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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Cash flows from Operating Activities    
Net Income $ 3,637 $ 12,416
Adjustments to reconcile Net Income to Cash from Operating Activities:    
Depreciation and Amortization 15,328 12,615
Tax Receivable Agreement 6,800 0
Operating Lease Right-of-use Assets 2,989 5,401
Non-Cash Gain on Asset Transactions, net (2) (8,729)
Unrealized Gain on Fuel Derivatives 0 (2,386)
Amortization of Over-market Liabilities (921) (2,004)
Deferred Income Taxes 2,782 5,406
Amazon Warrants Vested 1,400 1,400
Stock-based Compensation Expense 920 2,870
Amortization of Debt Issuance Costs 270 272
Loss on Extinguishment of Debt 1,557 1,224
Changes in Operating Assets and Liabilities:    
Accounts Receivable (1,577) 2,358
Inventory (346) (173)
Prepaid Expenses (1,655) (3,676)
Lessor Maintenance Deposits (3,919) (2,219)
Aircraft Deposits (1,044) 2,226
Other Assets (6,262) 233
Accounts Payable 9,500 626
Accrued Transportation Taxes 1,362 4,519
Air Traffic Liabilities (7,616) (6,343)
Loyalty Program Liabilities (2,344) (1,295)
Operating Lease Obligations (3,240) (10,722)
Other Liabilities 594 1,820
Net Cash Provided by Operating Activities 18,213 15,839
Cash Flows from Investing Activities:    
Purchases of Property & Equipment (49,683) (54,399)
Proceeds from the Sale of Property & Equipment 5 0
Purchase of Investments (3) (337)
Proceeds from the Sale of Investments 53 184
Net Cash Used in Investing Activities (49,628) (54,552)
Cash Flows from Financing Activities:    
Cash Received from Stock Offering 0 235,894
Costs of Stock Offering 0 (7,226)
Proceeds from Stock Option and Warrant Exercises 523 0
Proceeds from Borrowings 77,986 68,000
Repayment of Finance Lease Obligations (4,466) (3,911)
Repayment of Borrowings (77,947) (46,068)
Debt Issuance Costs (1,979) (2,721)
Net Cash (Used In) Provided by Financing Activities (5,883) 243,968
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (37,298) 205,255
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period 317,785 70,363
Cash, Cash Equivalents and Restricted Cash--End of the Period 280,487 275,618
Non-cash transactions:    
Lease Deposits Applied Against the Purchase of Aircraft 0 2,766
Aircraft and Flight Equipment Acquired through Finance Leases 19,928 0
Finance Lease Asset Modifications 46,311 0
Reconciliation of Cash, Cash Equivalents and Restricted Cash    
Cash and Cash Equivalents 272,402 269,599
Restricted Cash 8,085 6,019
Total Cash, Cash Equivalents and Restricted Cash $ 280,487 $ 275,618