(Mark One)
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☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the fiscal year ended December 31, 2020
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OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from ___ to ___
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Commission File Number: 001-37552
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Delaware | 82-3430194 | ||||
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock, par value $0.0001 per share | WSC |
The Nasdaq Capital Market
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Warrants to purchase Common Stock(1) | WSCWW | OTC Markets Group Inc. | ||||||
Warrants to purchase Common Stock(2) | WSCTW | OTC Markets Group Inc. |
Large accelerated filer ☒
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller reporting company ☐
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Emerging growth company ☐
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REVENUE MIX BY END MARKET | CUSTOMER CONCENTRATION |
Plan Category |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in millions)
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Weighted-average exercise price of outstanding options, warrants, and rights
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Number of securities remaining available for issuance under equity compensation plans (excluding securities reflected in column (a)) (in millions)
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As of December 31, 2020: | |||||||||||||||||
Equity compensation plans approved by security holders
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2,043,695 | $ | 13.83 | 4,422,773 | |||||||||||||
Equity compensation plans not approved by security holders
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— | $ | — | — | |||||||||||||
Total | 2,043,695 | $ | 13.83 | 4,422,773 |
Period | Total Number of 2015 Warrants Purchased | Average price paid per warrant | Total number of warrants purchased as part of a publicly announced plan | Maximum number of warrants that may yet be purchased under the plan | |||||||||||||||||||
October 1, 2020 - October 31, 2020 | — | $ | — | — | 17,561,700 | ||||||||||||||||||
November 1, 2020 - November 30, 2020 | 1,650,000 | $ | 3.52 | — | 15,841,700 | ||||||||||||||||||
December 1, 2020 - December 31, 2020 | 3,131,700 | $ | 5.03 | — | 12,710,000 | ||||||||||||||||||
Total | 4,781,700 | — | 12,710,000 |
Period | Total Number of 2018 Warrants Purchased | Average price paid per warrant | Total number of warrants purchased as part of a publicly announced plan | Maximum number of warrants that may yet be purchased under the plan | |||||||||||||||||||
October 1, 2020 - October 31, 2020 | — | $ | — | — | 9,782,106 | ||||||||||||||||||
November 1, 2020 - November 30, 2020 | 37,156 | $ | 5.57 | — | 9,744,950 | ||||||||||||||||||
December 1, 2020 - December 31, 2020 | 14,709 | $ | 5.93 | — | 9,730,241 | ||||||||||||||||||
Total | 51,865 | — | 9,730,241 |
Consolidated Results | As of and for the Year Ended December 31, | ||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Revenues: | |||||||||||||||||
Leasing and services revenue: | |||||||||||||||||
Leasing | $ | 1,001,447 | $ | 744,185 | $ | 518,235 | |||||||||||
Delivery and installation | 274,156 | 220,057 | 154,557 | ||||||||||||||
Sales revenue: | |||||||||||||||||
New units | 53,093 | 59,085 | 53,603 | ||||||||||||||
Rental units | 38,949 | 40,338 | 25,017 | ||||||||||||||
Total revenues | 1,367,645 | 1,063,665 | 751,412 | ||||||||||||||
Costs: | |||||||||||||||||
Costs of leasing and services: | |||||||||||||||||
Leasing | 227,376 | 213,151 | 143,120 | ||||||||||||||
Delivery and installation | 220,102 | 194,107 | 143,950 | ||||||||||||||
Costs of sales: | |||||||||||||||||
New units | 34,841 | 42,160 | 36,863 | ||||||||||||||
Rental units | 24,772 | 26,255 | 16,659 | ||||||||||||||
Depreciation of rental equipment | 200,581 | 174,679 | 121,436 | ||||||||||||||
Gross profit | 659,973 | 413,313 | 289,384 | ||||||||||||||
Expenses: | |||||||||||||||||
Selling, general and administrative | 360,626 | 271,004 | 234,820 | ||||||||||||||
Transaction costs | 64,053 | — | 20,051 | ||||||||||||||
Other depreciation and amortization | 43,249 | 12,395 | 13,304 | ||||||||||||||
Impairment losses on long-lived assets | — | 2,848 | 1,600 | ||||||||||||||
Lease impairment expense and other related charges | 4,876 | 8,674 | — | ||||||||||||||
Restructuring costs | 6,527 | 3,755 | 15,468 | ||||||||||||||
Currency (gains) losses, net | (355) | (688) | 2,454 |
Other income, net | (1,718) | (2,200) | (4,574) | ||||||||||||||
Operating income | 182,715 | 117,525 | 6,261 | ||||||||||||||
Interest expense | 119,886 | 122,504 | 98,433 | ||||||||||||||
Loss on extinguishment of debt | 42,401 | 8,755 | — | ||||||||||||||
Income (loss) before tax | 20,428 | (13,734) | (92,172) | ||||||||||||||
Income tax benefit | (51,451) | (2,191) | (38,600) | ||||||||||||||
Net income (loss) | $ | 71,879 | $ | (11,543) | $ | (53,572) | |||||||||||
Earnings (loss) per share attributable to WillScot Mobile Mini – basic | $ | 0.42 | $ | (0.10) | $ | (0.59) | |||||||||||
Earnings (loss) per share attributable to WillScot Mobile Mini – diluted | $ | 0.41 | $ | (0.10) | $ | (0.59) | |||||||||||
Cash Flow Data: | |||||||||||||||||
Net cash from operating activities | $ | 304,812 | $ | 172,566 | $ | 37,149 | |||||||||||
Net cash from investing activities | $ | (125,360) | $ | (152,582) | $ | (1,217,202) | |||||||||||
Net cash from financing activities | $ | (158,958) | $ | (26,063) | $ | 1,180,037 | |||||||||||
Other Financial Data: | |||||||||||||||||
Adjusted EBITDA - NA Modular(a)
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$ | 394,805 | $ | 356,548 | $ | 215,533 | |||||||||||
Adjusted EBITDA - NA Storage(a)
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$ | 99,837 | $ | — | $ | — | |||||||||||
Adjusted EBITDA - UK Storage(a)
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$ | 17,822 | $ | — | $ | — | |||||||||||
Adjusted EBITDA - Tank and Pump(a)
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$ | 17,843 | $ | — | $ | — | |||||||||||
Consolidated Adjusted EBITDA(a)
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$ | 530,307 | $ | 356,548 | $ | 215,533 | |||||||||||
Free Cash Flow(a)
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$ | 162,279 | $ | 19,984 | $ | (96,907) | |||||||||||
Adjusted Gross Profit(a)
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$ | 860,554 | $ | 587,992 | $ | 410,820 | |||||||||||
Net CAPEX(a)
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$ | 142,533 | $ | 152,582 | $ | 134,056 | |||||||||||
Balance Sheet Data (end of year): | |||||||||||||||||
Cash and cash equivalents | $ | 24,937 | $ | 3,045 | $ | 8,958 | |||||||||||
Rental equipment, net | $ | 2,933,722 | $ | 1,944,436 | $ | 1,929,290 | |||||||||||
Total assets | $ | 5,572,205 | $ | 2,897,649 | $ | 2,752,485 | |||||||||||
Total debt, excluding current portion | $ | 2,453,809 | $ | 1,632,589 | $ | 1,674,540 | |||||||||||
Total shareholders’ equity | $ | 2,141,277 | $ | 644,365 | $ | 638,215 |
(in thousands, except for units on rent and monthly rental rate) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Revenue | $ | 255,821 | $ | 256,862 | $ | 417,315 | $ | 437,647 | $ | 1,367,645 | |||||||||||||||||||
Gross profit | $ | 106,190 | $ | 109,964 | $ | 209,564 | $ | 234,255 | $ | 659,973 | |||||||||||||||||||
Adjusted EBITDA | $ | 89,544 | $ | 97,520 | $ | 163,559 | $ | 179,684 | $ | 530,307 | |||||||||||||||||||
Net CAPEX | $ | 30,540 | $ | 36,383 | $ | 33,323 | $ | 42,287 | $ | 142,533 | |||||||||||||||||||
Modular space units on rent (average during the period)
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87,989 | 87,096 | 111,227 | 111,793 | 99,526 | ||||||||||||||||||||||||
Average modular space utilization rate
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69.2 | % | 68.5 | % | 70.6 | % | 70.9 | % | 70.2 | % | |||||||||||||||||||
Average modular space monthly rental rate
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$ | 653 | $ | 669 | $ | 640 | $ | 670 | $ | 658 | |||||||||||||||||||
Portable storage units on rent (average during the period)
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16,346 | 15,869 | 143,840 | 160,538 | 84,148 | ||||||||||||||||||||||||
Average portable storage utilization rate
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64.1 | % | 62.5 | % | 73.2 | % | 81.2 | % | 75.9 | % | |||||||||||||||||||
Average portable storage monthly rental rate
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$ | 119 | $ | 120 | $ | 131 | $ | 136 | $ | 132 | |||||||||||||||||||
Average tank and pump solutions rental fleet utilization based on original equipment cost | — | % | — | % | 58.2 | % | 65.2 | % | 61.7 | % |
(in thousands, except for units on rent and monthly rental rate) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Revenue | $ | 253,685 | $ | 263,713 | $ | 268,222 | $ | 278,045 | $ | 1,063,665 | |||||||||||||||||||
Gross profit | $ | 103,331 | $ | 101,484 | $ | 99,308 | $ | 109,190 | $ | 413,313 | |||||||||||||||||||
Adjusted EBITDA | $ | 83,354 | $ | 87,554 | $ | 87,424 | $ | 98,216 | $ | 356,548 | |||||||||||||||||||
Net CAPEX | $ | 41,814 | $ | 43,199 | $ | 37,761 | $ | 29,808 | $ | 152,582 | |||||||||||||||||||
Modular space units on rent (average during the period)
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93,309 | 92,300 | 91,233 | 90,013 | 91,682 | ||||||||||||||||||||||||
Average modular space utilization rate
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72.4 | % | 71.9 | % | 71.2 | % | 70.7 | % | 72.0 | % | |||||||||||||||||||
Average modular space monthly rental rate
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$ | 575 | $ | 611 | $ | 630 | $ | 641 | $ | 614 | |||||||||||||||||||
Portable storage units on rent (average during the period)
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17,419 | 16,544 | 16,416 | 16,944 | 16,878 | ||||||||||||||||||||||||
Average portable storage utilization rate
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66.1 | % | 63.3 | % | 63.0 | % | 66.1 | % | 65.8 | % | |||||||||||||||||||
Average portable storage monthly rental rate
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$ | 119 | $ | 121 | $ | 123 | $ | 118 | $ | 120 |
2020 | |||||||||||||||||||||||||||||
(in thousands) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Net (loss) income | $ | (3,674) | $ | 12,833 | $ | 16,252 | $ | 46,468 | $ | 71,879 | |||||||||||||||||||
Income tax expense (benefit) | 790 | (285) | (66,675) | 14,719 | (51,451) | ||||||||||||||||||||||||
(Loss) income before income tax | (2,884) | 12,548 | (50,423) | 61,187 | 20,428 | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 42,401 | — | 42,401 | ||||||||||||||||||||||||
Interest expense | 28,257 | 28,519 | 33,034 | 30,076 | 119,886 | ||||||||||||||||||||||||
Depreciation and amortization | 49,022 | 48,377 | 71,704 | 74,727 | 243,830 | ||||||||||||||||||||||||
Currency losses (gains), net | 898 | (380) | (371) | (502) | (355) | ||||||||||||||||||||||||
Restructuring costs, lease impairment expense and other related charges | 1,601 | 2,143 | 4,798 | 2,861 | 11,403 | ||||||||||||||||||||||||
Transaction costs | 9,431 | 1,619 | 52,191 | 812 | 64,053 | ||||||||||||||||||||||||
Integration costs | 1,685 | 2,153 | 7,083 | 7,417 | 18,338 | ||||||||||||||||||||||||
Stock compensation expense | 1,787 | 2,227 | 2,944 | 2,921 | 9,879 | ||||||||||||||||||||||||
Other | (253) | 314 | 198 | 185 | 444 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 89,544 | $ | 97,520 | $ | 163,559 | $ | 179,684 | $ | 530,307 |
2019 | |||||||||||||||||||||||||||||
(in thousands) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Net (loss) income | $ | (10,029) | $ | (11,438) | $ | 997 | $ | 8,927 | $ | (11,543) | |||||||||||||||||||
Income tax expense (benefit) | 378 | (1,180) | (1,220) | (169) | (2,191) | ||||||||||||||||||||||||
(Loss) income before income tax | (9,651) | (12,618) | (223) | 8,758 | (13,734) | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | 7,244 | — | 1,511 | 8,755 | ||||||||||||||||||||||||
Interest expense | 31,115 | 31,668 | 30,005 | 29,716 | 122,504 | ||||||||||||||||||||||||
Depreciation and amortization | 43,887 | 46,917 | 47,358 | 48,912 | 187,074 | ||||||||||||||||||||||||
Currency (gains) losses, net | (316) | (354) | 234 | (252) | (688) | ||||||||||||||||||||||||
Goodwill and other impairment charges | 2,290 | 348 | — | 210 | 2,848 | ||||||||||||||||||||||||
Restructuring costs, lease impairment expense and other related charges | 4,741 | 3,152 | 1,863 | 2,673 | 12,429 | ||||||||||||||||||||||||
Integration costs | 10,138 | 8,242 | 5,483 | 2,744 | 26,607 | ||||||||||||||||||||||||
Stock compensation expense | 1,290 | 1,900 | 1,812 | 1,684 | 6,686 | ||||||||||||||||||||||||
Other | (140) | 1,055 | 892 | 2,260 | 4,067 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 83,354 | $ | 87,554 | $ | 87,424 | $ | 98,216 | $ | 356,548 |
2018 | |||||||||||||||||||||||||||||
(in thousands) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Net (loss) income | $ | (6,835) | $ | 379 | $ | (36,729) | $ | (10,387) | $ | (53,572) | |||||||||||||||||||
Income tax benefit | (420) | (6,645) | (6,507) | (25,028) | (38,600) | ||||||||||||||||||||||||
Loss before income tax | (7,255) | (6,266) | (43,236) | (35,415) | (92,172) | ||||||||||||||||||||||||
