XML 14 R5.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 42,642 $ 19,917  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of property and equipment 13,881 14,001  
Depreciation of rental equipment 122,309 113,686  
Amortization of finance lease right-of-use assets 24 81  
Amortization of intangible assets 1,985 1,985  
Amortization of deferred financing costs 485 486  
Accretion of note discount, net of premium amortization 586 586  
Non-cash operating lease expense 6,794 7,426  
Provision for losses on accounts receivable 1,360 787  
Provision for inventory obsolescence   38  
Change in deferred income taxes 13,811 5,869  
Stock-based compensation expense 2,989 2,543  
Loss on sale of discontinued operations 1,917    
Gain from sales of property and equipment, net (2,382) (834)  
Gain from sales of rental equipment, net (17,341) (27,070)  
Changes in operating assets and liabilities:      
Receivables (27,252) 7,555  
Inventories (87,557) (73,651)  
Prepaid expenses and other assets (6,737) (7,137)  
Accounts payable 41,270 23,804  
Manufacturer flooring plans payable 583 (2,289)  
Accrued expenses payable and other liabilities (5,178) (7,324)  
Net cash provided by operating activities 104,189 80,459  
Cash flows from investing activities:      
Closing adjustments of discontinued operations (2,256)    
Purchases of property and equipment (24,457) (16,227)  
Purchases of rental equipment (174,775) (228,453)  
Proceeds from sales of property and equipment 2,794 1,088  
Proceeds from sales of rental equipment 36,293 75,302  
Net cash used in investing activities (162,401) (168,290)  
Cash flows from financing activities:      
Borrowings on senior secured credit facility 573,197 620,584  
Payments on senior secured credit facility (573,197) (620,584)  
Dividends paid (19,886) (19,865)  
Purchases of treasury stock (343) (435)  
Payments of deferred financing costs   (136)  
Payments of finance lease obligations (24) (128)  
Net cash used in financing activities (20,253) (20,564)  
Net decrease in cash (78,465) (108,395)  
Cash, beginning of period 357,296 310,882 $ 310,882
Cash, end of period 278,831 202,487 $ 357,296
Noncash asset purchases:      
Assets transferred from used and new inventory to rental fleet 40,808 17,679  
Purchases of property and equipment included in accrued expenses payable and other liabilities (567) 3  
Operating lease assets obtained in exchange for new operating lease liabilities 13,110 12,868  
Cash paid during the period for:      
Interest 30,426 25,946  
Income taxes paid (refunds received), net $ 1,891 $ 1,545