Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net (loss) income $ (2,683) $ 43,681
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 5,069 5,757
Amortization of debt issuance costs 225 225
Amortization of operating lease assets 198  
Inventory reserve 709 1,810
Impairment of aircraft held for lease   857
Provision for credit losses   (419)
Deferred income taxes (1,729) (2,313)
Change in fair value of warrant liability (1,059) (148)
Share-based compensation 5,759 7,672
Changes in operating assets and liabilities:    
Accounts receivable (3,615) (907)
Inventory (134,278) 13,369
Deposits, prepaid expenses, and other current assets 921 (482)
Deferred customer incentives and other assets 78 111
Advance vendor payments (8,103) (6,707)
Accounts payable 4,957 2,213
Income tax payable   4,094
Accrued expenses (3,296) (1,609)
Deferred revenue 1,719 4,347
Lessee and customer purchase deposits 6,530 (28,825)
Other liabilities (599) (1,522)
Net cash (used in) provided by operating activities (129,197) 41,204
Cash flows from investing activities:    
Proceeds from sale of assets 12,700 35,707
Acquisition of aircraft and engines held for lease, including capitalized cost   (6,463)
Purchase of property and equipment (4,814) (3,741)
Net cash provided by investing activities 7,886 25,503
Cash flows from financing activities:    
Proceeds from long-term debt 8,559  
Taxes paid related to net share settlement of equity awards (70)  
Proceeds from the issuance of Employee Stock Purchase Plan shares 278 345
Net cash provided by financing activities 8,767 345
(Decrease) increase in cash and cash equivalents (112,544) 67,052
Cash and cash equivalents, beginning of period 147,188 130,188
Cash and cash equivalents, end of period 34,644 197,240
Supplemental disclosure of cash activities    
Income tax payments, net 1,276 9,572
Interest paid 286 426
Supplemental disclosure of noncash investing activities    
Reclassification of aircraft and aircraft engines inventory to (from) aircraft and engine held for lease, net $ 3,711 (17,060)
Reclassification of customer purchase deposits to sale of assets   $ 12,500