SkyWest Inc (SKYW) 2024 Q3 法說會逐字稿

Hello and welcome to the SkyWest Incorporated Third Quarter, 2024 Results Call. (Operator Instructions)

您好，歡迎參加 SkyWest Incorporated 2024 年第三季業績電話會議。（操作員說明）

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

我想將會議交給財務長 Rob Simmons。請繼續。

Thanks everyone for joining us on the call today.

感謝大家今天加入我們的電話會議。

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.

正如接線員所說，我是 SkyWest 財務長 Rob Simmons，今天與我通話的還有總裁兼執行長 Chip Childs；韋德鋼鐵，首席商務官；和首席會計官埃里克·伍德沃德。

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.

今天我想先請艾瑞克閱讀《安全港》。然後我會把時間交給chip，在chip之後發表一些評論。我將向我們介紹財務業績。然後韋德就會跟著韋德討論機隊以及相關的飛行安排。我們將與賣方分析師進行例行的問答環節。埃里克.

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.

今天的討論包含前瞻性陳述，代表我們目前對未來事件的信念、期望和假設，並受到風險和不確定性的影響。我們不承擔更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因，實際結果可能會有所不同，並且可能由於多種原因與預期的估計或預測存在重大差異。

Some of the factors that may cause such differences are included in our most recent Form 10-K and other reports and filings with the securities and exchange commission and now I'll turn the call over to Chip.

我們最新的 10-K 表格和其他報告以及向證券交易委員會提交的文件中包含了一些可能導致此類差異的因素，現在我將把電話轉給 Chip。

Thank you, Rob and Eric. Good afternoon everyone and thank you for joining us on the call today.

謝謝你們，羅布和艾瑞克。大家下午好，感謝您今天加入我們的電話會議。

The third quarter brought a strong hurricane season and while geographically, there wasn't a significant impact to our flying operations, our hearts go out to those who lost homes and even loved ones in hurricane Helene and Milton on the east coast in true SkyWest fashion. Our people rallied to provide monetary and humanitarian support for our colleagues and others affected by these storms. We truly have amazing people here at SkyWest.

第三季度迎來了強烈的颶風季節，雖然從地理位置上看，我們的飛行運營並未受到重大影響，但我們以真正的SkyWest 方式向那些在東海岸颶風海倫和米爾頓中失去家園甚至親人的人們表示同情。我們的人民團結起來，為我們的同事和其他受風暴影響的人提供貨幣和人道主義支持。SkyWest 確實擁有優秀的人才。

SkyWest was also honored to be named one of America's best mid size companies by Time Magazine during the quarter as we completed over 20,000 more flights than the same quarter last year delivering 99.9% adjusted completion. This recognition by Time Magazine is the latest in a series of awards that have underscores our focus on providing an exceptional product for our customers and remaining the employer choice for more than 14,000 aviation professionals.

SkyWest 也很榮幸在本季被《時代》雜誌評為美國最佳中型公司之一，因為我們比去年同期多完成了 20,000 多個航班，調整後的完成率達到 99.9%。《時代》雜誌的這項認可是一系列獎項中的最新一項，這些獎項突顯了我們致力於為客戶提供卓越的產品，並繼續成為超過 14,000 名航空專業人士的雇主選擇。

I want to thank our team for their great work and continuing to deliver an outstanding product. Today, SkyWest reported net income of 90 million or $2.16 per diluted share for the third quarter of 2024.

我要感謝我們的團隊所做的出色工作並繼續提供出色的產品。今天，SkyWest 公佈 2024 年第三季淨利為 9,000 萬美元，即稀釋後每股收益 2.16 美元。

We're very pleased to announce that we have reached an agreement with United to place 40 CRJ550s under multi-year agreement at SkyWest Airlines with the majority of those aircraft being covered from our existing CRJ700 fleet.

我們非常高興地宣布，我們已與美聯航達成協議，根據多年協議將 40 架 CRJ550 飛機交付給 SkyWest Airlines，其中大部分飛機均來自我們現有的 CRJ700 機隊。

Additionally, I would remind you that from the fourth quarter of this year through 2026 we have 20 additional E175 fleet for delivery bringing us to 278 by the end of 2026. Over 87 percent of our block hour production was from our dual class aircraft during the third quarter and the ongoing strong demand and delivery book continues to position us for increased regional market share.

此外，我想提醒您，從今年第四季到 2026 年，我們還有 20 架 E175 機隊可供交付，到 2026 年底，我們的數量將達到 278 架。第三季度，我們超過 87% 的工時產量來自我們的雙艙飛機，持續強勁的需求和交付量繼續使我們能夠增加區域市場份額。

We're also pleased with the continued improvement in our captain availability and overall pilot staffing balance. We have a very strong pathway program and our new hire classes are filled through August of next year. As we restore production, we are confident the measures we have in place will help stabilize our pilot staffing over the long term.

我們也對機長可用性和飛行員整體人員配置平衡的持續改善感到高興。我們有一個非常強大的銜接計劃，我們的新員工課程將在明年八月之前招滿。隨著生產的恢復，我們相信我們採取的措施將有助於長期穩定試點人員配置。

With this continued progress, we expect block hour production for this full year to be up about 13% compared to last year. We anticipate that we will be at or near full partner requested utilization by the end or by the middle of 2025 and just below PRE COVID levels, we still see significant demand for regional lift nationwide particularly as the industry works to right size capacity with a very strong demand for our product and the opportunities in small and underserved markets.

