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
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES:    
Net loss $ (181,800) $ (61,167)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 30,362 27,313
Amortization of deferred financing costs and debt discount 0 618
Equity-based compensation 43,335 2,762
Change in fair value of warrant liability (5,760) 0
Provision for expected credit losses 200 498
Gain on sale of aircraft held for sale (2,634) 0
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (17,394) (1,461)
Other receivables (4,050) (2,091)
Parts and supplies inventories (2,754) (2,114)
Aircraft inventory (30,464) 0
Prepaid expenses (9,442) 413
Other current assets (520) (678)
Other non-current assets (27,496) (49)
Operating lease liabilities, net (563) (504)
Accounts payable 9,345 14,158
Accrued expenses (6,979) (7,275)
Other current liabilities (655) (508)
Other non-current liabilities (297) 132
Deferred revenue 67,391 (88,958)
Net cash used in operating activities (140,175) (118,911)
INVESTING ACTIVITIES:    
Purchases of property and equipment (76,464) (4,780)
Purchases of aircraft held for sale (43,774) 0
Proceeds from sale of aircraft held for sale, net 27,135 0
Acquisitions of businesses, net of cash acquired (75,093) 7,844
Capitalized software development costs (12,901) (5,732)
Net cash used in investing activities (181,097) (2,668)
FINANCING ACTIVITIES:    
Purchases of shares for treasury (6,689) 0
Repayments of long-term debt 0 (29,250)
Payments of deferred offering costs 0 (1,426)
Repayment of loan to employee 0 102
Net cash used in financing activities (6,689) (30,574)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (4,345) 0
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (332,306) (152,153)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD 786,722 324,876
CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD 454,416 172,723
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Non-cash consideration issued for business acquisition of Mountain Aviation, LLC $ 0 $ 30,172