SKYW - Earnings call transcript Q2 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Thank you for standing by. My name is JL, and I will be your conference operator today. At this time, I would like to welcome everyone to the SkyWest, Inc.

Second Quarter 2024 Results Call. [Operator Instructions]. I would now like to turn the conference over to Rob Simmons, Chief Financial Officer.

begin. may You

Robert Simmons

joining for the today. call Thanks, us everyone, on

is SkyWest's Chief As the Officer. Simmons, this indicated, operator Financial Rob

On the Commercial to time Chief start safe Executive Woodward, call harbor. President comments. Accounting Chip today Officer; Childs, with Chief will to Wade for me by today Then asking some Steel, read like I over Chief Officer. I'd Officer; Eric Eric are and to Chip the and the turn

fleet then I related will through Wade take will flying and results, the Chip, arrangements. Following the discuss us financial

Wade, we the have will our sell-side customary with Following Q&A analysts. session Eric?

Eric Woodward

represent Today's may a current for risks discussion contains estimated result vary future events of to and number update Actual forward-looking statements events anticipated, or obligation projected subject reasons. no expectations that future assumptions new will to information, and any assume are likely otherwise. vary our regarding materially or forward-looking as and whether a results those We uncertainties. from and beliefs, statement, of

factors Commission. And such other reports the will call and with Securities the of cause filings I'll XX-K included Exchange turn Chip. and differences in most over the Form and that Some now our recent to are

Russell A. Childs

impact. crew and of everyone, customer and across you joining Last IT several our outage. teams we and canceled the and the on operation Good stops all utilize you, fortunate for significant to today. to event that Eric. our extensively minimize software hubs, not operational triggered the FAA-mandated week, the with thank our call worked industry at Despite ground on of decisions, to phenomenal is schedule and collaboration a massive proactive Friday Thank us a reliability flights result most experienced dedication Rob disruption we're and afternoon, worldwide XX SkyWest full This SkyWest smart second of operating diluted performance SkyWest and or every and to XXXX. for by planning exceptional continues the by of of quality Saturday. net just through the lead our industry The apart quarter any share our million $X.XX across stand per and reported operations. challenge. Today, income team team total $XX was

X also during of EXXXs Finance quarter. received United We the XX the

these this XX% to the will of CRJXXX ongoing strong and to was month. Delta plan the in optimistic As XX year. second this announced end begin market demand, launch partnerships are aircraft new of our share. as to ensure just we to In from ] our in at first staffing receiving remainder and for XXXX. block the and improvements our positioned fleet, hour XXXX and cap increase enhancing We're our our and quarter, last pleased remain month, were the aircraft dual-class of Overall, our we we regional continue we and our [ well-positioned about prorate operation remain production pleased our addition we and with aircraft relationships

product. maintaining quarter, nearly more Captain exceptional programs. the than and XX.XX% last deliver to we XX,XXX to pathway attrition availability each During flights reliable people our second to working our first very want and together a team for through our the their day and dedication XX,XXX produced officer for adjusted strong improve, thank consistent, year. completion continues period are on I same

for regional still year, COVID. We lower than partner particularly see or end XXXX, up where contract underserved over our from be lift works [ year small CRJ X% since markets XX%. demand continued been as service about the and for in we pilots the is one ] fleet opportunities X,XXX this our of near requested hasn't in that capacity. still for We to and be second captain by we to full at anticipate of year-end, our X,XXX pilots balance block the restored the at EXXX in be by expect This strong to expect fleet. and by we'll up the year-end progress utilization production rightsize nationwide, mid-XXXX, for half We production industry see still significant XXXX. With to hour

very strong a and expense With return opportunity and coming long strong product and increase focused underserved expect and utilization do fleet now on business, as the our people well in to market play we to in markets, take ensure more for increase the partners we small game our summary, continue that speak we will fleet about the investing situation our the to possible of people, financial the demand Wade demands. Rob us to service. best heavily year several core the we years we in ensure positioned our through remain maintenance to aircraft elements data. the and to We the and last our in the extremely in in to will are our minute. In industry. in our spent are respond

