Sun ntry Airlines (US:SNCY)2025-05-02 13:44Revenue Performance - Total operating revenues increased by $15,166, or 5%, to $326,649 for the three months ended March 31, 2025, compared to the same period in 2024[89]. - Passenger revenue rose by $11,224, or 4%, to $285,888 for the three months ended March 31, 2025, compared to the same period in 2024[90]. - Cargo revenue increased by $4,209, or 18%, to $28,157 for the three months ended March 31, 2025, compared to the same period in 2024[89]. - Other revenue decreased by $267, or 2%, to $12,604, attributed to a decline in rental revenue from leased aircraft[93]. Operational Metrics - Scheduled service departures increased by 4% to 7,466 for the three months ended March 31, 2025, compared to 7,169 in 2024[90]. - Average base fare per passenger increased by 1% to $123.19 for the three months ended March 31, 2025, compared to $121.98 in 2024[90]. - Total fare per passenger increased by 1% to $198.44 for the three months ended March 31, 2025, compared to $196.41 in 2024[90]. - Load factor decreased by 3.9 percentage points to 83.5% for the three months ended March 31, 2025, compared to 87.4% in 2024[90]. Expense Analysis - Total operating expenses increased by $14,096, or 5%, to $270,403 for the three months ended March 31, 2025, compared to $256,307 in 2024[89]. - Total Aircraft Fuel Expense decreased by 8% to $64,619, with a 12% decrease in average fuel cost per gallon[95]. - Salaries, Wages, and Benefits expense increased by $10,607, or 13%, to $92,845, influenced by a 9% increase in employee headcount[96]. - Maintenance expense increased by $2,045, or 12%, to $18,862, driven by fleet growth and higher service rates[97]. - Ground Handling expense increased by $2,253, or 25%, to $11,407, due to a 5% increase in Passenger segment departures[100]. - Landing Fees and Airport Rent increased by $2,104, or 14%, to $16,833, resulting from a 5% increase in Passenger segment departures[101]. Income and Profitability - Operating income increased by $1,070, or 2%, to $56,246 for the three months ended March 31, 2025, compared to $55,176 in 2024[89]. - Operating Income for the Passenger segment decreased by $1,811 to $54,720, with an Operating Margin Percentage decrease of 1.4 percentage points[108]. - Cargo Operating Income improved by $2,881 to $1,526, with an Operating Margin Percentage increase of 11.1 percentage points[109]. - Adjusted Operating Income for Q1 2025 was $59,740, up from $56,690 in Q1 2024, with an Adjusted Operating Income Margin of 18.3% compared to 18.2% in the previous year[115]. - Adjusted Net Income increased to $39,739 in Q1 2025 from $36,479 in Q1 2024, reflecting a growth of 6.2%[118]. - Adjusted EBITDA for Q1 2025 was $84,547, an increase from $80,545 in Q1 2024, indicating a positive trend in operational performance[120]. Financial Position - Total liquidity as of March 31, 2025, was $227,074, up from $205,598 at the end of 2024, demonstrating improved financial stability[141]. - The company had cash and cash equivalents of $53,391 as of March 31, 2025, down from $83,219 at the end of 2024, indicating a decrease in liquid assets[141]. - Total debt, net, decreased to $312,596 as of March 31, 2025, from $327,122 at the end of 2024, reflecting a reduction in leverage[141]. - Stockholders' equity increased to $603,017 as of March 31, 2025, from $570,373 at the end of 2024, reflecting growth in the company's net worth[141]. Cash Flow and Investments - Operating cash flow for the three months ended March 31, 2025, was $16,431, a decrease of 47% from $30,721 in the same period of 2024[143]. - The net decrease in cash for the three months ended March 31, 2025, was $33,343, a 38% increase from $24,080 in the same period of 2024[142]. - Capital expenditures were $15,409 for the three months ended March 31, 2025, a 48% decrease from $29,698 in the same period of 2024[146]. - The company's net investment activity resulted in cash outflows of $1,167 in Q1 2025, compared to cash inflows of $8,300 in Q1 2024[147]. Shareholder Activities - Common stock repurchases totaled 630,914 shares at $15.85 per share in Q1 2025, compared to 755,284 shares at $15.22 per share in Q1 2024[150]. - Payments to TRA holders increased significantly to $10,525 in Q1 2025 from $3,350 in Q1 2024, representing a 214% increase[152]. Fleet and Capacity Expansion - The company received three additional cargo aircraft under the A&R ATSA, increasing the total number of cargo aircraft operated on behalf of Amazon from 12 to 20[82]. - The company received three additional cargo aircraft during Q1 2025, with all eight expected to be in-service by the end of Q3 2025, supporting fleet expansion[135]. - The company had 13 aircraft finance leases as of March 31, 2025, down from 16 leases as of March 31, 2024[149].