SkyWest Inc (SKYW) 2025 Q2 法說會逐字稿

Hello. Thank you for standing by. My name is [Tiffany]. I will be your conference operator today.

你好。感謝您的支持。我的名字是[蒂芙尼]。今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the SkyWest, Inc., second -quarter 2025 results call.

現在，我歡迎大家參加 SkyWest, Inc. 2025 年第二季業績電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Rob Simmons, Chief Financial Officer. Rob, please go ahead.

現在我想將電話轉給財務長 Rob Simmons。羅布，請繼續。

Thanks, Tiffany. Thanks, everyone, for joining us on the call today.

謝謝，蒂芙尼。感謝大家今天參加我們的電話會議。

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.

接線員表示，這是 SkyWest 的財務長 Rob Simmons。今天與我一起參加電話會議的有總裁兼執行長 Chip Childs、首席商務長 Wade Steel 和首席會計長 Eric Woodward。

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.

今天，我想先請 Eric 閱讀《安全港》。然後，我將把時間交給 Chip 來徵求一些評論。跟隨 Chip，我將向我們介紹財務結果。隨後，韋德將討論機隊和相關飛行安排。在韋德之後，我們將與賣方分析師進行慣例問答環節。

Eric?

艾瑞克？

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.

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，並受風險和不確定性的影響。我們不承擔更新任何前瞻性聲明的義務，無論由於新資訊、未來事件或其他原因。

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 most recent Form 10-K and other reports and filings with the Securities and Exchange Commission.

由於多種原因，實際結果可能會有所不同，甚至可能與預期、估計或預測的結果有重大差異。我們最新的 10-K 表格以及向美國證券交易委員會提交的其他報告和文件中列出了可能導致此類差異的一些因素。

Now, I'll turn the call over to Chip.

現在，我將把電話轉給 Chip。

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

謝謝你，羅布和艾瑞克。大家下午好。感謝您今天參加我們的電話會議。

Today, SkyWest reported net income of $120 million or $2.91 per diluted share for the second quarter of 2025. These results reflect the second quarter's higher production and the ongoing exceptionally strong demand for our products. The continued demand in small and mid-sized communities is as strong as we've ever seen it. It's clear that there is no replacement for face-to-face connection facilitated by air travel.

今天，SkyWest 報告 2025 年第二季淨收入為 1.2 億美元，即每股 2.91 美元。這些結果反映了第二季產量的提高以及對我們產品持續異常強勁的需求。中小型社區的持續需求和我們所見過的一樣強勁。顯然，沒有任何事物可以取代航空旅行所帶來的面對面的交流。

As we near and even exceed our 2019 departures, our teams have worked very hard to plan, execute, and deliver an exceptional and consistent product. I want to thank our team of nearly 15,000 aviation professionals for their continued teamwork and dedication to excellence.

隨著我們接近甚至超過 2019 年的出發點，我們的團隊非常努力地規劃、執行和交付卓越且一致的產品。我要感謝我們由近 15,000 名航空專業人員組成的團隊，感謝他們持續的團隊合作和對卓越的奉獻。

Also, during the quarter, we were excited to be named one of America's Greatest Workplaces by Newsweek for the second year running. We earned this honor by working together with our people every day. We're proud to be the only regional airline on the list. We're committed to ensuring SkyWest remains the premier place to build a rewarding career.

此外，在本季度，我們很高興連續第二年被《新聞周刊》評為美國最佳工作場所之一。我們透過每天與員工的共同努力贏得了這項榮譽。我們很榮幸成為名單上唯一的地區性航空公司。我們致力於確保 SkyWest 繼續成為打造高回報職業生涯的首選之地。

Last month, we announced an agreement to purchase and operate 16 new E175s under a multi-year contract with Delta, with deliveries expected to begin in 2027. We also secured firm delivery positions with Embraer for 44 more E175s from 2028 to 2032. As we shared previously, it is our intent to deliver those aircraft. These agreements continue to deliver unparalleled fleet flexibility for the future.

上個月，我們宣布與達美航空簽訂了一份多年期合同，購買並運營 16 架新的 E175 飛機，預計將於 2027 年開始交付。我們也與巴西航空工業公司達成了從 2028 年到 2032 年再交付 44 架 E175 的協議。正如我們之前所說，我們打算交付這些飛機。這些協議將繼續為未來帶來無與倫比的船隊靈活性。

Our long-term position is secured with these 44 delivery slots starting in 2028 through 2032, with flexibility to defer or cancel these aircraft. In the near term, we anticipate our remaining Embraer delivery scheduled for this year will be delayed into the fourth quarter or early 2026.

從 2028 年到 2032 年，這 44 個交付時段確保了我們的長期地位，並且可以靈活地推遲或取消這些飛機。短期內，我們預計原定於今年交付的剩餘巴西航空工業公司飛機將推遲至第四季或 2026 年初。

As we look ahead and evaluate the macroeconomic landscape with regard to tariffs, it's clear that our focus on fleet flexibility has prepared us very well. I want to make a couple of important points as we plan for the near and long term.

當我們展望未來並評估與關稅有關的宏觀經濟狀況時，很明顯，我們對船隊靈活性的關注為我們做好了充分的準備。在我們制定近期和長期計劃時，我想提出幾個重要的觀點。

If implemented, tariffs on Brazil are not expected to change our 2025 production forecast. However, we are not willing to pay a 50% tariff on new aircraft deliveries.

如果實施，對巴西徵收的關稅預計不會改變我們對 2025 年產量的預測。然而，我們不願意為新飛機交付支付50%的關稅。

While all regional aircraft are produced outside the United States, SkyWest is best positioned in our segment of the industry to manage through these macroeconomic challenges. We have very strong relationships with our major partners and with Embraer, all of whom are very interested in securing sustainable solutions. Undoubtedly, the fleet flexibility we have developed over the last decade will continue to serve us well.

雖然所有支線飛機都是在美國以外生產的，但天西航空在我們這個產業領域中處於最有利的位置，能夠應對這些宏觀經濟挑戰。我們與主要合作夥伴以及巴西航空工業公司保持著非常牢固的關係，他們都對獲得可持續的解決方案非常感興趣。毫無疑問，我們在過去十年中發展的船隊靈活性將繼續為我們提供良好的服務。

We look forward to continuing to deploy additional CRJ550s for our partners. We expect our existing CRJ fleet to produce accretively well into the next decade.

我們期待繼續為我們的合作夥伴部署更多的 CRJ550。我們預計，我們現有的 CRJ 機隊將在未來十年實現良好的增產。

Demand for our product is very strong. SkyWest continues to lead our segment of the industry. We remain disciplined and steady as we execute on our growth opportunities to: one, restore or bring new service to underserved communities; two, redeploy and fully utilize our existing fleet; and three, prepare to receive our deliveries in the coming years for a total of nearly 300 E175s by the end of 2028.

