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 2020-06-30 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 2020-08-25 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2020-08-21 Other Events
8-K 2020-08-10 Earnings
8-K 2020-08-10 Other Events, Exhibits
8-K 2020-06-30 Enter Agreement, Leave Agreement, M&A, Off-BS Arrangement, Sale of Shares, Shareholder Rights, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2020-06-30 Enter Agreement, Leave Agreement, M&A, Off-BS Arrangement, Sale of Shares, Shareholder Rights, Officers, Amend Bylaw, Other Events, Exhibits
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

Part I
Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Acquisitions and Related Financing Transactions
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
Note 20 - Subsequent Events
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 ngex31106302020.htm
EX-31.2 ngex31206302020.htm
EX-32.1 ngex32106302020.htm
EX-32.2 ngex32206302020.htm

Willscot Earnings 2020-06-30

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

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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 June 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-20200630_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: 227,721,220 shares at July 31, 2020.

1




WILLSCOT CORPORATION
Quarterly Report on Form 10-Q
Table of Contents

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


2



PART I
ITEM 1. Financial Statements
WillScot Corporation
Condensed Consolidated Balance Sheets
(in thousands, except share data)June 30, 2020 (unaudited)December 31, 2019
Assets
Cash and cash equivalents$9,061  $3,045  
Restricted cash655,087    
Trade receivables, net of allowances for credit losses at June 30, 2020 and December 31, 2019 of $19,183 and $15,828, respectively
231,007  247,596  
Inventories14,800  15,387  
Prepaid expenses and other current assets21,392  14,621  
Assets held for sale9,332  11,939  
Total current assets940,679  292,588  
Rental equipment, net1,908,299  1,944,436  
Property, plant and equipment, net142,454  147,689  
Operating lease assets146,721  146,698  
Goodwill233,829  235,177  
Intangible assets, net126,125  126,625  
Other non-current assets3,433  4,436  
Total long-term assets2,560,861  2,605,061  
Total assets$3,501,540  $2,897,649  
Liabilities and equity
Accounts payable$87,847  $109,926  
Accrued liabilities101,212  82,355  
Accrued interest16,772  16,020  
Deferred revenue and customer deposits89,258  82,978  
Current portion of long-term debt265,398    
Operating lease liabilities - current30,438  29,133  
Total current liabilities590,925  320,412  
Long-term debt1,971,010  1,632,589  
Deferred tax liabilities69,044  70,693  
Deferred revenue and customer deposits12,284  12,342  
Operating lease liabilities - non-current117,159  118,429  
Other non-current liabilities36,028  34,229  
Long-term liabilities2,205,525  1,868,282  
Total liabilities2,796,450  2,188,694  
Commitments and contingencies (see Note 15)
Class A common stock: $0.0001 par, 400,000,000 shares authorized at June 30, 2020 and December 31, 2019; 121,233,232 and 108,818,854 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
12  11  
Class B common stock: no shares authorized or outstanding at June 30, 2020 and $0.0001 par, 100,000,000 shares authorized at December 31, 2019; 8,024,419 shares issued and outstanding at December 31, 2019
  1  
Additional paid-in-capital2,471,312  2,396,501  
Accumulated other comprehensive loss(84,807) (62,775) 
Accumulated deficit(1,681,427) (1,689,373) 
Total shareholders' equity705,090  644,365  
Non-controlling interest  64,590  
Total equity705,090  708,955  
Total liabilities and equity$3,501,540  $2,897,649  
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
3



WillScot Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands, except share and per share data)
2020201920202019
Revenues:
Leasing and services revenue:
Modular leasing$190,143  $185,818  $378,495  $363,110  
Modular delivery and installation51,640  55,966  102,710  105,966  
Sales revenue:
New units9,763  11,507  19,376  26,348  
Rental units5,316  10,422  12,102  21,974  
Total revenues256,862  263,713  512,683  517,398  
Costs:
Costs of leasing and services:
Modular leasing47,747  55,073  97,556  102,308  
Modular delivery and installation43,523  48,468  87,388  91,811  
Costs of sales:
New units6,331  7,999  12,534  18,877  
Rental units3,803  6,721  7,609  14,516  
Depreciation of rental equipment45,494  43,968  91,442  85,071  
Gross Profit109,964  101,484  216,154  204,815  
Expenses:
Selling, general and administrative65,272  70,385  140,240  143,704  
Other depreciation and amortization2,883  2,949  5,957  5,733  
Impairment losses on long-lived assets  348    2,638  
Lease impairment expense and other related charges1,394  1,520  3,055  4,605  
Restructuring costs749  1,632  689  3,288  
Currency losses (gains), net(380) (354) 518  (670) 
Other income, net(1,021) (1,290) (745) (2,241) 
Operating income41,067  26,294  66,440  47,758  
Interest expense28,519  31,668  56,776  62,783  
Loss on extinguishment of debt  7,244    7,244  
Income (loss) from operations before income tax12,548  (12,618) 9,664  (22,269) 
Income tax (benefit) expense(285) (1,180) 505  (802) 
Net Income (loss)12,833  (11,438) 9,159  (21,467) 
Net Income (loss) attributable to non-controlling interest, net of tax1,343  (832) 1,213  (1,590) 
Net Income (loss) attributable to WillScot$11,490  $(10,606) $7,946  $(19,877) 
Earnings (loss) per share attributable to WillScot
Basic$0.10  $(0.10) $0.07  $(0.18) 
Diluted$0.10  $(0.10) $0.07  $(0.18) 
Weighted average shares:
Basic110,692,426  108,693,924  110,174,536  108,609,068  
Diluted111,432,963  108,693,924  112,209,212  108,609,068  
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
4



WillScot Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)
2020201920202019
Net income (loss)$12,833  $(11,438) $9,159  $(21,467) 
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $0 for the three and six months ended June 30, 2020 and 2019
7,982  4,321  

(13,162) 8,436  
Net gain (loss) on derivatives, net of income tax benefit of $0, $1,190 for the three months ended June 30, 2020 and 2019, respectively and $0, and $1,863 for the six months ended June 30, 2020 and 2019, respectively
975  (3,887) (7,783) (6,088) 
Comprehensive income (loss)21,790  (11,004) (11,786) (19,119) 
Comprehensive income (loss) attributable to non-controlling interest2,161  (786) 

(672) (1,378) 
Total comprehensive income (loss) attributable to WillScot$19,629  $(10,218) $(11,114) $(17,741) 
See the accompanying notes which are an integral part of these condensed consolidated financial statements.
5



WillScot Corporation
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Six Months Ended June 30, 2020
Class A Common StockClass 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 income—  —  —  —  —  (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  

Six Months Ended June 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  

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



WillScot Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
June 30,
(in thousands)
20202019
Operating activities: