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Operating Revenues (Tables)
6 Months Ended
Jun. 30, 2025
Agreements with other airlines  
Schedule of aircraft and agreements with major airline partners

United Express Agreements

Agreement

Aircraft type

Number of Aircraft

Term / Termination Dates

United Express Agreements

• E175

116

Individual aircraft have scheduled

(capacity purchase agreements)

• CRJ700/CRJ550

33

removal dates under the agreement

• CRJ200

50

between 2025 and 2033

United Express Prorate Agreement

• CRJ200

30*

Terminable with 120-day notice

Total under United Express Agreements

229

Delta Connection Agreements

Agreement

Aircraft type

Number of Aircraft

Term / Termination Dates

Delta Connection Agreement

• E175

87

Individual aircraft have scheduled

(capacity purchase agreement)

• CRJ900

35

removal dates under the agreement

• CRJ700

5

between 2025 and 2034

Delta Connection Prorate Agreement

• CRJ700/CRJ550

15*

Terminable with 30-day notice

Total under Delta Connection Agreements

142

American Agreements

Agreement

Aircraft type

Number of Aircraft

Term / Termination Dates

American Agreement

• E175

20

Individual aircraft have scheduled

(capacity purchase agreement)

• CRJ700

68

removal dates under the agreement

between 2027 and 2032

American Prorate Agreement

• CRJ900

1*

Terminable with 180-day notice

Total under American Agreements

89

Alaska Agreement

Agreement

Aircraft type

Number of Aircraft

Term / Termination Dates

Alaska Agreement

• E175

42

Individual aircraft have scheduled

(capacity purchase agreement)

removal dates under the agreement

between 2030 and 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.
Schedule of future minimum rental payments for operating leases

For the three months ended June 30,

For the six months ended June 30,

    

2025

    

2024

2025

    

2024

Operating lease fixed revenue

$

16,697

$

14,071

$

32,762

$

25,670

Operating lease variable revenue

8,526

8,045

15,535

13,114

Airport customer service and other revenue

22,493

6,832

31,880

15,489

Lease, airport services and other

$

47,716

$

28,948

$

80,177

$

54,273

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 June 30, 2025 (in thousands):

July 2025 through December 2025

    

$

23,040

2026

 

41,053

2027

 

38,697

2028

 

37,818

2029

 

36,296

Thereafter

 

21,218

Total future minimum rental income under operating leases

$

198,122

Schedule of allowance for credit losses

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

    

Allowance for Credit Losses

Balance at December 31, 2024

$

15,071

Adjustments to credit loss reserves

10,053

Write-offs charged against allowance

(63)

Balance at June 30, 2025

$

25,061

Airport customer service and other  
Agreements with other airlines  
Schedule of revenue by type The following table represents the Company’s lease, airport services and other revenues for the three and six months ended June 30, 2025 and 2024 (in thousands):

For the three months ended June 30,

For the six months ended June 30,

    

2025

    

2024

2025

    

2024

Operating lease fixed revenue

$

16,697

$

14,071

$

32,762

$

25,670

Operating lease variable revenue

8,526

8,045

15,535

13,114

Airport customer service and other revenue

22,493

6,832

31,880

15,489

Lease, airport services and other

$

47,716

$

28,948

$

80,177

$

54,273

Flying agreements  
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 six months ended June 30, 2025 and 2024 (in thousands):

For the three months ended June 30,

For the six months ended June 30,

    

2025

    

2024

2025

    

2024

Capacity purchase agreements flight operations revenue (non-lease component)

$

682,948

$

595,127

$

1,322,101

$

1,139,287

Capacity purchase agreements fixed aircraft lease revenue

104,220

75,131

215,208

150,290

Capacity purchase agreements variable aircraft lease revenue

 

54,898

 

60,841

 

89,937

 

118,727

Prorate agreements and SWC revenue

 

145,445

 

107,071

 

276,259

 

208,155

Flying agreements revenue

$

987,511

$

838,170

$

1,903,505

$

1,616,459