Spirit Airlines 2011 Annual Report Download - page 76

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Spirit Airlines, Inc.
Statements of Cash Flows
(In thousands)
Year Ended December 31,
2011
2010
2009
Operating activities:
Net income
$
76,448
$
72,481
$
83,693
Adjustments to reconcile net income to net cash provided by operations:
Changes in fair value of open fuel hedge contracts
3,203
(2,064
)
(1,449
)
Gain on debt extinguishment —
—
(
19,711
)
Non-cash restructuring credit charges, net —
22
60
Equity based stock compensation, net
530
569
113
Allowance for doubtful accounts
27
(110
)
109
Amortization of deferred gains, losses and debt issuance costs
(1,047
)
(574
)
(255
)
Depreciation and amortization
7,760
5,620
4,924
Deferred income tax benefit (loss)
44,180
(52,811
)
—
Loss on disposal of assets
255
77
1,010
Interest and dividends incurred but not paid
21,875
43,202
38,080
Capitalized interest
(2,890
)
(1,491
)
(951
)
Changes in operating assets and liabilities:
Restricted cash
72,736
(20,196
)
16,857
Accounts receivable
(5,728
)
(1,014
)
(2,450
)
Prepaid maintenance reserves
(36,848
)
(35,694
)
(26,923
)
Long-term deposits and other assets
(15,992
)
(13,981
)
(6,542
)
Accounts payable
2,457
(2,007
)
(6,566
)
Air traffic liability
6,573
19,107
(3,239
)
Other liabilities
(2,189
)
16,132
(7,313
)
Other
(152
)
(235
)
(380
)
Net cash provided by operating activities
171,198
27,033
69,067
Investing activities:
Proceeds from sale of property and equipment
150
333
19,491
Pre-delivery deposits for flight equipment, net of refunds
(53,274
)
(25,474
)
(2,384
)
Purchase of property and equipment, net
(14,093
)
(5,325
)
(14,778
)
Net cash (used in) provided by investing activities
(67,217
)
(30,466
)
2,329
Financing activities:
Proceeds from issuance of debt —
—
2,000
Proceeds from issuance of common stock, net of offering expenses
170,828
—
—
Proceeds from options exercised
423
—
—
Payments on debt and capital lease obligations
(18,221
)
—
(
2,239
)
Proceeds from sale leaseback transactions
4,481
—
—
Repurchase of common stock
(886
)
—
(
43
)
Debt issuance costs
8
—
(
1,196
)
Net cash provided by (used in) financing activities
156,633
—
(
1,478
)
Net increase (decrease) in cash and cash equivalents
260,614
(3,433
)
69,918
Cash and cash equivalents at beginning of period
82,714
86,147
16,229
Cash and cash equivalents at end of period
$
343,328
$
82,714
$
86,147
Supplemental disclosures
Cash payments for:
Interest paid
$
10,562
$
4,303
$
12,177
Taxes paid
$
1,477
$
562
$
1,974
Non-cash transactions:
Exchange of notes due to related parties for common stock
$
279,206
$
—
$
—
Exchange of mandatorily redeemable preferred stock for common stock