Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-40217 Sun Country Airlines Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 82-4092570 (State or other jurisdiction of in ...

Sun Country Airlines September 2021 Disclaimer Confidentiality and Market Data This presentation constitutes confidential information and is provided to you on the condition that you will hold it in strict confidence and not reproduce, disclose, forward or distribute it in whole or in part without the prior written consent of the Company. This presentation has been prepared by the Company for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be c ...

Sun Country Airlines Holdings, Inc. (NASDAQ:SNCY) Q2 2021 Earnings Conference Call July 30, 2021 8:30 AM ET Company Participants Chris Allen – Director-Investor Relations Jude Bricker – Chief Executive Officer Dave Davis – President and Chief Financial Officer Grant Whitney – Executive Vice President, Chief Revenue Officer Conference Call Participants Catherine O'Brien – Goldman Sachs Hunter Keay – Wolfe Research Mike Linenberg – Deutsche Bank Chris Stathoulopoulos – Susquehanna Inter Operator Welcome to th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-40217 Sun Country Airlines Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 82-4092570 (State or other jurisdiction of incorpo ...

Sun Country Airlines Holdings, Inc. (NASDAQ:SNCY) Q1 2021 Earnings Conference Call May 6, 2021 8:30 AM ET Company Participants Chris Allen – Director-Investor Relations Jude Bricker – Chief Executive Officer Dave Davis – President and Chief Financial Officer Grant Whitney – Executive Vice President and Chief Revenue Officer Conference Call Participants Hunter Keay – Wolfe Research Catherine O’Brien – Goldman Sachs Mike Linenberg – Deutsche Bank Brandon Oglenski – Barclays Operator Welcome to the Sun Country ...

Financial Performance - Total operating revenues decreased by $52,719, or 29%, to $127,611 for the three months ended March 31, 2021, from $180,330 for the same period in 2020[138]. - Scheduled service revenue decreased by $59,608, or 52%, to $54,620 for the three months ended March 31, 2021, from $114,228 for the same period in 2020[139]. - Passenger revenue decreased by $74,291, or 42%, to $104,195 for the three months ended March 31, 2021, from $178,486 for the same period in 2020[138]. - Operating income increased by $9,703, or 64%, to $24,933 for the three months ended March 31, 2021, compared to $15,230 for the same period in 2020[138]. - Net income increased by $5,165, or 71%, to $12,416 for the three months ended March 31, 2021, compared to $7,251 for the same period in 2020[138]. - Total operating revenues decreased by 41% to $127,611 from $180,330 year-over-year[157]. - Operating income for the passenger segment decreased by 16% to $12,774, while cargo operating income was $12,159[158][159]. - Adjusted Operating Income Margin for Q1 2021 was 0.9%, compared to 8.7% in Q1 2020[167]. - Net Income for Q1 2021 was $12,416, up from $7,251 in Q1 2020[170]. - Adjusted Net Income (Loss) for Q1 2021 was $(4,919), compared to $7,591 in Q1 2020[170]. - Adjusted EBITDAR for Q1 2021 was $19,405, down from $37,061 in Q1 2020[175]. Revenue Sources - Scheduled service revenue includes base fares and unused passenger credits, while charter service revenue is primarily generated from contracts with the U.S. Department of Defense and sports teams[118]. - The charter business is a key component of the company's strategy, providing stable demand and diversification, with large repeat customers[112]. - Ancillary revenue, which includes fees for services like baggage and seat selection, contributes to overall revenue growth[119]. - Ancillary revenue decreased by $11,261, or 32%, to $23,770 for the three months ended March 31, 2021, from $35,031 for the same period in 2020[138]. - Charter service revenue fell by 12% to $25,805, with casino charter service revenue down 62.5% due to delayed recovery in demand[141]. - Cargo revenue was $21,585 for the three months ended March 31, 2021, with no prior year comparison available[143]. Operating Expenses - Operating expenses include significant costs for aircraft fuel, salaries, and maintenance, which can be volatile due to market conditions[122][123][125]. - Total operating expenses decreased by $62,422, or 38%, to $102,678 for the three months ended March 31, 2021, from $165,100 for the same period in 2020[138]. - Aircraft fuel costs decreased by $31,287, or 56%, to $24,274 for the three months ended March 31, 2021, from $55,561 for the same period in 2020[138]. - Salaries, wages, and benefits expense increased by 16% to $44,075, influenced by insourcing operations and increased pilot pay[146]. - Fuel expenses accounted for approximately 24% of total operating expenses in Q1 2021, down from 34% in Q1 2020, showing a significant reduction in fuel cost impact[197]. Business Strategy - Sun Country aims to establish itself as a high growth, low-cost carrier by offering low fares and a high-quality passenger experience[114]. - The company utilizes a flexible business model to optimize capacity allocation, shifting resources based on market demand[110]. - Sun Country's business model allows for higher returns and margins compared to traditional scheduled service carriers, providing greater resilience during economic downturns[111]. - The company plans to grow its passenger fleet to an estimated 50 aircraft by the end of 2023, potentially financed through debt or finance leases[191]. Financial Position - As of March 31, 2021, the company had cash and equivalents of $269,599 and short-term investments of $5,777[185]. - The company raised $224,657 from the public offering of 10,454,545 shares at $24.00 per share in March 2021[184]. - The company had a $25,000 Revolving Credit Facility with full availability as of March 31, 2021[185]. - Total debt and lease obligations decreased to $505,141 as of March 31, 2021, down from $536,832 at the end of 2020, reflecting improved financial stability[195]. - The company incurred $68,000 in new debt in Q1 2021, primarily for aircraft purchases, compared to $108,777 in Q1 2020[202]. Market Risks - The company is exposed to market risks including commodity price risk and interest rate risk[213]. - A one cent per gallon increase in average aircraft fuel price is estimated to increase annual aircraft fuel expense by $600 in 2021[214]. - A 100 basis point increase in interest rates would result in an approximate annual increase in interest expense of $1,200, assuming Credit Facilities are fully drawn[215]. - Significant changes in market conditions could affect the company's decisions regarding fuel hedging contracts[214]. - The company periodically enters into fuel collars to hedge against volatile aircraft fuel prices, which may limit benefits from downward price movements[214]. - Actual results may differ from the estimates provided due to market volatility and other factors[213].