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("WillScot Mobile Mini") and its subsidiaries.
−Removed: Headquartered in Phoenix, Arizona, we are a leading business services provider specializing in innovative flexible work space and portable storage solutions.
−Removed: We service diverse end markets across all sectors of the economy from a network of approximately 240 branch locations and additional drop lots throughout the United States (“US”), Canada, and Mexico.
−Removed: With roots dating back more than 60 years, we lease modular space and portable storage units (our “lease fleet”) to customers in the construction, commercial and industrial, retail and wholesale trade, energy and natural resources, education, government and institutions, healthcare and other end markets.
−Removed: We offer our customers an extensive selection of “Ready to Work” solutions with value-added products and services, such as the rental of steps, ramps, and furniture packages, damage waivers, and other amenities to improve the overall customer experience.
−Removed: These turnkey solutions offer customers flexible, low-cost, and timely solutions to meet their flexible work space and storage needs on an outsourced basis.
−Removed: WillScot Mobile Mini is the holding company for the Williams Scotsman and Mobile Mini families of companies, which resulted from the combination of WillScot Corporation and Mobile Mini, Inc.
−Removed: through a merger that occurred on July 1, 2020 (the "Merger").
+Added: Headquartered in Phoenix, Arizona, we are a leading business services provider specializing in innovative and flexible turnkey temporary space solutions.
+Added: Our diverse product offering includes modular office complexes, mobile offices, classrooms, restroom solutions, blast-resistant modules, clearspan structures, portable storage containers, and climate-controlled storage units.
+Added: We offer our customers a thoughtfully curated selection of “Ready to Work” solutions with value-added products and services, such as the rental of steps, ramps, furnishings, appliances, electrical and lighting products, space optimization assets, and other items that improve the overall customer experience.
+Added: These turnkey space solutions offer customers flexible, low-cost, and timely solutions to meet their temporary space needs on an outsourced basis.
+Added: With roots dating back more than 80 years, we service diverse end markets across all sectors of the economy from a network of approximately 250 branch locations and additional drop lots throughout the United States (“US”), Canada, and Mexico.
+Added: We lease turnkey temporary space solutions (our “lease fleet”) to customers in the construction, commercial and industrial, retail and wholesale trade, energy and natural resources, education, government, healthcare and other end markets.
+Added: WillScot Mobile Mini is the holding company for the Williams Scotsman and Mobile Mini families of companies, which resulted from the merger of WillScot Corporation ("WillScot") and Mobile Mini, Inc.
+Added: ("Mobile Mini") on July 1, 2020 (the "Merger").
On September 30, 2022, the Company completed the sale of its former Tank and Pump Solutions ("Tank and Pump") segment.
−Removed: On December 12, 2022, the Company entered into a Stock Purchase Agreement to sell its United Kingdom ("UK") Storage Solutions ("UK Storage Solutions") segment.
−Removed: On January 31, 2023, the Company completed the sale of its UK Storage Solutions segment.
−Removed: The consolidated financial statements present the historical financial results of the former Tank and Pump segment and the UK Storage Solutions segment as discontinued operations for all periods presented.
−Removed: The divestitures of the former Tank and Pump segment and the UK Storage Solutions segment completed the Company's transition of its portfolio to its core modular space and storage solutions businesses in North America.
−Removed: Following the completion of these transactions, the Company operates in two reportable segments and renamed them as follows:
−Removed: Modular Solutions ("Modular") and Storage Solutions ("Storage").
−Removed: During 2022, we acquired certain assets and liabilities of 13 smaller entities, which consisted primarily of approximately 14,100 storage units and 4,400 modular units for $220.6 million in cash.
+Added: On January 31, 2023, the Company completed the sale of its former United Kingdom Storage Solutions ("UK Storage Solutions") segment.
+Added: The accompanying consolidated financial statements present the historical financial results of the former Tank and Pump and UK Storage Solutions segments as discontinued operations for all periods presented.
+Added: During 2023, we acquired a U.S.
+Added: national provider of climate-controlled storage solutions, which consisted primarily of approximately 2,200 climate-controlled containers and refrigerated storage trailers, a regional modular space manufacturing and leasing business, which consisted primarily of approximately 1,300 modular leasing units, and a U.S.
+Added: national provider of premium large clearspan structures.
+Added: We also acquired certain assets and liabilities of five smaller entities, which consisted primarily of approximately 1,800 storage units and 700 modular units.
Products and Services
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Our modular space units meet a broad range of customer needs.
−Removed: Our modular units are typically made of steel and aluminum frames, as well as traditional building materials, and range from standalone portable units as small as 24 square feet to large complex units that can be coupled together or stacked to create versatile work spaces in excess of 10,000 square feet.
+Added: Our modular units are typically made of steel and aluminum frames, as well as traditional building materials, and range from standalone portable units as small as 24 square feet to large complex units that can be coupled together or stacked to create versatile workspaces in excess of 10,000 square feet.
In all cases, we deploy modular units to customers rapidly from our extensive branch network using our hybrid in-house and outsourced logistics and service infrastructure.
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O ur FLEX TM p anelized and stackable offices are the next generation of modular space technology and offer maximum flexibility and design configurations.
−Removed: These units provide a modern, innovative design, smaller footprint, ground level access, and interchangeable panels, including all glass panels that allow customers to configure
−Removed: the space to their precise requirements.
−Removed: These units have the ability to expand upwards up to three stories and outwards, which provides maximum versatility.
+Added: These units provide a modern, innovative design, smaller footprint, ground level access, and interchangeable panels, including all glass panels that allow customers to configure the space to their precise requirements.
+Added: These units can expand upwards up to three stories and outwards, which provides maximum versatility.
Single-Wide Modular Space Units.
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Classroom units are generally double-wide units or FLEX panelized units adapted specifically for use by school systems or universities.
−Removed: Classroom units usually feature teaching aids, air conditioning, heating and filtration units, windows and, if requested, toilet facilities.
+Added: Classroom units usually feature teaching aids, air conditioning, heating and filtration units, windows and, if requested, restroom facilities.
Ground Level Offices.
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These office units are equipped with electrical wiring, air conditioning, heating and filtration units, phone jacks, carpet or tile, high security doors, and windows with security bars or shutters.
−Removed: Some of these offices are also equipped with sinks, hot water heaters, cabinets and toilet facilities .
+Added: If requested, these offices are also equipped with sinks, hot water heaters, cabinets and restroom facilities .
+Added: Blast-Resistant Modules.
+Added: Our diverse fleet of blast-resistant modules has been specifically designed to protect our petrochemical, energy, refinery, and defense customers and any customers operating in blast radius zones.
+Added: These modules range from 480 square foot units to 2,400 square foot complexes and can be stacked to maximize space.
+Added: Our blast-resistant units are built for quick deployment to enhance worksite safety in the most hazardous industries, conditions, and blast threats.
+Added: Clearspan Structures.
+Added: Our temporary and semi-permanent clearspan structures allow us to offer more expansive flexible spaces to customers.
+Added: These highly configurable and durable temporary fabric structures are commonly utilized by existing customers across virtually all end markets that we serve.
+Added: Clearspan structures, also referred to as fabric buildings or industrial tents, are rapidly deployable and have numerous use cases including large-scale industrial warehousing, controlled environments for construction sites, retail and distribution space, and high-end event spaces among many others.
Other Modular Space.
We offer a range of other specialty products that vary across regions and provide flexibility to serve demands for local markets.
−Removed: Examples include workforce accommodation units with dining facilities used to house workers, often in remote locations, blast-resistant units, and toilet facilities to complement office and classroom units.
+Added: Examples include workforce accommodation units with dining facilities used to house workers, often in remote locations, and stand-alone restroom facilities to complement office and classroom units.
Portable Storage Solutions
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Our portable storage containers offer an assortment of differentiated features such as patented locking systems, premium and multiple door options, optional climate control, and numerous configuration options.
−Removed: Standard portable storage containers are made from weather‑resistant corrugated steel and are available in lengths ranging from 5 to 48 feet, widths of either 8 feet or 10 feet, and a variety of configuration options.
+Added: Standard portable storage containers are made from weather‑resistant corrugated steel and are available in lengths ranging from 5 to 48 feet, widths of either 8 or 10 feet, and a variety of configuration options.
Doors can be placed at the front, front and back, or the sides of containers.
−Removed: Other options include partitions, shelving and lighting.
−Removed: Storage containers can be equipped with our patented Tri‑Cam Locking System®, which features a waist‑level opening lever and interlocking bars to provide easy access for the owner without sacrificing security.
+Added: Other options include partitions, ramps, lighting, shelving, and other interior organizational solutions, including PRORACK TM , our innovative complete system of sturdy readily movable surfaces.
+Added: We provide our customers with various differentiated portable storage offerings, ranging from a standard ISO container to more premium products with enhanced security and other features.
+Added: Storage containers can be equipped with our patented Tri‑Cam Locking System®, which features a waist‑level opening lever and interlocking bars to provide easy access for the customer without sacrificing security.
We also offer ContainerGuardLock®, an optional security device, which features a hidden six‑pin tumbler system and is made from drill‑resistant hardened steel.
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We maintain our steel containers on a regular basis by removing rust, painting them with rust inhibiting paint, plug-welding holes, and occasionally replacing the wooden floor or a rusted steel panel.
−Removed: Repainting the outside of storage units is the most common maintenance item.
+Added: Repainting the outside
+Added: of storage units is the most common maintenance item.
A properly maintained container is essentially in the same condition as when it was initially acquired or remanufactured.
−Removed: The remanufacturing process begins with the purchase of used ISO containers from leasing companies, shipping lines, and brokers.
+Added: The remanufacturing process begins with the purchase of used ISO-certified containers from leasing companies, shipping lines, and brokers.
These containers were originally built to ISO standards and are 8 feet wide, up to 9.5 feet high and 20, 40 or 45 feet long.
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Modification typically involves splitting some containers into differing lengths.
+Added: Cold Storage Containers and Trailers.
+Added: We also offer climate-controlled containers, walk-in freezers, refrigerated storage trailers, and dock-height refrigerated trailers.
+Added: These turnkey cold storage solutions come in a variety of sizes and are available for lease across the United States.
We offer a thoughtfully curated portfolio of VAPS that make modular space and portable storage units more productive, comfortable, secure, and “Ready to Work” for our customers.
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For customers who do not select the damage waiver program, we bill them for the cost of repairs above and beyond normal wear and tear.
