WILLIS LEASE FINANCE CORP WLFC Cash Flow

Willis lease finance corp (WLFC)

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
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent
4,286	4,996	24,073	16,975	20,878	18,114	9,674	8,361	7,082	42,709	5,291	5,991	8,167	2,707	3,985	3,366	4,011	3,037	2,551	-1,426	2,298	-345	980	2,214	4,331	6,553	-2,229	9,692	1,610	2,211	-7,194	3,229	3,289	3,648	2,315	3,482	5,063
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
23,390	-	-	-	20,258	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation expense
-	-	-	-	-	21,214	19,861	18,384	17,355	17,237	16,142	16,016	16,628	17,045	16,628	16,188	16,419	17,034	17,102	17,583	17,705	17,155	16,714	15,735	15,710	15,164	15,762	14,191	13,610	-	-	-	-	-	-	-	-
Depreciation expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13,885	12,490	12,506	-	12,456	13,071	13,189
Production Related Impairments or Charges
2,129	6,899	6,954	3,262	1,105	5,858	1,215	3,578	0	5,262	6,226	1,351	12,091	3,590	1,995	1,893	2,036	601	5,498	3,058	24	2,674	450	2,183	295	-	-	-	-	3,118	2,474	0	282	-	-	-	-
Stock-based compensation expenses
2,117	2,199	2,201	2,122	1,265	1,406	1,419	1,660	925	1,042	1,154	1,200	874	962	906	905	944	1,189	1,014	873	1,074	1,062	805	884	758	866	858	932	783	798	743	852	751	872	824	765	712
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-47	65	-199	-55	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred costs
1,448	1,399	1,545	1,663	1,757	2,260	1,794	916	1,433	1,544	1,278	1,163	1,198	1,040	1,074	1,086	1,071	1,053	1,127	1,055	1,072	1,112	1,165	1,006	1,036	1,045	995	1,024	1,049	1,108	986	921	967	1,130	1,110	1,175	1,129
Amortization of loan discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	98	119	124	127	131	135	139
Amortization of interest rate derivative cost
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-128	-122	-124	-125	-107	-98	-103	-96	-69	-56	-56	-55	0	23	23	437
Allowances and provisions
168	-620	-367	441	274	481	450	330	242	-120	10	-291	563	26	-178	-628	209	516	131	-17	67	-63	-27	7	2	-131	43	-544	-52	657	-131	-5	-18	167	-19	-60	-34
Gain (Loss) on Sale of Leased Assets, Net, Operating Leases
2,067	765	4,589	5,120	9,570	5,282	1,065	52	545	245	175	3,526	983	52	180	258	2,992	654	3,804	3,200	662	2,169	1,891	1,591	231	2,119	2,022	848	686	942	561	1,388	2,608	-121	3,637	2,534	5,060
Income from joint ventures
207	3,791	2,165	1,676	946	2,231	506	316	747	1,103	3,040	1,161	1,854	939	631	56	187	48	558	215	354	510	268	246	305	340	-289	3,382	93	486	151	62	258	202	22	-45	306
Gain (Loss) on Extinguishment of Debt
-4,688	0	0	-220	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,151	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of property, equipment and furnishings
0	-	0	-72	36	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-4,129	-1,840	-7,133	-5,087	-7,014	-2,698	-3,139	-3,920	-2,300	39,760	-2,961	-4,225	-6,181	-1,767	-2,342	-2,102	-2,888	-3,598	-1,988	916	-1,357	539	-1,397	-847	-2,405	-3,792	1,349	7,839	-1,007	-544	3,486	-1,805	-2,086	999	-3,847	-2,588	-2,899
Changes in assets and liabilities:
Receivables
7,232	-10,451	-13,377	22,355	1,990	-1,026	4,988	-4,063	6,026	2,305	3,565	805	-4,150	4,381	-2,319	-2,048	2,273	-2,280	2,987	-689	5,751	-3,040	1,668	-3,806	366	6,351	-3,882	-1,697	-3,041	4,696	191	1,471	-1,373	1,756	-910	1,416	-2,647
Maintenance rights payments received
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,634	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions received from joint ventures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Inventory
-894	-5,666	-5,790	-9,120	-8,538	-15,634	22,671	-17,318	-1,830	8,876	-4,533	-1,520	-968	6,209	683	-267	-1,532	-1,985	-2,256	718	-305	-3,523	-1,247	10,306	428	-	-	-	-	-	-	-	-	-	-	-	-
Notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-45	-56	-50	-54
Other assets
624	1,257	-1,944	2,898	308	280	341	3,108	-276	-722	-1,623	2,524	791	1,043	961	-462	165	1,414	-1,501	485	2,237	-7,287	10,819	-3,443	501	1,641	705	818	-6	2,168	-807	-3,078	2,973	3,017	582	-2,386	3,294
Accounts payable and accrued expenses
