10/30/2024 | Press release | Distributed by Public on 10/30/2024 14:05
Three Months Ended September 30, | |||||
(unaudited) (in millions, except per share amounts) | 2024 | 2023 | % Change | ||
Total Operating Revenue | $ | 249.5 | $ | 248.9 | 0.2 |
Operating Income | 12.4 | 19.0 | (34.9) | ||
Income Before Income Tax | 3.0 | 10.1 | (70.2) | ||
Net Income | 2.3 | 7.6 | (69.1) | ||
Diluted earnings per share | $ | 0.04 | $ | 0.13 | (69.2) |
Three Months Ended September 30, | |||||
(unaudited) (in millions, except per share amounts) | 2024 | 2023 | % Change | ||
Adjusted Operating Income (2)
|
$ | 13.9 | $ | 20.0 | (30.8) |
Adjusted Income Before Income Tax (2)
|
4.5 | 11.1 | (59.5) | ||
Adjusted Net Income (2)
|
3.5 | 8.4 | (58.4) | ||
Adjusted diluted earnings per share (2)
|
$ | 0.06 | $ | 0.14 | (57.1) |
Nine Months Ended September 30, | |||||
(unaudited) (in millions, except per share amounts) | 2024 | 2023 | % Change | ||
Total Operating Revenue | $ | 815.3 | $ | 804.1 | 1.4 |
Operating Income | 79.9 | 110.4 | (27.6) | ||
Income Before Income Tax | 52.6 | 86.5 | (39.1) | ||
Net Income | 39.5 | 66.5 | (40.7) | ||
Diluted earnings per share | $ | 0.72 | $ | 1.12 | (35.7) |
Nine Months Ended September 30, | |||||
(unaudited) (in millions, except per share amounts) | 2024 | 2023 | % Change | ||
Adjusted Operating Income (2)
|
$ | 84.5 | $ | 118.5 | (28.7) |
Adjusted Income Before Income Tax (2)
|
57.2 | 94.9 | (39.7) | ||
Adjusted Net Income (2)
|
43.0 | 72.9 | (41.1) | ||
Adjusted diluted earnings per share (2)
|
$ | 0.78 | $ | 1.23 | (36.6) |
(in millions - amounts may not recalculate due to rounding) | September 30, 2024 | December 31, 2023 | ||
(Unaudited) | ||||
Cash and Cash Equivalents | $ | 56.8 | $ | 46.3 |
Available-for-Sale Securities | 83.3 | 134.2 | ||
Amount Available Under Revolving Credit Facility | 24.7 | 24.7 | ||
Total Liquidity | $ | 164.8 | $ | 205.2 |
(in millions - amounts may not recalculate due to rounding) | September 30, 2024 | December 31, 2023 | ||
(Unaudited) | ||||
Total Debt, net | $ | 351.8 | $ | 401.6 |
Finance Lease Obligations | 298.5 | 277.3 | ||
Operating Lease Obligations | 21.4 | 18.8 | ||
Total Debt, net, and Lease Obligations | 671.6 | 697.7 | ||
Cash and Cash Equivalents | 56.8 | 46.3 | ||
Available-for-Sale Securities | 83.3 | 134.2 | ||
Net Debt | $ | 531.5 | $ | 517.2 |
Q4 2024
|
H/(L) vs Q4 2023
|
|
Total revenue - millions | $250 to $260 | 2% to 6% |
Economic fuel cost per gallon | $2.47 | (20)% |
Operating income margin - percentage | 7% to 9% | 0pp to 2pp |
Effective tax rate | 23% | |
Total system block hours - thousands | 36.5 to 37.5 | 2% to 5% |
1 - |
Records begin in January 2017
|
2 - |
See additional details, including reconciliations to the most comparable GAAP measures, in the section titled "Non-GAAP financial measures"
|
3 - | Adjusted CASM is a non-GAAP measure derived from CASM by excluding fuel costs, non-cash management stock compensation expense, costs arising from its cargo operations, depreciation and amortization recognized on certain assets that generate lease income, certain commissions, and other costs of selling its vacations product from this measure. See table titled "Reconciliation of CASM to Adjusted CASM" |
4 - |
Scheduled Service TRASM includes Schedule Service revenue, Ancillary revenue, and ASM generating revenue classified within Other Revenue on the Condensed Consolidated Statement of Operations / Scheduled Service ASMs. Other Revenue includes rental revenue associated with certain assets that generate lease income of approximately $10.1 million and $5.9 million in the three months ended September 30, 2024 and 2023, respectively, and $29.2 million and $11.7 million in the nine months ended September 30, 2024 and 2023, respectively, which is not included.