−Removed: Importantly, management believes that our scale, branch network, supply chain, and sales performance management tools give us a significant advantage in delivering “Ready to Work” solutions and growing VAPS revenue relative to our competitors.
+Added: Importantly, management believes that our scale, branch network, supply chain, and sales performance management tools give us a significant advantage in delivering “Ready to Work” turnkey temporary space solutions to our customers and growing VAPS revenue relative to our competitors.
Delivery, Installation and Removal
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Product Leases
−Removed: We primarily lease, rather than sell, our modular and portable storage units to customers, which results in a highly diversified and predictable reoccurring revenue stream.
+Added: We primarily lease, rather than sell, our turnkey temporary space solutions to customers, which results in a highly diversified and predictable recurring revenue stream.
For the year ended December 31, 2023, over 90% of new lease orders were on our standard lease agreement, pre-negotiated master lease, or national account agreements.
+Added: Rental contracts with customers within our Modular segment are generally based on a 28-day or monthly rate and billing cycle.
The initial lease periods vary, and our leases are customarily renewable on a month-to-month basis after their initial term.
For the year ended December 31, 2023, the average effective duration of our consolidated lease portfolio for modular space and portable storage units, excluding seasonal portable storage units, was approximately 37 months.
−Removed: As a result, our lease revenue is highly predictable due to its reoccurring nature and the underlying stability and diversification of our lease portfolio.
+Added: As a result, our lease revenue is highly predictable due to its recurring nature and the underlying stability and diversification of our lease portfolio.
For the year ended December 31, 2023, our average minimum contractual lease term at the time of delivery in our Modular segment for modular space units was 13 months.
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Rental contracts provide that the customer is responsible for the cost of delivery and pickup and specify that the customer is liable for any damage done to the unit beyond ordinary wear and tear.
−Removed: Customers may purchase a damage waiver to avoid damage liability in certain circumstances, which provides an additional source of reoccurring revenue.
+Added: Customers may purchase a damage waiver to avoid damage liability in certain circumstances, which provides an additional source of recurring revenue.
Customer possessions stored within a portable storage unit are the responsibility of that customer unless covered under our contents insurance products.
Demand for our products varies by end market.
−Removed: Construction customers typically reflect higher demand during months with more temperate weather, while demand from large retailers is stronger from September through December, when more space is needed to store holiday inventories.
−Removed: Retail customers usually return these rented units in December and early in the following year, but also undertake ongoing rolling store renovations which present consistent reoccurring demand throughout the year.
−Removed: As of December 31, 2022, we had over 364,000 total units including over 154,000 modular space units, approximately 210,000 portable storage units, and other value-added products representing fleet net book value of $3.1 billion and over 128 million square feet of relocatable commercial space.
+Added: Construction customers typically reflect higher demand during months with more temperate weather, while demand from large retailers is stronger from September through December, when
+Added: more space is needed to store holiday inventories.
+Added: Retail customers usually return these rented units in December and early in the following year, but also undertake ongoing rolling store renovations which present consistent recurring demand throughout the year.
+Added: As of December 31, 2023, we had over 368,000 total units including over 156,000 modular space units, approximately 212,000 portable storage units, and other value-added products representing fleet net book value of $3.4 billion and approximately 130 million square feet of relocatable commercial space.
Approximately 99,000 of our modular space units, or 63%, and 151,000 of our portable storage units, or 71%, were on rent as of December 31, 2023.
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We complement our core leasing business by selling both new and used units, allowing us to leverage our scale, achieve purchasing benefits, and redeploy capital employed in our lease fleet.
−Removed: Generally, we purchase new units from a broad network of third-party manufacturers.
+Added: Generally, we purchase new units from a broad network of third-party manufacturers, or in some instances, manufacture the units ourselves.
We only purchase new modular space units for resale when we have obtained firm purchase orders (which normally are non-cancelable and include up-front deposits) for such units.
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The sale of units from our rental equipment has historically been both a profitable and cost-effective method to finance the replenishment and upgrade of our lease fleet, as well as to generate free cash flow during periods of lower rental demand and utilization.
−Removed: sales business may include modifying or customizing units to meet customer requirements.
+Added: Our sales business may include modifying or customizing units to meet customer requirements.
We also offer delivery, installation, and removal-related services for an additional fee as part of our sales operations.
Our customers operate in a diversified set of end markets, including construction, commercial and industrial, retail and wholesale trade, energy and natural resources, education, government and institutions, and healthcare.
−Removed: Core to our operating model is the ability to redeploy standardized assets across end markets, as we did in the last few years to service emerging demand in the healthcare and government sectors related to COVID‑19, as well as expanded space requirements related to social distancing.
−Removed: We track several market leading indicators to predict demand, including those related to our two largest end markets, the commercial and industrial segment and the construction segment, which accounted for approximately 47% and 41% of our revenues, respectively, for the year ended December 31, 2022.
+Added: Core to our operating model is the ability to redeploy standardized assets across end markets, as we did to service emerging demand in the healthcare and government sectors related to COVID‑19, as well as expanded space requirements related to social distancing.
+Added: We track several market leading indicators to predict demand, including those related to our two largest end markets, the commercial and industrial segment and the construction segment, each of which accounted for approximately 43% and 42% of our revenues, respectively, for the year ended December 31, 2023.
To optimize the use of fleet assets across our branch network, we centrally manage fleet rebalancing across our end markets.
−Removed: This allows us to serve 15 distinct end markets in which no one customer accounted for more than 3% of revenues for the year ended December 31, 2022.
+Added: This allows us to serve 15 distinct end markets in which no single customer accounted for more than 2% of revenues for the year ended December 31, 2023.
For the year ended December 31, 2023, our top 10 customers accounted for approximately 6% of revenues, and our top 50 customers accounted for approximately 13% of revenues, reflecting low customer concentration and significant project diversification within our portfolio.
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Construction and Infrastructure
−Removed: We provide office and storage space to a broad array of contractors associated with non-residential buildings and non-building infrastructure.
+Added: We provide office and storage space to a broad array of contractors associated with non-residential buildings and non-building infrastructure, and to a lesser extent, residential construction.
Our client portfolio includes many of the largest general contractors and engineering, architecture, procurement, and construction companies in North America, working across all of the non-residential construction sub-sectors.
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Our construction and infrastructure customer base is characterized by a wide variety of contractors that are associated with original construction as well as capital improvements in the private, institutional, and municipal arenas.
−Removed: Units are used as offices, break rooms, accommodations, security offices, and other applications.
+Added: Units are used as offices, lunch and break rooms, accommodations, restroom facilities, material and equipment storage facilities, security offices, and other applications.
Commercial and Industrial
−Removed: Customers in this category use our products as their primary office or retail space, to expand their existing commercial workspace, to increase their storage capabilities, or as temporary space for festivals, sporting, and other events.
+Added: Customers in this category use our products as their primary office or retail space, to expand their existing commercial workspace, to increase their storage capabilities, or as temporary space for festivals, trade shows, sporting, and
+Added: other events.
Customers in this category span a variety of industries ranging from commercial offices;
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Units are used as temporary offices, break rooms, accommodations, security offices, blast-resistant facilities, and other applications.
−Removed: Rapid shifts in populations within regions, as well as recent needs to expand square footage per student in in-person education settings, often necessitate quick and cost-effective expansion of education facilities, across the spectrum of elementary and secondary schools and universities and colleges.
+Added: Rapid shifts in populations within regions, as well as expanding square footage per student requirements in in-person education settings, often necessitate quick and cost-effective expansion of education facilities, across the spectrum of elementary and secondary schools and universities and colleges.
Regional and local governmental budgetary pressures, classroom size reduction legislation, refurbishment of existing facilities, and the expansion of charter schools have made modular classrooms a convenient and cost-effective way to expand capacity in education settings.
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We believe that the following competitive strengths have been instrumental to our success and position us for future growth:
−Removed: North American Leader in Turnkey Modular Space and Portable Storage Solutions
−Removed: We are an industry-leading business services provider specializing in innovative flexible work space and portable storage solutions.
−Removed: We have the widest and most flexible offering of temporary relocatable commercial spaces, a diverse customer base with over 85,000 customers across different end markets, and a geographic footprint of approximately 240 branch locations and additional drop lots.
−Removed: Our unrivaled network serves the largest North American metropolitan areas with local teams who are experts in their respective markets.
+Added: North American Leader in Turnkey Temporary Space Solutions
+Added: We are an industry-leading business services provider specializing in innovative turnkey temporary space solutions.
+Added: We have a wide and flexible offering of temporary relocatable commercial spaces, a diverse customer base with over 85,000 customers across different end markets, and a geographic footprint of approximately 250 branch locations and additional drop lots.
+Added: Our network serves the largest North American metropolitan areas with local teams who are experts in their respective markets.
Our cost‑effective coverage model serves smaller customers at the local and regional level, while also addressing the needs of larger national customers looking for a full suite of high-quality services that can be provided on a consistent basis throughout North America.
Since geographic proximity to customers is a competitive advantage when offering temporary commercial space, we believe that our extensive branch network allows us to better serve existing customers and attract new customers.
−Removed: We believe our extensive scale results in significant operational benefits, such as optimization of fleet yield and utilization, efficient capital allocation, superior service capabilities, and the ability to offer consistent "Ready to Work" solutions across all of our branch locations.
−Removed: We deliver "Ready to Work" solutions through our growing offering of VAPS, such as the rental of steps, ramps, furniture packages, damage waivers, and other amenities.
+Added: We believe our extensive scale results in significant operational benefits, such as optimization of fleet yield and utilization, efficient capital allocation, superior service capabilities, and the ability to offer consistent "Ready to Work" turnkey solutions across all of our branch locations.
+Added: Value-Added Products and Services ("VAPS")
+Added: We deliver "Ready to Work" solutions through our growing offering of VAPS, such as the rental of steps, ramps, furniture, appliances, internet connectivity devices, integral tool racking, heavy duty capacity shelving, workstations, electrical and lighting products, and other amenities.
This thoughtfully curated portfolio of VAPS makes modular space and portable storage units more productive, comfortable, and secure for our customers and allows us to generate higher revenue per transaction and return on capital and differentiates us from our competitors.
These turnkey solutions offer customers flexible, low‑cost, capital efficient, and timely solutions to meet their space needs on an outsourced basis.
