H&E Equipment Services, Inc. HEES Cash Flow

H&e equipment services, inc. (HEES)

CashFlow / TTM

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)
36,000	87,211	90,348	83,231	81,388	76,623	137,491	124,639	113,746	109,658	36,160	39,363	36,988	37,172	36,709	39,816	43,793	44,305	49,015	49,543	53,789	55,139	53,063	51,716	46,799	44,140	40,243	29,999	29,658	28,836	25,994	27,133	19,354	8,926	0	0	0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment
29,344	28,425	27,067	26,135	25,188	24,593	24,065	23,760	23,579	23,790	25,053	25,933	26,675	27,282	26,794	26,178	25,446	24,368	23,441	22,395	21,303	20,459	19,513	18,596	17,800	16,955	15,839	15,020	14,195	13,481	12,942	12,546	12,344	12,255	0	0	0
Depreciation of rental equipment
246,618	243,780	237,400	229,395	219,132	208,453	196,159	184,354	175,021	169,455	167,711	165,984	163,821	162,415	161,668	161,103	161,642	162,089	161,075	157,766	153,001	146,055	138,370	132,243	126,814	121,948	117,918	113,541	108,284	102,966	97,362	92,288	89,032	86,781	0	0	0
Amortization of finance lease right-of-use assets
0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets
4,190	4,132	3,996	3,884	3,567	3,320	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	66	91	165	263	362	0	0	0
Amortization of deferred financing costs
1,007	1,010	1,021	1,030	1,048	1,083	1,080	1,077	1,073	1,046	1,048	1,052	1,052	1,052	1,051	1,051	1,049	1,036	994	948	915	934	982	1,034	1,081	1,094	1,305	1,443	1,495	1,555	1,422	1,363	1,382	1,388	0	0	0
Accretion of note discount, net of premium amortization
-477	-477	-477	-477	-477	-477	-392	-429	-352	-274	-283	-169	-168	-168	-166	-167	-168	-168	-168	-336	-252	-168	-546	-294	-294	-231	0	0	0	-	-	-	-	-	-	-	-
Non-cash operating lease expense
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for losses on accounts receivable
6,165	5,793	4,744	3,542	3,225	2,741	2,940	3,753	3,764	3,932	3,462	2,987	3,114	3,137	3,718	4,056	3,811	3,441	3,168	2,878	2,763	2,859	2,983	2,995	3,161	3,194	3,263	3,322	3,362	3,480	3,561	3,462	3,221	3,182	0	0	0
Provision for inventory obsolescence
122	152	200	166	97	122	84	161	207	161	196	184	141	127	176	210	273	295	204	195	125	159	168	189	227	220	210	189	151	126	164	102	152	210	0	0	0
Change in deferred income taxes
41,788	27,013	22,437	25,199	26,174	26,695	-60,652	-51,310	-50,609	-50,535	-12,137	-22,364	-22,184	-21,578	-25,330	-27,971	-30,402	-30,651	37,863	12,684	28,831	36,795	306	32,316	21,597	17,009	13,554	11,534	13,535	12,973	-4,694	-1,692	-1,852	2,697	0	0	0
Stock-based compensation expense
5,134	4,670	4,276	4,156	4,083	4,214	3,910	3,713	3,664	3,526	3,343	3,264	3,177	3,037	2,927	2,817	2,675	2,655	2,442	2,484	2,811	2,598	2,701	2,633	2,488	2,618	2,748	2,669	2,468	1,862	1,556	1,464	1,361	1,327	0	0	0
Impairment of goodwill
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain from sales of property and equipment, net
8,140	4,617	3,417	3,852	7,086	7,118	6,618	7,790	4,811	5,009	5,415	4,017	3,594	3,285	3,269	2,681	2,941	2,737	2,123	2,296	2,081	2,286	2,766	2,863	2,712	2,549	1,829	1,734	1,769	1,592	1,750	1,608	1,019	793	0	0	0
Gain from sales of rental equipment, net
46,559	46,613	43,491	43,585	41,228	38,352	37,327	34,539	31,028	31,882	29,749	28,885	28,718	29,003	31,622	33,827	36,091	35,134	35,281	34,371	35,339	35,769	36,254	38,568	38,434	38,575	36,488	33,379	30,563	29,559	25,527	24,953	22,759	18,788	0	0	0
Writedown of goodwill for tax-deductible goodwill in excess of book goodwill
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	877	1,143	1,411	1,677	1,944	0	0	0	-	-	-	-
Changes in operating assets and liabilities, net of acquisitions:
Receivables
