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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, 2022
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-20220630_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 of principal executive offices, including zip code)

(480) 894-6311
(Registrant’s telephone number, including area code)


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)
WSCTWOTC Markets Group Inc.
(1) 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.
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: 213,700,706 shares at August 1, 2022.





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 Six Months Ended June 30, 2022 and 2021


2



ITEM 1.    Financial Statements

WillScot Mobile Mini Holdings Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share data)
June 30, 2022 (unaudited)
December 31, 2021
Assets
Cash and cash equivalents$11,706 $12,699 
Trade receivables, net of allowances for credit losses at June 30, 2022 and December 31, 2021 of $53,544 and $47,629, respectively
440,993 399,887 
Inventories41,824 32,739 
Prepaid expenses and other current assets44,245 36,761 
Assets held for sale 1,518 954 
Total current assets540,286 483,040 
Rental equipment, net3,257,475 3,080,981 
Property, plant and equipment, net322,707 312,178 
Operating lease assets235,266 247,064 
Goodwill1,171,725 1,178,806 
Intangible assets, net446,578 460,678 
Other non-current assets4,771 10,852 
Total long-term assets5,438,522 5,290,559 
Total assets$5,978,808 $5,773,599 
Liabilities and equity
Accounts payable$155,901 $118,271 
Accrued expenses115,124 100,195 
Accrued employee benefits63,331 68,414 
Deferred revenue and customer deposits189,333 159,639 
Operating lease liabilities - current52,495 53,005 
Current portion of long-term debt20,663 18,121 
Total current liabilities596,847 517,645 
Long-term debt3,017,678 2,694,319 
Deferred tax liabilities390,092 354,879 
Operating lease liabilities - non-current183,851 194,256 
Other non-current liabilities16,390 15,737 
Long-term liabilities3,608,011 3,259,191 
Total liabilities4,204,858 3,776,836 
Commitments and contingencies (see Note 16)
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at June 30, 2022 and December 31, 2021
  
Common Stock: $0.0001 par, 500,000,000 shares authorized and 216,090,996 and 223,939,527 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
22 22 
Additional paid-in-capital3,295,747 3,616,902 
Accumulated other comprehensive loss(55,276)(29,071)
Accumulated deficit(1,466,543)(1,591,090)
Total shareholders' equity1,773,950 1,996,763 
Total liabilities and shareholders' equity$5,978,808 $5,773,599 

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 June 30,Six Months Ended June 30,
(in thousands, except share and per share data)
2022202120222021
Revenues:
Leasing and services revenue:
Leasing$428,620 $343,179 $821,812 $658,841 
Delivery and installation125,403 91,680 225,734 175,184 
Sales revenue:
New units11,094 11,008 17,691 21,963 
Rental units16,525 15,235 25,299 30,437 
Total revenues581,642 461,102 1,090,536 886,425 
Costs:
Costs of leasing and services:
Leasing96,912 83,032 185,790 152,927 
Delivery and installation93,587 77,153 175,102 147,289 
Costs of sales:
New units6,139 7,052 10,465 14,161 
Rental units8,955 8,162 14,099 17,267 
Depreciation of rental equipment67,176 62,893 129,392 118,591 
Gross profit308,873 222,810 575,688 436,190 
Expenses:
Selling, general and administrative162,164 122,387 312,374 239,716 
Other depreciation and amortization19,054 21,622 38,658 39,946 
Lease impairment expense and other related charges(9)474 254 1,727 
Restructuring costs(86)6,960 (86)10,102 
Currency (gains) losses, net(127)33 11 69 
Other (income) expense, net(3,784)719 (5,093)(1,269)
Operating income131,661 70,615 229,570 145,899 
Interest expense33,574 29,212 64,564 59,176 
Fair value (gain) loss on common stock warrant liabilities (610) 26,597 
Loss on extinguishment of debt 2,814  5,999 
Income before income tax98,087 39,199 165,006 54,127 
Income tax expense24,711 18,828 40,459 29,309 
Net Income$73,376 $20,371 $124,547 $24,818 
Earnings per share
Basic$0.33 $0.09 $0.56 $0.11 
Diluted $0.32 $0.08 $0.55 $0.11 
Weighted average shares:
Basic223,376,276 228,406,812 222,196,986 228,350,318 
Diluted227,484,012 236,536,713 226,983,150 234,898,911 

