|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
$ (10,231) |
$ 9,866 |
$ 15,636 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
| Depreciation and amortization |
34,903 |
33,328 |
21,661 |
| Impairment of goodwill |
21,272 |
0 |
0 |
| Deferred income taxes |
(7,790) |
5,214 |
2,682 |
| Non-cash income from satisfaction of return to service liability |
(1,869) |
0 |
0 |
| Non-cash interest expense on debt |
324 |
1,877 |
3,137 |
| Non-cash interest income on loans |
0 |
(140) |
0 |
| Write-off of debt issuance costs related to the early extinguishment of debt |
0 |
215 |
0 |
| Stock-based compensation |
861 |
792 |
2,118 |
| Amortization of debt issuance costs |
2,433 |
2,067 |
1,174 |
| Loss (gain) on sale of equipment |
(358) |
(1) |
5 |
| Gain on involuntary conversion |
(308) |
0 |
0 |
| Loss on sale of term loan note receivable |
0 |
3,441 |
0 |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
19,719 |
(20,991) |
2,679 |
| Prepaid expenses and other current assets |
(5,544) |
427 |
2,803 |
| Income tax receivable |
434 |
915 |
201 |
| Aircraft support parts, net |
(17,240) |
(32,001) |
(27,355) |
| Other non-current assets |
5,602 |
(3,131) |
0 |
| Accounts payable |
(8,856) |
(19,502) |
(85) |
| Accrued and other current liabilities |
(20,652) |
(6,350) |
199 |
| Income tax payable |
629 |
(304) |
6,215 |
| Other long-term liabilities |
655 |
(514) |
(2,912) |
| Net cash provided by (used in) operating activities |
13,984 |
(24,792) |
28,158 |
| Cash flows from investing activities: |
|
|
|
| Acquisition of businesses, net of cash acquired (see Note 6) |
0 |
(226,868) |
0 |
| Purchases of aircraft and property, plant and equipment, net |
(56,807) |
(56,104) |
(22,736) |
| Proceeds from sale-leaseback of aircraft |
24,660 |
0 |
0 |
| Restricted cash |
2,222 |
958 |
1,438 |
| Purchase of intangible assets |
0 |
(2,205) |
0 |
| Proceeds from sale of term loan note receivable |
0 |
1,660 |
0 |
| Decrease (increase) in other assets |
(126) |
(35) |
103 |
| Dividends paid to non-controlling interest |
(69) |
(341) |
(297) |
| Net cash used in investing activities |
(30,120) |
(282,935) |
(21,492) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of common stock, net of expenses |
0 |
0 |
31,454 |
| Proceeds from shareholders, net |
414 |
0 |
0 |
| Repayments of subordinated notes |
0 |
(27,572) |
0 |
| Repayments of credit facilities |
(206,686) |
(250,215) |
(327,063) |
| Borrowings from credit facilities |
227,939 |
246,377 |
291,234 |
| Borrowing of notes |
0 |
400,000 |
0 |
| Repayment of notes |
0 |
(45,000) |
0 |
| Other long-term borrowings |
409 |
0 |
0 |
| Debt issuance costs |
(371) |
(14,986) |
(376) |
| Shares withheld for payment of taxes |
(211) |
(716) |
(695) |
| Net cash provided by (used in) financing activities |
21,494 |
307,888 |
(5,446) |
| Effect of foreign currency exchange rates on cash and cash equivalents |
(2,142) |
252 |
(20) |
| Net increase in cash and cash equivalents |
3,216 |
413 |
1,200 |
| Cash and cash equivalents at beginning of period |
1,881 |
1,468 |
268 |
| Cash and cash equivalents at end of period |
5,097 |
1,881 |
1,468 |
| Supplemental disclosure of cash flow information: |
|
|
|
| Cash paid for interest |
35,693 |
27,818 |
3,655 |
| Cash paid for income taxes, net |
$ 3,925 |
$ 1,477 |
$ 1,104 |