Interest expense | 11,719 | 12,155 | 43,447 | 31,112 | 98,433 | ||||||||||||||||||||||||
Depreciation and amortization | 26,281 | 25,040 | 39,254 | 44,165 | 134,740 | ||||||||||||||||||||||||
Currency losses (gains), net | 1,024 | 572 | (425) | 1,283 | 2,454 | ||||||||||||||||||||||||
Goodwill and other impairment charges | — | — | — | 1,600 | 1,600 | ||||||||||||||||||||||||
Restructuring costs, lease impairment expense and other related charges | 628 | 449 | 6,137 | 8,254 | 15,468 | ||||||||||||||||||||||||
Transaction costs | — | 4,118 | 10,672 | 5,261 | 20,051 | ||||||||||||||||||||||||
Integration costs | 2,630 | 4,785 | 7,453 | 15,138 | 30,006 | ||||||||||||||||||||||||
Stock compensation expense | 121 | 1,054 | 1,050 | 1,214 | 3,439 | ||||||||||||||||||||||||
Other | 344 | 9 | 266 | 895 | 1,514 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 35,492 | $ | 41,916 | $ | 64,618 | $ | 73,507 | $ | 215,533 |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Revenue (A) | $ | 1,367,645 | $ | 1,063,665 | $ | 751,412 | |||||||||||
Gross profit (B) | $ | 659,973 | $ | 413,313 | $ | 289,384 | |||||||||||
Depreciation of rental equipment | 200,581 | 174,679 | 121,436 | ||||||||||||||
Adjusted Gross Profit (C) | $ | 860,554 | $ | 587,992 | $ | 410,820 | |||||||||||
Gross Profit Percentage (B/A) | 48.3 | % | 38.9 | % | 38.5 | % | |||||||||||
Adjusted Gross Profit Percentage (C/A) | 62.9 | % | 55.3 | % | 54.7 | % |
(in thousands) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Total Capital Expenditures | $ | 41,166 | $ | 41,702 | $ | 48,484 | $ | 57,485 | $ | 188,837 | |||||||||||||||||||
Total Proceeds | 10,626 | 5,319 | 15,161 | 15,198 | 46,304 | ||||||||||||||||||||||||
Net CAPEX | $ | 30,540 | $ | 36,383 | $ | 33,323 | $ | 42,287 | $ | 142,533 |
(in thousands) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Total Capital Expenditures | $ | 53,502 | $ | 63,485 | $ | 50,490 | $ | 45,969 | $ | 213,446 | |||||||||||||||||||
Total Proceeds | 11,688 | 20,286 | 12,729 | 16,161 | 60,864 | ||||||||||||||||||||||||
Net CAPEX | $ | 41,814 | $ | 43,199 | $ | 37,761 | $ | 29,808 | $ | 152,582 |
(in thousands) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Total Capital Expenditures | $ | 33,084 | $ | 33,295 | $ | 48,217 | $ | 50,909 | $ | 165,505 | |||||||||||||||||||
Total Proceeds | 8,651 | 4,063 | 9,560 | 9,175 | 31,449 | ||||||||||||||||||||||||
Net CAPEX | $ | 24,433 | $ | 29,232 | $ | 38,657 | $ | 41,734 | $ | 134,056 |
(in thousands) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 38,348 | $ | 75,379 | $ | 61,368 | $ | 129,717 | $ | 304,812 | |||||||||||||||||||
Purchase of rental equipment and refurbishments | (39,648) | (40,034) | (42,591) | (50,110) | (172,383) | ||||||||||||||||||||||||
Proceeds from sale of rental equipment | 6,786 | 5,316 | 13,179 | 13,668 | 38,949 | ||||||||||||||||||||||||
Purchase of property, plant and equipment | (1,518) | (1,668) | (5,893) | (7,375) | (16,454) | ||||||||||||||||||||||||
Proceeds from the sale of property, plant and equipment | 3,840 | 3 | 1,982 | 1,530 | 7,355 | ||||||||||||||||||||||||
Free Cash Flow | $ | 7,808 | $ | 38,996 | $ | 28,045 | $ | 87,430 | $ | 162,279 |
(in thousands) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 15,256 | $ | 44,798 | $ | 39,022 | $ | 73,490 | $ | 172,566 | |||||||||||||||||||
Purchase of rental equipment and refurbishments | (51,873) | (61,215) | (47,789) | (44,229) | (205,106) | ||||||||||||||||||||||||
Proceeds from sale of rental equipment | 11,601 | 11,482 | 8,421 | 10,597 | 42,101 | ||||||||||||||||||||||||
Purchase of property, plant and equipment | (1,629) | (2,270) | (2,701) | (1,740) | (8,340) | ||||||||||||||||||||||||
Proceeds from the sale of property, plant and equipment | 87 | 8,804 | 4,308 | 5,564 | 18,763 | ||||||||||||||||||||||||
Free Cash Flow | $ | (26,558) | $ | 1,599 | $ | 1,261 | $ | 43,682 | $ | 19,984 |
(in thousands) | Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 4,782 | $ | 14,018 | $ | (3,220) | $ | 21,569 | $ | 37,149 | |||||||||||||||||||
Purchase of rental equipment and refurbishments | (32,084) | (32,679) | (46,742) | (49,378) | (160,883) | ||||||||||||||||||||||||
Proceeds from sale of rental equipment | 8,128 | 3,905 | 9,560 | 9,168 | 30,761 | ||||||||||||||||||||||||
Purchase of property, plant and equipment | (1,000) | (616) | (1,475) | (1,531) | (4,622) | ||||||||||||||||||||||||
Proceeds from the sale of property, plant and equipment | 523 | 158 | — | 7 | 688 | ||||||||||||||||||||||||
Free Cash Flow | $ | (19,651) | $ | (15,214) | $ | (41,877) | $ | (20,165) | $ | (96,907) |
Year Ended December 31, | |||||||||||||||||
(in thousands, except unit numbers and rates) | 2020 | 2019 | 2018 | ||||||||||||||
Modular space units on rent (average during the period) | 99,526 | 91,682 | 70,257 | ||||||||||||||
Average modular space utilization rate | 70.2 | % | 72.0 | % | 71.6 | % | |||||||||||
Average modular space monthly rental rate | $ | 658 | $ | 614 | $ | 552 | |||||||||||
Portable storage units on rent (average during the period) | 84,148 | 16,878 | 15,480 | ||||||||||||||
Average portable storage utilization rate | 75.9 | % | 65.8 | % | 68.9 | % | |||||||||||
Average portable storage monthly rental rate | $ | 132 | $ | 120 | $ | 119 | |||||||||||
Average tank and pump solutions rental fleet utilization based on original equipment cost | 61.7 | % | — | % | — | % |
Years Ended December 31, | 2020 vs. 2019 Change | 2019 vs 2018 Change | |||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||||||||
Leasing | $ | 1,001,447 | $ | 744,185 | $ | 518,235 | $ | 257,262 | $ | 225,950 | |||||||||||||||||||
Delivery and installation | 274,156 | 220,057 | 154,557 | 54,099 | 65,500 | ||||||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||||||||
New units | 53,093 | 59,085 | 53,603 | (5,992) | 5,482 | ||||||||||||||||||||||||
Rental units | 38,949 | 40,338 | 25,017 | (1,389) | 15,321 | ||||||||||||||||||||||||
Total revenues | 1,367,645 | 1,063,665 | 751,412 | 303,980 | 312,253 | ||||||||||||||||||||||||
Costs: | |||||||||||||||||||||||||||||
Costs of leasing and services: | |||||||||||||||||||||||||||||
Leasing | 227,376 | 213,151 | 143,120 | 14,225 | 70,031 | ||||||||||||||||||||||||
Delivery and installation | 220,102 | 194,107 | 143,950 | 25,995 | 50,157 | ||||||||||||||||||||||||
Costs of sales: | |||||||||||||||||||||||||||||
New units | 34,841 | 42,160 | 36,863 | (7,319) | 5,297 | ||||||||||||||||||||||||
Rental units | 24,772 | 26,255 | 16,659 | (1,483) | 9,596 | ||||||||||||||||||||||||
Depreciation of rental equipment | 200,581 | 174,679 | 121,436 | 25,902 | 53,243 | ||||||||||||||||||||||||
Gross profit | 659,973 | 413,313 | 289,384 | 246,660 | 123,929 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Selling, general and administrative | 360,626 | 271,004 | 234,820 | 89,622 | 36,184 | ||||||||||||||||||||||||
Transaction costs | 64,053 | — | 20,051 | 64,053 | (20,051) | ||||||||||||||||||||||||
Other depreciation and amortization | 43,249 | 12,395 | 13,304 | 30,854 | (909) | ||||||||||||||||||||||||
Impairment losses on long-lived assets | — | 2,848 | 1,600 | (2,848) | 1,248 | ||||||||||||||||||||||||
Lease impairment expense and other related charges | 4,876 | 8,674 | — | (3,798) | 8,674 | ||||||||||||||||||||||||
Restructuring costs | 6,527 | 3,755 | 15,468 | 2,772 | (11,713) | ||||||||||||||||||||||||
Currency (gains) losses, net | (355) | (688) | 2,454 | 333 | (3,142) | ||||||||||||||||||||||||
Other income, net | (1,718) | (2,200) | (4,574) | 482 | 2,374 | ||||||||||||||||||||||||
Operating income | 182,715 | 117,525 | 6,261 | 65,190 | 111,264 | ||||||||||||||||||||||||
Interest expense | 119,886 | 122,504 | 98,433 | (2,618) | 24,071 | ||||||||||||||||||||||||
Loss on extinguishment of debt | 42,401 | 8,755 | — | 33,646 | 8,755 | ||||||||||||||||||||||||
Income (loss) before tax | 20,428 | (13,734) | (92,172) | 34,162 | 78,438 | ||||||||||||||||||||||||
Income tax benefit | (51,451) | (2,191) | (38,600) | (49,260) | 36,409 | ||||||||||||||||||||||||
Net income (loss) | 71,879 | (11,543) | (53,572) | 83,422 | 42,029 | ||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interest, net of tax | 1,213 | (421) | (4,532) | 1,634 | 4,111 | ||||||||||||||||||||||||
Net income (loss) attributable to WillScot Mobile Mini | 70,666 | (11,122) | (49,040) | 81,788 | 37,918 | ||||||||||||||||||||||||
Non-cash deemed dividend related to warrant exchange | — | — | (2,135) | — | 2,135 | ||||||||||||||||||||||||
Net income (loss) attributable to WillScot common shareholders | $ | 70,666 | $ | (11,122) | $ | (51,175) | $ | 81,788 | $ | 40,053 |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands, except for units on rent and rates)
|
NA Modular | NA Storage | UK Storage | Tank and Pump | Total | ||||||||||||||||||||||||
Revenue | $ | 1,051,162 | $ | 221,829 | $ | 46,361 | $ | 48,293 | $ | 1,367,645 | |||||||||||||||||||
Gross profit | $ | 451,642 | $ | 156,785 | $ | 27,642 | $ | 23,904 | $ | 659,973 | |||||||||||||||||||
Adjusted EBITDA | $ | 394,805 | $ | 99,837 | $ | 17,822 | $ | 17,843 | $ | 530,307 | |||||||||||||||||||
Capex for rental equipment | $ | 153,327 | $ | 14,969 | $ | 1,693 | $ | 2,394 | $ | 172,383 | |||||||||||||||||||
Average modular space units on rent | 86,874 | 8,333 | 4,319 | — | 99,526 | ||||||||||||||||||||||||
Average modular space utilization rate | 68.9 | % | 80.6 | % | 80.8 | % | — | % | 70.2 | % | |||||||||||||||||||
Average modular space monthly rental rate | $ | 685 | $ | 526 | $ | 367 | $ | — | $ | 658 | |||||||||||||||||||
Average portable storage units on rent | 15,823 | 56,415 | 11,910 | — | 84,148 | ||||||||||||||||||||||||
Average portable storage utilization rate | 63.5 | % | 78.2 | % | 85.9 | % | — | % | 75.9 | % | |||||||||||||||||||
Average portable storage monthly rental rate | $ | 122 | $ | 147 | $ | 76 | $ | — | $ | 132 | |||||||||||||||||||
Average tank and pump solutions rental fleet utilization based on original equipment cost | — | % | — | % | — | % | 61.7 | % | 61.7 | % |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
(in thousands, except for units on rent and rates) | NA Modular | NA Storage | UK Storage | Tank and Pump | Total | ||||||||||||||||||||||||
Revenue | $ | 1,063,665 | $ | — | $ | — | $ | — | $ | 1,063,665 | |||||||||||||||||||
Gross profit | $ | 413,313 | $ | — | $ | — | $ | — | $ | 413,313 | |||||||||||||||||||
Adjusted EBITDA | $ | 356,548 | $ | — | $ | — | $ | — | $ | 356,548 | |||||||||||||||||||
Capex for rental equipment | $ | 205,106 | $ | — | $ | — | $ | — | $ | 205,106 | |||||||||||||||||||
Average modular space units on rent | 91,682 | — | — | — | 91,682 | ||||||||||||||||||||||||
Average modular space utilization rate | 72.0 | % | — | % | — | % | — | % | 72.0 | % | |||||||||||||||||||
Average modular space monthly rental rate | $ | 614 | $ | — | $ | — | $ | — | $ | 614 | |||||||||||||||||||
Average portable storage units on rent | 16,878 | — | — | — | 16,878 | ||||||||||||||||||||||||
Average portable storage utilization rate | 65.8 | % | — | % | — | % | — | % | 65.8 | % | |||||||||||||||||||
Average portable storage monthly rental rate | $ | 120 | $ | — | $ | — | $ | — | $ | 120 | |||||||||||||||||||
Average tank and pump solutions rental fleet utilization based on original equipment cost | — | % | — | % | — | % | — | % | — | % |
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||
(in thousands, except for units on rent and rates) | NA Modular | NA Storage | UK Storage | Tank and Pump | Total | ||||||||||||||||||||||||
Revenue | $ | 751,412 | $ | — | $ | — | $ | — | $ | 751,412 | |||||||||||||||||||
Gross profit | $ | 289,384 | $ | — | $ | — | $ | — | $ | 289,384 | |||||||||||||||||||
Adjusted EBITDA | $ | 215,533 | $ | — | $ | — | $ | — | $ | 215,533 | |||||||||||||||||||
Capex for rental equipment | $ | 160,883 | $ | — | $ | — | $ | — | $ | 160,883 | |||||||||||||||||||
Average modular space units on rent | 70,257 | — | — | — | 70,257 | ||||||||||||||||||||||||
Average modular space utilization rate | 71.6 | % | — | % | — | % | — | % | 71.6 | % | |||||||||||||||||||
Average modular space monthly rental rate | $ | 552 | $ | — | $ | — | $ | — | $ | 552 | |||||||||||||||||||
Average portable storage units on rent | 15,480 | — | — | — | 15,480 | ||||||||||||||||||||||||
Average portable storage utilization rate | 68.9 | % | — | % | — | % | — | % | 68.9 | % | |||||||||||||||||||
Average portable storage monthly rental rate | $ | 119 | $ | — | $ | — | $ | — | $ | 119 | |||||||||||||||||||
Average tank and pump solutions rental fleet utilization based on original equipment cost | — | % | — | % | — | % | — | % | — | % |
Year Ended December 31, 2020 | |||||||||||||||||||||||
(in thousands)
|
WillScot Mobile Mini Holdings Corp. | Historical Mobile Mini (as reclassified) | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||
Leasing | $ | 1,001,447 | $ | 208,374 | $ | — | $ | 1,209,821 | |||||||||||||||
Delivery and installation | 274,156 | 59,999 | — | 334,155 | |||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||
New units | 53,093 | 8,402 | — | 61,495 | |||||||||||||||||||
Rental units | 38,949 | 7,465 | — | 46,414 | |||||||||||||||||||
Total revenues | 1,367,645 | 284,240 | — | 1,651,885 | |||||||||||||||||||
Costs: | |||||||||||||||||||||||
Costs of leasing and services: | |||||||||||||||||||||||
Leasing | 227,376 | 28,584 | — | 255,960 | |||||||||||||||||||
Delivery and installation | 220,102 | 42,476 | — | 262,578 | |||||||||||||||||||
Costs of sales: | |||||||||||||||||||||||
