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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 63,455 $ 18,210
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 44,653 45,043
Payments received on sales-type leases 27,453 608
Gain on sale of leased equipment (23,629) (4,328)
Stock-based compensation expense 7,962 6,799
(Income) loss from joint ventures (6,499) 1,635
Accretion of deferred costs and note discounts 4,925 2,724
Amortization of contract asset 258 0
Write-down of equipment 261 1,671
Allowances and provisions (45) 296
Gain on insurance proceeds (73) (761)
Deferred income taxes 23,090 6,876
Changes in assets and liabilities:    
Receivables 4,491 (10,608)
Inventory (40,734) (2,925)
Other assets 649 (3,428)
Accounts payable and accrued expenses 8,831 6,613
Maintenance reserves 13,157 15,219
Security deposits 5,146 2,038
Unearned revenue (3,698) 12,805
Net cash provided by operating activities 129,653 98,487
Cash flows from investing activities:    
Purchase of equipment held for operating lease and for sale (321,577) (111,447)
Proceeds from sale of equipment (net of selling expenses) 69,967 23,434
Issuance of notes receivable (26,699) (15,397)
Payments received on notes receivable 3,773 1,717
Purchase of property, equipment and furnishings (1,707) (3,540)
Insurance proceeds received on property, equipment and furnishings 1,235 0
Insurance proceeds received on equipment 0 2,189
Net cash used in investing activities (275,008) (103,044)
Cash flows from financing activities:    
Proceeds from debt obligations 357,229 109,000
Principal payments on debt obligations (211,331) (131,383)
Common stock cash dividends paid (7,139) 0
Cancellation of restricted stock units in satisfaction of withholding tax (6,119) (5,620)
Debt issuance costs (5,757) 0
Preferred stock dividends (1,820) (1,621)
Proceeds from shares issued under stock compensation plans 176 177
Net cash provided by (used in) financing activities 125,239 (29,447)
Decrease in cash, cash equivalents and restricted cash (20,116) (34,004)
Cash, cash equivalents and restricted cash at beginning of period 168,029 89,016
Cash, cash equivalents and restricted cash at end of period 147,913 55,012
Net cash paid for:    
Interest 47,160 47,221
Income Taxes 5,779 316
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 Equipment held for sale 12,874 1,746
Transfers from Equipment held for operating lease to Spare parts inventory 225 261
Accretion of preferred stock issuance costs $ 24 $ 42