Sky Harbour Group Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sky Harbour Group Corp. has filed its 2023 10-K annual report detailing its financial performance and operational status.</b>

AI Summary

Sky Harbour Group Corp (SKYH-WT) filed a Annual Report (10-K) with the SEC on March 27, 2024. Sky Harbour Group Corp. filed its 2023 10-K report on March 27, 2024. The company's fiscal year ended on December 31, 2023. Sky Harbour Group Corp. is incorporated in Delaware and operates in the Real Estate sector. The company's principal executive offices are located at 1601 Dodge Street, Suite 3300, Omaha, NE 68102. The filing includes financial data for the fiscal years ending December 31, 2023, and December 31, 2022.

Why It Matters

For investors and stakeholders tracking Sky Harbour Group Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sky Harbour Group Corp.'s financial health and strategic direction for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's real estate operations, potential challenges, and growth opportunities.

Risk Assessment

Risk Level: medium — Sky Harbour Group Corp shows moderate risk based on this filing. The company's financial performance and future prospects are subject to the inherent risks and uncertainties of the real estate industry, as detailed in the risk factors section of the 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Sky Harbour Group Corp.'s current financial position and potential future challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-03-27 — Filing Date (The date the 10-K was filed with the SEC.)
• 0001823587 — Central Index Key (Unique identifier for the filer.)
• 001-39648 — SEC File Number (SEC's file number for the company.)

Key Players & Entities

• Sky Harbour Group Corp. (company) — Filer of the 10-K report
• Yellowstone Acquisition Co (company) — Former name of Sky Harbour Group Corp.
• 2023-12-31 (date) — Fiscal year end date
• 2024-03-27 (date) — Filing date of the 10-K
• 1601 Dodge Street, Suite 3300, Omaha, NE 68102 (location) — Company's business and mailing address
• DE (location) — State of incorporation
• 6500 (industry_code) — Standard Industrial Classification for Real Estate
• USD (currency) — Currency used in financial statements

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-27: 10-K Filing Date — Date the annual report was officially submitted to the SEC.

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share SKYH NYSE American LLC W
• $11.50 — A common stock at an exercise price of $11.50 per share SKYH WS NYSE American LLC
• $166.3 million — (Wisconsin) with a principal amount of $166.3 million. "Sky" refers to Sky Harbour LLC, a De
• $275 billion — new business jet deliveries worth over $275 billion expected to be delivered between 2024 a
• $49 billion — new business aviation aircraft is over $49 billion. These larger footprint aircraft do no

Filing Documents

• ysac20231231_10k.htm (10-K) — 2370KB
• ex_644822.htm (EX-4.4) — 146KB
• ex_642909.htm (EX-10.9) — 53KB
• ex_642910.htm (EX-10.15) — 105KB
• ex_642911.htm (EX-10.38) — 286KB
• ex_642912.htm (EX-10.39) — 480KB
• ex_642913.htm (EX-10.40) — 330KB
• ex_600387.htm (EX-21.1) — 16KB
• ex_600388.htm (EX-23.1) — 3KB
• ex_600389.htm (EX-31.1) — 12KB
• ex_600390.htm (EX-31.2) — 12KB
• ex_600391.htm (EX-32.1) — 5KB
• ex_600392.htm (EX-32.2) — 5KB
• ex_642914.htm (EX-97.1) — 19KB
• a1.jpg (GRAPHIC) — 148KB
• b1.jpg (GRAPHIC) — 212KB
• b2.jpg (GRAPHIC) — 113KB
• 0001437749-24-009585.txt (&nbsp;) — 12082KB
• skyh-20231231.xsd (EX-101.SCH) — 96KB
• skyh-20231231_cal.xml (EX-101.CAL) — 62KB
• skyh-20231231_def.xml (EX-101.DEF) — 649KB
• skyh-20231231_lab.xml (EX-101.LAB) — 522KB
• skyh-20231231_pre.xml (EX-101.PRE) — 688KB
• ysac20231231_10k_htm.xml (XML) — 1292KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 31 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II 33 Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6.

