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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income $ 3,352 $ 9,748
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 90,504 94,541
Write-down of equipment 7,715 20,540
Stock-based compensation expenses 16,578 11,378
Amortization of deferred costs 5,016 5,140
Allowances and provisions (164) 5
Gain on sale of leased equipment (5,975) (3,391)
Income from joint ventures (800) (2,642)
(Gain) Loss on sale of note receivable (10,874) 79
Loss (Gain) on disposal of property, equipment and furnishings 44 (9)
Loss on debt extinguishment 0 4,688
Deferred income taxes 4,193 6,953
Changes in assets and liabilities:    
Receivables (11,191) (4,215)
Distributions received from joint ventures 0 7,200
Inventory 7,923 7,026
Other assets (787) (16,252)
Accounts payable and accrued expenses 58 (18,441)
Maintenance reserves (17,582) (24,386)
Security deposits 3,827 (1,166)
Unearned revenue (1,179) (3,352)
Net cash provided by operating activities 90,658 93,444
Cash flows from investing activities:    
Proceeds from sale of equipment (net of selling expenses) 37,626 26,078
Proceeds from sale of note receivable (net of selling expenses) 58,363 8,431
Issuance of notes receivable (44,444) (136,583)
Payments received on notes receivable 8,404 7,630
Purchase of equipment held for operating lease and for sale (205,779) (409,250)
Purchase of property, equipment and furnishings (2,165) (2,976)
Net cash used in investing activities (147,995) (506,670)
Cash flows from financing activities:    
Proceeds from issuance of debt obligations 513,700 973,200
Debt issuance costs (4,556) (6,065)
Principal payments on debt obligations (416,966) (530,783)
Debt prepayment costs 0 (2,373)
Proceeds from shares issued under stock compensation plans 186 428
Repurchase of common stock (10,086) (1,510)
Preferred stock dividends (3,251) (3,259)
Cancellation of restricted stock units in satisfaction of withholding tax (4,974) (1,155)
Net cash provided by financing activities 74,053 428,483
Increase in cash, cash equivalents and restricted cash 16,716 15,257
Cash, cash equivalents and restricted cash at beginning of period 78,925 63,668
Cash, cash equivalents and restricted cash at end of period 95,641 78,925
Net cash paid for:    
Interest 50,291 54,339
Income Taxes 1,412 510
Supplemental disclosures of non-cash activities:    
Liabilities assumed in purchase of equipment held for operating lease 0 8,868
Transfers from Equipment held for operating lease to Equipment held for sale 13,368 2,800
Transfers from Equipment held for operating lease to Spare parts inventory 4,467 24,702
Transfers from Spare parts inventory to Equipment held for operating lease 1,555 0
Transfers from Notes receivable to Equipment held for operating lease 27,804 0
Accretion of preferred stock issuance costs $ 83 $ 84