New units | 34,841 | 5,457 | — | 40,298 | |||||||||||||||||||
Rental units | 24,772 | 4,625 | — | 29,397 | |||||||||||||||||||
Depreciation of rental equipment (b) | 200,581 | 15,360 | 2,334 | 218,275 | |||||||||||||||||||
Gross profit | 659,973 | 187,738 | (2,334) | 845,377 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Selling, general and administrative | 360,626 | 96,170 | — | 456,796 | |||||||||||||||||||
Transaction costs (a) | 64,053 | 16,799 | (80,852) | — | |||||||||||||||||||
Other depreciation and amortization (c) | 43,249 | 19,695 | 11,397 | 74,341 | |||||||||||||||||||
Lease impairment expense and other related charges | 4,876 | — | — | 4,876 | |||||||||||||||||||
Restructuring costs | 6,527 | — | — | 6,527 | |||||||||||||||||||
Currency losses, net | (355) | 39 | — | (316) | |||||||||||||||||||
Other income, net | (1,718) | 186 | — | (1,532) | |||||||||||||||||||
Operating income | 182,715 | 54,849 | 67,121 | 304,685 | |||||||||||||||||||
Interest expense (d) | 119,886 | 16,974 | (9,808) | 127,052 | |||||||||||||||||||
Loss on extinguishment of debt (e) | 42,401 | — | (19,682) | 22,719 | |||||||||||||||||||
Income before income tax | 20,428 | 37,875 | 96,611 | 154,914 | |||||||||||||||||||
Income tax (benefit) expense (f) | (51,451) | 12,330 | 73,670 | 34,549 | |||||||||||||||||||
Net income | 71,879 | 25,545 | 22,941 | 120,365 | |||||||||||||||||||
Net income attributable to non-controlling interest, net of tax (g) | 1,213 | — | (1,213) | — | |||||||||||||||||||
Net income attributable to WillScot Mobile Mini | $ | 70,666 | $ | 25,545 | $ | 24,154 | $ | 120,365 |
Year Ended December 31, 2019 | |||||||||||||||||||||||
(in thousands)
|
Historical WillScot | Historical Mobile Mini (as reclassified) | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||
Leasing | $ | 744,185 | $ | 447,636 | $ | — | $ | 1,191,821 | |||||||||||||||
Delivery and installation | 220,057 | 141,988 | — | 362,045 | |||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||
New units | 59,085 | 16,681 | — | 75,766 | |||||||||||||||||||
Rental units | 40,338 | 13,713 | — | 54,051 | |||||||||||||||||||
Total revenues | 1,063,665 | 620,018 | — | 1,683,683 | |||||||||||||||||||
Costs: | |||||||||||||||||||||||
Costs of leasing and services: | |||||||||||||||||||||||
Leasing | 213,151 | 67,396 | — | 280,547 | |||||||||||||||||||
Delivery and installation | 194,107 | 99,634 | — | 293,741 | |||||||||||||||||||
Costs of sales: | |||||||||||||||||||||||
New units | 42,160 | 10,885 | — | 53,045 | |||||||||||||||||||
Rental units | 26,255 | 9,480 | — | 35,735 | |||||||||||||||||||
Depreciation of rental equipment (b) | 174,679 | 31,802 | 4,667 | 211,148 | |||||||||||||||||||
Gross profit | 413,313 | 400,821 | (4,667) | 809,467 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Selling, general and administrative | 271,004 | 208,461 | — | 479,465 | |||||||||||||||||||
Other depreciation and amortization (c) | 12,395 | 38,781 | 22,399 | 73,575 | |||||||||||||||||||
Impairment losses on long-lived assets | 2,848 | — | — | 2,848 | |||||||||||||||||||
Lease impairment expense and other related charges | 8,674 | — | — | 8,674 | |||||||||||||||||||
Restructuring costs | 3,755 | — | — | 3,755 | |||||||||||||||||||
Currency (gains) losses, net | (688) | 274 | — | (414) | |||||||||||||||||||
Other (income) expense, net | (2,200) | 99 | — | (2,101) | |||||||||||||||||||
Operating income | 117,525 | 153,206 | (27,066) | 243,665 | |||||||||||||||||||
Interest expense (d) | 122,504 | 41,378 | (37,756) | 126,126 | |||||||||||||||||||
Loss on extinguishment of debt (e) | 8,755 | 123 | (1,512) | 7,366 | |||||||||||||||||||
(Loss) income before income tax | (13,734) | 111,705 | 12,202 | 110,173 | |||||||||||||||||||
Income tax (benefit) expense (f) | (2,191) | 27,971 | 3,112 | 28,892 | |||||||||||||||||||
Net (loss) income | (11,543) | 83,734 | 9,090 | 81,281 | |||||||||||||||||||
Net loss attributable to non-controlling interest, net of tax (g) | (421) | — | 421 | — | |||||||||||||||||||
Net (loss) income attributable to WillScot Mobile Mini | $ | (11,122) | $ | 83,734 | $ | 8,669 | $ | 81,281 |
(a) |
Represents the elimination of discrete transaction costs expensed by WillScot Mobile Mini as part of the Merger.
|
||||
(b) |
Represents the adjustment for depreciation of rental fleet relating to the estimated increase in fair value purchase accounting adjustments as a result of the Merger.
|
||||
(c) |
Represents the differential in other depreciation and amortization expense related to the estimated fair value purchase accounting adjustments as a result of the Merger.
|
(d) |
Reflects the incremental interest expense related to our debt structure after the Merger as though the following had occurred on January 1, 2019 (i) borrowings under the 2020 ABL Facility, (ii) borrowings under the 2025 Secured Notes, (iii) repayment of the 2017 ABL Facility, (iv) repayment of the 2022 Secured Notes and repayment of the Mobile Mini credit facility and secured notes (the "Mobile Mini debt").
|
||||
(e) |
Represents the elimination of the loss on extinguishment of debt in connection with the repayment of the 2022 Secured Notes and the 2017 ABL Facility in 2020 and partial redemption of the 2022 Secured Notes in 2019.
|
||||
(f) |
Reflects the adjustment to recognize the income tax impacts of the unaudited pro forma adjustments for which a tax expense is recognized using a US federal and state statutory tax rate of 25.5%. This rate may vary from the effective tax rates of the historical and combined businesses. In addition, the year ended December 31, 2020 included an adjustment of $56.8 million to eliminate the reversal of valuation allowance as a result of reassessment of the realizability of deferred tax assets as a result of the Merger.
|
||||
(g) |
Reflects the pro forma adjustment for the extinguishment of non-controlling interest as a result of the Sapphire Exchange on June 30, 2020.
|
Year Ended December 31, | |||||||||||
(in thousands) | 2020 | 2019 | |||||||||
ABL Facility interest | $ | (2,561) | $ | (16,422) | |||||||
2022 Secured Notes interest | (10,631) | (23,507) | |||||||||
2025 Secured Notes interest | 18,247 | 39,813 | |||||||||
Mobile Mini debt interest | (15,921) | (39,672) | |||||||||
Deferred financing fee amortization | 1,058 | 2,032 | |||||||||
Net pro forma adjustment | $ | (9,808) | $ | (37,756) |
Year Ended December 31, | |||||||||||
(in thousands) | 2020 | 2019 | |||||||||
Net income | $ | 120,365 | $ | 81,281 | |||||||
Loss on extinguishment of debt | 22,719 | 7,366 | |||||||||
Income tax expense | 34,549 | 28,892 | |||||||||
Interest expense | 127,052 | 126,126 | |||||||||
Depreciation and amortization | 292,616 | 284,723 | |||||||||
Currency gains, net | (316) | (414) | |||||||||
Goodwill and other impairment charges | — | 2,848 | |||||||||
Restructuring costs, lease impairment expense, other related charges | 11,403 | 12,429 | |||||||||
Transaction fees | — | 3,129 | |||||||||
Integration costs | 18,338 | 26,607 | |||||||||
Stock compensation expense | 15,280 | 21,807 | |||||||||
Other | 4,459 | 4,647 | |||||||||
Adjusted EBITDA | $ | 646,465 | $ | 599,441 |
Pro Forma Combined Year Ended December 30, | 2020 vs. 2019 | ||||||||||||||||||||||
(in thousands) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Revenue | $ | 1,651,885 | $ | 1,683,683 | $ | (31,798) | (1.9) | % | |||||||||||||||
Selling, general and administrative expenses | $ | 456,796 | $ | 479,465 | $ | (22,669) | (5.0) | % | |||||||||||||||
Net income | $ | 120,365 | $ | 81,281 | $ | 39,084 | 32.5 | % | |||||||||||||||
Adjusted EBITDA | $ | 646,465 | $ | 599,441 | $ | 47,024 | 7.3 | % | |||||||||||||||
Other Financial Data: | |||||||||||||||||||||||
Adjusted EBITDA - NA Modular | $ | 394,805 | $ | 356,548 | $ | 38,257 | 9.7 | % | |||||||||||||||
Adjusted EBITDA - NA Storage | 184,601 | 169,697 | 14,904 | 8.1 | % | ||||||||||||||||||
Adjusted EBITDA - UK Storage | 31,080 | 25,758 | 5,322 | 17.1 | % | ||||||||||||||||||
Adjusted EBITDA - Tank and Pump | 35,979 | 47,438 | (11,459) | (31.8) | % | ||||||||||||||||||
Combined Adjusted EBITDA
|
$ | 646,465 | $ | 599,441 | $ | 47,024 | 7.3 | % |
(in thousands, except for units on rent and
monthly rental rate) |
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||
Revenue | $ | 255,821 | $ | 256,862 | $ | 267,867 | $ | 270,612 | $ | 1,051,162 | |||||||||||||||||||
Gross profit | $ | 106,190 | $ | 109,964 | $ | 112,079 | $ | 123,409 | $ | 451,642 | |||||||||||||||||||
Adjusted EBITDA | $ | 89,544 | $ | 97,520 | $ | 100,281 | $ | 107,460 | $ | 394,805 | |||||||||||||||||||
Capex for rental equipment | $ | 39,648 | $ | 40,034 | $ | 34,249 | $ | 39,396 | $ | 153,327 | |||||||||||||||||||
Average modular space units on rent | 87,988 | 87,096 | 86,400 | 86,011 | 86,874 | ||||||||||||||||||||||||
Average modular space utilization rate | 69.2 | % | 68.5 | % | 68.3 | % | 68.2 | % | 68.9 | % | |||||||||||||||||||
Average modular space monthly rental rate | $ | 653 | $ | 669 | $ | 693 | $ | 724 | $ | 685 | |||||||||||||||||||
Average portable storage units on rent | 16,346 | 15,869 | 15,473 | 15,603 | 15,823 | ||||||||||||||||||||||||
Average portable storage utilization rate | 64.1 | % | 62.5 | % | 61.3 | % | 62.6 | % | 63.5 | % | |||||||||||||||||||
Average portable storage monthly rental rate | $ | 119 | $ | 120 | $ | 124 | $ | 124 | $ | 122 |
(in thousands, except for units on rent and
monthly rental rate) |
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||
Revenue | $ | 253,685 | $ | 263,713 | $ | 268,222 | $ | 278,045 | $ | 1,063,665 | |||||||||||||||||||
Gross profit | $ | 103,331 | $ | 101,484 | $ | 99,308 | $ | 109,190 | $ | 413,313 | |||||||||||||||||||
Adjusted EBITDA | $ | 83,354 | $ | 87,554 | $ | 87,424 | $ | 98,216 | $ | 356,548 | |||||||||||||||||||
Capex for rental equipment | $ | 51,873 | $ | 61,215 | $ | 47,789 | $ | 44,229 | $ | 205,106 | |||||||||||||||||||
Average modular space units on rent | 93,309 | 92,300 | 91,233 | 90,013 | 91,682 | ||||||||||||||||||||||||
Average modular space utilization rate | 72.4 | % | 71.9 | % | 71.2 | % | 70.7 | % | 72.0 | % | |||||||||||||||||||
Average modular space monthly rental rate | $ | 575 | $ | 611 | $ | 630 | $ | 641 | $ | 614 | |||||||||||||||||||
Average portable storage units on rent | 17,419 | 16,544 | 16,416 | 16,944 | 16,878 | ||||||||||||||||||||||||
Average portable storage utilization rate | 66.1 | % | 63.3 | % | 63.0 | % | 66.1 | % | 65.8 | % | |||||||||||||||||||
Average portable storage monthly rental rate | $ | 119 | $ | 121 | $ | 123 | $ | 118 | $ | 120 |
(in thousands, except for units on rent and
monthly rental rate) |
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||
Revenue | $ | 103,495 | $ | 92,826 | $ | 104,493 | $ | 117,336 | $ | 418,150 | |||||||||||||||||||
Gross profit | $ | 71,400 | $ | 66,639 | $ | 73,384 | $ | 83,401 | $ | 294,824 | |||||||||||||||||||
Adjusted EBITDA | $ | 43,994 | $ | 40,770 | $ | 46,465 | $ | 53,372 | $ | 184,601 | |||||||||||||||||||
Capex for rental equipment | $ | 5,200 | $ | 7,272 | $ | 7,234 | $ | 7,735 | $ | 27,441 | |||||||||||||||||||
Average modular space units on rent | 15,509 | 15,757 | 16,383 | 16,948 | 16,152 | ||||||||||||||||||||||||
Average modular space utilization rate | 77.8 | % | 78.6 | % | 80.4 | % | 80.9 | % | 79.4 | % | |||||||||||||||||||
Average modular space monthly rental rate | $ | 497 | $ | 463 | $ | 505 | $ | 547 | $ | 504 | |||||||||||||||||||
Average portable storage units on rent | 105,441 | 101,463 | 105,221 | 120,439 | 108,167 | ||||||||||||||||||||||||
Average portable storage utilization rate | 73.1 | % | 70.6 | % | 73.4 | % | 83.0 | % | 75.1 | % | |||||||||||||||||||
Average portable storage monthly rental rate | $ | 146 | $ | 143 | $ | 145 | $ | 150 | $ | 146 |
(in thousands, except for units on rent and
monthly rental rate) |
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||
Revenue | $ | 99,565 | $ | 98,045 | $ | 104,641 | $ | 113,262 | $ | 415,513 | |||||||||||||||||||
Gross profit | $ | 68,357 | $ | 66,523 | $ | 73,302 | $ | 80,740 | $ | 288,922 | |||||||||||||||||||
Adjusted EBITDA | $ | 37,957 | $ | 37,474 | $ | 43,084 | $ | 51,182 | $ | 169,697 | |||||||||||||||||||
Capex for rental equipment | $ | 11,841 | $ | 16,166 | $ | 11,107 | $ | 7,200 | $ | 46,314 | |||||||||||||||||||
Average modular space units on rent | 15,974 | 15,522 | 15,835 | 16,192 | 15,881 | ||||||||||||||||||||||||
Average modular space utilization rate | 80.5 | % | 80.5 | % | 80.9 | % | 80.4 | % | 80.6 | % | |||||||||||||||||||
Average modular space monthly rental rate | $ | 413 | $ | 449 | $ | 470 | $ | 502 | $ | 458 | |||||||||||||||||||
Average portable storage units on rent | 107,658 | 105,770 | 109,723 | 119,642 | 110,728 | ||||||||||||||||||||||||
Average portable storage utilization rate | 76.1 | % | 74.5 | % | 76.8 | % | 82.5 | % | 77.5 | % | |||||||||||||||||||
Average portable storage monthly rental rate | $ | 144 | $ | 143 | $ | 145 | $ | 151 | $ | 146 |
(in thousands, except for units on rent and
monthly rental rate) |
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||
Revenue | $ | 20,197 | $ | 17,154 | $ | 21,653 | $ | 24,708 | $ | 83,712 | |||||||||||||||||||
Gross profit | $ | 11,372 | $ | 10,991 | $ | 12,671 | $ | 14,971 | $ | 50,005 | |||||||||||||||||||
Adjusted EBITDA | $ | 6,405 | $ | 6,853 | $ | 8,306 | $ | 9,516 | $ | 31,080 | |||||||||||||||||||
Capex for rental equipment | $ | 337 | $ | 522 | $ | 677 | $ | 1,016 | $ | 2,552 | |||||||||||||||||||
