| Summary of Significant Accounting Policies (as restated) | Summary of Significant Accounting Policies (as restated) Organization and Nature of Operations WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” and, together with its subsidiaries, the “Company”) is a leading provider of modular space and portable storage solutions in the United States (“US”), Canada, Mexico and the United Kingdom ("UK"). The Company also maintains a fleet of specialty containment products, including liquid and solid containment solutions. The Company leases, sells, delivers and installs mobile solutions and storage products through an integrated network of branch locations that spans North America and the UK. WillScot Corporation, a Delaware corporation (“WillScot”) entered into an Agreement and Plan of Merger, dated as of March 1, 2020, as amended on May 28, 2020 (as so amended, the “Merger Agreement”), by and among WillScot, Mobile Mini, Inc. (“Mobile Mini”), and Picasso Merger Sub, Inc., a wholly-owned subsidiary of WillScot (“Merger Sub”). On July 1, 2020, Merger Sub merged with and into Mobile Mini (the “Merger”). At the effective time of the Merger, the separate corporate existence of Merger Sub ceased, and Mobile Mini continued its existence as the surviving corporation in the Merger and a wholly-owned subsidiary of WillScot. As a result of the Merger, each issued and outstanding share of Mobile Mini Common Stock, par value $0.01 per share (other than treasury shares held by Mobile Mini), was converted automatically into the right to receive 2.405 shares of WillScot’s Class A Common Stock, par value $0.0001 per share (the “WillScot Class A Common Stock”), and cash in lieu of any fractional shares. Immediately following the Merger, WillScot changed its name to “WillScot Mobile Mini Holdings Corp.” and filed an amended and restated certificate of incorporation (the “A&R Charter”), which reclassified all outstanding shares of WillScot Class A Common Stock and converted such shares into shares of Common Stock, par value $0.0001 per share, of WillScot Mobile Mini (“WillScot Mobile Mini Common Stock”). The WillScot Class A Common Stock was listed on the Nasdaq Capital Market (Nasdaq: WSC) up until the Merger, and the WillScot Mobile Mini Common Stock has been listed on the Nasdaq Capital Market (Nasdaq: WSC) since the Merger. As used herein, the term “Common Stock” or “the Company’s Common Stock” refers to WillScot Class A Common Stock prior to filing of the A&R Charter on July 1, 2020 and to WillScot Mobile Mini Common Stock as of and following the filing of the A&R Charter July 1, 2020. As the Merger closed on July 1, 2020 the preparation of financial statements in accordance with US Generally Accepted Accounting Principles (“GAAP”) requires that our consolidated financial statements and most of the disclosures in these Notes be presented on a historical basis. Unless the context otherwise requires, the terms “Company” and “WillScot Mobile Mini” as used in these financial statements mean WillScot and its subsidiaries when referring to periods prior to July 1, 2020 (prior to the Merger) and to WillScot Mobile Mini, when referring to periods on or after July 1, 2020 (after the Merger). Basis of Presentation The consolidated financial statements were prepared in conformity with GAAP. Principles of Consolidation The consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest. 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 WillScot Mobile Mini. All intercompany balances and transactions are eliminated. Restatement of Previously Reported Financial Statements On April 12, 2021, in the SEC Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) (the “SEC Staff Statement”), the SEC staff clarified its interpretations of certain generally accepted accounting principles related to certain terms that are common in warrants issued in connection with the initial public offerings of SPACs. The SEC Staff addressed certain accounting and reporting considerations related to warrants of a kind similar to those issued by the Company that preclude the warrants from being classified as components of equity. In April 2021, management of the Company concluded that the Company’s previously issued consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 and for each of the interim quarterly periods therein (the “Non-Reliance Period”) should no longer be relied upon. As such, the