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 June 30,Six Months Ended
June 30,
(in thousands)
2022202120222021
Net income$73,376 $20,371 $124,547 $24,818 
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of income tax expense of $0 for both the three and six months ended June 30, 2022 and $60 and $0 for the three and six months ended June 30, 2021, respectively.
(25,628)3,093 (29,702)8,127 
Net change in derivatives, net of income tax expense of $394 and $656 for the three months ended June 30, 2022 and 2021, respectively, and $1,171 and $1,323 for the six months ended June 30, 2022 and 2021, respectively.
1,176 2,146 3,497 4,323 
Total other comprehensive (loss) income(24,452)5,239 (26,205)12,450 
Total comprehensive income $48,924 $25,610 $98,342 $37,268 



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)
Six Months Ended June 30, 2022
 Common StockAdditional Paid-in-CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Shareholders' Equity
(in thousands)SharesAmount
Balance at December 31, 2021223,940 $22 $3,616,902 $(29,071)$(1,591,090)$1,996,763 
Net income— — — — 51,171 51,171 
Other comprehensive loss— — — (1,753)— (1,753)
Stock-based compensation and issuance of Common Stock from vesting498 — 6,395 — — 6,395 
Repurchase and cancellation of Common Stock and warrants(2,064)— (77,409)— — (77,409)
Issuance of Common Stock from the exercise of options and warrants800 — 3,313 — — 3,313 
Withholding taxes on net share settlement of stock-based compensation— — (12,295)— — (12,295)
Balance at March 31, 2022223,174 $22 $3,536,906 $(30,824)$(1,539,919)$1,966,185 
Net income— — — — 73,376 73,376 
Other comprehensive loss— — — (24,452)— (24,452)
Stock-based compensation and issuance of Common Stock from vesting70 — 9,292 — — 9,292 
Repurchase and cancellation of Common Stock and warrants(7,222)— (249,515)— — (249,515)
Issuance of Common Stock from the exercise of options and warrants69 — 139 — — 139 
Withholding taxes on net share settlement of stock-based compensation— — (1,075)— — (1,075)
Balance at June 30, 2022216,091 $22 $3,295,747 $(55,276)$(1,466,543)$1,773,950 

6



Six Months Ended June 30, 2021
Common StockAdditional Paid-in-CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Shareholders' Equity
(in thousands)SharesAmount
Balance at December 31, 2020229,038 $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)
Issuance of Common Stock from the exercise of options and warrants341 — 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 
Net income— — — — 20,371 20,371 
Other comprehensive income— — — 5,239 — 5,239 
Stock-based compensation and issuance of Common Stock from vesting60 — 9,038 — — 9,038 
Repurchase and cancellation of Common Stock and warrants (4,100)— (35,508)— — (35,508)
Issuance of Common Stock from the exercise of warrants4,058 — 384 — — 384 
Balance at June 30, 2021226,833 $23 $3,756,563 $(24,757)$(1,726,416)$2,005,413 


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)
Six Months Ended June 30,
(in thousands)
20222021
Operating activities:
Net income $124,547 $24,818 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization168,050 160,480 
Provision for credit losses18,865 16,910 
Gain on sale of rental equipment and other property, plant and equipment(14,195)(14,793)
Amortization of debt discounts and debt issuance costs6,975 7,082 
Fair value loss on common stock warrant liabilities 26,597 
Loss on extinguishment of debt 5,999 
Stock-based compensation expense15,687 13,989 
Deferred income tax expense31,072 24,389 
Unrealized currency gains, net(71)(184)
Other 1,916  
Changes in operating assets and liabilities:
Trade receivables(60,737)(50,324)
Inventories(9,293)(8,535)
Prepaid expenses and other assets(13,907)10,004 
Operating lease assets and liabilities936 (537)
Accounts payable and other accrued expenses34,756 30,689 
Deferred revenue and customer deposits29,252 15,024 
Net cash provided by operating activities333,853 261,608 
Investing activities:
Acquisitions, net of cash acquired (103,927) 
Proceeds from sale of rental equipment35,080 30,437 
Purchase of rental equipment and refurbishments(225,389)(117,817)
Proceeds from sale of property, plant and equipment751 16,438 
Purchase of property, plant and equipment(20,253)(17,450)
Net cash used in investing activities(313,738)(88,392)
Financing activities:
Receipts from issuance of Common Stock from the exercise of options3,452 5,798 
Repurchase and cancellation of Common Stock and warrants(319,225)(214,299)
Receipts from borrowings454,322 387,658 
Payment of financing costs(8,021) 
Repayment of borrowings(127,607)(347,225)
Payment of debt extinguishment premium costs (3,705)
Principal payments on finance lease obligations(10,353)(7,921)
Taxes paid on employee stock awards(13,370)(3,219)
Net cash used in financing activities(20,802)(182,913)
Effect of exchange rate changes on cash and cash equivalents (306)162 
Net change in cash and cash equivalents (993)(9,535)
Cash and cash equivalents at the beginning of the period12,699 24,937 
Cash and cash equivalents at the end of the period$11,706 $15,402 
Supplemental cash flow information:
Interest paid 1
$59,980 $52,053 
Income taxes paid, net$10,608 $4,383 
Capital expenditures accrued or payable$39,949 $19,099 
1 Includes $5,948 of payments related to the interest rate swap for the six months ended June 30, 2021.

