Showing posts with label SkyWest. Show all posts
Showing posts with label SkyWest. Show all posts

09 March, 2024

SkyWest named one of “America’s Greatest Workplaces for Diversity” and “America’s Greatest Workplaces for Women” by Newsweek

SkyWest, is pleased to be named one of “America’s Greatest Workplaces for Diversity” and “America’s Greatest Workplaces for Women” by Newsweek in 2024. SkyWest was the only regional airline to be recognized on either list. The more than 500 employers on Newsweek’s Greatest Workplaces for Diversity 2024 list were chosen based on an independent survey of over 220,000 U.S. employees at over 1.5 million companies in their U.S. operations. The Greatest Workplaces for Women 2024 were chosen based on a survey of over 142,000 women at over 848,000 companies in the U.S.

“A fundamental part of SkyWest’s culture is to hire the best, regardless of classification, and to help them build successful careers,” said Chip Childs, President & CEO of SkyWest. “Every employee brings unique skills and experiences to our company, and those differences only make us better at achieving our collective commitment to excellence. We’re humbled and honoured to be named a Great Workplace for Diversity and a Great Workplace for Women by Newsweek.”

Newsweek’s selections were based on surveys of over 220,000 U.S. employees, and 142,000 women from companies employing at least 1,000 people in their U.S. operations. SkyWest was also named a Forbes Best Employer in 2021, 2022 and is a Glassdoor Employees’ Choice Award recipient for 2020 and 2021.



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05 March, 2024

SkyWest to fly 20 additional E175s for United

SkyWest has confirmed a new flying agreement with United Airlines to place 20 partner-financed E175s under a four-year contract. The 20 E175s will join the SkyWest fleet throughout 2024. This agreement is in addition to the previously announced 19 SkyWest-owned E175 agreement with United.

“We’re delighted to continue enhancing our United partnership and pleased that we’re able to deliver on the strong market demand,” said Chip Childs, President & CEO of SkyWest.




SkyWest is coordinating with its major airline partners to optimize the timing of upcoming announced fleet deliveries. The anticipated E175 future delivery dates summarized below are based on currently available information and are subject to change.  By the end of 2026, SkyWest is scheduled to operate a total of 278 E175 aircraft.










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01 November, 2023

19 E175 jets for SkyWest Airlines

SkyWest orders 19 Embraer jets


Brazilian planemaker Embraer said last week its firm order backlog reached $17.8 billion at the end of the third quarter, including a newly announced order by SkyWest for 19 of its E175 jets.  Its backlog grew by $500 million from the previous quarter and Embraer delivered 43 aircraft in the third quarter, compared with 33 in the year-ago period, totalling 105 aircraft delivered year-to-date.


The planemaker confirmed that SkyWest had ordered 19 of its E175 jets for $1.1 billion, with deliveries expected to start in the final quarter of 2024. The new aircraft will be flown by United Airlines under a capacity purchase agreement, Embraer said.

In the third quarter of the year, SkyWest has reported a net income of $23 million, compared to net income of $48 million for the same period in 2022.  Revenue was $766 million in Q3 2023, down $23 million, or 3%, from $789 million in Q3 2022. 


SkyWest deferred recognizing $57 million of revenue during Q3 2023 compared to recognizing previously deferred revenue of $13 million during Q3 2022. The amount of revenue deferred during Q3 2023 was driven by modified terms relating to fixed monthly cash payments under SkyWest’s previously announced amended flying contracts.
 
Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “Our teams continue to deliver an exceptional product and operating performance. We are pleased with the improving trajectory of our business, strong demand for our product, and steady progress toward stabilization of our pilot hiring and retention. I want to thank our amazing team for delivering outstanding operations in the third quarter.”

31 October, 2023

SkyWest orders 19 Embraer jets....


SkyWest orders 19 Embraer jets


Brazilian planemaker Embraer said last week its firm order backlog reached $17.8 billion at the end of the third quarter, including a newly announced order by SkyWest for 19 of its E175 jets.  Its backlog grew by $500 million from the previous quarter and Embraer delivered 43 aircraft in the third quarter, compared with 33 in the year-ago period, totalling 105 aircraft delivered year-to-date.

