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
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 24,930 $ 7,840
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 9,868 20,513
Amortization of debt issuance costs 366 573
Inventory impairment 5,033 13,427
Impairment of aircraft held for lease   3,036
Provision for doubtful accounts (122) 262
Deferred income taxes (988) 1,340
Change in fair value of warrant liability 2,735  
Stock-based compensation 8,899  
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable 5,279 8,977
Inventory (44,104) (28,617)
Deposits, prepaid expenses, and other current assets 3,628 3,309
Deferred customer incentives and other assets   56
Advance vendor payments (3,201) (7,283)
Accounts payable (57) (1,413)
Income tax payable 987  
Accrued expenses (2,234) (869)
Deferred revenue 363 (2,935)
Lessee and customer purchase deposits 16,649 1,356
Other liabilities 327 414
Net cash provided by operating activities 26,384 19,986
Cash flows from investing activities:    
Business acquisition   (16,976)
Proceeds from sale of assets 6,995 3,100
Acquisition of aircraft and engines held for lease, including capitalized cost (60) (1,227)
Purchase of property and equipment (1,060) (1,594)
Net cash provided by (used in) investing activities 5,875 (16,697)
Cash flows from financing activities:    
Repayments of 8% Senior Secured Notes   (3,424)
Proceeds from Revolving Credit Facility   104,634
Repayments of Revolving Credit Facility   (104,634)
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 32,535 (135)
Cash and cash equivalents, beginning of period 29,317 17,505
Cash and cash equivalents, end of period 61,852 17,370
Supplemental disclosure of cash activities    
Income taxes 8,095 2,284
Interest 452 749
Supplemental disclosure of noncash investing activities    
Reclassification of aircraft and aircraft engines inventory (from) to equipment held for lease, net. $ 14,650 $ (6,779)