SkyWest, Inc. (NASDAQ:SKYW) Q1 2023 Earnings Conference Call April 27, 2023 4:30 PM ET

Company Participants

Robert Simmons - CFO

Eric Woodward - CAO

Chip Childs - President and CEO

Wade Steel - Chief Commercial Officer

Conference Call Participants

Mike Linenberg - Deutsche Bank

Helane Becker - TD Cowen

Catherine O'Brien - Goldman Sachs

Operator

Good day, everyone, and welcome to the SkyWest Incorporated First Quarter 2023 Results Call. Today's call is being recorded. [Operator Instructions]

I would now like to turn the conference over to Rob Simmons, SkyWest's 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. Thank you for joining us on the call today.

Our foundational work over the past year has provided solid traction during the first quarter. So SkyWest reported a pretax loss of $26 million or $0.45 loss per share for the first quarter of 2023, reflected in those results were $63 million of deferred revenue. As previously shared, we expect moving forward, we will be discussing deferred revenue regularly until utilization normalizes.

As we advance through 2023, we're pleased with the progress we're making in our strategic objectives that provide unmatched value for our people, our partners and our shareholders. I talked last quarter about our significant investments in our people during 2022, including increased pay for nearly every work group and have finalized pilot agreement.