WillScot (WSC) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-37552
Entity Registrant Name	WILLSCOT MOBILE MINI HOLDINGS CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3430194
Entity Address, Address Line One	4646 E Van Buren St.
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85008
City Area Code	480
Local Phone Number	894-6311
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		213,700,706
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001647088
Current Fiscal Year End Date	--12-31
Common Stock, par value $0.0001 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	WSC
Security Exchange Name	NASDAQ
Warrants to purchase Common Stock
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Common Stock(1)
Trading Symbol	WSCTW

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 11,706	$ 12,699
Trade receivables, net of allowances for credit losses at June 30, 2022 and December 31, 2021 of $53,544 and $47,629, respectively	440,993	399,887
Inventories	41,824	32,739
Prepaid expenses and other current assets	44,245	36,761
Assets held for sale	1,518	954
Total current assets	540,286	483,040
Rental equipment, net	3,257,475	3,080,981
Property, plant and equipment, net	322,707	312,178
Operating lease assets	235,266	247,064
Goodwill	1,171,725	1,178,806
Intangible assets, net	446,578	460,678
Other non-current assets	4,771	10,852
Total long-term assets	5,438,522	5,290,559
Total assets	5,978,808	5,773,599
Liabilities and equity
Accounts payable	155,901	118,271
Accrued expenses	115,124	100,195
Accrued employee benefits	63,331	68,414
Deferred revenue and customer deposits	189,333	159,639
Operating lease liabilities - current	52,495	53,005
Current portion of long-term debt	20,663	18,121
Total current liabilities	596,847	517,645
Long-term debt	3,017,678	2,694,319
Deferred tax liabilities	390,092	354,879
Operating lease liabilities - non-current	183,851	194,256
Other non-current liabilities	16,390	15,737
Long-term liabilities	3,608,011	3,259,191
Total liabilities	4,204,858	3,776,836
Commitments and contingencies
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at June 30, 2022 and December 31, 2021	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 216,090,996 and 223,939,527 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	22	22
Additional paid-in-capital	3,295,747	3,616,902
Accumulated other comprehensive loss	(55,276)	(29,071)
Accumulated deficit	(1,466,543)	(1,591,090)
Total shareholders' equity	1,773,950	1,996,763
Total liabilities and shareholders' equity	$ 5,978,808	$ 5,773,599

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trade receivables, net of allowance	$ 53,544	$ 47,629
Preferred stock par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	1,000,000	1,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	216,090,996	223,939,527
Common stock outstanding (in shares)	216,090,996	223,939,527

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Leasing	$ 428,620	$ 343,179	$ 821,812	$ 658,841
Total revenues	581,642	461,102	1,090,536	886,425
Costs:
Leasing	96,912	83,032	185,790	152,927
Depreciation of rental equipment	67,176	62,893	129,392	118,591
Gross profit	308,873	222,810	575,688	436,190
Expenses:
Selling, general and administrative	162,164	122,387	312,374	239,716
Other depreciation and amortization	19,054	21,622	38,658	39,946
Lease impairment expense and other related charges	(9)	474	254	1,727
Restructuring costs	(86)	6,960	(86)	10,102
Currency (gains) losses, net	(127)	33	11	69
Other (income) expense, net	(3,784)	719	(5,093)	(1,269)
Operating income	131,661	70,615	229,570	145,899
Interest expense	33,574	29,212	64,564	59,176
Fair value (gain) loss on common stock warrant liabilities	0	(610)	0	26,597
Loss on extinguishment of debt	0	2,814	0	5,999
Income before income tax	98,087	39,199	165,006	54,127
Income tax expense	24,711	18,828	40,459	29,309
Net Income	$ 73,376	$ 20,371	$ 124,547	$ 24,818
Earnings per share
Basic (in USD per share)	$ 0.33	$ 0.09	$ 0.56	$ 0.11
Diluted (in USD per share)	$ 0.32	$ 0.08	$ 0.55	$ 0.11
Weighted average shares:
Basic (in shares)	223,376,276	228,406,812	222,196,986	228,350,318
Diluted (in shares)	227,484,012	236,536,713	226,983,150	234,898,911
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	$ 581,642	$ 461,102	$ 1,090,536	$ 886,425
Leasing
Revenues:
Leasing	428,620	343,179	821,812	658,841
Costs:
Leasing	96,912	83,032	185,790	152,927
Delivery and installation
Revenues:
Revenues	125,403	91,680	225,734	175,184
Costs:
Cost of sales	93,587	77,153	175,102	147,289
New units
Revenues:
Revenues	11,094	11,008	17,691	21,963
Total revenues	11,094	11,008	17,691	21,963
Costs:
Cost of sales	6,139	7,052	10,465	14,161
Rental units
Revenues:
Revenues	16,525	15,235	25,299	30,437
Total revenues	16,525	15,235	25,299	30,437
Costs:
Cost of sales	$ 8,955	$ 8,162	$ 14,099	$ 17,267

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 73,376	$ 20,371	$ 124,547	$ 24,818
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of income tax expense of $0 for both the three and six months ended June 30, 2022 and $60 and $0 for the three and six months ended June 30, 2021, respectively.	(25,628)	3,093	(29,702)	8,127
Net change in derivatives, net of income tax expense of $394 and $656 for the three months ended June 30, 2022 and 2021, respectively, and $1,171 and $1,323 for the six months ended June 30, 2022 and 2021, respectively.	1,176	2,146	3,497	4,323
Total other comprehensive (loss) income	(24,452)	5,239	(26,205)	12,450
Total comprehensive income	$ 48,924	$ 25,610	$ 98,342	$ 37,268

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense	$ 0	$ 60	$ 0	$ 0
Net gain on derivatives, net of income tax expense	$ 394	$ 656	$ 1,171	$ 1,323

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		229,038,000
Beginning balance at Dec. 31, 2020	$ 2,063,873	$ 23	$ 3,852,291	$ (37,207)	$ (1,751,234)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,447				4,447
Other comprehensive (loss) income	7,211			7,211
Stock-based compensation and issuance of Common Stock from vesting (in shares)		229,000
Stock-based compensation and issuance of Common Stock from vesting	4,951		4,951
Repurchase and cancellation of Common Stock and warrants (in shares)		(2,793,000)
Repurchase and cancellation of Common Stock and warrants	(76,788)		(76,788)
Issuance of Common Stock from the exercise of options and warrants (in shares)		341,000
Issuance of Common Stock from the exercise of options and warrants	5,414		5,414
Withholding taxes on net share settlement of stock-based compensation	(3,219)		(3,219)
Ending balance (in shares) at Mar. 31, 2021		226,815,000
Ending balance at Mar. 31, 2021	2,005,889	$ 23	3,782,649	(29,996)	(1,746,787)
Beginning balance (in shares) at Dec. 31, 2020		229,038,000
Beginning balance at Dec. 31, 2020	2,063,873	$ 23	3,852,291	(37,207)	(1,751,234)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,818
Other comprehensive (loss) income	12,450
Ending balance (in shares) at Jun. 30, 2021		226,833,000
Ending balance at Jun. 30, 2021	2,005,413	$ 23	3,756,563	(24,757)	(1,726,416)
Beginning balance (in shares) at Mar. 31, 2021		226,815,000
Beginning balance at Mar. 31, 2021	2,005,889	$ 23	3,782,649	(29,996)	(1,746,787)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,371				20,371
Other comprehensive (loss) income	5,239			5,239
Stock-based compensation and issuance of Common Stock from vesting (in shares)		60,000
Stock-based compensation and issuance of Common Stock from vesting	9,038		9,038
Repurchase and cancellation of Common Stock and warrants (in shares)		(4,100,000)
Repurchase and cancellation of Common Stock and warrants	(35,508)		(35,508)
Issuance of Common Stock from the exercise of options and warrants (in shares)		4,058,000
Issuance of Common Stock from the exercise of options and warrants	384		384
Ending balance (in shares) at Jun. 30, 2021		226,833,000
Ending balance at Jun. 30, 2021	$ 2,005,413	$ 23	3,756,563	(24,757)	(1,726,416)
Beginning balance (in shares) at Dec. 31, 2021	223,939,527	223,940,000
Beginning balance at Dec. 31, 2021	$ 1,996,763	$ 22	3,616,902	(29,071)	(1,591,090)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51,171				51,171
Other comprehensive (loss) income	(1,753)			(1,753)
Stock-based compensation and issuance of Common Stock from vesting (in shares)		498,000
Stock-based compensation and issuance of Common Stock from vesting	6,395		6,395
Repurchase and cancellation of Common Stock and warrants (in shares)		(2,064,000)
Repurchase and cancellation of Common Stock and warrants	(77,409)		(77,409)
Issuance of Common Stock from the exercise of options and warrants (in shares)		800,000
Issuance of Common Stock from the exercise of options and warrants	3,313		3,313
Withholding taxes on net share settlement of stock-based compensation	(12,295)		(12,295)
Ending balance (in shares) at Mar. 31, 2022		223,174,000
Ending balance at Mar. 31, 2022	$ 1,966,185	$ 22	3,536,906	(30,824)	(1,539,919)
Beginning balance (in shares) at Dec. 31, 2021	223,939,527	223,940,000
Beginning balance at Dec. 31, 2021	$ 1,996,763	$ 22	3,616,902	(29,071)	(1,591,090)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	124,547
Other comprehensive (loss) income	$ (26,205)
Issuance of Common Stock from the exercise of options and warrants (in shares)	1,437,420
Ending balance (in shares) at Jun. 30, 2022	216,090,996	216,091,000
Ending balance at Jun. 30, 2022	$ 1,773,950	$ 22	3,295,747	(55,276)	(1,466,543)
Beginning balance (in shares) at Mar. 31, 2022		223,174,000
Beginning balance at Mar. 31, 2022	1,966,185	$ 22	3,536,906	(30,824)	(1,539,919)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73,376				73,376
Other comprehensive (loss) income	(24,452)			(24,452)
Stock-based compensation and issuance of Common Stock from vesting (in shares)		70,000
Stock-based compensation and issuance of Common Stock from vesting	9,292		9,292
Repurchase and cancellation of Common Stock and warrants (in shares)		(7,222,000)
Repurchase and cancellation of Common Stock and warrants	(249,515)		(249,515)
Issuance of Common Stock from the exercise of options and warrants (in shares)		69,000
Issuance of Common Stock from the exercise of options and warrants	139		139
Withholding taxes on net share settlement of stock-based compensation	$ (1,075)		(1,075)
Ending balance (in shares) at Jun. 30, 2022	216,090,996	216,091,000
Ending balance at Jun. 30, 2022	$ 1,773,950	$ 22	$ 3,295,747	$ (55,276)	$ (1,466,543)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net income		$ 124,547	$ 24,818
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		168,050	160,480
Provision for credit losses		18,865	16,910
Gain on sale of rental equipment and other property, plant and equipment		(14,195)	(14,793)
Amortization of debt discounts and debt issuance costs		6,975	7,082
Fair value (gain) loss on common stock warrant liabilities		0	26,597
Loss on extinguishment of debt		0	5,999
Stock-based compensation expense		15,687	13,989
Deferred income tax expense		31,072	24,389
Unrealized currency gains, net		(71)	(184)
Other		1,916	0
Changes in operating assets and liabilities:
Trade receivables		(60,737)	(50,324)
Inventories		(9,293)	(8,535)
Prepaid expenses and other assets		(13,907)	10,004
Operating lease assets and liabilities		936	(537)
Accounts payable and other accrued expenses		34,756	30,689
Deferred revenue and customer deposits		29,252	15,024
Net cash provided by operating activities		333,853	261,608
Investing activities:
Acquisitions, net of cash acquired		(103,927)	0
Proceeds from sale of rental equipment		35,080	30,437
Purchase of rental equipment and refurbishments		(225,389)	(117,817)
Proceeds from sale of property, plant and equipment		751	16,438
Purchase of property, plant and equipment		(20,253)	(17,450)
Net cash used in investing activities		(313,738)	(88,392)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options		3,452	5,798
Repurchase and cancellation of Common Stock and warrants		(319,225)	(214,299)
Receipts from borrowings		454,322	387,658
Payment of financing costs		(8,021)	0
Repayment of borrowings		(127,607)	(347,225)
Payment of debt extinguishment premium costs		0	(3,705)
Principal payments on finance lease obligations		(10,353)	(7,921)
Taxes paid on employee stock awards		(13,370)	(3,219)
Net cash used in financing activities		(20,802)	(182,913)
Effect of exchange rate changes on cash and cash equivalents		(306)	162
Net change in cash and cash equivalents		(993)	(9,535)
Cash and cash equivalents at the beginning of the period		12,699	24,937
Cash and cash equivalents at the end of the period		11,706	15,402
Supplemental cash flow information:
Interest paid	[1]	59,980	52,053
Income taxes paid, net		10,608	4,383
Capital expenditures accrued or payable		$ 39,949	$ 19,099
[1]Includes $5,948 of payments related to the interest rate swap for the six months ended June 30, 2021.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Interest paid	$ 52,053	[1]
Interest rate swap
Interest paid	$ 5,948
[1]Includes $5,948 of payments related to the interest rate swap for the six months ended June 30, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Nature of Operations WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative flexible work space and portable storage solutions in the United States (“US”), Canada, 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. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented. Subsidiaries are fully consolidated from the dat e of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation. Recently Issued Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"). ASU 2021-08 is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On July 1, 2020, WillScot Corporation (“WillScot”), and Mobile Mini, Inc. (“Mobile Mini”) merged (the “Merger”). Immediately following the Merger, WillScot changed its name to “WillScot Mobile Mini Holdings Corp.” Asset Acquisitions During the second quarter of 2022, the Company acquired certain assets and liabilities of several smaller entities, which consisted primarily of approximately 4,100 storage units and 1,000 modular units for $47.1 million in cash. The accompanying consolidated financial statements include $47.1 million of rental equipment as a result of these acquisitions. D uring the first quarter of 2022, the Company acquired certain assets and liabilities, which consisted primarily of approximately 400 blast resistant modular units. Integration Costs The Company recorded $5.2 million and $7.6 million in integration costs related to acquisitions and the Merger within selling, general and administrative ("SG&A") expense during the three months ended June 30, 2022 and 2021, respectively, and $9.3 million

