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What factors drove the changes in Sun Country Airlines's revenue and profit?

- **Record Profitability**: 13 consecutive profitable quarters, driven by cargo expansion (60% YoY growth) and strong charter performance (15.6% YoY revenue growth).
- **TRASM Recovery**: Scheduled service TRASM up 7% in September, with Q4 guidance of over 6% YoY growth.
- **Financial Strength**: $255.5 million Q3 revenue, $108 million term loan refinancing, and $20 million in share buybacks.
- **2027 Vision**: Targeting $300 million EBITDA by mid-2027, supported by 50-aircraft passenger fleet expansion.
- **Operational Efficiency**: 99.3% controllable completion factor and 31% YoY growth in ad hoc charter block hours.

**【CEO Summary Section】**
- Achieved 13 consecutive profitable quarters, driven by a diversified business model with predictable charter and cargo revenue.
- Cargo expansion completed with 20 aircraft operational, delivering 60% YoY cargo revenue growth in Q3, expected to exceed 75% by year-end.
- Scheduled service TRASM improved 1.6% in Q3 (7% in September), with Q4 guidance of over 6% YoY growth and 2027 EBITDA target of $300 million.
- Charter revenue set a record, growing 15.6% YoY, with ad hoc block hours up 31% to offset scheduled service cuts.
- Operational efficiency maintained with a 99.3% controllable completion factor.

**【CFO Financial Commentary】**
- Q3 revenue $255.5 million (+2.4% YoY), GAAP EPS $0.03, adjusted EPS $0.07.
- Operating expenses grew 3.6% YoY, CASM up 10.3% due to cargo transition costs.
- Balance sheet strengthened with $108 million term loan refinancing, reducing net debt to $406.1 million.
- Q4 guidance: $270-280 million revenue, 5-8% operating margin, with $2.50/gallon fuel assumption.
- Share buybacks of $20 million year-to-date, $15 million remaining under authorization.

**【Q&A Highlights】**
- **Cargo & Seasonality**: Cargo growth may increase seasonality, but Q4 cargo block hours expected to stabilize at 5,000+ per month.
- **Maintenance Costs**: Q4 includes $2.4 million of pulled-forward 2026 maintenance costs, impacting short-term margins.
- **Charter Outlook**: 2026 charter demand strong, with ad hoc opportunities offsetting scheduled service constraints.
- **Aircraft Strategy**: No new purchases planned; 50-aircraft passenger fleet expansion to be funded by returning leased aircraft.
- **Competitive Dynamics**: Minneapolis market tightening as Spirit exits, reducing capacity competition in key leisure markets.


Sun Country Airlines Holdings, Inc. (SNCY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SNCY

SNCY fundamentals

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