Attached files
| file | filename |
|---|---|
| EX-31.2 - EX-31.2 - WILLIS LEASE FINANCE CORP | wlfc-20170930ex3121d9a8b.htm |
| EX-32 - EX-32 - WILLIS LEASE FINANCE CORP | wlfc-20170930xex32.htm |
| EX-31.1 - EX-31.1 - WILLIS LEASE FINANCE CORP | wlfc-20170930ex311679149.htm |
| EX-11.1 - EX-11.1 - WILLIS LEASE FINANCE CORP | wlfc-20170930ex111ba8e2d.htm |
| EX-10.24 - EX-10.24 - WILLIS LEASE FINANCE CORP | wlfc-20170930ex1024dc14c.htm |
| EX-10.23 - EX-10.23 - WILLIS LEASE FINANCE CORP | wlfc-20170930ex1023c0c39.htm |
| EX-10.22 - EX-10.22 - WILLIS LEASE FINANCE CORP | wlfc-20170930ex10225be1b.htm |
| EX-10.21 - EX-10.21 - WILLIS LEASE FINANCE CORP | wlfc-20170930ex10215b206.htm |
| EX-10.20 - EX-10.20 - WILLIS LEASE FINANCE CORP | wlfc-20170930ex1020e26b4.htm |
| EX-4.6 - EX-4.6 - WILLIS LEASE FINANCE CORP | wlfc-20170930ex4676a833a.htm |
f
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2017
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-15369
WILLIS LEASE FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
|
Delaware |
|
68-0070656 |
|
(State or other jurisdiction of incorporation or |
|
(IRS Employer Identification No.) |
|
|
|
|
|
773 San Marin Drive, Suite 2215, Novato, CA |
|
94998 |
|
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code (415) 408-4700
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
|
Large accelerated filer ☐ |
|
Accelerated filer ☒ |
|
|
|
|
|
Non-accelerated filer ☐ |
|
Smaller reporting company ☐ |
|
(Do not check if a smaller reporting company) |
|
|
|
|
|
|
|
Emerging growth company ☐ |
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
|
Title of Each Class |
|
Outstanding at November 6, 2017 |
|
Common Stock, $0.01 par value per share |
|
6,418,901 |
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
2
PART I — FINANCIAL INFORMATION
Item 1.Consolidated Financial Statements (Unaudited)
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
(In thousands, except share data, unaudited)
|
|
|
September 30, |
|
December 31, |
||
|
|
|
2017 |
|
2016 |
||
|
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,879 |
|
$ |
10,076 |
|
Restricted cash |
|
|
64,051 |
|
|
22,298 |
|
Equipment held for operating lease, less accumulated depreciation of $364,174 and $351,553 at September 30, 2017 and December 31, 2016, respectively |
|
|
1,199,883 |
|
|
1,136,603 |
|
Maintenance rights |
|
|
16,263 |
|
|
17,670 |
|
Equipment held for sale |
|
|
32,798 |
|
|
30,710 |
|
Operating lease related receivables, net of allowances of $1,069 and $787 at September 30, 2017 and December 31, 2016, respectively |
|
|
16,422 |
|
|
16,484 |
|
Spare parts inventory |
|
|
18,422 |
|
|
25,443 |
|
Investments |
|
|
49,262 |
|
|
45,406 |
|
Property, equipment & furnishings, less accumulated depreciation of $6,965 and $5,858 at September 30, 2017 and December 31, 2016, respectively |
|
|
16,187 |
|
|
16,802 |
|
Intangible assets, net |
|
|
1,878 |
|
|
2,182 |
|
Other assets |
|
|
12,854 |
|
|
14,213 |
|
Total assets |
|
$ |
1,435,899 |
|
$ |
1,337,887 |
|
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
20,887 |
|
$ |
17,792 |
|
Deferred income taxes |
|
|
116,685 |
|
|
103,705 |
|
Notes payable |
|
|
932,132 |
|
|
900,255 |
|
Maintenance reserves |
|
|
69,600 |
|
|
71,602 |
|
Security deposits |
|
|
24,706 |
|
|
21,417 |
|
Unearned lease revenue |
|
|
6,813 |
|
|
5,823 |
|
Total liabilities |
|
|
1,170,823 |
|
|
1,120,594 |
|
|
|
|
|
|
|
|
|
Redeemable preferred stock ($0.01 par value, 2,500,000 shares authorized; 2,500,000 and 1,000,000 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively) |
|
$ |
49,485 |
|
$ |
19,760 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
Common stock ($0.01 par value, 20,000,000 shares authorized; 6,432,990 and 6,401,929 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively) |
