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 2021-03-31 Filed 2021-05-10
10-K 2020-12-31 Filed 2021-02-26
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 - Warrants
Note 12 - Income Taxes
Note 13 - Fair Value Measures
Note 14 - Restructuring
Note 15 - Stock - Based Compensation
Note 16 - Derivatives
Note 17 - Commitments and Contingencies
Note 18 - Segment Reporting
Note 19 - Earnings (Loss) per Share
Note 20 - 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 ex311-q12021.htm
EX-31.2 ex312-q12021.htm
EX-32.1 ex321-q12021.htm
EX-32.2 ex322-q12021.htm

Willscot Earnings 2021-03-31

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-20210331
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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 March 31, 2021
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-20210331_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
Warrants to purchase Common Stock(1)
WSCWWOTC Markets Group Inc.
Warrants to purchase Common Stock(2)
WSCTWOTC Markets Group Inc.
(1) Issued in connection with the initial public offering of Double Eagle Acquisition Corp., the registrant's legal predecessor company, in September 2015, which are exercisable for one-half of one share of the registrant's common stock for an exercise price of $5.75.
(2) Issued in connection with the registrant's acquisition of Modular Space Holding, Inc. in August 2018, which are exercisable for one share of the registrant's common stock at an exercise price of $15.50 per share.
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.
1



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: 226,826,328 shares at May 5, 2021.

2




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 Months Ended March 31, 2021 and 2020


2


ITEM 1.    Financial Statements


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share data)
March 31, 2021 (unaudited)
December 31, 2020
(as restated)
Assets
Cash and cash equivalents$26,934 $24,937 
Trade receivables, net of allowances for credit losses at March 31, 2021 and December 31, 2020 of $31,630 and $29,258, respectively
322,425 330,942 
Inventories24,132 21,655 
Prepaid expenses and other current assets28,152 29,954 
Assets held for sale2,413 12,004 
Total current assets404,056 419,492 
Rental equipment, net2,928,682 2,933,722 
Property, plant and equipment, net300,687 303,650 
Operating lease assets229,260 232,094 
Goodwill1,179,421 1,171,219 
Intangible assets, net481,199 495,947 
Other non-current assets15,570 16,081 
Total long-term assets5,134,819 5,152,713 
Total assets$5,538,875 $5,572,205 
Liabilities and equity
Accounts payable$111,408 $106,926 
Accrued expenses133,036 141,672 
Deferred revenue and customer deposits139,575 135,485 
Operating lease liabilities - current48,366 48,063 
Current portion of long-term debt16,229 16,521 
Total current liabilities448,614 448,667 
Long-term debt2,454,024 2,453,809 
Deferred tax liabilities315,244 307,541 
Operating lease liabilities - non-current180,823 183,761 
Common stock warrant liabilities99,781 77,404 
Other non-current liabilities34,500 37,150 
Long-term liabilities3,084,372 3,059,665 
Total liabilities3,532,986 3,508,332 
Commitments and contingencies (see Note 17)
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at March 31, 2021 and December 31, 2020
  
Common Stock: $0.0001 par, 500,000,000 shares authorized and 226,815,146, and 229,038,158 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
23 23 
Additional paid-in-capital3,782,649 3,852,291 
Accumulated other comprehensive loss(29,996)(37,207)
Accumulated deficit(1,746,787)(1,751,234)
Total shareholders' equity2,005,889 2,063,873 
Total liabilities and equity$5,538,875 $5,572,205 

