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v3.25.2

Segments | 6 Months Ended
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Jun. 30, 2025
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 the President and CEO, who assesses segment performance and makes resource allocation decisions using information about each operating segment's operating income and pretax income. The CODM reviews separate financial information and makes resource allocation decisions for 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. Scheduled service and fixed fee air transportation services have similar operating margins, economic characteristics and production processes (check-in, baggage handling and flight services) which target the same class of customers and are subject to the same regulatory environment. As a result, the Company believes its airline activities operate under one reportable segment and does not separately track expenses for scheduled service and fixed fee air transportation services. 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, Aileron Golf Course and other Resort amenities. Segment profit or loss, revenues, significant segment expenses, and other required financial information for each of the Company's operating segments are set forth below:
| Three Months Ended June 30, 2025
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 668,750 |  |  | $ | 20,634 |  |  | $ | 689,384 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 203,485 |  |  | 10,617 |  |  | 214,102 |
Aircraft fuel | 165,752 |  |  | — |  |  | 165,752 |
Station operations | 75,248 |  |  | — |  |  | 75,248 |
Depreciation and amortization | 64,961 |  |  | 3,558 |  |  | 68,519 |
Maintenance and repairs | 36,379 |  |  | — |  |  | 36,379 |
Sales and marketing | 25,119 |  |  | 1,718 |  |  | 26,837 |
Aircraft lease rentals | 11,023 |  |  | — |  |  | 11,023 |
Other operating expense(1) | 29,031 |  |  | 12,058 |  |  | 41,089 |
Special charges, net of recoveries | 14,595 |  |  | 103,329 |  |  | 117,924 |
Total operating expenses | 625,593 |  |  | 131,280 |  |  | 756,873 |
OPERATING INCOME (LOSS) | 43,157 |  |  | (110,646) |  |  | (67,489) |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (10,359) |  |  | — |  |  | (10,359) |
Interest expense | 28,121 |  |  | 7,635 |  |  | 35,756 |
Capitalized interest | (4,562) |  |  | — |  |  | (4,562) |
Other non-operating expense | 240 |  |  | — |  |  | 240 |
INCOME (LOSS) BEFORE INCOME TAXES | $ | 29,717 |  |  | $ | (118,281) |  |  | $ | (88,564) |
Capital expenditures | $ | 137,717 |  |  | $ | 1,036 |  |  | $ | 138,753 |
| Three Months Ended June 30, 2024
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 649,472 |  |  | $ | 16,811 |  |  | $ | 666,283 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 197,417 |  |  | 12,525 |  |  | 209,942 |
Aircraft fuel | 170,060 |  |  | — |  |  | 170,060 |
Station operations | 69,798 |  |  | — |  |  | 69,798 |
Depreciation and amortization | 59,345 |  |  | 6,016 |  |  | 65,361 |
Maintenance and repairs | 30,730 |  |  | — |  |  | 30,730 |
Sales and marketing | 25,918 |  |  | 1,580 |  |  | 27,498 |
Aircraft lease rentals | 5,749 |  |  | — |  |  | 5,749 |
Other operating expense(1) | 23,426 |  |  | 10,708 |  |  | 34,134 |
Special charges, net of recoveries | 20,073 |  |  | (1,959) |  |  | 18,114 |
Total operating expenses | 602,516 |  |  | 28,870 |  |  | 631,386 |
OPERATING INCOME (LOSS) | 46,956 |  |  | (12,059) |  |  | 34,897 |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (11,130) |  |  | — |  |  | (11,130) |
Interest expense | 34,121 |  |  | 5,423 |  |  | 39,544 |
Capitalized interest | (11,609) |  |  | — |  |  | (11,609) |
Other non-operating expense | 67 |  |  | — |  |  | 67 |
INCOME (LOSS) BEFORE INCOME TAXES | $ | 35,507 |  |  | $ | (17,482) |  |  | $ | 18,025 |
Capital expenditures | $ | 39,044 |  |  | $ | 4,039 |  |  | $ | 43,083 |
| Six Months Ended June 30, 2025
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 1,337,136 |  |  | $ | 51,322 |  |  | $ | 1,388,458 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 423,859 |  |  | 21,682 |  |  | 445,541 |
Aircraft fuel | 332,085 |  |  | — |  |  | 332,085 |
Station operations | 148,753 |  |  | — |  |  | 148,753 |
Depreciation and amortization | 124,672 |  |  | 7,158 |  |  | 131,830 |
Maintenance and repairs | 71,233 |  |  | — |  |  | 71,233 |
Sales and marketing | 48,489 |  |  | 3,444 |  |  | 51,933 |
Aircraft lease rentals | 16,942 |  |  | — |  |  | 16,942 |
Other operating expense(1) | 51,107 |  |  | 25,152 |  |  | 76,259 |
Special charges, net of recoveries | 15,987 |  |  | 100,382 |  |  | 116,369 |
Total operating expenses | 1,233,127 |  |  | 157,818 |  |  | 1,390,945 |
OPERATING INCOME (LOSS) | 104,009 |  |  | (106,496) |  |  | (2,487) |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (22,294) |  |  | — |  |  | (22,294) |
Interest expense | 57,070 |  |  | 19,470 |  |  | 76,540 |
Capitalized interest | (11,050) |  |  | — |  |  | (11,050) |
Other non-operating expense | 941 |  |  | — |  |  | 941 |
INCOME (LOSS) BEFORE INCOME TAXES | $ | 79,342 |  |  | $ | (125,966) |  |  | $ | (46,624) |
Capital expenditures | $ | 220,853 |  |  | $ | 1,442 |  |  | $ | 222,295 |
| Six Months Ended June 30, 2024
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 1,281,990 |  |  | $ | 40,698 |  |  | $ | 1,322,688 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 396,926 |  |  | 26,343 |  |  | 423,269 |
Aircraft fuel | 340,147 |  |  | — |  |  | 340,147 |
Station operations | 136,266 |  |  | — |  |  | 136,266 |
Depreciation and amortization | 117,212 |  |  | 11,993 |  |  | 129,205 |
Maintenance and repairs | 61,008 |  |  | — |  |  | 61,008 |
Sales and marketing | 54,796 |  |  | 3,602 |  |  | 58,398 |
Aircraft lease rentals | 11,734 |  |  | — |  |  | 11,734 |
Other operating expense(1) | 57,742 |  |  | 23,363 |  |  | 81,105 |
Special charges, net of recoveries | 34,987 |  |  | (3,775) |  |  | 31,212 |
Total operating expenses | 1,210,818 |  |  | 61,526 |  |  | 1,272,344 |
OPERATING INCOME (LOSS) | 71,172 |  |  | (20,828) |  |  | 50,344 |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (23,371) |  |  | — |  |  | (23,371) |
Interest expense | 68,858 |  |  | 10,846 |  |  | 79,704 |
Capitalized interest | (22,468) |  |  | (326) |  |  | (22,794) |
Other non-operating expense | 117 |  |  | — |  |  | 117 |
INCOME (LOSS) BEFORE INCOME TAXES | $ | 48,036 |  |  | $ | (31,348) |  |  | $ | 16,688 |
Capital expenditures | $ | 161,219 |  |  | $ | 18,043 |  |  | $ | 179,262 |
(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 June 30, 2025 |  | As of December 31, 2024
Airline | $ | 4,191,346 |  |  | $ | 4,116,289 |
Sunseeker Resort | 197,795 |  |  | 313,564 |
Consolidated | $ | 4,389,141 |  |  | $ | 4,429,853 |

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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