XML 16 R9.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
OPERATING ACTIVITIES              
Net (loss) income $ (11.9) $ (11.9) $ 2.4 $ 1.0 $ (23.8) $ 3.4  
Adjustments to reconcile net (loss) income to net cash flows used in operating activities:              
Depreciation and amortization         72.0 61.1  
Amortization of debt discount and debt issuance costs         1.1 0.8  
Imputed interest         0.2 0.5  
Loss (gain) on sale of property and equipment           0.3  
Gain on sale of rental equipment         (17.4) (16.7)  
Provision for inventory obsolescence         0.5 1.2  
Provision for losses on accounts receivable         3.5 3.4  
Loss on debt extinguishment 6.7       6.7    
Change in fair value of derivative instruments         (0.2) 0.5  
Stock based compensation expense         2.6 1.9  
Changes in deferred income taxes         (6.8)    
Changes in assets and liabilities, net of acquisitions:              
Accounts receivable         (6.5) 1.5  
Inventories         (109.6) (200.6)  
Proceeds from sale of rental equipment         66.3 62.2  
Prepaid expenses and other assets           (7.6)  
Manufacturers floor plans payable         5.2 86.1  
Accounts payable, accrued expenses, customer deposits, and other current liabilities         (14.5) (27.7)  
Leases, deferred revenue, net of current portion and other liabilities         (0.3) (4.1)  
Net cash used in operating activities         (21.0) (33.8)  
INVESTING ACTIVITIES              
Expenditures for rental equipment         (30.6) (32.3)  
Expenditures for property and equipment         (7.2) (6.1)  
Proceeds from sale of property and equipment         1.9 0.7  
Acquisitions of businesses, net of cash acquired           (1.4)  
Other investing activities         (1.5) (1.5)  
Net cash used in investing activities         (37.4) (40.6)  
FINANCING ACTIVITIES              
Expenditures for debt issuance costs         (1.8)    
Extinguishment of long-term debt         (319.4)    
Proceeds from line of credit and long-term borrowings         849.3 203.5  
Principal payments on line of credit, long-term debt and finance lease obligations         (476.2) (133.5)  
Proceeds from non-manufacturer floor plan payable         79.5 103.5  
Payments on non-manufacturer floor plan payable         (82.8) (98.5)  
Preferred stock dividends paid         (1.5) (1.5)  
Common stock dividends declared and paid         (3.9) (3.7)  
Repurchases of common stock         (2.0)    
Other financing activities         (9.1) 4.3  
Net cash provided by financing activities         32.1 74.1  
Effect of exchange rate changes on cash         (0.2) (0.1)  
NET CHANGE IN CASH         (26.5) (0.4)  
Cash, Beginning of year   $ 31.0   $ 2.7 31.0 2.7 $ 2.7
Cash, End of period $ 4.5   $ 2.3   4.5 2.3 $ 31.0
Noncash asset purchases:              
Net transfer of assets from inventory to rental fleet within property and equipment         83.0 96.4  
Contingent and non-contingent consideration for business acquisitions         0.5    
Supplemental disclosures of cash flow information              
Cash paid for interest         32.5 24.1  
Cash paid for income taxes         $ 1.3 $ 1.3