JetBlue Airlines 2008 Annual Report Download - page 54

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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
2008 2007 2006
Year Ended December 31,
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) . . .............................................. $ (76) $ 18 $ (1)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Deferred income taxes . . ........................................ (1) 23 10
Depreciation.................................................. 189 161 136
Amortization . . . .............................................. 21 19 18
Stock-based compensation ........................................ 16 15 21
Gains on sale of flight equipment and extinguishment of debt . ............. (41) (9) (8)
Collateral posted on derivative instruments ............................ (149) — —
Auction rate securities impairment, net . .............................. 53 — —
Restricted cash held for business partners ............................. (70) — —
Changes in certain operating assets and liabilities:
Decrease (increase) in receivables . . .............................. 4 (14) (12)
Decrease (increase) in inventories, prepaid and other ................... (10) 3 (28)
Increase in air traffic liability . ................................... 19 86 97
Increase in accounts payable and other accrued liabilities . . . ............. 15 36 33
Other, net. ................................................... 13 20 8
Net cash provided by (used in) operating activities................... (17) 358 274
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures .............................................. (654) (617) (996)
Predelivery deposits for flight equipment . .............................. (49) (128) (106)
Assets constructed for others ........................................ (142) (242) (149)
Proceeds from sale of flight equipment . . .............................. 299 100 154
Refund of predelivery deposits for flight equipment ....................... — 12 19
Purchase of held-to-maturity investments . .............................. — (11) (23)
Proceeds from maturities of held-to-maturity investments ................... — 24 15
Purchase of available-for-sale securities . . .............................. (69) (654) (1,002)
Sale of available-for-sale securities ................................... 397 719 797
Return of security deposits . ........................................ 1 72 —
Increase in restricted cash and other assets, net. . . ........................ (30) (9) (16)
Net cash used in investing activities ............................. (247) (734) (1,307)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Issuance of common stock........................................ 320 26 28
Issuance of long-term debt ....................................... 716 376 855
Aircraft sale and leaseback transactions .............................. 26 183 406
Short-term borrowings . . ........................................ 17 48 45
Borrowings collateralized by ARS .................................. 163 — —
Construction obligation . . ........................................ 138 242 179
Repayment of long-term debt and capital lease obligations .................. (673) (265) (390)
Repayment of short-term borrowings .................................. (52) (44) (71)
Other, net . . ................................................... (20) (10) (15)
Net cash provided by financing activities. . ........................ 635 556 1,037
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS ................................................ 371 180 4
Cash and cash equivalents at beginning of period . . . ........................ 190 10 6
Cash and cash equivalents at end of period . .............................. $561 $190 $ 10
See accompanying notes to consolidated financial statements.
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