Robert Simmons

earnings $X.XX income Today, QX quarter $XX a pretax net we $XXX million. per reported of income or was second share. million GAAP

weighted was XX%. count share Our million was effective rate our average tax QX shares, XX.X and for

XXXX charter the up $X recognizing down QX was previously in in and up QX results QX QX, deferred from First, leasing of GAAP revenue from XXXX. from $XX let's in of deferring with in QX X% and from from million of X% million million of and QX of and QX effect talk year-over-year, million to flight XXXX $XXX million contract rate revenue X% $X quarter recognizing revenue XX% is sequentially additional to this up in XXXX These QX revenue $XXX and XXXX. by revenue from revenue recognition up volume reflecting about compared QX revenue. Total million the and up $X $XXX XXXX. other and and breaks $XXX up Leasing loads. QX due include opportunities. XXXX revenue Pro QX million XXXX XX% up was XX% sequentially higher passenger million

of that $XXX of will million have the be deferred periods. of end future As in QX, cumulative recognized we revenue

roughly to of million XXXX. half $XX deferred $XX million revenue second the recognize previously We expect in to of

XXX,XXX $XX.XX with in cash SkyWest the sheet. million, during stock quarter $XX of an per the XX.X% approximately balance The quarter for from in $XXX over the included at up shares per increase move million and year-end. share. We million in cash shares of actions price company buying outstanding repurchased price million the $XX QX average $XXX with shares back ended of $XXX the to $XX.XX $XXX quarter XXXX, an share. for repaying flat Since $XX million or million and the at of beginning accretive of debt average have million of last million XX.X we Let of of me the

with down continue from $X $X.X We These XXXX. story from of Our billion, CapEx billion the debt of during cash the positive as cash-related second tell numbers million. generate QX free operations quarter to quarter was production to we flow important $XX despite constraints. about that an ended year-end continue

prior in Our lower than strong free in benefits years. cash investment CapEx from flow also

to XXXX and create to opportunities in Our to continue be tools repurchase liquidity share allow and us take value, expect balance program. over powerful we $XXX our advantage shareholder debt solid tools million that execute continue and sheet of help growth us on in to repay will future

beginning XXXX. XXXX, result compared And of to of like million to of return focus As $XX.X would the of outstanding had on the a to as XXXX. as capital, we million shares we since we As XX highlight the repurchasing following: our June on XX.X XX, start shares million invested improving continue of

$XX XX, we than anticipate million in cadence As ] continuing shares of although under slower our repurchase June to significantly share opportunistic remaining XXXX. in going authorization. furnished forward, a had [ be We repurchasing at

XXXX. repay to $XXX to XXXX in over a track on are We number similar in repayment debt, debt in million our

of and sheet be XXXX, metrics important to in net point optimistic levels a lowest could leverage continue By of debt both are of that lower end be of at balance XXXX. decade. over than our cash pre-pandemic ratios Our these the their we

million, to guidance We continue let total the XXXX. specific with new $XXX including giving in our approximately this million be CapEx EPS we the half of you on at EXXXs little practice, will time, color second XXXX. Consistent give XXXX five a any our policy me are not $XXX purchase anticipate and of but to

a X% discuss X% hours quarter be from ago. will now up minute, XXXX we Wade our X% up anticipate to over in XXXX, a the up As of to XX% to block expectation

modestly outlook is utilization driven our production increasing to XXXX tax income demand hours will XXXX for and XX% in XX%. We by block fleet ongoing our improving our rate pilot between availability, strong Our range from anticipate improved our partners.

