SkyWest Airlines 2013 Annual Report Download - page 72

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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2013 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ......................................... $ 58,956 $ 51,157 $ (27,335)
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ............................... 245,005 251,958 254,182
Stock based compensation expense ............................ 4,363 4,693 5,365
Loss (gain) on sale of property and equipment .................... —621 (29)
Undistributed losses (earnings) of other companies ................. (10,830) 10,199 13,273
Capitalized Brasilia engine overhauls ........................... (29,606) (25,742) (17,792)
Adjustment to purchase accounting gain ........................ ——5,711
Net increase (decrease) in deferred income taxes .................. 38,007 34,800 (21,537)
Changes in operating assets and liabilities:
Decrease (increase) in restricted cash ......................... 7,334 (119) 2,341
Decrease (increase) in receivables ........................... 18,916 408 (10,665)
Decrease (increase)in income tax receivable .................... (840) 1,568 1,788
Decrease (increase) in inventories ........................... (24,513) 1,630 (8,639)
Increase in other current assets and prepaid aircraft rents ........... (31,578) (39,451) (28,668)
Decrease in deferred aircraft credits .......................... (8,432) (7,112) (8,586)
Increase (decrease) in accounts payable and accrued aircraft rents ..... 17,594 (7,653) 10,161
Increase (decrease) in other current liabilities ................... 5,514 11,867 (7,444)
NET CASH PROVIDED BY OPERATING ACTIVITIES ............. 289,890 288,824 162,126
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities ............................ (488,564) (736,330) (683,396)
Sales of marketable securities ................................ 557,424 677,798 857,031
Proceeds from the sale of property and equipment ................. 293 15,265 193
Proceeds from installment payment of equity shares of TRIP .......... 16,658 8,064 —
Acquisition of property and equipment:
Aircraft and rotable spare parts ............................. (102,499) (57,277) (158,942)
Deposits on aircraft ..................................... (40,000) —(13,500)
Buildings and ground equipment ............................ (9,502) (7,662) (13,756)
Decrease (increase) in other assets .......................... 229 (8,218) 817
NET CASH USED IN INVESTING ACTIVITIES .................. (65,961) (108,360) (11,553)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt ....................... — 44,900 76,454
Principal payments on long-term debt .......................... (171,453) (218,270) (159,038)
Return of deposits on aircraft and rotable spare parts ............... ——13,900
Net proceeds from issuance of common stock ..................... 4,385 6,231 4,446
Purchase of treasury stock .................................. (11,739) (902) (60,681)
Payment of cash dividends .................................. (8,258) (8,177) (8,466)
NET CASH USED IN FINANCING ACTIVITIES .................. (187,065) (176,218) (133,385)
Increase in cash and cash equivalents ............................ 36,864 4,246 17,188
Cash and cash equivalents at beginning of year ..................... 133,772 129,526 112,338
CASH AND CASH EQUIVALENTS AT END OF YEAR ............. 170,636 133,772 129,526
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the year for:
Interest, net of capitalized amounts .......................... $ 71,323 $ 78,407 $ 81,187
Income taxes ......................................... $ 3,678 $ (1,354) $ (2,198)
See accompanying notes to consolidated financial statements.
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