XML 64 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities      
Net income $ 64,520 $ 64,281 $ 50,814
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 67,631 48,849 34,078
Amortization of debt issuance costs 3,780 2,643 1,421
Amortization of intangible assets 780 902 1,254
Stock-based compensation expense 1,536 1,288 1,119
Unrealized (gain) loss on foreign exchange (282) 244 (215)
Gain on sale of equipment portfolios   (1,256) (2,345)
Gain on disposition of used rental equipment (7,356) (12,445) (13,374)
Deferred income taxes 3,205 6,014 3,883
Bad debt (recovery) expense (227) 29 (936)
Changes in other operating assets and liabilities:      
Accounts receivable 7,404 (10,492) (3,842)
Prepaid expenses and other assets (3,136) (1,814) 1,406
Accounts payable, accrued expenses and other current liabilities (8,839) 9,016 933
Due to container investors (3,774) (1,524) (3,170)
Unearned revenue (1,056) 1,095 1,079
Net cash provided by operating activities 124,186 106,830 72,105
Cash flows from investing activities      
Purchase of rental equipment (312,144) (524,354) (491,780)
Net proceeds from sale of equipment portfolios   10,320 24,886
Net proceeds from disposition of used rental equipment 33,069 44,306 30,824
Purchase of furniture, fixtures and equipment (60) (249) (147)
Receipt of principal payments from direct financing leases 12,329 8,758 6,080
Net cash used in investing activities (266,806) (461,219) (430,137)
Cash flows from financing activities      
Proceeds from debt 588,870 1,035,381 558,401
Principal payments on debt (406,961) (699,161) (197,901)
Repurchase of noncontrolling interest   (19,467)  
Debt issuance costs (6,595) (6,436) (1,853)
Increase in restricted cash (4,877) (3,777) (599)
Net proceeds from issuance of common stock   51,543  
Stock issuance costs (155)    
Exercise of stock options 1,524    
Excess tax benefit from share-based compensation awards 295    
Net cash provided by financing activities 172,101 358,083 358,048
Effect on cash of foreign currency translation (1,411) (101) (331)
Net increase (decrease) in cash 28,070 3,593 (315)
Cash at beginning of the period 17,671 14,078 14,393
Cash at end of the period 45,741 17,671 14,078
Cash paid during the period for:      
Income taxes 5,122 3,312 6,983
Interest 32,267 24,087 12,475
Supplemental disclosure of non-cash investing and financing activity      
Transfer of rental equipment to direct finance lease 32,001 56,426 31,158
Transfer of direct finance lease to rental equipment 30,118    
Payment of revolving credit facility from term loan   $ 20,000