Finance

Global Crossing Airlines Reports Second Quarter 2024 Financial Results


Global Crossing Airlines Group Inc.Global Crossing Airlines Group Inc.

Global Crossing Airlines Group Inc.

Achieves Profitability with GAAP Net Income of $0.3 Million or $0.01 per Share and EBITDAR of $18.7 Million

Generated Record Block Hours of 6,591 in Q2

Announces Major Government Contract Expected to Generate Approximately $65 Million in Annualized Revenue

MIAMI, Aug. 13, 2024 (GLOBE NEWSWIRE) — Global Crossing Airlines Group Inc. (Cboe CA: JET, Cboe CA: JET.B, OTCQB: JETMF) (the “Company” or “GlobalX”), the Nation’s fastest growing charter airline, continued its record growth and announced its financial and operating results for the second quarter ended June 30, 2024. Except as otherwise disclosed, all figures are for the three month period, presented in United States dollars and prepared in accordance with U.S. GAAP.

Financial and Operational Summary

 

Q2 2024

Q2 2023

% Change

Revenue:

$57.5M

$31.5M

83%

EBITDAR1:

$18.7M

$0.5M

~37x

Net Aircraft Available:

14.4

7.8

84%

Total Block Hours:

6,591

3,585

84%

Average Utilization Per Aircraft:

458

458

0%

“At the beginning of this year, we focused on streamlining our operations through disciplined and targeted efforts to enhance our award-winning service quality and sustain our industry-leading revenue growth. Today, we are pleased to report accelerated top-line growth, marking our third consecutive quarter of year-over-year increases and achieving a profitable quarter,” said Chris Jamroz, Executive Chairman of GlobalX. “Our performance in 2024 has been strong, and we are now focused on laying the groundwork for continued growth and sustained profitability.”

GlobalX President and CFO, Ryan Goepel, added: “In the second quarter, we delivered another period of double-digit revenue growth while further improving our operating efficiencies, enabling us to achieve GAAP profitability and significantly reduce cash usage in operations. These results reflect the strength of our new management team and a revitalized culture at GlobalX, alongside our sharpened focus on core operations and successful execution of our strategic plan.”

Mr. Goepel continued: “During the quarter, we secured new customers and new contracts and generated a 27% sequential increase in block hours flown, with just one additional aircraft compared to the first quarter of 2024. We also renegotiated several contracts at higher rates, resulting in a 56% increase in revenue per block hour flown for ACMI and a 37% increase for charter. Additionally, we reached a significant milestone by operating our first flight for the Department of Defense, a key customer that has already booked material flight revenue for July and August. With our expanding fleet, new contract wins, and a focused approach to profitable growth, we are well-positioned to achieve our goals moving forward.”

Q2 2024 Financial Highlights (vs. Q2 2023)

  • Revenue: Revenue increased 83% to $57.5 million compared to $31.5 million. This is the best quarter in GlobalX’s short corporate history. The increase was primarily driven by higher block hours flown and aircraft fleet expansion, as well as increased revenue per block hour flown for both passenger ACMI and charter.

  • Total Operating Expenses: Operating expenses were $55.0 million compared to $38.3 million. The increase was primarily due to higher aircraft rent, maintenance, and personnel costs associated with the expansion of the GlobalX fleet, as well as higher travel costs related to the expansion of a government contract. In addition, the Company had approximately $1.2 million of expenses and charges related to the lease return of an aircraft, unwinding non-core businesses and other one-time items in the quarter, including severance costs incurred as part of an internal reorganization.

  • Net Income (Loss)/EPS: Net income increased to $0.3 million compared to $(7.5) million. Earnings per share increased to $0.01 per basic and diluted share, compared to $(0.13) per basic and diluted share.

(1) Refer below to the section “Non-GAAP Financial Measures” for additional information.

Operational Highlights

  • Awarded a five-year contract, inclusive of option periods, to provide air operations charter services on behalf of U.S. Immigration and Customs Enforcement (“ICE”), as a subcontractor to CSI Aviation, INC (“CSI”) which has been selected as the prime contractor. GlobalX first began providing services to CSI under an emergency contract in September 2023. The new five-year contract is expected to generate approximately $65 million in annualized revenue.

  • Completed the Company’s first flight for the Department of Defense, a key customer representing an important milestone for GlobalX.

