SkyWest Airlines 2010 Annual Report Download - page 63
Download and view the complete annual report
Please find page 63 of the 2010 SkyWest Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53 -
54 -
55 -
56 -
57 -
58 -
59 -
60 -
61 -
62 -
63 -
64 -
65 -
66 -
67 -
68 -
69 -
70 -
71 -
72 -
73 -
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
 |
 |
acquisition of 14 CRJ 700s during the year ended December 31, 2009 compared to the acquisition of
only four CRJ 700s during the year ended December 31, 2010. We also completed the ExpressJet
Merger on November 12, 2010. Net of cash acquired, we paid $54.0 million. In addition, the decrease
was due to the collection of scheduled payments and full repayment of our term loan to United.
During the year ended December 31, 2010, we collected $79.3 million in outstanding principal
payments from United.
Cash Flows from Financing Activities.
Net cash provided by (used in) financing activities decreased $284.6 million or 188.7%, during the
year ended December 31, 2010, compared to the year ended December 31, 2009. The decrease was
primarily related to a decrease in proceeds from the issuance of long-term debt. During the year ended
December 31, 2010 we received proceeds from long-term debt of $81.7 million, as compared to the
proceeds of $300.7 million during the year ended December 31, 2009. During the year ended
December 31, 2010, we financed four CRJ 700s with long-term debt. During the year ended
December 31, 2009, we financed 14 CRJ 700s with long-term debt. In addition, during the year ended
December 31, 2010 our principal payments on long term debt increased $38.3 million. During the three
months ended December 31, 2010, we repaid $34.6 million of outstanding ExpressJet debt.
Liquidity and Capital Resources
We believe that in the absence of unusual circumstances, the working capital currently available to
us will be sufficient to meet our present financial requirements, including anticipated expansion,
planned capital expenditures, and scheduled lease payments and debt service obligations for at least the
next 12 months.
At December 31, 2010, our total capital mix was 45.0% equity and 55.0% long-term debt,
compared to 42.7% equity and 57.3% long-term debt at December 31, 2009.
As of December 31, 2010, SkyWest Airlines had a $25 million line of credit. As of December 31,
2010 and 2009, SkyWest Airlines had no amount outstanding under the facility. The facility expires on
March 31, 2011 and has a fixed interest rate of 4.50%.
As of December 31, 2010, we had $58.0 million in letters of credit and surety bonds outstanding
with various banks and surety institutions.
As of December 31, 2010 and 2009, we classified $21.8 million and $10.7 million as restricted cash,
respectively, related to our workers compensation policies.
59