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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Net income $ 78,596 $ 72,060 $ 6,034
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 121,494 111,294 105,236
Amortization of debt issuance costs 4,350 3,306 2,975
Amortization of intangible assets 1,989 1,969 1,443
Stock-based compensation expense 2,867 2,087 1,732
Reduction in contingent consideration   (2,211) (3,789)
Unrealized loss on foreign exchange 436 106 276
(Gain) loss on sale of used rental equipment (11,725) (5,347) 12,671
Loss on disposal of subsidiary     146
Deferred income taxes 2,466 (14,947) 1,138
Bad debt expense 492 402 3,151
Changes in other operating assets and liabilities:      
Accounts receivable (19,269) (4,994) (1,175)
Prepaid expenses and other assets (2,361) 735 (2,691)
Accounts payable, accrued expenses and other current liabilities 15 (2,206) 3,572
Due to container investors 764 (5,766) 652
Unearned revenue (344) (1,296) (2,115)
Net cash provided by operating activities 179,770 155,192 129,256
Cash flows from investing activities      
Purchase of rental equipment [1] (812,021) (502,050) (251,165)
Acquisitions, net of cash acquired     (15,599)
Proceeds from sale of used rental equipment 106,149 66,364 66,073
Disposal of subsidiary, net of cash disposed of     (460)
Purchase of furniture, fixtures and equipment (823) (126) (82)
Receipt of principal payments from direct finance leases 43,352 24,061 19,633
Net cash used in investing activities (663,343) (411,751) (181,600)
Cash flows from financing activities      
Proceeds from debt 1,695,064 754,340 552,540
Principal payments on debt (1,236,912) (527,850) (496,270)
Debt issuance costs (5,130) (3,441) (1,515)
Proceeds from issuance of common and preferred stock 103,433 28,028  
Repurchase of common stock (40,869)   (9,176)
Dividends paid to preferred stockholders (3,260)    
Exercise of stock options 24 145  
Net cash provided by financing activities 512,350 251,222 45,579
Effect on cash of foreign currency translation (3) 220 (674)
Net increase (decrease) in cash and restricted cash 28,774 (5,117) (7,439)
Cash and restricted cash at beginning of the period [2] 47,209 [3] 52,326 [3] 59,765
Cash and restricted cash at end of the period [3] 75,983 47,209 [2] 52,326 [2]
Cash paid during the period for:      
Income taxes 651 194 889
Interest 71,286 47,596 38,491
Supplemental disclosure of non-cash investing and financing activity      
Transfer of rental equipment to direct finance lease 316,697 205,033 19,036
Transfer of direct finance lease to rental equipment   413 732
Rental equipment payable $ 74,139 $ 92,415 $ 92,415
[1] Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated
[2] Includes cash of $14,735, $15,685, and $17,447, cash held by variable interest entities of $20,685, $30,449, and $35,106, and restricted cash of $11,789, $6,192, and $7,212 at December 31, 2017, 2016, and 2015, respectively.
[3] Includes cash of $20,104, $14,735, and $15,685, cash held by variable interest entities of $25,211, $20,685, and $30,449, and restricted cash of $30,668, $11,789, and $6,192 at December 31, 2018, 2017, and 2016, respectively.