Segments (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Segment Reporting Information, by Segment


	Three Months Ended March 31, 2025
(in thousands)	Airline		Sunseeker		Consolidated





REVENUES FROM EXTERNAL CUSTOMERS	$	668,386	$	30,688	$	699,074
OPERATING EXPENSES:
Salaries and benefits	220,374		11,065		231,439
Aircraft fuel	166,333		—		166,333
Station operations	73,505		—		73,505
Depreciation and amortization	59,711		3,601		63,312
Maintenance and repairs	34,854		—		34,854
Sales and marketing	23,370		1,726		25,096
Aircraft lease rentals	5,920		—		5,920
Other operating expense(1)	22,075		13,093		35,168
Special charges, net of recoveries	1,392		(2,947)		(1,555)
Total operating expenses	607,534		26,538		634,072
OPERATING INCOME	60,852		4,150		65,002
OTHER (INCOME) EXPENSES:
Interest income	(11,935)		—		(11,935)
Interest expense	28,949		11,834		40,783
Capitalized interest	(6,488)		—		(6,488)
Other non-operating expense	702		—		702
INCOME (LOSS) BEFORE INCOME TAXES	$	49,624	$	(7,684)	$	41,940

Capital expenditures	83,136		406		83,542


	Three Months Ended March 31, 2024
(in thousands)	Airline		Sunseeker		Consolidated





REVENUES FROM EXTERNAL CUSTOMERS	$	632,519	$	23,887	$	656,406
OPERATING EXPENSES:
Salaries and benefits	199,508		13,819		213,327
Aircraft fuel	170,087		—		170,087
Station operations	66,468		—		66,468
Depreciation and amortization	57,868		5,976		63,844
Maintenance and repairs	30,278		—		30,278
Sales and marketing	28,878		1,541		30,419
Aircraft lease rentals	5,985		—		5,985
Other operating expense(1)	34,315		13,136		47,451
Special charges, net of recoveries	14,915		(1,816)		13,099
Total operating expenses	608,302		32,656		640,958
OPERATING INCOME (LOSS)	24,217		(8,769)		15,448
OTHER (INCOME) EXPENSES:
Interest income	(12,241)		—		(12,241)
Interest expense	34,737		5,423		40,160
Capitalized interest	(10,859)		(326)		(11,185)
Other non-operating expense	51		—		51
INCOME (LOSS) BEFORE INCOME TAXES	$	12,529	$	(13,866)	$	(1,337)

Capital expenditures	122,175		14,004		136,179

(1) Other operating expenses in the Airline segment consist of insurance, crew training and travel, legal expense, gains and losses on the sale of flight equipment, and other general and administrative expenses. Other operating expenses in the Sunseeker segment consist of food and beverage cost of goods sold, contract labor, property tax, insurance, and other general and administrative expense.

Total assets were as follows as of the dates indicated:


(in thousands)	As of March 31, 2025		As of December 31, 2024
Airline	$	4,185,254	$	4,116,289
Sunseeker Resort	318,608		313,564

Consolidated	$	4,503,862	$	4,429,853