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• | Balance Sheets - The assets, liabilities and equity of Neff Corporation and Neff Holdings have been consolidated and carried forward at historical values; |
• | Statements of Operations - The consolidated statements of operations include the historical consolidated statements of operations of Neff Holdings consolidated with the statement of operations of Neff Corporation; |
• | Statement of Stockholders' Deficit and Non-Controlling Interest - Following the IPO, Wayzata retained a portion of its economic interest in Neff Holdings directly through the ownership of Neff Holdings Common Units and these interests are included within non-controlling interest subsequent to the IPO; and |
• | Statements of Cash Flows - The statements of cash flows include the historical consolidated statements of cash flows of Neff Holdings consolidated with the statement of cash flows of Neff Corporation. |
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Non-controlling ownership of Common Units in Neff Holdings | Neff Corporation ownership of Common Units in Neff Holdings | Total | ||||||
As of September 30, 2015 | 14,951,625 | 10,494,191 | 25,445,816 | |||||
58.8 | % | 41.2 | % | 100.0 | % |
Non-controlling ownership of Common Units in Neff Holdings | Neff Corporation ownership of Common Units in Neff Holdings | Total | ||||||
As of December 31, 2014 | 14,951,625 | 10,476,190 | 25,427,815 | |||||
58.8 | % | 41.2 | % | 100.0 | % |
Balance of non-controlling interest as of December 31, 2014 | $ | (95,770 | ) |
Net income attributable to non-controlling interest | 15,912 | ||
Balance of non-controlling interest as of September 30, 2015 | $ | (79,858 | ) |
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For the Three Months Ended September 30, 2015 | For the Nine Months Ended September 30, 2015 | ||||||
Numerator: | |||||||
Net income attributable to Neff Corporation | $ | 3,206 | $ | 11,554 | |||
Denominator for basic net income per share of Class A common stock: | |||||||
Weighted average shares of Class A common stock outstanding | 10,494 | 10,484 | |||||
Denominator for diluted net income per share of Class A common stock: | |||||||
Weighted average shares of Class A common stock outstanding | 10,494 | 10,484 | |||||
Add dilutive effect of the following: | |||||||
Neff Holdings options (redeemable for cash or Class A common stock) | 1,265 | 1,265 | |||||
Neff Corporation stock options | 289 | 289 | |||||
Weighted average shares of Class A common stock outstanding, diluted | 12,048 | 12,038 | |||||
Earnings per share of Class A common stock: | |||||||
Net income attributable to Neff Corporation per share of Class A common stock, basic | $ | 0.31 | $ | 1.10 | |||
Net income attributable to Neff Corporation per share of Class A common stock, diluted | $ | 0.27 | $ | 0.96 |
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September 30, 2015 | |||||||||||||
Average Useful Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||
Indefinite life: | |||||||||||||
Trademarks and tradenames | N/A | $ | 10,854 | $ | — | $ | 10,854 | ||||||
Finite life: | |||||||||||||
Customer list | 12 | 13,987 | (9,206 | ) | 4,781 | ||||||||
Total intangible assets | $ | 24,841 | $ | (9,206 | ) | $ | 15,635 |
December 31, 2014 | |||||||||||||
Average Useful Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||
Indefinite life: | |||||||||||||
Trademarks and tradenames | N/A | $ | 10,854 | $ | — | $ | 10,854 | ||||||
Finite life: | |||||||||||||
Customer list | 12 | 13,987 | (8,241 | ) | 5,746 | ||||||||
Total intangible assets | $ | 24,841 | $ | (8,241 | ) | $ | 16,600 |
Accumulated amortization at September 30, 2015 | $ | 9,206 | |
Estimated amortization expense for: | |||
Remainder of 2015 | 321 | ||
2016 | 1,070 | ||
2017 | 877 | ||
2018 | 719 | ||
2019 | 589 | ||
2020 through 2022 | 1,205 | ||
Total | $ | 13,987 |
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September 30, 2015 | December 31, 2014 | ||||||
Revolving Credit Facility with interest ranging from the lender's prime rate plus up to 1.5% to LIBOR plus up to 2.5% (2.5% at September 30, 2015) | $ | 278,000 | $ | 245,200 | |||
Second Lien Loan with interest of LIBOR plus 6.25%, with 1.0% LIBOR floor, net of unamortized discount of $2,102 in 2015 and $2,287 in 2014 (7.25% at September 30, 2015) | 476,898 | 476,713 | |||||
Total indebtedness | $ | 754,898 | $ | 721,913 |
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Neff Corporation | Neff Holdings | ||||||||
RSUs | Options | Options | |||||||
Balance as of January 1, 2015 | 85 | 270 | 1,265 | ||||||
Granted | 4 | 19 | — | ||||||
Exercised | (18 | ) | — | — | |||||
Forfeited | — | — | — | ||||||
Balance as of September 30, 2015 | 71 | 289 | 1,265 | ||||||
Vested | — | — | 1,261 | ||||||
Unvested | 71 | 289 | 4 | ||||||
Total | 71 | 289 | 1,265 |
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April 8, 2015 to April 7, 2016 | 0.4726 | % |
April 8, 2016 to April 9, 2017 | 1.1570 | % |
April 10, 2017 to April 8, 2018 | 1.6810 | % |
April 9, 2018 to April 7, 2019 | 1.9610 | % |
April 8, 2019 to April 8, 2020 | 2.1430 | % |
