v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 55,403 $ 77,246
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 59,246 52,574
Gain on sale of leased equipment (49,997) (32,019)
Stock-based compensation expense 26,455 23,658
Loss on debt extinguishment 12,448 0
Income from investments (7,220) (4,433)
Accretion of deferred costs and note discounts 6,390 5,033
Write-down of equipment 6,059 13,567
Payments received on sales-type leases 1,164 5,210
Gain on derivative instruments (701) 0
Gain on sale of financial assets (592) (378)
(Gain) loss on disposal of property, equipment and furnishings (23) 45
Allowances and provisions 20 (169)
Gain on sale of business 0 (42,950)
Amortization of contract asset 0 1,497
Deferred income taxes 18,367 20,733
Changes in assets and liabilities:    
Receivables (5,706) (828)
Inventory 10,918 8,852
Other assets 4,682 890
Due from affiliates (3,188) 0
Accounts payable and accrued expenses (11,246) (1,325)
Maintenance reserves 13,194 21,315
Security deposits (114) 280
Unearned revenue (2,246) (3,607)
Due to affiliates 886 0
Net cash provided by operating activities 134,199 145,191
Cash flows from investing activities:    
Purchase of equipment held for operating lease and for sale (401,934) (154,944)
Proceeds from sale of equipment (net of selling expenses) 302,836 141,949
Proceeds from sale of notes receivable (net of selling expenses) 88,371 0
Issuance of notes receivable (42,484) 0
Purchase of investments and contributions to joint ventures (39,586) (1,770)
Proceeds from sale of investments in sales-type leases 15,513 0
Purchase of property, equipment and furnishings (6,287) (17,117)
Payments received on notes receivable 5,345 8,580
Proceeds from sale of business (net of cash and cash equivalents sold with business) 0 21,055
Net cash used in investing activities (78,226) (2,247)
Cash flows from financing activities:    
Principal payments on debt obligations (1,182,898) (309,641)
Proceeds from debt obligations 803,000 851,051
Cancellation of restricted stock units in satisfaction of withholding tax (27,914) (18,714)
Debt issuance costs (11,519) (9,017)
Common stock cash dividends paid (6,158) (3,749)
Debt extinguishment payments (4,834) 0
Preferred stock dividends (2,706) (2,973)
Contributions from non-controlling interest holders 2,115 0
Proceeds from shares issued under stock compensation plans 222 132
Net cash (used in) provided by financing activities (430,692) 507,089
(Decrease) increase in cash, cash equivalents and restricted cash (374,719) 650,033
Cash, cash equivalents and restricted cash at beginning of period 546,941 132,502
Cash, cash equivalents and restricted cash at end of period 172,222 782,535
Net cash paid for (refunded):    
Interest 64,083 63,055
Income Taxes (663) 3,429
Supplemental disclosures of non-cash activities:    
Transfers from Equipment held for operating lease to Equipment held for sale 9,296 24,436
Transfers from Equipment held for operating lease to Spare parts inventory 738 311
Transfers from Equipment held for sale to Equipment held for operating lease 0 1,381
Transfers from Notes receivable to Equipment held for operating lease 0 1,863
Transfers from Notes receivable to Equipment held for sale 0 1,374
Contributions to joint ventures 0 22,500
Proceeds from sale of business 0 22,500
Additions to Equipment held for operating lease [1] 0 4,631
Accretion of preferred stock issuance costs $ 139 $ 139
[1] During the six months ended June 30, 2025, the Company engaged in an exchange transaction with a third party in which the Company sold aircraft engines in exchange for aircraft engines. This transaction was accounted for under Accounting Standards Codification (“ASC”) 805 and ASC 845 and resulted in $4.6 million in non-cash additions to equipment held for operating lease for the associated total gain.