above We reflecting where commentary last high we too expect better our and pre-COVID, the $X for early be this point. XXXX in area. GAAP provide slightly to were EPS production year XXXX quarter's to on the at outlook. It's updated our expectation but Similar, than

the of XXXX. ERJ our contract XX will end We're are be near mid-XXXX. color year. or some near-term color CRJ on fleet the scheduled full scheduled would place Wade fleet XXXX today, in a plus like carry give utilization deliveries full we can likely EXXX be utilization our the minute. in at optimistic into by at around can Similarly, by more However, to we remaining will fleet give this that under our utilization currently hopeful

elevated to As likely utilization at on to our expense captain XXXX levels reaching and by driven we will service maintenance somewhat solid net full look forward run our XXXX. growth fleet organic in compared

to are also to planes returns the combination to inspections. next aircraft place XXXX of bringing partially higher utilization normal placed in sale expected some timing higher in the including maintenance contract over into of quarters. currently fleet correlated with our for start by its be is As prorate, production idle This opportunity maintenance of schedule, These out airframe service flying, charter or more and storage. driven several

we've higher the expense anticipated in earnings as the color maintenance included Over years, as XXXX. expected of the for several elevated well next our benefits utilization

in the roughly We believe about balance in the returns. We demand optimize us taking Wade? over CRJ fleet of not our be communities position CRJ to and of fleet, couple recapture our preserve opportunity invest underserved we actions sheet and through in rapidly monetize to total years XX incremental work opportunity over time the utilization captain the including will improving economics service. drive our many are the and to with the will to of strong that opportunities our aircraft shortage well to optimistic to shareholder currently next strong

Wade Steel

Rob. you, Thank

that the United-owned all transitioned XX under carrier, will aircraft we our CRJXXXs During replace agreement XX Express to EXXX flying quarter, United anticipate another be contract. for year. United announced SkyWest are EXXXs from XX coming to last we new These this a

These XX, addition to had order, Delta on and XX of in As of United, for one June for are currently XX Alaska. XX to these transitioned we aircraft. for the XX one

expect year, eight operator Embraer largest XXXX continuing in eight fleet EXXX end in and XXXX. to be our delivery as world. will of the total in At the XXXX, more XXX the We of SkyWest five this solidify

and XX% With the fleet, our of to aircraft in our market the addition XX% to aircraft has of the share XXXX. large dual-class large dual-class regional increased from

market excited improvement. are about We share our

Let's from CRJXXX XX shift focus will CRJXXXs. is and which transition an CRJXXXs during for to fleet. our American our become fleet, The in expiring to CRJXXXs valuable XXXX ideal replacement our fleet single-class asset a

of CRJXXX by fleet began Delta the anticipate flying We the first end The Delta transitioning these aircraft to during XXXX. for July. most of

CRJXXXs have expirations XXXX. We have in contract additional approximately XX that

CRJXXXs are prorate received our the will aircraft these partners United, flying The their to be the looking expire and place contracts to as for the recognizing CRJXXXs agreements. We're contract fully they we XX the flying CRJXXX our simultaneously. a with dual-class of on EXXXs models new conclude, agreements, under these actively By We these the represent worldwide. contract paid. working focus time major next-gen to of under aircraft. partners place newest and financed on value each some aircraft debt XX With

our review production. me Let

X% the than The XXXX. anticipate more up Based third quarter the our block will were second compared from quarter quarter. current completed partners of X% the second to block quarter by our QX, increase approximately we to major schedules hours first we on for have that hours compared

on being of our to XX% attrition year, that By the X% anticipate our utilization XXXX improve, by the property. we will continues captain compared EXXXs full that at we have As the block currently to end increase we for to hours anticipate year. last

still and taking XX full the we we of end be expect discussed XXXX be of of delivery at we previously, delivery each aircraft, utilization. As now them take these EXXXs as between will to of

utilization During EXXXs the approximately XX our hours per was XXXX, on day. block

fleet as per full slightly to hours will that our XXXX, During their [ quarter utilization regional block partners also they add you we over would of I aircraft. and anticipate will ] any more contract anticipate remind adding utilizing fourth XX XX% be day. to block CRJ rebuild We before continue that hours can we increase our approximately the networks.

our service on XX approximately prorate and through utilization are full over CRJ single-class near returned to XXXX. We fleet be dual-class that could CRJXXXs contract by have be of to flying. additional an still expect We contractor parked and the aircraft middle either XX

we our do challenges As we service, return in anticipate CRJs to MRO network.

seeing labor as is very and the We coming are flying back challenges quickly. parts

