Mini Options | Weighted-Average Exercise Price per Share | ||||||||||||||||||||
Outstanding at beginning of period | 534,188 | $ | 13.60 | 1,527,643 | $ | 14.66 | |||||||||||||||||
Exercised | — | — | (227,258) | 14.58 | |||||||||||||||||||
Outstanding at end of period | 534,188 | $ | 13.60 | 1,300,385 | $ | 14.67 | |||||||||||||||||
Fully vested and exercisable options, March 31, 2022 | 534,188 | $ | 13.60 | 1,300,385 | $ | 14.67 |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
(in thousands) | Modular | Storage | Unallocated Costs | Total | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||
Leasing | $ | 269,271 | $ | 170,680 | $ | 439,951 | |||||||||||||||||
Delivery and installation | 64,821 | 41,809 | 106,630 | ||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||
New units | 8,921 | 1,736 | 10,657 | ||||||||||||||||||||
Rental units | 6,657 | 1,573 | 8,230 | ||||||||||||||||||||
Total revenues | 349,670 | 215,798 | 565,468 | ||||||||||||||||||||
Costs: | |||||||||||||||||||||||
Cost of leasing and services: | |||||||||||||||||||||||
Leasing | 73,582 | 23,933 | 97,515 | ||||||||||||||||||||
Delivery and installation | 51,503 | 23,504 | 75,007 | ||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
New units | 5,665 | 543 | 6,208 | ||||||||||||||||||||
Rental units | 3,370 | 1,084 | 4,454 | ||||||||||||||||||||
Depreciation of rental equipment | 50,215 | 8,941 | 59,156 | ||||||||||||||||||||
Gross profit | $ | 165,335 | $ | 157,793 | $ | 323,128 | |||||||||||||||||
Other selected data: | |||||||||||||||||||||||
Adjusted EBITDA | $ | 136,964 | $ | 109,878 | $ | — | $ | 246,842 | |||||||||||||||
Selling, general and administrative expense | $ | 81,816 | $ | 57,675 | $ | 11,401 | $ | 150,892 | |||||||||||||||
Purchases of rental equipment and refurbishments | $ | 39,412 | $ | 7,345 | $ | — | $ | 46,757 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
(in thousands) | Modular | Storage | Unallocated Costs | Total | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||
Leasing | $ | 223,298 | $ | 128,261 | $ | 351,559 | |||||||||||||||||
Delivery and installation | 54,332 | 31,207 | 85,539 | ||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||
New units | 4,844 | 943 | 5,787 | ||||||||||||||||||||
Rental units | 6,073 | 2,213 | 8,286 | ||||||||||||||||||||
Total revenues | 288,547 | 162,624 | 451,171 | ||||||||||||||||||||
Costs: | |||||||||||||||||||||||
Cost of leasing and services: | |||||||||||||||||||||||
Leasing | 61,330 | 19,004 | 80,334 | ||||||||||||||||||||
Delivery and installation | 47,906 | 22,674 | 70,580 | ||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
New units | 3,256 | 500 | 3,756 | ||||||||||||||||||||
Rental units | 3,449 | 1,443 | 4,892 | ||||||||||||||||||||
Depreciation of rental equipment | 50,008 | 7,540 | 57,548 | ||||||||||||||||||||
Gross profit | $ | 122,598 | $ | 111,463 | $ | 234,061 | |||||||||||||||||
Other selected data: | |||||||||||||||||||||||
Adjusted EBITDA | $ | 99,586 | $ | 68,187 | $ | — | $ | 167,773 | |||||||||||||||
Selling, general and administrative expense | $ | 74,638 | $ | 51,862 | $ | 11,644 | $ | 138,144 | |||||||||||||||
Purchases of rental equipment and refurbishments | $ | 57,577 | $ | 20,171 | $ | — | $ | 77,748 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Income from continuing operations | $ | 76,271 | $ | 39,048 | |||||||
Income tax expense from continuing operations | 30,510 | 12,083 | |||||||||
Interest expense | 44,866 | 30,570 | |||||||||
Depreciation and amortization | 76,329 | 72,910 | |||||||||
Currency losses, net | 6,775 | 137 | |||||||||
Restructuring costs, lease impairment expense and other related charges | 22 | 263 | |||||||||
Transaction costs | — | 13 | |||||||||
Integration costs | 3,873 | 4,087 | |||||||||
Stock compensation expense | 8,150 | 6,273 | |||||||||
Other | 46 | 2,389 | |||||||||
Adjusted EBITDA | $ | 246,842 | $ | 167,773 |
Three Months Ended | |||||||||||
March 31 | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 76,271 | $ | 39,048 | |||||||
Income from discontinued operations | 134,613 | 12,123 | |||||||||
Net income | $ | 210,884 | $ | 51,171 | |||||||
