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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net (loss) earnings $ (4,237) $ 42,552
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation of rental merchandise 327,439 237,636
Bad debt expense 4,973 3,449
Stock-based compensation expense 41,410 20,148
Depreciation of property assets 18,247 14,459
Loss on sale or disposal of property assets 4,341 165
Amortization of intangibles 22,373 14,192
Amortization of financing fees 1,562 1,117
Write-off of debt financing fees 0 4,546
Deferred income taxes (16,607) 3,852
Changes in operating assets and liabilities, net of acquired assets    
Rental merchandise (165,303) (222,054)
Receivables 220 1,674
Prepaid expenses and other assets 15,997 9,932
Operating lease right-of-use assets and lease liabilities (3,259) (171)
Accounts payable – trade (4,951) (22,152)
Accrued liabilities (36,914) 26,448
Net cash provided by operating activities 205,291 135,793
Cash flows from investing activities    
Purchase of property assets (16,403) (11,388)
Proceeds from sale of property assets 6 0
Acquisitions of businesses 324 1,267,903
Net cash used in investing activities (16,721) (1,279,291)
Cash flows from financing activities    
Exercise of stock options 477 8,944
Shares withheld for payment of employee tax withholdings (8,467) (20,903)
Debt issuance costs 0 46,085
Proceeds from debt 0 1,490,000
Repayments of debt (172,188) (307,500)
Dividends paid 21,105 17,116
Net cash (used in) provided by financing activities (201,283) 1,107,340
Effect of exchange rate changes on cash 64 (272)
Net decrease in cash and cash equivalents (12,649) (36,430)
Cash and cash equivalents at beginning of period 108,333 159,449
Cash and cash equivalents at end of period $ 95,684 $ 123,019