AIR LEASE CORPORATION AL Cash Flow

Air lease corporation (AL)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Operating Activities
Net income
137,151	164,935	155,787	128,305	138,094	138,399	146,574	115,211	110,651	471,102	99,188	100,925	84,937	96,988	93,276	91,803	92,858	80,899	77,042	76,118	19,332	70,131	62,433	62,037	61,397	58,847	48,578	42,990	39,996	39,809	37,011	28,172	26,927	24,762	18,271	7,023	3,176
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment
188,895	187,862	183,788	171,689	159,471	153,548	149,703	142,600	136,134	130,400	127,553	126,490	123,909	118,720	113,251	112,136	108,575	106,300	102,046	98,402	91,012	90,921	86,119	81,475	78,142	75,580	71,811	68,783	63,863	61,414	57,932	52,537	44,336	38,876	30,657	24,644	18,130
Settlement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	36,000	-72,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation
4,429	5,811	4,897	5,863	4,174	4,313	4,848	4,885	3,432	5,369	5,358	5,304	3,773	4,599	4,602	4,501	3,239	4,650	4,648	4,578	3,146	3,826	3,882	4,940	3,400	3,775	3,751	7,313	6,775	7,140	7,124	9,207	8,217	8,368	8,314	11,752	10,908
Deferred taxes
33,302	-5,517	28,485	32,256	36,825	33,629	32,808	32,198	30,668	-305,438	54,931	54,944	48,941	52,415	51,297	50,468	51,133	43,375	42,537	42,054	10,642	36,308	33,844	33,643	33,312	31,329	26,310	23,321	21,676	21,477	20,182	15,712	14,679	13,883	10,070	3,866	1,748
Amortization of discounts and debt issuance costs
10,528	10,361	9,078	8,712	8,540	8,475	8,199	8,010	8,022	7,066	6,959	6,437	8,992	8,312	8,081	7,388	7,161	7,725	7,419	7,681	7,682	6,870	7,423	6,989	6,490	7,056	6,012	5,349	5,210	5,441	4,595	4,091	2,867	2,509	2,308	2,336	2,328
Amortization of prepaid lease costs
10,454	8,659	9,339	7,671	7,180	5,866	4,103	7,590	7,020	4,962	2,830	7,436	4,037	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on aircraft sales, trading and other activity
5,554	36,871	30,199	-2,243	17,167	9,973	22,284	1,420	765	36,746	12,543	17,784	7,264	28,889	9,974	16,734	20,979	12,011	5,074	15,957	8,030	19,382	9,340	13,305	14,430	16,383	782	994	1,075	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Other assets
88,411	11,562	22,298	33,654	93,788	11,695	15,215	21,708	25,605	27,617	-9,291	69,938	20,359	31,442	26,672	7,079	-9,446	7,048	2,740	-1,119	-20,005	13,893	2,790	-3,010	-12,482	13,421	-144	-2,810	-7,814	-5,240	11,727	729	7,658	2,011	-900	14,283	2,044
Accrued interest and other payables
-47,858	88,181	-34,062	64,429	20,789	51,065	-23,627	48,650	-24,913	56,600	-37,008	61,789	-30,549	22,214	16,471	29,781	-22,483	22,492	-8,188	9,807	-7,476	22,778	9,201	13,412	347	8,828	25,217	-5,586	11,048	-22,288	16,924	23,632	7,529	5,882	6,533	5,963	969
Rentals received in advance
-8,913	9,057	10,493	7,485	-2,869	10,370	-2,996	5,308	2,023	2,379	-2,886	2,696	3,247	-2,033	6,377	4,760	-1,204	6,855	2,815	4,750	1,188	7,297	2,935	5,025	-900	7,931	3,865	2,753	5,834	4,184	235	6,076	4,625	8,700	2,112	3,650	3,517
Net cash provided by operating activities