|
|
64 |
|
|
64 |
|
Paid-in capital in excess of par |
|
|
1,624 |
|
|
2,512 |
|
Retained earnings |
|
|
214,438 |
|
|
196,002 |
|
Accumulated other comprehensive loss, net of income tax benefit of $280 and $551 at September 30, 2017 and December 31, 2016, respectively. |
|
|
(535) |
|
|
(1,045) |
|
Total shareholders’ equity |
|
|
215,591 |
|
|
197,533 |
|
Total liabilities, redeemable preferred stock and shareholders' equity |
|
$ |
1,435,899 |
|
$ |
1,337,887 |
|
|
|
|
|
|
|
|
|
(1) Total assets at September 30, 2017 and December 31, 2016 include the following assets of variable interest entities (VIE) that can only be used to settle the liabilities of the VIE: Cash, $116 and $257; Restricted Cash $64,051 and $22,298; Equipment, $658,419 and $309,815; and Other, $14,771 and $4,139, respectively. |
||||||
|
(2) Total liabilities at September 30, 2017 and December 31, 2016 include the following liabilities of VIEs for which the VIE creditors do not have recourse to Willis Lease Finance Corporation: Notes payable, $585,778 and $273,380, respectively. |
||||||
See accompanying notes to the unaudited consolidated financial statements.
3
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share data, unaudited)
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||
|
REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease rent revenue |
|
$ |
33,474 |
|
$ |
31,270 |
|
$ |
95,045 |
|
$ |
88,727 |
|
Maintenance reserve revenue |
|
|
20,370 |
|
|
14,229 |
|
|
64,212 |
|
|
45,562 |
|
Spare parts and equipment sales |
|
|
9,294 |
|
|
4,160 |
|
|
41,273 |
|
|
10,465 |
|
Gain on sale of leased equipment |
|
|
174 |
|
|
180 |
|
|
4,684 |
|
|
3,430 |
|
Other revenue |
|
|
2,549 |
|
|
1,622 |
|
|
6,439 |
|
|
3,614 |
|
Total revenue |
|
|
65,861 |
|
|
51,461 |
|
|
211,653 |
|
|
151,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
16,142 |
|
|
16,628 |
|
|
48,786 |
|
|
49,235 |
|
Cost of spare parts and equipment sales |
|
|
6,416 |
|
|
3,066 |
|
|
29,546 |
|
|
7,785 |
|
Write-down of equipment |
|
|
6,958 |
|
|
1,995 |
|
|
22,243 |
|
|
5,924 |
|
General and administrative |
|
|
14,308 |
|
|
12,257 |
|
|
40,574 |
|
|
34,694 |
|
Technical expense |
|
|
2,605 |
|
|
1,414 |
|
|
7,345 |
|
|
4,913 |
|
Net finance costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
14,220 |
|
|
10,230 |
|
|
36,398 |
|
|
30,635 |
|
Loss on debt extinguishment |
|
|
— |
|
|
— |
|
|
— |
|
|
137 |
|
Net finance costs |
|
|
14,220 |
|
|
10,230 |
|
|
36,398 |
|
|
30,772 |
|
Total expenses |
|
|
60,649 |
|
|
45,590 |
|
|
184,892 |
|
|
133,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from operations |
|
|
5,212 |
|
|
5,871 |
|
|
26,761 |
|
|
18,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from joint ventures |
|
|
3,040 |
|
|
631 |
|
|
6,055 |
|
|
874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
8,252 |
|
|
6,502 |
|
|
32,816 |
|
|
19,349 |
|
Income tax expense |
|
|
2,960 |
|
|
2,517 |
|
|
13,367 |
|
|
7,987 |
|
Net income |
|
$ |
5,292 |
|
$ |
3,985 |
|
$ |
19,449 |
|
$ |
11,362 |
|
Preferred stock dividends |
|
|
344 |
|
|
— |
|
|
988 |
|
|
— |
|
Accretion of preferred stock issuance costs |
|
|
9 |
|
|
— |
|
|
25 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders |
|
$ |
4,939 |
|
$ |
3,985 |
|
|
18,436 |
|
|
11,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
$ |
0.82 |
|
$ |
0.63 |
|
$ |
3.04 |
|
$ |
1.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
$ |
0.80 |
|
$ |
0.62 |
|
$ |
2.97 |
|
$ |
1.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding |
|
|
6,055 |
|
|
6,307 |
|
|
6,068 |
|
|
6,711 |
|
Diluted average common shares outstanding |
|
|
6,173 |
|
|
6,448 |
|
|
6,198 |
|
|
6,849 |
See accompanying notes to the unaudited consolidated financial statements.