-12,630	1,240	7,198	2,647	-8,954	8,827	15,463	-11,310	-437	1,816	-8,826	4,305	3,834	4,059	593	-2,040	-282	9,417	-4,267	-2,556	-917	-7,329	2,741	856	1,734	1,202	-5,982	4,613	144	-73	-3,953	-321	-1,377	3,502	-1,689	-89	-2,703
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7,897	3,301	-5,642	4,143	-3,368	-2,012	8,068	-1,426	-1,411	2,843	5,695	370	-9,722	-2,189	9,847	-2,471	-12,499	-5,336	17,791
Maintenance reserves
5,537	7,368	-7,589	23,046	-543	5,533	4,206	2,836	9,389	6,288	2,048	3,998	-4,340	10,443	-8,113	3,718	-5,500	1,265	2,019	-1,902	3,198	-6,824	-1,805	-4,648	2,416	756	6,086	3,501	3,679	216	1,335	4,125	3,128	1,168	-1,148	2,753	1,294
Security deposits
-3,734	-496	-225	118	2,711	444	-1,678	-803	-1,038	405	-4,894	-1,917	160	3,569	374	169	-64	-543	-5,668	366	98	-970	-184	-361	357	-1,106	-42	348	186	137	-521	-49	-245	-332	-78	-51	-91
Unearned revenue
-1,500	172	810	82	-403	-1,804	-1,317	-687	1,166	1,289	1,618	-48	-580	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unearned lease revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	199	483	-739	-25	97	1,637	-961	1,296	-778	-218	493	-190	-411	-893	430	-58	199	-133	293	-1,127	1,976	-922	642
Net cash provided by operating activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,091	-	37,233	9,793	20,611	16,069	11,673	16,221	18,799	21,224	20,504	20,017	18,551	13,413	20,032	25,958	7,908	-	-	-	-
Net cash provided by operating activities
28,260	59,498	79,276	55,913	35,628	73,159	33,551	46,696	35,281	25,095	32,764	33,331	45,946	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-892
Cash flows from investing activities:
Proceeds from sale of equipment (net of selling expenses)
11,710	2,837	31,065	24,221	133,768	27,567	8,652	9,817	18,393	-10,058	16,095	11,043	26,711	700	7,621	1,716	52,488	2,308	5,388	31,507	2,405	16,301	15,744	5,899	5,688	10,224	18,389	6,927	3,166	2,636	2,920	4,976	24,075	988	77,953	2,303	29,533
Issuance of notes receivable
80,063	0	12,074	0	30,783	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments received on notes receivable
2,355	3,174	1,355	255	166	0	0	-8	8	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted cash for investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,487	-14,217	-4,077	-1	-2,207	0	2,723	-1,000	31	1,550	13,942	-16,557	-689
Capital contributions to joint ventures
0	700	0	0	5,013	0	0	0	0	-	-	-	-	0	935	0	4,610	0	0	0	630	-	-	-	-	5,074	0	-1	6,146	1,806	962	1,000	1,868	-	-	-	-
Deposit received for proposed sale of equipment
-	-	-	-	-	-	-	-	3,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions received from joint ventures
-	-	-	-	-	-	-	-	-	-	-	0	1,880	-	0	0	1,167	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of equipment held for operating lease and for sale
75,727	68,557	75,528	53,074	92,226	121,230	77,079	104,481	138,626	196,220	65,030	76,929	35,304	60,413	51,777	17,039	44,433	36,813	57,393	62,622	17,944	84,241	13,043	13,809	7,915	42,295	1,825	12,535	79,576	14,523	22,028	10,606	14,307	51,446	22,198	34,700	35,990
Purchase of maintenance rights
-	-	-	-	-	-	-	-	-	-	-	-	-	896	0	0	4,634	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of property, equipment and furnishings
1,470	1,359	3,128	1,237	606	1,913	780	504	290	10,295	167	127	199	649	174	113	70	254	117	-50	3,667	47	13,583	45	156	12	66	344	31	23	166	64	966	194	129	413	168
Net cash provided by ( used in) investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,542	-	-46,134	-39,460	-19,836	-91,738	-18,942	-1,139	3,104	-55,545	14,441	-5,952	-84,794	-13,716	-17,513	-7,694	6,965	-	-	-	-
Net cash (used in) provided by investing activities
-143,195	-64,605	-58,310	-29,835	5,306	-95,766	-69,017	-98,576	-117,115	-201,687	-50,982	-66,013	-6,912	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7,314
Cash flows from financing activities:
Proceeds from debt obligations
643,200	79,000	92,000	67,000	102,120	143,000	417,439	76,000	123,000	200,500	392,700	75,000	18,000	62,000	32,000	35,000	20,000	52,000	22,000	87,700	31,000	120,000	24,395	5,000	5,000	58,000	3,000	0	69,000	66,000	517,693	0	20,000	57,999	9,001	20,000	45,409
Debt issuance costs