234,023	420,916	315,308	394,999	261,249	383,997	282,113	341,324	246,667	308,077	253,673	278,299	219,664	258,599	256,709	277,024	227,746	253,237	184,505	192,552	209,501	197,845	193,707	197,226	180,240	161,427	184,906	146,739	161,141	118,533	132,276	138,698	101,522	100,969	79,165	48,300	38,732
Acquisition of flight equipment under operating lease
-	-	-	-	-	-	-	1,039,855	362,519	-	161,950	545,113	597,254	477,414	298,549	679,695	458,435	390,904	360,763	848,804	488,175	361,763	478,283	552,598	176,104	374,032	249,813	382,343	323,431	247,400	395,022	798,099	458,710	823,623	528,727	675,001	502,550
Acquisition of flight equipment under operating lease
511,232	641,847	2,573,105	-276,647	725,300	638,488	1,513,654	296,689	63,751	1,406,666	179,715	185,079	200,549	226,354	204,016	236,813	200,908	114,372	120,220	199,918	162,660	120,516	165,236	178,237	137,318	197,081	167,122	165,607	299,029	232,905	-65,463	146,830	104,006	81,767	109,677	69,406	99,737
Payments for deposits on flight equipment purchases
174,589	-	-	-	305,284	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from aircraft sales, trading and other activity
65,070	568,963	176,618	2,500	247,264	-	-	-	-	183,693	162,512	336,444	96,840	338,830	142,008	315,378	191,824	61,289	22,469	566,566	102,423	310,571	91,506	139,918	61,854	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of aircraft furnishings, equipment and other assets
51,576	54,411	60,921	64,764	111,162	83,060	63,324	86,155	54,970	42,741	49,835	33,410	51,464	45,994	48,246	64,287	52,845	30,239	60,021	64,298	65,174	71,359	60,297	58,024	49,771	-9,611	81,999	16,088	36,708	3,421	16,241	20,130	35,113	19,758	42,281	14,856	9,773
Net cash used in investing activities
-672,327	-283,772	-1,223,179	-1,442,544	-894,482	-997,119	-484,012	-1,422,449	-481,240	-735,378	-228,988	-427,158	-752,427	-410,932	-408,803	-665,417	-520,364	-474,226	-518,535	-546,454	-613,586	-243,067	-612,310	-648,941	-301,339	-518,323	-449,834	-558,569	-659,168	-436,236	-345,800	-965,059	-597,829	-925,148	-680,685	-759,263	-612,060
Issuance of common stock upon exercise of options
2,025	13,062	20,587	10,796	440	638	60	1,500	2,628	7,050	550	800	864	-	-	-	-	-	-	-	-	99	89	366	390	-	-	-	-	-	-	-	-	-	-	-	-
Cash dividends paid on Class A common stock
17,003	14,643	14,517	14,445	14,421	10,408	10,398	10,398	10,359	7,742	7,741	7,736	7,714	5,142	5,142	5,142	5,129	4,103	4,104	4,104	4,094	3,072	3,058	3,058	3,055	2,543	2,533	0	2,532	-	-	-	-	-	-	-	-
Preferred dividends paid
3,844	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax withholdings on stock-based compensation
8,413	183	502	0	3,587	407	0	0	7,141	1,326	0	348	5,252	0	0	13	5,877	0	0	0	5,302	0	16,040	-5	2,054	-945	11,867	0	1,742	-	-	-	-	-	-	-	-
Net change in unsecured revolving facility
495,000	-	-	-	225,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in unsecured revolving facilities
-	-	-	-	-	602,000	-956,000	619,000	-510,000	-589,000	-41,000	771,000	-60,000	-252,000	-640,000	59,000	879,000	226,000	-201,000	357,000	-231,000	110,000	-530,000	414,000	-233,000	-431,000	289,000	505,000	25,000	90,000	-150,000	367,500	-245,500	85,000	273,000	-268,500	148,500
Proceeds from debt financings