4
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(In thousands, unaudited)
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
September 30, |
|
September 30, |
||||||||
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||
|
Net income |
|
$ |
5,292 |
|
$ |
3,985 |
|
$ |
19,449 |
|
$ |
11,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation adjustment |
|
|
294 |
|
|
(2,547) |
|
|
620 |
|
|
(2,021) |
|
Unrealized gain on derivative instruments |
|
|
164 |
|
|
— |
|
|
160 |
|
|
— |
|
Net gain (loss) recognized in other comprehensive income |
|
|
458 |
|
|
(2,547) |
|
|
780 |
|
|
(2,021) |
|
Tax benefit (expense) related to items of other comprehensive income |
|
|
(158) |
|
|
881 |
|
|
(270) |
|
|
699 |
|
Other comprehensive income (loss) |
|
|
300 |
|
|
(1,666) |
|
|
510 |
|
|
(1,322) |
|
Total comprehensive income |
|
$ |
5,592 |
|
$ |
2,319 |
|
$ |
19,959 |
|
$ |
10,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the unaudited consolidated financial statements.
5
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Redeemable Preferred Stock and Shareholders’ Equity
Nine months Ended September 30, 2017 and 2016
(In thousands, unaudited)
|
|
|
|
|
|
|
|
Stockholders' Equity |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
Redeemable |
|
|
|
|
|
|
Paid-in |
|
Other |
|
|
|
|
Total |
||||||
|
|
|
Preferred Stock |
|
Common Stock |
|
Capital in |
|
Comprehensive |
|
Retained |
|
Shareholders’ |
||||||||||
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Excess of par |
|
Income |
|
Earnings |
|
Equity |
||||||
|
Balances at December 31, 2015 |
|
— |
|
$ |
— |
|
7,548 |
|
$ |
75 |
|
$ |
28,720 |
|
$ |
(521) |
|
$ |
180,949 |
|
$ |
209,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11,362 |
|
|
11,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized loss from currency translation adjustment, net of tax benefit of $699 |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
(1,322) |
|
|
— |
|
|
(1,322) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares repurchased |
|
— |
|
|
— |
|
(1,058) |
|
|
(10) |
|
|
(25,012) |
|
|
— |
|
|
— |
|
|
(25,022) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued under stock compensation plans |
|
— |
|
|
— |
|
127 |
|
|
1 |
|
|
154 |
|
|
— |
|
|
— |
|
|
155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cancellation of restricted stock in satisfaction of withholding tax |
|
— |
|
|
— |
|
(41) |
|
|
— |
|
|
(866) |
|
|
— |
|
|
— |
|
|
(866) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation, net of forfeitures |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
2,755 |
|
|
— |
|
|
— |
|
|
2,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit on disqualified disposition of shares |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
189 |
|
|
— |
|
|
— |
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at September 30, 2016 |
|
— |
|
$ |
— |
|
6,576 |
|
$ |
66 |
|
$ |
5,940 |
|
$ |
(1,843) |
|
$ |
192,311 |
|
$ |
196,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at January 1, 2017 |
|
1,000 |
|
$ |
19,760 |
|
6,402 |
|
$ |
64 |
|
$ |
2,512 |
|
$ |
(1,045) |
|
$ |
194,729 |
|
$ |
196,260 |
|
Cumulative-effect adjustment |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,273 |
|
|
1,273 |
|
Balances at January 1, 2017, adjusted |
|
1,000 |
|
|
19,760 |
|
6,402 |
|
|
64 |
|
|
2,512 |
|
|
(1,045) |
|
|
196,002 |
|
|
197,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
19,449 |
|
|
19,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain from currency translation adjustment, net of tax expense of $215 |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
405 |
|
|
— |
|
|
405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain from derivative instruments, net of tax expense of $55 |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
105 |
|
|
— |
|
|
105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares repurchased |
|
— |
|
|
— |
|
(155) |
|
|
(2) |
|
|
(3,544) |
|
|
— |
|
|
— |
|
|
(3,546) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued under stock compensation plans |
|
— |
|
|
— |
|
216 |
|
|
2 |
|
|
175 |
|
|
— |
|
|
— |
|
|
177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cancellation of restricted stock in satisfaction of withholding tax |
|
— |
|
|
— |
|
(30) |
|
|
— |
|
|
(747) |
|
|
— |
|
|
— |
|
|
(747) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation, net of forfeitures |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
3,228 |
|
|
— |
|
|
— |
|
|
3,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of preferred stock |
|
1,500 |
|
|
29,700 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion of preferred shares issuance costs |
|
— |
|
|
25 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(25) |
|
|
(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividend |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(988) |
|
|
(988) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at September 30, 2017 |
|
2,500 |
|
$ |
49,485 |
|
6,433 |
|
$ |
64 |
|
$ |
1,624 |
|
$ |
(535) |
|
$ |
214,438 |
|
|
215,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the unaudited consolidated financial statements.
