Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ 3,149 $ (2,831)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 10,945 7,585
Amortization of debt issuance costs 248 316
Amortization of operating lease assets 111 286
Inventory reserve 1,809 1,255
Provision for doubtful accounts 195  
Deferred income taxes 467 (2,331)
Change in fair value of warrant liability (2,348) (1,004)
Share-based compensation 3,159 8,939
Changes in operating assets and liabilities:    
Deferred financing costs   1,361
Accounts receivable (2,700) (1,447)
Income tax receivable (411) (1,313)
Inventory (62,587) (168,313)
Deposits, prepaid expenses, and other current assets (5,673) (2,313)
Other assets (575) 93
Advance vendor payments 23,500 (8,212)
Accounts payable 4,973 17,824
Accrued expenses 657 (5,015)
Deferred revenue (2,144) 1,038
Lessee and customer purchase deposits 882 (10,641)
Other liabilities (11) (606)
Net cash used in operating activities (26,354) (168,051)
Cash flows from investing activities:    
Proceeds from sale of assets 3,800 14,450
Acquisition of aircraft and engines held for lease, including capitalized cost (6,488)  
Purchase of property and equipment (8,768) (7,766)
Net cash (used in) provided by investing activities (11,456) 6,684
Cash flows from financing activities:    
Proceeds from long-term debt 615 8,559
Repayments of long-term debt (8,605)  
Proceeds from revolving credit facility 132,294 26,100
Repayments of revolving credit facility (82,781) (17,500)
Taxes paid related to net share settlement of equity awards (124) (104)
Proceeds from the issuance of Employee Stock Purchase Plan shares 325 278
Net cash provided by financing activities 41,724 17,333
Increase (decrease) in cash and cash equivalents 3,914 (144,034)
Cash and cash equivalents, beginning of period 5,873 147,188
Cash and cash equivalents, end of period 9,787 3,154
Supplemental disclosure of cash activities    
Income tax payments, net (20) 1,306
Interest paid 4,173 575
Supplemental disclosure of noncash investing activities    
Reclassification of aircraft and aircraft engines inventory to (from) aircraft and engine held for lease, net $ 12,711 $ 9,312