Company Quick10K Filing
Willscot
Price15.92 EPS-0
Shares112 P/E-58
MCap1,784 P/FCF18
Net Debt1,708 EBIT67
TEV3,492 TEV/EBIT52
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-08-02 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-05-16
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-16
8-K 2020-11-05
8-K 2020-08-25
8-K 2020-08-21
8-K 2020-08-10
8-K 2020-08-10
8-K 2020-06-30
8-K 2020-06-30
8-K 2020-06-24
8-K 2020-06-16
8-K 2020-06-10
8-K 2020-06-09
8-K 2020-06-01
8-K 2020-05-28
8-K 2020-05-11
8-K 2020-05-01
8-K 2020-04-23
8-K 2020-03-02
8-K 2020-03-02
8-K 2020-03-01
8-K 2020-01-24
8-K 2019-11-14
8-K 2019-11-08
8-K 2019-08-01
8-K 2019-06-17
8-K 2019-05-17
8-K 2019-05-14
8-K 2019-05-03
8-K 2019-04-09
8-K 2019-03-21
8-K 2019-03-15
8-K 2019-03-14
8-K 2018-11-19
8-K 2018-11-08
8-K 2018-08-21
8-K 2018-08-15
8-K 2018-08-03
8-K 2018-07-25
8-K 2018-07-24
8-K 2018-07-24
8-K 2018-07-24
8-K 2018-07-09
8-K 2018-06-21
8-K 2018-06-19
8-K 2018-05-01
8-K 2018-03-20
8-K 2018-03-15
8-K 2018-03-05
8-K 2018-01-02

WSC 10Q Quarterly Report

Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Acquisitions
Note 3 - Revenue
Note 4 - Leases
Note 5 - Inventories
Note 6 - Rental Equipment, Net
Note 7 - Goodwill
Note 8 - Intangibles
Note 9 - Debt
Note 10 - Equity
Note 11 - Income Taxes
Note 12 - Fair Value Measures
Note 13 - Restructuring
Note 14 - Stock - Based Compensation
Note 15 - Derivatives
Note 16 - Commitments and Contingencies
Note 17 - Segment Reporting
Note 18 - Income (Loss) per Share
Note 19 - Related Parties
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ngex31109302020.htm
EX-31.2 ngex31209302020.htm
EX-32.1 ngex32109302020.htm
EX-32.2 ngex32209302020.htm

Willscot Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.92.31.71.20.60.02013201520172020
Assets, Equity
0.30.20.10.0-0.1-0.22013201520172020
Rev, G Profit, Net Income
1.20.70.3-0.2-0.6-1.12013201520172020
Ops, Inv, Fin

wsc-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________

Commission File Number:001-37552
wsc-20200930_g1.jpg
WILLSCOT MOBILE MINI HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
Delaware82-3430194
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)
4646 E Van Buren St., Suite 400
Phoenix, Arizona 85008
(Address, including zip code, of principal executive offices)

(480) 894-6311
(Registrant’s telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareWSC
The Nasdaq Capital Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
Shares of Common Stock, par value $0.0001 per share, outstanding: 228,076,470 shares at November 2, 2020.

1




WILLSCOT MOBILE MINI HOLDINGS CORP.
Quarterly Report on Form 10-Q
Table of Contents

PART I Financial Information
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019