  • In the first half of 2024, GlobalX took delivery of three additional aircraft; two A320 passenger aircraft and one A321F cargo aircraft.

  • Signed letters of intent to lease five additional aircraft, which the Company expects to bring to market over the next 15 months.

Liquidity

  • Cash and Restricted Cash: The Company had $10.4 million in cash and restricted cash at June 30, 2024, compared to cash and restricted cash of $12.1 million at March 31, 2024 and $17.7 million at December 31, 2023.

Conference Call

The GlobalX management team will host a conference call tomorrow, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing JET@elevate-ir.com.

Date: Wednesday, August 14, 2024
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (877) 704-4453
International dial-in number: (201) 389-0920
Conference ID: 13747881
Webcast: GlobalX’s Q2 2024 Conference Call

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay on the investor relations section of the Company’s website at www.globalairlinesgroup.com.

About Global Crossing Airlines

GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family of aircraft. The Company’s services include domestic and international ACMI and charter flights for passengers and cargo throughout the US, Caribbean, Europe, and Latin America. GlobalX is IOSA certified by IATA and holds TCO’s for Europe and the UK.

For more information:

Company Contact

Ryan Goepel, President & CFO
Tel: (720) 330-2829

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Email: JET@elevate-ir.com

Non-GAAP Financial Measures

The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (“GAAP”) and non-GAAP financial measures, including Adjusted operating expenses, adjusted operating income (loss), Adjusted operating margin, adjusted pre-tax income (loss), Adjusted pre-tax margin, Adjusted net income (loss), Adjusted diluted earnings (loss) per share, adjusted EBITDA and adjusted EBITDAR. These non-GAAP financial measures are provided as supplemental information to the financial information presented in this press release that is calculated and presented in accordance with GAAP and these non-GAAP financial measures are presented because management believes that they supplement or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods.

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in the method of calculation and in the items being adjusted. We encourage investors to review our financial statements and other filings with the Securities and Exchange Commission in their entirety and not to rely on any single financial measure.

The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release (other than forward-looking non-GAAP financial measures) to the most directly comparable GAAP financial measures. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Per unit amounts presented are calculated from the underlying amounts.

EBITDAR which is defined Operating income (loss), plus depreciation, amortization, interest, taxes and aircraft rent is an important metric to be considered to allow investors to compare results across different airlines regardless of how the airlines acquired their aircraft. This distinction is important when comparing the operational results of an airline leasing its aircraft versus an airline purchasing its aircraft. Specifically, the airline leasing aircraft would see the costs relating to those aircraft flow through aircraft rent, while an airline that owns their aircraft would see their costs for those aircraft flow through depreciation and amortization. In order to compare the operating results of the two airlines an investor needs to look at EBITDAR which is why it is presented.

EBITDAR Reconciliation (in thousands)

 

Three Months Ended
June 30, 2024

 

Three Months Ended
June 30, 2023

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

$

2,543

 

 

$

(6,776

)

Depreciation and amortization

 

 

1,444

 

 

 

443

 

EBITDA

 

 

3,986

 

 

 

(6,335

)

Aircraft Rent

 

 

14,762

 

 

 

6,830

 

EBITDAR

 

 

18,748

 

 

 

495

 


Cautionary Note Regarding Forward-Looking Information

This news release contains certain “forward-looking statements” and “forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this news release include, but are not limited to, statements with respect to the

Company’s industry leading revenue growth, continued growth and sustained profitability, execution of the Company’s strategic plan, future flight revenue, approach to profitable growth, the achievement of the Company’s goals moving forward, details regarding the lease of five additional aircraft and the intention to bring them to market over the next 15 months, the Company’s status as the Nation’s fastest growing charter airline and the Company’s growth plans. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking statements contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to continue airline operations, the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX will be able to successfully conclude definitive agreements for transactions subject to LOI; the timely receipt of governmental approvals; the success of airline operations of GlobalX; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the Company has or will have sufficient aircraft to provide the service; the impact of competition and the competitive response to GlobalX’s business strategy; the future price of fuel, and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, risks related to supply chain and labor disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, failure to conclude definitive agreements for transactions subject to LOI, the effects of increased competition from our market competitors and new market entrants, passenger demand being less than anticipated, the impact of any resurgence of COVID-19, future relations with shareholders, volatility of fuel prices, increases in operating costs, terrorism, pandemics, natural disasters, currency fluctuations, interest rates, risks specific to the airline industry, risks associated with doing business in foreign countries, the ability of management to implement GlobalX’s operational strategy, the ability to attract qualified management and staff, labor disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; risks related to significant disruption in, or breach in security of GlobalX’s information technology systems and resultant interruptions in service and any related impact on its reputation; and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements are made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements.

