WILLIS LEASE FINANCE CORP WLFC Cash Flow

Willis lease finance corp (WLFC)

CashFlow / TTM

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
50,330	66,922	80,040	65,641	57,027	43,231	67,826	63,443	61,073	62,158	22,156	20,850	18,225	14,069	14,399	12,965	8,173	6,460	3,078	1,507	5,147	7,180	14,078	10,869	18,347	15,626	11,284	6,319	-144	1,535	2,972	12,481	12,734	14,508	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation expense
-	-	-	-	-	76,814	72,837	69,118	66,750	66,023	65,831	66,317	66,489	66,280	66,269	66,743	68,138	69,424	69,545	69,157	67,309	65,314	63,323	62,371	60,827	58,727	0	0	0	-	-	-	-	-	-	-	-
Depreciation expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0
Production Related Impairments or Charges
19,244	18,220	17,179	11,440	11,756	10,651	10,055	15,066	12,839	24,930	23,258	19,027	19,569	9,514	6,525	10,028	11,193	9,181	11,254	6,206	5,331	5,602	0	0	0	-	-	-	-	5,874	0	0	0	-	-	-	-
Stock-based compensation expenses
8,639	7,787	6,994	6,212	5,750	5,410	5,046	4,781	4,321	4,270	4,190	3,942	3,647	3,717	3,944	4,052	4,020	4,150	4,023	3,814	3,825	3,509	3,313	3,366	3,414	3,439	3,371	3,256	3,176	3,144	3,218	3,299	3,212	3,173	0	0	0
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-236	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred costs
6,055	6,364	7,225	7,474	6,727	6,403	5,687	5,171	5,418	5,183	4,679	4,475	4,398	4,271	4,284	4,337	4,306	4,307	4,366	4,404	4,355	4,319	4,252	4,082	4,100	4,113	4,176	4,167	4,064	3,982	4,004	4,128	4,382	4,544	0	0	0
Amortization of loan discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	341	468	501	517	532	0	0	0
Amortization of interest rate derivative cost
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-499	-478	-454	-433	-404	-366	-324	-277	-236	-167	-88	-9	483	0	0	0
Allowances and provisions
-378	-272	829	1,646	1,535	1,503	902	462	-159	162	308	120	-217	-571	-81	228	839	697	118	-40	-16	-81	-149	-79	-630	-684	104	-70	469	503	13	125	70	54	0	0	0
Gain (Loss) on Sale of Leased Assets, Net, Operating Leases
12,541	20,044	24,561	21,037	15,969	6,944	1,907	1,017	4,491	4,929	4,736	4,741	1,473	3,482	4,084	7,708	10,650	8,320	9,835	7,922	6,313	5,882	5,832	5,963	5,220	5,675	4,498	3,037	3,577	5,499	4,436	7,512	8,658	11,110	0	0	0
Income from joint ventures
7,839	8,578	7,018	5,359	3,999	3,800	2,672	5,206	6,051	7,158	6,994	4,585	3,480	1,813	922	849	1,008	1,175	1,637	1,347	1,378	1,329	1,159	602	3,738	3,526	3,672	4,112	792	957	673	544	437	485	0	0	0
Gain (Loss) on Extinguishment of Debt
-4,908	-220	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	1,151	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of property, equipment and furnishings
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-18,189	-21,074	-21,932	-17,938	-16,771	-12,057	30,401	30,579	30,274	26,393	-15,134	-14,515	-12,392	-9,099	-10,930	-10,576	-7,558	-6,027	-1,890	-1,299	-3,062	-4,110	-8,441	-5,695	2,991	4,389	7,637	9,774	130	-949	594	-6,739	-7,522	-8,335	0	0	0
Changes in assets and liabilities:
Receivables
5,759	517	9,942	28,307	1,889	5,925	9,256	7,833	12,701	2,525	4,601	-1,283	-4,136	2,287	-4,374	932	2,291	5,769	5,009	3,690	573	-4,812	4,579	-971	1,138	-2,269	-3,924	149	3,317	4,985	2,045	944	889	-385	0	0	0
Maintenance rights payments received
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions received from joint ventures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Inventory
-21,470	-29,114	-39,082	-10,621	-18,819	-12,111	12,399	-14,805	993	1,855	-812	4,404	5,657	5,093	-3,101	-6,040	-5,055	-3,828	-5,366	-4,357	5,231	5,964	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-205	0	0	0
Other assets
2,835	2,519	1,542	3,827	4,037	3,453	2,451	487	-97	970	2,735	5,319	2,333	1,707	2,078	-384	563	2,635	-6,066	6,254	2,326	590	9,518	-596	3,665	3,158	3,685	2,173	-1,723	1,256	2,105	3,494	4,186	4,507	0	0	0
Accounts payable and accrued expenses
-1,545	2,131	9,718	17,983	4,026	12,543	5,532	-18,757	-3,142	1,129	3,372	12,791	6,446	2,330	7,688	2,828	2,312	1,677	-15,069	-8,061	-4,649	-1,998	6,533	-2,190	1,567	-23	-1,298	731	-4,203	-5,724	-2,149	115	347	-979	0	0	0
