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Sun ntry Airlines (SNCY) - 2024 Q1 - Quarterly Results
2024-05-06 21:50
For the quarter ended March 31, 2024, Sun Country reported net income of $35 million and income before income tax of $47 million, on $311 million of revenue. Adjusted income before income tax for the quarter was $48 million. GAAP operating income during the quarter was $55 million, while adjusted operating income was $57 million, operating margin was 17.7% and adjusted operating margin was 18.2% (2) (2) (2) . "We had another good first quarter which is historically our strongest," said Dave Davis, President ...
Sun ntry Airlines (SNCY) - 2023 Q4 - Annual Report
2024-02-14 18:40
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Or o 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 incorporati ...
Sun ntry Airlines (SNCY) - 2023 Q4 - Earnings Call Transcript
2024-02-01 15:17
Financial Data and Key Metrics Changes - The company reported total revenue of $1.05 billion for 2023, a 17.3% increase compared to the previous year [23] - Adjusted pre-tax margins were at 9.9%, similar to 2019 levels despite fuel costs being 38% higher [21] - The adjusted operating margin for Q4 was 7.4%, exceeding guidance [47] Business Line Data and Key Metrics Changes - Scheduled service revenue plus ancillary grew 15.7% to $730 million for the full year [23] - Charter revenue for Q4 increased by 8.8% to $46.9 million, with full-year charter revenue at $190.1 million, a 17.6% increase [24][25] - Cargo revenue for Q4 grew 3.6% to $25.3 million, with full-year cargo revenue at $99.7 million, a 10.4% increase [25] Market Data and Key Metrics Changes - The company experienced a 15% growth in scheduled service ASMs for Q1 2024 compared to the previous year [43] - The demand environment remains strong across all business segments, with scheduled service expected to receive the majority of growth capacity [42] Company Strategy and Development Direction - The company aims to maintain a diversified business model that allows for flexibility in scheduled service capacity [13] - Plans for 2024 include rebidding credit card agreements for better economics and rolling out bag scanning technology to improve operational efficiency [18] - The company anticipates strong free cash flow generation in 2024, with a focus on profitable growth [29][55] Management's Comments on Operating Environment and Future Outlook - Management noted that many post-COVID challenges are fading as they move into 2024, with improved staffing metrics across major labor groups [40][41] - The company expects to grow ASMs by around 40% versus 2023 levels, supported by new aircraft deliveries and increased utilization [44] - Management expressed confidence in maintaining industry-leading profitability through all cycles [40] Other Important Information - The company returned $68.6 million to shareholders through share repurchases in 2023, totaling $93.6 million since 2022 [22] - The net debt to adjusted EBITDA ratio improved to 2.2 times at the end of 2023, down from 2.7 times in 2022 [28] Q&A Session Summary Question: Which segment is most constrained regarding improved utilization? - Scheduled service is the highest margin segment and is most affected by staffing constraints, leading to opportunity costs during peak periods [30] Question: What is the expected premium pay incurred in 2023? - Management indicated that staffing initiatives are improving, leading to better availability of captains and reduced premium pay moving forward [32] Question: How should scheduled capacity growth be viewed for 2024? - Scheduled service ASMs are expected to grow approximately 15% versus Q1 2023, with mid-single-digit declines in unit revenues anticipated [43] Question: What is the current status of charter contracts? - About 85% of charter revenue is under long-term contracts, with no significant contracts up for renewal this year [117] Question: What is the outlook for share repurchases and capital allocation? - The company plans to generate significant free cash flow in 2024, with potential for share buybacks and investments in cost reduction initiatives [123]
Sun ntry Airlines (SNCY) - 2023 Q3 - Earnings Call Transcript
2023-11-08 13:38
Sun Country Airlines Holdings, Inc. (NASDAQ:SNCY) Q3 2023 Earnings Conference Call November 7, 2023 4:30 PM ET Company Participants Chris Allen - Director of Investor Relations Jude Bricker - Chief Executive Officer Dave Davis - President and Chief Financial Officer Grant Whitney - Chief Revenue Officer Conference Call Participants Duane Pfennigwerth - Evercore ISI Catherine O'Brien - Goldman Sachs Helane Becker - TD Cowen Michael Linenberg - Deutsche Bank Scott Group - Wolfe Operator Welcome to the Sun Cou ...
