v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
May 31, 2025
May 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 49,287 $ 16,081
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation 95,816 89,358
Amortization of deferred financing costs 4,470 4,343
Amortization of lease premiums, discounts and incentives (2,766) 6,649
Deferred income taxes 7,979 5,314
Collections on net investment in leases 1,517 713
Security deposits and maintenance payments included in earnings (27,149) (2,210)
Gain on sale or disposition of flight equipment (30,289) (1,010)
Loss on extinguishment of debt 2,973 0
Impairment of flight equipment 5,066 5,211
Provision for credit losses 142 (145)
Other (394) (508)
Changes in certain assets and liabilities:    
Accounts receivable (1,720) (1,273)
Other assets 1,267 (2,927)
Accounts payable, accrued expenses and other liabilities 19,999 17,967
Lease rentals received in advance 1,674 9,441
Net cash and cash equivalents provided by operating activities 127,872 147,004
Cash flows from investing activities:    
Acquisition and improvement of flight equipment (479,614) (224,935)
Proceeds from sale or disposition of flight equipment 226,752 25,379
Aircraft purchase deposits and progress payments, net of deposits returned and aircraft sales deposits 2,751 35,181
Other 936 (209)
Net cash and cash equivalents used in investing activities (249,175) (164,584)
Cash flows from financing activities:    
Proceeds from secured and unsecured debt financings 725,000 550,000
Repayments of secured and unsecured debt financings (647,442) (520,118)
Deferred financing costs (6,106) (48)
Security deposits and maintenance payments received 39,932 34,960
Security deposits and maintenance payments returned (24,403) (2,087)
Dividends paid (21,500) (10,500)
Net cash and cash equivalents provided by financing activities 65,481 52,207
Net (decrease) increase in cash and cash equivalents: (55,822) 34,627
Cash and cash equivalents at beginning of period 279,052 129,977
Cash and cash equivalents at end of period 223,230 164,604
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of amounts capitalized 29,342 25,937
Cash (received) paid for income taxes (316) 13
Supplemental disclosures of non-cash investing activities:    
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions 28,817 7,318
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment 4,567 1,273
Transfers from flight equipment held for lease to Net investment in leases and Other assets $ 1,289 $ 6,310