Fly leasing ltd (FLY)
CashFlow / Yearly
Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10
Cash Flows from Operating Activities
Net income (loss)

2,598

-29,112

22,798

60,184

53,940

47,669

1,096

52,667

Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Equity earnings from unconsolidated subsidiary

496

530

1,159

3,562

1,491

9,383

5,647

2,901

Finance lease revenue

731

2,066

299

0

-

-

-

-

Direct finance lease income

-

-

-

-

0

-

-

-

Gain on sale of aircraft

3,926

27,195

28,959

14,761

5,421

-

-

-

Gain on sale of aircraft

-

-

-

-

-

8,360

9,137

-

Gain on sale of option to purchase notes payable

-

-

-

-

-

-

-

12,501

Gain on sale of aircraft

-

-

-

-

-

-

-

13,449

Gain on sale of investment in unconsolidated subsidiary

-

-

-

-

-

36,882

-

-

Depreciation

133,227

120,452

159,732

166,983

138,336

136,633

95,718

84,032

Aircraft impairment

22,000

96,122

66,093

1,200

6,166

-

-

-

Amortization of debt purchase option

-

-

-

-

-

-

-

947

Amortization of debt discounts and debt issuance costs

7,955

9,375

11,922

12,516

11,680

-

1,307

366

Aircraft impairment

-

-

-

-

-

11,382

7,500

-

Amortization of debt issuance costs

-

-

-

-

-

3,202

7,471

8,788

Amortization of lease incentives

7,668

8,898

20,527

18,934

9,019

6,989

6,856

5,095

Amortization of lease premiums, discounts and other

412

388

2,046

2,841

2,228

6,281

-

-

Amortization of GAAM acquisition fair value adjustments

1,223

1,621

3,650

6,260

12,602

-

-

-

Loss on modification and extinguishment of debt

-23,309

-9,246

-17,491

2,247

15,881

-

-

-

Amortization of GAAM acquisition date fair market value adjustments

-

-

-

-

-

23,611

5,838

-

Net (gain) loss on extinguishment of debt

-

-

-

-

-

-7,387

-

-

Share-based compensation

0

0

195

30

3,177

3,635

4,768

3,720

Unrealized foreign exchange (gain) loss

-2,305

437

1,247

0

0

-

-

-

Provision (benefit) for deferred income taxes

5,178

-9,158

4,919

5,733

4,534

-

-

-

Deferred income taxes

-

-

-

-

-

-8,180

2,562

9,069

(Gain) loss on derivative instruments

478

-76

-4,134

-38

1,263

-31,871

1,489

303

Security deposits and maintenance payment liability recognized into earnings

16,268

3,450

48,658

32,271

23,298

-

-

-

Security deposits and maintenance payment claims applied towards operating lease revenue

0

684

0

0

2,596

-

-

-

Professional fees paid by Babcock & Brown

-

-

-

-

-

-

-

2,180

Security deposits and maintenance payment liability relieved

-

-

-

-

-

47,694

3,911

14,197

Security deposits and maintenance payment claims applied towards operating lease revenues

-

-

-

-

-

7,671

-

-

Investment in unconsolidated subsidiaries

-

-

-

-

-

-

28,054

8,750

Distributions from unconsolidated subsidiary

-

-

-

5,501

0

-

26,951

916

Cash receipts from maintenance rights

0

-9,513

0

0

-

-

-

-

Maintenance rights recognized into earnings

-465

0

0

-

-

-

-

-

Changes in operating assets and liabilities:
Rent receivables

4,251

1,034

-6,814

4,767

4,982

1,070

-120

60

Other assets

2,599

1,134

-137

1,589

1,969

-5,644

1,913

-

Payable to related parties

-10,126

-17,163

-19,407

-12,848

-7,613

-4,837

1,781

-8,178

Accounts payable, accrued liabilities and other liabilities

11,588

-10,964

-2,183

18,990

4,306

8,148

2,415

963

Investment in direct finance lease

-

-

-

-

0

-

-

-

Rentals received in advance

-

-

-

-

-

-1,240

-2,923

212

Other liabilities

-

-

-

-

-

13,247

-2,135

-1,225

Net cash flows provided by operating activities

179,053

152,764

218,546

-

-

180,382

110,277

115,225

Cash Flows from Investing Activities
Net cash flows (used in) provided by operating activities