Company is restating its financial statements in this Annual Report on Form 10-K/A to make the necessary accounting adjustments related to the accounting for certain previously issued warrants to conform with the SEC Staff Statement described below. These warrants include (i) warrants to purchase 9,750,000 shares of common stock at a price of $5.75 per half share issued in a private placement concurrently with the initial public offering (the "IPO") in 2015 (the “2015 Private Warrants”), (ii) warrants to purchase 25,000,000 shares of common stock at a price of $5.75 per half share issued as components of units sold in the IPO in 2015 (the "2015 Public Warrants") and (iii) warrants to purchase 9,999,579 shares of common stock at a price of $15.50 per share issued to former shareholders as part of a 2018 acquisition (the "2018 Warrants" and collectively with the 2015 Private Warrants and the 2015 Public Warrants, the "Warrants"). Since issuance, the Warrants were classified within equity in the Company's financial statements. As clarified by the SEC staff interpretation of Accounting Standards Codification 815-40, Contracts in an Entity’s Own Equity, ("ASC 815-40"), the Company's warrant instruments are classified as liabilities for certain periods with changes in the estimated fair values of the derivative instruments reported in the statement of operations. As a result of the above, the Company has restated its consolidated financial statements for the Non-Reliance Period to reflect (i) the 2015 Private Warrants as liabilities for all periods presented, (ii) the 2015 Public Warrants as liabilities through their final redemption in February 2020 and (iii) the 2018 Warrants as liabilities until June 30, 2020, the date all issued and outstanding shares of the Company's Class B Common Stock were cancelled. The impact of the restatement on the consolidated balance sheets, consolidated statements of operations and consolidated statements of cash flows for the Non-Reliance Period is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities. The tables below sets forth the consolidated balance sheet amounts originally reported, adjustments, and the restated amounts as of December 31, 2020 and 2019. December 31, 2020 (in thousands, except share data) As Previously Reported Restatement Adjustments As Restated Total assets $ 5,572,205 $ — $ 5,572,205 Liabilities and equity Total current liabilities $ 448,667 $ — $ 448,667 Long-term debt 2,453,809 — 2,453,809 Deferred tax liabilities 307,541 — 307,541 Operating lease liabilities - non-current 183,761 — 183,761 Common stock warrant liabilities — 77,404 77,404 Other non-current liabilities 37,150 — 37,150 Long-term liabilities 2,982,261 77,404 3,059,665 Total liabilities 3,430,928 77,404 3,508,332 Commitments and contingencies Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at December 31, 2020 — — — Common Stock: $0.0001 par, 500,000,000 shares authorized and 229,038,158 shares issued and outstanding at December 31, 2020 23 — 23 Additional paid-in-capital 3,797,168 55,123 3,852,291 Accumulated other comprehensive loss (37,207) — (37,207) Accumulated deficit (1,618,707) (132,527) (1,751,234) Total shareholders' equity 2,141,277 (77,404) 2,063,873 Total liabilities and equity $ 5,572,205 $ — $ 5,572,205 December 31, 2019 (in thousands, except share data) As Previously Reported Restatement Adjustments As Restated Total assets $ 2,897,649 $ — $ 2,897,649 Liabilities and equity Total current liabilities $ 320,412 $ — $ 320,412 Long-term debt 1,632,589 — 1,632,589 Deferred tax liabilities 70,693 — 70,693 Operating lease liabilities - non-current 118,429 — 118,429 Common stock warrant liabilities — 153,756 153,756 Other non-current liabilities 46,571 — 46,571 Long-term liabilities 1,868,282 153,756 2,022,038 Total liabilities 2,188,694 153,756 2,342,450 Commitments and contingencies Class A Common Stock: $0.0001 par, 400,000,000 shares authorized and 108,818,854 shares issued and outstanding at December 31, 2019 11 — 11 Class B Common Stock: $0.0001 par, 100,000,000 shares authorized and 8,024,419 shares issued and outstanding at December 31, 2019 1 — 1 Additional paid-in-capital 2,396,501 (17,768) 2,378,733 Accumulated other comprehensive loss (62,775) — (62,775) Accumulated deficit (1,689,373) (135,988) (1,825,361) Total shareholders' equity 644,365 (153,756) 490,609 Non-controlling interest 64,590 — 64,590 Total