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 Operations
(Unaudited)
Three Months Ended
March 31,
(in thousands, except share and per share data)
20212020
(as restated)
Revenues:
Leasing and services revenue:
Leasing$315,662 $188,352 
Delivery and installation83,504 51,070 
Sales revenue:
New units10,955 9,613 
Rental units15,202 6,786 
Total revenues425,323 255,821 
Costs:
Costs of leasing and services:
Leasing69,895 49,809 
Delivery and installation70,136 43,865 
Costs of sales:
New units7,109 6,203 
Rental units9,105 3,806 
Depreciation of rental equipment55,698 45,948 
Gross profit213,380 106,190 
Expenses:
Selling, general and administrative116,485 65,537 
Transaction costs844 9,431 
Other depreciation and amortization18,324 3,074 
Lease impairment expense and other related charges1,253 1,661 
Restructuring costs3,142 (60)
Currency losses, net36 898 
Other (income) expense, net(1,988)276 
Operating income75,284 25,373 
Interest expense29,964 28,257 
Fair value loss (gain) on common stock warrant liabilities27,207 (95,329)
Loss on extinguishment of debt3,185  
Income before income tax14,928 92,445 
Income tax expense10,481 790 
Net income4,447 91,655 
Net loss attributable to non-controlling interest, net of tax (130)
Net income attributable to WillScot Mobile Mini$4,447 $91,785 
Earnings (loss) per share attributable to WillScot Mobile Mini common shareholders
Basic$0.02 $0.84 
Diluted$0.02 $(0.05)
Weighted average shares:
Basic228,293,197 109,656,646 
Diluted234,720,295 112,672,997 

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 Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
March 31,
(in thousands)
20212020
(as restated)
Net income$4,447 $91,655 
Other comprehensive income (loss):
Foreign currency translation adjustment, net of income tax expense of $0 and $0 for the three months ended March 31, 2021 and 2020, respectively
5,034 (21,144)
Net gain (loss) on derivatives, net of income tax expense of $667 and $0 for the three months ended March 31, 2021 and 2020, respectively
2,177 (8,758)
Total other comprehensive income (loss)7,211 (29,902)
Comprehensive income11,658 61,753 
Comprehensive loss attributable to non-controlling interest (2,833)
Total comprehensive income attributable to WillScot Mobile Mini$11,658 $64,586 

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


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2021
 Common Stock(1)
Additional Paid-in-CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Shareholders' Equity
(in thousands)SharesAmount
Balance at December 31, 2020 (as restated)229,038 $23 $3,852,291 $(37,207)$(1,751,234)$2,063,873 
Net income— — — — 4,447 4,447 
Other comprehensive income— — — 7,211 — 7,211 
Stock-based compensation and issuance of Common Stock from vesting229 — 4,951 — — 4,951 
Repurchase and cancellation of Common Stock and warrants(2,793) (76,788)— — (76,788)
Receipts from issuance of Common Stock from the exercise of options 341  5,414 — — 5,414 
Withholding taxes on net share settlement of stock-based compensation— — (3,219)— — (3,219)
Balance at March 31, 2021226,815 $23 $3,782,649 $(29,996)$(1,746,787)$2,005,889 




Three Months Ended March 31, 2020 (as restated)
Class A Common Stock(1)
Class B Common StockAdditional Paid-in-CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Shareholders' EquityNon-Controlling InterestTotal Equity
(in thousands)SharesAmountSharesAmount
Balance at December 31, 2019108,819 $11 8,024 $1 $2,378,733 $(62,775)$(1,825,361)$490,609 $64,590 $555,199 
Net income (loss)— — — — — — 91,785 91,785 (130)91,655 
Other comprehensive loss— — — — — (27,199)— (27,199)(2,703)(29,902)
Stock-based compensation and issuance of Common Stock from vesting239 — — — 1,787 — — 1,787 — 1,787 
Receipts from issuance of Common Stock from warrant exercises and redemptions1,497  — — 28,958 — — 28,958 — 28,958 
Withholding taxes on net share settlement of stock-based compensation— — — — (673)— — (673)— (673)
Balance at March 31, 2020110,555 $11 8,024 $1 $2,408,805 $(89,974)$(1,733,576)$585,267 $61,757 $647,024 