Average modular space units on rent | 7,850 | 7,912 | 8,444 | 8,834 | 8,262 | ||||||||||||||||||||||||
Average modular space utilization rate | 74.2 | % | 74.6 | % | 79.1 | % | 82.4 | % | 77.6 | % | |||||||||||||||||||
Average modular space monthly rental rate | $ | 326 | $ | 313 | $ | 356 | $ | 377 | $ | 344 | |||||||||||||||||||
Average portable storage units on rent | 23,328 | 22,870 | 23,146 | 24,496 | 23,462 | ||||||||||||||||||||||||
Average portable storage utilization rate | 83.7 | % | 82.2 | % | 83.2 | % | 88.6 | % | 84.4 | % | |||||||||||||||||||
Average portable storage monthly rental rate | $ | 73 | $ | 70 | $ | 75 | $ | 78 | $ | 74 |
(in thousands, except for units on rent and
monthly rental rate) |
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||
Revenue | $ | 20,959 | $ | 20,920 | $ | 20,499 | $ | 20,179 | $ | 82,557 | |||||||||||||||||||
Gross profit | $ | 11,129 | $ | 11,367 | $ | 11,106 | $ | 11,329 | $ | 44,931 | |||||||||||||||||||
Adjusted EBITDA | $ | 6,070 | $ | 6,396 | $ | 6,704 | $ | 6,588 | $ | 25,758 | |||||||||||||||||||
Capex for rental equipment | $ | 921 | $ | 1,190 | $ | 1,546 | $ | 561 | $ | 4,218 | |||||||||||||||||||
Average modular space units on rent | 8,440 | 8,460 | 8,360 | 8,008 | 8,316 | ||||||||||||||||||||||||
Average modular space utilization rate | 79.0 | % | 79.0 | % | 78.0 | % | 75.4 | % | 77.8 | % | |||||||||||||||||||
Average modular space monthly rental rate | $ | 319 | $ | 327 | $ | 320 | $ | 336 | $ | 326 | |||||||||||||||||||
Average portable storage units on rent | 23,910 | 23,594 | 23,927 | 24,910 | 24,087 | ||||||||||||||||||||||||
Average portable storage utilization rate | 85.9 | % | 85.0 | % | 85.9 | % | 88.9 | % | 86.4 | % | |||||||||||||||||||
Average portable storage monthly rental rate | $ | 70 | $ | 70 | $ | 69 | $ | 72 | $ | 70 |
(in thousands, except for units on rent and
monthly rental rate) |
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||
Revenue | $ | 26,884 | $ | 23,684 | $ | 23,302 | $ | 24,991 | $ | 98,861 | |||||||||||||||||||
Gross profit | $ | 13,279 | $ | 11,723 | $ | 11,430 | $ | 12,474 | $ | 48,906 | |||||||||||||||||||
Adjusted EBITDA | $ | 9,477 | $ | 8,659 | $ | 8,507 | $ | 9,336 | $ | 35,979 | |||||||||||||||||||
Capex for rental equipment | $ | 4,514 | $ | 941 | $ | 431 | $ | 1,963 | $ | 7,849 | |||||||||||||||||||
Average tank and pump solutions rental fleet utilization based on original equipment cost | 66.4 | % | 60.5 | % | 58.2 | % | 65.2 | % | 62.6 | % |
(in thousands, except for units on rent and
monthly rental rate) |
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||
Revenue | $ | 30,934 | $ | 32,961 | $ | 30,185 | $ | 27,867 | $ | 121,947 | |||||||||||||||||||
Gross profit | $ | 16,210 | $ | 16,643 | $ | 15,573 | $ | 13,875 | $ | 62,301 | |||||||||||||||||||
Adjusted EBITDA | $ | 12,203 | $ | 13,037 | $ | 11,885 | $ | 10,313 | $ | 47,438 | |||||||||||||||||||
Capex for rental equipment | $ | 10,254 | $ | 6,025 | $ | 2,197 | $ | 1,843 | $ | 20,319 | |||||||||||||||||||
Average tank and pump solutions rental fleet utilization based on original equipment cost | 74.1 | % | 73.5 | % | 68.3 | % | 68.6 | % | 71.1 | % |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Net cash from operating activities | $ | 304,812 | $ | 172,566 | $ | 37,149 | |||||||||||
Net cash from investing activities | (125,360) | (152,582) | (1,217,202) | ||||||||||||||
Net cash from financing activities | (158,958) | (26,063) | 1,180,037 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,398 | 166 | (211) | ||||||||||||||
Net change in cash and cash equivalents | $ | 21,892 | $ | (5,913) | $ | (227) |
(in thousands) | Total | Less than 1 year | Between 1 to 3 years | Between 3 to 5 years | More than 5 years | ||||||||||||||||||||||||
Long-term indebtedness, including current portion and interest (a)(b) | $ | 2,915,812 | $ | 87,613 | $ | 262,839 | $ | 1,999,918 | $ | 565,442 | |||||||||||||||||||
Payroll tax withholding (c) | 10,350 | 5,175 | 5,175 | — | — | — | |||||||||||||||||||||||
Operating lease liabilities | 279,677 | 60,120 | 92,258 | 59,878 | 67,421 | ||||||||||||||||||||||||
Total | $ | 3,205,839 | $ | 152,908 | $ | 360,272 | $ | 2,059,796 | $ | 632,863 |
(a) | Long-term indebtedness includes borrowings and interest under the 2020 ABL Facility, the 2025 Secured Notes, the 2028 Secured Notes, and finance leases. | ||||
(b) | Includes the obligations under our interest rate swap agreement that effectively convert $400 million in aggregate notional amount of variable-rate debt under the Company’s 2020 ABL Facility into fixed-rate debt. The future obligations under the interest rate swaps were calculated using the 1-month LIBOR rate as of December 31, 2020. | ||||
(c) |
Amounts relate to the delay in payment of employer payroll taxes in accordance with the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the ‘‘CARES Act’’).
|
Estimated Useful Life | Residual Value | ||||||||||
Modular space units |
10 - 20 years
|
20 - 50%
|
|||||||||
Portable storage units |
30 years
|
55%
|
|||||||||
Tank and pump |
7 - 25 years
|
—%
|
|||||||||
VAPS and other related rental equipment |
1 - 8 years
|
—%
|
Valuation of Intangible Assets Acquired through Mobile Mini Merger | ||||||||
Description of the Matter |
During 2020, the Company completed its merger with Mobile Mini, Inc. for net consideration of $1.4 billion, as disclosed in Note 2 to the consolidated financial statements. The transaction was accounted for as a business combination.
Auditing the Company's accounting for its merger with Mobile Mini was complex and highly judgmental due to the significant estimation uncertainty in management’s determination of the fair value of identified intangible assets of $383 million, which principally consisted of $217 million and $164 million of customer relationship and tradename intangibles, respectively. The significant estimation uncertainty was primarily due to the sensitivity of the respective fair values to changes in the underlying assumptions. The Company used a discounted cash flow model to measure the customer relationship and tradename intangible assets. The significant assumptions used to estimate the value of the intangible assets included discount rates, royalty rates, and assumptions that form the basis of the forecasted results, in particular revenue growth rates, projected EBITDA margins and customer retention assumptions. These significant assumptions are forward looking and could be affected by future economic and market conditions.
|
|||||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company's controls over its valuation of acquired intangible assets. Our tests included controls over the estimation process supporting the recognition and measurement of customer-relationship and tradename intangible assets. For example, we tested controls over management’s review of the valuation models and significant assumptions used to estimate the fair value of the customer relationship and tradename intangible assets, including controls over the completeness and accuracy of the data used in the valuation models.
|
|||||||
To test the estimated fair value of the customer relationship and tradename intangible assets, we performed audit procedures that included, among others, evaluating the Company's selection of the valuation methodology, evaluating the methods and significant assumptions described above, and evaluating the completeness and accuracy of the underlying data supporting the significant assumptions and estimates. We involved our valuation specialists to assist with our evaluation of the methodology used by the Company and significant assumptions included in the fair value estimates. For example, our valuation specialists compared management’s assumptions used to develop the discount rates to the weighted average cost of capital of guideline public companies. Additionally, we compared the significant assumptions related to prospective financial information to the historical results of the Mobile Mini business and to guideline companies in the same industry. We also performed a sensitivity analysis of the significant assumptions to evaluate the change in the fair values that would result from changes in assumptions.
|
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 24,937 | $ | 3,045 | |||||||
Trade receivables, net of allowance for credit losses at December 31, 2020 and December 31, 2019 of $29,258 and $15,828, respectively
|
330,942 | 247,596 | |||||||||
Inventories | 21,655 | 15,387 | |||||||||
Prepaid expenses and other current assets | 29,954 | 14,621 | |||||||||
Assets held for sale | 12,004 | 11,939 | |||||||||
Total current assets | 419,492 | 292,588 | |||||||||
Rental equipment, net | 2,933,722 | 1,944,436 | |||||||||
Property, plant and equipment, net | 303,650 | 147,689 | |||||||||
Operating lease assets | 232,094 | 146,698 | |||||||||
Goodwill | 1,171,219 | 235,177 | |||||||||
Intangible assets, net | 495,947 | 126,625 | |||||||||
Other non-current assets | 16,081 | 4,436 | |||||||||
Total long-term assets | 5,152,713 | 2,605,061 | |||||||||
Total assets | $ | 5,572,205 | $ | 2,897,649 | |||||||
Liabilities and equity | |||||||||||
Accounts payable | $ | 106,926 | $ | 109,926 | |||||||
Accrued interest and liabilities | 141,672 | 98,375 | |||||||||
Deferred revenue and customer deposits | 135,485 | 82,978 | |||||||||
Operating lease liabilities - current | 48,063 | 29,133 | |||||||||
Current portion of long-term debt | 16,521 | — | |||||||||
Total current liabilities | 448,667 | 320,412 | |||||||||
Long-term debt | 2,453,809 | 1,632,589 | |||||||||
Deferred tax liabilities | 307,541 | 70,693 | |||||||||
Operating lease liabilities - non-current | 183,761 | 118,429 | |||||||||
Other non-current liabilities | 37,150 | 46,571 | |||||||||
Long-term liabilities | 2,982,261 | 1,868,282 | |||||||||
Total liabilities | 3,430,928 | 2,188,694 | |||||||||
Commitments and contingencies (see Note 18) | |||||||||||
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at December 31, 2020 and 2019
|
— | — | |||||||||
Common Stock: $0.0001 par, 500,000,000 shares authorized and 229,038,158 shares issued and outstanding at December 31, 2020
|
23 | — | |||||||||
Class A Common Stock: $0.0001 par, 400,000,000 shares authorized and 108,818,854 shares issued and outstanding at December 31, 2019
|
— | 11 | |||||||||
Class B Common Stock: $0.0001 par, 100,000,000 shares authorized and 8,024,419 shares issued and outstanding at December 31, 2019
|
— | 1 | |||||||||
Additional paid-in-capital | 3,797,168 | 2,396,501 | |||||||||
Accumulated other comprehensive loss | (37,207) | (62,775) | |||||||||
Accumulated deficit | (1,618,707) | (1,689,373) | |||||||||
Total shareholders' equity | 2,141,277 | 644,365 | |||||||||
Non-controlling interest | — | 64,590 | |||||||||
Total equity | 2,141,277 | 708,955 | |||||||||
Total liabilities and equity | $ | 5,572,205 | $ | 2,897,649 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
Leasing and services revenue: | |||||||||||||||||
Leasing | $ | 1,001,447 | $ | 744,185 | $ | 518,235 | |||||||||||
Delivery and installation | 274,156 | 220,057 | 154,557 | ||||||||||||||
Sales revenue: | |||||||||||||||||
New units | 53,093 | 59,085 | 53,603 | ||||||||||||||
Rental units | 38,949 | 40,338 | 25,017 | ||||||||||||||
Total revenues | 1,367,645 | 1,063,665 | 751,412 | ||||||||||||||
Costs: | |||||||||||||||||
Costs of leasing and services: | |||||||||||||||||
Leasing | 227,376 | 213,151 | 143,120 | ||||||||||||||
Delivery and installation | 220,102 | 194,107 | 143,950 | ||||||||||||||
Costs of sales: | |||||||||||||||||
New units | 34,841 | 42,160 | 36,863 | ||||||||||||||
Rental units | 24,772 | 26,255 | 16,659 | ||||||||||||||
Depreciation of rental equipment | 200,581 | 174,679 | 121,436 | ||||||||||||||
Gross profit | 659,973 | 413,313 | 289,384 | ||||||||||||||
Expenses: | |||||||||||||||||
Selling, general and administrative | 360,626 | 271,004 | 234,820 | ||||||||||||||
Transaction costs | 64,053 | — | 20,051 | ||||||||||||||
Other depreciation and amortization | 43,249 | 12,395 | 13,304 | ||||||||||||||
Impairment losses on long-lived assets | — | 2,848 | 1,600 | ||||||||||||||
Lease impairment expense and other related charges | 4,876 | 8,674 | — | ||||||||||||||
Restructuring costs | 6,527 | 3,755 | 15,468 | ||||||||||||||
Currency (gains) losses, net | (355) | (688) | 2,454 | ||||||||||||||
Other income, net | (1,718) | (2,200) | (4,574) | ||||||||||||||
Operating income | 182,715 | 117,525 | 6,261 | ||||||||||||||
Interest expense | 119,886 | 122,504 | 98,433 | ||||||||||||||
Loss on extinguishment of debt | 42,401 | 8,755 | — | ||||||||||||||
Income (loss) before income tax | 20,428 | (13,734) | (92,172) | ||||||||||||||
Income tax benefit | (51,451) | (2,191) | (38,600) | ||||||||||||||
Net income (loss) | 71,879 | (11,543) | (53,572) | ||||||||||||||
Net income (loss) attributable to non-controlling interest, net of tax | 1,213 | (421) | (4,532) | ||||||||||||||
Net income (loss) attributable to WillScot Mobile Mini | 70,666 | (11,122) | (49,040) | ||||||||||||||
Non-cash deemed dividend related to warrant exchange | — | — | (2,135) | ||||||||||||||
Net income (loss) attributable to WillScot Mobile Mini common shareholders | $ | 70,666 | $ | (11,122) | $ | (51,175) | |||||||||||
Earnings (loss) per share attributable to WillScot Mobile Mini common shareholders: | |||||||||||||||||
Basic | $ | 0.42 | $ | (0.10) | $ | (0.59) | |||||||||||
Diluted | $ | 0.41 | $ | (0.10) | $ | (0.59) | |||||||||||
