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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net (loss) income $ (62.1) $ 8.9 $ 9.3
Adjustments to reconcile net (loss) income to net cash flows provided by operating activities      
Depreciation and amortization 144.5 132.6 112.0
Amortization of debt discount and debt issuance costs 4.2 2.0 1.8
Imputed interest 0.5 1.0 0.3
(Gain) loss on sale of property and equipment (1.1) 0.2 (0.2)
Gain on sale of rental equipment (33.4) (34.4) (30.1)
Provision for inventory obsolescence 1.5 2.2 1.4
Provision for losses on accounts receivable 5.7 7.2 5.0
Loss on debt extinguishment 6.7    
Change in fair value of derivative instruments 0.8 (0.6)  
Stock-based compensation expense 4.8 4.3 2.7
Gain on bargain purchase of business   (1.5)  
Changes in deferred income taxes (8.6) (10.1) (1.2)
Changes in assets and liabilities, net of acquisitions:      
Accounts receivable 42.7 (16.6) (34.7)
Inventories (145.3) (286.3) (272.6)
Proceeds from sale of rental equipment - rent-to-sell 126.1 123.5 125.6
Prepaid expenses and other assets 4.3 0.5 (4.1)
Manufacturers floor plans payable (7.8) 122.5 77.3
Accounts payable, accrued expenses, customer deposits, and other current liabilities (26.9) 7.3 26.7
Leases, deferred revenue, net of current portion and other liabilities 0.4 (4.3) (0.7)
Net cash provided by operating activities 57.0 58.4 18.5
INVESTING ACTIVITIES      
Expenditures for rental equipment (55.1) (62.2) (63.9)
Expenditures for property and equipment (15.4) (12.4) (12.8)
Proceeds from sale of property and equipment 5.3 0.5 1.2
Proceeds from sale of rental equipment - rent-to-rent 11.9 5.4 7.5
Acquisitions of businesses, net of cash acquired   (45.6) (86.7)
Other investing activities (2.9) (3.1) (0.4)
Net cash used in investing activities (56.2) (117.4) (155.1)
FINANCING ACTIVITIES      
Expenditures for debt issuance costs (1.9)    
Extinguishment of long-term debt (319.4)    
Proceeds from long-term borrowings 974.2 379.6 413.2
Principal payments on long-term debt and finance lease obligations (639.9) (288.3) (298.3)
Proceeds from non-manufacturer floor plan payable 120.8 188.4 149.9
Payments on non-manufacturer floor plan payable (133.6) (179.7) (121.9)
Preferred stock dividends paid (3.0) (3.0) (3.0)
Common stock dividends declared and paid (7.8) (7.6) (3.7)
Repurchases of common stock (5.8)    
Other financing activities (1.5) (2.1) 0.7
Net cash (used in) provided by financing activities (17.9) 87.3 136.9
Effect of exchange rate changes on cash (0.5)   0.1
NET CHANGE IN CASH (17.6) 28.3 0.4
Cash, Beginning of year 31.0 2.7 2.3
Cash, End of period 13.4 31.0 2.7
Noncash asset purchases:      
Net transfer of assets from inventory to rental fleet 120.6 $ 180.2 $ 122.9
Common stock issued as consideration for business acquisition   6,300,000 2,700,000
Contingent and non-contingent consideration for business acquisitions 1.1 $ 2.0 $ 12.7
Supplemental disclosures of cash flow information      
Cash paid for interest 76.4 53.6 28.0
Cash paid for income taxes $ 3.7 $ 5.7 $ 1.0