SkyWest Airlines 2009 Annual Report Download - page 66

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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2009 2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ........................................... $ 83,658 $ 112,929 $ 159,192
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ............................. 221,548 220,195 208,944
Stock based compensation expense .......................... 7,944 11,489 13,121
Loss (gain) on sale of property and equipment .................. (77) 68 (467)
Undistributed earnings of other companies .................... (1,785) — —
Impairment on marketable securities ........................ 7,115 — —
Net increase in deferred income taxes ........................ 59,350 55,541 106,112
Changes in operating assets and liabilities:
Decrease (increase) in restricted cash ...................... (2) 3,977 1,704
Decrease (increase) in receivables ......................... (56,444) 25,758 (51,785)
Decrease (increase) in income tax receivable ................. 2,260 8,246 (21,295)
Decrease (increase) in inventories ......................... 14,507 1,355 (20,578)
Decrease (increase) in other current assets and prepaid aircraft rents . 10,608 4,437 (145)
Increase (decrease) in deferred aircraft credits ................ (3,658) (5,140) 21,163
Increase (decrease) in accounts payable and accrued aircraft rents . . . 46,908 (23,666) (20,660)
Increase (decrease) in other current liabilities ................. (2,432) 354 710
NET CASH PROVIDED BY OPERATING ACTIVITIES ........... 389,500 415,543 396,016
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities .......................... (854,715) (1,305,015) (1,370,189)
Sales of marketable securities ............................. 772,616 1,254,574 1,067,815
Issuance of United Air Lines note receivable ................... (80,000) — —
Payments received on note receivable from United Air Lines ........ 667 — —
Proceeds from the sale of property and equipment ............... 18,662 4,580 11,290
Acquisition of property and equipment:
Aircraft and rotable spare parts .......................... (419,028) (194,189) (298,519)
Deposits on aircraft .................................. — — (32,326)
Buildings and ground equipment .......................... (2,556) (37,627) (37,547)
Increase in other assets ................................ (25,458) (6,559) (2,783)
NET CASH USED IN INVESTING ACTIVITIES ................ (589,812) (284,236) (662,259)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt ..................... 300,716 80,361 177,792
Principal payments on long-term debt ........................ (147,315) (119,823) (110,973)
Return of deposits on aircraft and rotable spare parts ............. 16,143 3,458 11,697
Tax benefit from exercise of common stock options ............... — 9 177
Net proceeds from issuance of common stock .................. 8,787 17,361 28,950
Purchase of treasury stock ................................ (18,445) (102,632) (125,991)
Payment of cash dividends ............................... (9,052) (6,951) (8,061)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES . . 150,834 (128,217) (26,409)
Increase (decrease) in cash and cash equivalents .................. (49,478) 3,090 (292,652)
Cash and cash equivalents at beginning of year ................... 125,892 122,802 415,454
CASH AND CASH EQUIVALENTS AT END OF YEAR ........... $ 76,414 $ 125,892 $ 122,802
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest, net of capitalized amounts ........................ $ 90,572 $ 111,717 $ 112,547
Income taxes ....................................... $ 2,896 $ 23,876 $ 1,420
See accompanying notes to consolidated financial statements.
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