SkyWest Airlines 2011 Annual Report Download - page 71

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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2011 2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ........................................... $(27,335) $ 96,350 $ 83,658
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ................................. 254,182 236,499 221,548
Stock based compensation expense .............................. 5,365 6,428 7,944
Gain on sale of property and equipment .......................... (29) (16) (77)
Undistributed losses (earnings) of other companies ................... 13,273 (635) (1,785)
Capitalized brasilia engine overhauls ............................. (17,792) (19,050) (26,635)
Purchase accounting gain (adjustment) ............................ 5,711 (15,586) —
Impairment on marketable securities ............................. — — 7,115
Net increase (decrease) in deferred income taxes ..................... (21,537) 58,525 59,350
Changes in operating assets and liabilities:
Decrease (increase) in restricted cash ........................... 2,341 4,971 (2)
Decrease (increase) in receivables ............................. (10,665) 2,818 (56,444)
Decrease in income tax receivable ............................. 1,788 9,746 2,260
Decrease (increase) in inventories ............................. (8,639) (2,071) 14,507
Decrease (increase) in other current assets and prepaid aircraft rents ...... (28,668) (19,532) 10,608
Decrease in deferred aircraft credits ............................ (8,586) (8,756) (3,658)
Increase in accounts payable and accrued aircraft rents ............... 10,161 6,289 46,908
Decrease in other current liabilities ............................ (7,444) (8,891) (2,432)
NET CASH PROVIDED BY OPERATING ACTIVITIES ................ 162,126 347,089 362,865
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities .............................. (683,396) (1,073,479) (854,715)
Sales of marketable securities .................................. 857,031 1,047,553 772,616
Issuance of United Air Lines note receivable ....................... — — (80,000)
Purchase of ExpressJet, net of cash acquired ........................ — (54,018) —
Payments received on note receivable from United Air Lines ............. — 79,333 667
Proceeds from the sale of property and equipment .................... 193 147 18,662
Acquisition of property and equipment:
Aircraft and rotable spare parts ............................... (158,942) (141,474) (392,393)
Deposits on aircraft ...................................... (13,500) (400) —
Buildings and ground equipment .............................. (13,756) (9,391) (2,556)
Decrease (increase) in other assets ............................. 817 (25,647) (25,458)
NET CASH USED IN INVESTING ACTIVITIES ..................... (11,553) (177,376) (563,177)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt .......................... 76,454 81,698 300,716
Principal payments on long-term debt ............................ (159,038) (185,632) (147,315)
Return of deposits on aircraft and rotable spare parts .................. 13,900 4,247 16,143
Net proceeds from issuance of common stock ....................... 4,446 4,907 8,787
Purchase of treasury stock .................................... (60,681) (30,009) (18,445)
Payment of cash dividends .................................... (8,466) (9,000) (9,052)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES ........ (133,385) (133,789) 150,834
Increase (decrease) in cash and cash equivalents ....................... 17,188 35,924 (49,478)
Cash and cash equivalents at beginning of year ........................ 112,338 76,414 125,892
CASH AND CASH EQUIVALENTS AT END OF YEAR ............... 129,526 112,338 $ 76,414
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the year for:
Interest, net of capitalized amounts ............................ $ 81,187 $ 85,931 $ 90,572
Income taxes ........................................... $ (2,198) $ (16,895) $ 2,896
See accompanying notes to consolidated financial statements.
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