v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income $ 40 $ 3 $ 17
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 365 332 295
Gain on sale of properties and other assets (1) (20) (10)
Loss on debt extinguishment 8 0 30
Amortization of debt issuance costs and original issue discounts 21 20 14
Allowance for credit losses and doubtful accounts 28 24 10
Change in operating lease cost 115 153 151
Stock-based compensation expense 4 4 3
Deferred taxes 12 0 4
Other (18) (1) 1
Change in operating assets and liabilities:      
Accounts receivable (206) (135) (84)
Inventories (50) (92) (114)
Prepaid costs and other assets (146) (37) (2)
Accounts payable and manufacturer flooring plans payable (58) 37 70
Accrued liabilities 266 125 38
Operating lease liabilities (116) (131) (143)
Other liabilities 0 0 (1)
Net cash provided by operating activities 264 282 279
INVESTING ACTIVITIES      
Purchases of rental equipment ($27 and $133 from related parties in 2025 and 2024, respectively) (1,780) (1,586) (1,098)
Proceeds from sale of rental equipment ($55, $202, and $62, respectively, from related parties) 1,160 1,323 647
Purchases of and deposits on property and other fixed assets (248) (195) (186)
Proceeds from sale of property and other fixed assets 2 102 58
Investments in internally developed software (39) (38) (25)
Purchases of investments in equity and debt securities (46) (26) (37)
Proceeds from sale of investments in equity and debt securities 19 10 27
Acquisition of businesses, net of cash acquired (48) (6) 0
Net cash outflow from deconsolidation of subsidiary 0 (3) 0
Net cash used in investing activities (980) (419) (614)
FINANCING ACTIVITIES      
Payments on long-term debt and finance leases (1,679) (2,195) (1,338)
Proceeds from long-term debt, net 2,357 2,436 1,595
Payments on deferred financing costs (3) (6) (6)
Payments on financing obligations (19) (67) (24)
Proceeds on financing obligations 1 68 55
Proceeds from issuance of perpetual preferred stock, net 0 0 103
Proceeds from issuance of convertible preferred stock, net 0 0 2
Proceeds from issuance of common stock 0 0 44
Dividends paid on perpetual preferred stock (37) (9) (5)
Exercise of stock options 2 3 2
Lease termination and debt redemption prepayment fees 0 (2) (20)
Other (7) 0 0
Net cash provided by financing activities 615 228 408
Net (decrease) increase in cash and cash equivalents (101) 91 73
Cash and cash equivalents, beginning of period 407 316 243
Cash and cash equivalents, end of period 306 407 316
SUPPLEMENTAL CASH FLOW DISCLOSURES:      
Cash paid for interest 272 230 200
Cash paid for taxes 6 2 1
NON-CASH ACTIVITIES:      
Purchase of rental equipment with long-term debt 0 6 17
Purchase of rental equipment remaining in accounts payable 14 4 12
Purchase of property and other fixed assets remaining in accounts payable 5 9 17
Accretion of perpetual preferred stock to redemption value 36 40 30
Equity issued in exchange for acquisition of business and other assets $ 10 $ 0 $ 0