隨著這一持續進展，我們預計今年全年的區塊小時產量將比去年增長約 13%。我們預計，到2025 年底或年中，我們將達到或接近合作夥伴要求的全部利用率，並且略低於新冠疫情爆發前的水平，我們仍然看到全國範圍內對區域電梯的巨大需求，特別是隨著該行業以非常大的規模努力調整產能規模。

We do expect maintenance expense to increase in the coming year as we increase utilization and return aircraft to service. Wade will speak more about that in a minute overall. Our well positioned fleet, ongoing improvements in captain, staffing and our strong partnerships and demand. We remain optimistic about the remainder of 2024 and 2025.

我們確實預計，隨著我們提高利用率並使飛機恢復服務，來年的維護費用將會增加。韋德將在一分鐘內詳細討論這一點。我們的船隊定位良好，船長、人員配備不斷改進，以及我們強大的合作夥伴關係和需求。我們對 2024 年和 2025 年剩餘時間保持樂觀。

In summary, we continue to play the long game and are focused on the core elements of our business, our people, our fleet and our partners to ensure we remain extremely well positioned in the industry. We spent the last several years investing heavily in our fleet and in our people to ensure we are in the best possible situation to respond to market demands. Rob will now take us through the financial information.

總之，我們將繼續打持久戰，專注於我們業務、員工、機隊和合作夥伴的核心要素，以確保我們在產業中保持極為有利的地位。過去幾年，我們對機隊和員工進行了大量投資，以確保我們處於最佳狀態來回應市場需求。羅布現在將向我們介紹財務資訊。

Today we reported a third quarter GAAP net income of $90 million or 216 earnings per share. Q3 pre tax income was 116 million. Our weighted average share count for Q3 was 41.6 million and our effective tax rate was 23%.

今天，我們報告了第三季 GAAP 淨利潤為 9,000 萬美元，即每股收益 216 美元。Q3稅前收入為1.16億。第三季我們的加權平均股票數為 4,160 萬股，有效稅率為 23%。

First. Let's talk about revenue. Total Q3 revenue of 913 million is up 5% sequentially from 867 million in Q2 2024 and up 19% from 766 million in Q3 2023. Q3 revenue breaks down with contract revenue at 761 million up 4% from Q2 2024 and up 20% from Q3 2023. Pro rate and charter revenue was $123 million in Q3, up 15% from Q2 2024 and up 11% from Q3 2023 due to increases in departures and passenger yields. Leasing and other revenue was flat sequentially at $29 million and up by $5 million year-over-year reflecting additional leasing opportunities.

第一的。我們來談談收入。第三季總營收為 9.13 億美元，比 2024 年第二季的 8.67 億美元成長 5%，比 2023 年第三季的 7.66 億美元成長 19%。第三季營收出現下滑，合約營收為 7.61 億美元，較 2024 年第二季成長 4%，較 2023 年第三季成長 20%。由於出發次數和旅客收益的增加，第三季的專業費率和包機收入為 1.23 億美元，比 2024 年第二季成長 15%，比 2023 年第三季成長 11%。租賃和其他收入與上一季持平，為 2,900 萬美元，年增 500 萬美元，反映出更多的租賃機會。

These GAAP results include the effect of recognizing $19 million of previously deferred revenue this quarter compared to recognizing $6 million in Q2 2024 and deferring the recognition of $57 million of revenue in Q3 2023.

這些 GAAP 結果包括本季確認先前遞延收入 1,900 萬美元的影響，而 2024 年第二季確認了 600 萬美元，並推遲了 2023 年第三季確認了 5,700 萬美元的收入。

As of the end of Q3, we have $342 million of cumulative deferred revenue that will be recognized in future periods. We anticipate recognizing a similar amount of previously deferred revenue in the fourth quarter that was recognized in the third quarter.

截至第三季末，我們累計遞延收入為 3.42 億美元，將在未來期間確認。我們預計第四季度確認的先前遞延收入金額與第三季確認的金額相似。

Let me move to the Balance Sheet.

讓我談談資產負債表。

We ended the quarter with cash of $836 million. Slightly up from 834 million last quarter and 835 at year end, the moderate increase in cash during the quarter included the accretive actions of repaying over $112 million in debt and buying back 217,000 shares of SkyWest stock in Q3 for $16.3 million at an average price of $74.98 per share.

本季結束時，我們的現金為 8.36 億美元。略高於上季的 8.34 億股和年底的 835 股，本季現金適度增長，包括償還超過 1.12 億美元的債務以及在第三季度以 1,630 萬美元的平均價格回購 217,000 股 SkyWest 股票。 74.98 美元。

Since the beginning of 2023 we have repurchased 11.1 million shares or approximately 22% of the outstanding shares of the company for $327 million at an average price of $29.45 per share.

自 2023 年初以來，我們已以 3.27 億美元的價格回購了 1,110 萬股股票，即約占公司已發行股票的 22%，平均價格為每股 29.45 美元。

Our CapEx during the third quarter was $97 million including the acquisition of one new E175 aircraft. We ended Q3 with debt of 2.7 billion down from 3 billion as of year end 2023.

