10-Q Filing

SKYWEST INC CIK: 793733 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001558370-17-003792`
Period End Date	20170331
Filing Date	20170508
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	skyw-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 50 Cash Flow Statement 44

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`	$203.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$246.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$95.44M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$146.77M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesCurrent`	$482.76M	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
Marketable securities	`AvailableForSaleSecuritiesCurrent`	$409.90M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.78M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$8.24M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	80.14M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$8.25M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockCommonShares`	28.40M	shares	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockCommonShares`	28.02M	shares	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$46.92M	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$38.56M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$118.51M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$119.61M	USD	Point-in-time
Prepaid aircraft rents	`PrepaidRent`	$147.29M	USD	Point-in-time
Prepaid aircraft rents	`PrepaidRent`	$162.36M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$24.68M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$25.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$917.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$916.59M	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$4.84B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$5.00B	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$38.80M	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$27.57M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$272.80M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$261.70M	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$5.30B	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$5.14B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.32B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.37B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.82B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.93B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$8.25M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.94M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.69M	USD	Point-in-time
Long-term prepaid assets	`PrepaidExpenseNoncurrent`	$218.50M	USD	Point-in-time
Long-term prepaid assets	`PrepaidExpenseNoncurrent`	$232.09M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$43.69M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$41.72M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$283.47M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$268.48M	USD	Point-in-time
Total assets	`Assets`	$5.01B	USD	Point-in-time
Total assets	`Assets`	$4.71B	USD	Point-in-time
Total assets	`Assets`	$5.13B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$305.46M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$293.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$263.53M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$241.22M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$139.88M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$133.09M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$15.28M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$15.62M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$44.96M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$45.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$750.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$747.26M	USD	Point-in-time
OTHER LONG TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$50.39M	USD	Point-in-time
OTHER LONG TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$50.84M	USD	Point-in-time
LONG TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$2.24B	USD	Point-in-time
LONG TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$2.32B	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredTaxLiabilitiesNoncurrent`	$565.40M	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredTaxLiabilitiesNoncurrent`	$581.20M	USD	Point-in-time
DEFERRED AIRCRAFT CREDITS	`DeferredAircraftCredits`	$53.46M	USD	Point-in-time
DEFERRED AIRCRAFT CREDITS	`DeferredAircraftCredits`	$51.17M	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; 80,142,697 and 79,781,305 shares issued, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$662.34M	USD	Point-in-time
Common stock, no par value, 120,000,000 shares authorized; 80,142,697 and 79,781,305 shares issued, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$657.35M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.14B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.10B	USD	Point-in-time
Treasury stock, at cost, 28,404,423 and 28,015,386 shares, respectively	`TreasuryStockCommonValue`	$423.76M	USD	Point-in-time
Treasury stock, at cost, 28,404,423 and 28,015,386 shares, respectively	`TreasuryStockCommonValue`	$410.09M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-32.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-71.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.35B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.37B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.01B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.13B	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Passenger	`PassengerRevenue`	$745.41M	USD	1 Quarter
Passenger	`PassengerRevenue`	$744.39M	USD	1 Quarter
Ground handling and other	`OtherSalesRevenueNet`	$17.68M	USD	1 Quarter
Ground handling and other	`OtherSalesRevenueNet`	$20.00M	USD	1 Quarter
Total operating revenues	`SalesRevenueNet`	$762.08M	USD	1 Quarter
Total operating revenues	`SalesRevenueNet`	$765.41M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$305.56M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$300.04M	USD	1 Quarter
Aircraft maintenance, materials and repairs	`AircraftMaintenanceMaterialsAndRepairs`	$138.86M	USD	1 Quarter
Aircraft maintenance, materials and repairs	`AircraftMaintenanceMaterialsAndRepairs`	$132.32M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$70.11M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$67.80M	USD	1 Quarter
Aircraft rentals	`AircraftRental`	$57.71M	USD	1 Quarter
Aircraft rentals	`AircraftRental`	$67.12M	USD	1 Quarter
Aircraft fuel	`FuelCosts`	$25.33M	USD	1 Quarter
Aircraft fuel	`FuelCosts`	$34.31M	USD	1 Quarter
Ground handling services	`GroundHandlingServiceExpenses`	$19.54M	USD	1 Quarter
Ground handling services	`GroundHandlingServiceExpenses`	$20.98M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$75.09M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$74.61M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$689.12M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$700.27M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$76.30M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$61.81M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$430.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$660.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$24.55M	USD	1 Quarter
Interest expense	`InterestExpense`	$17.73M	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-17.30M	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-23.89M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$52.41M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$44.51M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$17.42M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$17.62M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$27.09M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$34.79M	USD	1 Quarter
BASIC EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.67	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`	$0.65	USD	1 Quarter
DILUTED EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.52	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.22M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.82M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.01M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	53.20M	shares	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$27.09M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$34.79M	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`	$39.00K	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$34.83M	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$27.11M	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$143.93M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$34.54M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$508.56M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$455.99M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$383.16M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$608.06M	USD	1 Quarter
Proceeds from the sale of aircraft, property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$36.51M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$94.94M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$220.92M	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquireBuildingsAndGroundEquipment`	$479.00K	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquireBuildingsAndGroundEquipment`	$3.46M	USD	1 Quarter
Aircraft deposits applied towards acquired aircraft	`ProceedsFromReturnOfDepositsOnAircraft`	$11.23M	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$2.42M	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$2.16M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-248.91M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.07M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$157.98M	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`	$88.10M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.01M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.48M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$13.67M	USD	1 Quarter
Increase in debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$747.00K	USD	1 Quarter
Increase in debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$1.45M	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividendsCommonStock`	$2.04M	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividendsCommonStock`	$2.59M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$53.65M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$10.26M	USD	1 Quarter
Decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-51.33M	USD	1 Quarter
Decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$43.73M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$203.03M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$246.76M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$95.44M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$146.77M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END 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`	$95.44M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$146.77M	USD	Point-in-time
Acquisition of rotable spare parts	`NoncashAcquisitionOfRotableSpareParts`	$1.70M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$16.55M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$24.04M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$478.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$684.00K	USD	1 Quarter

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