JetBlue Airlines 2003 Annual Report Download - page 56

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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2003 2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES
Net income ....................................... $103,898 $ 54,908 $ 38,537
Adjustments to reconcile net income to net cash provided by
operating activities:
Deferred income taxes ............................ 69,753 39,659 3,373
Depreciation ................................... 44,133 24,730 9,972
Amortization ................................... 6,732 2,192 445
Changes in certain operating assets and liabilities:
Decrease (increase) in receivables .................. (4,047) 6,851 430
Increase in inventories, prepaid and other ............ (11,491) (3,992) (2,120)
Increase in air traffic liability ..................... 37,185 45,968 23,788
Increase in accounts payable and other accrued liabilities . 37,335 34,734 30,894
Other, net ..................................... 2,839 11,427 5,960
Net cash provided by operating activities ........... 286,337 216,477 111,279
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures ................................. (572,572) (544,065) (233,775)
Predelivery deposits for flight equipment .................. (160,381) (109,950) (54,128)
Purchase of short-term investments ...................... (25,870) (11,395) —
Proceeds from maturities of short-term investments .......... 9,185 2,000 —
Acquisition of LiveTV, LLC, net of cash acquired ........... — (80,448) —
Other, net ........................................ (1,892) (603) (1,952)
Net cash used in investing activities ............... (751,530) (744,461) (289,855)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Issuance of common stock ........................... 136,022 174,014 25
Issuance of long-term debt .......................... 445,500 416,000 185,000
Issuance of convertible redeemable preferred stock ......... — 389 29,731
Aircraft sale and leaseback transactions ................. 265,200 150,000 72,000
Short-term borrowings ............................. 32,688 27,098 28,781
Repayment of long-term debt .......................... (57,041) (71,398) (35,254)
Repayment of short-term borrowings ..................... (24,483) (34,200) (15,138)
Other, net ........................................ (8,750) (4,689) (3,450)
Net cash provided by financing activities ........... 789,136 657,214 261,695
INCREASE IN CASH AND CASH EQUIVALENTS ............ 323,943 129,230 83,119
Cash and cash equivalents at beginning of period ............. 246,752 117,522 34,403
Cash and cash equivalents at end of period .................. $570,695 $ 246,752 $ 117,522
See accompanying notes to consolidated financial statements.
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