XML 15 R5.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income (loss) $ (38,813) $ 25,410
Adjustments to reconcile net income (loss) to net cash flow from operating activities:    
Depreciation and amortization 113,958 107,532
Amortization of debt issuance costs 2,879 3,027
Provision for losses on accounts receivable 7,058 3,112
Share-based compensation 6,329 7,469
Gain on sales and disposals of rental equipment (23,589) (32,643)
Change in fair value of derivative and warrants (527) (1,129)
Deferred tax expense 270 1,849
Changes in assets and liabilities:    
Accounts and financing receivables 24,605 27,344
Inventories (182,751) (166,612)
Prepaids, operating leases and other 4,853 (2,747)
Accounts payable 3,138 29,325
Accrued expenses and other liabilities (20,045) (1,545)
Floor plan payables - trade, net 132,304 3,089
Customer deposits and deferred revenue (6,261) (4,586)
Net cash flow from operating activities 23,408 (1,105)
Investing Activities    
Acquisition of business, net of cash acquired (6,015) 0
Purchases of rental equipment (165,214) (210,360)
Proceeds from sales and disposals of rental equipment 99,576 130,246
Purchase of non-rental property and cloud computing arrangements (27,035) (22,783)
Net cash flow for investing activities (98,688) (102,897)
Financing Activities    
Proceeds from debt 4,200 13,537
Share-based payments (1,451) (86)
Borrowings under revolving credit facilities 97,520 95,082
Repayments under revolving credit facilities (62,521) (40,402)
Repayments of notes payable 0 (4,061)
Finance lease payments 0 (472)
Repurchase of common stock (23,014) (4,532)
Principal payments on long-term debt (5,259) 0
Acquisition of inventory through floor plan payables - non-trade 320,325 398,447
Repayment of floor plan payables - non-trade (256,827) (325,891)
Net cash flow from financing activities 72,973 131,622
Effect of exchange rate changes on cash and cash equivalents 57 249
Net Change in Cash and Cash Equivalents (2,250) 27,869
Cash and Cash Equivalents at Beginning of Period 10,309 14,360
Cash and Cash Equivalents at End of Period 8,059 42,229
Supplemental Cash Flow Information    
Interest paid 76,175 56,164
Income taxes paid 4,105 1,450
Non-Cash Investing and Financing Activities    
Rental equipment and property and equipment purchases in accounts payable 1,128 575
Rental equipment sales in accounts receivable $ 8,937 $ 2,294