Frontier Airlines 2006 Annual Report Download - page 84

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REPUBLIC AIRWAYS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004
(In thousands)
2006 2005 2004
OPERATING ACTIVITIES:
Net income $ 79,510 $ 60,654 $ 38,852
Adjustments to reconcile net income to net cash from operating
activities:
Depreciation and amortization 92,228 64,877 34,412
Debt issue costs and other amortization 4,551 2,776 1,928
Warrant amortization 565 372 800
Loss (gain) on aircraft and other equipment disposals (118) (276) 1,151
Impairment loss and accrued aircraft return costs (credits) (2,050) (4,218) 1,441
Amortization of deferred credits (1,438) (1,346) (1,285)
Stock compensation expense 1,297 125 214
Deferred income taxes 51,404 37,606 24,027
Changes in certain assets and liabilities:
Receivables (2,939) (10,323) 10,480
Inventories (11,448) 1,276 (2,683)
Prepaid expenses and other current assets 1,474 (4,907) (1,022)
Accounts payable 10,546 1,152 1,963
Accrued and other liabilities 16,826 28,980 11,370
Other assets (11,261) (5,869) (4,821)
Net cash from operating activities 229,147 170,879 116,827
INVESTING ACTIVITIES:
Purchase of aircraft and other equipment (89,255) (126,928) (64,361)
Purchase of commuter slots — (51,640) —
Proceeds from sale of aircraft equipment 18,180 2,479 699
Aircraft deposits and other (67,563) (37,206) (79,244)
Aircraft deposits returned 24,148 38,158 40,480
Change in restricted cash (20) (15) 2
Net cash from investing activities (114,510) (175,152) (102,424)
FINANCING ACTIVITIES:
Payments on short/long-term debt (79,900) (53,363) (26,947)
Proceeds from short/long-term debt — — 3,213
Repayment of subordinated notes payable to affiliate (Wexford) — (1,250) (43,672)
Proceeds from capital contribution (Wexford) — 400 3,950
Proceeds from subordinated notes payable from affiliate (Wexford) — 250 20,390
Proceeds from common stock offerings, net — 186,765 58,172
Payments on settlement of treasury locks — (4,694) (3,562)
Proceeds on settlement of treasury locks — 192 593
Proceeds from exercise of stock options 3,025 1,189 978
Debt issue costs (4,239) (9,431) (3,835)
Other — — 2
Net cash from financing activities (81,114) 120,058 9,282
Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, March 15, 2007 Powered by Morningstar® Document Research℠