Sun Country Airlines Holdings, Inc(NASDAQ:SNCY) 
Sun Country Airlines Holdings, Inc., an air carrier company, provides scheduled passenger, air cargo, and charter air transportation services in the United States, Latin America, and internationally. As of February 8, 2021, it operated a fleet of 43 aircraft, including 31 passenger and 12 cargo airc...
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At a glance:
- Hybrid ULCC + Charter Model Provides Revenue Diversification: Sun Country blends scheduled low-cost service with charter flying (including significant Amazon cargo operations), helping diversify demand drivers versus pure passenger airlines.
- Leisure-Focused Network Exposed to Cyclical Travel Demand: The carrier’s emphasis on discretionary leisure routes can benefit from strong vacation trends, but may be more sensitive to macro slowdowns and seasonal swings.
- Operational Reliability and Cost Discipline Are Key Competitive Levers: As a smaller carrier competing on price, maintaining strong on-time performance while controlling unit costs (fuel, labor, maintenance) is central to margin resilience.
- Capacity Growth and Fleet Utilization Drive Margin Upside (and Execution Risk): Improving aircraft utilization and disciplined capacity additions can support profitability, but expansion increases exposure to operational disruptions and cost inflation.
- Cargo/Contract Flying Adds Stability but Concentration Risk: Contract cargo flying can provide steadier cash flows than passenger demand, though reliance on a major partner increases counterparty and contract-renewal sensitivity.
Bull Thesis:
- Resilient Hybrid Business Model & Stable Amazon Air Partnership: Sun Country's unique blend of scheduled passenger, charter, and cargo (Amazon Air) services provides revenue diversification and reduces reliance on any single segment. The long-term Amazon Air contract offers a stable, high-margin revenue stream, insulating the company from some of the volatility inherent in pure passenger operations.
- Robust Leisure Travel Demand & Low-Cost Operating Structure: The company is well-positioned to benefit from sustained strong demand for leisure travel, particularly to its warm-weather focus destinations. Its disciplined low-cost operating model allows for competitive pricing and healthy margins, even in a competitive airline landscape.
- Growth Potential in High-Margin Charter Operations: Beyond Amazon Air, Sun Country's charter business (serving sports teams, military, casinos) offers higher margins and less direct competition than scheduled service. There's potential for continued expansion and new contract wins in this lucrative segment, further enhancing profitability.
Bear Thesis:
- High Sensitivity to Volatile Fuel Prices: As an airline, Sun Country's profitability is highly susceptible to fluctuations in jet fuel prices. Significant increases in fuel costs, which are largely outside the company's control, could severely compress operating margins and impact financial performance, despite hedging efforts.
- Vulnerability to Economic Downturns and Discretionary Spending: Sun Country's primary focus on leisure travel makes it particularly vulnerable to economic downturns. A recession or significant reduction in consumer discretionary spending could lead to decreased demand for flights, lower load factors, and pricing pressure, negatively impacting revenue and profitability.
- Intense Competition and Potential for Pricing Pressure: Sun Country operates in a highly competitive airline market, facing established legacy carriers and other low-cost airlines. This intense competition can lead to pricing pressure on routes, making it challenging to maintain or expand market share and potentially eroding profit margins.
- Operational Risks and Potential for Disruptions: Like all airlines, Sun Country faces various operational risks, including adverse weather conditions, air traffic control delays, aircraft maintenance issues, and potential labor shortages. Such disruptions can lead to flight cancellations, passenger compensation, increased operating costs, and damage to brand reputation.
Main Competitors:
- Spirit Airlines ($SAVE) (Domestic and international flights), Competes directly with Sun Country as an ultra-low-cost carrier (ULCC), focusing on unbundled fares and leisure-oriented routes, particularly to warm-weather destinations. Both target budget-conscious travelers seeking the lowest base fare.
- Frontier Airlines ($ULCC) (Domestic and international flights), Another direct ULCC competitor, Frontier operates with a similar model of low base fares and ancillary revenue generation. It often overlaps with Sun Country on leisure routes and targets the same price-sensitive customer segment across the U.S.
- Allegiant Air ($ALGT) (Domestic flights and vacation packages), While often serving smaller, underserved markets, Allegiant competes for the same leisure travel dollar. It focuses on point-to-point routes and offers bundled vacation packages, appealing to travelers looking for an all-in-one leisure travel solution, similar to Sun Country's focus on vacationers.
- Southwest Airlines ($LUV) (Domestic and some international flights), Although not a pure ULCC, Southwest is a major leisure airline known for its historically low fares, extensive point-to-point network, and customer-friendly policies (e.g., two free checked bags). It competes for leisure travelers by offering a strong value proposition that can sometimes rival ULCCs, especially when considering total trip cost.
Moat:
