SkyWest, Inc. (NASDAQ:SKYW) Q3 2022 Results Earnings Conference Call October 27, 2022 4:30 PM ET

Company Participants

Robert Simmons - Chief Financial Officer

Eric Woodward - Chief Accounting Officer

Chip Childs - President and Chief Executive Officer

Wade Steel - Chief Commercial Officer

Conference Call Participants

Michael Linenberg - Deutsche Bank

Savanthi Syth - Raymond James

Dwayne Pfennigwerth - Evercore ISI

Operator

Okay. Good afternoon. My name is Emma and I will be your conference operator today. At this time, I would like to welcome everyone to the SkyWest Third Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you.

Rob Simmons, Chief Financial Officer, you may begin your conference.

Robert Simmons

Thanks, everyone, for joining us on the call today. As the operator indicated, this is Rob Simmons, SkyWest 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. 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 2021 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. Demand for SkyWest product during the third quarter remained exceptionally high, with our main constraint being our crew imbalance. Despite the challenge to production inhibiting our ability to fully monetize this demand, we reported a pretax income of $57 million and a net income of $48 million.

Operationally, our teams delivered outstanding performance to accomplish 99.9% adjusted completion and to be a top three on-time performer on the DoT's list for several months of the year.