As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2013 Y 12/31/2014 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q3 YTD 9/30/2017 USD
Source Document Currency Code 2013 Y 12/31/2014 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q3 YTD 9/30/2017 USD

Net cash provided by operating activities

Net income 8,343,900 (11,294,000) 6,437,600 1,221,700 NA

Adjustments to reconcile net income to net cash provided by operating activities

Net gain on disposal of assets (3,808,200) (3,147,200) (6,790,700) (2,149,600) NA
Net gain on sales-type finance leases NA 0 (5,179,200) (1,216,700) NA
Depreciation 7,363,100 7,299,000 9,062,100 9,139,700 NA
Provision for impairment in value of aircraft 0 18,736,500 1,282,300 1,226,800 NA
Non-cash interest 1,113,600 950,100 1,394,000 879,000 NA
Deferred income taxes 4,321,300 (5,952,600) 3,582,900 626,300 NA
Changes in operating assets and liabilities
Accounts receivable (96,100) (498,000) (2,363,100) 400,100 NA
Finance leases receivable 246,000 1,895,200 (44,700) (668,200) NA
Income taxes receivable 2,000 0 (25,000) 0 NA
Prepaid expenses and other (772,400) 486,700 168,500 (10,200) NA
Accounts payable and accrued expenses (23,400) (132,400) (359,500) (152,400) NA
Accrued interest on notes payable (38,400) 163,300 (155,000) (35,400) NA
Maintenance reserves and accrued costs (9,128,800) (1,313,700) 3,977,100 698,700 NA
Security deposits (525,200) (2,167,700) (745,700) 780,500 NA
Unearned revenue (105,700) 210,200 315,200 481,000 NA
Taxes payable (19,100) NA 0 123,200 NA
Net cash provided by operating activities 6,872,600 5,235,400 10,556,800 11,344,500 13,363,000

Investing activities

Proceeds from sale of aircraft and aircraft engines held for lease, net of re-sale fees 10,018,700 15,854,800 11,100,600 2,918,400 2,980,000
Proceeds from sale of assets held for sale, net of re-sale fees 945,100 312,100 3,616,400 3,422,800 160,100
Proceeds from insurance NA NA 0 18,886,700 0
Investment in direct financing leases NA NA NA NA (7,614,200)
Purchases of aircraft (24,965,500) (74,529,000) (1,333,700) (54,357,600) (32,063,100)
Net cash used in investing activities (14,001,700) (58,362,100) 13,383,300 (29,129,700) (36,537,200)

Financing activities

Issuance of notes payable - Credit Facility NA NA 0 31,300,000 35,900,000
Borrowings under Credit Facility 19,000,000 71,100,000 NA NA NA
Repayment of notes payable - Credit Facility (9,300,000) (15,200,000) (23,000,000) (31,600,000) (4,800,000)
Debt issuance costs (2,055,000) (3,045,500) (59,600) (65,000) (525,000)
Issuance of notes payable - special purpose financing NA NA 0 19,609,900 0
Repayment of notes payable - special purpose financing NA NA 0 (1,986,300) (3,066,000)
Net cash provided by financing activities 7,645,000 52,854,500 (23,059,600) 17,258,600 27,509,000
Net increase in cash and cash equivalents 515,900 (272,200) 880,500 (526,600) 4,334,800
Cash and cash equivalents, beginning of period 1,596,800 2,112,700 1,840,500 2,721,000 2,194,400
Cash and cash equivalents, end of period 2,112,700 1,840,500 2,721,000 2,194,400 6,529,200
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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