The planemaker confirmed that SkyWest had ordered 19 of its E175 jets for $1.1 billion, with deliveries expected to start in the final quarter of 2024. The new aircraft will be flown by United Airlines under a capacity purchase agreement, Embraer said.

In the third quarter of the year, SkyWest has reported a net income of $23 million, compared to net income of $48 million for the same period in 2022.  Revenue was $766 million in Q3 2023, down $23 million, or 3%, from $789 million in Q3 2022. 


SkyWest deferred recognizing $57 million of revenue during Q3 2023 compared to recognizing previously deferred revenue of $13 million during Q3 2022. The amount of revenue deferred during Q3 2023 was driven by modified terms relating to fixed monthly cash payments under SkyWest’s previously announced amended flying contracts.
 
Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “Our teams continue to deliver an exceptional product and operating performance. We are pleased with the improving trajectory of our business, strong demand for our product, and steady progress toward stabilization of our pilot hiring and retention. I want to thank our amazing team for delivering outstanding operations in the third quarter.”


Operating expenses were $717 million in Q3 2023, up $3 million from $714 million in Q3 2022, driven by increases in employee compensation, including higher pilot pay scales. Higher labor 
costs were partially offset by lower aircraft rent expenses due to the early lease buyouts on 35 CRJ aircraft for the nine months ended September 30, 2023, and lower operating costs associated with a 10% reduction in Q3 2023 block hour production compared to Q3 2022. 




Extra reporting by Peter Frontini

27 October, 2023

Embraer backlog reaches $17.8 billion as Sky West orders 19 E175 jets


SkyWest orders 19 Embraer jets


Brazilian planemaker Embraer said on Thursday its firm order backlog reached $17.8 billion at the end of the third quarter, including a newly announced order by SkyWest for 19 of its E175 jets.  Its backlog grew by $500 million from the previous quarter and Embraer delivered 43 aircraft in the third quarter, compared with 33 in the year-ago period, totalling 105 aircraft delivered year-to-date.

Earlier on Thursday, the planemaker said that SkyWest had ordered 19 of its E175 jets for $1.1 billion, with deliveries expected to start in the final quarter of 2024. The new aircraft will be flown by United Airlines under a capacity purchase agreement, Embraer said.

In the third quarter of the year, SkyWest has reported a net income of $23 million, compared to net income of $48 million for the same period in 2022.  Revenue was $766 million in Q3 2023, down $23 million, or 3%, from $789 million in Q3 2022. 


SkyWest deferred recognizing $57 million of revenue during Q3 2023 compared to recognizing previously deferred revenue of $13 million during Q3 2022. The amount of revenue deferred during Q3 2023 was driven by modified terms relating to fixed monthly cash payments under SkyWest’s previously announced amended flying contracts.
 
Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “Our teams continue to deliver an exceptional product and operating performance. We are pleased with the improving trajectory of our business, strong demand for our product, and steady progress toward stabilization of our pilot hiring and retention. I want to thank our amazing team for delivering outstanding operations in the third quarter.”


Operating expenses were $717 million in Q3 2023, up $3 million from $714 million in Q3 2022, driven by increases in employee compensation, including higher pilot pay scales. Higher labor 
costs were partially offset by lower aircraft rent expenses due to the early lease buyouts on 35 CRJ aircraft for the nine months ended September 30, 2023, and lower operating costs associated with a 10% reduction in Q3 2023 block hour production compared to Q3 2022. 




Extra reporting by Peter Frontini

01 August, 2023

SkyWest reports pre-tax income of $18 million and net income of $15 million during quarter two of 2023

U.S. airline SkyWest has released details of its financial and operating results for the second quarter of 2023, including net income of $15 million, or $0.35 per diluted share, compared to net income of $54 million, or $1.07 earnings per diluted share, for Q2 2022.

