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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables set forth certain information regarding each of the Company’s reportable segments fo r the three and six months ended June 30, 2021 and 2020, respectively. Consistent with the financial statements, the segment results do not include Mobile Mini's operations for the three and six months ended June 30, 2020. Please refer to the Management Discussion & Analysis of Financial Condition and Results of Operations included in this document, for pro forma results inclusive of Mobile Mini's financial results for periods prior to the Merger date.
| Three Months Ended June 30, 2021
(in thousands) | NA Modular |  | NA Storage |  | UK Storage |  | Tank and Pump |  | Unallocated Costs |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |
Leasing and services revenue: |  |  |  |  |  |  |  |  |  |  |
Leasing | $ | 217,635 |  |  | $ | 85,966 |  |  | $ | 21,014 |  |  | $ | 18,564 |  |  |  |  | $ | 343,179 |
Delivery and installation | 54,851 |  |  | 23,519 |  |  | 5,839 |  |  | 7,471 |  |  |  |  | 91,680 |
Sales revenue: |  |  |  |  |  |  |  |  |  |  |
New units | 6,871 |  |  | 1,864 |  |  | 1,295 |  |  | 978 |  |  |  |  | 11,008 |
Rental units | 10,025 |  |  | 4,445 |  |  | 284 |  |  | 481 |  |  |  |  | 15,235 |
Total revenues | 289,382 |  |  | 115,794 |  |  | 28,432 |  |  | 27,494 |  |  |  |  | 461,102 |
Costs: |  |  |  |  |  |  |  |  |  |  |
Cost of leasing and services: |  |  |  |  |  |  |  |  |  |  |
Leasing | 61,773 |  |  | 12,174 |  |  | 4,729 |  |  | 4,356 |  |  |  |  | 83,032 |
Delivery and installation | 51,154 |  |  | 16,743 |  |  | 3,309 |  |  | 5,947 |  |  |  |  | 77,153 |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |
New units | 4,376 |  |  | 1,122 |  |  | 845 |  |  | 709 |  |  |  |  | 7,052 |
Rental units | 5,127 |  |  | 2,558 |  |  | 294 |  |  | 183 |  |  |  |  | 8,162 |
Depreciation of rental equipment | 50,816 |  |  | 7,476 |  |  | 1,318 |  |  | 3,283 |  |  |  |  | 62,893 |
Gross profit | $ | 116,136 |  |  | $ | 75,721 |  |  | $ | 17,937 |  |  | $ | 13,016 |  |  |  |  | $ | 222,810 |
Other selected data: |  |  |  |  |  |  |  |  |  |  |
Adjusted EBITDA | $ | 103,545 |  |  | $ | 49,526 |  |  | $ | 12,328 |  |  | $ | 10,096 |  |  | $ | — |  |  | $ | 175,495 |
Selling, general and administrative expense | $ | 63,406 |  |  | $ | 33,672 |  |  | $ | 6,926 |  |  | $ | 6,203 |  |  | $ | 12,180 |  |  | $ | 122,387 |
Purchases of rental equipment and refurbishments | $ | 49,364 |  |  | $ | 8,773 |  |  | $ | 4,226 |  |  | $ | 2,919 |  |  | $ | — |  |  | $ | 65,282 |
| Three Months Ended June 30, 2020
(in thousands) | NA Modular |  | NA Storage |  | UK Storage |  | Tank and Pump |  | Unallocated Costs |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |
Leasing and services revenue: |  |  |  |  |  |  |  |  |  |  |
Leasing | $ | 190,143 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 190,143 |
Delivery and installation | 51,640 |  |  | — |  |  | — |  |  | — |  |  |  |  | 51,640 |
Sales revenue: |  |  |  |  |  |  |  |  |  |  |
New units | 9,763 |  |  | — |  |  | — |  |  | — |  |  |  |  | 9,763 |
Rental units | 5,316 |  |  | — |  |  | — |  |  | — |  |  |  |  | 5,316 |
Total revenues | 256,862 |  |  | — |  |  | — |  |  | — |  |  |  |  | 256,862 |
