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Segment Reporting (Tables)

6 Months Ended

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 for 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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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