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v3.25.3

Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment |
| Three Months Ended September 30, 2025
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 552,574 |  |  | $ | 9,358 |  |  | $ | 561,932 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 190,491 |  |  | 5,903 |  |  | 196,394 |
Aircraft fuel | 151,254 |  |  | — |  |  | 151,254 |
Station operations | 71,390 |  |  | — |  |  | 71,390 |
Depreciation and amortization | 58,952 |  |  | — |  |  | 58,952 |
Maintenance and repairs | 39,908 |  |  | — |  |  | 39,908 |
Sales and marketing | 22,093 |  |  | 947 |  |  | 23,040 |
Aircraft lease rentals | 11,096 |  |  | — |  |  | 11,096 |
Other operating expense(1) | 24,684 |  |  | 8,931 |  |  | 33,615 |
Special charges, net of recoveries | 2,907 |  |  | 566 |  |  | 3,473 |
Total operating expenses | 572,775 |  |  | 16,347 |  |  | 589,122 |
OPERATING LOSS | (20,201) |  |  | (6,989) |  |  | (27,190) |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (10,108) |  |  | — |  |  | (10,108) |
Interest expense | 34,120 |  |  | 3,996 |  |  | 38,116 |
Capitalized interest | (3,166) |  |  | — |  |  | (3,166) |
Other non-operating expense | 122 |  |  | — |  |  | 122 |
LOSS BEFORE INCOME TAXES | $ | (41,169) |  |  | $ | (10,985) |  |  | $ | (52,154) |
Capital expenditures | $ | 129,278 |  |  | $ | — |  |  | $ | 129,278 |
| Three Months Ended September 30, 2024
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 549,127 |  |  | $ | 13,069 |  |  | $ | 562,196 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 183,849 |  |  | 11,477 |  |  | 195,326 |
Aircraft fuel | 148,241 |  |  | — |  |  | 148,241 |
Station operations | 70,632 |  |  | — |  |  | 70,632 |
Depreciation and amortization | 56,025 |  |  | 7,893 |  |  | 63,918 |
Maintenance and repairs | 30,278 |  |  | — |  |  | 30,278 |
Sales and marketing | 23,370 |  |  | 1,499 |  |  | 24,869 |
Aircraft lease rentals | 5,920 |  |  | — |  |  | 5,920 |
Other operating expense(1) | 30,187 |  |  | 10,376 |  |  | 40,563 |
Special charges, net of recoveries | 7,651 |  |  | 1,139 |  |  | 8,790 |
Total operating expenses | 556,153 |  |  | 32,384 |  |  | 588,537 |
OPERATING LOSS | (7,026) |  |  | (19,315) |  |  | (26,341) |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (10,071) |  |  | — |  |  | (10,071) |
Interest expense | 33,582 |  |  | 5,483 |  |  | 39,065 |
Capitalized interest | (11,923) |  |  | — |  |  | (11,923) |
Other non-operating expense | 30 |  |  | — |  |  | 30 |
LOSS BEFORE INCOME TAXES | $ | (18,644) |  |  | $ | (24,798) |  |  | $ | (43,442) |
Capital expenditures | $ | 40,731 |  |  | $ | 1,063 |  |  | $ | 41,794 |
| Nine Months Ended September 30, 2025
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 1,889,710 |  |  | $ | 60,680 |  |  | $ | 1,950,390 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 614,350 |  |  | 27,585 |  |  | 641,935 |
Aircraft fuel | 483,339 |  |  | — |  |  | 483,339 |
Station operations | 220,143 |  |  | — |  |  | 220,143 |
Depreciation and amortization | 183,623 |  |  | 7,159 |  |  | 190,782 |
Maintenance and repairs | 111,141 |  |  | — |  |  | 111,141 |
Sales and marketing | 70,583 |  |  | 4,390 |  |  | 74,973 |
Aircraft lease rentals | 28,038 |  |  | — |  |  | 28,038 |
Other operating expense(1) | 75,790 |  |  | 34,083 |  |  | 109,873 |
Special charges, net of recoveries | 18,894 |  |  | 100,948 |  |  | 119,842 |
Total operating expenses | 1,805,901 |  |  | 174,165 |  |  | 1,980,066 |
OPERATING INCOME (LOSS) | 83,809 |  |  | (113,485) |  |  | (29,676) |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (32,402) |  |  | — |  |  | (32,402) |
Interest expense | 91,190 |  |  | 23,466 |  |  | 114,656 |
Capitalized interest | (14,216) |  |  | — |  |  | (14,216) |
Other non-operating expense | 1,064 |  |  | — |  |  | 1,064 |
INCOME (LOSS) BEFORE INCOME TAXES | $ | 38,173 |  |  | $ | (136,951) |  |  | $ | (98,778) |
Capital expenditures | $ | 350,131 |  |  | $ | 1,442 |  |  | $ | 351,573 |
| Nine Months Ended September 30, 2024
(in thousands) | Airline |  | Sunseeker |  | Consolidated
REVENUES FROM EXTERNAL CUSTOMERS | $ | 1,831,116 |  |  | $ | 53,768 |  |  | $ | 1,884,884 |
OPERATING EXPENSES: |  |  |  |  |
Salaries and benefits | 580,775 |  |  | 37,820 |  |  | 618,595 |
Aircraft fuel | 488,388 |  |  | — |  |  | 488,388 |
Station operations | 206,898 |  |  | — |  |  | 206,898 |
Depreciation and amortization | 173,237 |  |  | 19,885 |  |  | 193,122 |
Maintenance and repairs | 91,286 |  |  | — |  |  | 91,286 |
Sales and marketing | 78,166 |  |  | 5,100 |  |  | 83,266 |
Aircraft lease rentals | 17,653 |  |  | — |  |  | 17,653 |
Other operating expense(1) | 87,930 |  |  | 33,741 |  |  | 121,671 |
Special charges, net of recoveries | 42,639 |  |  | (2,637) |  |  | 40,002 |
Total operating expenses | 1,766,972 |  |  | 93,909 |  |  | 1,860,881 |
OPERATING INCOME (LOSS) | 64,144 |  |  | (40,141) |  |  | 24,003 |
OTHER (INCOME) EXPENSES: |  |  |  |  |
Interest income | (33,441) |  |  | — |  |  | (33,441) |
Interest expense | 102,441 |  |  | 16,328 |  |  | 118,769 |
Capitalized interest | (34,392) |  |  | (326) |  |  | (34,718) |
Other non-operating expense | 146 |  |  | — |  |  | 146 |
INCOME (LOSS) BEFORE INCOME TAXES | $ | 29,390 |  |  | $ | (56,143) |  |  | $ | (26,753) |
Capital expenditures | $ | 201,950 |  |  | $ | 19,105 |  |  | $ | 221,055 |
(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 expenses. Total assets were as follows as of the dates indicated:
(in thousands) | As of September 30, 2025 |  | As of December 31, 2024
Airline | $ | 4,392,245 |  |  | $ | 4,116,289 |
Sunseeker Resort | — |  |  | 313,564 |
Consolidated | $ | 4,392,245 |  |  | $ | 4,429,853 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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