|
5 - | Total liquidity = cash and cash equivalents + available-for-sale securities + amount available under revolver |
6 - |
Net debt = current portion of long-term debt + long-term debt + finance lease obligations + operating lease obligations - cash and cash equivalents - available-for-sale securities
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited- amounts may not recalculate due to rounding)
|
Three Months Ended September 30, | |||||
2024 | 2023 | % Change | |||
Operating Revenues: | |||||
Scheduled Service | $ | 83,784 | $ | 96,483 | (13.2) |
Charter | 50,769 | 47,437 | 7.0 | ||
Ancillary | 73,211 | 70,435 | 3.9 | ||
Passenger | 207,764 | 214,355 | (3.1) | ||
Cargo | 29,165 | 26,059 | 11.9 | ||
Other | 12,541 | 8,462 | 48.2 | ||
Total Operating Revenue | 249,470 | 248,876 | 0.2 | ||
Operating Expenses: | |||||
Aircraft Fuel | 54,737 | 61,179 | (10.5) | ||
Salaries, Wages, and Benefits | 80,919 | 72,541 | 11.5 | ||
Aircraft Rent | - | 22 | (100.0) | ||
Maintenance | 15,973 | 15,330 | 4.2 | ||
Sales and Marketing | 7,748 | 7,569 | 2.4 | ||
Depreciation and Amortization | 23,754 | 22,762 | 4.4 | ||
Ground Handling | 11,568 | 9,382 | 23.3 | ||
Landing Fees and Airport Rent | 15,979 | 13,958 | 14.5 | ||
Other Operating, net | 26,410 | 27,127 | (2.6) | ||
Total Operating Expenses | 237,088 | 229,870 | 3.1 | ||
Operating Income | 12,382 | 19,006 | (34.9) | ||
Non-operating Income (Expense): | |||||
Interest Income | 1,659 | 2,480 | (33.1) | ||
Interest Expense | (11,049) | (11,403) | (3.1) | ||
Other, net | 12 | (15) | NM | ||
Total Non-operating Expense, net | (9,378) | (8,938) | 4.9 | ||
Income before Income Tax | 3,004 | 10,068 | (70.2) | ||
Income Tax Expense | 662 | 2,477 | (73.3) | ||
Net Income | $ | 2,342 | $ | 7,591 | (69.1) |
Net Income per share to common stockholders: | |||||
Basic | $ | 0.04 | $ | 0.14 | (71.4) |
Diluted | $ | 0.04 | $ | 0.13 | (69.2) |
Shares used for computation: | |||||
Basic | 52,876,339 | 55,435,386 | (4.6) | ||
Diluted | 54,780,672 | 58,595,646 | (6.5) |
Nine Months Ended September 30, | |||||
2024 | 2023 | % Change | |||
Operating Revenues: | |||||
Scheduled Service | $ | 313,056 | $ | 360,607 | (13.2) |
Charter | 149,090 | 143,250 | 4.1 | ||
Ancillary | 236,677 | 205,633 | 15.1 | ||
Passenger | 698,823 | 709,490 | (1.5) | ||
Cargo | 78,560 | 74,437 | 5.5 | ||
Other | 37,951 | 20,150 | 88.3 | ||
Total Operating Revenue | 815,334 | 804,077 | 1.4 | ||
Operating Expenses: | |||||
Aircraft Fuel | 187,229 | 185,829 | 0.8 | ||
Salaries, Wages, and Benefits | 242,516 | 223,890 | 8.3 | ||
Aircraft Rent | - | 2,281 | (100.0) | ||
Maintenance | 50,129 | 44,311 | 13.1 | ||
Sales and Marketing | 26,819 | 26,005 | 3.1 | ||
Depreciation and Amortization | 71,194 | 64,577 | 10.2 | ||
Ground Handling | 32,090 | 28,299 | 13.4 | ||
Landing Fees and Airport Rent | 44,431 | 36,847 | 20.6 | ||
Other Operating, net | 81,003 | 81,663 | (0.8) | ||
Total Operating Expenses | 735,411 | 693,702 | 6.0 | ||
Operating Income | 79,923 | 110,375 | (27.6) | ||