See the accompanying notes which are an integral part of these condensed consolidated financial statements.
8


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 business services provider specializing in innovative flexible work space and portable storage solutions in the United States (“US”), Canada, Mexico and the United Kingdom ("UK"). The Company also maintains a fleet of specialty containment products, including liquid and solid containment solutions. The Company leases, sells, delivers and installs mobile solutions and storage products through an integrated network of branch locations that spans North America and the UK.
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented.
Subsidiaries are fully consolidated from the 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 and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
Reclassifications
Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
Recently Issued Accounting Standards
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"). ASU 2021-08 is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.

NOTE 2 - Acquisitions
On July 1, 2020, WillScot Corporation (“WillScot”), and Mobile Mini, Inc. (“Mobile Mini”) merged (the “Merger”). Immediately following the Merger, WillScot changed its name to “WillScot Mobile Mini Holdings Corp.”
Asset Acquisitions
During the second quarter of 2022, the Company acquired certain assets and liabilities of several smaller entities, which consisted primarily of approximately 4,100 storage units and 1,000 modular units for $47.1 million in cash. The accompanying consolidated financial statements include $47.1 million of rental equipment as a result of these acquisitions. During the first quarter of 2022, the Company acquired certain assets and liabilities, which consisted primarily of approximately 400 blast resistant modular units.
Integration Costs
The Company recorded $5.2 million and $7.6 million in integration costs related to acquisitions and the Merger within selling, general and administrative ("SG&A") expense during the three months ended June 30, 2022 and 2021, respectively, and $9.3 million and $15.0 million in integration costs related to acquisitions and the Merger during the six months ended June 30, 2022 and 2021, respectively.

9


NOTE 3 - Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2022 and 2021 as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2022202120222021
US$517,374 $399,280 $969,342 $770,549 
Canada32,901 29,543 58,174 53,127 
Mexico4,703 3,848 8,917 7,311 
UK26,664 28,431 54,103 55,438 
Total revenues$581,642 $461,102 $1,090,536 $886,425 
Major Product and Service Lines
Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes modular space, portable storage and tank and pump units along with value-added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, security products, shelving systems and other items used by customers in connection with the Company's products. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance and ad hoc services and removal services at the end of lease transactions. The Company’s revenue by major product and service line for the three and six months ended June 30, 2022 and 2021 was as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2022202120222021
Modular space leasing revenue$212,862 $181,376 $411,939 $351,328 
Portable storage leasing revenue88,548 58,848 166,532 113,461 
Tank and pump leasing revenue20,706 17,109 39,937 32,869 
VAPS and third party leasing revenues(a)
87,498 70,880 168,424 133,306 
Other leasing-related revenue(b)
19,006 14,966 34,980 27,877 
Leasing revenue428,620 343,179 821,812 658,841 
Delivery and installation revenue125,403 91,680 225,734 175,184 
Total leasing and services revenue554,023 434,859 1,047,546 834,025 
New unit sales revenue11,094 11,008 17,691 21,963 
Rental unit sales revenue16,525 15,235 25,299 30,437 
Total revenues$581,642 $461,102 $1,090,536 $886,425 
(a)
Includes $6.8 million and $7.8 million of service revenue for the three months ended June 30, 2022 and 2021, respectively, and $14.3 million and $14.0 million of service revenue for the six months ended June 30, 2022 and 2021, respectively.
(b)Includes primarily damage billings, delinquent payment charges, and other processing fees.
Leasing and Services Revenue
The majority of revenue (73% and 74% for the three and six months ended June 30, 2022, respectively, and 73% for both the three and six months ended June 30, 2021) was generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606.
Receivables and Credit Losses
The Company is exposed to credit losses from trade receivables and manages credit risk at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues.
10


Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end user markets.
The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review that considers expected billing exposure, timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the customer transacts after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation.
The Company monitors ongoing credit exposure through an active review of customer balances against contract terms and due dates. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowance for credit losses reflects the estimate of the amount of receivables that the Company will be unable to collect based on historical collection experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. The Company's estimate reflects changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease its allowance.
Activity in the allowance for credit losses was as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Balance at beginning of period$49,258 $31,630 $47,629 $29,258 
Provision for credit losses, net of recoveries10,264 8,390 18,865 16,910 
Write-offs(5,900)(4,058)(12,910)(9,872)
Foreign currency translation and other(78)823 (40)489 
Balance at end of period$53,544 $36,785 $53,544 $36,785 
Contract Assets and Liabilities
When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. During the three months ended June 30, 2022, deferred revenue relating to services billed in advance of $20.7 million was recognized as revenue. As of June 30, 2022 and December 31, 2021, the Company had approximately $95.7 million and $79.4 million, respectively, of deferred revenue related to these services.
The Company does not have material contract assets and it did not recognize any material impairments of contract assets. The Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the costs ultimately incurred to provide those services and therefore the Company is applying the optional expedient to omit disclosure of such amounts.
The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year; therefore, the commissions are expensed as incurred.

11


NOTE 4 - Leases
As of June 30, 2022, the undiscounted future lease payments for operating and finance lease liabilities were as follows:
(in thousands)OperatingFinance
2022 (remaining)$32,125 $11,992 
202356,620 20,004 
202447,858 17,092 
202540,227 17,200 
202629,457 15,202 
Thereafter69,628 21,304 
Total lease payments275,915 102,794 
Less: interest(39,569)(7,651)
Present value of lease liabilities$236,346 $95,143 
Finance lease liabilities are included within long-term debt and current portion of long-term debt on the condensed consolidated balance sheets.
The Company’s lease activity during the six months ended June 30, 2022 and 2021 was as follows:
(in thousands)Six Months Ended June 30,
Financial Statement Line20222021
Finance Lease Expense
Amortization of finance lease assets$10,546 $9,514 
Interest on obligations under finance leases 1,299 1,098 
Total finance lease expense $11,845 $10,612 
Operating Lease Expense
Fixed lease expense
Cost of leasing and services$1,574 $2,131 
Selling, general and administrative32,430 29,359
Lease impairment expense and other related charges213 1,107
Short-term lease expense
Cost of leasing and services17,056 11,575
Selling, general and administrative1,071 723
Variable lease expense
Cost of leasing and services2,822 3,373
Selling, general and administrative4,273 3,792
Lease impairment expense and other related charges40 335
Total operating lease expense$59,479 $52,395 
Lease impairment expense and other related charges relate to closed locations that are no longer used in operations as a result of consolidation activities within the Company. During the six months ended June 30, 2022, the Company recorded $0.3 million in lease impairment expense and other related charges which is comprised of closed location rent expense. During the six months ended June 30, 2021, the Company recorded $1.7 million in lease impairment expense and other related charges which is comprised of $1.5 million in closed location rent expense and $0.2 million loss on lease exit and impairment charges.
12


Supplemental cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows:
(in thousands)Six Months Ended June 30,
Supplemental Cash Flow Information20222021
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$33,850 $33,409 
Operating cash outflows from finance leases$1,297 $1,095 
Financing cash outflows from finance leases$10,371 $6,935 
Right of use assets obtained in exchange for lease obligations$19,504 $28,288 
Assets obtained in exchange for finance leases $17,065 $11,530 
Weighted-average remaining operating lease terms and the weighted average discount rates as of June 30, 2022 and December 31, 2021 were as follows:
Lease Terms and Discount RatesJune 30, 2022December 31, 2021
Weighted-average remaining lease term - operating leases6.1 years6.1 years
Weighted-average discount rate - operating leases4.9 %5.0 %
Weighted-average remaining lease term - finance leases4.8 years4.5 years
Weighted-average discount rate - finance leases3.2 %2.9 %

NOTE 5 - Inventories
Inventories at the respective balance sheet dates consisted of the following:
(in thousands)
June 30, 2022December 31, 2021
Raw materials$35,411 $26,854 
Finished units6,413 5,885 
Inventories$41,824 $32,739 

NOTE 6 - Rental Equipment, net
Rental equipment, net at the respective balance sheet dates consisted of the following:
(in thousands)
June 30, 2022December 31, 2021
Modular space units$3,185,153 $3,005,195 
Portable storage units821,582 758,619 
Tank and pump products167,854 156,112 
Value added products189,534 168,419 
Total rental equipment