0001743907-23-000009 | 10-K | XBRL Viewer | SUN Country Airlines Holdings INC

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COVER - USD ($) $ in Millions	12 Months Ended
COVER - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40217
Entity Registrant Name	Sun Country Airlines Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4092570
Entity Address, Address Line One	2005 Cargo Road
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55450
City Area Code	651
Local Phone Number	681-3900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SNCY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float		$ 602
Amendment Flag	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement relating to the 2023 Annual Meeting of Stockholders are incorporated herein by references in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2022.
Entity Central Index Key	0001743907
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Common stock, shares outstanding (in shares)	57,325,238

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Minneapolis, Minnesota

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 92,086,000	$ 309,338,000
Restricted Cash	10,842,000	8,447,000
Investments	178,936,000	6,283,000
Accounts Receivable, net of an allowance for credit losses of $231 and $250, respectively	35,124,000	30,156,000
Short-term Lessor Maintenance Deposits	1,241,000	5,505,000
Inventory, net of a reserve for obsolescence of $1,107 and $1,275, respectively	7,659,000	5,405,000
Prepaid Expenses	11,423,000	8,511,000
Other Current Assets	8,179,000	1,798,000
Total Current Assets	345,490,000	375,443,000
Property & Equipment, net:
Finance Lease Assets	261,991,000	209,457,000
Total Property & Equipment	962,413,000	695,587,000
Accumulated Depreciation & Amortization	(176,746,000)	(117,069,000)
Total Property & Equipment, net	785,667,000	578,518,000
Other Assets:
Goodwill	222,223,000	222,223,000
Other Intangible Assets, net of accumulated amortization of $18,890 and $14,890, respectively	85,110,000	89,110,000
Operating Lease Right-of-use Assets	22,182,000	61,658,000
Aircraft Deposits	9,134,000	10,021,000
Long-term Lessor Maintenance Deposits	32,433,000	20,346,000
Deferred Tax Assets	12,956,000	17,608,000
Other Assets	9,217,000	5,495,000
Total Other Assets	393,255,000	426,461,000
Total Assets	1,524,412,000	1,380,422,000
Current Liabilities:
Accounts Payable	62,370,000	39,805,000
Accrued Salaries, Wages, and Benefits	26,521,000	28,527,000
Accrued Transportation Taxes	17,666,000	12,736,000
Air Traffic Liabilities	157,995,000	118,562,000
Over-market Liabilities	1,535,000	4,309,000
Finance Lease Obligations	17,990,000	11,705,000
Loyalty Program Liabilities	13,963,000	11,451,000
Operating Lease Obligations	6,296,000	17,231,000
Current Maturities of Long-term Debt	57,548,000	29,412,000
Income Tax Receivable Agreement Liability	2,260,000	0
Other Current Liabilities	12,984,000	7,913,000
Total Current Liabilities	377,128,000	281,651,000
Long-term Liabilities:
Over-market Liabilities	1,039,000	10,428,000
Finance Lease Obligations	233,306,000	180,450,000
Loyalty Program Liabilities	1,474,000	8,267,000
Operating Lease Obligations	19,836,000	58,810,000
Long-term Debt	294,687,000	248,014,000
Income Tax Receivable Agreement Liability	101,540,000	98,800,000
Other Long-term Liabilities	2,690,000	3,413,000
Total Long-term Liabilities	654,572,000	608,182,000
Total Liabilities	1,031,700,000	889,833,000
Commitments and Contingencies (Note 18)
Stockholders' Equity:
Common stock with $0.01 par value, 995,000,000 shares authorized, 58,217,647 and 57,872,452 issued and 57,325,238 and 57,872,452 outstanding at December 31, 2022 and 2021, respectively	582,000	579,000
Preferred stock with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2022 and 2021, respectively	0	0
Treasury stock, at cost, 892,409 and no shares held at December 31, 2022 and 2021, respectively	(17,605,000)	0
Additional Paid-In Capital	488,494,000	485,638,000
Retained Earnings	22,048,000	4,372,000
Accumulated Other Comprehensive Loss	(807,000)	0
Total Stockholders' Equity	492,712,000	490,589,000
Total Liabilities and Stockholders' Equity	1,524,412,000	1,380,422,000
Aircraft and Flight Equipment
Property & Equipment, net:
Property & Equipment, net:	636,584,000	447,319,000
Ground Equipment and Leasehold Improvements
Property & Equipment, net:
Property & Equipment, net:	35,948,000	20,876,000
Computer Hardware and Software
Property & Equipment, net:
Property & Equipment, net:	10,831,000	8,785,000
Rotable Parts
Property & Equipment, net:
Property & Equipment, net:	$ 17,059,000	$ 9,150,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts Receivable, allowance for credit losses	$ 231	$ 250
Inventory, reserve for obsolescence	1,107	1,275
Accumulated amortization	$ 18,890	$ 14,890
Common stock-shares authorized (in shares)	995,000,000	995,000,000
Common stock-shares issued (in shares)	58,217,647	57,872,452
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Common stock-shares outstanding	57,325,238	57,872,452
Preferred stock-par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	892,409	0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Revenues:
Total Operating Revenue	$ 894,444	$ 623,015	$ 401,486
Operating Expenses:
Aircraft Fuel	268,363	129,110	83,392
Salaries, Wages, and Benefits	245,855	178,207	141,641
Aircraft Rent	8,768	17,653	30,989
Maintenance	46,604	40,095	27,416
Sales and Marketing	31,053	22,060	16,570
Depreciation and Amortization	67,641	57,075	48,086
Ground Handling	33,816	26,981	20,596
Landing Fees and Airport Rent	45,658	40,726	31,256
Special Items, net	0	(72,419)	(64,563)
Other Operating, net	90,978	71,580	48,718
Total Operating Expenses	838,736	511,068	384,101
Operating Income	55,708	111,947	17,385
Non-operating Income (Expense):
Interest Income	4,527	85	377
Interest Expense	(31,018)	(26,326)	(22,073)
Other, net	(5,235)	14,624	(371)
Total Non-operating Income (Expense), net	(31,726)	(11,617)	(22,067)
Income (Loss) before Income Tax	23,982	100,330	(4,682)
Income Tax Expense (Benefit)	6,306	19,082	(778)
Net Income (Loss)	$ 17,676	$ 81,248	$ (3,904)
Net Income (Loss) per share to common stockholders:
Basic (in dollars per share)	$ 0.31	$ 1.47	$ (0.08)
Diluted (in dollars per share)	$ 0.29	$ 1.37	$ (0.08)
Shares used for computation:
Basic (in shares)	57,951,955	55,182,811	46,806,042
Diluted (in shares)	61,046,595	59,324,040	46,806,042
Passenger
Operating Revenues:
Total Operating Revenue	$ 792,433	$ 523,945	$ 359,232
Cargo
Operating Revenues:
Total Operating Revenue	90,350	91,428	36,809
Other
Operating Revenues:
Total Operating Revenue	$ 11,661	$ 7,642	$ 5,445

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net Income (Loss)	$ 17,676	$ 81,248	$ (3,904)
Other Comprehensive Loss:
Net unrealized loss on Available-for-Sale securities, net of deferred tax benefit of $241, $—, and $—, respectively	(807)	0	0
Other Comprehensive Loss	(807)	0	0
Comprehensive Income (Loss)	$ 16,869	$ 81,248	$ (3,904)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Warrants	Common Stock	Treasury Stock	Loans to Stockholders	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balances, at beginning of period (in shares) at Dec. 31, 2019		40,638,068	6,800,065
Balances, at beginning of period at Dec. 31, 2019	$ 283,724		$ 68	$ 0	$ (3,500)	$ 244,928	$ 42,228	$ 0
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2019				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of Apollo Warrants (in shares)		(40,005,885)	40,005,885
Exercise of Apollo Warrants	21		$ 400			(379)
Net Income (Loss)	(3,904)						(3,904)
Warrants issued (in shares)		252,869
Amazon Warrants	1,866					1,866
Stock-based Compensation (in shares)			33,709
Stock-based Compensation	2,110					2,110
Balances, at end of period (in shares) at Dec. 31, 2020		885,052	46,839,659
Treasury Stock, at end of period (in shares) at Dec. 31, 2020				0
Balances, at end of period at Dec. 31, 2020	283,817		$ 468	$ 0	(3,500)	248,525	38,324	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	81,248						81,248
Warrants issued (in shares)		758,608
Amazon Warrants	5,600					5,600
Stock-based Compensation	5,562					5,562
Exercise of Stock Options (in shares)			718,985
Exercise of Stock Options	4,233		$ 7			4,226
Shares Surrendered by Stockholders (in shares)			(140,737)
Shares Surrendered by Stockholders			$ (1)		3,500	(3,499)
Initial Public Offering (in shares)			10,454,545
Initial Public Offering	225,329		$ 105			225,224
Income Tax Receivable Agreement	$ (115,200)						(115,200)
Balances, at end of period (in shares) at Dec. 31, 2021		1,643,660	57,872,452
Treasury Stock, at end of period (in shares) at Dec. 31, 2021	0			0
Balances, at end of period at Dec. 31, 2021	$ 490,589		$ 579	$ 0	0	485,638	4,372	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	17,676						17,676
Warrants issued (in shares)		758,608
Amazon Warrants	5,600					5,600
Stock-based Compensation	2,774					2,774
Shares Surrendered by Stockholders	(52)			$ (52)
Stock issued for Stock-Based Awards (in shares)			345,195
Stock issued for Stock-Based Awards	1,986		$ 3			1,983
Net stock settlement of stock-based awards (in shares)				1,823
Common stock repurchases (in shares)				890,586
Common Stock Repurchases	(25,054)			$ (17,553)		(7,501)
Other Comprehensive Loss	$ (807)							(807)
Balances, at end of period (in shares) at Dec. 31, 2022		2,402,268	58,217,647
Treasury Stock, at end of period (in shares) at Dec. 31, 2022	892,409			892,409
Balances, at end of period at Dec. 31, 2022	$ 492,712		$ 582	$ (17,605)	$ 0	$ 488,494	$ 22,048	$ (807)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Net Income (Loss)	$ 17,676	$ 81,248	$ (3,904)
Adjustments to reconcile Net Income (Loss) to Cash from Operating Activities:
Depreciation and Amortization	67,641	57,075	48,086
Tax Receivable Agreement Adjustment	5,000	(16,400)	0
Operating Lease Right-of-use Assets	1,538	16,477	25,880
(Gain) Loss on Asset Transactions, net	(1,107)	(5)	413
Unrealized (Gain) Loss on Fuel Derivatives	0	(3,527)	12,206
Amortization of Over-market Liabilities	(2,837)	(5,236)	(10,421)
Deferred Income Taxes	4,893	18,609	(789)
Amazon Warrants Vested	5,600	5,600	1,866
Stock-based Compensation Expense	2,774	5,562	2,110
Amortization of Debt Issuance Costs and Debt Securities	172	1,239	1,523
Loss on Extinguishment of Debt	1,557	1,224	0
Changes in Operating Assets and Liabilities:
Accounts Receivable	(3,312)	(481)	(6,282)
Inventory	(3,014)	(484)	(614)
Prepaid Expenses	(2,918)	(510)	15
Lessor Maintenance Deposits	(13,005)	(8,089)	(9,415)
Aircraft Deposits	(2,583)	445	1,290
Other Assets	(8,403)	2,351	(5,447)
Accounts Payable	17,623	5,820	(7,174)
Accrued Transportation Taxes	4,930	6,853	(7,845)
Air Traffic Liabilities	39,433	17,486	(15,584)
Loyalty Program Liabilities	(4,281)	(2,351)	(823)
Operating Lease Obligations	(1,718)	(37,101)	(28,352)
Other Liabilities	1,781	13,171	3,635
Net Cash Provided by Operating Activities	127,440	158,976	374
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(187,922)	(123,332)	(96,298)
Proceeds from the Sale of Property & Equipment	2,451	56	200
Proceeds from Insurance Settlements	8,865	0	0
Purchase of Investments	(178,960)	(1,797)	(927)
Proceeds from the Sale of Investments	1,236	1,137	997
Proceeds from the Maturities of Investments	5,000	0	0
Net Cash Used in Investing Activities	(349,330)	(123,936)	(96,028)
Cash Flows from Financing Activities:
Cash Received from Stock Offering	0	235,894	0
Costs of Stock Offering	0	(8,384)	0
Proceeds from Stock Option and Warrant Exercises	1,965	4,233	21
Taxes Paid for Net Stock Settlement of Stock-Based Awards	(31)	0	0
Common Stock Repurchases	(25,054)	0	0
Proceeds from Borrowings	188,277	80,500	265,307
Repayment of Finance Lease Obligations	(42,062)	(11,931)	(89,697)
Repayment of Borrowings	(113,492)	(85,370)	(69,906)
Debt Issuance Costs	(2,570)	(2,560)	(4,186)
Net Cash Provided by Financing Activities	7,033	212,382	101,539
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(214,857)	247,422	5,885
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	317,785	70,363	64,478
Cash, Cash Equivalents and Restricted Cash--End of the Period	102,928	317,785	70,363
Supplemental information:
Cash Payments for Interest	24,051	23,601	20,304
Cash Payments for Income Taxes, net	1,691	172	47
Non-cash transactions:
Operating Lease Deposits Applied Against the Purchase of Aircraft	1,085	3,296	19,976
Aircraft and Flight Equipment Acquired through Finance Leases	40,480	91,134	0
Finance Lease Asset Modifications	46,311	0	0
Aircraft Acquired from Exercise of Finance Lease Purchase Option, net of Accumulated Depreciation	28,012	0	0
Purchases of Property & Equipment in Accounts Payable	4,367	221	734
Derecognition of Operating Lease Right-of-Use Assets, net	8,674	41,135	0
Derecognition of Operating Lease Obligations	$ 8,674	$ 44,726	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and Cash Equivalents	$ 92,086	$ 309,338	$ 62,028
Restricted Cash	10,842	8,447	8,335
Total Cash, Cash Equivalents and Restricted Cash	$ 102,928	$ 317,785	$ 70,363	$ 64,478

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Deferred tax benefit	$ 241	$ 0	$ 0

COMPANY BACKGROUND	12 Months Ended
COMPANY BACKGROUND	Dec. 31, 2022
COMPANY BACKGROUND
COMPANY BACKGROUND	COMPANY BACKGROUND Sun Country Airlines Holdings, Inc. (together with its consolidated subsidiaries, "Sun Country" or the "Company") is the parent company of Sun Country, Inc., which is a certificated air carrier providing scheduled passenger service, air cargo service, charter air transportation and related services. Services are provided to the general public, cargo customers, military branches, wholesale tour operators, schools, companies and other individual entities for air transportation to various U.S. and international destinations. Except as otherwise stated, the financial information, accounting policies, and activities of Sun Country Airlines Holdings, Inc. are referred to as those of the "Company" or "Sun Country". Equity Transactions When certain investment funds managed by affiliates of Apollo Global Management, Inc. (the “Apollo Funds”) purchased the Company in 2018, SCA Horus Holdings, LLC, (the “Apollo Stockholder”) was issued 5,326,755 shares of common stock of SCA Acquisition Holdings, LLC with no par value. Also in 2018, SCA Acquisition Holdings, LLC issued 40,005,885 warrants to the Apollo Stockholder allowing it to acquire shares of common stock of SCA Acquisition Holdings, LLC at the exercise price of approximately $0.0005 per share. On January 31, 2020, all 40,005,885 outstanding warrants were exercised to purchase common stock of SCA Acquisition Holdings, LLC. In conjunction with the issuance of 1,416,645 shares of common stock of SCA Acquisition Holdings, LLC in 2018 to two stockholders, the Company issued, recourse promissory notes of $3,500, which are included as Loans to Stockholders on the Consolidated Statements of Changes in Stockholders’ Equity. In February of 2021, these promissory notes were repaid in full with equivalent shares of stock. On January 31, 2020, SCA Acquisition Holdings, LLC was converted into a Delaware corporation pursuant to a statutory conversion and changed its name to Sun Country Airlines Holdings, Inc. In connection with the conversion to a corporation, all of the outstanding shares, warrants and options were converted into shares or rights to shares of Sun Country Airlines Holdings, Inc. Stock Split In March 2021, the Company effected an approximately 18.8886 for 1 stock split of its common stock (the “Stock Split”), with exercise prices for outstanding warrants and options adjusted accordingly by dividing such prices by the Stock Split ratio. The $0.01 par value of the common stock was not adjusted in connection with the Stock Split. As a result of the Stock Split, the Company issued an additional 44,226,587 shares of common stock. All references to common stock, warrants to purchase common stock, stock options, per share amounts and related information contained in the accompanying Consolidated Financial Statements and applicable disclosures have been retroactively adjusted to reflect the effect of the Stock Split for all periods. Initial Public Offering of Common Stock and Other Stock Sales On March 16, 2021, the Company priced its initial public offering of 9,090,909 shares of common stock to the public at $24.00 per share. The stock began trading on the NASDAQ on March 17, 2021 under the symbol “SNCY”. The underwriters had an option to purchase an additional 1,363,636 shares from the Company at the public offering price, which they exercised. In total, all 10,454,545 shares were issued on March 19, 2021 and the net proceeds to the Company were $225,329 after deducting underwriting discounts and commissions, and other offering expenses. Concurrently with the closing of the initial public offering, the Apollo Stockholder, also completed a private placement in which the Apollo Stockholder sold 2,216,312 and 2,216,308 shares of common stock to PAR Investment Partners, L.P. and certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc., respectively. Each of the two sales was based on an aggregate purchase price of $50,000 and a price per share equal to 94% of the initial public offering price of $24.00 per share. Secondary Offerings During May and October 2021, the Apollo Stockholder and other selling stockholders, sold 7,250,000 and 8,500,000 shares of the Company’s common stock at a public offering price of $34.50 and $32.50, respectively. Under both transactions, the underwriters were given options to purchase additional shares of the Company's common stock at the public offering price. During the May and October 2021 offerings, the underwriters elected to purchase an additional 1,087,500 and 435,291 of the option shares, respectively. The Company incurred offering expenses of $1,763 in conjunction with the two secondary offerings and did not receive any of the proceeds from these offerings. Amazon Agreement On December 13, 2019, the Company signed a six-year contract (with two, two-year extension options, for a maximum term of 10 years) with Amazon.com Services, Inc. (together with its affiliates, "Amazon") to provide cargo services under an Air Transportation Services Agreement (the “ATSA”). In connection with the ATSA, the Company issued warrants to Amazon to purchase an aggregate of up to 9,482,606 shares of common stock at an exercise price of approximately $15.17 per share. There were 632,183 warrants that vested upon execution of the ATSA and 63,217 warrants will vest for each milestone of $8,000 in qualifying payments made by Amazon to the Company. During the years ended December 31, 2022, 2021 and 2020, total warrants vested were 758,608, 758,608 and 252,869, respectively. This resulted in Amazon holding 2,402,268 vested warrants as of December 31, 2022. The exercise period of these warrants is through the eighth anniversary of the issue date.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation – The consolidated financial statements include the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). All material intercompany balances and transactions have been eliminated in consolidation. The Company reclassified certain prior period amounts to conform to the current period presentation. The Company operates its fiscal year on a calendar year basis.

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, equity-based compensation, tax receivable agreement, lease accounting, impairment of goodwill, impairment of long-lived and intangible assets, air traffic liabilities, the loyalty program, as well as the valuation of Amazon warrants.

Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the Consolidated Financial Statements.

Revision of Previously Issued Consolidated Financial Statements

During the second quarter of 2022, the Company identified an immaterial misstatement in its Consolidated Financial Statements for the year ended December 31, 2021 (the "previously issued financial statements"). The error related to the improper application of Accounting Standards Codification (ASC) Topic 842, Leases regarding the treatment of the incremental difference between the net purchase price of the leased aircraft and the net operating lease recorded on the Balance Sheets immediately prior to the transaction. This difference

should have been capitalized as part of the acquisition costs incurred to purchase the aircraft off the operating lease. The Company incorrectly expensed this amount as incurred within Special Items, net on the Consolidated Statements of Operations. The error resulted in an understatement of the benefit within Special Items, net, partially offset by incremental Depreciation and Amortization expense for the year ended December 31, 2021, and an understatement of Aircraft and Flight Equipment.

The Company has revised the previously issued financial statements as presented in these Consolidated Financial Statements and notes included in this Annual Report on Form 10-K.

The impact of the revision on the Company's previously issued Consolidated Balance Sheets as of December 31, 2021 are as follows:


	December 31, 2021
	As Previously Issued		Correction		As Revised
Assets
Aircraft and Flight Equipment	$	440,356	$	6,963	$	447,319
Total Property & Equipment	688,624		6,963		695,587
Accumulated Depreciation & Amortization	(115,013)		(2,056)		(117,069)
Total Property & Equipment, net	573,611		4,907		578,518
Deferred Tax Asset	18,737		(1,129)		17,608
Total Other Assets	427,590		(1,129)		426,461
Total Assets	1,376,644		3,778		1,380,422
Stockholder's Equity
Retained Earnings	594		3,778		4,372
Total Stockholders' Equity	486,811		3,778		490,589
Total Liabilities and Stockholders' Equity	$	1,376,644	$	3,778	$	1,380,422

The impact of the revision on the Company's previously issued Consolidated Statements of Operations for the year ended December 31, 2021 are as follows:


	Year Ended December 31, 2021
	As Previously Issued		Correction		As Revised
Operating Expenses
Depreciation and Amortization	$	55,019	$	2,056	$	57,075
Special Items, net	(65,456)		(6,963)		(72,419)
Total Operating Expenses	515,975		(4,907)		511,068

Operating Income	107,040		4,907		111,947
Income Before Income Tax	95,423		4,907		100,330
Income Tax Expense	17,953		1,129		19,082
Net Income	77,470		3,778		81,248
Basic Income per share	$	1.40	$	0.07	$	1.47
Diluted Income per share	$	1.31	$	0.06	$	1.37

The Company's Consolidated Statement of Changes in Stockholders' Equity as of December 31, 2021 has been corrected to reflect the changes to the impacted Stockholders' Equity accounts as described above.

The impact of the revision on the Company's previously issued Consolidated Statements of Cash Flows for the year ended December 31, 2021 is as follows:


	Year Ended December 31, 2021
	As Previously Issued		Correction		As Revised
Operating Activities
Net Income	$	77,470	$	3,778	$	81,248
Depreciation and Amortization	55,019		2,056		57,075
Non-Cash Gain on Asset Transaction, Net	(12,673)		12,668		(5)
Deferred Income Taxes	17,480		1,129		18,609
Operating Lease Obligations	(24,433)		(12,668)		(37,101)
Net Cash Provided by Operating Activities	152,013		6,963		158,976
Investing Activities
Purchases of Property & Equipment	(116,369)		(6,963)		(123,332)
Net Cash Used in Investing Activities	$	(116,973)	$	(6,963)	$	(123,936)

The revision had no impact on the Company's Net Cash Provided by Financing Activities for the year ended December 31, 2021.

A summary of significant accounting policies consistently applied in the preparation of the accompanying financial statements is as follows:

Revenue Recognition – Scheduled passenger service, charter service, and most ancillary revenues are recognized when the passenger flight occurs. Revenues exclude amounts collected on behalf of other parties, including transportation taxes.