Non-operating Income (Expense): | |||||
Interest Income | 5,907 | 7,766 | (23.9) | ||
Interest Expense | (33,238) | (31,272) | 6.3 | ||
Other, net | 55 | (370) | NM | ||
Total Non-operating Expense, net | (27,276) | (23,876) | 14.2 | ||
Income before Income Tax | 52,647 | 86,499 | (39.1) | ||
Income Tax Expense | 13,180 | 19,963 | (34.0) | ||
Net Income | $ | 39,467 | $ | 66,536 | (40.7) |
Net Income per share to common stockholders: | |||||
Basic | $ | 0.75 | $ | 1.19 | (37.0) |
Diluted | $ | 0.72 | $ | 1.12 | (35.7) |
Shares used for computation: | |||||
Basic | 52,866,797 | 56,051,173 | (5.7) | ||
Diluted | 54,990,437 | 59,281,819 | (7.2) |
KEY OPERATING STATISTICS - amounts may not recalculate due to rounding |
Three Months Ended September 30, | |||||
2024 | 2023 | % Change | |||
Scheduled Service Statistics: | |||||
Revenue passenger miles (RPMs) - thousands | 1,288,460 | 1,252,583 | 2.9 | ||
Available seat miles (ASMs) - thousands | 1,530,058 | 1,446,462 | 5.8 | ||
Load factor | 84.2% | 86.6% | (2.4) | (3) | |
Revenue passengers carried | 1,112,455 | 1,090,172 | 2.0 | ||
Departures | 7,259 | 6,878 | 5.5 | ||
Block hours | 21,416 | 19,935 | 7.4 | ||
Scheduled service TRASM(1) - cents
|
10.42 | 11.72 | (11.1) | ||
Average base fare per passenger | $ | 75.31 | $ | 88.50 | (14.9) |
Ancillary revenue per passenger | $ | 65.81 | $ | 64.61 | 1.9 |
Total fare per passenger | $ | 141.13 | $ | 153.11 | (7.8) |
Fuel gallons - thousands | 16,565 | 15,536 | 6.6 | ||
Charter Statistics: | |||||
Departures | 2,809 | 2,688 | 4.5 | ||
Block hours | 5,366 | 5,274 | 1.7 | ||
Available seats miles (ASMs) - thousands | 328,142 | 322,722 | 1.7 | ||
Fuel gallons - thousands | 3,525 | 3,513 | 0.3 | ||
Cargo Statistics: | |||||
Departures | 3,519 | 3,432 | 2.5 | ||
Block hours | 8,957 | 9,287 | (3.6) | ||
Total System Statistics: | |||||
Average passenger aircraft | 43.6 | 42.0 | 3.8 | ||
Passenger aircraft - end of period | 44 | 42 | 4.8 | ||
Cargo aircraft - end of period | 12 | 12 | - | ||
Leased aircraft - end of period | 7 | 5 | 40.0 | ||
Available seat miles (ASMs) - thousands | 1,884,889 | 1,791,485 | 5.2 | ||
Departures | 13,730 | 13,128 | 4.6 | ||
Block hours | 36,191 | 34,874 | 3.8 | ||
Daily utilization - hours | 6.8 | 6.6 | 3.0 | ||
Average stage length - miles | 1,001 | 1,005 | (0.4) | ||
Total revenue per ASM (TRASM) - cents
|
11.15 | 12.11 | (7.9) | ||
Cost per ASM (CASM) - cents | 12.58 | 12.83 | (1.9) | ||
Adjusted CASM(2) - cents
|
8.04 | 7.75 | 3.7 | ||
Fuel gallons - thousands | 20,344 | 19,262 | 5.6 | ||
Fuel cost per gallon | $ | 2.69 | $ | 3.19 | (15.7) |
Employees at end of period | 2,965 | 2,692 | 10.1 |
Nine Months Ended September 30, | |||||
2024 | 2023 | % Change | |||
Scheduled Service Statistics: | |||||
Revenue passenger miles (RPMs) - thousands | 4,335,623 | 3,900,975 | 11.1 | ||
Available seat miles (ASMs) - thousands | 5,098,876 | 4,489,968 | 13.6 | ||
Load factor | 85.0% | 86.9% | (1.9) |
(3)
|
|
Revenue passengers carried | 3,437,005 | 3,093,536 | 11.1 | ||