我們產品的需求非常強勁。SkyWest 繼續引領我們這個產業。我們將嚴守紀律、穩步推進，抓住以下增長機會：一、為服務欠缺的社區恢復或提供新服務；二、重新部署並充分利用現有機隊；三、準備在未來幾年接收交付，到 2028 年底將共接收近 300 架 E175 飛機。

We have spent several years strengthening our balance sheet and fleet flexibility, as well as reinvesting in our future growth. We remain very confident that the steps that we have taken have us exceptionally positioned, despite ongoing macroeconomic uncertainty.

我們花了數年時間加強我們的資產負債表和船隊靈活性，並對未來的成長進行再投資。儘管宏觀經濟仍存在不確定性，但我們仍然非常有信心，我們所採取的措施使我們處於有利地位。

Overall, with our well-positioned fleet, excellent operation, and our strong partnerships and demand, we remain optimistic about 2025 and 2026. We continue to play the long game and invest in our fleet and future to ensure we are in the best possible situation to respond to market demand.

總體而言，憑藉我們定位良好的船隊、出色的營運以及強大的合作夥伴關係和需求，我們對 2025 年和 2026 年仍然持樂觀態度。我們將繼續著眼長遠，投資於我們的船隊和未來，以確保我們能夠以最佳狀態響應市場需求。

Rob will now take us through the financial data.

羅布現在將向我們介紹財務數據。

Today, we reported a second-quarter GAAP net income of $120 million or $2.91 earnings per share. Q2 pre-tax income was $163 million. Our weighted average share count for Q2 was 41.4 million. And our effective tax rate was 26%.

今天，我們報告第二季 GAAP 淨收入為 1.2 億美元，即每股收益 2.91 美元。第二季稅前收入為1.63億美元。我們第二季的加權平均股數為 4,140 萬股。我們的有效稅率為26%。

First, let's talk about revenue. Total Q2 revenue of $1 billion is up 9% from $948 million in Q1 2025 and up 19% from $867 million in Q2 2024. Q2 revenue breaks down with contract revenue at $842 million, up from $785 million in Q1 and up from $731 million in Q2 2024.

首先，我們來談談收入。第二季總營收為 10 億美元，較 2025 年第一季的 9.48 億美元成長 9%，較 2024 年第二季的 8.67 億美元成長 19%。第二季營收細分為合約營收 8.42 億美元，高於第一季的 7.85 億美元和 2024 年第二季的 7.31 億美元。

Prorate and charter revenue was $145 million in Q2, up from $131 million in Q1 and up from $107 million in Q2 2024. Leasing and other revenue was $47 million in Q2, up from $32 million in Q1 2025 and up from $29 million in Q2 2024.

第二季的比例分攤和包機收入為 1.45 億美元，高於第一季的 1.31 億美元和 2024 年第二季的 1.07 億美元。第二季的租賃和其他收入為 4,700 萬美元，高於 2025 年第一季的 3,200 萬美元和 2024 年第二季的 2,900 萬美元。

These Q2 GAAP results include the effect of recognizing $23 million of previously deferred revenue this quarter, up from the $13 million recognized in Q1 2025. As of the end of Q2, we have $286 million of cumulative deferred revenue that will be recognized in future periods.

這些第二季 GAAP 結果包括本季確認的 2,300 萬美元先前遞延收入的影響，高於 2025 年第一季確認的 1,300 萬美元。截至第二季末，我們累計遞延收入為 2.86 億美元，將在未來期間確認。

We anticipate recognizing approximately $10 million to $20 million of previously deferred revenue per quarter over the remainder of 2025, subject to production levels and other factors. For modeling purposes, our EPS for the quarter included approximately $0.20 from discrete non-operating gains, primarily consisting of a mark-to-market gain on our equity investments and sale of fixed assets.

我們預計，在 2025 年剩餘時間內，每季將確認約 1,000 萬至 2,000 萬美元的遞延收入，具體取決於生產水準和其他因素。為了建模目的，本季我們的每股盈餘包括約 0.20 美元的離散非營業收益，主要包括我們的股權投資和固定資產出售的以市價計價收益。

Let me move to the balance sheet. We ended the quarter with cash of $727 million, down from $751 million last quarter and $834 million at Q2 2024. The decrease in cash during the quarter included the accretive actions of:

讓我轉到資產負債表。本季末，我們的現金為 7.27 億美元，低於上一季的 7.51 億美元和 2024 年第二季的 8.34 億美元。本季現金減少包括以下增值行動：

One, repaying $111 million in debt.

一、償還1.11億美元的債務。

Two, buying back 195,000 shares of SkyWest stock in Q2 for $17.3 million.

二、第二季以 1,730 萬美元回購 195,000 股 SkyWest 股票。

With the volatility in the equity markets in Q2, we opportunistically repurchased 39% more shares than we bought in Q1. As of June 30, we had $267 million remaining under our current share repurchase authorization updated in May 2025.

由於第二季股市波動，我們抓住機會回購了比第一季多 39% 的股票。截至 6 月 30 日，我們根據 2025 年 5 月更新的當前股票回購授權剩餘 2.67 億美元。

And three, investing $169 million in CapEx, including the purchase of two new E175s, four additional CRJ900s, investment in our expanding CRJ550 fleet, spare engines, and other fixed assets.

第三，投資 1.69 億美元的資本支出，包括購買兩架新的 E175 飛機、四架額外的 CRJ900 飛機、投資於不斷擴大的 CRJ550 機隊、備用發動機和其他固定資產。

We ended Q2 with debt of $2.5 billion, down from $2.7 billion as of 12/31/2024.

我們第二季的債務為 25 億美元，低於 2024 年 12 月 31 日的 27 億美元。

Cash flow is an important component of our shareholder value creation calculus. We generated approximately $500 million in free cash flow in 2024 and deployed it primarily to delever and de-risk the balance sheet to the benefit of our partners, our employees, and our shareholders. We generated over $200 million in free cash flow in the first half of 2025, including $68 million in Q2.

現金流是我們股東價值創造計算的重要組成部分。我們在 2024 年產生了約 5 億美元的自由現金流，主要用於降低資產負債表的槓桿率和風險，從而使我們的合作夥伴、員工和股東受益。我們在 2025 年上半年產生了超過 2 億美元的自由現金流，其中第二季為 6,800 萬美元。

Our strong balance sheet and well-grounded liquidity are powerful tools as we pursue a variety of growth opportunities, including acquiring and financing 30 additional 175s by the end of 2028, repaying approximately $490 million in debt in 2025, and continuing to execute opportunistically on our newly reauthorized share repurchase program.

