| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2025 | | 2024 |
| Cash flows from operating activities: | | | |
| Net income (loss) | $ | 144,773 | | | $ | 125,543 | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | |
| Depreciation and amortization | 128,360 | | | 136,081 | |
| Amortization of deferred debt cost and other debt related amortization | 4,028 | | | 2,265 | |
| Lease related amortization | — | | | 679 | |
| | | |
| Other non-cash compensation costs | 960 | | | 820 | |
| Net (gain) loss on sale of leasing equipment | (10,694) | | | (14,622) | |
| | | |
| Unrealized (gain) loss on derivative instruments | (2) | | | 46 | |
| | | |
| Deferred income taxes | 1,998 | | | 653 | |
| Changes in operating assets and liabilities: | | | |
| Accounts receivable, net | 5,300 | | | (5,867) | |
| Deferred revenue | (18,701) | | | (16,678) | |
| | | |
| Accounts payable and other accrued expenses | (3,689) | | | (1,913) | |
| Equipment sold (purchased) for resale activity | 2,146 | | | (10) | |
| | | |
| Cash collections on finance lease receivables, net of income earned | 33,993 | | | 27,675 | |
| Other assets | (774) | | | 2,845 | |
| Net cash provided by (used in) operating activities | 287,698 | | | 257,517 | |
| | | |
| Cash flows from investing activities: | | | |
| Purchases of leasing equipment and investments in finance leases | (20,200) | | | (74,308) | |
| Proceeds from sale of equipment, net of selling costs | 67,778 | | | 89,555 | |
| | | |
| | | |
| Other | 53 | | | (31) | |
| Net cash provided by (used in) investing activities | 47,631 | | | 15,216 | |
| | | |
| Cash flows from financing activities: | | | |
| Issuance of preferred shares, net of underwriting discount | 144,560 | | | — | |
| | | |
| Debt issuance costs | — | | | (3,298) | |
| Borrowings under debt facilities | 155,000 | | | 200,000 | |
| Payments under debt facilities and finance lease obligations | (507,752) | | | (303,339) | |
| Dividends paid on preferred shares | (14,267) | | | (13,028) | |
Restricted cash balance transferred as part of equity distribution of TCF VIII(1) | (25,903) | | | — | |
| Distributions/Dividends to Parent | (150,000) | | | (200,913) | |
| | | |
| | | |
| | | |
| | | |
| Net cash provided by (used in) financing activities | (398,362) | | | (320,578) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (63,033) | | | $ | (47,845) | |
| | | |
| Cash, cash equivalents and restricted cash, beginning of period | 169,716 | | | 149,226 | |
| Cash, cash equivalents and restricted cash, end of period | $ | 106,683 | | | $ | 101,381 | |
| Supplemental disclosures: | | | |
| | | |
| Interest paid | $ | 60,945 | | | $ | 54,670 | |
| Income taxes paid (refunded) | $ | 583 | | | $ | 556 | |
| Non-cash operating activities: | | | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ | — | | | $ | 541 | |
| Non-cash investing activities: | | | |
| Equipment purchases payable | $ | 14,938 | | | $ | 32,620 | |
| Non-cash financing activities: | | | |
Equity distribution of TCF VIII to Parent including restricted cash balance of $25.9 million(1) | $ | 516,306 | | | $ | — | |