Departures | 22,109 | 19,456 | 13.6 | ||
Block hours | 70,312 | 61,438 | 14.4 | ||
Scheduled service TRASM(1) - cents
|
10.95 | 12.80 | (14.5) | ||
Average base fare per passenger | $ | 91.08 | $ | 116.57 | (21.9) |
Ancillary revenue per passenger | $ | 68.86 | $ | 66.47 | 3.6 |
Total fare per passenger | $ | 159.95 | $ | 183.04 | (12.6) |
Fuel gallons - thousands | 54,634 | 48,046 | 13.7 | ||
Charter Statistics: | |||||
Departures | 7,638 | 7,816 | (2.3) | ||
Block hours | 15,355 | 15,994 | (4.0) | ||
Available seats miles (ASMs) - thousands | 937,057 | 961,953 | (2.6) | ||
Fuel gallons - thousands | 10,558 | 11,063 | (4.6) | ||
Cargo Statistics: | |||||
Departures | 9,726 | 9,643 | 0.9 | ||
Block hours | 25,008 | 25,633 | (2.4) | ||
Total System Statistics: | |||||
Average passenger aircraft | 42.6 | 41.8 | 1.9 | ||
Passenger aircraft - end of period | 44 | 42 | 4.8 | ||
Cargo aircraft - end of period | 12 | 12 | - | ||
Leased aircraft - end of period | 7 | 5 | 40.0 | ||
Available seat miles (ASMs) - thousands | 6,108,695 | 5,516,826 | 10.7 | ||
Departures | 39,879 | 37,295 | 6.9 | ||
Block hours | 111,908 | 104,188 | 7.4 | ||
Daily utilization - hours | 7.4 | 6.9 | 7.2 | ||
Average stage length - miles | 1,100 | 1,088 | 1.1 | ||
Total revenue per ASM (TRASM) - cents
|
11.58 | 13.01 | (11.0) | ||
Cost per ASM (CASM) - cents | 12.04 | 12.57 | (4.2) | ||
Adjusted CASM(2) - cents
|
7.51 | 7.56 | (0.7) | ||
Fuel gallons - thousands | 65,884 | 59,734 | 10.3 | ||
Fuel cost per gallon | $ | 2.86 | $ | 3.12 | (8.3) |
Employees at end of period | 2,965 | 2,692 | 10.1 |
SUMMARY BALANCE SHEET
(Dollars in millions)
(amounts may not recalculate due to rounding)
|
September 30, 2024 | December 31, 2023 | % Change | |||
(Unaudited) | |||||
Cash & Cash Equivalents | $ | 56.8 | $ | 46.3 | 22.7 |
Other Current Assets | 169.2 | 225.1 | (24.8) | ||
Total Current Assets | 226.0 | 271.4 | (16.7) | ||
Total Property & Equipment, net | 993.1 | 969.0 | 2.5 | ||
Other | 390.7 | 383.3 | 1.9 | ||
Total Assets | 1,609.9 | 1,623.6 | (0.8) | ||
Air Traffic Liabilities | 131.5 | 158.0 | (16.8) | ||
Current Finance Lease Obligations | 42.2 | 44.8 | (5.8) | ||
Current Operating Lease Obligations | 3.2 | 2.2 | 45.5 | ||
Current Maturities of Long-Term Debt, net | 75.9 | 74.2 | 2.3 | ||
Income Tax Receivable Agreement Liability | 9.5 | 3.3 | 187.9 | ||
Other Current Liabilities | 118.5 | 136.2 | (13.0) | ||
Total Current Liabilities | 380.8 | 418.6 | (9.0) | ||
Finance Lease Obligations | 256.3 | 232.5 | 10.2 | ||
Operating Lease Obligations | 18.2 | 16.6 | 9.6 | ||
Long-Term Debt, net | 275.9 | 327.5 | (15.8) | ||
Income Tax Receivable Agreement Liability | 88.2 | 97.8 | (9.8) | ||
Other | 38.0 | 16.2 | 134.6 | ||
Total Liabilities | 1,057.3 | 1,109.2 | (4.7) | ||
Total Stockholders' Equity | $ | 552.5 | $ | 514.4 | 7.4 |
SUMMARY CASH FLOW
(Dollars in millions)
(Unaudited - amounts may not recalculate due to rounding)
|
Nine Months Ended September 30, | |||||
