WillScot (WSC) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 25, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	WILLSCOT CORP
Entity Central Index Key	0001647088
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	WSC
Security Exchange Name	NASDAQ
Entity File Number	001-37552
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3430194
Entity Address, Address Line One	901 S. Bond Street
Entity Address, Address Line Two	#600
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21231
City Area Code	410
Local Phone Number	931-6000
Document Quarterly Report	true
Document Transition Report	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		108,699,126
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,024,419

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 5,490	$ 8,958
Trade receivables, net of allowances for doubtful accounts at June 30, 2019 and December 31, 2018 of $13,125 and $9,340, respectively	242,730	206,502
Inventories	15,215	16,218
Prepaid expenses and other current assets	22,678	21,828
Assets held for sale	12,906	2,841
Total current assets	299,019	256,347
Rental equipment, net	1,953,857	1,929,290
Property, plant and equipment, net	164,759	183,750
Goodwill	245,828	247,017
Intangible assets, net	128,456	131,801
Other non-current assets	4,357	4,280
Total long-term assets	2,497,257	2,496,138
Total assets	2,796,276	2,752,485
Liabilities and equity
Accounts payable	96,031	90,353
Accrued liabilities	90,612	84,696
Accrued interest	16,145	20,237
Deferred revenue and customer deposits	83,081	71,778
Current portion of long-term debt	2,026	1,959
Total current liabilities	287,895	269,023
Long-term debt	1,709,523	1,674,540
Deferred tax liabilities	66,594	67,384
Deferred revenue and customer deposits	10,210	7,723
Other non-current liabilities	37,584	31,618
Long-term liabilities	1,823,911	1,781,265
Total liabilities	2,111,806	2,050,288
Commitments and contingencies (see Note 15)
Additional paid-in-capital	2,392,085	2,389,548
Accumulated other comprehensive loss	(65,910)	(68,026)
Accumulated deficit	(1,704,188)	(1,683,319)
Total shareholders' equity	621,999	638,215
Non-controlling interest	62,471	63,982
Total equity	684,470	702,197
Total liabilities and equity	2,796,276	2,752,485
Class A Common Stock
Liabilities and equity
Common stock	11	11
Class B Common Stock
Liabilities and equity
Common stock	$ 1	$ 1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Trade receivables, net of allowance	$ 13,125	$ 9,340
Class A Common Stock
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	400,000,000	400,000,000
Common stock issued (in shares)	108,699,126	108,508,997
Common stock outstanding (in shares)	108,699,126	108,508,997
Class B Common Stock
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	8,024,419	8,024,419
Common stock outstanding (in shares)	8,024,419	8,024,419

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Modular leasing	$ 187,509	$ 101,249	$ 365,731	$ 198,511
Revenue	266,125	140,333	521,133	275,084
Costs:
Modular leasing	55,073	27,129	102,308	54,291
Depreciation of rental equipment	43,968	23,470	85,071	47,315
Gross profit	103,896	54,640	208,550	105,561
Expenses:
Selling, general and administrative	71,623	47,734	145,108	92,948
Other depreciation and amortization	3,167	1,570	6,171	4,006
Impairment losses on long-lived assets	2,786	0	5,076	0
Restructuring costs	1,150	449	7,103	1,077
Currency (gains) losses, net	(354)	572	(670)	1,596
Other income, net	(1,289)	(1,574)	(2,240)	(4,419)
Operating income	26,813	5,889	48,002	10,353
Interest expense	32,524	12,155	64,496	23,874
Loss on extinguishment of debt	7,244	0	7,244	0
Loss from operations before income tax	(12,955)	(6,266)	(23,738)	(13,521)
Income tax benefit	(1,180)	(6,645)	(802)	(7,065)
Net (loss) income	(11,775)	379	(22,936)	(6,456)
Net (loss) income attributable to non-controlling interest, net of tax	(862)	143	(1,722)	(505)
Net (loss) income attributable to WillScot	$ (10,913)	$ 236	$ (21,214)	$ (5,951)
Net (loss) income per share attributable to WillScot - basic (in USD per share)	$ (0.10)	$ 0	$ (0.20)	$ (0.08)
Net (loss) income per share attributable to WillScot - diluted (in USD per share)	$ (0.10)	$ 0	$ (0.20)	$ (0.08)
Weighted average shares - basic (in shares)	108,693,924	78,432,274	108,609,068	77,814,456
Weighted average shares - diluted (in shares)	108,693,924	82,180,086	108,609,068	77,814,456
Modular delivery and installation
Revenues:
Revenue	$ 56,479	$ 31,413	$ 106,760	$ 57,663
Costs:
Modular delivery and installation	48,468	30,127	91,811	55,648
New units
Revenues:
Revenue	11,624	5,236	26,528	12,664
Costs:
Cost of sales	7,999	3,704	18,877	8,691
Rental units
Revenues:
Revenue	10,513	2,435	22,114	6,246
Costs:
Cost of sales	$ 6,721	$ 1,263	$ 14,516	$ 3,578

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (11,775)	$ 379	$ (22,936)	$ (6,456)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense (benefit) of $0, ($93), $0 and ($241) for the three and six months ended June 30, 2019 and 2018, respectively	4,300	(2,619)	8,415	(2,380)
Net loss on derivatives, net of income tax benefit of $1,190, $0, $1,863 and $0 for the three and six months ended June 30, 2019 and 2018, respectively	(3,887)	0	(6,088)	0
Comprehensive loss	(11,362)	(2,240)	(20,609)	(8,836)
Comprehensive loss attributable to non-controlling interest	(817)	(150)	(1,511)	(774)
Total comprehensive loss attributable to WillScot	$ (10,545)	$ (2,090)	$ (19,098)	$ (8,062)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense (benefit)	$ 0	$ 0	$ (93)	$ (241)
Net losses on derivatives, tax benefit	$ 1,190	$ 1,863	$ 0	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities:
Net (loss) income	$ (22,936)	$ (6,456)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	92,477	51,941
Provision for doubtful accounts	6,297	2,282
Impairment losses on long-lived assets	5,076	0
Gain on sale of rental equipment and other property, plant and equipment	(5,359)	(7,429)
Amortization of debt discounts and debt issuance costs	5,767	2,522
Loss on extinguishment of debt	7,244	0
Stock-based compensation expense	3,191	1,175
Deferred income tax benefit	(1,190)	(7,066)
Unrealized currency (gains) losses	(624)	1,378
Changes in operating assets and liabilities, net of effect of businesses acquired:
Trade receivables	(44,184)	(11,624)
Inventories	1,039	442
Prepaid and other assets	(720)	(282)
Accrued interest	(4,092)	(909)
Accounts payable and other accrued liabilities	4,369	(11,841)
Deferred revenue and customer deposits	13,699	4,667
Net cash provided by operating activities	60,054	18,800
Investing activities:
Acquisition of a business	0	(24,006)
Proceeds from sale of rental equipment	23,083	12,033
Purchase of rental equipment and refurbishments	(113,088)	(64,763)
Proceeds from the sale of property, plant and equipment	8,891	681
Purchase of property, plant and equipment	(3,899)	(1,616)
Net cash used in investing activities	(85,013)	(77,671)
Financing activities:
Receipts from borrowings	461,203	61,792
Payment of financing costs	(2,686)	0
Repayment of borrowings	(430,199)	(3,770)
Principal payments on capital lease obligations	(61)	(59)
Withholding taxes paid on behalf of employees on net settled stock-based awards	(654)	0
Payment of make-whole premium on Unsecured Notes redemption	(6,252)	0
Net cash provided by financing activities	21,351	57,963
Effect of exchange rate changes on cash and cash equivalents	140	(96)
Net change in cash and cash equivalents	(3,468)	(1,004)
Cash and cash equivalents at the beginning of the period	8,958	9,185
Cash and cash equivalents at the end of the period	5,490	8,181
Supplemental cash flow information:
Interest paid	65,023	22,004
Income taxes paid, net	355	1,000
Capital expenditures accrued or payable	$ 24,348	$ 16,828

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total Shareholders' Equity	Non-Controlling Interest	Class A Common Stock	Class A Common StockCommon Stock	Class B Common Stock	Class B Common StockCommon Stock
Beginning balance at Dec. 31, 2017	$ 484,550	$ 2,121,926	$ (49,497)	$ (1,636,819)	$ 435,619	$ 48,931		$ 8		$ 1
Beginning balance (in shares) at Dec. 31, 2017								84,645,000		8,024,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(6,835)			(6,187)	(6,187)	(648)
Other comprehensive income (loss)	263		239		239	24
Adoption of ASU 2018-02	0		(2,540)	2,540	0
Stock-based compensation	121	121			121			$ 0
Stock-based compensation (in shares)								0
Ending Balance at Mar. 31, 2018	478,099	2,122,047	(51,798)	(1,640,466)	429,792	48,307		$ 8		$ 1
Ending balance (in shares) at Mar. 31, 2018								84,645,000		8,024,000
Beginning balance at Dec. 31, 2017	484,550	2,121,926	(49,497)	(1,636,819)	435,619	48,931		$ 8		$ 1
Beginning balance (in shares) at Dec. 31, 2017								84,645,000		8,024,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(6,456)
Ending Balance at Jun. 30, 2018	476,620	2,123,101	(54,417)	(1,640,230)	428,463	48,157		$ 8		$ 1
Ending balance (in shares) at Jun. 30, 2018								84,645,000		8,024,000
Beginning balance at Mar. 31, 2018	478,099	2,122,047	(51,798)	(1,640,466)	429,792	48,307		$ 8		$ 1
Beginning balance (in shares) at Mar. 31, 2018								84,645,000		8,024,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	379			236	236	143
Other comprehensive income (loss)	(2,912)		(2,619)		(2,619)	(293)
Stock-based compensation	1,054	1,054			1,054			$ 0
Stock-based compensation (in shares)								0
Ending Balance at Jun. 30, 2018	476,620	2,123,101	(54,417)	(1,640,230)	428,463	48,157		$ 8		$ 1
Ending balance (in shares) at Jun. 30, 2018								84,645,000		8,024,000
Beginning balance at Dec. 31, 2018	702,197	2,389,548	(68,026)	(1,683,319)	638,215	63,982		$ 11		$ 1
Beginning balance (in shares) at Dec. 31, 2018							108,508,997	108,509,000	8,024,419	8,024,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(11,161)			(10,301)	(10,301)	(860)
Other comprehensive income (loss)	1,914		1,748		1,748	166
Stock-based compensation	636	636			636			$ 0
Stock-based compensation (in shares)								184,000
Ending Balance at Mar. 31, 2019	693,931	2,390,184	(66,278)	(1,693,275)	630,643	63,288		$ 11		$ 1
Ending balance (in shares) at Mar. 31, 2019								108,693,000		8,024,000
Beginning balance at Dec. 31, 2018	702,197	2,389,548	(68,026)	(1,683,319)	638,215	63,982		$ 11		$ 1
Beginning balance (in shares) at Dec. 31, 2018							108,508,997	108,509,000	8,024,419	8,024,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ (22,936)
Stock-based compensation (in shares)	190,129
Ending Balance at Jun. 30, 2019	$ 684,470	2,392,085	(65,910)	(1,704,188)	621,999	62,471		$ 11		$ 1
Ending balance (in shares) at Jun. 30, 2019							108,699,126	108,699,000	8,024,419	8,024,000
Beginning balance at Mar. 31, 2019	693,931	2,390,184	(66,278)	(1,693,275)	630,643	63,288		$ 11		$ 1
Beginning balance (in shares) at Mar. 31, 2019								108,693,000		8,024,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(11,775)			(10,913)	(10,913)	(862)
Other comprehensive income (loss)	413		368		368	45
Stock-based compensation	1,901	1,901			1,901			$ 0
Stock-based compensation (in shares)								6,000
Ending Balance at Jun. 30, 2019	$ 684,470	$ 2,392,085	$ (65,910)	$ (1,704,188)	$ 621,999	$ 62,471		$ 11		$ 1
Ending balance (in shares) at Jun. 30, 2019							108,699,126	108,699,000	8,024,419	8,024,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Nature of Operations WillScot Corporation (“WillScot” and, together with its subsidiaries, the “Company”) is a leading provider of modular space and portable storage solutions in the United States (“US”), Canada and Mexico. The Company leases, sells, delivers and installs mobile offices, modular buildings and storage products through an integrated network of branch locations that spans North America. WillScot, whose Class A common shares are listed on the Nasdaq Capital Market (Nasdaq: WSC), serves as the holding company for the Williams Scotsman family of companies. All of the Company’s assets and operations are owned through Williams Scotsman Holdings Corp. (“WS Holdings”). WillScot operates and own s 91.0% of WS Holdings, and Sapphire Holding S.à r.l. (“Sapphire”), an affiliate of TDR Capital LLP (“TDR Capital”), owns the remaining 9.0%. WillScot was incorporated as a Cayman Islands exempt company under the name Double Eagle Acquisition Corporation ("Double Eagle") on June 26, 2015. Prior to November 29, 2017, Double Eagle was a Nasdaq-listed special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. On November 29, 2017 Double Eagle indirectly acquired Williams Scotsman International, Inc. (“WSII”) from Algeco Scotsman Global S.à r.l. (together with its subsidiaries, the “Algeco Group”), which is majority owned by an investment fund managed by TDR Capital. As part of the transaction (the “Business Combination”), Double Eagle domesticated to Delaware and changed its name to WillScot Corporation. Basis of Presentation 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 accounting principles generally accepted in the US (“GAAP”) for complete financial statements. The accompanying unaudited condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position, the results of operations and cash flows for the interim periods presented. The results of operations for the three and six months ended June 30, 2019 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 WillScot's Annual Report on Form 10-K for the year ended December 31, 2018 . Principles of Consolidation The unaudited condensed consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest. 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. Recently Issued and Adopted Accounting Standards The Company qualifies as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act (the “JOBS Act”). Using exemptions provided under the JOBS Act provided to EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until it is required to comply with such standards. WillScot will be deemed to be a large accelerated filer as of December 31, 2019. Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326) , which prescribes that financial assets (or a group of financial assets) should be measured at amortized cost basis to be presented at the net amount expected to be collected. Credit losses relating to these financial assets should be recorded through an allowance for credit losses. The new standard is effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company continues to evaluate the impacts of adopting the standard on the financial statements and will adopt the standard within the required adoption period. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASC 842"). This guidance revises existing practice related to accounting for leases under ASC Topic 840, Leases (“ASC 840”) for both lessees and lessors. The new guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance also expands the requirements for lessees to record leases embedded in other arrangements and the required quantitative and qualitative disclosures surrounding leases. Accounting guidance for lessors is largely unchanged. This guidance is effective for non-public entities for fiscal years beginning after December 15, 2019 and interim periods within those annual periods using a modified retrospective transition approach. Early adoption is permitted for all entities. However, based on WillScot's expectation that it will cease to be an EGC as of December 31, 2019, the Company plans to adopt the new standard no later than in the fourth quarter of 2019. The Company plans to take advantage of the transition package of practical expedients permitted within ASC 842 which allows the Company not to reassess (i) whether any expired or existing lease contracts are or contain leases, (ii) the historical lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company is in the process of assessing the potential impact this guidance may have on its financial results, including which of its existing lease arrangements will be impacted by the new guidance and whether other arrangements that are not currently classified as leases may become subject to the guidance. Additionally, the Company is finalizing the implementation of a lease management system to assist in the accounting and is implementing additional changes to its processes and internal controls to ensure the new reporting and disclosure requirements are met upon adoption. Additionally, as discussed in Note 3, most of the Company's equipment rental revenues will be accounted for under the current lease accounting standard, ASC 840, until the adoption of the new lease accounting standard ASC 842. The Company is continuing to evaluate the impact of adopting ASC 842 on the Company's accounting for equipment rental revenue. Recently Adopted Accounting Standards From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. In August 2018 the FASB issued ASU 2018-13, Fair Value Measurement Topic 820 ("ASU 2018-13"). This guidance modifies the disclosure requirements for fair value measurements by removing the requirements to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 also adds requirements to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, as well as requires the range and weighted average of significant unobservable inputs used in developing Level 3 fair value measurements. T he guidance is effective for the Company for annual reporting periods and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty shou ld be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted for all entities. The Company elected to adopt this guidance on a retrospective basis with no material impact to the financial statements as of June 30, 2019. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other - Internal-Use Software (Subtopic 350-40) ("ASU 2018-15"). This guidance clarifies the accounting for implementation costs of a hosting arrangement that is a service contract, to align the requirements for capitalizing implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption is permitted, including adoption in any interim period, for all entities. The Company elected to adopt this guidance on a prospective basis with no material impact to the financial statements as of June 30, 2019.