Weighted average shares: | |||||||||||||||||
Basic | 169,230,177 | 108,683,820 | 87,209,605 | ||||||||||||||
Diluted | 173,650,251 | 108,683,820 | 87,209,605 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income (loss) | $ | 71,879 | $ | (11,543) | $ | (53,572) | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $685, $0 and $161 for the years ended December 31, 2020, 2019 and 2018, respectively
|
28,404 | 10,586 | (11,639) | ||||||||||||||
Net loss on derivatives, net of income tax benefit of $(539), $(1,471) and $(1,822) for the years ended December 31, 2020, 2019 and 2018, respectively
|
(1,749) | (4,809) | (5,955) | ||||||||||||||
Total other comprehensive income (loss) | 26,655 | 5,777 | (17,594) | ||||||||||||||
Comprehensive income (loss) | 98,534 | (5,766) | (71,166) | ||||||||||||||
Comprehensive (loss) income attributable to non-controlling interest | (672) | 105 | (6,137) | ||||||||||||||
Total comprehensive income (loss) attributable to WillScot Mobile Mini | $ | 99,206 | $ | (5,871) | $ | (65,029) |
Common Stock(1) | Class B Common Stock | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Shareholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||
Balance at December 31, 2017 | 84,645 | $ | 8 | 8,024 | $ | 1 | $ | 2,121,926 | $ | (49,497) | $ | (1,636,819) | $ | 435,619 | $ | 48,931 | $ | 484,550 | ||||||||||||||
Net loss | — | — | — | — | — | — | (49,040) | (49,040) | (4,532) | (53,572) | ||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (15,989) | — | (15,989) | (1,605) | (17,594) | ||||||||||||||||||||||
Adoption of ASU 2018-02 | — | — | — | — | — | (2,540) | 2,540 | — | — | — | ||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 3,439 | — | — | 3,439 | — | 3,439 | ||||||||||||||||||||||
Issuance of Common Stock and contribution of proceeds to WSII | 9,200 | 1 | — | — | 131,460 | — | — | 131,461 | 7,574 | 139,035 | ||||||||||||||||||||||
Acquisition of ModSpace and related financing transactions including stock and warrants | 6,458 | 1 | — | — | 134,493 | — | — | 134,494 | 13,614 | 148,108 | ||||||||||||||||||||||
Common Stock issued in warrant exchange | 8,206 | 1 | — | (1,770) | — | — | (1,769) | — | (1,769) | |||||||||||||||||||||||
Balance at December 31, 2018 | 108,509 | $ | 11 | 8,024 | $ | 1 | $ | 2,389,548 | $ | (68,026) | $ | (1,683,319) | $ | 638,215 | $ | 63,982 | $ | 702,197 | ||||||||||||||
Net loss | — | — | — | — | — | — | (11,122) | (11,122) | (421) | (11,543) | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 5,251 | — | 5,251 | 526 | 5,777 | ||||||||||||||||||||||
Adoption of ASC 606 | — | — | — | — | — | — | 345 | 345 | — | 345 | ||||||||||||||||||||||
Adoption of ASC 842 | — | — | — | — | — | — | 4,723 | 4,723 | 503 | 5,226 | ||||||||||||||||||||||
Issuance of Common Stock from the exercise of options and warrants | 81 | — | — | — | 921 | — | — | 921 | — | 921 | ||||||||||||||||||||||
Stock-based compensation and issuance of Common Stock from vesting | 229 | — | — | — | 6,032 | — | — | 6,032 | — | 6,032 | ||||||||||||||||||||||
Balance at December 31, 2019 | 108,819 | $ | 11 | 8,024 | $ | 1 | $ | 2,396,501 | $ | (62,775) | $ | (1,689,373) | $ | 644,365 | $ | 64,590 | $ | 708,955 | ||||||||||||||
Net income | — | — | — | — | — | — | 70,666 | 70,666 | 1,213 | 71,879 | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 28,540 | — | 28,540 | (1,885) | 26,655 | ||||||||||||||||||||||
Mobile Mini Merger | 106,427 | 11 | — | — | 1,348,619 | — | — | 1,348,630 | — | 1,348,630 | ||||||||||||||||||||||
Sapphire Exchange - See Note 12 | 10,641 | 1 | (8,024) | (1) | 66,890 | (2,972) | — | 63,918 | (63,918) | — | ||||||||||||||||||||||
Issuance of Common Stock from the exercise of options and warrants | 2,836 | — | — | — | 10,616 | — | — | 10,616 | — | 10,616 | ||||||||||||||||||||||
Repurchase and cancellation of options and warrants | — | — | — | — | (21,864) | — | — | (21,864) | — | (21,864) | ||||||||||||||||||||||
Withholding taxes on net share settlement of stock-based compensation and option exercises | — | — | — | — | (13,473) | — | — | (13,473) | — | (13,473) | ||||||||||||||||||||||
Stock-based compensation and issuance of Common Stock from vesting | 315 | — | — | — | 9,879 | — | — | 9,879 | — | 9,879 | ||||||||||||||||||||||
Balance at December 31, 2020 | 229,038 | $ | 23 | — | $ | — | $ | 3,797,168 | $ | (37,207) | $ | (1,618,707) | $ | 2,141,277 | $ | — | $ | 2,141,277 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 71,879 | $ | (11,543) | $ | (53,572) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 246,948 | 189,436 | 136,467 | ||||||||||||||
Provision for credit losses | 32,593 | 14,496 | 7,656 | ||||||||||||||
Impairment losses on long-lived assets | — | 2,848 | 1,600 | ||||||||||||||
Impairment losses on right of use assets | 57 | 4,160 | — | ||||||||||||||
Gain on sale of rental equipment and other property, plant and equipment | (14,124) | (11,660) | (12,878) | ||||||||||||||
Amortization of debt discounts and debt issuance costs | 13,085 | 11,450 | 7,652 | ||||||||||||||
Loss on extinguishment of debt | 42,401 | 8,755 | — | ||||||||||||||
Stock-based compensation expense | 9,879 | 6,686 | 3,439 | ||||||||||||||
Deferred income tax benefit | (55,155) | (2,624) | (40,192) | ||||||||||||||
Unrealized currency losses (gains), net | 424 | (745) | 1,982 | ||||||||||||||
Changes in operating assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Trade receivables | (26,723) | (63,648) | (36,452) | ||||||||||||||
Inventories | 2,775 | 869 | (1,241) | ||||||||||||||
Prepaid and other assets | (4,547) | 8,237 | 8,416 | ||||||||||||||
Operating lease assets and liabilities | 789 | (438) | — | ||||||||||||||
Accrued interest | (11,877) | (4,217) | 17,526 | ||||||||||||||
Accounts payable and other accrued liabilities | (16,046) | 4,865 | (14,462) | ||||||||||||||
Deferred revenue and customer deposits | 12,454 | 15,639 | 11,208 | ||||||||||||||
Net cash provided by operating activities | 304,812 | 172,566 | 37,149 | ||||||||||||||
Investing activities: | |||||||||||||||||
Acquisition of a businesses, net of cash acquired | 17,173 | — | (1,083,146) | ||||||||||||||
Proceeds from sale of rental equipment | 38,949 | 42,101 | 30,761 | ||||||||||||||
Purchase of rental equipment and refurbishments | (172,383) | (205,106) | (160,883) | ||||||||||||||
Proceeds from the sale of property, plant and equipment | 7,355 | 18,763 | 688 | ||||||||||||||
Purchase of property, plant and equipment | (16,454) | (8,340) | (4,622) | ||||||||||||||
Net cash used in investing activities | (125,360) | (152,582) | (1,217,202) | ||||||||||||||
Financing activities: | |||||||||||||||||
Receipts from issuance of Common Stock from the exercise of options and warrants | 10,616 | 921 | 147,201 | ||||||||||||||
Repurchase and cancellation of warrants | (21,777) | — | — | ||||||||||||||
Payment of Common Stock issuance costs | (4,222) | — | — | ||||||||||||||
Receipts from borrowings | 2,786,793 | 552,230 | 1,212,629 | ||||||||||||||
Payment of financing costs | (65,475) | (2,623) | (36,579) | ||||||||||||||
Repayment of borrowings | (2,808,370) | (568,686) | (143,094) | ||||||||||||||
Payment of debt extinguishment premium costs | (34,610) | (7,152) | — | ||||||||||||||
Principal payments on finance lease obligations | (8,440) | (99) | (120) |
Taxes paid on employee stock awards | (13,473) | (654) | — | ||||||||||||||
Net cash (used in) provided by financing activities | (158,958) | (26,063) | 1,180,037 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,398 | 166 | (211) | ||||||||||||||
Net change in cash and cash equivalents | 21,892 | (5,913) | (227) | ||||||||||||||
Cash and cash equivalents at the beginning of the year | 3,045 | 8,958 | 9,185 | ||||||||||||||
Cash and cash equivalents at the end of the year | $ | 24,937 | $ | 3,045 | $ | 8,958 | |||||||||||
Supplemental cash flow information: | |||||||||||||||||
Interest paid | $ | 108,740 | $ | 115,582 | $ | 51,986 | |||||||||||
Income taxes paid (refunded), net | $ | 4,234 | $ | (1,148) | $ | 2,617 | |||||||||||
Capital expenditures accrued or payable | $ | 23,553 | $ | 23,946 | $ | 20,785 | |||||||||||
Non-cash deemed dividend related to warrant exchange | $ | — | $ | — | $ | 2,135 | |||||||||||
Non-cash acquisition of a business | $ | — | $ | — | $ | 148,108 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at beginning of year | $ | 15,828 | $ | 9,340 | $ | 4,845 | |||||||||||
Provision for credit losses, net of recoveries(a)
|
31,386 | 14,496 | 7,656 | ||||||||||||||
Write-offs | (18,034) | (7,945) | (3,089) | ||||||||||||||
Foreign currency translation and other | 78 | (63) | (72) | ||||||||||||||
Balance at end of period | $ | 29,258 | $ | 15,828 | $ | 9,340 |
Estimated Useful Life | Residual Value | ||||||||||
Modular space units |
10 - 20 years
|
20 - 50%
|
|||||||||
Portable storage units |
30 years
|
55%
|
|||||||||
Tank and pump equipment |
7 - 25 years
|
—%
|
|||||||||
VAPS and other related rental equipment |
1 - 8 years
|
—%
|
Estimated Useful Life | |||||
Buildings and leasehold improvements |
10 - 40 years (a)
|
||||
Vehicles, machinery, and equipment |
3 - 30 years
|
||||
Furniture and fixtures |
3 - 10 years
|
||||
Software |
3 - 10 years
|
Stock Consideration
fair value inputs |
2018 Warrants fair value inputs | ||||||||||
Expected volatility | 28.6 | % | 35.0 | % | |||||||
Risk-free rate of interest | 2.2 | % | 2.7 | % | |||||||
Dividend Yield | — | % | — | % | |||||||
Expected life (years) | 0.5 | 4.3 |
(unaudited, in thousands) | Year Ended December 31, 2018 (a) | |||||||
WillScot revenues | $ | 751,412 | ||||||
ModSpace revenues | 312,609 | |||||||
Pro forma revenues | $ | 1,064,021 | ||||||
WillScot loss from operations before income tax | $ | (92,172) | ||||||
ModSpace loss from operations before income tax | (7,457) | |||||||
Loss from operations before income tax before pro forma adjustments | (99,629) | |||||||
Pro forma adjustments to combined loss from operations before income tax: | ||||||||
Impact of fair value adjustments/useful life changes on depreciation | 10,135 | |||||||
Intangible asset amortization | (625) | (b) | ||||||
Interest expense | (41,178) | (c) | ||||||
Elimination of ModSpace interest | 20,279 | (d) | ||||||
Pro forma loss from operations before income tax | (111,018) | (e) | ||||||
Income tax benefit | (43,462) | (f) | ||||||
Pro forma net loss | $ | (67,556) |
(in thousands) | Current Balance | |||||||
Cash and cash equivalents | $ | 17,203 | ||||||
Trade receivables | 87,492 | (a) | ||||||
Inventories | 8,987 | |||||||
Prepaid expenses and other current assets | 13,264 | |||||||
Rental equipment | 1,033,190 | (b) | ||||||
Property, plant and equipment, net | 161,401 | (c) | ||||||
Operating lease assets | 92,054 | |||||||
Intangible assets | 382,500 | (b) | ||||||
Goodwill identified | 928,974 | (d) | ||||||
Other non-current assets | 2,387 | |||||||
Total identifiable assets acquired | 2,727,452 | |||||||
Accounts payable | (29,797) | |||||||
Accrued liabilities and interest | (38,759) | |||||||
Deferred revenue and customer deposits | (38,846) | |||||||
Operating lease liabilities | (89,968) | |||||||
Debt and finance lease liabilities | (897,244) | |||||||
Deferred tax liabilities | (278,727) | (e) | ||||||
Other long-term liabilities | (1,275) | |||||||
Total liabilities assumed | (1,374,616) | |||||||
Net assets acquired (purchase price) | $ | 1,352,836 |
(a) |
As of the acquisition date, the fair value of accounts receivable was $87.5 million, and the gross contractual amount was $99.8 million. The Company analyzed information available at the time of acquisition in estimating uncollectible receivables and the fair value of remaining receivables. The Company's analysis, as of the acquisition date, included an assessment of the risk of collectability of receivables by analyzing historical payment trends, the status of collection efforts, and any other pertinent customer specific information that existed as of the acquisition date.
|
||||
(b) |
The initial fair value assumptions used included preliminary estimates of the replacement cost of rental equipment, discount rates, royalty rates, and customer attrition rates which have been updated in preparing these valuations and the underlying assets have been adjusted from those previously recorded accordingly. Rental equipment and intangible assets were reduced by approximately $109.8 million and $183.1 million from amounts previously reported, respectively.
|
||||
(c) |
The initial fair value assumptions have been updated in preparing these valuations and the underlying assets have been adjusted from those previously recorded accordingly. Property, plant and equipment, net increased by approximately $8.2 million.
|
||||
(d) |
The goodwill is reflective of Mobile Mini’s going concern value and operational synergies that the Company expects to achieve that would not be available to other market participants. Goodwill from the Mobile Mini acquisition is not deductible for income tax purposes.
|
||||
(e) |
The deferred tax liability is reflective of a deferred tax asset valuation reversal, partially offset by a permanent difference for transaction costs. The change from the preliminary balance of deferred tax liabilities to the current balance was driven by the updates to the preliminary estimates of the replacement cost of rental equipment, discount rates, royalty rates, and customer attrition rates discussed in (b) above. Deferred tax liabilities decreased approximately $68 million from amounts previously reported.