Scheduled Service. The Company initially defers ticket sales as an Air Traffic Liability and recognizes revenue when the passenger flight occurs. Unused non-refundable tickets expire at the date of scheduled travel and are recorded as revenue unless the customer notifies the Company in advance of such date that the customer will not travel. If notification is made, a travel credit is created for the face value less applicable change fees. Travel credits may generally be redeemed toward future travel for up to 12 months after the date of the original booking. Therefore, these credits are recorded as a current liability on the Company's Consolidated Balance Sheets. The Company records an estimate for travel credits that will expire unused, otherwise known as breakage, in Passenger Revenue upon issuance of the travel credit. The estimated breakage rate is primarily based on historical experience of travel credit activity and other factors that may not be indicative of future trends, such as the COVID-19 pandemic, program changes or modifications that could affect the ultimate usage patterns of tickets and travel credits. The Company continuously monitors its breakage rate assumptions and may adjust its estimated breakage rate in the future. Changes in the Company’s estimated breakage rate impacts revenue recognition prospectively. The Company currently accounts for direct selling costs, including credit card fees, and commissions, in accordance with the terms of each service. The expense is deferred and recognized when the travel occurs.

Ancillary. Ancillary revenue consists primarily of revenue generated from air travel-related services such as baggage fees, seat selection and upgrade fees, priority check-in and boarding fees, itinerary service fees and on-board sales, which are recognized when the associated flight occurs. Revenue for change fees is deferred and recognized when the passenger travel is provided. Fees received in advance of the flight date are initially recorded as an Air Traffic Liability.

Charter. Charter revenue is recognized at the time of departure when transportation is provided. Revenue is generated from airline service agreements and is typically based on block hours flown. Under these agreements, the Company is obligated to provide aircraft for travel. Customers are generally responsible for aircraft fuel, landing fees, and certain other flight expenses, which are typically arranged by the Company. When functioning as the customers' agent for arranging such services, the Company records amounts reimbursable from the customer as revenues, net of the associated costs incurred to fulfill the performance obligations. The typical lead time for a charter flight is significantly less than one year; therefore, the Company does not capitalize cost related to obtaining the contract.

Cargo. The ATSA is a six-year contract and includes two, two-year extensions exercisable at Amazon’s option, providing for a total term of ten years if both extension options are exercised. Each extension must be exercised with at least 180 days’ prior written notice before the expiration of the then-current term. The ATSA has annual rate escalations. Rate increases occurred on December 13, 2022, 2021, and 2020. Cargo revenue is typically recognized based on hours flown, number of flights, and the amount of aircraft resources provided during a reporting period.

The ATSA contains three performance obligations: Flight Services, Heavy Maintenance and Fuel. As Sun Country is the principal in providing Flight Services, revenue and related costs are recognized gross on the Statement of Operations. Sun Country acts as the agent in providing the Heavy Maintenance and Fuel performance obligations, which are reimbursed by Amazon based on the actual costs incurred. Consumption of aircraft fuel and heavy maintenance are recognized in revenue, net of the associated costs incurred to fulfill the performance obligations.

The ATSA with Amazon consists of three main components for revenue; a fixed amount is received each month per aircraft, a fixed amount is received each month per flight, and an amount per block hour is received each month. The ATSA contains a Service Level Agreement ("SLA") and penalties for certain delays and cancellations. The SLA can result in a bonus or penalty for the month depending on the Company's performance. When determining the transaction price, the Company will estimate the variable consideration and consideration payable to Amazon over the contract term. Each period, the Company updates its estimate for the variable consideration and consideration payable to the customer and treats the adjustment as an adjustment to the transaction price. When updating the estimate, the Company considers whether there are any changes in expected block hours, changes in expected bonuses or penalties based on performance, changes in warrants

expected to be issued, and changes in reimbursable costs. The transaction price is allocated to the performance obligations based on their relative standalone selling price. The transaction price for Flight Services, which includes an upfront payment for startup costs, is reduced by the estimated value of warrants to be issued to Amazon based on expected performance under the ATSA.

Loyalty Program Accounting – The Company records a liability for loyalty points earned by passengers under its Sun Country Rewards program using two methods: 1) a liability for points that are earned by passengers on purchases of the Company’s services is established by deferring revenue based on the redemption value net of breakage, and 2) a liability for points attributed to loyalty points issued to the Company’s co-branded credit card holders is established by deferring a portion of payments received from the Company’s co-branded agreement. The Company’s Sun Country Rewards program allows for the redemption of loyalty points to include payment towards air travel, land travel, taxes, and other ancillary purchases. The Company determines the standalone selling price of loyalty points issued using a redemption value approach, which considers the value a passenger will receive upon redemption of the loyalty points. Consideration allocated to loyalty points is deferred, net of estimated breakage, and recognized as Passenger Revenue when both the loyalty points have been redeemed and the passenger travel occurs. The Company estimates breakage for loyalty points that are not likely to be redeemed. These estimates are based on historical experience of loyalty point redemption activity and other factors, such as program changes and modifications that could affect the ultimate usage pattern of loyalty points. The current portion of the Loyalty Point Liability is an estimate primarily based on historical redemption patterns over the past 12 months, as well as other factors that may not be indicative of historical trends.

Under the Company's co-branded credit card program, funds received for the marketing of a co-branded credit card and delivery of loyalty points are accounted for as a multiple-deliverable arrangement. At the inception of the arrangement, the Company evaluated all deliverables in the arrangement to determine whether they represent distinct performance obligations. The Company determined the arrangement has two distinct performance obligations: loyalty points to be awarded, and brand and marketing. Funds received are allocated based on relative standalone selling price. Revenue for the brand and marketing performance obligation is recognized as revenue when earned and recorded in Other Revenue. Consideration allocated to loyalty points is deferred and recognized as Passenger Revenue upon future redemption of the points.

Cash and Equivalents – The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash balances at several financial institutions; at times, such balances may be in excess of insurance limits. The Company has not experienced any losses on these balances.

Restricted Cash – Charter revenue receipts received prior to the date of transportation are recorded as Restricted Cash and as a component of the Air Traffic Liabilities. Department of Transportation ("DOT") regulations require that charter revenue receipts received prior to the date of transportation are maintained in a separate third-party escrow account. The restrictions are released once transportation is provided, which is typically within 12 months of booking. For that reason, the balance of Restricted Cash is classified as a current asset on the Company's Consolidated Balance Sheets.

Investments – The Company's investments consist of Debt Securities and Certificates of Deposit. The Certificates of Deposit are recorded at cost, plus accrued interest. These certificates serve as collateral for letters of credit required by various airports and other vendors. All of the certificates have original maturities greater than 90 days.

The Debt Securities are classified as Current Assets on the Consolidated Balance Sheets because the securities are highly liquid and are available to be quickly converted into known amounts of cash to fund current operations. These investments have original maturities of three months or greater. Most of the Company's Debt Securities will mature within one year. The Company limits its exposure to any one issuer or market sector, and largely limits its investments to investment grade quality securities. Securities downgraded below policy minimums after purchase will be disposed of in accordance with the Company’s investment policy.

At each reporting period, the Company assesses its Available-for-Sale investments in an unrealized loss position to determine whether an impairment exists. The Company will record an impairment if management intends to sell an impaired security, will likely be required to sell a security before recovery of the entire amortized cost, or the same level of collectible cash flows from the security is no longer expected. The entire impairment will be included in Other, net within Non-operating Income (Expense) on the Company's Consolidated Statement of Operations. The Company did not recognize any impairment losses on its Available-for-Sale investments for the year ended December 31, 2022.

Accounts Receivable – Accounts Receivable are recorded at the amount due from customers and do not bear interest. They consist primarily of amounts due from Amazon, credit card companies associated with ticket sales and charter service customers. The Company's Accounts Receivable balances at December 31, 2022 and 2021 also included $1,000 and $2,163, respectively, due from aircraft lessors related to maintenance deposits. Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines its allowances for credit losses by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. During the years ended December 31, 2022, 2021 and 2020, $70, $17 and $982 in Accounts Receivable were written off, respectively.

Lessor Maintenance Deposits – Certain of the Company’s aircraft lease agreements provide that the Company pay maintenance reserves monthly to aircraft lessors to be held as collateral in advance of major maintenance activities required to be performed by the Company. Generally, maintenance reserve payments are variable based on actual flight hours or cycles. These lease agreements provide that maintenance reserves are reimbursable to the Company upon completion of the maintenance event in an amount equal to the lesser of (1) the amount of the maintenance reserve held by the lessor associated with the specific maintenance event or (2) the qualifying costs related to the specific maintenance event.

Maintenance reserve payments that are expected to be recoverable via reimbursable expenses are reflected as Lessor Maintenance Deposits on the accompanying Consolidated Balance Sheets. These deposits are expected to be reimbursed to the Company upon performance of maintenance activities. Upon completion of the maintenance event, the lessor is billed and the amount due is recorded in Accounts Receivable. Lessor Maintenance Deposits not deemed probable of recovery are expensed as incurred.

The Company makes certain assumptions at the inception of the lease and at each Balance Sheet date to determine the recoverability of maintenance deposits. These assumptions are based on various factors, such as the estimated time between the maintenance events, the cost of such maintenance events, the date the aircraft is due to be returned to the lessor and the number of flight hours and cycles the aircraft is estimated to be utilized before it is purchased or returned to the lessor. Changes in estimates are accounted for on a prospective basis.

At the April 11, 2018 acquisition date of Sun Country, Inc. (the “Acquisition Date”), the Company established a contra-asset to represent the Company’s obligation to perform planned maintenance events on leased aircraft held as of the Acquisition Date. As reimbursable maintenance events are performed and maintenance expense is incurred, the contra-asset is recognized as a reduction to Maintenance expense.

Inventory – Inventories primarily consist of expendable parts related to flight equipment, which cannot be economically repaired, reconditioned or reused after removal from the aircraft, are carried at average cost and charged to operations as consumed. An allowance for obsolescence and excess is provided over the remaining useful life of the related fleet for spare parts expected to be on hand at the date that aircraft type is retired from service. These parts are assumed to have an estimated residual value of 10% of the original cost.

Leases – Lease classification is evaluated by the Company at lease commencement and when significant amendments are executed. The Company's leases generally do not provide a readily determinable implicit rate; therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The lease term consists of the noncancellable period of the lease and periods covered by options to extend the lease if the Company is reasonably certain to exercise the option. For leases of 12 months or less, the Company expenses lease payments on a straight-line basis over the lease term.

Operating Lease Right-of-Use Asset and Liabilities

For all operating leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date based on the estimated present value of future minimum lease payments, which includes certain lease and non-lease components, over the lease term. Operating Lease Right-of-use Assets and Operating Lease Obligations have their own lines on the Consolidated Balance Sheets.

Finance Leases

Finance leases are initially recorded at the net present value of future minimum lease payments, which includes certain lease and non-lease components. Finance leases generally have one of these five attributes: 1) ownership of the underlying asset transfers to the Company at the end of the lease term, 2) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, 3) the lease term represents the major part of the asset’s economic life, 4) the present value of lease payments over the lease term equals or exceeds substantially all of the fair value of the asset, and 5) the underlying asset is so specialized in nature that it provides no alternative use to the lessor after the lease term. Finance Lease Assets are presented on separately on the Consolidated Balance Sheets. The Company depreciates Finance Lease Assets consistent with its useful life policy presented in the table below.

Leased Aircraft Return Costs

The Company's aircraft lease agreements often contain provisions that require the Company to return aircraft airframes, engines, and other aircraft components to the lessor in a certain condition or pay an amount to the lessor based on the airframe and engine's actual return condition. Lease return costs are recognized beginning when it is probable that such costs will be incurred and they can be estimated. The Company assesses the need to accrue lease return costs periodically throughout the year or whenever facts and circumstances warrant an assessment. When costs become both probable and estimable, lease return costs are expensed as a component of Aircraft Rent expense on the Consolidated Statements of Operations.

Property & Equipment – Property and equipment are recorded at cost or fair value at the Acquisition Date and depreciated, when the asset is ready for its intended use, on a straight-line basis to an estimated residual value over their estimated useful lives or lease term (if applicable), whichever is shorter, as follows:


Airframes			10-25 years (depending on age)
Engines – Core			7 or 12 years (based on remaining cycles)
Engines - Initial Greentime (time remaining until the first scheduled major maintenance event)			1st scheduled maintenance event
Leasehold Improvements, Aircraft, Other			3-25 years (or life of lease, if shorter)
Office and Ground Equipment			5-7 years
Computer Hardware and Software			3-5 years
Property and Equipment under Finance Leases			Lesser of the lease term or economic life
Rotable Parts			Average remaining life of aircraft fleet, currently estimated to be 6-16 years

Modifications that enhance the operating performance or extend the useful lives of leased airframes are considered leasehold improvements and are capitalized and depreciated over the economic life of the asset or the term of the lease, whichever is shorter. Similar modifications made to owned aircraft are capitalized and depreciated consistent with the Company’s policy.

The Company capitalizes certain internal and external costs associated with the acquisition and development of internal-use software for new products, and enhancements to existing products, that have reached the application development stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal-use software, and labor cost for employees who are directly associated with, and devote time to, internal-use software projects.

The Company depreciates Rotable Parts to an estimated residual value using the pooling life method. Depreciation under the pooling life method is calculated over the estimated average useful life of the passenger aircraft fleet.

The Company capitalizes certain costs of activities necessary to get the asset ready for its intended use. Capitalized interest represents interest costs incurred during the aircraft induction period, capitalization ceases when the asset is ready for service. See Note 8 for further information on the Company's Long-Term Debt.

Airframe and Engine Maintenance – The Company accounts for non-major maintenance and repair costs incurred, as well as major maintenance costs of owned airframes, all leased airframes, and engines acquired via operating leases, using the expense as incurred method. Certain costs covered by third-party maintenance agreements are charged to expense based on an hourly fee, as defined by the contract. These expenses are reported as a component of Maintenance expense on the accompanying Consolidated Statements of Operations.

The Company applies the Built-in Overhaul method for significant maintenance costs of owned engines, as well as to engines acquired via finance leases where the Company is reasonably certain to exercise a purchase option. Under this method, engine values are separated into amounts for life limited parts and “greentime”, representing the value of the engine for the time on-wing remaining until the next anticipated major maintenance event. Life limited parts are capitalized based on catalog rates published by the original equipment manufacturer and depreciated over their estimated useful lives. Initial engine "greentime" and subsequent major engine maintenance events are capitalized and depreciated until the next anticipated major maintenance event, assuming no residual value. The estimated period until the next scheduled major maintenance event is estimated based on assumptions such as estimated cycles, hours, and months, required maintenance intervals, and the age/condition of related parts. These assumptions may change based on forecasted aircraft utilization changes, updates to government regulations, and manufacturer maintenance intervals, as well as unplanned

incidents causing damage requiring a major maintenance event prior to a scheduled visit. If the estimated timing of the next maintenance event changes, the related depreciation period changes prospectively. These expenses are reported as a component of Depreciation and Amortization on the accompanying Consolidated Statements of Operations.

Asset Impairment Analysis – Long-lived assets, such as Property & Equipment and Finite-Lived Intangible Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. If circumstances require a long-lived asset or asset group be tested for impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

To determine whether impairment exists, the Company grouped its assets based on the lowest level of identifiable cash flows, which is its operating segments. This is due to the Company operating a Passenger Service fleet comprised exclusively of one type of aircraft, the Boeing 737-NG. Primarily all of the Company’s long-lived assets are owned by, or associated with, the Passenger operating segment. No impairment losses were recognized during the years ended December 31, 2022, 2021 or 2020.

Goodwill and Other Intangible Assets – Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination. Indefinite-Lived Intangible Assets represents a tradename acquired in a business combination and Finite-Lived Intangible Assets represent customer relationships. Goodwill and Other Indefinite-Lived Intangible Assets must be tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that they might be impaired. Goodwill is tested at the reporting unit level. The Company has two reporting units: Passenger and Cargo, all Goodwill is related to the passenger reporting unit.

Finite-Lived Intangible Assets are amortized over an estimated useful life based on several factors, including the effects of demand, competition, contractual relationship, and other business factors. The Company concluded that the customer relationships Finite-Lived Intangible Assets have an estimated life of 12 years and are being amortized over this period on a straight-line basis.

The value of Goodwill and Other Indefinite-lived Intangible Assets is assessed under either a qualitative or quantitative approach. Under a qualitative approach, the Company considers various market factors, including certain key assumptions, such as the market value of other airlines, fuel prices, the overall economy, passenger yields and changes to the regulatory environment. The Company analyzes these factors to determine if events and circumstances have affected the fair value of Goodwill and Other Indefinite-lived Intangible Assets. If it is determined that it is more likely than not that the asset may be impaired, the Company uses a quantitative approach to determine the reporting unit or intangible asset’s fair value incorporating the key assumptions listed below. An impairment charge is recorded for the amount of carrying value that exceeds the determined fair value as of the testing date.

When the Company evaluates Goodwill or its Other Indefinite-Lived Intangible Assets for impairment using a quantitative approach, the Company utilizes market and income approach valuation techniques. These measurements include the following key assumptions, 1) forecasted revenues, expenses and cash flows, 2) current discount rates, 3) observable market transactions, and 4) anticipated changes to the regulatory environment. These assumptions are consistent with those that hypothetical market participants would use. Because the Company is required to make estimates and assumptions when evaluating Goodwill and Other Indefinite-Lived Intangible Assets for impairment, actual transaction amounts may differ materially from these estimates.

The Company performed its most recent annual Goodwill and Other Indefinite-Lived Intangible Assets impairment analysis as of October 1, 2022. The Company did not recognize any impairment losses for the years ended December 31, 2022, 2021 or 2020.

Income Taxes – Deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce Deferred Tax Assets to the amount expected to be realized. All Deferred Tax Assets and Liabilities, along with any related valuation allowance, are classified as noncurrent on the Consolidated Balance Sheets. Interest and penalties on uncertain tax positions, to the extent they exist, are included in the Company’s provision for income taxes. The provision for income taxes represents the current tax expense for the period and the change during the period in Deferred Tax Assets and Liabilities.

Valuation of the Tax Receivable Agreement ("TRA") Liability – In connection with the Company’s IPO, the Company entered into a TRA with pre-IPO stockholders (the “TRA holders”). The TRA provides for the payment by the Company to the TRA holders of 85% of the amount of cash savings, if any, in U.S. federal, state, local, and foreign income tax that the Company actually realizes (or are deemed to realize in certain circumstances) as a result of certain tax attributes that existed at the time of the IPO (the “Pre-IPO Tax Attributes”). The Company will retain the benefit of the remaining 15% of these cash savings.

Prior to the expiration of the dividend and capital distribution restrictions included in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in 2022, the TRA Liability was subject to adjustments as a result of changes in taxable income earned during the restricted period. Future adjustments in the TRA liability balance and/or timing of TRA liability payments are contingent upon, among other things, 1) generation of future taxable income over the term of the TRA, 2) the Company’s participation in future government programs, and 3) future changes in tax laws. Any adjustments to the TRA liability would be recorded in Other Non-Operating Income (Expense) in the Company’s Consolidated Statements of Operations.

Pursuant to certain CARES Act restrictions, payments under the TRA were prohibited through September 30, 2022. The Company expects to make payments under the TRA starting in 2023. The portion of the TRA expected to be paid in 2023 is reflected as a current liability on the Consolidated Balance Sheets. All other amounts are reflected as a non-current liability on the Consolidated Balance Sheets.

Aircraft Fuel - Aircraft fuel expense includes jet fuel, federal and state taxes, other fees and the mark-to-market gains and losses associated with the Company's fuel derivative contracts since it does not apply hedge accounting.

Sales and Marketing - Sales and Marketing expense includes credit card processing fees, travel agent commissions and related global distribution systems fees, advertising, sponsorship and distribution costs, such as the costs of our call centers, and costs associated with our loyalty program. The Company expenses advertising costs as incurred.

Equity Incentive Plan – Under its Equity Incentive Plan, the Company has primarily issued Time-Based Stock Options, Performance-Based Stock Options, Restricted Stock and Restricted Stock Unit (“RSUs”) awards. Due to the Company's limited stock award history, it does not always have sufficient historical stock option activity to make predictive assumptions based solely on its stock or stock option activity for the Black-Scholes option-pricing model or other pricing models. As a result, the Company may need to use data from other comparable public companies or alternative calculation methods to make predictive assumptions. Further, the Company has elected to account for forfeitures as they occur, rather than forecasting the future forfeitures. If an award is forfeited prior to vesting, the associated reduction in expense is reflected net in stock-based compensation expense in that period. Stock compensation expense is reported as a component of Salaries, Wages, and Benefits within the Company's Consolidated Statement of Operations. See Note 10 for further information on the Equity Incentive Plan.

Earnings per Share - Basic earnings per share, which excludes dilution, is computed by dividing Net Income (Loss) available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The number of incremental shares from the assumed issuance of shares relating to securities or other contracts to issue common stock is calculated by applying the treasury stock method. The treasury stock method assumes a hypothetical issuance of shares to settle the securities or other contracts to issue common stock, with the assumed proceeds used to purchase common stock at the average market price for the period. Assumed proceeds include the amount to be paid upon exercise, if applicable, and the average unrecognized compensation cost. The difference between the number of shares assumed issued and number of shares assumed purchased represents the dilutive shares.

Warrants held by Amazon are included in the calculation of dilutive weighted average shares outstanding as of the date the warrants vest. The unvested warrants held by Amazon have not been included in dilutive shares as their performance condition has not been satisfied.

The performance conditions for the Company's unvested performance-based stock options are assessed quarterly. The unvested performance-based stock options are included in the calculation of dilutive shares to the extent that the performance condition has been met and the impact would be dilutive.

Concentration Risk

Approximately 33% and 56% of the Company’s Accounts Receivable balances as of December 31, 2022, and 2021 were due from Amazon, respectively. In addition, approximately 16% and 8% of the Company’s Accounts Receivable balances as of December 31, 2022 and 2021, were due from one financial institution for tickets purchased via credit cards.

Approximately 69%, of the Company's fuel purchases were made from three vendors for the year ended December 31, 2022. Approximately 54% and 57% of the Company’s fuel purchases were made from two vendors for the years ended December 31, 2021 and 2020, respectively.

Approximately 53% of the Company’s workforce were under union contracts as of December 31, 2022 with four different unions: Air Line Pilots Association (“ALPA”), International Brotherhood of Teamsters (“IBT”), Transport Workers Union (“TWU”) and Aircraft Mechanics Fraternal Association ("AMFA"). As of January 4, 2023, our fleet service employees (cargo, commissary/catering, ramp agents, and bag room agents) elected to be represented by the IBT. Negotiations have not yet begun for a new collective bargaining agreement with our fleet service employees. As of December 31, 2022, approximately 55% of the Company’s union workforce are under contracts in negotiations that are new or have become amendable. With the January 4th, 2023 election by the Company's fleet services employees to be represented by a union, this percentage increased to 63%.

The following table shows the Company’s airline employee groups represented by unions:

Employee Group

Number of Active

Employees

Represented at

December 31, 2022

Union

Date on which Collective
Bargaining Agreement
Becomes Amendable

Sun Country Pilots

571

ALPA

December 31, 2025

Sun Country Flight Attendants

547

IBT

December 31, 2019

Sun Country Dispatchers

TWU

November 30, 2024

Sun Country Technicians and related craft employees

177

AMFA

Contract in Negotiations

Recently Adopted Accounting Standards

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. On January 1, 2022, the Company adopted ASU 2020-06 using a modified retrospective approach. There was no financial statement impact upon adoption.

