10-Q Filing

SKYWEST INC CIK: 793733 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001104659-15-035657`
Period End Date	20150331
Filing Date	20150507
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	skyw-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 53 Cash Flow Statement 42

Balance Sheet 90 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$91.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$170.64M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$82.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$132.28M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$415.27M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$377.64M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	77.95M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	78.42M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$11.58M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$11.58M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockShares`	26.77M	shares	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockShares`	26.77M	shares	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$83.10M	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$71.82M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$139.32M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$137.45M	USD	Point-in-time
Prepaid aircraft rents	`PrepaidRent`	$397.85M	USD	Point-in-time
Prepaid aircraft rents	`PrepaidRent`	$444.33M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetCurrent`	$94.39M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetCurrent`	$127.43M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$19.09M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$21.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.28B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.29B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$4.61B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$4.84B	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$40.00M	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$40.00M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$272.82M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$274.90M	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$5.15B	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$4.92B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.90B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.93B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.02B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.22B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$14.44M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.19M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.75M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$97.25M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$84.99M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$97.74M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$109.43M	USD	Point-in-time
Total assets	`Assets`	$4.20B	USD	Point-in-time
Total assets	`Assets`	$4.61B	USD	Point-in-time
Total assets	`Assets`	$4.41B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$211.82M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$232.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$270.62M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$270.10M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$133.70M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$138.90M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$15.22M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$17.46M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$45.07M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$46.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$697.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$684.36M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$49.62M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$48.83M	USD	Point-in-time
LONG-TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$1.68B	USD	Point-in-time
LONG-TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$1.53B	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredTaxLiabilitiesNoncurrent`	$710.32M	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredTaxLiabilitiesNoncurrent`	$669.38M	USD	Point-in-time
DEFERRED AIRCRAFT CREDITS	`DeferredAircraftCredits`	$72.23M	USD	Point-in-time
DEFERRED AIRCRAFT CREDITS	`DeferredAircraftCredits`	$69.84M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, 5,000,000 shares authorized; none issued	`PreferredStockIncludingAdditionalPaidInCapital`	-	USD	Point-in-time
Preferred stock, 5,000,000 shares authorized; none issued	`PreferredStockIncludingAdditionalPaidInCapital`	-	USD	Point-in-time
Common stock, no par value, 120,000,000 shares authorized; 78,423,463 and 77,951,411 shares issued, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$626.52M	USD	Point-in-time
Common stock, no par value, 120,000,000 shares authorized; 78,423,463 and 77,951,411 shares issued, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$628.88M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.17B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.17B	USD	Point-in-time
Treasury stock, at cost, 26,765,386 and 26,765,386 shares, respectively	`TreasuryStockValue`	$391.36M	USD	Point-in-time
Treasury stock, at cost, 26,765,386 and 26,765,386 shares, respectively	`TreasuryStockValue`	$391.36M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-289.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$12.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.40B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.41B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.41B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.61B	USD	Point-in-time

Income Statement 53 line items

Line Item	Tag	Value	Unit	Period
Passenger	`RevenueFromPassengers`	$755.64M	USD	1 Quarter
Passenger	`RevenueFromPassengers`	$742.50M	USD	1 Quarter
Ground handling and other	`OtherSalesRevenueNet`	$16.75M	USD	1 Quarter
Ground handling and other	`OtherSalesRevenueNet`	$17.90M	USD	1 Quarter
Total operating revenues	`Revenues`	$760.40M	USD	1 Quarter
Total operating revenues	`Revenues`	$772.39M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$302.85M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$317.64M	USD	1 Quarter
Aircraft maintenance, materials and repairs	`AircraftMaintenanceMaterialsAndRepairs`	$178.26M	USD	1 Quarter
Aircraft maintenance, materials and repairs	`AircraftMaintenanceMaterialsAndRepairs`	$158.26M	USD	1 Quarter
Aircraft rentals	`AircraftRental`	$70.41M	USD	1 Quarter
Aircraft rentals	`AircraftRental`	$80.33M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$65.69M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$62.32M	USD	1 Quarter
Aircraft fuel	`FuelCosts`	$27.30M	USD	1 Quarter
Aircraft fuel	`FuelCosts`	$47.23M	USD	1 Quarter
Ground handling services	`GroundHandlingServiceExpenses`	$37.02M	USD	1 Quarter
Ground handling services	`GroundHandlingServiceExpenses`	$23.97M	USD	1 Quarter
Other operating expenses, net	`OtherCostAndExpenseOperating`	$77.36M	USD	1 Quarter
Other operating expenses, net	`OtherCostAndExpenseOperating`	$77.84M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$726.32M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$800.16M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$-27.77M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$34.08M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$640.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$548.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$15.68M	USD	1 Quarter
Interest expense	`InterestExpense`	$18.46M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-273.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-15.40M	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-17.82M	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$16.25M	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-43.17M	USD	1 Quarter
PROVISION (BENEFIT) FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$-20.29M	USD	1 Quarter
PROVISION (BENEFIT) FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$6.63M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-22.89M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$9.62M	USD	1 Quarter
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share)	`EarningsPerShareBasic`	$-0.44	USD	1 Quarter
DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share)	`EarningsPerShareDiluted`	$-0.44	USD	1 Quarter
DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.46M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.47M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.39M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.47M	shares	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.04	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.04	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-22.89M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$9.62M	USD	1 Quarter
Net unrealized appreciation marketable securities, net of tax	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$23.00K	USD	1 Quarter
Net unrealized appreciation marketable securities, net of tax	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$301.00K	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME (LOSS)	`ComprehensiveIncomeNetOfTax`	$-22.86M	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME (LOSS)	`ComprehensiveIncomeNetOfTax`	$9.92M	USD	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$35.21M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-34.30M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$53.44M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$109.90M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$92.77M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$147.83M	USD	1 Quarter
Proceeds from the sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.97M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$258.80M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$66.73M	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquireBuildingsAndGroundEquipment`	$6.91M	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquireBuildingsAndGroundEquipment`	$3.89M	USD	1 Quarter
Increase in other assets	`PaymentsToAcquireOtherProductiveAssets`	$14.26M	USD	1 Quarter
Increase in other assets	`PaymentsToAcquireOtherProductiveAssets`	$13.93M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-45.55M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-238.74M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$39.53M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$32.93M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$29.28M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$203.08M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.85M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.73M	USD	1 Quarter
Tax deficiency from exercise of commons stock	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-1.27M	USD	1 Quarter
Tax deficiency from exercise of commons stock	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-1.87M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$3.08M	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividends`	$2.05M	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividends`	$2.05M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$162.37M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-8.19M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-88.03M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-41.17M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$91.11M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$170.64M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$82.60M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$132.28M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$91.11M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$170.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$82.60M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$132.28M	USD	Point-in-time
Interest, net of capitalized amounts	`InterestPaidNet`	$13.12M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$15.28M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$451.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$573.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.