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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net income $ 17,910 $ 10,865
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 55,211 47,686
Amortization of debt issuance costs 1,498 1,548
Amortization of intangible assets 1,102 274
Stock-based compensation expense 995 908
Reduction in contingent consideration (631)  
Unrealized loss on foreign exchange 109 113
(Gain) loss on sale of used rental equipment (876) 4,627
Loss on disposal of subsidiary   146
Deferred income taxes 411 1,241
Bad debt (recovery) expense (12) 162
Changes in other operating assets and liabilities:    
Accounts receivable (3,507) (8,376)
Prepaid expenses and other assets (1,807) 31
Accounts payable, accrued expenses and other current liabilities (3,613) 483
Due to container investors 72 727
Unearned revenue (1,696) 88
Net cash provided by operating activities 65,166 60,523
Cash flows from investing activities    
Purchase of rental equipment [1] (128,593) (130,239)
Acquisitions, net of cash acquired   (15,729)
Proceeds from sale of used rental equipment 35,660 29,944
Disposal of subsidiary, net of cash disposed of   (460)
Purchase of furniture, fixtures and equipment (85) (49)
Receipt of principal payments from direct financing leases 6,822 11,778
Net cash used in investing activities (86,196) (104,755)
Cash flows from financing activities    
Proceeds from debt 155,131 291,990
Principal payments on debt (156,036) (261,413)
Debt issuance costs (463) (941)
Decrease in restricted cash 509 510
Repurchase of stock   (7,117)
Exercise of stock options 1,215  
Net cash provided by financing activities 356 23,029
Effect on cash of foreign currency translation 35 276
Net decrease in cash (20,639) (20,927)
Cash at beginning of the period 46,134 52,553
Cash at end of the period 25,495 31,626
Cash paid during the period for:    
Income taxes 134 487
Interest 21,638 18,900
Supplemental disclosure of non-cash investing and financing activity    
Transfer of rental equipment to direct finance lease 23,912 $ 10,917
Transfer of direct finance lease to rental equipment $ 291  
[1] Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated.