Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 17,226 $ 10,018
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,865 3,487
Amortization of debt issuance costs 112 150
Inventory reserve (50) 74
Provision for doubtful accounts (424) (144)
Deferred income taxes (775) (284)
Change in fair value of warrant liability 1,234 224
Stock-based compensation 3,755  
Changes in operating assets and liabilities:    
Accounts receivable (5,527) 1,713
Inventory 28,174 (27,020)
Deposits, prepaid expenses, and other current assets (484) 2,590
Deferred customer incentives and other assets 123  
Advance vendor payments (1,941) (4,514)
Accounts payable 201 2,857
Income tax payable 4,975 5
Accrued expenses (1,611) (1,420)
Deferred revenue (538) (1,777)
Lessee and customer purchase deposits (3,184)  
Other liabilities (1,083) 80
Net cash provided by (used in) operating activities 43,048 (13,961)
Cash flows from investing activities:    
Proceeds from sale of assets   4,420
Purchase of property and equipment (1,637) (443)
Net cash (used in) provided by investing activities (1,637) 3,977
Cash flows from financing activities:    
Cash paid for employee taxes on withholding shares   (269)
Proceeds from exercise of warrants   545
Proceeds from the issuance of ESPP shares 125  
Net cash provided by financing activities 125 276
Increase (decrease) in cash and cash equivalents 41,536 (9,708)
Cash and cash equivalents, beginning of period 130,188 29,317
Cash and cash equivalents, end of period 171,724 19,609
Supplemental disclosure of cash activities    
Income taxes 277 98
Interest 141 167
Supplemental disclosure of noncash investing activities    
Reclassification of aircraft and aircraft engines inventory (from) equipment held for lease, net $ (17,942) $ (2,061)