Willscot corp (WSC)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15
Operating activities:
Net loss

-3,674

10,631

762

-12,907

-10,029

-10,387

-36,729

379

-6,835

-125,380

-8,357

-5,896

-10,179

-31,221

190

141

-46

-11

-9

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization

49,764

48,724

48,235

48,131

44,346

44,880

39,646

25,637

26,304

26,979

27,822

26,740

26,335

-

-

-

-

-

-

Provision for doubtful accounts

3,392

-

-

-

2,926

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for doubtful accounts

-

-

-

-

-

2,256

3,100

700

1,600

1,681

1,105

1,525

751

-

-

-

-

-

-

Impairment losses on long-lived assets

0

-2,228

0

2,786

2,290

1,600

0

0

0

-

-

-

-

-

-

-

-

-

-

Impairment on right of use assets

0

-

-

-

2,400

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of rental equipment and other property, plant and equipment

2,980

3,107

3,194

1,471

3,888

1,684

3,765

2,938

4,491

1,610

3,463

2,203

2,034

-

-

-

-

-

-

Interest receivable capitalized into notes due from affiliates

-

-

-

-

-

-

-

-

-

0

0

3,646

269

-

-

-

-

-

-

Amortization of debt discounts and debt issuance costs

2,896

2,718

2,965

2,975

2,792

2,851

2,279

1,264

1,258

10,674

3,887

4,343

2,983

-

-

-

-

-

-

Stock-based compensation expense

1,787

1,683

1,812

1,901

1,290

1,214

1,050

1,054

121

2,970

0

0

0

-

-

-

-

-

-

Deferred income tax benefit

684

-168

-1,266

-1,568

378

-25,852

-7,274

-6,646

-420

20,642

-2,610

-2,480

-2,593

-

-

-

-

-

-

Unrealized currency (gains) losses

-891

318

-197

332

292

-1,209

605

-89

-1,289

13,660

4,326

6,470

1,886

-

-

-

-

-

-

Changes in operating assets and liabilities
Trade receivables

-636

-737

20,201

17,405

26,779

10,223

14,605

10,887

737

1,335

15,381

3,006

841

-

-

-

-

-

-

Inventories

-281

-585

755

-2,224

1,185

688

995

-462

20

66

-138

-306

-304

-

-

-

-

-

-

Prepaid and other assets

5,701

-9,971

1,014

549

171

-8,243

-455

1,122

-840

3,116

1,094

3,210

4,505

-

-

-

-

-

-

Operating lease assets and liabilities

280

-

-

-

-851

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued interest receivable

-

-

-

-

-

-

-

-

-

731

3,780

574

2,640

-

-

-

-

-

-

Accrued interest

-3,540

2,634

-2,759

1,476

-5,568

4,624

13,811

-6,921

6,012

-35,710

16,603

-16,450

14,926

-

-

-

-

-

-

Accounts payable and other accrued liabilities

-9,760

-2,459

2,955

2,719

1,650

-2,493

-128

10,978

-22,819

11,528

14,144

11,448

2,651

-

-

-

-

-

-

Deferred revenue and customer deposits

3,952

-3,825

5,765

9,493

4,206

6,055

486

2,020

2,647

-1,872

-1,911

-1,612

2,306

-

-

-

-

-

-

Increase (decrease) in prepaid expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

99

0

0

0

-5

Net cash provided by operating activities

38,348

73,490

39,022

44,798

15,256

21,569

-3,220

14,018

4,782

-48,263

22,777

-1,185

25,309

58,565

178

35

-48

6

1

Investing activities:
Acquisition of businesses

-

-

-

-

-

-

-

0

24,006

-

-

0

0

-

-

-

-

-

-

Proceeds from sale of rental equipment

6,786

10,597

8,421

11,482

11,601

9,168

9,560

3,905

8,128

9,291

8,128

4,778

5,844

-

-

-

-

-

-

Purchase of rental equipment and refurbishments

39,648

44,229

47,789

61,215

51,873

49,378

46,742

32,679

32,084

29,425

28,053

29,326

24,897

-

-

-

-

-

-

Lending on notes due from affiliates

-

-

-

-

-

-

-

-

-

0

2,000

35,908

32,031

-

-

-

-

-

-

Proceeds from the sale of property, plant and equipment

3,840

5,564

4,308

8,804

87

7

0

158

523

375

6

1

10

-

-

-

-

-

-

Purchase of property, plant and equipment

1,518

1,740

2,701

2,270

1,629

1,531

1,475

616

1,000

1,508

923

1,312

703

-

-

-

-

-

-

Increase (decrease) in accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

12

10

Cash deposited in Trust Account

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

500,000

Trust income reinvested in Trust account

-

-

-

-

-

-

-

-

-

-

-

-

-

-

328

268

230

88

1

Net cash used in investing activities

-30,540

-29,808

-37,761

-43,199

-41,814

-40,734

-1,098,797

-29,232

-48,439

-258,415

-22,842

-59,616

-51,777

-29,408

-328

-268

-230

-88

-500,001

Financing activities:
Receipts from issuance of common stock

4,580

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Receipts from borrowings

35,793

63,023

28,004

421,939

39,264

28,028

1,122,809

24,502

37,290

807,042

126,480

167,332

54,797

-

-

-

-

-

-

Proceeds from sale of Public Offering Units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

500,000

Proceeds from sale of Private Placement Units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,750

Payment of underwriting discounts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

659

8,000

Receipts on borrowings from notes due to affiliates

-

-

-

-

-

-

-

-

-

0

0

13,000

62,000

-

-

-

-

-

-

Payment of financing costs

0

0

-63

2,603

83

1,809

34,770

0

0

20,668

-271

396

10,523

-

-

-

-

-

-

Repayment of borrowings

45,282

107,524

30,963

421,998

8,201

7,557

131,767

3,770

0

859,662

121,098

182,627

15,953

-

-

-

-

-

-

Principal payments on capital lease obligations

0

16

22

29

32

32

29

29

30

630

821

411

374

-

-

-

-

-

-

Withholding taxes paid on behalf of employees on net settled stock-based awards

673

0

0

0

654

0

0

0

0

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

-5,582

-44,690

-2,724

-8,943

30,294

18,631

1,103,443

20,703

37,260

305,156

4,832

-3,102

89,947

-

-

-

-

-659

501,750

Effect of exchange rate changes on cash and cash equivalents

-629

102

-76

55

85

-279

164

-169

73

-109

57

79

175

-

-

-

-

-

-

Net change in cash and cash equivalents

1,597

-906

-1,539

-7,289

3,821

-813

1,590

5,320

-6,324

-1,631

4,824

-63,824

63,654

-2,477

-149

-233

-279

-742

1,750

Supplemental cash flow information:
Interest paid

27,384

20,674

29,885

31,555

33,468

23,265

6,717

17,774

4,230

55,544

9,808

42,741

7,663

-

-

-

-

-

-

Income taxes paid (refunded), net

4

-1,695

192

1,103

-748

278

1,339

220

780

-989

37

-733

296

-

-

-

-

-

-

Capital expenditures accrued or payable

22,345

-2,498

2,096

1,201

23,147

3,307

650

4,010

12,818

146

2,781

-3,642

12,634

-

-

-

-

-

-

Deferred underwriters commission

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

19,500

Accrued offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-663

774

Formation and offering costs paid by sponsor in exchange for founder shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

25