Sun Country Airlines operates in a highly competitive segment of the airline industry, primarily as a hybrid ultra-low-cost carrier (ULCC) with a significant focus on leisure and charter services. Its main competitive advantage (moat) lies in its efficient operating model, lower cost structure compared to legacy carriers, and its unique blend of scheduled leisure service and robust charter operations (including military and sports teams), which provides revenue diversification and stability. Its strong presence at Minneapolis-Saint Paul International Airport (MSP) for leisure travel also offers a regional advantage. However, competition is intense, driven by other ULCCs on price and leisure routes, and by larger network carriers (like Delta, especially at MSP) and value-oriented airlines like Southwest for the broader leisure market. The industry is also highly susceptible to fuel price volatility, economic downturns, and external shocks.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating revenues: | ||||||||||||||||||||
passenger | 221,475,000 | 201,098,000 | 214,668,000 | 285,888,000 | 215,264,000 | 207,764,000 | 216,395,000 | 274,664,000 | 210,633,000 | 214,355,000 | 227,866,000 | 267,269,000 | 199,680,000 | 195,360,000 | 195,362,000 | 202,033,000 | 146,903,000 | 147,718,000 | 125,130,000 | 104,195,000 |
cargo | 48,044,000 | 44,023,000 | 34,803,000 | 28,157,000 | 28,614,000 | 29,165,000 | 25,447,000 | 23,948,000 | 25,298,000 | 26,059,000 | 25,017,000 | 23,361,000 | 24,420,000 | 23,687,000 | 21,190,000 | 21,053,000 | 23,344,000 | 24,400,000 | 22,098,000 | 21,585,000 |
other | 11,442,000 | 10,417,000 | 14,150,000 | 12,604,000 | 16,527,000 | 12,541,000 | 12,539,000 | 12,871,000 | 9,612,000 | 8,462,000 | 8,203,000 | 3,485,000 | 3,054,000 | 2,653,000 | 2,515,000 | 3,439,000 | 2,304,000 | 1,545,000 | 1,961,000 | 1,831,000 |
total operating revenues | 211,452,000 | 255,538,000 | 263,621,000 | 326,649,000 | 203,833,500 | 249,470,000 | 254,381,000 | 311,483,000 | 201,019,250 | 248,876,000 | 261,086,000 | 294,115,000 | ||||||||
yoy | 3.74% | 2.43% | 3.63% | 4.87% | 1.40% | 0.24% | -2.57% | 5.91% | ||||||||||||
qoq | -17.25% | -3.07% | -19.30% | 60.25% | -18.29% | -1.93% | -18.33% | 54.95% | -19.23% | -4.68% | -11.23% | |||||||||
operating expenses: | ||||||||||||||||||||
aircraft fuel | 49,742,000 | 48,583,000 | 50,536,000 | 64,619,000 | 49,931,000 | 54,737,000 | 62,188,000 | 70,304,000 | 60,840,000 | 61,179,000 | 52,360,000 | 72,290,000 | 62,029,000 | 64,843,000 | 76,947,000 | 64,544,000 | 38,479,000 | 36,647,000 | 29,709,000 | 24,274,000 |
salaries, wages, and benefits | 97,102,000 | 93,093,000 | 89,557,000 | 92,845,000 | 84,259,000 | 80,919,000 | 79,359,000 | 82,238,000 | 71,750,000 | 72,541,000 | 75,919,000 | 75,430,000 | 67,279,000 | 58,661,000 | 60,298,000 | 59,617,000 | 48,392,000 | 43,424,000 | 42,316,000 | 44,075,000 |
maintenance | 25,114,000 | 18,123,000 | 18,250,000 | 18,862,000 | 18,641,000 | 15,973,000 | 17,339,000 | 16,817,000 | 16,277,000 | 15,330,000 | 15,942,000 | 13,039,000 | 10,810,000 | 11,018,000 | 12,782,000 | 11,995,000 | 9,925,000 | 9,660,000 | 11,300,000 | 9,210,000 |
sales and marketing | 7,922,000 | 6,982,000 | 8,001,000 | 10,395,000 | 8,116,000 | 7,748,000 | 8,392,000 | 10,679,000 | 8,100,000 | 7,569,000 | 8,507,000 | 9,929,000 | 7,717,000 | 6,827,000 | 7,881,000 | 8,628,000 | 5,658,000 | 5,470,000 | 5,822,000 | 5,110,000 |
depreciation and amortization | 24,419,000 | 24,683,000 | 24,972,000 | 24,804,000 | 23,795,000 | 23,754,000 | 23,631,000 | 23,809,000 | 23,574,000 | 22,762,000 | 22,355,000 | 19,460,000 | 18,277,000 | 17,181,000 | 16,854,000 | 15,328,000 | 14,916,000 | 14,029,000 | 13,460,000 | 12,615,000 |
ground handling | 10,474,000 | 11,467,000 | 11,353,000 | 11,407,000 | 10,028,000 | 11,568,000 | 11,368,000 | 9,154,000 | 9,207,000 | 9,382,000 | 11,311,000 | 11,038,000 | 8,978,000 | 8,669,000 | 8,212,000 | 7,958,000 | 7,327,000 | 7,873,000 | 6,551,000 | 5,230,000 |
landing fees and airport rent | 16,146,000 | 16,811,000 | 14,971,000 | 16,833,000 | 15,118,000 | 15,979,000 | 13,723,000 | 14,729,000 | 12,768,000 | 13,958,000 | 12,962,000 | 12,051,000 | 12,950,000 | 12,926,000 | 9,496,000 | 10,286,000 | 11,120,000 | 12,069,000 | 8,752,000 | 8,785,000 |
special items | 12,000 | 26,000 | 49,000 | 1,799,000 | -65,000 | -38,520,000 | -26,871,000 | |||||||||||||
other operating | 31,867,000 | 25,868,000 | 29,670,000 | 28,839,000 | 24,454,000 | 26,410,000 | 26,016,000 | 28,577,000 | 25,902,000 | 27,127,000 | 25,364,000 | 23,615,000 | 22,577,000 | 24,235,000 | 21,017,000 | 23,150,000 | 21,554,000 | 18,629,000 | 16,746,000 | 14,651,000 |
total operating expenses | 262,798,000 | 245,636,000 | 247,359,000 | 270,403,000 | 234,342,000 | 237,088,000 | 242,016,000 | 256,307,000 | 228,418,000 | 229,870,000 | 225,499,000 | 238,332,000 | 212,038,000 | 206,309,000 | 215,698,000 | 204,692,000 | 161,685,000 | 151,661,000 | 99,951,000 | 102,678,000 |
operating income | 18,163,000 | 9,902,000 | 16,262,000 | 56,246,000 | 26,063,000 | 12,382,000 | 12,365,000 | 55,176,000 | 17,125,000 | 19,006,000 | 35,587,000 | 55,783,000 | 15,116,000 | 15,391,000 | 3,369,000 | 21,833,000 | 10,866,000 | 22,002,000 | 49,238,000 | 24,933,000 |
yoy | -30.31% | -20.03% | 31.52% | 1.94% | 52.19% | -34.85% | -65.25% | -1.09% | 13.29% | 23.49% | 956.31% | 155.50% | 39.11% | -30.05% | -93.16% | -12.43% | ||||
qoq | 83.43% | -39.11% | -71.09% | 115.81% | 110.49% | 0.14% | -77.59% | 222.20% | -9.90% | -46.59% | -36.20% | 269.03% | -1.79% | 356.84% | -84.57% | 100.93% | -50.61% | -55.32% | 97.48% | |
operating margin % | 8.59% | 3.87% | 6.17% | 17.22% | 12.79% | 4.96% | 4.86% | 17.71% | 8.52% | 7.64% | 13.63% | 18.97% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% |
non-operating income: | ||||||||||||||||||||
interest income | 2,013,000 | 1,452,000 | 1,513,000 | 1,995,000 | 1,926,000 | 1,659,000 | 1,800,000 | 2,448,000 | 2,414,000 | 2,480,000 | 2,545,000 | 2,741,000 | 2,361,000 | 1,610,000 | 532,000 | 24,000 | 33,000 | 28,000 | 9,000 | 15,000 |
