Sun Country Airlines Holdings, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: SNCY · Form: 10-Q · Filed: May 7, 2024 · CIK: 1743907
Sentiment: neutral
Topics: 10-Q, Financials, Airline, Quarterly Report, Sun Country Airlines
TL;DR
<b>Sun Country Airlines Holdings, Inc. filed its Q1 2024 10-Q report detailing financial performance and position.</b>
AI Summary
Sun Country Airlines Holdings, Inc. (SNCY) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Sun Country Airlines Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement items such as common stock, additional paid-in capital, retained earnings, and treasury stock are detailed for these periods.
Why It Matters
For investors and stakeholders tracking Sun Country Airlines Holdings, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for Sun Country Airlines. Understanding these figures is crucial for assessing the company's financial health, profitability trends, and overall market position in the airline industry.
Risk Assessment
Risk Level: low — Sun Country Airlines Holdings, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this specific document.
Analyst Insight
Review the detailed financial statements and segment information within the 10-Q to understand revenue drivers and cost structures for Q1 2024.
Key Numbers
- 2024-03-31 — Period End Date (Conformed period of report)
- 2024-05-07 — Filing Date (Filed as of date)
- 1231 — Fiscal Year End (Company fiscal year end)
Key Players & Entities
- Sun Country Airlines Holdings, Inc. (company) — Filer of the 10-Q report
- 2024-03-31 (date) — Conformed period of report
- 2024-05-07 (date) — Filed as of date
- Minneapolis (location) — Business and mail address city
- DE (location) — State of incorporation
FAQ
When did Sun Country Airlines Holdings, Inc. file this 10-Q?
Sun Country Airlines Holdings, Inc. filed this Quarterly Report (10-Q) with the SEC on May 7, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Sun Country Airlines Holdings, Inc. (SNCY).
Where can I read the original 10-Q filing from Sun Country Airlines Holdings, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Sun Country Airlines Holdings, Inc..
What are the key takeaways from Sun Country Airlines Holdings, Inc.'s 10-Q?
Sun Country Airlines Holdings, Inc. filed this 10-Q on May 7, 2024. Key takeaways: Sun Country Airlines Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. The company's fiscal year ends on December 31st..
Is Sun Country Airlines Holdings, Inc. a risky investment based on this filing?
Based on this 10-Q, Sun Country Airlines Holdings, Inc. presents a relatively low-risk profile. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this specific document.
What should investors do after reading Sun Country Airlines Holdings, Inc.'s 10-Q?
Review the detailed financial statements and segment information within the 10-Q to understand revenue drivers and cost structures for Q1 2024. The overall sentiment from this filing is neutral.
Key Dates
- 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
Filing Stats: 4,578 words · 18 min read · ~15 pages · Grade level 16.5 · Accepted 2024-05-07 16:02:20
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share SNCY The Nasdaq Stock Market
Filing Documents
- sncy-20240331.htm (10-Q) — 1266KB
- exhibit101prsuagreement.htm (EX-10.1) — 103KB
- sncy-20240331x10qexhibit311.htm (EX-31.1) — 10KB
- sncy-20240331x10qexhibit312.htm (EX-31.2) — 10KB
- sncy-20240331x10qexhibit32.htm (EX-32) — 6KB
- sncy-20240331_g1.jpg (GRAPHIC) — 11KB
- 0001743907-24-000009.txt ( ) — 6385KB
- sncy-20240331.xsd (EX-101.SCH) — 46KB
- sncy-20240331_cal.xml (EX-101.CAL) — 96KB
- sncy-20240331_def.xml (EX-101.DEF) — 241KB
- sncy-20240331_lab.xml (EX-101.LAB) — 566KB
- sncy-20240331_pre.xml (EX-101.PRE) — 400KB
- sncy-20240331_htm.xml (XML) — 738KB
Financial Information
Part I. Financial Information
Financial Statements
Item 1. Financial Statements Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income 6 Condensed Consolidated Statements of Changes in Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to the Condensed Consolidated Financial Statements 1 Basis of Presentation 9 2 Revenue 9 3 Earnings per Share 12 4 Aircraft 13 5 Debt 14 6 Investments 16 7 Fair Value Measurements 16 8 Income Taxes 17 9 Stockholders' Equity 17 10 Commitments and Contingencies 18 11 Operating Segments 19 12 Subsequent Events 19
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 37
Controls and Procedures
Item 4. Controls and Procedures 37
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 38
Risk Factors
Item 1A. Risk Factors 38
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 38
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 38
Other Information
Item 5. Other Information 39
Exhibits
Item 6. Exhibits 40
Signatures
Signatures 41 -2- Table of Contents
Financial Information
PART I. Financial Information
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS SUN COUNTRY AIRLINES HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share and share amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets: Cash and Cash Equivalents $ 28,427 $ 46,279 Restricted Cash 11,173 17,401 Investments 132,779 141,127 Accounts Receivable, net of an allowance for credit losses of $ 39 and $ 17 , respectively 37,525 38,166 Short-term Lessor Maintenance Deposits 1,816 1,046 Inventory, net of a reserve for obsolescence of $ 753 and $ 977 , respectively 8,583 7,793 Prepaid Expenses 12,604 15,823 Other Current Assets 2,062 3,716 Total Current Assets 234,969 271,351 Property & Equipment, net: Aircraft and Flight Equipment 703,222 685,559 Aircraft and Flight Equipment Held for Operating Lease 154,399 154,185 Ground Equipment and Leasehold Improvements 44,379 39,847 Computer Hardware and Software 19,430 17,875 Finance Lease Assets 344,500 304,384 Rotable Parts 24,987 19,848 Total Property & Equipment 1,290,917 1,221,698 Accumulated Depreciation & Amortization ( 272,590 ) ( 252,717 ) Total Property & Equipment, net 1,018,327 968,981 Other Assets: Goodwill 222,223 222,223 Other Intangible Assets, net of accumulated amortization of $ 25,622 and $ 24,190 , respectively 82,119 83,551 Operating Lease Right-of-use Assets 14,252 14,917 Aircraft Deposits 9,564 9,564 Long-term Lessor Maintenance Deposits 48,181 44,675 Other Assets 9,444 8,365 Total Other Assets 385,783 383,295 Total Assets $ 1,639,079 $ 1,623,627 See accompanying Notes to Condensed Consolidated Financial Statements -3- Table of Contents SUN COUNTRY AIRLINES HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share and share amounts) March 31, 2024 December 31, 2023 (Unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 59,929 $ 59,011 Accrued Salaries, Wages, and Benefits 31,787