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, 2021
Sep. 30, 2020
OPERATING ACTIVITIES:    
Net income (loss) $ (120,622) $ (51,292)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 40,952 44,190
Amortization expense for debt discounts and deferred financing costs 618 1,265
Equity-based compensation 30,668 2,524
Change in fair value of warrant liability (12,271) 0
Provision for expected credit losses 1,163 328
Loss on extinguishment of debt 2,379 0
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (9,074) 28,196
Other receivables (1,906) 2,368
Parts and supplies inventories (2,749) 263
Prepaid expenses and other (11,673) 1,214
Other non-current assets (256) 1,019
Operating lease liabilities, net (1,414) (297)
Accounts payable 11,807 (16,786)
Accrued expenses (9,742) (9,021)
Other current liabilities (1,037) (613)
Other non-current liabilities 131 2,069
Deferred revenue (69,390) (26)
Net cash used in operating activities (152,416) 5,401
INVESTING ACTIVITIES:    
Purchases of property and equipment (6,683) (4,878)
Acquisition of businesses, net of cash acquired 7,844 97,104
Capitalized software development costs (9,589) (5,144)
Net cash (used in) provided by investing activities (8,428) 87,082
FINANCING ACTIVITIES:    
Proceeds from stock option exercises 1,332 0
Proceeds from the Business Combination and PIPE Investment 656,304 0
Transaction costs in connection with the Business Combination and PIPE Investment (70,406) 0
Proceeds from long-term debt 0 755
Repayments of long-term debt (213,934) (54,772)
Proceeds from loans to employees 102  
Repayments of loans to employees   (67)
Net cash provided by (used in) financing activities 373,398 (54,084)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 212,554 38,399
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD 324,876 96,440
CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD 537,430 134,839
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Assumption of warrant liability in Business Combination 28,219 0
Delta Private Jets LLC    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Non-cash consideration issued for business acquisition 0 427,007
Gama Aviation LLC    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Non-cash consideration issued for business acquisition 0 32,638
Mountain Aviation, LLC    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Non-cash consideration issued for business acquisition $ 30,172 $ 0