CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2017 |
Jun. 30, 2016 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 18,929
|
$ 15,070
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Debt extinguishment expense |
|
9,192
|
| Deferred financing costs write-off |
|
2,271
|
| Provision for doubtful accounts |
2,202
|
2,646
|
| Amortization of deferred financing costs |
1,030
|
948
|
| Amortization of long-term liabilities |
65
|
58
|
| Share-based compensation expense |
3,820
|
4,245
|
| Depreciation and amortization |
31,006
|
31,446
|
| Gain on sale of rental fleet |
(2,826)
|
(2,782)
|
| Loss on disposal of property, plant and equipment |
282
|
689
|
| Deferred income taxes |
9,151
|
8,542
|
| Foreign currency exchange |
27
|
4
|
| Changes in certain assets and liabilities, net of effect of businesses acquired: |
|
|
| Receivables |
5,585
|
(12,296)
|
| Inventories |
(904)
|
(1,790)
|
| Other assets |
(2,794)
|
482
|
| Accounts payable |
(2,192)
|
5,765
|
| Accrued liabilities |
(160)
|
220
|
| Net cash provided by operating activities |
63,221
|
64,710
|
| Cash flows from investing activities: |
|
|
| Cash paid for businesses acquired, net of cash acquired |
|
(9,206)
|
| Additions to rental fleet, excluding acquisitions |
(23,027)
|
(28,158)
|
| Proceeds from sale of rental fleet |
6,283
|
7,409
|
| Additions to property, plant and equipment, excluding acquisitions |
(8,707)
|
(19,263)
|
| Proceeds from sale of property, plant and equipment |
768
|
1,615
|
| Net cash used in investing activities |
(24,683)
|
(47,603)
|
| Cash flows from financing activities: |
|
|
| Net repayments under lines of credit |
(3,509)
|
(20,961)
|
| Proceeds from issuance of 5.875% senior notes due 2024 |
|
250,000
|
| Redemption of 7.875% senior notes due 2020 |
|
(200,000)
|
| Debt extinguishment expense |
|
(9,192)
|
| Deferred financing costs |
(12)
|
(4,916)
|
| Principal payments on capital lease obligations |
(3,736)
|
(2,920)
|
| Issuance of common stock |
1,640
|
92
|
| Dividend payments |
(20,119)
|
(18,236)
|
| Purchase of treasury stock |
(7,984)
|
(7,096)
|
| Net cash used in financing activities |
(33,720)
|
(13,229)
|
| Effect of exchange rate changes on cash |
319
|
(152)
|
| Net increase in cash |
5,137
|
3,726
|
| Cash and cash equivalents at beginning of period |
4,137
|
1,613
|
| Cash and cash equivalents at end of period |
9,274
|
5,339
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest |
18,187
|
13,991
|
| Cash paid for income and franchise taxes |
1,100
|
1,151
|
| Equipment and other acquired through capital lease obligations |
2,333
|
14,258
|
| Capital expenditures accrued or payable |
$ 8,268
|
$ 5,507
|