10-Q Filing

SKYWEST INC CIK: 793733 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-007348`
Period End Date	20220331
Filing Date	20220505
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	skyw-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 47 Cash Flow Statement 47 Stockholders Equity 19

Balance Sheet 83 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`	$258.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$246.00M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$601.99M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$610.45M	USD	Point-in-time
Receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$65.35M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	82.51M	shares	Point-in-time
Receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$68.04M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	82.34M	shares	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$110.04M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$104.09M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockCommonShares`	31.99M	shares	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockCommonShares`	31.96M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$37.44M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$38.74M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.07B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.07B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$7.85B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$7.96B	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$124.96M	USD	Point-in-time
Deposits on aircraft	`DepositsOnFlightEquipment`	$129.51M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$264.00M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$256.60M	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$8.35B	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$8.23B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.73B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.83B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.50B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.53B	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$238.52M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$223.86M	USD	Point-in-time
Long-term receivables and other assets	`LongTermReceivablesAndOtherAssets`	$320.24M	USD	Point-in-time
Long-term receivables and other assets	`LongTermReceivablesAndOtherAssets`	$324.31M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$558.75M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$548.17M	USD	Point-in-time
Total assets	`Assets`	$6.89B	USD	Point-in-time
Total assets	`Assets`	$7.13B	USD	Point-in-time
Total assets	`Assets`	$7.15B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$410.12M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$391.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$496.33M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$412.76M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$150.58M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$157.21M	USD	Point-in-time
Current maturities of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$78.89M	USD	Point-in-time
Current maturities of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$78.93M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$28.87M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$26.67M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$48.15M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$56.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.19B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.14B	USD	Point-in-time
LONG-TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$2.72B	USD	Point-in-time
LONG-TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$2.79B	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredIncomeTaxLiabilitiesNet`	$663.24M	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredIncomeTaxLiabilitiesNet`	$669.03M	USD	Point-in-time
NONCURRENT OPERATING LEASE LIABILITIES	`OperatingLeaseLiabilityNoncurrent`	$158.27M	USD	Point-in-time
NONCURRENT OPERATING LEASE LIABILITIES	`OperatingLeaseLiabilityNoncurrent`	$147.99M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$108.66M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$124.88M	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; 82,514,936 and 82,335,970 shares issued as of March 31, 2022, and December 31, 2021, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$722.31M	USD	Point-in-time
Common stock, no par value, 120,000,000 shares authorized; 82,514,936 and 82,335,970 shares issued as of March 31, 2022, and December 31, 2021, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$727.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.18B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.16B	USD	Point-in-time
Treasury stock, at cost, 31,993,144 and 31,956,047 shares as of March 31, 2022, and December 31, 2021, respectively	`TreasuryStockCommonValue`	$619.84M	USD	Point-in-time
Treasury stock, at cost, 31,993,144 and 31,956,047 shares as of March 31, 2022, and December 31, 2021, respectively	`TreasuryStockCommonValue`	$618.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.29B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.14B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.27B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.18B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$7.15B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$7.13B	USD	Point-in-time

Income Statement 47 line items

Line Item	Tag	Value	Unit	Period
Total operating revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$534.55M	USD	1 Quarter
Total operating revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$735.15M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$300.06M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$219.84M	USD	1 Quarter
Aircraft maintenance, materials and repairs	`AircraftMaintenanceMaterialsAndRepairs`	$148.41M	USD	1 Quarter
Aircraft maintenance, materials and repairs	`AircraftMaintenanceMaterialsAndRepairs`	$203.83M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$109.60M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$102.75M	USD	1 Quarter
Aircraft fuel	`AircraftFuel`	$19.19M	USD	1 Quarter
Aircraft fuel	`AircraftFuel`	$25.09M	USD	1 Quarter
Airport-related expenses	`AirportRelatedExpenses`	$19.20M	USD	1 Quarter
Airport-related expenses	`AirportRelatedExpenses`	$24.45M	USD	1 Quarter
Aircraft rentals	`AircraftRentals`	$15.49M	USD	1 Quarter
Aircraft rentals	`AircraftRentals`	$16.00M	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`	$71.60M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$683.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$453.71M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$80.84M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$52.05M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$425.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$284.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$28.59M	USD	1 Quarter
Interest expense	`InterestExpense`	$31.35M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$880.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$216.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-27.29M	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-30.85M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$49.99M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$24.76M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$14.09M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$7.03M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$35.90M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$17.73M	USD	1 Quarter
BASIC EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.35	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`	$0.35	USD	1 Quarter
DILUTED EARNINGS PER SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.71	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.29M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.48M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.71M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.73M	shares	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$35.90M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$17.73M	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$35.90M	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$17.73M	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$20.51M	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`	$595.33M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$586.86M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$337.61M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$111.78M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$51.90M	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.22M	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.24M	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.75M	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.15M	USD	1 Quarter
Deposits on aircraft	`PaymentsForDepositsOnAircraft`	$28.03M	USD	1 Quarter
Deposits on aircraft	`PaymentsForDepositsOnAircraft`	$5.00M	USD	1 Quarter
Aircraft deposits applied towards acquired aircraft	`ProceedsFromReturnOfDepositsOnAircraft`	$23.48M	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$67.18M	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$387.00K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-124.67M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-121.41M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$185.74M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$39.93M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$93.98M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$135.01M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.51M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.75M	USD	1 Quarter
Employee income tax paid on vested equity awards	`TreasurySharesWithheldForPaymentOfTaxes`	$1.12M	USD	1 Quarter
Employee income tax paid on vested equity awards	`TreasurySharesWithheldForPaymentOfTaxes`	$1.57M	USD	1 Quarter
Payment of debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$413.00K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-94.90M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$91.74M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$15.28M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-12.42M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$215.72M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$246.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$231.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$258.42M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$215.72M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$246.00M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$231.00M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$258.42M	USD	Point-in-time
Acquisition of property and equipment	`FairValueOfAssetsAcquired`	$13.57M	USD	1 Quarter
Acquisition of property and equipment	`FairValueOfAssetsAcquired`	$1.38M	USD	1 Quarter
Warrants issued to U.S. Treasury	`WarrantsIssued`	$3.29M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$29.84M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$31.65M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$157.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$116.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$2.29B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.14B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.27B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.18B	USD	Point-in-time
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$35.90M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$17.73M	USD	1 Quarter
Exercise of common stock options and vested employee stock awards	`StockIssuedDuringPeriodValueStockOptionsExercised`	$27.00K	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`	$1.12M	USD	1 Quarter
Sale of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$1.14M	USD	1 Quarter
Sale of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$1.49M	USD	1 Quarter
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$4.08M	USD	1 Quarter
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.61M	USD	1 Quarter
Warrants issued to U.S. Treasury	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$3.29M	USD	1 Quarter
Balance	`StockholdersEquity`	$2.29B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.14B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.27B	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.