SkyWest Airlines 2015 Annual Report Download - page 65

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61
SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2015 2014 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
N
et income (loss) ..................................................... $ 117,817 $ (24,154) $ 58,956
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization ......................................... 264,507 259,642 245,005
Stock based compensation expense ..................................... 5,368 5,318 4,363
Loss on sale of property and equipment .................................. — 4,016 —
Gain from equity ownership in TRIP and Air Mekong airlines ................. — (24,922) (10,830)
Gain from early extinguishment of debt .................................. (33,660) — —
Capitalized Brasilia EMB-120 engine overhauls ............................ — (18,812) (29,606)
Special items ...................................................... — 74,777 —
Net increase in deferred income taxes .................................... 73,844 5,054 38,007
Changes in operating assets and liabilities:
Decrease in restricted cash .......................................... 3,366 637 7,334
Decrease in receivables ............................................. 21,076 25,540 18,916
Increase in income tax receivable ..................................... (92) (1,939) (840)
Increase in inventories ............................................. (2,860) (890) (24,513)
Increase in other current assets and prepaid aircraft rents .................... (28,598) (25,985) (31,578)
Decrease in deferred aircraft credits .................................... (8,635) (7,672) (8,432)
Increase in accounts payable and accrued aircraft rents ..................... 9,690 5,852 17,594
Increase (decrease) in other current liabilities ............................. (1,719) 9,077 5,514
N
ET CASH PROVIDED BY OPERATING ACTIVITIES ....................... 420,104 285,539 289,890
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities ...................................... (1,170,439) (326,964) (488,564)
Sales of marketable securities .......................................... 1,299,069 398,148 557,424
Proceeds from the sale of aircraft, property and equipment .................... 10,308 9,473 293
Proceeds from installment payment of equity shares of TRIP .................. — 17,237 16,658
Acquisition of property and equipment:
Aircraft and rotable spare parts ....................................... (710,871) (653,473) (102,499)
Deposits on aircraft ................................................ — — (40,000)
Buildings and ground equipment ...................................... (10,405) (21,966) (9,502)
Return of deposits on aircraft ........................................ 1,850 — —
Decrease (increase) in other assets ...................................... 10,772 (7,681) 229
N
ET CASH USED IN INVESTING ACTIVITIES ............................ (569,716) (585,226) (65,961)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt ................................. 591,881 460,600 —
Principal payments on long-term debt .................................... (354,277) (185,357) (171,453)
Net proceeds from issuance of common stock .............................. 9,754 2,692 4,385
Purchase of treasury stock ............................................ (18,726) (8,414) (11,739)
Payment of cash dividends ............................................ (8,260) (8,195) (8,258)
N
ET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES .............. 220,372 261,326 (187,065)
Increase (decrease) in cash and cash equivalents ............................... 70,760 (38,361) 36,864
Cash and cash equivalents at beginning of year ............................... 132,275 170,636 133,772
CASH AND CASH EQUIVALENTS AT END OF YEAR ...................... 203,035 132,275 170,636
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest, net of capitalized amounts .................................... $ 80,657 $ 67,763 $ 71,323
Income taxes ..................................................... $ 5,104 $ 2,066 $ 3,678
See accompanying notes to consolidated financial statements.