Fly Leasing Ltd

CIK:0001407298|SEC Filings

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Operating lease revenue	$ 293,743	$ 464,399
Operating lease revenue			$ 399,514
Finance lease revenue	557	618
Finance lease revenue			675
Gain on sale of aircraft	36,003	97,323	13,398
Interest and other income	4,052	12,684	4,712
Total revenues	334,355	575,024	418,299
Expenses
Depreciation	129,561	140,798	144,084
Flight equipment impairment	115,000	0	0
Interest expense	103,292	137,133	144,742
Selling, general and administrative	30,902	35,304	31,185
Provision for uncollectible operating lease receivables	4,000	0	0
Loss (gain) on derivatives	1,648	2,720	(2,382)
Fair value loss on marketable securities	13,025	0	0
Loss on modification and extinguishment of debt	1,862	9,590	2,474
Maintenance and other costs	6,622	3,075	2,547
Total expenses	405,912	328,620	322,650
Net income (loss) before provision (benefit) for income taxes	(71,557)	246,404	95,649
Provision (benefit) for income taxes	(4,132)	20,527	9,926
Net income (loss)	$ (67,425)	$ 225,877	$ 85,723
Weighted average number of shares:
Basic (in shares)	30,551,873	31,607,781	29,744,083
Diluted (in shares)	30,551,873	31,715,469	29,783,904
Earnings (loss) per share:
Basic (in dollars per share)	$ (2.21)	$ 7.15	$ 2.88
Diluted (in dollars per share)	$ (2.21)	$ 7.12	$ 2.88

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities
Net income (loss)	$ (67,425)	$ 225,877	$ 85,723
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Gain on sale of aircraft	(36,003)	(97,323)	(13,398)
Depreciation	129,561	140,798	144,084
Flight equipment impairment	115,000	0	0
Amortization of debt discounts and debt issuance costs	7,717	9,906	9,455
Amortization of lease incentives and other items	4,621	6,152	11,409
Provision for uncollectible operating lease receivables	4,000	0	0
Fair value loss on marketable securities	13,025	0	0
Loss on modification and extinguishment of debt	1,862	9,590	2,474
Provision (benefit) for deferred income taxes	(4,296)	20,449	9,864
Security deposits and maintenance payment liability recognized into earnings	(12,650)	(47,890)	(15,597)
Cash receipts from maintenance rights	2,725	4,637	3,013
Other	6,864	2,345	(322)
Changes in operating assets and liabilities:
Rent receivables	(54,170)	(10,668)	(12,866)
Other assets	3,073	(2,160)	(4,119)
Payable to related parties	(6,019)	5,615	2,378
Accounts payable, accrued liabilities and other liabilities	2,285	4,842	18,982
Net cash flows provided by (used in) operating activities	110,170	272,170	241,080
Cash Flows from Investing Activities
Purchase of flight equipment	(74,940)	(319,995)	(934,481)
Proceeds from sale of aircraft, net	187,154	824,116	177,702
Payments for aircraft improvement	(17,362)	(8,085)	(6,779)
Purchase price allocated to Portfolio B orderbook value	0	0	(80,450)
Payments for lessor maintenance obligations	(521)	(2,110)	(8,601)
Purchase of marketable securities	0	(10,481)	(5,747)
Other	(536)	(2,059)	4,903
Net cash flows used in investing activities	93,795	481,386	(853,453)
Cash Flows from Financing Activities
Security deposits received	4,009	4,369	15,042
Security deposits returned	(349)	(4,617)	(8,716)
Maintenance payment liability receipts	21,593	60,744	84,102
Maintenance payment liability disbursements	(13,196)	(22,567)	(15,495)
Net swap termination proceeds	0	0	1,801
Debt modification and extinguishment costs	(230)	(2,052)	301
Debt issuance costs	(3,312)	(342)	(3,619)
Repayment of unsecured borrowings	(325,000)	0	0
Proceeds from secured borrowings	171,900	0	826,396
Repayment of secured borrowings	(229,786)	(698,989)	(482,703)
Net proceeds from issuance of shares	0	0	19,624
Shares repurchased	(6,516)	(32,871)	0
Net cash flows (used in) provided by financing activities	(380,887)	(696,325)	436,733
Effect of exchange rate changes on unrestricted and restricted cash and cash equivalents	148	(8)	(95)
Net (decrease) increase in unrestricted and restricted cash and cash equivalents	(176,774)	57,223	(175,735)
Unrestricted and restricted cash and cash equivalents at beginning of year	338,303	281,080	456,815
Unrestricted and restricted cash and cash equivalents at end of year	161,529	338,303	281,080
Reconciliation to Consolidated Balance Sheets:
Cash and cash equivalents at end of year	132,097	285,565	180,211
Restricted cash and cash equivalents	29,432	52,738	100,869
Unrestricted and restricted cash and cash equivalents at end of year	$ 161,529	$ 338,303	$ 281,080

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 132,097	$ 285,565
Restricted cash and cash equivalents	29,432	52,738
Rent receivables, net	57,015	14,264
Investment in finance lease, net	10,396	11,639
Flight equipment held for sale, net	0	144,119
Flight equipment held for operating lease, net	2,529,428	2,720,000
Maintenance rights	279,124	290,958
Deferred tax asset, net	11,753	11,675
Fair value of derivative assets	2,085	4,824
Other assets, net	116,255	129,377
Total assets	3,167,585	3,665,159
Liabilities
Accounts payable and accrued liabilities	18,135	22,746
Rentals received in advance	8,724	16,391
Payable to related parties	4,058	10,077
Security deposits	36,439	40,726
Maintenance payment liability, net	203,684	219,371
Unsecured borrowings, net	296,876	619,407
Secured borrowings, net	1,642,242	1,695,525
Deferred tax liability, net	51,366	57,935
Fair value of derivative liabilities	46,169	27,943
Other liabilities	70,896	76,761
Total liabilities	2,378,589	2,786,882
Shareholders' equity
Common shares, $0.001 par value; 499,999,900 shares authorized; 30,481,069 and 30,898,410 shares issued and outstanding at December 31, 2020 and 2019, respectively	31	31
Manager shares, $0.001 par value; 100 shares authorized, issued and outstanding	0	0
Additional paid-in capital	509,738	516,254
Retained earnings	312,967	380,392
Accumulated other comprehensive loss, net	(33,740)	(18,400)
Total shareholders' equity	788,996	878,277
Total liabilities and shareholders' equity	$ 3,167,585	$ 3,665,159