ALK FY 2009 Earnings Report — Alaska Air Group, Inc. Revenue & Financial Results | Market Cap Arena

Alaska Air Group, Inc.ALK

FY 2009 Earnings

Reported December 30, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$3.4B	—	$3.7B	—	-7.2%
Op. Income	$267M	—	-$172M	—	255.3%
Gross Margin	79.0%	—	51.3%	—	27.7pp
Net Margin	3.6%	—	-3.7%	—	7.3pp
EPS (Diluted)	$0.84	—	$-0.93	—	190.3%
Free Cash Flow	-$133M	—	-$249M	—	46.4%

Revenue Flow

Item	Amount
REVENUE	$3.4B
Cost of Revenue	$714M
GROSS PROFIT	$2.7B
R&D Expenses	$0
Selling & Marketing	$132M
General & Administrative	$1.1B
SG&A Expenses	$1.2B
Other Expenses	$442M
Operating Expenses	$1.7B
Cost & Expenses	$2.4B
OPERATING INCOME	$267M
Interest Income	$33M
Interest Expense	$93M
Other Income/Expenses	-$65M
INCOME BEFORE TAX	$203M
Income Tax Expense	$81M
Net Income from Continuing Ops	$122M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$122M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$122M
D&A	$219M
EBIT	$307M
EBITDA	$515M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$3.4B
Cost of Revenue	$714M
GROSS PROFIT	$2.7B
R&D Expenses	$0
Selling & Marketing	$132M
General & Administrative	$1.1B
SG&A Expenses	$1.2B
Other Expenses	$442M
Operating Expenses	$1.7B
Cost & Expenses	$2.4B
OPERATING INCOME	$267M
Interest Income	$33M
Interest Expense	$93M
Other Income/Expenses	-$65M
INCOME BEFORE TAX	$203M
Income Tax Expense	$81M
Net Income from Continuing Ops	$122M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$122M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$122M
D&A	$219M
EBIT	$307M
EBITDA	$515M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$122M
Depreciation & Amortization	$219M
Stock-Based Compensation	$12M
Deferred Income Tax	$84M
Other Non-Cash Items	-$63M
Change in Working Capital	-$68M
OPERATING CASH FLOW	$305M
Capital Expenditure	-$438M
Acquisitions (Net)	$7M
Purchases of Investments	-$943M
Sales/Maturities of Investments	$725M
Other Investing Activities	-$8M
NET CASH FROM INVESTING	-$657M
Net Debt Issuance	$14M
Common Stock Repurchased	-$24M
Common Dividends Paid	$0
Other Financing Activities	$230M
NET CASH FROM FINANCING	$233M
FREE CASH FLOW	-$133M
Net Change in Cash	-$119M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.2B
Short-Term Investments	$0
Net Receivables	$112M
Inventory	$46M
Other Current Assets	$148M
TOTAL CURRENT ASSETS	$1.6B
PP&E (Net)	$3.2B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$183M
TOTAL NON-CURRENT ASSETS	$3.4B
TOTAL ASSETS	$5.0B
Account Payables	$63M
Short-Term Debt	$156M
Deferred Revenue	$672M
Other Current Liabilities	$355M
TOTAL CURRENT LIABILITIES	$1.3B
Long-Term Debt	$1.7B
Deferred Revenue NC	$438M
Deferred Tax Liabilities	$151M
Other Non-Current Liabilities	$569M
TOTAL NON-CURRENT LIABILITIES	$2.9B
TOTAL LIABILITIES	$4.1B
Common Stock	$36M
Additional Paid-In Capital	$767M
Retained Earnings	$315M
Treasury Stock	-$6M
Accum. Other Comp. Income	-$240M
Other Equity	-$100.0K
TOTAL STOCKHOLDERS' EQUITY	$872M
Minority Interest	$0
TOTAL EQUITY	$872M
TOTAL LIABILITIES & EQUITY	$5.0B
Total Debt	$1.7B
Net Debt	$507M