For the Three Months Ended September 30, 2015 | For the Three Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2015 | For the Nine Months Ended September 30, 2014 | |||||||||||||
Loss Recognized in Earnings (a) | Loss Recognized in Earnings | Loss Recognized in Earnings (a) | Loss Recognized in Earnings | |||||||||||||
Interest Rate Swap | $ | 4,216 | $ | — | $ | 4,097 | $ | — |
September 30, 2015 | December 31, 2014 | |||||||
Fair Value of Derivative (b) | Fair Value of Derivative | |||||||
Interest Rate Swap (Note 9) | $ | 3,852 | $ | — |
(a) | Classified in Other expenses (income)—Loss on interest rate swap |
(b) | Classified in Liabilities—Accrued expenses and other liabilities |
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For the Three Months Ended September 30, 2015 | For the Three Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2015 | For the Nine Months Ended September 30, 2014 | ||||||||||||
Current expense | |||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | |||||||
State and local | (527 | ) | (4,848 | ) | (393 | ) | (4,610 | ) | |||||||
Total current expense | $ | (527 | ) | $ | (4,848 | ) | $ | (393 | ) | $ | (4,610 | ) | |||
Deferred expense | |||||||||||||||
Federal | $ | 1,265 | $ | — | $ | 2,520 | $ | — | |||||||
State and local | (391 | ) | — | (435 | ) | — | |||||||||
Total deferred expense | 874 | — | 2,085 | — | |||||||||||
Total | $ | 347 | $ | (4,848 | ) | $ | 1,692 | $ | (4,610 | ) |
For the Three Months Ended September 30, 2015 | For the Three Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2015 | For the Nine Months Ended September 30, 2014 | ||||||||
U.S. federal statutory income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | |||
Increase (decrease) in tax rate resulting from: | |||||||||||
State and local income taxes, net of federal benefit | (1.2 | ) | — | (0.3 | ) | — | |||||
Uncertain tax positions | (5.9 | ) | (33.5 | ) | (2.0 | ) | 170.4 | ||||
Permanent book/tax differences | (2.7 | ) | — | (7.9 | ) | — | |||||
Change in tax rate | — | — | 0.1 | — | |||||||
Non-controlling interest | (20.6 | ) | (35.0 | ) | (18.6 | ) | (35.0 | ) | |||
Other | (1.2 | ) | — | (0.6 | ) | — | |||||
Effective tax rate | 3.4 | % | (33.5 | )% | 5.7 | % | 170.4 | % |
September 30, 2015 | December 31, 2014 | ||||||
Deferred Tax Assets | |||||||
Net operating loss carryforwards | $ | 10,534 | $ | 2,535 | |||
Provision for bad debt | 346 | 336 | |||||
Accrued liabilities | 592 | 902 | |||||
Equity-based compensation | 238 | 139 | |||||
Loss on interest rate swap | 606 | — | |||||
Insurance/parts reserves | 525 | 543 | |||||
Straight-line rent adjustment | 97 | 100 | |||||
Uncertain tax positions | — | 104 | |||||
Subtotal | 12,938 | 4,659 | |||||
Less: valuation allowance | — | — | |||||
Total deferred tax assets | $ | 12,938 | $ | 4,659 | |||
Deferred Tax Liabilities | |||||||
Intangible assets | $ | (3,310 | ) | $ | (2,841 | ) | |
Deferred debt costs | (333 | ) | (230 | ) | |||
Depreciation | (16,785 | ) | (6,993 | ) | |||
Total deferred tax liabilities | $ | (20,428 | ) | $ | (10,064 | ) | |
Deferred Tax Liability, net | $ | (7,490 | ) | $ | (5,405 | ) |
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Fair Value Measurements Using: | |||||||||||
Quoted Prices in Active Markets | Observable Inputs | Unobservable Inputs | |||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Interest Rate Swap | $ | — | $ | 3,852 | $ | — |
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Neff Rental LLC | Neff LLC | Neff Holdings LLC | Neff Corporation | Eliminations | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 230 | $ | — | $ | — | $ | 2 | $ | — | $ | 232 | |||||||||||
Accounts receivable, net | 60,869 | — | — | — | — | 60,869 | |||||||||||||||||
Inventories | 2,244 | — | — | — | — | 2,244 | |||||||||||||||||
Rental equipment, net | 468,534 | — | — | — | — | 468,534 | |||||||||||||||||
Property and equipment, net | 34,637 | — | — | — | — | 34,637 | |||||||||||||||||
Prepaid expenses and other assets | 15,429 | — | — | — | — | 15,429 | |||||||||||||||||
Goodwill | 58,765 | — | — | — | — | 58,765 | |||||||||||||||||
Investment in subsidiary | — | 52,688 | 52,688 | 160,841 | (266,217 | ) | — | ||||||||||||||||
Intercompany | 6,490 | — | — | (6,490 | ) | — | — | ||||||||||||||||
Intangible assets, net | 15,635 | — | — | — | — | 15,635 | |||||||||||||||||
Total assets | $ | 662,833 | $ | 52,688 | $ | 52,688 | $ | 154,353 | $ | (266,217 | ) | $ | 656,345 | ||||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT / MEMBERS' DEFICIT | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Accounts payable | $ | 9,338 | $ | — | $ | — | $ | — | $ | — | $ | 9,338 | |||||||||||
Accrued expenses and other liabilities | 33,555 | — | — | — | — | 33,555 | |||||||||||||||||
Revolving credit facility | 278,000 | — | — | — | — | 278,000 | |||||||||||||||||
Second lien loan, net | 476,898 | — | — | — | — | 476,898 | |||||||||||||||||
Payable pursuant to tax receivable agreement | — | — | — | 29,081 | — | 29,081 | |||||||||||||||||
Deferred tax liability, net | — | — | — | 7,490 | — | 7,490 | |||||||||||||||||
Total liabilities | 797,791 | — | — | 36,571 | — | 834,362 | |||||||||||||||||
Stockholders' deficit / members' deficit | |||||||||||||||||||||||
Class A Common Stock | — | — | — | 105 | — | 105 | |||||||||||||||||
