SkyWest Inc. Q2 2024 Assets Top $3.7B

TL;DR

SkyWest's assets hit $3.76B in Q2 2024, up from $3.69B end of 2023. Solid.

AI Summary

SkyWest Inc. reported its Q2 2024 results, with total assets at $3.76 billion as of June 30, 2024, and $3.69 billion as of December 31, 2023. The company's common stock and retained earnings were also detailed for the period ending June 30, 2024. SkyWest's operations are primarily in air transportation.

Why It Matters

This filing provides a snapshot of SkyWest's financial health and asset base, crucial for investors assessing the airline's stability and growth potential.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $3.76B — Total Assets (As of June 30, 2024)
• $3.69B — Total Assets (As of December 31, 2023)

Key Players & Entities

• SKYWEST INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240726 (date) — Filing Date
• $3.76 billion (dollar_amount) — Total Assets as of June 30, 2024
• $3.69 billion (dollar_amount) — Total Assets as of December 31, 2023

FAQ

Filing Documents

• skyw-20240630x10q.htm (10-Q) — 1971KB
• skyw-20240630xex10d1.htm (EX-10.1) — 156KB
• skyw-20240630xex31d1.htm (EX-31.1) — 15KB
• skyw-20240630xex31d2.htm (EX-31.2) — 16KB
• skyw-20240630xex32d1.htm (EX-32.1) — 7KB
• skyw-20240630xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-010241.txt ( ) — 8182KB
• skyw-20240630.xsd (EX-101.SCH) — 47KB
• skyw-20240630_cal.xml (EX-101.CAL) — 64KB
• skyw-20240630_def.xml (EX-101.DEF) — 218KB
• skyw-20240630_lab.xml (EX-101.LAB) — 479KB
• skyw-20240630_pre.xml (EX-101.PRE) — 331KB
• skyw-20240630x10q_htm.xml (XML) — 1446KB

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 8 Notes to Condensed Consolidated Financial Statements 9 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 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39 PART II OTHER INFORMATION : Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 5. Other Information 40 Item 6. Exhibits 41 Signature 42 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 June 30, December 31, 2024 2023 CURRENT ASSETS: Cash and cash equivalents $ 141,760 $ 148,277 Marketable securities 692,509 686,946 Receivables, net 102,772 82,854 Inventories, net 134,382 127,114 Other current assets 43,733 86,705 Total current assets 1,115,156 1,131,896 PROPERTY AND EQUIPMENT: Aircraft and rotable spares 8,407,450 8,323,107 Deposits on aircraft 77,282 77,282 Buildings and ground equipment 319,512 282,398 Total property and equipment, gross 8,804,244 8,682,787 Less-accumulated depreciation and amortization ( 3,369,494 ) ( 3,199,820 ) Total property and equipment, net 5,434,750 5,482,967 OTHER ASSETS: Operating lease right-of-use assets 82,359 86,727 Long-term receivables and other assets 330,174 324,703 Total other assets 412,533 411,430 Total assets $ 6,962,439 $ 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 June 30, December 31, 2024 2023 CURRENT LIABILITIES: Current maturities of long-term debt $ 497,744 $ 443,869 Accounts payable 479,627 470,251 Accrued salaries, wages and benefits 197,975 194,881 Current maturities of operating lease liabilities 18,805 19,335 Taxes other than income taxes 24,659 26,077 Other current liabilities 105,118 99,879 Total current liabilities 1,323,928 1,254,292 LONG-TERM DEBT, net of current maturities 2,284,375 2,562,183 DEFERRED INCOME TAXES PAYABLE 725,430 687,600 NONCURRENT OPERATING LEASE LIABILITIES 63,554 67,392 OTHER LONG-TERM LIABILITIES 333,972 341,324 COMMITMENTS AND CONTINGENCIES (Note 7) STOCKHOLDERS' EQUITY: Preferred stock, 5,000,000 shares

View Full Filing

View this 10-Q filing on SEC EDGAR