我們強大的資產負債表和充足的流動性是我們追求各種成長機會的有力工具，包括在 2028 年底前收購和融資另外 30 架 175 型飛機、在 2025 年償還約 4.9 億美元的債務，並繼續抓住機會執行我們新重新授權的股票回購計劃。

As we remain focused on improving our return on invested capital, we'd like to highlight the following:

由於我們仍然致力於提高投資資本回報率，因此我們想強調以下幾點：

Both our debt net of cash and leverage ratios continue at favorable levels at their lowest point in over a decade. We anticipate that total 2025 capital expenditures funding our growth initiatives will be approximately $575 million to $625 million, including the purchase of eight new E175s, CRJ900 airframes as announced last quarter, and aircraft and engines supporting our CRJ550 opportunity. The remaining six 175s are scheduled for delivery in late 2025 and could possibly slip into 2026 without any impact on 2025 production.

我們的淨現金債務和槓桿率都持續維持在十多年來的最低水準。我們預計，用於支持我們成長計畫的 2025 年總資本支出將約為 5.75 億美元至 6.25 億美元，其中包括購買 8 架新的 E175 飛機、上個季度宣布的 CRJ900 機身以及支持我們的 CRJ550 機會的飛機和發動機。剩餘 6 架 175 型飛機計劃於 2025 年底交付，並可能推遲至 2026 年交付，但這不會對 2025 年的產量產生任何影響。

Consistent with our policy and practice, we are not giving any specific EPS guidance at this time. But let me give you a little additional color on 2025.

根據我們的政策和慣例，我們目前不提供任何具體的每股盈餘指引。但讓我給你稍微補充一下 2025 年的情況。

As Wade will discuss in a minute, we now anticipate our 2025 block hours to be up approximately 14% over 2024. The improved outlook in our 2025 block hours is driven primarily by improving fleet utilization and availability and ongoing strong demand for our production.

正如韋德稍後將要討論的那樣，我們現在預計 2025 年的區塊小時數將比 2024 年增加約 14%。我們 2025 年飛行小時數前景的改善主要得益於機隊利用率和可用性的提高以及對我們生產的持續強勁需求。

We now expect our 2025 GAAP EPS could be in the $10 per share area if we are successful in executing on the opportunities in front of us. We continue to expect to deliver solid operating leverage with 14% year-over-year production growth translating into a roughly 28% increase in EPS in 2025.

如果我們成功抓住眼前的機會，我們現在預計 2025 年 GAAP EPS 可能會達到每股 10 美元左右。我們繼續期望實現穩固的經營槓桿，到 2025 年，產量將年增 14%，從而帶來每股收益約 28% 的成長。

For modeling purposes, we anticipate our maintenance activity will continue at Q2 levels, adjusted for production. We also anticipate our effective tax rate will be approximately 26% to 27% for the remaining two quarters of 2025.

為了建模目的，我們預計我們的維護活動將繼續保持第二季的水平，並根據生產情況進行調整。我們也預計，2025 年剩餘兩季的有效稅率將約為 26% 至 27%。

We are optimistic about our growth possibilities going into 2026, including the following three focus areas: first, growth in our ability to increase service to underserved communities, driven partially by the deployment of over 30 additional CRJ550 aircraft; second, improved aircraft utilization and availability on our ERJ and CRJ fleets; and third, placing 14 new E175s into service for United and Alaska by the end of 2026 and 16 new E175s for Delta in 2027 and 2028.

我們對 2026 年的成長可能性持樂觀態度，包括以下三個重點領域：首先，提高我們為服務不足社區提供服務的能力，部分原因是部署了 30 多架額外的 CRJ550 飛機；其次，提高 ERJ 和 CRJ 機隊的飛機利用率和可用性；第三，到 2026 年底，為聯合航空和阿拉斯加航空投入 174575 年 2075 年 2075 年 2075 年 20745720 2075 年 207457 年和 2075 年飛機年為達美航空投入 16 架新的 E175 飛機。

We believe that our strong balance sheet, operating leverage, free cash flow and liquidity, and the actions we will be taking to deploy our capital against a variety of accretive opportunities will position us well to drive total shareholder returns.

我們相信，我們強勁的資產負債表、經營槓桿、自由現金流和流動性，以及我們將針對各種增值機會部署資本的行動，將使我們能夠很好地推動股東總回報。

Wade?

韋德？

Thank you, Rob.

謝謝你，羅布。

During the quarter, we announced a new flying agreement with Delta for 16 new E175s under a multi-year flying contract. The 16 new E175s are expected to replace 11 SkyWest-owned CRJ900s and 5 CRJ700s that we are currently operating. We expect the 16 new E175s will be delivered in 2027 and 2028. We expect to redeploy the SkyWest-owned CRJ aircraft with our major partners.

本季度，我們宣布與達美航空達成一項新的飛行協議，根據該多年期飛行合同，我們將購買 16 架新型 E175 飛機。預計這 16 架新型 E175 飛機將取代我們目前正在運作的 11 架 SkyWest 擁有的 CRJ900 飛機和 5 架 CRJ700 飛機。我們預計 16 架新的 E175 將於 2027 年和 2028 年交付。我們期望與我們的主要合作夥伴一起重新部署 SkyWest 擁有的 CRJ 飛機。

We also currently operate 24 Delta-owned CRJ900s. We anticipate most of these aircraft will be returned to Delta over the next couple of years and are preparing to return four of them during the fourth quarter of this year.

我們目前也營運 24 架達美航空的 CRJ900 飛機。我們預計其中大部分飛機將在未來幾年內歸還給達美航空，並準備在今年第四季歸還其中四架。

As we previously announced, we have a multi-year flying agreement for a total of 50 CRJ550s with United. As of June 30, we had 18 CRJ550s under contract and expect to operate 30 by the end of this year, with the last 20 entering service during 2026.

正如我們之前宣布的，我們與聯合航空簽訂了為期多年的飛行協議，共 50 架 CRJ550 飛機。截至 6 月 30 日，我們已簽訂了 18 架 CRJ550 飛機的合同，預計到今年年底將運營 30 架，最後 20 架將於 2026 年投入使用。

I want to point out that this agreement represents net growth aircraft, along with the additional new E175s expected to arrive by the end of 2026. We are excited about our continued strong partnership with United.

我想指出的是，該協議代表著飛機的淨增長，預計到 2026 年底還將有更多新的 E175 飛機抵達。我們很高興能夠與 United 繼續保持緊密的合作關係。

We also began a prorate agreement with American during the quarter. We are currently operating three aircraft under this agreement and anticipate operating up to nine aircraft under this agreement by the middle of 2026. We are very excited to expand our relationship with American.

