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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 20,869 $ 4,394
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 22,486 22,549
Write-down of equipment 261 0
Stock-based compensation expense 3,813 2,937
Accretion of deferred costs and note discounts 2,309 1,327
Allowances and provisions 352 173
(Gain) loss on sale of leased equipment (9,201) 133
Payments received on sales-type leases 617 301
(Income) loss from joint ventures (2,674) 1,161
Deferred income taxes 8,573 2,081
Changes in assets and liabilities:    
Receivables (3,707) (6,688)
Inventory (44,098) 1,543
Other assets 131 (4,345)
Accounts payable and accrued expenses 52,175 7,612
Maintenance reserves 7,032 10,165
Security deposits 2,735 1,149
Unearned revenue (1,846) 7,379
Net cash provided by operating activities 59,827 51,871
Cash flows from investing activities:    
Proceeds from sale of equipment (net of selling expenses) 4,711 7,582
Issuance of notes receivable (6,899) (15,397)
Payments received on notes receivable 1,619 792
Purchase of equipment held for operating lease and for sale (62,790) (55,686)
Purchase of property, equipment and furnishings (405) (1,573)
Net cash used in investing activities (63,764) (64,282)
Cash flows from financing activities:    
Proceeds from debt obligations 69,980 42,000
Debt issuance costs (240) 0
Principal payments on debt obligations (138,848) (53,458)
Proceeds from shares issued under stock compensation plans 178 177
Preferred stock dividends (920) (819)
Net cash used in financing activities (69,850) (12,100)
Decrease in cash, cash equivalents and restricted cash (73,787) (24,511)
Cash, cash equivalents and restricted cash at beginning of period 168,029 89,016
Cash, cash equivalents and restricted cash at end of period 94,242 64,505
Net cash paid for (refund received):    
Interest 22,905 23,128
Income Taxes (644) 179
Supplemental disclosures of non-cash activities:    
Transfers from Equipment held for operating lease to Investments in sales-type leases 24,870 0
Transfers from Equipment held for operating lease to Other assets 0 1,089
Transfers from Equipment held for operating lease to Spare parts inventory 113 127
Transfers from Equipment held for operating lease to Equipment held for sale 2,100 0
Accretion of preferred stock issuance costs $ 12 $ 21