SkyWest Inc. Q3 2024 Update: Stock and Earnings Activity

TL;DR

**SKYWEST Q3 FILING: Stock buybacks and retained earnings detailed. Financials look steady.**

AI Summary

SkyWest Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial statements indicate activity related to common stock, retained earnings, and treasury stock repurchases. Specific dollar amounts and dates for these transactions are detailed within the filing.

Why It Matters

This filing provides insight into SkyWest's financial health and capital allocation strategies, including stock repurchases, which can impact shareholder value.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate red flags or significant negative developments.

Key Numbers

• 59.57 — Stock Price (Indicates the market valuation of SkyWest Inc. at the time of filing.)

Key Players & Entities

• SkyWest Inc. (company) — Filer of the 10-Q report.
• 2024-09-30 (date) — End of the reporting period for the 10-Q.
• 2023-12-31 (date) — Previous year-end date for comparative financial data.

FAQ

Filing Documents

• skyw-20240930x10q.htm (10-Q) — 2083KB
• skyw-20240930xex31d1.htm (EX-31.1) — 15KB
• skyw-20240930xex31d2.htm (EX-31.2) — 16KB
• skyw-20240930xex32d1.htm (EX-32.1) — 7KB
• skyw-20240930xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-014135.txt ( ) — 8300KB
• skyw-20240930.xsd (EX-101.SCH) — 51KB
• skyw-20240930_cal.xml (EX-101.CAL) — 65KB
• skyw-20240930_def.xml (EX-101.DEF) — 229KB
• skyw-20240930_lab.xml (EX-101.LAB) — 497KB
• skyw-20240930_pre.xml (EX-101.PRE) — 347KB
• skyw-20240930x10q_htm.xml (XML) — 1478KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements of Comprehensive Income 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 41 PART II OTHER INFORMATION : Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5. Other Information 42 Item 6. Exhibits 42 Signature 43 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 September 30, December 31, 2024 2023 CURRENT ASSETS: Cash and cash equivalents $ 177,609 $ 148,277 Marketable securities 658,433 686,946 Receivables, net 111,199 82,854 Inventories, net 136,480 127,114 Other current assets 50,496 86,705 Total current assets 1,134,217 1,131,896 PROPERTY AND EQUIPMENT: Aircraft and rotable spares 8,462,449 8,323,107 Deposits on aircraft 71,457 77,282 Buildings and ground equipment 343,870 282,398 Total property and equipment, gross 8,877,776 8,682,787 Less-accumulated depreciation and amortization ( 3,460,508 ) ( 3,199,820 ) Total property and equipment, net 5,417,268 5,482,967 OTHER ASSETS: Operating lease right-of-use assets 85,303 86,727 Long-term receivables and other assets 319,812 324,703 Total other assets 405,115 411,430 Total assets $ 6,956,600 $ 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 September 30, December 31, 2024 2023 CURRENT LIABILITIES: Current maturities of long-term debt $ 496,789 $ 443,869 Accounts payable 460,276 470,251 Accrued salaries, wages and benefits 211,149 194,881 Current maturities of operating lease liabilities 18,496 19,335 Taxes other than income taxes 26,660 26,077 Other current liabilities 100,804 99,879 Total current liabilities 1,314,174 1,254,292 LONG-TERM DEBT, net of current maturities 2,196,548 2,562,183 DEFERRED INCOME TAXES PAYABLE 751,983 687,600 NONCURRENT OPERATING LEASE LIABILITIES 66,807 67,392 OTHER LONG-TERM LIABILITIES 315,591 341,324 COMMITMENTS AND CONTINGENCIES (Note 7) STOCKHOLDERS' EQUITY: Preferred stock, 5,000,0

View Full Filing

View this 10-Q filing on SEC EDGAR