XML 22 R5.htm IDEA: XBRL DOCUMENT v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 44,740 $ 28,288
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation 177,033 175,117
Amortization of deferred financing costs 8,590 8,321
Amortization of lease premiums, discounts and incentives 12,717 14,331
Deferred income taxes 9,438 6,179
Collections on net investment in leases 3,477 1,598
Security deposits and maintenance payments included in earnings (9,914) (9,895)
Gain on sale or disposition of flight equipment (36,426) (47,047)
Gain on extinguishment of debt (285) 0
Impairment of flight equipment 10,972 2,197
Provision for credit losses 281 6,125
Other (1,008) (845)
Changes in certain assets and liabilities:    
Accounts receivable (3,201) 1,437
Other assets (4,690) (9,723)
Accounts payable, accrued expenses and other liabilities (19,235) (3,833)
Lease rentals received in advance 12,414 14,165
Net cash and cash equivalents provided by operating activities 204,903 186,415
Cash flows from investing activities:    
Acquisition and improvement of flight equipment (335,410) (379,349)
Proceeds from sale or disposition of flight equipment 329,288 126,011
Aircraft purchase deposits and progress payments, net of deposits returned and aircraft sales deposits (1,069) 6,852
Other (293) (4,026)
Net cash and cash equivalents used in investing activities (7,484) (250,512)
Cash flows from financing activities:    
Proceeds from secured and unsecured debt financings 1,048,200 1,273,709
Repayments of secured and unsecured debt financings (1,289,386) (963,507)
Debt extinguishment costs 285 0
Deferred financing costs (4,961) (7,536)
Security deposits and maintenance payments received 73,206 77,006
Security deposits and maintenance payments returned (11,676) (10,508)
Dividends paid (10,500) (10,500)
Net cash and cash equivalents provided by financing activities 105,168 558,664
Proceeds from issuance of common shares 300,000 200,000
Net increase in cash and cash equivalents: 302,587 494,567
Cash and cash equivalents at beginning of period 129,977 231,861
Cash and cash equivalents at end of period 432,564 726,428
Unrestricted and restricted cash and cash equivalents 432,564 726,428
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of amounts capitalized 128,754 116,827
Cash paid for income taxes 517 5,631
Supplemental disclosures of non-cash investing activities:    
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions 27,807 12,927
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment 47,607 11,974
Transfers from flight equipment held for lease to Net investment in leases and Other assets $ 6,310 $ 182,818