Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ 5,851 $ (5,563) $ 43,861
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities      
Depreciation and amortization 16,048 10,459 10,984
Amortization of debt issuance costs 337 400 455
Amortization of operating lease assets 365 359 873
Inventory reserve 3,695 1,507 2,376
Impairment of aircraft held for lease     857
Provision for doubtful accounts 195   (395)
Deferred income taxes 2,032 (916) (2,387)
Change in fair value of warrant liability (2,301) (2,270) 525
Share-based compensation 4,347 12,051 16,498
Gain on legal settlement     (1,695)
Changes in operating assets and liabilities:      
Accounts receivable (3,601) (2,966) (1,029)
Income tax receivable (366) (1,628)  
Inventory (78,029) (168,632) (37,637)
Deposits, prepaid expenses, and other current assets 1,450 (1,772) 5,211
Other assets (745) 103 893
Advance vendor payments 28,954 (5,884) (15,586)
Accounts payable 4,287 8,768 1,164
Income tax payable     (3,443)
Accrued expenses 1,832 (3,537) 417
Deferred revenue (1,217) 1,643 (1,505)
Lessee and customer purchase deposits 3,152 (15,668) (18,027)
Deferred insurance proceeds 24,910    
Other liabilities (12) (604) (2,523)
Net cash provided by (used in) operating activities 11,184 (174,150) (113)
Cash flows from investing activities:      
Proceeds from sale of assets 12,900 14,450 52,771
Proceeds from legal settlement, net     4,195
Acquisition of aircraft and engines held for lease, including capitalized cost (14,978)   (7,133)
Purchase of property and equipment (14,052) (11,359) (8,462)
Net cash (used in) provided by investing activities (16,130) 3,091 41,371
Cash flows from financing activities:      
Proceeds from long-term debt 2,429 8,559  
Repayments of long-term debt (9,174)    
Proceeds from revolving credit facility 192,644 82,700  
Repayments of revolving credit facility (182,409) (53,700)  
Payments of debt issuance costs (126) (1,362)  
Purchase of treasury stock     (22,204)
Taxes paid related to net share settlement of equity awards (124) (7,019) (2,592)
Proceeds from the issuance of Employee Stock Purchase Plan shares 531 566 538
Net cash provided by (used in) financing activities 3,771 29,744 (24,258)
(Decrease) increase in cash and cash equivalents (1,175) (141,315) 17,000
Cash and cash equivalents, beginning of period 5,873 147,188 130,188
Cash and cash equivalents, end of period 4,698 5,873 147,188
Supplemental disclosure of cash activities      
Income tax (refunds) payments, net (13) 1,159 21,489
Interest paid 5,648 1,520 573
Supplemental disclosure of noncash investing activities      
Reclassification of aircraft and aircraft engines inventory to (from) aircraft and engine held for lease, net $ 43,210 $ 7,036 (25,803)
Reclassification of customer purchase deposits to sale of assets     $ 12,500