v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 106,336 $ 38,024
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Depreciation and amortization 75,367 75,127
Amortization of deferred financing costs and debt discount 2,389 4,094
Paid-in-kind interest on long-term debt   7,757
Impairment of assets held for sale and other investments   14,100
(Gain) loss on divestiture of businesses   (1,422)
Stock-based compensation expense (91) 520
Liability classified stock awards   2,085
Loss (gain) on disposal of property and equipment 1,076 4,105
Unrealized loss (gain) on marketable equity securities 1,227 1,235
Deferred income taxes (4) (1)
Other, net (7,364) (2,302)
Changes in assets and liabilities, net of effects of acquisitions    
Accounts receivable, net (64,847) (61,631)
Accounts payable 5,775 3,050
Accrued wages, benefits and taxes (73,169) (34,704)
Accrued interest 15,849 65,712
Accrued liabilities 54,375 47,643
Other assets and liabilities, net 11,824 25,951
Net cash provided by (used in) operating activities 128,743 189,343
Cash flows from investing activities:    
Proceeds from divestiture of businesses   6,422
Proceeds from asset disposals related to sales and insurance recoveries 1,199 265
Purchases of property and equipment (64,138) (52,458)
Net change in investments held as insurance collateral (660) (734)
Purchases of marketable securities (25,878) (10,150)
Sales and maturities of marketable securities 24,819 12,852
Other investing activities, net 13,200 (4,613)
Net cash provided by (used in) investing activities (51,458) (48,416)
Cash flows from financing activities:    
Payments on finance lease obligations (3,016) (3,493)
Principal payments on long-term debt (39,491) (36,084)
Proceeds from issuance of long-term debt 27,681 10,000
(Redemption) issuance of redeemable preferred stock (249,994)  
Proceeds from issuance of shares under stock award plan, net of cash taxes paid   498
Net cash provided by (used in) financing activities (264,820) (29,079)
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents (187,535) 111,848
Cash and cash equivalents, beginning of period (including restricted cash and restricted cash equivalents of $14.8 million and $16.6 million, respectively) 624,229 368,902
Cash and cash equivalents, end of period (including restricted cash and restricted cash equivalents of $10.6 million and $15.6 million, respectively) 436,694 480,750
Supplemental disclosure of cash flow information    
Equipment (primarily aircraft) additions financed with the issuance of debt   4,131
Interest 76,324 36,126
Income taxes, net of refunds received $ (878) $ 1,099