−Removed: VAPS have been a substantial source of revenue growth in our Modular segment over the last decade.
+Added: VAPS have been a substantial source of revenue growth for us over the last decade.
We have been able to successfully drive a material increase in customer VAPS spend into our recently acquired businesses, which generates highly tangible revenue synergies.
We believe our ability to drive VAPS growth following our historical acquisitions highlights the value proposition our VAPS provide to our customers.
−Removed: During 2022 and 2021, in the Storage segment we introduced similar cross-selling opportunities within portable storage units and ground level offices.
−Removed: We introduced innovative "Ready to Work" storage solutions with VAPS such as integral tool racking, storage desks and charging stations, heavy duty capacity shelving, lighting and locks.
Sophisticated Logistics and Service Capabilities
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We believe our technology serves as a primary differentiator relative to our competition and is a key component of our customer value proposition.
+Added: Our US and Canadian Modular and Storage teams operate using a single consolidated customer relationship management ("CRM") software platform which provides greater visibility into our customer base and enhances our ability to cross-sell our portfolio of products to our customers.
We leverage our state of the art SAP enterprise resource planning platform and our data and analytics platform to achieve operating efficiencies and enhance the overall customer experience.
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We also believe our ability to leverage this data helps us to increase our market share and effectively manage supply and demand dynamics in our fleet to maximize cash flow in all phases of the economic cycle, including identifying opportunities where underutilized lease fleet can be sold to generate cash.
−Removed: During 2022, we made significant investments in our customer relationship management ("CRM") software, moving from our legacy WillScot and Mobile Mini CRM instances into one new, consolidated CRM platform.
−Removed: Starting in the first quarter
−Removed: of 2023, our US and Canadian Modular and Storage teams will operate in a single CRM system which will provide greater visibility into our customer base and will enhance our ability to cross-sell our portfolio of products to our customers.
−Removed: Similarly, technology is continuing to develop related to our fleet and inventory to offer an enhanced experience for our customers.
+Added: Similarly, advancements in technology continue to shape our fleet and inventory, enabling us to offer an enhanced experience for our customers.
Unit tracking, customer service portals, and other customer‑facing technological benefits differentiate our offering from competitors who have not invested in these capabilities.
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This allows us to serve 15 distinct end markets in which no customer accounted for more than 2% of revenue for the year ended December 31, 2023.
−Removed: REVENUE MIX BY END MARKET CUSTOMER CONCENTRATION
Proven Track Record Realizing Acquisition Synergies and Deploying Best Practices
−Removed: We have a strong track record of integrations and generating significant revenue and cost synergies with our acquisitions.
−Removed: Since our public listing in 2017, we have executed over 25 acquisitions and divestitures totaling approximately $4.8 billion in cumulative enterprise value.
−Removed: These transactions have included small local storage portfolios, regional operators with mixed modular and storage fleets, and larger transformational acquisitions such as Mobile Mini in 2020.
−Removed: Most recently in 2022, the Company acquired certain assets and liabilities of 13 regional and local modular space and storage businesses and quickly integrated these assets into our leasing portfolio and branch network, given the scalability of our operating platform.
+Added: We have a strong track record of integrating and generating significant revenue and cost synergies with our acquisitions.
+Added: Since our public listing in 2017, we have executed 33 acquisitions and divestitures totaling approximately $5.4 billion in cumulative enterprise value.
+Added: These transactions have included small local storage portfolios, regional operators with mixed modular and storage fleets, and larger transformational acquisitions such as Modular Space Corporation in 2018 and Mobile Mini in 2020.
+Added: Most recently in 2023, we acquired a U.S.
+Added: national provider of cold storage solutions, a regional modular space manufacturing and leasing business, and a U.S.
+Added: national provider of premium large clearspan structures.
+Added: We also acquired certain assets and liabilities of five regional and local modular space and storage businesses in 2023 and, given the scalability of our operating platform, quickly integrated these assets into our leasing portfolio and branch network.
Opportunities such as these allow us to reach new customers, expand our product and service offering, and provide further opportunities for revenue and cost synergies.
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As such, we have made significant investments in our lease fleet and consolidated several competitors.
−Removed: For the year ended December 31, 2022, our modular space and portable storage lease fleet consisted of over 128 million square feet of relocatable space, comprising over 154,000 office units and approximately 210,000 steel container units.
+Added: For the year ended December 31, 2023, our modular space and portable storage lease fleet consisted of approximately 130 million square feet of relocatable space, comprising over 156,000 modular space units and approximately 212,000 portable storage units.
We generate an attractive internal rate of return ("IRR") in our modular space portfolio driven by the long economic life of our fleet, exceeding 20 years on average, inclusive of any capital expenditure ("capex") required to maintain the fleet to its value maximizing earning potential.
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The stability of cash flows combined with strong economic returns make both modular space and portable storage containers highly attractive specialty rental asset classes, and our logistics and service capabilities and investments in technology further enhance the returns we can generate from these assets.
−Removed: The following chart illustrates the breakdown of the net book value ("NBV") of our rental equipment between the various modular space product types, portable storage and VAPS as of December 31, 2022.
−Removed: Our Business Generates Predictable Reoccurring Cash Flow Due to Our Long-Term Leases and Flexible Capex Requirements
−Removed: Our reoccurring revenue, combined with our flexible capex requirements and efficient use of working capital has allowed us to generate substantial free cash flow, both in periods of growth and economic downturn.
+Added: The following chart illustrates the breakdown of the net book value ("NBV") of our rental equipment between modular space units, portable storage units and VAPS as of December 31, 2023.
+Added: Our Business Generates Predictable Recurring Cash Flow Due to Our Long-Term Leases and Flexible Capex Requirements
+Added: Our recurring revenue, combined with our flexible capex requirements and efficient use of working capital has allowed us to generate substantial Free Cash Flow, both in periods of growth and economic downturn.
The long term nature of our leases, with average lease durations of approximately 37 months as of December 31, 2023, produces strong operating income and predictable cash flow.
−Removed: We exercise control and discretion over capex, due to the longevity and relative simplicity of our products, the ability to invest only where needed and when needed to meet demand, and the ability to sell excess fleet during lower utilization periods.
−Removed: During periods of economic stress, we have the ability to substantially reduce capex throughout the portfolio to maximize cash flow, resulting in a free cash flow profile that we believe is counter‑cyclical.
−Removed: We operate within the modular space and portable storage markets, which are attractive subsegments within the $1 trillion North American market for commercial space.
+Added: Due to the longevity and relative simplicity of our products, we exercise control and discretion over capex, investing only where needed and when needed to meet demand, and selling excess fleet during lower utilization periods.
+Added: During periods of economic stress, we have the ability to substantially reduce capex and variable costs throughout the portfolio to maximize cash flow, resulting in a Free Cash Flow profile that we believe is counter‑cyclical.
+Added: We operate within the modular space and portable storage markets, which we believe are attractive subsegments within the $1 trillion North American market for commercial space.
Our services also span across a variety of related sectors, including furniture rental, transportation and logistics, facility management, job site services, commercial storage, and commercial real estate.
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Units are typically constructed of steel, wood and conventional building materials and can be permanent or relocatable.
+Added: Blast-resistant modules have been specifically designed to protect our petrochemical, energy, refinery, and defense customers and any customers operating in blast radius zones.
+Added: Clearspan structures, also referred to as fabric buildings or industrial tents, are rapidly deployable and have numerous use cases including large-scale industrial warehousing, controlled environments for construction sites, retail and distribution space, and high-end event spaces.
The modular space market has evolved in recent years as businesses and other potential customers increasingly recognize the value of modular space.
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• Environmentally friendly:
−Removed: relocatable buildings promote the reuse of facilities, on an as-needed basis, by the occupants, and leave zero residual footprint once removed.
+Added: relocatable buildings promote the reuse of facilities, on an as-needed basis, by the occupants, and leave no residual footprint once removed.
Portable Storage Market
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Remanufacturing typically involves cleaning, removing rust and dents, repairing floors and sidewalls, painting, and adding company logos or signs, and may include further customization by adding our proprietary easy opening door system and our patented Tri‑Cam Locking System®.
+Added: Portable storage units also include climate-controlled storage containers, walk-in freezers, refrigerated storage trailers and dock-height refrigerated trailers.
Portable storage units continue to find new applications as business needs change and develop.
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While standard applications include locking double‑door systems to facilitate loading, custom entrances, such as rolling or sliding doors, can be added for personnel access.
+Added: Units can also be outfitted with partitions, ramps, lighting, shelving and other interior organizational solutions, including PRORACK™, our innovative complete system of sturdy, readily movable surfaces that can increase the capacity and functionality of our products.
• Affordability:
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We believe that this broad service capability differentiates us from other commercial space rental and service providers and is a competitive advantage in the marketplace.
−Removed: Although our competition varies significantly by local market, the modular space and portable storage industry is highly competitive and fragmented as a whole.
−Removed: We believe that participants in our industry compete on the basis of customer relationships, product quality and availability, delivery speed, VAPS and service capabilities, pricing and overall ease of doing business.
+Added: Although our competition varies significantly by local market, the temporary space industry is highly competitive and fragmented as a whole.
+Added: We believe that participants in our industry compete based on of customer relationships, product quality and availability, delivery speed, VAPS and service capabilities, pricing and overall ease of doing business.
We typically compete with one or more local providers in all of our markets, as well as with a limited number of national and regional companies.
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Some of our competitors may have greater market share in certain geographic regions.
−Removed: Significant modular space and portable storage competitors include McGrath, United Rentals, ATCO Structures & Logistics, and Satellite Shelters.
+Added: Significant competitors include McGrath RentCorp, United Rentals, ATCO Structures & Logistics, and Satellite Shelters.
Numerous other regional and local companies compete across the markets that we serve.
2 unchanged sentences
Expand Penetration of Value-Added Products and Services ("VAPS")
−Removed: VAPS have been the most prominent growth driver in our modular business for almost a decade.
−Removed: We believe this growth opportunity could be substantially larger if we successfully penetrate more of our modular space, ground level office and portable storage units and continue to expand our VAPS offerings through new product introductions.
+Added: VAPS have been a prominent growth driver in our business for almost a decade.
+Added: We believe this growth opportunity could be substantially larger if we successfully penetrate more of our modular space and portable storage units and continue to expand our VAPS offerings through new product introductions.
Optimize Rate Across Fleet
−Removed: We continue to advance multiple pricing strategies across our fleet to drive revenue growth.