我們第三季的資本支出為 9,700 萬美元，包括購買一架新的 E175 飛機。截至第三季末，我們的債務為 27 億美元，低於 2023 年底的 30 億美元。

These numbers tell an important story about the quarter that we continue to generate solid positive free cash flow from operations.

這些數字講述了本季的一個重要故事：我們繼續從營運中產生穩定的正自由現金流。

Our strong Balance Sheet and well grounded liquidity continue to be powerful tools to create shareholder value, tools that we expect will help us repay over $400 million in debt in 2024 allow us to take advantage of future growth opportunities including financing the 20 E175s we have on order through all 2,026.

我們強大的資產負債表和基礎良好的流動性仍然是創造股東價值的強大工具，我們預計這些工具將幫助我們在2024 年償還超過4 億美元的債務，使我們能夠利用未來的成長機會，包括為我們擁有的20 輛E175 提供融資總共 2,026 個訂單。

While continuing to execute on our share repurchase program as we remain focused on improving our return on invested capital. We would like to highlight the following, as a result of repurchasing over 11 million shares since the beginning of 2023, we had 40.3 million shares outstanding as of September 30, 2024 compared to 50.6 million as of the start of 2023.

在繼續執行我們的股票回購計劃的同時，我們仍然專注於提高投資資本回報率。我們想強調以下幾點，由於自 2023 年初以來回購了超過 1,100 萬股，截至 2024 年 9 月 30 日，我們的流通股為 4,030 萬股，而截至 2023 年初為 5,060 萬股。

As of September 30th, we had $53 million remaining under our current share repurchase authorization. We anticipate continuing to be opportunistic in repurchasing shares going forward.

截至 9 月 30 日，我們目前的股票回購授權仍有 5,300 萬美元。我們預計未來將繼續機會主義地回購股票。

We are on track in 2024 to repay over $400 million in debt. A similar number to our debt repayment in 2023. Before new aircraft financings, our debt net of cash and leverage ratios are at their lowest point in over a decade.

我們預計在 2024 年償還超過 4 億美元的債務。與我們 2023 年償還債務的數字類似。在新飛機融資之前，我們扣除現金和槓桿率的債務處於十多年來的最低點。

We continue to anticipate our total 2024 CapEx will be approximately 320 million to 350 million including the purchase of four new E175 In Q4 2024. We expect 2025 CapEx to be in the neighborhood of $500 million. With the year over year increase driven by aircraft and engine acquisition, mostly new 175s consistent with our policy and practice. We're not giving any specific EPS guidance at this time, but let me give you a little additional color on 2024 and 2025.

我們繼續預期 2024 年資本支出總額將約為 3.2 億至 3.5 億美元，其中包括在 2024 年第四季購買四台新的 E175。我們預計 2025 年資本支出約為 5 億美元。由於飛機和發動機採購推動了同比增長，大部分新 175 符合我們的政策和實踐。我們目前沒有提供任何特定的 EPS 指導，但讓我為您提供有關 2024 年和 2025 年的一些額外資訊。

As we will discuss in a minute, we now anticipate our 2024 block hours to be up approximately 13% over 2023. Up from the expectation of about 9 to 11% a quarter ago. Our modestly improved outlook in our 2024 block hours is driven by improving captain availability, improving fleet utilization and ongoing strong demand for our production.

正如我們稍後將討論的，我們現在預計 2024 年的區塊時間將比 2023 年增加約 13%。高於第一季前約 9% 至 11% 的預期。船長可用性的提高、船隊利用率的提高以及對我們生產的持續強勁需求推動了我們 2024 年封鎖時間的前景略有改善。

We expect 2025 block hours to be up roughly 10% over 2024.

我們預計 2025 年的區塊運行時間將比 2024 年增加約 10%。

We expect our 2024 GAAP EPS to be in the low $7 area slightly better than last quarter's expectation for the year and above where we were pre-COVID reflecting our updated production outlook. We expect Q4 earnings to be seasonally below Q3.

我們預計 2024 年 GAAP 每股盈餘將處於 7 美元低位，略好於上季的全年預期，並高於新冠疫情爆發前的預期，反映了我們更新的生產前景。我們預計第四季獲利將季節性低於第三季。

We expect our 2025 GAAP EPS to be in the mid-$8 area if we are successful in executing on the opportunities in front of us. We are optimistic about our growth possibilities going into 2025 and 2026 including the following three focus areas.

如果我們成功抓住眼前的機遇，我們預計 2025 年 GAAP 每股收益將在 8 美元左右。我們對 2025 年和 2026 年的成長可能性持樂觀態度，包括以下三個重點領域。

First growth in underserved communities through our pro rate business along with the deployment of 40 C RJ 550 contract aircraft announced today with United, second improved aircraft utilization on our ERJ and C RJ fleets. And third placing the 20 new E175s into service between Q4, 2024 and the end of 2026.

透過我們的按比例業務以及今天宣布與美聯航部署 40 架 C RJ 550 合約飛機，服務不足的社區實現了首次增長，第二次提高了我們 ERJ 和 C RJ 機隊的飛機利用率。第三，在 2024 年第四季至 2026 年底之間將 20 架新 E175 投入使用。

We believe that our strong balance sheet and liquidity, the actions we will be taking to invest in incremental deployment of our fleet and the opportunity to monetize and optimize strong demand opportunities over time will position us well to drive total shareholder returns. Wade.

