v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments Segments
Operating segments are components of a company for which separate financial and operating information is regularly evaluated and reported to the Chief Operating Decision Maker ("CODM") and is used to allocate resources and analyze performance. The Company's CODM is the CEO, who assesses segment performance and makes resource allocation decisions using information about each operating segment's measure of profit or loss.

During 2025, the CODM reviewed separate financial information and made resource allocation decisions for the Company's two operating segments, Airline and Sunseeker Resort, using operating income and pretax income as the measures of segment profit or loss. Subsequent to the sale of Sunseeker Resort in 2025, the Company is managed as a single Airline operating segment and the CODM views net income as the measure of segment profit or loss.
Airline Segment

The Airline segment operates as a single business unit and includes all scheduled service air transportation, ancillary air-related products and services, third party products and services, fixed fee contract air transportation and other airline-related revenue. Scheduled service and fixed fee air transportation services have similar operating margins, economic characteristics and production processes (check-in, baggage handling and flight services) which target the same class of customers and are subject to the same regulatory environment. As a result, the Company believes its airline activities operate under one reportable segment and does not separately track expenses for scheduled service and fixed fee air transportation services.

Sunseeker Resort Segment

The Company's consolidated financial statements for 2025 include the operating results of Sunseeker Resort through the completion of the sale of the Resort's assets on September 4, 2025. The Sunseeker Resort segment was operated as a single business unit and included hotel rooms and suites for occupancy, group meeting facilities, food and beverage options, Aileron Golf Course and other Resort amenities.

Segment profit or loss, revenues, significant segment expenses, and asset information for each of the Company's operating segments are set forth below. Required segment information for the three months ended March 31, 2026, and as of December 31, 2025, is presented in the Company's consolidated statements of income and balance sheets.
Three Months Ended March 31, 2025
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$668,386 $30,688 $699,074 
OPERATING EXPENSES:
Salaries and benefits220,374 11,065 231,439 
Aircraft fuel166,333 — 166,333 
Station operations73,505 — 73,505 
Depreciation and amortization59,711 3,601 63,312 
Maintenance and repairs34,854 — 34,854 
Sales and marketing23,370 1,726 25,096 
Aircraft lease rentals5,920 — 5,920 
Other operating expense(1)
22,075 13,093 35,168 
Special charges, net of recoveries1,392 (2,947)(1,555)
Total operating expenses607,534 26,538 634,072 
OPERATING INCOME60,852 4,150 65,002 
OTHER (INCOME) EXPENSES:
Interest income(11,935)— (11,935)
Interest expense28,949 11,834 40,783 
Capitalized interest(6,488)— (6,488)
Other non-operating expense702 — 702 
INCOME (LOSS) BEFORE INCOME TAXES$49,624 $(7,684)$41,940 
(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 capital expenditures for periods presented are as outlined below:
Three Months Ended March 31,
(in thousands)20262025
Airline$175,940 $83,136 
Sunseeker— 406 
Consolidated$175,940 $83,542