1,449,873	431,810	1,103,781	1,036,358	995,779	175,000	1,620,220	507,900	1,230,765	1,082,151	5,000	608,718	487,955	495,965	835,247	590,754	100,000	15,000	505,250	20,000	692,134	6,725	1,115,760	20,000	520,635	992,983	-37,978	102,819	551,030	73,218	456,201	120,239	1,465,949	544,487	165,043	293,086	341,914
Payments in reduction of debt financings
1,093,268	30,532	27,114	24,625	896,098	139,299	536,500	1,132,150	-537,444	2,569,939	-36,750	-1,183,092	-46,598	-93,351	-38,156	-281,518	-680,885	-34,512	-32,924	-116,778	-144,034	-50,228	-230,835	-94,196	-201,953	-175,856	-12,457	-243,565	-99,953	-87,217	-57,543	-108,936	-178,433	-22,420	-18,965	-15,836	-27,575
Net proceeds from preferred stock issuance
-	-9	9	-111	242,241	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7,328	7,900	-38	5,828	2,167	-8,446	9,510	-729	-6,188	-62,355	-10,567	1,792	7,541	-32,583	4,251	-5,477	-1,225	632	16,220	21,338	5,957	6,798	13,388
Debt issuance costs
2,902	1,837	2,116	4,872	2,455	2,148	4,026	2,678	2,623	1,691	200	2,433	1,531	680	1,205	2,959	198	330	965	2,245	978	348	3,303	2,018	2,306	8,515	2,759	15,501	10,760	2,662	6,826	9,370	23,291	3,595	773	4,026	5,539
Security deposits and maintenance reserve receipts
50,083	79,254	88,281	69,540	73,145	68,770	64,747	60,253	48,754	52,185	63,113	54,601	56,165	65,603	59,890	66,341	26,920	68,062	59,382	53,710	37,226	57,009	50,655	43,581	34,394	37,051	45,519	49,759	40,333	33,573	30,721	51,544	26,703	53,600	35,270	60,117	31,875
Security deposits and maintenance reserve disbursements
17,927	18,585	17,373	4,965	11,567	6,945	8,343	27,756	16,665	14,415	24,176	4,790	7,840	11,164	11,780	20,250	15,112	6,367	32,709	9,334	3,020	10,555	4,629	951	16,614	7,999	7,075	2,589	11,564	4,278	1,821	8,733	11,440	2,262	1,844	909	967
Net cash provided by financing activities
853,624	-135,506	956,192	1,037,405	608,477	687,201	169,760	1,090,559	197,915	490,153	-41,204	236,720	416,049	199,785	206,182	398,313	298,757	257,942	290,763	306,735	331,422	117,370	384,827	440,084	107,004	405,389	252,309	428,506	485,561	108,111	264,618	411,682	1,017,768	826,337	436,129	925,688	474,820
Net increase/(decrease) in cash
415,320	1,638	48,321	-10,140	-24,756	74,079	-32,139	9,434	-36,658	62,852	-16,519	87,861	-116,714	47,452	54,088	9,920	6,139	36,953	-43,267	-47,167	-72,663	72,148	-33,776	-11,631	-14,095	48,493	-12,619	16,676	-12,466	-209,592	51,094	-414,679	521,461	2,158	-165,391	214,725	-98,508
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $13,261 and $16,226 at March 31, 2020 and 2019, respectively
141,060	83,895	147,429	73,327	137,481	54,129	129,220	53,611	95,466	48,935	93,537	69,210	90,059	69,549	73,255	64,684	86,481	60,223	77,978	59,295	62,472	61,879	52,638	53,572	43,256	59,001	41,952	56,911	30,600	56,424	25,297	25,602	17,408	17,137	12,048	12,438	10,363
Cash paid for income taxes
2,149	7,142	6,224	3,266	25	1,758	1,951	485	70	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment
191,318	237,563	450,141	412,470	298,962	248,852	212,175	371,371	79,677	246,182	85,187	92,227	220,610	231,411	116,426	235,796	290,195	177,853	102,488	424,852	239,276	172,510	268,982	240,366	74,428	214,018	81,950	54,971	108,493	241,042	-119,050	150,310	105,590	156,605	0	5,898	27,510