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6,095	-1,566	-6,879	6,831	1,262	3,219	8,074	5,701	7,497	-814	-5,846	-1,694	-4,535	-7,312	-10,459	-2,515	0	0	0
Maintenance reserves
28,362	22,282	20,447	32,242	12,032	21,964	22,719	20,561	21,723	7,994	12,149	1,988	1,708	548	-8,630	1,502	-4,118	4,580	-3,509	-7,333	-10,079	-10,861	-3,281	4,610	12,759	14,022	13,482	8,731	9,355	8,804	9,756	7,273	5,901	4,067	0	0	0
Security deposits
-4,337	2,108	3,048	1,595	674	-3,075	-3,114	-6,330	-7,444	-6,246	-3,082	2,186	4,272	4,048	-64	-6,106	-5,909	-5,747	-6,174	-690	-1,417	-1,158	-1,294	-1,152	-443	-614	629	150	-247	-678	-1,147	-704	-706	-552	0	0	0
Unearned revenue
-436	661	-1,315	-3,442	-4,211	-2,642	451	3,386	4,025	2,279	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unearned lease revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-82	-184	970	748	2,069	1,194	-661	793	-693	-326	-1,001	-1,064	-932	-322	438	301	-768	1,009	220	569	0	0	0
Net cash provided by operating activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	103,892	-	83,706	58,146	64,574	62,762	67,917	76,748	80,544	80,296	72,485	72,013	77,954	67,311	0	0	0	-	-	-	-
Net cash provided by operating activities
222,947	230,315	243,976	198,251	189,034	188,687	140,623	139,836	126,471	137,136	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Cash flows from investing activities:
Proceeds from sale of equipment (net of selling expenses)
69,833	191,891	216,621	194,208	179,804	64,429	26,804	34,247	35,473	43,791	54,549	46,075	36,748	62,525	64,133	61,900	91,691	41,608	55,601	65,957	40,349	43,632	37,555	40,200	41,228	38,706	31,118	15,649	13,698	34,607	32,959	107,992	105,319	110,777	0	0	0
Issuance of notes receivable
92,137	42,857	42,857	30,783	30,783	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments received on notes receivable
7,139	4,950	1,776	421	158	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted cash for investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-12,808	-20,502	-6,285	515	-484	1,754	3,304	14,523	-1,034	-1,754	0	0	0
Capital contributions to joint ventures
700	5,713	5,013	5,013	5,013	0	0	0	0	-	-	-	-	5,545	5,545	4,610	4,610	630	0	0	0	-	-	-	-	11,219	7,951	8,913	9,914	5,636	0	0	0	-	-	-	-
Deposit received for proposed sale of equipment
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions received from joint ventures
-	-	-	-	-	-	-	-	-	-	-	0	1,880	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of equipment held for operating lease and for sale
272,886	289,385	342,058	343,609	395,016	441,416	516,406	504,357	476,805	373,483	237,676	224,423	164,533	173,662	150,062	155,678	201,261	174,772	222,200	177,850	129,037	119,008	77,062	65,844	64,570	136,231	108,459	128,662	126,733	61,464	98,387	98,557	122,651	144,334	0	0	0
Purchase of maintenance rights
-	-	-	-	-	-	-	-	-	-	-	-	-	5,530	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of property, equipment and furnishings
7,194	6,330	6,884	4,536	3,803	3,487	11,869	11,256	10,879	10,788	1,142	1,149	1,135	1,006	611	554	391	3,988	3,781	17,247	17,342	13,831	13,796	279	578	453	464	564	284	1,219	1,390	1,353	1,702	904	0	0	0
Net cash provided by ( used in) investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-131,905	-	-197,168	-169,976	-131,655	-108,715	-72,522	-39,139	-43,952	-131,850	-90,021	-121,975	-123,717	-31,958	0	0	0	-	-	-	-
Net cash (used in) provided by investing activities
-295,945	-147,444	-178,605	-189,312	-258,053	-380,474	-486,395	-468,360	-435,797	-325,594	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Cash flows from financing activities:
Proceeds from debt obligations
881,200	340,120	404,120	729,559	738,559	759,439	816,939	792,200	791,200	686,200	547,700	187,000	147,000	149,000	139,000	129,000	181,700	192,700	260,700	263,095	180,395	154,395	92,395	71,000	66,000	130,000	138,000	652,693	652,693	603,693	595,692	87,000	107,000	132,409	0	0	0
Debt issuance costs