Chip Childs, Chief Executive Officer of SkyWest, said, “We are making steady headway towards reaching our strategic business objectives and remain optimistic as we continue experiencing strong demand for our products. I want to thank our team of professionals for delivering industry-leading performance throughout the second quarter.”

SkyWest Airlines has a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines, and Alaska Airlines carrying more than 40 million passengers in 2022.

Under its previously announced share repurchase programs, SkyWest repurchased 3.3 million shares of common stock for $94 million during Q2 2023. In total, during the first half of 2023, SkyWest repurchased 8.4 million shares of common stock for $194 million, which represented 17% of SkyWest’s outstanding shares as of December 31, 2022. The current share repurchase program authorized by the SkyWest Board of Directors in May 2023 had $186 million of remaining availability as of June 30, 2023.

Financial Results


Revenue was $726 million in Q2 2023, down $73 million, or 9%, from $799 million in Q2 2022. SkyWest deferred recognizing $60 million of revenue during Q2 2023 compared to recognizing previously deferred revenue of $16 million during Q2 2022. The amount of revenue deferred during Q2 2023 was driven by modified terms relating to fixed monthly cash payments under SkyWest’s previously announced amended flying contracts. See the “Other Supplemental Cash Flow Information” section of this release for more information. The remaining reduction in revenue was attributed to a decrease in block hour production in Q2 2023 compared to Q2 2022.

Operating expenses were $694 million in Q2 2023, down $16 million, or 2%, from $710 million in Q2 2022, driven by decreases in operating costs as a result of lower Q2 2023 block hour production compared to Q2 2022, partially offset by increases in employee compensation, including higher pilot pay scales.

Capital and Liquidity


SkyWest had $862 million in cash and marketable securities at June 30, 2023, down from $936 million at March 31, 2023 and $1.0 billion at December 31, 2022.

Total debt at June 30, 2023 was $3.2 billion, down from $3.3 billion at March 31, 2023 and $3.4 billion at December 31, 2022. Capital expenditures during Q2 2023 were $31 million for spare engines and other fixed assets.

Status Update on Previously Announced Agreements


SkyWest anticipates adding two E175 aircraft in Q4 2023 and one E175 aircraft in 2024 under a flying contract with Delta Air Lines. SkyWest also anticipates adding one E175 aircraft in 2025 under a flying contract with Alaska Airlines. Timing of future deliveries is subject to change.

By the end of 2025, SkyWest is scheduled to operate a total of 239 E175 aircraft.

28 April, 2023

Latest results from SkyWest


The U.S. regional airline SkyWest has just reported some impressive financial and operating results for the first quarter of 2023, including a net loss of $22 million compared to a net income of $18 million, for Q1 2022.

Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “We are making solid headway in our production and performance objectives. We continue to experience exceptionally high demand for our products and appreciate the ongoing engagement from each of our partners. I also want to thank our people for their great work in delivering both an outstanding product and exceptional reliability through the challenging first quarter.”

During Q1 2023, SkyWest repurchased 5.1 million shares of common stock for $100 million, which represented 10% of SkyWest’s outstanding shares as of December 31, 2022. The shares were repurchased under SkyWest’s previously announced share repurchase program.

Additionally, during Q1 2023, SkyWest acquired 24 CRJ700 aircraft and eight CRJ200 aircraft under an early lease buyout for $125 million. Pursuant to this transaction, SkyWest avoids making future lease and lease return cash payments of approximately $90 million, and SkyWest now owns these aircraft and engines.

Financial Results

03 February, 2023

SkyWest releases fourth quarter and annual 2022 results

SkyWest Airlines has a fleet of over 500 aircraft connecting passengers to over 230 destinations throughout North America. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines carrying more than 40 million passengers in 2022. Earlier this week the company released fourth quarter and annual 2022 results.



