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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income (loss) $ (472,569) $ (428,700) $ 335,255
Adjustments to reconcile net income (loss) to net cash provided by operations:      
Losses reclassified from other comprehensive income 226 252 315
Share-based compensation 12,536 11,575 8,154
Allowance for doubtful accounts (recoveries) (88) (249) 0
Amortization of deferred gains, losses and debt issuance costs 12,912 10,752 8,654
Depreciation and amortization 297,211 278,588 225,264
Accretion of convertible debt and 8.00% senior secured notes 1,272 10,138 0
Deferred income tax expense (benefit) (49,502) (46,086) 115,689
Loss on disposal of assets 3,320 2,264 17,350
Loss on extinguishment of debt 331,630 0 0
Changes in operating assets and liabilities:      
Accounts receivable, net (85,800) 30,486 (26,147)
Aircraft maintenance deposits, net 52,486 23,732 22,453
Long-term deposits and other assets (4,631) (12,944) 14,999
Prepaid income taxes 156 (223) 1,431
Deferred heavy maintenance, net (74,083) (75,230) (175,957)
Income tax receivable 109,570 (126,447) (21,013)
Accounts payable 13,057 (17,052) 569
Air traffic liability (19,649) 86,558 23,429
Other liabilities 80,103 27,194 1,698
Other 731 118 (822)
Net cash provided (used) by operating activities 208,888 (225,274) 551,321
Investing activities:      
Purchase of available-for-sale investment securities (105,361) (118,893) (122,410)
Proceeds from the maturity and sale of available-for-sale investment securities 104,500 117,665 120,830
Pre-delivery deposits on flight equipment, net of refunds (119,352) (143,220) (102,102)
Capitalized interest (17,258) (12,233) (10,774)
Assets under construction for others (1,207) (3,944) (7,936)
Purchase of property and equipment (213,767) (393,375) (334,537)
Net cash used in investing activities (352,445) (554,000) (456,929)
Financing activities:      
Proceeds from issuance of long-term debt 614,496 1,612,391 225,891
Proceeds from issuance of common stock and warrants 375,662 366,783 0
Proceeds from stock options exercised 0 39 1
Payments on debt obligations (956,788) (254,304) (246,783)
Payments for the early extinguishment of debt (317,905) 0 0
Payments on finance lease obligations (831) (25,401) (96,547)
Reimbursement for assets under construction for others 996 4,153 5,618
Repurchase of common stock (1,515) (1,669) (5,439)
Long-term debt and equity issuance costs (2,775) (40,551) (2,909)
Net cash provided (used) by financing activities (288,660) 1,661,441 (120,168)
Net increase (decrease) in cash, cash equivalents, and restricted cash (432,217) 882,167 (25,776)
Cash, cash equivalents, and restricted cash at beginning of period [1] 1,861,124 978,957 1,004,733
Cash, cash equivalents, and restricted cash at end of period [1] 1,428,907 1,861,124 978,957
Cash payments for:      
Interest, net of capitalized interest 135,500 80,837 80,254
Income taxes paid (received), net (112,461) (17,790) 5,843
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows for operating leases 261,435 180,805 191,004
Financing cash flows for finance leases 93 194 674
Non-cash transactions:      
Capital expenditures funded by finance lease borrowings 538 565 45,608
Capital expenditures funded by operating lease borrowings $ 683,333 $ 168,526 $ 569,948
[1] The sum of cash and cash equivalents and restricted cash on our consolidated balance sheets equals cash, cash equivalents, and restricted cash in our statement of cash flows.