(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.
7


WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31,
(in thousands)
20212020
(as restated)
Operating activities:
Net income$4,447 $91,655 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization74,855 49,764 
Provision for credit losses8,516 3,392 
Gain on sale of rental equipment and other property, plant and equipment(8,128)(2,980)
Amortization of debt discounts and debt issuance costs3,565 2,896 
Fair value loss (gain) on common stock warrant liabilities27,207 (95,329)
Loss on extinguishment of debt3,185  
Stock-based compensation expense4,951 1,787 
Deferred income tax benefit8,057 684 
Unrealized currency losses (gains), net(64)891 
Changes in operating assets and liabilities:
Trade receivables341 636 
Inventories(2,452)281 
Prepaid and other assets2,995 (5,701)
Operating lease assets and liabilities183 (280)
Accrued interest 3,394 (3,540)
Accounts payable and other accrued expenses(13,096)(9,760)
Deferred revenue and customer deposits4,115 3,952 
Net cash provided by operating activities122,071 38,348 
Investing activities:
Proceeds from sale of rental equipment15,202 6,786 
Purchase of rental equipment and refurbishments(52,535)(39,648)
Proceeds from the sale of property, plant and equipment13,729 3,840 
Purchase of property, plant and equipment(7,307)(1,518)
Net cash used in investing activities(30,911)(30,540)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options5,414 4,580 
Repurchase and cancellation of Common Stock and warrants(81,618) 
Receipts from borrowings162,000 35,793 
Repayment of borrowings(166,112)(45,282)
Payment of debt extinguishment premium costs(1,950) 
Principal payments on finance lease obligations(3,735) 
Taxes paid on employee stock awards(3,219)(673)
Net cash used in financing activities(89,220)(5,582)
Effect of exchange rate changes on cash and cash equivalents57 (629)
Net change in cash and cash equivalents1,997 1,597 
Cash and cash equivalents at the beginning of the period24,937 3,045 
Cash and cash equivalents at the end of the period$26,934 $4,642 
Supplemental cash flow information:
Interest paid$20,089 $27,384 
Income taxes paid, net$588 $4 
Capital expenditures accrued or payable$25,975 $22,345 

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



WillScot Mobile Mini Holdings Corp.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
NOTE 1 - Summary of Significant Accounting Policies
Organization and Nature of Operations
WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” and, together with its subsidiaries, the “Company”) is a leading provider of modular space and portable storage solutions in the United States (“US”), Canada, Mexico and the United Kingdom ("UK"). The Company also maintains a fleet of specialty containment products, including liquid and solid containment solutions. The Company leases, sells, delivers and installs mobile solutions and storage products through an integrated network of branch locations that spans North America and the UK.
On July 1, 2020, WillScot Corporation, a Delaware corporation (“WillScot”), and Mobile Mini, Inc. (“Mobile Mini”) merged (the “Merger”). Immediately following the Merger, WillScot changed its name to “WillScot Mobile Mini Holdings Corp.” and filed an amended and restated certificate of incorporation (the "A&R Charter"), which reclassified all outstanding shares of WillScot Class A Common Stock and converted such shares into shares of Common Stock, par value $0.0001 per share, of WillScot Mobile Mini ("WillScot Mobile Mini Common Stock"). The WillScot Class A Common Stock was listed on the Nasdaq Capital Market (Nasdaq: WSC) up until the Merger, and the WillScot Mobile Mini Common Stock has been listed on the Nasdaq Capital Market (Nasdaq: WSC) since the Merger. As used herein, the term “Common Stock” or “the Company’s Common Stock” refers to WillScot Class A Common Stock prior to filing of the A&R Charter on July 1, 2020 and to WillScot Mobile Mini Common Stock as of and following the filing of the A&R Charter July 1, 2020.
The preparation of financial statements in accordance with US Generally Accepted Accounting Principles (“GAAP”) requires that our condensed consolidated financial statements and most of the disclosures in these notes be presented on a historical basis. Unless the context otherwise requires, the terms “Company” and “WillScot Mobile Mini” as used in these financial statements mean WillScot and its subsidiaries when referring to periods prior to July 1, 2020 (prior to the Merger) and to WillScot Mobile Mini, when referring to periods on or after July 1, 2020 (after the Merger).
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Quarterly Report on Form 10-Q and do not include all the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the Company. All intercompany balances and transactions are eliminated.
The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2020.
Restatement of Previously Reported Financial Statements
The notes included herein should be read in conjunction with the Company's restated audited consolidated financial statements included in the Company's Annual Report on Form 10-K/A filed with the SEC on May 10, 2021 (the "2020 Form 10-K/A").
As previously disclosed in the 2020 Form 10-K/A, the Company restated its previously issued consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 to make the necessary accounting adjustments related to warrant accounting. The Company has restated herein its condensed consolidated financial statements for the quarter ended March 31, 2020 and related amounts within the accompanying footnotes to the condensed consolidated financial statements. For the quarter ended March 31, 2020, restated net income attributable to WillScot Mobile Mini is $91.8 million, an increase of $95.3 million from the previously disclosed net loss of $3.5 million.
Recently Issued and Adopted Accounting Standards
Recently Issued Accounting Standards
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), which is elective, and provides for optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company is currently evaluating the impact of reference rate reform and the potential impact of adoption of these elective practical expedients on its condensed consolidated financial statements and does not expect the impact to be material.