我們相信，我們強大的資產負債表和流動性、我們將採取的投資增量部署機隊的行動，以及隨著時間的推移貨幣化和優化強勁需求機會的機會，將使我們能夠很好地推動股東總回報。韋德。

Thank you, Rob. Today we announced a new multi-year flying agreement for a total of 40 CRJ 550s with United, which includes the 11 aircraft announced by United earlier this month, we anticipate four of these aircraft will be operating by the end of this year.

謝謝你，羅布。今天，我們宣布與美聯航達成一項新的多年飛行協議，共購買 40 架 CRJ 550，其中包括美聯航本月初宣布的 11 架飛機，我們預計其中 4 架飛機將在今年年底投入運營。

And with a total of 30 by the end of 2025 and the last 10 going into service during 2026 of the 40 CRJ 550, 29 will be modified from our existing CRJ 700 fleet and 11 will be purchased from United and are new to our fleet.

到2025 年底，40 架CRJ 550 中的總數將達到30 架，最後10 架將在2026 年投入使用，其中29 架將從我們現有的CRJ 700 機隊進行改裝，11 架將從美聯航購買，並且是我們機隊的新飛機。

We expect to complete these purchases by the middle of next year. I want to point out that this agreement represents net growth aircraft along with additional new E175 arriving between now and the end of 2026. We are excited about the continued partnership with United.

我們預計在明年年中之前完成這些採購。我想指出的是，該協議代表了飛機的淨增長以及從現在到 2026 年底到來的更多新 E175。我們對與曼聯的持續合作感到興奮。

We successfully launched flying of our first C RJ 550 for Delta during July and we anticipate transitioning 15 C RJ five 550s to our Delta fleet. By the first quarter of 2025. With these new CRJ 550 agreements with Delta and United. We have approximately 25 additional CRJ 700 that have contract expirations in 2025. This aircraft is an ideal replacement for single class CRJ 200s and we are making strong progress with each of our partners to productively place the remaining CRJ 700 aircraft under pro rate and contract flying agreements.

7 月份，我們成功為達美航空試飛了第一架 C RJ 550，我們預計將有 15 架 C RJ 5 550 轉入我們的達美機隊。到 2025 年第一季。與達美航空和聯合航空簽訂了這些新的 CRJ 550 協議。我們還有大約 25 架 CRJ 700 的合約將於 2025 年到期。該飛機是單級 CRJ 200 的理想替代品，我們正在與每個合作夥伴取得重大進展，以有效地將剩餘的 CRJ 700 飛機納入按比例和合約飛行協議。

You'll recall that earlier this year, we announced a flying agreement for 20 United owned E175 from another United Express carrier to replace 20 CRJ200s under our United contract. As of October 1st, we had transitioned 19 of these aircraft and expect that all 20 will be transitioned to SkyWest this year. These 20 are in addition to the 20 new E175 is currently on order 19 for United and one for Alaska.

您可能還記得，今年早些時候，我們宣布了一項飛行協議，從另一家聯合快運航空公司購買 20 架美聯航擁有的 E175 飛機，以取代我們美聯航合約下的 20 架 CRJ200。截至 10 月 1 日，我們已經過渡了其中 19 架飛機，預計今年所有 20 架飛機將過渡到 SkyWest。這 20 架飛機是在 20 架新 E175 飛機之外添加的，目前曼聯已訂購 19 架，阿拉斯加航空公司訂購了 1 架。

During the third quarter, we took delivery of one E175 under our Delta agreement. We expect delivery of four more during the fourth quarter, eight in 2025 and eight in 2026. At the end of 2026 our E175 fleet total will be 278 continuing to enhance SkyWest position as the largest Embry operator in the world.

第三季度，我們根據達美協議接收了一架 E175。我們預計第四季將再交付 4 架，2025 年交付 8 架，2026 年交付 8 架。到 2026 年底，我們的 E175 機隊總數將達到 278 架，繼續增強 SkyWest 作為全球最大安莉芳營運商的地位。

With the addition of the large dual class aircraft to our fleet, our regional market share has increased to 30% of the large dual class aircraft from 23% in 2019. We are excited about our market share improvement.

隨著大型雙艙飛機加入我們的機隊，我們的大型雙艙飛機區域市佔率從2019年的23%增加到30%。我們對市場佔有率的提高感到興奮。

Let me review our production. The third quarter completed block hours were up more than 5% compared to the second quarter of 2024. Based on the current schedules we have from our major partners for Q4. We anticipate that our fourth quarter block hours will increase by approximately 4% compared to the third quarter.

讓我回顧一下我們的生產。與 2024 年第二季相比，第三季完成的區塊時間成長了 5% 以上。根據我們主要合作夥伴提供的第四季度的當前時間表。我們預計第四季的工作時間將比第三季增加約 4%。

As our captain attrition continues to improve. We anticipate that our 2024 block hours will increase by approximately 13% compared to last year.

隨著我們隊長的消耗不斷改善。我們預計 2024 年的區塊時間將比去年增加約 13%。

We expect 2025 block hours to be up roughly 10% over 2024 approaching our 2019 levels. We also expect block hours seasonality to return to the model as utilization improves during the strong summer months. We still have approximately 30 dual class C RJ aircraft and over 40 C RJ, single class C RJ 200 that are parked and could be returned to service either through additional contract or pro rate flying.