Class B Common Stock | — | — | — | 150 | — | 150 | |||||||||||||||||
Additional paid-in capital | — | — | — | 34,576 | (146,143 | ) | (111,567 | ) | |||||||||||||||
Retained earnings | — | — | — | 13,153 | — | 13,153 | |||||||||||||||||
Members' deficit | (187,646 | ) | — | — | — | 187,646 | — | ||||||||||||||||
Accumulated surplus | 52,688 | 52,688 | 52,688 | — | (158,064 | ) | — | ||||||||||||||||
Total stockholders' deficit / members' deficit | (134,958 | ) | 52,688 | 52,688 | 47,984 | (116,561 | ) | (98,159 | ) | ||||||||||||||
Non-controlling interest | — | — | — | 69,798 | (149,656 | ) | (79,858 | ) | |||||||||||||||
Total stockholders' deficit / members' deficit and non-controlling interest | (134,958 | ) | 52,688 | 52,688 | 117,782 | (266,217 | ) | (178,017 | ) | ||||||||||||||
Total liabilities and stockholders' deficit / members' deficit and non-controlling interest | $ | 662,833 | $ | 52,688 | $ | 52,688 | $ | 154,353 | $ | (266,217 | ) | $ | 656,345 |
Neff Rental LLC | Neff LLC | Neff Holdings LLC | Neff Corporation | Eliminations | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 205 | $ | — | $ | — | $ | 2 | $ | — | $ | 207 | |||||||||||
Accounts receivable, net | 66,375 | — | — | — | — | 66,375 | |||||||||||||||||
Inventories | 2,005 | — | — | — | — | 2,005 | |||||||||||||||||
Rental equipment, net | 420,245 | — | — | — | — | 420,245 | |||||||||||||||||
Property and equipment, net | 30,210 | — | — | — | — | 30,210 | |||||||||||||||||
Prepaid expenses and other assets | 16,959 | — | — | — | — | 16,959 | |||||||||||||||||
Goodwill | 58,765 | — | — | — | — | 58,765 | |||||||||||||||||
Investment in subsidiary | — | 25,627 | 25,627 | 148,791 | (200,045 | ) | — | ||||||||||||||||
Intercompany | 6,206 | — | — | (6,206 | ) | — | — | ||||||||||||||||
Intangible assets, net | 16,600 | — | — | — | — | 16,600 | |||||||||||||||||
Total assets | $ | 617,570 | $ | 25,627 | $ | 25,627 | $ | 142,587 | $ | (200,045 | ) | $ | 611,366 | ||||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT / MEMBERS' DEFICIT | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Accounts payable | $ | 27,389 | $ | — | $ | — | $ | — | $ | — | $ | 27,389 | |||||||||||
Accrued expenses and other liabilities | 31,188 | — | — | 15 | — | 31,203 | |||||||||||||||||
Revolving credit facility | 245,200 | — | — | — | — | 245,200 | |||||||||||||||||
Second lien loan, net | 476,713 | — | — | — | — | 476,713 | |||||||||||||||||
Payable pursuant to tax receivable agreement | — | — | — | 31,557 | — | 31,557 | |||||||||||||||||
Deferred tax liability, net | — | — | — | 5,405 | — | 5,405 | |||||||||||||||||
Total liabilities | 780,490 | — | — | 36,977 | — | 817,467 | |||||||||||||||||
Stockholders' deficit / members' deficit | |||||||||||||||||||||||
Class A Common Stock | — | — | — | 105 | — | 105 | |||||||||||||||||
Class B Common Stock | — | — | — | 150 | — | 150 | |||||||||||||||||
Additional paid-in capital | — | — | — | 33,958 | (146,143 | ) | (112,185 | ) | |||||||||||||||
Retained earnings | — | — | — | 1,599 | — | 1,599 | |||||||||||||||||
Members' deficit | (188,547 | ) | — | — | — | 188,547 | — | ||||||||||||||||
Accumulated surplus | 25,627 | 25,627 | 25,627 | — | (76,881 | ) | — | ||||||||||||||||
Total stockholders' deficit / members' deficit | (162,920 | ) | 25,627 | 25,627 | 35,812 | (34,477 | ) | (110,331 | ) | ||||||||||||||
Non-controlling interest | — | — | — | 69,798 | (165,568 | ) | (95,770 | ) | |||||||||||||||
Total stockholders' deficit / members' deficit and non-controlling interest | (162,920 | ) | 25,627 | 25,627 | 105,610 | (200,045 | ) | (206,101 | ) | ||||||||||||||
Total liabilities and stockholders' deficit / members' deficit and non-controlling interest | $ | 617,570 | $ | 25,627 | $ | 25,627 | $ | 142,587 | $ | (200,045 | ) | $ | 611,366 |
Neff Rental LLC | Neff LLC | Neff Holdings LLC | Neff Corporation | Eliminations | Total | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Rental revenues | $ | 90,532 | $ | — | $ | — | $ | — | $ | — | $ | 90,532 | |||||||||||
Equipment sales | 5,559 | — | — | — | — | 5,559 | |||||||||||||||||
Parts and service | 3,333 | — | — | — | — | 3,333 | |||||||||||||||||
Total revenues | 99,424 | — | — | — | — | 99,424 | |||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Cost of equipment sold | 3,474 | — | — | — | — | 3,474 | |||||||||||||||||
Depreciation of rental equipment | 21,553 | — | — | — | — | 21,553 | |||||||||||||||||
Cost of rental revenues | 21,186 | — | — | — | — | 21,186 | |||||||||||||||||
Cost of parts and service | 1,964 | — | — | — | — | 1,964 | |||||||||||||||||
Total cost of revenues | 48,177 | — | — | — | — | 48,177 | |||||||||||||||||
Gross profit | 51,247 | — | — | — | — | 51,247 | |||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Selling, general and administrative expenses | 22,852 | — | — | — | — | 22,852 | |||||||||||||||||
Other depreciation and amortization | 2,678 | — | — | — | — | 2,678 | |||||||||||||||||
Total other operating expenses | 25,530 | — | — | — | — | 25,530 | |||||||||||||||||
Income from operations | 25,717 | — | — | — | — | 25,717 | |||||||||||||||||
Other expenses | |||||||||||||||||||||||
Interest expense | 10,907 | — | — | — | — | 10,907 | |||||||||||||||||