In August 2020, the FASB issued ASU 2020-06, Debt, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. The amendments in the ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of the pronouncement on its consolidated financial statements.
Recently Adopted Accounting Standards
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. On January 1, 2021, the Company adopted ASU 2019-12 and the impact of adoption was not material to the Company's consolidated financial statements. The Company will apply the standard prospectively for intraperiod tax allocation, year-to-date losses that exceed anticipated annual losses and enacted changes in tax laws.

NOTE 2 - Acquisitions
Mobile Mini Merger
Purchase Price
Upon completion of the Merger on July 1, 2020, each issued and outstanding share of Mobile Mini Common Stock, par value $0.01 per share, converted to 2.405 shares of WillScot Class A Common Stock, par value $0.0001 per share, and cash in lieu of any fractional shares. The Company issued 106,426,721 shares of Class A Common Stock to Mobile Mini stockholders as consideration for the Merger. The trading price of the Class A Common Stock was $12.53 per share on the closing date. In addition, Mobile Mini stock options converted into WillScot Mobile Mini stock options. The purchase price was determined as follows:
(in thousands, except share and per share data)July 1, 2020
Mobile Mini Common Stock outstanding44,252,275 
Share conversion ratio2.405 
Common Stock issued106,426,721 
Common Stock per share price as of July 1, 2020$12.53 
     Fair value of shares of WillScot Class A Common Stock issued $1,333,527 
     Cash paid for fractional shares30 
     Fair value of Mobile Mini Options converted to WillScot Mobile Mini Options19,279 
          Total purchase price$1,352,836 
The Merger was accounted for using the acquisition method of accounting, and WillScot was considered the accounting acquirer. Under the acquisition method of accounting, the Company assigned the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values at the closing date. The excess of the purchase price over those fair values was recorded as goodwill.
The purchase price for the Merger was assigned to the underlying assets acquired and liabilities assumed based upon their fair values at the date of acquisition, July 1, 2020. The Company recorded the fair values based on independent valuations, discounted cash flow analyses, quoted market prices, contributory asset charges, and estimates made by management. The following table summarizes the July 1, 2020 preliminary fair values of the assets acquired and liabilities assumed. The final assignment of the fair value of the Merger, including the final valuation of acquired rental equipment, intangible assets and the related deferred tax liability and the final assignment of goodwill to reporting units, was not complete at March 31, 2021, but will be finalized within the allowable one-year measurement period.



