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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income $ 35,497 $ 5,414
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 83,088 77,636
Amortization of debt issuance costs 2,400 2,217
Amortization of intangible assets 1,536 682
Stock-based compensation expense 1,539 1,320
Reduction in contingent consideration (2,211) (1,000)
Unrealized loss on foreign exchange 42 82
(Gain) loss on sale of used rental equipment (2,539) 7,950
Loss on disposal of subsidiary   146
Deferred income taxes 393 2,193
Bad debt expense 750 2,458
Changes in other operating assets and liabilities:    
Accounts receivable (6,280) (7,560)
Prepaid expenses and other assets (72) (191)
Accounts payable, accrued expenses and other current liabilities (5,887) 1,540
Due to container investors (2,958) (32)
Unearned revenue (540) 1,013
Net cash provided by operating activities 104,758 93,868
Cash flows from investing activities    
Purchase of rental equipment [1] (277,769) (170,582)
Acquisitions, net of cash acquired   (15,620)
Proceeds from sale of used rental equipment 48,863 46,137
Disposal of subsidiary, net of cash disposed of   (460)
Purchase of furniture, fixtures and equipment (91) (92)
Receipt of principal payments from direct financing leases 12,362 17,368
Net cash used in investing activities (216,635) (123,249)
Cash flows from financing activities    
Proceeds from debt 556,544 432,540
Principal payments on debt (448,436) (408,375)
Debt issuance costs (3,129) (1,461)
(Increase) decrease in restricted cash (6,025) 765
Repurchase of stock   (9,176)
Exercise of stock options 1,362  
Net cash provided by financing activities 100,316 14,293
Effect on cash of foreign currency translation 380 1
Net decrease in cash (11,181) (15,087)
Cash at beginning of the period 46,134 52,553
Cash at end of the period 34,953 37,466
Cash paid during the period for:    
Income taxes 174 752
Interest 35,014 29,617
Supplemental disclosure of non-cash investing and financing activity    
Transfer of rental equipment to direct finance lease 144,907 $ 14,816
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.