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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net income $ 5,545 $ 39,516
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 77,636 66,228
Amortization of debt issuance costs 2,086 1,983
Amortization of intangible assets 682 157
Stock-based compensation expense 1,320 1,436
Reduction in contingent consideration (1,000)  
Unrealized loss on foreign exchange 82 185
Loss (gain) on sale of used rental equipment 7,950 (237)
Loss on disposal of subsidiary 146  
Deferred income taxes 2,193 458
Bad debt expense 2,458 326
Changes in other operating assets and liabilities:    
Accounts receivable (7,560) 2,692
Prepaid expenses and other assets (191) 822
Accounts payable, accrued expenses and other current liabilities 1,540 (594)
Due to container investors (32) (5,369)
Unearned revenue 1,013 2,263
Net cash provided by operating activities 93,868 109,866
Cash flows from investing activities    
Purchase of rental equipment [1] (170,582) (304,588)
Acquisitions, net of cash acquired (15,620) (4,100)
Net proceeds from sale of used rental equipment 46,137 51,188
Disposal of subsidiary, net of cash disposed of (460)  
Purchase of furniture, fixtures and equipment (92) (73)
Receipt of principal payments from direct financing leases 17,368 16,071
Net cash used in investing activities (123,249) (241,502)
Cash flows from financing activities    
Proceeds from debt 432,540 450,731
Principal payments on debt (408,375) (301,234)
Debt issuance costs (1,461) (1,662)
Decrease in restricted cash 765 765
Repurchase of stock (9,176) (12,158)
Exercise of stock options   4,744
Excess tax benefit from share-based compensation awards   1,006
Net cash provided by financing activities 14,293 142,192
Effect on cash of foreign currency translation 1 (209)
Net (decrease) increase in cash (15,087) 10,347
Cash at beginning of the period 52,553 53,821
Cash at end of the period 37,466 64,168
Cash paid during the period for:    
Income taxes 752 2,114
Interest 29,617 25,840
Supplemental disclosure of non-cash investing and financing activity    
Transfer of rental equipment to direct finance lease $ 14,816 $ 24,505
[1] Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated.