XML 26 R9.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net (loss) income $ (130,706) $ (103,692) $ 207,784
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:      
Equity in losses of unconsolidated entities 12,734 5,039 2,375
Gain on sale of subsidiaries 0 (1,331) (198,764)
(Gain) loss on sale of assets, net (49,031) 308 (81,954)
Security deposits and maintenance claims included in earnings (39,067) (6,362) (20,385)
Loss on extinguishment of debt 3,254 11,667 0
Equity-based compensation 4,038 2,325 8,404
Depreciation and amortization 201,756 172,400 171,225
Asset impairment 10,463 33,978 4,726
Change in deferred income taxes (2,057) (5,851) 14,495
Change in fair value of non-hedge derivatives (2,220) 181 4,555
Amortization of lease intangibles and incentives 27,978 30,346 30,162
Amortization of deferred financing costs 21,723 7,315 8,333
Bad debt expense 12,953 3,595 3,986
Other (440) 1,502 827
Change in:      
Accounts receivable (88,872) (59,734) (22,622)
Other assets (30,789) 3,660 (17,890)
Accounts payable and accrued liabilities 25,079 (5,258) 31,543
Management fees payable to affiliate 1,042 (20,622) 19,080
Other liabilities 118 (6,360) (14,837)
Net cash (used in) provided by operating activities (22,044) 63,106 151,043
Cash flows from investing activities:      
Investment in unconsolidated entities (54,655) (4,690) (13,500)
Principal collections on finance leases 7,387 13,823 13,398
Acquisition of business, net of cash acquired 627,090 0 0
Acquisition of leasing equipment (572,624) (321,606) (568,569)
Acquisition of property, plant and equipment (157,332) (264,829) (331,171)
Acquisition of lease intangibles (24,017) 1,997 606
Investment in convertible promissory notes 10,000 0 0
Acquisition of remaining interest in JV investment 0 0 (28,828)
Purchase deposit for aircraft and aircraft engines (13,658) (8,343) (1,000)
Proceeds from sale of subsidiaries 0 0 183,819
Proceeds from sale of leasing equipment 158,927 72,175 248,454
Proceeds from sale of property, plant and equipment 4,494 0 0
Receipt of deposits for sale of aircraft and engine 600 0 0
Return of purchase deposits 1,010 2,350 0
Return of capital distributions from unconsolidated entities 0 0 1,555
Net cash used in investing activities (1,286,958) (509,123) (495,236)
Cash flows from financing activities:      
Proceeds from debt 2,894,127 1,340,981 788,829
Repayment of debt (1,553,231) (852,197) (405,131)
Payment of deferred financing costs (52,739) (28,243) (34,218)
Receipt of security deposits 8,770 3,242 7,887
Return of security deposits (1,201) (4,655) (368)
Receipt of maintenance deposits 31,507 33,369 65,279
Release of maintenance deposits (20,724) (15,712) (26,940)
Proceeds from issuance of common shares, net of underwriter's discount 323,124 0 0
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs 101,200 19,694 193,992
Settlement of equity-based compensation (421) (120) (8,078)
Cash dividends - common shares (118,009) (113,572) (113,541)
Cash dividends - preferred shares (24,758) (17,869) (1,838)
Net cash provided by financing activities 1,587,645 364,918 465,873
Net increase (decrease) in cash and cash equivalents and restricted cash 278,643 (81,099) 121,680
Cash and cash equivalents and restricted cash, beginning of period 161,418 242,517 120,837
Cash and cash equivalents and restricted cash, end of period 440,061 161,418 242,517
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 142,200 71,637 83,164
Cash paid for taxes 402 0 1,072
Supplemental disclosure of non-cash investing and financing activities:      
Repayment and settlement of debt 0 0 (24,250)
Acquisition of leasing equipment 47,114 141,478 (24,530)
Acquisition of property, plant and equipment (581) (13,237) (47,520)
Investment in Long Ridge JV 0 0 155,589
Settled and assumed security deposits (4,041) (5,825) (239)
Settlement of equity based compensation 0 0 (2,405)
Billed, assumed and settled maintenance deposits (21,710) (58,906) 15,117
Deferred financing costs 0 0 (1,161)
Change in fair value of pension and other retirement benefit liabilities (237) 0 0
Change in fair value of cash flow hedge 0 0 372
Non-cash change in equity method investment (129,907) (26,609) 0
Issuance of common shares $ 455 $ 304 $ 385