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Press Release: SkyWest, Inc. Announces Fourth -2-

· 02/04/2021 16:01
SkyWest, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Dollars and Shares in Thousands, Except per Share Amounts) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 OPERATING REVENUES Flying agreements $ 569,889 $ 725,092 $ 2,060,801 $ 2,889,265 Lease, airport services and other 19,748 18,499 66,305 82,698 Total operating revenues 589,637 743,591 2,127,106 2,971,963 OPERATING EXPENSES Salaries, wages and benefits 212,214 248,978 826,109 1,001,746 Aircraft maintenance, materials and repairs 187,335 137,741 618,989 514,313 Depreciation and amortization 110,146 95,168 474,959 368,098 Airport-related expenses 23,694 29,600 93,886 118,837 Aircraft rentals 15,779 16,158 65,316 71,998 Aircraft fuel 15,864 31,546 61,739 119,115 CARES Act payroll support grant (3,353) - (345,491) - Special items - - - 21,869 Other operating expenses 55,627 59,095 222,797 243,729 Total operating expenses 617,306 618,286 2,018,304 2,459,705 OPERATING INCOME (LOSS) (27,669) 125,305 108,802 512,258 OTHER INCOME (EXPENSE) Interest income 227 3,051 5,879 14,131 Interest expense (31,893) (30,871) (123,173) (127,755) Other income (expense), net (40) 304 1,165 47,671 Total other income (expense), net (31,706) (27,516) (116,129) (65,953) INCOME (LOSS) BEFORE INCOME TAXES (59,375) 97,789 (7,327) 446,305 PROVISION (BENEFIT) FOR INCOME TAXES (12,925) 25,262 1,188 106,206 NET INCOME (LOSS) $ (46,450) $ 72,527 $ (8,515) $ 340,099 BASIC EARNINGS (LOSS) PER SHARE $ (0.93) $ 1.44 $ (0.17) $ 6.68 DILUTED EARNINGS (LOSS) PER SHARE $ (0.93) $ 1.43 $ (0.17) $ 6.62 Weighted average common shares Basic 50,181 50,395 50,195 50,932 Diluted 50,181 50,796 50,195 51,375 SkyWest, Inc. and Subsidiaries Summary of Consolidated Balance Sheets (Dollars in Thousands) (Unaudited) December 31, December 31, 2020 2019 Cash and marketable securities $ 825,908 $ 520,172 Other current assets 156,894 240,174 Total current assets 982,802 760,346 Property and equipment, net 5,330,423 5,345,823 Deposit on aircraft 31,625 48,858 Other long-term assets 542,772 502,102 Total assets $ 6,887,622 $ 6,657,129 Current portion, long-term debt $ 402,158 $ 364,126 Other current liabilities 539,564 560,550 Total current liabilities 941,722 924,676 Long-term debt, net of current maturities 2,801,538 2,628,989 Other long-term liabilities 1,004,817 928,450 Stockholders' equity 2,139,545 2,175,014 Total liabilities and stockholders' equity $ 6,887,622 $ 6,657,129 SkyWest, Inc. and Subsidiaries Additional Operational Information (unaudited) SkyWest's fleet in scheduled service by aircraft type: December 31, September 30, December 31, 2020 2020 2019 E175 aircraft 193 189 156 CRJ900 aircraft 39 39 43 CRJ700 aircraft 90 86 94 CRJ200 aircraft 130 134 190 Total aircraft in service 452 448 483 As of December 31, 2020, SkyWest leased two CRJ200s, 34 CRJ700s and five CRJ900s to third parties (these aircraft are excluded from the table above). Selected operational data: Three months ended December 31, Twelve months ended December 31, 2020 2019 Change 2020 2019 Change Block hours by aircraft type: E175s 124,081 133,232 (6.9)% 435,557 529,008 (17.7)% CRJ900s 21,426 30,872 (30.6)% 66,640 124,860 (46.6)% CRJ700s 56,313 74,151 (24.1)% 200,860 298,599 (32.7)% CRJ200 65,708 130,046 (49.5)% 270,281 511,938 (47.2)% Total block hours 267,528 368,301 (27.4)% 973,338 1,464,405 (33.5)% Departures 157,726 214,299 (26.4)% 585,257 842,098 (30.5)% Adjusted flight completion 99.9% 99.9% NC 99.9% 99.9% NC Raw flight completion 99.3% 98.4% 0.9 pts 97.8% 97.9% (0.1) pts Passengers carried 5,672,695 11,093,800 (48.9)% 21,255,931 43,660,766 (51.3)% Passenger load (26.7) factor 55.5% 82.2% pts 56.4% 82.3% (25.9) pts Average trip length 515 496 3.9% 500 500 NC Adjusted flight completion percent excludes weather cancellations. Raw flight completion includes weather cancellations.

factors include, but are not limited to, uncertainties regarding the impact of the Consolidated Appropriations Act of 2021 funding and CARES Act funding and loans on SkyWest's business and operations, the uncertainty of the duration, scope and impact of COVID-19, a further spread or worsening of COVID-19, the consequences of the COVID-19 outbreak to economic conditions, the travel industry and our major partners in general and the financial condition and operating results of SkyWest in particular, the prospects of entering into agreements with existing or other carriers to fly new aircraft, ongoing negotiations between SkyWest and its major partners regarding their contractual obligations, uncertainties regarding operation of new aircraft, the ability to attract and retain qualified pilots, the impact of regulatory issues such as pilot rest rules and qualification requirements, and the ability to obtain aircraft financing.

Actual operational and financial results of SkyWest will likely also vary, and may vary materially, from those anticipated, estimated, projected or expected for a number of other reasons, including, in addition to those identified above: the existing global COVID-19 pandemic and the outbreak of any other disease or similar public health threat that affects travel demand or travel behavior; the challenges of competing successfully in a highly competitive and rapidly changing industry; developments associated with fluctuations in the economy and the demand for air travel, including related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; the financial stability of SkyWest's major partners and any potential impact of their financial condition on the operations of SkyWest; fluctuations in flight schedules, which are determined by the major partners for whom SkyWest conducts flight operations; variations in market and economic conditions; significant aircraft lease and debt commitments; estimated useful life of long-lived assets, residual aircraft values and related impairment charges; labor relations and costs; the impact of global instability; rapidly fluctuating fuel costs, and potential fuel shortages; the impact of weather-related or other natural disasters on air travel and airline costs; aircraft deliveries; and other unanticipated factors. Risk factors, cautionary statements and other conditions which could cause SkyWest's actual results to differ materially from management's current expectations are contained in SkyWest's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Additionally, the risks, uncertainties and other factors set forth above or otherwise referred to in the reports that the Company files with the Securities and Exchange Commission may be further amplified by the global impact of the COVID-19 pandemic.

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SOURCE SkyWest, Inc.

/CONTACT: Investor Relations, 435.634.3200, Investor.relations@skywest.com; Corporate Communications, 435.634.3553, corporate.communications@skywest.com

/Web site: www.skywest.com

(END) Dow Jones Newswires

February 04, 2021 16:01 ET (21:01 GMT)