我們也於本季與美國公司開始達成按比例分配協議。我們目前根據該協議運營三架飛機，預計到 2026 年中期將根據該協議運營多達九架飛機。我們非常高興能夠擴大與美國的關係。

During the quarter, we announced a new purchase agreement with Embraer. This order is for 60 firm aircraft. We have purchased rights for an additional 50 aircraft. This is in addition to the 14 we already have on order, 13 for United and 1 for Alaska. We expect delivery of six more aircraft through the end of this year and eight in 2026.

本季度，我們宣布與巴西航空工業公司達成新的購買協議。該訂單涉及 60 架飛機。我們已經購買了另外 50 架飛機的權利。除此之外，我們已訂購了 14 架飛機，其中聯合航空訂購 13 架，阿拉斯加航空訂購 1 架。我們預計今年底將交付 6 架飛機，2026 年將交付 8 架。

We took delivery of two E175s for United during the quarter and paid the 10% tariff. We do expect to see delivery delays from Embraer this year.

我們在本季為聯合航空接收了兩架 E175 飛機，並支付了 10% 的關稅。我們確實預計今年巴西航空工業公司的交貨將會延遲。

We now anticipate that the majority of our 2025 deliveries will be in the fourth quarter of the year or could be delayed into early 2026.

我們現在預計，2025 年的大部分交付將在第四季度進行，或者可能會推遲到 2026 年初。

The tariffs are also creating delivery uncertainty. If the 50% tariff with Brazil is implemented, we plan on working with our major partners and Embraer to delay the delivery until the tariff situation is resolved. All parties are motivated to work together on the tariff issue.

關稅也造成了交付的不確定性。如果對巴西實施 50% 的關稅，我們計劃與主要合作夥伴和巴西航空工業公司合作，推遲交貨，直到關稅問題解決為止。各方都有意願共同努力解決關稅問題。

Let me talk a little bit more about our new order of 60 firm aircraft. Of the 60, 16 are allocated to our Delta agreement and 44 have not yet been assigned to one of our major partners.

讓我再多談談我們新訂購的 60 架飛機的情況。在這 60 個中，有 16 個分配給了我們的 Delta 協議，還有 44 個尚未分配給我們的主要合作夥伴之一。

Our long-term fleet plan has positioned us well. Re-fleeting is an important part of that strategy. This order locks in delivery slots, starting in 2027 through 2032. However, the order is structured with good flexibility to defer or terminate the aircraft.

我們的長期船隊計劃為我們做好了準備。重新部署艦隊是該策略的重要組成部分。該訂單鎖定了交貨時段，從 2027 年到 2032 年。然而，該命令的結構具有很好的靈活性，可以推遲或終止飛機採購。

After we finish the Delta deliveries expected in 2028, our E175 fleet total will be nearly 300, continuing to enhance SkyWest's position as the largest Embraer operator in the world.

預計在 2028 年完成達美航空的交付後，我們的 E175 機隊總數將接近 300 架，這將繼續增強天西航空作為全球最大巴西航空工業公司營運商的地位。

Let me review our production. Q2 completed block hours were up 7% compared to Q1 2025. Based on our current Q3 schedules from our major partners, we anticipate a 2% increase in Q3 as compared to Q2. For the full year, we anticipate an increase of approximately 14% in 2025 compared to 2024, approaching our 2019 levels. We expect block hour seasonality to return to the model as utilization improves during the strong summer months.

讓我回顧一下我們的生產情況。與 2025 年第一季相比，第二季完成的飛行小時數增加了 7%。根據我們主要合作夥伴目前的第三季計劃，我們預計第三季將比第二季成長 2%。就全年而言，我們預計 2025 年將比 2024 年成長約 14%，接近 2019 年的水準。我們預計，隨著夏季旺季利用率的提高，時段季節性將重新回到模型中。

We still have approximately 25 parked dual-class CRJ aircraft that will be returned to service. Many of these aircraft are currently under flying agreements and will be operating in 2025 and 2026.

我們仍有大約 25 架停放的雙艙 CRJ 飛機將恢復運作。其中許多飛機目前已簽訂飛行協議，並將於 2025 年和 2026 年投入營運。

We also have over 40 parked CRJ200s, further enhancing our overall fleet flexibility.

我們還停放了 40 多架 CRJ200 飛機，進一步增強了我們整體機隊的靈活性。

As we shared last quarter, we continue experiencing challenges in our third-party MRO network, including labor and parts challenges. We expect maintenance expense to be at Q2 levels for the remainder of 2025, as we bring aircraft out of long-term storage and service the current fleet as production continues to increase.

正如我們上個季度所分享的，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。我們預計，隨著飛機產量持續增加，我們將把長期儲存的飛機恢復運行，並為現有機隊提供服務，2025 年剩餘時間的維護費用將保持在第二季度的水平。

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.

正如您所預料的，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。

Under a previously announced agreement with another regional carrier, we expect to purchase 30 used CRJ900 airframes for $29 million. We expect to utilize many of these airframes for parts to mitigate any supply chain challenges we may face over the next few years.

根據先前與另一家地區航空公司達成的協議，我們預計將以 2,900 萬美元的價格購買 30 架二手 CRJ900 飛機。我們希望利用這些機身中的許多零件來緩解未來幾年可能面臨的任何供應鏈挑戰。

We do anticipate operating six of these aircraft in the future. As of June 30, we had closed on 10 of these aircraft.

我們確實預計未來將營運六架這樣的飛機。截至 6 月 30 日，我們已完成 10 架此類飛機的採購。

As far as our prorate business, demand remains extremely strong with great community support. We are seeing opportunities to return SkyWest service to several communities as we restore CRJ production. We will continue to work with the communities we serve on the best way to expand our service.

就我們的按比例分配業務而言，在社區的大力支持下，需求仍然非常強勁。隨著 CRJ 生產的恢復，我們看到了向多個社區恢復 SkyWest 服務的機會。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 discussed last quarter, the increase in our prorate business will reintroduce more seasonality into our model. As typical with all airlines, Q2 and Q3 are strong revenue quarters and Q3 and Q4 are softer.

正如我們上個季度所討論的那樣，按比例分配業務的成長將為我們的模型重新引入更多的季節性。與所有航空公司一樣，第二季和第三季是營收強勁的季度，而第三季和第四季則較為疲軟。

We feel good about our ongoing effort to reduce risk and enhance fleet flexibility and remain committed to continuing our work with each of our major partners to provide strong solutions to the continued demand for our products.

我們對持續降低風險和提高船隊靈活性的努力感到滿意，並將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強有力的解決方案。

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

好的。接線員，我們已準備好進行問答。

(Operator Instructions)

（操作員指示）

Hillary Cacanando, Deutsche Bank.

