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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ (11,000,000) $ (37,000,000) $ (102,000,000)
Deferred income taxes 43,000,000 (8,000,000) (32,000,000)
Depreciation and amortization 50,000,000 45,000,000 38,000,000
Gains recognized on sale-leaseback transactions (147,000,000) (87,000,000) (60,000,000)
Loss on extinguishment of debt 0 7,000,000 0
Warrant liability unrealized loss 0 0 22,000,000
Stock-based compensation 14,000,000 15,000,000 11,000,000
Amortization of cash flow hedges, net of tax 1,000,000 1,000,000 1,000,000
Changes in operating assets and liabilities:      
Accounts receivable 33,000,000 (28,000,000) (14,000,000)
Supplies and other current assets (7,000,000) (40,000,000) 174,000,000
Aircraft maintenance deposits (16,000,000) (18,000,000) (20,000,000)
Other long-term assets (163,000,000) (94,000,000) (37,000,000)
Accounts payable 47,000,000 (4,000,000) 13,000,000
Air traffic liability (60,000,000) 40,000,000 138,000,000
Other liabilities (45,000,000) 130,000,000 84,000,000
Cash provided by (used in) operating activities (261,000,000) (78,000,000) 216,000,000
Cash flows from investing activities:      
Capital expenditures (51,000,000) (41,000,000) (27,000,000)
Pre-delivery deposits for flight equipment, net of refunds (36,000,000) (111,000,000) (36,000,000)
Other (3,000,000) (2,000,000) (4,000,000)
Cash used in investing activities (90,000,000) (154,000,000) (67,000,000)
Cash flows from financing activities:      
Proceeds from issuance of debt, net of issuance costs 171,000,000 273,000,000 163,000,000
Principal repayments on debt (131,000,000) (266,000,000) (97,000,000)
Proceeds from sale-leaseback transactions 163,000,000 71,000,000 59,000,000
Proceeds from initial public offering, net of offering costs, underwriting discounts and commissions 0 0 266,000,000
Proceeds from the exercise of stock options 1,000,000 1,000,000 3,000,000
Tax withholdings on share-based awards (5,000,000) (4,000,000) (3,000,000)
Cash provided by financing activities 199,000,000 75,000,000 391,000,000
Net increase (decrease) in cash, cash equivalents and restricted cash (152,000,000) (157,000,000) 540,000,000
Cash, cash equivalents and restricted cash, beginning of period 761,000,000 918,000,000 378,000,000
Cash, cash equivalents and restricted cash, end of period $ 609,000,000 $ 761,000,000 $ 918,000,000