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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 9,658 $ 37,853
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 47,154 40,301
Write-down of equipment 9,126 4,367
Stock-based compensation expenses 5,132 3,387
Amortization of deferred costs 2,790 3,420
Allowances and provisions 317 715
Gain on sale of leased equipment (1,367) (14,690)
Income from joint ventures (1,155) (2,622)
Loss on debt extinguishment 4,688 220
Loss on disposal of property, equipment and furnishings 0 36
Deferred income taxes 8,381 12,101
Changes in assets and liabilities:    
Receivables (17,936) (24,345)
Distributions received from joint ventures 0 3,300
Inventory 4,015 17,658
Other assets (562) (3,206)
Accounts payable and accrued expenses (19,551) (6,307)
Maintenance reserves (6,691) 22,503
Security deposits 2,272 (2,829)
Unearned revenue (3,312) (321)
Net cash provided by operating activities 42,959 91,541
Cash flows from investing activities:    
Proceeds from sale of equipment (net of selling expenses) 17,665 157,989
Issuance of notes receivable (135,955) (30,783)
Payments received on notes receivable 3,738 421
Capital contributions to joint ventures 0 (5,013)
Purchase of equipment held for operating lease (76,982) (145,300)
Purchase of property, equipment and furnishings (2,178) (1,843)
Net cash used in investing activities (193,712) (24,529)
Cash flows from financing activities:    
Proceeds from debt obligations 690,200 169,120
Debt issuance costs (5,806) (2,840)
Principal payments on debt obligations (419,526) (220,705)
Debt prepayment costs (2,373) 0
Proceeds from shares issued under stock compensation plans 200 163
Cancellation of restricted stock units in satisfaction of withholding tax (1,194) (1,460)
Repurchase of common stock (1,379) (3,567)
Preferred stock dividends (1,629) (1,620)
Net cash provided by (used in) financing activities 258,493 (60,909)
Increase in cash, cash equivalents and restricted cash 107,740 6,103
Cash, cash equivalents and restricted cash at beginning of period 63,668 81,949
Cash, cash equivalents and restricted cash at end of period 171,408 88,052
Net cash paid for:    
Interest 28,486 32,948
Income Taxes 87 81
Supplemental disclosures of non-cash activities:    
Liabilities assumed in purchase of equipment held for operating lease (5,680) 0
Transfers from Equipment held for operating lease to Equipment held for sale 0 3,450
Transfers from Equipment held for operating lease to Spare parts inventory 12,926 14,630
Accrued preferred stock dividends 9 9
Accrued share repurchases $ 111 $ 0