Virgin America Inc.

CIK:0001614436|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating revenues:
Passenger	$ 395,817	$ 366,089	$ 1,095,953	$ 1,015,162
Other	49,368	44,792	138,967	122,957
Total operating revenues	445,185	410,881	1,234,920	1,138,119
Operating expenses:
Salaries, wages and benefits	82,759	74,995	244,772	214,485
Aircraft fuel	76,566	86,480	218,237	268,781
Aircraft rent	47,901	47,088	143,008	137,779
Landing fees and other rents	41,389	38,128	121,286	106,181
Sales and marketing	35,845	32,632	103,663	89,715
Aircraft maintenance	17,112	15,838	50,844	42,327
Depreciation and amortization	10,582	4,465	27,860	12,792
Other operating expenses	42,377	37,387	133,497	109,150
Total operating expenses	354,531	337,013	1,043,167	981,210
Operating income:	90,654	73,868	191,753	156,909
Other expense:
Interest expense	(5,028)	(1,672)	(12,816)	(4,503)
Interest expense-related-party	(1,036)	(953)	(3,085)	(2,581)
Capitalized interest	0	1,100	635	3,409
Other income (expense), net	134	(95)	425	(2,523)
Total other expense	(5,930)	(1,620)	(14,841)	(6,198)
Income before income tax	84,724	72,248	176,912	150,711
Income tax expense	32,926	392	69,556	1,081
Net income	$ 51,798	$ 71,856	$ 107,356	$ 149,630
Net income per share:
Basic (in dollars per share)	$ 1.17	$ 1.65	$ 2.42	$ 3.45
Diluted (in dollars per share)	$ 1.15	$ 1.61	$ 2.39	$ 3.36
Shares used for computation:
Basic (in shares)	44,407	43,642	44,319	43,375
Diluted (in shares)	45,018	44,588	44,855	44,554

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Cash Flows [Abstract]
Cash flows from operating activities	$ 204,858	$ 173,745
Cash flows from investing activities:
Acquisition of property and equipment	(249,264)	(115,135)
Pre-delivery payments for flight equipment	0	(5,805)
Net cash used in investing activities	(249,264)	(120,940)
Cash flows from financing activities:
Net proceeds of equity issuance	2,621	5,155
Proceeds of debt issuance	214,750	78,000
Debt issuance costs	(2,448)	(1,621)
Payment of long-term debt	(50,770)	(13,539)
Shares repurchased for tax withholdings	(1,818)	(3,736)
Net cash provided by financing activities	162,335	64,259
Net increase in cash and cash equivalents	117,929	117,064
Cash and cash equivalents, beginning of period	496,349	394,643
Cash and cash equivalents, end of period	614,278	511,707
Non-cash transactions:
Fixed assets in accounts payable	13,968	1,939
Non-cash loan borrowings on pre-delivery payments for flight equipment	$ 0	$ 17,416

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 614,278	$ 496,349
Receivables, net	37,218	19,556
Prepaid expenses and other assets	17,940	10,675
Total current assets	669,436	526,580
Property and equipment:
Flight equipment	645,345	373,199
Ground and other equipment	99,474	85,471
Less accumulated depreciation and amortization	(118,586)	(92,173)
Property, Plant and Equipment, Net	626,233	366,497
Pre-delivery payments for flight equipment	25,960	72,402
Total property and equipment, net	652,193	438,899
Aircraft maintenance deposits	235,376	216,207
Aircraft lease deposits	57,287	58,330
Restricted cash	21,559	19,800
Deferred income taxes	91,776	171,443
Other non-current assets	166,639	137,272
Assets, Noncurrent	572,637	603,052
Total assets	1,894,266	1,568,531
Current liabilities:
Accounts payable	52,762	76,603
Air traffic liability	230,623	174,853
Other current liabilities	117,972	117,135
Long-term debt-current portion	30,581	48,843
Total current liabilities	431,938	417,434
Long-term debt	395,881	216,477
Long-term debt-related parties	45,505	42,421
Other long-term liabilities	81,733	84,052
Total liabilities	955,057	760,384
Contingencies and commitments (Note 5)
Stockholders’ equity
Preferred stock	0	0
Common stock	444	442
Treasury stock	(6,856)	(5,038)
Additional paid-in capital	1,260,223	1,251,524
Accumulated deficit	(305,123)	(412,479)
Accumulated other comprehensive loss	(9,479)	(26,302)
Total stockholders’ equity	939,209	808,147
Total liabilities and stockholders’ equity	$ 1,894,266	$ 1,568,531