SkyWest Inc. (NASDAQ:SKYW) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 04:30 pm ET

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SkyWest Inc. (NASDAQ:SKYW) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day and welcome to the SkyWest Incorated. Second Quarter 2020 Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

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

Executive
Robert J. Simmons

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

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?

Executive
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 2019 Form 10-K and other reports and filings with the Securities and Exchange Commission.

And now I'll turn the call over to Chip.

Executive
Chip Childs

Thank you, Rob and Eric. Good afternoon, everyone. Thank you for joining us on the call today. I know you're all well aware that the aviation industry is currently navigating the largest demand downturn in its history and no airline is immune to its impact. However, despite the obvious challenges facing our industry, I'm proud of our SkyWest people who responded quickly to take care of each other, our passengers and our airlines. We're still very focused on our key priorities to get us through this to the other side of this pandemic.

First, the personal health and well-being of our people and passengers remains our top focus. Second, we're focused on maintaining the cash and liquidity necessary to work through this crisis. And third, our continued flexibility in working with our partners to meet their needs will remain a key differentiator and ensure we are well positioned for recovery.

During Q2, we received $307 million of the $438 million total, we expect to receive in payroll support funding under the CARES Act. This release combined with our work in the marketplace in aggressive cost management will help our cash position, as we work to navigate this crisis and ensure we're positioned for a recovery. Rob will talk more about our liquidity in a minute.

We continue working closely with our major airline partners as well as the health and industry officials to stay ahead of the latest CDC guidance and ensure the health and well-being of our people and passengers. We have implemented robust cleaning and disinfectant measures on board