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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended
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Mar. 31, 2026 | Mar. 31, 2025
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |  |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 144,477 | $ 171,023
CASH FLOWS FROM INVESTING ACTIVITIES: |  |
Purchases of marketable securities | (169,843) | (349,334)
Sales of marketable securities | 192,022 | 351,614
Acquisition of property and equipment: |  |
Aircraft and rotable spare parts | (88,109) | (64,857)
Buildings and ground equipment | (14,046) | (8,453)
Deposits on aircraft | (6,457) | (5,140)
Proceeds from the sale of property and equipment | 247 | 118
Decrease in other assets, net | 3,358 | 9,943
NET CASH USED IN INVESTING ACTIVITIES | (82,828) | (66,109)
CASH FLOWS FROM FINANCING ACTIVITIES: |  |
Proceeds from issuance of long-term debt | 117,565 |
Principal payments on long-term debt | (116,196) | (113,672)
Payment of debt issuance cost | (175) |
Net proceeds from issuance of common stock | 1,313 | 1,293
Employee income tax paid on vested equity awards | (45,637) | (27,242)
Purchase of treasury stock and related excise tax | (75,351) | (13,682)
NET CASH USED IN FINANCING ACTIVITIES | (118,481) | (153,303)
Decrease in cash and cash equivalents | (56,832) | (48,389)
Cash and cash equivalents at beginning of period | 122,673 | 227,362
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 65,841 | 178,973
Non-cash investing and financing activities: |  |
Change in accrued capital expenditures for the period | 27,974 | 45,606
Cash paid during the period for: |  |
Interest, net of capitalized amounts | 28,680 | 27,637
Income taxes, net of refunds | $ 1,080 | $ (18)

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