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, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 36,115 $ 8,094 $ 15,499
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 12,998 24,223 30,081
Amortization of debt issuance costs 494 740 802
Inventory reserve 6,942 13,651 5,557
Impairment of aircraft held for lease   3,036  
Provision for doubtful accounts 212 212 55
Deferred income taxes (3,192) 22 2,462
Change in fair value of warrant liability 2,945 388  
Stock-based compensation 12,721 1,042  
Unrealized loss on investment (5,421)    
Changes in operating assets and liabilities, net of acquisition:      
Accounts receivable 3,868 (2,587) (21,535)
Inventory (35,672) (55,275) 3,421
Deposits, prepaid expenses, and other current assets 5,475 3,374 (2,849)
Deferred customer incentives and other assets (333) 56 23
Advance vendor payments (8,090) (2,958) (251)
Accounts payable 3,603 (801) 3,772
Income tax payable 2,157 1,324  
Accrued expenses (1,280) (1,697) 3,161
Deferred revenue 265 (5,894) 1,748
Lessee and customer purchase deposits 34,690 1,776 2,823
Other liabilities (260) (957) 687
Net cash provided by (used in) operating activities 79,079 (12,231) 45,456
Cash flows from investing activities:      
Business acquisition   (16,976) (26,081)
Proceeds from sale of assets 17,095 3,100 2,115
Acquisition of aircraft and engines held for lease, including capitalized cost (2,383) (5,128) (36,479)
Purchase of property and equipment (1,508) (2,137) (1,648)
Net cash provided by (used in) investing activities 13,204 (21,141) (62,093)
Cash flows from financing activities:      
Repayments of 8% Senior Secured Notes   (3,424) (5,512)
Proceeds from Revolving Credit Facility   96,726 77,704
Repayments of Revolving Credit Facility   (96,726) (77,704)
Cash paid for employee taxes on withholding shares (694)    
Proceeds from exercise of warrants 9,282    
Proceeds from Merger   48,608  
Net cash provided by (used in) financing activities 8,588 45,184 (5,512)
Cash flows from discontinued operations:      
Net cash provided by operating activities     18,050
Net cash provided by discontinued operations     18,050
Increase (decrease) in cash and cash equivalents 100,871 11,812 (4,099)
Cash and cash equivalents, beginning of period 29,317 17,505 21,604
Cash and cash equivalents, end of period 130,188 29,317 17,505
Supplemental disclosure of cash activities      
Income taxes 8,340 2,650 8,529
Interest 595 855 2,296
Supplemental disclosure of noncash investing activities      
Reclassification of aircraft and aircraft engines inventory to (from) equipment held for lease, net (7,002) $ 6,228 $ (22,468)
Reclassification of due from related party to deposits, prepaid expenses and other current assets $ 5,421