As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q2 YTD 6/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q2 YTD 6/30/2018 USD

Net cash provided by operating activities

Net income (11,294,000) 6,437,600 1,221,700 7,399,200 NA

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

Net gain on disposal of assets (3,147,200) (6,790,700) (2,149,600) (791,500) NA
Net gain on sales-type finance leases 0 (5,179,200) (1,216,700) (297,400) NA
Depreciation 7,299,000 9,062,100 9,139,700 12,025,600 NA
Provision for impairment in value of aircraft 18,736,500 1,282,300 1,226,800 1,002,100 NA
Non-cash interest 950,100 1,394,000 879,000 1,012,300 NA
Deferred income taxes (5,952,600) 3,582,900 626,300 (4,296,800) NA
Changes in operating assets and liabilities
Accounts receivable (498,000) (2,363,100) 400,100 1,000,700 NA
Finance leases receivable 1,895,200 (44,700) (668,200) (510,700) NA
Income taxes receivable 0 (25,000) NA NA NA
Prepaid expenses and other 486,700 168,500 (10,200) (123,500) NA
Accounts payable and accrued expenses (132,400) (359,500) (152,400) (572,000) NA
Accrued interest on notes payable 163,300 (155,000) (35,400) 188,100 NA
Maintenance reserves and accrued costs (1,313,700) 3,977,100 698,700 (2,171,000) NA
Security deposits (2,167,700) (745,700) 780,500 (232,300) NA
Unearned revenue 210,200 315,200 481,000 608,500 NA
Income taxes payable NA 0 123,200 329,400 NA
Net cash provided by operating activities 5,235,400 10,556,800 11,344,500 14,570,700 11,191,500

Investing activities

Proceeds from sale of aircraft and aircraft engines held for lease, net of re-sale fees 15,854,800 11,100,600 2,918,400 12,741,200 3,186,800
Proceeds from sale of assets held for sale, net of re-sale fees 312,100 3,616,400 3,422,800 193,000 2,644,900
Proceeds from insurance NA 0 18,886,700 0 NA
Investment in direct financing leases NA NA 0 (7,614,200) 0
Purchases of aircraft and aircraft engines (74,529,000) (1,333,700) (54,357,600) (32,063,100) NA
Investment in aircraft parts and acquisition costs NA NA NA NA (22,606,000)
Net cash used in investing activities (58,362,100) 13,383,300 (29,129,700) (26,743,100) (16,774,300)

Financing activities

Issuance of notes payable - Credit Facility NA 0 31,300,000 35,900,000 21,000,000
Borrowings under Credit Facility 71,100,000 NA NA NA NA
Repayment of notes payable - Credit Facility (15,200,000) (23,000,000) (31,600,000) (12,000,000) (17,500,000)
Repayment of notes payable - special purpose financing NA 0 (1,986,300) (4,111,700) (2,127,000)
Debt issuance costs (3,045,500) (59,600) (65,000) (1,152,500) (70,000)
Issuance of notes payable - special purpose financing NA 0 19,609,900 0 NA
Net cash provided by financing activities 52,854,500 (23,059,600) 17,258,600 18,635,800 1,303,000
Net (decrease)/increase in cash and cash equivalents (272,200) 880,500 (526,600) 6,463,400 (4,279,800)
Cash and cash equivalents, beginning of period 2,112,700 1,840,500 2,721,000 2,194,400 8,657,800
Cash and cash equivalents, end of period 1,840,500 2,721,000 2,194,400 8,657,800 4,378,000
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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