$GMRS

GMR Solutions Inc.

CIK:0001898718|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenue	$ 1,490,286	$ 1,442,011	$ 2,947,862	$ 2,809,418
Operating expenses:
Employee wages, benefits and taxes	924,522	742,617	1,694,528	1,477,375
Maintenance, fuel and other direct expenses	136,417	112,617	255,037	224,428
Insurance expense	50,877	51,301	93,856	84,953
Other operating expenses	231,900	220,908	459,994	436,714
Depreciation and amortization	76,956	72,507	152,323	147,634
Impairment of assets held for sale and other investments				14,100
Acquisition, integration and other charges	12,925	1,055	16,537	5,356
Total operating expenses	1,433,597	1,201,005	2,672,275	2,390,560
Operating income	56,689	241,006	275,587	418,858
Interest expense, net	76,848	108,516	160,022	222,201
Equity in (earnings) losses of unconsolidated affiliates	(436)	(272)	(899)	(2,574)
Other (income) loss, net	(425)	10,468	(6,769)	9,546
Net income (loss) before income taxes	(19,298)	122,294	123,233	189,685
Income tax (benefit) expense	8,980	41,533	45,175	70,900
Net income (loss)	$ (28,278)	$ 80,761	$ 78,058	$ 118,785
Net income (loss) available to common stockholders per share:
Basic	$ (1.84)	$ 0.87	$ (1.35)	$ 0.84
Diluted	$ (1.84)	$ 0.27	$ (1.35)	$ 0.26
Weighted-average common shares outstanding:
Basic	62,678,438	45,554,662	54,304,118	45,552,980
Diluted	62,678,438	148,265,105	54,304,118	148,084,828
Comprehensive income (loss):
Net income (loss)	$ (28,278)	$ 80,761	$ 78,058	$ 118,785
Other comprehensive income (loss)
Unrealized holding gains (losses) on investments	837	371	313	839
Deferred income tax benefit (expense), net	(186)	(82)	(70)	(186)
Total other comprehensive income (loss), net of income tax	651	289	243	653
Comprehensive income (loss)	$ (27,627)	$ 81,050	$ 78,301	$ 119,438

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 78,058	$ 118,785
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	152,323	147,634
Amortization of deferred financing costs and debt discount	4,777	8,188
Paid-in-kind interest on long-term debt		15,579
Impairment of assets held for sale and other investments		14,100
(Gain) loss on divestiture of businesses		3,837
Stock-based compensation expense	132,511	1,422
Liability classified stock awards		4,169
Loss (gain) on disposal of property and equipment	1,855	5,290
Unrealized loss (gain) on marketable equity securities	873	784
Deferred income taxes	(8)	(4)
Other, net	(7,800)	3,645
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable, net	(71,555)	(54,923)
Accounts payable	4,007	8,923
Accrued wages, benefits and taxes	(62,806)	(20,553)
Accrued interest	(51,007)	27,138
Accrued liabilities	43,952	(60,027)
Other assets and liabilities, net	(7,854)	(5,314)
Net cash provided by (used in) operating activities	217,326	218,673
Cash flows from investing activities:
Proceeds from divestiture of businesses		2,819
Proceeds from asset disposals related to sales and insurance recoveries	1,323	633
Purchases of property and equipment	(137,989)	(111,600)
Net change in investments held as insurance collateral	(572)	(1,857)
Purchases of marketable securities	(64,563)	(20,300)
Sales and maturities of marketable securities	60,678	25,956
Other investing activities, net	14,675	(3,347)
Net cash provided by (used in) investing activities	(126,448)	(107,696)
Cash flows from financing activities:
Payments on finance lease obligations	(6,401)	(7,473)
Principal payments on long-term debt	(750,351)	(76,100)
Proceeds from issuance of long-term debt	73,037	77,026
Issuance of common stock, net	446,904
Repurchase of common stock		(86)
Issuance of warrants to purchase common stock	500,000
(Redemption) issuance of redeemable preferred stock	(549,402)
Proceeds from issuance of shares under stock award plan, net of cash taxes paid	72	499
Net cash provided by (used in) financing activities	(286,141)	(6,134)
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	(195,263)	104,843
Cash and cash equivalents, beginning of period (including restricted cash and restricted cash equivalents of $14.8 million and $16.6 million, respectively)	624,229	368,902
Cash and cash equivalents, end of period (including restricted cash and restricted cash equivalents of $[XX] million and $11.3 million, respectively)	428,966	473,745
Supplemental disclosure of cash flow information
Equipment (primarily aircraft) additions financed with the issuance of debt	44,724	20,491
Interest	228,885	170,557
Income taxes, net of refunds received	$ 38,757	$ 119,582

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 420,001	$ 609,349
Insurance collateral	76,755	78,608
Accounts receivable, net	1,166,369	1,094,814
Spare parts, medical supplies and fuel	127,819	115,725
Prepaid expenses	84,663	105,014
Other current assets	147,372	128,571
Total current assets	2,022,979	2,132,081
Property and equipment, net of accumulated depreciation of $1,303,633 and $1,223,603 at June 30, 2026 and December 31, 2025, respectively	1,411,068	1,361,278
Operating right-of-use assets	216,206	203,258
Finance right-of-use assets	84,239	85,030
Intangible assets, net	1,171,914	1,204,237
Goodwill	2,180,581	2,180,581
Other assets	342,271	315,580
Total assets	7,429,258	7,482,045
Current liabilities:
Accounts payable	64,054	60,047
Accrued wages, benefits and taxes	277,499	339,710
Accrued interest	24,648	75,655
Other accrued liabilities	408,742	363,160
Current portion of lease obligations	79,672	78,717
Current portion of long-term debt	151,231	147,140
Total current liabilities	1,005,846	1,064,429
Operating lease obligations	182,105	171,880
Finance lease obligations	75,578	74,943
Long-term debt	4,266,377	4,898,769
Deferred income taxes	209,129	209,067
Tax receivable agreement liability	468,414
Insurance reserves	332,839	312,069
Other long-term liabilities	99,707	101,593
Total liabilities	6,639,995	6,832,750
Commitments and contingencies
Mezzanine equity:
Total mezzanine equity		445,140
Stockholders' equity:
Additional paid-in capital	963,270	456,466
Retained earnings (deficit)	(181,434)	(259,492)
Accumulated other comprehensive income (loss)	7,422	7,179
Total stockholders' equity (deficit)	789,263	204,155
Total liabilities, mezzanine equity and stockholders' equity	7,429,258	7,482,045
Class A Common Stock
Stockholders' equity:
Common stock	5	2
Class B Common Stock
Stockholders' equity:
Common stock