v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 3,178 $ 3,149
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation and amortization 14,237 10,945
Amortization of debt issuance costs 292 248
Amortization of operating lease assets 215 111
Inventory reserve 2,580 1,809
Provision for doubtful accounts   195
Deferred income taxes 1,738 467
Change in fair value of warrant liability (53) (2,348)
Share-based compensation 3,125 3,159
Changes in operating assets and liabilities:    
Accounts receivable (8,968) (2,700)
Income tax receivable 951 (411)
Inventory (50,291) (62,587)
Deposits, prepaid expenses, and other current assets (305) (5,673)
Other assets 8 (575)
Advance vendor payments 615 23,500
Accounts payable (3,050) 4,973
Accrued expenses (694) 657
Deferred revenue (874) (2,144)
Lessee and customer purchase deposits (1,029) 882
Deferred insurance proceeds 3,700  
Other liabilities 292 (11)
Net cash used in operating activities (34,333) (26,354)
Cash flows from investing activities:    
Proceeds from sale of assets 1,750 3,800
Acquisition of aircraft and engines held for lease, including capitalized cost (2,678) (6,488)
Purchase of property and equipment (4,494) (8,768)
Net cash used in investing activities (5,422) (11,456)
Cash flows from financing activities:    
Proceeds from long-term debt 1,174 615
Repayments of long-term debt (462) (8,605)
Proceeds from revolving credit facility 256,469 132,294
Repayments of revolving credit facility (171,900) (82,781)
Payments of debt issuance costs (115)  
Purchase of treasury stock (45,000)  
Proceeds from the issuance of Employee Stock Purchase Plan shares 195 325
Taxes paid related to net share settlement of equity awards (37) (124)
Net cash provided by financing activities 40,324 41,724
Increase in cash and cash equivalents 569 3,914
Cash and cash equivalents, beginning of period 4,698 5,873
Cash and cash equivalents, end of period 5,267 9,787
Supplemental disclosure of cash activities    
Income tax refunds, net (725) (20)
Interest paid 5,762 4,173
Supplemental disclosure of noncash investing activities    
Reclassification of inventory to equipment held for lease, net 27,189 $ 12,711
Reclassification of inventory to property and equipment, net 3,417  
Reclassification of equipment held for lease, net from property and equipment, net $ (8,773)  

Source

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