Frontier Airlines 2007 Annual Report Download - page 67

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REPUBLIC AIRWAYS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2007, 2006 AND 2005
(In thousands)
2007 2006 2005
OPERATING ACTIVITIES:
Net income $ 82,758 $ 79,510 $ 60,654
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization 106,594 92,228 64,877
Debt issue costs and other amortization 6,764 4,551 2,776
Warrant amortization 102 565 372
Loss (gain) on aircraft and other equipment disposals 255 (118) (276)
Impairment loss and accrued aircraft return costs (credits) — (2,050) (4,218)
Amortization of deferred credits (1,761) (1,438) (1,346)
Stock compensation expense 3,119 1,297 125
Deferred income taxes 51,090 51,404 37,606
Changes in certain assets and liabilities:
Receivables (7,944) (2,939) (10,323)
Inventories (11,419) (11,448) 1,276
Prepaid expenses and other current assets 1,554 1,474 (4,907)
Accounts payable 11,299 10,546 1,152
Accrued and other liabilities 4,022 16,826 28,980
Deferred revenue (Delta pre-petition claim) 44,590 — —
Other assets (10,533) (11,261) (5,869)
Net cash from operating activities 280,490 229,147 170,879
INVESTING ACTIVITIES:
Purchase of aircraft and other equipment (99,545) (89,255) (126,928)
Purchase of commuter slots — — (51,640)
Proceeds from sale of aircraft equipment 15,798 18,180 2,479
Aircraft deposits and other (51,414) (67,563) (37,206)
Aircraft deposits returned 58,681 24,148 38,158
Change in restricted cash 12 (20) (15)
Net cash from investing activities (76,468) (114,510) (175,152)
FINANCING ACTIVITIES:
Payments on short/long-term debt (93,475) (79,900) (53,363)
Repayment of subordinated notes payable to affiliate (Wexford) — — (1,250)
Proceeds from capital contribution (Wexford) — — 400
Proceeds from subordinated notes payable from affiliate (Wexford) — — 250
Proceeds from common stock offerings, net — — 186,765
Payments on settlement of treasury locks — — (4,694)
Proceeds on settlement of treasury locks — — 192
Proceeds from exercise of stock options 8,182 3,025 1,189
Debt issue costs (7,842) (4,239) (9,431)
Payments on purchase of treasury stock (142,411) — —
Net cash from financing activities (235,546) (81,114) 120,058
Net changes in cash and cash equivalents (31,524) 33,523 115,785
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 195,528 162,005 46,220
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 164,004 $ 195,528 $ 162,005
See accompanying notes to consolidated financial statements.
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Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, February 21, 2008 Powered by Morningstar® Document Research℠