Sun Country Airlines (SNCY) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2022shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	57,964,320
Entity Central Index Key	0001743907
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 272,402	$ 309,338
Restricted Cash	8,085	8,447
Investments	6,233	6,283
Accounts Receivable, net of an allowance for credit losses of $376 and $250, respectively	31,733	30,156
Short-term Lessor Maintenance Deposits	6,698	5,505
Inventory, net of a reserve for obsolescence of $1,366 and $1,275, respectively	5,624	5,405
Prepaid Expenses	10,166	8,511
Other Current Assets	8,302	1,798
Total Current Assets	349,243	375,443
Property & Equipment, net:
Finance Lease Assets	275,547	209,457
Property & Equipment	804,768	688,624
Accumulated Depreciation & Amortization	(129,119)	(115,013)
Total Property & Equipment, net	675,649	573,611
Other Assets:
Goodwill	222,223	222,223
Other Intangible Assets, net	88,110	89,110
Operating Lease Right-of-use Assets	29,284	61,658
Aircraft Deposits	10,831	10,021
Long-term Lessor Maintenance Deposits	23,071	20,346
Deferred Tax Asset	15,955	18,737
Other Assets	5,226	5,495
Total Other Assets	394,700	427,590
Total Assets	1,419,592	1,376,644
Current Liabilities:
Accounts Payable	49,890	39,805
Accrued Salaries, Wages, and Benefits	24,484	28,527
Accrued Transportation Taxes	14,098	12,736
Air Traffic Liabilities	110,946	118,562
Over-market Liabilities	3,063	4,309
Finance Lease Obligations	31,106	11,705
Loyalty Program Liabilities	11,490	11,451
Operating Lease Obligations	10,176	17,231
Current Maturities of Long-term Debt	34,741	29,412
Other Current Liabilities	11,482	7,913
Total Current Liabilities	301,476	281,651
Long-term Liabilities:
Over-market Liabilities	4,730	10,428
Finance Lease Obligations	239,035	180,450
Loyalty Program Liabilities	5,884	8,267
Operating Lease Obligations	23,864	58,810
Long-term Debt	242,544	248,014
Income Tax Receivable Agreement Liability	105,600	98,800
Other Long-term Liabilities	3,168	3,413
Total Long-term Liabilities	624,825	608,182
Total Liabilities	926,301	889,833
Commitments and Contingencies (see Note 12)
Common Stock
Common stock with $0.01 par value, 995,000,000 shares authorized, 57,964,320 and 57,872,452 issued and outstanding at March 31, 2022 and December 31, 2021, respectively.	580	579
Preferred Stock
Preferred stock with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021.	0	0
Additional Paid-In Capital	488,480	485,638
Retained Earnings	4,231	594
Total Stockholders' Equity	493,291	486,811
Total Liabilities and Stockholders' Equity	1,419,592	1,376,644
Aircraft and Flight Equipment
Property & Equipment, net:
Property & Equipment, gross	486,374	440,356
Ground Equipment and Leasehold Improvements
Property & Equipment, net:
Property & Equipment, gross	24,451	20,876
Computer Hardware and Software
Property & Equipment, net:
Property & Equipment, gross	9,125	8,785
Rotable Parts
Property & Equipment, net:
Property & Equipment, gross	$ 9,271	$ 9,150

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts Receivable, allowance for credit losses	$ 376	$ 250
Inventory, reserve for obsolescence	$ 1,366	$ 1,275
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	995,000,000	995,000,000
Common stock, shares issued (in shares)	57,964,320	57,872,452
Common stock, shares outstanding (in shares)	57,964,320	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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Revenues:
Total Operating Revenue	$ 226,525	$ 127,611
Operating Expenses:
Aircraft Fuel	64,544	24,274
Salaries, Wages, and Benefits	59,617	44,075
Aircraft Rent	3,186	5,599
Maintenance	11,995	9,210
Sales and Marketing	8,628	5,110
Depreciation and Amortization	15,328	12,615
Ground Handling	7,958	5,230
Landing Fees and Airport Rent	10,286	8,785
Special Items, net	0	(26,871)
Other Operating, net	23,150	14,651
Total Operating Expenses	204,692	102,678
Operating Income	21,833	24,933
Non-operating Income (Expense):
Interest Income	24	15
Interest Expense	(8,562)	(7,121)
Other, net	(6,876)	(5)
Total Non-operating Income (Expense), net	(15,414)	(7,111)
Income Before Income Tax	6,419	17,822
Income Tax Expense	2,782	5,406
Net Income	$ 3,637	$ 12,416
Net Income per share to common stockholders:
Basic (in dollars per share)	$ 0.06	$ 0.26
Diluted (in dollars per share)	$ 0.06	$ 0.24
Shares used for computation:
Basic (in shares)	57,907,655	48,496,077
Diluted (in shares)	61,731,942	52,508,186
Passenger
Operating Revenues:
Total Operating Revenue	$ 202,033	$ 104,195
Cargo
Operating Revenues:
Total Operating Revenue	21,053	21,585
Other
Operating Revenues:
Total Operating Revenue	$ 3,439	$ 1,831

