SkyWest Airlines 2007 Annual Report Download - page 45

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44
SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2007 2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income.................................................................................................................................................................. $159,192 $145,806 $112,267
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ............................................................................................................................... 208,944 189,885 115,275
Stock based compensation expense........................................................................................................................ 13,121 10,771 —
Maintenance expense related to disposition of rotable spares ............................................................................... — 797 —
Loss (gain) on sale of property and equipment ...................................................................................................... (467) 949 (175)
Loss on sale of marketable securities ..................................................................................................................... — 135 570
Decrease in allowance for doubtful accounts......................................................................................................... — (11) (5)
Net increase in deferred income taxes.................................................................................................................... 106,112 90,071 17,958
Tax benefit from exercise of common stock options ............................................................................................. — — 7,509
Changes in operating assets and liabilities:
Decrease (increase) in restricted cash................................................................................................................. 1,704 8,414 (14,524)
Decrease (increase) in receivables ...................................................................................................................... (51,785) (1,153) 7,895
Decrease (increase) in income tax receivable..................................................................................................... (21,295) 10,715 (9,522)
Increase in inventories ........................................................................................................................................ (20,578) (16,549) (8,355)
Increase in deferred aircraft credits .................................................................................................................... 21,163 26,525 24,923
Increase in other current assets and prepaid aircraft rents.................................................................................. (145) (50,254) (49,356)
Increase (decrease) in accounts payable and accrued aircraft rents ................................................................... (20,660) 59,342 (6,638)
Increase in other current liabilities...................................................................................................................... 710 16,192 9,712
NET CASH PROVIDED BY OPERATING ACTIVITIES ..................................................................................... 396,016 491,635 207,534
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities......................................................................................................................... (1,370,189) (317,014) (332,269)
Sales of marketable securities ................................................................................................................................ 1,067,815 255,918 599,815
Purchase of ASA, net of cash acquired .................................................................................................................. — — (371,912)
Proceeds from the sale of property and equipment................................................................................................ 11,290 7,322 4,013
Acquisition of property and equipment:
Aircraft and rotable spare parts........................................................................................................................... (298,519) (206,426) (214,164)
Deposits on aircraft ............................................................................................................................................. (32,326) (416) (101,345)
Buildings and ground equipment........................................................................................................................ (37,547) (38,670) (12,745)
Decrease (increase) in other assets ..................................................................................................................... (2,783) (6,124) 6,154
NET CASH USED IN INVESTING ACTIVITIES .................................................................................................. (662,259) (305,410) (422,453)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt ............................................................................................................. 177,792 123,103 140,980
Proceeds from sale-lease-back of aircraft .............................................................................................................. — — 11,734
Principal payments on long-term debt.................................................................................................................... (110,973) (92,875) (51,331)
Return of deposits on aircraft and rotable spare parts............................................................................................ 11,697 40,924 36,384
Proceeds from issuance of lines of credit............................................................................................................... — — 90,000
Payment on lines of credit ...................................................................................................................................... — (90,000) —
Tax benefit from exercise of common stock options ............................................................................................. 177 — —
Net proceeds from issuance of common stock....................................................................................................... 28,950 114,948 21,785
Purchase of treasury stock ...................................................................................................................................... (125,991) — —
Payment of cash dividends ..................................................................................................................................... (8,061) (7,485) (7,039)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES................................................................... (26,409) 88,615 242,513
Increase (decrease) in cash and cash equivalents ...................................................................................................... (292,652) 274,840 27,594
Cash and cash equivalents at beginning of year ........................................................................................................ 415,454 140,614 113,020
CASH AND CASH EQUIVALENTS AT END OF YEAR ..................................................................................... $122,802 $415,454 $140,614
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest, net of capitalized amounts .................................................................................................................... $112,547 $114,119 $53,720
Income taxes........................................................................................................................................................ $1,420 $2,077 $54,247
NON-CASH INVESTING AND FINANCING ACTIVITIES
Deposits applied to delivered aircraft ................................................................................................................. $— $— $22,043
Debt transferred to operating lease ..................................................................................................................... $— $— $55,375
Deposits applied as lease payments .................................................................................................................... $— $— $36,982
See accompanying notes to consolidated financial statements.