interest expense | -8,839,000 | -9,185,000 | -9,212,000 | -9,625,000 | -11,062,000 | -11,049,000 | -11,077,000 | -11,112,000 | -11,362,000 | -11,403,000 | -11,239,000 | -8,630,000 | -7,921,000 | -7,493,000 | -7,042,000 | -8,562,000 | -6,839,000 | -6,286,000 | -6,080,000 | -7,121,000 |
total non-operating expense | -6,812,000 | -7,736,000 | -7,706,000 | -8,108,000 | -9,136,000 | -9,378,000 | -9,281,000 | -8,618,000 | -5,969,000 | -8,938,000 | -8,837,000 | -6,101,000 | -6,521,750 | -2,461,000 | -7,111,000 | |||||
income before income tax | 11,351,000 | 2,166,000 | 8,556,000 | 48,138,000 | 16,927,000 | 3,004,000 | 3,084,000 | 46,558,000 | 7,660,000 | 10,068,000 | 26,750,000 | 49,682,000 | 9,477,000 | 12,930,000 | -4,843,000 | 6,419,000 | 179,000 | 16,200,000 | 61,221,000 | 17,822,000 |
income tax expense | 3,206,000 | 614,000 | 1,979,000 | 11,603,000 | 3,491,000 | 662,000 | 1,272,000 | 11,245,000 | 2,015,000 | 2,477,000 | 6,132,000 | 11,354,000 | 2,193,000 | 2,253,000 | -921,000 | 2,782,000 | 781,000 | 2,297,000 | 9,468,000 | 5,406,000 |
net income | 8,145,000 | 1,552,000 | 6,577,000 | 36,535,000 | 13,436,000 | 2,342,000 | 1,812,000 | 35,313,000 | 5,645,000 | 7,591,000 | 20,618,000 | 38,328,000 | 7,284,000 | 10,677,000 | -3,922,000 | 3,637,000 | -602,000 | 13,903,000 | 51,753,000 | 12,416,000 |
yoy | -39.38% | -33.73% | 262.97% | 3.46% | 138.02% | -69.15% | -91.21% | -7.87% | -22.50% | -28.90% | -625.70% | 953.84% | -1309.97% | -23.20% | -107.58% | -70.71% | ||||
qoq | 424.81% | -76.40% | -82.00% | 171.92% | 473.70% | 29.25% | -94.87% | 525.56% | -25.64% | -63.18% | -46.21% | 426.19% | -31.78% | -372.23% | -207.84% | -704.15% | -104.33% | -73.14% | 316.83% | |
net income margin % | 3.85% | 0.61% | 2.49% | 11.18% | 6.59% | 0.94% | 0.71% | 11.34% | 2.81% | 3.05% | 7.90% | 13.03% | Infinity% | Infinity% | -Infinity% | Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% |
net income per share | ||||||||||||||||||||
basic | 0.15 | 0.03 | 0.12 | 0.68 | 0.25 | 0.04 | 0.03 | 0.67 | 0.11 | 0.14 | 0.37 | 0.68 | 0.13 | 0.18 | -0.07 | 0.06 | -0.04 | 0.24 | 0.91 | 0.26 |
diluted | 0.15 | 0.03 | 0.12 | 0.66 | 0.24 | 0.04 | 0.03 | 0.64 | 0.11 | 0.13 | 0.35 | 0.64 | 0.12 | 0.18 | -0.07 | 0.06 | -0.02 | 0.23 | 0.83 | 0.24 |
shares used for computation: | ||||||||||||||||||||
basic | -82,132 | 53,034,859 | 53,222,461 | 53,342,226 | 41,525 | 52,876,339 | 52,689,408 | 53,034,538 | -544,029 | 55,435,386 | 56,084,759 | 56,630,656 | -87,246 | 58,146,606 | 58,060,716 | 57,907,655 | 814,580 | 57,355,104 | 57,156,159 | 48,496,077 |
diluted | -128,051 | 54,682,164 | 54,777,448 | 55,508,359 | 65,460 | 54,780,672 | 54,792,848 | 55,397,685 | -757,167 | 58,595,646 | 59,712,048 | 59,535,045 | -326,140 | 60,793,516 | 58,060,716 | 61,731,942 | 624,049 | 61,712,378 | 61,982,441 | 52,508,186 |
aircraft rent | 22,000 | 779,000 | 1,480,000 | 1,421,000 | 1,949,000 | 2,211,000 | 3,186,000 | 4,314,000 | 3,925,000 | 3,815,000 | 5,599,000 | |||||||||
total operating revenue | 227,154,000 | 221,700,000 | 219,067,000 | 226,525,000 | 172,551,000 | 173,663,000 | 149,189,000 | 127,611,000 | ||||||||||||
total non-operating income | -8,212,000 | -15,414,000 | -10,687,000 | -5,802,000 | 11,983,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash and cash equivalents | 144,684,000 | 111,834,000 | 36,964,000 | 53,391,000 | 83,219,000 | 56,791,000 | 26,864,000 | 28,427,000 | 46,279,000 | 26,967,000 | 86,930,000 | 71,587,000 | 92,086,000 | 131,912,000 | 212,858,000 | 272,402,000 | 309,338,000 | |||
restricted cash | 21,357,000 | 22,998,000 | 16,346,000 | 13,737,000 | 17,252,000 | 10,649,000 | 7,173,000 | 11,173,000 | 17,401,000 | 10,953,000 | 7,281,000 | 22,776,000 | 10,842,000 | 14,163,000 | 4,132,000 | 8,085,000 | 8,447,000 | 6,019,000 | ||
investments | 89,629,000 | 64,391,000 | 101,337,000 | 105,376,000 | 104,053,000 | 89,697,000 | 108,301,000 | 132,779,000 | 141,127,000 | 153,290,000 | 158,177,000 | 171,638,000 | 178,936,000 | 135,170,000 | 76,724,000 | 6,233,000 | 6,283,000 | 5,777,000 | ||
accounts receivable, net of an allowance | 53,722,000 | 50,113,000 | 35,265,000 | 39,656,000 | 35,296,000 | 37,806,000 | 44,635,000 | 37,525,000 | 38,166,000 | 42,876,000 | 26,937,000 | 35,464,000 | 35,124,000 | 31,628,000 | 38,479,000 | 31,733,000 | 30,156,000 | 25,897,000 | ||
short-term lessor maintenance deposits | 22,738,000 | 1,146,000 | 1,146,000 | 1,146,000 | 521,000 | 7,147,000 | 1,078,000 | 1,816,000 | 1,046,000 | 1,191,000 | 999,000 | 1,279,000 | 1,241,000 | 1,211,000 | 7,394,000 | 6,698,000 | 5,505,000 | 1,723,000 | ||
inventory, net of a reserve for obsolescence of 1,214 and 784, respectively | 11,844,000 | |||||||||||||||||||
prepaid expenses | 17,667,000 | 18,143,000 | 15,216,000 | 14,634,000 | 13,837,000 | 13,226,000 | 15,040,000 | 12,604,000 | 15,823,000 | 13,358,000 | 12,209,000 | 11,621,000 | 11,423,000 | 11,692,000 | 16,245,000 | 10,166,000 | 8,511,000 | 11,678,000 | ||
other current assets | 6,575,000 | 4,504,000 | 4,717,000 | 1,753,000 | 1,939,000 | 977,000 | 2,163,000 | 2,062,000 | 3,716,000 | 3,992,000 | 2,365,000 | 4,823,000 | 8,179,000 | 4,684,000 | 1,186,000 | 8,302,000 | 1,798,000 | 804,000 | ||
total current assets | 368,216,000 | 284,801,000 | 222,293,000 | 240,930,000 | 266,584,000 | 226,024,000 | 213,712,000 | 234,969,000 | 271,351,000 | 260,305,000 | 302,263,000 | 325,993,000 | 345,490,000 | 337,740,000 | 363,338,000 | 349,243,000 | 375,443,000 | 328,159,000 | ||
property & equipment, net: | ||||||||||||||||||||
aircraft and flight equipment | 861,100,000 | 801,488,000 | 799,515,000 | 778,381,000 | 775,210,000 | 721,269,000 | 716,422,000 | 703,222,000 | 685,559,000 | 679,145,000 | 664,757,000 | 643,924,000 | 636,584,000 | 628,375,000 | 589,690,000 | 486,374,000 | 440,356,000 | 384,950,000 | ||