2


ITEM 1.    Financial Statements
WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share data)September 30, 2020 (unaudited)December 31, 2019
Assets
Cash and cash equivalents$19,997 $3,045 
Trade receivables, net of allowances for credit losses at September 30, 2020 and December 31, 2019 of $24,186 and $15,828, respectively
332,021 247,596 
Inventories22,955 15,387 
Prepaid expenses and other current assets26,391 14,621 
Assets held for sale12,764 11,939 
Total current assets414,128 292,588 
Rental equipment, net3,039,710 1,944,436 
Property, plant and equipment, net296,007 147,689 
Operating lease assets233,891 146,698 
Goodwill942,791 235,177 
Intangible assets, net686,303 126,625 
Other non-current assets12,020 4,436 
Total long-term assets5,210,722 2,605,061 
Total assets$5,624,850 $2,897,649 
Liabilities and equity
Accounts payable$114,249 $109,926 
Accrued liabilities125,311 82,355 
Accrued interest16,138 16,020 
Deferred revenue and customer deposits132,352 82,978 
Current portion of long-term debt16,872  
Operating lease liabilities - current46,280 29,133 
Total current liabilities451,202 320,412 
Long-term debt2,498,207 1,632,589 
Deferred tax liabilities359,593 70,693 
Deferred revenue and customer deposits11,816 12,342 
Operating lease liabilities - non-current187,056 118,429 
Other non-current liabilities22,471 34,229 
Long-term liabilities3,079,143 1,868,282 
Total liabilities3,530,345 2,188,694 
Commitments and contingencies (see Note 16)
Common Stock: $0.0001 par, 380,000,000 shares authorized and 227,980,928 shares issued and outstanding at September 30, 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-capital3,825,940 2,396,501 
Accumulated other comprehensive loss(66,283)(62,775)
Accumulated deficit(1,665,175)(1,689,373)
Total shareholders' equity2,094,505 644,365 
Non-controlling interest 64,590 
Total equity2,094,505 708,955 
Total liabilities and equity$5,624,850 $2,897,649 

See the accompanying notes which are an integral part of these condensed consolidated financial statements.

3


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands, except share and per share data)
2020201920202019
Revenues:
Leasing and services revenue:
Leasing$300,082 $188,403 $678,577 $551,513 
Delivery and installation84,694 61,008 187,404 166,974 
Sales revenue:
New units19,360 11,338 38,736 37,686 
Rental units13,179 7,473 25,281 29,447 
Total revenues417,315 268,222 929,998 785,620 
Costs:
Costs of leasing and services:
Leasing64,788 58,168 162,344 160,476 
Delivery and installation66,354 54,364 153,742 146,175 
Costs of sales:
New units12,935 7,421 25,469 26,298 
Rental units8,837 5,092 16,446 19,608 
Depreciation of rental equipment54,837 43,869 146,279 128,940 
Gross profit209,564 99,308 425,718 304,123 
Expenses:
Selling, general and administrative112,079 64,992 241,269 208,696 
Merger transaction costs52,191  63,241  
Other depreciation and amortization16,867 3,489 22,824 9,222 
Impairment losses on long-lived assets   2,638 
Lease impairment expense and other related charges944 1,214 3,999 5,819 
Restructuring costs3,854 649 4,543 3,937 
Currency (gains) losses, net(371)234 147 (436)
Other income, net(1,012)(1,052)(1,757)(3,293)
Operating income25,012 29,782 91,452 77,540 
Interest expense33,034 30,005 89,810 92,788 
Loss on extinguishment of debt42,401  42,401 7,244 
Loss from operations before income tax(50,423)(223)(40,759)(22,492)
Income tax benefit(66,675)(1,220)(66,170)(2,022)
Net income (loss)16,252 997 25,411 (20,470)
Net income (loss) attributable to non-controlling interest, net of tax 295 1,213 (1,295)
Net income (loss) attributable to WillScot Mobile Mini$16,252 $702 $24,198 $(19,175)
Earnings (loss) per share attributable to WillScot Mobile Mini
Basic$0.07 $0.01 $0.16 $(0.18)
Diluted$0.07 $0.01 $0.16 $(0.18)
Weighted average shares:
Basic226,649,993 108,720,857 149,283,083 108,646,741 
Diluted231,216,573 112,043,866 152,544,647 108,646,741 
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
4


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)
2020201920202019
Net income (loss)$16,252 $997 $25,411 $(20,470)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $0 for the three and nine months ended September 30, 2020 and 2019
14,619 (2,810)

1,457 5,626 
Net gain (loss) on derivatives, net of income tax benefit of $1,183 and $153 for the three months ended September 30, 2020 and 2019, respectively, and $1,183 and $2,016 for the nine months ended September 30, 2020 and 2019, respectively
3,905 (500)(3,878)(6,588)
Comprehensive income (loss)34,776 (2,313)22,990 (21,432)
Comprehensive loss attributable to non-controlling interest (6)