|
(unaudited, in thousands) | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||
WillScot revenues | $ | 1,367,645 | $ | 1,063,665 | ||||||||||
Mobile Mini revenues | 284,240 | 620,018 | ||||||||||||
Pro forma revenues | $ | 1,651,885 | $ | 1,683,683 | ||||||||||
WillScot Mobile Mini pretax income (loss) | $ | 20,428 | $ | (13,734) | (a) | |||||||||
Mobile Mini pretax income | 37,875 | 111,705 | ||||||||||||
Pro forma pretax income | 58,303 | 97,971 | ||||||||||||
Pro forma adjustments to combined pretax income: | ||||||||||||||
Elimination of Merger transaction costs | 80,852 | — | (b) | |||||||||||
Impact of fair value mark-ups on rental fleet depreciation | (2,334) | (4,667) | (c) | |||||||||||
Other depreciation expense and intangible asset amortization | (11,397) | (22,399) | (d) | |||||||||||
Interest expense | (6,113) | (1,916) | (e) | |||||||||||
Elimination of Mobile Mini interest | 15,921 | 39,672 | (f) | |||||||||||
Elimination of loss on extinguishment of debt | 19,682 | 1,512 | (g) | |||||||||||
Pro forma pretax income | 154,914 | 110,173 | ||||||||||||
Income tax expense | (34,549) | (28,892) | (h) | |||||||||||
Pro forma net income | $ | 120,365 | $ | 81,281 |
(a) | Excludes impact of non-controlling interest which was eliminated as part of the Sapphire Exchange. See Note 12. | ||||
(b) | Eliminates discrete Merger transaction costs incurred as a result of the Mobile Mini Merger. | ||||
(c) | Depreciation on rental equipment and property, plant and equipment were adjusted for the preliminary determination of the fair value of equipment acquired in the Mobile Mini Merger. | ||||
(d) |
Represents the differential in other depreciation and amortization expense related to the provisional fair value purchase accounting adjustments as a result of the Merger, principally the amortization of the Mobile Mini customer relationship estimated at $263 million over 13 years.
|
||||
(e) |
In connection with the Merger, the Company entered into a new ABL Facility and drew $1.47 billion at close with an estimated interest rate of 2.046%, issued the 2025 Secured Notes at 6.125%, repaid the 2022 Secured Notes and repaid the 2017 ABL Facility. Interest and amortization of deferred financing fees for the 2020 ABL Facility and the 2025 Secured Notes has been included offset by the removal of interest and amortization of deferred financing fees attributable to the 2022 Secured Notes and the 2017 ABL Facility. See Note11 for definitions of terms.
|
||||
(f) | Interest and amortization of deferred financing fees on the senior notes and line of credit maintained by Mobile Mini which were assumed at acquisition and repaid immediately using proceeds from the 2020 ABL Facility and 2025 Secured Notes was eliminated. See Note 11 for definition of terms. | ||||
(g) |
Elimination of loss on extinguishment of debt in connection with the redemption premium on the 2022 Secured Notes and unamortized deferred financing costs on the 2022 Secured Notes and 2017 ABL Facility. See Note11 for definitions of terms.
|
||||
(h) |
Reflects the recorded income tax provision plus the adjustment to recognize the income tax impacts of the unaudited pro forma adjustments for which a tax expense is recognized using a US federal and state statutory tax rate of 25.5%. This rate may vary from the effective tax rates of the historical and combined businesses. In addition, eliminates the 2020 reversal of $54.6 million of valuation allowance as a result of reassessment of the realizability of deferred tax assets as a result of the Merger. See Note 13.
|
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
US | $ | 1,227,465 | $ | 966,766 | $ | 685,350 | |||||||||||
Canada | 79,630 | 80,514 | 50,144 | ||||||||||||||
Mexico | 14,190 | 16,385 | 15,918 | ||||||||||||||
UK | 46,360 | — | — | ||||||||||||||
Total revenues | $ | 1,367,645 | $ | 1,063,665 | $ | 751,412 |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Modular space leasing revenue | $ | 596,880 | $ | 516,299 | $ | 360,240 | |||||||||||
Portable storage leasing revenue | 125,216 | 24,277 | 21,682 | ||||||||||||||
Tank and pump leasing revenue | 29,798 | — | — | ||||||||||||||
VAPS and third party leasing revenues(a)
|
202,938 | 159,327 | 104,870 | ||||||||||||||
Other leasing-related revenue(b)
|
46,615 | 44,282 | 31,443 | ||||||||||||||
Leasing revenue | 1,001,447 | 744,185 | 518,235 | ||||||||||||||
Delivery and installation revenue | 274,156 | 220,057 | 154,557 | ||||||||||||||
Total leasing and services revenue | 1,275,603 | 964,242 | 672,792 | ||||||||||||||
New unit sales revenue | 53,093 | 59,085 | 53,603 | ||||||||||||||
Rental unit sales revenue | 38,949 | 40,338 | 25,017 | ||||||||||||||
Total revenues | $ | 1,367,645 | $ | 1,063,665 | $ | 751,412 |
(in thousands) | Operating Leases | ||||
2021 | $ | 232,730 | |||
2022 | 75,664 | ||||
2023 | 29,419 | ||||
2024 | 11,643 | ||||
2025 | 4,284 | ||||
Thereafter | 2,738 | ||||
Total | $ | 356,478 |
Operating | Finance | ||||||||||
2021 | $ | 60,120 | $ | 18,252 | |||||||
2022 | 51,184 | 17,158 | |||||||||
2023 | 41,074 | 13,707 | |||||||||
2024 | 33,336 | 10,786 | |||||||||
2025 | 26,542 | 10,893 | |||||||||
Thereafter | 67,421 | 13,410 | |||||||||
Total lease payments | 279,677 | 84,206 | |||||||||
Less: interest | (47,853) | (6,332) | |||||||||
Present value of lease liabilities | $ | 231,824 | $ | 77,874 |
Operating | Finance | ||||||||||
2020 | $ | 37,648 | $ | — | |||||||
2021 | 33,903 | — | |||||||||
2022 | 27,769 | — | |||||||||
2023 | 21,926 | — | |||||||||
2024 | 16,685 | — | |||||||||
Thereafter | 47,916 | — | |||||||||
Total lease payments | 185,847 | — | |||||||||
Less: interest | (38,285) | — | |||||||||
Present value of lease liabilities | $ | 147,562 | $ | — |
Year Ended December 31, | |||||||||||
Financial Statement Line (in thousands)
|
2020 | 2019 | |||||||||
Finance Lease Expense | |||||||||||
Amortization of finance lease assets | $ | 9,556 | $ | — | |||||||
Interest on obligations under finance leases | 1,081 | — | |||||||||
Total finance lease expense | $ | 10,637 | $ | — | |||||||
Operating Lease Expense | |||||||||||
Fixed lease expense | |||||||||||
Cost of leasing and services | $ | 5,723 | $ | 6,737 | |||||||
Selling, general and administrative | 43,482 | 34,058 | |||||||||
Lease impairment expense and other related charges | 2,800 | 2,611 | |||||||||
Short-term lease expense | |||||||||||
Cost of leasing and services | 25,576 | 29,729 | |||||||||
Selling, general and administrative | 2,067 | 2,071 | |||||||||
Lease impairment expense and other related charges | 471 | — | |||||||||
Variable lease expense | |||||||||||
Cost of leasing and services | 6,981 | 3,787 | |||||||||
Selling, general and administrative | 5,436 | 4,231 | |||||||||
Lease impairment expense and other related charges | 855 | — | |||||||||
Total operating lease expense | $ | 93,391 | $ | 83,224 |
Year Ended December 31, | |||||||||||
Supplemental Cash Flow Information (in thousands)
|
2020 | 2019 | |||||||||
Cash paid for the amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash outflows from operating leases | $ | 45,883 | $ | 42,111 | |||||||
Financing cash outflows from finance leases | $ | 9,568 | $ | — | |||||||
Right of use assets obtained in exchange for lease obligations | $ | 33,576 | $ | 43,013 | |||||||
Assets obtained in exchange for finance leases | $ | 9,089 | $ | — |
Lease Terms and Discount Rates | December 31, 2020 | December 31, 2019 | |||||||||
Weighted-average remaining lease term - operating leases | 6.4 years | 6.5 years | |||||||||
Weighted-average discount rate - operating leases | 5.7 | % | 7.0 | % | |||||||
Weighted-average remaining lease term - finance leases | 4.6 years | — | |||||||||
Weighted-average discount rate - finance leases | 2.9 | % | — |
(in thousands) | 2020 | 2019 | |||||||||
Raw materials | $ | 19,560 | $ | 15,387 | |||||||
Finished units | 2,095 | — | |||||||||
Inventories | $ | 21,655 | $ | 15,387 |
(in thousands) | 2020 | 2019 | |||||||||
Tax receivables | $ | 4,618 | $ | 1,211 | |||||||
Prepaid insurance | 5,859 | 2,099 | |||||||||
Other prepaid expenses | 19,477 | 11,311 | |||||||||
Total prepaid expenses and other current assets | $ | 29,954 | $ | 14,621 |
(in thousands) | 2020 | 2019 | |||||||||
Modular space units | $ | 2,520,704 | $ | 2,372,069 | |||||||
Portable storage units | 931,363 | 83,402 | |||||||||
Tank and pump products | 132,071 | — | |||||||||
Value added products | 143,652 | 121,855 | |||||||||
Total rental equipment | 3,727,790 | 2,577,326 | |||||||||
Less: accumulated depreciation | (794,068) | (632,890) | |||||||||
Rental equipment, net | $ | 2,933,722 | $ | 1,944,436 |
(in thousands) | 2020 | 2019 | |||||||||
Land, buildings, and leasehold improvements | $ | 154,210 | $ | 139,861 | |||||||
Vehicles, machinery, and office equipment | 227,009 | 62,169 | |||||||||
Software and other | 20,800 | 27,342 | |||||||||
Total property, plant and equipment | 402,019 | 229,372 | |||||||||
Less: accumulated depreciation | (98,369) | (81,683) | |||||||||
Property, plant and equipment, net | $ | 303,650 | $ | 147,689 |
(in thousands) | |||||
Balance at December 31, 2018 | $ | 247,017 | |||
Changes to purchase price accounting - Modspace | (13,479) | ||||
Effects of movements in foreign exchange rates | 1,639 | ||||
Balance at December 31, 2019 | 235,177 | ||||
Acquisition of Mobile Mini | 928,974 | ||||
Effects of movements in foreign exchange rates | 7,068 | ||||
Balance at December 31, 2020 | $ | 1,171,219 |
December 31, 2020 | |||||||||||||||||||||||
(in thousands) | Weighted average remaining life (in years) | Gross carrying amount | Accumulated amortization | Net book value | |||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||
Trade name - ModSpace | 0.7 | $ | 3,000 | $ | (2,375) | $ | 625 | ||||||||||||||||
Mobile Mini customer relationships | 8.0 | 217,000 | (12,053) | 204,947 | |||||||||||||||||||
Technology | 5.5 | 1,500 | (125) | 1,375 | |||||||||||||||||||
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 | $ | 510,500 | $ | (14,553) | $ | 495,947 |
December 31, 2019 | |||||||||||||||||||||||
(in thousands) | Weighted average remaining life (in years) | Gross carrying amount | Accumulated amortization | Net book value | |||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||
Trade name - ModSpace | 1.7 | $ | 3,000 | $ | (1,375) | $ | 1,625 | ||||||||||||||||
Total intangible assets subject to amortization | 3,000 | (1,375) | 1,625 | ||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||
Trade name - WillScot | 125,000 | — | 125,000 | ||||||||||||||||||||
Total intangible assets other than goodwill | $ | 128,000 | $ | (1,375) | $ | 126,625 |
(in thousands) | Amortization Expense | ||||
2021 | $ | 27,167 | |||
2022 | 26,542 | ||||
2023 | 26,542 | ||||
2024 | 26,542 | ||||
2025 | 26,542 | ||||
Thereafter | 73,612 | ||||
Total | $ | 206,947 |
(in thousands) | 2020 | 2019 | |||||||||
Current: | |||||||||||
Deferred revenue | $ | 133,156 | $ | 81,303 | |||||||
Customer deposits | 2,329 | 1,675 | |||||||||
Total current deferred revenue and customer deposits | $ | 135,485 | $ | 82,978 | |||||||
Long-term: | |||||||||||
Deferred revenue | $ | 12,060 | $ | 12,342 | |||||||
Total long-term deferred revenue and customer deposits | $ | 12,060 | $ | 12,342 |
(in thousands, except rates) | Interest rate | Year of maturity | 2020 | 2019 | |||||||||||||||||||
2022 Secured Notes | 7.875% | 2022 | $ | — | $ | 264,576 | |||||||||||||||||
2023 Secured Notes | 6.875% | 2023 | — | 482,768 | |||||||||||||||||||
2025 Secured Notes | 6.125% | 2025 | 637,068 | — | |||||||||||||||||||
ABL Facility(a)
|
Varies | 2025 | 1,263,833 | 885,245 | |||||||||||||||||||
2028 Secured Notes | 4.625% | 2028 | 491,555 | — | |||||||||||||||||||
Finance Leases | Varies | Varies | 77,874 | — | |||||||||||||||||||
Total debt | 2,470,330 | 1,632,589 | |||||||||||||||||||||
Less: current portion of long-term debt | 16,521 | — | |||||||||||||||||||||
Total long-term debt | $ | 2,453,809 | $ | 1,632,589 |
(in thousands) | |||||
2021 | $ | 18,252 | |||
2022 | $ | 17,158 | |||
2023 | $ | 13,707 | |||
2024 | $ | 10,786 | |||
2025 | $ | 1,965,505 | |||
Thereafter | $ | 513,410 |
(in thousands) | Debt issuance cost amortization | ||||
2021 | $ | 14,317 | |||
2022 | $ | 14,540 | |||
2023 | $ | 14,778 | |||
2024 | $ | 15,031 | |||
2025 | $ | 8,050 | |||
Thereafter | $ | 3,365 |
Year | Redemption Price | ||||
2022 | 103.063 | % | |||
2023 | 101.531 | % | |||
2024 and thereafter | 100.000 | % |
Year | Redemption Price | ||||
2023 | 102.313 | % | |||
2024 | 101.156 | % | |||
2025 and thereafter | 100.000 | % |
(in thousands) | Foreign Currency Translation | Unrealized losses on hedging activities | Total | ||||||||||||||
Balance at December 31, 2017 | $ | (49,497) | $ | — | $ | (49,497) | |||||||||||
Other comprehensive loss before reclassifications | (11,639) | (6,240) | (17,879) | ||||||||||||||
Reclassifications from AOCI to income(a)
|
— | 285 | 285 | ||||||||||||||
Reclassifications from AOCI to retained earnings(b)
|
(2,540) | — | (2,540) | ||||||||||||||
Less other comprehensive income attributable to non-controlling interest | 1,068 | 537 | 1,605 | ||||||||||||||
Balance at December 31, 2018 | (62,608) | (5,418) | (68,026) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | 10,586 | (7,930) | 2,656 | ||||||||||||||
Reclassifications from AOCI to income(a)
|
— | 3,121 | 3,121 | ||||||||||||||
Less other comprehensive income (loss) attributable to non-controlling interest | (960) | 434 | (526) | ||||||||||||||
Balance at December 31, 2019 | (52,982) | (9,793) | (62,775) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | 28,404 | (11,874) | 16,530 | ||||||||||||||
Reclassifications from AOCI to income(a)
|
— | 10,125 | 10,125 | ||||||||||||||
Less other comprehensive income attributable to non-controlling interest | 1,183 | 702 | 1,885 | ||||||||||||||
Impact of elimination of non-controlling interest on accumulated other comprehensive income | (1,299) | (1,673) | (2,972) | ||||||||||||||
Balance at December 31, 2020 | $ | (24,694) | $ | (12,513) | $ | (37,207) |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
US Federal and State | |||||||||||||||||
Current | $ | 1,601 | $ | 827 | $ | 668 | |||||||||||
Deferred | (58,026) | 1,904 | (36,149) | ||||||||||||||
Outside of US | |||||||||||||||||
Current | 2,104 | (395) | 924 | ||||||||||||||
Deferred | 2,870 | (4,527) | (4,043) | ||||||||||||||
Total income tax benefit | $ | (51,451) | $ | (2,191) | $ | (38,600) |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Income (loss) before income tax | |||||||||||||||||
US | $ | 3,136 | $ | (9,477) | $ | (80,824) | |||||||||||
Non-US | 17,292 | (4,257) | (11,348) | ||||||||||||||
Total income (loss) before income tax | $ | 20,428 | $ | (13,734) | $ | (92,172) | |||||||||||
US Federal statutory income tax expense (benefit) | $ | 4,290 | $ | (2,884) | $ | (19,356) | |||||||||||
Effect of tax rates in foreign jurisdictions | 128 | (207) | (626) | ||||||||||||||
State income tax expense (benefit), net of federal benefit | 3,962 | 1,829 | (2,478) | ||||||||||||||
Unremitted foreign earnings | — | — | (6,793) | ||||||||||||||
Valuation allowances | (56,479) | 961 | (11,871) | ||||||||||||||
Non-deductible items | 187 | (233) | — | ||||||||||||||
Non-deductible executive compensation | 1,449 | 490 | — | ||||||||||||||
Non-deductible transaction costs | 4,425 | (12) | 1,134 | ||||||||||||||
Uncertain tax positions | (11,166) | — | — | ||||||||||||||
Tax law changes (excluding valuation allowance) (a) | 2,523 | (2,785) | 64 | ||||||||||||||
Other | (770) | 650 | 1,326 | ||||||||||||||
Reported income tax benefit | $ | (51,451) | $ | (2,191) | $ | (38,600) | |||||||||||
Effective income tax rate | (251.87) | % | 15.95 | % | 41.88 | % |
(a) |
Tax law changes include the following amounts: 2020 and 2019 primarily represents changes in tax law in non-US jurisdictions and 2018 primarily represents US tax reform items.
