西空航空 2025年季度报告

TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 Large accelerated filer⌧Accelerated filer◻Non-accelerated filer◻Smaller reporting company☐ the extended transition period for complying with any new or revised financial accounting standardsprovided pursuant to Section13(a) of the Exchange Act.◻ Exchange Act). Yes☐No⌧Indicate the number of shares outstanding of each of the registrant’s classes of common stock, asof the latest practicable date. QUARTERLY REPORT ON FORM10-Q Consolidated Balance Sheets3Consolidated Statements of Comprehensive Income5Consolidated Statements of Stockholders Equity6 Item 1.Financial Statements (Dollars in thousands) ASSETS 20252024CURRENT ASSETS:Cash and cash equivalents$48,330$227,362Marketable securities678,691574,266Receivables, net151,672122,778Inventories, net145,741139,002Other current assets37,08953,659Total current assets1,061,5231,117,06PROPERTY AND EQUIPMENT:Aircraft and rotable spares9,006,0848,774,57Deposits on aircraft85,00065,612Buildings, ground equipment and other305,142292,682Total property and equipment, gross9,396,2269,132,86Less-accumulated depreciation and amortization(3,714,878)(3,545,45Total property and equipment, net5,681,3485,587,40OTHER ASSETS:Operating lease right-of-use assets79,87387,731Long-term receivables and other assets351,339347,661Total other assets431,212435,392$7,174,08$7,139,86 Total assets Three months endedJune30, NET CASH PROVIDED BY OPERATING ACTIVITIES$ (1) Condensed Consolidated Financial StatementsBasis of Presentation “Company”), its operating subsidiary SkyWest Airlines,Inc. (“SkyWest Airlines”), its leasingsubsidiary SkyWest Leasing, Inc. (“SkyWest Leasing”) and its charter service subsidiary SkyWest Charter, LLC (“SWC”) included herein have been prepared, without audit, pursuant to the rulesandregulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principlesgenerally accepted in the United States of America (“GAAP”) have been condensed or omittedpursuant to such rulesand regulations, although the Company believes that the following disclosuresare adequate to make the information presented not misleading. These condensed consolidatedfinancial statements reflect all adjustments that, in the opinion of management, are necessary topresent fairly the results of operations for the interim periods presented. All adjustments are of anormal recurring nature, unless otherwise disclosed. These condensed consolidated financialstatements should be read in conjunction with the consolidated financial statements and the notes amounts of revenues and expenses during the reporting period. Actual results could differ materiallyfrom those estimates and assumptions. In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (ASC Topic 740) – Improvements toIncome Tax Disclosures”, which enhances the transparency, effectiveness and comparability ofincome tax disclosures by requiring consistent categories and greater disaggregation of informationrelated to income tax rate reconciliations and the jurisdictions in which income taxes are paid. The In March 2024, the FASB issued ASU No. 2024-03, “Income Statement – ReportingComprehensive Income – Expense Disaggregation Disclosures (ASC Subtopic 220-40) –Disaggregation of Income Statement Expenses”, which enhances the transparency and comparabilityof financial statements by requiring companies to disclose more granular information about expense (2) Operating Revenues The Company recognizes revenue under its flying agreements and under its lease, airportservices and other service agreements when the service is provided under the applicable agreement.Under the Company’s fixed-fee agreements (referred to as “capacity purchase” agreements) withUnited Airlines, Inc. (“United”), Delta Air Lines, Inc. (“Delta”), American Airlines, Inc. and is reflected in flying agreements revenue. The transaction price for the capacity purchaseagreements is determined from the fixed-fee consideration, incentive consideration and directlyreimbursed expenses earned as flights are completed over the agreement term. For the six monthsended June30, 2025 and 2024, capacity purchase agreements represented approximately85.5% and87.1% of the Company’s flying agreements revenue, respectively. agreements, the performance obligation is met and revenue is recognized when each flight iscompleted based upon the portion of the prorate passenger fare the Company determines that it willreceive for each completed flight. The transaction price for the prorate agreements is determined fromthe proration formula derived from each passenger ticket amount on each completed flight over theagreement term. Certain routes under the Company’s prorate agreements are subsidized by the U.S.Department of Transportat