Frontier Airlines 2008 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2008 Frontier Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 251

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232
  • 233
  • 234
  • 235
  • 236
  • 237
  • 238
  • 239
  • 240
  • 241
  • 242
  • 243
  • 244
  • 245
  • 246
  • 247
  • 248
  • 249
  • 250
  • 251

REPUBLIC AIRWAYS HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
(In thousands)
2008 2007 2006
OPERATING ACTIVITIES:
Net income $ 84,580 $ 82,758 $ 79,510
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization 133,206 106,594 92,228
Debt issue costs and other amortization 7,078 6,764 4,551
Warrant amortization (15,953) 102 565
Loss (gain) on aircraft and other equipment disposals 4,749 255 (2,168)
Realized gain on interest rate swap (5,785) — —
Gain on extinguishment of debt (5,980) — —
Notes receivable interest (1,087) — —
Notes receivable reserve 1,500 — —
Amortization of deferred credits (1,960) (1,761) (1,438)
Stock compensation expense 3,925 3,119 1,297
Deferred income taxes 49,339 51,090 51,404
Changes in certain assets and liabilities:
Receivables 2,281 (7,944) (2,939)
Inventories (8,212) (11,419) (11,448)
Prepaid expenses and other current assets (7,996) 1,554 1,474
Accounts payable (2,158) 11,299 10,546
Accrued liabilities 16,006 4,022 16,826
Deferred revenue (Delta pre-petition claim) — 44,590 —
Other (11,246) (10,533) (11,261)
Net cash from operating activities 242,287 280,490 229,147
INVESTING ACTIVITIES:
Purchase of aircraft and other equipment (127,832) (99,545) (89,255)
Proceeds from sale of aircraft equipment 52,945 15,798 18,180
Aircraft deposits and other (20,884) (51,414) (67,563)
Aircraft deposits returned 68,623 58,681 24,148
Change in restricted cash 17 12 (20)
Origination of notes receivable (55,032) — —
Principal payments on notes receivable 225 — —
Net cash from investing activities (81,938) (76,468) (114,510)
FINANCING ACTIVITIES:
Payments on debt (113,565) (93,475) (79,900)
Proceeds from refinancing of aircraft 6,700 — —
Payments on early extinguishment of debt (49,969) — —
Proceeds from exercise of stock options 325 8,182 3,025
Debt issue costs (4,564) (7,842) (4,239)
Proceeds on settlement of interest rate swaps 5,785 — —
Purchase of treasury stock (39,409) (142,411) —
Net cash from financing activities (194,697) (235,546) (81,114)
Net changes in cash and cash equivalents (34,348) (31,524) 33,523
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 164,004 195,528 162,005
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 129,656 $ 164,004 $ 195,528
See accompanying notes to consolidated financial statements.
-37-
Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, March 16, 2009 Powered by Morningstar® Document Research℠