Fourth Quarter and Annual 2022 Summary


Full year 2022 pre-tax income of $93 million, net income of $73 million, or $1.44 per diluted share
Q4 2022 pre-tax loss of $62 million, net loss of $47 million, or $0.93 loss per share
Secured amendments under the majority of SkyWest’s flying contracts to provide increased compensation for SkyWest’s current pilot pay scales
Took delivery of four E175 aircraft for Delta Air Lines (“Delta”) during Q4 2022 under previously announced agreements


SkyWest, Inc. has reported financial and operating results for Q4 2022, including net loss of $47 million, or $0.93 loss per share, compared to a net income of $4 million, or $0.09 per diluted share, for Q4 2021. The Q4 2022 results:

reflect $69 million of deferred revenue related to fixed monthly cash payments received under SkyWest’s newly amended flying contracts;
include a $36 million non-cash impairment charge on ten CRJ700 aircraft that were placed under a held-for-sale arrangement; and
include an $11 million accelerated expense on 21 leased CRJ aircraft that are in the process of being stored prior to the lease expiration.
SkyWest also reported net income of $73 million, or $1.44 per diluted share, for the 2022 year, compared to net income of $112 million, or $2.20 per diluted share, for the 2021 year and adjusted net income of $176 million1, or $3.46 per diluted share, for the 2021 year.

Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “We continue to experience strong demand for our product, and our teams performed exceptionally well through the busy holiday season to deliver a solid 99.9% adjusted completion rate for the fourth quarter. Also during the quarter, we were pleased to have finalized amendments to the flying contracts with a majority of our partners to reflect our increased pilot scales. I want to thank our people for their dedicated, world-class efforts to deliver a strong, reliable product.”

Financial Results

31 October, 2022

SkyWest reports pre-tax income of $57 million during third-quarter


Photo SkyWest
SkyWest, the U.S. regional carrier reported financial and operating results for Q3 2022, including net income of $48 million, or $0.96 per diluted share, compared to net income of $10 million, or $0.19 per diluted share, for Q3 2021 and adjusted net income of $74 million1, or $1.45 per diluted share, for Q3 2021.

Commenting on the results, Chip Childs, Chief Executive Officer of SkyWest, said, “We continue to experience strong demand for our product and our operational performance through the busy summer season was strong with 99.9% adjusted completion this quarter. We were pleased to have finalized new salary scales for our pilots during the quarter and continue efforts to stabilize our crew imbalance. I want to thank our people for their dedicated, world-class efforts.”

Financial Results


Revenue was $789 million in Q3 2022, up $44 million or 6%, from $745 million in Q3 2021. This quarter’s year-over-year increase in revenue under SkyWest’s flying contracts came from adding 33 E175 aircraft to its operations since Q3 2021 and eliminating the COVID-19 partner revenue concessions from Q3 last year.

_______________________

1 See Financial Results and Reconciliation of non-GAAP financial measures sections of this release for more information.

Operating expenses were $714 million in Q3 2022, up 2% from $698 million in Q3 2021. The increase in operating expenses was primarily due to an increase in salaries, wages, and benefits, offset by a decrease in maintenance costs for Q3 2022, compared to Q3 2021.

Capital and Liquidity


SkyWest had $1.0 billion in cash and marketable securities at September 30, 2022, up from $975 million at June 30, 2022, and $860 million at December 31, 2021.

Total debt at September 30, 2022 was $3.4 billion, up from $3.3 billion at June 30, 2022, reflecting the financing of nine new E175 aircraft delivered in Q3 2022. Capital expenditures during Q3 2022 were $224 million for the purchase of these nine E175s and other fixed assets.

Status Update on Previously Announced Agreements


SkyWest is coordinating with its major airline partners to optimize the timing of upcoming fleet deliveries under previously announced agreements. SkyWest expects to finance the future E175 deliveries discussed below through debt. The anticipated future delivery dates summarized below are based on currently available information and are subject to change.

Flying contract with American for 20 E175 aircraft


Two aircraft were delivered in Q3 2022, completing the 20 E175 aircraft deliveries under this contract.

Flying contract with Delta for 16 E175 aircraft

Seven aircraft were delivered in Q3 2022.
Four aircraft deliveries are anticipated in Q4 2022.
Three aircraft are anticipated to be delivered in 2023 and 2024.
Two aircraft were delivered prior to Q3 2022.
Flying contract with Alaska for 11 E175 aircraft

One aircraft is expected to be delivered in 2025, which will complete the 11 E175 aircraft deliveries under this contract.

