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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income $ 37,435 $ 17,910
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 58,319 55,211
Amortization of debt issuance costs 2,158 1,498
Amortization of intangible assets 1,087 1,102
Stock-based compensation expense 1,350 995
Reduction in contingent consideration   (631)
Unrealized loss on foreign exchange 266 109
Gain on sale of used rental equipment (4,914) (876)
Deferred income taxes 1,248 411
Bad debt expense (recovery) 317 (12)
Changes in other operating assets and liabilities:    
Accounts receivable (14,211) (5,627)
Prepaid expenses and other assets (2,096) (1,807)
Accounts payable, accrued expenses and other current liabilities (1,931) (3,613)
Due to container investors (540) 72
Unearned revenue (76) (1,696)
Net cash provided by operating activities 78,412 63,046
Cash flows from investing activities    
Purchase of rental equipment (271,961) (128,593)
Proceeds from sale of used rental equipment 25,458 35,660
Purchase of furniture, fixtures and equipment (196) (85)
Receipt of principal payments from direct finance leases 19,046 8,942
Net cash used in investing activities (227,653) (84,076)
Cash flows from financing activities    
Proceeds from debt 708,289 155,131
Principal payments on debt (566,937) (156,036)
Debt issuance costs (6,201) (463)
Proceeds from issuance of common and preferred stock 56,699  
Repurchase of common stock (27,946)  
Exercise of stock options 24 1,215
Net cash provided by (used in) financing activities 163,928 (153)
Effect on cash of foreign currency translation (20) 35
Net increase (decrease) in cash and restricted cash 14,667 (21,148)
Cash and restricted cash at beginning of the period [1] 47,209 52,326
Cash and restricted cash at end of the period [2] 61,876 31,178
Cash paid during the period for:    
Income taxes 172 134
Interest 27,651 21,638
Supplemental disclosure of non-cash investing and financing activity    
Transfer of rental equipment to direct finance lease 71,807 23,912
Transfer of direct finance lease to rental equipment   291
Rental equipment payable $ 184,258 $ 65,336
[1] Six Months Ended June 30,20182017Cash flows from operating activitiesNet income $ 37,435$ 17,910Adjustments to reconcile net income to net cash provided by operating activities:Depreciation 58,319 55,211Amortization of debt issuance costs 2,158 1,498Amortization of intangible assets 1,087 1,102Stock-based compensation expense 1,350 995Reduction in contingent consideration - (631)Unrealized loss on foreign exchange 266 109Gain on sale of used rental equipment (4,914) (876)Deferred income taxes 1,248 411Bad debt expense (recovery) 317 (12)Changes in other operating assets and liabilities:Accounts receivable (14,211) (5,627)Prepaid expenses and other assets (2,096) (1,807)Accounts payable, accrued expenses and other current liabilities (1,931) (3,613)Due to container investors (540) 72Unearned revenue (76) (1,696)Net cash provided by operating activities 78,412 63,046Cash flows from investing activitiesPurchase of rental equipment (271,961) (128,593)Proceeds from sale of used rental equipment 25,458 35,660Purchase of furniture, fixtures and equipment (196) (85)Receipt of principal payments from direct finance leases 19,046 8,942Net cash used in investing activities (227,653) (84,076)Cash flows from financing activitiesProceeds from debt 708,289 155,131Principal payments on debt (566,937) (156,036)Debt issuance costs (6,201) (463)Proceeds from issuance of common and preferred stock 56,699 -Repurchase of common stock (27,946) -Exercise of stock options 24 1,215Net cash provided by (used in) financing activities 163,928 (153)Effect on cash of foreign currency translation (20) 35Net increase (decrease) in cash and restricted cash 14,667 (21,148)Cash and restricted cash at beginning of the period (1) 47,209 52,326Cash and restricted cash at end of the period (2)$ 61,876$ 31,178Supplemental disclosure of cash flow informationCash paid during the period for:Income taxes$ 172$ 134Interest 27,651 21,638Supplemental disclosure of non-cash investing and financing activityTransfer of rental equipment to direct finance lease$ 71,807$ 23,912Transfer of direct finance lease to rental equipment - 291Rental equipment payable 184,258 65,336Includes cash of $14,735 and $15,685, cash held by variable interest entities of $20,685 and $30,449, and restricted cash of $11,789 and $6,192 at December 31, 2017 and 2016, respectively.
[2] Includes cash of $16,462 and $10,034, cash held by variable interest entities of $24,348 and $15,461, and restricted cash of $21,066 and $5,683 at June 30, 2018 and 2017, respectively.