Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 26,566 $ (6,879)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 6,699 14,635
Amortization of debt issuance costs 257 405
Inventory impairment 5,016 13,349
Impairment of aircraft held for lease   3,036
Provision for doubtful accounts (151) 439
Deferred income taxes (284) (1,964)
Change in fair value of warrant liability 631  
Stock-based compensation 150  
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable (1,586) 12,494
Inventory (33,417) (5,503)
Deposits, prepaid expenses, and other current assets 5,750 3,976
Deferred customer incentives and other assets (19) 49
Advance vendor payments (4,536) 1,240
Accounts payable 28 (1,442)
Income tax payable (1,013)  
Accrued expenses (3,425) 1,161
Deferred revenue (306) (1,931)
Lessee and customer purchase deposits 5,934 5,556
Other liabilities 316 (295)
Net cash provided by operating activities 8,636 38,326
Cash flows from investing activities:    
Business acquisition   (16,976)
Proceeds from sale of assets 4,420 3,100
Acquisition of aircraft and engines held for lease, including capitalized cost   (400)
Purchase of property and equipment (841) (921)
Net cash provided by (used in) investing activities 3,579 (15,197)
Cash flows from financing activities:    
Repayments of 8% Senior Secured Notes   (3,424)
Proceeds from Revolving Credit Facility   104,281
Repayments of Revolving Credit Facility   (104,281)
Cash paid for employee taxes on withholding shares (269)  
Proceeds from exercise of warrants 545  
Net cash provided by (used in) financing activities 276 (3,424)
Increase in cash and cash equivalents 12,491 19,705
Cash and cash equivalents, beginning of period 29,317 17,505
Cash and cash equivalents, end of period 41,808 37,210
Supplemental disclosure of cash activities    
Income taxes 1,815 132
Interest 308 640
Supplemental disclosure of noncash investing activities    
Reclassification of aircraft and aircraft engines inventory (from) to equipment held for lease, net. $ (7,307) $ (2,014)