SKYW FY 2021 Earnings Report — SkyWest, Inc. Revenue & Financial Results | Market Cap Arena

SkyWest, Inc.SKYW

FY 2021 Earnings

Reported February 17, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$2.7B	—	$2.1B	—	27.6%
Op. Income	$276M	—	$109M	—	153.5%
Gross Margin	7.1%	—	-0.7%	—	7.8pp
Net Margin	4.1%	—	-0.4%	—	4.5pp
EPS (Diluted)	$2.21	—	$-0.17	—	1400.0%
Free Cash Flow	$150M	—	$186M	—	-19.0%

Revenue Flow

Item	Amount
REVENUE	$2.7B
Cost of Revenue	$2.5B
GROSS PROFIT	$194M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	-$82M
Operating Expenses	-$82M
Cost & Expenses	$2.4B
OPERATING INCOME	$276M
Interest Income	$1M
Interest Expense	$123M
Other Income/Expenses	-$125M
INCOME BEFORE TAX	$151M
Income Tax Expense	$39M
Net Income from Continuing Ops	$112M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$112M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$112M
D&A	$440M
EBIT	$274M
EBITDA	$714M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.7B
Cost of Revenue	$2.5B
GROSS PROFIT	$194M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	-$82M
Operating Expenses	-$82M
Cost & Expenses	$2.4B
OPERATING INCOME	$276M
Interest Income	$1M
Interest Expense	$123M
Other Income/Expenses	-$125M
INCOME BEFORE TAX	$151M
Income Tax Expense	$39M
Net Income from Continuing Ops	$112M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$112M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$112M
D&A	$440M
EBIT	$274M
EBITDA	$714M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$112M
Depreciation & Amortization	$440M
Stock-Based Compensation	$9M
Deferred Income Tax	$37M
Other Non-Cash Items	$76M
Change in Working Capital	$158M
OPERATING CASH FLOW	$832M
Capital Expenditure	-$681M
Acquisitions (Net)	$40M
Purchases of Investments	-$1.5B
Sales/Maturities of Investments	$1.5B
Other Investing Activities	-$65M
NET CASH FROM INVESTING	-$699M
Net Debt Issuance	-$91M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$3M
NET CASH FROM FINANCING	-$91M
FREE CASH FLOW	$150M
Net Change in Cash	$43M

Balance Sheet

Item	Amount
Cash & Equivalents	$258M
Short-Term Investments	$602M
Net Receivables	$65M
Inventory	$104M
Other Current Assets	$39M
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$5.7B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$320M
TOTAL NON-CURRENT ASSETS	$6.1B
TOTAL ASSETS	$7.1B
Account Payables	$496M
Short-Term Debt	$392M
Deferred Revenue	$0
Other Current Liabilities	$48M
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$2.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$663M
Other Non-Current Liabilities	$125M
TOTAL NON-CURRENT LIABILITIES	$3.7B
TOTAL LIABILITIES	$4.9B
Common Stock	$722M
Additional Paid-In Capital	$0
Retained Earnings	$2.2B
Treasury Stock	-$619M
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.3B
Minority Interest	$0
TOTAL EQUITY	$2.3B
TOTAL LIABILITIES & EQUITY	$7.1B
Total Debt	$3.3B
Net Debt	$3.1B