SkyWest Inc. Files 2024 10-K

TL;DR

SkyWest filed its 2024 10-K. Financials look solid.

AI Summary

SkyWest Inc. filed its 2024 10-K on February 13, 2025, reporting on its fiscal year ending December 31, 2024. The company, based in St. George, Utah, operates in scheduled air transportation. The filing details financial information, including allowances for credit losses and inventory valuation, for the fiscal years 2022, 2023, and 2024.

Why It Matters

This 10-K filing provides a comprehensive overview of SkyWest Inc.'s financial performance and position for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific risk factors or financial performance details that would indicate a high or medium risk level.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K)
• 2023 — Fiscal Year (Comparative period)
• 2022 — Fiscal Year (Comparative period)

Key Players & Entities

• SkyWest Inc. (company) — Filer
• St. George, Utah (location) — Company Headquarters
• February 13, 2025 (date) — Filing Date
• December 31, 2024 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $876.7 million — iquidity At December 31, 2024, we had $876.7 million in total available liquidity, consistin
• $801.6 million — otal available liquidity, consisting of $801.6 million in cash, cash equivalents and marketabl
• $75.1 million — ivalents and marketable securities, and $75.1 million available for borrowing under our line

Filing Documents

• skyw-20241231x10k.htm (10-K) — 3031KB
• skyw-20241231xex19.htm (EX-19) — 113KB
• skyw-20241231xex23d1.htm (EX-23.1) — 12KB
• skyw-20241231xex31d1.htm (EX-31.1) — 11KB
• skyw-20241231xex31d2.htm (EX-31.2) — 10KB
• skyw-20241231xex32d1.htm (EX-32.1) — 6KB
• skyw-20241231xex32d2.htm (EX-32.2) — 6KB
• skyw-20241231x10k004.jpg (GRAPHIC) — 46KB
• skyw-20241231xex19001.jpg (GRAPHIC) — 1KB
• 0001558370-25-000943.txt ( ) — 13350KB
• skyw-20241231.xsd (EX-101.SCH) — 72KB
• skyw-20241231_cal.xml (EX-101.CAL) — 81KB
• skyw-20241231_def.xml (EX-101.DEF) — 324KB
• skyw-20241231_lab.xml (EX-101.LAB) — 731KB
• skyw-20241231_pre.xml (EX-101.PRE) — 516KB
• skyw-20241231x10k_htm.xml (XML) — 2757KB

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 45 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 78 Item 9A.

Controls and Procedures

Controls and Procedures 78 Item 9B. Other Information 80 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 80 PART III Item 10. Directors, Executive Officers and Corporate Governance 80 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 80 Item 13. Certain Relationships and Related Transactions 80 Item 14. Principal Accountant Fees and Services 80 PART IV Item 15. Exhibits and Financial Statement Schedules 80 Item 16. Form 10-K Summary 83

Signatures

Signatures 85 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, fleet expansion and anticipated fleet size for SkyWest in upcoming periods, 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 and quickly placing new aircraft deliveries into service, the expected terms, timing and benefits related to SkyWest's leasing, strategic

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, 2024, we offered approximately 2,190 daily departures, of which approximately 890 were United Express flights, 700 were Delta Connection flights, 380 were American Eagle flights and 220 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, 2024, our fleet consisted of aircraft manufactured by Embraer S.A. ("Embraer") and MH

View Full Filing

View this 10-K filing on SEC EDGAR