6
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands, unaudited)
|
|
|
Nine Months Ended September 30, |
||||
|
|
|
2017 |
|
2016 |
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income |
|
$ |
19,449 |
|
$ |
11,362 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
48,786 |
|
|
49,235 |
|
Write-down of equipment |
|
|
22,243 |
|
|
5,924 |
|
Stock-based compensation expenses |
|
|
3,228 |
|
|
2,755 |
|
Amortization of deferred costs |
|
|
3,639 |
|
|
3,231 |
|
Allowances and provisions |
|
|
282 |
|
|
(597) |
|
Gain on sale of leased equipment |
|
|
(4,684) |
|
|
(3,430) |
|
Gain on extinguishment of debt |
|
|
— |
|
|
137 |
|
Gain on insurance settlement |
|
|
(1,288) |
|
|
— |
|
Income from joint ventures |
|
|
(6,055) |
|
|
(874) |
|
Excess tax benefit from stock-based compensation |
|
|
— |
|
|
189 |
|
Deferred income taxes |
|
|
13,367 |
|
|
7,332 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Receivables |
|
|
(220) |
|
|
2,094 |
|
Spare parts inventory |
|
|
4,446 |
|
|
1,116 |
|
Other assets |
|
|
(1,692) |
|
|
(664) |
|
Accounts payable and accrued expenses |
|
|
(687) |
|
|
(1,729) |
|
Maintenance reserves |
|
|
1,706 |
|
|
(9,895) |
|
Security deposits |
|
|
6,651 |
|
|
(479) |
|
Unearned lease revenue |
|
|
990 |
|
|
(57) |
|
Net cash provided by operating activities |
|
|
110,161 |
|
|
65,650 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Proceeds from sale of equipment (net of selling expenses) |
|
|
53,849 |
|
|
61,825 |
|
Capital contribution to joint ventures |
|
|
— |
|
|
(5,545) |
|
Distributions received from joint ventures |
|
|
1,880 |
|
|
1,167 |
|
Purchase of equipment held for operating lease |
|
|
(177,263) |
|
|
(113,249) |
|
Purchase of maintenance rights |
|
|
— |
|
|
(4,634) |
|
Purchase of property, equipment and furnishings |
|
|
(493) |
|
|
(357) |
|
Net cash provided by (used in) investing activities |
|
|
(122,027) |
|
|
(60,793) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Proceeds from issuance of notes payable |
|
|
485,700 |
|
|
87,000 |
|
Debt issuance cost |
|
|
(7,473) |
|
|
(3,808) |
|
Interest bearing security deposit |
|
|
(3,261) |
|
|
— |
|
Proceeds from shares issued under stock compensation plans |
|
|
177 |
|
|
155 |
|
Cancellation of restricted stock units in satisfaction of withholding tax |
|
|
(747) |
|
|
(866) |
|
Repurchase of common stock |
|
|
(3,546) |
|
|
(25,022) |
|
Proceeds from the issuance of preferred stock, net |
|
|
29,700 |
|
|
— |
|
Preferred stock dividends |
|
|
(891) |
|
|
— |
|
Principal payments on notes payable |
|
|
(448,237) |
|||