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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities    
Net (loss)/income $ (468,993) $ 84,092
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of flight equipment 235,308 208,965
Asset write offs 802,352 0
Stock-based compensation (2,523) 5,408
Deferred taxes (133,360) 18,577
Amortization of debt discounts and issuance costs 13,198 12,025
Amortization of prepaid lease costs 13,193 10,790
Gain on aircraft sales, trading and other activity (66,791) (99)
Changes in operating assets and liabilities:    
Other assets (74,560) (35,323)
Accrued interest and other payables (64,068) (59,914)
Rentals received in advance 938 (10,231)
Net cash provided by operating activities 254,694 234,290
Investing Activities    
Acquisition of flight equipment under operating lease (395,402) (404,379)
Payments for deposits on flight equipment purchases (172,943) (103,382)
Proceeds from aircraft sales, trading and other activity 750 0
Acquisition of aircraft furnishings, equipment and other assets (52,974) (41,923)
Net cash used in investing activities (620,569) (549,684)
Financing Activities    
Issuance of common stock upon exercise of options 0 1,441
Cash dividends paid on Class A common stock (21,088) (18,216)
Common shares repurchased (97,644) 0
Net proceeds from preferred stock issuance 0 295,449
Cash dividends paid on preferred stock (10,425) (3,844)
Tax withholdings on stock-based compensation (8,095) (7,169)
Proceeds from debt financings 1,497,615 791,645
Payments in reduction of debt financings (708,847) (1,157,577)
Debt issuance costs (2,740) (1,335)
Security deposits and maintenance reserve receipts 125,727 21,278
Security deposits and maintenance reserve disbursements (4,864) (11,852)
Net cash provided / (used) by financing activities 769,639 (90,180)
Net increase / (decrease) in cash 403,764 (405,574)
Cash, cash equivalents and restricted cash at beginning of period 1,108,292 1,757,767
Cash, cash equivalents and restricted cash at end of period 1,512,056 1,352,193
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest, including capitalized interest of $9,365 and $13,543 at March 31, 2022 and 2021, respectively 179,026 177,685
Cash paid for income taxes 3,446 1,101
Supplemental Disclosure of Noncash Activities    
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment 85,791 176,618
Cash dividends declared on Class A common stock, not yet paid $ 21,136 $ 18,259