aircraft and flight equipment held for operating lease | 62,923,000 | 93,548,000 | 93,548,000 | 124,383,000 | 124,383,000 | 154,175,000 | 154,175,000 | 154,399,000 | 154,185,000 | 154,165,000 | 154,161,000 | 92,627,000 | ||||||||
ground equipment and leasehold improvements | 50,765,000 | 50,683,000 | 49,124,000 | 47,571,000 | 46,550,000 | 45,283,000 | 45,458,000 | 44,379,000 | 39,847,000 | 39,316,000 | 38,690,000 | 37,664,000 | 35,948,000 | 33,809,000 | 27,092,000 | 24,451,000 | ||||
computer hardware and software | 24,926,000 | 25,028,000 | 23,729,000 | 22,847,000 | 22,436,000 | 21,498,000 | 20,771,000 | 19,430,000 | 17,875,000 | 12,856,000 | 10,388,000 | 9,327,000 | 10,831,000 | 10,402,000 | 10,161,000 | 9,125,000 | 8,785,000 | 7,949,000 | ||
finance lease assets | 309,877,000 | 309,877,000 | 309,877,000 | 309,877,000 | 309,877,000 | 338,875,000 | 332,682,000 | 344,500,000 | 304,384,000 | 285,942,000 | 276,086,000 | 261,991,000 | 261,991,000 | 262,060,000 | 251,887,000 | 275,547,000 | 209,457,000 | 117,833,000 | ||
rotable parts | 31,676,000 | 31,059,000 | 26,498,000 | 26,791,000 | 26,626,000 | 26,307,000 | 25,355,000 | 24,987,000 | 19,848,000 | 16,820,000 | 15,206,000 | 13,318,000 | 17,059,000 | 13,992,000 | 10,958,000 | 9,271,000 | 9,150,000 | 8,808,000 | ||
total property & equipment | 1,341,267,000 | 1,311,683,000 | 1,302,291,000 | 1,309,850,000 | 1,305,082,000 | 1,307,407,000 | 1,294,863,000 | 1,290,917,000 | 1,221,698,000 | 1,188,244,000 | 1,159,288,000 | 1,058,851,000 | 962,413,000 | 948,638,000 | 889,788,000 | 675,649,000 | 573,611,000 | 456,929,000 | ||
accumulated depreciation & amortization | -414,246,000 | -396,292,000 | -374,139,000 | -353,535,000 | -334,993,000 | -314,309,000 | -292,463,000 | -272,590,000 | -252,717,000 | -231,501,000 | -211,227,000 | -190,580,000 | -176,746,000 | -159,779,000 | -144,165,000 | -129,119,000 | -115,013,000 | -76,467,000 | ||
other assets: | ||||||||||||||||||||
goodwill | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | 222,223,000 | ||
other intangible assets, net of accumulated amortization of 34,480 and 29,903, respectively | 73,261,000 | |||||||||||||||||||
operating lease right-of-use assets | 14,257,000 | 14,930,000 | 15,591,000 | 16,239,000 | 16,896,000 | 17,539,000 | 13,903,000 | 14,252,000 | 14,917,000 | 15,475,000 | 18,715,000 | 21,929,000 | 22,182,000 | 23,919,000 | 27,019,000 | 29,284,000 | 61,658,000 | 80,587,000 | ||
aircraft deposits | 5,575,000 | 7,925,000 | 7,925,000 | 7,925,000 | 7,925,000 | 8,974,000 | 8,974,000 | 9,564,000 | 9,564,000 | 9,589,000 | 9,614,000 | 9,374,000 | 9,134,000 | 9,128,000 | 11,520,000 | 10,831,000 | 10,021,000 | |||
long-term lessor maintenance deposits | 45,361,000 | 63,399,000 | 59,571,000 | 55,712,000 | 53,624,000 | 50,511,000 | 52,336,000 | 48,181,000 | 44,675,000 | 41,172,000 | 38,310,000 | 35,253,000 | 32,433,000 | 29,714,000 | 25,813,000 | 23,071,000 | 20,346,000 | 18,855,000 | ||
other assets | 24,550,000 | 20,936,000 | 20,942,000 | 16,107,000 | 14,998,000 | 12,238,000 | 9,652,000 | 9,444,000 | 8,365,000 | 10,577,000 | 9,021,000 | 10,185,000 | 9,217,000 | 9,017,000 | 8,279,000 | 5,226,000 | 5,495,000 | 6,502,000 | ||
total other assets | 385,227,000 | 403,743,000 | 401,664,000 | 394,781,000 | 393,504,000 | 390,740,000 | 387,775,000 | 385,783,000 | 383,295,000 | 384,020,000 | 384,299,000 | 387,462,000 | 393,255,000 | 394,845,000 | 397,777,000 | 394,700,000 | 427,590,000 | 459,114,000 | ||
total assets | 1,680,464,000 | 1,603,935,000 | 1,552,109,000 | 1,592,026,000 | 1,630,177,000 | 1,609,862,000 | 1,603,887,000 | 1,639,079,000 | 1,623,627,000 | 1,601,068,000 | 1,634,623,000 | 1,581,726,000 | 1,524,412,000 | 1,521,444,000 | 1,506,738,000 | 1,419,592,000 | 1,376,644,000 | 1,244,202,000 | ||
liabilities and stockholders' equity | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
accounts payable | 57,628,000 | 51,729,000 | 56,532,000 | 56,917,000 | 56,034,000 | 49,223,000 | 60,884,000 | 59,929,000 | 59,011,000 | 55,680,000 | 56,143,000 | 58,455,000 | 62,370,000 | 49,969,000 | 58,051,000 | 49,890,000 | 39,805,000 | 34,171,000 | ||
accrued salaries, wages, and benefits | 45,531,000 | 39,952,000 | 36,931,000 | 35,907,000 | 38,327,000 | 32,740,000 | 31,807,000 | 31,787,000 | 33,305,000 | 30,451,000 | 30,095,000 | 28,523,000 | 26,521,000 | 25,900,000 | 25,342,000 | 24,484,000 | 28,527,000 | 16,870,000 | ||
accrued transportation taxes | 22,923,000 | 16,230,000 | 14,795,000 | 16,713,000 | 20,534,000 | 14,734,000 | 15,162,000 | 16,459,000 | 18,097,000 | 12,795,000 | 15,488,000 | 15,403,000 | 17,666,000 | 11,000,000 | 14,549,000 | 14,098,000 | 12,736,000 | 10,402,000 | ||
air traffic liabilities | 167,024,000 | 144,430,000 | 106,599,000 | 114,257,000 | 160,686,000 | 131,538,000 | 116,877,000 | 119,938,000 | 157,996,000 | 130,453,000 | 130,264,000 | 141,613,000 | 157,995,000 | 132,830,000 | 123,958,000 | 110,946,000 | 118,562,000 | 94,733,000 | ||
finance lease obligations | 61,616,000 | 21,166,000 | 20,830,000 | 20,500,000 | 20,175,000 | 42,212,000 | 34,137,000 | 45,083,000 | 44,756,000 | 32,096,000 | 33,641,000 | 18,506,000 | 17,990,000 | 17,484,000 | 29,392,000 | 31,106,000 | 11,705,000 | 9,995,000 | ||
loyalty program liabilities | 10,233,000 | 10,067,000 | 9,481,000 | 9,482,000 | 10,121,000 | 9,852,000 | 9,435,000 | 9,404,000 | 9,898,000 | 9,415,000 | 8,962,000 | 9,664,000 | 13,963,000 | 13,045,000 | 11,548,000 | 11,490,000 | 11,451,000 | 7,115,000 | ||
operating lease obligations | 3,601,000 | 3,517,000 | 3,435,000 | 3,356,000 | 3,281,000 | 3,161,000 | 2,414,000 | 2,233,000 | 2,219,000 | 2,286,000 | 4,485,000 | 6,578,000 | 6,296,000 | 6,281,000 | 10,172,000 | 10,176,000 | 17,231,000 | -19,983,000 | -15,826,000 | 20,672,000 |
current maturities of long-term debt | 68,017,000 | 74,650,000 | 81,438,000 | 91,715,000 | 87,579,000 | 75,915,000 | 75,911,000 | 74,398,000 | 74,177,000 | 83,339,000 | 83,204,000 | 66,194,000 | 57,548,000 | 45,535,000 | 43,810,000 | 34,741,000 | 29,412,000 | 29,232,000 | ||
