SkyWest, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Dollars and Shares in Thousands, Except per Share Amounts) (Unaudited) | ||||||||||||||||
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| Three months ended |
| Nine months ended | ||||||||||||
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| September 30, |
| September 30, | ||||||||||||
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| 2021 |
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| 2020 |
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| 2021 |
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| 2020 |
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OPERATING REVENUES: |
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Flying agreements |
| $ | 719,084 |
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| $ | 445,048 |
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| $ | 1,863,242 |
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| $ | 1,490,912 |
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Lease, airport services and other |
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| 25,699 |
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| 12,445 |
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| 73,086 |
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| 46,557 |
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Total operating revenues |
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| 744,783 |
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| 457,493 |
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| 1,936,328 |
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| 1,537,469 |
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OPERATING EXPENSES: |
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Salaries, wages and benefits |
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| 265,603 |
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| 194,516 |
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| 718,868 |
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| 613,895 |
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Aircraft maintenance, materials and repairs |
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| 209,795 |
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| 150,148 |
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| 604,501 |
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| 431,654 |
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Depreciation and amortization |
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| 109,597 |
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| 121,467 |
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| 329,089 |
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| 364,813 |
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Airport-related expenses |
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| 25,992 |
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| 18,003 |
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| 72,478 |
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| 70,192 |
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Aircraft fuel |
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| 32,561 |
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| 13,641 |
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| 77,622 |
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| 45,875 |
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Aircraft rentals |
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| 16,098 |
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| 15,785 |
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| 47,311 |
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| 49,537 |
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Special items - impairment charges |
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| 84,592 |
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| — |
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| 84,592 |
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| — |
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Payroll support grant |
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| (115,352 | ) |
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| (190,200 | ) |
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| (422,669 | ) |
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| (342,138 | ) |
Other operating expenses |
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| 68,847 |
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| 59,580 |
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| 181,621 |
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| 167,170 |
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Total operating expenses |
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| 697,733 |
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| 382,940 |
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| 1,693,413 |
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| 1,400,998 |
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OPERATING INCOME |
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| 47,050 |
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| 74,553 |
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| 242,915 |
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| 136,471 |
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OTHER INCOME (EXPENSE): |
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Interest income |
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| 238 |
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| 1,403 |
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| 732 |
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| 5,652 |
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Interest expense |
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| (28,980 | ) |
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| (30,150 | ) |
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| (94,274 | ) |
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| (91,280 | ) |
Other income (expense), net |
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| (4,098 | ) |
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| 405 |
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| (3,802 | ) |
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| 1,205 |
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Total other expense, net |
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| (32,840 | ) |
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| (28,342 | ) |
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| (97,344 | ) |
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| (84,423 | ) |
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INCOME BEFORE INCOME TAXES |
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| 14,210 |
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| 46,211 |
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| 145,571 |
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| 52,048 |
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PROVISION FOR INCOME TAXES |
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| 4,526 |
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| 12,549 |
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| 37,993 |
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| 14,113 |
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NET INCOME |
| $ | 9,684 |
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| $ | 33,662 |
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| $ | 107,578 |
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| $ | 37,935 |
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BASIC EARNINGS PER SHARE |
| $ | 0.19 |
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| $ | 0.67 |
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| $ | 2.14 |
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| $ | 0.76 |
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DILUTED EARNINGS PER SHARE |
| $ | 0.19 |
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| $ | 0.66 |
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| $ | 2.12 |
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| $ | 0.75 |
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Weighted average common shares: |
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Basic |
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| 50,380 |
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| 50,181 |
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| 50,337 |
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| 50,199 |
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Diluted |
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| 50,725 |
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| 50,622 |
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| 50,726 |
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| 50,445 |
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SkyWest, Inc. and Subsidiaries Summary of Consolidated Balance Sheets (Dollars in Thousands) (Unaudited) | ||||||
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| September 30, |
| December 31, | ||
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| 2021 |
| 2020 | ||
Cash and marketable securities |
| $ | 912,504 |
| $ | 825,908 |
Other current assets |
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| 184,163 |
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| 156,894 |
Total current assets |
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| 1,096,667 |
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| 982,802 |
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Property and equipment, net |
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| 5,164,164 |
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| 5,330,423 |
Deposits on aircraft |
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| 121,293 |
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| 31,625 |
Other long-term assets |
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| 558,378 |
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| 542,772 |
Total assets |
| $ | 6,940,502 |
| $ | 6,887,622 |
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Current portion, long-term debt |
| $ | 359,888 |
| $ | 402,158 |
Other current liabilities |
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| 777,867 |
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| 539,564 |
Total current liabilities |
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| 1,137,755 |
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| 941,722 |
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Long-term debt, net of current maturities |
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| 2,605,063 |
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| 2,801,538 |
Other long-term liabilities |
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| 935,877 |
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| 1,004,817 |
Stockholders' equity |
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| 2,261,807 |
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| 2,139,545 |
Total liabilities and stockholders' equity |
| $ | 6,940,502 |
| $ | 6,887,622 |
SkyWest, Inc. and Subsidiaries Additional Operational Information (unaudited) | ||||||
SkyWest’s fleet in scheduled service or under contract by aircraft type: | ||||||
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| September 30, |
| December 31, |
| September 30, |
E175 aircraft |
| 199 |
| 193 |
| 189 |
CRJ900 aircraft |
| 40 |
| 39 |
| 39 |
CRJ700 aircraft |
| 106 |
| 90 |
| 86 |
CRJ200 aircraft |
| 141 |
| 130 |
| 134 |
Total aircraft in service |
| 486 |
| 452 |
| 448 |
As of September 30, 2021, SkyWest leased 34 CRJ700s and five CRJ900s to third parties (these aircraft are excluded from the table above).
