XML 35 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities    
Net income $ 44,158 $ 48,335
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 57,972 49,400
Amortization of debt issuance costs 2,236 3,090
Amortization of intangible assets 293 681
Stock-based compensation expense 1,364 1,111
Loss (gain) on foreign exchange 114 (20)
Gain on disposition of used rental equipment (4,561) (5,822)
Deferred income taxes 373 42
Bad debt expense 47 120
Changes in other operating assets and liabilities:    
Accounts receivable (3,723) 788
Prepaid expenses and other assets 4,399 (24)
Accounts payable, accrued expenses and other current liabilities 1,779 (1,284)
Due to container investors (1,000) (5,374)
Unearned revenue 1,383 (1,252)
Net cash provided by operating activities 104,834 89,791
Cash flows from investing activities    
Purchase of rental equipment (226,118) (287,959)
Net proceeds from disposition of used rental equipment 43,014 22,512
Purchase of furniture, fixtures and equipment (31) (59)
Receipt of principal payments from direct financing leases 11,602 9,142
Net cash used in investing activities (171,533) (256,364)
Cash flows from financing activities    
Proceeds from debt 316,853 536,170
Principal payments on debt (212,783) (340,154)
Debt issuance costs (1,546) (6,529)
Decrease (increase) in restricted cash 510 (5,132)
Repurchase of stock (31,390)  
Stock issuance costs   (155)
Exercise of stock options 28 1,500
Net cash provided by financing activities 71,672 185,700
Effect on cash of foreign currency translation (264) (1,180)
Net increase in cash 4,709 17,947
Cash at beginning of the period 45,741 17,671
Cash at end of the period 50,450 35,618
Cash paid during the period for:    
Income taxes 959 4,791
Interest 25,767 25,173
Supplemental disclosure of non-cash investing and financing activity    
Transfer of rental equipment to direct finance lease 27,826 29,091
Transfer of direct finance lease to rental equipment   $ 30,118