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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net earnings $ 103,861 $ 87,785
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation of rental merchandise 547,034 310,810
Bad debt expense 6,058 7,900
Stock-based compensation expense 59,714 5,892
Depreciation of property assets 31,782 28,706
Loss on sale or disposal of property assets 249 698
Amortization of intangibles 43,712 561
Amortization of financing fees 2,917 795
Write-off of debt financing fees 4,546 0
Deferred income taxes 21,320 2,146
Changes in operating assets and liabilities, net of acquired assets    
Rental merchandise (555,856) (211,865)
Receivables (6,384) (918)
Prepaid expenses and other assets 4,524 12,190
Operating lease right-of-use assets and lease liabilities (265) 4,726
Accounts payable - trade (28,030) (22,250)
Accrued liabilities 15,336 27,543
Net cash provided by operating activities 250,518 254,719
Cash flows from investing activities    
Purchase of property assets (25,401) (14,750)
Proceeds from sale of property assets 0 187
Hurricane insurance recovery proceeds 0 158
Acquisitions of businesses 1,273,542 0
Net cash used in investing activities (1,298,943) (14,405)
Cash flows from financing activities    
Share repurchases 0 26,511
Exercise of stock options 10,626 1,682
Shares withheld for payment of employee tax withholdings (20,903) (5,270)
Debt issuance costs 46,085 0
Proceeds from debt 1,490,000 198,000
Repayments of debt (364,688) (239,000)
Dividends paid 35,054 31,554
Net cash provided (used in) by financing activities 1,033,896 (102,653)
Effect of exchange rate changes on cash 152 (1,729)
Net (decrease) increase in cash and cash equivalents (14,377) 135,932
Cash and cash equivalents at beginning of period 159,449 70,494
Cash and cash equivalents at end of period $ 145,072 $ 206,426