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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
May 31, 2023
May 31, 2022
Cash flows from operating activities:    
Net income (loss) $ 22,770 $ 7,682
Adjustments to reconcile net income to net cash and restricted cash provided by operating activities:    
Depreciation 88,789 81,318
Amortization of deferred financing costs 4,031 3,597
Amortization of lease premiums, discounts and incentives 7,207 5,388
Deferred income taxes 3,812 2,865
Collections on net investment in leases 927 2,282
Security deposits and maintenance payments included in earnings (3,203) 9,076
Gain on sale of flight equipment (42,594) (3,687)
Loss on extinguishment of debt 0 463
Impairment of flight equipment 1,097 4,428
Provision for credit losses 6,959 580
Other (397) (508)
Changes in certain assets and liabilities:    
Accounts receivable 3,209 4,274
Other assets (3,607) (5,008)
Accounts payable, accrued expenses and other liabilities 2,272 (4,305)
Lease rentals received in advance 9,178 1,848
Net cash and restricted cash provided by operating activities 100,450 110,293
Cash flows from investing activities:    
Acquisition and improvement of flight equipment (322,151) (63,724)
Proceeds from sale of flight equipment 53,782 58,233
Aircraft purchase deposits and progress payments, net of deposits returned and aircraft sales deposits 4,947 (8,716)
Payments for (Proceeds from) Other Investing Activities (2,900) 0
Net cash and restricted cash used in investing activities (266,322) (14,207)
Cash flows from financing activities:    
Proceeds from secured and unsecured debt financings 624,911 0
Repayments of secured and unsecured debt financings (569,206) (39,923)
Debt extinguishment costs 0 (291)
Deferred financing costs (527) (1,860)
Security deposits and maintenance payments received 31,620 27,911
Security deposits and maintenance payments returned (6,131) (425)
Dividends paid (10,500) (10,500)
Net cash and restricted cash provided by (used in) financing activities 70,167 (25,088)
Net (decrease) increase in cash and restricted cash: (95,705) 70,998
Cash and restricted cash at beginning of period 231,861 170,682
Cash and restricted cash at end of period 136,156 241,680
Cash and cash equivalents 136,156 241,030
Restricted cash and cash equivalents 0 650
Unrestricted and restricted cash and cash equivalents 136,156 241,680
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of amounts capitalized 54,053 44,275
Cash paid for income taxes (31) (576)
Supplemental disclosures of non-cash investing activities:    
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions 12,927 339
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment 8,177 3,800
Transfers from flight equipment held for lease to Net investment in leases and Other assets $ 182,818 $ 17,734