Operating Revenues (Tables)

9 Months Ended

Sep. 30, 2024

Agreements with other airlines

Schedule of revenue by type

The following table represents the Company’s flying agreements revenue by type for the three and nine months ended September 30, 2024 and 2023 (in thousands):

	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Capacity purchase agreements flight operations revenue (non-lease component)	$	624,342	$	511,929	$	1,763,629	$	1,479,987
Capacity purchase agreements fixed aircraft lease revenue		75,084		73,794		225,374		222,316
Capacity purchase agreements variable aircraft lease revenue		61,308		46,495		180,035		134,584
Prorate agreements and SWC revenue		122,760		109,680		330,915		269,243
Flying agreements revenue	$	883,494	$	741,898	$	2,499,953	$	2,106,130

Schedule of aircraft and agreements with major airline partners

United Express Agreements
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
United Express Agreements (capacity purchase agreement)	• E175 • CRJ700 • CRJ200	110 19 61	Individual aircraft have scheduled expiration dates from 2024 to 2029
United Express Prorate Agreement	• CRJ200	20*	Terminable with 120-days’ notice
Total under United Express Agreements		210

Delta Connection Agreements
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Delta Connection Agreement (capacity purchase agreement)	• E175 • CRJ900 • CRJ700	86 35 5	Individual aircraft have scheduled expiration dates from 2025 to 2034
Delta Connection Prorate Agreement	• CRJ900 • CRJ700**	1* 14*	Terminable with 30-days’ notice
Total under Delta Connection Agreements		141

American Capacity Purchase Agreement
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
American Agreement (capacity purchase agreement)	• E175 • CRJ700	20 71	Individual aircraft have scheduled expiration dates from 2025 to 2032
Total under American Agreement		91

Alaska Capacity Purchase Agreement
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Alaska Agreement (capacity purchase agreement)	• E175	42	Individual aircraft have scheduled expiration dates from 2030 to 2034

* The Company’s prorate agreements are based on specific routes, not a specific aircraft count. The number of aircraft listed above for each prorate agreement approximates the number of aircraft the Company uses to serve the prorate routes.

** Includes CRJ550 aircraft, a 50-seat configuration of the CRJ700 aircraft.

Schedule of agreements with major airline partners

	Q4 2024	2025	2026	Total
United Airlines	4	7	8	19
Alaska Airlines	—	1	—	1
Total	4	8	8	20

Schedule of future minimum rental payments for operating leases

The following table summarizes future minimum rental income under operating leases primarily related to leased aircraft and engines that had remaining non-cancelable lease terms as of September 30, 2024 (in thousands):

October 2024 through December 2024	$	11,711
2025		42,248
2026		36,641
2027		36,626
2028		35,739
Thereafter		54,543
Total future minimum rental income under operating leases	$	217,508

Schedule of allowance for credit losses

The following table summarizes the changes in allowance for credit losses:

	Allowance for Credit Losses
Balance at December 31, 2023	$	18,699
Adjustments to credit loss reserves		(1,379)
Write-offs charged against allowance		—
Balance at September 30, 2024	$	17,320

Airport customer service and other

Agreements with other airlines

Schedule of revenue by type

	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Operating lease revenue	$	22,134	$	16,091	$	60,918	$	49,442
Airport customer service and other revenue		7,158		8,182		22,647		28,073
Lease, airport services and other	$	29,292	$	24,273	$	83,565	$	77,515