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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net (loss) income $ (1,956) $ 24,068
Loss from discontinued operations, net of income taxes (17,246) (2,753)
Income from continuing operations 15,290 26,821
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:    
Depreciation 56,299 61,623
Impairment of rental equipment 19,724 7,323
Amortization of debt issuance costs 2,312 2,394
Stock-based compensation expense 801 1,421
Unrealized loss on foreign exchange 63 90
Gain on sale of rental equipment (3,722) (9,097)
Deferred income taxes (3,127) 2,135
Bad debt (recovery) expense (3,582) 687
Changes in other operating assets and liabilities:    
Accounts receivable 4,441 1,200
Prepaid expenses and other assets 606 (2,114)
Net investment in finance leases 35,746 32,824
Accounts payable, accrued expenses and other liabilities (1,146) (3,568)
Unearned revenue (394) (1,862)
Net cash provided by operating activities of continuing operations 123,311 119,877
Net cash provided by (used in) operating activities of discontinued operations 2,315 (1,984)
Net cash provided by operating activities 125,626 117,893
Cash flows from investing activities    
Purchase of rental equipment [1] (32,620) (231,595)
Purchase of financing receivable (30,846) (36,379)
Proceeds from sale of rental equipment 58,467 220,403
Receipt of principal payments from financing receivable 2,225 973
Purchase of furniture, fixtures and equipment (310) (136)
Net cash used in investing activities of continuing operations (3,084) (46,734)
Net cash used in investing activities of discontinued operations (1) (114)
Net cash used in investing activities (3,085) (46,848)
Cash flows from financing activities    
Proceeds from debt 227,000 468,082
Principal payments on debt (348,331) (490,319)
Debt issuance costs (25) (496)
Proceeds from issuance of stock 116
Repurchase of common stock (34,118)
Dividends paid to preferred stockholders (4,414) (4,414)
Exercise of stock options 113 335
Net cash used in financing activities of continuing operations (125,541) (60,930)
Net cash used in financing activities of discontinued operations
Net cash used in financing activities (125,541) (60,930)
Effect on cash of foreign currency translation (189) (77)
Net (decrease) increase in cash and restricted cash (3,189) 10,038
Cash and restricted cash at beginning of the period [2] 73,239 75,983
Cash and restricted cash at end of the period [3] 70,050 86,021
Cash paid during the period for:    
Income taxes 225 441
Interest 35,167 43,327
Supplemental disclosure of non-cash operating activity    
Transfer of rental equipment to finance lease 140  
Supplemental disclosure of non-cash investing and financing activity    
Transfer of rental equipment to finance lease 7,748 19,153
Rental equipment payable $ 3,356 $ 75,810
[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 $19,870 and $20,104, cash held by variable interest entities of $26,594 and $25,211, and restricted cash of $26,775 and $30,668 at December 31, 2019 and 2018, respectively.
[3] Includes cash of $20,159 and $22,183, cash held by variable interest entities of $27,703 and $35,105, and restricted cash of $22,188 and $28,733 at June 30, 2020 and 2019, respectively.