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Disaggregation Geographic Areas The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2022 and 2021 as follows: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 US $ 517,374 $ 399,280 $ 969,342 $ 770,549 Canada 32,901 29,543 58,174 53,127 Mexico 4,703 3,848 8,917 7,311 UK 26,664 28,431 54,103 55,438 Total revenues $ 581,642 $ 461,102 $ 1,090,536 $ 886,425 Major Product and Service Lines Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes modular space, portable storage and tank and pump units along with value-added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, security products, shelving systems and other items used by customers in connection with the Company's products. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance and ad hoc services and removal services at the end of lease transactions. The Company’s revenue by major product and service line for the three and six months ended June 30, 2022 and 2021 was as follows: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Modular space leasing revenue $ 212,862 $ 181,376 $ 411,939 $ 351,328 Portable storage leasing revenue 88,548 58,848 166,532 113,461 Tank and pump leasing revenue 20,706 17,109 39,937 32,869 VAPS and third party leasing revenues (a) 87,498 70,880 168,424 133,306 Other leasing-related revenue (b) 19,006 14,966 34,980 27,877 Leasing revenue 428,620 343,179 821,812 658,841 Delivery and installation revenue 125,403 91,680 225,734 175,184 Total leasing and services revenue 554,023 434,859 1,047,546 834,025 New unit sales revenue 11,094 11,008 17,691 21,963 Rental unit sales revenue 16,525 15,235 25,299 30,437 Total revenues $ 581,642 $ 461,102 $ 1,090,536 $ 886,425 (a) Includes $6.8 million and $7.8 million of service revenue for the three months ended June 30, 2022 and 2021, respectively, and $14.3 million and $14.0 million of service revenue for the six months ended June 30, 2022 and 2021, respectively. (b) Includes primarily damage billings, delinquent payment charges, and other processing fees. Leasing and Services Revenue The majority of r evenue (73% and 74% for the three and six months ended June 30, 2022, respectively, and 73% for both the three and six months ended June 30, 2021) was generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606. Receivables and Credit Losses The Company is exposed to credit losses from trade receivables and manages credit risk at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues. Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end user markets. The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review that considers expected billing exposure, timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the customer transacts after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation. The Company monitors ongoing credit exposure through an active review of customer balances against contract terms and due dates. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowance for credit losses reflects the estimate of the amount of receivables that the Company will be unable to collect based on historical collection experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. The Company's estimate reflects changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease its allowance. Activity in the allowance for credit losses was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 49,258 $ 31,630 $ 47,629 $ 29,258 Provision for credit losses, net of recoveries 10,264 8,390 18,865 16,910 Write-offs (5,900) (4,058) (12,910) (9,872) Foreign currency translation and other (78) 823 (40) 489 Balance at end of period $ 53,544 $ 36,785 $ 53,544 $ 36,785 Contract Assets and Liabilities When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. During the three months ended June 30, 2022, deferred revenue relating to services billed in advance of $20.7 million was recognized as revenue. As of June 30, 2022 and December 31, 2021, the Company had approximately $95.7 million and $79.4 million, respectively, of deferred revenue related to these services. The Company does not have material contract assets and it did not recognize any material impairments of 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 expedient to omit disclosure of such amounts. The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year; therefore, the commissions are expensed as incurred.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases As of June 30, 2022, the undiscounted future lease payments for operating and finance lease liabilities were as follows: (in thousands) Operating Finance 2022 (remaining) $ 32,125 $ 11,992 2023 56,620 20,004 2024 47,858 17,092 2025 40,227 17,200 2026 29,457 15,202 Thereafter 69,628 21,304 Total lease payments 275,915 102,794 Less: interest (39,569) (7,651) Present value of lease liabilities $ 236,346 $ 95,143 Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets. The Company’s lease activity during the six months ended June 30, 2022 and 2021 was as follows: (in thousands) Six Months Ended June 30, Financial Statement Line 2022 2021 Finance Lease Expense Amortization of finance lease assets $ 10,546 $ 9,514 Interest on obligations under finance leases 1,299 1,098 Total finance lease expense $ 11,845 $ 10,612 Operating Lease Expense Fixed lease expense Cost of leasing and services $ 1,574 $ 2,131 Selling, general and administrative 32,430 29,359 Lease impairment expense and other related charges 213 1,107 Short-term lease expense Cost of leasing and services 17,056 11,575 Selling, general and administrative 1,071 723 Variable lease expense Cost of leasing and services 2,822 3,373 Selling, general and administrative 4,273 3,792 Lease impairment expense and other related charges 40 335 Total operating lease expense $ 59,479 $ 52,395 Lease impairment expense and other related charges relate to closed locations that are no longer used in operations as a result of consolidation activities within the Company . During the six months ended June 30, 2022, the Company recorded $0.3 million in lease impairment expense and other related charges which is comprised of closed location rent expense. During the six months ended June 30, 2021, the Company recorded $1.7 million in lease impairment expense and other related charges which is comprised of $1.5 million in closed location rent expense and $0.2 million loss on lease exit and impairment charges. Supplemental cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows: (in thousands) Six Months Ended June 30, Supplemental Cash Flow Information 2022 2021 Cash paid for the amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 33,850 $ 33,409 Operating cash outflows from finance leases $ 1,297 $ 1,095 Financing cash outflows from finance leases $ 10,371 $ 6,935 Right of use assets obtained in exchange for lease obligations $ 19,504 $ 28,288 Assets obtained in exchange for finance leases $ 17,065 $ 11,530 Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2022 and December 31, 2021 were as follows: Lease Terms and Discount Rates June 30, 2022 December 31, 2021 Weighted-average remaining lease term - operating leases 6.1 years 6.1 years Weighted-average discount rate - operating leases 4.9 % 5.0 % Weighted-average remaining lease term - finance leases 4.8 years 4.5 years Weighted-average discount rate - finance leases 3.2 % 2.9 %
Leases	Leases As of June 30, 2022, the undiscounted future lease payments for operating and finance lease liabilities were as follows: (in thousands) Operating Finance 2022 (remaining) $ 32,125 $ 11,992 2023 56,620 20,004 2024 47,858 17,092 2025 40,227 17,200 2026 29,457 15,202 Thereafter 69,628 21,304 Total lease payments 275,915 102,794 Less: interest (39,569) (7,651) Present value of lease liabilities $ 236,346 $ 95,143 Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets. The Company’s lease activity during the six months ended June 30, 2022 and 2021 was as follows: (in thousands) Six Months Ended June 30, Financial Statement Line 2022 2021 Finance Lease Expense Amortization of finance lease assets $ 10,546 $ 9,514 Interest on obligations under finance leases 1,299 1,098 Total finance lease expense $ 11,845 $ 10,612 Operating Lease Expense Fixed lease expense Cost of leasing and services $ 1,574 $ 2,131 Selling, general and administrative 32,430 29,359 Lease impairment expense and other related charges 213 1,107 Short-term lease expense Cost of leasing and services 17,056 11,575 Selling, general and administrative 1,071 723 Variable lease expense Cost of leasing and services 2,822 3,373 Selling, general and administrative 4,273 3,792 Lease impairment expense and other related charges 40 335 Total operating lease expense $ 59,479 $ 52,395 Lease impairment expense and other related charges relate to closed locations that are no longer used in operations as a result of consolidation activities within the Company . During the six months ended June 30, 2022, the Company recorded $0.3 million in lease impairment expense and other related charges which is comprised of closed location rent expense. During the six months ended June 30, 2021, the Company recorded $1.7 million in lease impairment expense and other related charges which is comprised of $1.5 million in closed location rent expense and $0.2 million loss on lease exit and impairment charges. Supplemental cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows: (in thousands) Six Months Ended June 30, Supplemental Cash Flow Information 2022 2021 Cash paid for the amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 33,850 $ 33,409 Operating cash outflows from finance leases $ 1,297 $ 1,095 Financing cash outflows from finance leases $ 10,371 $ 6,935 Right of use assets obtained in exchange for lease obligations $ 19,504 $ 28,288 Assets obtained in exchange for finance leases $ 17,065 $ 11,530 Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2022 and December 31, 2021 were as follows: Lease Terms and Discount Rates June 30, 2022 December 31, 2021 Weighted-average remaining lease term - operating leases 6.1 years 6.1 years Weighted-average discount rate - operating leases 4.9 % 5.0 % Weighted-average remaining lease term - finance leases 4.8 years 4.5 years Weighted-average discount rate - finance leases 3.2 % 2.9 %

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at the respective balance sheet dates consisted of the following: (in thousands) June 30, 2022 December 31, 2021 Raw materials $ 35,411 $ 26,854 Finished units 6,413 5,885 Inventories $ 41,824 $ 32,739

Rental Equipment, net

Rental Equipment, net	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 Modular space units $ 3,185,153 $ 3,005,195 Portable storage units 821,582 758,619 Tank and pump products 167,854 156,112 Value added products 189,534 168,419 Total rental equipment 4,364,123 4,088,345 Less: accumulated depreciation (1,106,648) (1,007,364) Rental equipment, net $ 3,257,475 $ 3,080,981

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill were as follows: (in thousands) NA Modular NA Storage UK Storage Tank and Pump Total Balance at December 31, 2020 $ 235,828 $ 726,529 $ 65,600 $ 143,262 $ 1,171,219 Changes to Mobile Mini purchase accounting 285,000 (233,666) — (43,173) 8,161 Effects of movements in foreign exchange rates 221 (311) (502) 18 (574) Balance at December 31, 2021 521,049 492,552 65,098 100,107 1,178,806 Effects of movements in foreign exchange rates (354) (234) (6,493) — (7,081) Balance at June 30, 2022 $ 520,695 $ 492,318 $ 58,605 $ 100,107 $ 1,171,725

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles Intangible assets other than goodwill at the respective balance sheet dates consisted of the following: June 30, 2022 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Mobile Mini customer relationships 6.1 $ 209,000 $ (52,422) $ 156,578 Technology 4.0 1,500 (500) 1,000 Indefinite-lived intangible assets: Trade name - Mobile Mini 164,000 — 164,000 Trade name - WillScot 125,000 — 125,000 Total intangible assets other than goodwill $ 499,500 $ (52,922) $ 446,578 December 31, 2021 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Mobile Mini customer relationships 6.6 $ 209,000 $ (38,447) $ 170,553 Technology 4.5 1,500 (375) 1,125 Indefinite-lived intangible assets: Trade name - Mobile Mini 164,000 — 164,000 Trade name - WillScot 125,000 — 125,000 Total intangible assets other than goodwill $ 499,500 $ (38,822) $ 460,678 Amortization expense related to intangible assets was $6.6 million and $6.8 million for the three months ended June 30, 2022 and 2021, respectively, and $13.2 million and $13.8 million for the six months ended June 30, 2022 and 2021, respectively. Based on the carrying value at June 30, 2022, future amortization of intangible assets is expected to be as follows for the years ended December 31: (in thousands) 2022 (remaining) $ 13,334 2023 26,416 2024 26,416 2025 26,416 2026 25,287 Thereafter 39,709 Total $ 157,578