Adjustment to tax receivable agreement | — | — | — | 411 | — | 411 | |||||||||||||||||
Loss on interest rate swap | 4,216 | — | — | — | — | 4,216 | |||||||||||||||||
Amortization of debt issue costs | 392 | — | — | — | — | 392 | |||||||||||||||||
Total other expenses | 15,515 | — | — | 411 | — | 15,926 | |||||||||||||||||
Income (loss) before income taxes | 10,202 | — | — | (411 | ) | — | 9,791 | ||||||||||||||||
Equity earnings in subsidiaries | — | 10,608 | 10,608 | 4,370 | (25,586 | ) | — | ||||||||||||||||
Benefit from (provision for) income taxes | 406 | — | — | (753 | ) | — | (347 | ) | |||||||||||||||
Net income | 10,608 | 10,608 | 10,608 | 3,206 | (25,586 | ) | 9,444 | ||||||||||||||||
Less: net income attributable to non-controlling interest | 6,238 | 6,238 | 6,238 | — | (12,476 | ) | 6,238 | ||||||||||||||||
Net income attributable to Neff Corporation | $ | 4,370 | $ | 4,370 | $ | 4,370 | $ | 3,206 | $ | (13,110 | ) | $ | 3,206 |
Neff Rental LLC | Neff LLC | Neff Holdings LLC | Neff Corporation | Eliminations | Total | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Rental revenues | $ | 249,493 | $ | — | $ | — | $ | — | $ | — | $ | 249,493 | |||||||||||
Equipment sales | 18,520 | — | — | — | — | 18,520 | |||||||||||||||||
Parts and service | 9,724 | — | — | — | — | 9,724 | |||||||||||||||||
Total revenues | 277,737 | — | — | — | — | 277,737 | |||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Cost of equipment sold | 11,864 | — | — | — | — | 11,864 | |||||||||||||||||
Depreciation of rental equipment | 62,280 | — | — | — | — | 62,280 | |||||||||||||||||
Cost of rental revenues | 58,556 | — | — | — | — | 58,556 | |||||||||||||||||
Cost of parts and service | 5,534 | — | — | — | — | 5,534 | |||||||||||||||||
Total cost of revenues | 138,234 | — | — | — | — | 138,234 | |||||||||||||||||
Gross profit | 139,503 | — | — | — | — | 139,503 | |||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Selling, general and administrative expenses | 67,610 | — | — | — | — | 67,610 | |||||||||||||||||
Other depreciation and amortization | 7,796 | — | — | — | — | 7,796 | |||||||||||||||||
Total other operating expenses | 75,406 | — | — | — | — | 75,406 | |||||||||||||||||
Income from operations | 64,097 | — | — | — | — | 64,097 | |||||||||||||||||
Other expenses (income) | |||||||||||||||||||||||
Interest expense | 32,174 | — | — | — | — | 32,174 | |||||||||||||||||
Adjustment to tax receivable agreement | — | — | — | (2,476 | ) | — | (2,476 | ) | |||||||||||||||
Loss on interest rate swap | 4,097 | — | — | — | — | 4,097 | |||||||||||||||||
Amortization of debt issue costs | 1,144 | — | — | — | — | 1,144 | |||||||||||||||||
Total other expenses (income) | 37,415 | — | — | (2,476 | ) | — | 34,939 | ||||||||||||||||
Income before income taxes | 26,682 | — | — | 2,476 | — | 29,158 | |||||||||||||||||
Equity earnings in subsidiaries | — | 27,061 | 27,061 | 11,149 | (65,271 | ) | — | ||||||||||||||||
Benefit from (provision for) income taxes | 379 | — | — | (2,071 | ) | — | (1,692 | ) | |||||||||||||||
Net income | 27,061 | 27,061 | 27,061 | 11,554 | (65,271 | ) | 27,466 | ||||||||||||||||
Less: net income attributable to non-controlling interest | 15,912 | 15,912 | 15,912 | — | (31,824 | ) | 15,912 | ||||||||||||||||
Net income attributable to Neff Corporation | $ | 11,149 | $ | 11,149 | $ | 11,149 | $ | 11,554 | $ | (33,447 | ) | $ | 11,554 |
Neff Rental LLC | Neff LLC | Neff Holdings LLC | Neff Corporation | Eliminations | Total | ||||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||||||||
Net income | $ | 27,061 | $ | 27,061 | $ | 27,061 | $ | 11,554 | $ | (65,271 | ) | $ | 27,466 | ||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation | 69,111 | — | — | — | — | 69,111 | |||||||||||||||||
Amortization of debt issue costs | 1,144 | — | — | — | — | 1,144 | |||||||||||||||||
Amortization of intangible assets | 965 | — | — | — | — | 965 | |||||||||||||||||
Amortization of original issue discount | 185 | — | — | — | — | 185 | |||||||||||||||||
Gain on sale of equipment | (6,656 | ) | — | — | — | — | (6,656 | ) | |||||||||||||||
Provision for bad debt | 1,431 | — | — | — | — | 1,431 | |||||||||||||||||
Equity-based compensation | 901 | — | — | — | — | 901 | |||||||||||||||||
Deferred income taxes | — | — | — | 2,085 | — | 2,085 | |||||||||||||||||
Adjustment to tax receivable agreement | — | — | — | (2,476 | ) | — | (2,476 | ) | |||||||||||||||
Unrealized loss on interest rate swap | 3,852 | — | — | — | — | 3,852 | |||||||||||||||||
Equity earnings in subsidiaries | — | (27,061 | ) | (27,061 | ) | (11,149 | ) | 65,271 | — | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | 4,075 | — | — | — | — | 4,075 | |||||||||||||||||
Inventories, prepaid expenses and other assets | 147 | — | — | — | — | 147 | |||||||||||||||||
Accounts payable | (1,271 | ) | — | — | — | — | (1,271 | ) | |||||||||||||||
Accrued expenses and other liabilities | (1,255 | ) | — | — | (15 | ) | — | (1,270 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 99,690 | — | — | (1 | ) | — | 99,689 | ||||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||||||||
Purchases of rental equipment | (138,959 | ) | — | — | — | — | (138,959 | ) | |||||||||||||||
