The following is a summary of the SkyWest, Inc. (SKYW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SkyWest reported Q1 net income of $60 million or $1.45 per diluted share.

• Total Q1 revenue amounted to $804 million, up 16% from Q1 2023.

• The company has repaid over $110 million in debt and bought back 136,000 shares for $9 million at an average price of $64.21 per share in Q1.

• Projected to repay over $400 million in debt in 2024.

• The expected 2024 income tax rate falls between 25% and 27%.

• Predicted GAAP earnings per share in 2024 will be in the high $6 area.

• $1 million of previously deferred revenue was recognised in Q1, lower than expected due to contract changes and production increase.

• About $50 million of previously deferred revenue is expected to be recognised in 2024. The company has around $366 million of deferred revenue yet to be recognized in coming years.

Business Progress:

• The company reported a 5% increase in block hour production, attributed to captain availability.

• SkyWest received three additional United Finance ERJ175 aircraft during Q1, with a further 19 expected by the year end.

• 88% of the company's block hour production involved dual class aircraft.

• The company was recognized by Newsweek as one of America's best workplaces for diversity and women in 2024.

• Improvement in captain attrition is underway and there's a healthy supply of first officers through their pathway program.

• SkyWest maintains a minority stake in Contour to monetize existing CRJ assets and establish a pipeline for pilot supply.

• SkyWest Charter sees strong product demand, regardless of the pending commuter authority application status at the Department of Transportation.

• Set to acquire 20 United owned E175s to replace 20 CRJ200s under its United contract in 2024.

• By 2026, the company's E175 fleet total is expected to hit 278, making SkyWest the largest global Embraer operator.

• SkyWest announced a 25% investment in Contour in 2024 to deploy and monetize the excess CRJ200 aircraft.

• The company is focused on providing essential air service to communities, hence seeing value in 30-seat airplanes.

• They are considering state and local subsidies to expand the service to other cities.

• Their investments in maintenance operations - specifically engines and airframes, are beginning to show benefits.

More details: SkyWest IR

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