v3.25.2
OPERATING SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
OPERATING SEGMENTS OPERATING SEGMENTS
The Company has two operating and reportable segments: Passenger and Cargo, which are determined by the services provided and fleet utilized. The Chief Operating Decision Maker ("CODM") makes resource allocation decisions with the objective of generating high returns and margins and mitigating the seasonality of the Company’s route network. Operating Income (Loss) is the measure of segment profit that is the most consistent with the amounts presented in the Company’s Condensed Consolidated Financial Statements, as well as the measure the CODM uses to assess segment performance. The accounting policies for the
Company’s reportable segments are consistent with those described in Note 2, "Basis of Presentation and Summary of Significant Accounting Policies" included within Part II, Item 8 of the 2024 10-K. There are no intercompany transactions between the Company’s reportable segments.
The following tables present financial information for the Company’s two operating segments: Passenger and Cargo. Certain operating expenses are allocated between the Passenger and Cargo segments. Certain non-fuel operating expenses are allocated based on metrics such as block hours, fleet count and departures, which best align with the nature of the respective expense. Other Operating, net includes crew and other employee travel, interrupted trip expenses, information technology, property taxes and insurance, including hull-liability insurance, supplies, legal and other professional fees, facilities and all other administrative and operational overhead expenses. The CODM does not consider Interest Income, Interest Expense, and Other Income, net, in assessing the financial performance of its operating segments. Collectively, these items are included in reconciling reporting segment financial amounts to consolidated financial amounts.
Nearly all of the Company’s long-lived assets are associated with the Passenger operating segment. Therefore, predominately all depreciation and amortization expense is associated with the Passenger operating segment. Substantially all the Company’s tangible assets are located in the U.S. The Company's Aircraft and Flight equipment are mobile across geographic markets. As a result, assets by segment are not reviewed by the CODM and have not been presented herein.
The following table presents financial information for the Company’s two segments.
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
PassengerCargoTotalPassengerCargo Total
Operating Revenues$228,818$34,803$263,621$228,934$25,447$254,381
Operating Expenses:
Aircraft Fuel50,4657150,53662,180862,188
Salaries, Wages, and Benefits68,47621,08189,55762,50816,85179,359
Maintenance13,4384,81218,25013,8533,48617,339
Sales and Marketing8,001—8,0018,392—8,392
Depreciation and Amortization24,967524,97223,626523,631
Ground Handling11,353—11,35311,368—11,368
Landing Fees and Airport Rent14,80117014,97113,57514813,723
Special Items, net49—49———
Other Operating, net23,2576,41329,67020,8915,12526,016
Total Operating Expenses214,80732,552247,359216,39325,623242,016
Operating Income (Loss)$14,011$2,25116,262$12,541$(176)12,365
Interest Income1,5131,800
Interest Expense(9,212)(11,077)
Other, net(7)(4)
Income Before Income Tax$8,556$3,084
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
PassengerCargoTotalPassengerCargo Total
Operating Revenues$527,310$62,960$590,270$516,469$49,395$565,864
Operating Expenses:
Aircraft Fuel115,08471115,155132,4848132,492
Salaries, Wages, and Benefits143,65938,743182,402128,09633,501161,597
Maintenance28,7818,33137,11227,2576,89934,156
Sales and Marketing18,396—18,39619,071—19,071
Depreciation and Amortization49,7661049,77647,4301047,440
Ground Handling22,760—22,76020,513920,522
Landing Fees and Airport Rent31,48531931,80428,15130128,452
Special Items, net1,848—1,848———
Other Operating, net46,80011,70958,50944,39510,19854,593
Total Operating Expenses458,57959,183517,762447,39750,926498,323
Operating Income (Loss)$68,731$3,77772,508$69,072$(1,531)67,541
Interest Income3,5084,248
Interest Expense(18,837)(22,189)
Other, net(485)42
Income Before Income Tax$56,694$49,642