v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (82,958) $ (99,313)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 11,714 20,210
Equity-based compensation 11,388 12,661
Payment-in-kind interest 14,063 13,050
Amortization of deferred financing costs and debt discount 8,996 1,893
Gain on sale of aircraft held for sale (3,407) (4,975)
Reserve for excess and obsolete inventory 4,984 0
Loss (gain) on disposal of assets, net 162 (3,229)
Impairment of right-of-use assets 0 20,218
Other 449 1,678
Changes in assets and liabilities:    
Accounts receivable (8,571) (8,481)
Prepaid expenses 1,949 (8,324)
Other current assets (3,228) (262)
Other non-current assets 5,719 1,166
Accounts payable 2,550 7,760
Accrued expenses (14,742) (6,005)
Deferred revenue (53,525) 7,917
Other assets and liabilities 4,826 (3,888)
Net cash used in operating activities (99,631) (47,924)
Cash flows from investing activities:    
Purchases of property and equipment (62,361) (14,704)
Capitalized software development costs (1,935) (3,338)
Purchase of aircraft held for sale 0 (3,800)
Proceeds from sale of aircraft held for sale, net 25,633 33,005
Other 0 4,950
Net cash (used in) provided by investing activities (38,663) 16,113
Cash flows from financing activities:    
Purchase of shares for treasury (201) (109)
Proceeds from long-term debt 100,738 9,876
Repayments of long-term debt (37,080) (18,451)
Payment of debt issuance costs (33) (2)
Net cash provided by (used in) financing activities 63,424 (8,686)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (902) 1,092
Net decrease in cash, cash equivalents and restricted cash (75,772) (39,405)
Cash, cash equivalents and restricted cash, beginning of period 164,503 246,468
Cash, cash equivalents and restricted cash, end of period 88,731 207,063
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 2,607 $ 5,410