Willis lease finance corp (WLFC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent

66,922

43,231

62,158

14,069

6,460

7,180

15,626

1,535

14,508

12,050

22,367

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense

86,236

76,814

66,023

66,280

69,424

65,314

58,727

52,591

51,250

-

-

Depreciation expense

-

-

-

-

-

-

-

-

-

48,704

44,091

Production Related Impairments or Charges

18,220

10,651

24,930

9,514

9,181

5,602

6,461

5,874

3,341

2,874

6,133

Stock-based compensation expenses

7,787

5,410

4,270

3,717

4,150

3,509

3,439

3,144

3,173

2,678

2,435

Excess tax benefit from stock-based compensation

-

-

-

-236

-26

-

-

-

-

-

-

Amortization of deferred costs

6,364

6,403

5,183

4,271

4,307

4,319

4,113

3,982

4,544

5,246

4,521

Amortization of loan discount

-

-

-

-

-

-

-

341

532

594

676

Amortization of interest rate derivative cost

-

-

-

-

-

-499

-404

-236

483

2,956

258

Allowances and provisions

-272

1,503

162

-571

697

-81

-684

503

54

-44

570

Gain (Loss) on Sale of Leased Assets, Net, Operating Leases

20,044

6,944

4,929

3,482

8,320

5,882

5,675

5,499

11,110

7,990

1,043

Gain on insurance settlement

-

-

1,288

-

-

-

-

-

-

-

-

Gain on sale of leased equipment deposits

-

-

-

-

-

-

-

-

-

-

400

Gain on sale of interest in joint venture

-

-

-

-

-

-

-

-

-

2,020

-

Other non-cash items

-

-

-

-

-

-

-

-

1,113

-

-

Settlement of interest rate derivative

-

-

-

-

-

-

-

-

-

-

2,557

Income from joint ventures

8,578

3,800

7,158

1,813

1,175

1,329

3,526

957

485

160

267

Loss (gain) on disposal of property, equipment and furnishings

-42

41

-

-

-

-

-

-

-

-

-

Gain on non-monetary exchange

-

-

-

-

-

-

-

1,961

-

-

-

Gain on insurance settlement

-

-

-

-

-

-

351

173

-

-

-

Gain (Loss) on Extinguishment of Debt

-220

0

-

-137

1,151

-

-

-

-

-

876

Non-cash portion of loss on debt extinguishment and derivatives termination

-

-

-

-

-

-

-

-7,164

-343

-

-

Deferred income taxes

-21,074

-12,057

26,393

-9,099

-6,027

-4,110

4,389

-949

-8,335

-7,630

-9,273

Changes in assets and liabilities:
Receivables

517

5,925

2,525

2,287

5,769

-4,812

-2,269

4,985

-385

3,045

-1,657

Maintenance rights payments received

-

-

-

-

5,802

-

-

-

-

-

-

Acquisitions of J.T. Power, net of cash acquired

-

-

-

-

-

-

4,171

-

-

-

-

Investment in WOLF, net of cash acquired

-

-

-

-

-

-

-2,020

-

-

-

-

Distributions received from joint ventures

3,300

5,730

1,880

1,167

-

-

-

-

-

-

-

Inventory

-29,114

-12,111

1,855

5,093

-3,828

5,964

-

-

-

-

-

Intangibles

-

-

-

1,511

-

-

-

-

-

-

-

Notes receivable

-

-

-

-

-

-

-

-542

-205

-196

943

Other assets

2,519

3,453

970

1,707

2,635

590

3,158

1,256

4,507

3,108

430

Accounts payable and accrued expenses

2,131

12,543

1,129

2,330

1,677

-1,998

-23

-5,724

-979

3,733

-2,511

Restricted cash

-

-

-

-

-

6,831

5,701

-1,694

-2,515

17,383

-9,395

Maintenance reserves

22,282

21,964

7,994

548

4,580

-10,861

14,022

8,804

4,067

3,690

-2,406

Security deposits

2,108

-3,075

-6,246

4,048

-5,747

-1,158

-614

-678

-552

-245

-302

Unearned revenue

661

-2,642

2,279

732

-

-

-

-

-

-

-

Unearned lease revenue

-

-

-

-

748

793

-1,064

301

569

-213

-1,996

Net cash provided by operating activities

-

-

-

-

-

62,762

80,296

67,311

76,662

56,633

-

Net cash provided by operating activities

230,315

188,687

137,136

91,588

97,802

-

-

-

-

-

88,249

Cash flows from investing activities:
Proceeds from sale of equipment (net of selling expenses)

191,891

64,429

43,791

62,525

41,608

43,632

38,706

34,607

110,777

63,777

25,493

Issuance of notes receivable

42,857

0

-

-

-

-

-

-

-

-

-

Payments received on notes receivable

4,950

0

-

-

-

-

-

-

-

-

-

Proceeds from insurance settlement

-

-

14,886

-

-

-

-

-

-

-

-

Restricted cash for investing activities

-

-

-

-

-

6,366

-

-

-

-

-

Proceeds from sale of equipment deposits (net of selling expenses)