−Removed: Leveraging our expertise developed in our Modular segment, we plan to implement dynamic pricing, customer segmentation, and contract standardization in our Storage segment.
−Removed: Our long history of success, demonstrated by 21 consecutive quarters of double-digit rate growth as of December 31, 2022 in the US within our Modular segment, gives us confidence that we can successfully deploy this strategy.
−Removed: The turnover of our fleet, with average lease durations of nearly three years, creates natural and reoccurring opportunities to capture incremental price increases.
+Added: We continue to advance multiple pricing strategies, customer segmentation, and contract standardization across our fleet to drive revenue growth.
+Added: Our long history of success, demonstrated by 25 consecutive quarters of double-digit rate growth as of December 31, 2023 in the US within our Modular segment, gives us confidence that we can continue to successfully deploy this strategy.
+Added: The turnover of our fleet, with average lease durations of approximately three years, creates natural and reoccurring opportunities to capture incremental price increases.
As the market leader in our industry, we offer the broadest fleet portfolio, the most differentiated turnkey VAPS, and the most consistent service capabilities across the largest branch network to help our customers be 'Ready to Work'.
Enhance Market Penetration Between Segments
−Removed: The combination of WillScot and Mobile Mini through the Merger created a leading business services provider specializing in innovative flexible work space and portable storage solutions.
+Added: The combination of WillScot and Mobile Mini through the Merger created a leading business services provider specializing in innovative flexible workspace and portable storage solutions.
At the time of the Merger, we recognized that there was 80% end-market overlap and 40% customer overlap, a clear strategic opportunity for our complementary product lines.
2 unchanged sentences
Our sales force is optimally positioned to improve efficiency by leveraging our management information systems and using real-time information to monitor and optimize conversion of customer opportunities across our core segments.
−Removed: During 2022, we made significant investments in our customer relationship management ("CRM") software, moving from our legacy WillScot and Mobile Mini CRM instances into one new, consolidated CRM platform.
−Removed: Starting in the first quarter of 2023, our US and Canadian Modular and Storage teams will operate in a single CRM system which will provide greater visibility into our customer base and will enhance our ability to cross-sell our portfolio of products to our customers.
+Added: During 2022 and 2023, we made significant investments in our CRM software platform, moving from our legacy WillScot and Mobile Mini CRM instances into one new, consolidated CRM platform.
+Added: Starting in February 2023, our US and Canadian Modular and Storage teams began to operate in a single CRM system which provides greater visibility into our customer base and enhances our ability to cross-sell our portfolio of products to our customers.
We believe this investment will significantly accelerate our market share convergence as well as increase penetration of our VAPS, while enhancing customer satisfaction.
3 unchanged sentences
We continually assess our branch operating footprint, vendor base, and operating structure to maximize revenue generation while minimizing costs.
−Removed: The Merger provides us with increased scale, numerous operational best practices from both the legacy WillScot and legacy Mobile Mini businesses, and a state-of-the-art SAP ERP platform, all of which we believe will significantly improve our operating efficiency over time.
−Removed: To improve our logistics capabilities, we are implementing algorithm-based route optimization processes to minimize mileage, fuel cost and emissions.
−Removed: We have a proven track record of efficiently integrating acquisitions and quickly eliminating operational redundancies while maintaining acquired customer relationships.
+Added: We believe the increased scale, numerous operational best practices, and state-of-the-art SAP ERP platform provided by the Merger, as well as the new, consolidated CRM platform will significantly improve our operating efficiency over time.
+Added: To improve our logistics capabilities, in 2024 we plan to implement a consolidated logistics platform and algorithm-based route optimization processes to minimize mileage, fuel cost and emissions.
+Added: With a single ERP and CRM platform in place and a single logistics platform on the horizon, we have assessed our field management structure and in 2024 will be unifying our go-to-market approach for our modular and storage businesses to a single field sales and operations management structure where all modular and storage products will be managed by a unified team in each local market.
+Added: We believe this new structure will allow us to cross-sell our various products more effectively by being closer to our customers in each geographical market, improve operations through sharing of logistics and service capabilities, and provide increased opportunities for our employees for career development and growth as we continue to expand our product offerings and services.
Leverage Scale and Organic Initiatives with Accretive Acquisitions
1 unchanged sentence
We estimate that approximately 50% of the modular market and approximately 70% of the portable storage market in North America are supplied by regional and local competitors.
−Removed: We believe we have the broadest network of operating branches in North America, as well as a scalable corporate center and information technology systems, which position us to continue to acquire and integrate other companies
−Removed: while expanding the products and services available and offered to acquired customers.
−Removed: During 2022, we continued our programmatic tuck-in strategy and acquired certain assets and liabilities of several smaller entities, which consisted primarily of 14,100 storage units and 4,400 modular units.
+Added: We believe we have the broadest network of operating branches in North America, as well as a scalable corporate center and information technology systems, which position us to continue to acquire and integrate other companies while expanding the products and services available and offered to acquired customers.
+Added: During 2023, we acquired a U.S.
+Added: national provider of cold storage solutions, which consisted primarily of approximately 2,200 climate-controlled containers and refrigerated storage trailers, a regional modular space manufacturing and leasing business, which consisted primarily of
+Added: approximately 1,300 modular leasing units, and a U.S.
+Added: national provider of premium large clearspan structures.
+Added: We also continued our programmatic tuck-in strategy and acquired certain assets and liabilities of five smaller entities in 2023, which consisted primarily of approximately 1,800 storage units and 700 modular units.
We expect to pursue acquisitions opportunistically that will provide further scale efficiencies and allow us to improve returns generated by the acquired assets.
+Added: We have a proven track record of efficiently integrating acquisitions and quickly eliminating operational redundancies while maintaining acquired customer relationships.
Deploy Capital to Strategically Support Organic Growth and Optimize Returns
10 unchanged sentences
As of December 31, 2023, we employed approximately 5,000 people in North America (the US, Canada and Mexico), the majority of whom are full time.
−Removed: We have collective bargaining agreements in portions of our Mexico-based operations representing approximately 0.8% of our worldwide employees.
−Removed: Approximately 88% of employees work in our approximately 240 branch locations and additional drop lots, while 12% of employees serve in various corporate functions.
−Removed: We have not experienced a strike or significant work stoppage, and we consider our relations with the labor unions and employees to be good.
−Removed: The Senior Vice President ("SVP"), Human Resources, along with other members of our executive leadership team, executes the Company's human capital strategy.
−Removed: This includes attracting, hiring, developing, retaining and engaging talent to deliver on the Company's strategy, designing employee compensation and benefits programs and developing and integrating the Company's inclusion and diversity ("I&D") initiatives.
−Removed: Whether at a branch location or onsite with our customer s, we believe our people give WillScot Mobile Mini a competitive advantage in the industry.
+Added: Approximately 77% of employees work in our approximately 250 branch locations, while 23% of employees serve in various corporate functions.
+Added: We have not experienced a strike or significant work stoppage, and we consider our relations with our employees to be good.
+Added: The Compensation Committee of our Board of Directors ("Board of Directors" or "Board") is responsible for providing oversight of our human capital strategy.
+Added: Our Executive Vice President and Chief Human Resources Officer leads the execution of the Company's human capital strategy, in collaboration with our executive leadership team, to align human capital resources with our strategic objectives.
+Added: This includes optimizing human resources ("HR") delivery through talent acquisition, compensation and benefits and initiatives for inclusion, diversity, equity and accessibility.
+Added: In 2023, we implemented an HR Excellence function to enhance our focus on HR technology and business processes while continuing to build upon key initiatives in employee communications and engagement.
+Added: Whether in our operational or commercial teams at branch locations or onsite with customers, or in our shared services and corporate function teams, we believe our people give WillScot Mobile Mini a competitive advantage in the industry.
That differentiation begins with o ur values.
−Removed: Our values are lived through our employees, acknowledged by our vendors and aligned to the needs of our customers and communities.
+Added: Our Company values are lived through our employees, acknowledged by our vendors and aligned to the needs of our customers and communities.
Our values provide the basis of our approach to human capital management as well as how we treat our stakeholders.
1 unchanged sentence
• Dedicated to Health & Safety:
−Removed: We are subject to certain environmental, health and safety regulations as well as other laws and regulations in countries, states or provinces, and localities in which we operate.
−Removed: The Company's health and safety programs are designed around global standards with appropriate variations addressing the multiple jurisdictions and regulations, specific hazards and unique working environments of the Company's operations.
We take responsibility for our own well-being and for those around us.
+Added: Health and safety are first, last and everything in-between.
• Committed to Inclusion & Diversity:
We are stronger together when we celebrate our differences and strive for inclusiveness.
−Removed: We believe that a rich culture of inclusion and diversity enables us to create, develop and fully leverage the strengths of our workforce to exceed customer expectations and meet our growth objectives.
We encourage collaboration and support the diverse voices and thoughts of our employees and communities.
• Driven to Excellence:
−Removed: We measure success through our results and achievement of our goals.
−Removed: We continuously improve ourselves and our products and services in pursuit of maximizing long-term stockholder value.
+Added: We measure success through our results and the achievement of our goals.
+Added: We continuously improve ourselves, our products and services in pursuit of shareholder value.
• Trustworthy & Reliable:
−Removed: We hold ourselves accountable to do the right thing.
+Added: We hold ourselves accountable to do the right thing, especially when nobody's looking.
• Devoted to Our Customers:
−Removed: We anticipate the growing needs of our customers and strive to exceed their expectations and make it easy to do business with us.
+Added: We anticipate the growing needs of our customers, exceed their expectations and make it easy to do business with us.
• Community Focused:
We actively engage in the communities we serve and deliver sustainable solutions.
−Removed: Elements of Our Human Capital Strategy
−Removed: To mitigate disruptions in the labor force experienced throughout the economy, beginning in 2020 and continuing into 2022, we took a holistic approach designed to meet our employees where they are at any stage of their lives.
−Removed: Our employee value proposition is simple:
−Removed: every day our employees deliver excellent service to our customers, and WillScot Mobile Mini is committed to delivering an employee experience that creates opportunity and ensures dignity for every employee.
−Removed: Our involuntary turnover remains low, and the average tenure of our drivers remains strong at five years, during a period where
−Removed: demand for drivers is increasingly high.
−Removed: We believe that our strategy with the cornerstones of opportunity and personal dignity gives us an advantage over other companies.
