XML 20 R6.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income (loss) $ (28,655) $ 50,712 $ 38,905
Adjustments to reconcile net income (loss) to net cash flow from operating activities:      
Depreciation and amortization 235,839 218,993 223,483
Amortization of debt issuance costs 5,693 5,653 4,860
Provision for losses on accounts receivable 10,777 8,522 12,650
Share-based compensation 11,859 13,309 12,297
Gain on sales and disposals of rental equipment (46,000) (67,721) (55,213)
Change in fair value of derivative and warrants (527) (2,485) (20,290)
Gain on sale leaseback transaction (23,497) 0 0
Deferred tax expense (1,662) 4,241 7,387
Changes in assets and liabilities:      
Accounts and financing receivables (21,753) (20,879) (36,821)
Inventories (64,858) (388,063) (194,691)
Prepaids, operating leases and other 1,690 3,518 (11,936)
Accounts payable (27,479) 28,339 (5,589)
Accrued expenses and other liabilities (4,287) 4,339 8,108
Floor plan payables - trade, net 77,301 116,563 63,920
Customer deposits and deferred revenue (2,456) (5,924) (1,102)
Net cash flow from operating activities 121,985 (30,883) 45,968
Investing Activities      
Acquisition of businesses, net of cash acquired (6,015) 0 (49,832)
Purchases of rental equipment (398,317) (364,190) (340,791)
Proceeds from sales and disposals of rental equipment 204,593 229,559 205,852
Proceeds from sale leaseback transaction, net of expenses 52,531 0 0
Purchase of non-rental property and cloud computing arrangements (40,277) (41,967) (34,165)
Net cash flow from investing activities (187,485) (176,598) (218,936)
Financing Activities      
Borrowings under revolving credit facilities 255,706 221,046 153,036
Repayments under revolving credit facilities (225,206) (106,377) (110,249)
Proceeds from debt, net issuance costs 7,500 21,044 (104)
Repayments of notes payable (3,186) 0 0
Principal payments on long-term debt (8,184) (7,679) (1,012)
Finance lease payments 0 (2,682) (3,955)
Acquisition of inventory through floor plan payables - non-trade 605,728 789,199 619,896
Repayment of floor plan payables - non-trade (544,011) (673,622) (491,599)
Repurchase of common stock (28,984) (38,845) (10,279)
Share-based payments (1,080) 792 (1,838)
Net cash flow from financing activities 58,283 202,876 153,896
Effect of exchange rate changes on cash and cash equivalents 713 554 (2,470)
Net Change in Cash and Cash Equivalents (6,504) (4,051) (21,542)
Cash and Cash Equivalents at Beginning of Period 10,309 14,360 35,902
Cash and Cash Equivalents at End of Period 3,805 10,309 14,360
Supplemental Cash Flow Information      
Interest paid 152,338 122,868 81,177
Income taxes paid 4,140 2,133 567
Non-Cash Investing and Financing Activities      
Property and equipment purchases in accounts payable 564 2,120 68
Rental equipment sales in accounts receivable $ 4,325 $ 22,517 $ 11,283