equity 708,955 (153,756) 555,199 Total liabilities and equity $ 2,897,649 $ — $ 2,897,649 The tables below set forth the consolidated statements of operations amounts originally reported, adjustments, and the restated balances for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 (in thousands, except share and per share data) As Previously Reported Restatement Adjustments As Restated Operating income $ 182,715 $ — $ 182,715 Interest expense 119,886 — 119,886 Fair value gain on common stock warrant liabilities — (3,461) (3,461) Loss on extinguishment of debt 42,401 — 42,401 Income before income tax 20,428 3,461 23,889 Income tax benefit (51,451) — (51,451) Net income 71,879 3,461 75,340 Net income attributable to non-controlling interest, net of tax 1,213 — 1,213 Net income attributable to WillScot Mobile Mini common shareholders $ 70,666 $ 3,461 $ 74,127 Earnings per share attributable to WillScot Mobile Mini common shareholders: Basic $ 0.42 $ 0.02 $ 0.44 Diluted $ 0.41 $ (0.16) $ 0.25 Weighted average shares: Basic 169,230,177 — 169,230,177 Diluted 173,650,251 3,618,132 177,268,383 Year Ended December 31, 2019 (in thousands, except share and per share data) As Previously Reported Restatement Adjustments As Restated Operating income $ 117,525 $ — $ 117,525 Interest expense 122,504 — 122,504 Fair value loss on common stock warrant liabilities — 109,622 109,622 Loss on extinguishment of debt 8,755 — 8,755 Loss before income tax (13,734) (109,622) (123,356) Income tax benefit (2,191) — (2,191) Net loss (11,543) (109,622) (121,165) Net loss attributable to non-controlling interest, net of tax (421) — (421) Net loss attributable to WillScot Mobile Mini common shareholders $ (11,122) $ (109,622) $ (120,744) Loss per share attributable to WillScot Mobile Mini common shareholders: Basic $ (0.10) $ (1.01) $ (1.11) Diluted $ (0.10) $ (1.01) $ (1.11) Weighted average shares: Basic 108,683,820 — 108,683,820 Diluted 108,683,820 — 108,683,820 Year Ended December 31, 2018 (in thousands, except share and per share data) As Previously Reported Restatement Adjustments As Restated Operating income $ 6,261 $ — $ 6,261 Interest expense 98,433 — 98,433 Fair value gain on common stock warrant liabilities — (23,830) (23,830) (Loss) income before income tax (92,172) 23,830 (68,342) Income tax benefit (38,600) — (38,600) Net (loss) income (53,572) 23,830 (29,742) Net loss attributable to non-controlling interest, net of tax (4,532) — (4,532) Net (loss) income attributable to WillScot Mobile Mini (49,040) 23,830 (25,210) Non-cash deemed dividend related to warrant exchange (2,135) 2,135 — Net (loss) income attributable to WillScot Mobile Mini common shareholders $ (51,175) $ 25,965 $ (25,210) (Loss) earnings per share attributable to WillScot Mobile Mini common shareholders: Basic $ (0.59) $ 0.30 $ (0.29) Diluted $ (0.59) $ 0.06 $ (0.53) Weighted average shares: Basic 87,209,605 — 87,209,605 Diluted 87,209,605 1,740,959 88,950,564 The tables below set forth the consolidated statements of cash flow amounts originally reported, adjustments, and the restated balances for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 (in thousands) As Previously Reported Restatement Adjustments As Restated Net income $ 71,879 $ 3,461 $ 75,340 Adjustments to reconcile net income to net cash provided by operating activities: 232,933 — 232,933 Fair value gain on common stock warrant liabilities — (3,461) (3,461) Net cash provided by operating activities 304,812 — 304,812 Net cash used in investing activities (125,360) — (125,360) Net cash used in financing activities (158,958) — (158,958) Effect of exchange rate changes on cash and cash equivalents 1,398 — 1,398 Net change in cash and cash equivalents 21,892 21,892 Cash and cash equivalents at the beginning of the year 3,045 — 3,045 Cash and cash equivalents at the end of the year $ 24,937 $ — $ 24,937 Year Ended December 31, 2019 (in thousands) As Previously Reported Restatement Adjustments As Restated Net loss $ (11,543) $ (109,622) $ (121,165) Adjustments to reconcile net loss to net cash provided by operating activities: 184,109 — 184,109 Fair value loss on common stock warrant liabilities — 109,622 109,622 Net cash provided by operating activities 172,566 — 172,566 Net cash used in investing activities (152,582) — (152,582) Net cash used in financing activities (26,063) — (26,063) Effect of exchange rate changes on cash and cash equivalents 