2024 | 2023 | % Change | |||
Net Cash Provided by Operating Activities | $ | 74.3 | $ | 102.7 | (27.7) |
Purchases of Property & Equipment | (42.6) | (210.6) | (79.8) | ||
Other, net | 63.6 | 32.4 | 96.3 | ||
Net Cash Provided by (Used in) Investing Activities | 20.9 | (178.3) | 111.7 | ||
Common Stock Repurchases | (11.5) | (55.1) | (79.1) | ||
Proceeds from Borrowing | 10.0 | 119.2 | (91.6) | ||
Repayment of Finance Lease Obligations | (26.2) | (16.4) | 59.8 | ||
Repayment of Borrowings | (60.8) | (35.5) | 71.3 | ||
Other, net | (3.0) | (1.7) | 76.5 | ||
Net Cash Provided by (Used in) Financing Activities | (91.5) | 10.6 | NM | ||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 3.8 | (65.0) | 105.8 | ||
Cash, Cash Equivalents and Restricted Cash - Beginning of the Period | 63.7 | 102.9 | (38.1) | ||
Cash, Cash Equivalents and Restricted Cash -
End of the Period
|
$ | 67.4 | $ | 37.9 | 77.8 |
Reconciliation of GAAP Operating Income to Adjusted Operating Income
Dollars in millions - Unaudited - amounts may not recalculate due to rounding
|
The following table presents the reconciliation of GAAP operating income to adjusted operating income.
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Operating Revenue | $ | 249.5 | $ | 248.9 | $ | 815.3 | $ | 804.1 |
Operating Income | 12.4 | 19.0 | 79.9 | 110.4 | ||||
Stock Compensation Expense | 1.5 | 1.0 | 4.6 | 8.1 | ||||
Adjusted Operating Income | $ | 13.9 | $ | 20.0 | $ | 84.5 | $ | 118.5 |
Operating Income Margin | 5.0 | % | 7.6 | % | 9.8 | % | 13.7 | % |
Adjusted Operating Income Margin | 5.6 | % | 8.1 | % | 10.4 | % | 14.7 | % |
Reconciliation of GAAP Income Before Income Tax to Adjusted Income Before Income Tax
Dollars in millions - Unaudited - amounts may not recalculate due to rounding
|
The following table presents the reconciliation of GAAP income before income tax to adjusted income before income tax.
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net Income | $ | 2.3 | $ | 7.6 | $ | 39.5 | $ | 66.5 |
Add: Provision for Income Tax Expense | 0.7 | 2.5 | 13.2 | 20.0 | ||||
Income Before Income Tax, as reported | 3.0 | 10.1 | 52.6 | 86.5 | ||||
Pre-tax margin | 1.2 | % | 4.0 | % | 6.5 | % | 10.8 | % |
Stock Compensation Expense | 1.5 | 1.0 | 4.6 | 8.1 | ||||
Tax Receivable Agreement adjustment (1)
|
- | - | - | (0.4) | ||||
Secondary offering costs | - | - | - | 0.6 | ||||
Adjusted Income Before Income Tax | $ | 4.5 | $ | 11.1 | $ | 57.2 | $ | 94.9 |
Adjusted Pre-tax margin | 1.8 | % | 4.5 | % | 7.0 | % | 11.8 | % |
(1) |
This represents the adjustment to the TRA for the period, which is recorded in Non-Operating Income (Expense)
|
Reconciliation of GAAP Net Income and Earnings per Share to Adjusted Net Income and Adjusted Earnings per Share
Dollars and shares in millions, except for per share - Unaudited - amounts may not recalculate due to rounding
|
The following table presents the reconciliation of GAAP net income and earnings per share to adjusted net income and adjusted earnings per share.