Acquisitions and Assets Held fo

Acquisitions and Assets Held for Sale	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Acquisitions and Assets Held for Sale	Acquisitions and Assets Held for Sale ModSpace Acquisition On August 15, 2018, the Company acquired Modular Space Holdings, Inc. ("ModSpace"), a privately-owned national provider of office trailers, portable storage units and modular buildings (the "Business Combination"). The acquisition was consummated by merging a special purpose subsidiary of the Company with and into ModSpace, with ModSpace surviving the merger as a subsidiary of WSII. Purchase Price The aggregate purchase price for ModSpace was $1.2 billion and consisted of (i) $1.1 billion in cash, (ii) 6,458,229 shares of WillScot's Class A common stock (the "Stock Consideration") with a fair market value of $95.8 million and (iii) warrants to purchase an aggregate of 10,000,000 shares of WillScot’s Class A common stock at an exercise price of $15.50 per share (the "2018 Warrants") with a fair market value of $52.3 million, and (iv) a working capital adjustment of $4.7 million. The acquisition was funded by the net proceeds of WillScot's issuance of 9,200,000 shares of Class A common stock, the net proceeds of WSII’s issuance of $300.0 million in senior secured notes and $200.0 million in senior unsecured notes (see Note 8), and borrowings under the ABL Facility (see Note 8). As of the date of acquisition, August 15, 2018, the fair market values of the Stock Consideration and 2018 Warrants were $14.83 per share and $5.23 per warrant, respectively, with the warrant values determined using a Black-Scholes valuation model. The fair market value of the Class A shares was determined utilizing the $15.78 per share closing price of the Company's shares on August 15, 2018, discounted by 6.0%, to reflect a lack of marketability based on the lock-up restrictions contemplated by the merger agreement. The estimated fair values of the Stock Consideration and 2018 Warrants are Level 3 fair value measurements. The fair value of each share and warrant was estimated using the Black-Scholes model with the following assumptions: expected dividend yield, expected stock price volatility, weighted average risk-free interest rate, the average expected term of the lock up period on the shares, and the weighted average expected term of the warrants. The volatility assumption used in the Black-Scholes model is derived from the historical daily change in the market price of the Company's common stock, as well as the historical daily changes in the market price of its peer group, based on weighting, as determined by the Company, and over a time period equivalent to the lock-up restriction (for the shares) and the warrant term. The risk-free interest rate used in the Black-Scholes model is based on the implied US Treasury bill yield curve at the date of grant with a remaining term equal to the Company’s expected term assumption. The Company has never declared or paid a cash dividend on common shares. The following table summarizes the key inputs utilized to determine the fair value of the Stock Consideration and 2018 Warrants included within the purchase price of ModSpace. Stock Consideration fair value inputs 2018 Warrants fair value inputs Expected volatility 28.6 % 35.0 % Risk-free rate of interest 2.2 % 2.7 % Dividend yield — % — % Expected life (years) 0.5 4.3 Opening Balance Sheet The purchase price of ModSpace was assigned to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition, August 15, 2018. The Company estimated the fair values based on independent valuations, discounted cash flow analyses, quoted market prices, contributory asset charges, and estimates made by management. T he final assignment of the fair value of the ModSpace acquisition, including the final assignment of goodwill to the Company's reporting units was not complete as of June 30, 2019, but will be finalized within the allowable one year measurement period. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date, August 15, 2018 and the adjustments made to these balances during the six months ended June 30, 2019. (in thousands) Balance at December 31, 2018 Adjustments Balance at June 30, 2019 Trade receivables, net (a) $ 81,320 $ (2,296) $ 79,024 Prepaid expenses and other current assets 17,342 305 17,647 Inventories 4,757 — 4,757 Rental equipment 853,986 (321) 853,665 Property, plant and equipment 110,413 4,388 114,801 Intangible assets: Favorable leases (b) 3,976 — 3,976 Trade name (b) 3,000 — 3,000 Deferred tax assets, net 1,855 — 1,855 Total identifiable assets acquired $ 1,076,649 $ 2,076 $ 1,078,725 Accrued liabilities $ 31,551 $ (793) $ 30,758 Accounts payable 37,678 323 38,001 Deferred revenue and customer deposits 15,938 — 15,938 Total liabilities assumed $ 85,167 $ (470) $ 84,697 Total goodwill (c) $ 215,764 $ (2,547) $ 213,217 (a) The fair value of accounts recei vable was $79.0 million and the gross contractual amount was $86.5 million. The Company estimated that $7.5 million is uncollectible. (b) The trade name has an estimated usef ul life of 3 years. The favorable lease assets have an estimated useful life equivalent to the term of the lease. (c) The goodwill is reflective of ModSpace’s going concern value and operational synergies that the Company expects to achieve that would not be available to other market participants. The goodwill represented on the balance sheet is not deductible for income tax purposes. The goodwill is assigned to the Modular – US and Modular – Other North America segments, defined in Note 16, in the am ount s of $178.3 million and $34.9 million, respectively. Pro Forma Information The pro forma information below has been prepared using the purchase method of accounting, giving effect to the ModSpace acquisition as if it had been completed on January 1, 2018. The pro forma information is not necessarily indicative of the Company’s results of operations had the acquisition been completed on the above date, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisition and also does not reflect additional revenue opportunities following the acquisition. The tables below present unaudited pro forma consolidated statements of operations information as if ModSpace had been included in the Company’s consolidated results for the six months ended June 30, 2018: (in thousands) Six Months Ended WillScot revenues $ 275,084 ModSpace revenues 230,917 Pro forma revenues $ 506,001 WillScot pre-tax loss $ (13,521) ModSpace pre-tax income 4,004 Pre-tax loss before pro forma adjustments (9,517) Pro forma adjustments to combined pre-tax loss: Impact of fair value mark-ups/useful life changes on depreciation (a) (6,579) Intangible asset amortization (b) (500) Interest expense (c) (32,871) Elimination of ModSpace interest (d) 15,933 Pro forma pre-tax loss (e) (33,534) Income tax benefit (f) (17,522) Pro forma net loss $ (16,012) (a) Depreciation of rental equipment and non-rental depreciation were adjusted for the fair value mark-ups of equipment acquired in the ModSpace acquisition. The useful lives assigned did not change significantly from the useful lives used by ModSpace. (b) Amortization of the trade name acquired in ModSpace acquisition. (c) In connection with the ModSpace acquisition, the Company drew an incremental $419.0 million on the ABL Facility, as defined in Note 8, and issued $300.0 million of secured notes and $200.0 million of unsecured notes. The weighted average interest rate for the aforementioned borrowings was 6.54%. Interest expense includes amortization of related deferred financing fees on debt incurred in conjunction with ModSpace acquisition. (d) Interest on ModSpace historical debt was eliminated. (e) Pro forma pre-tax loss includes $1.1 million of restructuring expense and $7.4 million of integration costs incurred by WillScot for the six months ended June 30, 2018. (f) The pro forma tax rate applied to the ModSpace pre-tax loss is the same as the WillScot effective rate for the period. Transaction and Integration Costs The Company incurre d $8.2 million and $18.4 million in integration costs within selling, general and administrative ("SG&A") expenses for the three and six months ended June 30, 2019, respectively, related to the ModSpace acquisition. The Company incurred $4.8 million and $7.4 million in integration costs for the three and six months ended June 30, 2018, respectively, related to the acquisitions of Acton Mobile Holdings LLC (“Acton”) and Onsite Space LLC (d/b/a Tyson Onsite (“Tyson”)). The Company incurre d no transaction costs for the three and six months ended June 30, 2019. The Company incurred $4.1 million in transaction costs for both the three and six months ended June 30, 2018. Assets Held for Sale In connection with the integration of ModSpace, during the six months ended June 30, 2019, the Company reclassified eight legacy ModSpace branch facilities, from property, plant and equipment to held for sale, in addition to the three held for sale properties that were recognized at December 31, 2018. During the six months ended June 30, 2019, an impairment of $2.6 million was recorded related to these properties and two of these properties were sold for net cash proceeds of $8.6 million with no material gain or loss.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Adoption of ASU 2014-09 On January 1, 2019, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606") as well as subsequent updates using the modified retrospective method applied to those contracts that were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under the guidance required by ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historical accounting under ASC 605, Revenue Recognition ("ASC 605"). The implementation of ASC 606 did not have a material impact on the Company’s financial results for the period ending June 30, 2019. Revenue Recognition Policy A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Modular Leasing and Services Revenue The majority of revenue (69% for both the three and six months ended June 30, 2019, and 70% for both the three and six months ending June 30, 2018) is generated by rental income subject to the guidance of ASC 840. The remaining revenue is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606 or ASC 605 for 2019 and 2018, respectively. Leasing Revenue (ASC 840) Income from operating leases is recognized on a straight-line basis over the lease term. The Company's lease arrangements typically include multiple lease and non-lease components. Examples of lease components include, but are not limited to, the lease of modular space or portable storage units, and examples of non-lease components include, but are not limited to, the delivery, installation, maintenance, and removal services commonly provided in a bundled transaction with the lease components. Arrangement consideration is allocated between lease deliverables and non-lease components based on the relative estimated selling (leasing) price of each deliverable. Estimated selling (leasing) price of the lease deliverables is based upon the estimated stand-alone selling price of the related performance obligations using an adjusted market approach. When leases and services are billed in advance, recognition of revenue is deferred until services are rendered. If equipment is returned prior to the contractually obligated period, the excess, if any, between the amount the customer is contractually required to pay over the cumulative amount of revenue recognized to date is recognized as incremental revenue upon return. Rental equipment is leased primarily under operating leases and, from time to time, under sales-type lease arrangements. Operating lease minimum contractual terms generally range from 1 month to 60 months and averaged approximately 10 months across the Company's rental fleet for the six months ended June 30, 2019. Services Revenue (ASC 606) The Company generally has three non-lease service-related performance obligations in its contracts with customers: • Delivery and installation of the modular or portable storage unit; • Maintenance and other ad hoc services performed during the lease term; and • Removal services that occur at the end of the lease term. Consideration is allocated to each of these performance obligations within the contract based upon their estimated relative standalone selling prices using the estimated cost plus margin approach. Revenue from these activities is recognized as the services are performed. Sales Revenue (ASC 606) Sales revenue is generated by the sale of new and used units. Revenue from the sale of new and used units is generally recognized at a point in time upon the transfer of control to the customer, which occurs when the unit is delivered and installed in accordance with the contract. Sales transactions constitute a single performance obligation. Revenue Disaggregation Geographic Areas The Company had total revenue in the following geographic areas for the three and six months ended June 30: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 US $ 240,447 $ 127,983 473,214 $ 251,103 Canada 21,456 8,678 39,673 16,845 Mexico 4,222 3,672 8,246 7,136 Total revenues $ 266,125 $ 140,333 521,133 $ 275,084 Major Product and Service Lines Rental equipment leasing is the Company’s core business, which significantly impacts the nature, timing, and uncertainty of the Company’s revenue and cash flows. This includes rental of both modular space and portable storage units along with value added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, and other items used by customers in connection with the Company's products. Rental equipment leasing is complemented by new product 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. The Company’s revenue by major product and service line for the three and six months ended June 30 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) Total Total Total Total Modular space leasing revenue $ 129,473 $ 69,616 $ 253,025 $ 136,860 Portable storage leasing revenue 6,022 4,835 12,262 9,767 VAPS (a) 39,669 20,560 77,061 40,009 Other leasing-related revenue (b) 12,345 6,238 23,383 11,875 Modular leasing revenue 187,509 101,249 365,731 198,511 Modular delivery and installation revenue 56,479 31,413 106,760 57,663 Total leasing and services revenue 243,988 132,662 472,491 256,174 Sale of new units 11,624 5,236 26,528 12,664 Sale of rental units 10,513 2,435 22,114 6,246 Total revenues $ 266,125 $ 140,333 $ 521,133 $ 275,084 (a) Includes $4.1 million and $2.6 million of VAPS service revenue for the three months ended June 2019 and 2018, respectively, and $7.9 million and $4.9 million of VAPS service revenue for the six months ended June 30, 2019 and 2018, respectively. (b) Primarily damage billings, delinquent payment charges, and other processing fees. Receivables, Contract Assets and Liabilities As reflected above, approximately 69% of the Company's rental revenue is accounted for under ASC 840 for both the three and six months ended June 30, 2019. The customers that are responsible for the remaining revenue that is accounted for under ASC 606 (and ASC 605 prior to 2019) are generally the same customers that rent the Company's equipment. The Company manages credit risk associated with its accounts receivables at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 606 and ASC 840, the discussions below on credit risk and the Company's allowance for doubtful accounts 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's top five customers with the largest open receivables balances represented 2.6% of the total receivables balance as of June 30, 2019. The Company manages credit risk through credit approvals, credit limits, and other monitoring procedures. The Company's allowance for doubtful accounts reflects its estimate of the amount of receivables that it will be unable to collect based on specific customer risk and historical write-off experience. The Company's estimates reflect 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. During the three and six months ended June 30, 2019, the Company recognized bad debt expenses of $3.4 million and $6.3 million, respectively, within SG&A in its condensed consolidated statements of income, which included amounts written-off and changes in its allowances for doubtful accounts. During the three and six months ended June 30, 2018, the Company recognized bad debt expenses of $0.7 million and $2.3 million, respectively. When customers are billed in advance, the Company defers recognition of revenue and reflects unearned revenue at the end of the period. As of January 1, 2019, the Company had approximately $32.1 million of deferred revenue that relates to removal services for lease transactions and advance billings for sale transactions, which are within the scope of ASC 606. As of June 30, 2019, the Company had approximately $44.9 million of deferred revenue relating to these services. These items are included in deferred revenue and customer deposits in the condensed consolidated balance sheets. During the six months ended June 30, 2019, $7.2 million of previously deferred revenue relating to removal services for lease transactions and advance billings for sale transactions was recognized as revenue. The Company does not have material contract assets and it did not recognize any material impairments of any contract assets. 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 costs ultimately incurred to provide those services and therefore the Company is applying the optional exemption to omit disclosure of such amounts. The primary costs to obtain contracts 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. As a result, the Company has applied the practical expedient for incremental costs of obtaining a sales contract and will expense commissions as incurred. Other Matters The Company's ASC 606 revenues do not include material amounts of variable consideration, other than the variability noted for services arrangements expected to be performed beyond a twelve month period. The Company's payment terms vary by the type and location of its customer and the product or services offered. The time between invoicing and when payment is due is not significant. While the Company may bill certain customers in advance, its contracts do not contain a significant financing component based on the short length of time between upfront billings and the performance of contracted services. For certain products, services, or customer types, the Company requires payment before the products or services are delivered to the customer. Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at the respective balance sheet dates consisted of the following: (in thousands) June 30, 2019 December 31, 2018 Raw materials and consumables $ 15,215 $ 16,022 Work in process — 196 Total inventories $ 15,215 $ 16,218

Rental Equipment, net

Rental Equipment, net	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Rental Equipment, net	Rental Equipment, net Rental equipment, net, at the respective balance sheet dates consisted of the following: (in thousands) June 30, 2019 December 31, 2018 Modular units and portable storage $ 2,410,291 $ 2,333,776 Value added products 107,940 90,526 Total rental equipment 2,518,231 2,424,302 Less: accumulated depreciation (564,374) (495,012) Rental equipment, net $ 1,953,857 $ 1,929,290 During the three and six months ended June 30, 2018, the Company r eceived $1.8 million and $9.3 million, respectively, in insurance proceeds related to assets damaged during Hurricane Harvey. The insurance proceeds exceeded the book value of damaged assets, and the Company recorded gains of $1.8 million and $4.8 million which are reflected in other income, net, on the condensed consolidated statements of operations for three and six months ended June 30, 2018, respectively. The Company received an additional $1.1 million in insurance proceeds during the three months ended June 30, 2019, which represented the final settlement related to the Hurricane Harvey insurance claim. As the claim was closed during the three months ended June 30, 2019, the Company recognized a final gain of $1.9 million in other income, net.

