JetBlue Airlines 2006 Annual Report Download - page 56

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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2006 2005 2004
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) .......................................... $ (1) $ (20) $ 46
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Deferred income taxes .................................. 10 (4) 29
Depreciation .......................................... 136 101 67
Amortization.......................................... 18 16 11
Stock-based compensation ............................... 21 9 2
Changes in certain operating assets and liabilities:
Increase in receivables ................................ (12) (28) (20)
Increase in inventories, prepaid and other ................. (28) (20) (6)
Increase in air traffic liability ........................... 97 69 39
Increase in accounts payable and other accrued liabilities ..... 33 54 21
Other, net ............................................ — (7) 10
Net cash provided by operating activities .................. 274 170 199
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures ....................................... (996) (917) (611)
Predelivery deposits for flight equipment ....................... (106) (183) (180)
Assets constructed for others................................. (149) (24) (6)
Proceeds from sale of flight equipment ......................... 154 — —
Refund of predelivery deposits for flight equipment ............... 19 — —
Purchase of held-to-maturity investments ....................... (23) (5) (19)
Proceeds from maturities of held-to-maturity investments .......... 15 18 25
Purchase of available-for-sale securities......................... (1,002) (758) (430)
Sale of available-for-sale securities ............................ 797 679 506
Increase in restricted cash and other assets ...................... (16) (86) (5)
Net cash used in investing activities ...................... (1,307) (1,276) (720)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Issuance of common stock ................................. 28 178 20
Issuance of long-term debt ................................. 855 872 499
Aircraft sale and leaseback transactions ...................... 406 152 —
Short-term borrowings .................................... 45 68 44
Construction obligation ................................... 179 — —
Repayment of long-term debt and capital lease obligations ......... (390) (117) (77)
Repayment of short-term borrowings .......................... (71) (47) (30)
Other, net ................................................ (15) (13) (19)
Net cash provided by financing activities .................. 1,037 1,093 437
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS . 4 (13) (84)
Cash and cash equivalents at beginning of period .................. 6 19 103
Cash and cash equivalents at end of period ....................... $ 10 $ 6 $ 19
See accompanying notes to consolidated financial statements.
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