Selected Financial Data

Selected Financial Data 33 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 71 Item 9A.

Controls and Procedures

Controls and Procedures 71 Item 9B. Other Information 71 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71 PART III 72 Item 10. Directors, Executive Officers and Corporate Governance 72 Item 11.

Executive Compensation

Executive Compensation 80 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85 Item 13. Certain Relationships and Related Transactions, and Director Independence 86 Item 14. Principal Accounting Fees and Services 88 PART IV 89 Item 15. Exhibits, and Financial Statement Schedules 89 Item 16. Form 10-K Summary 91 2 Table of Contents CERTAIN TERMS Unless otherwise stated in this Annual Report on Form 10-K (this "Report"), or the context otherwise requires, references to: "A&R Operating Agreement" refers to that certain Third Amended and Restated Operating Agreement of Sky Harbour LLC. "Board of Directors" or "Board" refers to our board of directors. "BOC YAC" refers to BOC YAC Funding LLC. "Bylaws" are to our Bylaws. "Class A Common Stock" means the shares of class A common stock, par value $0.0001 per share, of the Company. "Class B Common Stock" means the shares of class B common stock, par value $0.0001 per share, of the Company. "Closing" refers to the completion of the Yellowstone Transaction. "Common Stock" refers collectively to Class A Common Stock and Class B Common Stock. "Equity Purchase Agreement" refers to that certain Equity Purchase Agreement, dated as of August 1, 2021, by and among Yellowstone Acquisition Company and Sky Harbour LLC. "Existing Sky Equityholders" refers to Tal Keinan, Due West Partners LLC and Center Sky Harbour LLC. "Exchange Act" refers to the Securities Exchange Act of 1934, as amended. "Private Placement Warrants" refers to the warrants sold by the Company to the Sponsor in its initial public offering. "Public Warrants" refers to the warrants sold by the Company as part of the units in its initial public offering. "Series 2021 Bonds" refers to a series of bonds that were issued in September 2021 through the Public Finance Authority (Wisconsin) with a principal amount of $166.3 million. "Sky" refers to Sky Harbour LLC, a Delaware limited liability corporation. "Sky C

BUSINESS

BUSINESS Yellowstone Transaction On January 25, 2022 (the "Closing Date"), we completed the Yellowstone Transaction pursuant to the Equity Purchase Agreement between us and Sky. As contemplated by the Equity Purchase Agreement, the following occurred on the Closing Date: (a) YAC changed its name to "Sky Harbour Group Corporation"; (b) all outstanding shares of Sponsor Stock held by the Sponsor were converted into shares of Class A Common Stock of the Company; (c) Sky restructured its capitalization, issued to the Company 14,937,581 Sky Common Units, which was equal to the number of outstanding shares of Class A Common Stock immediately after giving effect to the Yellowstone Transaction (taking into account the redemption of Class A Common Stock and the Class A Common Stock issued under the BOC PIPE investment (the "BOC PIPE")), reclassified the existing Sky Common Units (other than the Sky Incentive Units), existing Sky Series A Preferred Units and the existing Sky Series B Preferred Units into Sky Common Units; (d) certain adjustments to the number of Sky Incentive Units were effected to reflect the new capital structure; (e) the Company was appointed as the managing member of Sky; (f) the Sky Common Units issued to BOC YAC in respect of its Series B Preferred Units were converted into 5,500,000 shares of Class A Common Stock; (g) holders of Sky Common Units received one share of Class B Common Stock for each Sky Common Unit, and as consideration for the issuance of 14,937,581 Sky Common Units by Sky to the Company, YAC contributed to Sky the net amount held in the YAC trust account after redemptions and taking into account the BOC PIPE and the amount of various transaction costs; and (h) each YAC Warrant that was issued and outstanding immediately prior to the closing became a Warrant (the transactions referred to in clauses (a) through (h), collectively, the "Yellowstone Transaction"). As a result of the Yellowstone Transaction, the Company is organized as a

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View this 10-K filing on SEC EDGAR