我們預計 2025 年的區塊運行時間將比 2024 年增加約 10%，接近 2019 年的水準。我們也預計，隨著夏季旺季期間利用率的提高，區塊時段季節性將回歸模型。我們仍有大約 30 架雙級 C RJ 飛機和超過 40 架 C RJ、單級 C RJ 200 停放，可以透過額外合約或按比例飛行恢復服務。

As flying quickly returns and we place C RJ S into service. We are continuing to experience challenges in our third party MRO network including labor and parts challenges. As far as our maintenance expense, we anticipate $40 million increase in the second half of 2024 as compared to the first half of 2024, We expect our maintenance expense to average $20 million a quarter during 2025. As we bring aircraft out of long term storage and service, the current fleet as production continues to increase.

隨著飛行快速回歸，我們將 C RJ S 投入使用。我們的第三方 MRO 網路繼續面臨挑戰，包括勞動力和零件挑戰。就我們的維護費用而言，我們預計 2024 年下半年將比 2024 年上半年增加 4,000 萬美元，我們預計 2025 年每季的維護費用平均為 2,000 萬美元。隨著我們將飛機從長期存放和服務中取出，目前機隊的產量將持續增加。

As you would expect, the maintenance expense will happen before the aircraft goes back into service. Our partners remain very engaged in supporting our efforts to restore production.

正如您所料，維護費用將在飛機重新投入使用之前產生。我們的合作夥伴仍然積極支持我們恢復生產的努力。

I also want to review our plans to monetize our CRJ 200 assets. We still own over 140 CRJ 200 aircraft. These aircraft have very little book value and no debt and we have approximately 4.5 million cycles remaining to monetize, our priority to monetize these assets is to fly them at SkyWest Airlines under contract with our partners or in our pro rate business. Our next priority is to operate these aircraft at SkyWest charter or SWC. We currently have 17 SWC aircraft on demand charter service.

我還想回顧一下我們將 CRJ 200 資產貨幣化的計畫。我們仍然擁有 140 多架 CRJ 200 飛機。這些飛機的帳面價值非常低，也沒有債務，我們還有大約450 萬架飛機需要貨幣化，我們將這些資產貨幣化的首要任務是根據與合作夥伴的合約或在我們的按比例業務中讓它們在天西航空飛行。我們的下一個優先事項是透過 SkyWest 包機或 SWC 來運作這些飛機。我們目前擁有 17 架 SWC 飛機的按需包機服務。

You'll also recall that our minority ownership stake in contour includes an asset provisioning agreement under which SkyWest will provide C RJ airframes and engines to contour. As far as our pro rate business, the demand remains extremely strong and we have great community support. We are seeing opportunities to return SkyWest service to several communities as we restore our C RJ production, we will continue to work with the communities we serve on the best way to expand our service.

您還記得我們在contour 的少數股權包括一份資產配置協議，根據該協議，SkyWest 將向contour 提供C RJ 機身和發動機。就我們的按比例業務而言，需求仍然非常強勁，我們得到了社區的大力支持。隨著我們恢復 C RJ 生產，我們看到了將 SkyWest 服務恢復到多個社區的機會，我們將繼續與我們服務的社區合作，以最佳方式擴展我們的服務。

As we continue to increase our pro rate business, we will see more seasonality reintroduced into our model. As typical with all airlines, Q2 and Q3 are strong revenue quarters and Q1 and Q4 are softer. We feel good about our ongoing efforts to reduce risk and enhance fleet and financing flexibility and remain committed to continuing our work with each of our major partners to provide creative solutions to the continued demand for our products.

隨著我們繼續增加按比例業務，我們將看到更多的季節性因素重新引入我們的模型中。與所有航空公司一樣，第二季和第三季的營收強勁，而第一季和第四季的營收則疲軟。我們對降低風險、增強機隊和融資靈活性所做的持續努力感到滿意，並繼續致力於與每個主要合作夥伴繼續合作，為我們產品的持續需求提供創造性的解決方案。

Okay. Operator, we're ready for our Q&A now.

好的。接線員，我們現在已經準備好進行問答了。

(Operator Instructions) Mike Linenberg, Deutsche Bank.

（操作員指示）Mike Linenberg，德意志銀行。

Oh yeah. Hey, good afternoon, everybody. On the 40 airplanes that are going into United, the 11 C RJ 5502, the used. Are they coming from another United Carrier or is that incrementally new list for United? And then sort of as a adjunct to that the remaining 29 C RJ 700? Are those airplanes that are currently grounded for you that you have an inventory and that you're going to induct into United or are they converting from United Express into the 550s?

哦，是的。嘿，大家下午好。聯合航空將在 40 架飛機上使用 11 C RJ 5502。他們是來自另一家美聯航航空公司，還是美聯航逐漸推出的新名單？然後作為剩餘 29 C RJ 700 的附屬品？目前停飛的那些飛機是您有庫存並且要納入美聯航的飛機，還是從聯航快捷改裝為 550 型的飛機？

Yeah, Mike, this is we so first of all on the 11 C, hey, on the 11 CRJ550s that we're purchasing from United, those have been parked in storage for the last couple of years. So they have not been operating for another United Express operator for, for several years on the 29, 19 of those are currently flying for United.

