XML 82 R2.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets    
Accounts receivable, net of allowance for doubtful accounts of $8,171 and $2,042 at December 31, 2109 and 2018, respectively $ 88,452 $ 95,942
Current portion of net investment in finance leases 71,228 75,975
Assets held for sale 284,513 449,730
Prepaid expenses and other current assets 8,471 1,525
Total current assets 499,128 668,487
Restricted cash 26,775 30,668
Rental equipment, net of accumulated depreciation of $588,815 and $557,559 at December 31, 2019 and 2018, respectively 1,820,735 1,816,794
Net investment in finance leases 495,488 473,792
Financing receivable 30,693  
Goodwill 15,794 15,794
Intangible assets, net of accumulated amortization of $5,221 and $3,611 at December 31, 2019 and 2018, respectively 4,123 5,733
Other non-current assets 9,029 1,349
Total assets [1] 2,901,765 3,012,617
Current liabilities    
Accounts payable 7,291 7,371
Accrued expenses and other current liabilities 30,479 25,069
Unearned revenue 6,405 7,573
Current portion of debt 218,094 311,381
Rental equipment payable 25,137 74,139
Total current liabilities 287,406 425,533
Debt 1,880,122 1,847,633
Deferred income tax liability 35,376 38,319
Other non-current liabilities 5,621  
Total liabilities [2] 2,208,525 2,311,485
Stockholders' equity    
Common stock, par value $0.0001 per share; authorized 84,000,000 shares; issued and outstanding 17,479,127 and 18,764,459 shares at December 31, 2019 and 2018, respectively 2 2
Additional paid-in capital 102,709 132,666
Accumulated other comprehensive loss (6,630) (6,513)
Retained earnings 493,294 471,112
Total stockholders' equity 693,240 701,132
Total liabilities and stockholders' equity 2,901,765 3,012,617
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member]    
Stockholders' equity    
Preferred stock, par value $0.0001 per share; authorized 10,000,000 54,990 54,990
Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member]    
Stockholders' equity    
Preferred stock, par value $0.0001 per share; authorized 10,000,000 48,875 48,875
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]    
Current assets    
Cash 19,870 20,104
Variable Interest Entity, Primary Beneficiary [Member]    
Current assets    
Cash 26,594 25,211
Restricted cash 26,775 30,668
Rental equipment, net of accumulated depreciation of $588,815 and $557,559 at December 31, 2019 and 2018, respectively 101,907 71,958
Net investment in finance leases 4,790 13,862
Current liabilities    
Current portion of debt 26,931 41,066
Debt $ 100,849 $ 67,615
[1] Total assets at December 31, 2019 and December 31, 2018 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $26,594 and $25,211; Net investment in finance leases, $4,790 and $13,862; and Rental equipment net of accumulated depreciation, $101,907 and $71,958, respectively.
[2] Total liabilities at December 31, 2019 and December 31, 2018 include the following VIE liabilities for which the VIE creditors do not have recourse to CAI International, Inc.: Current portion of debt, $26,931 and $41,066; Debt, $100,849 and $67,615, respectively.