Denominator: | |||||||||||
Weighted average Common Shares outstanding – basic | 206,092 | 223,491 | |||||||||
Dilutive effect of shares outstanding | |||||||||||
Warrants | — | 1,889 | |||||||||
RSAs | 27 | 27 | |||||||||
Time-based RSUs | 326 | 483 | |||||||||
Performance-based RSUs | 2,206 | 1,819 | |||||||||
Stock Options | 1,013 | 1,246 | |||||||||
Weighted average Common Shares outstanding – dilutive | 209,664 | 228,956 |
Three Months Ended March 31, | 2023 vs. 2022 $ Change | ||||||||||||||||
(in thousands) | 2023 | 2022 | |||||||||||||||
Revenues: | |||||||||||||||||
Leasing and services revenue: | |||||||||||||||||
Leasing | $ | 439,951 | $ | 351,559 | $ | 88,392 | |||||||||||
Delivery and installation | 106,630 | 85,539 | 21,091 | ||||||||||||||
Sales revenue: | |||||||||||||||||
New units | 10,657 | 5,787 | 4,870 | ||||||||||||||
Rental units | 8,230 | 8,286 | (56) | ||||||||||||||
Total revenues | 565,468 | 451,171 | 114,297 | ||||||||||||||
Costs: | |||||||||||||||||
Costs of leasing and services: | |||||||||||||||||
Leasing | 97,515 | 80,334 | 17,181 | ||||||||||||||
Delivery and installation | 75,007 | 70,580 | 4,427 | ||||||||||||||
Costs of sales: | |||||||||||||||||
New units | 6,208 | 3,756 | 2,452 | ||||||||||||||
Rental units | 4,454 | 4,892 | (438) | ||||||||||||||
Depreciation of rental equipment | 59,156 | 57,548 | 1,608 | ||||||||||||||
Gross profit | 323,128 | 234,061 | 89,067 | ||||||||||||||
Expenses: | |||||||||||||||||
Selling, general and administrative | 150,892 | 138,144 | 12,748 | ||||||||||||||
Other depreciation and amortization | 17,173 | 15,362 | 1,811 | ||||||||||||||
Currency losses, net | 6,775 | 137 | 6,638 | ||||||||||||||
Other income, net | (3,359) | (1,283) | (2,076) | ||||||||||||||
Operating income | 151,647 | 81,701 | 69,946 | ||||||||||||||
Interest expense | 44,866 | 30,570 | 14,296 | ||||||||||||||
Income from continuing operations before income tax | 106,781 | 51,131 | 55,650 | ||||||||||||||
Income tax expense from continuing operations | 30,510 | 12,083 | 18,427 | ||||||||||||||
Income from continuing operations | $ | 76,271 | $ | 39,048 | $ | 37,223 | |||||||||||
Discontinued operations: | |||||||||||||||||
Income from discontinued operations before income tax | 4,003 | 15,787 | (11,784) | ||||||||||||||
Gain on sale of discontinued operations | 176,078 | — | 176,078 | ||||||||||||||
Income tax expense from discontinued operations | 45,468 | 3,664 | 41,804 | ||||||||||||||
Income from discontinued operations | 134,613 | 12,123 | 122,490 | ||||||||||||||
Net income | $ | 210,884 | $ | 51,171 | $ | 159,713 |
Three Months Ended March 31, 2023 | |||||||||||||||||
(in thousands, except for units on rent and rates) | Modular | Storage | Total | ||||||||||||||
Revenue | $ | 349,670 | $ | 215,798 | $ | 565,468 | |||||||||||
Gross profit | $ | 165,335 | $ | 157,793 | $ | 323,128 | |||||||||||
Adjusted EBITDA | $ | 136,964 | $ | 109,878 | $ | 246,842 | |||||||||||
Capital expenditures for rental equipment | $ | 39,412 | $ | 7,345 | $ | 46,757 | |||||||||||
Average modular space units on rent | 81,902 | 20,235 | 102,137 | ||||||||||||||
Average modular space utilization rate | 66.2 | % | 65.3 | % | 66.0 | % | |||||||||||
Average modular space monthly rental rate | $ | 1,046 | $ | 760 | $ | 989 | |||||||||||
Average portable storage units on rent | 502 | 164,591 | 165,093 | ||||||||||||||
Average portable storage utilization rate | 62.0 | % | 78.7 | % | 78.7 | % | |||||||||||
Average portable storage monthly rental rate | $ | 217 | $ | 216 | $ | 216 |
Three Months Ended March 31, 2022 | |||||||||||||||||
(in thousands, except for units on rent and rates) | Modular | Storage | Total | ||||||||||||||
Revenue | $ | 288,547 | $ | 162,624 | $ | 451,171 | |||||||||||
Gross profit | $ | 122,598 | $ | 111,463 | $ | 234,061 | |||||||||||
Adjusted EBITDA | $ | 99,586 | $ | 68,187 | $ | 167,773 | |||||||||||
Capital expenditures for rental equipment | $ | 57,577 | $ | 20,171 | $ | 77,748 | |||||||||||
Average modular space units on rent | $ | 80,683 | $ | 22,884 | $ | 103,567 | |||||||||||