是的，麥克，這就是我們，首先是 11 C，嘿，是我們從美聯航購買的 11 架 CRJ550，這些飛機在過去幾年一直停放在倉庫裡。因此，他們已經好幾年沒有為另一家聯合航空快捷運營商運營了，截至 29 日，其中 19 名乘客目前正在搭乘聯合航空的航班。

And as we bring in the new 175 those will be transitioned to CRJ 550s. And so those are flying and the 10 are being allocated from airplanes that are in storage and some that are operating. So it's a, it's a little bit of a mix of, of all things as we're bringing those in.

當我們引入新的 175 時，它們將過渡到 CRJ 550。這些飛機正在飛行，其中 10 架飛機是從儲存的飛機和一些正在運行的飛機中分配的。因此，當我們引入這些內容時，它是所有內容的混合。

So wait after you bring the 10 out of storage, the CRJ 700 that now get converted into 550s. How many C RJ 700 do you have left grounded?

因此，等您將 10 輛出庫後，CRJ 700 現在已轉換為 550 輛。您還有多少 C RJ 700 接地？

Well, so in my script, we talked about 30 CR dual class C RJ air planes that were granted and so that number will shrink by approximately 10 or so. And so we'll still have some opportunities there to bring some more back out and continue to fly.

嗯，在我的劇本中，我們討論了獲得的 30 架 CR 雙級 C RJ 飛機，因此這個數字將減少大約 10 架左右。因此，我們仍然有機會帶更多的東西回來並繼續飛行。

Okay, great. And then just my second question, I guess it's just to clarify. You talked about the increased maintenance expense. It sounded like you said 20 million a a quarter. But I think maybe you make 200 million.

好的，太好了。然後是我的第二個問題，我想這只是為了澄清。您談到了維護費用的增加。聽起來你說的是每季 2000 萬。但我想也許你能賺2億。

Yeah, Mike, it's Rob here. Yeah, it's, it's no change from what we said last quarter that we expect maintenance expense this year will be in the neighborhood of $700 million going to about $800 million next year. So about $200 million a quarter.

是的，麥克，我是羅布。是的，與我們上個季度所說的沒有變化，我們預計今年的維護費用將在 7 億美元左右，明年將達到 8 億美元左右。所以每季大約 2 億美元。

Okay. And then just my last question when I think about the number of cities that SkyWest withdrew from, whether they were Delta and, or United or even American cities because of the pilot, the lack of pilots.

好的。然後是我的最後一個問題，當我想到 SkyWest 退出的城市數量時，無論是達美航空還是美聯航，甚至是美國城市，因為飛行員缺乏飛行員。

How many, how many additional cities, how, how many of those cities do you believe could come back online in 2025?

您認為還有多少、還有多少城市、如何、有多少城市可以在 2025 年重新上線？

And I'm trying to get a sense of based on where you see your pilot availability. And I, I believe it was probably about 35 or 40 markets that lost SkyWest code share service.

我正在嘗試根據您在哪裡看到飛行員的可用性來了解情況。我相信大約有 35 或 40 個市場失去了 SkyWest 代碼共享服務。

Is, is there the opportunity where you could bring back, you know, many of those cities, half of those cities and in some cases, I realize we'll be coming back with C RJ 200.

是的，你是否有機會帶回許多這樣的城市，一半的城市，在某些情況下，我意識到我們會帶著 C RJ 200 回來。

Yeah, Mike, that's a great question. Right now, yeah, we are looking at every one of those markets. And you're very close to the right numbers. I think overall we're about 30% down from where we were. And we're bringing those back up, you know, maintenance. I did talk about the constraints and maintenance in our MRO and so it may take, you know, 2025 and a little bit of 2026 but we are definitely actively looking at all of those markets that were out there and potentially even a few more.

是的，麥克，這是一個很好的問題。是的，現在我們正在關注每一個市場。您已經非常接近正確的數字了。我認為總體而言，我們比原來的水平下降了 30% 左右。我們正在恢復這些，你知道，維護。我確實談到了 MRO 中的限制和維護，因此可能需要 2025 年和 2026 年的一段時間，但我們肯定會積極關注所有現有市場，甚至可能更多。

So, yeah, Mike, this is Chip. I, I'd kind of categorize it a little bit into three buckets. One you've nailed the cities that we left entirely that we can still go back to. I think there's still a tremendous amount of flying of existing cities that we didn't leave, that we can go back and increase service to those cities because a lot of that is still yet to be done.

所以，是的，麥克，這是奇普。我，我會把它分成三類。你已經把我們完全離開的城市釘牢了，我們仍然可以回去。我認為仍有大量航班飛往我們沒有離開的現有城市，我們可以返回並增加對這些城市的服務，因為其中許多工作尚未完成。

And then most interesting to us is a lot of new cities that we were not looking at that pre pandemic that we're looking to go to as well. So it's a lot of good opportunities, but it's not limited to try to getting back to the cities that we left. You know, with the captain of issues that we had.

對我們來說最有趣的是許多新城市，我們在疫情爆發前並沒有考慮這些城市，但我們也想去這些城市。所以這是很多好的機會，但不限於嘗試回到我們離開的城市。你知道，我們遇到了隊長的問題。

Just on the new cities, the cities that have become new to you is that largely a function of the fact that because of COVID, I think we saw the regional space overall contract pretty materially. And so when we look at where we are today versus five years ago, it really looks like you're the only one out there who, who really has the platform to move into some of these cities. Is that a right? Is that the right way to think about it?

