OPERATING SEGMENTS

3 Months Ended

Mar. 31, 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. The CODM assesses performance using multiple measures. 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 measures 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 reconciliations of 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 March 31, 2025						Three Months Ended March 31, 2024
	Passenger		Cargo		Total		Passenger		Cargo		Total
Operating Revenues	$	298,492	$	28,157	$	326,649	$	287,535	$	23,948	$	311,483
Operating Expenses:
Aircraft Fuel	64,619		—		64,619		70,304		—		70,304
Salaries, Wages, and Benefits	75,183		17,662		92,845		65,588		16,650		82,238
Maintenance	15,343		3,519		18,862		13,404		3,413		16,817
Sales and Marketing	10,395		—		10,395		10,679		—		10,679
Depreciation and Amortization	24,799		5		24,804		23,804		5		23,809
Ground Handling	11,407		—		11,407		9,145		9		9,154
Landing Fees and Airport Rent	16,684		149		16,833		14,576		153		14,729
Special Items, net	1,799		—		1,799		—		—		—
Other Operating, net	23,543		5,296		28,839		23,504		5,073		28,577
Total Operating Expenses	243,772		26,631		270,403		231,004		25,303		256,307
Operating Income (Loss)	$	54,720	$	1,526	56,246		$	56,531	$	(1,355)	55,176
Interest Income					1,995						2,448
Interest Expense					(9,625)						(11,112)
Other, net					(478)						46
Income Before Income Tax					$	48,138					$	46,558