In May 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. On January 1, 2022, the Company adopted ASU 2021-04 on a prospective basis, as required by the Standard. There was no financial statement impact upon adoption.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance ("ASU 2021-10"). The new standard requires additional disclosures regarding government grants and money contributions. The standard requires disclosures on the nature of the transactions and related accounting policies, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transactions. The Company adopted this standard as of January 1, 2022 and included disclosures as required under ASU 2021-10, see Note 3 for additional information on COVID-19 related government assistance the Company has received

IMPACT OF THE COVID-19 PANDEMIC	12 Months Ended
IMPACT OF THE COVID-19 PANDEMIC	Dec. 31, 2022
IMPACT OF THE COVID-19 PANDEMIC
IMPACT OF THE COVID-19 PANDEMIC	IMPACT OF THE COVID-19 PANDEMIC The COVID-19 pandemic resulted in a dramatic decline in passenger demand across the U.S. airline industry. Sun Country experienced a significant decline in demand related to the COVID-19 pandemic, which caused a material decline in 2021 and 2020 revenues as compared to pre-pandemic levels, and negatively impacted the Company’s financial condition and operating results. During 2022, Sun Country continued to see recovery in demand from the COVID-19 pandemic relative to demand in 2021 and 2020, which may impact the comparability of results to prior periods. The ongoing impact of the COVID-19 pandemic virus and its variants on overall demand for future air travel remains uncertain and cannot be predicted at this time. CARES Act On March 27, 2020, the CARES Act was passed by the U.S. Government. The provisions in the CARES Act provided for economic relief to eligible individuals and businesses affected by COVID-19. As a provider of scheduled passenger service, air cargo service, charter air transportation and related services, the Company was eligible for and received certain benefits in 2021 and 2020, as outlined in the CARES Act including, but not limited to payroll tax breaks, government grants and government loans. The grant amounts recognized under the CARES Act Payroll Support Program for the years ended December 31, 2021 and 2020 were $71,587 and $62,312, respectively, and were recorded in Special Items, net in the Company’s Consolidated Statements of Operations. The CARES Act also provided an employee retention credit (“CARES Employee Retention Credit”) which was a refundable tax credit against certain employment taxes. During the years ended December 31, 2021 and 2020, the Company recorded a benefit of $848 and $2,328, respectively, related to the CARES Employee Retention Credit within Special Items, net in the Company's Consolidated Statements of Operations. Under the CARES Act Loan Program, the Company received a $45,000 loan (the “CARES Act Loan”) from the Treasury on October 26, 2020, which was repaid in full on March 24, 2021. In accordance with any grants and/or loans received under the CARES Act, the Company is required to comply with the relevant provisions of the CARES Act and the related implementing agreements which, among other things, include the following: the requirement to use the Payroll Support Payments exclusively for the continuation of payment of crewmember and employee wages, salaries and benefits; the requirement that certain levels of commercial air service be maintained through March 1, 2022, if ordered by the DOT; the prohibitions on share repurchases of listed securities and the payment of common stock (or equivalent) dividends ended on September 30, 2022; and restrictions on the payment of certain executive compensation effective through April 1, 2023. During the twelve months ended June 30, 2022, the compensation payable to an executive officer temporarily exceeded the limit under the CARES Act by $319. Once the issue was identified, the executive officer voluntarily rescinded the unvested portion of the equity grant that caused the executive’s compensation to exceed the CARES Act limit. At no point did the executive's cash compensation and equity awards that could be monetized exceed the CARES Act limit. The correction occurred subsequent to December 31, 2022. The Company did not accrue any amounts related to this matter as of December 31, 2022. To the extent we are deemed to have failed to remain in full compliance with the CARES Act and the applicable rules and regulations thereunder, we may become subject to fines or other enforcement actions.

REVENUE

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

Sun Country is a certificated air carrier generating Operating Revenues from Scheduled service, Charter service, Ancillary, Cargo and Other revenue. Scheduled service revenue mainly consists of base fares. Charter service revenue is primarily generated through service provided to the U.S. Department of Defense, collegiate and professional sports teams, and casinos. Ancillary revenues consist of revenue earned from air travel-related services sold primarily to Scheduled service passengers, such as baggage fees, seat selection and upgrade fees, priority check-in and boarding fees, itinerary service fees and on-board sales. Cargo revenue is earned from flying cargo aircraft under the ATSA. Other revenue consists primarily of revenue from services in connection with Sun Country Vacations products and brand and marketing revenue from the Company's co-branded credit card program.

The significant categories comprising Operating Revenues are as follows:


	Year Ended December 31,
	2022		2021		2020
Scheduled service	$	438,308	$	279,377	$	193,047
Charter service	161,619		127,331		98,130
Ancillary	192,506		117,237		68,055
Passenger	792,433		523,945		359,232
Cargo	90,350		91,428		36,809
Other	11,661		7,642		5,445
Total Operating Revenue	$	894,444	$	623,015	$	401,486

The Company attributes and measures its Operating Revenue by geographic region as defined by the DOT for airline reporting based upon the origin of each passenger and cargo flight segment.

The Company’s operations are highly concentrated in the U.S., but include service to many international locations, primarily based on scheduled service to Latin America during the winter season and on military charter services.

Total Operating Revenues by geographic region are as follows:


	Year Ended December 31,
	2022		2021		2020
Domestic	$	857,764	$	597,005	$	382,463
Latin America	36,537		24,646		18,515
Other	143		1,364		508
Total Operating Revenue	$	894,444	$	623,015	$	401,486

Contract Balances

The Company’s contract assets primarily relate to costs incurred in 2020 to get Amazon cargo aircraft ready for service. The balances are included in Other Current Assets and Other Assets on the Consolidated Balance Sheets. These deferred up-front costs are being amortized into expense on a pro-rata basis over the initial six years of the ATSA and are immaterial on an annual basis.

The Company’s significant contract liabilities are comprised of 1) ticket sales for transportation that has not yet been provided (reported as Air Traffic Liabilities on the Consolidated Balance Sheets), 2) outstanding loyalty points that may be redeemed for future travel and other non-air travel awards (reported as Loyalty Program Liabilities on the Consolidated Balance Sheets) and 3) the Amazon deferred up-front payment received (reported within Other Current Liabilities and Other Long-term Liabilities on the Consolidated Balance Sheets).

As part of the ATSA executed in December 2019, Amazon paid the Company $10,300 toward start-up costs. Upon signing the ATSA, Amazon received 632,183 fully vested warrants to purchase the Company’s common stock, with a fair value of $4,667. This fair value was assigned to a portion of the $10,300 cash received from Amazon and the remaining $5,633 was recorded in Other Liabilities on the Company’s Consolidated Balance Sheets. This deferred up-front payment is being amortized into revenue on a pro-rata basis over the initial six years of the ATSA and is immaterial on an annual basis.

Contract Assets and Liabilities are as follows:


	December 31,
	2022		2021
Contract Assets
Costs to fulfill contract with Amazon	$	2,195	$	2,819
Total Contract Assets	$	2,195	$	2,819

Contract Liabilities
Air Traffic Liabilities	$	157,995	$	118,562
Loyalty Program Liabilities	15,437		19,718
Amazon Deferred Up-front Payment	3,271		4,200
Total Contract Liabilities	$	176,703	$	142,480

The balance in the Air Traffic Liabilities fluctuates with seasonal travel patterns. Most tickets can be purchased no more than 12 months in advance, therefore any revenue associated with tickets sold for future travel will be recognized within that timeframe. For the year ended December 31, 2022, $112,347 of revenue was recognized in Passenger revenue that was included in the Air Traffic Liabilities as of December 31, 2021.

Loyalty Program

The Sun Country Rewards program provides loyalty awards to program members based on accumulated loyalty points. The Company records a liability for loyalty points earned by passengers under the Sun Country Rewards program using two methods: 1) a liability for points that are earned by passengers on purchases of the Company’s services is established by deferring revenue based on the redemption value, net of estimated loyalty points that will expire unused, or breakage, and 2) a liability for points attributed to loyalty points issued to the Company’s co-branded credit card holders is established by deferring a portion of payments received from the Company’s co-branded agreement. The balance of the Loyalty Program Liabilities fluctuates based on seasonal patterns, which impacts the volume of loyalty points awarded through travel or issued to co-branded credit card and other partners (deferral of revenue) and loyalty points redeemed (recognition of revenue). Due to these reasons, the timing of loyalty point redemptions can vary significantly.

Changes in the Loyalty Program Liabilities are as follows:


	2022		2021
Balance - January 1	$	19,718	$	22,069
Loyalty Points Earned	7,052		4,562
Loyalty Points Redeemed (1)	(11,333)		(6,913)
Balance - December 31	$	15,437	$	19,718

________________________________


(1)			Loyalty points are combined in one homogenous pool, that includes both air and non-air travel awards, and are not separately identifiable. As such, the revenue recognized is comprised of points that were part of the Loyalty Program Liabilities balance at the beginning of the period, as well as points that were earned during the period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table shows the computation of basic and diluted earnings (loss) per share:


	Year Ended December 31,
	2022		2021		2020
Net Income (Loss)	$	17,676	$	81,248	$	(3,904)

Denominator:
Weighted Average Common Shares Outstanding - Basic	57,951,955		55,182,811		46,806,042
Dilutive effect of Stock Options, RSUs and Warrants (1)	3,094,640		4,141,229		—
Weighted Average Common Shares Outstanding - Diluted	61,046,595		59,324,040		46,806,042

Basic earnings (loss) per share	$	0.31	$	1.47	$	(0.08)
Diluted earnings (loss) per share	$	0.29	$	1.37	$	(0.08)

_________________________________


(1)			There were 3,178,533, 3,636,771 and 3,577,252 performance-based stock options outstanding at December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022 and 2021, the Company expected approximately 59% and 75% of these options to vest, respectively. As of December 31, 2022 32.5% of the eligible outstanding performance-based stock options vested and were considered exercisable. No amounts had vested as of December 31, 2021. These amounts are included in the measure above to the extent they are dilutive.

The Company's anti-dilutive shares for the periods presented were immaterial to the Consolidated Financial Statements for the years ended December 31, 2022 and 2021. Due to the Company’s Net Loss position for the year ended December 31, 2020, all of its outstanding stock options, restricted stock units, and vested warrants were considered anti-dilutive and excluded from the calculation of diluted loss per share.

AIRCRAFT

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

AIRCRAFT

As of December 31, 2022, Sun Country operated a fleet of 54 Boeing 737-NG aircraft, consisting of 53 Boeing 737-800s and one Boeing 737-700.

The following tables summarize the Company’s aircraft fleet activity for the years ended 2022 and 2021, respectively:


	December 31, 2021	Additions	Reclassifications	Removals	December 31, 2022
Passenger:
Owned	21	5	4	(1)	29
Finance leases (1)	9	2	—	—	11
Operating leases	6	—	(4)	—	2
Sun Country Airlines' Fleet	36	7	—	(1)	42
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft Operated	48	7	—	(1)	54


	December 31, 2020	Additions	Reclassifications	Removals	December 31, 2021
Passenger:
Owned	14	1	6	—	21
Finance leases	5	4	—	—	9
Operating leases	12	—	(6)	—	6
Sun Country Airlines' Fleet	31	5	—	—	36
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft Operated	43	5	—	—	48


(1)			Two aircraft operating leases were reclassified into finance leases and two separate aircraft finance lease purchase options were exercised, resulting in a net change of zero finance lease reclassifications.

During the year ended December 31, 2022, the Company acquired seven incremental aircraft, five of which were financed using proceeds from the issuance of Class A and Class B pass-through trust certificates (the "2022-1 EETC"), and two through finance lease arrangements. As of December 31, 2022, 26 of the owned aircraft were financed and three aircraft were unencumbered. For more information on the Company's financing arrangements, see Note 8 of these Consolidated Financial Statements.

During the year ended December 31, 2022, the Company completed transactions that adjusted the composition of its fleet. The Company executed lease amendments to purchase two aircraft at the end of the lease term, which modified the classification from operating leases to finance leases with expiration dates in fiscal year 2026. The Company purchased two aircraft previously classified as finance leases, using proceeds from the

2022-1 EETC. Additionally, the Company purchased two aircraft previously classified as operating leases, both of which are now unencumbered.

During the year ended December 31, 2022, an owned aircraft was retired due to the aircraft sustaining damage beyond economic repair. The impact of the retirement was not material to the Company's Consolidated Results of Operations. See Note 18 for more information.

Six of the aircraft purchased during the year ended December 31, 2021 were financed through the Delayed Draw Term Loan Facility. All six aircraft were previously accounted for as operating leases. The Company also acquired five incremental aircraft, one of which was purchased, and four through finance lease arrangements.

Depreciation, amortization, and rent expense on aircraft is as follows:


		Year Ended December 31,
Aircraft Status	Expense Type	2022		2021		2020
Owned	Depreciation	$	40,311	$	35,855	$	25,294
Finance Leased	Amortization	16,871		11,507		13,253
Operating Leased	Aircraft Rent (1)	8,768		17,653		30,989
		$	65,950	$	65,015	$	69,536

_________________________________


(1)			Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date.

Depreciation expense on owned aircraft and amortization expense on finance leased aircraft are both classified in Depreciation and Amortization on the Consolidated Statements of Operations.

Aircraft Maintenance Deposits Contra-Assets

As of the Acquisition Date, the Company established a maintenance deposit contra-asset to offset the acquired maintenance deposit assets included in Short-term Lessor Maintenance Deposits on the Consolidated Balance Sheets. The assets represent deposits remitted by the previous owners of the Company to the lessor for maintenance events. The contra-asset represent the Company’s obligation to perform planned maintenance events on leased aircraft held as of the Acquisition date. As reimbursable maintenance events are performed and Maintenance expense is incurred, a portion of the contra-asset is recognized as a reduction to Maintenance expense on the Consolidated Statements of Operations due to the fact that the previously acquired maintenance deposit is partially funding the maintenance event. As of December 31, 2022 and 2021, the remaining balance of the contra-asset was $13,211 and $22,348, respectively. Of the $9,137 reduction in the contra-asset during the year ended December 31, 2022, $8,362 is related to the purchase of two aircraft previously under operating leases. The contra-assets reduce future depreciation expense recognized on these aircraft. The remaining balance as of December 31, 2022 includes $8,021 that is available to be applied towards the purchase price of the two aircraft that were reclassified to finance leases during the current year.

Over-market Liabilities

As of the Acquisition Date, the Company recognized a liability representing lease terms which are unfavorable compared with market terms of similar leases. The over-market lease liability is recorded as a contra-asset offsetting the corresponding lease asset. The remaining unamortized balance of this contra-asset as of December 31, 2022 and 2021 was $113 and $10,363, respectively and is recorded within Operating Lease Right-of-Use Assets. During fiscal year 2022, the Company executed lease amendments which modified two aircraft from operating leases to finance leases. As a result of the modifications, the Company reclassified $9,687 of the over-market lease liability from Operating Lease Right-of-Use Assets to Finance Lease Assets. The resulting reclassification reduced the go-forward Depreciation and Amortization for the related Finance Lease Assets. Additionally, $173 of the reduction is related to the purchase of two aircraft previously under

operating leases. The contra-assets were applied against the purchase price of the two aircraft previously under operating leases, which reduced the net cash outflows on the purchase date, and results in a reduction of future Depreciation and Amortization for the related aircrafts.

As of the Acquisition Date, Sun Country’s existing leases included payments for maintenance reserves in addition to the stated aircraft lease payments. For a substantial portion of these maintenance reserve payments, the Company does not expect to be reimbursed by the lessor. Therefore, a liability was established representing over-market maintenance reserve lease terms compared to market terms of similar leases. The remaining balance of this liability at December 31, 2022 and 2021 was $2,574 and $14,737, respectively. Of the $12,163 reduction in the over-market maintenance reserve liabilities during fiscal year 2022, $6,023 was incorporated into the Finance Lease Assets in accordance with the terms of the two executed lease amendments, as described above. Additionally, $3,303 of the reduction is related to the purchase of two aircraft previously under operating leases. The maintenance reserves were applied against the purchase price of the two aircraft previously under operating leases, which reduced the net cash outflows on the purchase date, and results in a reduction of future Depreciation and Amortization for the related aircrafts.

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Components of Goodwill and Other Intangible Assets were as follows:


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships	48,000		(18,890)		29,110
Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	104,000		(18,890)		85,110
Total Goodwill and Other Intangible Assets	$	326,223	$	(18,890)	$	307,333


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships	48,000		(14,890)		33,110
Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	104,000		(14,890)		89,110
Total Goodwill and Other Intangible Assets	$	326,223	$	(14,890)	$	311,333

The Company recognized $4,000 of amortization expense on intangible assets with finite-lives during each of the years ended December 31, 2022, 2021 and 2020. As of December 31, 2022, estimated annual amortization expense for each of the next five fiscal years is $4,000 and $9,110 thereafter.

DEBT

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

DEBT

DEBTCredit Facilities — On February 10, 2021, the Company executed a five-year credit agreement (the “Credit Agreement”) with a group of lenders that replaced the Company’s prior $25,000 asset-based revolving credit

facility. The Credit Agreement included a $25,000 Revolving Credit Facility and a $90,000 Delayed Draw Term Loan Facility ("DDTL"), which are collectively referred to as the “Credit Facilities". The interest rate on borrowings is determined by various alternative base rates plus an applicable margin ranging from 4% to 5%. In addition, there is a commitment fee on the unused Revolving Credit Facility of 0.5%. The proceeds from the Revolving Credit Facility can be used for general corporate purposes, whereas proceeds from the Delayed Draw Term Loan Facility were to be used solely to finance the acquisition of aircraft or engines to be registered in the United States. The Credit Agreement includes financial covenants that require a minimum trailing 12-month EBITDAR ($87,700 as of March 31, 2022 and beyond) and a minimum liquidity of $30,000 at the close of any business day. The Company was in compliance with these covenants as of December 31, 2022.

During 2021, the Company drew $80,500 on the DDTL to purchase six aircraft, which were previously under operating leases. During the first quarter of 2022, the Company repaid the outstanding balance of the DDTL in full using proceeds it received from the 2022-1 EETC, which terminated the DDTL. As a result, no amounts under the DDTL were available to the Company as of December 31, 2022. The Company recorded a $1,557 loss on extinguishment of debt related to the repayment of the DDTL, which represented the write-off of the unamortized deferred financing costs. As of December 31, 2022, the Company had $24,650 of financing available through the Revolving Credit Facility.

Long-term Debt — In March 2022, the Company arranged for the issuance of the 2022-1 EETC in an aggregate face amount of $188,277 for the purpose of financing or refinancing 13 aircraft. The Company recorded $2,570 in debt issuance costs associated with the 2022-1 EETC. Of the 13 aircraft financed by the 2022-1 EETC during the year ended December 31, 2022, five were existing owned aircraft previously financed by the DDTL, two of the aircraft were owned outright, four of the aircraft were acquired incrementally, and two aircraft were bought-out from existing finance leases. The Company is required to make semi-annual principal and interest payments each March and September, the first payment occurred on September 15, 2022. The 2022-1 EETC is secured by a lien on the financed or refinanced aircraft and will be cross-collateralized by the other aircraft financed through the issuance.

During the year ended December 31, 2022, the Company capitalized $3,074 of Interest Expense related to aircraft financed with the proceeds of the 2022-1 EETC while undergoing induction.

In December 2019, the Company arranged for the issuance of Class A, Class B and Class C pass-through trust certificates Series 2019-1 (the “2019-1 EETC”), in an aggregate face amount of $248,587 for the purpose of financing or refinancing 13 used aircraft, which was executed in 2020. The Company is required to make semi-annual principal and interest payments each June and December. These payments include interest through approximately the 15th of the payment month.

Long-term Debt includes the following:


	December 31,
	2022		2021
Notes payable under the Company's 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in semi-annual installments, in June and December, through December 2027. These notes bear interest at an annual rate of between 4.13% and 6.95% and the weighted average interest rate is 4.73% as of December 31, 2022.	$	176,697	$	202,984
Notes payable under the Company's 2022-1 EETC agreement dated March 2022, with a face amount of $188,277 payable in semi-annual installments, in March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75% and the weighted average interest rate is 5.06% as of December 31, 2022.	179,019		—
Delayed Draw Term Loan Facility	—		77,481
Other Notes payable	—		466
Total Debt	355,716		280,931
Less: Unamortized debt issuance costs	(3,481)		(3,505)
Less: Current Maturities of Long-term Debt	(57,548)		(29,412)
Total Long-term Debt	$	294,687	$	248,014

Future maturities of the outstanding Debt are as follows:


December 31	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
2023	$	58,518	$	(970)	$	57,548
2024	60,157		(785)		59,372
2025	65,241		(608)		64,633
2026	45,668		(420)		45,248
2027	47,999		(302)		47,697
Thereafter	78,133		(396)		77,737
Total	$	355,716	$	(3,481)	$	352,235

The fair value of Debt was $324,059 as of December 31, 2022 and $272,004 as of December 31, 2021. The fair value of the Company’s debt was based on the discounted amount of future cash flows using the Company’s end-of-period estimated incremental borrowing rate for similar obligations. The estimates were primarily based on Level 3 inputs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lessee, Operating Leases

LEASES

The Company classifies its Leases into three categories: Aircraft, Real Estate, and Other. Aircraft leases consist of aircrafts, engines, and aircraft equipment under lease agreements. As of December 31, 2022, the Company had 13 leases for aircraft, of which 11 were under finance leases and two were right-of-use operating leases. Real estate leases consist of leased hangar and administration facilities, a simulator housing facility, and other leases consist of non-aircraft equipment under operating lease agreements. Real estate and other leases have initial terms of up to ten years.

The Company’s Cargo fleet of 12 aircraft is subleased directly from Amazon and the Company operates them pursuant to the ATSA. Based upon review of the ATSA, the sublease arrangement does not qualify as a lease,

because the Company does not control the use of the aircraft. As such, no right-of-use asset and lease liability is recognized in these financial statements for the Amazon arrangement.

The Company also has various airport terminal agreements which include provisions for variable lease payments which are based on several factors, including, but not limited to, number of carriers, enplaned passengers, and airports’ annual operating budgets. Due to the variable nature of the rates, these leases are not recorded on the Company’s Consolidated Balance Sheets as a right-of-use asset and lease liability.

Certain aircraft lease agreements include an option to extend the lease term beyond the original expiration date. As of December 31, 2022, the Company remains uncertain as to whether it will exercise any of the available extension options. As such, the Company’s operating and finance lease obligations do not reflect lease payments associated with extension periods that remain unexercised. Also, none of the Company’s aircraft leases contain an early termination provision.

Certain aircraft lease agreements grant the Company the option to purchase the aircraft at the end of the lease term. To the extent the Company is reasonably certain to exercise the purchase option, the lease arrangement has been accounted for as a finance lease with the purchase option price recognized as part of the lease obligation.