 

GLOBAL CROSSING AIRLINES GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share quantities)

 

 

 

June 30, 2024 (Unaudited)

 

December 31, 2023

 

 

 

 

 

Current Assets

 

 

 

 

Cash and cash equivalents

 

$

8,047

 

 

$

11,596

 

Restricted cash

 

 

2,400

 

 

 

6,080

 

Accounts receivable, net of allowance

 

 

6,485

 

 

 

10,180

 

Prepaid expenses and other current assets

 

 

2,017

 

 

 

2,552

 

Current assets held for sale

 

 

403

 

 

 

184

 

Total Current Assets

 

 

19,352

 

 

 

30,592

 

Property and equipment, net

 

 

8,296

 

 

 

5,525

 

Finance leases, net

 

 

20,107

 

 

 

4,108

 

Operating lease right-of-use assets

 

 

90,664

 

 

 

76,880

 

Deposits

 

 

11,909

 

 

 

12,506

 

Other assets

 

 

3,114

 

 

 

1,717

 

Total Assets

 

$

153,442

 

 

$

131,328

 

Current liabilities

 

 

 

 

Accounts payable

 

$

9,982

 

 

$

7,481

 

Accrued liabilities

 

 

17,159

 

 

 

17,465

 

Deferred revenue

 

 

3,888

 

 

 

9,896

 

Customer deposits

 

 

4,429

 

 

 

3,935

 

Current portion of long-term operating leases

 

 

13,323

 

 

 

13,650

 

Current portion of finance leases

 

 

2,284

 

 

 

599

 

Total current liabilities

 

 

51,065

 

 

 

53,026

 

Other liabilities

 

 

 

 

Note payable, net of unamortized debt issuance costs

 

 

29,389

 

 

 

29,175

 

Long-term operating leases

 

 

79,512

 

 

 

65,158

 

Long-term finance leases

 

 

17,964

 

 

 

3,292

 

Other liabilities

 

 

511

 

 

 

544

 

Total other liabilities

 

 

127,376

 

 

 

98,169

 

Total Liabilities

 

$

178,441

 

 

$

151,195

 

Commitments and Contingencies (Note 7)

 

 

 

 

Equity (Deficit)

 

 

 

 

Common Stock

 

 

 

 

$.001 par value; 200,000,000 authorized; 60,603,681 and 58,925,871 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

 

$

60

 

 

$

59

 

Additional paid-in capital

 

 

40,004

 

 

 

38,943

 

Retained deficit

 

 

(65,189

)

 

 

(59,094

)

Total Company’s stockholders’ deficit

 

 

(25,125

)

 

 

(20,092

)

Noncontrolling interest

 

 

126

 

 

 

225

 

Total stockholders’ deficit

 

 

(24,999

)

 

 

(19,867

)

Total Liabilities and Deficit

 

$

153,442

 

 

$

131,328

 


See accompanying notes to consolidated financial statements.

GLOBAL CROSSING AIRLINES GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended
June 30, 2024

 

Three Months Ended
June 30, 2023

 

Six Months Ended
June 30, 2024

 

Six Months Ended
June 30, 2023

 

 

 

 

 

 

 

 

 

Revenue

 

$

57,546

 

 

$

31,475

 

 

$

111,380

 

 

$

63,626

 

Operating Expenses

 

 

 

 

 

 

 

 

Salaries, Wages, & Benefits

 

 

16,745

 

 

 

12,140

 

 

 

33,520

 

 

 

23,308

 

Aircraft Fuel

 

 

5,601

 

 

 

6,087

 

 

 

13,800

 

 

 

14,036

 

Maintenance, materials and repairs

 

 

2,645

 

 

 

1,767

 

 

 

5,578

 

 

 

3,326

 

Depreciation and amortization

 

 

1,444

 

 

 

443

 

 

 

2,609

 

 

 

886

 

Contracted ground and aviation services

 

