SkyWest(SKYW) - 2024 Q3 - Quarterly Results

Financial Performance - Q3 2024 pre-tax income of $116 million, net income of $90 million, or $2.16 per diluted share[1] - Revenue increased by 19% to $913 million in Q3 2024 compared to $766 million in Q3 2023[3] - Operating expenses rose by 9% to $781 million in Q3 2024 from $717 million in Q3 2023[4] - SkyWest had $836 million in cash and marketable securities as of September 30, 2024[5] - Cash and marketable securities increased slightly to $836,042 thousand as of September 30, 2024, compared to $835,223 thousand at the end of 2023[18] - Total assets decreased to $6,956,600 thousand as of September 30, 2024, from $7,026,293 thousand at the end of 2023[18] Debt and Share Repurchase - Total debt decreased to $2.7 billion as of September 30, 2024, down from $3.0 billion at December 31, 2023[5] - Long-term debt decreased to $2,196,548 thousand as of September 30, 2024, from $2,562,183 thousand at the end of 2023[18] - SkyWest repurchased 217,000 shares of common stock for $16.3 million during Q3 2024[6] Aircraft and Contracts - SkyWest reached an agreement with United Airlines to place 40 CRJ550s under a multi-year contract, including acquiring 11 used CRJ550s and converting 29 CRJ700s[8] - SkyWest received 20 E175 partner-financed aircraft deliveries year-to-date Q3 2024[9] - By the end of 2026, SkyWest is scheduled to operate a total of 278 E175 aircraft[7] - Cumulative deferred revenue under flying contracts was $342 million as of September 30, 2024[3] - Total aircraft in service or under contract remained stable at 484 as of September 30, 2024, compared to 485 at the end of 2023[20] - E175 aircraft increased to 258 as of September 30, 2024, up from 237 at the end of 2023[20] Operational Metrics - Total block hours increased by 15.0% to 334,459 for the three months ended September 30, 2024, compared to the same period in 2023[22] - Passengers carried increased by 10.3% to 11,263,322 for the three months ended September 30, 2024, compared to the same period in 2023[22] - Adjusted flight completion remained stable at 99.9% for the three months ended September 30, 2024, consistent with the same period in 2023[22] - Passenger load factor decreased by 1.4 percentage points to 83.7% for the three months ended September 30, 2024, compared to the same period in 2023[22] - Average trip length increased by 2.0% to 455 miles for the three months ended September 30, 2024, compared to the same period in 2023[22]