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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 12,642 $ 61,926
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 71,176 63,037
Write-down of equipment 14,371 11,321
Stock-based compensation expenses 8,245 5,588
Amortization of deferred costs 3,984 4,965
Allowances and provisions 280 348
Gain on sale of leased equipment (1,367) (19,279)
Income from joint ventures (2,612) (4,787)
Loss on debt extinguishment 4,688 220
Loss on sale of note receivable 79 0
Loss on disposal of property, equipment and furnishings 0 36
Deferred income taxes 11,248 19,234
Changes in assets and liabilities:    
Receivables (18,464) (10,968)
Distributions received from joint ventures 7,200 3,300
Inventory 5,737 23,448
Other assets 355 (1,262)
Accounts payable and accrued expenses (19,092) 891
Maintenance reserves (10,660) 14,914
Security deposits 520 (2,604)
Unearned revenue (4,862) 489
Net cash provided by operating activities 83,468 170,817
Cash flows from investing activities:    
Proceeds from sale of equipment (net of selling expenses) 17,665 189,054
Proceeds from sale of note receivable 8,431 0
Issuance of notes receivable (135,955) (42,857)
Payments received on notes receivable 6,083 1,776
Capital contributions to joint ventures 0 (5,013)
Purchase of equipment held for operating lease (82,027) (220,828)
Purchase of property, equipment and furnishings (2,719) (4,971)
Net cash used in investing activities (188,522) (82,839)
Cash flows from financing activities:    
Proceeds from debt obligations 690,200 261,120
Debt issuance costs (6,065) (2,840)
Principal payments on debt obligations (477,802) (340,334)
Debt prepayment costs (2,373) 0
Proceeds from shares issued under stock compensation plans 428 335
Cancellation of restricted stock units in satisfaction of withholding tax (1,194) (1,460)
Repurchase of common stock (1,510) (3,567)
Preferred stock dividends (2,440) (2,458)
Net cash provided by (used in) financing activities 199,244 (89,204)
Increase (Decrease) in cash, cash equivalents and restricted cash 94,190 (1,226)
Cash, cash equivalents and restricted cash at beginning of period 63,668 81,949
Cash, cash equivalents and restricted cash at end of period 157,858 80,723
Net cash paid for:    
Interest 41,317 48,545
Income Taxes 374 302
Supplemental disclosures of non-cash activities:    
Liabilities assumed in purchase of equipment held for operating lease (5,680) 0
Transfers from Equipment held for operating lease to Equipment held for sale 2,793 9,988
Transfers from Equipment held for operating lease to Spare parts inventory 18,964 19,242
Accrued preferred stock dividends $ 0 $ 27