H&E Equipment Services, Inc. HEES Cash Flow

H&e equipment services, inc. (HEES)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net income (loss)
-36,968	21,923	28,431	22,614	14,243	25,060	21,314	20,771	9,478	85,928	8,462	9,878	5,390	12,430	11,665	7,503	5,574	11,967	14,772	11,480	6,086	16,677	15,300	15,726	7,436	14,601	13,953	10,809	4,777	10,704	3,709	10,468	3,955	7,862	4,848	2,689	-6,473
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment
7,398	7,584	7,214	7,148	6,479	6,226	6,282	6,201	5,884	5,698	5,977	6,020	6,095	6,961	6,857	6,762	6,702	6,473	6,241	6,030	5,624	5,546	5,195	4,938	4,780	4,600	4,278	4,142	3,935	3,484	3,459	3,317	3,221	2,945	3,063	3,115	3,132
Depreciation of rental equipment
59,986	62,133	63,065	61,434	57,148	55,753	55,060	51,171	46,469	43,459	43,255	41,838	40,903	41,715	41,528	39,675	39,497	40,968	40,963	40,214	39,944	39,954	37,654	35,449	32,998	32,269	31,527	30,020	28,132	28,239	27,150	24,763	22,814	22,635	22,076	21,507	20,563
Amortization of finance lease right-of-use assets
40	-	41	40	41	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets
1,010	1,041	1,042	1,097	952	905	930	780	705	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	16	25	25	25	90	123	124
Amortization of deferred financing costs
251	253	253	250	254	264	262	268	289	261	259	264	262	263	263	264	262	262	263	262	249	220	217	229	268	268	269	276	281	479	407	328	341	346	348	347	347
Accretion of note discount, net of premium amortization
-120	-120	-118	-119	-120	-120	-118	-119	-120	-35	-155	-42	-42	-44	-41	-41	-42	-42	-42	-42	-42	-42	-210	42	42	-420	42	42	105	-	-	-	-	-	-	-	-
Non-cash operating lease expense
2,821	-	-	-	2,583	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for losses on accounts receivable
1,673	1,734	1,579	1,179	1,301	685	377	862	817	884	1,190	873	985	414	715	1,000	1,008	995	1,053	755	638	722	763	640	734	846	775	806	767	915	834	846	885	996	735	605	846
Provision for inventory obsolescence
12	0	37	73	42	48	3	4	67	10	80	50	21	45	68	7	7	94	102	70	29	3	93	0	63	12	114	38	56	2	93	0	31	40	31	50	89
Change in deferred income taxes
9,798	49,140	-9,888	-7,262	-4,977	44,564	-7,126	-6,287	-4,456	-42,783	2,216	-5,586	-4,382	-4,385	-8,011	-5,406	-3,776	-8,137	-10,652	-7,837	-4,025	60,377	-35,831	8,310	3,939	23,888	-3,821	-2,409	-649	20,433	-5,841	-408	-1,211	2,766	-2,839	-568	3,338
Stock-based compensation expense
1,652	1,610	1,037	835	1,188	1,216	917	762	1,319	912	720	713	1,181	729	641	626	1,041	619	531	484	1,021	406	573	811	808	509	505	666	938	639	426	465	332	333	334	362	298
Impairment of goodwill
61,994	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain from sales of property and equipment, net
4,264	2,278	718	880	741	1,078	1,153	4,114	773	578	2,325	1,135	971	984	927	712	662	968	339	972	458	354	512	757	663	834	609	606	500	114	514	641	323	272	372	52	97
Gain from sales of rental equipment, net
10,567	13,833	9,541	12,618	10,621	10,711	9,635	10,261	7,745	9,686	6,847	6,750	8,599	7,553	5,983	6,583	8,884	10,172	8,188	8,847	7,927	10,319	7,278	9,815	8,357	10,804	9,592	9,681	8,498	8,717	6,483	6,865	7,494	4,685	5,909	4,671	3,523
Writedown of goodwill for tax-deductible goodwill in excess of book goodwill
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	220	218	220	219	486	486	486	486	-	-	-	-
Changes in operating assets and liabilities, net of acquisitions:
Receivables
-21,116	-11,267	6,809	12,841	-17,605	10,936	15,946	13,293	-22,414	24,201	12,537	2,926	348	1,618	1,338	-6,537	-573	1,716	-148	16,679	-31,813	18,538	2,746	7,918	6,022	-8,653	8,314	2,611	-8,775	18,680	16,783	10,454	-6,109	6,598	2,910	14,461	-14,587