As expense, continues we a XXXX aircraft of a first half far storage second the as our XXXX million to fleet million increase. we and demands production We to to as quarter our our anticipate long-term the the bring service half expense of meet in maintenance to during XXXX. out $XXX current as $XX production as increase anticipate average of compared to maintenance

would you maintenance expense the happen before back service. expect, the will goes into As aircraft

CRJXXX over review in to supporting plans little remain want value partners X.X to our These we assets. aircraft and have production. I still XXX debt very have no CRJXXX book own cycles also to approximately to monetize. engaged our million remaining monetize efforts and Our very our aircraft. restore We

to to in priority SkyWest Airlines assets these contract monetize partners them at prorate our our fly with business. Our under or

priority operate to next SkyWest Our these or SWC is XX SWC. aircraft at charters. currently operating We on-demand Charter flying have at aircraft

under ownership our provisioning minority in includes asset and airframes engines will agreement, provide also to Contour. CRJ Contour SkyWest stake which recall You'll that an

the As far demand and support. extremely prorate great business, community as our we have strong, remains

as seeing opportunities several we SkyWest to communities to our production. are CRJ We service restore restore

and provide way committed on about to fleet and our We with to demand remain continuing reduce to our continued work continue partners will service. to of flexibility solutions major communities the We continue the work financing ongoing and creative good we our each efforts our the to serve risk best our feel with for to enhance products.

Robert Simmons

ready Q&A we're Operator, for Okay. now.

Operator

] line [Operator of the James. Instructions] Savi Your of [ first Syth question from Raymond comes

Savanthi Syth

Just next as first into capacity. curious you this through on the kind means. [Audio Gap] that [Audio as if Gap] of comes go I'm you year, restore

Robert Simmons

$XXX And million of then quarter roughly XXXX. in a we expect to have expense

puts goes as So to and some offset takes. expense the offset as is your Obviously, calculus revenue to question bring have in production will we'll maintenance higher we there be the up, at there some expense fly will to higher as And maintenance out both as maintenance will other which bring which onetime we airplanes well. we of effect expense. utilization, our storage, drive more have as

a not will asking, takes maybe to answer there mean, what I So perfect on and some be you're puts but both sides.

Savanthi Syth

why your more United EXXX, last it I like with looks are versus or kind 'XX, up kind of from even But the assumption XX of quarter retired XX year-end at might, if unchanged EXXXs before the there XXX. than that Is three quarter, 'XX? as And is because some on this update these that not of Or get well? XX. go year-end was back

Wade Steel

follow make to question, just sure Savi. So I your

we've our some had. pretty fleet of of the this during deal into the airplanes needs XXXX, acceleration more year United the saying the at bringing quarter for was because take than last quicker at end that EXXXs So we of anticipated, the operational EXXXs did quarters probably since just We and United of have that XXXX. consistently it that much we of and several the XXX we'll announced end been

the quicker. the still target by we did so hands wanted of our anticipated earlier get some had the XXX end is of fleet that operational but in And some needs our because United XXXX, overall same, is still than those we

Savanthi Syth

XX XX. reason like table year-end I expecting That incremental fleet you're were you for from guess the quarter, looking just your 'XX, last at and question. now expecting the from EXXXs was

Wade Steel

Okay.

Operator

line comes Deutsche next of Bank. Your Mike Linenberg question from of the

Michael Linenberg

at the have When XX they of now their is this It Savi's you question. a ERJXXX their follow-up United like looks retirement CRJXXX, moderated of Actually, CRJXXXs. seaters, on kind fleet. look that

you we them. know of that know who some operate operates don't we them, but Now

are a those you you've what getting Is have refer requests down there's of And or maybe vilified new from so the your much slow in, airplanes there? maybe given us plan while partners in opportunities that coming possibly I CRJXXX you major as maybe the to that to would CRJXXX more numbers? of retirement

Wade Steel

Mike. Yes, are questions. great Those

take At very we of category. what XX-seat closely their overall, want and the we XX just back, point, year, they them. them, you the this step the United if demands -- think by wants a of have those fleet on United worked end in I contract with are under CRJXXXs contract and We're the multiple to both we'll levels with prorate. still under and on working with and have contract XX them in related fleet seaters,