The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets:


		December 31,
	Classification	2022		2021
Assets
Finance lease assets, net	Property and Equipment, net	$	221,727	$	181,097
Operating lease assets	Operating Lease Right-of-use Assets	22,182		61,658
Total lease assets		$	243,909	$	242,755
Liabilities
Current:
Finance lease liabilities	Short-term Finance Lease Obligations	$	17,990	$	11,705
Operating lease liabilities	Short-term Operating Lease Obligations	6,296		17,231
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations	233,306		180,450
Operating lease liabilities	Long-term Operating Lease Obligations	19,836		58,810
Total lease liabilities		$	277,428	$	268,196

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2022:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total		Aircraft		Real Estate and Other		Total
2023	$	31,600	$	1,492	$	33,092	$	4,382	$	3,366	$	7,748
2024	32,080		1,551		33,631		2,392		3,282		5,674
2025	32,080		1,773		33,853		—		3,273		3,273
2026	70,877		1,773		72,650		—		3,296		3,296
2027	20,604		1,773		22,377		—		3,306		3,306
Thereafter	122,527		3,179		125,706		—		8,722		8,722
Total Minimum Lease Payments	309,768		11,541		321,309		6,774		25,245		32,019
Less: Amount Representing Interest	(66,652)		(3,361)		(70,013)		(316)		(5,571)		(5,887)
Present Value of Minimum Lease Payments	243,116		8,180		251,296		6,458		19,674		26,132
Less: Short-term Obligations	(17,309)		(681)		(17,990)		(4,111)		(2,185)		(6,296)
Long-term Lease Obligations	$	225,807	$	7,499	$	233,306	$	2,347	$	17,489	$	19,836

The following table presents lease costs related to the Company’s Finance and Operating Leases:


		Year Ended December 31,
	Classification	2022		2021		2020
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	17,900	$	12,536	$	11,948
Interest on lease liabilities	Interest Expense	13,782		8,021		8,659

Operating lease cost
Included in ROU asset - Aircraft	Aircraft Rent (1)	8,465		18,608		30,717
Included in ROU asset - Real Estate & Other	Ground Handling, Landing Fees and Airport Rent & Other Operating	3,692		3,976		4,872
Short-term	Aircraft Rent	691		277		1,813
Variable - Aircraft	Aircraft Rent (1)	(388)		(1,232)		(1,541)
Variable - Other	Landing Fees & Airport Rentals	1,838		1,210		1,049
Total Lease cost		$	45,980	$	43,396	$	57,517

_________________________________


(1)			The years ended December 31, 2022, 2021 and 2020, include credits of $3,228, $7,609 and $14,110, respectively, for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves.

The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	12,378	$	29,360	$	34,576
Operating Cash Flows for Finance Leases	$	13,782	$	8,021	$	8,659
Financing Cash Flows for Finance Leases	$	42,062	$	11,931	$	89,697

The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases:


	Year Ended December 31,
	2022	2021	2020
Weighted-average remaining lease term
Operating Leases	5.9 years	4.6 years	4.8 years
Finance Leases	6.1 years	7.2 years	8.6 years

Weighted-average discount rates
Operating Leases	6.3%	6.0%	6.0%
Finance Leases	6.2%	6.1%	6.1%

During the years ended December 31, 2022, 2021, and 2020 the Company expensed $2,191, $4,004 and $8,691 of maintenance reserve payments, respectively. These expenses are reflected in Aircraft Rent on the accompanying Consolidated Statements of Operations.

Lessee, Finance Leases

LEASES

because the Company does not control the use of the aircraft. As such, no right-of-use asset and lease liability is recognized in these financial statements for the Amazon arrangement.

The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets:


		December 31,
	Classification	2022		2021
Assets
Finance lease assets, net	Property and Equipment, net	$	221,727	$	181,097
Operating lease assets	Operating Lease Right-of-use Assets	22,182		61,658
Total lease assets		$	243,909	$	242,755
Liabilities
Current:
Finance lease liabilities	Short-term Finance Lease Obligations	$	17,990	$	11,705
Operating lease liabilities	Short-term Operating Lease Obligations	6,296		17,231
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations	233,306		180,450
Operating lease liabilities	Long-term Operating Lease Obligations	19,836		58,810
Total lease liabilities		$	277,428	$	268,196

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2022:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total		Aircraft		Real Estate and Other		Total
2023	$	31,600	$	1,492	$	33,092	$	4,382	$	3,366	$	7,748
2024	32,080		1,551		33,631		2,392		3,282		5,674
2025	32,080		1,773		33,853		—		3,273		3,273
2026	70,877		1,773		72,650		—		3,296		3,296
2027	20,604		1,773		22,377		—		3,306		3,306
Thereafter	122,527		3,179		125,706		—		8,722		8,722
Total Minimum Lease Payments	309,768		11,541		321,309		6,774		25,245		32,019
Less: Amount Representing Interest	(66,652)		(3,361)		(70,013)		(316)		(5,571)		(5,887)
Present Value of Minimum Lease Payments	243,116		8,180		251,296		6,458		19,674		26,132
Less: Short-term Obligations	(17,309)		(681)		(17,990)		(4,111)		(2,185)		(6,296)
Long-term Lease Obligations	$	225,807	$	7,499	$	233,306	$	2,347	$	17,489	$	19,836

The following table presents lease costs related to the Company’s Finance and Operating Leases:


		Year Ended December 31,
	Classification	2022		2021		2020
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	17,900	$	12,536	$	11,948
Interest on lease liabilities	Interest Expense	13,782		8,021		8,659

Operating lease cost
Included in ROU asset - Aircraft	Aircraft Rent (1)	8,465		18,608		30,717
Included in ROU asset - Real Estate & Other	Ground Handling, Landing Fees and Airport Rent & Other Operating	3,692		3,976		4,872
Short-term	Aircraft Rent	691		277		1,813
Variable - Aircraft	Aircraft Rent (1)	(388)		(1,232)		(1,541)
Variable - Other	Landing Fees & Airport Rentals	1,838		1,210		1,049
Total Lease cost		$	45,980	$	43,396	$	57,517

_________________________________


(1)			The years ended December 31, 2022, 2021 and 2020, include credits of $3,228, $7,609 and $14,110, respectively, for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves.

The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	12,378	$	29,360	$	34,576
Operating Cash Flows for Finance Leases	$	13,782	$	8,021	$	8,659
Financing Cash Flows for Finance Leases	$	42,062	$	11,931	$	89,697

The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases:


	Year Ended December 31,
	2022	2021	2020
Weighted-average remaining lease term
Operating Leases	5.9 years	4.6 years	4.8 years
Finance Leases	6.1 years	7.2 years	8.6 years

Weighted-average discount rates
Operating Leases	6.3%	6.0%	6.0%
Finance Leases	6.2%	6.1%	6.1%

STOCK BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

STOCK-BASED COMPENSATION

In March 2021, the stockholders approved the Sun Country Airlines Holdings, Inc. 2021 Omnibus Incentive Plan (the “Plan”). The Plan authorizes that no more than 3,600,000 shares of Common Stock may be delivered in the aggregate pursuant to Awards granted under the Plan. An “Award” means any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, RSU, Other Stock-Based Award, or Other Cash-Based Award granted under the Plan. As of December 31, 2022, there were 3,276,169 shares available for future grants.

Upon implementation of this new Plan, grants under the October 2018 equity incentive plan ceased. Awards already issued under the 2018 plan are not impacted by the new Plan.

Stock compensation expense was $2,774, $5,562, and $2,110 during the years ended December 31, 2022, 2021 and 2020, respectively. During the years ended December 31, 2022 and 2021 there was a $1,032 and $3,619 tax benefit recognized in income related to stock compensation expense. The 2021 expense includes $3,804 for performance-based options, which were expensed for the first time in 2021 due to the achievement of a performance condition. As of December 31, 2022, there was $4,583 of total unrecognized compensation expense related to stock options and RSUs. This unrecognized compensation is expected to be fully recognized over a weighted average period of approximately 2.2 years.

Time-Based Stock Options

The following table is a summary of the Company's time-based stock option activity:


	Time-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2019	2,281,308	$	5.84	$	2.54	9.0
Granted	221,941	17.99		7.02
Forfeited	(173,788)	14.65		5.70
Outstanding as of December 31, 2020	2,329,461	$	6.36	$	2.74	7.6
Granted	62,080	33.10		13.47
Forfeited	(18,613)	11.75		5.15
Exercised	(718,985)	5.89		2.56
Outstanding as of December 31, 2021	1,653,943	$	7.57	$	3.22	7.2
Granted	—	—		—
Forfeited	(119,605)	20.09		8.03
Exercised	(177,816)	5.63		2.49
Outstanding as of December 31, 2022	1,356,522	$	6.72	$	2.89	6.1	$	12,950
Exercisable as of December 31, 2022	1,214,803	$	6.12	$	2.65		$	12,084
Vested or expected to vest, December 31, 2022	1,356,522	$	6.72	$	2.89		$	12,950

The Company recognizes expense associated with the Time-Based Stock Options in an amount equal to the fair value on the date of the grant and on a straight-line basis over the requisite service period of the award (generally the vesting period). Time-based stock option awards vest at 25% per year over the first four years following the grant. All time-based stock options expire ten years after the grant date. The intrinsic value of stock options exercised in 2022 and 2021 was $3,468 and $18,621, respectively.

The fair value of the time-based stock options granted was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants. A third-party valuation advisor was utilized to assist management in determining the fair value of options granted using the Black-Scholes option-pricing model based on the grant price and assumptions regarding the expected term, expected volatility, dividends, and risk-free interest rates. The grant price was determined based on the fair value of the Company’s

stock on the date the Compensation Committee of the Board approves the grant. During the year ended December 31, 2022, the Company did not grant any time-based stock options.

The assumptions used for the Black-Scholes option pricing model were as follows:


	2021		2020
Expected Term	5.1 years		5.6 years
Expected Volatility	34.0	%	38.8	%
Risk-free Interest Rate	1.2	%	1.7	%
Expected Dividend Yield	—		—

The expected term was based on vesting criteria and time to expiration. The expected volatility was based on historical volatility of stock prices and assets of a public company peer group. The risk-free interest rate was based on the implied risk-free rate using the expected term and yields of U.S Treasury stock and S&P bond yields.

Performance-Based Stock Options

The following table is a summary of the Company's performance-based stock option activity:


	Performance-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2019	3,502,947	$	5.86	$	1.61	9.0
Granted	346,984	17.99		4.36
Forfeited	(272,679)	14.65		3.59
Outstanding as of December 31, 2020	3,577,252	$	6.38	$	1.72	7.6
Granted	99,167	33.10		10.08
Forfeited	(39,648)	6.89		1.67
Outstanding as of December 31, 2021	3,636,771	$	7.10	$	1.53	7.2
Granted	—	—		—
Forfeited	(307,894)	14.13		4.43
Exercised	(150,344)	6.55		1.74
Outstanding as of December 31, 2022	3,178,533	$	6.45	$	1.83	6.1	$	30,793
Exercisable as of December 31, 2022	964,635	$	6.64	$	1.93		$	9,322
Vested or expected to vest, December 31, 2022 (1)	1,888,049	$	6.45	$	1.83		$	18,291

_________________________________


(1)			As of December 31, 2022, the Company expected approximately 59% of these options to vest.

The vesting for the Company's performance-based stock options was based on the Company's IPO and other ongoing factors. The Company recognized a cumulative catch-up of stock-based compensation expense upon the Company's IPO. The Company continues to measure the ongoing factors and the impact on vesting. Compensation expense for the performance-based stock options is recognized ratably for each vesting tranche. The service period for these awards is from the original grant date through each of the future vesting dates. The

intrinsic value of performance-based stock options exercised in 2022 was $2,511. There were no exercises of performance-based stock options during 2021 or 2020. All performance-based stock options expire ten years after the grant date.

The fair value of performance-based stock options granted was estimated by simulating the future stock price using geometric Brownian motion and risk-free rate of return at intervals specified in the grant agreement. The number of shares vested and future price at each interval were recorded for each simulation and then multiplied together and discounted to present value at the risk-free rate of return. During the year ended December 31, 2022, the Company did not grant any performance-based stock options.

Time-Based RSUs


	Restricted Stock Units
	Number of shares	Weighted average grant date fair value
Outstanding as of December 31, 2020	—	$	—
Granted	7,634	40.60
Forfeited	(2,955)	40.60
Outstanding as of December 31, 2021	4,679	40.60
Granted	248,025	20.44
Forfeited	(5,478)	23.04
Vested	(17,035)	25.87
Outstanding as of December 31, 2022	230,191	$	20.39

The Company measures compensation expense for grants of time-based RSUs using the Company's share price on the date of grant. The Company recognizes expense associated with the RSUs in an amount equal to the fair value on the date of the grant and on a straight-line basis over the requisite service period of the award. RSUs vest ratably over the term of the award, which is typically three years. The total fair value of restricted stock units vested was $441 during the year ended December 31, 2022

DEFINED CONTRIBUTION 401(k) PLAN

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

DEFINED CONTRIBUTION 401(k) PLAN

The Company has a 401(k) profit-sharing retirement plan covering substantially all employees. The plan allows employee contributions up to 50% of a participant’s eligible compensation, subject to limits established under the 401(k) plan and annual IRS elective deferral limits. The Company currently matches 100% of participants contribution up to a maximum of 4% for non-pilot participants’ and 6% for pilot participants’ eligible compensation. Pursuant to the current pilot collective bargaining agreement, the Company was also required to make a non-discretionary 13% Company contribution for pilots based on gross earnings. This non-discretionary Company contribution for pilots will increase to 14% in 2023, and 15% for 2024 and thereafter. Contributions are classified in Salaries, Wages, and Benefits on the Consolidated Statements of Operations.

The Company made 401(k) contributions as follows:


	Year Ended December 31,
	2022		2021		2020
Non-Discretionary	$	13,692	$	1,187	$	1,040
Discretionary	2,730		5,220		4,263
Total 401(k) Contributions	$	16,422	$	6,407	$	5,303

FUEL DERIVATIVES AND RISK MANAGEMENT

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FUEL DERIVATIVES AND RISK MANAGEMENT

The Company’s operations are inherently dependent upon the price of aircraft fuel. To manage economic risks associated with fluctuations in aircraft fuel prices, the Company periodically enters into fuel option and swap contracts. The Company does not apply hedge accounting to its fuel derivative contracts, nor does it hold or issue them for trading purposes. As of December 31, 2022 and 2021, the Company had no outstanding fuel derivative contracts.

Fuel derivative contracts are recognized at fair value on the Consolidated Balance Sheets as Derivative Assets, if the fair value is in an asset position, or as Derivative Liabilities, if the fair value is in a liability position. Derivatives where the payment due date is greater than one year from the Balance Sheet date are classified as long-term. Fuel derivative gains and losses are classified in Aircraft Fuel on the Consolidated Statements of Operations.

Changes in Derivative Assets (Liabilities) are as follows:


	December 31,
	2022		2021
Balance - January 1	$	—	$	(1,174)
Non-cash Gains	—		3,527
Contract Settlements	—		(2,353)
Balance - December 31	$	—	$	—

Fuel Derivative Gains (Losses) consist of the following:


	Year Ended December 31,
	2022		2021		2020
Non-cash Gains (Losses)	$	—	$	3,527	$	(12,206)
Cash Premiums Paid	—		—		(2,053)
Total Fuel Derivative Gains (Losses)	$	—	$	3,527	$	(14,259)

INVESTMENTS

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

A summary of the Company's Available-for-Sale debt securities by major security type is as follows:


	December 31, 2022 (1)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (2):
Municipal Debt Securities	$	47,897	$	16	$	(258)	$	47,655
Corporate Debt Securities	93,460		1		(683)		92,778
U.S. Government Agency Securities	32,326		2		(126)		32,202
Total	$	173,683	$	19	$	(1,067)	$	172,635


(1)			As the Company purchased these investments during 2022; therefore, there is no comparable presentation for prior periods.
(2)			The Company also holds Certificates of Deposit that are included in Investments on the Consolidated Balance Sheets totaling $6,301 and $6,283 as of December 31, 2022 and December 31, 2021, respectively.

As of December 31, 2022, the Company's investments that have unrealized losses have been in a continuous unrealized loss position for less than 12 months. The unrealized losses were the result of increases in market

interest rates and were not the result of a deterioration in the credit quality of the securities. As of December 31, 2022, the Company believes that any unrealized losses will recover prior to the investment's conversion to cash. Therefore, the Company believes these losses to be temporary.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Accounting standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Under GAAP, there are three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices for identical assets or liabilities in active markets.

Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company uses the following valuation methodologies for financial instruments measured at fair value on a recurring basis.

Financial Instruments – Financial instruments including Restricted Cash, Certificates of Deposit, Accounts Receivable, Accounts Payable and all other Current Liabilities have carrying values that approximate fair value.

Cash & Cash Equivalents – The carrying value of cash and cash equivalents approximates fair value. Fair values of cash equivalent instruments that do not trade on a regular basis in active markets are classified as Level 2.

Available-for-Sale Securities – Available-for-Sale investment securities include debt securities, such as municipal, corporate, and U.S. government agency notes. All of these investments are classified as Level 2 because they do not trade in active markets on a regular basis. The Company obtains its pricing per security from a third-party, which uses quoted market prices, when available, or other observable inputs for determination of fair value.

Non-Financial Assets – Certain assets are measured at fair value on a nonrecurring basis. The Company’s non-financial assets, which primarily consist of Property & Equipment, Goodwill and Other Intangible Assets are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial assets are assessed for impairment and, if applicable, written down to fair value using significant unobservable inputs, classified as Level 3.

Debt – See Note 8 for more information on the Company's debt financings and related fair values.

The following table summarizes the assets measured at fair value on a recurring basis:


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	73,727	$	18,359	$	—	$	92,086
Available-for-Sale Securities:
Municipal Debt Securities	—		47,655		—		47,655
Corporate Debt Securities	—		92,778		—		92,778
U.S. Government Agency Securities	—		32,202		—		32,202
Total Available-for-Sale Securities	—		172,635		—		172,635
Total Assets Measured at Fair Value on a Recurring Basis	$	73,727	$	190,994	$	—	$	264,721


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	309,338	$	—	$	—	$	309,338
Total Assets Measured at Fair Value on a Recurring Basis	$	309,338	$	—	$	—	$	309,338

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table summarizes the significant components of the provision for income taxes from continuing operations:


	Year Ended December 31,
	2022		2021		2020
Current:
Federal	$	1,329	$	—	$	—
State and Local	84		135		10
Total Current Tax Expense	1,413		135		10

Deferred:
Federal	4,393		16,824		(597)
State and Local	500		2,123		(191)
Total Deferred Tax Expense (Benefit)	4,893		18,947		(788)
Total Income Tax Expense (Benefit)	$	6,306	$	19,082	$	(778)

The income tax provision differs from that computed at the federal statutory corporate tax rate as follows:


	Year Ended December 31,
	2022		2021		2020
Expected Provision at Federal Statutory Tax Rate	21.0	%	21.0	%	21.0	%
State Tax, net of Federal Impact	1.9	%	1.8	%	3.1	%
Stock Compensation Benefit	(4.3)	%	(3.6)	%	—	%
Tax Receivable Agreement	4.4	%	(3.4)	%	—	%
Executive Compensation Limitation	2.0	%	3.0	%	—	%
Employee Parking	0.9	%	0.2	%	(3.3)	%
Meals and Entertainment	—	%	—	%	(2.2)	%
Other Permanent Adjustments	0.4	%	—	%	(2.0)	%
Effective Tax Rate	26.3	%	19.0	%	16.6	%

The following table summarizes the significant components of the Company’s deferred taxes:


	December 31,
	2022		2021
Deferred Tax Assets:
Net Operating Loss	$	73,252	$	77,920
Operating Lease Obligations	5,179		16,544
Finance Lease Obligations	34,458		40,178
Goodwill and Other Intangible Assets	6,812		9,699
Loyalty Program Liabilities	3,459		4,407
Accrued Maintenance	—		718
Other	7,028		5,095
Total Deferred Tax Assets	130,188		154,561

Deferred Tax Liabilities:
Accelerated Depreciation	(78,749)		(81,120)
Operating Lease Right-of-use Assets	(5,102)		(14,181)
Finance Lease Assets	(30,492)		(41,652)
Prepaid Maintenance	(1,986)		—
Other	(903)		—
Total Deferred Tax Liabilities	(117,232)		(136,953)
Total Net Deferred Tax Assets	$	12,956	$	17,608

As of December 31, 2022, the Company has $70,551 of federal net operating losses ("NOLs") and $2,701 of state NOLs, net of tax effect, available that may be applied against future tax liabilities. As a result of ownership changes that occurred in 2021, the existing federal and state NOLs may be subject to certain limitations under Section 382 of the Internal Revenue Code. However, the Company does not believe these limitations will adversely impact its ability to use these losses to offset taxable income in future periods. There is no expiration of federal net operating losses. The state net operating losses begin to expire in 2025.

In assessing the realizability of Deferred Tax Assets, management considers whether it is more likely than not that some portion or all the Deferred Tax Assets will not be realized. The ultimate realization of the Deferred Tax

Assets is dependent upon the generation of future taxable income during periods in which the temporary differences become deductible. Management considers the scheduled reversal of the liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. As of December 31, 2022, management believes that it is more likely than not that the future results of the operations will generate sufficient taxable income to realize the tax benefits related to its Deferred Tax Assets.

The Company recognizes the consolidated financial statement effect of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. If applicable, the Company reports both accrued interest and penalties related to unrecognized tax benefits as a component of Income Tax Expense in the Consolidated Statements of Operations.

As of December 31, 2022 and 2021, the Company had no liability for unrecognized tax benefits recorded in its Consolidated Balance Sheets.

The Company files income tax returns in the United States and various states. In the normal course of business, the Company is subject to potential income tax examination by the federal and state tax authorities in these jurisdictions for tax years that are open under local statute. For U.S. federal income tax purposes, the Company's 2021, 2020, and 2019 tax returns remain open to examination. For U.S. state income tax purposes, the Company's 2021, 2020, 2019, and 2018 tax returns remain open to examination.

Tax Receivable Agreement

In connection with the Company’s IPO, the Company entered into a TRA with pre-IPO stockholders (the “TRA holders”). The TRA provides for the payment by the Company to the TRA holders of 85% of the amount of cash savings, if any, in U.S. federal, state, local, and foreign income tax that the Company actually realizes (or is deemed to realize in certain circumstances) as a result of certain tax attributes that existed at the time of the IPO (the “Pre-IPO Tax Attributes”). The Company will retain the benefit of the remaining 15% of these cash savings.

