10-Q Filing

SKYWEST INC CIK: 793733 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001558370-18-004155`
Period End Date	20180331
Filing Date	20180507
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	skyw-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 87 Income Statement 39 Cash Flow Statement 47

Balance Sheet 87 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`	$251.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$103.69M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$181.79M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$155.01M	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	`MarketableSecuritiesCurrent`	$394.08M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$503.50M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	80.40M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	81.10M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$5.32M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$8.60M	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$42.73M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockCommonShares`	29.06M	shares	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$61.33M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockCommonShares`	28.64M	shares	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$117.22M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$119.75M	USD	Point-in-time
Prepaid aircraft rents	`PrepaidRent`	$115.10M	USD	Point-in-time
Prepaid aircraft rents	`PrepaidRent`	$89.73M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$26.94M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$30.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$952.62M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$995.13M	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$5.58B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$5.34B	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$49.00M	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$49.00M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$275.93M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$265.61M	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$5.65B	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$5.91B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.53B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.47B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.38B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.18B	USD	Point-in-time
Long-term prepaid assets	`PrepaidExpenseNoncurrent`	$203.18M	USD	Point-in-time
Long-term prepaid assets	`PrepaidExpenseNoncurrent`	$230.92M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$65.34M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$69.18M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$296.26M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$272.36M	USD	Point-in-time
Total assets	`Assets`	$5.47B	USD	Point-in-time
Total assets	`Assets`	$5.60B	USD	Point-in-time
Total assets	`Assets`	$5.14B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$309.68M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$335.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$290.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$288.90M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$145.14M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$154.37M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$19.23M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$16.57M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$48.65M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$50.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$820.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$837.82M	USD	Point-in-time
OTHER LONG TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$62.36M	USD	Point-in-time
OTHER LONG TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$58.66M	USD	Point-in-time
LONG TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$2.38B	USD	Point-in-time
LONG TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$2.44B	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredTaxLiabilitiesNoncurrent`	$419.02M	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredTaxLiabilitiesNoncurrent`	$434.68M	USD	Point-in-time
DEFERRED AIRCRAFT CREDITS	`ContractWithCustomerLiabilityNoncurrent`	$44.23M	USD	Point-in-time
DEFERRED AIRCRAFT CREDITS	`ContractWithCustomerLiabilityNoncurrent`	$37.41M	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; 81,104,752 and 80,398,104 shares issued, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$672.59M	USD	Point-in-time
Common stock, no par value, 120,000,000 shares authorized; 81,104,752 and 80,398,104 shares issued, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$679.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.57B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.52B	USD	Point-in-time
Treasury stock, at cost, 29,058,982 and 28,643,535 shares, respectively	`TreasuryStockCommonValue`	$458.64M	USD	Point-in-time
Treasury stock, at cost, 29,058,982 and 28,643,535 shares, respectively	`TreasuryStockCommonValue`	$435.18M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-100.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-50.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.79B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.75B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.47B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.60B	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Total operating revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$747.17M	USD	1 Quarter
Total operating revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$783.40M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$297.67M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$306.72M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$70.11M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$77.58M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$62.67M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$68.39M	USD	1 Quarter
Total operating expenses	`CostOfGoodsAndServicesSold`	$695.23M	USD	1 Quarter
Total operating expenses	`CostOfGoodsAndServicesSold`	$670.87M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$88.17M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$76.30M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$660.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.71M	USD	1 Quarter
Interest expense	`InterestExpense`	$26.23M	USD	1 Quarter
Interest expense	`InterestExpense`	$24.55M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$3.56M	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-20.97M	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-23.89M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$67.20M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$52.41M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$17.62M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$12.84M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$54.36M	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`	$1.05	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`	$1.03	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.82M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.92M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	53.03M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	53.20M	shares	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$54.36M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$34.79M	USD	1 Quarter
Net unrealized appreciation (depreciation) on marketable securities, net of taxes	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$-50.00K	USD	1 Quarter
Net unrealized appreciation (depreciation) 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`	$54.31M	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$143.94M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$165.90M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$455.99M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$387.57M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$383.16M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$496.94M	USD	1 Quarter
Proceeds from the sale of aircraft, property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$36.51M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$198.78M	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`	$9.30M	USD	1 Quarter
Aircraft deposits applied towards acquired aircraft	`ProceedsFromReturnOfDepositsOnAircraft`	$11.23M	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$1.36M	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$2.42M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-100.07M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-248.91M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$101.32M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$157.98M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$71.59M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$88.10M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.32M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.48M	USD	1 Quarter
Purchase of treasury stock and employee income tax paid on equity awards	`PaymentsForRepurchaseOfCommonStock`	$23.47M	USD	1 Quarter
Purchase of treasury stock and employee income tax paid on equity awards	`PaymentsForRepurchaseOfCommonStock`	$13.67M	USD	1 Quarter
Increase in debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$610.00K	USD	1 Quarter
Increase in debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$1.45M	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividendsCommonStock`	$2.59M	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividendsCommonStock`	$4.14M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$3.83M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$53.65M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-51.32M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$69.66M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$251.45M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$103.69M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$181.79M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$155.01M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$251.45M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$103.69M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$181.79M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$155.01M	USD	Point-in-time
Acquisition of rotable spare parts	`FairValueOfAssetsAcquired`	$574.00K	USD	1 Quarter
Acquisition of rotable spare parts	`FairValueOfAssetsAcquired`	$1.70M	USD	1 Quarter
Debt assumed on aircraft acquired off lease	`NoncashOrPartNoncashAcquisitionDebtAssumed1`	$59.13M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$24.04M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$26.48M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$486.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$478.00K	USD	1 Quarter

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