XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income $ 27,909 $ 37,435
Loss from discontinued operations, net of income taxes (1,071) (1,095)
Income from continuing operations 28,980 38,530
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:    
Depreciation 57,179 51,350
Amortization of debt issuance costs 2,011 1,808
Amortization of intangible assets 805 1,087
Stock-based compensation expense 1,401 1,206
Unrealized loss on foreign exchange 90 266
Gain on sale of rental equipment (3,025) (4,897)
Deferred income taxes 1,652 1,248
Bad debt expense 529 315
Changes in other operating assets and liabilities:    
Accounts receivable (922) (14,567)
Prepaid expenses and other assets (654) (2,121)
Net investment in sales-type and direct financing leases 31,336  
Accounts payable, accrued expenses and other liabilities (2,279) (1,115)
Unearned revenue (129) 14
Net cash provided by operating activities of continuing operations 116,974 73,124
Net cash provided by operating activities of discontinued operations 919 5,288
Net cash provided by operating activities 117,893 78,412
Cash flows from investing activities    
Purchase of rental equipment [1] (167,442) (226,033)
Purchase of financing receivable (36,379)  
Proceeds from sale of rental equipment 33,479 25,124
Purchase of furniture, fixtures and equipment (249) (196)
Receipt of principal payments from financing receivable 973  
Receipt of principal payments from sales-type and direct financing leases   19,046
Net cash used in investing activities of continuing operations (169,618) (182,059)
Net cash provided by (used in) investing activities of discontinued operations 122,770 (45,594)
Net cash used in investing activities (46,848) (227,653)
Cash flows from financing activities    
Proceeds from debt 387,082 675,289
Principal payments on debt (324,263) (564,953)
Debt issuance costs (496) (6,201)
Proceeds from issuance of common and preferred stock   56,699
Repurchase of common stock (34,118) (27,946)
Dividends paid to preferred stockholders (4,414)  
Exercise of stock options 335 24
Net cash provided by financing activities of continuing operations 24,126 132,912
Net cash (used in) provided by financing activities of discontinued operations (85,056) 31,016
Net cash (used in) provided by financing activities (60,930) 163,928
Effect on cash of foreign currency translation (77) (20)
Net increase in cash and restricted cash 10,038 14,667
Cash and restricted cash at beginning of the period [2] 75,983 47,209
Cash and restricted cash at end of the period [3] 86,021 61,876
Cash paid during the period for:    
Income taxes 441 172
Interest 43,327 27,651
Supplemental disclosure of non-cash investing and financing activity    
Transfer of rental equipment to direct finance lease 19,153 71,807
Rental equipment payable $ 75,810 $ 184,258
[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 $20,104 and $14,735, cash held by variable interest entities of $25,211 and $20,685, and restricted cash of $30,668 and $11,789 at December 31, 2018 and 2017, respectively.
[3] Includes cash of $22,183 and $16,462, cash held by variable interest entities of $35,105 and $24,348, and restricted cash of $28,733 and $21,066 at June 30, 2019 and 2018, respectively.