Opening Balance Sheet
(in thousands)July 1, 2020
Cash and cash equivalents$17,203 
Trade receivables87,492 
Inventories8,987 
Prepaid expenses and other current assets13,717 
Rental equipment1,033,190 
Property, plant and equipment161,401 
Operating lease assets92,054 
Intangible assets374,500 (a)
Goodwill identified936,173 
Other non-current assets2,519 
     Total identifiable assets acquired$2,727,236 
Accounts payable(29,797)
Accrued expenses(40,235)
Deferred revenue and customer deposits(38,846)
Operating lease liabilities(89,968)
Debt and finance lease liabilities(897,244)
Deferred tax liabilities(276,882)
Other long-term liabilities(1,428)
Total liabilities assumed(1,374,400)
Purchase Price$1,352,836 

(a)
The initial fair value estimates were calculated using preliminary estimates and assumptions which have been updated in the current reporting period as additional information was obtained during the measurement period. The underlying assets have been adjusted from those previously recorded accordingly. Intangible assets were reduced by approximately $8.0 million from amounts reported at December 31, 2020.
Mobile Mini generated $159.1 million of revenue and $26.9 million of pre-tax income in the three months ended March 31, 2021, which is included in the condensed consolidated financial statements of operations.
The pro forma results presented below give effect to the following as if they occurred on January 1, 2019:
(i)
The Merger
(ii)
Borrowings under the Company's 2025 Secured Notes and 2020 ABL Facility (both as defined in Note 9) used to repay certain debt in connection with the Merger
(iii)
Extinguishment of the Mobile Mini revolving credit facility and senior notes assumed in the Merger and immediately repaid
(iv)
Extinguishment of WillScot's 2017 ABL Facility and WillScot's 2022 Secured Notes (both as defined in Note 9) repaid in connection with the Merger
(v)
Elimination of WillScot's non-controlling interest and WillScot's Class B common stock in connection with the Merger. See Note 10 for further details.

The pro forma information is not necessarily indicative of the Company’s results of operations had the Merger been completed on January 1, 2019, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies, synergies, or revenue opportunities that could result from the Merger.
The Company's results of operations for the three months ended March 31, 2021 represent the activities of the Company after the Merger. As a result, there were no differences between pro forma results and actual results on a reported basis.



The tables below present unaudited pro forma condensed combined statements of operations information for the three months ended March 31, 2020:
(in thousands)Three Months Ended March 31, 2020
(as restated)
WillScot revenues$255,821 
Mobile Mini revenues150,576 
Pro forma revenues$406,397 
WillScot Mobile Mini income before income tax$92,445 (a)
Mobile Mini income before income tax14,907 
Pro forma income before income tax107,352 
Pro forma adjustments to combined income before income tax:
Elimination of Merger transaction costs 24,651 (b)
Impact of fair value mark-ups on rental fleet depreciation (1,167)(c)
Other depreciation expense and intangible asset amortization (5,669)(d)
Interest expense (2,564)(e)
Elimination of Mobile Mini interest 8,712 (f)
Pro forma income before income tax131,315 
Income tax expense (13,506)(g)
Pro forma net income$117,809 

(a)Excludes impact of non-controlling interest which was eliminated as part of the Sapphire Exchange. See Note 10.
(b)Eliminates discrete 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 $209,000 and a 13 year life.
(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 Note 9 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 9 for definition of terms.
(g)
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.
Transaction and Integration Costs
The Company recorded $0.8 million and $9.4 million in transaction costs related to the Merger during the three months ended March 31, 2021 and 2020, respectively. The Company also recorded $7.3 million in integration costs related to the Merger within selling, general and administrative ("SG&A") expense for the three months ended March 31, 2021.



NOTE 3 - Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas for the three months ended March 31, as follows:
Three Months Ended
March 31,
(in thousands)20212020
US$371,269 $235,328 
Canada23,584 16,706 
Mexico3,463 3,787 
UK27,007  
Total revenues$425,323 $255,821 

Major Product and Service Lines
Equipment leasing is the Company's core business. This includes rental modular space, portable space and tank and pump units along with value added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, and other items used by customers in connection with the Company's products. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance and ad hoc services and removal services at the end of lease transactions.
The Company’s revenue by major product and service line for the three months ended March 31, was as follows:
Three Months Ended
March 31,
(in thousands)20212020
Modular space leasing revenue$169,952 $131,398 
Portable storage leasing revenue54,613 5,849 
Tank and pump leasing revenue15,760  
VAPS and third party leasing revenues(a)
62,426 41,002 
Other leasing-related revenue(b)
12,911 10,103 
Leasing revenue315,662 188,352 
Delivery and installation revenue83,504 51,070 
Total leasing and services revenue399,166 239,422 
New unit sales revenue10,955 9,613 
Rental unit sales revenue15,202 6,786 
Total revenues$425,323 $255,821 

(a)
Includes $6.2 million and $4.0 million of service revenue for the three months ended March 31, 2021 and 2020, respectively.
(b)Includes primarily damage billings, delinquent payment charges, and other processing fees.

