Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 43,861 $ 36,115 $ 8,094
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization 10,984 12,998 24,223
Amortization of debt issuance costs 455 494 740
Amortization of operating lease assets 873    
Inventory reserve 2,376 6,942 13,651
Impairment of aircraft held for lease 857   3,036
Provision for doubtful accounts (395) 212 212
Deferred income taxes (2,387) (3,192) 22
Change in fair value of warrant liability 525 2,945 388
Share-based compensation 16,498 12,721 1,042
Loss on related party investment   5,421  
Gain on legal settlement (1,695)    
Changes in operating assets and liabilities:      
Accounts receivable (1,029) (3,342) 9,919
Inventory (37,637) (35,672) (55,275)
Deposits, prepaid expenses, and other current assets 2,923 12,685 (9,132)
Deferred customer incentives and other assets 893 (333) 56
Advance vendor payments (13,298) (8,090) (2,958)
Accounts payable 1,164 3,603 (801)
Income tax payable (3,443) 2,157 1,324
Accrued expenses 417 (1,280) (1,697)
Deferred revenue (1,505) 265 (5,894)
Lessee and customer purchase deposits (18,027) 34,690 1,776
Other liabilities (2,523) (260) (957)
Net cash (used in) provided by operating activities (113) 79,079 (12,231)
Cash flows from investing activities:      
Business acquisition     (16,976)
Proceeds from sale of assets 52,771 17,095 3,100
Proceeds from legal settlement, net 4,195    
Acquisition of aircraft and engines held for lease, including capitalized cost (7,133) (2,383) (5,128)
Purchase of property and equipment (8,462) (1,508) (2,137)
Net cash provided by (used in) investing activities 41,371 13,204 (21,141)
Cash flows from financing activities:      
Repayments of 8% Senior Secured Notes     (3,424)
Proceeds from Revolving Credit Facility     96,726
Repayments of Revolving Credit Facility     (96,726)
Purchase of treasury stock (22,204)    
Cash paid for employee taxes on withholding shares   (694)  
Taxes paid related to net share settlement of equity awards (2,592)    
Proceeds from exercise of warrants   9,282  
Proceeds from the issuance of Employee Stock Purchase Plan shares 538    
Proceeds from Merger     48,608
Net cash (used in) provided by financing activities (24,258) 8,588 45,184
Increase in cash and cash equivalents 17,000 100,871 11,812
Cash and cash equivalents, beginning of period 130,188 29,317 17,505
Cash and cash equivalents, end of period 147,188 130,188 29,317
Supplemental disclosure of cash activities      
Income taxes paid 21,489 8,340 2,650
Interest paid 573 595 855
Supplemental disclosure of noncash investing activities      
Reclassification of aircraft and aircraft engines inventory (from) to aircraft and engine held for lease, net (25,803) (7,002) $ 6,228
Reclassification of customer purchase deposits to sale of assets $ 12,500    
Reclassification of amounts due from related party to investments   $ 5,421