| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net loss | ||||||
-11,543 | -53,572 | -149,812 | -30,936 | -71,587 | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
189,436 | 136,467 | 107,876 | 119,329 | 136,892 | ||
Provision for doubtful accounts | ||||||
14,496 | 7,656 | 5,062 | 5,000 | 2,722 | ||
Impairment losses on goodwill and intangibles | ||||||
0 | - | 60,743 | 5,532 | 118,840 | ||
Impairment losses on long-lived assets | ||||||
2,848 | 1,600 | 0 | 0 | - | ||
Impairment on right of use assets | ||||||
4,200 | 0 | 0 | - | - | ||
Gain on sale of rental equipment and other property, plant and equipment | ||||||
11,660 | 12,878 | 9,310 | 10,527 | 5,338 | ||
Interest receivable capitalized into notes due from affiliates | ||||||
0 | 0 | 3,915 | 7,663 | 7,431 | ||
Amortization of debt discounts and debt issuance costs | ||||||
11,450 | 7,652 | 21,887 | 10,916 | 10,805 | ||
Loss on extinguishment of debt | ||||||
-8,755 | 0 | 0 | - | - | ||
Change in fair value of contingent consideration | ||||||
- | - | - | -4,581 | -50,500 | ||
Stock-based compensation expense | ||||||
6,686 | 3,439 | 2,970 | 0 | 0 | ||
Deferred income tax benefit | ||||||
-2,624 | -40,192 | 12,959 | -10,360 | -44,402 | ||
Restructuring impairment costs | ||||||
- | - | - | - | 1,882 | ||
Unrealized currency (gains) losses | ||||||
745 | -1,982 | 26,342 | -12,189 | -12,155 | ||
Changes in operating assets and liabilities | ||||||
Trade receivables | ||||||
63,648 | 36,452 | 20,563 | 4,581 | -8,062 | ||
Inventories | ||||||
-869 | 1,241 | -682 | -550 | 1,231 | ||
Prepaid and other assets | ||||||
-8,237 | -8,416 | 11,925 | -3,564 | -4,050 | ||
Operating lease assets and liabilities | ||||||
438 | 0 | 0 | - | - | ||
Accrued interest receivable | ||||||
0 | 0 | 7,725 | -475 | 1,302 | ||
Accrued interest | ||||||
-4,217 | 17,526 | -20,631 | 3,893 | 8,134 | ||
Accounts payable and other accrued liabilities | ||||||
4,865 | -14,462 | 39,771 | -24,153 | -6,935 | ||
Deferred revenue and customer deposits | ||||||
15,639 | 11,208 | -3,089 | -9,916 | 5,049 | ||
Net cash provided by operating activities | ||||||
172,566 | 37,149 | -1,362 | 58,731 | 119,865 | ||
Investing activities: | ||||||
Acquisition of businesses | ||||||
0 | 1,083,146 | 237,148 | 0 | 0 | ||
Proceeds from sale of rental equipment | ||||||
42,101 | 30,761 | 28,041 | 26,636 | 15,661 | ||
Purchase of rental equipment and refurbishments | ||||||
205,106 | 160,883 | 111,701 | 69,070 | 176,972 | ||
Lending on notes due from affiliates | ||||||
0 | 0 | 69,939 | 35,477 | 25,205 | ||
Repayments on notes due from affiliates | ||||||
0 | 0 | 2,151 | 47,670 | 0 | ||
Proceeds from the sale of property, plant and equipment | ||||||
18,763 | 688 | 392 | 2,365 | 809 | ||
Purchase of property, plant and equipment | ||||||
8,340 | 4,622 | 4,446 | 2,360 | 7,452 | ||
Net cash used in investing activities | ||||||
-152,582 | -1,217,202 | -392,650 | -30,236 | -193,159 | ||
Financing activities: | ||||||
Receipts from issuance of common stock | ||||||
921 | 147,201 | 571,778 | 0 | - | ||
Receipts from borrowings | ||||||
552,230 | 1,212,629 | 1,155,651 | 151,761 | 222,731 | ||
Recapitalization transaction | ||||||
- | - | - | - | 0 | ||
Receipts on borrowings from notes due to affiliates | ||||||
0 | 0 | 75,000 | 20,000 | 8,238 | ||
Payment of financing costs | ||||||
2,623 | 36,579 | 31,316 | 2,000 | 0 | ||
Repayment of borrowings | ||||||
568,686 | 143,094 | 1,179,340 | 191,431 | 148,326 | ||
Repayment of notes due to affiliates | ||||||
0 | 0 | 198,896 | 8,294 | 0 | ||
Principal payments on capital lease obligations | ||||||
99 | 120 | 2,236 | 1,430 | 5,885 | ||
Contribution from Algeco Group | ||||||
0 | 0 | 6,192 | 0 | 0 | ||
Withholding taxes paid on behalf of employees on net settled stock-based awards | ||||||
654 | 0 | 0 | - | - | ||
Payment of debt extinguishment premium costs | ||||||
7,152 | 0 | 0 | - | - | ||
Net cash (used in) provided by financing activities | ||||||
-26,063 | 1,180,037 | 396,833 | -31,394 | 76,758 | ||
Effect of exchange rate changes on cash and cash equivalents | ||||||
166 | -211 | 202 | -241 | -441 | ||
Net change in cash and cash equivalents | ||||||
-5,913 | -227 | 3,023 | -3,140 | 3,023 | ||
Supplemental cash flow information: | ||||||
Interest paid | ||||||
115,582 | 51,986 | 115,756 | 81,938 | 73,959 | ||
Income taxes paid (refunded), net | ||||||
-1,148 | 2,617 | -1,389 | -1,410 | -1,550 | ||
Assets acquired under capital leases | ||||||
- | - | - | 63 | 2,957 | ||
Capital expenditures accrued or payable | ||||||
23,946 | 20,785 | 11,919 | 7,716 | 2,664 | ||
Non-cash settlements of notes due to/from affiliates and accrued interest | ||||||
0 | 0 | 216,278 | 0 | 0 | ||
Non-cash deemed dividend related to warrant exchange | ||||||
0 | 2,100 | 0 | 0 | - | ||
Non-cash acquisition of a business | ||||||
0 | 148,108 | 0 | 0 | - | ||