income tax receivable agreement liability | 1,192,000 | 11,720,000 | 14,793,000 | 10,325,000 | 9,544,000 | 7,984,000 | 10,611,000 | 3,250,000 | 1,511,000 | 8,000,000 | 8,165,000 | 2,260,000 | 2,260,000 | 1,100,000 | 105,600,000 | 98,800,000 | 115,200,000 | |||
other current liabilities | 14,530,000 | 13,480,000 | 12,941,000 | 19,223,000 | 15,228,000 | 11,905,000 | 12,728,000 | 13,725,000 | 15,873,000 | 12,849,000 | 12,973,000 | 13,267,000 | 12,984,000 | 14,850,000 | 10,376,000 | 11,482,000 | 7,913,000 | 8,963,000 | ||
total current liabilities | 451,103,000 | 376,413,000 | 354,702,000 | 382,863,000 | 422,290,000 | 380,824,000 | 367,339,000 | 383,567,000 | 418,582,000 | 370,875,000 | 383,255,000 | 366,368,000 | 377,128,000 | 320,689,000 | 331,361,000 | 301,476,000 | 281,651,000 | 237,640,000 | ||
long-term liabilities: | ||||||||||||||||||||
long-term debt | 255,329,000 | 226,640,000 | 200,629,000 | 220,881,000 | 239,543,000 | 275,864,000 | 289,589,000 | 313,733,000 | 327,468,000 | 351,766,000 | 365,211,000 | 346,065,000 | 294,687,000 | 324,662,000 | 319,733,000 | 242,544,000 | 248,014,000 | 274,109,000 | ||
deferred tax liability | 40,761,000 | 36,328,000 | 33,663,000 | 32,125,000 | 23,566,000 | 19,588,000 | 18,634,000 | 18,080,000 | 9,148,000 | 5,214,000 | 3,356,000 | |||||||||
other long-term liabilities | 13,070,000 | 14,004,000 | 13,595,000 | 13,812,000 | 14,100,000 | 14,094,000 | 9,379,000 | 7,355,000 | 3,236,000 | 1,618,000 | 2,411,000 | 3,262,000 | 2,690,000 | 2,701,000 | 2,897,000 | 3,168,000 | 3,413,000 | 6,388,000 | ||
total long-term liabilities | 604,205,000 | 617,310,000 | 584,362,000 | 606,146,000 | 637,514,000 | 676,492,000 | 689,697,000 | 714,506,000 | 690,642,000 | 710,832,000 | 710,603,000 | 694,351,000 | 654,572,000 | 692,750,000 | 679,489,000 | 624,825,000 | 608,182,000 | 596,602,000 | ||
total liabilities | 1,055,308,000 | 993,723,000 | 939,064,000 | 989,009,000 | 1,059,804,000 | 1,057,316,000 | 1,057,036,000 | 1,098,073,000 | 1,109,224,000 | 1,081,707,000 | 1,093,858,000 | 1,060,719,000 | 1,031,700,000 | 1,013,439,000 | 1,010,850,000 | 926,301,000 | 889,833,000 | 834,242,000 | ||
commitments and contingencies | ||||||||||||||||||||
stockholders' equity: | ||||||||||||||||||||
common stock with 0.01 par value... | 610,000 | 595,000 | 589,000 | 582,000 | 580,000 | 579,000 | ||||||||||||||
preferred stock with 0.01 par value... | ||||||||||||||||||||
treasury stock | -125,881,000 | -125,936,000 | -115,866,000 | -115,866,000 | -105,866,000 | -105,899,000 | -105,914,000 | -105,937,000 | -94,341,000 | -80,681,000 | -47,673,000 | -40,162,000 | -17,605,000 | -52,000 | -52,000 | |||||
additional paid-in capital | 550,471,000 | 543,717,000 | 538,096,000 | 534,649,000 | 528,604,000 | 524,138,000 | 521,036,000 | 517,012,000 | 513,988,000 | 511,375,000 | 507,522,000 | 500,627,000 | 488,494,000 | 493,493,000 | 491,492,000 | 488,480,000 | ||||
retained earnings | 199,941,000 | 191,796,000 | 190,244,000 | 183,667,000 | 147,132,000 | 133,696,000 | 131,354,000 | 129,542,000 | 94,229,000 | 88,585,000 | 80,994,000 | 60,376,000 | 22,048,000 | 14,764,000 | 4,087,000 | 4,231,000 | 594,000 | |||
accumulated other comprehensive income | 15,000 | 30,000 | 18,000 | |||||||||||||||||
total stockholders' equity | 625,156,000 | 610,212,000 | 613,045,000 | 603,017,000 | 570,373,000 | 552,546,000 | 546,851,000 | 541,006,000 | 514,403,000 | 519,361,000 | 540,765,000 | 521,007,000 | 492,712,000 | 508,005,000 | 495,888,000 | 493,291,000 | 486,811,000 | 409,960,000 | ||
total liabilities and stockholders' equity | 1,680,464,000 | 1,603,935,000 | 1,552,109,000 | 1,592,026,000 | 1,630,177,000 | 1,609,862,000 | 1,603,887,000 | 1,639,079,000 | 1,623,627,000 | 1,601,068,000 | 1,634,623,000 | 1,581,726,000 | 1,524,412,000 | 1,521,444,000 | 1,506,738,000 | 1,419,592,000 | 1,376,644,000 | 1,244,202,000 | ||
inventory, net of a reserve for obsolescence of 1,081 and 784, respectively | 11,672,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 33,411 and 29,903, respectively | 74,330,000 | |||||||||||||||||||
common stock, with 0.01 par value... | 605,000 | 603,000 | 602,000 | 593,000 | 592,000 | 590,000 | 588,000 | 586,000 | 584,000 | 582,000 | 581,000 | |||||||||
preferred stock, with 0.01 par value... | ||||||||||||||||||||
inventory, net of a reserve for obsolescence of 1,049 and 784, respectively | 11,302,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 32,329 and 29,903, respectively | 75,412,000 | |||||||||||||||||||
accumulated other comprehensive loss | -32,000 | -35,000 | -92,000 | -217,000 | -201,000 | -62,000 | -506,000 | -664,000 | -418,000 | -807,000 | -782,000 | -220,000 | ||||||||
inventory, net of a reserve for obsolescence of 872 and 784, respectively | 11,237,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 31,166 and 29,903, respectively | 76,575,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 784 and 977, respectively | 10,467,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 29,903 and 24,190, respectively | 77,838,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 731 and 977, respectively | 9,731,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 28,487 and 24,190, respectively | 79,255,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 703 and 977, respectively | 8,458,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 27,054 and 24,190, respectively | 80,687,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 753 and 977, respectively | 8,583,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 25,622 and 24,190, respectively | 82,119,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 977 and 1,107, respectively | 7,793,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 24,190 and 18,890, respectively | 83,551,000 | |||||||||||||||||||