Upon the closing of the IPO, the Company recognized a non-current liability of $115,200, which represented undiscounted aggregate payments that were expected to be paid to the TRA holders, with an offset to Stockholders’ Equity. Adjustments to the TRA are recorded in Other, net Non-Operating Income (Expense) on the Company's Consolidated Statements of Operations. If the Company does not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, then it would not be required to make the related TRA payments. During fiscal year 2022, the TRA liability balance increased $5,000 from $98,800 to $103,800. The increase in the TRA liability was recorded as an expense within the Consolidated Statement of Operations. The 2022 increase in the TRA liability was mainly due to the reduction in the 2022 actual pre-tax income compared to the forecasted pre-tax income. During the year ended December 31, 2021, the TRA Liability decreased by $16,400, which was recorded as a benefit within the Consolidated Statement of Operations. The decrease in the TRA liability was mainly due to the receipt of an additional CARES Act grant in 2021, which extended the time period in which distributions made to shareholders are restricted from March 31, 2022 to September 30, 2022, and also resulted from an increase in 2021 pre-tax income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-Name Accounting Standards Codification
-Topic 740
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITYOn October 31, 2022, the Company’s Board of Directors authorized a stock repurchase program pursuant to which the Company may purchase up to $50,000 of its Common Stock, $0.01 par value per share (“Common Stock”). The Company may purchase shares of its Common Stock on a discretionary basis from time-to-time through open market repurchases, privately negotiated transactions, accelerated share repurchase, or other means, including through Rule 10b5-1 trading plans. During the fourth quarter of 2022, the Company entered into a $25,000 Accelerated Share Repurchase Program. The Company received an initial delivery of 890,586 shares at an average price of $19.65 per share during the fourth quarter of 2022. The settlement of the program occurred during January 2023, upon which the Company received an additional 480,932 shares. In total, the Company repurchased 1,371,518 shares at an average price of $18.23 per share. As of December 31, 2022, the Company had $25,000 of Board authorization remaining to repurchase additional shares of its Common Stock. The stock repurchase program has no expiration date and may be modified, suspended, or terminated at any time.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

SPECIAL ITEMS, NET

12 Months Ended

Dec. 31, 2022

Unusual or Infrequent Items, or Both [Abstract]

SPECIAL ITEMS, NET

Special Items, net reflects expenses, or credits to expense, that are not representative of our ongoing costs for the periods presented and may vary from period to period in nature, frequency, and amount.

Special Items, net on the Consolidated Statements of Operations consist of the following:


	Year Ended December 31,
	2022		2021		2020
CARES Act grant recognition (see Note 3)	$	—	$	(71,587)	$	(62,312)
CARES Act employee retention credit (see Note 3)	—		(848)		(2,328)
Other (1)	—		16		77
Total Special Items, net	$	—	$	(72,419)	$	(64,563)


(1)			The 2021 and 2020 costs were related to relocation of flight attendant bases due to the closure of the Portland and Las Vegas bases.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements (see Note 9), repayment of debt (see Note 8), payments under the TRA (see N ote 1 5), and probable future purchases of aircraft. During the second quarter of 2022, an owned aircraft was retired due to the aircraft sustaining damage beyond economic repair. The best estimate of this event was recorded as of the second quarter, the estimate has since been revised. The impact of the retirement was not material to the Company's Consolidated Results of Operations. The estimate will continue to be revised when additional information becomes available or when the contingency is finalized. The Company does not believe the finalization of the contingency will have a material effect on the Company's Consolidated Results of Operations. As of December 31, 2022 the Company had a commitment to lease three aircraft with deliveries spanning the fourth quarter of 2023 and the first quarter of 2024. The leases will each have annual lease payments of approximately $2,000 for six years. As of December 31, 2022 the Company had a commitment to purchase an engine for approximately $4,500. The engine was purchased and delivered in January 2023. The Company is subject to various legal proceedings in the normal course of business and expenses legal costs as incurred. Management does not believe these proceedings will have a materially adverse effect on the Company.

OPERATING SEGMENTS

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

OPERATING SEGMENTS

OPERATING SEGMENTSOperating segments are defined as components of an enterprise about which separate financial information is both available and evaluated regularly by the Chief Operating Decision Maker ("CODM") and is used in

resource allocation and performance assessments. The Company’s CODM is considered to be the Company’s Chief Executive Officer. The CODM makes resource allocation decisions to maximize the Company's consolidated financial results, primarily through the scheduling of aircraft on the most profitable routes. Substantially all the Company’s tangible assets are located in the U.S. or relate to flight equipment, which is mobile across geographic markets. The Company has two operating and reportable segments: Passenger and Cargo.

The Company’s Passenger segment is comprised of two businesses: Scheduled Service and Charter. These businesses both utilize the Company's Passenger fleet. The CODM maximizes the return on these aircraft through the combination of both the Scheduled Service and Charter flights. The Company routinely schedules its Passenger fleet using what is referred to as “Power Patterns,” which involves scheduling aircraft and crew on trips that combine scheduled service and charter legs, dynamically replacing what would be lower margin scheduled service flights with charter opportunities. Because of the complimentary nature of these businesses and the fact that the CODM routinely looks at the combined results of these businesses to ensure the highest level of returns on the Passenger fleet, the Company determined that it was appropriate that these businesses be viewed as a singular Passenger operating segment.

The Cargo segment began providing air cargo services under the ATSA in May 2020. Fuel consumed in Cargo operations is directly reimbursed by Amazon and therefore aircraft fuel revenue is presented net of such reimbursements on the Consolidated Statements of Operations. Fuel consumed in Cargo maintenance activities is included within Aircraft Fuel expense in the Cargo segment. Certain operating expenses are directly attributable to the Cargo operating segment.

Certain operating expenses are allocated between the operating segments. Non-Fuel operating expenses are allocated based on metrics such as block hours, fleet count and departures, which best align with the nature of the respective expense. CARES Act credits, included in Special Items, net, are allocated based on the respective segment Salaries, Wages, and Benefits.

The following tables present financial information for the Company’s two segments. Assets by segment are not reviewed by the CODM and have not been presented herein. The Company does not consider Interest Income, Interest Expense, and Other Income, net, in assessing the financial performance of its operating segments. Collectively, these items are included in reconciliations of reporting segment financial amounts to consolidated financial amounts.


	Year Ended December 31, 2022
	Passenger		Cargo		Consolidated
Operating Revenues	$	804,094	$	90,350	$	894,444
Non-Fuel Operating Expenses	479,968		90,405		570,373
Aircraft Fuel	268,279		84		268,363
Total Operating Expenses	748,247		90,489		838,736
Operating Income (Loss)	$	55,847	$	(139)	55,708
Interest Income					4,527
Interest Expense					(31,018)
Other, net					(5,235)
Income before Income Tax					$	23,982


	Year Ended December 31, 2021
	Passenger		Cargo		Consolidated
Operating Revenues	$	531,587	$	91,428	$	623,015
Non-Fuel Operating Expenses	385,580		68,797		454,377
Aircraft Fuel	128,863		247		129,110
Special Items, net	(54,019)		(18,400)		(72,419)
Total Operating Expenses	460,424		50,644		511,068
Operating Income	$	71,163	$	40,784	$	111,947
Interest Income					85
Interest Expense					(26,326)
Other, net					14,624
Income before Income Tax					$	100,330


	Year Ended December 31, 2020 (1)
	Passenger		Cargo		Consolidated
Operating Revenues	$	364,677	$	36,809	$	401,486
Non-Fuel Operating Expenses	332,742		32,530		365,272
Aircraft Fuel	83,392		—		83,392
Special Items, net	(53,842)		(10,721)		(64,563)
Total Operating Expenses	362,292		21,809		384,101
Operating Income	$	2,385	$	15,000	$	17,385
Interest Income					377
Interest Expense					(22,073)
Other, net					(371)
Loss before Income Tax					$	(4,682)


(1)			As air cargo operations commenced in May 2020, there are limited Cargo amounts included in the year ended December 31, 2020.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

Basis of Presentation

These Condensed Parent Company-only Financial Statements are not general-purpose financial statements and should be read in conjunction with the Consolidated Financial Statements. The Parent’s significant accounting policies are consistent with those described in the Consolidated Financial Statements, except that all subsidiaries are accounted for as equity method investments.

Revision of Previously Issued Parent Company Financial Information

The Company assessed the materiality of the errors on the prior period financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, codified in ASC 250, Presentation of Financial Statements. Management concluded it was immaterial to the Company's previously issued annual or interim financial statements. The Company has revised the previously issued financial statements as presented in these Condensed Parent Company-only Financial Statements and notes included in

this Annual Report on Form 10-K. For further information regarding the revision, refer to Note 2 of these Consolidated Financial Statements.

The impact of the revision on the Company's previously issued Condensed Parent Company-only Balance Sheets as of December 31, 2021 are as follows:


	December 31, 2021
	As Previously Issued		Correction		As Revised
Assets
Investment in Subsidiary	$	602,561	$	3,778	$	606,339
Total Other Assets	602,561		3,778		606,339
Total Assets	602,561		3,778		606,339
Stockholders' Equity
Retained Earnings	115,794		3,778		119,572
Total Stockholders' Equity	602,011		3,778		605,789
Total Liabilities and Stockholders' Equity	$	602,561	$	3,778	$	606,339

The impact of the revision on the Company's previously issued Condensed Parent Company-only Statements of Operations for the year ended December 31, 2021 are as follows:


	Year Ended December 31, 2021
	As Previously Issued		Correction		As Revised
Operating Expenses
Equity in Income of Subsidiaries	$	77,534	$	3,778	$	81,312
Total Non-operating Income, net	77,534		3,778		81,312

Income Before Income Tax	77,470		3,778		81,248
Net Income	$	77,470	$	3,778	$	81,248

The following Condensed Parent Company-only Financial Statements are presented to show only the parent company, Sun Country Airlines Holdings, Inc.

Balance Sheets


	December 31,
	2022		2021
ASSETS

Current Assets:
Cash and Cash Equivalents	$	—	$	—
Total Current Assets	—		—

Other Assets:
Investment in Subsidiary	609,396		606,339
Total Other Assets	609,396		606,339
Total Assets	$	609,396	$	606,339


	December 31,
	2022		2021
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts Payable	$	—	$	(1)
Other Current Liabilities	16		57
Total Current Liabilities	16		56

Other Long-term Liabilities	1,468		494
Total Liabilities	1,484		550

Stockholders' Equity:
Common Stock	582		579
Treasury Stock	(17,605)		—
Additional Paid In Capital	488,494		485,638
Accumulated Other Comprehensive Income	(807)		—
Retained Earnings	137,248		119,572
Total Stockholders' Equity	607,912		605,789
Total Liabilities and Stockholders' Equity	$	609,396	$	606,339

Statements of Operations


	Year Ended December 31,
	2022		2021		2020
Operating Expenses:
Other Operating, net	$	465	$	64	$	179
Total Operating Expenses	465		64		179
Operating Loss	(465)		(64)		(179)

Non-operating Income (Expense):
Equity in Income (Loss) of Subsidiaries	18,141		81,312		(3,725)
Other, net	—		—		—
Total Non-operating Income (Expense), net	18,141		81,312		(3,725)

Income (Loss) before Income Tax	17,676		81,248		(3,904)
Income Tax Expense (Benefit)	—		—		—
Net Income (Loss)	17,676		81,248		(3,904)
Other Comprehensive Loss	(807)		—		—
Comprehensive Income (Loss)	$	16,869	$	81,248	$	(3,904)

A Statement of Cash Flows has not been presented as Sun Country Airlines Holdings, Inc. did not have material cash transactions for the years ended December 31, 2022, 2021, and 2020. Further, Sun Country Airlines Holdings, Inc. did not have material cash balances as of December 31, 2022 and 2021. All cash transactions involving Sun Country Airlines Holdings, Inc. are performed at the subsidiary level.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company evaluated subsequent events for the period from the Balance Sheet date through February 15, 2023, the date that the Consolidated Financial Statements were available to be issued. For more information on the Company's subsequent events, see Note 2, N ote 3, Note 16, and Note 18 within these Consolidated Financial Statements.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Fiscal Year

The Company operates its fiscal year on a calendar year basis.

Use of Estimates

Revenue Recognition

Loyalty Program Accounting

Cash and Equivalents

Restricted Cash

Investments

The Company's Debt Securities are classified as Available-for-Sale and are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized gains and losses on the Company's Available-for-Sale securities are excluded from Net Income and are reported as a component of Accumulated Other Comprehensive Income, net of income tax effects, within Stockholders' Equity on the Consolidated Balance Sheets until realized. Realized gains and losses are recorded using the specific identification method and reflected in Other, net within Non-operating Income (Expense) on the Company's Consolidated Statement of Operations. Premiums and discounts recorded on Available-for-Sale debt securities are accounted for in Interest Income within Non-operating Income (Expense) on the Company's Consolidated Statement of Operations.At each reporting period, the Company assesses its Available-for-Sale investments in an unrealized loss position to determine whether an impairment exists. The Company will record an impairment if management intends to sell an impaired security, will likely be required to sell a security before recovery of the entire amortized cost, or the same level of collectible cash flows from the security is no longer expected. The entire impairment will be included in Other, net within Non-operating Income (Expense) on the Company's Consolidated Statement of Operations.

Accounts Receivable

Lessor Maintenance Deposits

Inventory

Leases

Operating Lease Right-of-Use Asset and Liabilities

Finance Leases

Leased Aircraft Return Costs

Property & Equipment


Airframes			10-25 years (depending on age)
Engines – Core			7 or 12 years (based on remaining cycles)
Engines - Initial Greentime (time remaining until the first scheduled major maintenance event)			1st scheduled maintenance event
Leasehold Improvements, Aircraft, Other			3-25 years (or life of lease, if shorter)
Office and Ground Equipment			5-7 years
Computer Hardware and Software			3-5 years
Property and Equipment under Finance Leases			Lesser of the lease term or economic life
Rotable Parts			Average remaining life of aircraft fleet, currently estimated to be 6-16 years

Airframe and Engine Maintenance

Asset Impairment Analysis

Goodwill and Other Intangible Assets

Income Taxes

Valuation of the TRA Liability

Aircraft Fuel

Sales And Marketing

Equity Incentive Plan

Earnings per Share

Concentration Risk

The following table shows the Company’s airline employee groups represented by unions:

Employee Group

Number of Active

Employees

Represented at

December 31, 2022

Union

Date on which Collective
Bargaining Agreement
Becomes Amendable

Sun Country Pilots

571

ALPA

December 31, 2025

Sun Country Flight Attendants

547

IBT

December 31, 2019

Sun Country Dispatchers

TWU

November 30, 2024

Sun Country Technicians and related craft employees

177

AMFA

Contract in Negotiations

Recently Adopted Accounting Standards

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of airline employee groups represented by unions

The following table shows the Company’s airline employee groups represented by unions:

Employee Group

Number of Active

Employees

Represented at

December 31, 2022

Union

Date on which Collective
Bargaining Agreement
Becomes Amendable

Sun Country Pilots

571

ALPA

December 31, 2025

Sun Country Flight Attendants

547

IBT

December 31, 2019

Sun Country Dispatchers

TWU

November 30, 2024

Sun Country Technicians and related craft employees

177

AMFA

Contract in Negotiations

Property & Equipment, residual value over estimated useful lives or lease term


Airframes			10-25 years (depending on age)
Engines – Core			7 or 12 years (based on remaining cycles)
Engines - Initial Greentime (time remaining until the first scheduled major maintenance event)			1st scheduled maintenance event
Leasehold Improvements, Aircraft, Other			3-25 years (or life of lease, if shorter)
Office and Ground Equipment			5-7 years
Computer Hardware and Software			3-5 years
Property and Equipment under Finance Leases			Lesser of the lease term or economic life
Rotable Parts			Average remaining life of aircraft fleet, currently estimated to be 6-16 years

Impact of revision on previously issued statements

The impact of the revision on the Company's previously issued Consolidated Balance Sheets as of December 31, 2021 are as follows:


	December 31, 2021
	As Previously Issued		Correction		As Revised
Assets
Aircraft and Flight Equipment	$	440,356	$	6,963	$	447,319
Total Property & Equipment	688,624		6,963		695,587
Accumulated Depreciation & Amortization	(115,013)		(2,056)		(117,069)
Total Property & Equipment, net	573,611		4,907		578,518
Deferred Tax Asset	18,737		(1,129)		17,608
Total Other Assets	427,590		(1,129)		426,461
Total Assets	1,376,644		3,778		1,380,422
Stockholder's Equity
Retained Earnings	594		3,778		4,372
Total Stockholders' Equity	486,811		3,778		490,589
Total Liabilities and Stockholders' Equity	$	1,376,644	$	3,778	$	1,380,422

The impact of the revision on the Company's previously issued Consolidated Statements of Operations for the year ended December 31, 2021 are as follows:


	Year Ended December 31, 2021
	As Previously Issued		Correction		As Revised
Operating Expenses
Depreciation and Amortization	$	55,019	$	2,056	$	57,075
Special Items, net	(65,456)		(6,963)		(72,419)
Total Operating Expenses	515,975		(4,907)		511,068

Operating Income	107,040		4,907		111,947
Income Before Income Tax	95,423		4,907		100,330
Income Tax Expense	17,953		1,129		19,082
Net Income	77,470		3,778		81,248
Basic Income per share	$	1.40	$	0.07	$	1.47
Diluted Income per share	$	1.31	$	0.06	$	1.37

The impact of the revision on the Company's previously issued Consolidated Statements of Cash Flows for the year ended December 31, 2021 is as follows:


	Year Ended December 31, 2021
	As Previously Issued		Correction		As Revised
Operating Activities
Net Income	$	77,470	$	3,778	$	81,248
Depreciation and Amortization	55,019		2,056		57,075
Non-Cash Gain on Asset Transaction, Net	(12,673)		12,668		(5)
Deferred Income Taxes	17,480		1,129		18,609
Operating Lease Obligations	(24,433)		(12,668)		(37,101)
Net Cash Provided by Operating Activities	152,013		6,963		158,976
Investing Activities
Purchases of Property & Equipment	(116,369)		(6,963)		(123,332)
Net Cash Used in Investing Activities	$	(116,973)	$	(6,963)	$	(123,936)

The impact of the revision on the Company's previously issued Condensed Parent Company-only Balance Sheets as of December 31, 2021 are as follows:


	December 31, 2021
	As Previously Issued		Correction		As Revised
Assets
Investment in Subsidiary	$	602,561	$	3,778	$	606,339
Total Other Assets	602,561		3,778		606,339
Total Assets	602,561		3,778		606,339
Stockholders' Equity
Retained Earnings	115,794		3,778		119,572
Total Stockholders' Equity	602,011		3,778		605,789
Total Liabilities and Stockholders' Equity	$	602,561	$	3,778	$	606,339

The impact of the revision on the Company's previously issued Condensed Parent Company-only Statements of Operations for the year ended December 31, 2021 are as follows:


	Year Ended December 31, 2021
	As Previously Issued		Correction		As Revised
Operating Expenses
Equity in Income of Subsidiaries	$	77,534	$	3,778	$	81,312
Total Non-operating Income, net	77,534		3,778		81,312

Income Before Income Tax	77,470		3,778		81,248
Net Income	$	77,470	$	3,778	$	81,248

REVENUE (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of significant categories comprising Operating Revenues

The significant categories comprising Operating Revenues are as follows:


	Year Ended December 31,
	2022		2021		2020
Scheduled service	$	438,308	$	279,377	$	193,047
Charter service	161,619		127,331		98,130
Ancillary	192,506		117,237		68,055
Passenger	792,433		523,945		359,232
Cargo	90,350		91,428		36,809
Other	11,661		7,642		5,445
Total Operating Revenue	$	894,444	$	623,015	$	401,486

Schedule of Total Operating Revenues by geographic region

Total Operating Revenues by geographic region are as follows:


	Year Ended December 31,
	2022		2021		2020
Domestic	$	857,764	$	597,005	$	382,463
Latin America	36,537		24,646		18,515
Other	143		1,364		508
Total Operating Revenue	$	894,444	$	623,015	$	401,486

Summary of Contract Assets and Liabilities

Contract Assets and Liabilities are as follows:


	December 31,
	2022		2021
Contract Assets
Costs to fulfill contract with Amazon	$	2,195	$	2,819
Total Contract Assets	$	2,195	$	2,819

Contract Liabilities
Air Traffic Liabilities	$	157,995	$	118,562
Loyalty Program Liabilities	15,437		19,718
Amazon Deferred Up-front Payment	3,271		4,200
Total Contract Liabilities	$	176,703	$	142,480

Schedule of Changes in the Loyalty Program Liabilities

Changes in the Loyalty Program Liabilities are as follows:


	2022		2021
Balance - January 1	$	19,718	$	22,069
Loyalty Points Earned	7,052		4,562
Loyalty Points Redeemed (1)	(11,333)		(6,913)
Balance - December 31	$	15,437	$	19,718

________________________________


(1)			Loyalty points are combined in one homogenous pool, that includes both air and non-air travel awards, and are not separately identifiable. As such, the revenue recognized is comprised of points that were part of the Loyalty Program Liabilities balance at the beginning of the period, as well as points that were earned during the period.

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary of computation of basic and diluted earnings per share

The following table shows the computation of basic and diluted earnings (loss) per share:


	Year Ended December 31,
	2022		2021		2020
Net Income (Loss)	$	17,676	$	81,248	$	(3,904)

Denominator:
Weighted Average Common Shares Outstanding - Basic	57,951,955		55,182,811		46,806,042
Dilutive effect of Stock Options, RSUs and Warrants (1)	3,094,640		4,141,229		—
Weighted Average Common Shares Outstanding - Diluted	61,046,595		59,324,040		46,806,042

Basic earnings (loss) per share	$	0.31	$	1.47	$	(0.08)
Diluted earnings (loss) per share	$	0.29	$	1.37	$	(0.08)

_________________________________


(1)			There were 3,178,533, 3,636,771 and 3,577,252 performance-based stock options outstanding at December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022 and 2021, the Company expected approximately 59% and 75% of these options to vest, respectively. As of December 31, 2022 32.5% of the eligible outstanding performance-based stock options vested and were considered exercisable. No amounts had vested as of December 31, 2021. These amounts are included in the measure above to the extent they are dilutive.

AIRCRAFT (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Aircraft Fleet Activity

The following tables summarize the Company’s aircraft fleet activity for the years ended 2022 and 2021, respectively:


	December 31, 2021	Additions	Reclassifications	Removals	December 31, 2022
Passenger:
Owned	21	5	4	(1)	29
Finance leases (1)	9	2	—	—	11
Operating leases	6	—	(4)	—	2
Sun Country Airlines' Fleet	36	7	—	(1)	42
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft Operated	48	7	—	(1)	54


	December 31, 2020	Additions	Reclassifications	Removals	December 31, 2021
Passenger:
Owned	14	1	6	—	21
Finance leases	5	4	—	—	9
Operating leases	12	—	(6)	—	6
Sun Country Airlines' Fleet	31	5	—	—	36
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft Operated	43	5	—	—	48


(1)			Two aircraft operating leases were reclassified into finance leases and two separate aircraft finance lease purchase options were exercised, resulting in a net change of zero finance lease reclassifications.

Schedule of depreciation, amortization, and rent expense on aircraft

Depreciation, amortization, and rent expense on aircraft is as follows:


		Year Ended December 31,
Aircraft Status	Expense Type	2022		2021		2020
Owned	Depreciation	$	40,311	$	35,855	$	25,294
Finance Leased	Amortization	16,871		11,507		13,253
Operating Leased	Aircraft Rent (1)	8,768		17,653		30,989
		$	65,950	$	65,015	$	69,536

_________________________________


(1)			Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date.