5,779	302	0	2,840	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	135	102	4,810	27	661	-1	22	570	2,289	9,107	409	144	3,188	60	86	357
Cash settlement of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-1,087	0	-175
Principal payments on debt obligations
265,574	87,747	119,629	77,825	142,880	197,953	253,532	23,489	29,779	47,923	375,485	25,905	46,847	47,777	23,703	5,612	36,889	25,472	30,823	68,898	28,623	40,275	16,984	18,289	25,506	14,686	34,698	12,637	8,853	59,052	515,469	19,137	33,265	24,077	38,947	53,021	30,394
Debt prepayment costs
2,374	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest bearing security deposits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,518	1,517	1,518	1,517	1,518	1,518	3,035	-	-	-	-	-	-	-	-
Proceeds from shares issued under stock compensation plans
200	0	172	3	160	-47	174	0	118	0	84	-1	94	0	73	0	82	-1	434	0	85	0	79	119	212	94	80	276	230	413	85	936	291	27	107	208	330
Cancellation of restricted stock units in satisfaction of withholding tax
348	15	0	915	545	36	404	183	665	347	125	352	270	503	285	157	424	457	239	348	514	235	375	664	270	510	258	217	263	310	281	371	232	437	63	223	245
Repurchase of common stock
0	0	0	3,281	286	1,676	4,276	10,109	74	0	198	2,464	884	3,936	2,623	17,946	4,453	12,850	1,611	1,315	724	-	-	-	-	660	4,900	0	358	10,760	183	0	1,793	277	88	0	5,296
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-55	-13	143	-	-	-	-	-	-	-	-	-	-78	472	213	-124	478	180	245
Preferred stock dividends
819	792	838	801	819	908	829	694	917	420	295	291	305	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	147	782	782	782	782	782	782	782
Net cash used in financing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-21,684	-	1,974	30,204	1,367	78,321	5,738	-18,341	-19,073	43,094	-35,257	-11,082	62,221	-11,497	10,086	-19,291	-15,712	-	-	-	-
Increase (Decrease) in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-51	-	-6,927	537	2,142	2,652	-1,531	-3,259	2,830	8,773	-312	2,983	-4,022	-11,800	12,605	-1,027	-839	-	-	-	-
Net cash provided by (used in) financing activities
368,506	-11,948	-28,295	-18,659	-42,250	-59,300	152,504	41,525	91,683	151,986	35,647	45,987	-30,212	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,735
Increase/(Decrease) in cash, cash equivalents and restricted cash
253,571	-17,055	-7,329	7,419	-1,316	-81,907	117,038	-10,355	9,849	-24,606	17,429	13,305	8,822	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase/(decrease) in cash, cash equivalents and restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	529
Supplemental disclosures of cash flow information:
Net cash paid for:
Interest
14,005	15,040	15,597	15,647	17,301	14,132	15,918	16,885	12,187	10,885	12,506	9,941	9,485	9,464	9,202	9,900	8,753	8,931	8,962	8,922	8,753	8,012	8,125	8,184	8,811	8,324	8,775	8,692	8,140	6,976	5,176	4,663	4,713	4,792	5,370	5,030	4,871
Income Taxes
-12	-80	221	440	-359	-1	9	994	71	94	14	257	75	322	65	67	5	254	20	74	5	81	10	64	55	-	-	-	-	4	36	48	17	5	95	17	38
Supplemental disclosures of non-cash activities:
Purchase of equipment held for operating lease
5,680	-	-	-	0	-	-	-	3,762	-235	1,307	1,001	623	-	-	-	6,778	1,402	2,438	653	169	7,893	-507	0	802	-440	-3,548	3,284	767	-	-	-	-	-	-	-	-
Transfers from Equipment held for operating lease to Equipment held for sale
-	-	-	-	-	0	-13,479	11,581	1,898	8,733	8,877	-10,475	37,883	-	-	-	12,806	2,425	4,277	15,291	86	1,615	-228	-9,240	10,924	10,266	2,837	-78	2,141	18,035	1,692	-1,221	4,429	17,067	-328	328	0
Transfers from Equipment held for operating lease to Spare parts inventory
889	-	4,612	7,928	6,702	-	6,995	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfers from Equipment held for sale to Spare parts inventory
0	-	-	-4,471	4,471	-	-	-17,107	24,014	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfers from Property, equipment and furnishings to Equipment held for lease
-	-	-	-	-	-	-	-	-	-	-	-	2,925	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued preferred stock dividends
677	-133	142	10	667	-133	35	117	667	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued share repurchases
0	-	-	-	100	-	-	-	10,109	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-