Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES:    
Net loss $ (268,637) $ (120,622)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 46,862 40,952
Amortization of deferred financing costs and debt discount 0 618
Equity-based compensation 65,839 30,668
Change in fair value of warrant liability (8,265) (12,271)
Provision for (recovery of) expected credit losses (489) 1,163
Gain on sale of aircraft held for sale (3,950) 0
Loss on extinguishment of debt 0 2,379
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (31,474) (9,074)
Other receivables (859) (1,906)
Parts and supplies inventories (8,544) (2,749)
Aircraft inventory (33,231) 0
Prepaid expenses (8,065) (11,673)
Other current assets (2,477) 0
Other non-current assets (27,534) (256)
Operating lease liabilities, net (624) (1,414)
Accounts payable (2,885) 11,807
Accrued expenses (1,131) (9,742)
Other current liabilities 812 (1,037)
Other non-current liabilities (1,036) 131
Deferred revenue (2,653) (69,390)
Net cash used in operating activities (288,341) (152,416)
INVESTING ACTIVITIES:    
Purchases of property and equipment (80,039) (6,683)
Purchases of aircraft held for sale (39,894) 0
Proceeds from sale of aircraft held for sale, net 41,833 0
Acquisitions of businesses, net of cash acquired (75,093) 7,844
Capitalized software development costs (18,532) (9,589)
Net cash used in investing activities (171,725) (8,428)
FINANCING ACTIVITIES:    
Proceeds from stock option exercises 0 1,332
Proceeds from Business Combination and PIPE Investment 0 656,304
Purchase of Shares for Treasury (7,347) 0
Transaction costs in connection with the Business Combination and PIPE Investment 0 (70,406)
Repayments of long-term debt 0 (213,934)
Repayment of loans to employees 0 102
Net cash provided by (used in) financing activities (7,347) 373,398
Effect of exchange rate changes on cash, cash equivalents and restricted cash (7,395) 0
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (474,808) 212,554
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD 786,722 324,876
CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD 311,914 537,430
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Non-cash consideration issued for business acquisition of Mountain Aviation, LLC 0 30,172
Assumption of warrant liability in Business Combination $ 0 $ 28,219