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Segments | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
Segments | Segments Operating segments are components of a company for which separate financial and operating information is regularly evaluated and reported to the Chief Operating Decision Maker ("CODM"), and is used to allocate resources and analyze performance. The Company's CODM is Gregory Anderson, President and CEO, who reviews information about the Company's two operating segments: Airline and Sunseeker Resort. Airline Segment The Airline segment operates as a single business unit and includes all scheduled service air transportation, ancillary air-related products and services, third party products and services, fixed fee contract air transportation and other airline-related revenue. The CODM evaluation includes, but is not limited to, route and flight profitability data, ancillary and third party product and service offering statistics, and fixed fee contract information when making resource allocation decisions for the Airline segment. Sunseeker Resort Segment The Sunseeker Resort segment operates as a single business unit and includes hotel rooms and suites for occupancy, group meeting facilities, food and beverage options, the Aileron Golf Course and other Resort amenities. The CODM evaluation includes, but is not limited to, demand for hospitality offerings, occupancy rates, room pricing, food and beverage offerings, other charge points at the Resort and competitive information when making resource allocation decisions for the Resort. Selected information for the Company's operating segments and the reconciliation to the consolidated financial statement amounts are as follows:
| Three Months Ended September 30, 2024 |  | Three Months Ended September 30, 2023
| Airline |  | Sunseeker |  | Consolidated |  | Airline |  | Sunseeker |  | Consolidated
OPERATING REVENUES: |  |  |  |  |  |  |  |  |  |  |
Passenger | $ | 488,989 |  |  | $ | — |  |  | $ | 488,989 |  |  | $ | 516,251 |  |  | $ | — |  |  | $ | 516,251 |
Third party products | 39,423 |  |  | — |  |  | 39,423 |  |  | 30,944 |  |  | — |  |  | 30,944 |
Fixed fee contracts | 20,559 |  |  | — |  |  | 20,559 |  |  | 17,741 |  |  | — |  |  | 17,741 |
Resort and other | 156 |  |  | 13,069 |  |  | 13,225 |  |  | 423 |  |  | — |  |  | 423 |
Total operating revenues | 549,127 |  |  | 13,069 |  |  | 562,196 |  |  | 565,359 |  |  | — |  |  | 565,359 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits | 183,849 |  |  | 11,477 |  |  | 195,326 |  |  | 159,717 |  |  | 3,287 |  |  | 163,004 |
Aircraft fuel | 148,241 |  |  | — |  |  | 148,241 |  |  | 167,861 |  |  | — |  |  | 167,861 |
Station operations | 70,632 |  |  | — |  |  | 70,632 |  |  | 64,630 |  |  | — |  |  | 64,630 |
Depreciation and amortization | 56,025 |  |  | 7,893 |  |  | 63,918 |  |  | 55,730 |  |  | 86 |  |  | 55,816 |
Maintenance and repairs | 30,278 |  |  | — |  |  | 30,278 |  |  | 35,477 |  |  | — |  |  | 35,477 |
Sales and marketing | 23,370 |  |  | 1,499 |  |  | 24,869 |  |  | 27,835 |  |  | 633 |  |  | 28,468 |
Aircraft lease rentals | 5,920 |  |  | — |  |  | 5,920 |  |  | 5,906 |  |  | — |  |  | 5,906 |
Other | 30,187 |  |  | 10,376 |  |  | 40,563 |  |  | 27,170 |  |  | 2,262 |  |  | 29,432 |
Special charges, net of recoveries | 7,651 |  |  | 1,139 |  |  | 8,790 |  |  | 15,216 |  |  | 17,432 |  |  | 32,648 |