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Loans to Stockholders	Additional Paid-in Capital	Retained Earnings (Deficit)
Balances, at Beginning of period at Dec. 31, 2020	$ 283,817	$ 468	$ (3,500)	$ 248,525	$ 38,324
Balances, at Beginning of period (in shares) at Dec. 31, 2020		46,839,659
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Surrendered by Stockholders	0	$ (1)	3,500	(3,499)
Shares Surrendered by Stockholders (in shares)		(140,737)
Initial Public Offering, net	224,657	$ 105		224,552
Initial Public Offering, net (in shares)		10,454,545
Net Income	12,416				12,416
Income Tax Receivable Agreement	(115,200)				(115,200)
Amazon Warrants	1,400			1,400
Stock-based Compensation	2,870			2,870
Balances, at End of period at Mar. 31, 2021	409,960	$ 572	$ 0	473,848	(64,460)
Balances, at End of period (in shares) at Mar. 31, 2021		57,153,467
Balances, at Beginning of period at Dec. 31, 2021	486,811	$ 579		485,638	594
Balances, at Beginning of period (in shares) at Dec. 31, 2021		57,872,452
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Option Exercises	523	$ 1		522
Stock Option Exercises (in shares)		91,868
Net Income	3,637				3,637
Amazon Warrants	1,400			1,400
Stock-based Compensation	920			920
Balances, at End of period at Mar. 31, 2022	$ 493,291	$ 580		$ 488,480	$ 4,231
Balances, at End of period (in shares) at Mar. 31, 2022		57,964,320

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Cash flows from Operating Activities
Net Income	$ 3,637	$ 12,416
Adjustments to reconcile Net Income to Cash from Operating Activities:
Depreciation and Amortization	15,328	12,615
Tax Receivable Agreement	6,800	0
Operating Lease Right-of-use Assets	2,989	5,401
Non-Cash Gain on Asset Transactions, net	(2)	(8,729)
Unrealized Gain on Fuel Derivatives	0	(2,386)
Amortization of Over-market Liabilities	(921)	(2,004)
Deferred Income Taxes	2,782	5,406
Amazon Warrants Vested	1,400	1,400
Stock-based Compensation Expense	920	2,870
Amortization of Debt Issuance Costs	270	272
Loss on Extinguishment of Debt	1,557	1,224
Changes in Operating Assets and Liabilities:
Accounts Receivable	(1,577)	2,358
Inventory	(346)	(173)
Prepaid Expenses	(1,655)	(3,676)
Lessor Maintenance Deposits	(3,919)	(2,219)
Aircraft Deposits	(1,044)	2,226
Other Assets	(6,262)	233
Accounts Payable	9,500	626
Accrued Transportation Taxes	1,362	4,519
Air Traffic Liabilities	(7,616)	(6,343)
Loyalty Program Liabilities	(2,344)	(1,295)
Operating Lease Obligations	(3,240)	(10,722)
Other Liabilities	594	1,820
Net Cash Provided by Operating Activities	18,213	15,839
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(49,683)	(54,399)
Proceeds from the Sale of Property & Equipment	5	0
Purchase of Investments	(3)	(337)
Proceeds from the Sale of Investments	53	184
Net Cash Used in Investing Activities	(49,628)	(54,552)
Cash Flows from Financing Activities:
Cash Received from Stock Offering	0	235,894
Costs of Stock Offering	0	(7,226)
Proceeds from Stock Option and Warrant Exercises	523	0
Proceeds from Borrowings	77,986	68,000
Repayment of Finance Lease Obligations	(4,466)	(3,911)
Repayment of Borrowings	(77,947)	(46,068)
Debt Issuance Costs	(1,979)	(2,721)
Net Cash (Used In) Provided by Financing Activities	(5,883)	243,968
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(37,298)	205,255
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	317,785	70,363
Cash, Cash Equivalents and Restricted Cash--End of the Period	280,487	275,618
Non-cash transactions:
Lease Deposits Applied Against the Purchase of Aircraft	0	2,766
Aircraft and Flight Equipment Acquired through Finance Leases	19,928	0
Finance Lease Asset Modifications	46,311	0
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and Cash Equivalents	272,402	269,599
Restricted Cash	8,085	6,019
Total Cash, Cash Equivalents and Restricted Cash	$ 280,487	$ 275,618