|
Three Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
Dollars | Per Share - diluted | Dollars | Per Share - diluted | |||||
Net Income | $ | 2.3 | $ | 0.04 | $ | 7.6 | $ | 0.13 |
Stock Compensation Expense | 1.5 | 0.03 | 1.0 | 0.02 | ||||
Income tax effect of adjusting items, net (1)
|
(0.3) | (0.01) | (0.2) | - | ||||
Adjusted Net Income | $ | 3.5 | $ | 0.06 | $ | 8.4 | $ | 0.14 |
Diluted share count | 54.8 | 58.6 |
Nine Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
Dollars | Per Share - diluted | Dollars | Per Share - diluted | |||||
Net Income | $ | 39.5 | $ | 0.72 | $ | 66.5 | $ | 1.12 |
Stock Compensation Expense | 4.6 | 0.08 | 8.1 | 0.14 | ||||
Tax Receivable Agreement adjustment (2)
|
- | - | (0.4) | (0.01) | ||||
Secondary offering costs | - | - | 0.6 | 0.01 | ||||
Income tax effect of adjusting items, net (1)
|
(1.1) | (0.02) | (2.0) | (0.03) | ||||
Adjusted Net Income | $ | 43.0 | $ | 0.78 | $ | 72.9 | $ | 1.23 |
Diluted share count | 55.0 | 59.3 |
(1) |
The tax effect of adjusting items, net is calculated at the Company's statutory rate for the application period
|
(2) |
This represents the adjustment to the TRA for the period, which is recorded in Non-Operating Income (Expense)
|
Reconciliation of GAAP Net Income to Adjusted EBITDA
Dollars in millions - Unaudited - amounts may not recalculate due to rounding
|
The following tables present the reconciliation of net income to adjusted EBITDA for the periods presented below.
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net Income | $ | 2.3 | $ | 7.6 | $ | 39.5 | $ | 66.5 |
Interest Income | (1.7) | (2.5) | (5.9) | (7.8) | ||||
Interest Expense | 11.0 | 11.4 | 33.2 | 31.3 | ||||
Stock Compensation Expense | 1.5 | 1.0 | 4.6 | 8.1 | ||||
Tax Receivable Agreement adjustment (1)
|
- | - | - | (0.4) | ||||
Secondary offering costs | - | - | - | 0.6 | ||||
Provision for Income Taxes | 0.7 | 2.5 | 13.2 | 20.0 | ||||
Depreciation and Amortization | 23.8 | 22.8 | 71.2 | 64.6 | ||||
Adjusted EBITDA | $ | 37.6 | $ | 42.8 | $ | 155.7 | $ | 183.0 |
Adjusted EBITDA margin | 15.1 | % | 17.2 | % | 19.1 | % | 22.8 | % |
(1) |
This represents the adjustment to the TRA for the period, which is recorded in Non-Operating Income (Expense)
|
Reconciliation of CASM to Adjusted CASM
Amounts may not recalculate due to rounding, dollar amounts in millions
|
The following table presents the reconciliation of CASM to Adjusted CASM.
|
Three Months Ended September 30, | ||||||
2024 | 2023 | |||||
Operating Expenses
- mm
|
Per ASM (cents) |
Operating Expenses
- mm
|
Per ASM (cents) | |||
CASM | $ | 237.1 | 12.58 | $ | 229.9 | 12.83 |
Less: | ||||||
Aircraft Fuel | 54.7 | 2.90 | 61.2 | 3.41 | ||
Stock Compensation Expense | 1.5 | 0.08 | 1.0 | 0.06 | ||
Cargo expenses, not already adjusted above | 27.1 | 1.45 | 26.4 | 1.48 | ||
Sun Country Vacations | 0.2 | 0.01 | 0.2 | 0.01 | ||
Leased Aircraft, Depreciation and Amortization Expense | 2.0 | 0.10 | 2.2 | 0.12 | ||
Adjusted CASM | $ | 151.5 | 8.04 | $ | 138.8 | 7.75 |
Available seat miles (ASMs) - mm | 1,884.9 | 1,791.5 |
Nine Months Ended September 30, | ||||||
2024 | 2023 | |||||
Operating Expenses
- mm
|
Per ASM (cents) |
Operating Expenses
- mm
|
Per ASM (cents) | |||
CASM | $ | 735.4 | 12.04 | $ | 693.7 | 12.57 |
Less: | ||||||
Aircraft Fuel | 187.2 | 3.06 | 185.8 | 3.37 | ||
Stock Compensation Expense | 4.6 | 0.07 | 8.1 | 0.14 | ||
Cargo expenses, not already adjusted above | 77.4 | 1.28 | 77.2 | 1.40 | ||
Sun Country Vacations | 1.0 | 0.02 | 0.9 | 0.02 | ||
Leased Aircraft, Depreciation and Amortization Expense | 6.3 | 0.10 | 4.5 | 0.08 | ||
Adjusted CASM | $ | 458.9 | 7.51 | $ | 417.2 | 7.56 |
Available seat miles (ASMs) - mm | 6,108.7 | 5,516.8 |