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill were as follows: (in thousands) Modular – US Modular – Other North America Total Balance at January 1, 2018 $ 28,609 $ — $ 28,609 Acquisition of a business 183,711 35,128 218,839 Changes to preliminary purchase price accounting 944 — 944 Foreign currency translation — (1,375) (1,375) Balance at December 31, 2018 213,264 33,753 247,017 Changes to preliminary purchase price accounting (2,306) (241) (2,547) Foreign currency translation — 1,358 1,358 Balance at June 30, 2019 $ 210,958 $ 34,870 $ 245,828 As d escribed in Note 2, the Company acquired ModSpace in August 2018. A preliminary valuation of the acquired net assets of ModSpace, as adjusted, resulted in the recognition of $178.3 million and $34.9 million of goodwill in the Modular - US segment and Modular - Other North America segments, as defined in Note 16. The Company expects to finalize the valuation of the acquired net assets of ModSpace within the one year measurement period from the date of acquisition. Impairment Indicator Analysis The Company had no goodwill impairment during the six months ended June 30, 2019. There were no indicators of impairment as of June 30, 2019. There were indicators of impairment as of December 31, 2018, as detailed below. In December 2018, there was a significant decline in the debt and equity capital markets, including the Company’s stock price, which constituted an indicator of potential impairment in management's judgment. As a result, the Company performed an interim goodwill impairment test as of December 31, 2018. The interim impairment analysis determined that there was no impairment of goodwill for either the US or Canadian reporting units as of December 31, 2018. As of December 31, 2018, the US reporting unit continued to have a fair value in excess of carrying value of over 100%. The Canadian reporting unit was determined to have a fair value in excess of carrying value of less than 1% as of December 31, 2018. The fair value of the reporting units at December 31, 2018 was determined based on the income approach, which requires management to make certain estimates and judgments for estimates of economic and market information in the discounted cash flow analyses. There are inherent uncertainties and judgments involved when determining the fair value of the reporting units because the success of the reporting unit depends on the achievement of key assumptions developed by management including, but not limited to (i) achieving revenue growth through pricing, increased units on rent, increased penetration of value-added products and services, and other commercial strategies, (ii) efficient management of the Company's operations and the Company's fleet through maintenance and capital investment, and (iii) achieving margin expectations, including integration synergies with acquired companies. In addition, some of the estimates and assumptions used in determining fair value of the reporting units utilize inputs that are outside the control of management and are dependent on market and economic conditions, such as the discount rate, foreign currency rates, and growth rates. These assumptions are inherently uncertain and deterioration of market and economic conditions would adversely impact the Company's ability to meet its projected results and would affect the fair value of the reporting units. Of the key assumptions that impact the goodwill impairment test, the expected future cash flows, discount rate and foreign exchange rates are among the most sensitive and are considered to be critical assumptions. If any one of the above inputs changes, it could reduce or increase the estimated fair value of the affected reporting unit. A reduction in the fair value of a reporting unit could result in an impairment charge up to the full amount of goodwill reported.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles Intangible assets at the respective balance sheet dates consisted of the following: June 30, 2019 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Favorable lease rights 3.4 $ 1,738 $ (407) $ 1,331 ModSpace trade name 2.2 3,000 (875) 2,125 Total intangible assets subject to amortization 4,738 (1,282) 3,456 Indefinite-lived intangible assets: Trade name 125,000 — 125,000 Total intangible assets other than goodwill $ 129,738 $ (1,282) $ 128,456 December 31, 2018 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Favorable lease rights 6.7 $ 4,523 $ (347) $ 4,176 ModSpace trade name 2.7 3,000 (375) 2,625 Total intangible assets subject to amortization 7,523 (722) 6,801 Indefinite-lived intangible assets: Trade name 125,000 — 125,000 Total intangible assets other than goodwill $ 132,523 $ (722) $ 131,801 The Company preliminarily assigned $3.0 million and $4.0 million to definite-lived intangible assets, related to the ModSpace trade name and favorable lease rights, respectively. The Company allocated $3.9 million and $0.1 million of the favorable lease rights to the Modular - US segment and Modular - Other North America segments, as defined in Note 16, respectively. The ModSpace trade name has an estimated useful life of three The aggregate amortization expense for intangible assets subject to amortization was $0.3 million and $0.8 million for the three and six months ended June 30, 2019, respectively. For the three months ended June 30, 2019, $0.3 million was recorded in other depreciation and amortization expense. For the six months ended June 30, 2019, $0.5 million was recorded in other depreciation and amortization expense and $0.3 million related to the favorable lease rights was recorded in SG&A, respectively. The aggregate amortization expense for intangible assets subject to amortization was $0.2 million and $0.4 million for the three and six months ended June 30, 2018, which was recorded in other depreciation and amortization expense. The Company recognized an impairment charge of $2.4 million in impairment losses on long-lived assets during the three months ended June 30, 2019 as a result of the closure of a branch location with a favorable lease asset which was acquired in the ModSpace acquisition.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt The carrying value of debt outstanding at the respective balance sheet dates consisted of the following: (in thousands, except rates) Interest rate Year of maturity June 30, 2019 December 31, 2018 2022 Secured Notes 7.875% 2022 $ 293,097 $ 292,258 2023 Secured Notes 6.875% 2023 481,864 293,918 Unsecured Notes 10.000% 2023 — 198,931 US ABL Facility Varies 2022 898,081 853,409 Canadian ABL Facility (a) Varies 2022 — — Capital lease and other financing obligations 38,507 37,983 Total debt 1,711,549 1,676,499 Less: current portion of long-term debt (2,026) (1,959) Total long-term debt $ 1,709,523 $ 1,674,540 (a) As of June 30, 2019, the C ompany had $1.0 million outstanding principal borrowings remaining on the Canadian ABL Facility and $2.5 million of related debt issuance costs. $1.0 million of the related debt issuance costs are recorded as a direct offset against the principal of the Canadian ABL Facility and the remaining $1.5 million, in excess of principal, has been included in other non-current assets on the condensed consolidated balance sheet. As of December 31, 2018, the Company had $0.9 million of outstanding principal borrowings on the Canadian ABL Facility and $2.9 million of related debt issuance costs. $0.9 million of the related debt issuance costs are recorded as a direct offset against the principal of the Canadian ABL Facility and the remaining $2.0 million, in excess of principal, has been included in other non-current assets on the condensed consolidated balance sheet . The Company is subject to various covenants and restrictions for the ABL Facility, the 2022 Secured Notes and the 2023 Secured Notes, as defined below. The Company redeemed the Unsecured Notes on June 19, 2019 and has no remaining obligations related to the Unsecured Notes as of June 30, 2019. The Company was in compliance with all covenants related to debt as of June 30, 2019 and December 31, 2018, respectively. ABL Facility On November 29, 2017, WS Holdings, WSII and certain of its subsidiaries entered into an ABL credit agreement (the “ABL Facility”), as amended in July and August 2018, that provides a senior secured revolving credit facility that matures on May 29, 2022. The ABL Facility consists of (i) a $1.285 billion asset-backed revolving credit facility (the “US ABL Facility”) for WSII and certain of its domestic subsidiaries (the “US Borrowers”), (ii) a $140.0 million asset-based revolving credit facility (the “Canadian ABL Facility”) for certain Canadian subsidiaries of WSII (the “Canadian Borrowers,” and together with the US Borrowers, the “Borrowers”), and (iii) an accordion feature that permits the Borrowers to increase the lenders’ commitments in an aggregate amount not to exceed $375.0 million, subject to the satisfaction of customary conditions and lender approval, plus any voluntary prepayments that are accompanied by permanent commitment reductions under the ABL Facility. The obligations of the US Borrowers are unconditionally guaranteed by WS Holdings and each existing and subsequently acquired or organized direct or indirect wholly-owned US organized restricted subsidiary of WS Holdings, other than excluded subsidiaries (together with WS Holdings, the "US Guarantors"). The obligations of the Canadian Borrowers are unconditionally guaranteed by the US Borrowers and the US Guarantors, and each existing and subsequently acquired or organized direct or indirect wholly-owned Canadian organized restricted subsidiary of WS Holdings other than certain excluded subsidiaries (together with the US Guarantors, the "ABL Guarantors"). At June 30, 2019, the weighted average interest rate for borrowings under the ABL Facility was 4.90%. The weighted average interest rate on the balance outstanding, as adjusted for the effects of the interest rate swap agreements was 5.18%. Refer to Note 14 for a more detailed discussion on interest rate management. At June 30, 2019, the Borrowers had $486.9 million of available borrowing capacity under the ABL Facility, including $352.5 million under the US ABL Facility and $134.4 million under the Canadian ABL Facility. At December 31, 2018, the Borrowers had $532.6 million of available borrowing capacity under the ABL Facility, including $393.5 million under the US ABL Facility and $139.1 million under the Canadian ABL Facility. The Company had issued $13.0 million o f standby letters of credit under the ABL Facility at June 30, 2019 and December 31, 2018. At June 30, 2019, letters of credit and guarantees carried fees of 2.625%. The Company had $920.5 million and $879.4 million in outstanding principal under the ABL Facility at June 30, 2019 and December 31, 2018, respectively. Debt issuance costs and discounts of $22.4 million and $26.0 million are included in the carrying value of the ABL Facility at June 30, 2019 and December 31, 2018, respectively. 2022 Senior Secured Notes In connection with the closing of the Business Combination, WSII issued $300.0 million aggregate principal amount of 7.875% senior secured notes due December 15, 2022 (the “2022 Secured Notes”) under an indenture dated November 29, 2017, entered into by and among WSII, the guarantors named therein (the "Note Guarantors"), and Deutsche Bank Trust Company Americas, as trustee and as collateral agent. Interest is payable semi-annually on June 15 and December 15, beginning June 15, 2018. Unamortized debt issuance costs pertaining to the 2022 Secured Notes was $6.9 million and $7.7 million as of June 30, 2019 and December 31, 2018, respectively. 2023 Senior Secured Notes On August 6, 2018, a special purpose subsidiary of WSII (the "Issuer") completed a private offering of $300.0 million in aggregate principal amount of its 6.875% senior secured notes due August 15, 2023 (the “Initial 2023 Secured Notes”). The issuer entered into an indenture dated August 6, 2018 with Deutsche Bank Trust Company Americas, as trustee, which governs the terms of the Initial 2023 Secured Notes. In connection with the ModSpace acquisition, the issuer merged with and into WSII and WSII assumed the Initial 2023 Secured Notes. Interest is payable semi-annually on February 15 and August 15 of each year, beginning February 15, 2019. On May 14, 2019, WSII completed a tack-on offering of $190.0 million in aggregate principal amount to the Initial 2023 Secured Notes (the "Tack-on Notes"). The Tack-on Notes were issued as additional securities under an indenture, dated August 6, 2018, by and among the Issuer, the guarantors named therein and Deutsche Bank Trust Company Americas, as trustee and collateral agent. The Tack-On Notes and the Initial 2023 Secured Notes are treated as a single class of debt securities under the indenture (the "2023 Secured Notes") and together with the 2022 Secured Notes, the "Senior Secured Notes"). The Tack-On Notes ha ve identical terms to the Initial 2023 Secured Notes, other than with respect to the issue date and issue price. WSII incurred a total of $3.1 million in debt issuance costs in connection with the tack-on offering, which were deferred and will be amortized through the August 15, 2023 maturity date. The Tack-on Notes were issued at a premium of $0.5 million which will be amortized through the August 15, 2023 maturity date. The proceeds of the Tack-On Notes were used to repay a portion of the US ABL Facility. Unamortized debt issuance costs and discounts, net of premium, pertaining to the 2023 Secured Notes were $8.1 million and $6.1 million as of June 30, 2019 and December 31, 2018, respectively. 2023 Senior Unsecured Notes On August 3, 2018, a special purpose subsidiary of WSII completed a private offering of $200.0 million in aggregate principal amount of its senior unsecured notes due November 15, 2023 (the “Unsecured Notes”). The issuer entered into an indenture with Deutsche Bank Trust Company Americas, as trustee, which governs the terms and conditions of the Unsecured Notes. In connection with the ModSpace acquisition, the issuer merged with and into WSII and WSII assumed the Unsecured Notes. The Unsecured Notes bore interest at a rate of 10% per annum for the six months ended June 30, 2019. Interest was payable semi-annually on February 15 and August 15 of each year, beginning February 15, 2019. On June 19, 2019 (the "Redemption Date"), WSII used proceeds from its US ABL Facility to redeem all $200.0 million in aggregate outstanding principal amount of the Unsecured Notes at a redemption price of 102.0%, plus a make-whole premium of 1.126% and any accrued and unpaid interest to, but not including, the Redempti on Date. The Company recorded a loss on extinguishment of $7.2 million, which included $6.2 million of make-whole premiums and $1.0 million related to the write-off of unamortized deferred financing fees. Unamortized debt issuance costs and discounts pertaining to the Unsecured Notes were $1.1 million as of December 31, 2018. Capital Lease and Other Financing Obligations The Company’s capital lease and financing obligations primarily consisted of $38.5 million and $37.9 million under sale-leaseback transactions and $0.0 million and $0.1 million of capital leases at June 30, 2019 and December 31, 2018, respectively. The Company’s capital lease and financing obligations are presented net of $1.4 million and $1.6 million of debt issuance costs at June 30, 2019 and December 31, 2018, respectively. The Company’s capital leases primarily relate to real estate, equipment and vehicles and have interest rates ranging fro m 1.2% to 11.9%.

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Equity	Equity Common Stock and Warrants Common Stock In connection with the stock compensation vesting described in Note 13, the Company issued 190,129 shares of common stock during the six months ended June 30, 2019. Warrants Double Eagle issued warrants to purchase its common stock as components of units sold in its initial public offering (the “Public Warrants”). Double Eagle also issued warrants to purchase its common stock in a private placement concurrently with its initial public offering (the “Private Warrants,” and together with the Public Warrants, the "2015 Warrants"). At June 30, 2019 , 24,367,867 of the 2015 Warrants and 9,999,579 of the 2018 Warrants were outstanding. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss ("AOCL"), net of tax, for the three and six months ended June 30, 2019 and 2018 were as follows: (in thousands) Foreign Currency Translation Unrealized losses on hedging activities Total Balance at December 31, 2018 $ (62,608) $ (5,418) $ (68,026) Total other comprehensive income (loss) prior to reclassifications 4,115 (2,636) 1,479 Reclassifications to the statements of operations — 435 435 Less other comprehensive (income) loss attributable to non-controlling interest (364) 198 (166) Balance at March 31, 2019 (58,857) (7,421) (66,278) Total other comprehensive income (loss) prior to reclassifications 4,300 (4,500) (200) Reclassifications to the statements of operations — 613 613 Less other comprehensive (income) loss attributable to non-controlling interest (396) 351 (45) Reclassifications to accumulated deficit — — — Balance at June 30, 2019 $ (54,953) $ (10,957) $ (65,910) (in thousands) Foreign Currency Translation Unrealized losses on hedging activities Total Balance at December 31, 2017 $ (49,497) $ — $ (49,497) Total other comprehensive income prior to reclassifications 263 — 263 Reclassifications to accumulated deficit (a) (2,540) — (2,540) Less other comprehensive income attributable to non-controlling interest (24) — (24) Balance at March 31, 2018 (51,798) — (51,798) Total other comprehensive loss prior to reclassifications (2,912) — (2,912) Less other comprehensive loss attributable to non-controlling interest 293 — 293 Balance at June 30, 2018 $ (54,417) $ — $ (54,417) (a) In t he first quarter of 2018, the Company elected to early adopt ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which resulted in a discrete reclassification of $2.5 million from accumulated other comprehensive loss to accumulated deficit effective January 1, 2018. For the three and six months ended June 30, 2019 , $0.6 million and $1.2 million was reclassified from AOCL into the condensed consolidated statement of operations within interest expense related to the interest rate swaps discussed in Note 14. The Company recorded a tax benefit of $0.0 million and $0.1 million, for the three and six months ended June 30, 2019, respectively, associated with this reclassification. Non-Controlling Interest The changes in the non-controlling interest for the three and six months ended June 30, 2019 and 2018 w ere as follows: (in thousands) 2019 2018 Balance at January 1, $ 63,982 $ 48,931 Net loss attributable to non-controlling interest (860) (648) Other comprehensive income 166 24 Balance at March 31, 63,288 $ 48,307 Net (loss) income attributable to non-controlling interest (862) 143 Other comprehensive income (loss) 45 (293) Balance at June 30, $ 62,471 $ 48,157

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax benefit of $1.2 million and $0.8 million for the three and six months ended June 30, 2019, respectively, and $6.6 million and $7.1 million for the three and six months ended June 30, 2018, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2019 was 9.1% and 3.4%, respectively, and 106.1% and 52.3% for the same periods of 2018. The Company did not recognize a tax benefit for loss from operations for the three or six months ended June 30, 2019 as it is not more likely than not that the benefit is realizable. A tax benefit will be recognized only when there is sufficient income to support realizability. The Company’s effective tax rate for the three and six months ended June 30, 2018 is materially driven by discrete items. In addition, the Company recognized tax benefit for the three and six months ended June 30, 2019 and 2018 of $1.2 million and $0.8 million, and $4.4 million and $4.7 million, respectively, mainly related to enacted legislative changes in the second quarter of 2019 and 2018, discrete to the quarter.

