XML 16 R5.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income (loss) $ (14,335) $ 13,800
Adjustments to reconcile net income (loss) to net cash flow from operating activities:    
Depreciation and amortization 56,160 52,091
Amortization of debt issuance costs 1,431 2,407
Provision for losses on accounts receivable 1,882 1,872
Share-based compensation 2,730 3,147
Gain on sales and disposals of rental equipment (11,119) (21,320)
Change in fair value of derivative and warrants (527) (525)
Deferred tax expense (2,403) 514
Changes in assets and liabilities:    
Accounts and financing receivables 21,064 17,161
Inventories (116,823) (117,580)
Prepaids, operating leases and other (1,645) (4,987)
Accounts payable 2,769 35,916
Accrued expenses and other liabilities (5,745) 1,328
Floor plan payables - trade, net 54,450 22,395
Customer deposits and deferred revenue (2,264) (2,313)
Net cash flow from operating activities (14,375) 3,906
Investing Activities    
Acquisition of business, net of cash acquired (1,410) 0
Purchases of rental equipment (75,552) (109,145)
Proceeds from sales and disposals of rental equipment 60,078 78,626
Purchase of non-rental property and cloud computing arrangements (16,527) (9,429)
Net cash flow for investing activities (33,411) (39,948)
Financing Activities    
Proceeds from debt 4,200 13,537
Share-based payments (10) 228
Borrowings under revolving credit facilities 35,000 35,000
Repayments under revolving credit facilities (35,000) (10,331)
Repayments of notes payable 0 (2,020)
Finance lease payments 0 (377)
Repurchase of common stock (6,762) (1,122)
Principal payments on long-term debt (2,612) 0
Acquisition of inventory through floor plan payables - non-trade 162,781 187,381
Repayment of floor plan payables - non-trade (112,102) (168,447)
Net cash flow from financing activities 45,495 53,849
Effect of exchange rate changes on cash and cash equivalents (28) 51
Net Change in Cash and Cash Equivalents (2,319) 17,858
Cash and Cash Equivalents at Beginning of Period 10,309 14,360
Cash and Cash Equivalents at End of Period 7,990 32,218
Supplemental Cash Flow Information    
Interest paid 23,098 13,130
Income taxes paid 2,133 10
Non-Cash Investing and Financing Activities    
Rental equipment and property and equipment purchases in accounts payable 953 2,938
Rental equipment sales in accounts receivable $ 2,210 $ 621