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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
May 31, 2024
May 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 16,081 $ 22,770
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation 89,358 88,789
Amortization of deferred financing costs 4,343 4,031
Amortization of lease premiums, discounts and incentives 6,649 7,207
Deferred income taxes 5,314 3,812
Collections on net investment in leases 713 927
Security deposits and maintenance payments included in earnings (2,210) (3,203)
Gain on sale or disposition of flight equipment (1,010) (42,594)
Impairment of flight equipment 5,211 1,097
Provision for credit losses (145) 6,959
Other (508) (397)
Changes in certain assets and liabilities:    
Accounts receivable (1,273) 3,209
Other assets (2,927) (3,607)
Accounts payable, accrued expenses and other liabilities 17,967 2,272
Lease rentals received in advance 9,441 9,178
Net cash and cash equivalents provided by operating activities 147,004 100,450
Cash flows from investing activities:    
Acquisition and improvement of flight equipment (224,935) (322,151)
Proceeds from sale of flight equipment 25,379 53,782
Aircraft purchase deposits and progress payments, net of deposits returned and aircraft sales deposits 35,181 4,947
Payments for (Proceeds from) Other Investing Activities (209) (2,900)
Net cash and cash equivalents used in investing activities (164,584) (266,322)
Cash flows from financing activities:    
Proceeds from secured and unsecured debt financings 550,000 624,911
Repayments of secured and unsecured debt financings (520,118) (569,206)
Deferred financing costs (48) (527)
Security deposits and maintenance payments received 34,960 31,620
Security deposits and maintenance payments returned (2,087) (6,131)
Dividends paid (10,500) (10,500)
Net cash and cash equivalents provided by financing activities 52,207 70,167
Net increase (decrease) in cash and cash equivalents: 34,627 (95,705)
Cash and cash equivalents at beginning of period 129,977 231,861
Cash and cash equivalents at end of period 164,604 136,156
Cash and cash equivalents 164,604  
Unrestricted and restricted cash and cash equivalents 164,604 136,156
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of amounts capitalized 25,937 54,053
Cash paid (received) for income taxes 13 (31)
Supplemental disclosures of non-cash investing activities:    
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions 7,318 12,927
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment 1,273 8,177
Transfers from flight equipment held for lease to Net investment in leases and Other assets $ 6,310 $ 182,818