Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021, respectively.

	Three Months Ended March 31, 2022
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	232,978	$	118,581	$	20,571	$	21,062			$	393,192
Delivery and installation	55,634		29,904		6,467		8,326				100,331
Sales revenue:
New units	4,845		942		128		682				6,597
Rental units	6,229		2,057		274		214				8,774
Total revenues	299,686		151,484		27,440		30,284				508,894
Costs:
Cost of leasing and services:
Leasing	63,989		16,346		4,237		4,306				88,878
Delivery and installation	49,054		21,526		3,923		7,012				81,515
Cost of sales:
New units	3,257		498		64		507				4,326
Rental units	3,538		1,353		157		96				5,144
Depreciation of rental equipment	50,917		6,631		1,138		3,530				62,216
Gross profit	$	128,931	$	105,130	$	17,921	$	14,833			$	266,815
Other selected data:
Adjusted EBITDA	$	103,948	$	63,825	$	12,544	$	11,506	$	—	$	191,823
Selling, general and administrative expense	$	77,520	$	47,938	$	6,514	$	6,857	$	11,381	$	150,210
Purchases of rental equipment and refurbishments	$	57,577	$	20,171	$	9,615	$	7,873	$	—	$	95,236

	Three Months Ended March 31, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	199,608	$	80,351	$	18,721	$	16,982			$	315,662
Delivery and installation	48,680		21,365		6,750		6,709				83,504
Sales revenue:
New units	7,460		2,184		871		440				10,955
Rental units	10,476		3,848		665		213				15,202
Total revenues	266,224		107,748		27,007		24,344				425,323
Costs:
Cost of leasing and services:
Leasing	51,075		10,733		4,296		3,791				69,895
Delivery and installation	44,705		15,740		4,091		5,600				70,136
Cost of sales:
New units	4,874		1,341		589		305				7,109
Rental units	5,848		2,522		624		111				9,105
Depreciation of rental equipment	46,720		4,793		914		3,271				55,698
Gross profit	$	113,002	$	72,619	$	16,493	$	11,266			$	213,380
Other selected data:
Adjusted EBITDA	$	97,371	$	46,322	$	11,064	$	8,828	$	—	$	163,585
Selling, general and administrative expense	$	62,350	$	31,089	$	6,343	$	5,710	$	11,837	$	117,329
Purchases of rental equipment and refurbishments	$	39,135	$	3,472	$	6,770	$	3,158	$	—	$	52,535

Reconciliation of Company’s Net Income from Operations to Adjusted EBITDA

The following table presents a reconciliation of the Company’s Net income to Adjusted EBITDA for the three months ended March 31, 2022 and 2021, respectively:

	Three Months Ended March 31,
(in thousands)	2022		2021
Net income	$	51,171	$	4,447
Income tax expense	15,748		10,481
Loss on extinguishment of debt	—		3,185
Fair value loss on common stock warrant liabilities	—		27,207
Interest expense	30,990		29,964
Depreciation and amortization	81,820		74,022
Currency losses, net	138		36
Restructuring costs, lease impairment expense and other related charges	263		4,395
Transaction costs	20		844
Integration costs	4,087		7,342
Stock compensation expense	6,395		3,514
Other	1,191		(1,852)
Adjusted EBITDA	$	191,823	$	163,585