Proceeds from sale of equipment | 18,520 | — | — | — | — | 18,520 | |||||||||||||||||
Purchases of property and equipment | (11,742 | ) | — | — | — | — | (11,742 | ) | |||||||||||||||
Net cash used in investing activities | (132,181 | ) | — | — | — | — | (132,181 | ) | |||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||||||
Repayments under revolving credit facility | (95,239 | ) | — | — | — | — | (95,239 | ) | |||||||||||||||
Borrowings under revolving credit facility | 128,039 | — | — | — | — | 128,039 | |||||||||||||||||
Payment of costs directly associated with the issuance of Class A common stock | — | — | — | (283 | ) | — | (283 | ) | |||||||||||||||
Intercompany | (284 | ) | — | — | 284 | — | — | ||||||||||||||||
Net cash provided by financing activities | 32,516 | — | — | 1 | — | 32,517 | |||||||||||||||||
Net increase in cash and cash equivalents | 25 | — | — | — | — | 25 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 205 | — | — | 2 | — | 207 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 230 | $ | — | $ | — | $ | 2 | $ | — | $ | 232 |
|
|
• | Balance Sheets - The assets, liabilities and equity of Neff Corporation and Neff Holdings have been consolidated and carried forward at historical values; |
• | Statements of Operations - The consolidated statements of operations include the historical consolidated statements of operations of Neff Holdings consolidated with the statement of operations of Neff Corporation; |
• | Statement of Stockholders' Deficit and Non-Controlling Interest - Following the IPO, Wayzata retained a portion of its economic interest in Neff Holdings directly through the ownership of Neff Holdings Common Units and these interests are included within non-controlling interest subsequent to the IPO; and |
• | Statements of Cash Flows - The statements of cash flows include the historical consolidated statements of cash flows of Neff Holdings consolidated with the statement of cash flows of Neff Corporation |
|
Non-controlling ownership of Common Units in Neff Holdings | Neff Corporation ownership of Common Units in Neff Holdings | Total | ||||||
As of September 30, 2015 | 14,951,625 | 10,494,191 | 25,445,816 | |||||
58.8 | % | 41.2 | % | 100.0 | % |
Non-controlling ownership of Common Units in Neff Holdings | Neff Corporation ownership of Common Units in Neff Holdings | Total | ||||||
As of December 31, 2014 | 14,951,625 | 10,476,190 | 25,427,815 | |||||
58.8 | % | 41.2 | % | 100.0 | % |
Balance of non-controlling interest as of December 31, 2014 | $ | (95,770 | ) |
Net income attributable to non-controlling interest | 15,912 | ||
Balance of non-controlling interest as of September 30, 2015 | $ | (79,858 | ) |
|
For the Three Months Ended September 30, 2015 | For the Nine Months Ended September 30, 2015 | ||||||
Numerator: | |||||||
Net income attributable to Neff Corporation | $ | 3,206 | $ | 11,554 | |||
Denominator for basic net income per share of Class A common stock: | |||||||
Weighted average shares of Class A common stock outstanding | 10,494 | 10,484 | |||||
Denominator for diluted net income per share of Class A common stock: | |||||||
Weighted average shares of Class A common stock outstanding | 10,494 | 10,484 | |||||
Add dilutive effect of the following: | |||||||
Neff Holdings options (redeemable for cash or Class A common stock) | 1,265 | 1,265 | |||||
Neff Corporation stock options | 289 | 289 | |||||
Weighted average shares of Class A common stock outstanding, diluted | 12,048 | 12,038 | |||||
Earnings per share of Class A common stock: | |||||||
Net income attributable to Neff Corporation per share of Class A common stock, basic | $ | 0.31 | $ | 1.10 | |||
Net income attributable to Neff Corporation per share of Class A common stock, diluted | $ | 0.27 | $ | 0.96 |
|
September 30, 2015 | |||||||||||||
Average Useful Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||
Indefinite life: | |||||||||||||
Trademarks and tradenames | N/A | $ | 10,854 | $ | — | $ | 10,854 | ||||||
Finite life: | |||||||||||||
Customer list | 12 | 13,987 | (9,206 | ) | 4,781 | ||||||||
Total intangible assets | $ | 24,841 | $ | (9,206 | ) | $ | 15,635 |
December 31, 2014 | |||||||||||||
Average Useful Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||
Indefinite life: | |||||||||||||
Trademarks and tradenames | N/A | $ | 10,854 | $ | — | $ | 10,854 | ||||||
Finite life: | |||||||||||||
Customer list | 12 | 13,987 | (8,241 | ) | 5,746 | ||||||||
Total intangible assets | $ | 24,841 | $ | (8,241 | ) | $ | 16,600 |
September 30, 2015 | |||||||||||||
Average Useful Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||
Indefinite life: | |||||||||||||
Trademarks and tradenames | N/A | $ | 10,854 | $ | — | $ | 10,854 | ||||||
Finite life: | |||||||||||||
Customer list | 12 | 13,987 | (9,206 | ) | 4,781 | ||||||||
Total intangible assets | $ | 24,841 | $ | (9,206 | ) | $ | 15,635 |
December 31, 2014 | |||||||||||||
Average Useful Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||
Indefinite life: | |||||||||||||
Trademarks and tradenames | N/A | $ | 10,854 | $ | — | $ | 10,854 | ||||||
Finite life: | |||||||||||||
Customer list | 12 | 13,987 | (8,241 | ) | 5,746 | ||||||||