deferred tax assets | 12,956,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 1,076 and 1,107, respectively | 7,678,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 22,757 and 18,890, respectively | 84,984,000 | |||||||||||||||||||
deferred tax asset | 2,389,000 | 14,734,000 | 15,813,000 | 15,955,000 | 18,737,000 | 30,810,000 | ||||||||||||||
inventory, net of a reserve for obsolescence of 1,190 and 1,107, respectively | 7,365,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 21,325 and 18,890, respectively | 86,416,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 1,183 and 1,107, respectively | 6,805,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 19,890 and 18,890, respectively | 86,109,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 1,107 and 1,275, respectively | 7,659,000 | |||||||||||||||||||
other intangible assets, net of accumulated amortization of 18,890 and 14,890, respectively | 85,110,000 | |||||||||||||||||||
over-market liabilities | 1,535,000 | 1,535,000 | 3,063,000 | 3,063,000 | 4,309,000 | 5,487,000 | ||||||||||||||
inventory, net of a reserve for obsolescence of 1,255 and 1,275, respectively | 7,280,000 | |||||||||||||||||||
other intangible assets | 86,110,000 | 87,110,000 | 88,110,000 | 89,110,000 | 92,110,000 | |||||||||||||||
inventory, net of a reserve for obsolescence of 1,434 and 1,275, respectively | 6,320,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 1,366 and 1,275, respectively | 5,624,000 | |||||||||||||||||||
property & equipment | 804,768,000 | 688,624,000 | 533,396,000 | |||||||||||||||||
common stock | 572,000 | |||||||||||||||||||
preferred stock | ||||||||||||||||||||
| 2,021,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 1,275 and 996, respectively | 5,405,000 | |||||||||||||||||||
leasehold improvements and ground equipment | 20,876,000 | 13,856,000 | ||||||||||||||||||
derivative liabilities | ||||||||||||||||||||
loans to stockholders | ||||||||||||||||||||
additional paid in capital | 485,638,000 | 473,848,000 | ||||||||||||||||||
operating activities | ||||||||||||||||||||
net income | 78,072,000 | 64,169,000 | ||||||||||||||||||
depreciation and amortization | 40,103,000 | 26,075,000 | ||||||||||||||||||
non-cash (gain) loss on asset transaction | -12,666,000 | |||||||||||||||||||
deferred income taxes | 17,068,000 | 14,875,000 | ||||||||||||||||||
net cash from operating activities | 109,395,000 | 89,841,000 | ||||||||||||||||||
investing activities | ||||||||||||||||||||
purchases of property & equipment | -111,053,000 | -66,736,000 | ||||||||||||||||||
net cash from investing activities | -111,427,000 | -67,188,000 | ||||||||||||||||||
non-cash gain on asset transaction | -12,668,000 | |||||||||||||||||||
cash and equivalents | 269,599,000 | |||||||||||||||||||
inventory, net of a reserve for obsolescence of 1,089 and 996, respectively | 5,457,000 | |||||||||||||||||||
derivative assets | 1,205,000 | |||||||||||||||||||
aircraft lease deposits | 8,027,000 | |||||||||||||||||||
retained earnings / | -64,460,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net income | 8,145,000 | 1,552,000 | 6,577,000 | 36,535,000 | 13,436,000 | 2,342,000 | 1,812,000 | 35,313,000 | 5,645,000 | 7,590,000 | 20,618,000 | 38,328,000 | 7,284,000 | 10,677,000 | -3,922,000 | 3,637,000 | -602,000 | 13,903,000 | 51,753,000 | 12,416,000 |
adjustments to reconcile net income to cash from operating activities: | ||||||||||||||||||||
depreciation and amortization | 24,419,000 | 24,683,000 | 24,972,000 | 24,804,000 | 23,795,000 | 23,754,000 | 23,631,000 | 23,809,000 | 23,574,000 | 22,762,000 | 22,355,000 | 19,460,000 | 18,277,000 | 17,182,000 | 16,854,000 | 15,328,000 | 14,916,000 | 14,028,000 | 13,460,000 | 12,615,000 |
operating lease right-of-use assets | 1,737,000 | -5,454,000 | 2,266,000 | 2,989,000 | ||||||||||||||||
gain on asset transactions | ||||||||||||||||||||
deferred income taxes | 4,438,000 | 2,647,000 | 1,537,000 | 8,542,000 | 4,013,000 | 875,000 | 565,000 | 8,974,000 | 3,806,000 | 1,811,000 | 5,819,000 | 10,450,000 | 1,710,000 | 1,322,000 | -921,000 | 2,782,000 | 412,000 | 2,193,000 | 9,469,000 | 5,406,000 |
amazon warrants expense | ||||||||||||||||||||
stock-based compensation expense | 793,000 | 486,000 | 575,000 | 920,000 | 985,000 | 964,000 | 743,000 | 2,870,000 | ||||||||||||
other | -1,613,000 | 261,000 | 3,053,000 | 718,000 | -7,042,000 | 3,462,000 | 1,064,000 | 2,883,000 | 2,756,000 | 7,034,000 | 4,643,000 | |||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||
accounts receivable | -1,173,000 | -13,854,000 | 8,335,000 | -4,062,000 | 5,276,000 | 7,215,000 | -5,415,000 | 4,147,000 | 4,416,000 | -16,282,000 | 9,667,000 | -468,000 | -3,224,000 | 7,935,000 | -6,446,000 | -1,577,000 | -515,000 | -4,231,000 | 1,907,000 | 2,358,000 |
inventory | -427,000 | -849,000 | -307,000 | -772,000 | -1,787,000 | -810,000 | -1,125,000 | -1,319,000 | 20,000 | -466,000 | -707,000 | -305,000 | -1,612,000 | -218,000 | -838,000 | -346,000 | -28,000 | -232,000 | -51,000 | -173,000 |
prepaid expenses | 470,000 | -2,927,000 | -583,000 | -796,000 | -611,000 | 1,814,000 | -2,435,000 | 3,218,000 | -2,465,000 | -1,149,000 | -582,000 | -198,000 | 270,000 | 4,545,000 | -6,078,000 | -1,655,000 | 2,643,000 | 3,293,000 | -2,770,000 | -3,676,000 |
lessor maintenance deposits | -3,555,000 | -3,827,000 | -3,860,000 | -2,713,000 | -2,946,000 | -4,379,000 | -4,111,000 | -4,276,000 | -3,358,000 | -3,054,000 | -2,777,000 | -2,858,000 | -2,749,000 | -2,900,000 | -3,437,000 | -3,919,000 | -2,625,000 | -2,244,000 | -1,001,000 | -2,219,000 |
aircraft deposits | 25,000 | -55,000 | -240,000 | -187,000 | -14,000 | -849,000 | -676,000 | -1,044,000 | ||||||||||||