Sun ntry Airlines (SNCY) - 2023 Q3 - Quarterly Report
2023-11-07 22:12
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 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 incorporation or organization) (I.R.S. Employer Identification No.) 2005 Cargo Road Minneapolis, Minnesota 55450 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (651) 681-3900 Secu ...
Sun ntry Airlines (SNCY) - 2023 Q2 - Quarterly Report
2023-08-04 20:02
Table of Contents Sun Country Airlines Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 82-4092570 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 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, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECU ...
Sun ntry Airlines (SNCY) - 2023 Q2 - Earnings Call Transcript
2023-08-04 17:33
Sun Country Airlines Holdings, Inc. (NASDAQ:SNCY) Q2 2023 Earnings Conference Call August 4, 2023 8:30 AM ET Company Participants Chris Allen - IR Jude Bricker - CEO Dave Davis - CFO Grant Whitney - Chief Revenue Officer Greg Mays - COO Conference Call Participants Duane Pfennigwerth - Evercore ISI Catherine O'Brien - Goldman Sachs Tom Fitzgerald - TD Cowen Mike Linenberg - Deutsche Bank Christopher Stathoulopoulos - Susquehanna Financial Group Operator Welcome to the Sun Country Airlines Second Quart ...
Sun Country Airlines Holdings (SNCY) Investor Presentation - Slideshow
2023-05-18 18:28
Financial Performance & Growth - Sun Country's revenue has grown significantly since 2017, from $559 million to $1071 million(consensus) in 2023[36] - Adjusted EBIT margin outperformed industry peers during COVID-19 and through the recovery, with a 2023 Q1 margin of 20%[39, 44] - Adjusted EBITDA increased from $121.2 million in FY 2019 to $125.6 million in FY 2022[8] Business Model & Revenue Streams - Passenger leisure accounts for approximately 72% of revenue, charter for 18%, and cargo for 10%[30] - Ancillary revenue per passenger has grown from $21.70 in 2018 to $58.75 in LTM Q1 2023, with potential for further growth[18] - The company has a unique, diversified business model with synergies between passenger, charter, and cargo operations[30] Fleet & Capacity Management - The airline operates a standard fleet of Boeing 737s, including 42 passenger aircraft and 12 freighters[30] - The company strategically adjusts capacity based on seasonal demand patterns to maximize unit revenue (TRASM)[50] - Sun Country is acquiring 5 Boeing 737-900ERs, expected to generate approximately $3 million in operating income per quarter starting Q2 2023[82] Charter Business - The charter business has growth opportunities, aiming to return to 2019 revenue levels, representing a $68 million opportunity from 2022 revenue of $40 million to 2019 revenue of $108 million[64] - The company has secured long-term charter contracts with Major League Soccer and Caesars Entertainment[66] Cargo Business - The cargo business, in partnership with Amazon, operates 12 Boeing 737-800 freighters[69] - The cargo business boasts high margins and cash flow, with Amazon covering 100% of fuel costs[69, 73]
Sun ntry Airlines (SNCY) - 2023 Q1 - Quarterly Report
2023-04-28 20:04
Table of Contents ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 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. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) Delaware 82-4092570 (State or other jurisdiction of incorp ...
Sun ntry Airlines (SNCY) - 2023 Q1 - Earnings Call Transcript
2023-04-28 17:56
Sun Country Airlines Holdings, Inc. (NASDAQ:SNCY) Q1 2023 Earnings Conference Call April 28, 2023 8:30 AM ET Company Participants Jude Bricker - CEO Dave Davis - President & CFO Grant Whitney - Chief Revenue Officer Chris Allen - IR Conference Call Participants Duane Pfennigwerth - Evercore ISI Ravi Shanker - Morgan Stanley Catherine O'Brien - Goldman Sachs Helane Becker - TD Cowen Mike Linenberg - Deutsche Bank Christopher Stathoulopoulos - Susquehanna Operator Hello, and welcome to the Sun Country Airline ...