SkyWest Airlines 2012 Annual Report Download - page 75

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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2012 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ........................................... $ 51,157 $ (27,335) $ 96,350
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ................................. 251,958 254,182 236,499
Stock based compensation expense .............................. 4,693 5,365 6,428
Loss (gain) on sale of property and equipment ...................... 621 (29) (16)
Undistributed losses (earnings) of other companies ................... 10,199 13,273 (635)
Capitalized Brasilia engine overhauls ............................. (25,742) (17,792) (19,050)
Purchase accounting gain (adjustment) ............................ — 5,711 (15,586)
Net increase (decrease) in deferred income taxes ..................... 34,800 (21,537) 58,525
Changes in operating assets and liabilities:
Decrease (increase) in restricted cash ........................... (119) 2,341 4,971
Decrease (increase) in receivables ............................. 408 (10,665) 2,818
Decrease in income tax receivable ............................. 1,568 1,788 9,746
Decrease (increase) in inventories ............................. 1,630 (8,639) (2,071)
Increase in other current assets and prepaid aircraft rents ............. (39,451) (28,668) (19,532)
Decrease in deferred aircraft credits ............................ (7,112) (8,586) (8,756)
Increase (decrease) in accounts payable and accrued aircraft rents ........ (7,653) 10,161 6,289
Increase (decrease) in other current liabilities ..................... 11,867 (7,444) (8,891)
NET CASH PROVIDED BY OPERATING ACTIVITIES ................ 288,824 162,126 347,089
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities .............................. (736,330) (683,396) (1,073,479)
Sales of marketable securities .................................. 677,798 857,031 1,047,553
Purchase of ExpressJet, net of cash acquired ........................ — — (54,018)
Payments received on note receivable from United Air Lines ............. — — 79,333
Proceeds from the sale of property and equipment .................... 15,265 193 147
Proceeds from installment payment of equity shares of TRIP ............. 8,064 — —
Acquisition of property and equipment:
Aircraft and rotable spare parts ............................... (57,277) (158,942) (141,474)
Deposits on aircraft ...................................... — (13,500) (400)
Buildings and ground equipment .............................. (7,662) (13,756) (9,391)
Decrease (increase) in other assets ............................. (8,218) 817 (25,647)
NET CASH USED IN INVESTING ACTIVITIES ..................... (108,360) (11,553) (177,376)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt .......................... 44,900 76,454 81,698
Principal payments on long-term debt ............................ (218,270) (159,038) (185,632)
Return of deposits on aircraft and rotable spare parts .................. — 13,900 4,247
Net proceeds from issuance of common stock ....................... 6,231 4,446 4,907
Purchase of treasury stock .................................... (902) (60,681) (30,009)
Payment of cash dividends .................................... (8,177) (8,466) (9,000)
NET CASH USED IN FINANCING ACTIVITIES .................... (176,218) (133,385) (133,789)
Increase in cash and cash equivalents .............................. 4,246 17,188 35,924
Cash and cash equivalents at beginning of year ........................ 129,526 112,338 76,414
CASH AND CASH EQUIVALENTS AT END OF YEAR ............... 133,772 129,526 112,338
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the year for:
Interest, net of capitalized amounts ............................ $ 78,407 $ 81,187 $ 85,931
Income taxes ........................................... $ (1,354) $ (2,198) $ (16,895)
See accompanying notes to consolidated financial statements.
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