-12,733	-9,222	12,981	22,118	22,570	17,761	31,026	27,617	17,250	40,012	17,429	6,230	-3,233	-4,154	-4,056	-5,542	17,674	-13,566	3,256	6,150	-2,611	35,224	8,033	13,601	8,294	-6,503	20,830	29,299	37,142	39,808	27,726	13,853	17,860	9,382	0	0	0
Inventories
-5,054	19,637	31,506	596	17,618	48,230	49,196	85,817	75,643	31,771	19,443	-7,149	17,300	-4,267	11,064	19,057	-21,993	14,517	-7,057	38,095	43,954	66,723	87,310	49,684	56,809	67,754	43,700	67,649	72,668	43,137	60,910	61,638	52,651	21,561	0	0	0
Prepaid expenses and other assets
4,734	-267	4,238	3,806	845	965	-122	-124	-200	1,659	225	-141	1,585	-2,541	-3,954	-5,680	-1,560	908	4,962	6,440	1,543	3,122	1,428	328	2,831	815	1,348	2,960	1,249	-16	-395	-2,706	-6,152	-3,457	0	0	0
Accounts payable
-47,364	-43,358	204	-36,119	-24,851	6,994	-1,854	68,433	60,279	50,349	33,326	-8,046	8,446	-27,345	-5,712	25,253	-6,426	13,436	-36,007	-31,353	-39,640	-14,438	37,323	18,394	14,980	31,659	-23,084	-4,590	8,222	-26,886	15,622	26,883	29,336	4,569	0	0	0
Manufacturer flooring plans payable
-8,589	1,535	-547	-3,694	-1,762	1,664	3,186	2,936	-8,828	-8,778	-14,940	-20,143	-27,177	-31,653	-21,678	-26,888	-10,177	-31,167	-32,510	20,713	17,981	44,538	42,705	-4,228	-11,380	-1,777	-7,216	-7,680	7,775	-7,479	-5,986	-2,416	-13,824	-16,740	0	0	0
Accrued expenses payable and other liabilities
-15,449	-4,380	11,636	9,850	5,797	2,572	2,344	4,126	3,900	8,230	3,028	782	3,159	1,667	2,053	1,493	625	-4,995	3,573	1,247	2,885	6,110	-387	2,585	2,200	3,916	8,313	6,524	4,814	12,032	6,266	11,594	1,612	2,491	0	0	0
Deferred compensation payable
107	109	103	98	91	86	82	77	66	61	60	58	64	-332	-331	-329	-328	68	68	67	67	66	65	65	64	65	64	64	63	-33	-32	-32	-31	4	0	0	0
Net cash provided by operating activities
314,612	319,218	316,793	276,748	257,973	247,211	207,831	238,907	223,898	226,199	223,969	202,109	193,848	176,979	194,926	218,555	219,800	206,620	172,793	176,107	172,743	158,318	195,488	147,677	115,972	138,652	69,132	51,646	61,510	41,023	65,170	83,264	63,797	60,385	0	0	0
Acquisition of businesses, net of cash acquired
-	106,746	106,746	106,746	177,566	196,027	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of property and equipment
45,959	43,111	39,373	33,967	37,676	34,960	33,551	29,939	21,216	22,515	22,144	23,567	23,733	22,895	21,233	25,390	25,301	26,797	30,566	35,535	33,638	33,235	33,731	27,719	29,250	29,479	31,084	30,271	34,280	37,361	33,494	31,562	24,368	18,433	0	0	0
Purchases of rental equipment
280,795	309,654	335,104	373,446	424,590	416,600	401,101	339,091	240,884	234,209	210,819	223,511	201,068	179,709	194,232	175,997	171,462	178,772	231,399	278,831	348,758	368,491	343,978	308,034	273,028	267,465	253,655	269,665	272,383	268,229	248,903	192,476	143,780	127,235	0	0	0
Proceeds from sales of property and equipment
11,999	6,050	4,388	4,747	9,407	9,261	8,699	11,056	6,443	7,506	7,881	5,259	4,816	3,805	4,396	3,985	4,588	4,289	4,067	4,103	3,513	3,657	3,119	3,109	2,920	2,759	2,009	1,909	2,119	2,058	2,480	2,462	1,715	1,382	0	0	0
Proceeds from sales of rental equipment
128,322	127,558	122,244	121,577	116,948	112,086	108,774	102,307	94,770	96,143	88,446	85,901	84,997	84,389	93,593	99,611	103,070	99,521	98,020	93,291	97,270	101,426	103,911	117,139	117,016	114,595	107,816	95,958	89,255	90,542	80,824	81,057	75,197	63,358	0	0	0
Net cash provided by (used in) investing activities
-186,433	-325,903	-354,591	-387,835	-513,477	-526,240	-513,206	-451,694	-286,094	-153,075	-136,636	-155,918	-134,988	-114,410	-117,476	-97,791	-89,105	-101,759	-159,878	-216,972	-281,613	-296,643	-270,679	-215,505	-182,342	-179,590	-174,914	-202,069	-215,289	-212,990	-199,093	-140,519	-91,236	-80,928	0	0	0