Debt

Debt	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 2025 Secured Notes 6.125% 2025 $ 519,215 $ 518,117 ABL Facility (a) Varies 2027 1,931,009 1,612,783 2028 Secured Notes 4.625% 2028 492,974 492,490 Finance Leases Varies Varies 95,143 89,050 Total debt 3,038,341 2,712,440 Less: current portion of long-term debt 20,663 18,121 Total long-term debt $ 3,017,678 $ 2,694,319 (a) As of December 31, 2021, the Company h ad no outst anding principal borrowings on the multicurrency revolving credit facility and $6.2 million of related debt issuance costs. No related debt issuance costs were recorded as a direct offset against the principal borrowings on the Multicurrency Facility, and the $6.2 million in excess of principal was included in other non-current assets on the condensed consolidated balance sheet as of December 31, 2021. Asset Backed Lending Facility On July 1, 2020, certain subsidiaries of the Company entered into an asset-based credit agreement (the "ABL Facility") that initially provided for revolving credit facilities in the aggregate principal amount of up to $2.4 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $2.0 billion and (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros. The ABL Facility was initially scheduled to mature on July 1, 2025. Borrowings under ABL Facility bear interest at a base rate plus an applicable margin determined quarterly by reference to the Company's excess availability for the most recently completed quarter. Effective January 7, 2022, borrowings were subject to the highest applicable margin and bore interest at (i) in the case of US Dollars, at the borrower's option, either an adjusted LIBOR rate plus 2.125% or an alternative base rate plus 1.125%, (ii) in the case of Canadian Dollars, at the borrower's option, either a Canadian BA rate plus 2.125% or Canadian prime rate plus 1.125%, (iii) in the case of Euros, the EURIBOR rate plus 2.125%, and (iv) in the case of British Pounds Sterling, the SONIA rate plus 2.125%. On June 30, 2022, certain subsidiaries of the Company entered into an amendment to the ABL Facility to, among other things, extend the expiration date until June 30, 2027 and increase the aggregate principal amount of the revolving credit facilities to $3.7 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $3.3 billion (the “US Facility”) and (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility"), available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros. The amendment also converted the interest rate for borrowings denominated in US dollars from a LIBOR-based rate to a Term SOFR-based rate with an interest period of one month and adjusted the applicable margins. The applicable margin for Canadian BA rate, Term SOFR, British Pounds Sterling and Euros loans is 1.50%. The applicable margin for base rate and Canadian Prime Rate loans is 0.50%. The applicable margins are subject to one step down of 0.25% based on excess availability or one step up of 0.25% based on the Company's leverage ratio. The ABL Facility requires the payment of an annual commitment fee on the unused available borrowings of 0.20% annually. At June 30, 2022, the weighted average interest rate for borrowings under the ABL Facility was 3.13%. Borrowing availability under the US Facility and the Multicurrency Facility is equal to the lesser of (i) the aggregate Revolver Commitments and (ii) the Line Cap. At June 30, 2022, the Company had $2.0 billion outstanding principal under the ABL Facility, the Line Cap was $3.0 billion, and the Company had $1.0 billion of available borrowing capacity under the ABL Facility, including $724.6 million under the US Facility and $309.5 million under the Multicurrency Facility. At June 30, 2022, borrowing capacity under the ABL Facility allowed for up to $204.9 million of letters of credit and up to $220.0 million of swingline loans. The Company had issued $15.1 million of standby letters of credit under the ABL Facility at June 30, 2022. At June 30, 2022, letters of credit and bank guarantees carried fees of 1.625% annually . Debt issuance costs of $40.2 million were included in the carrying value of the ABL Facility at June 30, 2022. Finance Leases The Company maintains finance leases primarily related to transportation equipment. At June 30, 2022 and December 31, 2021, obligations under finance leases for certain real property and transportation related equipment were $95.1 million and $89.1 million, respectively. Refer to Note 4 for further information. The Company is in compliance with all debt covenants and restrictions for the aforementioned debt instruments as of June 30, 2022.

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity	Equity Common Stock In connection with the stock compensation vesting events and stock option exercises described in Note 14, and the warrant exercises described in Note 11, the Company issued 1,437,420 shares of Common Stock during the six months ended June 30, 2022. Stock Repurchase Program A share repurchase program authorizes the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and the timing and exact amount of any repurchases will depend on various factors, including market pricing and conditions, business, legal, accounting, and other considerations. During the six months ended June 30, 2022, the Company repurchased 9,304,626 shares of Common Stock and stock equivalents for $326.9 million. As of June 30, 2022, $629.8 million of the approved repurchase amount remained available. In July 2022, the Company's Board of Directors approved an increase to the share repurchase program that authorizes the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2022 and 2021 were as follows: Six Months Ended June 30, 2022 (in thousands) Foreign currency translation Unrealized losses on hedging activities Total Balance at December 31, 2021 $ (25,574) $ (3,497) $ (29,071) Other comprehensive loss before reclassifications (4,074) (569) (4,643) Reclassifications from AOCI to income — 2,890 2,890 Balance at March 31, 2022 (29,648) (1,176) (30,824) Other comprehensive loss before reclassifications (25,628) (464) (26,092) Reclassifications from AOCI to income — 1,640 1,640 Balance at June 30, 2022 $ (55,276) $ — $ (55,276) Six Months Ended June 30, 2021 (in thousands) Foreign currency translation Unrealized losses on hedging activities Total Balance at December 31, 2020 $ (24,694) $ (12,513) $ (37,207) Other comprehensive income (loss) before reclassifications 5,034 (760) 4,274 Reclassifications from AOCI to income — 2,937 2,937 Balance at March 31, 2021 (19,660) (10,336) (29,996) Other comprehensive income (loss) before reclassifications 3,093 (848) 2,245 Reclassifications from AOCI to income — 2,994 2,994 Balance at June 30, 2021 $ (16,567) $ (8,190) $ (24,757) For the six months ended June 30, 2022 and 2021 , $4.5 million and $5.9 million , was reclassified from AOCI into interest expense in the condensed consolidated statements of operations related to the interest rate swap discussed in Note 15. Associated with these reclassifications, t he Company recorded tax expense of $0.4 million and $0.7 million for the three months ended June 30, 2022 and 2021, respectively, and $1.1 million and $1.3 million for the six months ended June 30, 2022 and 2021, respectively. 2015 Warrants WillScot was incorporated under the name Double Eagle Acquisition Corporation ("DEAC") on June 26, 2015. DEAC issued warrants to purchase its Common Stock in a private placement concurrently with its initial public offering (the “2015 Private Warrants”) each of which entitled the holder to purchase one-half of one share of Common Stock. During the six months ended June 30, 2021, 3,055,000 of the 2015 Private Warrants were repurchased for $25.5 million and cancelled. In addition, during the six months ended June 30, 2021, 9,655,000 warrants were exercised on a cashless basis, resulting in the issuance of 2,939,898 shares of Common Stock. As of June 30, 2021, no 2015 Private Warrants remained outstanding. 2018 Warrants In connection with the Modular Space Holdings ("ModSpace") acquisition in 2018, WillScot issued warrants to purchase approximately 10.0 million shares of Common Stock (the "2018 Warrants") to former shareholders of ModSpace. Each 2018 Warrant entitles the holder to purchase one share of Common Stock at an exercise price of $15.50 per share, subject to adjustment. The 2018 Warrants expire on November 29, 2022 . During the six months ended June 30, 2022, 33,965 of the 2018 Warrants were repurchased for $0.6 million and cancelled . In addition, during the six months ended June 30, 2022, 1,037,379 of the 2018 Warrants were exercised on a cashless basis, resulting in the issuance of 631,863 shares of common stock. At June 30, 2022, 3,006,829 of the 2018 Warrants were outstanding.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Warrants	Equity Common Stock In connection with the stock compensation vesting events and stock option exercises described in Note 14, and the warrant exercises described in Note 11, the Company issued 1,437,420 shares of Common Stock during the six months ended June 30, 2022. Stock Repurchase Program A share repurchase program authorizes the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and the timing and exact amount of any repurchases will depend on various factors, including market pricing and conditions, business, legal, accounting, and other considerations. During the six months ended June 30, 2022, the Company repurchased 9,304,626 shares of Common Stock and stock equivalents for $326.9 million. As of June 30, 2022, $629.8 million of the approved repurchase amount remained available. In July 2022, the Company's Board of Directors approved an increase to the share repurchase program that authorizes the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2022 and 2021 were as follows: Six Months Ended June 30, 2022 (in thousands) Foreign currency translation Unrealized losses on hedging activities Total Balance at December 31, 2021 $ (25,574) $ (3,497) $ (29,071) Other comprehensive loss before reclassifications (4,074) (569) (4,643) Reclassifications from AOCI to income — 2,890 2,890 Balance at March 31, 2022 (29,648) (1,176) (30,824) Other comprehensive loss before reclassifications (25,628) (464) (26,092) Reclassifications from AOCI to income — 1,640 1,640 Balance at June 30, 2022 $ (55,276) $ — $ (55,276) Six Months Ended June 30, 2021 (in thousands) Foreign currency translation Unrealized losses on hedging activities Total Balance at December 31, 2020 $ (24,694) $ (12,513) $ (37,207) Other comprehensive income (loss) before reclassifications 5,034 (760) 4,274 Reclassifications from AOCI to income — 2,937 2,937 Balance at March 31, 2021 (19,660) (10,336) (29,996) Other comprehensive income (loss) before reclassifications 3,093 (848) 2,245 Reclassifications from AOCI to income — 2,994 2,994 Balance at June 30, 2021 $ (16,567) $ (8,190) $ (24,757) For the six months ended June 30, 2022 and 2021 , $4.5 million and $5.9 million , was reclassified from AOCI into interest expense in the condensed consolidated statements of operations related to the interest rate swap discussed in Note 15. Associated with these reclassifications, t he Company recorded tax expense of $0.4 million and $0.7 million for the three months ended June 30, 2022 and 2021, respectively, and $1.1 million and $1.3 million for the six months ended June 30, 2022 and 2021, respectively. 2015 Warrants WillScot was incorporated under the name Double Eagle Acquisition Corporation ("DEAC") on June 26, 2015. DEAC issued warrants to purchase its Common Stock in a private placement concurrently with its initial public offering (the “2015 Private Warrants”) each of which entitled the holder to purchase one-half of one share of Common Stock. During the six months ended June 30, 2021, 3,055,000 of the 2015 Private Warrants were repurchased for $25.5 million and cancelled. In addition, during the six months ended June 30, 2021, 9,655,000 warrants were exercised on a cashless basis, resulting in the issuance of 2,939,898 shares of Common Stock. As of June 30, 2021, no 2015 Private Warrants remained outstanding. 2018 Warrants In connection with the Modular Space Holdings ("ModSpace") acquisition in 2018, WillScot issued warrants to purchase approximately 10.0 million shares of Common Stock (the "2018 Warrants") to former shareholders of ModSpace. Each 2018 Warrant entitles the holder to purchase one share of Common Stock at an exercise price of $15.50 per share, subject to adjustment. The 2018 Warrants expire on November 29, 2022 . During the six months ended June 30, 2022, 33,965 of the 2018 Warrants were repurchased for $0.6 million and cancelled . In addition, during the six months ended June 30, 2022, 1,037,379 of the 2018 Warrants were exercised on a cashless basis, resulting in the issuance of 631,863 shares of common stock. At June 30, 2022, 3,006,829 of the 2018 Warrants were outstanding.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded $24.7 million and $40.5 million of income tax expense for the three and six months ended June 30, 2022, respectively, and $18.8 million and $29.3 million of income tax expense for the three and six months ended June 30, 2021, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2022 was 25.2% and 24.5%, respectively. The Company's effective tax rate for the three and six months ended June 30, 2021 was 48.0% and 54.2%, respectively. The effective tax rate for the three and six months ended June 30, 2022 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes offset by a discrete tax benefit related to employee stock vesting. The effective tax rate for the three and six months ended June 30, 2021 differed from the US statutory rate of 21% primarily due to the permanent add-backs related to changes in the estimated fair values of the Company's common stock warrant liabilities and the impact of the UK statutory rate increase.