Fair Value Measures

Fair Value Measures	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measures	Fair Value Measures The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company utilizes the suggested accounting guidance for the three levels of inputs that may be used to measure fair value: 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 The Company has assessed that the fair value of cash and cash equivalents, trade receivables, trade payables, capital lease and other financing obligations, and other current liabilities approximate their carrying amounts. The following table shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy: June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 US ABL Facility $ 898,081 $ — $ 919,500 $ — $ 853,409 $ — $ 878,500 $ — Canadian ABL Facility — — 955 — — — 918 — 2022 Secured Notes 293,097 — 314,205 — 292,258 — 297,027 — 2023 Secured Notes 481,864 — 509,153 — 293,918 — 288,633 — Unsecured Notes — — — — 198,931 — 197,462 — Total $ 1,673,042 $ — $ 1,743,813 $ — $ 1,638,516 $ — $ 1,662,540 $ — The carrying value of the US ABL Facility, the Canadian ABL Facility, the 2022 Secured Notes and the 2023 Secured Notes inclu des $21.4 million, $1.0 million, $6.9 million and $8.1 million, re spectively, of unamortized debt issuance costs as of June 30, 2019, which are presented as a direct reduction of the corresponding liability. The carrying value of the US ABL Facility, the Canadian ABL Facility and the 2022 Secured Notes, the 2023 Secured Notes and the Unsecured Notes includes $25.1 million, $0.9 million, $7.7 million, $6.1 million and $1.1 million, respectively of unamortized debt issuance costs for the year ended December 31, 2018, which are presented as a direct reduction of the corresponding liability. The carrying value of the US and Canadian ABL Facility, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of market rates. The fair value of the 2022 Secured Notes, the 2023 Secured Notes and the Unsecured Notes is based on their last trading price at the end of each period obtained from a third party. The location and the fair value of derivative assets and liabilities designated as hedges in the condensed consolidated balance sheet are disclosed in Note 14.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2019
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring Restructuring costs include charges associated with exit or disposal activities that meet the definition of restructuring under FASB ASC Topic 420, “Exit or Disposal Cost Obligations” (“ASC 420”). The Company's restructuring plans are generally country or region specific and are typically completed within a one year period. Restructuring costs incurred under these plans include (i) one-time termination benefits related to employee separations, (ii) contract termination costs, and (iii) other related costs associated with exit or disposal activities including, but not limited to, costs for consolidating or closing facilities. Costs related to the integration of acquired businesses that do not meet the definition of restructuring under ASC 420, such as employee training costs, duplicate facility costs, and professional services expenses, are included within SG&A. The Company incurred costs associated with restructuring plans designed to streamline operations and reduce costs of $1.2 million and $7.1 million, net of reversals, during the three and six months ended June 30, 2019, and $0.4 million and $1.1 million, net of reversals, during the three and six months ended June 30, 2018, respectively. The following is a summary of the activity in the Company’s restructuring accruals for three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, (in thousands) 2019 2018 Employee Costs Facility Exit Costs Total Employee Costs Facility Exit Costs Total Balance at beginning of the period $ 2,847 $ 4,252 $ 7,099 $ 755 $ — $ 755 Charges 123 1,027 1,150 449 — 449 Cash payments (1,704) (1,871) (3,575) (234) — (234) Foreign currency translation (123) — (123) (3) — (3) Non-cash movements — (1,644) (1,644) — — — Balance at end of period $ 1,143 $ 1,764 $ 2,907 $ 967 $ — $ 967 Six Months Ended June 30, (in thousands) 2019 2018 Employee Costs Facility Exit Costs Total Employee Costs Facility Exit Costs Total Balance at beginning of the period $ 4,544 $ 971 $ 5,515 $ 227 $ — $ 227 Charges 1,630 5,473 7,103 1,077 — 1,077 Cash payments (4,932) (3,015) (7,947) (330) — (330) Foreign currency translation (99) — (99) (7) — (7) Non-cash movements — (1,665) (1,665) — — — Balance at end of period $ 1,143 $ 1,764 $ 2,907 $ 967 $ — $ 967 The restructuring charges for the three and six months ended June 30, 2019 relate primarily to employee termination costs and lease exit costs in connection with the integration of ModSpace. The Company initiated certain restructuring plans associated with the ModSpace acquisition in order to capture operating synergies as a result of integrating ModSpace into WillScot. The restructuring activities primarily include the termination of leases for duplicative branches and corporate facilities and the termination of employees in connection with the consolidation of these overlapping facilities and functions within our existing business. At June 30, 2019, the Company is substantially complete with actions related to employee costs. The Company is still in the process of evaluating and closing acquired facilities and anticipates that all actions will be taken by the first quarter of 2020. The restructuring charges for the three and six months ended June 30, 2018 primarily relate to employee termination costs in connection with the integration of Tyson and Acton, which the Company acquired in the fourth quarter of 2017 and first quarter of 2018. As part of the restructuring plan, certain employees were required to render future service in order to receive their termination benefits. The termination costs associated with these employees was recognized over the period from the date of communication of termination to the employee to the actual date of termination. Segments The $1.2 million of restructuring charges for the three months ended June 30, 2019 includes $1.3 million of charges related to the Modular - US segment, offset by a reversal of $0.1 million related to the Modular - Other North America segment. The $7.1 million of restructuring charges for the six months ended June 30, 2019 includes $6.6 million of charges pertaining to the Modular - US segment and $0.5 million of charges pertaining to the Modular - Other North America segment. The $0.4 million and $1.1 million of restructuring charges for the three and six months ended June 30, 2018 include charges pertaining to the Modular - US segment.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the six months ended June 30, 2019, 478,400 time-based restricted stock units ("Time-Based RSUs") and 302,182 market-based restricted stock units ("Market-Based RSUs", and together with the Time-Based RSUs, the "RSUs"), and 52,755 restricted stock awards ("RSAs") were granted under the WillScot Corporation 2017 Incentive Award Plan (the "Plan"). No stock option awards were granted during the period. During the six months ended June 30, 2019, 33,592 RSAs, 213,180 Time-Based RSUs, and 147,313 stock options vested in accordance with their terms, resulting in the issuance of 190,129 shares of common stock, net of 56,643 shares withheld to cover taxes. No RSAs were forfeited during the six months ended June 30, 2019. During the six months ended June 30, 2019, 34,191 Time-Based RSUs, 7,485 Market-Based RSUs, and 41,302 stock options were forfeited. At June 30, 2019, 91,216 RSAs, 1,083,762 Time-Based RSUs, 294,697 Market-Based RSUs, and 400,642 stock options were unvested, with weighted average grant date fair values of $15.58, $12.77, $13.22, and $5.51, respectively. Restricted Stock Awards Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.2 million and $0.5 million for the three and six months ended June 30, 2019, respectively, with associated tax benefits of $0.0 million and $0.1 million for the three an d six months ended June 30, 2019, respectively. A t June 30, 2019, there was $0.9 million of unreco gnized compensation cost related to RSAs that is expected to be recognized over the remaining weighted average vesting per iod of 0.6 years. Time-Based Restricted Stock Units Compensation expense for Time-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $1.2 million and $1.9 million for the three and six months ended June 30, 2019, respectively, with associated tax benefits of $0.0 million and $0.2 million for the three and six months ended June 30, 2019 respectively. At June 30, 2019, unrecognized compensation cost related to Time-Based RSUs totaled $12.5 million and is expected to be recognized over the remaining weighted average vesting per iod of 3.2 yea rs. Market-Based Restricted Stock Units On March 21, 2019, the Compensation Committee of the Board of Directors granted 302,182 Market-Based RSUs, which vest based on achievement of the relative total stockholder return ("TSR") of The Company's common stock as compared to the TSR of the constituents of the Russell 3000 Index at grant date over the three The Market-Based RSUs were valued based on a Monte Carlo simulation model to reflect the impact of the Market-Based RSU market condition, resulting in a grant-date fair value per Market-Based RSU of $13.22. The probability of satisfying a market condition is considered in the estimation of the grant-date fair value for Market-Based RSUs and the compensation cost is not reversed if the market condition is not achieved, provided the requisite service has been provided. Compensation expense for Market-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $0.3 million and $0.4 million for the three and six months ended June 30, 2019, respectively, with an associated tax benefit of $0.0 million and $0.1 million for the three and six months ended June 30, 2019, respectively. At June 30, 2019, unrecognized compensation cost related to Market-Based RSUs totaled $3.5 million and is expected to be recognized over the remaining vesting period of 2.7 years. Stock Option Awards Compensation expense for stock option awards, recognized in SG&A on the condensed consolidated statements of operations, was $0.2 million and $0.4 million for the three and si x months ended June 30, 2019, respectively, with an associated tax b enefit of $0.0 million and $0.1 million for the three and six months ended June 30, 2019, respectively. At June 30, 2019, unrecognized compensation c ost related to stock option awards to taled $2.0 million a nd is expected to be recognized over the remaining vesting period of 2.7 years.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives On November 6, 2018, WSII entered into an interest rate swap agreement (the “Swap Agreement”) with a financial counterparty that effectively converts $400.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL Facility into fixed-rate debt. The Swap Agreement will terminate on May 29, 2022, at the same time the Company’s ABL Facility matures. The Swap Agreement contains customary representations, warranties and covenants and may be terminated prior to its expiration. The Swap Agreement was designated and qualified as a hedge of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility. Although no significant ineffectiveness is expected with this hedging strategy, the effectiveness of the interest rate swaps is evaluated on a quarterly basis. The Company did not have any derivative financial instruments for the three and six months ended June 30, 2018. The following table summarizes the outstanding interest rate swap arrangement as of June 30, 2019: Aggregate Notional Amount (in millions) Receive Rate Pay Rate Receive Rate as of June 30, 2019 Receive Rate as of December 31, 2018 US ABL Facility $ 400.0 1 month LIBOR 3.06 % 2.40 % 2.44 % The location and the fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows: (in thousands) Balance Sheet Location June 30, 2019 December 31, 2018 Cash Flow Hedges: Interest rate swap Accrued liabilities $ 4,080 $ 1,709 Interest rate swap Other long-term liabilities $ 11,772 $ 6,192 The fair value of the interest rate swap is based on dealer quotes of market forward rates, a Level 2 input on the fair value hierarchy, and reflects the amount that the Company would receive or pay as of June 30, 2019 and December 31, 2018, respectively, for contracts involving the same attributes and maturity dates. The interest rate swap, excluding the impact of taxes, resulted in a loss recognized of $5.1 million and $8.0 million in other comprehensive income ("OCI") for the three and six months ended June 30, 2019, respectively. The Company reclassified $0.6 million and $1.2 million from AOCL into interest expense on the condensed consolidated income statement for the three and six months ended June 30, 2019, respectively. Cash flows from derivative instruments are presented within net cash provided by operating activities in the consolidated statements of cash flows.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various lawsuits or claims in the ordinary course of business. Management is of the opinion that there is no pending claim or lawsuit which, if adversely determined, would have a material effect on the Company’s financial condition, results of operations or cash flows.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Subsequent to the Business Combination, the Company historically has operated in one principal line of business: modular leasing and sales. Modular leasing and sales is comprised of two operating segments: US and Other North America. The US modular operating segment (“Modular - US”) consists of the contiguous 48 states and Hawaii. The Other North America operating segment (“Modular - Other North America”) consists of Alaska, Canada and Mexico. Total assets for each reportable segment are not available because the Company utilizes a centralized approach to working capital management. Transactions between reportable segments are not significant. The Chief Operating Decision Maker ("CODM") evaluates business segment performance on Adjusted EBITDA, which excludes certain items as shown in the reconciliation of the Company’s consolidated net loss before tax to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. The Company also regularly evaluates gross profit by segment to assist in the assessment of its operational performance. The Company considers Adjusted EBITDA to be the more important metric because it more fully captures the business performance of the segments, inclusive of indirect costs. Reportable Segments The following tables set forth certain information regarding each of the Company’s reportable segments fo r the three and six months ended June 30, 2019 and 2018, respectively. Three Months Ended June 30, 2019 (in thousands) Modular - US Modular - Other North America Total Revenues: Leasing and services revenue: Modular leasing $ 170,480 $ 17,029 $ 187,509 Modular delivery and installation 52,997 3,482 56,479 Sales revenue: New units 10,407 1,217 11,624 Rental units 4,977 5,536 10,513 Total Revenues 238,861 27,264 266,125 Costs: Cost of leasing and services: Modular leasing 51,083 3,990 55,073 Modular delivery and installation 43,949 4,519 48,468 Cost of sales: New units 7,138 861 7,999 Rental units 2,661 4,060 6,721 Depreciation of rental equipment 39,201 4,767 43,968 Gross profit $ 94,829 $ 9,067 $ 103,896 Other selected data: Adjusted EBITDA $ 81,380 $ 7,347 $ 88,727 Selling, general and administrative expense $ 64,153 $ 7,470 $ 71,623 Other depreciation and amortization $ 2,892 $ 275 $ 3,167 Purchase of rental equipment and refurbishments $ 58,241 $ 2,974 $ 61,215 Three Months Ended June 30, 2018 (in thousands) Modular - US Modular - Other North America Total Revenues: Leasing and services revenue: Modular leasing $ 90,965 $ 10,284 $ 101,249 Modular delivery and installation 27,390 4,023 31,413 Sales revenue: New units 4,149 1,087 5,236 Rental units 2,309 126 2,435 Total Revenues 124,813 15,520 140,333 Costs: Cost of leasing and services: Modular leasing 24,505 2,624 27,129 Modular delivery and installation 26,310 3,817 30,127 Cost of sales: New units 2,876 828 3,704 Rental units 1,164 99 1,263 Depreciation of rental equipment 20,217 3,253 23,470 Gross profit $ 49,741 $ 4,899 $ 54,640 Other selected data: Adjusted EBITDA $ 38,104 $ 3,812 $ 41,916 Selling, general and administrative expense $ 43,325 $ 4,409 $ 47,734 Other depreciation and amortization $ 1,354 $ 216 $ 1,570 Purchase of rental equipment and refurbishments $ 30,931 $ 1,748 $ 32,679 Six Months Ended June 30, 2019 (in thousands) Modular - US Modular - Other North America Total Revenues: Leasing and services revenue: Modular leasing $ 333,280 $ 32,451 $ 365,731 Modular delivery and installation 99,279 7,481 106,760 Sales revenue: New units 24,430 2,098 26,528 Rental units 13,348 8,766 22,114 Total Revenues 470,337 50,796 521,133 Costs: Cost of leasing and services: Modular leasing 94,966 7,342 102,308 Modular delivery and installation 83,700 8,111 91,811 Cost of sales: New units 17,388 1,489 18,877 Rental units 8,530 5,986 14,516 Depreciation of rental equipment 75,674 9,397 85,071 Gross profit $ 190,079 $ 18,471 $ 208,550 Other selected data: Adjusted EBITDA $ 158,148 $ 15,087 $ 173,235 Selling, general and administrative expense $ 130,558 $ 14,550 $ 145,108 Other depreciation and amortization $ 5,618 $ 553 $ 6,171 Purchase of rental equipment and refurbishments $ 108,162 $ 4,926 $ 113,088 Six Months Ended June 30, 2018 (in thousands) Modular - US Modular - Other North America Total Revenues: Leasing and services revenue: Modular leasing $ 178,913 $ 19,598 $ 198,511 Modular delivery and installation 51,360 6,303 57,663 Sales revenue: New units 10,964 1,700 12,664 Rental units 5,663 583 6,246 Total Revenues 246,900 28,184 275,084 Costs: Cost of leasing and services: Modular leasing 49,562 4,729 54,291 Modular delivery and installation 49,250 6,398 55,648 Cost of sales: New units 7,442 1,249 8,691 Rental units 3,193 385 3,578 Depreciation of rental equipment 40,904 6,411 47,315 Gross profit $ 96,549 $ 9,012 $ 105,561 Other selected data: Adjusted EBITDA $ 70,716 $ 6,692 $ 77,408 Selling, general and administrative expense $ 84,146 $ 8,802 $ 92,948 Other depreciation and amortization $ 3,559 $ 447 $ 4,006 Purchase of rental equipment and refurbishments $ 61,455 $ 3,308 $ 64,763 The following tables present a reconciliation of the Company’s (loss) income from operations before income tax to Adjusted EBITDA by segment for the three and six months ended June 30, 2019 and 2018, respectively: Three Months Ended June 30, 2019 (in thousands) Modular - US Modular - Other North America Total (Loss) income from operations before income taxes $ (13,976) $ 1,021 $ (12,955) Loss on extinguishment of debt 7,244 — 7,244 Interest expense 31,865 659 32,524 Depreciation and amortization 42,093 5,042 47,135 Currency gains, net (75) (279) (354) Goodwill and other impairments 2,706 80 2,786 Restructuring costs 1,300 (150) 1,150 Integration costs 7,260 982 8,242 Stock compensation expense 1,900 — 1,900 Other expense (income) 1,063 (8) 1,055 Adjusted EBITDA $ 81,380 $ 7,347 $ 88,727 Three Months Ended June 30, 2018 (in thousands) Modular - US Modular - Other North America Total Loss from operations before income taxes $ (5,533) $ (733) $ (6,266) Interest expense 11,663 492 12,155 Depreciation and amortization 21,571 3,469 25,040 Currency losses, net 114 458 572 Restructuring costs 449 — 449 Integration costs 4,785 — 4,785 Stock compensation expense 1,054 — 1,054 Transaction costs 4,049 69 4,118 Other (income) expense (48) 57 9 Adjusted EBITDA $ 38,104 $ 3,812 $ 41,916 Six Months Ended June 30, 2019 (in thousands) Modular - US Modular - Other North America Total (Loss) income from operations before income taxes $ (25,098) $ 1,360 $ (23,738) Loss on extinguishment of debt 7,244 — 7,244 Interest expense 63,101 1,395 64,496 Depreciation and amortization 81,292 9,950 91,242 Currency (gains), net (205) (465) (670) Goodwill and other impairments 4,507 569 5,076 Restructuring costs 6,574 529 7,103 Integration costs 16,612 1,768 18,380 Stock compensation expense 3,190 — 3,190 Other expense (income) 931 (19) 912 Adjusted EBITDA $ 158,148 $ 15,087 $ 173,235 Six Months Ended June 30, 2018 (in thousands) Modular - US Modular - Other North America Total Loss from operations before income taxes $ (10,841) $ (2,680) $ (13,521) Interest expense 22,823 1,051 23,874 Depreciation and amortization 44,463 6,858 51,321 Currency losses, net 271 1,325 1,596 Restructuring costs 1,067 10 1,077 Integration costs 7,415 — 7,415 Stock compensation expense 1,175 — 1,175 Transaction costs 4,049 69 4,118 Other expense 294 59 353 Adjusted EBITDA $ 70,716 $ 6,692 $ 77,408