−Removed: Our offerings are designed to benefit employees and their families, and we continue to develop best-in-class programs and services that are aligned to deliver targeted business outcomes that best fuel our growth trajectory.
−Removed: Through acquisitions, we believe that we have extended these benefits to a broader employee population while raising the operating standards in our industry.
−Removed: The following highlights a few of our programs.
−Removed: Safety Culture
−Removed: Protection of our people and the environment within the communities we do business in is a core value at WillScot Mobile Mini.
−Removed: A relentless focus on health, safety, and well-being to achieve a “Zero” harm culture is the primary factor that shapes who we are, what we do, and how we deliver results.
−Removed: WillScot Mobile Mini fosters a work environment in which our employees feel empowered to choose and make the safest and best decisions possible to eliminate the risk of injury, property damage, or harm to the environment.
−Removed: We recognize our safety culture is built on both individual and team responsibility, commitment, and focus.
−Removed: See the "Our Approach to Environmental, Social and Governance" section below for further information on our safety culture.
−Removed: Employee Engagement
−Removed: We are committed to keeping our employees informed and engaged in Company news and events, while helping them connect to our strategy and values.
−Removed: We share information through a range of channels including direct email and text capabilities, an employee intranet, displays in our branches, and quarterly all-employee town halls.
−Removed: We actively engage with our employees in topics that impact their experiences at work.
−Removed: We work with an outside vendor to administer an enterprise-wide employee engagement survey strategy that includes pulse surveys to give our teams an active voice on topics that impact them directly.
−Removed: Their feedback is leveraged to shape policies, processes and other aspects of our workplace.
−Removed: Learning and Development
−Removed: Human capital development underpins our efforts to execute our strategy and continue to develop our people, products and services.
−Removed: We continually invest in our employees’ career growth and provide all employees with a wide range of personal and professional development experiences, both formal and informal, for all stages of their career journey.
−Removed: Our formal offerings include tuition reimbursement, a diverse curriculum of over 6,000 learning courses, vocational training, language training and leadership development experiences.
−Removed: Our foundational leadership development program combines skill building with an opportunity to put skills into practice.
−Removed: Since 2015, over 500 of our team members have participated in this program.
−Removed: Since 2019, we have partnered with a leading graduate school to offer a targeted executive education program for senior leaders, and in 2022 we had five senior leaders participate in the program.
−Removed: We also partnered with a language training provider to launch our new language training program.
−Removed: And in 2021, we launched our new Driver Apprentice Program to provide development opportunities to anyone interested in becoming a Commercial Driver's License Class A driver for the Company.
−Removed: This new program also created internal development opportunity for current employees to become trainers.
−Removed: Continual learning and career development are advanced through our in-depth succession planning process where we look across the organization to ensure diversity and inclusion are at the forefront of our human capital management.
−Removed: We then transition into goal planning and development conversations with employees that are supported by our library of over 6,000 personal and professional development courses, customized training engagements and seminars, conferences, and other training events where employees are encouraged to attend in connection with their job duties and developmental goals.
−Removed: All employees are required to participate in annual compliance training that focuses on the applicable data privacy, security, legal and regulatory requirements needed to maintain a high level of security and risk standards.
−Removed: We concluded 2022 with a 97% completion rate on required compliance training.
−Removed: Employees also received phishing simulation tests approximately once every six months and supplemental IT training on a quarterly basis.
−Removed: Additionally, the new hire onboarding process covers data security and data safety training for all employees.
−Removed: Inclusion & Diversity (I&D)
−Removed: We encourage and empower the diverse voices and contributions of our stakeholders to drive market expansion and global value.
−Removed: In 2021, we established our Inclusion and Diversity Council, a broad group of leaders from across the Company including our CEO, CFO, SVP People, CIO, Chief Administrative Officer, SVP Marketing, Enterprise Accounts and ESG, SVP Commercial and Divisional SVPs, as well as a cross-section of leaders from all areas of the business, to review and discuss strategies and initiatives central to our I&D efforts.
−Removed: We also launched five Inclusiveness Resource Teams ("IRTs"):
+Added: Our employee value proposition begins with our Dedication to Health & Safety.
+Added: We take responsibility for our own well-being and those around us.
+Added: Wherever our employees are in life’s journey, we support physical well-being, financial well-being and emotional well-being through a range of programs and initiatives to support our employees and their families to Be Well.
+Added: Physical Well-being
+Added: We provide comprehensive medical benefits to all US-based employees, whether hourly or salaried.
+Added: Core healthcare coverage includes medical, dental and vision benefits.
+Added: We offer high-deductible healthcare plans to all eligible employees to promote positive consumer behaviors, and we pay an average of 75% of the cost of employee premiums.
+Added: Through Health Savings Accounts (“HSA”) contributions, we cover between 35% and 50% of employee deductibles.
+Added: We also provide paid parental leave.
+Added: Additional programs include voluntary supplemental medical benefits, employer-paid short- and long-term disability and basic life and AD&D, legal and ID theft, home and auto, and pet insurance.
+Added: Recognizing that physical well-being is a journey, we also offer additional medical plan benefits including family planning support for fertility treatment, adoption and surrogacy, and personalized care for chronic conditions including diabetes and back, joint and muscle pain.
+Added: Financial Well-being
+Added: Providing financial security for our employees is critical to overall well-being.
+Added: Approximately 90% of employees participate in our 401(k) retirement savings program, which includes a company match up to 4.5% on the first 6% of an employee’s contribution.
+Added: We matched $14.1 million in 401(k) contributions in 2023.
+Added: We also offer several educational services employees can use to strengthen their financial acumen.
+Added: In addition to supporting employees’ long-term financial security, we employ market-based pay practices to ensure fair, competitive wages at every level of the organization.
+Added: We use compensation benchmarking data from human capital consulting firms to set and maintain pay ranges and pay levels in line with market-based standards.
+Added: We also administer multiple incentive pay plans designed to motivate and reward eligible employees commensurate with Company performance.
+Added: Incentives may be either individually based (sales commissions), group-based (regional performance bonuses), or Company-based (corporate and executive employees).
+Added: Emotional Well-being
+Added: Caring for the emotional well-being of our employees means offering programs that meet a diverse range of work-life needs.
+Added: Our Employee Assistance Program ("EAP") provides both mental health access and practical support for personal needs.
+Added: From short-term counseling to clinical support for anxiety, depression and stress-related issues or substance abuse, our EAP enables our employees to access the care they need.
+Added: Employees and members of their household can also access financial experts and legal guidance for help including retirement planning, tax assistance, wills and trusts and family law matters.
+Added: Inclusion, Diversity, Equity and Accessibility
+Added: Our commitment to inclusion at all levels of the organization is amplified by our Inclusiveness Resource Teams (“IRTs”):
Women of WSMM (“WOW"), Black Organization for Leadership & Direction (“BOLD”), Veterans United, Hispanos, and People Respecting that Identity and Sexuality Matters (“PRISM”).
−Removed: IRTs are voluntary, employee-led groups that foster an inclusive and diverse workplace aligned with our values and strategy.
−Removed: These groups were established to support our employees and provide opportunities for exposure, development and contribution to the organization.
−Removed: The tone for I&D in our Company starts at the top with our executives and is bolstered with support from our Board of Directors.
−Removed: We expect to achieve the Company’s aspirations by (i) having regular board oversight of the Company’s I&D efforts, and (ii) improving I&D initiatives throughout the complete lifecycle of employee engagement (from recruitment, through development and advancement).
−Removed: We have trained hundreds of leaders in our organization on unconscious bias and provided I&D e-learning opportunities to our employees.
−Removed: Rewards, Health and Wellbeing
−Removed: We crafted our total rewards strategy with a strategic focus on the health and wellbeing of our employees.
−Removed: We do this, in part, by ensuring competitive pay at every level of the organization.
−Removed: We employ human capital data from a recognized human capital consultant to set and maintain pay ranges and pay levels across the organization.
−Removed: Incentives are designed to reward eligible employees commensurate with Company performance.
−Removed: Depending on the position, incentives may be either individually based (sales commissions), group-based (regional performance bonuses), or Company-based (corporate and executive employees).
−Removed: The Compensation Committee of the Board approves executive compensation after consulting an independent third-party consultant.
−Removed: The consultant takes peer group data and general market data into account, when providing pay guidance, to ensure executive pay is both competitive and reasonable, based on the prevailing market standards.
−Removed: WillScot Mobile Mini's approach to our benefits begins with a centralized focus on the employee.
−Removed: We use high-deductible healthcare plans to promote positive consumer behaviors, and we pay an average of 70% of the cost of employee premiums.
−Removed: We mitigate the burden to the employee from these plans by seeding their Health Savings Accounts (“HSA”) at the beginning of each year, covering between 35% and 50% of employee deductibles.
−Removed: We also provide a biometric screening incentive that allows for an additional HSA contribution.
−Removed: We offer core healthcare benefits and a variety of additional programs that can help employees save money and provide important coverage and assistance with everyday needs.
−Removed: We provide employer-paid short- and long-term disability and basic life and accidental death and dismemberment ("AD&D") insurance.
−Removed: Additional programs include voluntary supplemental medical benefits, legal and identify theft benefits, and life, AD&D, home, auto, and pet insurance.
−Removed: Recognizing the importance of mental health, we have a comprehensive employee assistance program to provide counseling sessions and resources for employees as they need help.
−Removed: We also offer paid parental leave for those employees who expand their families.
−Removed: Regardless of the hurdles our employees face we are prepared to support them through their major life events and times of need.
−Removed: Financial education and preparation are also important goals of our benefit program.
−Removed: We have a generous 401(k) match and an auto-enrollment feature for all employees of the Company, resulting in 86% of employees enrolled in the 401(k) plan.
−Removed: We offer several educational services employees can use to strengthen their financial acumen.
−Removed: Minions of Kindness Fund
−Removed: Our employees are doing their part to support each other as well.
−Removed: The Minions of Kindness ("MoK") Fund is an employee-led 501(c)(3) organization that uses employee donations to support WillScot Mobile Mini employees in times of distress.
−Removed: The fund offers WillScot Mobile Mini employees the opportunity to link arms and make a difference for those in need.
−Removed: Since its inception in 2012, the fund has provided monetary aid to over 190 employees.
−Removed: There are many ways for employees to support the MoK Fund such as payroll deductions and one-time contributions.