So guys. there's a of ongoing lot those discussion with

And so and both prorate. in contract

that. of supportive to And we're trying has and accomplish so us been in United very what

And work of so to you have and that. clarify for we'll next couple a of things the kind with quarters, continue on hopefully, can them just we of we'll in couple

Michael Linenberg

of kind since product. seater. that. up older XXXs, is class. just single We're were put get as though out that press a the they're then into But seaters, their get getting step XX to they seeing that a converted a back a vilified CRJXXXs definitely of And again, dual-class XX all I even much follow-up, Delta is that out release

of I am don't that XX, are look cities in saying ], of a COVID. ] seaters maybe I lot know during during here? then I airports seaters service right some lost don't back. down lost whether you Or the under base? I XX it's XX, are fly Am that they So it's XX cities, service all that of Del of sudden, that completely And Now under or going starts will Escanaba can just when level that [ any off a improve Rio as it COVID, or if to you spotters think number was Tyler at at you, but track that as more CRJXXX [ the and your XX. XX-seat prorate of availability contract, or fair basis? may the come more a actually go regional still small they pilot back it request partners Is we then to that assume usage, these now, have to say but and

Russell A. Childs

it's Mike, No, Chip.

in right to And down that's track. States in couple of United reasons, communities. say rather You're I a it CRJXXX SkyWest well the lot would CRJXXX seats. XX with for the seats And by seats, mostly closest the And going are you a carrier as still not XX couple a SWC. with of underserved the these because we're all of or do probably optimistic. bring in to in a fleet as both XX Airlines things as our There's or we way, back

talked we're a as call it as SWC about charter about but optimistic haven't demand eventually or script a as on We authority. today, well the lot in on-demand commute

So what go again, from them. excited. into of back a us is, aircraft. a partners we're think that communities we you lot tap a XX and the in to long may aircraft in full dual-class We've we've back on our a But CRJXXX, other optimistic more that time. operated utilization market put the were say I will than markets this. our makes we think the fleet up for under have before but very even can But what strong with with small in we that got a about tone of To shell with them XXXX. we the that a contract bringing back to well lot to perspective still back pilots for get as It's actually in we general keep them some of is possibility, very there's seats to fantastic possibilities this gap

but pilot aircraft think day utilization. of a ready take get good lot story happen, full have So that I of now the some for up things is to good the going and a the availability to it's we lot us to

Michael Linenberg

last just squeeze one Can I in one.

that debt, you curious. margin that what is Is opine Is just something If has as on I airplane new? the you ] it better? I'm [ it it maybe either on and versus on depreciated an good? contribution fully can Is is similar? not no bring mean that?

Wade Steel

our The have there obviously, costs maintenance are little now. on very Offsetting some do value. associated have of margins book have they airplanes. those we higher fleet The airplanes them. right with on, that is the we're debt the very depreciation, bringing consistent rest that with They

we what do with consistent rest of our fleet. the very they're with so And

Operator

Your ISI. of of from question comes next Pfennigwerth Duane the line Evercore

Duane Pfennigwerth

should for your Can you aircraft you side talk incremental to new balance on about environment and when the on agreements the aircraft? incremental sheet work put to expect we new

Russell A. Childs

I very very, Chip. you is this a at can Duane, Yes, high tell just level.

climate have about with optimistic major are the partners. When big capacity. You that And about that talk of reevaluating the still those it lot of imagine regional our today part, different a we can ways. We're I conversations current look in you the carriers at we're think, capacity, several in capacity. of you extremely can a most

we You're want a right, strong have to work. we sheet put balance that to

help, now, usually But with right network and perspective. I very lift do to little some needs think of given and most them and sheet good we're I of got have has if a some I products regional where a the great we a today them still as the where able but believe do, and are a to that think we help our needs, of front their to being of more lot need making that we've some let We at to partners what great at you they're strong more a the and season developments be strategize that bit position capital from them are we in to out there. we think capital of a some fundamentally can runner patient they I balance where the progress. time with on still we're look mean, opportunity very we help

to develop, nothing, said well. be today, as obviously, work but our and patient we become we'll help continue continue as to announce to the those as part of they've partners and strategy So plans hard with Duane, honestly,