Total intangible assets | $ | 24,841 | $ | (8,241 | ) | $ | 16,600 |
Accumulated amortization at September 30, 2015 | $ | 9,206 | |
Estimated amortization expense for: | |||
Remainder of 2015 | 321 | ||
2016 | 1,070 | ||
2017 | 877 | ||
2018 | 719 | ||
2019 | 589 | ||
2020 through 2022 | 1,205 | ||
Total | $ | 13,987 |
|
September 30, 2015 | December 31, 2014 | ||||||
Revolving Credit Facility with interest ranging from the lender's prime rate plus up to 1.5% to LIBOR plus up to 2.5% (2.5% at September 30, 2015) | $ | 278,000 | $ | 245,200 | |||
Second Lien Loan with interest of LIBOR plus 6.25%, with 1.0% LIBOR floor, net of unamortized discount of $2,102 in 2015 and $2,287 in 2014 (7.25% at September 30, 2015) | 476,898 | 476,713 | |||||
Total indebtedness | $ | 754,898 | $ | 721,913 |
|
Neff Corporation | Neff Holdings | ||||||||
RSUs | Options | Options | |||||||
Balance as of January 1, 2015 | 85 | 270 | 1,265 | ||||||
Granted | 4 | 19 | — | ||||||
Exercised | (18 | ) | — | — | |||||
Forfeited | — | — | — | ||||||
Balance as of September 30, 2015 | 71 | 289 | 1,265 | ||||||
Vested | — | — | 1,261 | ||||||
Unvested | 71 | 289 | 4 | ||||||
Total | 71 | 289 | 1,265 |
|
April 8, 2015 to April 7, 2016 | 0.4726 | % |
April 8, 2016 to April 9, 2017 | 1.1570 | % |
April 10, 2017 to April 8, 2018 | 1.6810 | % |
April 9, 2018 to April 7, 2019 | 1.9610 | % |
April 8, 2019 to April 8, 2020 | 2.1430 | % |
For the Three Months Ended September 30, 2015 | For the Three Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2015 | For the Nine Months Ended September 30, 2014 | |||||||||||||
Loss Recognized in Earnings (a) | Loss Recognized in Earnings | Loss Recognized in Earnings (a) | Loss Recognized in Earnings | |||||||||||||
Interest Rate Swap | $ | 4,216 | $ | — | $ | 4,097 | $ | — |
September 30, 2015 | December 31, 2014 | |||||||
Fair Value of Derivative (b) | Fair Value of Derivative | |||||||
Interest Rate Swap (Note 9) | $ | 3,852 | $ | — |
(a) | Classified in Other expenses (income)—Loss on interest rate swap |
(b) | Classified in Liabilities— |
|
For the Three Months Ended September 30, 2015 | For the Three Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2015 | For the Nine Months Ended September 30, 2014 | ||||||||||||
Current expense | |||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | |||||||
State and local | (527 | ) | (4,848 | ) | (393 | ) | (4,610 | ) | |||||||
Total current expense | $ | (527 | ) | $ | (4,848 | ) | $ | (393 | ) | $ | (4,610 | ) | |||
Deferred expense | |||||||||||||||
Federal | $ | 1,265 | $ | — | $ | 2,520 | $ | — | |||||||
State and local | (391 | ) | — | (435 | ) | — | |||||||||
Total deferred expense | 874 | — | 2,085 | — | |||||||||||
Total | $ | 347 | $ | (4,848 | ) | $ | 1,692 | $ | (4,610 | ) |
For the Three Months Ended September 30, 2015 | For the Three Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2015 | For the Nine Months Ended September 30, 2014 | ||||||||
U.S. federal statutory income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | |||
Increase (decrease) in tax rate resulting from: | |||||||||||
State and local income taxes, net of federal benefit | (1.2 | ) | — | (0.3 | ) | — | |||||
Uncertain tax positions | (5.9 | ) | (33.5 | ) | (2.0 | ) | 170.4 | ||||
Permanent book/tax differences | (2.7 | ) | — | (7.9 | ) | — | |||||
Change in tax rate | — | — | 0.1 | — | |||||||
Non-controlling interest | (20.6 | ) | (35.0 | ) | (18.6 | ) | (35.0 | ) | |||
Other | (1.2 | ) | — | (0.6 | ) | — | |||||
Effective tax rate | 3.4 | % | (33.5 | )% | 5.7 | % | 170.4 | % |
September 30, 2015 | December 31, 2014 | ||||||
Deferred Tax Assets | |||||||
Net operating loss carryforwards | $ | 10,534 | $ | 2,535 | |||
Provision for bad debt | 346 | 336 | |||||
Accrued liabilities | 592 | 902 | |||||
Equity-based compensation | 238 | 139 | |||||
Loss on interest rate swap | 606 | — | |||||
Insurance/parts reserves | 525 | 543 | |||||
Straight-line rent adjustment | 97 | 100 | |||||
Uncertain tax positions | — | 104 | |||||
Subtotal | 12,938 | 4,659 | |||||
Less: valuation allowance | — | — | |||||
Total deferred tax assets | $ | 12,938 | $ | 4,659 | |||
Deferred Tax Liabilities | |||||||
Intangible assets | $ | (3,310 | ) | $ | (2,841 | ) | |
Deferred debt costs | (333 | ) | (230 | ) | |||
Depreciation | (16,785 | ) | (6,993 | ) | |||
Total deferred tax liabilities | $ | (20,428 | ) | $ | (10,064 | ) | |
Deferred Tax Liability, net | $ | (7,490 | ) | $ | (5,405 | ) |
|
Fair Value Measurements Using: | |||||||||||
Quoted Prices in Active Markets | Observable Inputs | Unobservable Inputs | |||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Interest Rate Swap | $ | — | $ | 3,852 | $ | — |
|
Neff Rental LLC | Neff LLC | Neff Holdings LLC | Neff Corporation | Eliminations | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 230 | $ | — | $ | — | $ | 2 | $ | — | $ | 232 | |||||||||||
Accounts receivable, net | 60,869 | — | — | — | — | 60,869 | |||||||||||||||||
Inventories | 2,244 | — | — | — | — | 2,244 | |||||||||||||||||
Rental equipment, net | 468,534 | — | — | — | — | 468,534 | |||||||||||||||||
Property and equipment, net | 34,637 | — | — | — | — | 34,637 | |||||||||||||||||
