| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
6,236 | 4,956 | 981 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation | ||||||
44,585 | 31,952 | 25,244 | ||||
Amortization of intangible assets | ||||||
14,317 | 7,200 | 4,902 | ||||
Loss on impairment | ||||||
- | 15,320 | - | ||||
Accretion of asset retirement obligation | ||||||
215 | 202 | 140 | ||||
Amortization of deferred financing costs | ||||||
3,204 | 608 | - | ||||
Amortization of original issue discount | ||||||
425 | - | - | ||||
Stock-based compensation expense | ||||||
1,749 | - | - | ||||
Officer loan compensation expense | ||||||
1,583 | 792 | 625 | ||||
(Gain) loss on sale of specialty rental assets and other property, plant and equipment | ||||||
-6,872 | - | 31 | ||||
Loss (gain) on involuntary conversion | ||||||
-122 | 1,678 | - | ||||
Loss on extinguishment of debt | ||||||
-907 | - | - | ||||
Deferred income taxes | ||||||
5,992 | 10,864 | 21,878 | ||||
Provision (benefit) for loss on receivables, net of recoveries | ||||||
1,183 | -98 | 426 | ||||
Provision (benefit) for loss on receivables, net of recoveries | ||||||
1,183 | 464 | 426 | ||||
Changes in operating assets and liabilities (net of business acquired) | ||||||
Accounts receivable | ||||||
-7,440 | 25,908 | 6,877 | ||||
Related party receivable | ||||||
855 | - | - | ||||
Prepaid expenses and other assets | ||||||
684 | 361 | 2,385 | ||||
Accounts payable and other accrued liabilities | ||||||
-16,826 | 5,329 | 6,600 | ||||
Deferred revenue and customer deposits | ||||||
-11,177 | -20,531 | -15,288 | ||||
Other non-current assets and liabilities | ||||||
4,793 | 2,420 | -4,559 | ||||
Net cash provided by operating activities | ||||||
60,495 | 26,203 | 40,774 | ||||
Cash flows from investing activities: | ||||||
Purchase of specialty rental assets | ||||||
84,732 | 78,733 | 15,315 | ||||
Purchase of property, plant and equipment | ||||||
441 | 951 | 899 | ||||
Purchase of business, net of cash acquired | ||||||
30,000 | 200,099 | 36,538 | ||||
Proceeds from the sale of specialty rental assets and other property, plant and equipment | ||||||
1,444 | - | 1,562 | ||||
Receipt of insurance proceeds | ||||||
386 | 3,478 | - | ||||
Repayments from affiliates | ||||||
638 | 55,645 | - | ||||
Advances to affiliate | ||||||
- | - | 79,056 | ||||
Net cash used in investing activities | ||||||
-112,705 | -220,660 | -130,246 | ||||
Cash flows from financing activities: | ||||||
Proceeds from borrowings on Senior Secured Notes, net of discount | ||||||
336,699 | - | - | ||||
Principal payments on finance and capital lease obligations | ||||||
2,331 | 14,967 | 13,827 | ||||
Principal payments on borrowings from ABL | ||||||
48,790 | 40,076 | - | ||||
Proceeds from borrowings on ABL | ||||||
108,240 | 59,550 | 1,994 | ||||
Repayment of affiliate note | ||||||
3,762 | 256,626 | - | ||||
Contributions from affiliate | ||||||
39,107 | 346,710 | 125,593 | ||||
Distribution to affiliate | ||||||
563,134 | 26,738 | 23,561 | ||||
Recapitalization | ||||||
218,752 | - | - | ||||
Payment of deferred financing costs | ||||||
19,798 | 3,473 | - | ||||
Restricted shares surrendered to pay tax liabilities | ||||||
90 | - | - | ||||
Purchase of treasury stock | ||||||
18,241 | - | - | ||||
Proceeds from affiliate note | ||||||
- | 130,173 | 13,500 | ||||
Cash paid for acquisition of Target | ||||||
- | - | 5,640 | ||||
Net cash provided by financing activities | ||||||
46,652 | 194,553 | 98,059 | ||||
Effect of exchange rate changes on cash and cash equivalents | ||||||
-54 | -178 | 136 | ||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ||||||
-5,612 | -82 | 8,723 | ||||
Supplemental Cash Flow Information: | ||||||
Cash paid for interest, net of amounts capitalized | ||||||
23,581 | 23,076 | 955 | ||||
Income taxes paid, net of refunds received | ||||||
1,237 | - | 620 | ||||
Non-cash investing and financing activity: | ||||||
Non-cash change in accrued capital expenditures | ||||||
732 | 2,277 | 440 | ||||
Non-cash repurchase of common shares as part of share repurchase program | ||||||
-5,318 | - | - | ||||
Non-cash contribution from affiliate - forgiveness of affiliate note | ||||||
104,285 | - | - | ||||
Non-cash distribution to PEAC - liability transfer from PEAC, net | ||||||
-8,840 | - | - | ||||
Non-cash change in capital lease obligation | ||||||
-1,856 | - | - | ||||
Non-cash distributions to affiliate - affiliate note payable incurred for Target acquisition | ||||||
- | - | -221,000 | ||||
Non-cash distribution to affiliate - liability transfer from affiliate, net | ||||||
- | - | 9,257 | ||||
Non-cash distribution to affiliates - forgiveness of related party receivables and payables, net | ||||||
- | - | 171,747 | ||||
Non-cash change in specialty rental assets due to effect of exchange rate changes | ||||||
- | -663 | - | ||||
Non-cash consideration in purchase of business, net of cash acquired | ||||||
- | 1,181 | - | ||||
Algeco Sellers | ||||||
Recapitalization - cash paid to Algeco Seller | ||||||
563,134 | - | - | ||||