166 — 166 Net change in cash and cash equivalents (5,913) — (5,913) Cash and cash equivalents at the beginning of the year 8,958 — 8,958 Cash and cash equivalents at the end of the year $ 3,045 $ — $ 3,045 Year Ended December 31, 2018 (in thousands) As Previously Reported Restatement Adjustments As Restated Net (loss) income $ (53,572) $ 23,830 $ (29,742) Adjustments to reconcile net (loss) income to net cash provided by operating activities: 90,721 — 90,721 Fair value gain on common stock warrant liabilities — (23,830) (23,830) Net cash provided by operating activities 37,149 — 37,149 Net cash used in investing activities (1,217,202) — (1,217,202) Net cash provided by financing activities 1,180,037 — 1,180,037 Effect of exchange rate changes on cash and cash equivalents (211) — (211) Net change in cash and cash equivalents (227) — (227) Cash and cash equivalents at the beginning of the year 9,185 — 9,185 Cash and cash equivalents at the end of the year $ 8,958 $ — $ 8,958 Supplemental cash flow information: Non-cash deemed dividend related to warrant exchange $ 2,135 $ (2,135) $ — The tables below set forth the unaudited condensed consolidated balance sheet and condensed consolidated statement of operations originally reported, adjustments, and the restated balances as of and for the three and nine months ended September 30, 2020 and the condensed consolidated statement of cash flow amounts originally reported, adjustments, and the restated balances for the nine months ended September 30, 2020. September 30, 2020 (unaudited) (in thousands, except share data) As Previously Reported Restatement Adjustments As Restated Total assets $ 5,624,850 $ — $ 5,624,850 Liabilities and equity Total current liabilities $ 451,202 $ — $ 451,202 Long-term debt 2,498,207 — 2,498,207 Deferred tax liabilities 359,593 — 359,593 Deferred revenue and customer deposits 11,816 — 11,816 Operating lease liabilities - non-current 187,056 — 187,056 Common stock warrant liabilities — 56,724 56,724 Other non-current liabilities 22,471 — 22,471 Long-term liabilities 3,079,143 56,724 3,135,867 Total liabilities 3,530,345 56,724 3,587,069 Commitments and contingencies Common Stock: $0.0001 par, 380,000,000 shares authorized and 227,980,928 shares issued and outstanding at September 30, 2020 23 — 23 Additional paid-in-capital 3,825,940 33,200 3,859,140 Accumulated other comprehensive loss (66,283) — (66,283) Accumulated deficit (1,665,175) (89,924) (1,755,099) Total shareholders' equity 2,094,505 (56,724) 2,037,781 Total liabilities and equity $ 5,624,850 $ — $ 5,624,850 Three Months Ended September 30, 2020 (unaudited) (in thousands, except share and per share data) As Previously Reported Restatement Adjustments As Restated Operating income $ 25,012 $ — $ 25,012 Interest expense 33,034 — 33,034 Fair value loss on common stock warrant liabilities — 22,303 22,303 Loss on extinguishment of debt 42,401 — 42,401 Loss before income tax (50,423) (22,303) (72,726) Income tax benefit (66,675) — (66,675) Net income (loss) attributable to WillScot Mobile Mini common shareholders $ 16,252 $ (22,303) $ (6,051) Earnings (loss) per share attributable to WillScot Mobile Mini common shareholders: Basic $ 0.07 $ (0.10) $ (0.03) Diluted $ 0.07 $ (0.10) $ (0.03) Weighted average shares: Basic 226,649,993 — 226,649,993 Diluted 231,216,573 (4,566,580) 226,649,993 Nine Months Ended September 30, 2020 (unaudited) (in thousands, except share and per share data) As Previously Reported Restatement Adjustments As Restated Operating income $ 91,452 $ — $ 91,452 Interest expense 89,810 — 89,810 Fair value gain on common stock warrant liabilities — (46,063) (46,063) Loss on extinguishment of debt 42,401 — 42,401 (Loss) income before income tax (40,759) 46,063 5,304 Income tax benefit (66,170) — (66,170) Net income 25,411 46,063 71,474 Net income attributable to non-controlling interest, net of tax 1,213 — 1,213 Net income attributable to WillScot Mobile Mini common shareholders $ 24,198 $ 46,063 $ 70,261 Earnings per share attributable to WillScot Mobile Mini common shareholders: Basic $ 0.16 $ 0.31 $ 0.47 Diluted $ 0.16 $ (0.01) $ 0.15 Weighted average shares: Basic 149,283,083 — 149,283,083 Diluted 152,544,647 (111,702) 152,432,945 Nine Months Ended September 30, 2020 (unaudited) (in thousands) As Previously Reported Restatement Adjustments As Restated Net income $ 25,411 $ 46,063 $ 71,474 Adjustments to