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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net earnings $ 125,128 $ 151,815
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation of rental merchandise 880,341 471,530
Bad debt expense 9,825 10,959
Stock-based compensation expense 108,156 8,889
Depreciation of property assets 49,335 42,268
Loss on sale or disposal of property assets 318 1,067
Amortization of intangibles 73,228 810
Amortization of financing fees 4,178 1,186
Write-off of debt financing fees 9,926 0
Deferred income taxes 32,752 4,383
Changes in operating assets and liabilities, net of acquired assets    
Rental merchandise (900,921) (435,722)
Receivables (21,286) (2,465)
Prepaid expenses and other assets (721) 5,871
Operating lease right-of-use assets and lease liabilities (339) (536)
Accounts payable – trade (51,853) 8,184
Accrued liabilities 8,137 27,987
Net cash provided by operating activities 326,204 296,226
Cash flows from investing activities    
Purchase of property assets (45,876) (22,557)
Proceeds from sale of property assets 3 196
Hurricane insurance recovery proceeds 0 158
Acquisitions of businesses 1,273,542 700
Net cash used in investing activities (1,319,415) (22,903)
Cash flows from financing activities    
Share repurchases 20,035 26,572
Exercise of stock options 11,368 5,737
Shares withheld for payment of employee tax withholdings (20,903) (5,270)
Debt issuance costs 47,622 0
Proceeds from debt 1,490,000 198,000
Repayments of debt (366,875) (239,500)
Dividends paid 53,182 47,329
Net cash provided by (used in) financing activities 992,751 (114,934)
Effect of exchange rate changes on cash (159) (1,485)
Net (decrease) increase in cash and cash equivalents (619) 156,904
Cash and cash equivalents at beginning of period 159,449 70,494
Cash and cash equivalents at end of period $ 158,830 $ 227,398