|
(in thousands) | 2020 | 2019 | |||||||||
Deferred tax assets | |||||||||||
Deferred interest expense | $ | 128,346 | $ | 138,206 | |||||||
Employee benefit plans | 3,532 | 1,916 | |||||||||
Accrued liabilities | 10,692 | 8,494 | |||||||||
Deferred revenue | 32,412 | 20,951 | |||||||||
Operating lease liability | 58,044 | 37,438 | |||||||||
Other | 13,628 | 7,817 | |||||||||
Tax loss carryforwards | 295,326 | 231,503 | |||||||||
Deferred tax assets, gross | 541,980 | 446,325 | |||||||||
Valuation allowance | (25,158) | (80,241) | |||||||||
Net deferred income tax asset | $ | 516,822 | $ | 366,084 | |||||||
Deferred tax liabilities | |||||||||||
Rental equipment and other property, plant and equipment | $ | (648,966) | $ | (375,682) | |||||||
Intangible assets | (117,403) | (23,690) | |||||||||
ROU asset | (57,820) | (37,218) | |||||||||
Deferred tax liability | (824,189) | (436,590) | |||||||||
Net deferred income tax liability | $ | (307,367) | $ | (70,506) |
(in thousands) |
Loss
Carryforward |
Expiration | |||||||||
Jurisdiction: | |||||||||||
US - Federal | $ | 1,187,500 | 2022 – 2037, Indefinite | ||||||||
US - State | 700,500 | 2021 –2040, Indefinite | |||||||||
Foreign - Mexico & Canada | 14,100 | 2025 – 2038 | |||||||||
Total | $ | 1,902,100 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Unrecognized tax benefits – January 1, | $ | 63,747 | $ | 64,444 | $ | 72,660 | |||||||||||
Increases based on tax positions related to current period | 1,211 | — | 1,545 | ||||||||||||||
Increases based on tax positions related to prior period | — | 268 | — | ||||||||||||||
Decreases based on tax positions related to prior period | — | (287) | (9,016) | ||||||||||||||
Decrease from expiration of statute of limitations | (10,464) | (678) | (745) | ||||||||||||||
Unrecognized tax benefits – December 31, | $ | 54,494 | $ | 63,747 | $ | 64,444 |
(in thousands) | Balance Sheet Location | 2020 | 2019 | |||||||||||
Cash Flow Hedges: | ||||||||||||||
Interest rate swap | Accrued liabilities | $ | 11,619 | $ | 5,348 | |||||||||
Interest rate swap | Other non-current liabilities | $ | 5,308 | $ | 8,943 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Loss recognized in OCI | $ | (2,288) | $ | (6,280) | $ | (7,777) | |||||||||||
Location of loss recognized in income | Interest expense | Interest expense | Interest expense | ||||||||||||||
Loss reclassified from AOCI into income (effective portion) | $ | (10,125) | $ | (3,254) | $ | (373) |
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 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
US ABL Facilities(a)
|
$ | 1,263,833 | $ | — | $ | 1,304,612 | $ | — | $ | 885,245 | $ | — | $ | 903,000 | $ | — | ||||||||||
Multicurrency Facility(a)
|
— | $ | — | — | — | — | — | — | — | |||||||||||||||||
2022 Secured Notes(a)
|
— | — | — | — | 264,576 | — | 282,250 | — | ||||||||||||||||||
2023 Secured Notes(a)
|
— | — | — | — | 482,768 | — | 517,334 | — | ||||||||||||||||||
2025 Secured Notes(a)
|
637,068 | — | 694,876 | — | — | — | — | — | ||||||||||||||||||
2028 Secured Notes(a)
|
491,555 | — | 518,820 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 2,392,456 | $ | — | $ | 2,518,308 | $ | — | $ | 1,632,589 | $ | — | $ | 1,702,584 | $ | — |
(in thousands) | Year Ended December 31, | ||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Employee Costs | Facility Exit Costs | Total | Employee Costs | Facility Exit Costs | Total | Employee Costs | Facility Exit Costs | Total | |||||||||||||||||||||
Beginning balance | $ | 447 | $ | — | $ | 447 | $ | 4,544 | $ | 972 | $ | 5,516 | $ | 227 | $ | — | $ | 227 | |||||||||||
Reclassification of liability to operating lease asset at the adoption of ASC 842(a)
|
— | — | — | — | (972) | (972) | — | — | — | ||||||||||||||||||||
Charges | 6,510 | 17 | 6,527 | 1,955 | 1,800 | 3,755 | 10,182 | 5,286 | 15,468 | ||||||||||||||||||||
Cash payments | (5,356) | — | (5,356) | (5,694) | — | (5,694) | (5,806) | (4,314) | (10,120) | ||||||||||||||||||||
Foreign currency translation | 30 | — | 30 | (136) | — | (136) | (59) | — | (59) | ||||||||||||||||||||
Non-cash movements | 119 | (17) | 102 | (222) | (1,800) | (2,022) | — | — | — | ||||||||||||||||||||
Ending balance | $ | 1,750 | $ | — | $ | 1,750 | $ | 447 | $ | — | $ | 447 | $ | 4,544 | $ | 972 | $ | 5,516 |
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Balance, December 31, 2017
|
— | $ | — | ||||||||
Granted | 72,053 | $ | 15.57 | ||||||||
Balance, December 31, 2018
|
72,053 | $ | 15.57 | ||||||||
Granted | 52,755 | $ | 14.69 | ||||||||
Vested | (72,053) | $ | 15.57 | ||||||||
Balance, December 31, 2019
|
52,755 | $ | 14.69 | ||||||||
Granted | 65,959 | $ | 11.75 | ||||||||
Vested | (61,266) | $ | 14.28 | ||||||||
Balance, December 31, 2020
|
57,448 | $ | 11.75 | ||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Balance, December 31, 2017
|
— | $ | — | ||||||||
Granted | 921,730 | $ | 13.60 | ||||||||
Forfeited | (68,997) | $ | 13.60 | ||||||||
Balance, December 31, 2018
|
852,733 | $ | 13.60 | ||||||||
Granted | 478,400 | $ | 11.69 | ||||||||
Forfeited | (52,648) | $ | 12.78 | ||||||||
Vested | (213,180) | $ | 12.78 | ||||||||
Balance, December 31, 2019
|
1,065,305 | $ | 12.78 | ||||||||
Granted | 632,864 | $ | 14.37 | ||||||||
Forfeited | (33,558) | $ | 13.28 | ||||||||
Vested | (538,845) | $ | 13.24 | ||||||||
Balance, December 31, 2020
|
1,125,766 | $ | 13.44 | ||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Balance, December 31, 2018
|
— | $ | — | ||||||||
Granted | 302,182 | $ | 13.22 | ||||||||
Forfeited | (13,901) | $ | 13.22 | ||||||||
Balance, December 31, 2019
|
288,281 | $ | 13.22 | ||||||||
Granted | 325,256 | $ | 16.35 | ||||||||
Forfeited | (12,700) | $ | 14.70 | ||||||||
Vested | (7,449) | $ | 16.82 | ||||||||
Balance, December 31, 2020
|
593,388 | $ | 14.88 | ||||||||
WillScot Options | Weighted-Average Exercise Price per Share |
Converted
Mobile Mini Options |
Weighted-Average Exercise Price per Share | ||||||||||||||||||||
Outstanding options, December 31, 2017
|
— | $ | — | — | $ | — | |||||||||||||||||
Granted
|
589,257 | $ | 13.60 | — | $ | — | |||||||||||||||||
Outstanding options, December 31, 2018
|
589,257 | $ | 13.60 | — | $ | — | |||||||||||||||||
Forfeited
|
(41,302) | $ | 13.60 | — | $ | — | |||||||||||||||||
Exercised
|
(13,767) | $ | 13.60 | — | $ | — | |||||||||||||||||
Outstanding options, December 31, 2019
|
534,188 | $ | 13.60 | — | $ | — | |||||||||||||||||
Converted at Merger | — | $ | — | 7,361,516 | $ | 13.52 | |||||||||||||||||
Exercised
|
— | $ | — | (428,653) | $ | 13.07 | |||||||||||||||||
Cancelled in settlement, net of taxes | — | $ | — | (4,901,408) | $ | 13.04 | |||||||||||||||||
Outstanding options, December 31, 2020
|
534,188 | $ | 13.60 | 2,031,455 | $ | 14.78 | |||||||||||||||||
Fully vested and exercisable options, December 31, 2018 | — | $ | — | — | $ | — | |||||||||||||||||
Vested during 2019 | 133,547 | $ | 13.60 | — | $ | — | |||||||||||||||||
Fully vested and exercisable options, December 31, 2019 | 133,547 | $ | 13.60 | — | $ | — | |||||||||||||||||
Vested during 2020 | 133,547 | $ | 13.60 | 2,031,455 | $ | 14.78 | |||||||||||||||||
Fully vested and exercisable options, December 31, 2020
|
267,094 | $ | 13.60 | 2,031,455 | $ | 14.78 | |||||||||||||||||
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | NA Modular | NA Storage | UK Storage | Tank and Pump | Unallocated Costs | Total | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||||||||||||||
Leasing | $ | 770,330 | $ | 166,128 | $ | 32,633 | $ | 32,356 | $ | 1,001,447 | |||||||||||||||||||||||||
Delivery and installation | 208,079 | 42,655 | 9,409 | 14,013 | 274,156 | ||||||||||||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||||||||||||||
New units | 41,858 | 6,976 | 3,124 | 1,135 | 53,093 | ||||||||||||||||||||||||||||||
Rental units | 30,895 | 6,070 | 1,195 | 789 | 38,949 | ||||||||||||||||||||||||||||||
Total revenues | 1,051,162 | 221,829 | 46,361 | 48,293 | 1,367,645 | ||||||||||||||||||||||||||||||
Costs: | |||||||||||||||||||||||||||||||||||
Cost of leasing and services: | |||||||||||||||||||||||||||||||||||
Leasing
|
194,442 | 19,925 | 7,391 | 5,618 | 227,376 | ||||||||||||||||||||||||||||||
Delivery and installation
|
175,705 | 27,029 | 6,353 | 11,015 | 220,102 | ||||||||||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||||||||||
New units | 27,555 | 4,244 | 2,301 | 741 | 34,841 | ||||||||||||||||||||||||||||||
Rental units | 19,213 | 4,261 | 1,026 | 272 | 24,772 | ||||||||||||||||||||||||||||||
Depreciation of rental equipment | 182,605 | 9,585 | 1,648 | 6,743 | 200,581 | ||||||||||||||||||||||||||||||
Gross profit | $ | 451,642 | $ | 156,785 | $ | 27,642 | $ | 23,904 | $ | 659,973 | |||||||||||||||||||||||||
Other selected data: | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 394,805 | $ | 99,837 | $ | 17,822 | $ | 17,843 | $ | — | $ | 530,307 | |||||||||||||||||||||||
Selling, general and administrative expense (a) | $ | 242,010 | $ | 66,533 | $ | 11,468 | $ | 12,804 | $ | 91,864 | $ | 424,679 | |||||||||||||||||||||||
Purchases of rental equipment and refurbishments | $ | 153,327 | $ | 14,969 | $ | 1,693 | $ | 2,394 | $ | — | $ | 172,383 |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
(in thousands) | NA Modular | NA Storage | UK Storage | Tank and Pump | Unallocated Costs | Total | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||||||||||||||
Leasing | $ | 744,185 | $ | — | $ | — | $ | — | $ | 744,185 | |||||||||||||||||||||||||
Delivery and installation | 220,057 | — | — | — | 220,057 | ||||||||||||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||||||||||||||
New units | 59,085 | — | — | — | 59,085 | ||||||||||||||||||||||||||||||
Rental units | 40,338 | — | — | — | 40,338 | ||||||||||||||||||||||||||||||
Total Revenues | 1,063,665 | — | — | — | 1,063,665 | ||||||||||||||||||||||||||||||
Costs: | |||||||||||||||||||||||||||||||||||
Cost of leasing and services: | |||||||||||||||||||||||||||||||||||
Leasing | 213,151 | — | — | — | 213,151 | ||||||||||||||||||||||||||||||
Delivery and installation | 194,107 | — | — | — | 194,107 | ||||||||||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||||||||||
New units | 42,160 | — | — | — | 42,160 | ||||||||||||||||||||||||||||||
Rental units | 26,255 | — | — | — | 26,255 | ||||||||||||||||||||||||||||||
Depreciation of rental equipment | 174,679 | — | — | — | 174,679 | ||||||||||||||||||||||||||||||
Gross profit | $ | 413,313 | $ | — | $ | — | $ | — | $ | 413,313 | |||||||||||||||||||||||||
Other selected data: | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 356,548 | $ | — | $ | — | $ | — | $ | — | $ | 356,548 | |||||||||||||||||||||||
Selling, general and administrative expense | $ | 235,228 | $ | — | $ | — | $ | — | $ | 35,776 | $ | 271,004 | |||||||||||||||||||||||
Purchases of rental equipment and refurbishments | $ | 205,106 | $ | — | $ | — | $ | — | $ | — | $ | 205,106 |
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||
(in thousands) | NA Modular | NA Storage | UK Storage | Tank and Pump | Unallocated Costs | Total | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Leasing and services revenue: | |||||||||||||||||||||||||||||||||||
Leasing | $ | 518,235 | $ | — | $ | — | $ | — | $ | 518,235 | |||||||||||||||||||||||||
Delivery and installation | 154,557 | — | — | — | 154,557 | ||||||||||||||||||||||||||||||
Sales revenue: | |||||||||||||||||||||||||||||||||||
New units | 53,603 | — | — | — | 53,603 | ||||||||||||||||||||||||||||||
Rental units | 25,017 | — | — | — | 25,017 | ||||||||||||||||||||||||||||||
Total revenues | 751,412 | — | — | — | 751,412 | ||||||||||||||||||||||||||||||
Costs: | |||||||||||||||||||||||||||||||||||
Cost of leasing and services: | |||||||||||||||||||||||||||||||||||
Leasing | 143,120 | — | — | — | 143,120 | ||||||||||||||||||||||||||||||