Fair Value Measures

Fair Value Measures	6 Months Ended
	Jun. 30, 2022
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, and other current liabilities approximate their carrying amounts. Based on the borrowing rates currently available for bank loans with similar terms and average maturities, the fair value of finance leases at June 30, 2022 approximate their respective book values. The following table shows the carrying amounts and fair values of financial liabilities which are disclosed, but not measured, at fair value, including their levels in the fair values hierarchy: June 30, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 ABL Facility $ 1,931,009 $ — $ 1,971,215 $ — $ 1,612,783 $ — $ 1,644,500 $ — 2025 Secured Notes 519,215 — 518,308 — 518,117 — 551,835 — 2028 Secured Notes 492,974 — 432,630 — 492,490 — 515,635 — Total $ 2,943,198 $ — $ 2,922,153 $ — $ 2,623,390 $ — $ 2,711,970 $ — As of June 30, 2022, the carrying values of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes include d $40.2 million, $7.3 million, and $7.0 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. As of December 31, 2021, the carrying value of the ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $31.7 million, $8.4 million, and $7.5 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. The carrying value of the ABL Facility, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of current market rates. The fair value of the 2025 Secured Notes and the 2028 Secured Notes is based on their last trading price at the end of each period obtained from a third party. The classification and the fair value of derivative assets and liabilities designated as hedges in the condensed consolidated balance sheets are disclosed in Note 15. Level 3 Disclosures When the 2015 Private Warrants were classified as liabilities, the Company utilized a Black Scholes option-pricing model to value the warrants at each reporting period and transaction date, with changes in fair value recognized in the statements of operations. The estimated fair value of the common stock warrant liability was determined using Level 3 inputs. Inherent in the pricing model were assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The volatility assumption was based on a blend of peer group volatility and Company trading history that matched the expected remaining life of the warrants as the Company did not have a sufficient trading history as a stand-alone public company to rely exclusively on its own trading history. The risk-free interest rate was based on the US Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants was assumed to be equivalent to their remaining contractual term. The dividend rate was based on the historical rate, which the Company anticipated to remain at zero. The following table presents changes in Level 3 liabilities measured at fair value for the three months ended June 30, 2021: (in thousands) 2015 Private Warrants Balance - March 31, 2021 $ 99,781 Exercise or conversion (78,495) Measurement adjustment (1,571) Repurchases (19,715) Balance- June 30, 2021 $ —

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense includes grants of stock options, time-based restricted stock units ("Time-Based RSUs") and performance-based restricted stock units ("Performance-Based RSUs," together with Time-Based RSUs, the "RSUs"). In addition, stock-based payments to non-executive directors include grants of restricted stock awards ("RSAs"). Time-Based RSUs and RSAs are valued based on the intrinsic value of the difference between the exercise price, if any, of the award and the fair market value of WillScot Mobile Mini's Common Stock on the grant date. Performance-Based RSUs are valued based on a Monte Carlo simulation model to reflect the impact of the Performance-Based RSUs market condition. The probability of satisfying a market condition is considered in the estimation of the grant-date fair value for Performance-Based RSUs and the compensation cost is not reversed if the market condition is not achieved, provided the requisite service has been provided. Restricted Stock Awards The following table summarizes the Company's RSA activity : 2022 2021 Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Grant Date Fair Value Balance December 31, 36,176 $ 29.30 57,448 $ 11.75 Granted 35,244 $ 37.17 44,708 $ 29.30 Forfeited — $ — (4,266) $ 29.30 Vested (36,176) $ 29.30 (57,448) $ 11.75 Balance June 30, 35,244 $ 37.17 40,442 $ 29.30 Compensation expense for RSAs recognized in SG&A expense on the condensed consolidated statements of operations was $0.3 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively. Compensation expense for RSAs recognized in SG&A expense on the condensed consolidated statements of operations was $0.6 million and $0.3 million for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, there was $1.2 million of unrecognized compensation cost related to RSAs that is expected to be recognized over the remaining weighted average vesting period of 0.9 years. Time-Based RSUs The following table summarizes the Company's Time-Based RSU activity : 2022 2021 Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Grant Date Fair Value Balance December 31, 997,451 $ 18.54 1,325,862 $ 13.46 Granted 357,639 $ 35.53 405,505 $ 27.20 Forfeited (31,712) $ 30.45 (65,153) $ 16.74 Vested (437,571) $ 16.61 (347,688) $ 13.30 Balance June 30, 885,807 $ 25.93 1,318,526 $ 17.61 Compensation expense for Time-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $2.5 million and $2.4 million for the three months ended June 30, 2022 and 2021, respectively. Compensation expense for RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $4.7 million and $4.3 million for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, unrecognized compensation cost related to Time-Based RSUs totaled $18.9 million and is expected to be recognized over the remaining weighted average vesting period of 2.7 years. Performance-Based RSUs The following table summarizes the Company's Performance-Based RSU award activity : 2022 2021 Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Grant Date Fair Value Balance December 31, 1,536,394 $ 26.34 593,388 $ 14.88 Granted 745,079 $ 42.34 397,981 $ 39.10 Forfeited (30,712) $ 41.81 (20,077) $ 25.87 Vested (313,152) $ 16.45 — $ — Balance June 30, 1,937,609 $ 33.84 971,292 $ 24.56 Compensation expense for Performance-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $6.5 million and $2.0 million for the three months ended June 30, 2022 and 2021, respectively. Compensation expense for Performance-Based RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $10.3 million and $3.1 million for the six months ended June 30, 2022 and 2021, respectively . At June 30, 2022, unrecognized compensation cost related to Performance-Based RSUs totaled $47.5 million and is expected to be recognized over the remaining vesting period of 1.9 years. Certain Performance-Based RSUs cliff 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 in an index at the grant date over the performance period of three years. For 2022 grants, the TSR of the Company's Common Stock is compared to the TSR of the constituents in the S&P MidCap 400 Index. The target number of RSUs may be adjusted from 0% to 200% based on the TSR attainment levels defined by the Company's Compensation Committee. The 100% target payout is tied to performance at the 50% percentile, with a payout curve ranging from 0% (for performance less than the 25% percentile) to 200% (for performance above the 85% percentile). Stock Options The following tables summarize the Company's stock option activity : WillScot Options Weighted-Average Exercise Price per Share Converted Weighted-Average Exercise Price per Share Balance December 31, 2021 534,188 $ 13.60 1,527,643 $ 14.66 Exercised — $ — (237,819) $ 14.51 Balance June 30, 2022 534,188 $ 13.60 1,289,824 $ 14.68 Fully vested and exercisable options, June 30, 2022 534,188 $ 13.60 1,289,824 $ 14.68 WillScot Options Weighted-Average Exercise Price per Share Converted Mobile Mini Options Weighted-Average Exercise Price per Share Balance December 31, 2020 534,188 $ 13.60 2,031,455 $ 14.78 Forfeited — $ — (6,240) $ 12.19 Exercised — $ — (373,132) $ 15.77 Balance June 30, 2021 534,188 $ 13.60 1,652,083 $ 14.57 Fully vested and exercisable options, June 30, 2021 400,641 $ 13.60 1,652,083 $ 14.57 Compensation expense for stock option awards, recognized in SG&A expense on the condensed consolidated statements of operations, was $0.2 million for the three months ended June 30, 2021. Compensation expense for stock option awards, recognized in SG&A expense on the condensed consolidated statements of operations, was $0.2 million and $0.4 million

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives On November 6, 2018, the Company entered into an interest rate swap agreement (the “Swap Agreement”) with a financial counterparty that effectively converted $400.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL facility into fixed-rate debt. The Swap Agreement terminated on May 29, 2022. Under the terms of the Swap Agreement, the Company received a floating rate equal to one-month LIBOR and made payments based on a fixed rate of 3.06% on the notional amount. The receive rate under the terms of the Swap Agreement was 0.11% at December 31, 2021. 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. The location and the fair value of derivative instruments designated as hedges, at the balance sheet date, was as follows: (in thousands) Balance Sheet Account December 31, 2021 Cash Flow Hedges: Interest rate swap Accrued expenses $ 5,259 The fair value of the interest rate swap was based on dealer quotes of market forward rates, a Level 2 input on the fair value hierarchy, and reflected the amount that the Company would receive or pay for contracts involving the same attributes and maturity dates. The following table discloses the impact of the interest rate swap, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s combined consolidated statements of operations for the six months ended June 30,: (in thousands) 2022 2021 Gain recognized in OCI $ 4,669 $ 4,323 Location of gain recognized in income Interest expense, net Interest expense, net Loss reclassified from AOCI into income (effective portion) $ (4,530) $ (5,931)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various lawsuits, claims and legal proceedings that arise in the ordinary course of business. The Company assesses these matters on a case-by-case basis as they arise and establishes reserves as required. As of June 30, 2022, with respect to these outstanding matters, the Company believes that the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the consolidated financial position, results of operations, or cash flows. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in four reportable segments as follows: North America Modular Solutions ("NA Modular"), North America Storage Solutions ("NA Storage"), United Kingdom Storage Solutions ("UK Storage") and Tank and Pump Solutions ("Tank and Pump"). 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 Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects the further adjustments to EBITDA (“Adjusted EBITDA”) to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core and ongoing business operations. In addition, the Chief Operating Decision Maker ("CODM") evaluates business segment performance utilizing Adjusted EBITDA as shown in the reconciliation of the Company’s consolidated net income to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic and ongoing 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, 2022 and 2021, respectively. Three Months Ended June 30, 2022 (in thousands) NA Modular NA Storage UK Storage Tank and Pump Unallocated Costs Total Revenues: Leasing and services revenue: Leasing $ 252,046 $ 134,339 $ 20,156 $ 22,079 $ 428,620 Delivery and installation 73,680 37,163 5,342 9,218 125,403 Sales revenue: New units 8,520 1,407 489 678 11,094 Rental units 13,424 2,311 679 111 16,525 Total revenues 347,670 175,220 26,666 32,086 581,642 Costs: Cost of leasing and services: Leasing 68,297 19,814 4,193 4,608 96,912 Delivery and installation 58,969 23,568 3,410 7,640 93,587 Cost of sales: New units 4,244 1,077 322 496 6,139 Rental units 6,947 1,531 500 (23) 8,955 Depreciation of rental equipment 55,405 7,826 1,152 2,793 67,176 Gross profit $ 153,808 $ 121,404 $ 17,089 $ 16,572 $ 308,873 Other selected data: Adjusted EBITDA $ 127,881 $ 80,762 $ 12,230 $ 12,462 $ — $ 233,335 Selling, general and administrative expense $ 85,416 $ 48,468 $ 6,010 $ 6,904 $ 15,366 $ 162,164 Purchases of rental equipment and refurbishments $ 82,482 $ 34,282 $ 7,604 $ 5,785 $ — $ 130,153 Three Months Ended June 30, 2021 (in thousands) NA Modular NA Storage UK Storage Tank and Pump Unallocated Costs Total Revenues: Leasing and services revenue: Leasing $ 217,635 $ 85,966 $ 21,014 $ 18,564 $ 343,179 Delivery and installation 54,851 23,519 5,839 7,471 91,680 Sales revenue: New units 6,871 1,864 1,295 978 11,008 Rental units 10,025 4,445 284 481 15,235 Total revenues 289,382 115,794 28,432 27,494 461,102 Costs: Cost of leasing and services: Leasing 61,773 12,174 4,729 4,356 83,032 Delivery and installation 51,154 16,743 3,309 5,947 77,153 Cost of sales: New units 4,376 1,122 845 709 7,052 Rental units 5,127 2,558 294 183 8,162 Depreciation of rental equipment 50,816 7,476 1,318 3,283 62,893 Gross profit $ 116,136 $ 75,721 $ 17,937 $ 13,016 $ 222,810 Other selected data: Adjusted EBITDA $ 103,545 $ 49,526 $ 12,328 $ 10,096 $ — $ 175,495 Selling, general and administrative expense $ 63,406 $ 33,672 $ 6,926 $ 6,203 $ 12,180 $ 122,387 Purchases of rental equipment and refurbishments $ 49,364 $ 8,773 $ 4,226 $ 2,919 $ — $ 65,282 Six Months Ended June 30, 2022 (in thousands) NA Modular NA Storage UK Storage Tank and Pump Unallocated Costs Total Revenues: Leasing and services revenue: Leasing $ 485,024 $ 252,920 $ 40,727 $ 43,141 $ 821,812 Delivery and installation 129,314 67,067 11,809 17,544 225,734 Sales revenue: New units 13,365 2,349 617 1,360 17,691 Rental units 19,653 4,368 953 325 25,299 Total revenues 647,356 326,704 54,106 62,370 1,090,536 Costs: Cost of leasing and services: Leasing 132,286 36,160 8,430 8,914 185,790 Delivery and installation 108,023 45,094 7,333 14,652 175,102 Cost of sales: New units 7,501 1,575 386 1,003 10,465 Rental units 10,485 2,884 657 73 14,099 Depreciation of rental equipment 106,322 14,457 2,290 6,323 129,392 Gross profit $ 282,739 $ 226,534 $ 35,010 $ 31,405 $ 575,688 Other selected data: Adjusted EBITDA $ 231,829 $ 144,587 $ 24,774 $ 23,968 $ — $ 425,158 Selling, general and administrative expense $ 162,936 $ 96,406 $ 12,524 $ 13,761 $ 26,747 $ 312,374 Purchases of rental equipment and refurbishments $ 140,059 $ 54,453 $ 17,219 $ 13,658 $ — $ 225,389 Six Months Ended June 30, 2021 (in thousands) NA Modular NA Storage UK Storage Tank and Pump Unallocated Costs Total Revenues: Leasing and services revenue: Leasing $ 417,243 $ 166,317 $ 39,735 $ 35,546 $ 658,841 Delivery and installation 103,531 44,884 12,589 14,180 175,184 Sales revenue: New units 14,331 4,048 2,166 1,418 21,963 Rental units 20,501 8,293 949 694 30,437 Total revenues 555,606 223,542 55,439 51,838 886,425 Costs: Cost of leasing and services: Leasing 112,848 22,907 9,025 8,147 152,927 Delivery and installation 95,859 32,483 7,400 11,547 147,289 Cost of sales: New units 9,250 2,463 1,434 1,014 14,161 Rental units 10,975 5,080 918 294 17,267 Depreciation of rental equipment 97,536 12,269 2,232 6,554 118,591 Gross profit $ 229,138 $ 148,340 $ 34,430 $ 24,282 $ 436,190 Other selected data: Adjusted EBITDA $ 200,916 $ 95,848 $ 23,392 $ 18,924 $ — $ 339,080 Selling, general and administrative expense $ 125,756 $ 64,761 $ 13,269 $ 11,913 $ 24,017 $ 239,716 Purchases of rental equipment and refurbishments $ 88,499 $ 12,245 $ 10,996 $ 6,077 $ — $ 117,817 The following table presents a reconciliation of the Company’s Net income to Adjusted EBITDA for the three and six months ended June 30, 2022 and 2021, respectively: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Net income $ 73,376 $ 20,371 $ 124,547 $ 24,818 Income tax expense 24,711 18,828 40,459 29,309 Loss on extinguishment of debt — 2,814 — 5,999 Fair value (gain) loss on common stock warrant liabilities — (610) — 26,597 Interest expense 33,574 29,212 64,564 59,176 Depreciation and amortization 86,230 84,515 168,050 158,537 Currency (gains) losses, net (127) 33 11 69 Restructuring costs, lease impairment expense and other related charges (95) 7,434 168 11,829 Transaction costs 22 — 41 844 Integration costs 5,203 7,622 9,291 14,964 Stock compensation expense 9,292 4,707 15,687 8,221 Other 1,149 569 2,340 (1,283) Adjusted EBITDA $ 233,335 $ 175,495 $ 425,158 $ 339,080 Included in restructuring costs for the three and six months ended June 30, 2021 was expense of approximately $4.3 million and $5.8 million, respectively, recognized as a result of the modification of certain equity awards associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's former President and Chief Operating Officer.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table reconciles the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation: Three Months Ended Six Months Ended June 30 June 30 (in thousands) 2022 2021 2022 2021 Numerator: Net income - basic $ 73,376 $ 20,371 $ 124,547 $ 24,818 Fair value gain on common stock warrant liabilities — (610) — — Net income - dilutive $ 73,376 $ 19,761 $ 124,547 $ 24,818 Denominator: Weighted average Common Shares outstanding - basic 223,376 228,407 222,197 228,350 Dilutive effect of shares outstanding Warrants 1,746 5,705 1,818 4,000 RSAs 18 20 22 36 Time-based RSUs 307 599 395 622 Performance-based RSUs 952 725 1,385 817 Stock Options 1,085 1,081 1,166 1,074 Weighted average Common Shares outstanding - dilutive 227,484 236,537 226,983 234,899 For the three and six months ended June 30, 2022, 1,252,968 and 904,379 shares of Performance-Based RSUs, respectively, were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. For the three and six months ended June 30, 2021, no warrants, shares or options were excluded from the computation of diluted EPS.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
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 US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented.
Principles of Consolidation	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.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"). ASU 2021-08 is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021 as follows: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 US $ 517,374 $ 399,280 $ 969,342 $ 770,549 Canada 32,901 29,543 58,174 53,127 Mexico 4,703 3,848 8,917 7,311 UK 26,664 28,431 54,103 55,438 Total revenues $ 581,642 $ 461,102 $ 1,090,536 $ 886,425 Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Modular space leasing revenue $ 212,862 $ 181,376 $ 411,939 $ 351,328 Portable storage leasing revenue 88,548 58,848 166,532 113,461 Tank and pump leasing revenue 20,706 17,109 39,937 32,869 VAPS and third party leasing revenues (a) 87,498 70,880 168,424 133,306 Other leasing-related revenue (b) 19,006 14,966 34,980 27,877 Leasing revenue 428,620 343,179 821,812 658,841 Delivery and installation revenue 125,403 91,680 225,734 175,184 Total leasing and services revenue 554,023 434,859 1,047,546 834,025 New unit sales revenue 11,094 11,008 17,691 21,963 Rental unit sales revenue 16,525 15,235 25,299 30,437 Total revenues $ 581,642 $ 461,102 $ 1,090,536 $ 886,425 (a) Includes $6.8 million and $7.8 million of service revenue for the three months ended June 30, 2022 and 2021, respectively, and $14.3 million and $14.0 million of service revenue for the six months ended June 30, 2022 and 2021, respectively. (b) Includes primarily damage billings, delinquent payment charges, and other processing fees.
Schedule of Accounts and Notes Receivable Allowances	Activity in the allowance for credit losses was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 49,258 $ 31,630 $ 47,629 $ 29,258 Provision for credit losses, net of recoveries 10,264 8,390 18,865 16,910 Write-offs (5,900) (4,058) (12,910) (9,872) Foreign currency translation and other (78) 823 (40) 489 Balance at end of period $ 53,544 $ 36,785 $ 53,544 $ 36,785