−Removed: When an employee has a need, they complete a request for assistance form found on our website.
−Removed: All requests are handled in a confidential manner.
−Removed: Our Approach to Environmental, Social and Governance ("ESG")
+Added: IRTs are voluntary, employee-led groups that work to foster an inclusive and diverse workplace aligned with our values and strategy.
+Added: These groups were established to support our employees from specific demographic groups and their allies, to provide opportunities for development and sharing the lived experiences of our employees.
+Added: We are stronger together when we celebrate our differences and strive for inclusiveness.
+Added: Our IRTs encourage collaboration and support the diverse voices and thoughts of our employees and communities.
+Added: Learning and Development
+Added: We measure success through our results and the achievement of our goals.
+Added: We continuously improve ourselves, our products and services in pursuit of shareholder value.
+Added: In 2023, our employees completed more than 27,000 hours of training across a range of courses dedicated to compliance, safety and job-related learning and skill development.
+Added: Our learning and development system houses a library of more than 6,000 courses.
+Added: We also offer a language learning program and tuition reimbursement to increase access to skills associated with social determinants of health.
+Added: Our Driver Apprentice Program provides developmental opportunities for individuals interested in becoming a Commercial Driver’s License Class A driver for the Company.
+Added: Our foundational leadership development program (“LDP”) enrolls an average of 70 participants annually.
+Added: We also host multiple in-person training events throughout the course of the year to connect employees to our strategic priorities and their career development goals.
+Added: We are community focused – we actively engage in the communities we serve and deliver sustainable solutions.
+Added: Our employees participate in pro-social giving through our “Give Where You Live” program and giving their time, talent and/or treasure to local non-profit organizations.
+Added: We provide employees up to 16 hours per year in volunteer paid time off to participate in “Give Where You Live”.
+Added: In addition to giving directly to charitable organizations that are meaningful to our employees and the communities we serve, we have national, non-profit partnerships with certain 501(c)3 organizations in our core causes of Shelter, Hunger, Education and Health & Wellness.
+Added: Through these partnerships, our employees participate in build days with Habitat for Humanity, food bank volunteering with Feeding America and St.
+Added: Mary’s Food Bank, blood drives and emergency response initiatives with the American Red Cross, and work readiness and financial literacy programs with Junior Achievement.
+Added: Compliance and Risk Mitigation
+Added: Being trustworthy and reliable means, we hold ourselves accountable to do the right thing, especially when nobody is looking.
+Added: Initiatives that the Company has implemented to maintain the highest level of professionalism and integrity include annual compliance training that focuses on the applicable cybersecurity, data privacy, legal and regulatory requirements needed to maintain a high level of security and risk standards.
+Added: Employees also receive phishing simulation tests approximately once every six months and supplemental IT training on a quarterly basis.
+Added: Additionally, the new hire onboarding process covers cybersecurity and data safety training for all employees.
+Added: When we source talent through external sources for skilled trades, sales associates, and professional staff, we retain reputable recruiting firms that perform background checks as part of our new hire process.
+Added: Environmental, Social and Governance ("ESG")
We are committed to upholding high standards when it comes to our environmental, social and governance responsibilities, as well as the safety of our employees and our business partners.
−Removed: As a leader in providing modular workspace and storage solutions, our approach to ESG seeks to balance short-term and long-term solutions and considers the interests of our stakeholders in our everyday actions.
−Removed: The principal products we provide to our customers are long-lived, reusable and relocatable assets that produce minimal waste.
+Added: These commitments began with a comprehensive review of the industry landscape, which laid the groundwork for an industrial circular economy powered by our customer-focused innovation and our talented workforce.
+Added: As the leader in innovative and flexible temporary space solutions, our approach to ESG seeks to balance short-term and long-term solutions and considers the interests of our stakeholders in our everyday actions.
+Added: The principal products we provide to our customers are long-lived, reusable and relocatable, while producing minimal waste.
For decades, we have committed ourselves to circular economic practices to reuse as many of our assets as possible.
−Removed: Our Board of Directors, at the direction of its Nominating and Corporate Governance Committee, is actively involved in the development of our ESG strategy and approach.
+Added: Our Board of Directors, at the direction of our Nominating and Corporate Governance Committee, is actively involved in the development of our ESG strategy and approach.
With their guidance, in 2020, we conducted an assessment of our readiness to pursue an ESG strategy with the goal of determining our focus areas.
−Removed: In late 2021, we rolled out our formal ESG strategy at our Investor Day, called “Deliver Opportunity.” Against this backdrop, we channeled our focus in 2022 to deploying our ESG strategy while highlighting key aspects of our strategy such as built-in sustainability, team safety and inclusion and diversity.
−Removed: Our business is managed for long-term success in a manner that we believe is economically, environmentally and socially responsible.
−Removed: Over the next several years, we intend to continue to focus on numerous ESG-related initiatives including the following focus areas:
−Removed: • Environmental - Our commitment to environmentally sound business practices includes three key areas of focus:
−Removed: • enhancing a circular economy model (reduce, re-use and recycle) within our operations;
−Removed: • tracking and reducing greenhouse gas emissions and the amount of waste we send to landfills as part of our operations;
−Removed: • improving the energy efficiency of our products through innovation.
−Removed: • Social - We are committed to socially responsible business practices throughout our operations.
−Removed: We have focused especially on improving diversity, equity, and inclusion throughout our organization, and on improving the communities in which we work.
−Removed: Our five areas of focus in this regard are to:
−Removed: • improve inclusion and diversity across the organization (as described in the above Human Capital Management section);
−Removed: • focus on community partnering across all our locations and amplify our impact through our four core causes – shelter, hunger, education, and health and wellness;
−Removed: • remain diligent in placing safety first;
−Removed: • deliver a high-quality employee experience for all our employees through employee engagement and health and wellness opportunities (as described in the above Human Capital Management section);
−Removed: • improve customer engagement and relations and provide our employees with a wide range of resources for both professional and personal development.
−Removed: • continue to align our corporate governance structure with our ESG strategy
−Removed: • improve the diversity of our Board of Directors and management;
−Removed: and continue reviewing and updating Board policies to pursue high standards of corporate governance.
−Removed: In addition to creating our own ESG framework, we analyzed our business and identified relevant ESG factors using leading ESG and sustainability frameworks and guiding principles, such as the United Nations Sustainable Development Goals ("SDGs").
−Removed: In 2023, and beyond, we intend to continue to evolve our ESG program in a manner that helps create long term value for our stockholders, employees, clients, communities, and other stakeholders.
−Removed: In the near term, we are pursuing the following five key strategic initiatives to drive increased benefits for our stakeholders.
−Removed: Tracking operational waste generation and identifying opportunities to increase diversion
−Removed: Tracking and reducing greenhouse gas emissions from our owned trucking and yard fleet
−Removed: • Health and Safety:
−Removed: Ensuring Health and Safety First at our branches, on the road and at our customer sites
−Removed: Ensuring every employee has the opportunity to thrive and seek upward mobility
−Removed: Leveraging our scale to lift up all of our more than 240 communities and amplify our impact
+Added: In late 2021, we rolled out our formal ESG strategy at our Investor Day, called “Deliver Opportunity.” In 2022, we formalized our ESG strategy around key aspects ingrained in our values such as built-in sustainability, team safety, community focus and inclusion and diversity.
+Added: In 2023, we continued to execute on the five pillars that make up our ESG strategy:
+Added: environmental responsibility, sustainable solutions for customers, effective governance, empowering our people, and community impact.
+Added: Our business is managed for long-term success in a manner that we believe is economically, environmentally and socially responsible, and our ESG efforts are focused in areas where we see tangible business impact.
+Added: Over the next several years, we will continue to focus on ensuring a future where the communities in which we operate and customers we support can thrive.
+Added: In formalizing our own ESG framework, we analyzed our business and identified priority opportunities that enable positive impact, including alignment with disclosure frameworks and guiding principles, such as the U.N.
+Added: Sustainable Development Goals and the recommendations from the Task Force on Climate-Related Financial Disclosures.
Environmental
−Removed: Circular Business Model (Materials)
−Removed: We lease commercial grade office and storage units that are designed to be reused, relocated and reconfigured, which allows for significantly reduced material usage for us and our customers, obviating the need for single-use purchase of new materials and disposal at the end of projects.
−Removed: We have best in class refurbishment capabilities for our office units.
−Removed: These assets are cycled to different customers, on average, seven times over their 20-year lifetime with a minimal refresh before each new cycle.
−Removed: Typically, in the second half of the product's life, we complete a refurbishment, which can extend the asset life by another 10 years, allowing many of our units to be in service for close to 30 years.
−Removed: With the cost of a full refurbishment at only 20-30% of the cost of a new unit, it is more capital efficient to refurbish our units and it extends the life significantly.
−Removed: The Company strives to be the industry's most innovative partner in reducing material usage, boosting energy efficiency, improving occupant wellness and driving sustainable economic growth.
−Removed: Our newest office space, called FLEX, is a panelized product which means that the panels, or walls, can be reconfigured and reused, thus eliminating wood waste.
−Removed: Value Added Products (“VAPs”) add another dimension to our circular story because we are generally able to reuse, repair, and maintain VAPs that come off rent, which helps drive better margins and growth.
−Removed: In addition, putting VAPs into our circular business model significantly reduces material usage, packaging waste, and transportation miles both for us and for our customers, who otherwise might buy and dispose of their VAPs at the end of the project.
−Removed: Circular by design, our lease and renew business model helps us to reduce material usage, emissions and costs, while helping our customers with their ESG goals.
−Removed: Greenhouse Gas Emissions (Climate)
−Removed: We recognize the importance of tracking and calculating our greenhouse gas footprint and are collecting data to establish a baseline for this and other critical environmental metrics.
+Added: Circular Business Model
+Added: Our business model is inherently sustainable as it is centered around minimizing waste and maximizing resource efficiency by prioritizing the reuse and refurbishment of manufactured products and materials.
+Added: We continue to strengthen and expand our environmentally sustainable practices to reduce our impact on the planet.
+Added: We are minimizing our resource use and increasing our energy efficiency through circular solutions, fleet optimization, and greenhouse gas ("GHG") emission and waste characterization studies that help us identify and understand other areas of opportunity.
+Added: These initial and critical steps provide quantifiable metrics enabling us to benchmark and prioritize our efforts for future improvements and to continually bolster our circular economic approach with our space solutions.