希拉蕊·卡卡南多，德意志銀行。

Hey. I'm calling in for [Mike]. Could you talk about your CRJ200 fleet? I think you had about, I think, 53 unassigned CRJ200s available for various opportunities. If you could talk about what opportunities you're looking at for those aircraft, it would be great.

嘿。我打電話是為了[麥克風]。您能談談您的 CRJ200 機隊嗎？我認為您有大約 53 架未分配的 CRJ200 可用於各種機會。如果您能談談您認為這些飛機有哪些發展機會，那就太好了。

This is Wade. Yeah. The CRJ200 fleet is a fleet that gives us a lot of flexibility. As you said, we have about 50 airplanes that are parked.

這是韋德。是的。CRJ200 機隊為我們提供了極大的彈性。正如您所說，我們停放了大約 50 架飛機。

Our current priority levels would be to continue to fly those and add more to current contracts with our major partners. The second priority would be to fly prorate with our major partners. And then, the third is to lease them out to some of the people that we've talked to in the past like Contour and others; and then, also just consume the excess parts and engines on those assets as well.

我們目前的優先事項是繼續飛行這些飛機，並在與主要合作夥伴的現有合約中增加更多飛機。第二個優先事項是與我們的主要合作夥伴按比例飛行。然後，第三種方法是將它們租賃給我們過去談過的一些人，例如 Contour 和其他公司；然後，也消耗這些資產上多餘的零件和引擎。

Okay. Great. I was wondering -- you talked about the 29 airframes that you're planning to part out, just given the MRO challenges. If you could just talk about what you're seeing out there, like how long do you think those challenges will last -- just what you're seeing in terms of like the maintenance issues out there and the MRO challenges.

好的。偉大的。我想知道——您談到了考慮到 MRO 挑戰而計劃拆解的 29 架飛機機身。如果您可以談談您所看到的情況，例如您認為這些挑戰將持續多久——您所看到的維護問題和 MRO 挑戰。

Yeah. That's a great question. We are buying 30 aircraft. We plan on operating six of those aircraft. So there are 24 that we do plan on parting out.

是的。這是一個很好的問題。我們正在購買30架飛機。我們計劃營運其中六架飛機。所以我們確實計劃拆解 24 輛。

There are challenges at the moment, especially on the CRJ side, with parts and labor, as we've talked. It is improving every day.

正如我們所說，目前存在著挑戰，特別是在 CRJ 方面，涉及零件和勞動力方面。它每天都在進步。

MHI is working diligently. We are working with them closely on how to mitigate these risks. But we do think it will continue on. That's why we have purchased these assets.

MHI 正在勤奮工作。我們正在與他們密切合作，研究如何降低這些風險。但我們確實認為這種情況將會持續下去。這就是我們購買這些資產的原因。

So we don't know exactly how long. But what we did want to do is de-risk the situation. And so we felt it was in our best interest to buy those airplanes to de-risk the supply chain.

所以我們不知道具體要多久。但我們確實想做的是降低風險。因此，我們認為購買這些飛機以降低供應鏈風險符合我們的最佳利益。

Just one follow-up question. Is this coming from, like, engine -- from, like, the shortage of engines out there? Is this really coming -- or just other parts? Like -- or is it more of an engine issue?

僅一個後續問題。這是不是因為引擎——因為引擎短缺？這真的會發生嗎——或者只是其他部分？比如——或者這更多的是引擎問題？

The MHI issue is primarily an airframe issue. We are working with them on the airframe issues.

MHI 問題主要是機身問題。我們正在與他們合作解決機身問題。

There's challenges also in the engines. We're working with GE on that side, too.

引擎方面也存在挑戰。我們也正在與通用電氣公司在這方面進行合作。

But on the engine issue, during COVID, we did not stop doing engine events. During the pilot shortage, we continued to do engine events. And so as of this moment, we are in good shape on the engine side because of the advanced planning that we did on that.

但在引擎問題上，在 COVID 期間，我們並沒有停止舉辦引擎活動。在飛行員短缺期間，我們繼續進行引擎活動。因此，到目前為止，由於我們提前做好了規劃，我們在引擎方面處於良好狀態。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

I wonder if I can just touch on the tariff topic briefly. Just curious, as you pay the 10% tariff, was that on, like, a full aircraft cost or just certain components and therefore, maybe not 10% of the aircraft costs?

我想知道我是否可以簡單談談關稅問題。只是好奇，當您支付 10% 的關稅時，是針對整架飛機的成本還是僅針對某些部件，因此可能不是飛機成本的 10%？

And also, just -- I know there is a Section 232 investigation, I wonder if you have any understanding as to how that goes and how that might affect the tariff discussion versus the 50% country-level tariff.

而且，我知道有一項第 232 條調查，我想知道您是否了解調查的進展情況以及這將如何影響關稅討論與 50% 的國家級關稅。

Well, Savi, this is Chip. Just real quick, I will say that the tariff that we have paid, so far, at the 10% is not on the full aircraft. You do a calculation of the certain components -- there's a lot of American components in the 175, particularly the engine -- so it's not a full component. It's just between a third and a half of what the 10% rate would be. So from that perspective, it's not the full 10% on the entire airplane.

嗯，薩維，這是奇普。我先簡單說一下，到目前為止，我們支付的 10% 關稅並不是針對整架飛機的。您對某些部件進行計算——175 中有很多美國部件，特別是發動機——所以它不是一個完整的部件。這只是 10% 利率的三分之一到二分之一。因此從這個角度來看，這並不是整架飛機的 10%。

A couple of the other questions relative to the challenges associated with it, at the industry level, we continue to monitor that type of stuff. We think that it certainly would have an impact on certain level of tariffs that are already integrated in the business model.

還有一些與產業層面相關的挑戰的問題，我們會繼續監控這類事情。我們認為這肯定會對商業模式中已經融入的某種程度的關稅產生影響。

And then, there will be obviously some challenges to the 50% with Brazil, at the same time. From that perspective, I will say this, the teamwork between us, our partners, and Embraer is exceptional. We do get a sense that people are understanding the importance of this to small communities in the United States, the impact economically of what this does for our country.

同時，巴西的 50% 顯然也會面臨一些挑戰。從這個角度來看，我想說的是，我們、我們的合作夥伴以及巴西航空工業公司之間的團隊合作非常出色。我們確實感覺到人們正在理解這對美國小社區的重要性，以及這對我們國家的經濟影響。

So look, we're going to continue to fight hard to make headway on the tariff front. But at the same time, we're also really well positioned to pivot and be patient with that conversation and continue to execute on some pretty strong growth possibilities within our partner structure.

