XML 18 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Net income $ 10,960 $ 26,501
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 47,686 43,466
Amortization of debt issuance costs 1,453 1,338
Amortization of intangible assets 274 129
Stock-based compensation expense 908 969
Unrealized loss on foreign exchange 113 170
Loss (gain) on sale of used rental equipment 4,627 (165)
Loss on disposal of subsidiary 146  
Deferred income taxes 1,241 429
Bad debt expense 162 193
Changes in other operating assets and liabilities:    
Accounts receivable (8,376) 2,096
Prepaid expenses and other assets 31 (2,273)
Accounts payable, accrued expenses and other current liabilities 483 (2,675)
Due to container investors 727 (4,193)
Unearned revenue 88 3,216
Net cash provided by operating activities 60,523 69,201
Cash flows from investing activities    
Purchase of rental equipment (130,239) (236,878)
Acquisitions, net of cash acquired (15,729)  
Net proceeds from sale of used rental equipment 29,944 28,133
Disposal of subsidiary, net of cash disposed of (460)  
Purchase of furniture, fixtures and equipment (49) (49)
Receipt of principal payments from direct financing leases 11,778 10,504
Net cash used in investing activities (104,755) (198,290)
Cash flows from financing activities    
Proceeds from debt 291,990 236,831
Principal payments on debt (261,413) (104,714)
Debt issuance costs (941) (1,662)
Decrease in restricted cash 510 509
Repurchase of stock (7,117)  
Exercise of stock options   4,645
Excess tax benefit from share-based compensation awards   1,006
Net cash provided by financing activities 23,029 136,615
Effect on cash of foreign currency translation 276 (217)
Net (decrease) increase in cash (20,927) 7,309
Cash at beginning of the period 52,553 53,821
Cash at end of the period 31,626 61,130
Cash paid during the period for:    
Income taxes 487 1,887
Interest 18,900 16,296
Supplemental disclosure of non-cash investing and financing activity    
Transfer of rental equipment to direct finance lease $ 10,917 $ 18,191