SKYW FY 2009 Earnings Report — SkyWest, Inc. Revenue & Financial Results | Market Cap Arena

SkyWest, Inc.SKYW

FY 2009 Earnings

Reported February 22, 2010

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	$2.6B	—	$3.5B	—	-25.2%
Op. Income	$212M	—	$255M	—	-16.9%
Gross Margin	48.7%	—	38.9%	—	9.8pp
Net Margin	3.2%	—	3.2%	—	-0.0pp
EPS (Diluted)	$1.47	—	$1.93	—	-23.8%
Free Cash Flow	-$58M	—	$177M	—	-132.5%

Revenue Flow

Item	Amount
REVENUE	$2.6B
Cost of Revenue	$1.3B
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$698M
SG&A Expenses	$698M
Other Expenses	$363M
Operating Expenses	$1.1B
Cost & Expenses	$2.4B
OPERATING INCOME	$212M
Interest Income	$11M
Interest Expense	$86M
Other Income/Expenses	-$80M
INCOME BEFORE TAX	$132M
Income Tax Expense	$48M
Net Income from Continuing Ops	$84M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$84M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$84M
D&A	$222M
EBIT	$218M
EBITDA	$440M
EPS	$2
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$2.6B
Cost of Revenue	$1.3B
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$698M
SG&A Expenses	$698M
Other Expenses	$363M
Operating Expenses	$1.1B
Cost & Expenses	$2.4B
OPERATING INCOME	$212M
Interest Income	$11M
Interest Expense	$86M
Other Income/Expenses	-$80M
INCOME BEFORE TAX	$132M
Income Tax Expense	$48M
Net Income from Continuing Ops	$84M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$84M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$84M
D&A	$222M
EBIT	$218M
EBITDA	$440M
EPS	$2
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$84M
Depreciation & Amortization	$222M
Stock-Based Compensation	$8M
Deferred Income Tax	$59M
Other Non-Cash Items	$5M
Change in Working Capital	$12M
OPERATING CASH FLOW	$390M
Capital Expenditure	-$447M
Acquisitions (Net)	$19M
Purchases of Investments	-$855M
Sales/Maturities of Investments	$773M
Other Investing Activities	-$79M
NET CASH FROM INVESTING	-$590M
Net Debt Issuance	$170M
Common Stock Repurchased	-$18M
Common Dividends Paid	-$9M
Other Financing Activities	$0
NET CASH FROM FINANCING	$151M
FREE CASH FLOW	-$58M
Net Change in Cash	-$49M

Balance Sheet

Item	Amount
Cash & Equivalents	$76M
Short-Term Investments	$645M
Net Receivables	$125M
Inventory	$90M
Other Current Assets	$70M
TOTAL CURRENT ASSETS	$1.3B
PP&E (Net)	$2.9B
Goodwill	$0
Intangible Assets	$24M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$153M
TOTAL NON-CURRENT ASSETS	$3.1B
TOTAL ASSETS	$4.3B
Account Payables	$166M
Short-Term Debt	$149M
Deferred Revenue	$0
Other Current Liabilities	$51M
TOTAL CURRENT LIABILITIES	$450M
Long-Term Debt	$1.8B
Deferred Revenue NC	$117M
Deferred Tax Liabilities	$537M
Other Non-Current Liabilities	$39M
TOTAL NON-CURRENT LIABILITIES	$2.5B
TOTAL LIABILITIES	$3.0B
Common Stock	$0
Additional Paid-In Capital	$578M
Retained Earnings	$1.1B
Treasury Stock	-$280M
Accum. Other Comp. Income	$1M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.4B
Minority Interest	$0
TOTAL EQUITY	$1.4B
TOTAL LIABILITIES & EQUITY	$4.3B
Total Debt	$2.0B
Net Debt	$1.9B