Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 3,298 $ 2,640
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation and amortization 9,471 6,434
Amortization of debt issuance costs 191 164
Amortization of operating lease assets 104 79
Inventory reserve 1,579 627
Deferred income taxes 1,010 171
Change in fair value of warrant liability (74) (2,117)
Share-based compensation 1,828 1,943
Changes in operating assets and liabilities:    
Accounts receivable (9,887) (6,027)
Income tax receivable 12 (72)
Inventory (42,878) (56,566)
Deposits, prepaid expenses, and other current assets (780) (5,110)
Other assets 7 (543)
Advance vendor payments 1,906 22,167
Accounts payable 829 (509)
Accrued expenses 2,675 795
Deferred revenue (151) (712)
Lessee and customer purchase deposits 1,566 (158)
Deferred insurance proceeds 3,700  
Other liabilities 158 (6)
Net cash used in operating activities (25,436) (36,800)
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 (1,922) (5,610)
Purchase of property and equipment (3,587) (7,190)
Net cash used in investing activities (3,759) (9,000)
Cash flows from financing activities:    
Proceeds from long-term debt 220 615
Repayments of long-term debt (302) (8,559)
Proceeds from revolving credit facility 195,874 106,936
Repayments of revolving credit facility (120,600) (54,981)
Payments of debt issuance costs (114)  
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 (29) (124)
Net cash provided by financing activities 30,244 44,212
Increase (decrease) in cash and cash equivalents 1,049 (1,588)
Cash and cash equivalents, beginning of period 4,698 5,873
Cash and cash equivalents, end of period 5,747 4,285
Supplemental disclosure of cash activities    
Income tax payments, net 165 73
Interest paid 3,462 2,435
Supplemental disclosure of noncash investing activities    
Reclassification of aircraft, airframes, engines, and parts inventory to aircraft and engines held for lease, net 2,583 $ 2,494
Reclassification of aircraft, airframes, engines, and parts inventory to property and equipment $ 4,454