所以，我們將繼續努力爭取在關稅方面取得進展。但同時，我們也確實處於有利地位，可以轉變方向並耐心進行對話，並繼續在我們的合作夥伴結構中實現一些相當強勁的成長可能性。

That's helpful, Chip. And if I might, on the SkyWest Charter, just getting the commuter authorization, wondering if there's any update there.

這很有幫助，Chip。如果可以的話，關於 SkyWest 包機，我剛剛獲得了通勤授權，想知道那裡是否有任何更新。

But just somewhat related, now that you have an FAA administrator that's one, permanent; and two, comes from the industry, are you expecting to see any positive or negative changes, in terms of how the FAA might move forward with things?

但有點相關的是，既然你們現在有了一位 FAA 管理員，首先是永久的；其次是來自業內的，就 FAA 如何推進事情而言，您是否預計會看到任何積極或消極的變化？

Well, I think that, to be candid, to start with the status of the 380, we're very optimistic about that. I know that with an administration change, we would have hoped that this would have happened sooner. We know the Department of Transportation has had a very busy six months since they've changed the administration.

嗯，我認為，坦白說，從 380 的現狀開始，我們對此非常樂觀。我知道，隨著政府的更迭，我們希望這一天能早點到來。我們知道，交通部自從換屆以來，過去六個月非常忙碌。

We're very excited and confident that Bryan Bedford will be an exceptional FAA administrator. We get along very well with him. It's good to have someone that has the insights that we do.

我們非常高興並相信布萊恩貝德福德將成為一位出色的 FAA 管理者。我們和他相處得很好。能有和我們有同樣見解的人真是太好了。

I don't know that's going to necessarily help the DOT because the FAA gave us authorization to fly in this profile years ago. So from that perspective, I think that the DOT has still got a lot of things they're trying to work through, from a new administrator perspective.

我不知道這是否一定會對交通部有幫助，因為美國聯邦航空局幾年前就授權我們以這種模式飛行。因此從這個角度來看，我認為從新管理員的角度來看，交通部仍有許多事情需要解決。

And the plans that we have with that charter operation, some of it is a little bit of a supply chain issue that we need to be patient with. So I think that we should see something hopefully here, relatively soon. But we're optimistic, eventually, it's going to happen; and maybe on a timeline, that may be beneficial to us as well, still.

我們在包機營運方面的計畫中，有些涉及供應鏈問題，我們需要耐心等待。所以我認為我們應該很快就會看到一些希望。但我們樂觀地認為，最終這將會發生；也許從時間上來看，這對我們來說仍然有利。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

Chip, I don't know if you mind just providing, like, a state of the union of the recovery in the prorate and small community market. Maybe it's hard, just with how many folks that are out there. But I don't know, at a high level, if there any broad green shoots that you're seeing or any gating factors that are maybe delaying the recovery in certain places or things that are accelerating in other places.

奇普，我不知道你是否介意提供一下按比例分配和小型社區市場復甦的國情咨文。也許很難，因為外面有這麼多人。但我不知道，從總體上看，您是否看到了任何廣泛的復甦跡象，或者是否存在任何可能延緩某些地方復甦或加速其他地方復甦的限制因素。

Well, I'll give a general statement. And then, let Wade, who is more detailed on that, give some more feedback.

好吧，我來做一個概括性的陳述。然後，讓對此更詳細的韋德給予更多回饋。

In general, we've seen some commentary in the public, as of late, about small communities. I can tell you, fundamentally, I just do not know what they're talking about. Ever since COVID hit, small, mid-sized communities have very, very strong demand for our product. Right now, we are still trying to do some things with supply chain challenges to meet that demand.

總的來說，最近我們看到公眾對小社區的一些評論。我可以告訴你，從根本上來說，我只是不知道他們在說什麼。自從新冠疫情爆發以來，中小型社區對我們的產品的需求非常強烈。目前，我們仍在嘗試解決供應鏈挑戰以滿足這一需求。

Like I said in my script, I think we've seen it stronger than it's ever been before. Things have happened over the last five years where communities who haven't had air service are being creative to try to pull us into certain markets to develop their economy.

就像我在劇本中所說的那樣，我認為我們已經看到它比以往任何時候都更強大。過去五年來，一些尚未享受航空服務的社區正在發揮創造力，試圖將我們拉入某些市場，以發展他們的經濟。

The foundational economics of service in small communities is stronger than it ever has been. Communities recognize that. We have a large fleet with a lot of opportunity that we can meet that need. We just have to be patient as we go back and address that.

小社區服務的基礎經濟比以往任何時候都更強大。社區認識到了這一點。我們擁有龐大的船隊，有很多機會可以滿足這項需求。我們只需要耐心等待並解決這個問題。

Let me turn it over to Wade and see if Wade has anything else to add.

讓我把它交給韋德，看看韋德是否還有其他要補充的。

The only thing I would add: the demand is extremely strong. There's many, many, many communities that we're working with, right now, to restore and enhance their current air service.

我唯一想補充的是：需求非常強烈。目前，我們正在與許多許多社區合作，以恢復和加強他們現有的航空服務。

SkyWest has a very unique offering. We offer very good service with a code-share. And so the communities understand the value.

SkyWest 提供非常獨特的服務。我們透過程式碼共享提供非常好的服務。因此社區能夠理解其價值。

As Chip said, the supply chain is probably constraining us more than the demand, at this moment. And so as we continue to work through that through the end of this year and the first part of next year, we'll continue to restore that service.

正如 Chip 所說，目前，供應鏈對我們的限制可能比需求更大。因此，隨著我們在今年年底和明年年初繼續努力解決這個問題，我們將繼續恢復該服務。

And so we've seen very good year-over-year growth, quarter-over-quarter growth. We will continue to see that for the next foreseeable future.

因此，我們看到了非常好的同比增長和環比增長。在可預見的未來，我們將繼續看到這種情況。

Okay. Got it. That's really helpful. And then, just -- if there is any CapEx that gets deferred or pushed to the right due to delays, how are you thinking about capital allocation, if there's any periodically stuff freed up? Would you focus on the balance sheet? Or would you look to buy back stock?

好的。知道了。這真的很有幫助。然後，如果由於延遲而導致任何資本支出被推遲或推遲，您如何考慮資本配置，是否有任何定期釋放的東西？您會關注資產負債表嗎？或者您想回購股票嗎？

Yeah. Look, I think from a CapEx standpoint, we've got a lot of flexibility. Obviously, we have a nice order book that we're looking at.

是的。看，我認為從資本支出的角度來看，我們具有很大的靈活性。顯然，我們正在查看一份不錯的訂單簿。

But the thing I would point out, Tom, is that we're in a place where from a capital deployment standpoint, we've got a lot of options. We've obviously proven ourselves capable and willing to buy back our own stock. We've got plenty of liquidity, plenty of free cash flow to continue to invest in our fleet and our fleet flexibility.

