v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2026 and 2025 as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
US$571,557 $550,716 $1,089,117 $1,081,762 
Canada32,088 33,119 57,437 56,318 
Mexico8,506 5,248 14,225 10,554 
Total revenues$612,151 $589,083 $1,160,779 $1,148,634 
Major Product and Service Lines
Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes turnkey space solutions along with VAPS. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance, removal, and other ad hoc services.
The Company’s revenue by major product and service line for the three and six months ended June 30, 2026 and 2025 was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Modular space leasing revenue(a)
$256,829 $251,374 $500,590 $497,238 
Portable storage leasing revenue74,944 79,563 147,467 156,598 
VAPS and third-party leasing revenues(b)
103,386 100,030 200,521 196,369 
Other leasing-related revenue(c)
14,525 11,949 26,628 27,101 
Leasing revenue449,684 442,916 875,206 877,306 
Delivery and installation revenue135,844 108,452 235,366 197,113 
Total leasing and services revenue585,528 551,368 1,110,572 1,074,419 
New unit sales revenue14,587 21,620 23,581 44,057 
Rental unit sales revenue12,036 16,095 26,626 30,158 
Total revenues$612,151 $589,083 $1,160,779 $1,148,634 
(a) Includes revenue from clearspan structures.
(b) Includes $12.6 million and $9.5 million of service revenue for the three months ended June 30, 2026 and 2025, respectively and $22.8 million and $18.7 million of service revenue for the six months ended June 30, 2026 and 2025, respectively.
(c) Includes primarily damage billings, delinquent payment charges, other processing fees associated with leasing arrangements, and is partially offset by write-offs of specific uncollectible lease receivables recorded as a reduction to revenue of $10.3 million and $15.1 million, for the three months ended June 30, 2026 and 2025, respectively and $23.4 million and $25.7 million for the six months ended June 30, 2026 and 2025, respectively.
Revenue
The majority of revenue (71% and 74% for the three months ended June 30, 2026 and 2025, respectively, and 73% and 75% for the six months ended June 30, 2026, and 2025, respectively) was generated by lease income subject to the guidance of Accounting Standards Codification ("ASC"), Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or the sale of units subject to the guidance of ASC, Revenue from Contracts with Customers (Topic 606) ("ASC 606").
Receivables
The Company manages credit risk associated with its accounts receivable at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 842 and ASC 606, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues.
Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end markets. The Company manages credit risk through credit approvals, credit limits, and other monitoring procedures.
The Company's allowance for credit losses reflects its estimate of the amount of receivables that the Company will be unable to collect. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimate is sensitive to changing circumstances, and the Company may be required to increase or decrease its allowance in future periods in response to changing circumstances, including changes in the economy or in the particular circumstances of individual customers. The Company has elected the practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. Specifically identifiable receivables not deemed probable of collection are recorded as a reduction of revenue. The remaining provision for credit losses is recorded as selling, general and administrative expense.
Activity in the allowance for credit losses for the three and six months ended June 30, 2026 and 2025 was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Balance at beginning of period$62,389 $100,291 $61,755 $101,693 
Provision for credit losses21,950 7,418 39,737 19,756 
Write-offs to leasing revenue(10,348)(15,072)(23,373)(25,661)
Write-offs to delivery and installation revenue(2,315)(3,522)(5,228)(6,007)
Write-offs to new units sales revenue(545)(587)(1,230)(1,001)
Write-offs to rental units sales revenue(408)(390)(923)(667)
Total write-offs recorded as a reduction to revenue, net of recoveries(13,616)(19,571)(30,754)(33,336)
Foreign currency translation and other14 222 (1)247 
Balance at end of period$70,737 $88,360 $70,737 $88,360 
Contract Assets and Liabilities
When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. As of June 30, 2026 and December 31, 2025, the Company recorded deferred revenue related to service revenue billed in advance of $145.8 million and $134.6 million, respectively. During the three and six months ended June 30, 2026, the Company recognized revenue of $21.5 million and $47.3 million, respectively, for service revenue billed in advance that was recorded as deferred revenue as of December 31, 2025.
The Company does not have material contract assets, and it did not recognize any material impairments of any contract assets. The Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the market rate in place at the time those services are provided, and therefore, the Company is applying the optional exemption to omit disclosure of such amounts.
The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year. As a result, the Company has applied the practical expedient for incremental costs of obtaining a sales contract and expenses commissions as incurred.