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Leases

9 Months Ended

Sep. 30, 2025

13.

Leases

As of September 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 $1.4 million and $2.6 million for the three months ended September 30, 2025 and September 30, 2024, respectively, and $4.9 million and $6.0 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease costs	$	582	$	793	$	1,801	$	2,757
Variable and short-term lease costs		1,424		2,598		4,945		6,018
Interest expense on finance lease liabilities		-		239		48		2,241
Amortization expense of finance lease assets		-		162		54		1,040
Total lease costs	$	2,006	$	3,792	$	6,848	$	12,056

As of September 30, 2025, our operating leases have a remaining weighted average lease term of 5.7 years and our operating lease liabilities were measured using a weighted average discount rate of 5.5%.