other assets | 881,000 | -2,060,000 | -4,039,000 | 1,393,000 | -1,890,000 | -1,974,000 | -802,000 | 1,093,000 | -2,951,000 | -1,199,000 | 688,000 | 581,000 | -2,925,000 | -5,496,000 | 6,280,000 | -6,262,000 | 54,000 | 1,003,000 | 1,061,000 | 233,000 |
accounts payable | 7,894,000 | -6,492,000 | -641,000 | 2,730,000 | 5,583,000 | -12,169,000 | 1,170,000 | 2,455,000 | 2,827,000 | -3,111,000 | -2,456,000 | -288,000 | 8,949,000 | -7,018,000 | 6,192,000 | 9,500,000 | 3,563,000 | -1,289,000 | 2,920,000 | 626,000 |
accrued transportation taxes | 6,693,000 | 1,435,000 | -1,918,000 | -3,821,000 | 5,800,000 | -429,000 | -1,296,000 | -1,638,000 | 5,302,000 | -2,694,000 | 86,000 | -2,264,000 | 6,666,000 | -3,549,000 | 451,000 | 1,362,000 | 3,854,000 | -4,025,000 | 2,505,000 | 4,519,000 |
air traffic liabilities | 22,594,000 | 37,831,000 | -7,658,000 | -46,428,000 | 29,148,000 | 14,661,000 | -3,061,000 | -38,058,000 | 27,543,000 | 189,000 | -11,349,000 | -16,382,000 | 25,164,000 | 8,873,000 | 13,012,000 | -7,616,000 | 13,514,000 | -8,723,000 | 19,038,000 | -6,343,000 |
loyalty program liabilities | 201,000 | 248,000 | 297,000 | -501,000 | 418,000 | 910,000 | 205,000 | -669,000 | -111,000 | 191,000 | -143,000 | -1,638,000 | -880,000 | -288,000 | -769,000 | -2,344,000 | -592,000 | -567,000 | 103,000 | -1,295,000 |
operating lease obligations | -845,000 | -826,000 | -812,000 | -798,000 | -724,000 | -496,000 | -503,000 | -455,000 | -529,000 | -859,000 | -1,565,000 | -1,434,000 | -1,657,000 | 5,637,000 | -2,458,000 | -3,240,000 | ||||
other liabilities | 6,031,000 | 4,127,000 | -5,132,000 | 1,600,000 | 10,265,000 | 655,000 | -1,548,000 | -4,756,000 | 5,130,000 | 528,000 | 1,384,000 | 421,000 | -1,952,000 | 6,879,000 | -3,740,000 | 594,000 | 4,657,000 | 6,899,000 | -205,000 | 1,820,000 |
net cash from operating activities | 78,905,000 | 41,949,000 | 19,821,000 | 16,431,000 | 90,559,000 | 35,431,000 | 8,151,000 | 30,721,000 | 71,469,000 | 6,958,000 | 47,832,000 | 47,861,000 | 55,769,000 | 34,611,000 | 18,847,000 | 18,213,000 | 42,618,000 | 19,554,000 | 74,002,000 | 15,839,000 |
capital expenditures | -43,988,000 | -7,936,000 | -5,795,000 | -15,409,000 | -4,717,000 | -4,384,000 | -8,533,000 | -29,698,000 | -7,519,000 | -18,289,000 | -87,374,000 | -104,978,000 | -10,264,000 | -40,011,000 | -87,964,000 | -49,683,000 | -5,316,000 | -44,317,000 | -12,337,000 | -54,156,000 |
free cash flows | 34,917,000 | 34,013,000 | 14,026,000 | 1,022,000 | 85,842,000 | 31,047,000 | -382,000 | 1,023,000 | 63,950,000 | -11,331,000 | -39,542,000 | -57,117,000 | 45,505,000 | -5,400,000 | -69,117,000 | -31,470,000 | 37,302,000 | -24,763,000 | 61,665,000 | -38,317,000 |
cash flows from investing activities: | ||||||||||||||||||||
purchases of property & equipment | -43,988,000 | -7,936,000 | -5,795,000 | -15,409,000 | -4,717,000 | -4,384,000 | -8,533,000 | -29,698,000 | -7,519,000 | -18,289,000 | -87,374,000 | -104,978,000 | -10,264,000 | -40,011,000 | -87,964,000 | -49,683,000 | -5,316,000 | -44,317,000 | -12,337,000 | -54,399,000 |
proceeds from the sale of property & equipment | 3,017,000 | 1,674,000 | 262,000 | 510,000 | 5,000 | |||||||||||||||
purchases of investments | -32,943,000 | -5,576,000 | -8,942,000 | -19,092,000 | -36,749,000 | -24,045,000 | -410,000 | -31,200,000 | -12,961,000 | -33,137,000 | -25,209,000 | -24,228,000 | -58,900,000 | |||||||
proceeds from the maturities of investments | 7,749,000 | 42,500,000 | 13,054,000 | 17,925,000 | 22,375,000 | 43,250,000 | 25,000,000 | 39,500,000 | 26,370,000 | 39,055,000 | 38,955,000 | 32,840,000 | ||||||||
net cash from investing activities | -66,165,000 | 35,171,000 | 2,561,000 | -10,572,000 | -12,541,000 | 17,416,000 | 23,829,000 | -20,307,000 | 7,047,000 | -10,237,000 | -72,804,000 | -95,237,000 | -51,720,000 | -98,649,000 | -149,333,000 | -49,628,000 | -5,546,000 | -44,239,000 | -12,636,000 | -54,552,000 |
cash flows from financing activities: | ||||||||||||||||||||
common stock repurchases | 0 | -10,015,000 | 0 | -10,000,000 | -641,000 | 0 | 0 | -11,493,000 | -13,534,000 | -32,802,000 | -7,437,000 | -14,812,000 | ||||||||
proceeds from borrowings | 54,000,000 | 60,000,000 | 0 | 0 | 0 | 47,920,000 | 71,280,000 | 0 | 15,770,000 | 94,521,000 | 77,986,000 | 0 | 0 | 12,500,000 | 68,000,000 | |||||
repayment of finance lease obligations | -5,165,000 | -5,084,000 | -5,003,000 | -4,923,000 | -19,693,000 | -5,379,000 | -15,023,000 | -5,847,000 | -5,493,000 | -7,719,000 | -4,394,000 | -4,277,000 | -4,220,000 | -13,549,000 | -19,827,000 | -4,466,000 | -2,818,000 | -1,249,000 | -3,953,000 | -3,911,000 |
repayment of borrowings | -31,688,000 | -34,395,000 | -30,799,000 | -14,829,000 | -84,742,000 | -14,009,000 | -32,937,000 | -13,830,000 | -33,801,000 | -13,667,000 | -11,686,000 | -10,122,000 | -18,187,000 | -9,259,000 | -8,099,000 | -77,947,000 | -9,642,000 | -1,019,000 | -28,641,000 | -46,068,000 |
tax receivable agreement payment | 0 | 0 | 0 | -10,525,000 | ||||||||||||||||
net cash from financing activities | 18,469,000 | 4,402,000 | -36,200,000 | -39,202,000 | -44,987,000 | -19,444,000 | -37,543,000 | -34,494,000 | -52,756,000 | -53,012,000 | 24,820,000 | 38,811,000 | -47,196,000 | -6,877,000 | 66,989,000 | -5,883,000 | -10,312,000 | 225,000 | -21,499,000 | 243,968,000 |
net increase in cash, cash equivalents and restricted cash | 31,209,000 | 33,031,000 | -43,147,000 | -70,915,000 | -63,497,000 | -37,298,000 | 26,760,000 | -24,460,000 | 39,867,000 | 205,255,000 | ||||||||||
cash, cash equivalents and restricted cash--beginning of the period | 0 | 0 | 0 | 100,471,000 | 0 | 0 | 0 | 63,680,000 | 0 | 0 | 0 | 102,928,000 | 0 | 0 | 0 | 317,785,000 | 0 | 0 | 0 | 70,363,000 |
