SkyWest, Inc. · NASDAQ:SKYW
SkyWest — Q1 2025 Earnings Presentation
20 slides from SkyWest's earnings presentation, May 7, 2025
Slide 1: SkyWest Investor Update
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Slide 3: Forward Looking Statements
Forward Looking Statements In addition to historical information, this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “forecasts,” “expects,” “intends,” “believes,” “anticipates,” “estimates,” “should,” “like
Slide 4: Q1 Snapshot
Q1 Snapshot Financial Results Growth and Return Opportunities Ended Q1-25 with $751m in Cash 16 new E175s through 2026 Q1-25 Cash Activity Included: Adding flights to underserved communities $114m scheduled debt repayments $14m stock repurchases Improved utilization and availability of our E175 and
Slide 5: Future E175 Deliveries
Future E175 Deliveries E175 DELIVERIES 2H 2025 2026 TOTAL 7 8 15 SkyWest Financed 1 - 1 SkyWest Financed TOTAL 8 8 16 We anticipate having 278 E175s in service by end of 2026 P R O P R I E TA RY – M AY N OT B E S H A R E D W IT H O U T P E R M I S S I O N I N V E S T O R U P D AT E Q2 2025 5
Slide 6: Executing on the CRJ550 Opportunity
Executing on the CRJ550 Opportunity TRANSITIONING CRJ700 CRJ550 AIRCRAFT AIRCRAFT The CRJ550 is a CRJ700 aircraft in a dual-class, 50-seat configuration: 1 Well-suited for small, underserved markets. 2 Is a “small RJ” for partner scope purposes. in service at 12 March 31, 2025 15 CRJ550s 50 CRJ550s
Slide 7: Monetizing the CRJ Fleet: Harvesting CRJ200 Opportunity
HarvestingCRJ200 Monetizing the CRJFleet Opportunity CONTRACT FLYING 50 AIRCRAFT EAS/PRORATE 27 AIRCRAFT 9 AIRCRAFT Unencumbered Low Cost Low Risk CRJ200 FLEET AND ASSETS Fully Depreciated ASSET PROVISIONING 53 Unassigned CRJ200 LEASING/SALES available for these opportunities P R O P R I E TA RY – M
Slide 8: Prorate Small Market Opportunity
Prorate Small Market Opportunity As of March 31, 2025 Seattle Portland Minneapolis Detroit Chicago Salt Lake City New York Denver Washington, DC San Francisco Los Angeles Phoenix Atlanta Dallas Houston Q1 2019 Q1 2025 MAP KEY Discontinued Prorate Prorate & SWC Revenue $100m $131m 31% Routes since Q1
Slide 9: Production Outlook
Production Outlook TOTAL BLOCK HOURS 12-13% 1,464,000 ~1,454,000 1,320,000 1,292,000 1,254,000 1,140,000 973,000 2019 2020 2021 2022 2023 2024 2025 Dual-Class Block Hours 2019 2020 2021 2022 2023 2024 2025 PROJECTED 65% 72% 77% 80% 85% 87% ~ 88% P R O P R I E TA RY – M AY N OT B E S H A R E D W IT H
Slide 10: Fleet Transition
Fleet Transition = Qty. = Qty.ofof1010 End of Year 2019 2020 2021 2022 2023 2024 Q1 2025 E175 Our fleet mix and DUAL-CLASS AIRCRAFT flexibility provides an unmatched competitive value to our partners 156 193 211 236 237 262 262 Optimizing our CRJ700*/900 fleet since 2019 E175s 68% CRJ700*/900s 9% CR
Slide 11: Aircraft Under Agreement
Aircraft Under Agreement March 31, 2025 CONTRACT PRORATE CONTRACT PRORATE CONTRACT PRORATE CONTRACT PRORATE E175 • Own (5), debt (207) and partner financed (50) 262 114 - 86 - 20 - 42 - • Average age 7 years CRJ900 • Own (11) and partner financed (24) 35 - - 35 - - - - - • Average age 14 years CRJ70
Slide 12: Income Waterfall Q4-24 to Q1-25
Income Waterfall Q4-24 to Q1-25 $ in Millions + Favorable - Unfavorable Q4-24 TO Q1-25 $160 $5 $1 $(7) $3 $7 $(7) $140 $(2) $(13) $120 $100 $80 $134 $60 $121 $40 $20 $- Q4-24 Q4-24 E175s E175s CRJs CRJs Prorate Prorate & Leasing Leasing Deferred Deferred Labor Costs Labor Costs Maintenance Maintenan
Slide 13: Cash Waterfall Q1-25
Cash Waterfall Q1-25 $ in Millions + Inflow - Outflow Q4-24 TO Q1-25 $1,200 $(13) $1,000 $(73) $229 $(27) $- $(114) $10 $(14) $(49) $800 $600 $400 $802 $751 $200 $- Q4-24 Q4-24 Cash EBITDA EBITDA Deferred Deferred Cap-Ex Cap-Ex New Debt Debt Debt Debt Interest Interest Expense Interest Interest Stoc
Slide 14: Q1 2025 Debt Summary
Q1 2025 Debt Summary $2.2b in E175 $0.2b debt from PSP $0.2b spare engine and aircraft financing other assets financing TOTAL DEBT: $2.6b 1 2 3 Scheduled to pay down over Have over $1b in E175 debt term largely aligns $400m per year in debt unpledged assets with flying contracts P R O P R I E TA RY
Slide 15: Q1-25 Aircraft Summary by Financing
Q1-25 Aircraft Summary by Financing Debt-financed Aircraft 207 E175s $2.2b debt balance (Total 207) Aircraft Owned Outright 202 CRJs No debt outstanding 42% Over 5 E175s of fleet 57% of fleet we operate has no 50 E175s Partner Provided Aircraft No financing obligation financing 24 CRJs 488 March 31,
Slide 16: E175 Cash Flow Characteristics
E175 Cash Flow Characteristics E175 contract with partner largely Our first 20 E175s delivered aligns with debt amortization period in 2014 are scheduled of 12 years for debt payoff in 2026 Each aircraft is expected to Over 100 debt-financed have 13+ years of remaining life E175s delivered 2014-2017
Slide 17: Accolades
Accolades 2025 TOP 50 WINNER P R O P R I E TA RY – M AY N OT B E S H A R E D W IT H O U T P E R M I S S I O N I N V E S T O R U P D AT E Q2 2025 17
Slide 18: Notes
Notes P R O P R I E TA RY – M AY N OT B E S H A R E D W IT H O U T P E R M I S S I O N I N V E S T O R U P D AT E Q2 2025 18
Slide 19: Notes
Notes P R O P R I E TA RY – M AY N OT B E S H A R E D W IT H O U T P E R M I S S I O N I N V E S T O R U P D AT E Q2 2025 19
Slide 20: Investor Update
INVESTOR UPDATE Q2 2025 I N C . S K Y W E S T. C O M