Selected operational data: | ||||||||||||||||||
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| For the three months ended |
| For the nine months ended | ||||||||||||||
Block hours by aircraft type: |
| 2021 |
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| 2020 |
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| % Change |
| 2021 |
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| % Change | ||
E175s |
| 169,143 |
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| 117,342 |
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| 44.1 | % |
| 446,867 |
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| 311,476 |
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| 43.5 | % |
CRJ900s |
| 34,031 |
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| 12,861 |
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| 164.6 | % |
| 87,750 |
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| 45,214 |
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| 94.1 | % |
CRJ700s |
| 78,788 |
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| 45,807 |
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| 72.0 | % |
| 215,263 |
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| 144,547 |
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| 48.9 | % |
CRJ200s |
| 88,500 |
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| 46,551 |
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| 90.1 | % |
| 220,809 |
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| 204,573 |
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| 7.9 | % |
Total block hours |
| 370,462 |
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| 222,561 |
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| 66.5 | % |
| 970,689 |
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| 705,810 |
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| 37.5 | % |
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Departures |
| 210,251 |
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| 137,493 |
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| 52.9 | % |
| 550,643 |
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| 427,531 |
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| 28.8 | % |
Passengers carried |
| 10,862,343 |
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| 4,916,403 |
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| 120.9 | % |
| 25,872,805 |
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| 15,583,236 |
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| 66.0 | % |
Adjusted flight completion |
| 99.8 | % |
| 99.9 | % |
| (0.1 | )pts |
| 99.9 | % |
| 99.9 | % |
| — | pts |
Raw flight completion |
| 98.8 | % |
| 99.3 | % |
| (0.5 | )pts |
| 98.6 | % |
| 97.3 | % |
| 1.3 | pts |
Passenger load factor |
| 79.1 | % |
| 54.1 | % |
| 25.0 | pts |
| 72.0 | % |
| 56.7 | % |
| 15.3 | pts |
Average trip length |
| 537 |
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| 503 |
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| 6.8 | % |
| 536 |
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| 495 |
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| 8.3 | % |
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) | |||||||||||||
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| For the three months ended September 30, 2021 | |||||||||||
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| Pretax income |
| Income tax |
| Net income |
| Net income per | |||||
GAAP Income |
| $ | 14,210 |
| $ | (4,526 | ) |
| $ | 9,684 |
| $ | 0.19 |
Q3 2021 Adjustments (1) |
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| 84,592 |
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| (20,683 | ) |
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| 63,909 |
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Non-GAAP Adjusted Income |
| $ | 98,802 |
| $ | (25,209 | ) |
| $ | 73,593 |
| $ | 1.45 |
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| For the nine months ended September 30, 2021 | |||||||||||
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| Pretax income |
| Income tax |
| Net income |
| Net income per | |||||
GAAP Income |
| $ | 145,571 |
| $ | (37,993 | ) |
| $ | 107,578 |
| $ | 2.12 |
Q3 2021 Adjustments (1) |
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| 84,592 |
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| (20,683 | ) |
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| 63,909 |
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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. These CRJ900 aircraft will be replaced by new E175 aircraft in 2022 and 2023 and are not expected to be extended under the existing flying contract. |
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