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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2024 | Mar. 31, 2023
Cash flows from operating activities: |  |
Net income | $ 20,869 | $ 4,394
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation and amortization expense | 22,486 | 22,549
Write-down of equipment | 261 | 0
Stock-based compensation expense | 3,813 | 2,937
Accretion of deferred costs and note discounts | 2,309 | 1,327
Allowances and provisions | 352 | 173
(Gain) loss on sale of leased equipment | (9,201) | 133
Payments received on sales-type leases | 617 | 301
(Income) loss from joint ventures | (2,674) | 1,161
Deferred income taxes | 8,573 | 2,081
Changes in assets and liabilities: |  |
Receivables | (3,707) | (6,688)
Inventory | (44,098) | 1,543
Other assets | 131 | (4,345)
Accounts payable and accrued expenses | 52,175 | 7,612
Maintenance reserves | 7,032 | 10,165
Security deposits | 2,735 | 1,149
Unearned revenue | (1,846) | 7,379
Net cash provided by operating activities | 59,827 | 51,871
Cash flows from investing activities: |  |
Proceeds from sale of equipment (net of selling expenses) | 4,711 | 7,582
Issuance of notes receivable | (6,899) | (15,397)
Payments received on notes receivable | 1,619 | 792
Purchase of equipment held for operating lease and for sale | (62,790) | (55,686)
Purchase of property, equipment and furnishings | (405) | (1,573)
Net cash used in investing activities | (63,764) | (64,282)
Cash flows from financing activities: |  |
Proceeds from debt obligations | 69,980 | 42,000
Debt issuance costs | (240) | 0
Principal payments on debt obligations | (138,848) | (53,458)
Proceeds from shares issued under stock compensation plans | 178 | 177
Preferred stock dividends | (920) | (819)
Net cash used in financing activities | (69,850) | (12,100)
Decrease in cash, cash equivalents and restricted cash | (73,787) | (24,511)
Cash, cash equivalents and restricted cash at beginning of period | 168,029 | 89,016
Cash, cash equivalents and restricted cash at end of period | 94,242 | 64,505
Net cash paid for (refund received): |  |
Interest | 22,905 | 23,128
Income Taxes | (644) | 179
Supplemental disclosures of non-cash activities: |  |
Transfers from Equipment held for operating lease to Investments in sales-type leases | 24,870 | 0
Transfers from Equipment held for operating lease to Other assets | 0 | 1,089
Transfers from Equipment held for operating lease to Spare parts inventory | 113 | 127
Transfers from Equipment held for operating lease to Equipment held for sale | 2,100 | 0
Accretion of preferred stock issuance costs | $ 12 | $ 21

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