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Leases

9 Months Ended

Jun. 30, 2025

13.

Leases

As of June 30, 2025, we leased airport facilities, office space, and other property and equipment under non-cancelable operating leases. The leases generally require us to pay all taxes, maintenance, insurance, and other operating expenses. Operating leased expense is recognized as a rental expense on a straight-line basis over the lease term, net of lessor rebates and other incentives.

Aggregate rental expense under all aircraft, equipment and facility leases totaled approximately $1.9 million and $4.5 million for the three months ended June 30, 2025 and June 30, 2024, respectively, and $8.0 million and $17.1 million for the nine months ended June 30, 2025 and June 30, 2024, respectively.

The components of our lease costs were as follows (in thousands):


	Three Months Ended June 30,				Nine Months Ended June 30,
	2025		2024		2025		2024
Operating lease costs	$	639	$	810	$	2,000	$	3,233
Variable and short-term lease costs		1,261		2,581		5,907		5,543
Interest expense on finance lease liabilities		-		746		48		3,291
Amortization expense of finance lease assets		-		365		54		5,001
Total lease costs	$	1,900	$	4,502	$	8,009	$	17,068

As of June 30, 2025, our operating leases have a remaining weighted average lease term of 5.8 years and our operating lease liabilities were measured using a weighted average discount rate of 5.4%.