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill and other intangible assets

Components of Goodwill and Other Intangible Assets were as follows:


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships	48,000		(18,890)		29,110
Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	104,000		(18,890)		85,110
Total Goodwill and Other Intangible Assets	$	326,223	$	(18,890)	$	307,333


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships	48,000		(14,890)		33,110
Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	104,000		(14,890)		89,110
Total Goodwill and Other Intangible Assets	$	326,223	$	(14,890)	$	311,333

DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of long-term debt

Long-term Debt includes the following:


	December 31,
	2022		2021
Notes payable under the Company's 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in semi-annual installments, in June and December, through December 2027. These notes bear interest at an annual rate of between 4.13% and 6.95% and the weighted average interest rate is 4.73% as of December 31, 2022.	$	176,697	$	202,984
Notes payable under the Company's 2022-1 EETC agreement dated March 2022, with a face amount of $188,277 payable in semi-annual installments, in March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75% and the weighted average interest rate is 5.06% as of December 31, 2022.	179,019		—
Delayed Draw Term Loan Facility	—		77,481
Other Notes payable	—		466
Total Debt	355,716		280,931
Less: Unamortized debt issuance costs	(3,481)		(3,505)
Less: Current Maturities of Long-term Debt	(57,548)		(29,412)
Total Long-term Debt	$	294,687	$	248,014

Schedule of future maturities of the outstanding debt

Future maturities of the outstanding Debt are as follows:


December 31	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
2023	$	58,518	$	(970)	$	57,548
2024	60,157		(785)		59,372
2025	65,241		(608)		64,633
2026	45,668		(420)		45,248
2027	47,999		(302)		47,697
Thereafter	78,133		(396)		77,737
Total	$	355,716	$	(3,481)	$	352,235

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of lease-related assets and liabilities

The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets:


		December 31,
	Classification	2022		2021
Assets
Finance lease assets, net	Property and Equipment, net	$	221,727	$	181,097
Operating lease assets	Operating Lease Right-of-use Assets	22,182		61,658
Total lease assets		$	243,909	$	242,755
Liabilities
Current:
Finance lease liabilities	Short-term Finance Lease Obligations	$	17,990	$	11,705
Operating lease liabilities	Short-term Operating Lease Obligations	6,296		17,231
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations	233,306		180,450
Operating lease liabilities	Long-term Operating Lease Obligations	19,836		58,810
Total lease liabilities		$	277,428	$	268,196

Summary of obligations under finance leases

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2022:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total		Aircraft		Real Estate and Other		Total
2023	$	31,600	$	1,492	$	33,092	$	4,382	$	3,366	$	7,748
2024	32,080		1,551		33,631		2,392		3,282		5,674
2025	32,080		1,773		33,853		—		3,273		3,273
2026	70,877		1,773		72,650		—		3,296		3,296
2027	20,604		1,773		22,377		—		3,306		3,306
Thereafter	122,527		3,179		125,706		—		8,722		8,722
Total Minimum Lease Payments	309,768		11,541		321,309		6,774		25,245		32,019
Less: Amount Representing Interest	(66,652)		(3,361)		(70,013)		(316)		(5,571)		(5,887)
Present Value of Minimum Lease Payments	243,116		8,180		251,296		6,458		19,674		26,132
Less: Short-term Obligations	(17,309)		(681)		(17,990)		(4,111)		(2,185)		(6,296)
Long-term Lease Obligations	$	225,807	$	7,499	$	233,306	$	2,347	$	17,489	$	19,836

Summary of obligations under operating leases

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2022:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total		Aircraft		Real Estate and Other		Total
2023	$	31,600	$	1,492	$	33,092	$	4,382	$	3,366	$	7,748
2024	32,080		1,551		33,631		2,392		3,282		5,674
2025	32,080		1,773		33,853		—		3,273		3,273
2026	70,877		1,773		72,650		—		3,296		3,296
2027	20,604		1,773		22,377		—		3,306		3,306
Thereafter	122,527		3,179		125,706		—		8,722		8,722
Total Minimum Lease Payments	309,768		11,541		321,309		6,774		25,245		32,019
Less: Amount Representing Interest	(66,652)		(3,361)		(70,013)		(316)		(5,571)		(5,887)
Present Value of Minimum Lease Payments	243,116		8,180		251,296		6,458		19,674		26,132
Less: Short-term Obligations	(17,309)		(681)		(17,990)		(4,111)		(2,185)		(6,296)
Long-term Lease Obligations	$	225,807	$	7,499	$	233,306	$	2,347	$	17,489	$	19,836

Summary of lease costs related to the Finance and Operating Leases

The following table presents lease costs related to the Company’s Finance and Operating Leases:


		Year Ended December 31,
	Classification	2022		2021		2020
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	17,900	$	12,536	$	11,948
Interest on lease liabilities	Interest Expense	13,782		8,021		8,659

Operating lease cost
Included in ROU asset - Aircraft	Aircraft Rent (1)	8,465		18,608		30,717
Included in ROU asset - Real Estate & Other	Ground Handling, Landing Fees and Airport Rent & Other Operating	3,692		3,976		4,872
Short-term	Aircraft Rent	691		277		1,813
Variable - Aircraft	Aircraft Rent (1)	(388)		(1,232)		(1,541)
Variable - Other	Landing Fees & Airport Rentals	1,838		1,210		1,049
Total Lease cost		$	45,980	$	43,396	$	57,517

_________________________________


(1)			The years ended December 31, 2022, 2021 and 2020, include credits of $3,228, $7,609 and $14,110, respectively, for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves.

Summary of supplemental cash flow information related to leases

The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	12,378	$	29,360	$	34,576
Operating Cash Flows for Finance Leases	$	13,782	$	8,021	$	8,659
Financing Cash Flows for Finance Leases	$	42,062	$	11,931	$	89,697

Summary of lease-related terms and discount rates

The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases:


	Year Ended December 31,
	2022	2021	2020
Weighted-average remaining lease term
Operating Leases	5.9 years	4.6 years	4.8 years
Finance Leases	6.1 years	7.2 years	8.6 years

Weighted-average discount rates
Operating Leases	6.3%	6.0%	6.0%
Finance Leases	6.2%	6.1%	6.1%

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Summary of time-based stock option activity

The following table is a summary of the Company's time-based stock option activity:


	Time-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2019	2,281,308	$	5.84	$	2.54	9.0
Granted	221,941	17.99		7.02
Forfeited	(173,788)	14.65		5.70
Outstanding as of December 31, 2020	2,329,461	$	6.36	$	2.74	7.6
Granted	62,080	33.10		13.47
Forfeited	(18,613)	11.75		5.15
Exercised	(718,985)	5.89		2.56
Outstanding as of December 31, 2021	1,653,943	$	7.57	$	3.22	7.2
Granted	—	—		—
Forfeited	(119,605)	20.09		8.03
Exercised	(177,816)	5.63		2.49
Outstanding as of December 31, 2022	1,356,522	$	6.72	$	2.89	6.1	$	12,950
Exercisable as of December 31, 2022	1,214,803	$	6.12	$	2.65		$	12,084
Vested or expected to vest, December 31, 2022	1,356,522	$	6.72	$	2.89		$	12,950

Schedule of stock options valuation assumptions

The assumptions used for the Black-Scholes option pricing model were as follows:


	2021		2020
Expected Term	5.1 years		5.6 years
Expected Volatility	34.0	%	38.8	%
Risk-free Interest Rate	1.2	%	1.7	%
Expected Dividend Yield	—		—

Summary of performance-based stock option activity

The following table is a summary of the Company's performance-based stock option activity:


	Performance-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2019	3,502,947	$	5.86	$	1.61	9.0
Granted	346,984	17.99		4.36
Forfeited	(272,679)	14.65		3.59
Outstanding as of December 31, 2020	3,577,252	$	6.38	$	1.72	7.6
Granted	99,167	33.10		10.08
Forfeited	(39,648)	6.89		1.67
Outstanding as of December 31, 2021	3,636,771	$	7.10	$	1.53	7.2
Granted	—	—		—
Forfeited	(307,894)	14.13		4.43
Exercised	(150,344)	6.55		1.74
Outstanding as of December 31, 2022	3,178,533	$	6.45	$	1.83	6.1	$	30,793
Exercisable as of December 31, 2022	964,635	$	6.64	$	1.93		$	9,322
Vested or expected to vest, December 31, 2022 (1)	1,888,049	$	6.45	$	1.83		$	18,291

_________________________________


(1)			As of December 31, 2022, the Company expected approximately 59% of these options to vest.

Time-Based RSUs


	Restricted Stock Units
	Number of shares	Weighted average grant date fair value
Outstanding as of December 31, 2020	—	$	—
Granted	7,634	40.60
Forfeited	(2,955)	40.60
Outstanding as of December 31, 2021	4,679	40.60
Granted	248,025	20.44
Forfeited	(5,478)	23.04
Vested	(17,035)	25.87
Outstanding as of December 31, 2022	230,191	$	20.39

DEFINED CONTRIBUTION 401(k) PLAN (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of 401(k) contributions

The Company made 401(k) contributions as follows:


	Year Ended December 31,
	2022		2021		2020
Non-Discretionary	$	13,692	$	1,187	$	1,040
Discretionary	2,730		5,220		4,263
Total 401(k) Contributions	$	16,422	$	6,407	$	5,303

FUEL DERIVATIVES AND RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of changes in derivative assets (liabilities)

Changes in Derivative Assets (Liabilities) are as follows:


	December 31,
	2022		2021
Balance - January 1	$	—	$	(1,174)
Non-cash Gains	—		3,527
Contract Settlements	—		(2,353)
Balance - December 31	$	—	$	—

Schedule of fuel derivative gains (losses)

Fuel Derivative Gains (Losses) consist of the following:


	Year Ended December 31,
	2022		2021		2020
Non-cash Gains (Losses)	$	—	$	3,527	$	(12,206)
Cash Premiums Paid	—		—		(2,053)
Total Fuel Derivative Gains (Losses)	$	—	$	3,527	$	(14,259)

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of debt securities by major security type

A summary of the Company's Available-for-Sale debt securities by major security type is as follows:


	December 31, 2022 (1)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (2):
Municipal Debt Securities	$	47,897	$	16	$	(258)	$	47,655
Corporate Debt Securities	93,460		1		(683)		92,778
U.S. Government Agency Securities	32,326		2		(126)		32,202
Total	$	173,683	$	19	$	(1,067)	$	172,635


(1)			As the Company purchased these investments during 2022; therefore, there is no comparable presentation for prior periods.
(2)			The Company also holds Certificates of Deposit that are included in Investments on the Consolidated Balance Sheets totaling $6,301 and $6,283 as of December 31, 2022 and December 31, 2021, respectively.

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of assets and liabilities measured at fair value on a recurring basis

The following table summarizes the assets measured at fair value on a recurring basis:


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	73,727	$	18,359	$	—	$	92,086
Available-for-Sale Securities:
Municipal Debt Securities	—		47,655		—		47,655
Corporate Debt Securities	—		92,778		—		92,778
U.S. Government Agency Securities	—		32,202		—		32,202
Total Available-for-Sale Securities	—		172,635		—		172,635
Total Assets Measured at Fair Value on a Recurring Basis	$	73,727	$	190,994	$	—	$	264,721


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	309,338	$	—	$	—	$	309,338
Total Assets Measured at Fair Value on a Recurring Basis	$	309,338	$	—	$	—	$	309,338

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

INCOME TAXES (Table)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of the significant components of the provision for income taxes from continuing operations


	Year Ended December 31,
	2022		2021		2020
Current:
Federal	$	1,329	$	—	$	—
State and Local	84		135		10
Total Current Tax Expense	1,413		135		10

Deferred:
Federal	4,393		16,824		(597)
State and Local	500		2,123		(191)
Total Deferred Tax Expense (Benefit)	4,893		18,947		(788)
Total Income Tax Expense (Benefit)	$	6,306	$	19,082	$	(778)

Summary of difference of income tax provision from that computed at the federal statutory corporate tax rate

The income tax provision differs from that computed at the federal statutory corporate tax rate as follows:


	Year Ended December 31,
	2022		2021		2020
Expected Provision at Federal Statutory Tax Rate	21.0	%	21.0	%	21.0	%
State Tax, net of Federal Impact	1.9	%	1.8	%	3.1	%
Stock Compensation Benefit	(4.3)	%	(3.6)	%	—	%
Tax Receivable Agreement	4.4	%	(3.4)	%	—	%
Executive Compensation Limitation	2.0	%	3.0	%	—	%
Employee Parking	0.9	%	0.2	%	(3.3)	%
Meals and Entertainment	—	%	—	%	(2.2)	%
Other Permanent Adjustments	0.4	%	—	%	(2.0)	%
Effective Tax Rate	26.3	%	19.0	%	16.6	%

Summary of the significant components of the deferred taxes

The following table summarizes the significant components of the Company’s deferred taxes:


	December 31,
	2022		2021
Deferred Tax Assets:
Net Operating Loss	$	73,252	$	77,920
Operating Lease Obligations	5,179		16,544
Finance Lease Obligations	34,458		40,178
Goodwill and Other Intangible Assets	6,812		9,699
Loyalty Program Liabilities	3,459		4,407
Accrued Maintenance	—		718
Other	7,028		5,095
Total Deferred Tax Assets	130,188		154,561

Deferred Tax Liabilities:
Accelerated Depreciation	(78,749)		(81,120)
Operating Lease Right-of-use Assets	(5,102)		(14,181)
Finance Lease Assets	(30,492)		(41,652)
Prepaid Maintenance	(1,986)		—
Other	(903)		—
Total Deferred Tax Liabilities	(117,232)		(136,953)
Total Net Deferred Tax Assets	$	12,956	$	17,608

SPECIAL ITEMS, NET (Tables)

12 Months Ended

Dec. 31, 2022

Unusual or Infrequent Items, or Both [Abstract]

Schedule of special items, net

Special Items, net on the Consolidated Statements of Operations consist of the following:


	Year Ended December 31,
	2022		2021		2020
CARES Act grant recognition (see Note 3)	$	—	$	(71,587)	$	(62,312)
CARES Act employee retention credit (see Note 3)	—		(848)		(2,328)
Other (1)	—		16		77
Total Special Items, net	$	—	$	(72,419)	$	(64,563)


(1)			The 2021 and 2020 costs were related to relocation of flight attendant bases due to the closure of the Portland and Las Vegas bases.

OPERATING SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of financial information for the operating segments


	Year Ended December 31, 2022
	Passenger		Cargo		Consolidated
Operating Revenues	$	804,094	$	90,350	$	894,444
Non-Fuel Operating Expenses	479,968		90,405		570,373
Aircraft Fuel	268,279		84		268,363
Total Operating Expenses	748,247		90,489		838,736
Operating Income (Loss)	$	55,847	$	(139)	55,708
Interest Income					4,527
Interest Expense					(31,018)
Other, net					(5,235)
Income before Income Tax					$	23,982


	Year Ended December 31, 2021
	Passenger		Cargo		Consolidated
Operating Revenues	$	531,587	$	91,428	$	623,015
Non-Fuel Operating Expenses	385,580		68,797		454,377
Aircraft Fuel	128,863		247		129,110
Special Items, net	(54,019)		(18,400)		(72,419)
Total Operating Expenses	460,424		50,644		511,068
Operating Income	$	71,163	$	40,784	$	111,947
Interest Income					85
Interest Expense					(26,326)
Other, net					14,624
Income before Income Tax					$	100,330


	Year Ended December 31, 2020 (1)
	Passenger		Cargo		Consolidated
Operating Revenues	$	364,677	$	36,809	$	401,486
Non-Fuel Operating Expenses	332,742		32,530		365,272
Aircraft Fuel	83,392		—		83,392
Special Items, net	(53,842)		(10,721)		(64,563)
Total Operating Expenses	362,292		21,809		384,101
Operating Income	$	2,385	$	15,000	$	17,385
Interest Income					377
Interest Expense					(22,073)
Other, net					(371)
Loss before Income Tax					$	(4,682)


(1)			As air cargo operations commenced in May 2020, there are limited Cargo amounts included in the year ended December 31, 2020.

PARENT COMPANY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Impact of revision on previously issued condensed parent company

The impact of the revision on the Company's previously issued Consolidated Balance Sheets as of December 31, 2021 are as follows:


	December 31, 2021
	As Previously Issued		Correction		As Revised
Assets
Aircraft and Flight Equipment	$	440,356	$	6,963	$	447,319
Total Property & Equipment	688,624		6,963		695,587
Accumulated Depreciation & Amortization	(115,013)		(2,056)		(117,069)
Total Property & Equipment, net	573,611		4,907		578,518
Deferred Tax Asset	18,737		(1,129)		17,608
Total Other Assets	427,590		(1,129)		426,461
Total Assets	1,376,644		3,778		1,380,422
Stockholder's Equity
Retained Earnings	594		3,778		4,372
Total Stockholders' Equity	486,811		3,778		490,589
Total Liabilities and Stockholders' Equity	$	1,376,644	$	3,778	$	1,380,422

The impact of the revision on the Company's previously issued Consolidated Statements of Operations for the year ended December 31, 2021 are as follows:


	Year Ended December 31, 2021
	As Previously Issued		Correction		As Revised
Operating Expenses
Depreciation and Amortization	$	55,019	$	2,056	$	57,075
Special Items, net	(65,456)		(6,963)		(72,419)
Total Operating Expenses	515,975		(4,907)		511,068

Operating Income	107,040		4,907		111,947
Income Before Income Tax	95,423		4,907		100,330
Income Tax Expense	17,953		1,129		19,082
Net Income	77,470		3,778		81,248
Basic Income per share	$	1.40	$	0.07	$	1.47
Diluted Income per share	$	1.31	$	0.06	$	1.37

The impact of the revision on the Company's previously issued Consolidated Statements of Cash Flows for the year ended December 31, 2021 is as follows:


	Year Ended December 31, 2021
	As Previously Issued		Correction		As Revised
Operating Activities
Net Income	$	77,470	$	3,778	$	81,248
Depreciation and Amortization	55,019		2,056		57,075
Non-Cash Gain on Asset Transaction, Net	(12,673)		12,668		(5)
Deferred Income Taxes	17,480		1,129		18,609
Operating Lease Obligations	(24,433)		(12,668)		(37,101)
Net Cash Provided by Operating Activities	152,013		6,963		158,976
Investing Activities
Purchases of Property & Equipment	(116,369)		(6,963)		(123,332)
Net Cash Used in Investing Activities	$	(116,973)	$	(6,963)	$	(123,936)

The impact of the revision on the Company's previously issued Condensed Parent Company-only Balance Sheets as of December 31, 2021 are as follows:


	December 31, 2021
	As Previously Issued		Correction		As Revised
Assets
Investment in Subsidiary	$	602,561	$	3,778	$	606,339
Total Other Assets	602,561		3,778		606,339
Total Assets	602,561		3,778		606,339
Stockholders' Equity
Retained Earnings	115,794		3,778		119,572
Total Stockholders' Equity	602,011		3,778		605,789
Total Liabilities and Stockholders' Equity	$	602,561	$	3,778	$	606,339

The impact of the revision on the Company's previously issued Condensed Parent Company-only Statements of Operations for the year ended December 31, 2021 are as follows:


	Year Ended December 31, 2021
	As Previously Issued		Correction		As Revised
Operating Expenses
Equity in Income of Subsidiaries	$	77,534	$	3,778	$	81,312
Total Non-operating Income, net	77,534		3,778		81,312

Income Before Income Tax	77,470		3,778		81,248
Net Income	$	77,470	$	3,778	$	81,248

Schedule of condensed financial statements

The following Condensed Parent Company-only Financial Statements are presented to show only the parent company, Sun Country Airlines Holdings, Inc.

Balance Sheets


	December 31,
	2022		2021
ASSETS

Current Assets:
Cash and Cash Equivalents	$	—	$	—
Total Current Assets	—		—

Other Assets:
Investment in Subsidiary	609,396		606,339
Total Other Assets	609,396		606,339
Total Assets	$	609,396	$	606,339


	December 31,
	2022		2021
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts Payable	$	—	$	(1)
Other Current Liabilities	16		57
Total Current Liabilities	16		56

Other Long-term Liabilities	1,468		494
Total Liabilities	1,484		550

Stockholders' Equity:
Common Stock	582		579
Treasury Stock	(17,605)		—
Additional Paid In Capital	488,494		485,638
Accumulated Other Comprehensive Income	(807)		—
Retained Earnings	137,248		119,572
Total Stockholders' Equity	607,912		605,789
Total Liabilities and Stockholders' Equity	$	609,396	$	606,339

Statements of Operations


	Year Ended December 31,
	2022		2021		2020
Operating Expenses:
Other Operating, net	$	465	$	64	$	179
Total Operating Expenses	465		64		179
Operating Loss	(465)		(64)		(179)

Non-operating Income (Expense):
Equity in Income (Loss) of Subsidiaries	18,141		81,312		(3,725)
Other, net	—		—		—
Total Non-operating Income (Expense), net	18,141		81,312		(3,725)

Income (Loss) before Income Tax	17,676		81,248		(3,904)
Income Tax Expense (Benefit)	—		—		—
Net Income (Loss)	17,676		81,248		(3,904)
Other Comprehensive Loss	(807)		—		—
Comprehensive Income (Loss)	$	16,869	$	81,248	$	(3,904)

COMPANY BACKGROUND (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Dec. 13, 2019 USD ($) $ / shares shares	Dec. 13, 2019 USD ($) $ / shares shares	Dec. 13, 2019 USD ($) item $ / shares shares	Dec. 13, 2019 USD ($) extension $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 shares	Dec. 31, 2018 $ / shares shares
Common stock-par value (in dollars per share) \| $ / shares					$ 0.01	$ 0.01
Amazon Agreement
Term of agreement (in years)	6 years
Number of extension option			2	2
Term of renewal agreement (in years)	2 years
Threshold term of agreement (in years)	10 years
Warrants issued	9,482,606	9,482,606	9,482,606	9,482,606
Exercise price (in dollars per share) \| $ / shares	$ 15.17	$ 15.17	$ 15.17	$ 15.17
Warrants vested		632,183			758,608	758,608	252,869
Number of warrants that vest on achievement of each milestone (in shares)		63,217
Milestone achievement for warrants to vest \| $	$ 8,000	$ 8,000	$ 8,000	$ 8,000
Apollo Global Management, Inc. and its Subsidiaries
Exercise price (in dollars per share) \| $ / shares								$ 0.0005
Common stock-par value (in dollars per share) \| $ / shares								$ 0
Equity interest issued or Issuable, number of shares								5,326,755
Warrants issued (in shares)								40,005,885

COMPANY BACKGROUND - Equity Transactions (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 31, 2020 shares	Dec. 31, 2018 USD ($) stockholder $ / shares shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Common stock-par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Apollo Global Management, Inc. and its Subsidiaries
Equity interest issued or Issuable, number of shares		5,326,755
Common stock-par value (in dollars per share) \| $ / shares		$ 0
Warrants issued (in shares)		40,005,885
Exercise price (in dollars per share) \| $ / shares		$ 0.0005
Initial Public Offering (in shares)		1,416,645
Warrants exercised	40,005,885
Notes Issued \| $		$ 3,500
Number of stockholders \| stockholder		2

COMPANY BACKGROUND- Stock split (Details)	1 Months Ended
COMPANY BACKGROUND- Stock split (Details)	Mar. 31, 2021 shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
COMPANY BACKGROUND
Stock split ratio	18.8886
Common stock-par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Share issued as a result of stock split (in shares) \| shares	44,226,587