Delivery and installation | 143,950 | — | — | — | 143,950 | ||||||||||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||||||||||
New units | 36,863 | — | — | — | 36,863 | ||||||||||||||||||||||||||||||
Rental units | 16,659 | — | — | — | 16,659 | ||||||||||||||||||||||||||||||
Depreciation of rental equipment | 121,436 | — | — | — | 121,436 | ||||||||||||||||||||||||||||||
Gross profit | $ | 289,384 | $ | — | $ | — | $ | — | $ | 289,384 | |||||||||||||||||||||||||
Other selected data: | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 215,533 | $ | — | $ | — | $ | — | $ | — | $ | 215,533 | |||||||||||||||||||||||
Selling, general and administrative expense (a) | $ | 200,895 | $ | — | $ | — | $ | — | $ | 53,976 | $ | 254,871 | |||||||||||||||||||||||
Purchase of rental equipment and refurbishments | $ | 160,883 | $ | — | $ | — | $ | — | $ | — | $ | 160,883 |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Net income (loss) attributable to WillScot Mobile Mini | $ | 70,666 | $ | (11,122) | $ | (51,175) | |||||||||||
Net income (loss) attributable to non-controlling interest, net of tax | 1,213 | (421) | (4,532) | ||||||||||||||
Non-cash deemed dividend related to warrant exchange | — | — | 2,135 | ||||||||||||||
Loss on extinguishment of debt | 42,401 | 8,755 | — | ||||||||||||||
Income tax benefit | (51,451) | (2,191) | (38,600) | ||||||||||||||
Interest expense | 119,886 | 122,504 | 98,433 | ||||||||||||||
Depreciation and amortization | 243,830 | 187,074 | 134,740 | ||||||||||||||
Currency (gains) losses, net | (355) | (688) | 2,454 | ||||||||||||||
Goodwill and other impairment charges | — | 2,848 | 1,600 | ||||||||||||||
Restructuring costs, lease impairment expense and other related charges | 11,403 | 12,429 | 15,468 | ||||||||||||||
Transaction costs | 64,053 | — | 20,051 | ||||||||||||||
Integration costs | 18,338 | 26,607 | 30,006 | ||||||||||||||
Stock compensation expense | 9,879 | 6,686 | 3,439 | ||||||||||||||
Other | 444 | 4,067 | 1,514 | ||||||||||||||
Adjusted EBITDA | $ | 530,307 | $ | 356,548 | $ | 215,533 |
(in thousands) | NA Modular | NA Storage | UK Storage | Tank and Pump | Total | ||||||||||||||||||||||||
As of December 31, 2020:
|
|||||||||||||||||||||||||||||
Goodwill | $ | 235,828 | $ | 726,529 | $ | 65,600 | $ | 143,262 | $ | 1,171,219 | |||||||||||||||||||
Intangible assets, net | $ | 125,625 | $ | 329,437 | $ | 11,177 | $ | 29,708 | $ | 495,947 | |||||||||||||||||||
Rental equipment, net | $ | 1,888,287 | $ | 772,356 | $ | 147,720 | $ | 125,359 | $ | 2,933,722 | |||||||||||||||||||
As of December 31, 2019:
|
|||||||||||||||||||||||||||||
Goodwill | $ | 235,177 | $ | — | $ | — | $ | — | $ | 235,177 | |||||||||||||||||||
Intangible assets, net | $ | 126,625 | $ | — | $ | — | $ | — | $ | 126,625 | |||||||||||||||||||
Rental equipment, net | $ | 1,944,436 | $ | — | $ | — | $ | — | $ | 1,944,436 |
(in thousands) | Financial statement line Item | 2020 | 2019 | |||||||||||
Receivables due from affiliates | Trade receivables, net of allowances for credit losses | $ | 30 | $ | 26 | |||||||||
Amounts due to affiliates | Accrued liabilities | (461) | (236) | |||||||||||
Total related party liabilities, net | $ | (431) | $ | (210) |
(in thousands) | Financial statement line item | 2020 | 2019 | 2018 | ||||||||||||||||
Leasing revenue from related parties | Leasing revenue | $ | 1,066 | $ | 316 | $ | 720 | |||||||||||||
Rental unit sales to related parties | Rental unit sales | 380 | — | 1,548 | ||||||||||||||||
Consulting expense to related party (a) | Selling, general & administrative expense | (5,194) | (1,029) | (3,070) | ||||||||||||||||
Total related party expense, net | $ | (3,748) | $ | (713) | $ | (802) |
(in thousands, except share and per share data)
|
Quarter Ended (unaudited) | ||||||||||||||||||||||
2020 | March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||
Leasing and services revenue | $ | 239,422 | $ | 241,783 | $ | 384,776 | $ | 409,622 | |||||||||||||||
Total revenue | $ | 255,821 | $ | 256,862 | $ | 417,315 | $ | 437,647 | |||||||||||||||
Gross profit | $ | 106,190 | $ | 109,964 | $ | 209,564 | $ | 234,255 | |||||||||||||||
Operating income | $ | 25,373 | $ | 41,067 | $ | 25,012 | $ | 91,263 | |||||||||||||||
Net (loss) income | $ | (3,674) | $ | 12,833 | $ | 16,252 | $ | 46,468 | |||||||||||||||
Net (loss) income attributable to WillScot Mobile Mini | $ | (3,544) | $ | 11,490 | $ | 16,252 | $ | 46,468 | |||||||||||||||
(Loss) earnings per share - basic | $ | (0.03) | $ | 0.10 | $ | 0.07 | $ | 0.20 | |||||||||||||||
(Loss) earnings per share - diluted | $ | (0.03) | $ | 0.10 | $ | 0.07 | $ | 0.20 | |||||||||||||||
Weighted average shares - basic | 109,656,646 | 110,692,426 | 226,649,993 | 228,637,826 | |||||||||||||||||||
Weighted average shares - diluted | 109,656,646 | 111,432,963 | 231,216,573 | 236,696,853 |
(in thousands, except share and per share data)
|
Quarter Ended (unaudited) | ||||||||||||||||||||||
2019 | March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||
Leasing and services revenue | $ | 227,292 | $ | 241,784 | $ | 249,411 | $ | 245,755 | |||||||||||||||
Total revenue | $ | 253,685 | $ | 263,713 | $ | 268,222 | $ | 278,045 | |||||||||||||||
Gross profit | $ | 103,331 | $ | 101,484 | $ | 99,307 | $ | 109,191 | |||||||||||||||
Operating income | $ | 21,464 | $ | 26,294 | $ | 29,781 | $ | 39,986 | |||||||||||||||
Net (loss) income | $ | (10,029) | $ | (11,438) | $ | 996 | $ | 8,928 | |||||||||||||||
Net (loss) income attributable to WillScot Mobile Mini | $ | (9,271) | $ | (10,606) | $ | 701 | $ | 8,054 | |||||||||||||||
(Loss) earnings per share - basic | $ | (0.09) | $ | (0.10) | $ | 0.01 | $ | 0.07 | |||||||||||||||
(Loss) earnings per share - diluted | $ | (0.09) | $ | (0.10) | $ | 0.01 | $ | 0.07 | |||||||||||||||
Weighted average shares - basic | 108,523,269 | 108,693,924 | 108,720,857 | 108,793,847 | |||||||||||||||||||
Weighted average shares - diluted | 108,523,269 | 108,693,924 | 112,043,866 | 114,080,059 |
(in thousands) | December 31, 2020 | ||||
Weighted average Common Shares outstanding - basic | 169,230 | ||||
Dilutive effect of outstanding securities: | |||||
Warrants | 3,116 | ||||
RSAs | 33 | ||||
Time-Based RSUs | 315 | ||||
Performance-Based and Market-Based RSUs | 322 | ||||
Stock Options | 634 | ||||
Weighted average Common Shares outstanding - dilutive | 173,650 |
Page
Number
|
|||||
Reports of Independent Registered Public Accounting Firm | |||||
Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019
|
|||||
Consolidated Statements of Operations for the Years Ended December 31, 2020, 2019 and 2018
|
|||||
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2020, 2019 and 2018
|
|||||
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2020, 2019 and 2018
|
|||||
Consolidated Statements of Cash Flow for the Years Ended December 31, 2020, 2019 and 2018
|
|||||
Notes to the Audited Consolidated Financial Statements |
WillScot Mobile Mini Holdings Corp. | |||||||||||
By: | /s/ CHRISTOPHER J. MINER | ||||||||||
Date: | February 26, 2021 |
Christopher J. Miner
|
|||||||||
Executive Vice President & Chief Legal Officer
|
Signature | Title | Date | ||||||||||||
/s/ BRADLEY L. SOULTZ | Chief Executive Officer and Director (Principal Executive Officer) | February 26, 2021 | ||||||||||||
Bradley L. Soultz | ||||||||||||||
/s/ TIMOTHY D. BOSWELL | Chief Financial Officer (Principal Financial Officer) | February 26, 2021 | ||||||||||||
Timothy D. Boswell | ||||||||||||||
/s/ SALLY J. SHANKS | Chief Accounting Officer (Principal Accounting Officer) | February 26, 2021 | ||||||||||||
Sally J. Shanks | ||||||||||||||
/s/ ERIK OLSSON | Chairman of the Board | February 26, 2021 | ||||||||||||
Erik Olsson | ||||||||||||||
/s/ MARK S. BARTLETT | Director | February 26, 2021 | ||||||||||||
Mark S. Bartlett | ||||||||||||||
/s/ SARA R. DIAL | Director | February 26, 2021 | ||||||||||||
Sara R. Dial | ||||||||||||||
/s/ JEFFREY S. GOBLE | Director | February 26, 2021 | ||||||||||||
Jeffrey S. Goble | ||||||||||||||
/s/ GERARD E. HOLTHAUS | Director | February 26, 2021 | ||||||||||||
Gerard E. Holthaus | ||||||||||||||
/s/ GARY LINDSAY | Director | February 26, 2021 | ||||||||||||
Gary Lindsay | ||||||||||||||
/s/ KIMBERLY J. MCWATERS | Director | February 26, 2021 | ||||||||||||
Kimberly J. McWaters | ||||||||||||||
/s/ STEPHEN ROBERTSON | Director | February 26, 2021 | ||||||||||||
Stephen Robertson | ||||||||||||||
/s/ JEFF SAGANSKY | Director | February 26, 2021 | ||||||||||||
Jeff Sagansky | ||||||||||||||
/s/ MICHAEL W. UPCHURCH | Director | February 26, 2021 | ||||||||||||
Michael W. Upchurch |
Authorized Signatory | Transfer Agent |
TEN | ||||||||||||||||||||||||||||||||
COM | - | as tenants in common | UNIF GIFT MIN ACT | - | Custodian | |||||||||||||||||||||||||||
(Cust) | (Minor) | |||||||||||||||||||||||||||||||
TEN | as tenants by the entireties | |||||||||||||||||||||||||||||||
ENT | - | Under Uniform Gifts to Minors Act | ||||||||||||||||||||||||||||||
JT | as joint tenants with right of survivorship and not as tenants in common | |||||||||||||||||||||||||||||||
TEN | - | (State) | ||||||||||||||||||||||||||||||
Shares of the capital stock represented by the Certificate, and hereby irrevocably constitutes and appoints | |||||
Attorney to transfer the said stock on the books of the within named Company with full power of substitution in the premises. | |||||
Dated | ||||||||||||||
Notice: | The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever. | |||||||||||||
Signature(s) Guaranteed: | ||||||||||||||
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS,SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE) UNDER THE SECURITIES ACT OF1933, AS AMENDED). |
EXECUTIVE
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WILLSCOT MOBILE MINI HOLDINGS CORP. | ||||
/s/ Kelly Williams | By: /s/ Bradley L. Soultz | ||||
Kelly Williams | Name: Bradley L. Soultz | ||||
Date: 2/25/2021 | Title: Chief Executive Officer | ||||
Date: 2/25/2021 |
Company Name | Jurisdiction of Incorporation | ||||
Acton Mobile Holdings LLC | Delaware | ||||
New Acton Mobile Industries, LLC | Delaware | ||||
ModSpace Financial Services Canada, Ltd | Ontario, Canada | ||||
ModSpace Government Financial Services, LLC | Delaware | ||||
Modular Space, LLC (f/k/a Modular Space Corporation) | Delaware | ||||
Onsite Space LLC (d/b/a Tyson Onsite) | Indiana | ||||
Resun Chippewa, LLC | Delaware | ||||
Resun ModSpace, LLC | Delaware | ||||
Williams Scotsman Holdings Corp. | Delaware | ||||
WS Equipment II, LLC | Delaware | ||||
Williams Scotsman, Inc. | Maryland | ||||
Williams Scotsman International, Inc. | Delaware | ||||
Williams Scotsman Mexico S. de R. L. de C.V. | The Federal District (Mexico City) | ||||
Williams Scotsman of Canada, Inc. | Ontario, Canada | ||||
WS Servicios de Mexico, S. de R. L. de C.V. | The Federal District (Mexico City) | ||||
/s/ BRADLEY L. SOULTZ | ||||||||
Bradley L. Soultz
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President and Chief Executive Officer and Director (Principal Executive Officer)
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/s/ TIMOTHY D. BOSWELL | ||||||||
Timothy D. Boswell
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Chief Financial Officer (Principal Financial Officer)
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Certification of Chief Executive Officer
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/s/ BRADLEY L. SOULTZ | ||||||||
Bradley L. Soultz
|
||||||||
President and Chief Executive Officer and Director (Principal Executive Officer)
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Certification of Chief Financial Officer
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/s/ TIMOTHY D. BOSWELL | ||||||||
Timothy D. Boswell
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Chief Financial Officer (Principal Financial Officer)
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