From the earnings call, doesn't sound so gloomy to me. Shrink to profitability? SkyWest is profitable now.

"In spite of only modest profits expected in 2023, there are six notable expectations for 2023 that I would like to call out. Number one, we expect CapEx to be down over $400 million year-over-year in 2023. Number two, this CapEx reduction could drive the best free cash flow in the last five years. Number three, we expect cash at the end of 2023 to still be near $1 billion. Number four, we expect debt at the end of 2023 to be below 2019 levels. Number five, our end of 2023 leverage could be the lowest in the last five years. And number six, debt net of cash could be $400 million lower than at the end of 2019." - SkyWest CFO