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share Basic loss per share (“LPS”) is calculated by dividing net loss attributable to WillScot by the weighted average number of Class A common shares outstanding during the period. The common shares issued a result of the vesting of RSUs and RSAs as of June 30, 2019, were included in LPS based on the weighted average number of days in which they were vested and outstanding during the period. Concurrently with the Business Combination, 12,425,000 of WillScot's Class A common shares were placed into escrow by shareholders and became ineligible to vote or participate in the economic rewards available to the other Class A shareholders. Escrowed shares were therefore excluded from the LPS calculation while deposited in the escrow account. 6,212,500 of the escrowed shares were released to shareholders on January 19, 2018, and the remaining escrowed shares were released to shareholders on August 21, 2018. Class B common shares have no rights to dividends or distributions made by the Company and, in turn, are excluded from the LPS calculation. Diluted LPS is computed similarly to basic LPS, except that it includes the potential dilution that could occur if di lutive securities were exercised. Effects of potentially dilutive securities are presented only in periods in which they are dilutive. Stock options, Time-Based RSUs, and RSAs, representing 400,642, 1,083,762, and 91,216 shares of Class A common stock outstanding for the three and six months ended June 30, 2019, respectively, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. Market-based RSUs representing 294,697 shares of Class A common stock outstanding for the three and six months ended June 30, 2019, which can vest at 0% to 150% of the amount granted, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. Warrants representing 22,183,513 shares of Class A shares for the three and six months ended June 30, 2019, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. Stock options and restricted stock units, representing 589,257 and 886,680 shares of Class A common stock outstanding for the three and six months ended June 30, 2018, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. Pursuant to the exchange agreement entered into by WS Holding's shareholders, Sapphire has the right, but not the obligation, to exchange all, but not less than all, of its shares of WS Holdings into newly issued shares of WillScot’s Class A common stock in a private placement transaction. The impact of this exchange has been excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share numbers) 2019 2018 2019 2018 Numerator Net (loss) income $ (11,775) $ 379 $ (22,936) $ (6,456) Net (loss) income attributable to non-controlling interest, net of tax (862) 143 (1,722) (505) Net (loss) income attributable to WSC $ (10,913) $ 236 $ (21,214) $ (5,951) Denominator Average shares outstanding - basic 108,693,924 78,432,274 108,609,068 77,814,456 Average effect of dilutive securities: Warrants — 3,745,030 — — Restricted stock awards — 2,782 — — Average shares outstanding - diluted 108,693,924 82,180,086 108,609,068 77,814,456 Loss per share Net loss per share attributable to WillScot common shareholders - basic $ (0.10) $ 0.00 $ (0.20) $ (0.08) Net loss per share attributable to WillScot common shareholders - diluted $ (0.10) $ 0.00 $ (0.20) $ (0.08)

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Parties	Related Parties Related party balances included in the Company’s consolidated balance sheet at June 30, 2019 and December 31, 2018, consisted of the following: (in thousands) Financial statement line Item June 30, 2019 December 31, 2018 Receivables due from affiliates Prepaid expenses and other current assets $ 24 $ 122 Amounts due to affiliates Accrued liabilities (982) (1,379) Total related party liabilities, net $ (958) $ (1,257) On November 29, 2017, in connection with the closing of the Business Combination, the Company, WSII, WS Holdings and the Algeco Group entered into a transition services agreement (the “TSA”). The Company had $0.1 million in receivables due from affiliates pertaining to the TSA at December 31, 2018. The Company was reimbursed $0.4 million by an affiliate for claims paid under an insurance program. The Company accrued expenses of $0.8 million and $1.2 million at June 30, 2019 and December 31, 2018, respectively, included in amounts due to affiliates, related to rental equipment purchases from an affiliate of the Algeco Group. Related party transactions included in the Company’s consolidated statement of operations for the three and six months ended June 30, 2019 and 2018, respectively, consisted of the following: Three Months Ended June 30, Six Months Ended June 30, (in thousands) Financial statement line item 2019 2018 2019 2018 Leasing revenue from related parties Modular leasing revenue $ 76 $ 233 $ 150 $ 525 The Company had capital expenditures of rental equipment purchased from related party affiliates of $1.7 million and $0.4 million for three months ended June 30, 2019 and 2018, respectively, and $3.2 million and $1.7 million during the six months ended June 30, 2019 and 2018, respectively. The Company paid $0.0 million and $0.4 million in professional fees to an entity for which two of the Company’s Directors also served in the same role for that entity, during the three months ended June 30, 2019 and 2018, respectively, and $0.6 million and $1.0 million during the six months ended June 30, 2019 and 2018, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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 accounting principles generally accepted in the US (“GAAP”) for complete financial statements. The accompanying unaudited condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position, the results of operations and cash flows for the interim periods presented. The results of operations for the three and six months ended June 30, 2019 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 WillScot's Annual Report on Form 10-K for the year ended December 31, 2018 .
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest. 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.
Recently Issued and Adopted Accounting Standards	Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326) , which prescribes that financial assets (or a group of financial assets) should be measured at amortized cost basis to be presented at the net amount expected to be collected. Credit losses relating to these financial assets should be recorded through an allowance for credit losses. The new standard is effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company continues to evaluate the impacts of adopting the standard on the financial statements and will adopt the standard within the required adoption period. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASC 842"). This guidance revises existing practice related to accounting for leases under ASC Topic 840, Leases (“ASC 840”) for both lessees and lessors. The new guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance also expands the requirements for lessees to record leases embedded in other arrangements and the required quantitative and qualitative disclosures surrounding leases. Accounting guidance for lessors is largely unchanged. This guidance is effective for non-public entities for fiscal years beginning after December 15, 2019 and interim periods within those annual periods using a modified retrospective transition approach. Early adoption is permitted for all entities. However, based on WillScot's expectation that it will cease to be an EGC as of December 31, 2019, the Company plans to adopt the new standard no later than in the fourth quarter of 2019. The Company plans to take advantage of the transition package of practical expedients permitted within ASC 842 which allows the Company not to reassess (i) whether any expired or existing lease contracts are or contain leases, (ii) the historical lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company is in the process of assessing the potential impact this guidance may have on its financial results, including which of its existing lease arrangements will be impacted by the new guidance and whether other arrangements that are not currently classified as leases may become subject to the guidance. Additionally, the Company is finalizing the implementation of a lease management system to assist in the accounting and is implementing additional changes to its processes and internal controls to ensure the new reporting and disclosure requirements are met upon adoption. Additionally, as discussed in Note 3, most of the Company's equipment rental revenues will be accounted for under the current lease accounting standard, ASC 840, until the adoption of the new lease accounting standard ASC 842. The Company is continuing to evaluate the impact of adopting ASC 842 on the Company's accounting for equipment rental revenue. Recently Adopted Accounting Standards From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. In August 2018 the FASB issued ASU 2018-13, Fair Value Measurement Topic 820 ("ASU 2018-13"). This guidance modifies the disclosure requirements for fair value measurements by removing the requirements to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 also adds requirements to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, as well as requires the range and weighted average of significant unobservable inputs used in developing Level 3 fair value measurements. T he guidance is effective for the Company for annual reporting periods and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty shou ld be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted for all entities. The Company elected to adopt this guidance on a retrospective basis with no material impact to the financial statements as of June 30, 2019. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other - Internal-Use Software (Subtopic 350-40) ("ASU 2018-15"). This guidance clarifies the accounting for implementation costs of a hosting arrangement that is a service contract, to align the requirements for capitalizing implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption is permitted, including adoption in any interim period, for all entities. The Company elected to adopt this guidance on a prospective basis with no material impact to the financial statements as of June 30, 2019.

Acquisitions and Assets Held _2

Acquisitions and Assets Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the key inputs utilized to determine the fair value of the Stock Consideration and 2018 Warrants included within the purchase price of ModSpace. Stock Consideration fair value inputs 2018 Warrants fair value inputs Expected volatility 28.6 % 35.0 % Risk-free rate of interest 2.2 % 2.7 % Dividend yield — % — % Expected life (years) 0.5 4.3
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date, August 15, 2018 and the adjustments made to these balances during the six months ended June 30, 2019. (in thousands) Balance at December 31, 2018 Adjustments Balance at June 30, 2019 Trade receivables, net (a) $ 81,320 $ (2,296) $ 79,024 Prepaid expenses and other current assets 17,342 305 17,647 Inventories 4,757 — 4,757 Rental equipment 853,986 (321) 853,665 Property, plant and equipment 110,413 4,388 114,801 Intangible assets: Favorable leases (b) 3,976 — 3,976 Trade name (b) 3,000 — 3,000 Deferred tax assets, net 1,855 — 1,855 Total identifiable assets acquired $ 1,076,649 $ 2,076 $ 1,078,725 Accrued liabilities $ 31,551 $ (793) $ 30,758 Accounts payable 37,678 323 38,001 Deferred revenue and customer deposits 15,938 — 15,938 Total liabilities assumed $ 85,167 $ (470) $ 84,697 Total goodwill (c) $ 215,764 $ (2,547) $ 213,217 (a) The fair value of accounts recei vable was $79.0 million and the gross contractual amount was $86.5 million. The Company estimated that $7.5 million is uncollectible. (b) The trade name has an estimated usef ul life of 3 years. The favorable lease assets have an estimated useful life equivalent to the term of the lease. (c) The goodwill is reflective of ModSpace’s going concern value and operational synergies that the Company expects to achieve that would not be available to other market participants. The goodwill represented on the balance sheet is not deductible for income tax purposes. The goodwill is assigned to the Modular – US and Modular – Other North America segments, defined in Note 16, in the am ount s of $178.3 million and $34.9 million, respectively.
Business Acquisition, Pro Forma Information	The pro forma information below has been prepared using the purchase method of accounting, giving effect to the ModSpace acquisition as if it had been completed on January 1, 2018. The pro forma information is not necessarily indicative of the Company’s results of operations had the acquisition been completed on the above date, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisition and also does not reflect additional revenue opportunities following the acquisition. The tables below present unaudited pro forma consolidated statements of operations information as if ModSpace had been included in the Company’s consolidated results for the six months ended June 30, 2018: (in thousands) Six Months Ended WillScot revenues $ 275,084 ModSpace revenues 230,917 Pro forma revenues $ 506,001 WillScot pre-tax loss $ (13,521) ModSpace pre-tax income 4,004 Pre-tax loss before pro forma adjustments (9,517) Pro forma adjustments to combined pre-tax loss: Impact of fair value mark-ups/useful life changes on depreciation (a) (6,579) Intangible asset amortization (b) (500) Interest expense (c) (32,871) Elimination of ModSpace interest (d) 15,933 Pro forma pre-tax loss (e) (33,534) Income tax benefit (f) (17,522) Pro forma net loss $ (16,012) (a) Depreciation of rental equipment and non-rental depreciation were adjusted for the fair value mark-ups of equipment acquired in the ModSpace acquisition. The useful lives assigned did not change significantly from the useful lives used by ModSpace. (b) Amortization of the trade name acquired in ModSpace acquisition. (c) In connection with the ModSpace acquisition, the Company drew an incremental $419.0 million on the ABL Facility, as defined in Note 8, and issued $300.0 million of secured notes and $200.0 million of unsecured notes. The weighted average interest rate for the aforementioned borrowings was 6.54%. Interest expense includes amortization of related deferred financing fees on debt incurred in conjunction with ModSpace acquisition. (d) Interest on ModSpace historical debt was eliminated. (e) Pro forma pre-tax loss includes $1.1 million of restructuring expense and $7.4 million of integration costs incurred by WillScot for the six months ended June 30, 2018. (f) The pro forma tax rate applied to the ModSpace pre-tax loss is the same as the WillScot effective rate for the period.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company had total revenue in the following geographic areas for the three and six months ended June 30: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 US $ 240,447 $ 127,983 473,214 $ 251,103 Canada 21,456 8,678 39,673 16,845 Mexico 4,222 3,672 8,246 7,136 Total revenues $ 266,125 $ 140,333 521,133 $ 275,084
Disaggregation of Revenue	The Company’s revenue by major product and service line for the three and six months ended June 30 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) Total Total Total Total Modular space leasing revenue $ 129,473 $ 69,616 $ 253,025 $ 136,860 Portable storage leasing revenue 6,022 4,835 12,262 9,767 VAPS (a) 39,669 20,560 77,061 40,009 Other leasing-related revenue (b) 12,345 6,238 23,383 11,875 Modular leasing revenue 187,509 101,249 365,731 198,511 Modular delivery and installation revenue 56,479 31,413 106,760 57,663 Total leasing and services revenue 243,988 132,662 472,491 256,174 Sale of new units 11,624 5,236 26,528 12,664 Sale of rental units 10,513 2,435 22,114 6,246 Total revenues $ 266,125 $ 140,333 $ 521,133 $ 275,084 (a) Includes $4.1 million and $2.6 million of VAPS service revenue for the three months ended June 2019 and 2018, respectively, and $7.9 million and $4.9 million of VAPS service revenue for the six months ended June 30, 2019 and 2018, respectively. (b) Primarily damage billings, delinquent payment charges, and other processing fees.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories at the respective balance sheet dates consisted of the following: (in thousands) June 30, 2019 December 31, 2018 Raw materials and consumables $ 15,215 $ 16,022 Work in process — 196 Total inventories $ 15,215 $ 16,218

Rental Equipment, net (Tables)

Rental Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Schedule of Rental Equipment, Net	Rental equipment, net, at the respective balance sheet dates consisted of the following: (in thousands) June 30, 2019 December 31, 2018 Modular units and portable storage $ 2,410,291 $ 2,333,776 Value added products 107,940 90,526 Total rental equipment 2,518,231 2,424,302 Less: accumulated depreciation (564,374) (495,012) Rental equipment, net $ 1,953,857 $ 1,929,290

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill activity	Changes in the carrying amount of goodwill were as follows: (in thousands) Modular – US Modular – Other North America Total Balance at January 1, 2018 $ 28,609 $ — $ 28,609 Acquisition of a business 183,711 35,128 218,839 Changes to preliminary purchase price accounting 944 — 944 Foreign currency translation — (1,375) (1,375) Balance at December 31, 2018 213,264 33,753 247,017 Changes to preliminary purchase price accounting (2,306) (241) (2,547) Foreign currency translation — 1,358 1,358 Balance at June 30, 2019 $ 210,958 $ 34,870 $ 245,828

Intangible (Tables)

Intangible (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	June 30, 2019 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Favorable lease rights 3.4 $ 1,738 $ (407) $ 1,331 ModSpace trade name 2.2 3,000 (875) 2,125 Total intangible assets subject to amortization 4,738 (1,282) 3,456 Indefinite-lived intangible assets: Trade name 125,000 — 125,000 Total intangible assets other than goodwill $ 129,738 $ (1,282) $ 128,456 December 31, 2018 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Favorable lease rights 6.7 $ 4,523 $ (347) $ 4,176 ModSpace trade name 2.7 3,000 (375) 2,625 Total intangible assets subject to amortization 7,523 (722) 6,801 Indefinite-lived intangible assets: Trade name 125,000 — 125,000 Total intangible assets other than goodwill $ 132,523 $ (722) $ 131,801
Schedule of Intangible Assets	June 30, 2019 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Favorable lease rights 3.4 $ 1,738 $ (407) $ 1,331 ModSpace trade name 2.2 3,000 (875) 2,125 Total intangible assets subject to amortization 4,738 (1,282) 3,456 Indefinite-lived intangible assets: Trade name 125,000 — 125,000 Total intangible assets other than goodwill $ 129,738 $ (1,282) $ 128,456 December 31, 2018 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Favorable lease rights 6.7 $ 4,523 $ (347) $ 4,176 ModSpace trade name 2.7 3,000 (375) 2,625 Total intangible assets subject to amortization 7,523 (722) 6,801 Indefinite-lived intangible assets: Trade name 125,000 — 125,000 Total intangible assets other than goodwill $ 132,523 $ (722) $ 131,801

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The carrying value of debt outstanding at the respective balance sheet dates consisted of the following: (in thousands, except rates) Interest rate Year of maturity June 30, 2019 December 31, 2018 2022 Secured Notes 7.875% 2022 $ 293,097 $ 292,258 2023 Secured Notes 6.875% 2023 481,864 293,918 Unsecured Notes 10.000% 2023 — 198,931 US ABL Facility Varies 2022 898,081 853,409 Canadian ABL Facility (a) Varies 2022 — — Capital lease and other financing obligations 38,507 37,983 Total debt 1,711,549 1,676,499 Less: current portion of long-term debt (2,026) (1,959) Total long-term debt $ 1,709,523 $ 1,674,540