但湯姆，我想指出的是，從資本部署的角度來看，我們有很多選擇。我們顯然已經證明我們有能力並且願意回購自己的股票。我們擁有充足的流動性和自由現金流，可以繼續投資我們的船隊和船隊靈活性。

So I think we're in a really strong place, right now, with a lot of optionality.

所以我認為我們現在處於一個非常強大的地位，有很多選擇。

Tom, the only thing I would add to that as well: if some of our current 175s get deferred, we have so much fleet flexibility that we can defer the 175s, continue to fly CRJ700s in those scope slots. The 700s that were slated to go with CRJ550s will probably be delayed. But we will continue to operate the CRJ200s.

湯姆，我唯一要補充的是：如果我們目前的部分 175 飛機被推遲，我們擁有很大的機隊靈活性，可以推遲 175 飛機，繼續在那些範圍內飛行 CRJ700 飛機。原定與 CRJ550 一同推出的 700 型飛機可能會被推遲。但我們將繼續經營 CRJ200。

And so that's really the fleet flexibility that we've all been talking about for a long, long time. And so this is why SkyWest is so uniquely positioned to be able to handle some of these challenges that may come with the supply chain over the next couple of years.

這就是我們長期以來一直在談論的船隊靈活性。這就是為什麼天西航空擁有如此獨特的優勢，能夠應對未來幾年供應鏈可能出現的一些挑戰。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Just assuming the tariff uncertainty gets resolved, either tariffs get to a reasonable place or you and your partners figure it out, what is your early view for '26 block hour growth? Is this quarter showing the operating leverage you'd expect in terms of earnings growth, relative to block hour growth, as we think about 2026?

假設關稅不確定性得到解決，要么關稅達到合理水平，要么您和您的合作夥伴找到解決辦法，您對 26 個區塊小時增長的早期看法是什麼？正如我們設想的 2026 年一樣，本季在獲利成長（相對於時段成長）方面是否顯示出您預期的經營槓桿？

Duane, I'll tackle that first. This is Wade. And then, Rob and Chip can chime in as well on this.

杜安，我先解決這個問題。這是韋德。然後，Rob 和 Chip 也可以對此發表意見。

For 2026, in my prepared remarks, we talked about that we have 25 dual-class CRJ airplanes that are currently parked that we are bringing out and going to be able to reactivate. And so there is the natural growth from those airplanes. That will add to 2026 production that we have.

對於 2026 年，我在準備好的發言中提到，我們有 25 架雙艙 CRJ 飛機目前停放，我們將把它們調出來並重新啟用。因此這些飛機的數量自然會增長。這將增加我們 2026 年的產量。

And so we do have the flexibility that we're going. We're not giving 2026 guidance at this point. But we do feel optimistic there are still opportunities out there for us.

因此我們確實具有靈活性。目前我們還沒有給出 2026 年的指導。但我們確實感到樂觀，我們仍然有機會。

Okay. Would you take a shot at the growth rate? Again, assuming that you resolve these tariffs? Mid-single digits, low double digits or could you potentially have another year like this?

好的。您願意嘗試增長率嗎？再次假設您解決了這些關稅問題？中個位數、低兩位數，還是有可能再有這樣的一年？

Yeah. Hi. This is Rob.

是的。你好。這是羅布。

We're not going to give a number on this call. We'll probably talk more about it next quarter.

我們不會在這通電話中透露具體數字。我們可能會在下個季度進一步討論這個問題。

But what we would say is, as Wade pointed out, our growth opportunities are still very much intact across different scenarios, different tariff scenarios, whatever. We're in the unique situation and unique position that we've got the CRJ fleet that we can just fly a little longer than we may have planned on six months ago or a year ago.

但正如韋德指出的那樣，我們要說的是，無論在什麼情況下，在什麼關稅情況下，我們的成長機會仍然完好無損。我們處於獨特的情況和獨特的位置，我們擁有 CRJ 機隊，因此我們的飛行時間可能比我們六個月前或一年前計劃的要長一些。

So I think our growth story is very much intact. We'll give a little more color on '26 next quarter, in all likelihood.

所以我認為我們的成長故事非常完整。我們很有可能會在下個季度對 26 給出更多細節。

Okay. Appreciate the attempt. And then, maybe in the prepared remarks, I might have missed it, you said it quickly: was there a gain this quarter? And if there was, what were the assets that you actually sold, if you're willing to speak to that?

好的。感謝您的嘗試。然後，也許在準備好的發言中，我可能錯過了，你很快就說了：本季有收益嗎？如果有，您實際出售了哪些資產，您願意透露嗎？

Yeah. Sure. We had about $10 million or about $0.20 EPS that were related to a couple of items.

是的。當然。我們有大約 1000 萬美元或大約 ​​0.20 美元的每股收益與幾個項目有關。

One was just a mark-to-market on some of our equity investments that we have. And then, some of it was just the gain on sale of assets as part of our normal practice to opportunistically sell assets.

一是對我們的一些股權投資進行市價調整。然後，其中一部分只是出售資產的收益，這是我們機會性出售資產的正常做法的一部分。

So we had about $10 million in that category or about $0.20 for the quarter.

因此，我們在該類別中的金額約為 1000 萬美元，或本季約為 0.20 美元。

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

I know we talked a little bit about capital allocation with Tom already. But we spent a lot of time in the last couple of quarters talking about capital allocations, with deliveries expected to step down pretty meaningfully over the next couple of years.

我知道我們已經與湯姆討論過一些有關資本配置的問題。但過去幾季我們花了很多時間討論資本配置，預計未來幾年交付量將大幅下降。

Is this E175 order the answer to where you expect to direct capital over the next couple of years? Or how do you see share repurchases trending broadly in the context of the higher CapEx commitments, as we look out through the end of the decade?

這項 E175 訂單是否代表了您未來幾年資本流向的預期？或者，當我們展望本世紀末時，您如何看待在更高的資本支出承諾的背景下股票回購的總體趨勢？

Catie, I would answer your question that we have been trying to position ourselves over the past several years to strengthen our balance sheet, de-risk our balance sheet, delever our balance sheet. So the answer to your question can be all of the above.

凱蒂，我想回答你的問題，過去幾年我們一直在努力加強我們的資產負債表，降低我們的資產負債表風險，降低我們的資產負債表槓桿率。因此，您的問題的答案可以是以上所有。

Where we have the ability to continue to execute on our share repurchase program, obviously, we're interested in our order book and our re-fleeting activities that we've been going after. We feel very good about the optionality that we've got as a result of our strong capital position and liquidity.