Cash flows from financing activities:
Borrowings on senior secured credit facility
1,309,765	1,457,744	1,468,158	1,498,103	1,590,123	1,436,849	1,603,515	1,445,067	1,259,519	1,193,544	931,436	967,885	957,142	966,146	981,939	959,019	955,729	982,961	1,086,901	1,151,836	1,233,937	1,235,630	1,148,752	1,115,341	1,085,085	1,058,990	1,083,653	1,103,605	1,063,623	1,032,285	981,344	849,922	749,711	557,884	0	0	0
Payments on senior secured credit facility
1,390,491	1,411,626	1,383,045	1,348,056	1,324,476	1,266,088	1,461,694	1,477,256	1,411,879	1,356,186	1,064,001	977,537	975,830	988,361	1,021,765	1,041,633	1,047,528	1,058,023	1,057,798	1,067,486	1,095,057	1,078,171	1,063,347	1,043,089	1,014,936	1,114,249	1,079,298	1,074,352	1,032,248	890,621	864,199	793,883	727,268	541,829	0	0	0
Dividends paid
39,419	39,388	39,357	39,325	39,302	39,274	39,250	39,226	39,193	39,172	39,148	39,126	39,096	39,066	39,031	38,990	38,052	37,114	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of treasury stock
1,767	1,684	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of deferred financing costs
-	559	559	559	534	97	0	0	0	-	-	-	-	-	-	-	-	725	0	0	0	-	-	-	-	733	-8,392	3,179	4,583	3,227	0	0	0	-	-	-	-
Payments of finance lease obligations
235	232	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of senior unsecured notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	107,250	0	0	0	-	-	-	-	-	-	-	-
Payments of capital lease obligations
-	-	-	-	-	212	216	220	222	218	214	210	207	203	200	198	194	192	189	185	182	179	176	174	172	169	166	163	161	158	156	154	151	149	0	0	0
Net cash provided by (used in) financing activities
-122,181	4,255	43,306	108,209	223,862	129,828	304,279	215,371	95,240	85,071	-88,183	-49,549	-58,552	-62,045	-79,603	-122,272	-130,515	-113,563	-9,015	46,636	108,457	136,579	73,812	69,697	68,370	49,651	109,198	150,952	153,832	156,646	132,279	55,261	21,203	15,609	0	0	0
Net decrease in cash
5,998	-2,430	5,508	-2,878	-31,642	-149,201	-1,096	2,584	33,044	158,195	-850	-3,358	308	524	-2,153	-1,508	180	-8,702	3,900	5,771	-413	-1,746	-1,379	1,869	2,000	8,713	3,416	529	53	-15,321	-1,644	-1,994	-6,236	-4,934	0	0	0
Noncash asset purchases:
Assets transferred from new and used inventory to rental fleet
31,046	39,478	38,721	36,314	30,039	24,341	24,754	23,112	19,140	10,515	10,178	13,075	23,362	38,515	39,867	43,700	42,101	51,391	51,623	48,941	50,142	44,217	42,810	41,010	41,343	35,864	35,712	34,696	30,094	28,192	28,267	28,840	30,927	28,356	0	0	0
Purchases of property and equipment included in accrued expenses payable and other liabilities
128	468	-274	-44	-105	-473	-122	174	-69	-23	-126	-781	-755	-386	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease right-of-use assets and lease liabilities recorded upon adoption of ASC 842
-	162,814	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Finance lease right-of-use assets and lease liabilities recorded upon adoption of ASC 842
-	782	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease assets obtained in exchange for new operating lease liabilities
14,652	7,094	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest
66,432	66,608	66,261	65,338	63,272	62,424	58,090	53,594	54,433	49,546	53,245	52,271	52,123	52,494	52,196	52,304	52,749	52,803	52,829	52,702	51,788	50,956	50,550	50,521	50,516	49,252	49,412	40,267	39,941	29,664	29,420	26,742	27,034	27,345	0	0	0
Income taxes paid (net of refunds received)
1,416	996	3,075	2,877	1,863	2,366	1,974	1,286	492	478	359	354	583	177	-1,688	-1,697	-1,922	-1,591	338	2,257	4,205	4,516	5,162	3,901	2,299	2,479	1,876	1,240	645	347	275	475	415	-1,694	0	0	0