-

-

-

227,165

181,474

-

-

-

Investment in unconsolidated subsidiary

0

0

2,009

-1,132

0

-

-

-

Rent received from finance lease

1,880

2,970

424

0

0

-

-

-

Investment in finance lease

0

0

33,596

0

-

-

-

-

Distributions from unconsolidated subsidiaries

-

-

-

-

-

6,269

-

-

Proceeds from sale of investment in BBAM LP

-

-

-

-

-

49,500

-

-

Purchase of GAAM Portfolio, net of cash assumed

-

-

-

-

-

-

113,623

-

Purchase of flight equipment

434,122

552,166

567,523

915,450

632,944

50,803

52,128

41,659

Proceeds from sale of aircraft, net

21,750

430,867

1,110,046

88,617

48,539

-

-

-

Payments for aircraft improvement

7,357

2,230

8,196

9,841

0

-

-

-

Payments for lessor maintenance obligations

12,564

2,712

18,609

5,017

24,185

-

-

-

Net cash flows (used in) provided by investing activities

-430,413

-123,271

480,537

-

-

-

-

47,350

Proceeds from sale of aircraft

-

-

-

-

-

67,740

126,913

100,911

Lessor contribution to maintenance

-

-

-

-

-

16,626

11,312

4,068

Net cash flows provided by (used in) investing activities

-

-

-

-840,559

-608,590

56,080

-51,253

-

Cash Flows from Financing Activities
Restricted cash and cash equivalents

-

-

-

35,690

-39,731

160,947

-21,712

-25,694

Security deposits received

7,196

920

13,914

18,134

13,910

9,398

3,567

5,186

Security deposits returned

3,554

7,438

7,788

4,728

7,271

4,257

3,703

4,089

Maintenance payment liability receipts

75,765

71,514

84,491

85,172

56,968

57,892

53,515

44,398

Maintenance payment liability disbursements

14,303

10,951

38,768

45,412

16,612

28,150

14,544

6,143

Net swap termination payments

0

709

3,737

0

-

-

-

-

Debt modification and extinguishment costs

17,396

3,153

3,623

-

-

-

-

-

Net swap termination payments

-

-

-

-

0

-

-

-

Debt extinguishment costs

-

-

-

-

3,856

-

-

-

Debt issuance costs

1,464

2,552

933

1,803

11,825

16,483

801

221

Proceeds from unsecured borrowings

295,150

0

0

396,563

291,389

-

-

-

Repayment of unsecured borrowings

375,000

0

0

-

-

-

-

-

Proceeds from sale of option to purchase notes payable

-

-

-

-

-

-

-

12,501

Proceeds from secured borrowings

513,459

572,719

147,276

298,658

688,975

459,200

46,596

35,442

Repayment of secured borrowings

326,909

448,346

791,385

192,974

444,607

847,607

204,867

98,551

Proceeds from issuance of shares, net of fees paid

-

-

-

-

172,595

-

-

-

Shares repurchased

57,286

40,257

81,432

0

0

-

13,142

35,487

Proceeds from sale of notes payable

-

-

-

-

-

87,282

33,765

-

Proceeds from (payment for) termination of interest rate swap contract

-

-

-

-

-

-35,066

1,398

745

Proceeds from issuance of shares, net of fees paid

-

-

-

-

-

23,914

-

-

Dividends paid

0

0

41,388

41,392

30,531

21,629

20,738

22,407

Dividend equivalents

0

0

1,054

1,426

940

-

-

-

Dividend equivalents

-

-

-

-

-

884

360

120

Net cash flows provided by (used in) financing activities

-

-

-

546,482

668,464

-155,443

-141,026

-

Effect of exchange rate changes on cash and cash equivalents

-

-

-

0

0

-

-

-

Net cash flows provided by (used in) financing activities

95,658

131,747

-724,427

-

-

-

-

-94,440

Effect of exchange rate changes on unrestricted and restricted cash and cash equivalents

430

-84

-424

-

-

-

-

-

Net increase (decrease) in unrestricted and restricted cash and cash equivalents

-155,272

161,156

-25,768

-

-

-

-

-

Reconciliation to Consolidated Balance Sheets:
Net increase (decrease) in cash and cash equivalents

-

-

-

-66,912

241,348

81,019

-82,002

68,135

Interest

-

-

-

119,745

97,481

118,672

74,804

65,688

Taxes

-

-

-

188

84

2,057

1,381

1,193

Security deposits applied to maintenance payment liability, rent receivables, other assets and rentals received in advance

-

-

-

1,938

1,414

1,288

-

-

Maintenance payment liability applied to rent receivables and rentals received in advance

-

-

-

0

4,446

185

-

-

Other liabilities applied to maintenance payment liability and rent receivables

-

-

-

979

0

-

-

-

Aircraft improvement

-

-

-

2,882

2,334

-

-

-

Noncash activities in connection with purchase of aircraft

-

-

-

26,002

1,774

-

-

-

Noncash activities in connection with sale of aircraft

-

-

-

12,479

43,500

-

-

-

Security deposit applied to rent receivables

-

-

-

-

-

-

-

769

Withholding taxes netted against distributions received from BBAM LP

-

-

-

-

-

1,847

1,264

1,080

Security deposits and maintenance payment liability assumed

-

-

-

-

-

9,562

-

-

Security deposits and maintenance payment liability applied

-

-

-

-

-

2,170

-

-

Security deposits netted against end of lease payments

-

-

-

-

-

-

-

2,280

Maintenance payment liabilities and claims netted against end of lease payments

-

-

-

-

-

-

-

436

Rent receivable applied to sale of aircraft

-

-

-

-

-

-

-

319

Security deposits netted against sales price from sale of flight equipment

-

-

-

-

-

-

1,700

791

Maintenance payment liabilities and claims netted against sales price from sale of flight equipment

-

-

-

-

-

-

8,006

5,411

Maintenance payment claim applied to rent receivables

-

-

-

-

-

-

-

1,416

Debt issuance costs netted with proceeds from secured borrowings

-

-

-

-

-

-

1,402

2,267

Capital contribution from Babcock & Brown

-

-

-

-

-

-

-

4,509