SkyWest, Inc. (NASDAQ:SKYW) Q2 2023 Earnings Conference Call July 27, 2023 4:30 PM ET

Company Participants

Chip Childs - President and Chief Executive Officer

Robert Simmons - Chief Financial Officer

Wade Steel - Chief Commercial Officer

Eric Woodward - Chief Accounting Officer

Conference Call Participants

Savi Syth - Raymond James

Helane Becker - Cowen

Michael Linenberg - Deutsche Bank

Catherine O'Brien - Goldman Sachs

Operator

Hello and welcome to the SkyWest Incorporated Second Quarter 2023 Results Call. [Operator Instructions]

I would now turn the conference over to Rob Simmons, Chief Financial Officer. Please go ahead.

Robert Simmons

Thanks everyone for joining us on the call today. As the operator indicated, this is Rob Simmons, SkyWest's Chief Financial Officer. On the call with me today are Chip Childs, President and Chief Executive Officer; Wade Steel, Chief Commercial Officer; and Eric Woodward, Chief Accounting Officer.

I'd like to start today by asking Eric to read the Safe Harbor, then I will turn the time over to Chip for some comments. Following Chip, I will take us through the financial results, then Wade will discuss the fleet and related flying arrangements. Following Wade, we will have the customary Q&A session with our sell-side analysts. Eric?

Eric Woodward

Today's discussion contains forward-looking statements that represent our current beliefs, expectations and assumptions regarding future events and are subject to risks and uncertainties. We assume no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Actual results will likely vary and may vary materially from those anticipated, estimated or projected for a number of reasons. Some of the factors that may cause such differences are included in our 2022 Form 10-K and other reports and filings with the Securities and Exchange Commission.

And now I'll turn the call over to Chip.

Chip Childs

Thank you, Rob and Eric. Good afternoon, everyone, and thank you for joining us on the call again today. Today, SkyWest reported net income of $15 million or $0.35 per diluted share. Reflected in those results were $60 million of deferred revenue. Halfway through 2023, we're making strong progress on all of our strategic objectives, including, one, enhancing our partnerships and ensuring we continue to deliver on our partners' needs; two, effectively and efficiently utilize our industry-leading flexible fleet; three, maintaining a healthy, strong balance sheet; and four, continuing to ensure that we take care of our people and create value for our shareholders. We are pleased to exceed all of these internal targets for the first couple of quarters in a row now.