Combined, SkyWest anticipates placing 47 E175 aircraft into service under these three previously announced agreements by late 2025. As of September 30, 2022, 39 aircraft were delivered and eight aircraft have deliveries scheduled through 2025. By the end of 2025, SkyWest is scheduled to operate a total of 240 E175 aircraft.

SkyWest, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Dollars and Shares in Thousands, Except per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

2022

 

2021

 

2022

 

2021

OPERATING REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

Flying agreements

 

$

763,514

 

$

719,084

 

$

2,245,351

 

$

1,863,242

Lease, airport services and other

 

 

25,929

 

 

25,699

 

 

78,329

 

 

73,086

Total operating revenues

 

 

789,443

 

 

744,783

 

 

2,323,680

 

 

1,936,328

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

 

307,727

 

 

265,603

 

 

896,347

 

 

718,868

Aircraft maintenance, materials and repairs

 

 

183,182

 

 

209,795

 

 

506,478

 

 

604,501

Depreciation and amortization

 

 

97,433

 

 

109,597

 

 

297,427

 

 

329,089

Aircraft fuel

 

 

28,179

 

 

32,561

 

 

85,089

 

 

77,622

Airport-related expenses

 

 

17,501

 

 

25,992

 

 

54,196

 

 

72,478

Aircraft rentals

 

 

16,089

 

 

16,098

 

 

48,109

 

 

47,311

Special items - impairment charges

 

 

 

 

84,592

 

 

 

 

84,592

Payroll support grant

 

 

 

 

(115,352)

 

 

 

 

(422,669)

Other operating expenses

 

 

63,756

 

 

68,847

 

 

219,808

 

 

181,621

Total operating expenses

 

 

713,867

 

 

697,733

 

 

2,107,454

 

 

1,693,413

OPERATING INCOME

 

 

75,576

 

 

47,050

 

 

216,226

 

 

242,915

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

6,348

 

 

238

 

 

9,332

 

 

732

Interest expense

 

 

(33,283)

 

 

(28,980)

 

 

(92,308)

 

 

(94,274)

Other income (expense), net

 

 

8,112

 

 

(4,098)

 

 

21,011

 

 

(3,802)

Total other expense, net

 

 

(18,823)

 

 

(32,840)

 

 

(61,965)

 

 

(97,344)

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

 

56,753

 

 

14,210

 

 

154,261

 

 

145,571

PROVISION FOR INCOME TAXES

 

 

8,381

 

 

4,526

 

 

34,204

 

 

37,993

NET INCOME

 

$

48,372

 

$

9,684

 

$

120,057

 

$

107,578

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC EARNINGS PER SHARE

 

$

0.96

 

$

0.19

 

$

2.38

 

$

2.14

DILUTED EARNINGS PER SHARE

 

$

0.96

 

$

0.19

 

$

2.37

 

$

2.12

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

50,593

 

 

50,380

 

 

50,531

 

 

50,337

Diluted

 

 

50,636

 

 

50,725

 

 

50,636

 

 

50,726

SkyWest, Inc. and Subsidiaries

Summary of Consolidated Balance Sheets

(Dollars in Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

2022

 

2021

Cash and marketable securities

$

1,004,197

 

$

860,410

Other current assets

 

257,992

 

 

208,183

Total current assets

 

1,262,189

 

 

1,068,593

 

 

 

 

 

 

Property and equipment, net

 

5,591,542

 

 

5,373,635

Deposits on aircraft

 

47,229

 

 

124,964

Other long-term assets

 

553,244

 

 

558,755

Total assets

$

7,454,204

 

$

7,125,947

 

 

 

 

 

 

Current portion, long-term debt

$

429,425

 

$

391,798

Other current liabilities

 

730,470

 

 

802,823

Total current liabilities

 

1,159,895

 

 

1,194,621

 

 

 

 

 

 

Long-term debt, net of current maturities

 

2,982,034

 

