Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 43,681 $ 26,566
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,757 6,699
Amortization of debt issuance costs 225 257
Inventory reserve 1,810 5,016
Impairment of aircraft held for lease 857  
Provision for doubtful accounts (419) (151)
Deferred income taxes (2,313) (284)
Change in fair value of warrant liability (148) 631
Share-based compensation 7,672 150
Changes in operating assets and liabilities:    
Accounts receivable (907) (1,586)
Inventory 13,369 (33,417)
Deposits, prepaid expenses, and other current assets (482) 5,750
Deferred customer incentives and other assets 111 (19)
Advance vendor payments (6,707) (4,536)
Accounts payable 2,213 28
Income tax payable 4,094 1,013
Accrued expenses (1,609) (3,425)
Deferred revenue 4,347 (306)
Lessee and customer purchase deposits (28,825) 5,934
Other liabilities (1,522) 316
Net cash provided by operating activities 41,204 8,636
Cash flows from investing activities:    
Proceeds from sale of assets 35,707 4,420
Acquisition of aircraft and engines held for lease, including capitalized cost (6,463)  
Purchase of property and equipment (3,741) (841)
Net cash provided by investing activities 25,503 3,579
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 Employee Stock Purchase Plan shares 345  
Net cash provided by financing activities 345 276
Increase in cash and cash equivalents 67,052 12,491
Cash and cash equivalents, beginning of period 130,188 29,317
Cash and cash equivalents, end of period 197,240 41,808
Supplemental disclosure of cash activities    
Income taxes paid 9,572 1,815
Interest paid 426 308
Supplemental disclosure of noncash investing activities    
Reclassification of aircraft and aircraft engines inventory (from) equipment held for lease, net (17,060) $ (7,307)
Reclassification of customer purchase deposits to sale of assets $ 12,500