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Operating Lease Maturities	As of June 30, 2022, the undiscounted future lease payments for operating and finance lease liabilities were as follows: (in thousands) Operating Finance 2022 (remaining) $ 32,125 $ 11,992 2023 56,620 20,004 2024 47,858 17,092 2025 40,227 17,200 2026 29,457 15,202 Thereafter 69,628 21,304 Total lease payments 275,915 102,794 Less: interest (39,569) (7,651) Present value of lease liabilities $ 236,346 $ 95,143
Schedule of Finance Lease Maturities	As of June 30, 2022, the undiscounted future lease payments for operating and finance lease liabilities were as follows: (in thousands) Operating Finance 2022 (remaining) $ 32,125 $ 11,992 2023 56,620 20,004 2024 47,858 17,092 2025 40,227 17,200 2026 29,457 15,202 Thereafter 69,628 21,304 Total lease payments 275,915 102,794 Less: interest (39,569) (7,651) Present value of lease liabilities $ 236,346 $ 95,143
Schedule of Lease Activity	The Company’s lease activity during the six months ended June 30, 2022 and 2021 was as follows: (in thousands) Six Months Ended June 30, Financial Statement Line 2022 2021 Finance Lease Expense Amortization of finance lease assets $ 10,546 $ 9,514 Interest on obligations under finance leases 1,299 1,098 Total finance lease expense $ 11,845 $ 10,612 Operating Lease Expense Fixed lease expense Cost of leasing and services $ 1,574 $ 2,131 Selling, general and administrative 32,430 29,359 Lease impairment expense and other related charges 213 1,107 Short-term lease expense Cost of leasing and services 17,056 11,575 Selling, general and administrative 1,071 723 Variable lease expense Cost of leasing and services 2,822 3,373 Selling, general and administrative 4,273 3,792 Lease impairment expense and other related charges 40 335 Total operating lease expense $ 59,479 $ 52,395 Supplemental cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows: (in thousands) Six Months Ended June 30, Supplemental Cash Flow Information 2022 2021 Cash paid for the amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 33,850 $ 33,409 Operating cash outflows from finance leases $ 1,297 $ 1,095 Financing cash outflows from finance leases $ 10,371 $ 6,935 Right of use assets obtained in exchange for lease obligations $ 19,504 $ 28,288 Assets obtained in exchange for finance leases $ 17,065 $ 11,530
Weighted-Average Remaining Operating Lease Term and Weighted Average Discount Rate	Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2022 and December 31, 2021 were as follows: Lease Terms and Discount Rates June 30, 2022 December 31, 2021 Weighted-average remaining lease term - operating leases 6.1 years 6.1 years Weighted-average discount rate - operating leases 4.9 % 5.0 % Weighted-average remaining lease term - finance leases 4.8 years 4.5 years Weighted-average discount rate - finance leases 3.2 % 2.9 %

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories at the respective balance sheet dates consisted of the following: (in thousands) June 30, 2022 December 31, 2021 Raw materials $ 35,411 $ 26,854 Finished units 6,413 5,885 Inventories $ 41,824 $ 32,739

Rental Equipment, net (Tables)

Rental Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 Modular space units $ 3,185,153 $ 3,005,195 Portable storage units 821,582 758,619 Tank and pump products 167,854 156,112 Value added products 189,534 168,419 Total rental equipment 4,364,123 4,088,345 Less: accumulated depreciation (1,106,648) (1,007,364) Rental equipment, net $ 3,257,475 $ 3,080,981

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill Activity	Changes in the carrying amount of goodwill were as follows: (in thousands) NA Modular NA Storage UK Storage Tank and Pump Total Balance at December 31, 2020 $ 235,828 $ 726,529 $ 65,600 $ 143,262 $ 1,171,219 Changes to Mobile Mini purchase accounting 285,000 (233,666) — (43,173) 8,161 Effects of movements in foreign exchange rates 221 (311) (502) 18 (574) Balance at December 31, 2021 521,049 492,552 65,098 100,107 1,178,806 Effects of movements in foreign exchange rates (354) (234) (6,493) — (7,081) Balance at June 30, 2022 $ 520,695 $ 492,318 $ 58,605 $ 100,107 $ 1,171,725

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	Intangible assets other than goodwill at the respective balance sheet dates consisted of the following: June 30, 2022 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Mobile Mini customer relationships 6.1 $ 209,000 $ (52,422) $ 156,578 Technology 4.0 1,500 (500) 1,000 Indefinite-lived intangible assets: Trade name - Mobile Mini 164,000 — 164,000 Trade name - WillScot 125,000 — 125,000 Total intangible assets other than goodwill $ 499,500 $ (52,922) $ 446,578 December 31, 2021 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Mobile Mini customer relationships 6.6 $ 209,000 $ (38,447) $ 170,553 Technology 4.5 1,500 (375) 1,125 Indefinite-lived intangible assets: Trade name - Mobile Mini 164,000 — 164,000 Trade name - WillScot 125,000 — 125,000 Total intangible assets other than goodwill $ 499,500 $ (38,822) $ 460,678
Schedule of Finite-Lived Intangible Assets	Intangible assets other than goodwill at the respective balance sheet dates consisted of the following: June 30, 2022 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Mobile Mini customer relationships 6.1 $ 209,000 $ (52,422) $ 156,578 Technology 4.0 1,500 (500) 1,000 Indefinite-lived intangible assets: Trade name - Mobile Mini 164,000 — 164,000 Trade name - WillScot 125,000 — 125,000 Total intangible assets other than goodwill $ 499,500 $ (52,922) $ 446,578 December 31, 2021 (in thousands) Weighted average remaining life (in years) Gross carrying amount Accumulated amortization Net book value Intangible assets subject to amortization: Mobile Mini customer relationships 6.6 $ 209,000 $ (38,447) $ 170,553 Technology 4.5 1,500 (375) 1,125 Indefinite-lived intangible assets: Trade name - Mobile Mini 164,000 — 164,000 Trade name - WillScot 125,000 — 125,000 Total intangible assets other than goodwill $ 499,500 $ (38,822) $ 460,678
Schedule of Future Amortization of Intangible Assets	Based on the carrying value at June 30, 2022, future amortization of intangible assets is expected to be as follows for the years ended December 31: (in thousands) 2022 (remaining) $ 13,334 2023 26,416 2024 26,416 2025 26,416 2026 25,287 Thereafter 39,709 Total $ 157,578

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 2025 Secured Notes 6.125% 2025 $ 519,215 $ 518,117 ABL Facility (a) Varies 2027 1,931,009 1,612,783 2028 Secured Notes 4.625% 2028 492,974 492,490 Finance Leases Varies Varies 95,143 89,050 Total debt 3,038,341 2,712,440 Less: current portion of long-term debt 20,663 18,121 Total long-term debt $ 3,017,678 $ 2,694,319 (a) As of December 31, 2021, the Company h ad no outst anding principal borrowings on the multicurrency revolving credit facility and $6.2 million of related debt issuance costs. No related debt issuance costs were recorded as a direct offset against the principal borrowings on the Multicurrency Facility, and the $6.2 million in excess of principal was included in other non-current assets on the condensed consolidated balance sheet as of December 31, 2021.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2022 and 2021 were as follows: Six Months Ended June 30, 2022 (in thousands) Foreign currency translation Unrealized losses on hedging activities Total Balance at December 31, 2021 $ (25,574) $ (3,497) $ (29,071) Other comprehensive loss before reclassifications (4,074) (569) (4,643) Reclassifications from AOCI to income — 2,890 2,890 Balance at March 31, 2022 (29,648) (1,176) (30,824) Other comprehensive loss before reclassifications (25,628) (464) (26,092) Reclassifications from AOCI to income — 1,640 1,640 Balance at June 30, 2022 $ (55,276) $ — $ (55,276) Six Months Ended June 30, 2021 (in thousands) Foreign currency translation Unrealized losses on hedging activities Total Balance at December 31, 2020 $ (24,694) $ (12,513) $ (37,207) Other comprehensive income (loss) before reclassifications 5,034 (760) 4,274 Reclassifications from AOCI to income — 2,937 2,937 Balance at March 31, 2021 (19,660) (10,336) (29,996) Other comprehensive income (loss) before reclassifications 3,093 (848) 2,245 Reclassifications from AOCI to income — 2,994 2,994 Balance at June 30, 2021 $ (16,567) $ (8,190) $ (24,757)

Fair Value Measures (Tables)

