On this page of StockholderLetter.com we present the 3/26/2024 shareholder letter from SKYWEST INC — ticker symbol SKYW. Reading current and past SKYW letters to shareholders can bring important insights into the investment thesis.
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3/26/2024 Letter Continued (Full PDF)
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3/23/2023 SKYW Stockholder Letter
• 3/25/2025 SKYW Stockholder Letter
• More "Airlines" Category Stockholder Letters
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SKYW Benford's Law Stock Score = 96
3/26/2024 Letter Continued (Full PDF)
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3/23/2023 SKYW Stockholder Letter•
3/25/2025 SKYW Stockholder Letter•
More "Airlines" Category Stockholder Letters•
SKYW Benford's Law Stock Score = 96SKYW 3/26/2024 Shareholder/Stockholder Letter Transcript:
2023 ANNUAL REPORT N ot iice ce o f 2 0 2 4 An n u al Meet in g an d Prox y S tat emen em en t Kelowna Kalispell Calgary E dmonton E ugene Idaho Falls Jackson Sun Valley Riverton Pocatello Casper Twin Falls Boise Sheridan Gillette International Falls Scottsbluff Rapid City Aberdeen Sioux Falls Houghton Mason City Sault Ste. Marie Iron Mountain Pellston Rhinelander E scanaba Alpena Green Bay Minneapolis- Appleton Traverse City St. Paul Grand Rapids Rochester Madison Grand Forks Devils Lake Bemidji Hibbing Fargo Bismarck Brainerd Jamestown Dickinson Duluth Williston Minot Rochester Toronto Syracuse E lmira Albany Burlington Montreal Loreto Mazatl n (For internal use only. Updated monthly, may not re ect recent service updates) 2022 Mapbox OpenStreetMap 2023 Mapbox OpenStreetMap Monterrey Brownsville Corpus Christi Ft. Dodge Sioux City Sarasota-Bradenton Route Map | December 2022 December 2023 Milwaukee Detroit Cedar Rapids Boston Hartford Laramie Chicago-O'Hare South Bend Cleveland Providence Omaha Rock Springs Cheyenne Des Moines Moline Chicago-Midway White Plains Pittsburgh Arcata Akron HaydenE lko NYCRedding North Platte Grand Island Fort Wayne Columbus State College Bloomington Steamboat Sp. Salt Lake City Lincoln LaGuardia Allentown Vernal Vail-E agle Indianapolis Newark Johnstown Springfield Harrisburg Reno Manhattan Denver Decatur Grand Junction Philadelphia Columbia Wash.Sacramento Kansas City Aspen Colorado Springs Moab St. Louis Louisville Cincinnati Dulles Santa Rosa Hays Salina Wash.Montrose Garden City Gunnison Charleston Reagan Pueblo Oakland Lexington San Francisco E vansville Dodge City Wichita Cedar City San Jose Richmond Bishop Roanoke Springfield Durango Paducah Tulsa Joplin Liberal St. George Monterey Norfolk Fresno NW Arkansas/ Tri-Cities Stillwater Nashville Bakersfield Las Vegas Fayettevile Santa Fe Knoxville Flagstaff Jacksonville San Luis Obispo Chattanooga Oklahoma City Fort Smith Amarillo Albuquerque Fayetteville Memphis Burbank GreenvilleSanta Barbara Lawton Little Rock Prescott Ontario Huntsville Spartanburg Los Angeles Palm Springs Texarkana Wichita Falls Long Beach Santa Ana Lubbock Birmingham AtlantaAugusta Dallas-Ft. WorthShreveportMonroe Phoenix Roswell Meridian Columbus San Diego Yuma Tyler Killeen Longview Jackson Savannah Tucson Hattiesburg-Laurel Midland College Station E l Paso Baton Rouge Alaska Waco San Angelo Mobile Houston- Alexandria American Intercontinental Gulfport Austin Tallahassee Delta HoustonLake Charles New Orleans San Antonio Hobby United Beaumont Lafayette Del Rio Hermosillo Victoria Chihuahua Laredo Redmond Great Falls Spokane Seattle-Tacoma Lewiston Missoula Helena Pasco/Tri-Cities Butte Bozeman Billings Portland Vancouver North Bend Medford Sitka Ketchikan E dmonton To our Shareholders, Throughout 2023 we executed on our business objectives to first and foremost take care of our people, to deliver on our partner commitments, and to minimize our risk as we optimize our capital deployment. Our unique model of collaborating with our people enables us to rapidly respond to both challenge and opportunity, as well as to deliver the best product in the regional industry. We believe this unique, collaborative approach not only benefits our people and our product, it s been a fundamental part of our success for 52 years and will continue to help the SkyWest team lead the industry forward in 2024 and beyond. We re very proud that in 2023 SkyWest teams delivered a historic 300 days of 100% adjusted completion, besting our last annual completion record by over 100 days. Safely and reliably connecting people with global access via our four major partners is the basis of our product, and we re proud to do it better than anyone in our space. This extraordinary achievement takes significant planning, preparation, and teamwork, and we thank our nearly 14,000 people who worked together to provide an exceptional product to over 38 million passengers in 2023. We are continually looking for ways to best take care of our people, through ongoing investment in enhanced compensation packages over the past couple of years, as well as improved opportunities for those who are looking to transition to mainline. In 2023 we announced a new pilot program with United, exclusively for SkyWest pilots. This program provides a clear path to United early in a SkyWest pilot s career, benefitting both our pilots who want to transition to United as well as those who want to build a successful career at SkyWest. While our crew balance continued to constrain our operations, captain attrition began to improve, and we expect continued progress in 2024. Also during 2023, SkyWest Charter, or SWC, successfully launched on-demand charter flying utilizing 30-seat CRJ200 aircraft. We continue to believe SWC is the best possible answer for small community air service. We re pleased with the strong demand for SWC s product and are very optimistic about its future. That said, it is and will remain a small portion of our overall business, with our primary focus remaining on our contract flying and major partner relationships. As always, we remain disciplined to ensure our capital is deployed effectively and profitably. We completed the acquisition of a minority stake in Contour Airlines, a small operator in the Part 135 space. This minority ownership stake strategically positions us to further monetize our existing CRJ assets through an asset provisioning agreement, and to establish another pipeline for pilot supply. We will continue to evaluate opportunities to smartly and accretively deploy our capital. Our focus on dual-class flying continues to deliver, with 83% of our flying dual class at year-end 2023. We have spent years setting the pieces up nicely and believe we are well positioned to enhance our position in 2024 and beyond. Overall, demand for each of our products remains exceptionally strong and we remain aggressive and disciplined to advance our position at the forefront of the regional industry for our people, our partners, and our shareholders. As we deliver on our business fundamentals, we remain laser-focused on executing reliably for the long game. Looking forward there are still headwinds, but we believe no regional entity is better positioned and we re optimistic about the opportunities ahead. Jerry C. Atkin Chairman SkyWest, Inc. Russell A. Chip Childs President and Chief Executive Officer SkyWest, Inc.