SKYW FY 2023 Earnings Report — SkyWest, Inc. Revenue & Financial Results | Market Cap Arena

SkyWest, Inc.SKYW

FY 2023 Earnings

Reported February 15, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$2.9B	—	$3.0B	—	-2.3%
Op. Income	$104M	—	$181M	—	-42.6%
Gross Margin	12.7%	—	16.6%	—	-3.9pp
Net Margin	1.2%	—	2.4%	—	-1.3pp
EPS (Diluted)	$0.77	—	$1.44	—	-46.5%
Free Cash Flow	$420M	—	-$202M	—	307.7%

Revenue Flow

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$2.6B
GROSS PROFIT	$372M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$268M
Operating Expenses	$268M
Cost & Expenses	$2.8B
OPERATING INCOME	$104M
Interest Income	$44M
Interest Expense	$131M
Other Income/Expenses	-$64M
INCOME BEFORE TAX	$40M
Income Tax Expense	$6M
Net Income from Continuing Ops	$34M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$34M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$34M
D&A	$383M
EBIT	$171M
EBITDA	$554M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$2.6B
GROSS PROFIT	$372M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$268M
Operating Expenses	$268M
Cost & Expenses	$2.8B
OPERATING INCOME	$104M
Interest Income	$44M
Interest Expense	$131M
Other Income/Expenses	-$64M
INCOME BEFORE TAX	$40M
Income Tax Expense	$6M
Net Income from Continuing Ops	$34M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$34M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$34M
D&A	$383M
EBIT	$171M
EBITDA	$554M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$34M
Depreciation & Amortization	$383M
Stock-Based Compensation	$17M
Deferred Income Tax	$539.0K
Other Non-Cash Items	-$12M
Change in Working Capital	$313M
OPERATING CASH FLOW	$736M
Capital Expenditure	-$316M
Acquisitions (Net)	$0
Purchases of Investments	-$1.3B
Sales/Maturities of Investments	$1.6B
Other Investing Activities	$32M
NET CASH FROM INVESTING	-$23M
Net Debt Issuance	-$378M
Common Stock Repurchased	-$292M
Common Dividends Paid	$0
Other Financing Activities	-$760.0K
NET CASH FROM FINANCING	-$668M
FREE CASH FLOW	$420M
Net Change in Cash	$45M

Balance Sheet

Item	Amount
Cash & Equivalents	$148M
Short-Term Investments	$687M
Net Receivables	$84M
Inventory	$127M
Other Current Assets	$86M
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$5.6B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$325M
TOTAL NON-CURRENT ASSETS	$5.9B
TOTAL ASSETS	$7.0B
Account Payables	$470M
Short-Term Debt	$444M
Deferred Revenue	$0
Other Current Liabilities	$100M
TOTAL CURRENT LIABILITIES	$1.3B
Long-Term Debt	$2.6B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.0B
TOTAL NON-CURRENT LIABILITIES	$3.7B
TOTAL LIABILITIES	$4.9B
Common Stock	$754M
Additional Paid-In Capital	$0
Retained Earnings	$2.3B
Treasury Stock	-$912M
Accum. Other Comp. Income	$325.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$7.0B
Total Debt	$3.1B
Net Debt	$2.9B