+Added: We lease temporary space solutions which are reusable, reconfigurable, relocatable, and repurposed or recycled.
+Added: We also maintain, repair, and reuse our value added products and services (“VAPS”) packages, which are used to outfit an office, classroom or even a media room for events.
+Added: This not only promotes the mindset of circularity, but it also obviates the need for single-use purchases of new materials, additional transportation of those products, and disposal at the end of projects.
+Added: We have industry-leading refurbishment capabilities for our units and VAPS which allow these assets to cycle through different customers, typically seven times over their 20-year lifetime with a minimal refresh before each new cycle.
+Added: Typically, in the second half of the product’s life, we complete a full refurbishment, which can extend the asset life by another 10 years, allowing many of our modular units to be in service for 30 years.
+Added: With the cost of a full refurbishment at only 20-30% of the cost of a new unit, it’s more capital efficient to refurbish our units and reduce the environmental impact of extracting raw materials to build new ones.
+Added: The reuse and refurbishment of assets results in a lower embodied carbon for the units and helps mitigate climate impact.
+Added: Our innovative panelized product, FLEX, can be re-configured and reused significantly reducing labor and material waste resulting in our most efficient and environmentally friendly product.
+Added: FLEX provides customized configurations that allow for stacking up to three stories and connection end to end allowing for use in tighter spaces.
+Added: Due to its modularity, workspaces such as FLEX can quantifiably outperform traditional units in several key areas, including energy efficiency through the use of motion activated LED lighting, lower GHG emissions, less waste and material use and increased recycling.
+Added: We also have world class modernization solutions to support our storage assets, which we can acquire as end-of-life shipping containers and put into service as storage units.
+Added: Further, we offer innovative systems for space optimization, such as our PRORACK TM line, which enable our customers to maximize the functionality, organization and safety of any given space.
+Added: VAPS add a multiplier effect to our circular story because we are able to reuse, repair, and maintain VAPS that come off rent, which helps drive better margins and growth.
+Added: In addition, putting VAPS into our circular business model not only reduces material usage, but also reduces packaging waste, and transportation miles both for us and for our customers.
+Added: Circular by design, our business model helps us reduce material usage, emissions and costs, while helping our customers with their ESG goals.
+Added: We aim to be the industry's most innovative partner in diverting waste, reducing emissions, and driving sustainable economic growth.
+Added: Waste Management / Reduction
+Added: Not only do we help our customers reduce waste with our reusable products, but we have also prioritized waste internally to focus on diversion, compliance, mitigation, and efficiencies.
+Added: Our goals for reducing waste generation and disposal are fourfold and include developing baseline generation data, optimizing waste collection practices, increasing recycling, and reducing overall generation.
+Added: Our strategy to reach these goals includes reducing packaging, eliminating single-use products where feasible, increasing use of reusable materials, educating our employees on proper sorting, introducing consistent signage, and centralizing and optimizing our waste collections points.
+Added: To date, we have conducted nine waste composition studies across our branch network, and developed an operational waste diversion program that will enable us to identify opportunities for increased recycling and optimization of valuable materials such as wood, metal, and cardboard.
+Added: In addition, we conduct a thorough waste vendor assessment to ensure consistency and compliance with waste regulations, but also to shift our focus from simple waste disposal to waste mitigation.
+Added: Our aim is to work with vendors who are willing to support our waste diversion efforts.
+Added: This includes, but is not limited to, increased recycling of single stream materials and construction and demolition waste, right sizing of containers, optimization of service levels, education and training for users, and holistic waste data tracking.
+Added: We also engage with our suppliers to establish takeback programs and identify opportunities to purchase product in bulk and/or reusable packaging to further eliminate waste generation.
+Added: Greenhouse Gas Emissions
+Added: Our greenhouse gas footprint and risk are small, however we can strive to do better.
Our business requires management of a diverse and active delivery and set-up fleet and operation of yard equipment.
−Removed: To reduce greenhouse gas emissions and other air quality impacts from our diesel-fueled delivery and setup fleet, we have begun the process of replacing older diesel truck engines with modern, efficient engines, and are working to test delivery trucks fueled by alternative fuel methods, including renewable natural gas and electric alternatives, among others.
+Added: We have both short- and long-term initiatives in place to improve efficiency and reduce emissions from our rolling stock fleet.
+Added: In the short term, we are leveraging available technology and analytics to optimize the routes driven by our team, which in turn can reduce mileage, fuel consumption, and costs.
+Added: We continue to actively invest in technology solutions to help us realize these and other efficiencies.
+Added: Longer term, we are in the process of replacing older vehicles with modern, efficient vehicles, and have started acquiring vehicles fueled by alternative fuel methods, including renewable natural gas and electric alternatives, among others.
+Added: In California we are piloting the use of compressed natural gas trucks, which emit roughly 20% fewer GHG emissions than their gasoline-powered counterparts.
+Added: We plan to expand the program in California in 2024.
+Added: Additionally, in 2023, we decommissioned more than 400 older diesel vehicles, and auctioned them off, where possible, to avoid waste.
+Added: We replace older vehicles with new vehicles that have more efficient engines, and we continue exploring additional options for utilizing alternative fuel.
Over time, we believe these efforts will also help to reduce our fuel costs and risks, while also helping us secure contracts with like-minded customers.
We are constantly developing new solutions to help our customers improve their business, reduce their carbon footprint and be better corporate citizens.
−Removed: The protection of people is a core value at WillScot Mobile Mini.
−Removed: It is a key component of our Sales, People and Operational Excellence priorities.
−Removed: These priorities are the driving force that shapes who we are and what we do.
+Added: These solutions include route optimization solutions to reduce travel distances and idle times and optimizing fleet vehicle usage to eliminate use of oversized or unnecessary equipment, each of which reduces greenhouse gas and improves customer efficiency.
+Added: The protection of people and the environment is a core value at WillScot Mobile Mini.
+Added: Our health and safety priorities are a driving force that shape who we are and what we do.
Safety extends beyond our branches and yards and includes travel and activities at the customer sites.
WillScot Mobile Mini fosters an environment in which our employees feel empowered and choose to make the safest and best decisions possible.
+Added: We empower and reward employees for being personally accountable and exceeding safety guidelines in every task.
Proper safety culture fosters personal accountability, leading to increased safety, active employee engagement and a strong commitment to the Company and our customers.
−Removed: We believe we are operating at high levels of safety and low levels of injury.
−Removed: In 2022, our Total Recordable Incident Rate (“TRIR”) was below one, which translates to keeping our employees very safe, and we remain committed to creating a zero harm culture.
+Added: Today, we believe we are operating at high levels of safety and low levels of injury.
+Added: In 2023, our Total Recordable Incident Rate (“TRIR”) was less than 1.0, which translates to keeping our employees very safe, and we remain committed to creating a zero-harm culture.
Every Company employee has “stop-work” authority allowing employees to stop work, report near misses and identify improvements that impact their own safety and that of others, which supports our constant goal to identify and correct safety issues before they turn into incidents.
WillScot Mobile Mini leverages technology to assist our drivers and other team members in the safety arena.
−Removed: The Company created an assessment tool, our “Safety Save” application, that tracks employee safety engagement and measures the number of safety engagements as our team members complete them.
+Added: We created an assessment tool, our “Safety Save” application, that tracks employee safety engagement and measures the number of safety engagements as our team members complete them.
+Added: Experienced safety professionals design and partner
+Added: with the operating teams to use Safely Save reports to identify near misses, reported injuries, or plan safety focus areas based on reported or observed behaviors or findings.
+Added: Additionally, with driver consent, we have implemented an onboard driver behavior monitoring system which detects risky driving behavior and informs leaders so they can coach drivers and gain commitment for improvement.
+Added: We also use artificial intelligence applications to constantly assess and monitor driver performance.
Any employee is encouraged to complete a safety assessment on an observation of a task, tool, behavior or other condition during working duties.
−Removed: Use of the Safety Save application is just one manner we use to manage safety leadership at all levels.
−Removed: Further, WillScot Mobile Mini uses and is expanding a vehicle/truck-based camera system used to improve driving behaviors.
−Removed: Lastly, the Company maintains a robust safety assessment program that drives increased focus to our Health and Safety core value, by providing increased visibility.
+Added: Use of the Safety Save application and driver behavior monitoring system are just two examples we use to manage safety leadership at all levels.
+Added: Lastly, the Company maintains a robust safety assessment program that includes an annual commitment to environmental, health and safety by all employees that drives increased focus to our Health and Safety core value by providing increased visibility.
Our goal is to help each team member succeed and enjoy a safe working experience.
Who we are as people ultimately defines what we are as a business, and safety is everyone’s responsibility.
−Removed: Our safety management system (“SMS”) revolves around four main components, “plan,” “do,” “check” and “act.” As to “plan,” our Health & Safety Culture Policy, drafted by members of our Senior Executive Team, highlights the tenets of our commitment to safe culture.
−Removed: We are subject to certain environmental, health, and safety laws and regulations in countries, states, provinces, and localities in which we operate.
+Added: Our environmental, health and safety management system (“EHSMS”) revolves around four main components, “plan,” “do,” “check” and “act.” Our safety management team is designed around these four main components and is responsible for developing, maintaining, and administering our EHSMS by assisting operations teams, providing training to ensure local teams are aware of and using safe practices, and auditing and monitoring safety performance.
+Added: Our EHSMS is based on legal requirements and hazards that our employees face daily.
+Added: As to “plan,” our health and safety culture policy, drafted by members of our senior executive team, highlights the tenets of our commitment to safe culture.
+Added: We are subject to certain environmental, health, and safety laws and regulations in the countries, states, provinces, and localities in which we operate.
Our health and safety programs are designed around global standards with appropriate variations addressing the multiple jurisdictions, regulations, hazards, and unique working environments where we operate.
−Removed: As to “do,” and based on hazard assessment, the Company evaluates each task, creating or modifying standard operating procedures and work instructions.
−Removed: WillScot Mobile Mini provides safety and health training that exceeds regulatory requirements in line with employees’ tasks and the hazards they face during the completion of daily tasks.
−Removed: As it pertains to “check,” our corporate safety team conducts regular audits, and where deficiencies or corrective actions are needed, actions plans are prepared, executed and tracked to closure.
+Added: Hazard assessments are regularly conducted to reveal issues and trends and determine root causes.