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive loss ("AOCL"), net of tax, for the three and six months ended June 30, 2019 and 2018 were as follows: (in thousands) Foreign Currency Translation Unrealized losses on hedging activities Total Balance at December 31, 2018 $ (62,608) $ (5,418) $ (68,026) Total other comprehensive income (loss) prior to reclassifications 4,115 (2,636) 1,479 Reclassifications to the statements of operations — 435 435 Less other comprehensive (income) loss attributable to non-controlling interest (364) 198 (166) Balance at March 31, 2019 (58,857) (7,421) (66,278) Total other comprehensive income (loss) prior to reclassifications 4,300 (4,500) (200) Reclassifications to the statements of operations — 613 613 Less other comprehensive (income) loss attributable to non-controlling interest (396) 351 (45) Reclassifications to accumulated deficit — — — Balance at June 30, 2019 $ (54,953) $ (10,957) $ (65,910) (in thousands) Foreign Currency Translation Unrealized losses on hedging activities Total Balance at December 31, 2017 $ (49,497) $ — $ (49,497) Total other comprehensive income prior to reclassifications 263 — 263 Reclassifications to accumulated deficit (a) (2,540) — (2,540) Less other comprehensive income attributable to non-controlling interest (24) — (24) Balance at March 31, 2018 (51,798) — (51,798) Total other comprehensive loss prior to reclassifications (2,912) — (2,912) Less other comprehensive loss attributable to non-controlling interest 293 — 293 Balance at June 30, 2018 $ (54,417) $ — $ (54,417) (a) In t he first quarter of 2018, the Company elected to early adopt ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
Schedule of Noncontrolling Interest	The changes in the non-controlling interest for the three and six months ended June 30, 2019 and 2018 w ere as follows: (in thousands) 2019 2018 Balance at January 1, $ 63,982 $ 48,931 Net loss attributable to non-controlling interest (860) (648) Other comprehensive income 166 24 Balance at March 31, 63,288 $ 48,307 Net (loss) income attributable to non-controlling interest (862) 143 Other comprehensive income (loss) 45 (293) Balance at June 30, $ 62,471 $ 48,157

Fair Value Measures (Tables)

Fair Value Measures (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Assets and Liabilities	The following table shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy: June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 US ABL Facility $ 898,081 $ — $ 919,500 $ — $ 853,409 $ — $ 878,500 $ — Canadian ABL Facility — — 955 — — — 918 — 2022 Secured Notes 293,097 — 314,205 — 292,258 — 297,027 — 2023 Secured Notes 481,864 — 509,153 — 293,918 — 288,633 — Unsecured Notes — — — — 198,931 — 197,462 — Total $ 1,673,042 $ — $ 1,743,813 $ — $ 1,638,516 $ — $ 1,662,540 $ —

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2019
Restructuring and Related Activities [Abstract]
Summary of Activities in the Restructuring Accruals	The following is a summary of the activity in the Company’s restructuring accruals for three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, (in thousands) 2019 2018 Employee Costs Facility Exit Costs Total Employee Costs Facility Exit Costs Total Balance at beginning of the period $ 2,847 $ 4,252 $ 7,099 $ 755 $ — $ 755 Charges 123 1,027 1,150 449 — 449 Cash payments (1,704) (1,871) (3,575) (234) — (234) Foreign currency translation (123) — (123) (3) — (3) Non-cash movements — (1,644) (1,644) — — — Balance at end of period $ 1,143 $ 1,764 $ 2,907 $ 967 $ — $ 967 Six Months Ended June 30, (in thousands) 2019 2018 Employee Costs Facility Exit Costs Total Employee Costs Facility Exit Costs Total Balance at beginning of the period $ 4,544 $ 971 $ 5,515 $ 227 $ — $ 227 Charges 1,630 5,473 7,103 1,077 — 1,077 Cash payments (4,932) (3,015) (7,947) (330) — (330) Foreign currency translation (99) — (99) (7) — (7) Non-cash movements — (1,665) (1,665) — — — Balance at end of period $ 1,143 $ 1,764 $ 2,907 $ 967 $ — $ 967

(Tables)

(Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Agreements	The following table summarizes the outstanding interest rate swap arrangement as of June 30, 2019: Aggregate Notional Amount (in millions) Receive Rate Pay Rate Receive Rate as of June 30, 2019 Receive Rate as of December 31, 2018 US ABL Facility $ 400.0 1 month LIBOR 3.06 % 2.40 % 2.44 %
Schedule of Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet	The location and the fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows: (in thousands) Balance Sheet Location June 30, 2019 December 31, 2018 Cash Flow Hedges: Interest rate swap Accrued liabilities $ 4,080 $ 1,709 Interest rate swap Other long-term liabilities $ 11,772 $ 6,192

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables set forth certain information regarding each of the Company’s reportable segments fo r the three and six months ended June 30, 2019 and 2018, respectively. Three Months Ended June 30, 2019 (in thousands) Modular - US Modular - Other North America Total Revenues: Leasing and services revenue: Modular leasing $ 170,480 $ 17,029 $ 187,509 Modular delivery and installation 52,997 3,482 56,479 Sales revenue: New units 10,407 1,217 11,624 Rental units 4,977 5,536 10,513 Total Revenues 238,861 27,264 266,125 Costs: Cost of leasing and services: Modular leasing 51,083 3,990 55,073 Modular delivery and installation 43,949 4,519 48,468 Cost of sales: New units 7,138 861 7,999 Rental units 2,661 4,060 6,721 Depreciation of rental equipment 39,201 4,767 43,968 Gross profit $ 94,829 $ 9,067 $ 103,896 Other selected data: Adjusted EBITDA $ 81,380 $ 7,347 $ 88,727 Selling, general and administrative expense $ 64,153 $ 7,470 $ 71,623 Other depreciation and amortization $ 2,892 $ 275 $ 3,167 Purchase of rental equipment and refurbishments $ 58,241 $ 2,974 $ 61,215 Three Months Ended June 30, 2018 (in thousands) Modular - US Modular - Other North America Total Revenues: Leasing and services revenue: Modular leasing $ 90,965 $ 10,284 $ 101,249 Modular delivery and installation 27,390 4,023 31,413 Sales revenue: New units 4,149 1,087 5,236 Rental units 2,309 126 2,435 Total Revenues 124,813 15,520 140,333 Costs: Cost of leasing and services: Modular leasing 24,505 2,624 27,129 Modular delivery and installation 26,310 3,817 30,127 Cost of sales: New units 2,876 828 3,704 Rental units 1,164 99 1,263 Depreciation of rental equipment 20,217 3,253 23,470 Gross profit $ 49,741 $ 4,899 $ 54,640 Other selected data: Adjusted EBITDA $ 38,104 $ 3,812 $ 41,916 Selling, general and administrative expense $ 43,325 $ 4,409 $ 47,734 Other depreciation and amortization $ 1,354 $ 216 $ 1,570 Purchase of rental equipment and refurbishments $ 30,931 $ 1,748 $ 32,679 Six Months Ended June 30, 2019 (in thousands) Modular - US Modular - Other North America Total Revenues: Leasing and services revenue: Modular leasing $ 333,280 $ 32,451 $ 365,731 Modular delivery and installation 99,279 7,481 106,760 Sales revenue: New units 24,430 2,098 26,528 Rental units 13,348 8,766 22,114 Total Revenues 470,337 50,796 521,133 Costs: Cost of leasing and services: Modular leasing 94,966 7,342 102,308 Modular delivery and installation 83,700 8,111 91,811 Cost of sales: New units 17,388 1,489 18,877 Rental units 8,530 5,986 14,516 Depreciation of rental equipment 75,674 9,397 85,071 Gross profit $ 190,079 $ 18,471 $ 208,550 Other selected data: Adjusted EBITDA $ 158,148 $ 15,087 $ 173,235 Selling, general and administrative expense $ 130,558 $ 14,550 $ 145,108 Other depreciation and amortization $ 5,618 $ 553 $ 6,171 Purchase of rental equipment and refurbishments $ 108,162 $ 4,926 $ 113,088 Six Months Ended June 30, 2018 (in thousands) Modular - US Modular - Other North America Total Revenues: Leasing and services revenue: Modular leasing $ 178,913 $ 19,598 $ 198,511 Modular delivery and installation 51,360 6,303 57,663 Sales revenue: New units 10,964 1,700 12,664 Rental units 5,663 583 6,246 Total Revenues 246,900 28,184 275,084 Costs: Cost of leasing and services: Modular leasing 49,562 4,729 54,291 Modular delivery and installation 49,250 6,398 55,648 Cost of sales: New units 7,442 1,249 8,691 Rental units 3,193 385 3,578 Depreciation of rental equipment 40,904 6,411 47,315 Gross profit $ 96,549 $ 9,012 $ 105,561 Other selected data: Adjusted EBITDA $ 70,716 $ 6,692 $ 77,408 Selling, general and administrative expense $ 84,146 $ 8,802 $ 92,948 Other depreciation and amortization $ 3,559 $ 447 $ 4,006 Purchase of rental equipment and refurbishments $ 61,455 $ 3,308 $ 64,763
Reconciliation of Assets from Segment to Consolidated	The following tables present a reconciliation of the Company’s (loss) income from operations before income tax to Adjusted EBITDA by segment for the three and six months ended June 30, 2019 and 2018, respectively: Three Months Ended June 30, 2019 (in thousands) Modular - US Modular - Other North America Total (Loss) income from operations before income taxes $ (13,976) $ 1,021 $ (12,955) Loss on extinguishment of debt 7,244 — 7,244 Interest expense 31,865 659 32,524 Depreciation and amortization 42,093 5,042 47,135 Currency gains, net (75) (279) (354) Goodwill and other impairments 2,706 80 2,786 Restructuring costs 1,300 (150) 1,150 Integration costs 7,260 982 8,242 Stock compensation expense 1,900 — 1,900 Other expense (income) 1,063 (8) 1,055 Adjusted EBITDA $ 81,380 $ 7,347 $ 88,727 Three Months Ended June 30, 2018 (in thousands) Modular - US Modular - Other North America Total Loss from operations before income taxes $ (5,533) $ (733) $ (6,266) Interest expense 11,663 492 12,155 Depreciation and amortization 21,571 3,469 25,040 Currency losses, net 114 458 572 Restructuring costs 449 — 449 Integration costs 4,785 — 4,785 Stock compensation expense 1,054 — 1,054 Transaction costs 4,049 69 4,118 Other (income) expense (48) 57 9 Adjusted EBITDA $ 38,104 $ 3,812 $ 41,916 Six Months Ended June 30, 2019 (in thousands) Modular - US Modular - Other North America Total (Loss) income from operations before income taxes $ (25,098) $ 1,360 $ (23,738) Loss on extinguishment of debt 7,244 — 7,244 Interest expense 63,101 1,395 64,496 Depreciation and amortization 81,292 9,950 91,242 Currency (gains), net (205) (465) (670) Goodwill and other impairments 4,507 569 5,076 Restructuring costs 6,574 529 7,103 Integration costs 16,612 1,768 18,380 Stock compensation expense 3,190 — 3,190 Other expense (income) 931 (19) 912 Adjusted EBITDA $ 158,148 $ 15,087 $ 173,235 Six Months Ended June 30, 2018 (in thousands) Modular - US Modular - Other North America Total Loss from operations before income taxes $ (10,841) $ (2,680) $ (13,521) Interest expense 22,823 1,051 23,874 Depreciation and amortization 44,463 6,858 51,321 Currency losses, net 271 1,325 1,596 Restructuring costs 1,067 10 1,077 Integration costs 7,415 — 7,415 Stock compensation expense 1,175 — 1,175 Transaction costs 4,049 69 4,118 Other expense 294 59 353 Adjusted EBITDA $ 70,716 $ 6,692 $ 77,408

Related Parties (Tables)

Related Parties (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transaction, Due From (To) Related Party	Related party balances included in the Company’s consolidated balance sheet at June 30, 2019 and December 31, 2018, consisted of the following: (in thousands) Financial statement line Item June 30, 2019 December 31, 2018 Receivables due from affiliates Prepaid expenses and other current assets $ 24 $ 122 Amounts due to affiliates Accrued liabilities (982) (1,379) Total related party liabilities, net $ (958) $ (1,257)
Schedule of Related Party Transaction, Income (Expenses) from Related Party	Related party transactions included in the Company’s consolidated statement of operations for the three and six months ended June 30, 2019 and 2018, respectively, consisted of the following: Three Months Ended June 30, Six Months Ended June 30, (in thousands) Financial statement line item 2019 2018 2019 2018 Leasing revenue from related parties Modular leasing revenue $ 76 $ 233 $ 150 $ 525

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Narrative (Details)	Jun. 30, 2019
Williams Scotsman Holdings Corp.
Noncontrolling Interest [Line Items]
Percentage ownership by company	91.00%
Sapphire Holding S.a. r.l.
Noncontrolling Interest [Line Items]
Percentage ownership	9.00%

Acquisitions and Assets Held _3

Acquisitions and Assets Held for Sale (Details)	Aug. 15, 2018USD ($)$ / sharesshares	Jul. 20, 2018shares	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)	Jun. 19, 2019USD ($)	Dec. 31, 2018property	Aug. 06, 2018USD ($)	Aug. 03, 2018USD ($)
Business Acquisition [Line Items]
Cash purchase price					$ 0	$ 24,006,000
Share price (in USD per share) | $ / shares	$ 15.78
Integration fees			$ 8,242,000	$ 4,785,000	18,380,000	7,415,000
Transaction costs			0	4,118,000	0	4,118,000
Impairment losses on long-lived assets			2,786,000	0	5,076,000	0
Modular Space Holdings, Inc
Business Acquisition [Line Items]
Consideration	$ 1,200,000,000
Cash purchase price	1,100,000,000
Working capital adjustment	$ 4,700,000
Stock consideration, fair value, discount	6.00%
Integration fees			$ 8,200,000		$ 18,400,000
Tyson Onsite and Action Mobile Holdings LLC
Business Acquisition [Line Items]
Integration fees				$ 4,800,000		$ 7,400,000
Common Stock | Modular Space Holdings, Inc
Business Acquisition [Line Items]
Stock consideration, fair value (in USD per share) | $ / shares	$ 14.83
Warrants | Modular Space Holdings, Inc
Business Acquisition [Line Items]
Stock consideration, fair value (in USD per share) | $ / shares	5.23
Class A Common Stock | Modular Space Holdings, Inc
Business Acquisition [Line Items]
Warrants exercise price (in USD per share) | $ / shares	$ 15.50
Class A Common Stock | Common Stock | Modular Space Holdings, Inc
Business Acquisition [Line Items]
Stock consideration (in shares) | shares	6,458,229
Stock consideration	$ 95,800,000
Class A Common Stock | Warrants | Modular Space Holdings, Inc
Business Acquisition [Line Items]
Stock consideration (in shares) | shares	10,000,000
Stock consideration	$ 52,300,000
Public Offering | Class A Common Stock
Business Acquisition [Line Items]
Number of shares sold (in shares) | shares		9,200,000
2023 Senior Secured Notes | Senior Notes
Business Acquisition [Line Items]
Debt issued									$ 300,000,000
2023 Senior Unsecured Notes | Senior Notes
Business Acquisition [Line Items]
Debt issued							$ 200,000,000			$ 200,000,000
Legacy ModSpace Branch Facilities | Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of properties moved to held for sale | property					8
Number of properties held for sale | property								3
Impairment losses on long-lived assets					$ 2,600,000
Number of properties disposed | property					2
Proceeds from sale of properties					$ 8,600,000

Acquisitions and Assets Held _4

Acquisitions and Assets Held for Sale - Warrant Valuation (Details) - Modular Space Holdings, Inc	Aug. 15, 2018
Expected volatility
Business Acquisition [Line Items]
Stock consideration valuation input	0.286
Warrant valuation input	0.350
Risk-free rate of interest
Business Acquisition [Line Items]
Stock consideration valuation input	0.022
Warrant valuation input	0.027
Dividend yield
Business Acquisition [Line Items]
Stock consideration valuation input	0
Warrant valuation input	0
Expected life (years)
Business Acquisition [Line Items]
Stock consideration valuation input	0.5
Warrant valuation input	4.3

