| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Operating Activities | ||||||
Net Income (Loss) Attributable to Parent | ||||||
-27,052 | -15,526 | -27,095 | ||||
Adjustments to reconcile net (loss) income to net cash from operating activities: | ||||||
Depreciation | ||||||
71,548 | 64,312 | 62,083 | ||||
Amortization - intangibles | ||||||
3,000 | 2,800 | 2,600 | ||||
Amortization - financing costs | ||||||
2,900 | 3,500 | 2,900 | ||||
Provision for losses on accounts receivable | ||||||
3,292 | 4,302 | 2,774 | ||||
Share-based payments | ||||||
1,014 | 1,130 | 1,101 | ||||
Gain on sale of rental equipment and parts | ||||||
5,542 | 3,644 | 1,792 | ||||
Gain on insurance proceeds - damaged equipment | ||||||
538 | 0 | 0 | ||||
Cost, Major Repair Disposal | ||||||
2,200 | 1,400 | 0 | ||||
Loss on extinguishment of debt | ||||||
-4,000 | 0 | 0 | ||||
Change in fair value of derivative | ||||||
-1,709 | 0 | 0 | ||||
Asset impairment and loss on asset acquisition | ||||||
657 | 0 | 833 | ||||
Deferred tax (benefit) expense | ||||||
-6,861 | 1,096 | -4,339 | ||||
Other assets | ||||||
0 | 0 | 2,130 | ||||
Changes in assets and liabilities: | ||||||
Accounts receivable | ||||||
17,073 | 5,185 | 20,500 | ||||
Inventory | ||||||
22,683 | 8,023 | 8,739 | ||||
Prepaid expenses and other | ||||||
2,578 | -351 | 466 | ||||
Accounts payable | ||||||
7,547 | -4,307 | 5,573 | ||||
Accrued expenses and other liabilities | ||||||
6,560 | -1,203 | 3,935 | ||||
Unearned income | ||||||
-3,350 | -62 | 428 | ||||
Net cash flow from operating activities | ||||||
18,792 | 41,040 | 17,219 | ||||
Investing Activities | ||||||
Cash paid for business acquisition, net of cash acquired | ||||||
48,425 | 1,524 | 478 | ||||
Purchase of equipment - rental fleet | ||||||
106,641 | 58,519 | 47,050 | ||||
Proceeds from sale of rental equipment and parts | ||||||
26,794 | 33,321 | 26,579 | ||||
Insurance proceeds from damaged equipment | ||||||
1,658 | 0 | 0 | ||||
Purchase of other property and equipment | ||||||
3,065 | 716 | 417 | ||||
Net cash flow from investing activities | ||||||
-129,679 | -27,438 | -21,366 | ||||
Financing Activities | ||||||
Proceeds from debt | ||||||
475,000 | 0 | 0 | ||||
Borrowings under revolving credit facilities | ||||||
313,000 | 49,000 | 30,000 | ||||
Repayments under revolving credit facilities | ||||||
272,000 | 50,000 | 22,000 | ||||
Repayments of notes payable | ||||||
527,531 | 1,658 | 0 | ||||
Capital lease payments | ||||||
5,201 | 8,119 | 3,891 | ||||
Proceeds from merger and recapitalization | ||||||
147,269 | 0 | 0 | ||||
Finance fees paid | ||||||
15,488 | 1,645 | 326 | ||||
Net cash flow from financing activities | ||||||
115,049 | -12,422 | 3,783 | ||||
Net Change in Cash | ||||||
4,162 | 1,180 | -364 | ||||
Supplemental Cash Flow Information | ||||||
Cash paid for interest | ||||||
53,595 | 53,763 | 49,765 | ||||
Cash paid for income taxes | ||||||
455 | 526 | 600 | ||||
Non-Cash Investing and Financing Activities | ||||||
Transfer of parts inventory to leased equipment | ||||||
5,804 | 6,014 | 8,065 | ||||
Rental equipment and property and equipment purchases in accounts payable | ||||||
21,643 | 10,712 | 8,551 | ||||
Rental equipment sales in accounts receivable | ||||||
4,684 | 2,750 | 3,536 | ||||
Rental equipment on capital lease | ||||||
0 | 15,388 | 6,488 | ||||
Customer note receivable | ||||||
972 | 0 | 0 | ||||
Settlement of note payable with common stock | ||||||
25,000 | 0 | 0 | ||||
Acquisition | ||||||
0 | 3,546 | 5,967 | ||||