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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income (loss) $ 35,740 $ (1,330)
Income (loss) from discontinued operations, net of income taxes 1,063 (13,999)
Income from continuing operations 34,677 12,669
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:    
Depreciation 28,766 27,259
Amortization of debt issuance costs 815 893
Stock-based compensation expense 540 725
Unrealized loss on foreign exchange 400 220
Gain on sale of rental equipment (6,743) (1,647)
Deferred income taxes (940) (3,504)
Bad debt recovery (30) (1,287)
Changes in other operating assets and liabilities:    
Accounts receivable 488 3,849
Prepaid expenses and other assets 1,218 723
Net investment in finance leases 21,605 17,102
Accounts payable, accrued expenses and other liabilities (2,823) 130
Unearned revenue (7) (591)
Net cash provided by operating activities of continuing operations 77,966 56,541
Net cash (used in) provided by operating activities of discontinued operations (2,177) 3,584
Net cash provided by operating activities 75,789 60,125
Cash flows from investing activities    
Purchase of rental equipment (171,625) (27,500)
Purchase of financing receivable (5,174)
Proceeds from sale of rental equipment 28,783 24,534
Receipt of principal payments from financing receivable 2,645 325
Purchase of furniture, fixtures and equipment (22) (310)
Net cash used in investing activities of continuing operations (145,393) (2,951)
Net cash provided by investing activities of discontinued operations 1,285 42
Net cash used in investing activities (144,108) (2,909)
Cash flows from financing activities    
Proceeds from debt 141,000 110,000
Principal payments on debt (59,887) (102,681)
Repurchase of common stock (12,788)
Dividends paid to common stockholders (5,192)
Dividends paid to preferred stockholders (2,207) (2,207)
Exercise of stock options 1,499 113
Net cash provided by financing activities of continuing operations 62,425 5,225
Net cash used in financing activities of discontinued operations (1,061)
Net cash provided by financing activities 62,425 4,164
Effect on cash of foreign currency translation (8) (77)
Net (decrease) increase in cash and restricted cash (5,902) 61,303
Cash and restricted cash at beginning of the period [1] 66,502 73,239
Cash and restricted cash at end of the period [2] 60,600 134,542
Cash paid during the period for:    
Income taxes   111
Interest 10,242 19,736
Supplemental disclosure of non-cash investing and financing activity    
Transfer of rental equipment to finance lease 56,227 5,760
Rental equipment payable $ 61,582 $ 4,596
[1] Includes cash of $26,691 and $19,870, cash held by variable interest entities of $26,856 and $26,594, and restricted cash of $12,955 and $26,775 at December 31, 2020 and 2019, respectively.
[2] Includes cash of $23,971 and $87,727, cash held by variable interest entities of $23,942 and $21,016, and restricted cash of $12,687 and $25,799 at March 31, 2021 and 2020, respectively.