Fair Value Measures (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Levels used for Measurement	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
Carrying Amounts and Fair Values of Financial Assets and Liabilities	The following table shows the carrying amounts and fair values of financial liabilities which are disclosed, but not measured, at fair value, including their levels in the fair values hierarchy: June 30, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 ABL Facility $ 1,931,009 $ — $ 1,971,215 $ — $ 1,612,783 $ — $ 1,644,500 $ — 2025 Secured Notes 519,215 — 518,308 — 518,117 — 551,835 — 2028 Secured Notes 492,974 — 432,630 — 492,490 — 515,635 — Total $ 2,943,198 $ — $ 2,922,153 $ — $ 2,623,390 $ — $ 2,711,970 $ —
Changes in Level 3 Liabilities Measured at Fair Value	The following table presents changes in Level 3 liabilities measured at fair value for the three months ended June 30, 2021: (in thousands) 2015 Private Warrants Balance - March 31, 2021 $ 99,781 Exercise or conversion (78,495) Measurement adjustment (1,571) Repurchases (19,715) Balance- June 30, 2021 $ — The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2021: (in thousands) 2015 Private Warrants Balance - December 31, 2020 $ 77,404 Exercise or conversion (78,495) Measurement adjustment 25,486 Repurchases (24,395) Balance- June 30, 2021 $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards	The following table summarizes the Company's RSA activity : 2022 2021 Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Grant Date Fair Value Balance December 31, 36,176 $ 29.30 57,448 $ 11.75 Granted 35,244 $ 37.17 44,708 $ 29.30 Forfeited — $ — (4,266) $ 29.30 Vested (36,176) $ 29.30 (57,448) $ 11.75 Balance June 30, 35,244 $ 37.17 40,442 $ 29.30
Schedule of Restricted Stock Units	The following table summarizes the Company's Time-Based RSU activity : 2022 2021 Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Grant Date Fair Value Balance December 31, 997,451 $ 18.54 1,325,862 $ 13.46 Granted 357,639 $ 35.53 405,505 $ 27.20 Forfeited (31,712) $ 30.45 (65,153) $ 16.74 Vested (437,571) $ 16.61 (347,688) $ 13.30 Balance June 30, 885,807 $ 25.93 1,318,526 $ 17.61 The following table summarizes the Company's Performance-Based RSU award activity : 2022 2021 Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Grant Date Fair Value Balance December 31, 1,536,394 $ 26.34 593,388 $ 14.88 Granted 745,079 $ 42.34 397,981 $ 39.10 Forfeited (30,712) $ 41.81 (20,077) $ 25.87 Vested (313,152) $ 16.45 — $ — Balance June 30, 1,937,609 $ 33.84 971,292 $ 24.56
Schedule of Stock Option Awards	The following tables summarize the Company's stock option activity : WillScot Options Weighted-Average Exercise Price per Share Converted Weighted-Average Exercise Price per Share Balance December 31, 2021 534,188 $ 13.60 1,527,643 $ 14.66 Exercised — $ — (237,819) $ 14.51 Balance June 30, 2022 534,188 $ 13.60 1,289,824 $ 14.68 Fully vested and exercisable options, June 30, 2022 534,188 $ 13.60 1,289,824 $ 14.68 WillScot Options Weighted-Average Exercise Price per Share Converted Mobile Mini Options Weighted-Average Exercise Price per Share Balance December 31, 2020 534,188 $ 13.60 2,031,455 $ 14.78 Forfeited — $ — (6,240) $ 12.19 Exercised — $ — (373,132) $ 15.77 Balance June 30, 2021 534,188 $ 13.60 1,652,083 $ 14.57 Fully vested and exercisable options, June 30, 2021 400,641 $ 13.60 1,652,083 $ 14.57

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 balance sheet date, was as follows: (in thousands) Balance Sheet Account December 31, 2021 Cash Flow Hedges: Interest rate swap Accrued expenses $ 5,259
Schedule of Impact of Interest Rate Swap on Other Comprehensive Income, AOCI and Statement of Operations	The following table discloses the impact of the interest rate swap, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s combined consolidated statements of operations for the six months ended June 30,: (in thousands) 2022 2021 Gain recognized in OCI $ 4,669 $ 4,323 Location of gain recognized in income Interest expense, net Interest expense, net Loss reclassified from AOCI into income (effective portion) $ (4,530) $ (5,931)

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021, respectively. Three Months Ended June 30, 2022 (in thousands) NA Modular NA Storage UK Storage Tank and Pump Unallocated Costs Total Revenues: Leasing and services revenue: Leasing $ 252,046 $ 134,339 $ 20,156 $ 22,079 $ 428,620 Delivery and installation 73,680 37,163 5,342 9,218 125,403 Sales revenue: New units 8,520 1,407 489 678 11,094 Rental units 13,424 2,311 679 111 16,525 Total revenues 347,670 175,220 26,666 32,086 581,642 Costs: Cost of leasing and services: Leasing 68,297 19,814 4,193 4,608 96,912 Delivery and installation 58,969 23,568 3,410 7,640 93,587 Cost of sales: New units 4,244 1,077 322 496 6,139 Rental units 6,947 1,531 500 (23) 8,955 Depreciation of rental equipment 55,405 7,826 1,152 2,793 67,176 Gross profit $ 153,808 $ 121,404 $ 17,089 $ 16,572 $ 308,873 Other selected data: Adjusted EBITDA $ 127,881 $ 80,762 $ 12,230 $ 12,462 $ — $ 233,335 Selling, general and administrative expense $ 85,416 $ 48,468 $ 6,010 $ 6,904 $ 15,366 $ 162,164 Purchases of rental equipment and refurbishments $ 82,482 $ 34,282 $ 7,604 $ 5,785 $ — $ 130,153 Three Months Ended June 30, 2021 (in thousands) NA Modular NA Storage UK Storage Tank and Pump Unallocated Costs Total Revenues: Leasing and services revenue: Leasing $ 217,635 $ 85,966 $ 21,014 $ 18,564 $ 343,179 Delivery and installation 54,851 23,519 5,839 7,471 91,680 Sales revenue: New units 6,871 1,864 1,295 978 11,008 Rental units 10,025 4,445 284 481 15,235 Total revenues 289,382 115,794 28,432 27,494 461,102 Costs: Cost of leasing and services: Leasing 61,773 12,174 4,729 4,356 83,032 Delivery and installation 51,154 16,743 3,309 5,947 77,153 Cost of sales: New units 4,376 1,122 845 709 7,052 Rental units 5,127 2,558 294 183 8,162 Depreciation of rental equipment 50,816 7,476 1,318 3,283 62,893 Gross profit $ 116,136 $ 75,721 $ 17,937 $ 13,016 $ 222,810 Other selected data: Adjusted EBITDA $ 103,545 $ 49,526 $ 12,328 $ 10,096 $ — $ 175,495 Selling, general and administrative expense $ 63,406 $ 33,672 $ 6,926 $ 6,203 $ 12,180 $ 122,387 Purchases of rental equipment and refurbishments $ 49,364 $ 8,773 $ 4,226 $ 2,919 $ — $ 65,282 Six Months Ended June 30, 2022 (in thousands) NA Modular NA Storage UK Storage Tank and Pump Unallocated Costs Total Revenues: Leasing and services revenue: Leasing $ 485,024 $ 252,920 $ 40,727 $ 43,141 $ 821,812 Delivery and installation 129,314 67,067 11,809 17,544 225,734 Sales revenue: New units 13,365 2,349 617 1,360 17,691 Rental units 19,653 4,368 953 325 25,299 Total revenues 647,356 326,704 54,106 62,370 1,090,536 Costs: Cost of leasing and services: Leasing 132,286 36,160 8,430 8,914 185,790 Delivery and installation 108,023 45,094 7,333 14,652 175,102 Cost of sales: New units 7,501 1,575 386 1,003 10,465 Rental units 10,485 2,884 657 73 14,099 Depreciation of rental equipment 106,322 14,457 2,290 6,323 129,392 Gross profit $ 282,739 $ 226,534 $ 35,010 $ 31,405 $ 575,688 Other selected data: Adjusted EBITDA $ 231,829 $ 144,587 $ 24,774 $ 23,968 $ — $ 425,158 Selling, general and administrative expense $ 162,936 $ 96,406 $ 12,524 $ 13,761 $ 26,747 $ 312,374 Purchases of rental equipment and refurbishments $ 140,059 $ 54,453 $ 17,219 $ 13,658 $ — $ 225,389 Six Months Ended June 30, 2021 (in thousands) NA Modular NA Storage UK Storage Tank and Pump Unallocated Costs Total Revenues: Leasing and services revenue: Leasing $ 417,243 $ 166,317 $ 39,735 $ 35,546 $ 658,841 Delivery and installation 103,531 44,884 12,589 14,180 175,184 Sales revenue: New units 14,331 4,048 2,166 1,418 21,963 Rental units 20,501 8,293 949 694 30,437 Total revenues 555,606 223,542 55,439 51,838 886,425 Costs: Cost of leasing and services: Leasing 112,848 22,907 9,025 8,147 152,927 Delivery and installation 95,859 32,483 7,400 11,547 147,289 Cost of sales: New units 9,250 2,463 1,434 1,014 14,161 Rental units 10,975 5,080 918 294 17,267 Depreciation of rental equipment 97,536 12,269 2,232 6,554 118,591 Gross profit $ 229,138 $ 148,340 $ 34,430 $ 24,282 $ 436,190 Other selected data: Adjusted EBITDA $ 200,916 $ 95,848 $ 23,392 $ 18,924 $ — $ 339,080 Selling, general and administrative expense $ 125,756 $ 64,761 $ 13,269 $ 11,913 $ 24,017 $ 239,716 Purchases of rental equipment and refurbishments $ 88,499 $ 12,245 $ 10,996 $ 6,077 $ — $ 117,817
Reconciliation of Company’s Net Income from Operations to Adjusted EBITDA	The following table presents a reconciliation of the Company’s Net income to Adjusted EBITDA for the three and six months ended June 30, 2022 and 2021, respectively: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Net income $ 73,376 $ 20,371 $ 124,547 $ 24,818 Income tax expense 24,711 18,828 40,459 29,309 Loss on extinguishment of debt — 2,814 — 5,999 Fair value (gain) loss on common stock warrant liabilities — (610) — 26,597 Interest expense 33,574 29,212 64,564 59,176 Depreciation and amortization 86,230 84,515 168,050 158,537 Currency (gains) losses, net (127) 33 11 69 Restructuring costs, lease impairment expense and other related charges (95) 7,434 168 11,829 Transaction costs 22 — 41 844 Integration costs 5,203 7,622 9,291 14,964 Stock compensation expense 9,292 4,707 15,687 8,221 Other 1,149 569 2,340 (1,283) Adjusted EBITDA $ 233,335 $ 175,495 $ 425,158 $ 339,080

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The following table reconciles the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation: Three Months Ended Six Months Ended June 30 June 30 (in thousands) 2022 2021 2022 2021 Numerator: Net income - basic $ 73,376 $ 20,371 $ 124,547 $ 24,818 Fair value gain on common stock warrant liabilities — (610) — — Net income - dilutive $ 73,376 $ 19,761 $ 124,547 $ 24,818 Denominator: Weighted average Common Shares outstanding - basic 223,376 228,407 222,197 228,350 Dilutive effect of shares outstanding Warrants 1,746 5,705 1,818 4,000 RSAs 18 20 22 36 Time-based RSUs 307 599 395 622 Performance-based RSUs 952 725 1,385 817 Stock Options 1,085 1,081 1,166 1,074 Weighted average Common Shares outstanding - dilutive 227,484 236,537 226,983 234,899

Acquisitions (Details)

Acquisitions (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 18, 2022 USD ($)	Jun. 30, 2022 USD ($) blastResistantModularUnit storageUnit	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) blastResistantModularUnit storageUnit	Jun. 30, 2021 USD ($)	Mar. 31, 2022 blastResistantModularUnit
Business Acquisition [Line Items]
Payments to acquire businesses, gross				$ 103,927	$ 0
Integration costs		$ 5,203	$ 7,622	9,291	14,964
Mobile Mini Inc and Asset Acquisitions
Business Acquisition [Line Items]
Integration costs		$ 5,200	$ 7,600	$ 9,300	$ 15,000
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 47,100
Modular Unit | Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired | blastResistantModularUnit		1,000		1,000		400
Storage Unit | Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired | storageUnit		4,100		4,100

Revenue - Revenue Disaggregatio

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 581,642	$ 461,102	$ 1,090,536	$ 886,425
Leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	428,620	343,179	821,812	658,841
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	212,862	181,376	411,939	351,328
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	88,548	58,848	166,532	113,461
Tank and pump leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	20,706	17,109	39,937	32,869
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	87,498	70,880	168,424	133,306
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	19,006	14,966	34,980	27,877
Total leasing and services revenue
Disaggregation of Revenue [Line Items]
Total revenues	554,023	434,859	1,047,546	834,025
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	125,403	91,680	225,734	175,184
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	11,094	11,008	17,691	21,963
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	16,525	15,235	25,299	30,437
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	6,800	7,800	14,300	14,000
US
Disaggregation of Revenue [Line Items]
Total revenues	517,374	399,280	969,342	770,549
Canada
Disaggregation of Revenue [Line Items]
Total revenues	32,901	29,543	58,174	53,127
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	4,703	3,848	8,917	7,311
UK
Disaggregation of Revenue [Line Items]
Total revenues	$ 26,664	$ 28,431	$ 54,103	$ 55,438

