SKYW FY 2013 Earnings Report — SkyWest, Inc. Revenue & Financial Results | Market Cap Arena

SkyWest, Inc.SKYW

FY 2013 Earnings

Reported February 14, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$3.3B	—	$3.5B	—	-6.7%
Op. Income	$153M	—	$166M	—	-7.8%
Gross Margin	11.9%	—	11.2%	—	0.7pp
Net Margin	1.8%	—	1.4%	—	0.3pp
EPS (Diluted)	$1.12	—	$0.99	—	13.1%
Free Cash Flow	$138M	—	$224M	—	-38.4%

Revenue Flow

Item	Amount
REVENUE	$3.3B
Cost of Revenue	$2.9B
GROSS PROFIT	$392M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$10M
Operating Expenses	$239M
Cost & Expenses	$3.1B
OPERATING INCOME	$153M
Interest Income	$4M
Interest Expense	$69M
Other Income/Expenses	-$55M
INCOME BEFORE TAX	$99M
Income Tax Expense	$40M
Net Income from Continuing Ops	$59M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$59M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$59M
D&A	$245M
EBIT	$153M
EBITDA	$398M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$3.3B
Cost of Revenue	$2.9B
GROSS PROFIT	$392M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$10M
Operating Expenses	$239M
Cost & Expenses	$3.1B
OPERATING INCOME	$153M
Interest Income	$4M
Interest Expense	$69M
Other Income/Expenses	-$55M
INCOME BEFORE TAX	$99M
Income Tax Expense	$40M
Net Income from Continuing Ops	$59M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$59M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$59M
D&A	$245M
EBIT	$153M
EBITDA	$398M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$59M
Depreciation & Amortization	$245M
Stock-Based Compensation	$4M
Deferred Income Tax	$38M
Other Non-Cash Items	-$40M
Change in Working Capital	-$16M
OPERATING CASH FLOW	$290M
Capital Expenditure	-$152M
Acquisitions (Net)	$17M
Purchases of Investments	-$489M
Sales/Maturities of Investments	$557M
Other Investing Activities	$522.0K
NET CASH FROM INVESTING	-$66M
Net Debt Issuance	-$171M
Common Stock Repurchased	-$12M
Common Dividends Paid	-$8M
Other Financing Activities	-$4M
NET CASH FROM FINANCING	-$187M
FREE CASH FLOW	$138M
Net Change in Cash	$37M

Balance Sheet

Item	Amount
Cash & Equivalents	$171M
Short-Term Investments	$487M
Net Receivables	$112M
Inventory	$138M
Other Current Assets	$196M
TOTAL CURRENT ASSETS	$1.5B
PP&E (Net)	$2.7B
Goodwill	$0
Intangible Assets	$15M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$102M
TOTAL NON-CURRENT ASSETS	$2.8B
TOTAL ASSETS	$4.2B
Account Payables	$246M
Short-Term Debt	$177M
Deferred Revenue	$0
Other Current Liabilities	$57M
TOTAL CURRENT LIABILITIES	$620M
Long-Term Debt	$1.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$727M
Other Non-Current Liabilities	$157M
TOTAL NON-CURRENT LIABILITIES	$2.2B
TOTAL LIABILITIES	$2.8B
Common Stock	$619M
Additional Paid-In Capital	$0
Retained Earnings	$1.2B
Treasury Stock	-$383M
Accum. Other Comp. Income	$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.4B
Minority Interest	$0
TOTAL EQUITY	$1.4B
TOTAL LIABILITIES & EQUITY	$4.2B
Total Debt	$1.5B
Net Debt	$1.3B