reconcile net income to net cash provided by operating activities: 149,684 — 149,684 Fair value gain on common stock warrant liabilities — (46,063) (46,063) Net cash provided by operating activities 175,095 — 175,095 Net cash used in investing activities (83,073) — (83,073) Net cash used in financing activities (75,612) — (75,612) Effect of exchange rate changes on cash and cash equivalents 542 — 542 Net change in cash and cash equivalents 16,952 — 16,952 Cash and cash equivalents at the beginning of the period 3,045 — 3,045 Cash and cash equivalents at the end of the period $ 19,997 $ — $ 19,997 The tables below set forth the unaudited condensed consolidated balance sheet and condensed consolidated statement of operations originally reported, adjustments, and the restated balances as of and for the three and six months ended June 30, 2020 and the condensed consolidated statement of cash flow amounts originally reported, adjustments, and the restated balances for the six months ended June 30, 2020. June 30, 2020 (unaudited) (in thousands, except share data) As Previously Reported Restatement Adjustments As Restated Total assets $ 3,501,540 $ — $ 3,501,540 Liabilities and equity Total current liabilities $ 590,925 $ — $ 590,925 Long-term debt 1,971,010 — 1,971,010 Deferred tax liabilities 69,044 — 69,044 Deferred revenue and customer deposits 12,284 — 12,284 Operating lease liabilities - non-current 117,159 — 117,159 Common stock warrant liabilities — 34,421 34,421 Other non-current liabilities 36,028 — 36,028 Long-term liabilities 2,205,525 34,421 2,239,946 Total liabilities 2,796,450 34,421 2,830,871 Commitments and contingencies Class A common stock: $0.0001 par, 400,000,000 shares authorized and 121,233,232 shares issued and outstanding at June 30, 2020 12 — 12 Additional paid-in-capital 2,471,312 33,200 2,504,512 Accumulated other comprehensive loss (84,807) — (84,807) Accumulated deficit (1,681,427) (67,621) (1,749,048) Total shareholders' equity 705,090 (34,421) 670,669 Total liabilities and equity $ 3,501,540 $ — $ 3,501,540 Three Months Ended June 30, 2020 (unaudited) (in thousands, except share and per share data) As Previously Reported Restatement Adjustments As Restated Operating income $ 41,067 $ — $ 41,067 Interest expense 28,519 — 28,519 Fair value loss on common stock warrant liabilities — 26,963 26,963 Income (loss) before income tax 12,548 (26,963) (14,415) Income tax benefit (285) — (285) Net income (loss) 12,833 (26,963) (14,130) Net income attributable to non-controlling interest, net of tax 1,343 — 1,343 Net income (loss) attributable to WillScot Mobile Mini common shareholders $ 11,490 $ (26,963) $ (15,473) Earnings (loss) per share attributable to WillScot Mobile Mini common shareholders: Basic $ 0.10 $ (0.24) $ (0.14) Diluted $ 0.10 $ (0.24) $ (0.14) Weighted average shares: Basic 110,692,426 — 110,692,426 Diluted 111,432,963 (740,537) 110,692,426 Six Months Ended June 30, 2020 (unaudited) (in thousands, except share and per share data) As Previously Reported Restatement Adjustments As Restated Operating income $ 66,440 $ — $ 66,440 Interest expense 56,776 — 56,776 Fair value gain on common stock warrant liabilities — (68,366) (68,366) Income before income tax 9,664 68,366 78,030 Income tax benefit 505 — 505 Net income 9,159 68,366 77,525 Net income attributable to non-controlling interest, net of tax 1,213 — 1,213 Net income attributable to WillScot Mobile Mini common shareholders $ 7,946 $ 68,366 $ 76,312 Earnings per share attributable to WillScot Mobile Mini common shareholders: Basic $ 0.07 $ 0.62 $ 0.69 Diluted $ 0.07 $ (0.01) $ 0.06 Weighted average shares: Basic 110,174,536 — 110,174,536 Diluted 112,209,212 126,906 112,336,118 Six Months Ended June 30, 2020 (unaudited) (in thousands) As Previously Reported Restatement Adjustments As Restated Net income $ 9,159 $ 68,366 $ 77,525 Adjustments to reconcile net income to net cash provided by operating activities: 104,568 — 104,568 Fair value gain on common stock warrant liabilities — (68,366) (68,366) Net cash provided by operating activities 113,727 — 113,727 Net cash used in investing activities (66,923) — (66,923) Net cash provided by financing activities 614,693 — 614,693 Effect of exchange rate changes on cash and cash equivalents (394) — (394) Net change in cash and cash equivalents 661,103 — 661,103 Cash and cash equivalents at the beginning of the period 3,045 — 3,045 