Average modular space utilization rate | 66.9 | % | 74.9 | % | 68.5 | % | |||||||||||
Average modular space monthly rental rate | $ | 894 | $ | 586 | $ | 826 | |||||||||||
Average portable storage units on rent | $ | 463 | $ | 152,326 | $ | 152,789 | |||||||||||
Average portable storage utilization rate | 52.6 | % | 83.2 | % | 83.1 | % | |||||||||||
Average portable storage monthly rental rate | $ | 160 | $ | 166 | $ | 166 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Income from continuing operations | $ | 76,271 | $ | 39,048 | |||||||
Income tax expense from continuing operations | 30,510 | 12,083 | |||||||||
Interest expense | 44,866 | 30,570 | |||||||||
Depreciation and amortization | 76,329 | 72,910 | |||||||||
Currency losses, net | 6,775 | 137 | |||||||||
Restructuring costs, lease impairment expense and other related charges | 22 | 263 | |||||||||
Transaction costs | — | 13 | |||||||||
Integration costs | 3,873 | 4,087 | |||||||||
Stock compensation expense | 8,150 | 6,273 | |||||||||
Other | 46 | 2,389 | |||||||||
Adjusted EBITDA from continuing operations | $ | 246,842 | $ | 167,773 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Adjusted EBITDA from continuing operations (A) | $ | 246,842 | $ | 167,773 | |||||||
Revenue (B) | $ | 565,468 | $ | 451,171 | |||||||
Adjusted EBITDA Margin from Continuing Operations (A/B) | 43.7 | % | 37.2 | % | |||||||
Income from continuing operations (C) | $ | 76,271 | $ | 39,048 | |||||||
Income from Continuing Operations Margin (C/B) | 13.5 | % | 8.7 | % |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Total purchases of rental equipment and refurbishments | $ | (47,128) | $ | (95,236) | |||||||
Total proceeds from sale of rental equipment | 7,781 | 14,554 | |||||||||
Net CAPEX for Rental Equipment | (39,347) | (80,682) | |||||||||
Purchase of property, plant and equipment | (6,736) | (10,481) | |||||||||
Proceeds from sale of property, plant and equipment | 258 | 260 | |||||||||
Net CAPEX | $ | (45,825) | $ | (90,903) |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Net cash provided by operating activities | $ | 148,765 | $ | 145,527 | |||||||
Net cash provided by (used in) investing activities | 271,949 | (148,360) | |||||||||
Net cash (used in) provided by financing activities | (423,087) | 1,586 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 517 | (131) | |||||||||
Net change in cash and cash equivalents | $ | (1,856) | $ | (1,378) |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Net cash provided by operating activities | $ | 148,765 | $ | 145,527 | |||||||
Purchase of rental equipment and refurbishments | (47,128) | (95,236) | |||||||||
Proceeds from sale of rental equipment | 7,781 | 14,554 | |||||||||
Purchase of property, plant and equipment | (6,736) | (10,481) | |||||||||
Proceeds from the sale of property, plant and equipment | 258 | 260 | |||||||||
Free Cash Flow | $ | 102,940 | $ | 54,624 |
Period | Total Number of Shares and Equivalents Purchased (in thousands) | Average Price Paid per Share | Total Number of Shares and Equivalents Purchased as part of Publicly Announced Plan (in thousands) | Maximum Dollar Value of Shares and Equivalents that May Yet Be Purchased Under the Plans (in millions) | |||||||||||||||||||
January 1, 2023 to January 31, 2023 | 1,595.0 | $ | 45.78 | 1,595.0 | $ | 557.8 | |||||||||||||||||
February 1, 2023 to February 28, 2023 | 893.5 | $ | 49.76 | 893.5 | $ | 513.3 | |||||||||||||||||
March 1, 2023 to March 31, 2023 | 2,100.8 | $ | 46.73 | 2,100.8 | $ | 415.1 | |||||||||||||||||
Total | 4,589.3 | $ | 46.99 | 4,589.3 |
Exhibit No. | Exhibit Description | ||||
31.1* | |||||
31.2* | |||||
32.1** | |||||
32.2** | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104* | Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set. |
WillScot Mobile Mini Holdings Corp. | |||||||||||
By: | /s/ TIMOTHY D. BOSWELL | ||||||||||
Dated: | April 27, 2023 | Timothy D. Boswell | |||||||||
President & Chief Financial Officer (Principal Financial Officer and Duly Authorized Signing Officer) |
1 Year Target Hospitality Chart |
1 Month Target Hospitality Chart |
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