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Recognition of previously deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 20.7
Deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 95.7		$ 95.7		$ 79.4
Modular Leasing | Revenues | Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	73%	73%	74%	73%

Revenue - Rollforward of Accoun

Revenue - Rollforward of Accounts and Notes Receivable, Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 49,258	$ 31,630	$ 47,629	$ 29,258
Provision for credit losses, net of recoveries	10,264	8,390	18,865	16,910
Write-offs	(5,900)	(4,058)	(12,910)	(9,872)
Foreign currency translation and other	(78)	823	(40)	489
Balance at end of period	$ 53,544	$ 36,785	$ 53,544	$ 36,785

Leases - Lease Maturity (Detail

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Operating
2022 (remaining)	$ 32,125
2023	56,620
2024	47,858
2025	40,227
2026	29,457
Thereafter	69,628
Total lease payments	275,915
Less: interest	(39,569)
Present value of lease liabilities	236,346
Finance
2022 (remaining)	11,992
2023	20,004
2024	17,092
2025	17,200
2026	15,202
Thereafter	21,304
Total lease payments	102,794
Less: interest	(7,651)
Present value of lease liabilities	$ 95,143	$ 89,050
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term debt	Total long-term debt

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Finance Lease Expense
Amortization of finance lease assets	$ 10,546	$ 9,514
Interest on obligations under finance leases	1,299	1,098
Total finance lease expense	11,845	10,612
Operating Lease Expense
Total operating lease expense	59,479	52,395
Cost of leasing and services
Operating Lease Expense
Fixed lease expense	1,574	2,131
Short-term lease expense	17,056	11,575
Variable lease expense	2,822	3,373
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	32,430	29,359
Short-term lease expense	1,071	723
Variable lease expense	4,273	3,792
Lease impairment expense and other related charges
Operating Lease Expense
Fixed lease expense	213	1,107
Variable lease expense	$ 40	$ 335

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Lease impairment expense and other related charges	$ (9)	$ 474	$ 254	$ 1,727
Closed location rent expense				1,500
Impairment charges and loss on lease exit				$ 200

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 33,850	$ 33,409
Operating cash outflows from finance leases	1,297	1,095
Financing cash outflows from finance leases	10,371	6,935
Right of use assets obtained in exchange for lease obligations	19,504	28,288
Assets obtained in exchange for finance leases	$ 17,065	$ 11,530

Leases - Lease Terms and Discou

Leases - Lease Terms and Discount Rates (Details)	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term - operating leases	6 years 1 month 6 days	6 years 1 month 6 days
Weighted-average discount rate - operating leases	4.90%	5%
Weighted-average remaining lease term - finance leases	4 years 9 months 18 days	4 years 6 months
Weighted-average discount rate - finance leases	3.20%	2.90%

Inventories - Schedule of Mobil

Inventories - Schedule of Mobile Mini Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 35,411	$ 26,854
Finished units	6,413	5,885
Inventories	$ 41,824	$ 32,739

Rental Equipment, net (Details)

Rental Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 4,364,123	$ 4,088,345
Less: accumulated depreciation	(1,106,648)	(1,007,364)
Rental equipment, net	3,257,475	3,080,981
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,185,153	3,005,195
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	821,582	758,619
Tank and pump products
Property, Plant and Equipment [Line Items]
Total rental equipment	167,854	156,112
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 189,534	$ 168,419

Goodwill - Goodwill Activity (D

Goodwill - Goodwill Activity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,178,806	$ 1,171,219
Changes to Mobile Mini purchase accounting		8,161
Effects of movements in foreign exchange rates	(7,081)	(574)
Goodwill, end of period	1,171,725	1,178,806
NA Modular
Goodwill [Roll Forward]
Goodwill, beginning of period	521,049	235,828
Changes to Mobile Mini purchase accounting		285,000
Effects of movements in foreign exchange rates	(354)	221
Goodwill, end of period	520,695	521,049
NA Storage
Goodwill [Roll Forward]
Goodwill, beginning of period	492,552	726,529
Changes to Mobile Mini purchase accounting		(233,666)
Effects of movements in foreign exchange rates	(234)	(311)
Goodwill, end of period	492,318	492,552
UK Storage
Goodwill [Roll Forward]
Goodwill, beginning of period	65,098	65,600
Changes to Mobile Mini purchase accounting		0
Effects of movements in foreign exchange rates	(6,493)	(502)
Goodwill, end of period	58,605	65,098
Tank and Pump
Goodwill [Roll Forward]
Goodwill, beginning of period	100,107	143,262
Changes to Mobile Mini purchase accounting		(43,173)
Effects of movements in foreign exchange rates	0	18
Goodwill, end of period	$ 100,107	$ 100,107

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Intangible assets subject to amortization:
Accumulated amortization	$ (52,922)	$ (38,822)
Net book value	157,578
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	499,500	499,500
Accumulated amortization	(52,922)	(38,822)
Net book value	446,578	460,678
Trade name - Mobile Mini
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	164,000	164,000
Trade name - WillScot
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	$ 125,000	$ 125,000
Mobile Mini customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	6 years 1 month 6 days	6 years 7 months 6 days
Intangible assets subject to amortization:
Gross carrying amount	$ 209,000	$ 209,000
Accumulated amortization	(52,422)	(38,447)
Net book value	156,578	170,553
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (52,422)	$ (38,447)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	4 years	4 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Accumulated amortization	(500)	(375)
Net book value	1,000	1,125
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (500)	$ (375)

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Mobile Mini, Inc.
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 6.6	$ 6.8	$ 13.2	$ 13.8

Intangibles - Future Amortizati

Intangibles - Future Amortization (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining)	$ 13,334
2023	26,416
2024	26,416
2025	26,416
2026	25,287
Thereafter	39,709
Net book value	$ 157,578

Debt - Carrying Value of Debt O

Debt - Carrying Value of Debt Outstanding (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance Leases	$ 95,143,000	$ 89,050,000
Total debt	3,038,341,000	2,712,440,000
Less: current portion of long-term debt	20,663,000	18,121,000
Total long-term debt	$ 3,017,678,000	2,694,319,000
Senior Notes | 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%
Long-term debt	$ 519,215,000	518,117,000
Unamortized debt issuance costs	$ 7,300,000	8,400,000
Senior Notes | 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Long-term debt	$ 492,974,000	492,490,000
Unamortized debt issuance costs	7,000,000	7,500,000
Line of Credit | ABL Facility - Multicurrency Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 1,931,009,000	1,612,783,000
Outstanding principal		0
Unamortized debt issuance costs		$ 6,200,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Jul. 01, 2020
Debt Instrument [Line Items]
Finance Leases	$ 95,143,000	$ 95,143,000	$ 89,050,000
ABL Facility | Line of Credit
Debt Instrument [Line Items]
Fee on unused borrowings	0.20%
Unamortized debt issuance costs	$ 40,200,000	40,200,000	31,700,000
ABL Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Variable rate, step down percentage	0.25%
Variable rate, step up percentage	0.25%
ABL Facility | Line of Credit | Canada, Dollars | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | ABL Facility | Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	$ 3,000,000,000	$ 3,000,000,000		$ 2,400,000,000
Weighted average interest rate for borrowings	3.13%	3.13%
Available borrowing capacity	$ 1,000,000,000	$ 1,000,000,000
Letters of credit amount outstanding	15,100,000	15,100,000
Outstanding principal	2,000,000,000	2,000,000,000
Unamortized debt issuance costs	40,200,000	$ 40,200,000
Revolving Credit Facility | ABL Facility | Line of Credit | United States of America, Dollars | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.125%
Revolving Credit Facility | ABL Facility | Line of Credit | United States of America, Dollars | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
Revolving Credit Facility | ABL Facility | Line of Credit | Canada, Dollars | BA Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.125%
Revolving Credit Facility | ABL Facility | Line of Credit | Canada, Dollars | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
Revolving Credit Facility | ABL Facility | Line of Credit | Euro Member Countries, Euro | Euro Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.125%
Revolving Credit Facility | ABL Facility | Line of Credit | United Kingdom, Pounds | Sterling Overnight Index Average
Debt Instrument [Line Items]
Basis spread on variable rate		2.125%
Revolving Credit Facility | 2020 ABL Facility - US Facility | Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability				2,000,000,000
Available borrowing capacity	724,600,000	$ 724,600,000
Revolving Credit Facility | ABL Facility - Multicurrency Facility | Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability				$ 400,000,000
Available borrowing capacity	309,500,000	309,500,000
Outstanding principal			0
Unamortized debt issuance costs			$ 6,200,000
Revolving Credit Facility | ABL Facility Due 2027 | Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	3,700,000,000	3,700,000,000
Revolving Credit Facility | ABL Facility Due 2027 - US Facility | Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	3,300,000,000	3,300,000,000
Revolving Credit Facility | ABL Facility Due 2027 - Multicurrency Facility | Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	400,000,000	400,000,000
Letter of Credit | ABL Facility | Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	$ 204,900,000	204,900,000
Fee on unused borrowings	1.625%
Swingline Loans | ABL Facility | Line of Credit
Debt Instrument [Line Items]
Maximum aggregate availability	$ 220,000,000	$ 220,000,000

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jul. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from the exercise of options and warrants (in shares)					1,437,420
Authorized share repurchase program	$ 1,000,000				$ 1,000,000
Shares repurchased (in shares)					9,304,626
Shares repurchased					$ 326,900
Remaining authorized share repurchase program	629,800				629,800
Reclassifications from AOCI to income	(1,640)	$ (2,890)	$ (2,994)	$ (2,937)
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Authorized share repurchase program							$ 1,000,000
Unrealized losses on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications from AOCI to income	(1,640)	$ (2,890)	(2,994)	$ (2,937)
Interest rate swap | Unrealized losses on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications from AOCI to income					4,500	$ 5,900
Reclassifications to consolidated statement of operations, tax expense	$ 400		$ 700		$ 1,100	$ 1,300

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss before reclassifications	$ (26,092)	$ (4,643)	$ 2,245	$ 4,274
Reclassifications from AOCI to income	1,640	2,890	2,994	2,937
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(30,824)	(29,071)	(29,996)	(37,207)	$ (29,071)	$ (37,207)
Ending Balance	(55,276)	(30,824)	(24,757)	(29,996)	(55,276)	(24,757)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(29,648)	(25,574)	(19,660)	(24,694)	(25,574)	(24,694)
Other comprehensive loss before reclassifications	(25,628)	(4,074)	3,093	5,034
Reclassifications from AOCI to income	0	0	0	0
Ending Balance	(55,276)	(29,648)	(16,567)	(19,660)	(55,276)	(16,567)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,176)	(3,497)	(10,336)	(12,513)	(3,497)	(12,513)
Other comprehensive loss before reclassifications	(464)	(569)	(848)	(760)
Reclassifications from AOCI to income	1,640	2,890	2,994	2,937
Ending Balance	$ 0	$ (1,176)	$ (8,190)	$ (10,336)	$ 0	$ (8,190)

Warrants (Details)

Warrants (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Aug. 15, 2018	Jun. 30, 2022	Jun. 30, 2021	Jul. 01, 2020	Dec. 31, 2015
2015 Public Warrants
Class of Warrant or Right [Line Items]
Number of shares which can be exchanged per warrant (in shares)				0.5
2015 Private Warrants
Class of Warrant or Right [Line Items]
Warrants repurchased and canceled (in shares)		3,055,000
Warrants repurchased and canceled		$ 25.5
Warrants exercised (in shares)		9,655,000
Warrants outstanding (in shares)			0
Issuance of common stock from warrants exercised (in shares)		2,939,898
Number of shares which can be exchanged per warrant (in shares)					0.5
2018 Warrants
Class of Warrant or Right [Line Items]
Warrants repurchased and canceled (in shares)		33,965
Warrants repurchased and canceled		$ 0.6
Warrants exercised (in shares)		1,037,379
Warrants outstanding (in shares)		3,006,829
Issuance of common stock from warrants exercised (in shares)		631,863
Number of shares which can be exchanged per warrant (in shares)	1
Warrants exercise price (in USD per share)	$ 15.50
2018 Warrants | Modular Space Holdings Inc. | Warrant
Class of Warrant or Right [Line Items]
Warrants issued from acquisition (in shares)	10,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 24,711	$ 18,828	$ 40,459	$ 29,309
Effective tax rate	25.20%	48%	24.50%	54.20%

