10-Q Filing

SKYWEST INC CIK: 793733 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001558370-16-005505`
Period End Date	20160331
Filing Date	20160506
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	skyw-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 96 Income Statement 50 Cash Flow Statement 41

Balance Sheet 96 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`	$246.76M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$91.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$203.03M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$187.32M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$286.67M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.02M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$8.22M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.39M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$8.22M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$2.77M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockShares`	28.02M	shares	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockShares`	28.02M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$2.87M	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$80.05M	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$62.16M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$140.31M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$140.59M	USD	Point-in-time
Prepaid aircraft rents	`PrepaidRent`	$195.22M	USD	Point-in-time
Prepaid aircraft rents	`PrepaidRent`	$198.21M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetCurrent`	$100.73M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetCurrent`	$102.80M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$17.95M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$18.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$984.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.02B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$5.24B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$5.33B	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$38.15M	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$38.15M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$275.79M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$260.56M	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$5.62B	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$5.56B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.09B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.12B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.50B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.47B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.50M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.19M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.94M	USD	Point-in-time
Non-current prepaid aircraft rents	`PrepaidExpenseNoncurrent`	$261.60M	USD	Point-in-time
Non-current prepaid aircraft rents	`PrepaidExpenseNoncurrent`	$229.18M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$53.99M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$54.26M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$325.79M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$293.67M	USD	Point-in-time
Total assets	`Assets`	$4.81B	USD	Point-in-time
Total assets	`Assets`	$4.78B	USD	Point-in-time
Total assets	`Assets`	$4.59B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$268.67M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$274.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$261.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$279.86M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$131.56M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$138.29M	USD	Point-in-time
Accrued aircraft rents	`AccruedRentCurrent`	$4.25M	USD	Point-in-time
Accrued aircraft rents	`AccruedRentCurrent`	$3.23M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$17.18M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$15.23M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$40.80M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$42.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$748.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$729.38M	USD	Point-in-time
OTHER LONG TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$54.28M	USD	Point-in-time
OTHER LONG TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$56.19M	USD	Point-in-time
LONG TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$1.66B	USD	Point-in-time
LONG TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$1.66B	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredTaxLiabilitiesNoncurrent`	$749.58M	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredTaxLiabilitiesNoncurrent`	$768.56M	USD	Point-in-time
DEFERRED AIRCRAFT CREDITS	`DeferredAircraftCredits`	$62.52M	USD	Point-in-time
DEFERRED AIRCRAFT CREDITS	`DeferredAircraftCredits`	$60.17M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 6)	`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; 79,388,758 and 79,020,371 shares issued, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$641.64M	USD	Point-in-time
Common stock, no par value, 120,000,000 shares authorized; 79,388,758 and 79,020,371 shares issued, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$645.91M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.30B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.28B	USD	Point-in-time
Treasury stock, at cost, 28,015,386 and 28,015,386 shares, respectively	`TreasuryStockValue`	$410.09M	USD	Point-in-time
Treasury stock, at cost, 28,015,386 and 28,015,386 shares, respectively	`TreasuryStockValue`	$410.09M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-96.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-260.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.54B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.51B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.81B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.78B	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Passenger	`RevenueFromPassengers`	$742.50M	USD	1 Quarter
Passenger	`RevenueFromPassengers`	$744.39M	USD	1 Quarter
Ground handling and other	`OtherSalesRevenueNet`	$17.90M	USD	1 Quarter
Ground handling and other	`OtherSalesRevenueNet`	$17.68M	USD	1 Quarter
Total operating revenues	`Revenues`	$760.40M	USD	1 Quarter
Total operating revenues	`Revenues`	$762.08M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$305.56M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$302.85M	USD	1 Quarter
Aircraft maintenance, materials and repairs	`AircraftMaintenanceMaterialsAndRepairs`	$138.86M	USD	1 Quarter
Aircraft maintenance, materials and repairs	`AircraftMaintenanceMaterialsAndRepairs`	$158.26M	USD	1 Quarter
Aircraft rentals	`AircraftRental`	$67.12M	USD	1 Quarter
Aircraft rentals	`AircraftRental`	$70.41M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$67.80M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$65.69M	USD	1 Quarter
Aircraft fuel	`FuelCosts`	$27.30M	USD	1 Quarter
Aircraft fuel	`FuelCosts`	$25.33M	USD	1 Quarter
Ground handling services	`GroundHandlingServiceExpenses`	$23.97M	USD	1 Quarter
Ground handling services	`GroundHandlingServiceExpenses`	$20.98M	USD	1 Quarter
Other, net	`OtherCostAndExpenseOperating`	$74.61M	USD	1 Quarter
Other, net	`OtherCostAndExpenseOperating`	$77.84M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$726.32M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$700.27M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$34.08M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$61.81M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$640.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$430.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$18.46M	USD	1 Quarter
Interest expense	`InterestExpense`	$17.73M	USD	1 Quarter
Total other expense, net	`NonOperatingIncomeExpenseAndIncome`	$-17.30M	USD	1 Quarter
Total other expense, net	`NonOperatingIncomeExpenseAndIncome`	$-17.82M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$44.51M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.25M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$6.63M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$17.42M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$27.09M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$9.62M	USD	1 Quarter
BASIC EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
BASIC EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.53	USD	1 Quarter
DILUTED EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.52	USD	1 Quarter
DILUTED EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.22M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.46M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.01M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.39M	shares	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$27.09M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$9.62M	USD	1 Quarter
Net unrealized appreciation on marketable securities, net of taxes	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$15.00K	USD	1 Quarter
Net unrealized appreciation on marketable securities, net of taxes	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$301.00K	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$9.92M	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$27.11M	USD	1 Quarter

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$35.21M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$34.54M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$109.90M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$508.56M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$147.83M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$608.06M	USD	1 Quarter
Proceeds from the sale of aircraft, property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.97M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$94.94M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$258.80M	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquireBuildingsAndGroundEquipment`	$3.46M	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquireBuildingsAndGroundEquipment`	$6.91M	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromProductiveAssets`	$2.16M	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromProductiveAssets`	$11.91M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-236.71M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.07M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$203.08M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$68.23M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$57.20M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$39.53M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.01M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$857.00K	USD	1 Quarter
Increase in debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$747.00K	USD	1 Quarter
Increase in debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$2.03M	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividends`	$2.05M	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividends`	$2.04M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$160.34M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$10.26M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$43.73M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-41.17M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$246.76M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$132.28M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$91.11M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$203.03M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$246.76M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END 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`	$203.03M	USD	Point-in-time
Interest, net of capitalized amounts	`InterestPaidNet`	$16.55M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$15.28M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$684.00K	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.