Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net (loss) income $ (5,563) $ 43,861 $ 36,115
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation and amortization 10,459 10,984 12,998
Amortization of debt issuance costs 400 455 494
Amortization of operating lease assets 359 873  
Inventory reserve 1,507 2,376 6,942
Impairment of aircraft held for lease   857  
Provision for credit losses   (395) 212
Deferred income taxes (916) (2,387) (3,192)
Change in fair value of warrant liability (2,270) 525 2,945
Share-based compensation 12,051 16,498 12,721
Loss on related party investment     5,421
Gain on legal settlement   (1,695)  
Changes in operating assets and liabilities:      
Accounts receivable (2,966) (1,029) (3,342)
Income tax receivable (1,628)    
Inventory (168,632) (37,637) (35,672)
Deposits, prepaid expenses, and other current assets (6,604) 2,923 12,685
Deferred customer incentives and other assets 103 893 (333)
Advance vendor payments (1,052) (13,298) (8,090)
Accounts payable 8,768 1,164 3,603
Income tax payable   (3,443) 2,157
Accrued expenses (3,537) 417 (1,280)
Deferred revenue 1,643 (1,505) 265
Lessee and customer purchase deposits (15,668) (18,027) 34,690
Other liabilities (604) (2,523) (260)
Net cash (used in) provided by operating activities (174,150) (113) 79,079
Cash flows from investing activities:      
Proceeds from sale of assets 14,450 52,771 17,095
Proceeds from legal settlement, net   4,195  
Acquisition of aircraft and engines held for lease, including capitalized cost   (7,133) (2,383)
Purchase of property and equipment (11,359) (8,462) (1,508)
Net cash provided by investing activities 3,091 41,371 13,204
Cash flows from financing activities:      
Proceeds from long-term debt 8,559    
Proceeds from Revolving Credit Agreement 82,700    
Repayments of Revolving Credit Agreement (53,700)    
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 (7,019) (2,592)  
Proceeds from exercise of warrants     9,282
Payments of debt issuance costs (1,362)    
Proceeds from the issuance of Employee Stock Purchase Plan shares 566 538  
Net cash provided by (used in) financing activities 29,744 (24,258) 8,588
(Decrease) increase in cash and cash equivalents (141,315) 17,000 100,871
Cash and cash equivalents, beginning of period 147,188 130,188 29,317
Cash and cash equivalents, end of period 5,873 147,188 130,188
Supplemental disclosure of cash activities      
Income tax payments, net 1,159 21,489 8,340
Interest paid 1,520 573 595
Supplemental disclosure of noncash investing activities      
Reclassification of aircraft and aircraft engines inventory to (from) aircraft and engine held for lease, net $ 19,374 (25,803) (7,002)
Reclassification of customer purchase deposits to sale of assets   $ 12,500  
Reclassification of amounts due from related party to investments     $ 5,421