Fair Value Measures - Carrying

Fair Value Measures - Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,943,198	$ 2,623,390
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	2,922,153	2,711,970
Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
ABL Facility | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	40,200	31,700
ABL Facility | Carrying Amount | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,931,009	1,612,783
ABL Facility | Fair Value | Level 1 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
ABL Facility | Fair Value | Level 2 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,971,215	1,644,500
ABL Facility | Fair Value | Level 3 | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2025 Secured Notes | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	7,300	8,400
2025 Secured Notes | Carrying Amount | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	519,215	518,117
2025 Secured Notes | Fair Value | Level 1 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2025 Secured Notes | Fair Value | Level 2 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	518,308	551,835
2025 Secured Notes | Fair Value | Level 3 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2028 Secured Notes | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	7,000	7,500
2028 Secured Notes | Carrying Amount | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	492,974	492,490
2028 Secured Notes | Fair Value | Level 1 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2028 Secured Notes | Fair Value | Level 2 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	432,630	515,635
2028 Secured Notes | Fair Value | Level 3 | Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 0	$ 0

Fair Value Measures - Changes i

Fair Value Measures - Changes in Level 3 Liabilities Measured at Fair Value (Details) - 2015 Private Warrants - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - March 31, 2021	$ 99,781	$ 77,404
Exercise or conversion	(78,495)	(78,495)
Measurement adjustment	(1,571)	25,486
Repurchases	(19,715)	(24,395)
Balance- June 30, 2021	$ 0	$ 0

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares
Beginning balance (in shares)	36,176	57,448
Granted (in shares)	35,244	44,708
Forfeited (in shares)	0	(4,266)
Vested (in shares)	(36,176)	(57,448)
Ending balance (in shares)	35,244	40,442
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 29.30	$ 11.75
Granted (in USD per share)	37.17	29.30
Forfeited (in USD per share)	0	29.30
Vested (in USD per share)	29.30	11.75
Ending balance (in USD per share)	$ 37.17	$ 29.30

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 9,292	$ 4,707	$ 15,687	$ 8,221
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	300	100	600	300
Unrecognized compensation expense for awards	1,200		$ 1,200
Recognized over the remaining vesting period (in years)			10 months 24 days
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	2,500	2,400	$ 4,700	4,300
Unrecognized compensation expense for awards	18,900		$ 18,900
Recognized over the remaining vesting period (in years)			2 years 8 months 12 days
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	6,500	2,000	$ 10,300	3,100
Unrecognized compensation expense for awards	$ 47,500		$ 47,500
Recognized over the remaining vesting period (in years)			1 year 10 months 24 days
Performance-Based RSUs | Awards Granted 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR payout percentage, minimum	0%		0%
TSR payout percentage, maximum	200%		200%
TSR payout percentage, target	100%		100%
TSR, target	50%		50%
TSR, minimum	25%		25%
TSR, maximum	85%		85%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		$ 200	$ 200	$ 400

Stock-Based Compensation - Time

Stock-Based Compensation - Time-Based RSUs (Details) - Time-Based RSUs - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares
Beginning balance (in shares)	997,451	1,325,862
Granted (in shares)	357,639	405,505
Forfeited (in shares)	(31,712)	(65,153)
Vested (in shares)	(437,571)	(347,688)
Ending balance (in shares)	885,807	1,318,526
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 18.54	$ 13.46
Granted (in USD per share)	35.53	27.20
Forfeited (in USD per share)	30.45	16.74
Vested (in USD per share)	16.61	13.30
Ending balance (in USD per share)	$ 25.93	$ 17.61

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Based PSUs (Details) - Performance-Based RSUs - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares
Beginning balance (in shares)	1,536,394	593,388
Granted (in shares)	745,079	397,981
Forfeited (in shares)	(30,712)	(20,077)
Vested (in shares)	(313,152)	0
Ending balance (in shares)	1,937,609	971,292
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 26.34	$ 14.88
Granted (in USD per share)	42.34	39.10
Forfeited (in USD per share)	41.81	25.87
Vested (in USD per share)	16.45	0
Ending balance (in USD per share)	$ 33.84	$ 24.56

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
WillScot Options
Options
Beginning balance (in shares)	534,188	534,188
Forfeited (in shares)		0
Exercised (in shares)	0	0
Ending balance (in shares)	534,188	534,188
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 13.60	$ 13.60
Forfeited (in USD per share)		0
Exercised (in USD per share)	0	0
Ending balance (in USD per share)	$ 13.60	$ 13.60
Vested and exercisable stock options (in shares)	534,188	400,641
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share)	$ 13.60	$ 13.60
Converted Mobile Mini Options
Options
Beginning balance (in shares)	1,527,643	2,031,455
Forfeited (in shares)		(6,240)
Exercised (in shares)	(237,819)	(373,132)
Ending balance (in shares)	1,289,824	1,652,083
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 14.66	$ 14.78
Forfeited (in USD per share)		12.19
Exercised (in USD per share)	14.51	15.77
Ending balance (in USD per share)	$ 14.68	$ 14.57
Vested and exercisable stock options (in shares)	1,289,824	1,652,083
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share)	$ 14.68	$ 14.57

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - Interest rate swap - USD ($)	Dec. 31, 2021	Nov. 06, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Notational amount		$ 400,000,000
Fixed rate		3.06%
Receive rate	0.11%

Derivatives - Location and Fair

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Interest rate swap
Derivative [Line Items]
Accrued expenses	$ 5,259

Derivative - Impact of Interest

Derivative - Impact of Interest Rate Swap (Details) - Interest rate swap - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in OCI	$ 4,669	$ 4,323
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into income (effective portion)	$ (4,530)	$ (5,931)

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			4
Stock compensation expense	$ 9,292	$ 4,707	$ 15,687	$ 8,221
Transition, Separation And Release Agreement
Segment Reporting Information [Line Items]
Stock compensation expense		$ 4,300		$ 5,800

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Leasing	$ 428,620	$ 343,179	$ 821,812	$ 658,841
Total revenues	581,642	461,102	1,090,536	886,425
Costs:
Leasing	96,912	83,032	185,790	152,927
Depreciation of rental equipment	67,176	62,893	129,392	118,591
Gross profit	308,873	222,810	575,688	436,190
Other selected data:
Adjusted EBITDA	233,335	175,495	425,158	339,080
Selling, general and administrative expense	162,164	122,387	312,374	239,716
Purchases of rental equipment and refurbishments	130,153	65,282	225,389	117,817
Delivery and installation
Revenues:
Revenues	125,403	91,680	225,734	175,184
Costs:
Cost of sales	93,587	77,153	175,102	147,289
New units
Revenues:
Revenues	11,094	11,008	17,691	21,963
Total revenues	11,094	11,008	17,691	21,963
Costs:
Cost of sales	6,139	7,052	10,465	14,161
Rental units
Revenues:
Revenues	16,525	15,235	25,299	30,437
Total revenues	16,525	15,235	25,299	30,437
Costs:
Cost of sales	8,955	8,162	14,099	17,267
Unallocated Costs
Other selected data:
Adjusted EBITDA	0	0	0	0
Selling, general and administrative expense	15,366	12,180	26,747	24,017
Purchases of rental equipment and refurbishments	0	0	0	0
NA Modular | Operating Segments
Revenues:
Leasing	252,046	217,635	485,024	417,243
Total revenues	347,670	289,382	647,356	555,606
Costs:
Leasing	68,297	61,773	132,286	112,848
Depreciation of rental equipment	55,405	50,816	106,322	97,536
Gross profit	153,808	116,136	282,739	229,138
Other selected data:
Adjusted EBITDA	127,881	103,545	231,829	200,916
Selling, general and administrative expense	85,416	63,406	162,936	125,756
Purchases of rental equipment and refurbishments	82,482	49,364	140,059	88,499
NA Modular | Operating Segments | Delivery and installation
Revenues:
Revenues	73,680	54,851	129,314	103,531
Costs:
Cost of sales	58,969	51,154	108,023	95,859
NA Modular | Operating Segments | New units
Revenues:
Revenues	8,520	6,871	13,365	14,331
Costs:
Cost of sales	4,244	4,376	7,501	9,250
NA Modular | Operating Segments | Rental units
Revenues:
Revenues	13,424	10,025	19,653	20,501
Costs:
Cost of sales	6,947	5,127	10,485	10,975
NA Storage | Operating Segments
Revenues:
Leasing	134,339	85,966	252,920	166,317
Total revenues	175,220	115,794	326,704	223,542
Costs:
Leasing	19,814	12,174	36,160	22,907
Depreciation of rental equipment	7,826	7,476	14,457	12,269
Gross profit	121,404	75,721	226,534	148,340
Other selected data:
Adjusted EBITDA	80,762	49,526	144,587	95,848
Selling, general and administrative expense	48,468	33,672	96,406	64,761
Purchases of rental equipment and refurbishments	34,282	8,773	54,453	12,245
NA Storage | Operating Segments | Delivery and installation
Revenues:
Revenues	37,163	23,519	67,067	44,884
Costs:
Cost of sales	23,568	16,743	45,094	32,483
NA Storage | Operating Segments | New units
Revenues:
Revenues	1,407	1,864	2,349	4,048
Costs:
Cost of sales	1,077	1,122	1,575	2,463
NA Storage | Operating Segments | Rental units
Revenues:
Revenues	2,311	4,445	4,368	8,293
Costs:
Cost of sales	1,531	2,558	2,884	5,080
UK Storage | Operating Segments
Revenues:
Leasing	20,156	21,014	40,727	39,735
Total revenues	26,666	28,432	54,106	55,439
Costs:
Leasing	4,193	4,729	8,430	9,025
Depreciation of rental equipment	1,152	1,318	2,290	2,232
Gross profit	17,089	17,937	35,010	34,430
Other selected data:
Adjusted EBITDA	12,230	12,328	24,774	23,392
Selling, general and administrative expense	6,010	6,926	12,524	13,269
Purchases of rental equipment and refurbishments	7,604	4,226	17,219	10,996
UK Storage | Operating Segments | Delivery and installation
Revenues:
Revenues	5,342	5,839	11,809	12,589
Costs:
Cost of sales	3,410	3,309	7,333	7,400
UK Storage | Operating Segments | New units
Revenues:
Revenues	489	1,295	617	2,166
Costs:
Cost of sales	322	845	386	1,434
UK Storage | Operating Segments | Rental units
Revenues:
Revenues	679	284	953	949
Costs:
Cost of sales	500	294	657	918
Tank and Pump | Operating Segments
Revenues:
Leasing	22,079	18,564	43,141	35,546
Total revenues	32,086	27,494	62,370	51,838
Costs:
Leasing	4,608	4,356	8,914	8,147
Depreciation of rental equipment	2,793	3,283	6,323	6,554
Gross profit	16,572	13,016	31,405	24,282
Other selected data:
Adjusted EBITDA	12,462	10,096	23,968	18,924
Selling, general and administrative expense	6,904	6,203	13,761	11,913
Purchases of rental equipment and refurbishments	5,785	2,919	13,658	6,077
Tank and Pump | Operating Segments | Delivery and installation
Revenues:
Revenues	9,218	7,471	17,544	14,180
Costs:
Cost of sales	7,640	5,947	14,652	11,547
Tank and Pump | Operating Segments | New units
Revenues:
Revenues	678	978	1,360	1,418
Costs:
Cost of sales	496	709	1,003	1,014
Tank and Pump | Operating Segments | Rental units
Revenues:
Revenues	111	481	325	694
Costs:
Cost of sales	$ (23)	$ 183	$ 73	$ 294

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting [Abstract]
Net income	$ 73,376	$ 51,171	$ 20,371	$ 4,447	$ 124,547	$ 24,818
Income tax expense	24,711		18,828		40,459	29,309
Loss on extinguishment of debt	0		2,814		0	5,999
Fair value (gain) loss on common stock warrant liabilities	0		(610)		0	26,597
Interest expense	33,574		29,212		64,564	59,176
Depreciation and amortization	86,230		84,515		168,050	158,537
Currency (gains) losses, net	(127)		33		11	69
Restructuring costs, lease impairment expense and other related charges	(95)		7,434		168	11,829
Transaction costs	22		0		41	844
Integration costs	5,203		7,622		9,291	14,964
Stock compensation expense	9,292		4,707		15,687	8,221
Other	1,149		569		2,340	(1,283)
Adjusted EBITDA	$ 233,335		$ 175,495		$ 425,158	$ 339,080

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income - basic	$ 73,376	$ 20,371	$ 124,547	$ 24,818
Fair value gain on common stock warrant liabilities	0	(610)	0	0
Net income - dilutive	$ 73,376	$ 19,761	$ 124,547	$ 24,818
Weighted average shares:
Weighted average Common Shares outstanding - basic (in shares)	223,376,276	228,406,812	222,196,986	228,350,318
Warrants (in shares)	1,746,000	5,705,000	1,818,000	4,000,000
Weighted average Common Shares outstanding - dilutive (in shares)	227,484,012	236,536,713	226,983,150	234,898,911
RSAs
Weighted average shares:
Awards (in shares)	18,000	20,000	22,000	36,000
Time-based RSUs
Weighted average shares:
Awards (in shares)	307,000	599,000	395,000	622,000
Performance-based RSUs
Weighted average shares:
Awards (in shares)	952,000	725,000	1,385,000	817,000
Stock Options
Weighted average shares:
Awards (in shares)	1,085,000	1,081,000	1,166,000	1,074,000

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Performance-Based RSUs
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)	1,252,968		904,379
Warrant
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)		0		0