(672)(1,384)
Total comprehensive income (loss) attributable to WillScot Mobile Mini$34,776 $(2,307)$23,662 $(20,048)
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
5


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Nine Months Ended September 30, 2020
 Common Stock(1)
Class B Common StockAdditional Paid-in-CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Shareholders' EquityNon-Controlling InterestTotal Equity
(in thousands)SharesAmountSharesAmount
Balance at December 31, 2019108,819 $11 8,024 $1 $2,396,501 $(62,775)$(1,689,373)$644,365 $64,590 $708,955 
Net loss— — — — — — (3,544)(3,544)(130)(3,674)
Other comprehensive loss— — — — — (27,199)— (27,199)(2,703)(29,902)
Stock-based compensation239 — — — 1,114 — — 1,114 — 1,114 
Common Stock issued in warrant exercises and redemptions1,497  — — 4,580 — — 4,580 — 4,580 
Balance at March 31, 2020110,555 $11 8,024 $1 $2,402,195 $(89,974)$(1,692,917)$619,316 $61,757 $681,073 
Net income— — — — — — 11,490 11,490 1,343 12,833 
Other comprehensive income— — — — — 8,139 — 8,139 818 8,957 
Stock-based compensation — — — 2,227 — — 2,227 — 2,227 
Sapphire Exchange - see Note 1010,641 1 (8,024)(1)66,890 (2,972)— 63,918 (63,918) 
Common Stock issued in warrant exercises and redemptions37 — — — — — — — —  
Balance at June 30, 2020121,233 $12  $ $2,471,312 $(84,807)$(1,681,427)$705,090 $ $705,090 
     Net income— — — — — — 16,252 16,252  16,252 
     Other comprehensive income— — — — — 18,524 — 18,524  18,524 
Mobile Mini Merger106,427 11 — — 1,348,570 — — 1,348,581 — 1,348,581 
     Stock-based compensation321 — — — 6,058 — — 6,058 — 6,058 
Balance at September 30, 2020227,981 $23  $ $3,825,940 $(66,283)$(1,665,175)$2,094,505 $ $2,094,505 

(1) See Note 1 for information regarding the Company's conversion of Class A Common Stock to Common Stock on July 1, 2020 concurrent with the Merger.

See the accompanying notes which are an integral part of these condensed consolidated financial statements.
6


Nine Months Ended September 30, 2019
Class A Common StockClass B Common StockAdditional Paid-in-CapitalAccumulated Other Comprehensive Loss Accumulated DeficitTotal Shareholders' EquityNon-Controlling InterestTotal Equity
(in thousands)SharesAmountSharesAmount
Balance at December 31, 2018108,509 $11 8,024 $1 $2,389,548 $(68,026)$(1,683,319)$638,215 $63,982 $702,197 
Net loss— — — — — — (9,271)(9,271)(758)(10,029)
Other comprehensive income— — — — — 1,748 — 1,748 166 1,914 
Adoption of ASC 842— — — — — — 4,723 4,723 503 5,226 
Adoption of ASC 606— — — — — — 345 345 — 345 
Stock-based compensation184 — — — 636 — — 636 — 636 
Balance at March 31, 2019108,693 $11 8,024 $1 $2,390,184 $(66,278)$(1,687,522)$636,396 $63,893 $700,289 
Net loss— — — — — — (10,606)(10,606)(832)(11,438)
Other comprehensive income— — — — — 388 — 388 46 434 
Stock-based compensation6 — — — 1,901 — — 1,901 — 1,901 
Balance at June 30, 2019108,699 $11 8,024 $1 $2,392,085 $(65,890)$(1,698,128)$628,079 $63,107 $691,186 
     Net income— — — — — — 702 702 295 997 
     Other comprehensive loss— — — — — (3,009)— (3,009)(301)(3,310)
Issuance of Common Stock due to option exercises14 — — — 194 — — 194 — 194 
Stock-based compensation and issuance of common stock from vesting38 — — — 1,812 — — 1,812 — 1,812 
Balance at September 30, 2019108,751 $11 8,024 $1 $2,394,091 $(68,899)$(1,697,426)$