Cash and cash equivalents at the end of the period $ 664,148 $ — $ 664,148 The tables below set forth the unaudited condensed consolidated balance sheet and condensed consolidated statement of operations originally reported, adjustments, and the restated balances as of and for the three months ended March 31, 2020 and the condensed consolidated statement of cash flow amounts originally reported, adjustments, and the restated balances for the three months ended March 31, 2020. March 31, 2020 (unaudited) (in thousands, except share data) As Previously Reported Restatement Adjustments As Restated Total assets $ 2,857,737 $ — $ 2,857,737 Liabilities and equity Total current liabilities $ 313,284 $ — $ 313,284 Long-term debt 1,625,772 — 1,625,772 Deferred tax liabilities 67,017 — 67,017 Deferred revenue and customer deposits 12,666 — 12,666 Operating lease liabilities - non-current 119,322 — 119,322 Common stock warrant liabilities — 34,049 34,049 Other non-current liabilities 38,603 — 38,603 Long-term liabilities 1,863,380 34,049 1,897,429 Total liabilities 2,176,664 34,049 2,210,713 Commitments and contingencies Class A common stock: $0.0001 par, 400,000,000 shares authorized and 110,555,295 shares issued and outstanding at March 31, 2020 11 — 11 Class B common stock: $0.0001 par, 100,000,000 shares authorized and 8,024,419 shares issued and outstanding at March 31, 2020 1 — 1 Additional paid-in-capital 2,402,195 6,610 2,408,805 Accumulated other comprehensive loss (89,974) — (89,974) Accumulated deficit (1,692,917) (40,659) (1,733,576) Total shareholders' equity 619,316 (34,049) 585,267 Non-controlling interest 61,757 — 61,757 Total equity 681,073 (34,049) 647,024 Total liabilities and equity $ 2,857,737 $ — $ 2,857,737 Three Months Ended March 31, 2020 (unaudited) (in thousands, except share and per share data) As Previously Reported Restatement Adjustments As Restated Operating income $ 25,373 $ — $ 25,373 Interest expense 28,257 — 28,257 Fair value gain on common stock warrant liabilities — (95,329) (95,329) (Loss) income before income tax (2,884) 95,329 92,445 Income tax benefit 790 — 790 Net (loss) income (3,674) 95,329 91,655 Net loss attributable to non-controlling interest, net of tax (130) — (130) Net (loss) income attributable to WillScot Mobile Mini common shareholders $ (3,544) $ 95,329 $ 91,785 (Loss) earnings per share attributable to WillScot Mobile Mini common shareholders: Basic $ (0.03) $ 0.87 $ 0.84 Diluted $ (0.03) $ (0.02) $ (0.05) Weighted average shares: Basic 109,656,646 — 109,656,646 Diluted 109,656,646 3,016,351 112,672,997 Three Months Ended March 31, 2020 (unaudited) (in thousands) As Previously Reported Restatement Adjustments As Restated Net (loss) income $ (3,674) $ 95,329 $ 91,655 Adjustments to reconcile net (loss) income to net cash provided by operating activities: 42,022 — 42,022 Fair value gain on common stock warrant liabilities — (95,329) (95,329) Net cash provided by operating activities 38,348 — 38,348 Net cash used in investing activities (30,540) — (30,540) Net cash used in financing activities (5,582) — (5,582) Effect of exchange rate changes on cash and cash equivalents (629) — (629) Net change in cash and cash equivalents 1,597 — 1,597 Cash and cash equivalents at the beginning of the period 3,045 — 3,045 Cash and cash equivalents at the end of the period $ 4,642 $ — $ 4,642 Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. Trade Receivables and Allowance for Credit Losses The Company is exposed to credit losses from trade receivables generated through its leasing and sales business. The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review. The credit review considers expected billing exposure and timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the customer transacts new leases after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation. The Company monitors ongoing credit exposure through an active review of customer balances against contract terms and due dates. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowances for credit losses reflect the estimate of the amount of receivables that the Company will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. This estimate could require change based on 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 our allowances. In accordance with the adoption of Accounting Standards Update ("ASU") 2016-2, Leases (Topic 842) (" ASC 842"), effective January 1, 2019, and the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASC 326"), effective January 1, 2020, specifically identifiable lease revenue receivables and sales receivables not deemed probable of collection are recorded as a reduction of revenue. The remaining provision for credit losses is recorded as selling, general and administrative expense. For the year ended December 31, 2018, the entire provision for credit losses was recorded as a selling, general and administrative expense. The Company reviews the adequacy of the allowance on a quarterly basis. Activity in the allowance for credit losses for the years ended December 31 was as follows: (in thousands) 2020 2019 2018 Balance at beginning of year $ 15,828 $ 9,340 $ 4,845 Provision for credit losses, net of recoveries (a) 31,386 14,496 7,656 Write-offs (18,034) (7,945) (3,089) Foreign currency translation and other 78 (63) (72) Balance at end of period $ 29,258 $ 15,828 $ 9,340 (a) For the years ended December 31, 2020 and 2019, the provision for credit losses includes $18.0 million and $10.0 million, respectively, recorded as a reduction to revenue for the provision of specific receivables whose collection is not considered probable. Concentration of Credit Risk The Company’s trade accounts receivable subject the Company to potential concentrations of credit risk. The Company performs on-going credit evaluations of its customers. Receivables related to sales are generally secured by the product sold to the customer. The Company generally has the right to repossess its rental units in the event of non-payment of receivables relating to the Company’s leasing operations. The Company’s large number of customers in diverse geographic areas and end markets mitigates the concentration of credit risk. No single customer accounted for more tha n 1.2% and 1.5% of the Company’s receivables at December 31, 2020 and 2019, respectively. The Company’s top five customers accounted for 4.9% and 4.1% of the receivables at December 31, 2020 and 2019, respectively. Inventories Inventories consist of raw materials, supplies, and finished units. Inventories are measured at the lower of cost or net realizable value based on the weighted-average cost. The cost includes expenditures incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing them to their existing location and condition. Rental Equipment Rental equipment is comprised of modular space and portable storage units held for rent or on rent to customers, tank and pump solutions products, which consist primarily of liquid and solid containment units, pumps and filtration equipment, and value-added products and services (“VAPS”) which are in use or available to be used by customers. Rental equipment is measured at cost less accumulated depreciation and impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Costs of improvements and betterments to rental equipment are capitalized when such costs extend the useful life of the equipment or increase the rental value of the unit. Costs incurred for equipment to meet a particular customer specification are capitalized and depreciated over the lease term taking in consideration the residual value of the asset. Maintenance and repair costs are expensed as incurred. Depreciation is generally computed using the straight-line method over estimated useful lives, as follows: Estimated Useful Life Residual Value Modular space units 10 - 20 years 20 - 50% Portable storage units 30 years 55% Tank and pump equipment 7 - 25 years —% VAPS and other related rental equipment 1 - 8 years —% Property, Plant and Equipment Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. The Company capitalizes external costs and directly attributable internal costs to acquire or create internal use software incurred subsequent to the completion of the preliminary project stage. Costs associated with post-implementation activities are expensed as incurred. The Company evaluates implementation costs incurred in a cloud computing arrangement that is a service contract as described in Cloud Computing Arrangements below. Land is not depreciated. Leasehold improvements are amortized over the shorter of 15 years or the lease term. Assets leased under capital leases are depreciated over the shorter of the lease term or their useful life, unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Maintenance and repair costs are |