COMPANY BACKGROUND - Initial Public Offering (Details)								1 Months Ended		6 Months Ended	12 Months Ended
COMPANY BACKGROUND - Initial Public Offering (Details)	Mar. 19, 2021 USD ($) shares	Mar. 17, 2021 shares	Mar. 16, 2021 $ / shares shares	Dec. 13, 2019 USD ($) $ / shares shares	Dec. 13, 2019 USD ($) $ / shares shares	Dec. 13, 2019 USD ($) item $ / shares shares	Dec. 13, 2019 USD ($) extension $ / shares shares	Oct. 31, 2021 $ / shares shares	May 31, 2021 $ / shares shares	Oct. 31, 2021 USD ($) $ / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares
Offering expenses \| $										$ 1,763,000	$ 0	$ 8,384,000	$ 0
Sale of Stock, Consideration Received on Transaction \| $										$ 0
Amazon Agreement
Term of agreement (in years)				6 years
Number of extension option						2	2
Term of renewal agreement (in years)				2 years
Threshold term of agreement (in years)				10 years
Warrants issued				9,482,606	9,482,606	9,482,606	9,482,606
Exercise price (in dollars per share) \| $ / shares				$ 15.17	$ 15.17	$ 15.17	$ 15.17
Warrants vested					632,183						758,608	758,608	252,869
Number of warrants that vest on achievement of each milestone (in shares)					63,217
Milestone achievement for warrants to vest \| $				$ 8,000,000	$ 8,000,000	$ 8,000,000	$ 8,000,000
Vested warrants held (in shares)											2,402,268
Apollo Stockholder
Shares issued (in shares)									7,250,000
Share price (in dollars per share) \| $ / shares									$ 34.50
Apollo Stockholder \| Chief Executive Officer
Shares issued (in shares)								8,500,000
Share price (in dollars per share) \| $ / shares								$ 32.50		$ 32.50
IPO
Shares issued (in shares)	10,454,545		9,090,909
Share price (in dollars per share) \| $ / shares			$ 24.00
Proceeds from issuance of common stock \| $	$ 225,329,000
Over-Allotment Option
Shares issued (in shares)		1,363,636						435,291	1,087,500
Private Placement
Share price (in dollars per share) \| $ / shares												$ 24.00
Private Placement \| Apollo Stockholder \| P A R Investment Partners, L.P
Shares issued (in shares)												2,216,312
Aggregate purchase price \| $												$ 50,000,000
Share price percentage of I P O share price												94.00%
Private Placement \| Apollo Stockholder \| Certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc
Shares issued (in shares)												2,216,308
Aggregate purchase price \| $												$ 50,000,000
Share price percentage of I P O share price												94.00%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	Dec. 13, 2019 item	Dec. 13, 2019 item	Dec. 13, 2019 item extension	Dec. 31, 2022
REVENUE
Travel credits (in years)				12 months
Amazon Agreement
REVENUE
Term of agreement (in years)	6 years
Number of extension option		2	2
Term of renewal agreement (in years)	2 years
Threshold term of agreement (in years)	10 years
Notice of expiration (in days)	180 days
Performance obligations	3	3	3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details)	Dec. 31, 2022
Accounting Policies [Abstract]
Transportation, term (in months)	12 months

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable
Accounts receivable	$ 35,124	$ 30,156
Amazon
Accounts Receivable
Accounts receivable	1,000	2,163
Accounts receivable write offs	$ 70	$ 17	$ 982

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details)	Dec. 31, 2022
Parts Related to Flight Equipment
PROPERTY & EQUIPMENT
Estimated residual value (as a percent)	10.00%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PROPERTY & EQUIPMENT
Impairment of its long-lived assets	$ 0	$ 0	$ 0
Airframes \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	10 years
Airframes \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	25 years
Engines – Core \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	7 years
Engines – Core \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	12 years
Leasehold Improvements, Aircraft, Other \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	3 years
Leasehold Improvements, Aircraft, Other \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	25 years
Office and Ground Equipment \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	5 years
Office and Ground Equipment \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	7 years
Computer Hardware and Software \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	3 years
Computer Hardware and Software \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	5 years
Rotable Parts \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	6 years
Rotable Parts \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	16 years

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Asset Impairment Analysis (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Number of aircraft types \| aircraft	1
Impairment of its long-lived assets \| $	$ 0	$ 0	$ 0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reporting units \| item	2
Assets estimated life	12 years
Impairment losses \| $	$ 0	$ 0	$ 0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Valuation of the Tax Receivable Agreement ("TRA") Liability (Details)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Percentage of cash savings	85.00%
Percentage of cash savings retained	15.00%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details)		12 Months Ended
	Jan. 04, 2023	Dec. 31, 2022 employee item	Dec. 31, 2021 item	Dec. 31, 2020 item
ALPA
Concentration Risk
Number of active employees represented		571
IBT
Concentration Risk
Number of active employees represented		547
TWU
Concentration Risk
Number of active employees represented		32
AMFA
Concentration Risk
Number of active employees represented		177
Accounts Receivable \| Customer Concentration Risk \| Amazon
Concentration Risk
Percentage of concentration risk		33.00%	56.00%
Accounts Receivable \| Customer Concentration Risk \| One Financial Institution
Concentration Risk
Percentage of concentration risk		16.00%	8.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Two Vendors
Concentration Risk
Percentage of concentration risk		69.00%	54.00%	57.00%
Number of vendors \| item		3	2	2
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk
Concentration Risk
Percentage of concentration risk		53.00%
Number of unions \| item		4
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year \| Unionized Employees Concentration Risk
Concentration Risk
Percentage of concentration risk		55.00%
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year \| Unionized Employees Concentration Risk \| Maximum \| Subsequent Event
Concentration Risk
Percentage of concentration risk	63.00%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revision of Previously Issued Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Total Property & Equipment	$ 962,413	$ 695,587
Accumulated Depreciation & Amortization	(176,746)	(117,069)
Total Property & Equipment, net	785,667	578,518
Deferred Tax Assets	12,956	17,608
Total Other Assets	393,255	426,461
Total Assets	1,524,412	1,380,422
Retained Earnings	22,048	4,372
Total Stockholders' Equity	492,712	490,589	$ 283,817	$ 283,724
Total Liabilities and Stockholders' Equity	1,524,412	1,380,422
Income Statement [Abstract]
Depreciation and Amortization	67,641	57,075	48,086
Special Items, net	0	(72,419)	(64,563)
Total Operating Expenses		511,068
Operating Income	55,708	111,947	17,385
Income Before Income Tax	23,982	100,330	(4,682)
Income Tax Expense	6,306	19,082	(778)
Net Income (Loss)	$ 17,676	$ 81,248	$ (3,904)
Basic (in dollars per share)	$ 0.31	$ 1.47	$ (0.08)
Diluted (in dollars per share)	$ 0.29	$ 1.37	$ (0.08)
Operating Activities
Non-Cash Gain on Asset Transaction, Net	$ (1,107)	$ (5)	$ 413
Deferred Income Taxes	4,893	18,609	(789)
Operating Lease Obligations	(1,718)	(37,101)	(28,352)
Net Cash Provided by Operating Activities	127,440	158,976	374
Investing Activities
Purchases of Property & Equipment	(187,922)	(123,332)	(96,298)
Net Cash Used in Investing Activities	(349,330)	(123,936)	$ (96,028)
Aircraft and Flight Equipment
Balance Sheet Related Disclosures [Abstract]
Aircraft and Flight Equipment	$ 636,584	447,319
As Previously Issued
Balance Sheet Related Disclosures [Abstract]
Total Property & Equipment		688,624
Accumulated Depreciation & Amortization		(115,013)
Total Property & Equipment, net		573,611
Deferred Tax Assets		18,737
Total Other Assets		427,590
Total Assets		1,376,644
Retained Earnings		594
Total Stockholders' Equity		486,811
Total Liabilities and Stockholders' Equity		1,376,644
Income Statement [Abstract]
Depreciation and Amortization		55,019
Special Items, net		(65,456)
Total Operating Expenses		515,975
Operating Income		107,040
Income Before Income Tax		95,423
Income Tax Expense		17,953
Net Income (Loss)		$ 77,470
Basic (in dollars per share)		$ 1.40
Diluted (in dollars per share)		$ 1.31
Operating Activities
Non-Cash Gain on Asset Transaction, Net		$ (12,673)
Deferred Income Taxes		17,480
Operating Lease Obligations		(24,433)
Net Cash Provided by Operating Activities		152,013
Investing Activities
Purchases of Property & Equipment		(116,369)
Net Cash Used in Investing Activities		(116,973)
As Previously Issued \| Aircraft and Flight Equipment
Balance Sheet Related Disclosures [Abstract]
Aircraft and Flight Equipment		440,356
Correction
Balance Sheet Related Disclosures [Abstract]
Total Property & Equipment		6,963
Accumulated Depreciation & Amortization		(2,056)
Total Property & Equipment, net		4,907
Deferred Tax Assets		(1,129)
Total Other Assets		(1,129)
Total Assets		3,778
Retained Earnings		3,778
Total Stockholders' Equity		3,778
Total Liabilities and Stockholders' Equity		3,778
Income Statement [Abstract]
Depreciation and Amortization		2,056
Special Items, net		(6,963)
Total Operating Expenses		(4,907)
Operating Income		4,907
Income Before Income Tax		4,907
Income Tax Expense		1,129
Net Income (Loss)		$ 3,778
Basic (in dollars per share)		$ 0.07
Diluted (in dollars per share)		$ 0.06
Operating Activities
Non-Cash Gain on Asset Transaction, Net		$ 12,668
Deferred Income Taxes		1,129
Operating Lease Obligations		(12,668)
Net Cash Provided by Operating Activities		6,963
Investing Activities
Purchases of Property & Equipment		(6,963)
Net Cash Used in Investing Activities		(6,963)
Correction \| Aircraft and Flight Equipment
Balance Sheet Related Disclosures [Abstract]
Aircraft and Flight Equipment		$ 6,963

IMPACT OF THE COVID-19 PANDEMIC (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 26, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2022
IMPACT OF THE COVID19 PANDEMIC
Grants recognized		$ 0	$ 71,587	$ 62,312
CARES Act employee retention credit		$ 0	848	$ 2,328
CARES Act
IMPACT OF THE COVID19 PANDEMIC
Limit exceeded					$ 319
U. S. Department of the Treasury CARES Act Loan
IMPACT OF THE COVID19 PANDEMIC
Loan received	$ 45,000
PSP2
IMPACT OF THE COVID19 PANDEMIC
Grants recognized			$ 71,587

REVENUE - Disaggregation of Operating Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Total Operating Revenue	$ 894,444	$ 623,015	$ 401,486
Domestic
REVENUE
Total Operating Revenue	857,764	597,005	382,463
Latin America
REVENUE
Total Operating Revenue	36,537	24,646	18,515
Other
REVENUE
Total Operating Revenue	143	1,364	508
Passenger
REVENUE
Total Operating Revenue	792,433	523,945	359,232
Scheduled service
REVENUE
Total Operating Revenue	438,308	279,377	193,047
Charter service
REVENUE
Total Operating Revenue	161,619	127,331	98,130
Ancillary
REVENUE
Total Operating Revenue	192,506	117,237	68,055
Cargo
REVENUE
Total Operating Revenue	90,350	91,428	36,809
Other
REVENUE
Total Operating Revenue	$ 11,661	$ 7,642	$ 5,445

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Total Contract Assets	$ 2,195	$ 2,819
Total Contract Liabilities	176,703	142,480
Air Traffic Liabilities
REVENUE
Total Contract Liabilities	157,995	118,562
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities	15,437	19,718	$ 22,069
Amazon Deferred Up-front Payment
REVENUE
Total Contract Liabilities	3,271	4,200
Costs to fulfill contract with Amazon
REVENUE
Total Contract Assets	$ 2,195	$ 2,819

REVENUE - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2022	Dec. 31, 2019
Costs to fulfill contract with Amazon
REVENUE
Deferred up-front costs amortization period (in years)		6 years	6 years
Amazon Deferred Up-front Payment
REVENUE
Proceeds from startup costs	$ 10,300
Warrants vested			632,183
Fair value of warrants vested	4,667		$ 4,667
Amazon Deferred Up-front Payment \| Other Liabilities
REVENUE
Remaining start up costs	$ 5,633		$ 5,633
Passenger \| Air Traffic Liabilities
REVENUE
Revenue recognized		$ 112,347

REVENUE - Loyalty Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in the Loyalty Program Liabilities
Balance - January 1	$ 142,480
Balance - December 31	176,703	$ 142,480
Loyalty Program Liabilities
Changes in the Loyalty Program Liabilities
Balance - January 1	19,718	22,069
Loyalty Points Earned	7,052	4,562
Loyalty Points Redeemed	(11,333)	(6,913)
Balance - December 31	15,437	19,718
Air Traffic Liabilities
Changes in the Loyalty Program Liabilities
Balance - January 1	118,562
Balance - December 31	157,995	118,562
Amazon Deferred Up-front Payment
Changes in the Loyalty Program Liabilities
Balance - January 1	4,200
Balance - December 31	$ 3,271	$ 4,200

EARNINGS PER SHARE - Computation of basic and diluted earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net Income (Loss)	$ 17,676	$ 81,248	$ (3,904)
Denominator:
Weighted Average Common Shares Outstanding - Basic (in shares)	57,951,955	55,182,811	46,806,042
Dilutive effect of Stock Options, RSUs and Warrants (in shares)	3,094,640	4,141,229	0
Diluted (in shares)	61,046,595	59,324,040	46,806,042
Basic earnings (loss) per share (in dollars per share)	$ 0.31	$ 1.47	$ (0.08)
Diluted earnings (loss) per share (in dollars per share)	$ 0.29	$ 1.37	$ (0.08)
Performance-based stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares		3,636,771	3,577,252
Percentage of stock options expected to meet performance conditions	59.00%	75.00%
Vesting percentage	32.50%

AIRCRAFT - Aircraft fleet (Details) - aircraft	12 Months Ended
AIRCRAFT - Aircraft fleet (Details) - aircraft	Dec. 31, 2022	Dec. 31, 2021
AIRCRAFT - Owned and Leased
Balance at beginning of period	48	43
Additions	7	5
Reclassifications	0	0
Removals	(1)	0
Balance at end of period	54	48
Number of aircrafts financed using finance lease arrangement	2	4
Number of aircraft finance lease purchase options exercised	2
Number of aircrafts previously under operating leases		6
B-737-800
AIRCRAFT - Owned and Leased
Balance at end of period	53
B-737-700
AIRCRAFT - Owned and Leased
Balance at end of period	1
Passenger
AIRCRAFT - Owned and Leased
Balance at beginning of period	36	31
Additions	7	5
Reclassifications	0	0
Removals	(1)	0
Balance at end of period	42	36
Number of new aircrafts purchased	5
Number of aircrafts financed	26
Number of aircrafts unencumbered	3	1
Number of aircrafts transferred from operating to finance lease	2
Passenger \| Owned
AIRCRAFT - Owned and Leased
Balance at beginning of period	21	14
Additions	5	1
Reclassifications	4	6
Removals	(1)	0
Balance at end of period	29	21
Number of aircrafts previously under operating leases	2
Passenger \| Finance leases
AIRCRAFT - Owned and Leased
Balance at beginning of period	9	5
Additions	2	4
Reclassifications	0	0
Removals	0	0
Balance at end of period	11	9
Passenger \| Operating leases
AIRCRAFT - Owned and Leased
Balance at beginning of period	6	12
Additions	0	0
Reclassifications	(4)	(6)
Removals	0	0
Balance at end of period	2	6
Cargo \| Aircraft Operated for Amazon
AIRCRAFT - Owned and Leased
Balance at beginning of period	12	12
Additions	0	0
Reclassifications	0	0
Removals	0	0
Balance at end of period	12	12

AIRCRAFT - Depreciation, Amortization, and Rent Expense on Aircraft (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 8,768	$ 17,653	$ 30,989
Depreciation amortization and aircraft rent	65,950	65,015	69,536
Owned
AIRCRAFT - Owned and Leased
Depreciation	40,311	35,855	25,294
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Rent	8,768	17,653	30,989
Finance Lease Assets
AIRCRAFT - Owned and Leased
Amortization	$ 16,871	$ 11,507	$ 13,253

AIRCRAFT - Aircraft Maintenance Deposits Contra-Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) aircraft
AIRCRAFT - Owned and Leased
Number of aircrafts previously under operating leases \| aircraft		6
Aircraft maintenance deposits contra assets
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets	$ 13,211	$ 22,348
Reduction in contra assets	9,137
Aircraft maintenance deposits contra assets \| Owned
AIRCRAFT - Owned and Leased
Reduction in contra assets	$ 8,362

AIRCRAFT - Over-market Liabilities (Details) $ in Thousands	12 Months Ended
AIRCRAFT - Over-market Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2021 USD ($) aircraft
AIRCRAFT - Owned and Leased
Amount reclassified to finance lease	$ 9,687
Number of aircrafts previously under operating leases \| aircraft		6
Passenger
AIRCRAFT - Owned and Leased
Number of aircrafts transferred from operating to finance lease \| aircraft	2
Passenger \| Owned
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets	$ 8,021
Number of aircrafts previously under operating leases \| aircraft	2
Over-market rent and maintenance reserves
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets	$ 113	$ 10,363
Decrease in purchase of aircrafts previously leased	173
Over market liabilities	2,574	$ 14,737
Increase (decrease) in over market maintenance reserve liabilities	12,163
Over market maintenance reserve liabilities, purchase of aircraft	3,303
Over-market rent and maintenance reserves \| Owned
AIRCRAFT - Owned and Leased
Increase (decrease) in over market maintenance reserve liabilities	$ 6,023

GOODWILL AND OTHER INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 222,223	$ 222,223
Intangible Assets with Finite Lives:
Gross Carrying Amount	48,000	48,000
Accumulated Amortization	(18,890)	(14,890)
Net Carrying Value	29,110	33,110
Total Other Intangible Assets
Gross Carrying Amount	104,000	104,000
Total Other Intangible Assets	85,110	89,110
Total Goodwill and Other Intangible Assets, Gross Carrying Amount	326,223	326,223
Total Goodwill and Other Intangible Assets, Net Carrying Value	307,333	311,333
Tradename
Intangible Assets with Indefinite Lives:
Tradename	$ 56,000	$ 56,000

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 4,000	$ 4,000	$ 4,000
Annual amortization expense fiscal year maturity
Year one	4,000
Year two	4,000
Year three	4,000
Year four	4,000
Year five	4,000
Thereafter	$ 9,110

DEBT - Credit Facilities (Details) $ in Thousands		9 Months Ended	12 Months Ended
DEBT - Credit Facilities (Details) $ in Thousands	Feb. 10, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) aircraft	Dec. 31, 2020 USD ($)
DEBT
Number of aircrafts previously under operating leases \| aircraft				6
Loss on extinguishment of debt			$ (1,557)	$ (1,224)	$ 0
Prior revolving credit agreement
DEBT
Maximum borrowing capacity	$ 25,000
Credit Facilities
DEBT
Term of debt	5 years
Minimum EBITDAR required to be maintained		$ 87,700
Minimum liquidity required to be maintained			30,000
Credit Facilities \| Base Rate \| Minimum
DEBT
Margin (as a percent)	4.00%
Credit Facilities \| Base Rate \| Maximum
DEBT
Margin (as a percent)	5.00%
Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000
Commitment fee on unused facility (as a percent)	0.50%
Revolving Credit Facility \| Revolving Credit Facility \| Line of Credit
DEBT
Line of credit facility, amount available		24,650	24,650
Delayed Draw Term Loan Facility
DEBT
Maximum borrowing capacity	$ 90,000
Amount of draw				$ 80,500
Amount drawn		$ 0	$ 0

DEBT - Long-term Debt (Details)	12 Months Ended
DEBT - Long-term Debt (Details)	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2020 aircraft	Mar. 31, 2022 USD ($)	Dec. 31, 2019 USD ($)
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Face amount \| $				$ 248,587,000
Number of used aircrafts purchased or refinanced		13
2022-1 EETC Agreement Notes Payable \| Notes Payable, Other Payables
DEBT
Face amount \| $			$ 188,277,000
Number of aircraft financed by debt issuance	13
Debt issuance costs \| $	$ 2,570,000
Number of aircraft owned and previously financed by DDTL	5
Number of aircraft owned	2
Number of aircraft acquired incrementally	4
Number of aircraft bought-out from existing finance lease	2
Interest expense capitalized \| $	$ 3,074,000

DEBT - Long-term Debt schedule (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
DEBT
Total Debt	$ 355,716,000		$ 280,931,000
Less: Unamortized debt issuance costs	(3,481,000)		(3,505,000)
Less: Current Maturities of Long-term Debt	(57,548,000)		(29,412,000)
Total Long-term Debt	294,687,000		248,014,000
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Total Debt	$ 176,697,000		202,984,000
Face amount				$ 248,587,000
Weighted average interest rate	4.73%
Notes payable under the Company's 2019-1 EETC agreement \| Minimum
DEBT
Interest rate				4.13%
Notes payable under the Company's 2019-1 EETC agreement \| Maximum
DEBT
Interest rate				6.95%
2022-1 EETC Agreement Notes Payable \| Notes Payable, Other Payables
DEBT
Total Debt	$ 179,019,000		0
Face amount		$ 188,277,000
Weighted average interest rate	5.06%
2022-1 EETC Agreement Notes Payable \| Minimum \| Notes Payable, Other Payables
DEBT
Interest rate		4.84%
2022-1 EETC Agreement Notes Payable \| Maximum \| Notes Payable, Other Payables
DEBT
Interest rate		5.75%
Delayed Draw Term Loan Facility
DEBT
Total Debt	$ 0		77,481,000
Notes Payable, Other Payables
DEBT
Total Debt	$ 0		$ 466,000

DEBT - Future maturities of the outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Principal Payments
2023	$ 58,518
2024	60,157
2025	65,241
2026	45,668
2027	47,999
Thereafter	78,133
Total	355,716	$ 280,931
Amortization of Debt Issuance Costs
2023	(970)
2024	(785)
2025	(608)
2026	(420)
2027	(302)
Thereafter	(396)
Total	(3,481)	$ (3,505)
Net Debt
2023	57,548
2024	59,372
2025	64,633
2026	45,248
2027	47,697
Thereafter	77,737
Total	$ 352,235

DEBT - Measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Fair value	$ 324,059	$ 272,004

LEASES - Summary (Details)	12 Months Ended
LEASES - Summary (Details)	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)
Finance Leases
Number of categories in operating leases \| lease	3
Initial terms	6 years
Operating lease assets \| $	$ 22,182,000	$ 61,658,000
Lease liability \| $	$ 26,132,000
Aircraft
Finance Leases
Number of leases for aircraft \| lease	13
Number of leases under finance leases \| lease	11
Number of leases under Right-of-use operating leases \| lease	2
Lease liability \| $	$ 6,458,000
Real Estate
Finance Leases
Lease liability \| $	$ 19,674,000
Real Estate \| Maximum
Finance Leases
Initial terms	10 years
Aircraft Operated for Amazon
Finance Leases
Number of freighters subleased directly \| lease	12
Operating lease assets \| $	$ 0

