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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 51,171 $ 4,447
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 81,820 74,855
Provision for credit losses 8,601 8,516
Gain on sale of rental equipment and other property, plant and equipment (3,232) (8,128)
Amortization of debt discounts and debt issuance costs 3,489 3,565
Fair value loss on common stock warrant liabilities 0 27,207
Loss on extinguishment of debt 0 3,185
Stock-based compensation expense 6,395 4,951
Deferred income tax expense 12,362 8,057
Unrealized currency losses (gains), net 86 (64)
Other 914 0
Changes in operating assets and liabilities:    
Trade receivables (12,064) 341
Inventories (7,122) (2,452)
Prepaid expenses and other assets (9,042) 2,995
Operating lease assets and liabilities 268 3,577
Accounts payable and other accrued expenses (1,239) (13,096)
Deferred revenue and customer deposits 13,120 4,115
Net cash provided by operating activities 145,527 122,071
Investing activities:    
Acquisition (57,457) 0
Proceeds from sale of rental equipment 14,554 15,202
Purchase of rental equipment and refurbishments (95,236) (52,535)
Proceeds from sale of property, plant and equipment 260 13,729
Purchase of property, plant and equipment (10,481) (7,307)
Net cash used in investing activities (148,360) (30,911)
Financing activities:    
Receipts from issuance of Common Stock from the exercise of options 3,313 5,414
Repurchase and cancellation of Common Stock and warrants (77,708) (81,618)
Receipts from borrowings 152,500 162,000
Repayment of borrowings (59,000) (166,112)
Payment of debt extinguishment premium costs 0 (1,950)
Principal payments on finance lease obligations (5,224) (3,735)
Taxes paid on employee stock awards (12,295) (3,219)
Net cash provided by (used in) financing activities 1,586 (89,220)
Effect of exchange rate changes on cash and cash equivalents (131) 57
Net change in cash and cash equivalents (1,378) 1,997
Cash and cash equivalents at the beginning of the period 12,699 24,937
Cash and cash equivalents at the end of the period 11,321 26,934
Supplemental cash flow information:    
Interest paid [1] 22,197 23,050
Income taxes paid, net 2,606 588
Capital expenditures accrued or payable $ 28,433 $ 25,975
[1] Includes $2,961 of payments related to the interest rate swap for the three months ended March 31, 2021.