 

4,757

 

 

 

5,201

 

 

 

11,660

 

 

 

10,054

 

Travel

 

 

3,118

 

 

 

1,347

 

 

 

6,969

 

 

 

3,601

 

Insurance

 

 

1,554

 

 

 

1,245

 

 

 

3,188

 

 

 

2,370

 

Aircraft Rent

 

 

14,762

 

 

 

6,830

 

 

 

27,523

 

 

 

12,474

 

Other

 

 

4,377

 

 

 

3,191

 

 

 

8,609

 

 

 

5,995

 

Total Operating Expenses

 

$

55,003

 

 

$

38,251

 

 

$

113,456

 

 

$

76,050

 

Operating Income (Loss)

 

 

2,543

 

 

 

(6,776

)

 

 

(2,076

)

 

 

(12,424

)

Non-Operating Expenses

 

 

 

 

 

 

 

 

Interest Expense

 

 

2,258

 

 

 

695

 

 

 

4,018

 

 

 

1,119

 

Total Non-Operating Expenses

 

 

2,258

 

 

 

695

 

 

 

4,018

 

 

 

1,119

 

Income (Loss) before income taxes

 

 

285

 

 

 

(7,471

)

 

 

(6,094

)

 

 

(13,543

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 

285

 

 

 

(7,471

)

 

 

(6,094

)

 

 

(13,543

)

Net Income attributable to Noncontrolling Interest

 

 

1

 

 

 

 

 

 

1

 

 

 

 

Net Income (Loss) attributable to the Company

 

 

284

 

 

 

(7,471

)

 

 

(6,095

)

 

 

(13,543

)

Income (Loss) per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.00

 

 

$

(0.13

)

 

$

(0.10

)

 

$

(0.24

)

Diluted

 

$

0.00

 

 

$

(0.13

)

 

$

(0.10

)

 

$

(0.24

)

Weighted average number of shares outstanding

 

 

60,008,779

 

 

 

56,857,629

 

 

 

59,621,946

 

 

 

55,680,815

 

 

 

 

 

 

 

 

 

 

Fully diluted shares outstanding

 

 

83,633,139

 

 

 

56,857,629

 

 

 

59,621,946

 

 

 

55,680,815

 

See accompanying notes to consolidated financial statements.

GLOBAL CROSSING AIRLINES GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

(In thousands, except shares quantities)

 

 

 

Common Stock Number of Shares

 

Amount

 

Additional Paid in Capital

 

Retained Deficit

 

Total

 

 

Beginning – January 1, 2023

 

53,440,482

 

 

$

53

 

 

$

30,774

 

 

$

(38,083

)

 

$

(7,256

)

 

 

Issuance of shares – options exercised

 

150,000

 

 

 

 

 

 

67

 

 

 

 

 

 

67

 

 

 

Issuance of shares – warrants exercised

 

2,499,453

 

 

 

3

 

 

 

1,134

 

 

 

 

 

 

1,137

 

 

 

Issuance of shares – share based compensation on RSUs

 

208,416

 

 

 

 

 

 

501

 

 

 

 

 

 

501

 

 

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

(6,072

)

 

 

(6,072

)

 

 

Ending – March 31, 2023

 

56,298,351

 

 

$

56

 

 

$

32,476

 

 

$

(44,155

)

 

$

(11,623

)

 

 

Issuance of shares – options exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of shares – warrants exercised

 

227,630

 

 

 

 

 

 

220

 

 

 

 

 

 

220

 

 

 

Issuance of shares – share based compensation on RSUs

 

481,593

 

 

 

1

 

 

 

578

 

 

 

 

 

 

579

 

 

 

Issuance of shares – ESPP

 

300,121

 

 

 

 

 

 

199

 

 

 

 

 

 

199

 

 

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

(7,471

)

 

 

(7,471

)

 

 

Ending – June 30, 2023

 

57,307,695

 

 

$

57

 

 

$

33,473

 

 

$

(51,626

)

 

$

(18,096

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock Number of Shares

 

Amount

 

Additional Paid in Capital

 

Retained Deficit

 

Total

 

Noncontrolling Interest

 

Total

Beginning – January 1, 2024

 

58,925,871

 

 

$

59

 

 

$

38,943

 

 

$

(59,094

)

 

$

(20,092

)