Costs: |  |  |  |  |  |  |  |  |  |  |
Cost of leasing and services: |  |  |  |  |  |  |  |  |  |  |
Leasing | 47,747 |  |  | — |  |  | — |  |  | — |  |  |  |  | 47,747 |
Delivery and installation | 43,523 |  |  | — |  |  | — |  |  | — |  |  |  |  | 43,523 |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |
New units | 6,331 |  |  | — |  |  | — |  |  | — |  |  |  |  | 6,331 |
Rental units | 3,803 |  |  | — |  |  | — |  |  | — |  |  |  |  | 3,803 |
Depreciation of rental equipment | 45,494 |  |  | — |  |  | — |  |  | — |  |  |  |  | 45,494 |
Gross profit | $ | 109,964 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 109,964 |
Other selected data: |  |  |  |  |  |  |  |  |  |  |
Adjusted EBITDA | $ | 97,520 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 97,520 |
Selling, general and administrative expense (a) | $ | 59,347 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,925 |  |  | $ | 65,272 |
Purchases of rental equipment and refurbishments | $ | 40,034 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 40,034 |
(a) Includes both SG&A expense and Transaction costs from the condensed consolidated statement of operations.
| Six Months Ended June 30, 2021
(in thousands) | NA Modular |  | NA Storage |  | UK Storage |  | Tank and Pump |  | Unallocated Costs |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |
Leasing and services revenue: |  |  |  |  |  |  |  |  |  |  |
Leasing | $ | 417,243 |  |  | $ | 166,317 |  |  | $ | 39,735 |  |  | $ | 35,546 |  |  |  |  | $ | 658,841 |
Delivery and installation | 103,531 |  |  | 44,884 |  |  | 12,589 |  |  | 14,180 |  |  |  |  | 175,184 |
Sales revenue: |  |  |  |  |  |  |  |  |  |  |
New units | 14,331 |  |  | 4,048 |  |  | 2,166 |  |  | 1,418 |  |  |  |  | 21,963 |
Rental units | 20,501 |  |  | 8,293 |  |  | 949 |  |  | 694 |  |  |  |  | 30,437 |
Total revenues | 555,606 |  |  | 223,542 |  |  | 55,439 |  |  | 51,838 |  |  |  |  | 886,425 |
Costs: |  |  |  |  |  |  |  |  |  |  |
Cost of leasing and services: |  |  |  |  |  |  |  |  |  |  |
Leasing | 112,848 |  |  | 22,907 |  |  | 9,025 |  |  | 8,147 |  |  |  |  | 152,927 |
Delivery and installation | 95,859 |  |  | 32,483 |  |  | 7,400 |  |  | 11,547 |  |  |  |  | 147,289 |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |
New units | 9,250 |  |  | 2,463 |  |  | 1,434 |  |  | 1,014 |  |  |  |  | 14,161 |
Rental units | 10,975 |  |  | 5,080 |  |  | 918 |  |  | 294 |  |  |  |  | 17,267 |
Depreciation of rental equipment | 97,536 |  |  | 12,269 |  |  | 2,232 |  |  | 6,554 |  |  |  |  | 118,591 |
Gross profit | $ | 229,138 |  |  | $ | 148,340 |  |  | $ | 34,430 |  |  | $ | 24,282 |  |  |  |  | $ | 436,190 |
Other selected data: |  |  |  |  |  |  |  |  |  |  |
Adjusted EBITDA | $ | 200,916 |  |  | $ | 95,848 |  |  | $ | 23,392 |  |  | $ | 18,924 |  |  | $ | — |  |  | $ | 339,080 |
Selling, general and administrative expense (a) | $ | 125,756 |  |  | $ | 64,761 |  |  | $ | 13,269 |  |  | $ | 11,913 |  |  | $ | 24,017 |  |  | $ | 239,716 |
Purchases of rental equipment and refurbishments | $ | 88,499 |  |  | $ | 12,245 |  |  | $ | 10,996 |  |  | $ | 6,077 |  |  | $ | — |  |  | $ | 117,817 |
(a) Includes both SG&A expense and Transaction costs from the consolidated statement of operations.