Inventories
33,371	-19,994	-16,366	-2,065	58,062	-8,125	-47,276	14,957	88,674	-7,159	-10,655	4,783	44,802	-19,487	-37,247	29,232	23,235	-4,156	-29,254	-11,818	59,745	-25,730	15,898	-5,959	82,514	-5,143	-21,728	1,166	93,459	-29,197	2,221	6,185	63,928	-11,424	2,949	-2,802	32,838
Prepaid expenses and other assets
7,118	-3,365	129	852	2,117	1,140	-303	-2,109	2,237	53	-305	-2,185	4,096	-1,381	-671	-459	-30	-2,794	-2,397	3,661	2,438	1,260	-919	-1,236	4,017	-434	-2,019	1,267	2,001	99	-407	-444	736	-280	-2,718	-3,890	3,431
Accounts payable
9,533	-26,487	-33,463	3,053	13,539	17,075	-69,786	14,321	45,384	8,227	501	6,167	35,454	-8,796	-40,871	22,659	-337	12,837	-9,906	-9,020	19,525	-36,606	-5,252	-17,307	44,727	15,155	-24,181	-20,721	61,406	-39,588	-5,687	-7,909	26,298	2,920	5,574	-5,456	1,531
Manufacturer flooring plans payable
-7,440	-724	859	-1,284	2,684	-2,806	-2,288	648	6,110	-1,284	-2,538	-11,116	6,160	-7,446	-7,741	-18,150	1,684	2,529	-12,951	-1,439	-19,306	1,186	40,272	-4,171	7,251	-647	-6,661	-11,323	16,854	-6,086	-7,125	4,132	1,600	-4,593	-3,555	-7,276	-1,316
Accrued expenses payable and other liabilities
-23,643	-4,483	-6,786	19,463	-12,574	11,533	-8,572	15,410	-15,799	11,305	-6,790	15,184	-11,469	6,103	-9,036	17,561	-12,961	6,489	-9,596	16,693	-18,581	15,057	-11,922	18,331	-15,356	8,560	-8,950	17,946	-13,640	12,957	-10,739	16,236	-6,422	7,191	-5,411	6,254	-5,543
Deferred compensation payable
25	27	27	28	27	21	22	21	22	17	17	10	17	16	15	16	-379	17	17	17	17	17	16	17	16	16	16	16	17	15	16	15	-79	16	16	16	-44
Net cash provided by operating activities
34,462	111,611	72,655	95,884	39,068	109,186	32,610	77,109	28,306	69,806	63,686	62,100	30,607	67,576	41,826	53,839	13,738	85,523	65,455	55,084	558	51,696	68,769	51,720	-13,867	88,866	20,958	20,015	8,813	19,346	3,472	29,879	-11,674	43,493	21,566	10,412	-15,086
Acquisition of businesses, net of cash acquired
-	0	0	0	106,746	0	0	70,820	125,207	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of property and equipment
10,069	11,660	12,883	11,347	7,221	7,922	7,477	15,056	4,505	6,513	3,865	6,333	5,804	6,142	5,288	6,499	4,966	4,480	9,445	6,410	6,462	8,249	14,414	4,513	6,059	8,745	8,402	6,044	6,288	10,350	7,589	10,053	9,369	6,483	5,657	2,859	3,434
Purchases of rental equipment
19,785	40,504	94,476	126,030	48,644	65,954	132,818	177,174	40,654	50,455	70,808	78,967	33,979	27,065	83,500	56,524	12,620	41,588	65,265	51,989	19,930	94,215	112,697	121,916	39,663	69,702	76,753	86,910	34,100	55,892	92,763	89,628	29,946	36,566	36,336	40,932	13,401
Proceeds from sales of property and equipment
6,880	2,965	912	1,242	931	1,303	1,271	5,902	785	741	3,628	1,289	1,848	1,116	1,006	846	837	1,707	595	1,449	538	1,485	631	859	682	947	621	670	521	197	521	880	460	619	503	133	127
Proceeds from sales of rental equipment
29,056	38,453	27,437	33,376	28,292	33,139	26,770	28,747	23,430	29,827	20,303	21,210	24,803	22,130	17,758	20,306	24,195	31,334	23,776	23,765	20,646	29,833	19,047	27,744	24,802	32,318	32,275	27,621	22,381	25,539	20,417	20,918	23,668	15,821	20,650	15,058	11,829
Net cash provided by (used in) investing activities
6,082	-10,746	-79,010	-102,759	-133,388	-39,434	-112,254	-228,401	-146,151	-26,400	-50,742	-62,801	-13,132	-9,961	-70,024	-41,871	7,446	-13,027	-50,339	-33,185	-5,208	-71,146	-107,433	-97,826	-20,238	-45,182	-52,259	-64,663	-17,486	-40,506	-79,414	-77,883	-15,187	-26,609	-20,840	-28,600	-4,879