Total operating expenses | 556,153 |  |  | 32,384 |  |  | 588,537 |  |  | 559,542 |  |  | 23,700 |  |  | 583,242 |
OPERATING INCOME (LOSS) | (7,026) |  |  | (19,315) |  |  | (26,341) |  |  | 5,817 |  |  | (23,700) |  |  | (17,883) |
Interest income | (10,071) |  |  | — |  |  | (10,071) |  |  | (12,444) |  |  | — |  |  | (12,444) |
Interest expense | 33,582 |  |  | 5,483 |  |  | 39,065 |  |  | 33,698 |  |  | 5,535 |  |  | 39,233 |
Capitalized interest | (11,923) |  |  | — |  |  | (11,923) |  |  | (8,224) |  |  | (6,664) |  |  | (14,888) |
Capital expenditures | 40,731 |  |  | 1,063 |  |  | 41,794 |  |  | 157,579 |  |  | 78,254 |  |  | 235,833 |
| Nine Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2023
| Airline |  | Sunseeker |  | Consolidated |  | Airline |  | Sunseeker |  | Consolidated
OPERATING REVENUES: |  |  |  |  |  |  |  |  |  |  |
Passenger | $ | 1,663,423 |  |  | $ | — |  |  | $ | 1,663,423 |  |  | $ | 1,768,274 |  |  | $ | — |  |  | $ | 1,768,274 |
Third party products | 109,924 |  |  | — |  |  | 109,924 |  |  | 85,886 |  |  | — |  |  | 85,886 |
Fixed fee contracts | 57,119 |  |  | — |  |  | 57,119 |  |  | 43,599 |  |  | — |  |  | 43,599 |
Resort and other | 650 |  |  | 53,768 |  |  | 54,418 |  |  | 1,096 |  |  | — |  |  | 1,096 |
Total operating revenues | 1,831,116 |  |  | 53,768 |  |  | 1,884,884 |  |  | 1,898,855 |  |  | — |  |  | 1,898,855 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits | 580,775 |  |  | 37,820 |  |  | 618,595 |  |  | 492,205 |  |  | 7,593 |  |  | 499,798 |
Aircraft fuel | 488,388 |  |  | — |  |  | 488,388 |  |  | 520,018 |  |  | — |  |  | 520,018 |
Station operations | 206,898 |  |  | — |  |  | 206,898 |  |  | 192,864 |  |  | — |  |  | 192,864 |
Depreciation and amortization | 173,237 |  |  | 19,885 |  |  | 193,122 |  |  | 164,196 |  |  | 234 |  |  | 164,430 |
Maintenance and repairs | 91,286 |  |  | — |  |  | 91,286 |  |  | 95,553 |  |  | — |  |  | 95,553 |
Sales and marketing | 78,166 |  |  | 5,100 |  |  | 83,266 |  |  | 83,994 |  |  | 1,271 |  |  | 85,265 |
Aircraft lease rentals | 17,653 |  |  | — |  |  | 17,653 |  |  | 18,973 |  |  | — |  |  | 18,973 |
Other | 87,930 |  |  | 33,741 |  |  | 121,671 |  |  | 84,920 |  |  | 6,837 |  |  | 91,757 |
Special charges, net of recoveries | 42,639 |  |  | (2,637) |  |  | 40,002 |  |  | 15,230 |  |  | 4,598 |  |  | 19,828 |
Total operating expenses | 1,766,972 |  |  | 93,909 |  |  | 1,860,881 |  |  | 1,667,953 |  |  | 20,533 |  |  | 1,688,486 |
OPERATING INCOME (LOSS) | 64,144 |  |  | (40,141) |  |  | 24,003 |  |  | 230,902 |  |  | (20,533) |  |  | 210,369 |
Interest income | (33,441) |  |  | — |  |  | (33,441) |  |  | (34,418) |  |  | — |  |  | (34,418) |
Interest expense | 102,441 |  |  | 16,328 |  |  | 118,769 |  |  | 96,381 |  |  | 16,326 |  |  | 112,707 |
Capitalized interest | (34,392) |  |  | (326) |  |  | (34,718) |  |  | (13,143) |  |  | (15,806) |  |  | (28,949) |
Capital expenditures | 201,950 |  |  | 19,105 |  |  | 221,055 |  |  | 425,996 |  |  | 260,892 |  |  | 686,888 |
Total assets were as follows as of the dates indicated:
(in thousands) | As of September 30, 2024 |  | As of December 31, 2023
Airline | $ | 4,147,687 |  |  | $ | 4,200,545 |
Sunseeker Resort | 640,565 |  |  | 656,122 |
Consolidated | $ | 4,788,252 |  |  | $ | 4,856,667 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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