Duane Pfennigwerth

but XXXX CapEx? early on give of you us point, could too this probably range at a maybe It's outcomes

Robert Simmons

are got all, of be Duane, well, in to delivered XXXX. X we've scheduled that EXXXs first

for from instance. can a you up had bit That's in start like that. So little XXXX, that we

front the the updated 'XX. just we'll that, 'XX. year. I in bit But be closer at to of would think So you get planes alone, in end a we'll XXX And little similar obviously, be on keep we to then point up the delivered as this

Duane Pfennigwerth

target just to this maybe kind there think the opportunities level thinking success great long-term maybe pretax there's then here? to. a lot made a should do that expand be speak a margins we margin you And lastly, here. of Obviously, Is remind you've from you about? is Or me, of

Robert Simmons

Yes. Thanks, Duane. be working yet, if We're I to to you Well, we that think something mean, as strong back level. back pre-COVID not those levels know, that is the a you but to towards margin continues that. go keep possibility and

Operator

Your Fitzgerald next TD question comes from the line of Cowen. of Tom

Thomas Fitzgerald

just are long the returns Is opportunity and there -- contemplating there start term? about the dividend? of think leverage looking slowing Board you buybacks resuming the that for and we that Or should to how thinking shareholder concept about in is the future target a down,

Russell A. Childs

this all that our Tom, Relative those engage of excited you your continuing all Yes, things. to in types to and relative have invest the appreciate with Helane new By relationship in We the from strategies Chip. buyback, a business. [ is cover aircraft, allocation stock we to to welcome. of of us way, dividend, ]. have We're capital continue to

certainly, repurchase of now. quite noted a backed script, off as As in right now, bit right share Rob we his

that to capital talking our about with priority. good, in want evaluate our the a go are. Obviously, market sure opportunities the our opportunities will shareholder still to that think is market we'll for be. fleet, And majority of dividends the would the to down have repurchase. what strategy our will we're expand. models the fleet here good continue continue that's other little coming would shareholders up has to we've contemplate After that, priority we to to strong what be make next of share or the Board We it share that with top and we reinvest in what mind the bit. that's be as and relative our meeting return got in pathway top This to The relative

our a feel more of years when couple than started we So we're we certainly, we ago. mature program were repurchase like

into continue we'll that that I a you'll first So continue to ways as and find let be think evolve, strategy to add to as we comes continue factor. to fleet the know the we But get to point, shareholder value. to

Robert Simmons

net as in point, just one standpoint to I that, an Tom, I that to overall percentage of absolute would cash, by this that that as both as equity us of in will well potential a number as that of my of leverage end lot we of a decade the to. debt deployments extremely we of level reference best a and at which our been expect from net Chip of be look it's all as optionality levels, debt indicated as and capital the the a year, creates script, cash for likely a sort favorable think opportunities debt a add be thing of we at made leverage that at

Thomas Fitzgerald

] touched a Contour the some it -- Charter ban up issues yet, market. of on charter and I'm and little SkyWest love the to I'd [ just you on but run what's it then bit latest regulatory kind government your through hasn't on on wondering, and just get And the come of view just

Russell A. Childs

briefly on-demand flying various [ give and and on next fall as expansion a opportunities corporate need it, for fall, I'll and our the take I get lot relative to be significant winter even best financial mentioned than the Wade you this that going prepared for mean, today. and commute bigger year. that to have attention we safety is all as it. get I'm management of we this the record, -- prepared ] about opportunities probably Just among we strength, big There's XX take aircraft a still continuing in getting to requirements why government confused But strength road are down to don't some we compute we perspective thing We that sports things went three summer about is well. authority authority. interesting good teams in the authority, a see going to still that from other There's charter that on think qualifications part this the authority, we the XXX winter Charter. are we develop. through last had think we're But still commute overall of I that with is the to continue of that and we meet commute the that world things