就新城市而言，對你們來說變得陌生的城市很大程度上是由於新冠疫情的影響，我認為我們看到區域空間整體收縮相當嚴重。因此，當我們比較五年前的情況時，我們會發現，您確實是唯一一個真正擁有平台進入其中一些城市的人。這是權利嗎？這是正確的思考方式嗎？

I, I would definitely think that we're in the best position to do this, but I also would do it on the backdrop that throughout the pandemic, we still have to capitalize on the opportunities of the de organization of the nation. And a lot of people have moved out of bigger markets and smaller to midsized markets that you still have a good, strong ability to feed with, with like you said, with our platform.

我，我肯定認為我們最有能力做到這一點，但我也會在整個大流行期間，我們仍然必須利用國家解體的機會的背景下這樣做。很多人已經離開了較大的市場和中小型市場，而你仍然擁有良好、強大的能力來滿足這些市場，就像你所說的，透過我們的平台。

Great. Thanks everybody.

偉大的。謝謝大家。

(Operator Instructions) Savi Syth, Raymond James.

（操作員說明）Savi Syth，Raymond James。

Hey, good afternoon. Actually just along a clarification on a couple of my questions there, the the cities that you're talking about kind of going back into or kind of expanding service is that related to pro rate or the kind of capacity purchase agreement? I was kind of curious as to what the break between the two.

嘿，下午好。實際上，只是澄清我的幾個問題，您所說的那種回歸或擴展服務的城市是否與按比例或容量購買協議有關？我有點好奇兩者之間有什麼區別。

It's a little bit of both but heavily weighted to pro.

兩者都有一點，但對專業人士來說很重要。

Makes sense. And then just on the the CRJ550s is there is in the conversion of those, does that run through CapEx? Is that why kind of maybe CapEx? I think earlier thinking 400 million next year now 500 million. Is that kind of inclusive of the investment necessary? And is there anything else that we need to think about in terms of kind of the investment to get that flying done?

有道理。然後就在 CRJ550 上進行這些轉換，這是否透過資本支出來運作？這就是資本支出的原因嗎？我之前以為明年是4億，現在是5億。這樣的包容性投資有必要嗎？為了完成這次飛行，我們還需要考慮哪些投資類型？

Yeah. So this is why they will go through CapEx the conversion of those do go through CapEx. We're also purchasing 11 of those from United as well. So those, those are the main reasons that the CapEx is going up, but the modification would go through CapEx.

是的。因此，這就是為什麼他們將透過資本支出進行轉換，而那些確實透過資本支出的轉換。我們還從曼聯購買了其中 11 架。這些是資本支出上升的主要原因，但修改將透過資本支出進行。

Makes sense. And, and then if I might just one last one just on the pilot side, you know, you talked about how it's kind of settling down. I wonder if you could provide a kind of a updated view on where you are in terms of kind of captain levels?

有道理。然後，如果我可以談談飛行員方面的最後一個，你知道，你談到了它是如何安定下來的。我想知道您是否可以提供一種關於您在隊長級別方面的最新情況？

And you know, where you'd like to be to bring all that kind of CRJ flying that, that you're investing into to kind of maybe next summer or over the next couple of years?

你知道嗎，你希望在明年夏天或未來幾年內將你投資的所有那種 CRJ 飛機帶到哪裡？

Yeah, that's a good question. I can kind of reconcile with what we've said in the past, you know, at the, at the, at the most dire part of our captain imbalance. We were probably, you know, just under 4,000 pilots. We now are approaching 5,000 pilots or I think by the end of the year or by first quarter, we'll be back to the same complement of total pilots that we were pre pandemic or pre captain and balance.

是的，這是一個好問題。我可以接受我們過去所說的話，你知道，在我們隊長不平衡的最可怕的部分。你知道，我們可能有不到 4,000 名飛行員。我們現在的飛行員數量已接近 5,000 名，我認為到今年年底或第一季度，我們將恢復到大流行前或機長和平衡前的飛行員總數。

So we're getting back to those numbers and by the time you look backwards at the additional aircraft we've taken since we've, since COVID and since the pandemic, then we need, you know, I would say a lot more pilots than what we had.

因此，我們正在回到這些數字，當你回顧自新冠疫情和大流行以來我們採取的額外飛機時，我們需要，你知道，我會說更多的飛行員比我們擁有的。

And I think that by the time we get to the mid to you know, third quarter of 2025 we should be in really, really good shape given the demand structure and the comments that Wade has made relative to getting to the utilization that our partners want.

我認為，當我們到達 2025 年第三季中期時，考慮到需求結構以及韋德就獲得我們的合作夥伴想要的利用率所做的評論，我們應該處於非常非常好的狀態。

So look from that perspective, I don't know exactly given, you know, trying to get aircraft out of out of storage and that type of stuff when we want to get up to the higher numbers of pilots, but we know we'll have more pilots than we've ever had before. And the demand is strong. So, you know, we'll keep updated, but our situation is significantly better than where we were six months ago a year ago. But we're still, you know, we're still growing, we're still hiring. Like we said throughout 2025.