Prepaid expenses and other assets | 15,429 | — | — | — | — | 15,429 | |||||||||||||||||
Goodwill | 58,765 | — | — | — | — | 58,765 | |||||||||||||||||
Investment in subsidiary | — | 52,688 | 52,688 | 160,841 | (266,217 | ) | — | ||||||||||||||||
Intercompany | 6,490 | — | — | (6,490 | ) | — | — | ||||||||||||||||
Intangible assets, net | 15,635 | — | — | — | — | 15,635 | |||||||||||||||||
Total assets | $ | 662,833 | $ | 52,688 | $ | 52,688 | $ | 154,353 | $ | (266,217 | ) | $ | 656,345 | ||||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT / MEMBERS' DEFICIT | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Accounts payable | $ | 9,338 | $ | — | $ | — | $ | — | $ | — | $ | 9,338 | |||||||||||
Accrued expenses and other liabilities | 33,555 | — | — | — | — | 33,555 | |||||||||||||||||
Revolving credit facility | 278,000 | — | — | — | — | 278,000 | |||||||||||||||||
Second lien loan, net | 476,898 | — | — | — | — | 476,898 | |||||||||||||||||
Payable pursuant to tax receivable agreement | — | — | — | 29,081 | — | 29,081 | |||||||||||||||||
Deferred tax liability, net | — | — | — | 7,490 | — | 7,490 | |||||||||||||||||
Total liabilities | 797,791 | — | — | 36,571 | — | 834,362 | |||||||||||||||||
Stockholders' deficit / members' deficit | |||||||||||||||||||||||
Class A Common Stock | — | — | — | 105 | — | 105 | |||||||||||||||||
Class B Common Stock | — | — | — | 150 | — | 150 | |||||||||||||||||
Additional paid-in capital | — | — | — | 34,576 | (146,143 | ) | (111,567 | ) | |||||||||||||||
Retained earnings | — | — | — | 13,153 | — | 13,153 | |||||||||||||||||
Members' deficit | (187,646 | ) | — | — | — | 187,646 | — | ||||||||||||||||
Accumulated surplus | 52,688 | 52,688 | 52,688 | — | (158,064 | ) | — | ||||||||||||||||
Total stockholders' deficit / members' deficit | (134,958 | ) | 52,688 | 52,688 | 47,984 | (116,561 | ) | (98,159 | ) | ||||||||||||||
Non-controlling interest | — | — | — | 69,798 | (149,656 | ) | (79,858 | ) | |||||||||||||||
Total stockholders' deficit / members' deficit and non-controlling interest | (134,958 | ) | 52,688 | 52,688 | 117,782 | (266,217 | ) | (178,017 | ) | ||||||||||||||
Total liabilities and stockholders' deficit / members' deficit and non-controlling interest | $ | 662,833 | $ | 52,688 | $ | 52,688 | $ | 154,353 | $ | (266,217 | ) | $ | 656,345 |
Neff Rental LLC | Neff LLC | Neff Holdings LLC | Neff Corporation | Eliminations | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 205 | $ | — | $ | — | $ | 2 | $ | — | $ | 207 | |||||||||||
Accounts receivable, net | 66,375 | — | — | — | — | 66,375 | |||||||||||||||||
Inventories | 2,005 | — | — | — | — | 2,005 | |||||||||||||||||
Rental equipment, net | 420,245 | — | — | — | — | 420,245 | |||||||||||||||||
Property and equipment, net | 30,210 | — | — | — | — | 30,210 | |||||||||||||||||
Prepaid expenses and other assets | 16,959 | — | — | — | — | 16,959 | |||||||||||||||||
Goodwill | 58,765 | — | — | — | — | 58,765 | |||||||||||||||||
Investment in subsidiary | — | 25,627 | 25,627 | 148,791 | (200,045 | ) | — | ||||||||||||||||
Intercompany | 6,206 | — | — | (6,206 | ) | — | — | ||||||||||||||||
Intangible assets, net | 16,600 | — | — | — | — | 16,600 | |||||||||||||||||
Total assets | $ | 617,570 | $ | 25,627 | $ | 25,627 | $ | 142,587 | $ | (200,045 | ) | $ | 611,366 | ||||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT / MEMBERS' DEFICIT | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Accounts payable | $ | 27,389 | $ | — | $ | — | $ | — | $ | — | $ | 27,389 | |||||||||||
Accrued expenses and other liabilities | 31,188 | — | — | 15 | — | 31,203 | |||||||||||||||||
Revolving credit facility | 245,200 | — | — | — | — | 245,200 | |||||||||||||||||
Second lien loan, net | 476,713 | — | — | — | — | 476,713 | |||||||||||||||||
Payable pursuant to tax receivable agreement | — | — | — | 31,557 | — | 31,557 | |||||||||||||||||
Deferred tax liability, net | — | — | — | 5,405 | — | 5,405 | |||||||||||||||||
Total liabilities | 780,490 | — | — | 36,977 | — | 817,467 | |||||||||||||||||
Stockholders' deficit / members' deficit | |||||||||||||||||||||||
Class A Common Stock | — | — | — | 105 | — | 105 | |||||||||||||||||
Class B Common Stock | — | — | — | 150 | — | 150 | |||||||||||||||||
Additional paid-in capital | — | — | — | 33,958 | (146,143 | ) | (112,185 | ) | |||||||||||||||
Retained earnings | — | — | — | 1,599 | — | 1,599 | |||||||||||||||||
Members' deficit | (188,547 | ) | — | — | — | 188,547 | — | ||||||||||||||||
Accumulated surplus | 25,627 | 25,627 | 25,627 | — | (76,881 | ) | — | ||||||||||||||||
Total stockholders' deficit / members' deficit | (162,920 | ) | 25,627 | 25,627 | 35,812 | (34,477 | ) | (110,331 | ) | ||||||||||||||
Non-controlling interest | — | — | — | 69,798 | (165,568 | ) | (95,770 | ) | |||||||||||||||
Total stockholders' deficit / members' deficit and non-controlling interest | (162,920 | ) | 25,627 | 25,627 | 105,610 | (200,045 | ) | (206,101 | ) | ||||||||||||||
Total liabilities and stockholders' deficit / members' deficit and non-controlling interest | $ | 617,570 | $ | 25,627 | $ | 25,627 | $ | 142,587 | $ | (200,045 | ) | $ | 611,366 |
