SkyWest Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SkyWest Inc. filed its Q1 2024 10-Q, detailing financial positions, executive compensation elements, and segment revenues.</b>

AI Summary

SKYWEST INC (SKYW) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. SkyWest Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to common stock, retained earnings, and accumulated other comprehensive income as of March 31, 2024. Information on restricted stock units and performance shares granted to directors and under the 2019 Long-Term Incentive Plan is provided for Q1 2024. Revenue segments include Prorate Agreements, Lease Airport Services and Other, Flying Agreements, Capacity Purchase Agreements (Variable and Fixed Aircraft Lease Revenue), Airport Customer Service and Other Revenue, and Aircraft Operations for Q1 2024 and Q1 2023. The filing references specific valuation techniques and inputs for fair value measurements, including price volatility and option pricing models.

Why It Matters

For investors and stakeholders tracking SKYWEST INC, this filing contains several important signals. This filing provides a snapshot of SkyWest's financial health and operational performance for the first quarter of 2024, crucial for investors assessing the company's current standing. The detailed revenue breakdown by segment allows for an analysis of which areas are driving growth or experiencing declines, offering insights into business strategy effectiveness.

Risk Assessment

Risk Level: medium — SKYWEST INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and disclosures, without immediate indicators of significant positive or negative shifts that would elevate the risk level beyond medium.

Analyst Insight

Investors should review the detailed segment revenues for Q1 2024 and compare them to Q1 2023 to identify any significant trends or shifts in performance.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-26 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Q1 2024 Start Date (Common Stock activity period)
• 2023-01-01 — Q1 2023 Start Date (Common Stock activity period)

Key Players & Entities

• SKYWEST INC (company) — FILER
• SKYWEST INC (company) — COMPANY CONFORMED NAME
• 0000793733 (company) — CENTRAL INDEX KEY
• AIR TRANSPORTATION, SCHEDULED (company) — STANDARD INDUSTRIAL CLASSIFICATION
• UT (company) — STATE OF INCORPORATION
• 10-Q (regulator) — FORM TYPE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-26 (date) — FILED AS OF DATE

FAQ

Filing Documents

• skyw-20240331x10q.htm (10-Q) — 1477KB
• skyw-20240331xex10d1.htm (EX-10.1) — 49KB
• skyw-20240331xex10d2.htm (EX-10.2) — 70KB
• skyw-20240331xex10d3.htm (EX-10.3) — 67KB
• skyw-20240331xex31d1.htm (EX-31.1) — 15KB
• skyw-20240331xex31d2.htm (EX-31.2) — 16KB
• skyw-20240331xex32d1.htm (EX-32.1) — 7KB
• skyw-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-005892.txt (&nbsp;) — 6955KB
• skyw-20240331.xsd (EX-101.SCH) — 44KB
• skyw-20240331_cal.xml (EX-101.CAL) — 64KB
• skyw-20240331_def.xml (EX-101.DEF) — 209KB
• skyw-20240331_lab.xml (EX-101.LAB) — 465KB
• skyw-20240331_pre.xml (EX-101.PRE) — 323KB
• skyw-20240331x10q_htm.xml (XML) — 1106KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements of Comprehensive Income (Loss) 5 Consolidated Statements of Stockholders Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II OTHER INFORMATION : Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 5. Other Information 33 Item 6. Exhibits 34 Signature 35 Exhibit 31.1 Certification of Chief Executive Officer Exhibit 31.2 Certification of Chief Financial Officer Exhibit 32.1 Certification of Chief Executive Officer Exhibit 32.2 Certification of Chief Financial Officer 2 Table of Contents

FINANCIAL INFORMATION

PART I.FINANCIAL INFORMATION

Financial Statements

Item 1.Financial Statements SKYWEST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) ASSETS March 31, December 31, 2024 2023 CURRENT ASSETS: Cash and cash equivalents $ 179,979 $ 148,277 Marketable securities 641,185 686,946 Receivables, net 85,882 82,854 Inventories, net 129,866 127,114 Other current assets 32,449 86,705 Total current assets 1,069,361 1,131,896 PROPERTY AND EQUIPMENT: Aircraft and rotable spares 8,405,513 8,323,107 Deposits on aircraft 77,282 77,282 Buildings and ground equipment 292,633 282,398 Total property and equipment, gross 8,775,428 8,682,787 Less-accumulated depreciation and amortization ( 3,284,609 ) ( 3,199,820 ) Total property and equipment, net 5,490,819 5,482,967 OTHER ASSETS: Operating lease right-of-use assets 85,905 86,727 Long-term receivables and other assets 336,658 324,703 Total other assets 422,563 411,430 Total assets $ 6,982,743 $ 7,026,293 See accompanying notes to condensed consolidated financial statements. 3 Table of Contents SKYWEST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) LIABILITIES AND STOCKHOLDERS' EQUITY March 31, December 31, 2024 2023 CURRENT LIABILITIES: Current maturities of long-term debt $ 506,602 $ 443,869 Accounts payable 480,654 470,251 Accrued salaries, wages and benefits 181,154 194,881 Current maturities of operating lease liabilities 19,668 19,335 Taxes other than income taxes 20,924 26,077 Other current liabilities 103,294 99,879 Total current liabilities 1,312,296 1,254,292 LONG-TERM DEBT, net of current maturities 2,389,227 2,562,183 DEFERRED INCOME TAXES PAYABLE 703,602 687,600 NONCURRENT OPERATING LEASE LIABILITIES 66,237 67,392 OTHER LONG-TERM LIABILITIES 346,478 341,324 COMMITMENTS AND CONTINGENCIES (Note 7) STOCKHOLDERS' EQUITY: Preferred stock, 5,000,000 shares

View Full Filing

View this 10-Q filing on SEC EDGAR