Spirit Airlines 2012 Annual Report Download - page 63

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Spirit Airlines, Inc.
Statements of Cash Flows
(In thousands)
See accompanying Notes to Financial Statements.
62
Year Ended December 31,
2012
2011
2010
Operating activities:
Net income
$
108,460
$
76,448
$
72,481
Adjustments to reconcile net income to net cash provided by operations:
Changes in fair value of open fuel hedge contracts
46
3,204
(2,065
)
Non-cash restructuring credit charges, net —
—
22
Equity based stock compensation, net
4,327
530
569
Allowance for doubtful accounts (recoveries)
78
27
(110
)
Amortization of deferred gains, losses and debt issuance costs
(830
)
(1,047
)
(574
)
Depreciation and amortization
15,256
7,760
5,620
Deferred income tax benefit (loss)
29,255
44,180
(52,811
)
Loss on disposal of assets
956
255
77
Gain on slot sale
(9,060
)
—
—
Interest and dividends incurred but not paid —
21,875
43,202
Capitalized interest
(1,350
)
(2,890
)
(1,491
)
Changes in operating assets and liabilities:
Restricted cash —
72,736
(20,196
)
Accounts receivable
(7,393
)
(5,728
)
(1,014
)
Prepaid maintenance reserves
(31,567
)
(36,848
)
(35,694
)
Long-term deposits and other assets
(68,248
)
(15,992
)
(13,981
)
Accounts payable
8,452
2,457
(2,007
)
Air traffic liability
19,134
6,573
19,107
Other liabilities
46,115
(2,189
)
16,132
Other —
(
153
)
(234
)
Net cash provided by operating activities
113,631
171,198
27,033
Investing activities:
Proceeds from sale of property and equipment
14
150
333
Proceeds from sale of slots
9,060
—
—
Pre-delivery deposits for flight equipment, net of refunds
(12,626
)
(53,274
)
(25,474
)
Purchase of property and equipment
(23,771
)
(14,093
)
(5,325
)
Net cash used in investing activities
(27,323
)
(67,217
)
(30,466
)
Financing activities:
Proceeds from issuance of common stock, net offering expenses —
170,828
—
Proceeds from options exercised
469
423
—
Payments on debt and capital lease obligations —
(
18,221
)
—
Proceeds from sale leaseback transactions
12,540
4,481
—
Payments to pre-IPO shareholders pursuant to tax receivable agreement
(26,905
)
—
—
Excess tax benefits from share-based compensation
2,098
—
—
Repurchase of common stock
(1,022
)
(886
)
—
Debt issuance costs —
8
—
Net cash (used in) provided by financing activities
(12,820
)
156,633
—
Net increase (decrease) in cash and cash equivalents
73,488
260,614
(3,433
)
Cash and cash equivalents at beginning of period
343,328
82,714
86,147
Cash and cash equivalents at end of period
$
416,816
$
343,328
$
82,714
Supplemental disclosures
Cash payments for:
Interest
$
303
$
10,562
$
4,303
Taxes
$
40,204
$
1,477
$
562
Non-cash transactions:
Exchange of notes due to related parties for common stock
$
—
$
279,206
$
—
Exchange of mandatorily redeemable preferred stock for common stock
$
—
$
81,747
$
—
Liability and equity related to tax receivable agreement
$
(1,497
)
$
36,488
$
—