Neff Rental LLC | Neff LLC | Neff Holdings LLC | Neff Corporation | Eliminations | Total | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Rental revenues | $ | 90,532 | $ | — | $ | — | $ | — | $ | — | $ | 90,532 | |||||||||||
Equipment sales | 5,559 | — | — | — | — | 5,559 | |||||||||||||||||
Parts and service | 3,333 | — | — | — | — | 3,333 | |||||||||||||||||
Total revenues | 99,424 | — | — | — | — | 99,424 | |||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Cost of equipment sold | 3,474 | — | — | — | — | 3,474 | |||||||||||||||||
Depreciation of rental equipment | 21,553 | — | — | — | — | 21,553 | |||||||||||||||||
Cost of rental revenues | 21,186 | — | — | — | — | 21,186 | |||||||||||||||||
Cost of parts and service | 1,964 | — | — | — | — | 1,964 | |||||||||||||||||
Total cost of revenues | 48,177 | — | — | — | — | 48,177 | |||||||||||||||||
Gross profit | 51,247 | — | — | — | — | 51,247 | |||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Selling, general and administrative expenses | 22,852 | — | — | — | — | 22,852 | |||||||||||||||||
Other depreciation and amortization | 2,678 | — | — | — | — | 2,678 | |||||||||||||||||
Total other operating expenses | 25,530 | — | — | — | — | 25,530 | |||||||||||||||||
Income from operations | 25,717 | — | — | — | — | 25,717 | |||||||||||||||||
Other expenses | |||||||||||||||||||||||
Interest expense | 10,907 | — | — | — | — | 10,907 | |||||||||||||||||
Adjustment to tax receivable agreement | — | — | — | 411 | — | 411 | |||||||||||||||||
Loss on interest rate swap | 4,216 | — | — | — | — | 4,216 | |||||||||||||||||
Amortization of debt issue costs | 392 | — | — | — | — | 392 | |||||||||||||||||
Total other expenses | 15,515 | — | — | 411 | — | 15,926 | |||||||||||||||||
Income (loss) before income taxes | 10,202 | — | — | (411 | ) | — | 9,791 | ||||||||||||||||
Equity earnings in subsidiaries | — | 10,608 | 10,608 | 4,370 | (25,586 | ) | — | ||||||||||||||||
Benefit from (provision for) income taxes | 406 | — | — | (753 | ) | — | (347 | ) | |||||||||||||||
Net income | 10,608 | 10,608 | 10,608 | 3,206 | (25,586 | ) | 9,444 | ||||||||||||||||
Less: net income attributable to non-controlling interest | 6,238 | 6,238 | 6,238 | — | (12,476 | ) | 6,238 | ||||||||||||||||
Net income attributable to Neff Corporation | $ | 4,370 | $ | 4,370 | $ | 4,370 | $ | 3,206 | $ | (13,110 | ) | $ | 3,206 |
Neff Rental LLC | Neff LLC | Neff Holdings LLC | Neff Corporation | Eliminations | Total | ||||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||||||||
Net income | $ | 27,061 | $ | 27,061 | $ | 27,061 | $ | 11,554 | $ | (65,271 | ) | $ | 27,466 | ||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation | 69,111 | — | — | — | — | 69,111 | |||||||||||||||||
Amortization of debt issue costs | 1,144 | — | — | — | — | 1,144 | |||||||||||||||||
Amortization of intangible assets | 965 | — | — | — | — | 965 | |||||||||||||||||
Amortization of original issue discount | 185 | — | — | — | — | 185 | |||||||||||||||||
Gain on sale of equipment | (6,656 | ) | — | — | — | — | (6,656 | ) | |||||||||||||||
Provision for bad debt | 1,431 | — | — | — | — | 1,431 | |||||||||||||||||
Equity-based compensation | 901 | — | — | — | — | 901 | |||||||||||||||||
Deferred income taxes | — | — | — | 2,085 | — | 2,085 | |||||||||||||||||
Adjustment to tax receivable agreement | — | — | — | (2,476 | ) | — | (2,476 | ) | |||||||||||||||
Unrealized loss on interest rate swap | 3,852 | — | — | — | — | 3,852 | |||||||||||||||||
Equity earnings in subsidiaries | — | (27,061 | ) | (27,061 | ) | (11,149 | ) | 65,271 | — | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | 4,075 | — | — | — | — | 4,075 | |||||||||||||||||
Inventories, prepaid expenses and other assets | 147 | — | — | — | — | 147 | |||||||||||||||||
Accounts payable | (1,271 | ) | — | — | — | — | (1,271 | ) | |||||||||||||||
Accrued expenses and other liabilities | (1,255 | ) | — | — | (15 | ) | — | (1,270 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 99,690 | — | — | (1 | ) | — | 99,689 | ||||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||||||||
Purchases of rental equipment | (138,959 | ) | — | — | — | — | (138,959 | ) | |||||||||||||||
Proceeds from sale of equipment | 18,520 | — | — | — | — | 18,520 | |||||||||||||||||
Purchases of property and equipment | (11,742 | ) | — | — | — | — | (11,742 | ) | |||||||||||||||
Net cash used in investing activities | (132,181 | ) | — | — | — | — | (132,181 | ) | |||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||||||
Repayments under revolving credit facility | (95,239 | ) | — | — | — | — | (95,239 | ) | |||||||||||||||
Borrowings under revolving credit facility | 128,039 | — | — | — | — | 128,039 | |||||||||||||||||
Payment of costs directly associated with the issuance of Class A common stock | — | — | — | (283 | ) | — | (283 | ) | |||||||||||||||
Intercompany | (284 | ) | — | — | 284 | — | — | ||||||||||||||||
Net cash provided by financing activities | 32,516 | — | — | 1 | — | 32,517 | |||||||||||||||||
Net increase in cash and cash equivalents | 25 | — | — | — | — | 25 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 205 | — | — | 2 | — | 207 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 230 | $ | — | $ | — | $ | 2 | $ | — | $ | 232 |
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