Acquisitions and Assets Held _5

Acquisitions and Assets Held for Sale - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Aug. 15, 2018	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Total goodwill		$ 245,828	$ 245,828	$ 247,017	$ 28,609
Goodwill recognized				218,839
Modular Space Holdings, Inc
Business Acquisition [Line Items]
Trade receivables, net	$ 81,320	79,024	79,024
Trade receivables, net, adjustments			(2,296)
Prepaid expenses and other current assets	4,757	4,757	4,757
Prepaid expenses and other current assets, adjustments			305
Inventories	17,342	17,647	17,647
Inventories, adjustment			0
Rental equipment	853,986	853,665	853,665
Rental equipment, adjustments			(321)
Property, plant and equipment	110,413	114,801	114,801
Property, plant and equipment, adjustments			4,388
Deferred tax assets, net, adjustments			0
Total identifiable assets acquired	1,076,649
Total identifiable assets acquired, adjustments			2,076
Accrued liabilities	31,551	30,758	30,758
Accrued liabilities, adjustments			(793)
Accounts payable	37,678	38,001	38,001
Accounts payable, adjustments			323
Deferred revenue and customer deposits	15,938	15,938	15,938
Deferred revenue and customer deposits, adjustments			0
Total liabilities assumed	85,167	84,697	84,697
Total liabilities assumed, adjustments			(470)
Total goodwill	215,764	213,217	213,217
Total goodwill, adjustments			(2,547)
Fair value of accounts receivables	79,000
Gross contractual amounts of accounts receivables	86,500
Uncollectible accounts receivable	7,500
Favorable Lease Asset | Modular Space Holdings, Inc
Business Acquisition [Line Items]
Intangible assets	3,976	3,976	3,976
Intangible assets, adjustments			0
Trade name | Modular Space Holdings, Inc
Business Acquisition [Line Items]
Intangible assets	3,000	3,000	3,000
Intangible assets, adjustments			0
Deferred tax assets, net	$ 1,855	1,855	1,855
Total identifiable assets acquired		$ 1,078,725	1,078,725
Estimated useful life of intangible assets	3 years	3 years
Modular – US
Business Acquisition [Line Items]
Total goodwill		$ 210,958	210,958	213,264	28,609
Goodwill recognized	$ 178,300			183,711
Modular – US | Modular Space Holdings, Inc
Business Acquisition [Line Items]
Goodwill recognized	178,300
Modular – Other North America
Business Acquisition [Line Items]
Total goodwill		$ 34,870	$ 34,870	33,753	$ 0
Goodwill recognized	34,900			$ 35,128
Modular – Other North America | Modular Space Holdings, Inc
Business Acquisition [Line Items]
Goodwill recognized	$ 34,900

Acquisitions and Assets Held _6

Acquisitions and Assets Held for Sale - Pro-Forma Consolidated Statements of Operations (Details) - USD ($)	Aug. 15, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Acquisition [Line Items]
Revenue		$ 266,125,000	$ 140,333,000	$ 521,133,000	$ 275,084,000
Pretax gain (loss)		(12,955,000)	(6,266,000)	(23,738,000)	(13,521,000)
Restructuring costs		1,150,000	449,000	7,103,000	1,077,000
Integration costs		$ 8,242,000	$ 4,785,000	$ 18,380,000	7,415,000
Senior Notes | 2023 Senior Secured Notes
Business Acquisition [Line Items]
Debt issued	$ 300,000,000
Senior Notes | 2023 Senior Unsecured Notes
Business Acquisition [Line Items]
Debt issued	200,000,000
Revolving Credit Facility | Line of Credit | ABL Facility
Business Acquisition [Line Items]
Draw down of debt	$ 419,000,000
Weighted average interest rate for borrowings		4.90%		4.90%
Modular Space Holdings, Inc
Business Acquisition [Line Items]
Pro-forma revenues					506,001,000
Pretax gain (loss)					(33,534,000)
Pre-tax loss before pro forma adjustments					(9,517,000)
Income tax benefit					(17,522,000)
Pro-forma net loss					(16,012,000)
Weighted average interest rate for borrowings		6.54%		6.54%
Integration costs		$ 8,200,000		$ 18,400,000
Modular Space Holdings, Inc | Impact of fair value mark-ups/useful life changes on depreciation
Business Acquisition [Line Items]
Pretax gain (loss)					(6,579,000)
Modular Space Holdings, Inc | Intangible asset amortization
Business Acquisition [Line Items]
Pretax gain (loss)					(500,000)
Modular Space Holdings, Inc | Interest expense
Business Acquisition [Line Items]
Pretax gain (loss)					(32,871,000)
Modular Space Holdings, Inc | Elimination of historic interest
Business Acquisition [Line Items]
Pretax gain (loss)					15,933,000
Modular Space Holdings, Inc
Business Acquisition [Line Items]
Revenue					230,917,000
Pretax gain (loss)					$ 4,004,000

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019
Disaggregation of Revenue [Line Items]
Bad debt expense	$ 3,400	$ 700	$ 6,297	$ 2,282
Deferred revenue	$ 44,900		44,900		$ 32,100
Previously deferred revenue recognized			$ 7,200
Receivables | Credit Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage			2.60%
Modular Leasing
Disaggregation of Revenue [Line Items]
Concentration risk percentage			69.00%
Modular Leasing | Revenues | Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	69.00%	70.00%	69.00%	70.00%
Minimum
Disaggregation of Revenue [Line Items]
Lease term	1 month		1 month
Maximum
Disaggregation of Revenue [Line Items]
Lease term	60 months		60 months
Weighted Average
Disaggregation of Revenue [Line Items]
Lease term	10 months		10 months

Revenue - Revenue Disaggregatio

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 266,125	$ 140,333	$ 521,133	$ 275,084
US
Disaggregation of Revenue [Line Items]
Revenue	240,447	127,983	473,214	251,103
Canada
Disaggregation of Revenue [Line Items]
Revenue	21,456	8,678	39,673	16,845
Mexico
Disaggregation of Revenue [Line Items]
Revenue	4,222	3,672	8,246	7,136
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Revenue	129,473	69,616	253,025	136,860
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Revenue	6,022	4,835	12,262	9,767
VAPS
Disaggregation of Revenue [Line Items]
Revenue	39,669	20,560	77,061	40,009
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Revenue	12,345	6,238	23,383	11,875
Modular leasing
Disaggregation of Revenue [Line Items]
Revenue	187,509	101,249	365,731	198,511
Modular delivery and installation
Disaggregation of Revenue [Line Items]
Revenue	56,479	31,413	106,760	57,663
Total leasing and services
Disaggregation of Revenue [Line Items]
Revenue	243,988	132,662	472,491	256,174
New units
Disaggregation of Revenue [Line Items]
Revenue	11,624	5,236	26,528	12,664
Rental units
Disaggregation of Revenue [Line Items]
Revenue	10,513	2,435	22,114	6,246
VAPS service
Disaggregation of Revenue [Line Items]
Revenue	$ 2,600	$ 4,100	$ 4,900	$ 7,900

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials and consumables	$ 15,215	$ 16,022
Work in process	0	196
Total inventories	$ 15,215	$ 16,218

Rental Equipment, net (Details)

Rental Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 2,518,231			$ 2,424,302
Less: accumulated depreciation	(564,374)			(495,012)
Rental equipment, net	1,953,857			1,929,290
Insurance proceeds	1,100	$ 1,800	$ 9,300
Gain on insurance proceeds	1,900	$ 1,800	$ 4,800
Modular units and portable storage
Property, Plant and Equipment [Line Items]
Total rental equipment	2,410,291			2,333,776
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 107,940			$ 90,526

Goodwill - Goodwill Activity (D

Goodwill - Goodwill Activity (Details) - USD ($) $ in Thousands	Aug. 15, 2018	Jun. 30, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Goodwill, beginning of period		$ 247,017	$ 28,609
Acquisition of businesses			218,839
Changes to preliminary purchase price accounting		(2,547)	944
Foreign currency translation		1,358	(1,375)
Goodwill, end of period		245,828	247,017
Modular – US
Goodwill [Roll Forward]
Goodwill, beginning of period		213,264	28,609
Acquisition of businesses	$ 178,300		183,711
Changes to preliminary purchase price accounting		(2,306)	944
Foreign currency translation		0	0
Goodwill, end of period		210,958	213,264
Modular – Other North America
Goodwill [Roll Forward]
Goodwill, beginning of period		33,753	0
Acquisition of businesses	$ 34,900		35,128
Changes to preliminary purchase price accounting		(241)	0
Foreign currency translation		1,358	(1,375)
Goodwill, end of period		$ 34,870	$ 33,753

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($) $ in Thousands	Aug. 15, 2018	Dec. 31, 2018	Jun. 30, 2019
Goodwill [Line Items]
Goodwill recognized		$ 218,839
Modular – US
Goodwill [Line Items]
Goodwill recognized	$ 178,300	183,711
Modular – Other North America
Goodwill [Line Items]
Goodwill recognized	$ 34,900	$ 35,128
US Reporting Unit
Goodwill [Line Items]
Percentage of fair value in excess of carrying value			100.00%
Canadian Reporting Unit
Goodwill [Line Items]
Percentage of fair value in excess of carrying value			1.00%

Intangible - Schedule of Intang

Intangible - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Intangible assets subject to amortization:
Gross carrying amount	$ 4,738	$ 7,523
Accumulated amortization	(1,282)	(722)
Net book value	3,456	6,801
Indefinite-lived intangible assets:
Indefinite-lived intangible assets		125,000
Gross carrying amount	129,738	132,523
Net book value	$ 128,456	$ 131,801
Favorable lease rights
Intangible assets subject to amortization:
Weighted average remaining life (in years)	3 years 4 months 24 days	6 years 8 months 12 days
Gross carrying amount	$ 1,738	$ 4,523
Accumulated amortization	(407)	(347)
Net book value	$ 1,331	$ 4,176
ModSpace trade name
Intangible assets subject to amortization:
Weighted average remaining life (in years)	2 years 2 months 12 days	2 years 8 months 12 days
Gross carrying amount	$ 3,000	$ 3,000
Accumulated amortization	(875)	(375)
Net book value	2,125	$ 2,625
ModSpace trade name
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	$ 125,000

Intangible - Narrative (Details

Intangible - Narrative (Details) - USD ($) $ in Millions	Aug. 15, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets		$ 0.3	$ 0.2	$ 0.8
Intangible asset impairment losses				$ 2.4
Modular Space Holdings, Inc | Trade name
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 3
Estimated useful life of intangible assets	3 years			3 years
Modular Space Holdings, Inc | Favorable Lease Asset
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 4
Modular – US | Modular Space Holdings, Inc | Favorable Lease Asset
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	3.9
Modular – Other North America | Modular Space Holdings, Inc | Favorable Lease Asset
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 0.1
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets		$ 0.3		$ 0.5	$ 0.4
SG&A
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets				$ 0.3

Debt - Carrying Value of Debt O

Debt - Carrying Value of Debt Outstanding (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Aug. 06, 2018	Nov. 29, 2017
Debt Instrument [Line Items]
Capital lease and other financing obligations	$ 38,507,000	$ 37,983,000
Total debt	1,711,549,000	1,676,499,000
Less: current portion of long-term debt	(2,026,000)	(1,959,000)
Total long-term debt	$ 1,709,523,000	1,674,540,000
Senior Notes | 2022 Senior Secured Notes
Debt Instrument [Line Items]
Interest rate	7.875%			7.875%
Debt	$ 293,097,000	292,258,000
Debt issuance costs	$ 6,900,000	7,700,000
Senior Notes | 2023 Senior Secured Notes
Debt Instrument [Line Items]
Interest rate	6.875%		6.875%
Debt	$ 481,864,000	293,918,000
Senior Notes | 2023 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate	10.00%
Debt	$ 0	198,931,000
Line of Credit | US ABL Facility
Debt Instrument [Line Items]
Debt issuance costs	21,400,000	25,100,000
Line of Credit | US ABL Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt	898,081,000	853,409,000
Line of Credit | Canadian ABL Facility
Debt Instrument [Line Items]
Debt issuance costs	1,000,000	900,000
Line of Credit | Canadian ABL Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt	0	0
Debt issuance costs	2,500,000	2,900,000
Line of Credit | Canadian ABL Facility | Revolving Credit Facility | Long-term Debt
Debt Instrument [Line Items]
Debt, gross	1,000,000	900,000
Line of Credit | Canadian ABL Facility | Revolving Credit Facility | Other Non-current Assets
Debt Instrument [Line Items]
Debt, gross	$ 1,500,000
Debt issuance costs		$ 2,000,000

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Jun. 19, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	May 14, 2019	Dec. 31, 2018	Aug. 15, 2018	Aug. 06, 2018	Aug. 03, 2018	Nov. 29, 2017
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 7,244,000	$ 0	$ 7,244,000	$ 0
Capital lease obligations		38,507,000		38,507,000			$ 37,983,000
Line of Credit | ABL Facility
Debt Instrument [Line Items]
Letters of credit amount outstanding		13,000,000		13,000,000
Line of Credit | US ABL Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs		21,400,000		21,400,000			25,100,000
Line of Credit | Canadian ABL Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs		1,000,000		1,000,000			900,000
Senior Notes | 2022 Senior Secured Notes
Debt Instrument [Line Items]
Debt, face amount											$ 300,000,000
Unamortized debt issuance costs		$ 6,900,000		$ 6,900,000			7,700,000
Interest rate		7.875%		7.875%							7.875%
Senior Notes | 2023 Senior Secured Notes
Debt Instrument [Line Items]
Debt issuance costs and debt discount		$ 8,100,000		$ 8,100,000					$ 6,100,000
Debt, face amount								$ 300,000,000
Interest rate		6.875%		6.875%					6.875%
Senior Notes | 2023 Senior Secured Notes, Tack-on Offering
Debt Instrument [Line Items]
Debt, face amount						$ 190,000,000
Unamortized debt issuance costs						$ 3,100,000
Senior Notes | 2023 Senior Unsecured Notes
Debt Instrument [Line Items]
Debt issuance costs and debt discount							1,100,000
Debt, face amount								$ 200,000,000
Redemption premium	102.00%
Make-whole premium	1.126%
Loss on extinguishment of debt	$ 7,200,000
Loss on extinguishment of debt, make-whole premiums	6,200,000
Write off of Deferred Debt Issuance Cost	$ 1,000,000
Interest rate		10.00%		10.00%
Capital Leases and Other Financing Obligations
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 1,400,000		$ 1,400,000			1,600,000
Sale Leaseback Transaction
Debt Instrument [Line Items]
Capital lease obligations		38,500,000		38,500,000			37,900,000
Capital Lease Obligations
Debt Instrument [Line Items]
Capital lease obligations		0		0			100,000
Revolving Credit Facility | Line of Credit | ABL Facility
Debt Instrument [Line Items]
Accordion feature		$ 375,000,000		$ 375,000,000
Weighted average interest rate for borrowings		4.90%		4.90%
Weighted average interest rate for borrowings after interest rate swap agreements		5.18%		5.18%
Available borrowing capacity		$ 486,900,000		$ 486,900,000			532,600,000
Outstanding principal		920,500,000		920,500,000			879,400,000
Debt issuance costs and debt discount		22,400,000		22,400,000			26,000,000
Revolving Credit Facility | Line of Credit | US ABL Facility
Debt Instrument [Line Items]
Maximum aggregate availability		1,285,000,000		1,285,000,000
Available borrowing capacity		352,500,000		352,500,000			393,500,000
Revolving Credit Facility | Line of Credit | Canadian ABL Facility
Debt Instrument [Line Items]
Maximum aggregate availability		140,000,000		140,000,000
Available borrowing capacity		134,400,000		134,400,000			139,100,000
Unamortized debt issuance costs		$ 2,500,000		$ 2,500,000			$ 2,900,000
Letter of Credit | Line of Credit | ABL Facility
Debt Instrument [Line Items]
Commitment fee				2.625%
Interest Payment Period One | Senior Notes | 2023 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate										10.00%
Minimum
Debt Instrument [Line Items]
Capital lease interest rate				1.20%
Maximum
Debt Instrument [Line Items]
Capital lease interest rate				11.90%

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ in Thousands	Aug. 15, 2018	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019
Subsidiary, Sale of Stock [Line Items]
Number of shares issued for stock compensation (in shares)				190,129
Reclassifications to consolidated statement of operations		$ (613)	$ (435)
2015 Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding (in shares)		24,367,867		24,367,867
2018 Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding (in shares)		9,999,579		9,999,579
Warrants | Modular Space Holdings, Inc | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock consideration (in shares)	10,000,000
Unrealized losses on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations		$ (613)	$ (435)
Unrealized losses on hedging activities | Interest Rate Swap
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations		600		$ 1,200
Reclassifications to consolidated statement of operations, tax expense (benefit)		$ 0		$ (100)

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 484,550	$ 693,931	$ 702,197	$ 478,099	$ 484,550	$ 702,197
Total other comprehensive income (loss) prior to reclassifications		(200)	1,479	(2,912)	263
Reclassifications to the statements of operations		613	435
Reclassification to accumulated deficit	2,500	0			(2,540)
Less other comprehensive (income) loss attributable to non-controlling interest		(45)	(166)	293	(24)
Ending Balance		684,470	693,931	476,620	478,099	684,470
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(49,497)	(58,857)	(62,608)	(51,798)	(49,497)	(62,608)
Total other comprehensive income (loss) prior to reclassifications		4,300	4,115	(2,912)	263
Reclassifications to the statements of operations		0	0
Reclassification to accumulated deficit					(2,540)
Less other comprehensive (income) loss attributable to non-controlling interest		(396)	(364)	293	(24)
Ending Balance		(54,953)	(58,857)	(54,417)	(51,798)	(54,953)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	(7,421)	(5,418)	0	0	(5,418)
Total other comprehensive income (loss) prior to reclassifications		(4,500)	(2,636)	0	0
Reclassifications to the statements of operations		613	435
Reclassification to accumulated deficit		0			0
Less other comprehensive (income) loss attributable to non-controlling interest		351	198	0	0
Ending Balance		(10,957)	(7,421)	0	0	(10,957)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (49,497)	(66,278)	(68,026)	(51,798)	(49,497)	(68,026)
Ending Balance		$ (65,910)	$ (66,278)	$ (54,417)	$ (51,798)	$ (65,910)