Leasing and Services Revenue
The majority of revenue (73% and 72% for the three months ended March 31, 2021 and 2020, respectively) is generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue for the three months ended March 31, 2021 and 2020 is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606").
Receivables, Contract Assets and Liabilities
As reflected above, approximately 73% of the Company's rental revenue is generated by lease revenue subject to the guidance in ASC 842. The customers that are responsible for the remaining revenue accounted for under ASC 606 are generally the same customers that rent the Company's equipment. The Company manages credit risk associated with its accounts receivables at the customer level. As the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address its total



revenues. The Company's top five customers with the largest open receivables balances represented 5.0% of the total receivables balance as of March 31, 2021.
As of March 31, 2021 and December 31, 2020, the Company had approximately $75.4 million and $74.1 million, respectively, of deferred revenue that relates to removal services for lease transactions and advance billings for sale transactions, which are within the scope of ASC 606 and are included in deferred revenue and customer deposits in the condensed consolidated balance sheets. During the three months ended March 31, 2021, $19.3 million of previously deferred revenue relating to removal services for lease transactions and advance billings for sale transactions was recognized as revenue.
The Company does not have material contract assets and it did not recognize any material impairments of contract assets.
The Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the costs ultimately incurred to provide those services.
The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions paid to its sales force. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year, therefore the commissions are expensed as incurred.
Credit Losses
The Company is exposed to credit losses from trade receivables generated through its leasing and sales business. The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review. The credit review considers expected billing exposure and timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the customer transacts new leases after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation.
The Company monitors ongoing credit exposure through an active review of customer balances against contract terms and due dates. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowances for credit losses reflect the estimate of the amount of receivables that the Company will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. This estimate could require change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease its allowances.
Activity in the allowance for credit losses was as follows:
Three Months Ended March 31,
(in thousands)20212020
Balance at beginning of year$29,258 $15,828 
Net charges to bad debt expense and revenue8,516 3,392 
Write-offs(5,813)(2,744)
Foreign currency translation and other(331)(5)
Balance at end of period$31,630 $16,471 




NOTE 4 - Leases
As of March 31, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
(in thousands)OperatingFinance
2021 (remaining)$45,902 $14,383 
202253,179 17,655 
202342,937 14,204 
202434,899 11,283 
202528,057 11,391 
Thereafter69,774 14,790 
Total lease payments274,748 83,706 
Less: interest(45,559)(6,155)
Present value of lease liabilities$229,189 $77,551 

Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets.
The Company’s lease activity during the three months ended March 31, 2021 and 2020 was as follows:
(in thousands)Three Months Ended March 31,
Financial Statement Line20212020
Finance Lease Expense
Amortization of finance lease assets$4,378 $ 
Interest on obligations under finance leases 547  
Total finance lease expense $4,925 $ 
Operating Lease Expense
Fixed lease expense
Cost of leasing and services$1,106 $1,602 
Selling, general and administrative14,472 7,885
Lease impairment expense and other related charges596 684 
Short-term lease expense
Cost of leasing and services6,379 7,300
Selling, general and administrative552 386
Lease impairment expense and other related charges 212 
Variable lease expense
Cost of leasing and services1,802 1,832
Selling, general and administrative1,838 867
Lease impairment expense and other related charges176 287 
Total operating lease expense$26,921 $21,055 
Lease impairment expense and other related charges relate to closed locations that are no longer used in operations as a result of consolidation activities within the Company. During the three months ended March 31, 2021, the Company recorded $