Sun Country Airlines 10-Q: Q2 2024 Financials Revealed
Ticker: SNCY · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 1743907
Sentiment: neutral
Topics: 10-Q, airline, financials, assets
TL;DR
SNYC's Q2 10-Q is in - check out their assets and Q2 performance.
AI Summary
Sun Country Airlines Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational status, including assets such as air transportation equipment and leasehold improvements. Specific financial figures and operational metrics for the second quarter of 2024 are presented.
Why It Matters
This filing provides investors and analysts with a detailed look at Sun Country Airlines' financial health and asset base during the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — The filing is a routine quarterly report, but the airline industry is subject to various economic and operational risks.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 2024-01-01 — Start of Fiscal Year to Date (Marks the beginning of the period covered by the year-to-date financial data.)
- 2024-06-30 — End of Fiscal Year to Date (Marks the end of the period covered by the year-to-date financial data.)
Key Players & Entities
- Sun Country Airlines Holdings, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 2005 CARGO ROAD (location) — Company's business and mailing address
- MINNEAPOLIS (location) — Company's city
- 55450 (location) — Company's ZIP code
FAQ
What was the total value of Sun Country Airlines' air transportation equipment as of June 30, 2024?
The filing indicates assets related to 'us-gaap:AirTransportationEquipmentMember' and 'sncy:AircraftAndFlightEquipmentHeldForOperatingLeaseMember' as of 2024-06-30, but specific dollar amounts are not provided in this excerpt.
What is the company's primary industry classification?
Sun Country Airlines Holdings, Inc. is classified under 'AIR TRANSPORTATION, SCHEDULED [4512]'.
When was the company formerly known as SCA Acquisition Holdings, LLC?
The date of the name change from SCA Acquisition Holdings, LLC to Sun Country Airlines Holdings, Inc. was 20180618.
What is the fiscal year end for Sun Country Airlines Holdings, Inc.?
The fiscal year end for the company is December 31.
What period does the 'sncy-20240630.htm' filing cover?
The filing 'sncy-20240630.htm' covers the period ending June 30, 2024.
Filing Stats: 4,680 words · 19 min read · ~16 pages · Grade level 17.1 · Accepted 2024-08-02 10:41:38
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share SNCY The Nasdaq Stock Market
Filing Documents
- sncy-20240630.htm (10-Q) — 1734KB
- sncy-20240630x10qexhibit311.htm (EX-31.1) — 10KB
- sncy-20240630x10qexhibit312.htm (EX-31.2) — 10KB
- sncy-20240630x10qexhibit32.htm (EX-32) — 6KB
- sncy-20240630_g1.jpg (GRAPHIC) — 11KB
- 0001743907-24-000015.txt ( ) — 7153KB
- sncy-20240630.xsd (EX-101.SCH) — 45KB
- sncy-20240630_cal.xml (EX-101.CAL) — 96KB
- sncy-20240630_def.xml (EX-101.DEF) — 230KB
- sncy-20240630_lab.xml (EX-101.LAB) — 568KB
- sncy-20240630_pre.xml (EX-101.PRE) — 403KB
- sncy-20240630_htm.xml (XML) — 908KB
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 17 8 Income Taxes 17 9 Stockholders' Equity 18 10 Commitments and Contingencies 18 11 Operating Segments 19 12 Subsequent Events 20
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 21
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 45
Controls and Procedures
Item 4. Controls and Procedures 45
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 46
Risk Factors
Item 1A. Risk Factors 46
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 46
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 46
Other Information
Item 5. Other Information 46
Exhibits
Item 6. Exhibits 47
Signatures
Signatures 48 -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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets: Cash and Cash Equivalents $ 26,864 $ 46,279 Restricted Cash 7,173 17,401 Investments 108,301 141,127 Accounts Receivable, net of an allowance for credit losses of $ 37 and $ 17 , respectively 44,635 38,166 Short-term Lessor Maintenance Deposits 1,078 1,046 Inventory, net of a reserve for obsolescence of $ 703 and $ 977 , respectively 8,458 7,793 Prepaid Expenses 15,040 15,823 Other Current Assets 2,163 3,716 Total Current Assets 213,712 271,351 Property & Equipment, net: Aircraft and Flight Equipment 716,422 685,559 Aircraft and Flight Equipment Held for Operating Lease 154,175 154,185 Ground Equipment and Leasehold Improvements 45,458 39,847 Computer Hardware and Software 20,771 17,875 Finance Lease Assets 332,682 304,384 Rotable Parts 25,355 19,848 Total Property & Equipment 1,294,863 1,221,698 Accumulated Depreciation & Amortization ( 292,463 ) ( 252,717 ) Total Property & Equipment, net 1,002,400 968,981 Other Assets: Goodwill 222,223 222,223 Other Intangible Assets, net of accumulated amortization of $ 27,054 and $ 24,190 , respectively 80,687 83,551 Operating Lease Right-of-use Assets 13,903 14,917 Aircraft Deposits 8,974 9,564 Long-term Lessor Maintenance Deposits 52,336 44,675 Other Assets 9,652 8,365 Total Other Assets 387,775 383,295 Total Assets $ 1,603,887 $ 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) June 30, 2024 December 31, 2023 (Unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 60,884 $ 59,011 Accrued Salaries, Wages, and Benefits 31,807 33,