8,921	3,142	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,074	5,600	5,497	709	1,252	2,880	11,988	12,375	11,949	12,848	3,801	3,478	3,691	0	0	0
Cash settlement of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,262	0	0	0
Principal payments on debt obligations
550,775	428,081	538,287	672,190	617,854	504,753	354,723	476,676	479,092	496,160	496,014	144,232	123,939	113,981	91,676	98,796	162,082	153,816	168,619	154,780	104,171	101,054	75,465	93,179	87,527	70,874	115,240	596,011	602,511	626,923	591,948	115,426	149,310	146,439	0	0	0
Debt prepayment costs
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest bearing security deposits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,553	6,070	6,070	6,071	7,588	0	0	0	-	-	-	-	-	-	-	-
Proceeds from shares issued under stock compensation plans
375	335	288	290	287	245	292	202	201	177	177	166	167	155	154	515	515	518	519	164	283	410	504	505	662	680	999	1,004	1,664	1,725	1,339	1,361	633	672	0	0	0
Cancellation of restricted stock units in satisfaction of withholding tax
1,278	1,475	1,496	1,900	1,168	1,288	1,599	1,320	1,489	1,094	1,250	1,410	1,215	1,369	1,323	1,277	1,468	1,558	1,336	1,472	1,788	1,544	1,819	1,702	1,255	1,248	1,048	1,071	1,225	1,194	1,321	1,103	955	968	0	0	0
Repurchase of common stock
3,281	3,567	5,243	9,519	16,347	16,135	14,459	10,381	2,736	3,546	7,482	9,907	25,389	28,958	37,872	36,860	20,229	16,500	0	0	0	-	-	-	-	5,918	16,018	11,301	11,301	12,736	2,253	2,158	2,158	5,661	0	0	0
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	483	1,039	747	779	0	0	0
Preferred stock dividends
3,250	3,250	3,366	3,357	3,250	3,348	2,860	2,326	1,923	1,311	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,493	3,128	3,128	3,128	3,128	0	0	0
Net cash used in financing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,059	-	111,866	115,630	67,085	46,645	11,418	-29,577	-22,318	58,976	4,385	49,728	41,519	-36,414	0	0	0	-	-	-	-
Increase (Decrease) in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,954	-	-1,596	3,800	4	692	6,813	8,032	14,274	7,422	-13,151	-234	-4,244	-1,061	0	0	0	-	-	-	-
Net cash provided by (used in) financing activities
309,604	-101,152	-148,504	32,295	92,479	226,412	437,698	320,841	325,303	203,408	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Increase/(Decrease) in cash, cash equivalents and restricted cash
236,606	-18,281	-83,133	41,234	23,460	34,625	91,926	-7,683	15,977	14,950	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase/(decrease) in cash, cash equivalents and restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Supplemental disclosures of cash flow information:
Net cash paid for:
Interest
60,289	63,585	62,677	62,998	64,236	59,122	55,875	52,463	45,519	42,817	41,396	38,092	38,051	37,319	36,786	36,546	35,568	35,568	34,649	33,812	33,074	33,132	33,444	34,094	34,602	33,931	32,583	28,984	24,955	21,528	19,344	19,538	19,905	20,063	0	0	0
Income Taxes
569	222	301	89	643	1,073	1,168	1,173	436	440	668	719	529	459	391	346	353	353	180	170	160	210	0	0	0	-	-	-	-	105	106	165	134	155	0	0	0
Supplemental disclosures of non-cash activities:
Purchase of equipment held for operating lease
0	-	-	-	0	-	-	-	5,835	2,696	0	0	0	-	-	-	11,271	4,662	11,153	8,208	7,555	8,188	-145	-3,186	98	63	0	0	0	-	-	-	-	-	-	-	-
Transfers from Equipment held for operating lease to Equipment held for sale
-	-	-	-	-	0	8,733	31,089	9,033	45,018	0	0	0	-	-	-	34,799	22,079	21,269	16,764	-7,767	3,071	11,722	14,787	23,949	15,166	22,935	21,790	20,647	22,935	21,967	19,947	21,496	17,067	0	0	0
Transfers from Equipment held for operating lease to Spare parts inventory
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfers from Equipment held for sale to Spare parts inventory
0	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfers from Property, equipment and furnishings to Equipment held for lease
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued preferred stock dividends
696	686	686	579	686	686	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued share repurchases
0	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-