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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 18,210 $ (15,293)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 45,043 43,421
Write-down of equipment 1,671 21,195
Stock-based compensation expense 6,799 7,670
Amortization of deferred costs 2,724 2,667
Allowances and provisions 296 400
Gain on sale of leased equipment (4,328) (2,796)
Gain on sale of financial assets 0 (3,116)
Payments received on sales-type leases 608 0
Loss from joint ventures 1,635 1,147
Gain on insurance proceeds (761) 0
Deferred income taxes 6,876 (1,792)
Changes in assets and liabilities:    
Receivables (10,608) (1,249)
Inventory (2,925) 8,684
Other assets (3,428) (2,576)
Accounts payable and accrued expenses 6,613 (46)
Maintenance reserves 15,219 (1,266)
Security deposits 2,038 (81)
Unearned revenue 12,805 796
Net cash provided by operating activities 98,487 57,765
Cash flows from investing activities:    
Proceeds from sale of equipment (net of selling expenses) 23,434 47,657
Proceeds from sale of notes receivable (net of selling expenses) 0 40,705
Issuance of notes receivable (15,397) (15,270)
Payments received on notes receivable 1,717 2,118
Insurance proceeds received on equipment 2,189 0
Purchase of equipment held for operating lease and for sale (111,447) (81,336)
Purchase of property, equipment and furnishings (3,540) (2,623)
Net cash used in investing activities (103,044) (8,749)
Cash flows from financing activities:    
Proceeds from debt obligations 109,000 59,000
Principal payments on debt obligations (131,383) (119,685)
Proceeds from shares issued under stock compensation plans 177 165
Cancellation of restricted stock units in satisfaction of withholding tax (5,620) (3,496)
Repurchase of common stock 0 (5,180)
Preferred stock dividends (1,621) (1,621)
Net cash used in financing activities (29,447) (70,817)
Decrease in cash, cash equivalents and restricted cash (34,004) (21,801)
Cash, cash equivalents and restricted cash at beginning of period 89,016 95,641
Cash, cash equivalents and restricted cash at end of period 55,012 73,840
Net cash paid for:    
Interest 47,221 31,269
Income Taxes 316 879
Supplemental disclosures of non-cash activities:    
Transfers from Equipment held for operating lease to Investments in sales-type leases 0 7,025
Transfers from Equipment held for operating lease to Spare parts inventory 261 1,121
Transfers from Equipment held for operating lease to Equipment held for sale 1,746 4,749
Accrued preferred stock dividends $ 9 $ 9