Equity - Non-Controlling Intere

Equity - Non-Controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 693,931	$ 702,197	$ 478,099	$ 484,550	$ 702,197	$ 484,550
Net loss attributable to non-controlling interest	(862)		143		(1,722)	(505)
Other comprehensive loss	45	166	(293)	24
Ending Balance	684,470	693,931	476,620	478,099	684,470	476,620
Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	63,288	63,982	48,307	48,931	63,982	48,931
Net loss attributable to non-controlling interest	(862)	(860)	143	(648)
Other comprehensive loss	45	166	(293)	24
Ending Balance	$ 62,471	$ 63,288	$ 48,157	$ 48,307	$ 62,471	$ 48,157

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income tax benefit	$ 1,180	$ 6,645	$ 802	$ 7,065
Effective tax rate	9.10%	106.10%	3.40%	52.30%
Tax benefit related to enacted legislative changes	$ 1,200	$ 4,400	$ 800	$ 4,700

Fair Value Measures (Details)

Fair Value Measures (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 1,673,042	$ 1,638,516
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	1,743,813	1,662,540
Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
US ABL Facility | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	21,400	25,100
US ABL Facility | Carrying Amount | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	898,081	853,409
US ABL Facility | Fair Value | Level 1 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
US ABL Facility | Fair Value | Level 2 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	919,500	878,500
US ABL Facility | Fair Value | Level 3 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Canadian ABL Facility | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	1,000	900
Canadian ABL Facility | Carrying Amount | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Canadian ABL Facility | Fair Value | Level 1 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Canadian ABL Facility | Fair Value | Level 2 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	955	918
Canadian ABL Facility | Fair Value | Level 3 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2022 Secured Notes | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	6,900	7,700
2022 Secured Notes | Carrying Amount | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	293,097	292,258
2022 Secured Notes | Fair Value | Level 1 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2022 Secured Notes | Fair Value | Level 2 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	314,205	297,027
2022 Secured Notes | Fair Value | Level 3 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2023 Secured Notes | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	8,100	6,100
2023 Secured Notes | Carrying Amount | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	481,864	293,918
2023 Secured Notes | Fair Value | Level 1 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2023 Secured Notes | Fair Value | Level 2 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	509,153	288,633
2023 Secured Notes | Fair Value | Level 3 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Unsecured Notes | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs		1,100
Unsecured Notes | Carrying Amount | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	198,931
Unsecured Notes | Fair Value | Level 1 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Unsecured Notes | Fair Value | Level 2 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	197,462
Unsecured Notes | Fair Value | Level 3 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 0	$ 0

Restructuring - Additional Info

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,150	$ 449	$ 7,103	$ 1,077
Operating Segments | Modular – US
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,300	449	6,574	1,067
Operating Segments | Modular – Other North America
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ (150)	$ 0	$ 529	$ 10

Restructuring - Summary of Acti

Restructuring - Summary of Activities in the Restructuring Accruals (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restructuring Reserve [Roll Forward]
Balance at beginning of the period	$ 7,099	$ 755	$ 5,515	$ 227
Charges	1,150	449	7,103	1,077
Cash payments	(3,575)	(234)	(7,947)	(330)
Foreign currency translation	(123)	(3)	(99)	(7)
Non-cash movements	(1,644)	0	(1,665)	0
Balance at end of period	2,907	967	2,907	967
Employee Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of the period	2,847	755	4,544	227
Charges	123	449	1,630	1,077
Cash payments	(1,704)	(234)	(4,932)	(330)
Foreign currency translation	(123)	(3)	(99)	(7)
Non-cash movements	0	0	0	0
Balance at end of period	1,143	967	1,143	967
Facility Exit Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of the period	4,252	0	971	0
Charges	1,027	0	5,473	0
Cash payments	(1,871)	0	(3,015)	0
Foreign currency translation	0	0	0	0
Non-cash movements	(1,644)	0	(1,665)	0
Balance at end of period	$ 1,764	$ 0	$ 1,764	$ 0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 21, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted (in shares)				0
Number of options vested (in shares)				147,313
Number of options forfeited (in shares)				41,302
Number of shares issued for stock compensation (in shares)				190,129
Numbers of shares withheld for taxes (in shares)				56,643
Nonvested options outstanding (in shares)		400,642		400,642
Nonvested options weighted average grant date fair value (in USD per share)		$ 5.51		$ 5.51
Stock compensation expense		$ 1,900	$ 1,054	$ 3,190	$ 1,175
Unrecognized compensation expense for options		$ 2,000		$ 2,000
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)				478,400
Number of awards vested (in shares)				213,180
Number of awards forfeited (in shares)				34,191
Nonvested awards outstanding (in shares)		1,083,762		1,083,762
Nonvested awards weighted average grant date fair value (in USD per share)		$ 12.77		$ 12.77
Stock compensation expense				$ 1,200	1,900
Compensation expense for awards, associated tax benefits				0	200
Unrecognized compensation expense for awards		$ 12,500		$ 12,500
Unrecognized compensation expense, period for recognition				3 years 2 months 12 days
Market-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)	302,182			302,182
Number of awards forfeited (in shares)				7,485
Nonvested awards outstanding (in shares)		294,697		294,697
Nonvested awards weighted average grant date fair value (in USD per share)		$ 13.22		$ 13.22
Stock compensation expense		$ 300		$ 400
Compensation expense for awards, associated tax benefits		0		100
Unrecognized compensation expense for awards		$ 3,500		$ 3,500
Unrecognized compensation expense, period for recognition				2 years 8 months 12 days
Performance period				3 years
Minimum payout percentage		0.00%		0.00%
Maximum payout percentage		150.00%		150.00%
Target payout percentage		100.00%		100.00%
Target performance threshold		50.00%		50.00%
Minimum performance threshold		25.00%		25.00%
Maximum performance threshold		75.00%		75.00%
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)				52,755
Number of awards vested (in shares)				33,592
Number of awards forfeited (in shares)				0
Nonvested awards outstanding (in shares)		91,216		91,216
Nonvested awards weighted average grant date fair value (in USD per share)		$ 15.58		$ 15.58
Stock compensation expense				$ 200	500
Compensation expense for awards, associated tax benefits				0	100
Unrecognized compensation expense for awards		$ 900		$ 900
Unrecognized compensation expense, period for recognition				7 months 6 days
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense				$ 200		$ 400
Compensation expense for awards, associated tax benefits				$ 0	$ 0	$ 100
Unrecognized compensation expense, period for recognition				2 years 8 months 12 days

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - Interest Rate Swap	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Notational amount	$ 400,000,000	$ 400,000,000
Loss Recognized in OCI	(5,100,000)	(8,000,000)
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Loss Reclassified from AOCI into income (Effective Portion)	$ (600,000)	$ (1,200,000)

Derivatives - Outstanding Inter

Derivatives - Outstanding Interest Rate Swap Agreement (Details) - Interest Rate Swap - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Aggregate Notional Amount (in millions)	$ 400,000,000
Pay Rate	3.06%
Receive Rate	2.40%	2.44%

Derivatives - Location and Fair

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - Interest Rate Swap - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Accrued liabilities	$ 4,080	$ 1,709
Other long-term liabilities	$ 11,772	$ 6,192

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2019business_linesegment
Segment Reporting [Abstract]
Number of business lines | business_line	1
Number of operating segments | segment	2

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Modular leasing	$ 187,509	$ 101,249	$ 365,731	$ 198,511
Revenue	266,125	140,333	521,133	275,084
Cost of leasing and services:
Modular leasing	55,073	27,129	102,308	54,291
Depreciation of rental equipment	43,968	23,470	85,071	47,315
Gross profit	103,896	54,640	208,550	105,561
Other selected data:
Adjusted EBITDA	88,727	41,916	173,235	77,408
Selling, general and administrative expense	71,623	47,734	145,108	92,948
Other depreciation and amortization	3,167	1,570	6,171	4,006
Purchase of rental equipment and refurbishments	61,215	32,679	113,088	64,763
Modular delivery and installation
Revenues:
Revenue	56,479	31,413	106,760	57,663
Cost of leasing and services:
Modular delivery and installation	48,468	30,127	91,811	55,648
New units
Revenues:
Revenue	11,624	5,236	26,528	12,664
Cost of leasing and services:
Cost of sales	7,999	3,704	18,877	8,691
Rental units
Revenues:
Revenue	10,513	2,435	22,114	6,246
Cost of leasing and services:
Cost of sales	6,721	1,263	14,516	3,578
Modular – US | Operating Segments
Revenues:
Modular leasing	170,480	90,965	333,280	178,913
Revenue	238,861	124,813	470,337	246,900
Cost of leasing and services:
Modular leasing	51,083	24,505	94,966	49,562
Depreciation of rental equipment	39,201	20,217	75,674	40,904
Gross profit	94,829	49,741	190,079	96,549
Other selected data:
Adjusted EBITDA	81,380	38,104	158,148	70,716
Selling, general and administrative expense	64,153	43,325	130,558	84,146
Other depreciation and amortization	2,892	1,354	5,618	3,559
Purchase of rental equipment and refurbishments	58,241	30,931	108,162	61,455
Modular – US | Operating Segments | Modular delivery and installation
Revenues:
Revenue	52,997	27,390	99,279	51,360
Cost of leasing and services:
Modular delivery and installation	43,949	26,310	83,700	49,250
Modular – US | Operating Segments | New units
Revenues:
Revenue	10,407	4,149	24,430	10,964
Cost of leasing and services:
Cost of sales	7,138	2,876	17,388	7,442
Modular – US | Operating Segments | Rental units
Revenues:
Revenue	4,977	2,309	13,348	5,663
Cost of leasing and services:
Cost of sales	2,661	1,164	8,530	3,193
Modular – Other North America | Operating Segments
Revenues:
Modular leasing	17,029	10,284	32,451	19,598
Revenue	27,264	15,520	50,796	28,184
Cost of leasing and services:
Modular leasing	3,990	2,624	7,342	4,729
Depreciation of rental equipment	4,767	3,253	9,397	6,411
Gross profit	9,067	4,899	18,471	9,012
Other selected data:
Adjusted EBITDA	7,347	3,812	15,087	6,692
Selling, general and administrative expense	7,470	4,409	14,550	8,802
Other depreciation and amortization	275	216	553	447
Purchase of rental equipment and refurbishments	2,974	1,748	4,926	3,308
Modular – Other North America | Operating Segments | Modular delivery and installation
Revenues:
Revenue	3,482	4,023	7,481	6,303
Cost of leasing and services:
Modular delivery and installation	4,519	3,817	8,111	6,398
Modular – Other North America | Operating Segments | New units
Revenues:
Revenue	1,217	1,087	2,098	1,700
Cost of leasing and services:
Cost of sales	861	828	1,489	1,249
Modular – Other North America | Operating Segments | Rental units
Revenues:
Revenue	5,536	126	8,766	583
Cost of leasing and services:
Cost of sales	$ 4,060	$ 99	$ 5,986	$ 385

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Loss from operations before income tax	$ (12,955,000)	$ (6,266,000)	$ (23,738,000)	$ (13,521,000)
Loss on extinguishment of debt	7,244,000	0	7,244,000	0
Interest expense	32,524,000	12,155,000	64,496,000	23,874,000
Depreciation and amortization	47,135,000	25,040,000	91,242,000	51,321,000
Currency (gains) losses, net	(354,000)	572,000	(670,000)	1,596,000
Goodwill and other impairments	2,786,000		5,076,000
Restructuring costs	1,150,000	449,000	7,103,000	1,077,000
Integration costs	8,242,000	4,785,000	18,380,000	7,415,000
Stock compensation expense	1,900,000	1,054,000	3,190,000	1,175,000
Transaction costs	0	4,118,000	0	4,118,000
Other (income) expense	1,055,000	9,000	912,000	353,000
Adjusted EBITDA	88,727,000	41,916,000	173,235,000	77,408,000
Operating Segments | Modular – US
Segment Reporting Information [Line Items]
Loss from operations before income tax	(13,976,000)	(5,533,000)	(25,098,000)	(10,841,000)
Loss on extinguishment of debt	7,244,000		7,244,000
Interest expense	31,865,000	11,663,000	63,101,000	22,823,000
Depreciation and amortization	42,093,000	21,571,000	81,292,000	44,463,000
Currency (gains) losses, net	(75,000)	114,000	(205,000)	271,000
Goodwill and other impairments	2,706,000		4,507,000
Restructuring costs	1,300,000	449,000	6,574,000	1,067,000
Integration costs	7,260,000	4,785,000	16,612,000	7,415,000
Stock compensation expense	1,900,000	1,054,000	3,190,000	1,175,000
Transaction costs		4,049,000		4,049,000
Other (income) expense	1,063,000	(48,000)	931,000	294,000
Adjusted EBITDA	81,380,000	38,104,000	158,148,000	70,716,000
Operating Segments | Modular – Other North America
Segment Reporting Information [Line Items]
Loss from operations before income tax	1,021,000	(733,000)	1,360,000	(2,680,000)
Loss on extinguishment of debt	0		0
Interest expense	659,000	492,000	1,395,000	1,051,000
Depreciation and amortization	5,042,000	3,469,000	9,950,000	6,858,000
Currency (gains) losses, net	(279,000)	458,000	(465,000)	1,325,000
Goodwill and other impairments	80,000		569,000
Restructuring costs	(150,000)	0	529,000	10,000
Integration costs	982,000	0	1,768,000	0
Stock compensation expense	0	0	0	0
Transaction costs		69,000		69,000
Other (income) expense	(8,000)	57,000	(19,000)	59,000
Adjusted EBITDA	$ 7,347,000	$ 3,812,000	$ 15,087,000	$ 6,692,000

Loss Per Share - Narrative (Det

Loss Per Share - Narrative (Details) - shares	Jan. 19, 2018	Nov. 29, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares released from escrow (in shares)	6,212,500
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares placed in escrow (in shares)		12,425,000
Stock Option Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)			400,642	589,257	400,642	589,257
Time-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)			1,083,762		1,083,762
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)			91,216		91,216
Market-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)			294,697		294,697
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)			22,183,513		22,183,513
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)				886,680		886,680
Market-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Minimum payout percentage			0.00%		0.00%
Maximum payout percentage			150.00%		150.00%

Loss Per Share - Reconciliation

Loss Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator
Net (loss) income	$ (11,775)	$ (11,161)	$ 379	$ (6,835)	$ (22,936)	$ (6,456)
Net (loss) income attributable to non-controlling interest, net of tax	(862)		143		(1,722)	(505)
Net (loss) income attributable to WillScot	$ (10,913)		$ 236		$ (21,214)	$ (5,951)
Denominator
Average shares outstanding - basic (in shares)	108,693,924		78,432,274		108,609,068	77,814,456
Average effect of dilutive securities:
Warrants (in shares)	0		3,745,030		0	0
Restricted stock awards (in shares)	0		2,782		0	0
Weighted average shares - diluted (in shares)	108,693,924		82,180,086		108,609,068	77,814,456
Loss per share
Net loss per share attributable to WillScot - basic (in USD per share)	$ (0.10)		$ 0		$ (0.20)	$ (0.08)
Net loss per share attributable to WillScot - diluted (in USD per share)	$ (0.10)		$ 0		$ (0.20)	$ (0.08)

Related Parties - Related Party

Related Parties - Related Party Balances Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Receivables due from affiliates	$ 24	$ 122
Amounts due to affiliates	(982)	(1,379)
Total related party liabilities, net	$ (958)	$ (1,257)

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Receivables due from affiliates	$ 24		$ 24		$ 122
Amounts due to affiliates	982		982		1,379
Affiliates
Related Party Transaction [Line Items]
Receivables due from affiliates					100
Purchases from affiliates	1,700	$ 400	3,200	$ 1,700
Affiliates | Algeco Global
Related Party Transaction [Line Items]
Amounts due to affiliates	800		800		$ 1,200
Director
Related Party Transaction [Line Items]
Professional fees to affiliates	$ 0	$ 400	600	$ 1,000
Insurance Program Claims | Affiliates
Related Party Transaction [Line Items]
Reimbursements by affiliate			$ 400

Related Parties - Related Par_2

Related Parties - Related Party Transactions in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Related Party Transactions [Abstract]
Leasing revenue from related parties	$ 76	$ 233	$ 150	$ 525

Uncategorized Items - wsc-20190

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 345,000
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	345,000
Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	345,000
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Common Class A [Member] | Common Stock [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Common Class B [Member] | Common Stock [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0