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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 61,926 $ 25,117
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 63,037 55,600
Write-down of equipment 11,321 4,793
Stock-based compensation expenses 5,588 4,004
Amortization of deferred costs 4,965 4,143
Allowances and provisions 348 1,022
Gain on sale of leased equipment (19,279) (1,662)
Income from joint ventures (4,787) (1,569)
Loss on debt extinguishment 220 0
Loss on disposal of property, equipment and furnishings 36 0
Deferred income taxes 19,234 9,359
Changes in assets and liabilities:    
Receivables (10,968) (6,951)
Distributions received from joint ventures 3,300 5,540
Inventory 23,448 (3,523)
Other assets (1,262) (3,173)
Accounts payable and accrued expenses 891 3,716
Maintenance reserves 14,914 16,431
Security deposits (2,604) 3,519
Unearned revenue 489 (838)
Net cash provided by operating activities 170,817 115,528
Cash flows from investing activities:    
Proceeds from sale of equipment (net of selling expenses) 189,054 36,862
Issuance of notes receivables (42,857) 0
Payments received on notes receivables 1,776 0
Capital contributions to joint ventures (5,013) 0
Distributions received from joint ventures 0 190
Purchase of equipment held for operating lease (220,828) (320,186)
Purchase of property, equipment and furnishings (4,971) (1,574)
Net cash used in investing activities (82,839) (284,708)
Cash flows from financing activities:    
Proceeds from issuance of debt obligations 261,120 616,439
Debt issuance costs (2,840) (6,068)
Principal payments on debt obligations (340,334) (306,800)
Proceeds from shares issued under stock compensation plans 335 292
Cancellation of restricted stock units in satisfaction of withholding tax (1,460) (1,252)
Repurchase of common stock (3,567) (14,459)
Preferred stock dividends (2,458) (2,440)
Net cash (used in) provided by financing activities (89,204) 285,712
Increase/(Decrease) in cash, cash equivalents and restricted cash (1,226) 116,532
Cash, cash equivalents and restricted cash at beginning of period 81,949 47,324
Cash, cash equivalents and restricted cash at end of period 80,723 163,856
Net cash paid for:    
Interest 48,545 44,990
Income Taxes 302 1,074
Supplemental disclosures of non-cash activities:    
Purchase of equipment held for operating lease 0 3,600
Transfers from Equipment held for operating lease to Equipment held for sale 9,988 0
Transfers from Equipment held for operating lease to Spare parts inventory 19,242 6,995
Accrued preferred stock dividends $ 819 $ 819