SKYWEST AND SUBSIDIARIES STATEMENT OF CASHFLOW

SKYWEST AND SUBSIDIARIES STATEMENT OF CASHFLOW
SKYWEST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Year Ended December 31, 2020 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (8,515) $ 340,099 $ 280,372 Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474,959 368,098 334,589 Stock based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,802 10,274 13,105 Write-off of maintenance assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,255 — — Increase in credit loss reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,087 — — Loss on disposal of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445 — — Net increase in deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,100 109,654 99,139 Gain on sale of ExpressJet subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (46,525) — Special items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 21,869 — Changes in operating assets and liabilities:

Decrease (increase) in receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,831 (40,700) (21,464) Decrease (increase) in income tax receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,225 14,795 (20,620) Decrease (increase) in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,307 (4,303) (7,935) Decrease in other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,233 2,707 77,484 Decrease in operating lease right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,647 — — Increase in operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (65,557) (895) — Increase in deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,728 — — Decrease in deferred aircraft credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (14,243) Increase (decrease) in accounts payable and other current liabilities . . . . . . . . . . . . (26,984) (54,043) 62,107

NET CASH PROVIDED BY OPERATING ACTIVITIES . . . . . . . . . . . . . . . . . . . . . . . 633,563 721,030 802,534 CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,347,775) (1,938,750) (2,308,768) Sales of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,170,556 1,866,761 2,451,344 Net cash received from sale of ExpressJet subsidiary . . . . . . . . . . . . . . . . . . . . . . . . — 53,200 — Acquisition of property and equipment:

Aircraft and rotable spare parts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (425,618) (581,329) (1,062,380) Buildings and ground equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,678) (80,586) (34,397)

Proceeds from the sale of aircraft, property and equipment . . . . . . . . . . . . . . . . . . . . 3,239 26,008 — Deposits on aircraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,625) (52,817) (41,937) Return of deposits applied towards acquired aircraft . . . . . . . . . . . . . . . . . . . . . . . . . 27,858 46,346 49,550 Decrease (increase) in other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (89,428) 4,133 (36,816)

NET CASH USED IN INVESTING ACTIVITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . (683,471) (657,034) (983,404) CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406,364 200,040 784,665 Principal payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (187,404) (382,442) (370,775) Net proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,819 6,271 5,212 Purchase of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20,000) (78,476) (54,448) Purchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (16,145) — Employee income tax paid on vested equity awards . . . . . . . . . . . . . . . . . . . . . . . . . (6,165) (9,313) (13,556) Payment of debt issuance cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,130) (1,642) (3,892) Payment of cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,059) (23,467) (19,744)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES . . . . . . . . . . . . . . 178,425 (305,174) 327,462 Increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,517 (241,178) 146,592 Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,206 328,384 181,792 CASH AND CASH EQUIVALENTS AT END OF PERIOD . . . . . . . . . . . . . . . . . . . . . $ 215,723 $ 87,206 $ 328,384

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