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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
2 Months Ended 10 Months Ended 12 Months Ended
Mar. 12, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:        
Net income (loss) $ 72,216 $ (2,832,669) $ (1,229,495) $ (447,464)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:        
Losses reclassified from other comprehensive income 34 0 103 314
Share-based compensation 1,233 6,611 7,210 11,963
Allowance for doubtful accounts (recoveries) 0 (831) 822 159
Amortization of debt issuance costs 1,003 2,608 13,100 15,454
Amortization of debt fair value adjustment (fresh start accounting) 0 23,770 0 0
Depreciation and amortization 54,853 190,244 325,273 320,872
Accretion of convertible debt and 8.00% senior secured notes 0 0 3,821 4,210
Amortization of debt discount 0 2,595 10,156 8,145
Deferred income tax expense (benefit) 17,481 (9,970) (58,215) (119,239)
Loss (gain) on disposal of assets 11,655 (109,096) 273,871 33,966
Reorganization items (421,464) 2,272,243 85,554 0
Changes in operating assets and liabilities:        
Accounts receivable, net (22,726) 76,093 26,797 (8,351)
Deposits and other assets 13,597 (195,173) (76,744) 4,215
Deferred heavy maintenance (26,736) (30,071) (86,412) (202,926)
Income tax receivable 0 0 (96) 36,261
Accounts payable 14,240 105,534 (40,124) (34,051)
Air traffic liability 81,855 (180,472) 53,062 (45,867)
Other liabilities (20,165) (27,117) (63,688) 176,440
Other (767) (898) (3,082) (762)
Net cash provided by (used in) operating activities (223,691) (706,599) (758,087) (246,661)
Investing activities:        
Purchase of available-for-sale investment securities (25,072) (27,996) (161,745) (127,627)
Proceeds from the maturity and sale of available-for-sale investment securities 24,750 148,186 160,350 125,570
Proceeds from sale of property and equipment 0 271,261 232,564 230,788
Pre-delivery deposit and other payments on flight equipment (1,411) (4,234) (6,471) (86,245)
Pre-delivery deposit refunds on flight equipment 26,434 24,617 362,765 109,401
Capitalized interest (1,331) (813) (14,475) (21,860)
Assets under construction for others 2,875 9,546 1,568 (10,972)
Purchase of property and equipment (7,204) (35,864) (110,955) (255,563)
Net cash provided by (used in) investing activities 19,041 384,703 463,601 (36,508)
Financing activities:        
Proceeds from issuance of long-term debt 0 490,000 423,500 457,950
Proceeds from issuance of common stock and warrants 350,000 0 0 0
Proceeds from DIP financing 0 339,500 300,000 0
Payments on debt obligations (634,506) (135,988) (185,446) (337,475)
Payments for the early extinguishment of debt 0 (61,040) (140,679) (323,251)
Payments on finance lease obligations (37) (183) (312) (496)
Reimbursement for assets under construction for others (2,573) (9,569) (1,568) 10,974
Repurchase of common stock 0 0 (650) (2,637)
Debt and equity financing costs (13,456) (1,738) (14,523) (3,027)
Net cash provided by (used in) financing activities (300,572) 620,982 380,322 (197,962)
Net increase (decrease) in cash, cash equivalents, and restricted cash (505,222) 299,086 85,836 (481,131)
Cash, cash equivalents, and restricted cash at beginning of period [1] 1,070,447 565,225 984,611 1,465,742
Cash, cash equivalents, and restricted cash at end of period [1] 565,225 864,311 1,070,447 984,611
Cash payments for:        
Interest, net of capitalized interest 64,790 90,637 176,187 138,380
Income taxes paid (received), net 152 1,829 3,548 (32,854)
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows for operating leases 96,575 377,314 532,499 400,999
Financing cash flows for finance leases 5 18 33 30
Non-cash transactions:        
Capital expenditures funded by finance lease borrowings 0 0 274 145
Capital expenditures funded by operating lease borrowings $ 98,385 $ 314,612 $ 1,312,237 $ 1,076,456
[1] The sum of cash and cash equivalents and restricted cash on the consolidated balance sheets equals cash, cash equivalents and restricted cash in the consolidated statements of cash flows.