| Six Months Ended June 30, 2020
(in thousands) | NA Modular |  | NA Storage |  | UK Storage |  | Tank and Pump |  | Unallocated Costs |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |
Leasing and services revenue: |  |  |  |  |  |  |  |  |  |  |
Leasing | $ | 378,495 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 378,495 |
Delivery and installation | 102,710 |  |  | — |  |  | — |  |  | — |  |  |  |  | 102,710 |
Sales revenue: |  |  |  |  |  |  |  |  |  |  |
New units | 19,376 |  |  | — |  |  | — |  |  | — |  |  |  |  | 19,376 |
Rental units | 12,102 |  |  | — |  |  | — |  |  | — |  |  |  |  | 12,102 |
Total revenues | 512,683 |  |  | — |  |  | — |  |  | — |  |  |  |  | 512,683 |
Costs: |  |  |  |  |  |  |  |  |  |  |
Cost of leasing and services: |  |  |  |  |  |  |  |  |  |  |
Leasing | 97,556 |  |  | — |  |  | — |  |  | — |  |  |  |  | 97,556 |
Delivery and installation | 87,388 |  |  | — |  |  | — |  |  | — |  |  |  |  | 87,388 |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |
New units | 12,534 |  |  | — |  |  | — |  |  | — |  |  |  |  | 12,534 |
Rental units | 7,609 |  |  | — |  |  | — |  |  | — |  |  |  |  | 7,609 |
Depreciation of rental equipment | 91,442 |  |  | — |  |  | — |  |  | — |  |  |  |  | 91,442 |
Gross profit | $ | 216,154 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 216,154 |
Other selected data: |  |  |  |  |  |  |  |  |  |  |
Adjusted EBITDA | $ | 187,062 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 187,062 |
Selling, general and administrative expense (a) | $ | 121,919 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18,321 |  |  | $ | 140,240 |
Purchases of rental equipment and refurbishments | $ | 79,682 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 79,682 |
(a) Includes both SG&A expense and Transaction costs from the condensed consolidated statement of operations.
Reconciliation of Assets from Segment to Consolidated | The following tables present a reconciliation of the Company’s income (loss) from operations to Adjusted EBITDA for the three and six months ended June 30, 2021 and 2020, respectively:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Net income (loss) | $ | 20,371 |  |  | $ | (14,130) |  |  | $ | 24,818 |  |  | $ | 77,525 |
Income tax expense (benefit) | 18,828 |  |  | (285) |  |  | 29,309 |  |  | 505 |
Loss on extinguishment of debt | 2,814 |  |  | — |  |  | 5,999 |  |  | — |
Interest expense | 29,212 |  |  | 28,519 |  |  | 59,176 |  |  | 56,776 |
Depreciation and amortization | 84,515 |  |  | 48,377 |  |  | 158,537 |  |  | 97,399 |
Fair value loss (gain) on common stock warrant liabilities | (610) |  |  | 26,963 |  |  | 26,597 |  |  | (68,366) |
Currency losses (gains), net | 33 |  |  | (380) |  |  | 69 |  |  | 518 |
Restructuring costs, lease impairment expense and other related charges | 7,434 |  |  | 2,143 |  |  | 11,829 |  |  | 3,744 |
Transaction costs | — |  |  | 1,619 |  |  | 844 |  |  | 11,050 |
Integration costs | 7,622 |  |  | 2,153 |  |  | 14,964 |  |  | 3,839 |
Stock compensation expense | 4,707 |  |  | 2,227 |  |  | 8,221 |  |  | 4,014 |
Other | 569 |  |  | 314 |  |  | (1,283) |  |  | 58 |
Adjusted EBITDA | $ | 175,495 |  |  | $ | 97,520 |  |  | $ | 339,080 |  |  | $ | 187,062 |

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