因此，從這個角度來看，我不知道確切的情況，你知道，當我們想要增加飛行員數量時，試圖將飛機從庫存中取出以及諸如此類的事情，但我們知道我們會比我們以前擁有更多的飛行員。而且需求很強勁。所以，你知道，我們會不斷更新，但我們的情況比一年前六個月前好得多。但我們仍然，你知道，我們仍然在成長，我們仍然在招募。正如我們在 2025 年所說的。

Sounds good. Thank you.

聽起來不錯。謝謝。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD·考恩。

Everyone. Thanks so much for the time and congrats on another great quarter. Earlier in the year you had talked about there being about 100 65 to 76-seat aircraft out there to be awarded and feeling pretty good about your chances. Is that still the same opportunity set out there or do you, would you mind updating us on how many of those are still out there to be taken?

每個人。非常感謝您抽出寶貴的時間，並祝賀又一個美好的季度。今年早些時候，您曾談到大約有 100 架 65 至 76 座的飛機可供授予，並且您對自己的機會感到非常滿意。這仍然是同樣的機會，或者您介意向我們通報其中還有多少機會等待我們嗎？

Hey, Tom, this is Wade. You know, some of those have been allocated it to our partners. But as we look at the opportunities out there in the landscape, you know, you, you look at the large dual class scope and that, that's getting filled up very quickly, but there are still market share opportunities in there.

嘿，湯姆，這是韋德。你知道，其中一些已經分配給我們的合作夥伴。但是，當我們審視這一領域的機會時，你知道，你，你看到了巨大的雙重類別範圍，而且很快就被填滿了，但那裡仍然存在市場份額機會。

But the small RJ scope, there's a lot of good opportunities with all of our partners to still take advantage of the small RJ scope that's out there and the demand appears to be very strong for that airplane as well. So those those numbers have been filled somewhat in in the 165 that we're talking about, but they are definitely moving in the right direction.

但是對於小型 RJ 瞄準鏡，我們所有的合作夥伴都有很多很好的機會來利用現有的小型 RJ 瞄準鏡，而且對該飛機的需求似乎也非常強勁。因此，這些數字已在我們正在討論的 165 中有所填充，但它們肯定正在朝著正確的方向發展。

Okay. That, that's really helpful. And then just thinking about capital allocation, you know, the with where the stocks trading and, and how great of a shape the balance sheets. And do you consider a dividend at all? Maybe attract more investor flows?

好的。那，這真的很有幫助。然後只要考慮資本配置，你知道，股票交易的地點以及資產負債表的形狀有多大。您是否考慮過股息？也許能吸引更多的投資人流量？

Yeah, it's Rob here, Tom, I I would say at this point, you know, we are not considering reinstating the dividend yet.

是的，我是羅布，湯姆，我現在想說的是，我們還沒考慮恢復股利。

Okay. That, that's super helpful. And if I could squeeze one more in, is there any update on the on the charter front? If you head into next year after the strong momentum, we got the 1st year. Thanks again. For the time.

好的。那，這非常有幫助。如果我可以再擠一張，包機方面有什麼更新嗎？如果你在強勁勢頭之後進入明年，我們迎來了第一年。再次感謝。暫時。

Yeah, Tom, this is Chip. We're we're still very optimistic about the charter operation. We're I think from our perspective, we're going into a very busy season for charter and the bookings that we have throughout the winter months are significantly bigger than what they were last year, which was significantly bigger than the year before that.

是的，湯姆，這是奇普。我們對包機營運仍然非常樂觀。我認為從我們的角度來看，我們將進入一個非常繁忙的包機季節，整個冬季的預訂量明顯大於去年，而去年也明顯大於前年。

So we have seen, you know, given just the dynamics of corporate corporate travel as well as sports teams and that type of stuff that the credibility that SWC brings to the market is incredible.

因此，我們已經看到，考慮到公司商務旅行以及運動隊的動態以及 SWC 為市場帶來的可信度令人難以置信的此類東西。

And you know, we're still optimistic about that relative to community authority. It's still stagnating quite a bit and, and we're going to continue to be serious about pursuing that because we see, as we've already said on the call, a lot of good, strong opportunities that small communities deserve so very optimistic about SWC and to continue to progress.

你知道，相對於社群權威，我們仍然對此持樂觀態度。它仍然停滯不前，我們將繼續認真追求這一目標，因為正如我們在電話會議上所說的那樣，我們看到了許多良好的、強大的機會，小社區值得非常樂觀地對待SWC並繼續進步。

That is all of the questions that we have in our queue. So I'll turn it back over to chip Childs for closing remarks.

這就是我們隊列中的所有問題。因此，我將把它轉回給 Chip Childs 進行結束語。

Great Jeremy. Thank you again. We want to thank everybody and their interest for your interest in SkyWest. We appreciate the support we've had through the quarter. We're so proud to represent 14,000 amazing aviation professionals of the company and the hard work that they contribute to making sure that our company is as good as it is. And we look forward to updating you at your end in the February time frame. Thank you.

偉大的傑里米。再次感謝您。我們要感謝大家以及他們對 SkyWest 的興趣。我們感謝本季所獲得的支持。我們非常自豪能夠代表該公司 14,000 名出色的航空專業人士以及他們為確保我們公司的卓越而做出的辛勤工作。我們期待在二月的時間範圍內向您通報最新情況。謝謝。

That includes today's conference. Have a pleasant day.

這包括今天的會議。祝你有愉快的一天。