Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Components

v3.22.1
Balance Sheet Components
3 Months Ended
Mar. 31, 2022
Balance Sheet Components [Abstract]  
Balance Sheet Components

Note 5. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):

 

 

 

March 31,
2022

 

 

December 31,
2021

 

Equipment

 

$

50,121

 

 

$

45,501

 

Computer software

 

 

9,927

 

 

 

8,410

 

Leasehold improvements

 

 

10,058

 

 

 

9,364

 

Molds and tooling

 

 

8,938

 

 

 

8,052

 

Vehicles and aircraft

 

 

1,582

 

 

 

1,198

 

Buildings

 

 

4,464

 

 

 

 

Furniture and fixtures

 

 

314

 

 

 

319

 

Construction in-progress

 

 

2,636

 

 

 

6,394

 

Gross property and equipment

 

 

88,040

 

 

 

79,238

 

Accumulated depreciation and amortization

 

 

(30,120

)

 

 

(26,083

)

Property and equipment, net

 

$

57,920

 

 

$

53,155

 

 

Depreciation and amortization expense of Property and equipment for the three months ended March 31, 2022 and 2021 was $4.1 million and $2.4 million, respectively. Vehicles and aircraft includes utility automobiles used at our various facilities and purchased aircraft to support Part 135 operations and training.

Intangible Assets, Net

The intangible assets consist of the following:

 

 

 

March 31,
2022

 

 

December 31,
2021

 

Automation platform software

 

$

7,200

 

 

$

7,200

 

Multimodal software technology

 

 

4,900

 

 

 

4,900

 

System simulation software technology

 

 

4,600

 

 

 

4,600

 

Other intangibles

 

 

2,769

 

 

 

1,655

 

Gross intangible assets

 

 

19,469

 

 

 

18,355

 

Accumulated amortization

 

 

(4,940

)

 

 

(3,843

)

Intangible assets, net

 

$

14,529

 

 

$

14,512

 

 

Amortization expense related to intangible assets for the three months ended March 31, 2022 and 2021 was $1.1 million and $0.9 million, respectively. As of March 31, 2022 the weighted-average amortization period of intangible assets was 3.16 years.

The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of March 31, 2022 (in thousands):

 

Fiscal Year

 

Amount

 

2022 (remainder)

 

 

3,636

 

2023

 

 

4,831

 

2024

 

 

3,896

 

2025

 

 

2,166

 

 

 

$

14,529

 

 

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):

 

 

 

March 31,
2022

 

 

December 31,
2021

 

Prepaid equipment

 

$

5,289

 

 

$

2,923

 

Prepaid software

 

 

3,918

 

 

 

4,494

 

Prepaid taxes

 

 

1,612

 

 

 

1,332

 

Prepaid insurance

 

 

7,053

 

 

 

8,031

 

Other

 

 

1,183

 

 

 

636

 

Total

 

$

19,055

 

 

$

17,416

 

 

Other non-current assets

 

 

 

March 31,
2022

 

 

December 31,
2021

 

Contractual agreement asset

 

$

59,611

 

 

$

59,611

 

Long term prepaid insurance

 

 

8,001

 

 

 

10,511

 

Other non-current assets

 

 

1,135

 

 

 

199

 

Total

 

$

68,747

 

 

$

70,321