+Added: As to “do,” and based on our hazard assessments, the Company evaluates each task, creating or modifying standard operating procedures and work instructions.
+Added: We provide safety and health training that exceeds regulatory requirements in line with employees’ tasks and the hazards they face during the completion of daily tasks.
+Added: As it pertains to “check,” our corporate safety team conducts regular audits, and where deficiencies or corrective actions are needed, action plans are prepared, executed and tracked to closure.
+Added: We focus on leading indicators as a better and more reliable gauge of organizational health than lagging indicators.
+Added: This allows us to stay ahead of incident management behaviors, conditions or issues that can be corrected before an incident occurs.
+Added: We use safety scorecards to track the safety performance of our drivers, branches, and divisions.
+Added: Our scorecards include safety-leading indicators, allowing us to spot trends and prevent them from becoming problems.
+Added: These leading indicators are reported and discussed no less than monthly in each region in which we operate.
Lastly, as it pertains to “act,” among other initiatives, we have partnered with our insurers for several years to conduct external audits of our safety management system and practices.
−Removed: The Company uses these results to continuously update our SMS.
−Removed: Community engagement is at the heart of our business.
−Removed: Due to our scale, we are able to bring new engagement opportunities to our entire workforce, and we continue to make efforts to expand our giving and outreach beyond the Phoenix, Arizona area.
−Removed: We are scaling our outreach consistent with our distributive business model.
+Added: Seasoned safety auditors from the insurer visit and assess our operational safety practices to look for injury potential based on the latest trends at select branch locations.
+Added: The Company uses these results to continuously update our EHSMS.
+Added: We continue to focus on the root cause of our incidents, changing our approach as needed to target trending safety metrics.
+Added: We are scaling our community outreach consistent with our distributive business model.
Our reach as a company gives us the ability to support all the communities in which we work and live.
The following represents highlights of our giving approach.
−Removed: • Give Where You Live – In late 2021, we launched our giving platform called Give Where You Live, in which employees can partner with the local charity of their choice across all 240 of our locations in the way that is most meaningful to them.
−Removed: We leverage technology via a charitable giving application, to engage our workforce.
−Removed: We encourage our employees to give their time, talent and/or treasure locally to organizations furthering our core four causes of Shelter, Hunger, Education, and Health & Wellness.
−Removed: We have expanded our existing Company match program and have created a volunteer rewards program to encourage increased volunteerism globally.
−Removed: • We also partner with several national and local organizations such as Habitat for Humanity.
+Added: • In addition to our Give Where You Live program, we partner with several national non-profit organizations such as Habitat for Humanity, St.
+Added: Mary's Food Bank, Feeding America, Food Banks Canada, Bancos de Alimento Mexico, Junior Achievement, and the American Red Cross.
We have partnered with Habitat for Humanity for over 17 years to provide in-kind donations and physical and monetary support to help families build and improve places to call home.
Local branches are able to make an impact with local Habitat for Humanity affiliates by donating containers for up to seven months during a neighborhood build.
−Removed: In 2022, we donated over $145,000 of in-kind donations.
−Removed: In 2023, we continue our commitment to Habitat for Humanity by pledging $275,000 towards in-kind donations and community build events.
−Removed: Our employees have also participated in an Operation Gratitude Letter Writing Campaign through which our employees wrote letters to military service members and first responders, expressing gratitude for their sacrifices and heroism.
−Removed: We delivered more than 800 letters and donated to Operation Gratitude.
−Removed: Employees across the business are encouraged to engage in volunteer projects of their choice with organizations meaningful to them on an ongoing basis, and we have seen tremendous participation network-wide.
+Added: In addition to corporate donations to St.
+Added: Mary's Food Bank, Feeding America, Food Banks Canada, and Bancos de Alimento Mexico, employees across the Company have opportunities to hold food drives and volunteer their time at local food banks.
+Added: Our partnership with Junior Achievement, supports our core cause of education.
+Added: Junior Achievement provides work readiness, financial awareness, and entrepreneurship programs for students through chapters in all US states and internationally.
+Added: Our partnership includes sponsoring a BizTown shop in Tempe, Arizona for the 2023-24, 2024-25, and 2025-26 school years, as well as opportunities for employees to volunteer at a BizTown, in the classroom and as a mentor.
+Added: We established a community partnership with the American Red Cross to support our core cause of health and wellness.
+Added: In addition to a corporate financial contribution in 2023, employees were encouraged to get involved with the Red Cross through blood drives, first aid kit builds and other volunteering opportunities.
+Added: In addition, employees in Phoenix wrote cards to military service members and veterans in April 2023, expressing gratitude for their sacrifices and heroism, with similar projects completed for Veterans Day and the end-of-year holidays.
+Added: The intersectionality of our IRTs with Give Where You Live is extending the social impact across our network.
+Added: • Our Minions of Kindness ("MoK") Fund is a 501(c)(3) organization that was established to help our employees and their immediate family members who experience unique and dire circumstances.
+Added: This fund is supported exclusively through employee donations, with 100% of the donations we receive going directly to employees and their families in need.
+Added: The MoK Fund is governed by a board of directors that is made up of volunteers within WillScot Mobile Mini.
Good governance enables everything we do.
−Removed: After the Merger, our combined Board of Directors created a roadmap to transition the Company’s governance practices.
−Removed: We modified the charter of our Nominating and Corporate Governance Committee to establish an ESG initiative, and to provide oversight for that initiative.
−Removed: Our updated Nominating and Corporate
−Removed: Governance Committee charter also increases our efforts to identity and seek diverse candidates for our Board, which not only represents our commitment to creating a more diverse Board, but also our commitment to bringing in directors with strong experience to enhance our Board in key areas.
−Removed: Our Audit Committee reviews the Board of Directors’ and the Company’s activities to assess enterprise risks and develop plans to mitigate those risks.
−Removed: The committee considers a variety of potential risks that may affect the Company, including the competitive and macroeconomic landscape, cybersecurity, environmental health and safety, statutory/regulatory compliance, ESG risks, and ability to scale human capital and business systems for future growth.
+Added: We are committed to operating with the highest ethical standards of corporate governance.
+Added: Several years ago, our Board of Directors created a roadmap to improve the Company’s governance practices, which we have continued to develop and execute.
+Added: Our Nominating and Corporate Governance Committee oversees our ESG initiatives and is responsible for our efforts to identity and seek diverse candidates for our Board, which not only represents our commitment to creating a more diverse Board, but also our commitment to bringing in directors with strong experience to enhance our Board in key areas.
+Added: In 2023, the Board acted to increase the size of the Board from eight to nine members and appointed Natalia Johnson to serve as a director to fill the vacancy created by that increase.
+Added: Johnson brings significant human capital management, technological and digital modeling, systems and systems integration, end-market and industry, operational effectiveness, strategic planning and risk oversight experience to the Board.
+Added: This decision reinforces the strategic direction of the Company, and the Board continues to evaluate talent, skill sets and diversity to align with the Company’s long-term future.
+Added: The Company continues to pursue its commitment to creating a more racially and gender-diverse Board by seeking diverse candidates for Board seats.
+Added: Moving forward, we plan to continue to seek potential director candidates with key qualifications and diverse backgrounds.
+Added: Our Audit Committee reviews the Board of Directors’ and the Company’s activities to identify enterprise risks, including climate, develops plans to mitigate those risks and is also responsible for monitoring our risk management framework on behalf of the Board.
+Added: The committee considers a variety of potential risks that may affect the Company, including the competitive and macroeconomic landscape, cybersecurity and information technology, environmental health and safety, statutory/regulatory compliance, ESG risks, and ability to scale human capital and business systems for future growth.
+Added: In 2023 we modified our Audit Committee Charter to specifically task the Audit Committee with periodically reviewing the Company’s policies and processes related to cybersecurity, data-protection threats and incident response, and to ensure compliance with the new SEC cybersecurity rules and related disclosure obligations.
+Added: In conjunction, we have established a dedicated cybersecurity team to focus on protecting data confidentiality and integrity and ensuring continued availability of critical information systems that contain sensitive customer and employee data.
+Added: Over the past several years we have also implemented significant stockholder-focused actions as part of our governance efforts, including converting all prior outstanding warrants to a single class of common stock, setting requirements for a 12-month vesting period for Board member equity compensation, removing super majority voting requirements for all Board actions, and approving a biennial pay equity review and report from the Compensation Committee.
+Added: Lastly, our executive leadership team regularly reviews and refines our key governance policies, including policies on human rights, environmental responsibility, and vendor ethics, affirming our dedication to continuous improvement.
+Added: These documents provide a strong structure that enables our directors and management to effectively pursue our goals on behalf of our business, our employees, and our stockholders.
Intellectual Property
3 unchanged sentences
On our Modular fleet, we maintain a patent for the design of our FLEX units in the US and other patents in the US and non-US jurisdictions concerning various assembly and panel components.
−Removed: We believe that Flex represents innovative and versatile purpose built modular space solutions in the industry, which has helped us expand commercially into new end markets.
−Removed: On our Storage fleet, we have patented our proprietary Tri‑Cam Locking System®, ContainerGuardLock® and other continued improvements in locking technology in the markets in which we operate.
+Added: On our Storage fleet, we have patented our proprietary Tri‑Cam Locking System®, ContainerGuardLock® and other continued improvements in locking technology in the markets in which we operate and have obtained a trademark for PRORACK TM , our innovative complete system of sturdy, readily movable surfaces.
We believe that continued innovation differentiates WillScot Mobile Mini with our customers and represents a source of long-term competitive advantage.
3 unchanged sentences
The SEC maintains an internet website at www.sec.gov that contains reports, proxy and information statements and other information regarding WillScot Mobile Mini.
+Added: Our website also includes our Corporate Governance Policies, Code of Business Conduct and Ethics and charters of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee of our Board of Directors.
Regulatory and Environmental Compliance
2 unchanged sentences
However, from time to time we may be subject to additional costs and penalties as a result of non-compliance.
−Removed: The discovery of currently unknown matters or conditions, new laws and regulations, or different enforcement or interpretation of existing laws and regulations could materially harm our business or operations in the future.
+Added: The discovery of currently unknown matters or conditions, new laws and regulations,
+Added: or different enforcement or interpretation of existing laws and regulations could materially harm our business or operations in the future.
We are subject to laws and regulations that govern and impose liability for activities that may have adverse environmental effects, including discharges into air and water and handling and disposal of hazardous substances and waste.
11 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.