SkyWest Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SkyWest Inc. has submitted its comprehensive 2023 10-K annual report detailing financial performance and operational activities.</b>

AI Summary

SKYWEST INC (SKYW) filed a Annual Report (10-K) with the SEC on February 15, 2024. SkyWest Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data and disclosures for the period. Key dates and events related to the company's operations are detailed. Information on stock repurchase programs from May 2023 and February 2019 is included. The report covers various aspects of the company's financial health and operational status.

Why It Matters

For investors and stakeholders tracking SKYWEST INC, this filing contains several important signals. This 10-K filing provides investors with a detailed overview of SkyWest's financial position and operational results for the fiscal year 2023, enabling informed investment decisions. The inclusion of specific data points like stock repurchase programs and inventory valuation provides transparency into the company's capital allocation and asset management strategies.

Risk Assessment

Risk Level: medium — SKYWEST INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the airline industry is subject to various external factors that can impact financial performance, such as fuel prices and economic conditions, which are not detailed in this header information.

Analyst Insight

Review the full 10-K filing to analyze SkyWest Inc.'s detailed financial statements, management discussion, and risk factors to assess its current financial health and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-15 — Filing Date (Date of submission)
• 88 — Public Document Count (Number of documents in the filing)
• 2023-01-01 — Reporting Period Start (Allowance for Credit Loss and Inventory Valuation)
• 2023-05-31 — Stock Repurchase Program Date (May 2023 Stock Repurchase Program)
• 2019-05-07 — Stock Repurchase Program Date (February 2019 Stock Repurchase Program (referenced via LongTermIncentivePlan2019Member))

Key Players & Entities

• SKYWEST INC (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-15 (date) — Filing date
• UT (location) — State of incorporation and business address
• 870292166 (identifier) — IRS number
• 000-14719 (identifier) — SEC file number
• 444 S RIVER RD (address) — Business street address
• 8016343000 (phone) — Business phone number

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-15: Filing Date — Date SkyWest Inc. submitted its 10-K report.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of SkyWest Inc.)

Fiscal Year End

The last day of a company's fiscal year, used for financial reporting. (Indicates the period covered by the financial statements in the 10-K.)

Key Financial Figures

• $906.0 million — iquidity At December 31, 2023, we had $906.0 million in total available liquidity, consistin
• $835.2 million — otal available liquidity, consisting of $835.2 million in cash, cash equivalents and marketabl
• $70.8 million — ivalents and marketable securities, and $70.8 million available for borrowing under our line

Filing Documents

• skyw-20231231x10k.htm (10-K) — 2980KB
• skyw-20231231xex10d24.htm (EX-10.24) — 87KB
• skyw-20231231xex23d1.htm (EX-23.1) — 12KB
• skyw-20231231xex31d1.htm (EX-31.1) — 11KB
• skyw-20231231xex31d2.htm (EX-31.2) — 11KB
• skyw-20231231xex32d1.htm (EX-32.1) — 6KB
• skyw-20231231xex32d2.htm (EX-32.2) — 6KB
• skyw-20231231xex97.htm (EX-97) — 30KB
• skyw-20231231x10k004.jpg (GRAPHIC) — 46KB
• 0001558370-24-001237.txt (&nbsp;) — 13347KB
• skyw-20231231.xsd (EX-101.SCH) — 71KB
• skyw-20231231_cal.xml (EX-101.CAL) — 82KB
• skyw-20231231_def.xml (EX-101.DEF) — 351KB
• skyw-20231231_lab.xml (EX-101.LAB) — 748KB
• skyw-20231231_pre.xml (EX-101.PRE) — 548KB
• skyw-20231231x10k_htm.xml (XML) — 2765KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 77 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 79 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 79 PART III Item 10. Directors, Executive Officers and Corporate Governance 79 Item 11.

Executive Compensation

Executive Compensation 79 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 79 Item 13. Certain Relationships and Related Transactions 79 Item 14. Principal Accountant Fees and Services 79 PART IV Item 15. Exhibits and Financial Statement Schedules 79 Item 16. Form 10-K Summary 82

Signatures

Signatures 84 2 Table of Contents PART I Unless otherwise indicated in this Report, "SkyWest," "we," "us," "our" and similar terms refer to SkyWest, Inc., including SkyWest's wholly-owned subsidiary SkyWest Airlines, Inc. "SkyWest Airlines" refers to our wholly-owned subsidiary SkyWest Airlines, Inc., "SkyWest Leasing" refers to our wholly-owned subsidiary SkyWest Leasing, Inc. and "SWC" refers to our wholly-owned subsidiary SkyWest Charter, LLC. Cautionary Statement Concerning Forward-Looking Statements Certain of the statements contained in this Report should be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements may be identified by words such as "may," "will," "expect," "intend," "forecast," "anticipate," "believe," "estimate," "plan," "project," "could," "should," "hope," "likely," and "continue" and similar terms used in connection with statements regarding our outlook, anticipated operations, the revenue environment, our contractual relationships, and our anticipated financial performance. These statements include, but are not limited to, statements about the continued demand for our product, the effect of economic conditions on SkyWest's business, financial condition and results of operations, the scheduled aircraft deliveries for SkyWest in upcoming periods and the related execution of SkyWest's fleet transition strategy and expected timing thereof, expected production levels in future periods and associated staffing challenges, pilot attrition trends, SkyWest's coordination with United Airlines, Inc. ("United"), Delta Air Lines, Inc. ("Delta"), American Airlines, Inc. ("American") and Alaska Airlines, Inc. ("Alaska") (each, a "major airline partner" and together, "major airline partners") to optimize the delivery of aircraft under previously announced agreements, the expected terms, timing and benefits related to SkyWest's leasing and joint venture

BUSINESS

ITEM 1. BUSINESS General Through SkyWest Airlines, we offer scheduled passenger service to destinations in the United States, Canada and Mexico. Substantially all of our flights are operated as United Express, Delta Connection, American Eagle or Alaska Airlines flights under code-share agreements with United, Delta, American or Alaska, respectively. Code-share agreement are commercial agreements between airlines that, among other things, allow one airline to use another airline's flight designator codes on its flights. As of December 31, 2023, we offered approximately 1,850 daily departures, of which approximately 740 were United Express flights, 580 were Delta Connection flights, 340 were American Eagle flights and 190 were Alaska Airlines flights. We generally provide regional flying to our major airline partners under long-term, fixed-fee, code-share agreements. Under these fixed-fee agreements (commonly referred to as "capacity purchase agreements"), our major airline partners generally pay us fixed rates for operating the aircraft primarily based on the number of completed flights, flight time and the number of aircraft under contract. The major airline partners either directly pay for or reimburse us for specified direct operating expenses, including fuel expenses. Our operations are conducted principally at airports that support our major airline partners' route networks, including Chicago (O'Hare), Dallas, Denver, Detroit, Houston, Los Angeles, Minneapolis, Phoenix, Salt Lake City, San Francisco and Seattle. We conduct our code-share operations with our major airline partners pursuant to various code-share agreements described under the heading "Code-Share Agreements" below. Fleet SkyWest has been flying since 1972. During our long operating history, we have developed an industry-leading reputation for providing quality regional airline service. As of December 31, 2023, our fleet consisted of aircraft manufactured by Embraer S.A. ("Embraer") and MH

View Full Filing

View this 10-K filing on SEC EDGAR