v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 2 Months Ended 4 Months Ended 6 Months Ended
Mar. 12, 2025
Jun. 30, 2025
Jun. 30, 2024
Operating activities:      
Net income (loss) $ 72,216 $ (256,767) $ (335,562)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:      
Losses reclassified from other comprehensive income 34 (2) 38
Share-based compensation 1,233 1,844 3,422
Allowance for doubtful accounts (recoveries) 0 215 823
Amortization of debt issuance costs 1,003 1,349 7,069
Amortization of debt fair value adjustment (fresh start accounting) 0 11,568 0
Depreciation and amortization 54,853 74,483 165,832
Accretion of 8.00% senior secured notes 0 0 2,105
Amortization of debt discount 0 109 5,767
Deferred income tax expense (benefit) 17,481 (4,651) (11,345)
Loss (gain) on disposal of assets 11,655 (328) (17,076)
Reorganization items (421,464) 0 0
Changes in operating assets and liabilities:      
Accounts receivable, net (22,726) (17,948) (12,005)
Deposits and other assets 13,597 (4,188) (28,990)
Deferred heavy maintenance (26,736) (12,345) (49,224)
Accounts payable 14,240 101,000 (2,599)
Air traffic liability 81,855 (111,195) 113,234
Other liabilities (20,165) (31,906) (110,370)
Other (767) (897) (1,112)
Net cash provided by (used in) operating activities (223,691) (249,659) (269,993)
Investing activities:      
Purchase of available-for-sale investment securities (25,072) (27,996) (94,724)
Proceeds from the maturity and sale of available-for-sale investment securities 24,750 148,186 94,100
Proceeds from sale of property and equipment 0 0 161,581
Pre-delivery deposit and other payments on flight equipment (1,411) (2,823) (1,836)
Pre-delivery deposit refunds on flight equipment 26,434 13,217 163,995
Capitalized interest (1,331) (262) (10,849)
Assets under construction for others 2,875 4,206 395
Purchase of property and equipment (7,204) (14,081) (60,551)
Net cash provided by (used in) investing activities 19,041 120,447 252,111
Financing activities:      
Proceeds from issuance of long-term debt 0 215,000 123,500
Proceeds from issuance of common stock and warrants 350,000 0 0
Payments on debt obligations (634,506) (42,129) (119,632)
Payments for the early extinguishment of debt 0 (42,966) (124,007)
Payments on finance lease obligations (37) (73) (177)
Reimbursement for assets under construction for others (2,573) (4,508) (395)
Repurchase of common stock 0 0 (645)
Debt and equity financing costs (13,456) (1,738) 0
Net cash provided by (used in) financing activities (300,572) 123,586 (121,356)
Net increase (decrease) in cash, cash equivalents, and restricted cash (505,222) (5,626) (139,238)
Cash, cash equivalents, and restricted cash at beginning of period [1] 1,070,447 565,225 984,611
Cash, cash equivalents, and restricted cash at end of period [1] 565,225 559,599 845,373
Cash payments for:      
Interest, net of capitalized interest 64,790 21,848 83,671
Income taxes paid (received), net 152 1,412 7,050
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows for operating leases 96,575 196,602 249,778
Financing cash flows for finance leases 5 8 17
Non-cash transactions:      
Capital expenditures funded by finance lease borrowings 0 0 274
Capital expenditures funded by operating lease borrowings $ 98,385 $ 88,916 $ 731,365
[1]
(1) The sum of cash and cash equivalents and restricted cash on the Company's condensed consolidated balance sheets equals cash, cash equivalents, and restricted cash in the Company's condensed consolidated statement of cash flows.