great numbers indeed.

this has been mentioned before but painting "no debt" as either positive or negative is misleading. just forget about it.

company chooses sale & leaseback over owning the planes.
implication is that its not reported as debt but as leasing expenses.
its not an accounting trick, just a financing choice.

company acknowledges the leases as long term obligations, like any other airline. (see 2013 investor day presentation for details, page 40 shows $1.1billion of estimated lease obligations. thats a rough debt equivalent).