如果我們有能力繼續執行我們的股票回購計劃，顯然，我們對我們的訂單簿和我們一直在進行的重新安排活動感興趣。憑藉著強大的資本實力和流動性，我們對所擁有的選擇權感到非常滿意。

That's great. And maybe just for my second question, in the release, you mentioned that you're working with your partners on optimizing delivery timing. Are we meant to infer from that that partners are asking you to push out deliveries, given the current demand backdrop? Or is that more reflective of your commentary around potential delays from tariffs on the E175?

那太棒了。也許只是我的第二個問題，在發表會上，您提到您正在與合作夥伴合作優化交付時間。鑑於當前的需求背景，我們是否可以由此推斷合作夥伴要求您推遲交貨？或者這更反映了您對 E175 關稅可能造成的延遲的評論？

Yeah. This is Chip. I would say that there's a lot of cohesive philosophies between us and our partners and Embraer about dealing with tariffs. So when we mentioned the fact that you could defer some -- again, I think we've probably overcooked the term flexibility so much on this call. Hopefully, you get the message.

是的。這是 Chip。我想說，我們和我們的合作夥伴以及巴西航空工業公司在處理關稅問題上有很多一致的理念。因此，當我們提到你可以推遲一些事情時——我再說一次，我認為我們可能在這次電話會議上過度強調了靈活性這個詞。希望您能收到這則訊息。

But from our perspective, that conversation with our partners is very, very pointing. It's not like it's really any type of dynamic conversation. We're all on the exact same page. Everybody knows what the game plan is.

但從我們的角度來看，與合作夥伴的對話非常非常有意義。這其實並不是一種動態對話。我們的想法完全一致。每個人都知道比賽計畫是什麼。

Our job, right now, is to make sure when it comes to capital allocation, we put our situation into a decade-long matrix that we've had for quite some time, look at opportunities.

我們現在的工作是確保在資本配置方面，我們將我們的狀況納入我們已經有相當長一段時間的十年矩陣中，尋找機會。

Maybe there's some opportunities with some of this fleet outside the United States that we could lease. Maybe there's some other creative things that we may be talking about next quarter.

也許我們可以將部分船隊租到美國境外。也許下個季度我們還會討論一些其他有創意的事情。

I can tell you that the dynamic philosophy of how we can deal with this is somewhat exciting. But at the end of the day, if this can be settled, we have plenty of capital and plenty of capability to have that be our top priority, take these airplanes when this gets resolved. If not, go to second, third, fourth, and fifth option and utilize the capital appropriately in that case.

我可以告訴你，我們如何應對這個問題的動態哲學是令人興奮的。但最終，如果這個問題能夠解決，我們就有足夠的資金和能力將其作為我們的首要任務，在問題解決後接收這些飛機。如果沒有，則轉到第二、第三、第四和第五個選項，並在這種情況下適當利用資本。

So look, we're very comfortable in the position that we are in. It's taken us many, many years to get to this position to deal with these challenges. But I think that's part of the unique thing that we have.

所以，你看，我們對現在的處境感到非常滿意。我們花了很多年才達到這個水準來應對這些挑戰。但我認為這是我們的獨特之處的一部分。

With solid performance, great culture, fantastic relationships with our people, great partnerships, great manufacturers -- all those things are coming together for this issue. We're not panicked at all. We feel like we've got some really good options to deal with this and deploy capital appropriately.

憑藉穩健的業績、優秀的文化、與員工的良好關係、良好的合作夥伴關係、優秀的製造商——所有這些都為此問題而匯集在一起。我們一點也不恐慌。我們覺得我們有一些非常好的選擇來解決這個問題並適當地配置資本。

That's great. Maybe just a very quick follow-up to that and will squeeze in a third one, if you'll let me.

那太棒了。如果您允許的話，也許只是對此進行非常快速的跟進，然後擠進第三個。

Just to be clear, like the optimizing the delivery slots has nothing to do with demand for those aircraft? That comment was entirely focused, related on tariffs.

需要明確的是，優化交付時段與這些飛機的需求無關嗎？該評論完全集中在關稅上。

That could not be overestimated. The demand is not our problem, for sure. Demand for this stuff today, like we've said in the script, is as strong as we've ever seen it. It just takes a little bit of a calculus to meet that demand today. And we've got a lot of good options to do so.

無論怎樣估計，都不為過。需求肯定不是我們的問題。正如我們在腳本中所說的那樣，今天對這些東西的需求是前所未有的。今天只需稍加計算就能滿足這項需求。我們有很多好的選擇可以實現這一點。

Okay. Great. And maybe just on the 25 dual-class CRJ aircraft that you're reactivating, is that because those got signed up for new flying agreements? Or they were already under agreement that you couldn't fly them before because MRO wait times or pilots or something like that?

好的。偉大的。也許只是您重新啟用的 25 架雙級 CRJ 飛機，是因為它們簽署了新的飛行協議嗎？或者他們之前已經達成協議，由於 MRO 等待時間或飛行員或類似原因，您不能駕駛它們？

Yeah. Catie, this is Wade.

是的。凱蒂，這是韋德。

The 25 -- or it's a combination of that -- we have purchased some, that we parked for a while. There are also some that during the COVID and pilot issues that we just parked.

我們購買了一些，並將其停放了一段時間。還有一些是在 COVID 和試點問題期間我們剛剛停飛的。

These are new flying arrangements that we have signed up over the last six months, that we are restoring all of those airplanes and bringing them back. And so that's what's really creating all of that.

這些都是我們在過去六個月內簽署的新的飛行安排，我們正在修復所有這些飛機並將它們帶回來。這就是真正創造這一切的原因。

That will conclude our question-and-answer session.

我們的問答環節到此結束。

I will now turn the call back over to Chip Childs for closing remarks.

現在我將把電話轉回給 Chip Childs 做結束語。

Thank you, Tiffany. Thank you, everyone, for your interest in SkyWest this quarter.

謝謝你，蒂芙尼。感謝大家本季對 SkyWest 的關注。

We really appreciate you paying attention to what we're trying to do as a company. We feel like we're in a fantastic position. Like I said, great people that we work with, fantastic partners, great vendors.

我們非常感謝您關注我們公司正在做的事情。我們感覺我們處於一個非常好的位置。正如我所說的，我們與優秀的人才、出色的合作夥伴和優秀的供應商合作。

A lot of challenges. Demand is not one of the challenges. Meeting that demand is one of the things that we get very, very excited about, particularly with the opportunities that we're considering.

很多挑戰。需求並不是挑戰之一。滿足這項需求是我們非常興奮的事情之一，特別是考慮到我們正在考慮的機會。

We look forward to updating you next quarter. Thank you.

我們期待下個季度向您更新最新情況。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。