cash, cash equivalents and restricted cash--end of the period | 31,209,000 | 81,522,000 | -13,818,000 | 67,128,000 | 33,031,000 | 33,403,000 | -5,563,000 | 39,600,000 | 25,760,000 | -56,291,000 | -152,000 | 94,363,000 | -43,147,000 | -70,915,000 | -63,497,000 | 280,487,000 | 26,760,000 | -24,460,000 | 39,867,000 | 275,618,000 |
non-cash transactions: | ||||||||||||||||||||
aircraft acquired under finance lease | 0 | 0 | 40,116,000 | |||||||||||||||||
aircraft acquired from the exercise of finance lease purchase option, net of accumulated depreciation | 0 | |||||||||||||||||||
maintenance rights asset capitalized into aircraft and flight equipment upon end of lease | 0 | |||||||||||||||||||
maintenance rights asset converted to accounts receivable upon end of lease | 0 | |||||||||||||||||||
changes to finance lease assets due to lease modifications | 12,332,000 | |||||||||||||||||||
the following provides a reconciliation of cash, cash equivalents and restricted cash to the amounts reported on the condensed consolidated balance sheets: | ||||||||||||||||||||
cash and cash equivalents | 74,870,000 | -16,427,000 | 53,391,000 | 29,927,000 | -1,563,000 | 28,427,000 | -59,963,000 | 15,343,000 | 71,587,000 | 272,402,000 | ||||||||||
restricted cash | 6,652,000 | 2,609,000 | 13,737,000 | 3,476,000 | -4,000,000 | 11,173,000 | 3,672,000 | -15,495,000 | 22,776,000 | 8,085,000 | 10,931,000 | -1,257,000 | 6,019,000 | |||||||
total cash, cash equivalents and restricted cash | 81,522,000 | -13,818,000 | 67,128,000 | 33,403,000 | -5,563,000 | 39,600,000 | -56,291,000 | -152,000 | 94,363,000 | 280,487,000 | -24,460,000 | 39,867,000 | 275,618,000 | |||||||
net decrease in cash, cash equivalents and restricted cash | -13,818,000 | -33,343,000 | -5,563,000 | -24,080,000 | -56,291,000 | -152,000 | -8,565,000 | |||||||||||||
income tax receivable agreement liability adjustment | ||||||||||||||||||||
amortization of over-market assets | ||||||||||||||||||||
tax receivable agreement adjustment | 0 | -3,500,000 | 3,400,000 | -1,100,000 | ||||||||||||||||
unrealized gain on fuel derivatives | ||||||||||||||||||||
amortization of over-market liabilities | -384,000 | -766,000 | -766,000 | -921,000 | -1,077,000 | -1,078,000 | -1,077,000 | -2,004,000 | ||||||||||||
amazon warrants vested | 1,400,000 | 1,400,000 | 1,400,000 | 1,400,000 | 1,400,000 | 1,400,000 | 1,400,000 | 1,400,000 | ||||||||||||
amortization of debt issuance costs and debt securities | -295,000 | -48,000 | ||||||||||||||||||
property & equipment write-off | ||||||||||||||||||||
loss on extinguishment of debt | 0 | 0 | 0 | 1,557,000 | ||||||||||||||||
proceeds from insurance settlements | 0 | 0 | ||||||||||||||||||
proceeds from the sale of investments | 301,000 | 0 | 882,000 | 53,000 | 75,000 | 78,000 | 800,000 | 184,000 | ||||||||||||
cash received from stock offering | 0 | 0 | 0 | 235,894,000 | ||||||||||||||||
costs of stock offering | 322,000 | -37,000 | -1,443,000 | -7,226,000 | ||||||||||||||||
proceeds from stock option and warrant exercises | 309,000 | 285,000 | 848,000 | 523,000 | 1,826,000 | 2,381,000 | ||||||||||||||
taxes paid for net stock settlement of stock-based awards | 0 | 0 | ||||||||||||||||||
payment of tax receivable agreement liability | ||||||||||||||||||||
debt issuance costs | -44,000 | -124,000 | -423,000 | -1,979,000 | 0 | 149,000 | 12,000 | -2,721,000 | ||||||||||||
aircraft and flight equipment acquired through finance leases | 19,928,000 | 19,278,000 | 28,945,000 | |||||||||||||||||
aircraft and flight equipment acquired from exercise of finance lease purchase option, net of accumulated depreciation | ||||||||||||||||||||
aircraft acquired from exercise of finance lease purchase option, net of accumulated depreciation | ||||||||||||||||||||
changes to finance lease assets due to operating and finance lease modifications | ||||||||||||||||||||
loss on asset transactions | ||||||||||||||||||||
unrealized loss on fuel derivatives | 0 | 72,000 | -1,213,000 | -2,386,000 | ||||||||||||||||
purchase of investments | -3,000 | -361,000 | 0 | -1,099,000 | -337,000 | |||||||||||||||
non-cash loss on asset transactions | -7,000 | 2,000 | -3,939,000 | -8,729,000 | ||||||||||||||||
unrealized (gain) on fuel derivatives | ||||||||||||||||||||
non-cash gain on asset transactions | -77,000 | -2,000 | ||||||||||||||||||
tax receivable agreement | 6,800,000 | |||||||||||||||||||
amortization of debt issuance costs | 270,000 | 276,000 | 276,000 | 415,000 | 1,496,000 | |||||||||||||||
sun country airlines holdings, inc.condensed consolidated statements of cash flows | ||||||||||||||||||||
lease deposits applied against the purchase of aircraft | 0 | 0 | 530,000 | 2,766,000 | ||||||||||||||||
finance lease asset modifications | 46,311,000 | |||||||||||||||||||
aircraft lease deposits | -717,000 | -334,000 | -730,000 | 2,226,000 | ||||||||||||||||
proceeds received for amazon warrants | ||||||||||||||||||||
supplemental information: | ||||||||||||||||||||
cash payments for interest | 9,080,000 | 3,481,000 | 8,312,000 | 2,728,000 | ||||||||||||||||
cash payments for income taxes | 28,000 | |||||||||||||||||||
right-of-use assets acquired through operating leases | ||||||||||||||||||||
purchases of property & equipment in accounts payable | 243,000 | |||||||||||||||||||
reduction in operating lease right-of-use assets | 3,501,000 | 4,018,000 | 5,401,000 | |||||||||||||||||
reduction in operating lease obligations | -4,157,000 | -5,104,000 | -10,722,000 | |||||||||||||||||
cash payments (receipts) for income taxes | 47,000 | -7,000 | ||||||||||||||||||
costs of stock offering in accounts payable | -1,791,000 | 1,829,000 | ||||||||||||||||||
the following provides a reconciliation of cash, cash equivalents and restricted cash to the amounts reported on the consolidated balance sheets: | ||||||||||||||||||||
cash and equivalents | 41,124,000 | 269,599,000 | ||||||||||||||||||
proceeds received from exercise of apollo warrants |