Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net (loss) income $ (2,831) $ 34,668
Adjustments to reconcile net (loss) income to net cash (used in) operating activities:    
Depreciation and amortization 7,585 8,589
Amortization of debt issuance costs 316 340
Amortization of operating lease assets 286  
Inventory reserve 1,255 2,010
Impairment of aircraft held for lease   857
Provision for credit losses   (379)
Deferred income taxes (2,331) (2,655)
Change in fair value of warrant liability (1,004) 1,881
Share-based compensation 8,939 12,029
Changes in operating assets and liabilities:    
Deferred financing costs (1,361)  
Accounts receivable (1,447) 3,730
Income tax receivable (1,313)  
Inventory (168,313) (26,441)
Deposits, prepaid expenses, and other current assets (2,313) (747)
Deferred customer incentives and other assets 93 661
Advance vendor payments (8,212) (10,097)
Accounts payable 17,824 2,082
Income tax payable   (2,205)
Accrued expenses (5,015) (594)
Deferred revenue 1,038 664
Lessee and customer purchase deposits (10,641) (24,996)
Other liabilities (606) (1,779)
Net cash (used in) operating activities (168,051) (2,382)
Cash flows from investing activities:    
Proceeds from sale of assets 14,450 37,107
Acquisition of aircraft and engines held for lease, including capitalized cost   (6,945)
Purchase of property and equipment (7,766) (6,935)
Net cash provided by investing activities 6,684 23,227
Cash flows from financing activities:    
Proceeds from long-term debt 8,559  
Proceeds from Revolving Credit Facility 26,100  
Repayments of Revolving Credit Facility (17,500)  
Taxes paid related to net share settlement of equity awards (104)  
Proceeds from the issuance of Employee Stock Purchase Plan shares 278 345
Net cash provided by financing activities 17,333 345
(Decrease) increase in cash and cash equivalents (144,034) 21,190
Cash and cash equivalents, beginning of period 147,188 130,188
Cash and cash equivalents, end of period 3,154 151,378
Supplemental disclosure of cash activities    
Income tax payments, net 1,306 14,637
Interest paid 575 856
Supplemental disclosure of noncash investing activities    
Reclassification of aircraft and aircraft engines inventory to (from) aircraft and engine held for lease, net $ 9,312 (25,025)
Reclassification of customer purchase deposits to sale of assets   $ 12,500