SkyWest Airlines 2012 Annual Report Download - page 66
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During the year ended December 31, 2012, we did not make any deposits on aircraft, compared to
$13.5 million of deposits on aircraft that we made during the year ended December 31, 2011. In
addition, the acquisition of aircraft and rotable spare parts decreased by $101.7 million as compared to
the year ended December 31, 2011.
Cash Flows from Financing Activities.
Net cash used in our financing activities increased $42.8 million or 32.1%, during the year ended
December 31, 2012, compared to the year ended December 31, 2011. The increase was primarily
related to an increase in principal payments on long-term debt of $59.2 million. This increase was
partially offset by a decrease in the amount we spent to repurchase outstanding shares of common
stock. During the year ended December 31, 2012, we spent $0.9 million to repurchase shares of
common stock, compared to $60.7 million for stock repurchases during the year ended December 31,
2011. In addition, the proceeds from the issuance of long-term debt during the year ended
December 31, 2012 decreased by $31.6 million as compared to the year ended December 31, 2011.
Liquidity and Capital Resources
We believe that in the absence of unusual circumstances, the working capital currently available to
us, together with our projected cash flows from operations, 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, 2012, our total capital mix was 48.5% equity and 51.5% long-term debt,
compared to 45.4% equity and 54.6% long-term debt at December 31, 2011.
As of December 31, 2012 and 2011, SkyWest Airlines had a $25 million line of credit. As of
December 31, 2012 and 2011, SkyWest Airlines had no amount outstanding under the facility. The
facility is scheduled to expire on March 31, 2013 and has a fixed interest rate of 4.0%.
As of December 31, 2012, we had $75.1 million in letters of credit and surety bonds outstanding
with various banks and surety institutions.
As of December 31, 2012 and 2011, we classified $19.6 million and $19.4 million as restricted cash,
respectively, related to our workers compensation policies.
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