LEASES - Lease-related assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Finance lease assets, net	$ 221,727	$ 181,097
Operating lease assets	22,182	61,658
Total lease assets	243,909	242,755
Liabilities
Short-term Finance Lease Obligations	17,990	11,705
Short-term Operating Lease Obligations	6,296	17,231
Long-term Lease Obligations	233,306	180,450
Long-term Lease Obligations	19,836	58,810
Total lease liabilities	$ 277,428	$ 268,196

LEASES - Finance lease obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finance Leases
2023	$ 33,092
2024	33,631
2025	33,853
2026	72,650
2027	22,377
Thereafter	125,706
Total Minimum Lease Payments	321,309
Less: Amount Representing Interest	(70,013)
Present Value of Minimum Lease Payments	251,296
Less: Short-term Obligations	(17,990)	$ (11,705)
Long-term Lease Obligations	233,306	$ 180,450
Aircraft
Finance Leases
2023	31,600
2024	32,080
2025	32,080
2026	70,877
2027	20,604
Thereafter	122,527
Total Minimum Lease Payments	309,768
Less: Amount Representing Interest	(66,652)
Present Value of Minimum Lease Payments	243,116
Less: Short-term Obligations	(17,309)
Long-term Lease Obligations	225,807
Real Estate
Finance Leases
2023	1,492
2024	1,551
2025	1,773
2026	1,773
2027	1,773
Thereafter	3,179
Total Minimum Lease Payments	11,541
Less: Amount Representing Interest	(3,361)
Present Value of Minimum Lease Payments	8,180
Less: Short-term Obligations	(681)
Long-term Lease Obligations	$ 7,499

LEASES - Operating lease obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 7,748
2024	5,674
2025	3,273
2026	3,296
2027	3,306
Thereafter	8,722
Total Minimum Lease Payments	32,019
Less: Amount Representing Interest	(5,887)
Present Value of Minimum Lease Payments	26,132
Less: Short-term Obligations	(6,296)	$ (17,231)
Long-term Lease Obligations	19,836	$ 58,810
Aircraft
Operating Leases
2023	4,382
2024	2,392
2025	0
2026	0
2027	0
Thereafter	0
Total Minimum Lease Payments	6,774
Less: Amount Representing Interest	(316)
Present Value of Minimum Lease Payments	6,458
Less: Short-term Obligations	(4,111)
Long-term Lease Obligations	2,347
Real Estate
Operating Leases
2023	3,366
2024	3,282
2025	3,273
2026	3,296
2027	3,306
Thereafter	8,722
Total Minimum Lease Payments	25,245
Less: Amount Representing Interest	(5,571)
Present Value of Minimum Lease Payments	19,674
Less: Short-term Obligations	(2,185)
Long-term Lease Obligations	$ 17,489

LEASES - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance lease cost
Amortization of leased assets	$ 17,900	$ 12,536	$ 11,948
Interest on lease liabilities	13,782	8,021	8,659
Operating lease cost
Short-term	691	277	1,813
Total Lease cost	45,980	43,396	57,517
Over-market rent and maintenance reserves
Operating lease cost
Credits for amortization of Over-market Liabilities	3,228	7,609	14,110
Aircraft
Operating lease cost
Included in ROU asset	8,465	18,608	30,717
Variable - Aircraft	(388)	(1,232)	(1,541)
Other
Operating lease cost
Included in ROU asset	3,692	3,976	4,872
Variable - Other	$ 1,838	$ 1,210	$ 1,049

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$ 12,378	$ 29,360	$ 34,576
Operating Cash Flows for Finance Leases	13,782	8,021	8,659
Financing Cash Flows for Finance Leases	$ 42,062	$ 11,931	$ 89,697

LEASES - Terms and discount rates (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term, operating leases	5 years 10 months 24 days	4 years 7 months 6 days	4 years 9 months 18 days
Weighted-average remaining lease term, finance leases	6 years 1 month 6 days	7 years 2 months 12 days	8 years 7 months 6 days
Weighted-average discount rates, operating leases	6.30%	6.00%	6.00%
Weighted-average discount rates, finance leases	6.20%	6.10%	6.10%

LEASES - Additional disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Maintenance reserve payments expensed	$ 2,191	$ 4,004	$ 8,691

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
STOCK-BASED COMPENSATION
Stock compensation expense	$ 2,774	$ 5,562	$ 2,110
Tax benefit recognized	1,032	3,619
Total unrecognized compensation expense, expected to be recognized	$ 4,583
Award term (in years)	2 years 2 months 12 days
Intrinsic value of stock options exercised	$ 3,468	18,621
Time-Based Stock Options
STOCK-BASED COMPENSATION
Expiration period	10 years
Vesting percentage each year over four years	25.00%
Initial vesting period from grant date	4 years
Restricted Stock Units (RSUs)
STOCK-BASED COMPENSATION
Award term (in years)	3 years
Vested (in shares)	17,035
Restricted stock units vested	$ 441
Performance-based stock options
STOCK-BASED COMPENSATION
Stock compensation expense		$ 3,804
Intrinsic value of stock options exercised	$ 2,511
Equity incentive plan
STOCK-BASED COMPENSATION
Available for grant	3,276,169
Equity incentive plan \| Maximum
STOCK-BASED COMPENSATION
Authorized				3,600,000

STOCK-BASED COMPENSATION - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Time-Based Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	1,653,943	2,329,461	2,281,308
Granted (in shares)	0	62,080	221,941
Forfeited (in shares)	(119,605)	(18,613)	(173,788)
Exercised (in shares)	(177,816)	(718,985)
Outstanding at end of period (in shares)	1,356,522	1,653,943	2,329,461	2,281,308
Exercisable at end of period (in shares)	1,214,803
Vested or expected to vest, at end of period (in shares)	1,356,522
Weighted average exercise price per share
Outstanding at beginning of period (in dollars per share)	$ 7.57	$ 6.36	$ 5.84
Granted (in dollars per share)	0	33.10	17.99
Forfeited (in dollars per share)	20.09	11.75	14.65
Exercised (in dollars per share)	5.63	5.89
Outstanding at end of period (in dollars per share)	6.72	7.57	6.36	$ 5.84
Exercisable at end of period (in dollars per share)	6.12
Vested or expected to vest, at end of period (in dollars per share)	6.72
Weighted average grant date fair value
Outstanding at beginning of period (in dollars per share)	3.22	2.74	2.54
Granted (in dollars per share)	0	13.47	7.02
Forfeited (in dollars per share)	8.03	5.15	5.70
Exercised (in dollars per share)	2.49	2.56
Outstanding at end of period (in dollars per share)	2.89	$ 3.22	$ 2.74	$ 2.54
Exercisable at end of period (in dollars per share)	2.65
Vested or expected to vest, at end of period (in dollars per share)	$ 2.89
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, outstanding (in years)	6 years 1 month 6 days	7 years 2 months 12 days	7 years 7 months 6 days	9 years
Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	$ 12,950
Exercisable as of December 31, 2022	12,084
Vested or expected to vest, December 31, 2022	$ 12,950
Performance-based stock options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	3,636,771	3,577,252	3,502,947
Granted (in shares)	0	99,167	346,984
Forfeited (in shares)	(307,894)	(39,648)	(272,679)
Exercised (in shares)	(150,344)
Outstanding at end of period (in shares)	3,178,533	3,636,771	3,577,252	3,502,947
Exercisable at end of period (in shares)	964,635
Vested or expected to vest, at end of period (in shares)	1,888,049
Weighted average exercise price per share
Outstanding at beginning of period (in dollars per share)	$ 7.10	$ 6.38	$ 5.86
Granted (in dollars per share)	0	33.10	17.99
Forfeited (in dollars per share)	14.13	6.89	14.65
Exercised (in dollars per share)	6.55
Outstanding at end of period (in dollars per share)	6.45	7.10	6.38	$ 5.86
Exercisable at end of period (in dollars per share)	6.64
Vested or expected to vest, at end of period (in dollars per share)	6.45
Weighted average grant date fair value
Outstanding at beginning of period (in dollars per share)	1.53	1.72	1.61
Granted (in dollars per share)	0	10.08	4.36
Forfeited (in dollars per share)	4.43	1.67	3.59
Exercised (in dollars per share)	1.74
Outstanding at end of period (in dollars per share)	1.83	$ 1.53	$ 1.72	$ 1.61
Exercisable at end of period (in dollars per share)	1.93
Vested or expected to vest, at end of period (in dollars per share)	$ 1.83
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, outstanding (in years)	6 years 1 month 6 days	7 years 2 months 12 days	7 years 7 months 6 days	9 years
Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	$ 30,793
Exercisable as of December 31, 2022	9,322
Vested or expected to vest, December 31, 2022	$ 18,291
Percentage of stock options expected to meet performance conditions	59.00%	75.00%

STOCK-BASED COMPENSATION - Black-Scholes option pricing model (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected Term	5 years 1 month 6 days	5 years 7 months 6 days
Expected Volatility	34.00%	38.80%
Risk-free Interest Rate	1.20%	1.70%
Expected Dividend Yield	0.00%	0.00%

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Outstanding, beginning balance (in shares)	4,679	0
Granted (in shares)	248,025	7,634
Forfeited (in shares)	(5,478)	(2,955)
Vested (in shares)	(17,035)
Outstanding, ending balance (in shares)	230,191	4,679
Weighted average grant date fair value
Outstanding, Weighted average grant date fair value, beginning balance (in dollars per share)	$ 40.60	$ 0
Granted, Weighted average grant date fair value (in dollars per share)	20.44	40.60
Forfeited, Weighted average grant date fair value (in dollars per share)	23.04	40.60
Vested, Weighted average grant date fair value (in dollars per share)	25.87
Outstanding, Weighted average grant date fair value, ending balance (in dollars per share)	$ 20.39	$ 40.60

DEFINED CONTRIBUTION 401(k) PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
DEFINED CONTRIBUTION 401(K) PLAN
Employee's maximum contribution allowed (as a percent)	50.00%
Matching contribution of participants' contribution (as a percent)	100.00%
Non-discretionary contribution for pilots based on gross earnings	13.00%
Non-discretionary contributions 2023	14.00%
Non-discretionary contributions 2024	15.00%
Non-Discretionary	$ 13,692	$ 1,187	$ 1,040
Discretionary	2,730	5,220	4,263
Total 401(k) Contributions	$ 16,422	$ 6,407	$ 5,303
Non Pilot Employees
DEFINED CONTRIBUTION 401(K) PLAN
Maximum contribution as a percent of participants' compensation	4.00%
Pilot Employees
DEFINED CONTRIBUTION 401(K) PLAN
Maximum contribution as a percent of participants' compensation	6.00%

FUEL DERIVATIVES AND RISK MANAGEMENT - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fuel Derivative Contracts
FUEL DERIVATIVES AND RISK MANAGEMENT
Outstanding derivative contracts	$ 0	$ 0

FUEL DERIVATIVES AND RISK MANAGEMENT (Details) - Fuel Derivative Contracts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in Derivative Assets (Liabilities)
Balance - January 1	$ 0	$ (1,174)
Non-cash Gains (Losses)	0	3,527
Contract Settlements	0	(2,353)
Balance - End of period	0	0	$ (1,174)
Fuel Derivative Gains (Losses)
Non-cash Gains (Losses)	0	3,527	(12,206)
Cash Premiums Paid	0	0	(2,053)
Total Fuel Derivative Gains (Losses)	$ 0	$ 3,527	$ (14,259)

INVESTMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 173,683
Gross Unrealized Gains	19
Gross Unrealized Losses	(1,067)
Fair Value	172,635
Municipal Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	47,897
Gross Unrealized Gains	16
Gross Unrealized Losses	(258)
Fair Value	47,655
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	93,460
Gross Unrealized Gains	1
Gross Unrealized Losses	(683)
Fair Value	92,778
U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	32,326
Gross Unrealized Gains	2
Gross Unrealized Losses	(126)
Fair Value	32,202
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Certificates of deposit	$ 6,301	$ 6,283

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	$ 172,635
Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	47,655
Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	92,778
U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	32,202
Fair Value, Recurring
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	92,086	$ 309,338
Total Available-for-Sale Securities	172,635
Total Assets Measured at Fair Value on a Recurring Basis	264,721	309,338
Fair Value, Recurring \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	47,655
Fair Value, Recurring \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	92,778
Fair Value, Recurring \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	32,202
Fair Value, Recurring \| Fair Value, Inputs, Level 1
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	73,727	309,338
Total Available-for-Sale Securities	0
Total Assets Measured at Fair Value on a Recurring Basis	73,727	309,338
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0
Fair Value, Recurring \| Fair Value, Inputs, Level 2
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	18,359	0
Total Available-for-Sale Securities	172,635
Total Assets Measured at Fair Value on a Recurring Basis	190,994	0
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	47,655
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	92,778
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	32,202
Fair Value, Recurring \| Fair Value, Inputs, Level 3
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	0
Total Available-for-Sale Securities	0
Total Assets Measured at Fair Value on a Recurring Basis	0	$ 0
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	$ 0

INCOME TAXES - Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 1,329	$ 0	$ 0
State and Local	84	135	10
Total Current Tax Expense	1,413	135	10
Deferred:
Federal	4,393	16,824	(597)
State and Local	500	2,123	(191)
Total Deferred Tax Expense (Benefit)	4,893	18,947	(788)
Total Income Tax Expense (Benefit)	$ 6,306	$ 19,082	$ (778)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Tax Rate Reconciliation (Details)	12 Months Ended
INCOME TAXES - Tax Rate Reconciliation (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Expected Provision at Federal Statutory
Expected Provision at Federal Statutory Tax Rate	21.00%	21.00%	21.00%
State Tax, net of Federal Impact	1.90%	1.80%	3.10%
Stock Compensation Benefit	(4.30%)	(3.60%)	0.00%
Tax Receivable Agreement	4.40%	(3.40%)	0.00%
Executive Compensation Limitation	2.00%	3.00%	0.00%
Employee Parking	0.90%	0.20%	(3.30%)
Meals and Entertainment	0.00%	0.00%	(2.20%)
Other Permanent Adjustments	0.40%	0.00%	(2.00%)
Effective Tax Rate	26.30%	19.00%	16.60%

INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets:
Net Operating Loss	$ 73,252	$ 77,920
Operating Lease Obligations	5,179	16,544
Finance Lease Obligations	34,458	40,178
Goodwill and Other Intangible Assets	6,812	9,699
Loyalty Program Liabilities	3,459	4,407
Accrued Maintenance	0	718
Other	7,028	5,095
Total Deferred Tax Assets	130,188	154,561
Deferred Tax Liabilities:
Accelerated Depreciation	(78,749)	(81,120)
Operating Lease Right-of-use Assets	(5,102)	(14,181)
Finance Lease Assets	(30,492)	(41,652)
Prepaid Maintenance	(1,986)	0
Other	(903)	0
Total Deferred Tax Liabilities	(117,232)	(136,953)
Total Net Deferred Tax Assets	$ 12,956	$ 17,608

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Federal net operating losses	$ 70,551,000
State net operating losses	2,701,000
Liability for unrecognized tax benefits	$ 0	$ 0
Percentage of cash savings	85.00%
Percentage of cash savings retained	15.00%
Tax receivable agreement liability non current	$ 115,200,000	98,800,000
Increase (decrease) in tax receivable agreement liability	(5,000,000)	$ 16,400,000
Maximum
Income Tax Examination [Line Items]
Tax receivable agreement liability non current	$ 103,800,000

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Oct. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock-par value (in dollars per share)		$ 0.01		$ 0.01
Subsequent Event
Class of Stock [Line Items]
Stock repurchased during period (in shares)	480,932
Stocks repurchased, total (in shares)	1,371,518
2022 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 25,000	$ 50,000
Stock repurchased during period (in shares)		890,586
Accelerated share repurchases, initial (in dollars per share)		$ 19.65
Remaining authorized repurchase amount		$ 25,000
2022 Repurchase Program \| Subsequent Event
Class of Stock [Line Items]
Accelerated share repurchases, initial (in dollars per share)	$ 18.23

SPECIAL ITEMS, NET - Schedule of special items, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unusual or Infrequent Items, or Both [Abstract]
CARES Act grant recognition (see Note 3)	$ 0	$ (71,587)	$ (62,312)
CARES Act employee retention credit (see Note 3)	0	(848)	(2,328)
Other	0	16	77
Total Special Items, net	$ 0	$ (72,419)	$ (64,563)

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2022 USD ($) aircraft
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Number of aircraft to lease \| aircraft	3
Annual lease payments	$ 32,019
Term of contract (in years)	6 years
Commitment to purchase an aircraft	$ 4,500
Commitments
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Annual lease payments	$ 2,000

OPERATING SEGMENTS (Details) $ in Thousands	12 Months Ended
OPERATING SEGMENTS (Details) $ in Thousands	Dec. 31, 2022 USD ($) item segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
OPERATING SEGMENTS
Number of operating segments \| segment	2
Number of internal passenger groups \| item	2
Operating Revenues	$ 894,444	$ 623,015	$ 401,486
Non-Fuel Operating Expenses	570,373	454,377	365,272
Aircraft Fuel	268,363	129,110	83,392
Special Items, net	0	(72,419)	(64,563)
Total Operating Expenses	838,736	511,068	384,101
Operating Income (Loss)	55,708	111,947	17,385
Interest Income	4,527	85	377
Interest Expense	(31,018)	(26,326)	(22,073)
Other, net	(5,235)	14,624	(371)
Income (Loss) before Income Tax	23,982	100,330	(4,682)
Passenger
OPERATING SEGMENTS
Operating Revenues	804,094	531,587	364,677
Non-Fuel Operating Expenses	479,968	385,580	332,742
Aircraft Fuel	268,279	128,863	83,392
Special Items, net		(54,019)	(53,842)
Total Operating Expenses	748,247	460,424	362,292
Operating Income (Loss)	55,847	71,163	2,385
Cargo
OPERATING SEGMENTS
Operating Revenues	90,350	91,428	36,809
Non-Fuel Operating Expenses	90,405	68,797	32,530
Aircraft Fuel	84	247	0
Special Items, net		(18,400)	(10,721)
Total Operating Expenses	90,489	50,644	21,809
Operating Income (Loss)	$ (139)	$ 40,784	$ 15,000

PARENT COMPANY FINANCIAL STATEMENTS - Impact of Revision on Previously Issued Condensed Parent Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet
Total Assets	$ 1,524,412	$ 1,380,422
Retained Earnings	22,048	4,372
Total Liabilities and Stockholders' Equity	1,524,412	1,380,422
Income Statement [Abstract]
Total Non-operating Income, net	(31,726)	(11,617)	$ (22,067)
Income Before Income Tax	23,982	100,330	(4,682)
Net Income (Loss)	17,676	81,248	(3,904)
Parent Company
Balance Sheet
Investment in Subsidiary	609,396	606,339
Total Other Assets	609,396	606,339
Total Assets	609,396	606,339
Retained Earnings	137,248	119,572
Total Stockholders' Equity	607,912	605,789
Total Liabilities and Stockholders' Equity	609,396	606,339
Income Statement [Abstract]
Equity in Income of Subsidiaries	18,141	81,312	(3,725)
Total Non-operating Income, net	18,141	81,312	(3,725)
Income Before Income Tax	17,676	81,248	(3,904)
Net Income (Loss)	$ 17,676	81,248	$ (3,904)
As Previously Issued
Balance Sheet
Total Assets		1,376,644
Retained Earnings		594
Total Liabilities and Stockholders' Equity		1,376,644
Income Statement [Abstract]
Income Before Income Tax		95,423
Net Income (Loss)		77,470
As Previously Issued \| Parent Company
Balance Sheet
Investment in Subsidiary		602,561
Total Other Assets		602,561
Total Assets		602,561
Retained Earnings		115,794
Total Stockholders' Equity		602,011
Total Liabilities and Stockholders' Equity		602,561
Income Statement [Abstract]
Equity in Income of Subsidiaries		77,534
Total Non-operating Income, net		77,534
Income Before Income Tax		77,470
Net Income (Loss)		77,470
Correction \| Parent Company
Balance Sheet
Investment in Subsidiary		3,778
Total Other Assets		3,778
Total Assets		3,778
Retained Earnings		3,778
Total Stockholders' Equity		3,778
Total Liabilities and Stockholders' Equity		3,778
Income Statement [Abstract]
Equity in Income of Subsidiaries		3,778
Total Non-operating Income, net		3,778
Income Before Income Tax		3,778
Net Income (Loss)		$ 3,778

PARENT COMPANY FINANCIAL STATEMENTS - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and Cash Equivalents	$ 92,086	$ 309,338	$ 62,028
Total Current Assets	345,490	375,443
Other Assets:
Total Assets	1,524,412	1,380,422
Current Liabilities:
Accounts Payable	62,370	39,805
Other Current Liabilities	12,984	7,913
Total Current Liabilities	377,128	281,651
Liabilities [Abstract]
Other Long-term Liabilities	2,690	3,413
Total Liabilities	1,031,700	889,833
Stockholders' Equity:
Common Stock	582	579
Additional Paid-In Capital	488,494	485,638
Accumulated Other Comprehensive Loss	(807)	0
Retained Earnings	22,048	4,372
Total Liabilities and Stockholders' Equity	1,524,412	1,380,422
Parent Company
Current Assets:
Cash and Cash Equivalents	0	0
Total Current Assets	0	0
Other Assets:
Investment in Subsidiary	609,396	606,339
Total Other Assets	609,396	606,339
Total Assets	609,396	606,339
Current Liabilities:
Accounts Payable	0	(1)
Other Current Liabilities	16	57
Total Current Liabilities	16	56
Liabilities [Abstract]
Other Long-term Liabilities	1,468	494
Total Liabilities	1,484	550
Stockholders' Equity:
Common Stock	582	579
Treasury Stock	(17,605)	0
Additional Paid-In Capital	488,494	485,638
Accumulated Other Comprehensive Loss	(807)	0
Retained Earnings	137,248	119,572
Total Stockholders' Equity	607,912	605,789
Total Liabilities and Stockholders' Equity	$ 609,396	$ 606,339

PARENT COMPANY FINANCIAL STATEMENTS - Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Expenses:
Other Operating Income (Expense), Net	$ 90,978	$ 71,580	$ 48,718
Costs and Expenses	838,736	511,068	384,101
Operating Income	55,708	111,947	17,385
Non-Operating Income Expense [Abstract]
Other, net	(5,235)	14,624	(371)
Total Non-operating Income (Expense), net	(31,726)	(11,617)	(22,067)
Income (Loss) before Income Tax	23,982	100,330	(4,682)
Income Tax Expense	6,306	19,082	(778)
Net Income (Loss)	17,676	81,248	(3,904)
Other Comprehensive Loss	(807)	0	0
Comprehensive Income (Loss)	16,869	81,248	(3,904)
Parent Company
Operating Expenses:
Other Operating Income (Expense), Net	465	64	179
Costs and Expenses	465	64	179
Operating Income	(465)	(64)	(179)
Non-Operating Income Expense [Abstract]
Equity in Income of Subsidiaries	18,141	81,312	(3,725)
Other, net	0	0	0
Total Non-operating Income (Expense), net	18,141	81,312	(3,725)
Income (Loss) before Income Tax	17,676	81,248	(3,904)
Income Tax Expense	0	0	0
Net Income (Loss)	17,676	81,248	(3,904)
Other Comprehensive Loss	(807)	0	0
Comprehensive Income (Loss)	$ 16,869	$ 81,248	$ (3,904)