SKYW FY 2010 Earnings Report — SkyWest, Inc. Revenue & Financial Results | Market Cap Arena

SkyWest, Inc.SKYW

FY 2010 Earnings

Reported February 25, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$2.8B	—	$2.6B	—	5.8%
Op. Income	$202M	—	$212M	—	-4.9%
Gross Margin	61.4%	—	48.7%	—	12.6pp
Net Margin	3.5%	—	3.2%	—	0.3pp
EPS (Diluted)	$1.70	—	$1.47	—	15.6%
Free Cash Flow	$196M	—	-$58M	—	440.3%

Revenue Flow

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$1.1B
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$1.3B
SG&A Expenses	$1.3B
Other Expenses	$236M
Operating Expenses	$1.5B
Cost & Expenses	$2.6B
OPERATING INCOME	$202M
Interest Income	$14M
Interest Expense	$87M
Other Income/Expenses	-$56M
INCOME BEFORE TAX	$146M
Income Tax Expense	$50M
Net Income from Continuing Ops	$96M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$96M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$96M
D&A	$236M
EBIT	$232M
EBITDA	$469M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$1.1B
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$1.3B
SG&A Expenses	$1.3B
Other Expenses	$236M
Operating Expenses	$1.5B
Cost & Expenses	$2.6B
OPERATING INCOME	$202M
Interest Income	$14M
Interest Expense	$87M
Other Income/Expenses	-$56M
INCOME BEFORE TAX	$146M
Income Tax Expense	$50M
Net Income from Continuing Ops	$96M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$96M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$96M
D&A	$236M
EBIT	$232M
EBITDA	$469M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$96M
Depreciation & Amortization	$236M
Stock-Based Compensation	$6M
Deferred Income Tax	$59M
Other Non-Cash Items	-$35M
Change in Working Capital	-$15M
OPERATING CASH FLOW	$347M
Capital Expenditure	-$151M
Acquisitions (Net)	$147.0K
Purchases of Investments	-$1.1B
Sales/Maturities of Investments	$1.0B
Other Investing Activities	-$332.0K
NET CASH FROM INVESTING	-$177M
Net Debt Issuance	-$104M
Common Stock Repurchased	-$30M
Common Dividends Paid	-$9M
Other Financing Activities	$4M
NET CASH FROM FINANCING	-$134M
FREE CASH FLOW	$196M
Net Change in Cash	$36M

Balance Sheet

Item	Amount
Cash & Equivalents	$112M
Short-Term Investments	$671M
Net Receivables	$114M
Inventory	$107M
Other Current Assets	$88M
TOTAL CURRENT ASSETS	$1.4B
PP&E (Net)	$2.9B
Goodwill	$0
Intangible Assets	$22M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$112M
TOTAL NON-CURRENT ASSETS	$3.1B
TOTAL ASSETS	$4.4B
Account Payables	$206M
Short-Term Debt	$159M
Deferred Revenue	$0
Other Current Liabilities	$59M
TOTAL CURRENT LIABILITIES	$563M
Long-Term Debt	$1.7B
Deferred Revenue NC	$108M
Deferred Tax Liabilities	$570M
Other Non-Current Liabilities	$46M
TOTAL NON-CURRENT LIABILITIES	$2.5B
TOTAL LIABILITIES	$3.0B
Common Stock	$0
Additional Paid-In Capital	$590M
Retained Earnings	$1.1B
Treasury Stock	-$310M
Accum. Other Comp. Income	$1M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.4B
Minority Interest	$0
TOTAL EQUITY	$1.4B
TOTAL LIABILITIES & EQUITY	$4.4B
Total Debt	$1.9B
Net Debt	$1.8B