 

$

225

 

 

$

(19,867

)

Issuance of shares – share based compensation on RSUs

 

742,079

 

 

 

1

 

 

 

342

 

 

 

 

 

 

343

 

 

 

 

 

 

343

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

(6,379

)

 

 

(6,379

)

 

 

 

 

 

(6,379

)

Ending – March 31, 2024

 

59,667,950

 

 

$

60

 

 

$

39,285

 

 

$

(65,473

)

 

$

(26,128

)

 

$

225

 

 

$

(25,903

)

Issuance of shares – share based compensation on RSUs

 

544,157

 

 

 

 

 

 

498

 

 

 

 

 

 

498

 

 

 

 

 

 

498

 

Issuance of shares – ESPP

 

391,574

 

 

 

 

 

 

221

 

 

 

 

 

 

221

 

 

 

 

 

 

221

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(100

)

 

 

(100

)

Income for the period

 

 

 

 

 

 

 

 

 

 

284

 

 

 

284

 

 

 

1

 

 

 

285

 

Ending – June 30, 2024

 

60,603,681

 

 

$

60

 

 

$

40,004

 

 

$

(65,189

)

 

$

(25,125

)

 

$

126

 

 

$

(24,999

)


See accompanying notes to consolidated financial statements.

GLOBAL CROSSING AIRLINES GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

 

 

 

For The Six Months Ended June 30,

 

 

 

2024

 

 

 

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Net loss

 

$

(6,094

)

 

$

(13,543

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation expense

 

 

2,609

 

 

 

894

 

Bad debt expense (recovery)

 

 

357

 

 

 

(18

)

Loss on sale of property

 

 

 

 

 

136

 

Loss (gain) on sale of spare parts

 

 

79

 

 

 

(107

)

Foreign exchange loss

 

 

 

 

 

1

 

Amortization of debt issue costs

 

 

339

 

 

 

531

 

Amortization of operating lease right of use assets

 

 

7,081

 

 

 

3,647

 

Share-based payments

 

 

874

 

 

 

1,109

 

Interest on finance leases

 

 

1,042

 

 

 

202

 

Changes in assets and liabilities:

 

 

 

 

Accounts receivable

 

 

3,339

 

 

 

(2,931

)

Assets held for sale

 

 

(298

)

 

 

701

 

Prepaid expenses and other current assets

 

 

535

 

 

 

(684

)

Accounts payable

 

 

2,501

 

 

 

4,767

 

Accrued liabilities and other liabilities

 

 

(5,821

)

 

 

12,344

 

Operating lease obligations

 

 

(6,838

)

 

 

(3,669

)

Other liabilities

 

 

(945

)

 

 

233

 

Net cash (used in) provided by operating activities

 

 

(1,240

)

 

 

3,613

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Deposits, deferred costs and other assets

 

 

(1,616

)

 

 

(1,069

)

Purchases of property and equipment

 

 

(3,603

)

 

 

(2,969

)

Net cash used in investing activities

 

 

(5,219

)

 

 

(4,038

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Principal payments on finance leases

 

 

(858

)

 

 

(221

)

Dividends

 

 

(100

)

 

 

 

Proceeds on issuance of shares

 

 

188

 

 

 

1,594

 

Proceeds from note payable

 

 

 

 

 

2,017

 

Net cash (used in) provided by financing activities

 

 

(770

)

 

 

3,390

 

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

 

(7,229

)

 

 

2,965

 

Cash, cash equivalents and restricted cash – beginning of the period

 

 

17,676

 

 

 

5,461

 

Cash, cash equivalents and restricted cash – end of the period

 

$

10,447

 

 

$

8,426

 

Non-cash transactions

 

 

 

 

Right-of-use (ROU) assets acquired through operating leases

 

$

20,865

 

 

$

37,297

 

Equipment acquired through finance leases

 

$

17,085

 

 

$

1,334

 

Note Payable reductions through accounts receivable from sale of Assets held for sale

 

$

 

 

$

337

 

Reclass of capitalized professional fees from proceeds from senior secured note

 

$

125

 

 

$

 

Cash paid for

 

 

 

 

Interest

 

$

3,421

 

 

$

473

 


See accompanying notes to consolidated financial statements.

______________________________
¹ Refer below to the section “Non-GAAP Financial Measures” for additional information



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