 

2,717,420

Other long-term liabilities

 

916,327

 

 

946,392

Stockholders' equity

 

2,395,948

 

 

2,267,514

Total liabilities and stockholders' equity

$

7,454,204

 

$

7,125,947

SkyWest, Inc. and Subsidiaries

Additional Operational Information (unaudited)

 

SkyWest’s fleet in scheduled service or under contract by aircraft type:

 

 

 

 

 

 

 

 

 

September 30,
2022

 

December 31,
2021

 

September 30,
2021

E175 aircraft

 

232

 

211

 

199

CRJ900 aircraft

 

44

 

44

 

40

CRJ700 aircraft

 

114

 

114

 

106

CRJ200 aircraft

 

140

 

140

 

141

Total aircraft in service or under contract

 

530

 

509

 

486

As of September 30, 2022, SkyWest leased 35 CRJ700s and five CRJ900s to third parties (these aircraft are excluded from the table above). The E175 aircraft counts are based on delivery date.

Selected operational data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended
September 30,

 

For the nine months ended
September 30,

Block hours by aircraft type:

 

2022

 

 

2021

 

 

% Change

 

2022

 

 

2021

 

 

% Change

E175s

 

169,679

 

 

169,143

 

 

0.3

%

 

481,080

 

 

446,867

 

 

7.7

%

CRJ900s

 

25,134

 

 

34,031

 

 

(26.1)

%

 

78,468

 

 

87,750

 

 

(10.6)

%

CRJ700s

 

62,540

 

 

78,788

 

 

(20.6)

%

 

202,538

 

 

215,263

 

 

(5.9)

%

CRJ200s

 

66,389

 

 

88,500

 

 

(25.0)

%

 

207,402

 

 

220,809

 

 

(6.1)

%

Total block hours

 

323,742

 

 

370,462

 

 

(12.6)

%

 

969,488

 

 

970,689

 

 

(0.1)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Departures

 

194,683

 

 

210,251

 

 

(7.4)

%

 

570,572

 

 

550,643

 

 

3.6

%

Passengers carried

 

10,715,415

 

 

10,862,343

 

 

(1.4)

%

 

30,627,250

 

 

25,872,805

 

 

18.4

%

Adjusted flight completion

 

99.9

%

 

99.8

%

 

0.1

pts

 

99.6

%

 

99.9

%

 

(0.3)

pts

Raw flight completion

 

99.1

%

 

98.8

%

 

0.3

pts

 

98.2

%

 

98.6

%

 

(0.4)

pts

Passenger load factor

 

84.6

%

 

79.1

%

 

5.5

pts

 

82.9

%

 

72.0

%

 

10.9

pts

Average trip length

 

488

 

 

537

 

 

(9.0)

%

 

498

 

 

536

 

 

(7.1)

%

Adjusted flight completion percent excludes weather cancellations. Raw flight completion includes weather cancellations.

Reconciliation to Adjusted Net Income and Diluted Earnings per Share

(Dollars in Thousands, Except per Diluted Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30, 2021

 

 

Pretax income

 

Income tax
benefit (expense)

 

Net income

 

Net income per
diluted share

GAAP Income

 

$

14,210

 

$

(4,526)

 

$

9,684

 

$

0.19

Q3 2021 Adjustments (1)

 

 

84,592

 

 

(20,683)

 

 

63,909

 

 

 

Non-GAAP Adjusted Income

 

$

98,802

 

$

(25,209)

 

$

73,593

 

$

1.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2021

 

 

Pretax income

 

Income tax
benefit (expense)

 

Net income

 

Net income
per diluted share

GAAP Income

 

$

145,571

 

$

(37,993)

 

$

107,578

 

$

2.12

2021 Adjustments (1)

 

 

84,592

 

 

(20,683)

 

 

63,909

 

 

 

Non-GAAP Adjusted Income

 

$

230,163

 

$

(58,676)

 

$

171,487

 

$

3.38

(1)

Adjusts for a non-cash impairment charge on SkyWest Airlines operated CRJ900 aircraft.






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