-

-

-

-

-

-

-

-

-

-

6,580

Proceeds from sale of interest in joint venture

-

-

-

-

-

-

-

-

-

3,500

-

Restricted cash for investing activities

-

-

-

-

-

-

-20,502

1,754

-1,754

-

169

Capital contributions to joint ventures

5,713

0

-

5,545

630

17,623

11,219

5,636

8,943

-

-

Distributions received from joint ventures

-

-

-

-

1,304

847

-

-

-

-

-

Purchase of equipment held for operating lease and for sale

289,385

441,416

373,483

173,662

174,772

119,008

136,231

61,464

144,334

121,509

205,132

Purchase of maintenance rights

-

-

-

5,530

8,844

9,098

-

-

-

-

-

Purchase of property, equipment and furnishings

6,330

3,487

10,788

1,006

3,988

13,831

453

1,219

904

399

199

Net cash provided by ( used in) investing activities

-

-

-

-

-

-108,715

-131,850

-31,958

-45,158

-54,631

-

Net cash (used in) provided by investing activities

-147,444

-380,474

-325,594

-123,218

-139,520

-

-

-

-

-

-173,089

Cash flows from financing activities:
Proceeds from debt obligations

340,120

759,439

686,200

149,000

192,700

154,395

130,000

603,693

132,409

174,841

397,630

Debt issuance costs

3,142

7,748

8,262

3,808

13

5,074

1,252

11,949

3,691

268

4,201

Cash settlement of stock options

-

-

-

-

-

-

-

-

-1,262

-

-

Principal payments on debt obligations

428,081

504,753

496,160

113,981

153,816

101,054

70,874

626,923

146,439

170,037

312,321

Interest bearing security deposits

2,092

0

-2,261

455

-1,606

4,553

7,588

-

-

-

-

Proceeds from shares issued under stock compensation plans

335

245

177

155

518

410

680

1,725

672

1,269

-

Proceeds from issuance of common stock

-

-

-

-

-

-

-

-

-

-

817

Cancellation of restricted stock units in satisfaction of withholding tax

1,475

1,288

1,094

1,369

1,558

1,544

1,248

1,194

968

776

743

Redemption of preferred stock

-

-

-

-

-

-

-

34,750

-

-

-

Repurchase of common stock

3,567

16,135

3,546

28,958

16,500

5,352

5,918

12,736

5,661

4,156

40

Excess tax benefit from stock-based compensation

-

-

-

-

-

311

-

-

779

422

264

Proceeds from the issuance of preferred stock

-

-

29,665

19,752

-

-

-

-

-

-

-

Preferred stock dividends

3,250

3,348

1,311

-

-

-

-

2,493

3,128

3,128

3,128

Decrease in restricted cash

-

-

-

-

-

-

-

48,213

-

-

-

Net cash used in financing activities

-

-

-

-

-

46,645

58,976

-36,414

-27,289

-1,833

-

Increase (Decrease) in cash and cash equivalents

-

-

-

-

-

692

7,422

-1,061

4,215

169

-

Net cash provided by (used in) financing activities

-101,152

226,412

203,408

21,246

19,725

-

-

-

-

-

78,278

Increase/(Decrease) in cash, cash equivalents and restricted cash

-18,281

34,625

14,950

-10,384

-

-

-

-

-

-

-

Increase/(decrease) in cash, cash equivalents and restricted cash

-

-

-

-

-21,993

-

-

-

-

-

-6,562

Supplemental disclosures of cash flow information:
Net cash paid for:
Interest

63,585

59,122

42,817

37,319

35,568

33,132

33,931

21,528

20,063

17,629

16,496

Income Taxes

222

1,073

440

459

353

210

111

105

155

549

544

Supplemental disclosures of non-cash activities:
Purchase of equipment held for operating lease

2,515

21,656

2,696

5,337

4,662

8,188

63

2,255

0

6,099

0

Transfers from Equipment held for operating lease to Equipment held for sale

10,131

0

45,018

28,560

22,079

3,071

15,166

22,935

17,067

70,000

9,039

Transfers from Equipment held for sale to Spare parts inventory

23,931

18,220

210

-

6,061

9,649

-

-

-

-

-

Transfers from Equipment held for sale to Spare parts inventory

422

26,387

-

-

-

-

-

-

-

-

-

Transfers from Property, equipment and furnishings to Equipment held for lease

-

-

-

2,925

-

-

-

-

-

-

-

Accrued preferred stock dividends

686

686

783

281

-

-

-

-

-

-

-

Accretion of preferred stock issuance costs

84

83

46

8

-

-

-

-

-

-

-