10-Q Filing

SKYWEST INC CIK: 793733 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-006195`
Period End Date	20210331
Filing Date	20210506
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	skyw-20210331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 85 Income Statement 39 Cash Flow Statement 46 Stockholders Equity 22

Balance Sheet 85 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`	$289.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$215.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$87.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$231.00M	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	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$610.18M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$605.44M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$43.67M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	82.30M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	82.09M	shares	Point-in-time
Receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$34.46M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockCommonShares`	31.91M	shares	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$91.20M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$95.38M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockCommonShares`	31.96M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$31.24M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$23.29M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$982.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$998.78M	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$7.53B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$7.59B	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$36.62M	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$31.62M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$253.15M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$258.86M	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$7.88B	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$7.82B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.56B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.46B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.31B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.36B	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$274.02M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$282.36M	USD	Point-in-time
Long-term receivables and other assets	`LongTermReceivablesAndOtherAssets`	$308.22M	USD	Point-in-time
Long-term receivables and other assets	`LongTermReceivablesAndOtherAssets`	$260.41M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$542.77M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$582.24M	USD	Point-in-time
Total assets	`Assets`	$6.89B	USD	Point-in-time
Total assets	`Assets`	$6.66B	USD	Point-in-time
Total assets	`Assets`	$6.89B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$402.16M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$357.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$278.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$315.24M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$125.94M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$122.72M	USD	Point-in-time
Current maturities of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$82.67M	USD	Point-in-time
Current maturities of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$82.64M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$26.18M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$26.52M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$26.12M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$45.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$941.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$950.44M	USD	Point-in-time
LONG-TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$2.75B	USD	Point-in-time
LONG-TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$2.80B	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredIncomeTaxLiabilitiesNet`	$625.93M	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredIncomeTaxLiabilitiesNet`	$639.05M	USD	Point-in-time
NONCURRENT OPERATING LEASE LIABILITIES	`OperatingLeaseLiabilityNoncurrent`	$200.60M	USD	Point-in-time
NONCURRENT OPERATING LEASE LIABILITIES	`OperatingLeaseLiabilityNoncurrent`	$205.84M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$174.37M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$173.04M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 7)	`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; 82,301,551 and 82,094,985 shares issued as of March 31, 2021 and December 31, 2020, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$712.32M	USD	Point-in-time
Common stock, no par value, 120,000,000 shares authorized; 82,301,551 and 82,094,985 shares issued as of March 31, 2021 and December 31, 2020, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$704.67M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.09B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.05B	USD	Point-in-time
Treasury stock, at cost, 31,955,991 and 31,913,635 shares as of March 31, 2021 and December 31, 2020, respectively	`TreasuryStockCommonValue`	$617.14M	USD	Point-in-time
Treasury stock, at cost, 31,955,991 and 31,913,635 shares as of March 31, 2021 and December 31, 2020, respectively	`TreasuryStockCommonValue`	$618.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.16B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.14B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.18B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.18B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.89B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.89B	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Total operating revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$534.55M	USD	1 Quarter
Total operating revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$729.94M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$219.84M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$249.16M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$111.71M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$109.60M	USD	1 Quarter
Payroll support grant	`GrantContraExpenses`	$-193.17M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$54.49M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$69.42M	USD	1 Quarter
Total operating expenses	`CostOfGoodsAndServicesSold`	$453.71M	USD	1 Quarter
Total operating expenses	`CostOfGoodsAndServicesSold`	$663.62M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$80.84M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$66.32M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$284.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.56M	USD	1 Quarter
Interest expense	`InterestExpense`	$31.35M	USD	1 Quarter
Interest expense	`InterestExpense`	$30.20M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$398.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$216.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-27.24M	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-30.85M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$39.08M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$49.99M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$14.09M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$9.09M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$35.90M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$29.99M	USD	1 Quarter
BASIC EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.60	USD	1 Quarter
BASIC EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.71	USD	1 Quarter
DILUTED EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.71	USD	1 Quarter
DILUTED EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.59	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.29M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.28M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.73M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.56M	shares	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$35.90M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$29.99M	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$35.90M	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$29.99M	USD	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$269.48M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$231.59M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$332.87M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$236.53M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$337.61M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$381.14M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$51.90M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$73.48M	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.22M	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.54M	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.37M	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.15M	USD	1 Quarter
Deposits on aircraft	`PaymentsForDepositsOnAircraft`	$5.00M	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$13.97M	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$67.18M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-121.41M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$54.99M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$39.93M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$135.01M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$89.80M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.53M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.75M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$20.00M	USD	1 Quarter
Employee income tax paid on vested equity awards	`TreasurySharesWithheldForPaymentOfTaxes`	$6.17M	USD	1 Quarter
Employee income tax paid on vested equity awards	`TreasurySharesWithheldForPaymentOfTaxes`	$1.57M	USD	1 Quarter
Payment of debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$1.66M	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividendsCommonStock`	$6.04M	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-122.13M	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-94.90M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$15.28M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$202.34M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$289.54M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$215.72M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$87.21M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$231.00M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$289.54M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$215.72M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$87.21M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$231.00M	USD	Point-in-time
Acquisition of rotable spare parts	`FairValueOfAssetsAcquired`	$1.38M	USD	1 Quarter
Acquisition of rotable spare parts	`FairValueOfAssetsAcquired`	$34.10M	USD	1 Quarter
Warrants issued to U.S. Treasury	`WarrantsIssued`	$3.29M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$31.41M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$31.65M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$126.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$157.00K	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Cash dividends declared (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.14	USD	1 Quarter
Balance	`StockholdersEquity`	$2.16B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.14B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.18B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.18B	USD	Point-in-time
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$35.90M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$29.99M	USD	1 Quarter
Exercise of common stock options and vested employee stock awards	`StockIssuedDuringPeriodValueStockOptionsExercised`	$38.00K	USD	1 Quarter
Exercise of common stock options and vested employee stock awards	`StockIssuedDuringPeriodValueStockOptionsExercised`	$606.00K	USD	1 Quarter
Employee income tax paid on vested equity awards	`TreasurySharesWithheldForPaymentOfTax`	$1.57M	USD	1 Quarter
Employee income tax paid on vested equity awards	`TreasurySharesWithheldForPaymentOfTax`	$6.17M	USD	1 Quarter
Sale of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$1.49M	USD	1 Quarter
Sale of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$1.14M	USD	1 Quarter
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.73M	USD	1 Quarter
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.61M	USD	1 Quarter
Treasury stock purchases	`TreasuryStockValueAcquiredCostMethod`	$20.00M	USD	1 Quarter
Cash dividends declared ($0.14 per share)	`DividendsCommonStockCash`	$7.02M	USD	1 Quarter
Warrants issued to U.S. Treasury	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$3.29M	USD	1 Quarter
Balance	`StockholdersEquity`	$2.16B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.14B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.18B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.18B	USD	Point-in-time

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