Cash flows from financing activities:
Borrowings on senior secured credit facility
299,524	283,624	377,091	349,526	447,503	294,038	407,036	441,546	294,229	460,704	248,588	255,998	228,254	198,596	285,037	245,255	237,258	214,389	262,117	241,965	264,490	318,329	327,052	324,066	266,183	231,451	293,641	293,810	240,088	256,114	313,593	253,828	208,750	205,173	182,171	153,617	16,923
Payments on senior secured credit facility
331,482	370,876	355,670	332,463	352,617	342,295	320,681	308,883	294,229	537,901	336,243	243,506	238,536	245,716	249,779	241,799	251,067	279,120	269,647	247,694	261,562	278,895	279,335	275,265	244,676	264,071	259,077	247,112	343,989	229,120	254,131	205,008	202,362	202,698	183,815	138,393	16,923
Dividends paid
9,863	9,858	9,860	9,838	9,832	9,827	9,828	9,815	9,804	9,803	9,804	9,782	9,783	9,779	9,782	9,752	9,753	9,744	9,741	8,814	8,815	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of treasury stock
470	44	1,253	0	387	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of deferred financing costs
-	0	0	34	525	0	0	9	88	-	-	-	-	-	-	-	-	0	0	0	725	-	-	-	-	0	-2	171	564	-9,125	11,569	1,575	-792	-	-	-	-
Payments of finance lease obligations
60	60	58	57	57	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of senior unsecured notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	107,250	-	-	-	-	-	-	-	-
Payments of capital lease obligations
-	-	-	-	-	52	51	52	57	56	55	54	53	52	51	51	49	49	49	47	47	46	45	44	44	43	43	42	41	40	40	40	38	38	38	37	36
Net cash provided by (used in) financing activities
-42,351	-97,214	10,250	7,134	84,085	-58,163	75,153	122,787	-9,949	116,288	-13,755	2,656	-20,118	-56,966	24,879	-6,347	-23,611	-74,524	-17,790	-14,590	-6,659	30,024	37,861	47,231	21,463	-32,743	33,746	45,904	2,744	26,804	75,500	48,784	5,558	2,437	-1,518	14,726	-36
Net decrease in cash
-1,807	3,651	3,895	259	-10,235	11,589	-4,491	-28,505	-127,794	159,694	-811	1,955	-2,643	649	-3,319	5,621	-2,427	-2,028	-2,674	7,309	-11,309	10,574	-803	1,125	-12,642	10,941	2,445	1,256	-5,929	5,644	-442	780	-21,303	19,321	-792	-3,462	-20,001
Noncash asset purchases:
Assets transferred from new and used inventory to rental fleet
12,680	1,238	4,649	12,479	21,112	481	2,242	6,204	15,414	894	600	2,232	6,789	557	3,497	12,519	21,942	1,909	7,330	10,920	31,232	2,141	4,648	12,121	25,307	734	2,848	12,454	19,828	582	1,832	7,852	17,926	657	2,405	9,939	15,355
Purchases of property and equipment included in accrued expenses payable and other liabilities
5	495	-480	108	345	-247	-250	47	-23	104	46	-196	23	1	-609	-170	392	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease right-of-use assets and lease liabilities recorded upon adoption of ASC 842
-	0	0	0	162,814	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Finance lease right-of-use assets and lease liabilities recorded upon adoption of ASC 842
-	0	0	0	782	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease assets obtained in exchange for new operating lease liabilities
15,906	-2,417	670	493	8,348	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest
29,305	3,296	30,358	3,473	29,481	2,949	29,435	1,407	28,633	-1,385	24,939	2,246	23,746	2,314	23,965	2,098	24,117	2,016	24,073	2,543	24,171	2,042	23,946	1,629	23,339	1,636	23,917	1,624	22,075	1,796	14,772	1,298	11,798	1,552	12,094	1,590	12,109
Income taxes paid (net of refunds received)
-99	-1,662	893	2,284	-519	417	695	1,270	-16	25	7	476	-30	-94	2	705	-436	-1,959	-7	480	-105	-30	1,912	2,428	206	616	651	826	386	13	15	231	88	-59	215	171	-2,021