So to also very only -- with because about not you've We're they the they're exceed authority. We've with go to be work but continue change things about route. down massively optimistic we're talking commute everything stuff, going government seeing meet to XXX lot we -- the seen to obviously some to through we've obviously safety but that to it taken maybe going a there's to committed from a very operations. we Charter. We're new want court, perspective. not think continue there's of that We

we're commute look, optimistic SkyWest with good have But on-demand with a going season Charter we to with charters think patient So to we're there's honestly winter going opportunity but again. we're be that a authority. bigger opportunities fall tremendously the and

Thomas Fitzgerald

And could squeeze if in. I more just one

high the think on think just ] of about think kind would associated Just recapture, hour XXXX increases as utilization the even GDP, at all wanted of investors [ of growth? way. about recovery kind we're And and [indiscernible] to another to for is back of in we so that set I put that single-digit about but year make you block [indiscernible] kind year, above block of sure next well level reasonable thinking it hours left I to XX% just right

Wade Steel

you going be to than anticipate there. recovery recovery, Wade. growth still block Yes. There's year. is still keep on date will to hours we'll And higher we And right? that, growth higher yes, than there be Yes, but GDP Tom, on. up next there's do our GDP this

Operator

Savi have James. Raymond we And Syth from follow-up a of question

Savanthi Syth

on question third the Dan's the it because what for product, new in the of the Can just I summer it talk trends is I just time, and prorate know thinking strong you you're kind was seeing there, just in what on about And pretty SkyWest ] charter product. just quarter you're And charter Just a generally [ think. a winter here? side.

Wade Steel

is this Wade. Yes, Savi,

saw good charter as very strong a June, college as right? seasonal it's So because August. And in are bit definitely May. There charter. busy. lull our reverse July as also June, almost was QX is business, August, extremely and little and far spring April July of the QX, the we the said, and is as in not seasons from you So a prorate business, that

time. So annual fly school fall going deals for go as and the through. we start But in September those found have periods now back we're some into season. up multiple is during to will opportunities multiple right deals of already signed that We've we

we're script, the And extremely and communities rate we're optimistic being well there's strong there, prorate, opportunities service us this are and opportunities as charter now. very yields seeing there left and good back still the strong is had as as bit the for about the in we right still restore go so to talked pro side. And I little a on my the far we into demand definitely that and about. --

Savanthi Syth

And just on a that. follow-up

suspect hours kind your some I the not it's no think answer block but answered, you partners partners what of oversupply back flying? thing indication given markets. that I that of I your pulling pull any are on flying type know But the just in for the capacity kind to markets based or want and they them from there's you back of you're on

Wade Steel

that just Savi. been are us service of underserved kind been those talk markets. with that and good, they little Yes, SkyWest capacity are bit extremely now frequency seeing haven't markets the they're partners excited our major What ] the improve. has right? No, about multiple still of service in and served demand so haven't about, different these pilot aircraft welcoming and not that it's we're These to some about very partners, has So maybe, have no, talking and all that going They're that. talking is right? than communities or Yes. and gauge and [ codeshares had the markets availability seeing been extremely the that a about markets had we're back they've multiple they're Airlines or the and enjoyed back as we

those into we markets. so back And to excited are get

Operator

questions, conference our Q&A to With closing concludes now Chip session. this no Childs I'll over turn for back the remarks. further

Russell A. Childs

and us that following each game be for everybody, opportunistic long in our We point at really that your And is about script there's and where and disciplined and interest opportunities. professionals. we've be XX,XXX we're appreciate in be 'XX beyond. efforts the and We Thanks, play in of appreciate lot to we our said you. feel attention We to that patient the strategy XXXX think continuing Thank and of our consistently a like amazing opportunities our good quarter. SkyWest. your

as I couldn't us efforts will that, give have as the we without we and the think with three the amazing about Thank you. well this return they success partnerships next with in And all that talk entire industry, and they we them, months. are more the absolute our we quarter top in partners. appreciate the have

Operator

conference today's This concludes call.

You may now disconnect.

SkyWest (SKYW) 25 Jul 242024 Q2 Earnings call transcript