XML 17 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (66.8) $ (9.5)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation of revenue earning equipment 187.2 166.0
Depreciation of property and equipment 22.1 18.6
Amortization of intangible assets 2.2 2.5
Amortization of deferred financing costs 3.2 2.4
Stock-based compensation charges 4.5 2.7
Impairment 29.3 0.0
Provision for receivables allowance 21.9 24.4
Deferred taxes (37.3) 5.3
Loss on sale of revenue earning equipment 5.5 15.0
Income from joint ventures (0.7) (1.4)
Other 0.7 3.5
Changes in assets and liabilities:    
Receivables (31.7) (16.4)
Inventory, prepaid expenses and other assets (2.3) (7.6)
Accounts payable (15.6) (13.2)
Accrued liabilities and other long-term liabilities (3.3) 20.0
Taxes receivable and payable 3.7 (4.2)
Net cash provided by operating activities 122.6 208.1
Cash flows from investing activities:    
Net change in restricted cash and cash equivalents (3.3) 5.6
Revenue earning equipment expenditures (160.8) (142.5)
Proceeds from disposal of revenue earning equipment 88.6 74.2
Non-rental capital expenditures (26.0) (13.4)
Proceeds from disposal of property and equipment 1.7 2.8
Net cash used in investing activities (99.8) (73.3)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 0.0 1,235.0
Repayments of long-term debt (123.5) 0.0
Proceeds from revolving lines of credit 279.4 1,619.0
Repayments on revolving lines of credit (183.7) (780.0)
Principal payments under capital lease obligations (7.8) (5.1)
Proceeds from exercise of stock options and other 0.0 10.0
Net settlement on vesting of equity awards 0.0 (0.5)
Proceeds from employee stock purchase plan 0.3 0.0
Net transfers to THC 0.0 (2,074.8)
Net financing activities with affiliates 0.0 (67.4)
Payment of debt financing costs 0.0 41.1
Net cash used in financing activities (35.3) (104.9)
Effect of foreign exchange rate changes on cash and cash equivalents 0.5 0.5
Net increase (decrease) in cash and cash equivalents during the period (12.0) 30.4
Cash and cash equivalents at beginning of period 24.0 24.7
Cash and cash equivalents at end of period 12.0 55.1
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of amounts capitalized 64.9 12.8
Cash paid for income taxes, net of refunds 1.8 4.6
Supplemental disclosure of non-cash investing activity:    
Purchases of revenue earning equipment in accounts payable 176.9 163.0
Sales of revenue earning equipment in accounts receivable 4.4 0.0
Non-rental capital expenditures in accounts payable 13.2 7.8
Supplemental disclosure of non-cash financing activity:    
Debt issuance costs included in accrued liabilities 0.0 0.5
Non-cash settlement of transactions with THC through equity 4.0 97.9
Supplemental disclosure of non-cash investing and financing activity:    
Equipment acquired through capital lease $ 0.2 $ 20.3