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
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES:    
Net loss $ (89,040) $ (32,213)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 14,228 13,831
Amortization of deferred financing costs and debt discount 0 334
Equity-based compensation 22,554 1,414
Change in fair value of warrant liability (3,631) 0
Provision for expected credit losses (384) 275
Gain on sale of aircraft held for sale (1,971) 0
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable 3,088 5,364
Other receivables (853) (6,078)
Parts and supplies inventories (277) (1,247)
Prepaid expenses and other (8,747) (2,183)
Other non-current assets (25,688) 22
Operating lease liabilities, net (161) (302)
Accounts payable 7,599 13,679
Accrued expenses (6,648) (11,980)
Other current liabilities (879) (24)
Other non-current liabilities 0 107
Deferred revenue (30,406) (65,719)
Net cash used in operating activities (121,216) (84,720)
INVESTING ACTIVITIES:    
Purchases of property and equipment (66,343) (2,273)
Purchases of aircraft held for sale (51,073) 0
Proceeds from sale of aircraft held for sale, net 14,942 0
Acquisition of businesses, net of cash acquired (11,530) 7,844
Capitalized software development costs (5,548) (2,652)
Net cash (used in) provided by investing activities (119,552) 2,919
FINANCING ACTIVITIES:    
Purchases of shares for treasury (6,107) 0
Repayments of long-term debt 0 (12,445)
Payments of deferred offering costs 0 (443)
Repayment of loan to employee 0 102
Net cash used in financing activities (6,107) (12,786)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (246,875) (94,587)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD 786,722 324,876
CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD 539,847 230,289
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Non-cash consideration issued for business acquisition of Mountain Aviation, LLC $ 0 $ 30,172