Spirit Airlines 2015 Annual Report Download - page 66

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66
Spirit Airlines, Inc.
Statements of Cash Flows
(In thousands)
Year Ended December 31,
2015 2014 2013
Operating activities:
Net income $ 317,220 $ 225,464 $ 176,918
Adjustments to reconcile net income to net cash provided by operations:
Unrealized (gains) losses on open derivative contracts, net 2,334 — 265
Equity-based compensation 9,222 8,797 5,689
Allowance for doubtful accounts (recoveries) 12 (45) 143
Amortization of deferred gains and losses 1,165 (185) (558)
Depreciation and amortization 73,908 46,971 31,947
Deferred income tax expense 155,614 34,118 12,047
Loss on disposal of assets 1,604 3,008 525
Changes in operating assets and liabilities:
Accounts receivable (5,592) 606 (461)
Aircraft maintenance deposits (32,101) (31,925) (24,058)
Long-term deposits and other assets (103,613) (48,382) (65,654)
Accounts payable 2,706 (10,034) (1,674)
Air traffic liability 36,387 21,135 36,226
Other liabilities 14,119 13,731 24,235
Other — (2,747) (214)
Net cash provided by operating activities 472,985 260,512 195,376
Investing activities:
Pre-delivery deposits for flight equipment, net of refunds (142,323) (115,802) (70,288)
Capitalized interest (10,159) — —
Purchase of property and equipment (548,800) (186,569) (19,812)
Net cash used in investing activities (701,282) (302,371) (90,100)
Financing activities:
Proceeds from issuance of long-term debt 536,780 148,000 —
Proceeds from stock options exercised 32 174 852
Payments on debt and capital lease obligations (26,364) (1,233) —
Proceeds from sale and leaseback transactions 7,300 7,200 6,900
Payments to pre-IPO shareholders pursuant to tax receivable agreement — (5,643) —
Excess tax benefits from equity-based compensation 8,850 1,871 1,927
Repurchase of common stock (112,261) (1,630) (1,140)
Debt issuance costs (15,192) (4,727) —
Net cash provided by financing activities 399,145 144,012 8,539
Net increase in cash and cash equivalents 170,848 102,153 113,815
Cash and cash equivalents at beginning of period 632,784 530,631 416,816
Cash and cash equivalents at end of period $ 803,632 $ 632,784 $ 530,631
Supplemental disclosures
Cash payments for:
Interest (net of capitalized interest) $ 7,061 $ — $ —
Income taxes paid, net of refunds $ 95,933 $ 89,104 $ 85,705
Non-cash transactions:
Liability and equity related to tax receivable agreement $ — $ — $ (2,336)
Capital expenditures funded by capital lease borrowings $ — $ (173) $ (3,234)
See accompanying Notes to Financial Statements.