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Segment Reporting | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company operates in four reportable segments as follows: North America Modular Solutions ("NA Modular"), North America Storage Solutions ("NA Storage"), United Kingdom Storage Solutions ("UK Storage") and Tank and Pump Solutions ("Tank and Pump"). Total assets for each reportable segment are not available because the Company utilizes a centralized approach to working capital management. Transactions between reportable segments are not significant. In connection with the Merger, the Company determined its reportable segments as discussed above and retrospectively adjusted prior year's presentation to conform to the current presentation of reportable segments. The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects the further adjustments to EBITDA ("Adjusted EBITDA") to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core business operations. The Chief Operating Decision Maker ("CODM") evaluates business segment performance utilizing Adjusted EBITDA as shown in the reconciliation of the Company’s consolidated net income (loss) to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic operating results of the Company. The Company also regularly evaluates gross profit by segment to assist in the assessment of its operational performance. The Company considers Adjusted EBITDA to be the more important metric because it more fully captures the business performance of the segments, inclusive of indirect costs. Reportable Segments 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. 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 |
Included in restructuring costs for the three and six months ended June 30, 2021 was expense of approximately $4.3 million and $5.8 million, respectively, recognized as a result of the modification of certain equity awards associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's President and Chief Operating Officer. For the six months ended June 30, 2021, stock-based compensation expense reported in the Statement of Cash Flows included these charges.

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