COMPANY BACKGROUND

COMPANY BACKGROUND	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COMPANY BACKGROUND	COMPANY BACKGROUND Sun Country Airlines Holdings, Inc. 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, individual entities, schools and companies 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 (the “Company” or “Sun Country”). Equity Transactions On April 11, 2018 (the "Acquisition Date"), certain investment funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (“Apollo”) acquired Sun Country, Inc. For more information on the Company’s equity transactions, see Note 1 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the U.S. Securities and Exchange Commission (“2021 10-K”). Initial Public Offering of Common Stock 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, SCA Horus Holdings, LLC, an affiliate of investment funds managed by affiliates of Apollo (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 2021 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 the public offering prices 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 2021 and October 2021 offerings, the underwriters elected to purchase 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 , a nd did not receive any of the proceeds from these offerings. For more information on the 2021 secondary offerings, see Not e 1 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the 2021 10-K. 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 three months ended March 31, 2022 and 2021, 189,652 warrants vested in each respective period. As of March 31, 2022 and March 31, 2021, the cumulative vested warrants held by Amazon were 1,833,311 and 1,074,704, respectively. The exercise period of these warrants is through the eighth anniversary of the issue date.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. The accompanying unaudited Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements contained in the 2021 10-K. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. The Company reclassified certain prior period amounts to conform to the current period presentation. All material intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with GAAP requires management to make certain 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. 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. During the three months ended March 31, 2022, there were no significant changes to the Company’s critical accounting policies. Due to impacts from the global coronavirus (“COVID-19”) pandemic, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices, uncertainties in pilot staffing and other factors, operating results for the three months ended March 31, 2022 are not necessarily indicative of operating results for future quarters or for the year ending December 31, 2022. Air travel is also significantly impacted by general economic conditions, the amount of disposable income available to consumers, unemployment levels, corporate travel budgets, extreme or severe weather and natural disasters, disease outbreaks, fears of terrorism or war, and other factors beyond the Company's control. Recently Adopted Accounting Standards On May 3, 2021, the FASB issued 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 . 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, see Note 3 for additional information on COVID-19 related government assistance the Company has received.

IMPACT OF THE COVID-19 PANDEMIC

IMPACT OF THE COVID-19 PANDEMIC	3 Months Ended
	Mar. 31, 2022
Unusual or Infrequent Items, or Both [Abstract]
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 first quarter 2021 revenues as compared to pre-pandemic levels, and negatively impacted the Company’s financial condition and operating results. During the first quarter of 2022, Sun Country continued to see recovery in demand from the COVID-19 pandemic relative to demand in 2021, which may impact the comparability of results to prior periods. However, the ongoing impact of the COVID-19 pandemic on overall demand for air travel remains uncertain and cannot be predicted at this time. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) During 2021 and 2020, the Company received certain funds from the CARES Act. The cash awarded to the Company through the CARES Act was accounted for as grants, debt, and tax credits based on the terms and nature of the funds awarded. During the first quarter of 2021, the Company received and recognized as income within Special Items, net $32,208 from the Treasury under the Payroll Support Program Extension (“PSP2”). The CARES Act provides an employee retention credit (“CARES Employee Retention Credit”) which is a refundable tax credit against certain employment taxes. During March 31, 2021, the Company recorded $334 related to the CARES Employee Retention Credit within Special Items, net. Under the CARES Act Loan Program, the Company received a $45,000 loan (the “CARES Act Loan”) from the Treasury, which was repaid in full on March 24, 2021 using proceeds from the IPO. For more information on funds awarded through the CARES act, see Note 3 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the 2021 10-K. 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 until March 1, 2022, if ordered by the Department of Transportation ("DOT"); the prohibitions on share repurchases of listed securities and the payment of common stock (or equivalent) dividends until September 30, 2022; and restrictions on the payment of certain executive compensation until April 1, 2023. As of March 31, 2022, the Company was in compliance with these provisions.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	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, such as; baggage fees, seat selection fees, and on-board sales. Cargo consists of revenue earned from flying cargo aircraft under the ATSA. Other revenue consists primarily of revenue from services in connection with Sun Country Vacations products. The significant categories comprising Operating Revenues are as follows: Three Months Ended March 31, 2022 2021 Scheduled Service $ 124,068 $ 54,620 Charter Service 32,879 25,805 Ancillary 45,086 23,770 Passenger 202,033 104,195 Cargo 21,053 21,585 Other 3,439 1,831 Total Operating Revenue $ 226,525 $ 127,611 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: Three Months Ended March 31, 2022 2021 Domestic $ 208,591 $ 119,312 Latin America 17,869 7,877 Other 65 422 Total Operating Revenue $ 226,525 $ 127,611 Contract Balances The Company’s contract assets primarily relate to costs incurred to get Amazon cargo aircraft ready for service. The balances are included in Other Current Assets and Other Assets on the Condensed 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. The amount expensed during the three months ended March 31, 2022 and 2021 was $161 and $138, respectively, and is included in Maintenance expense. 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 Condensed 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 Condensed Consolidated Balance Sheets) and, 3) the Amazon Deferred Up-front Payment received (reported within Other Liabilities on the Condensed Consolidated Balance Sheets). Contract Assets and Liabilities are as follows: March 31, 2022 December 31, 2021 Contract Assets Costs to fulfill contract with Amazon $ 2,658 $ 2,819 Air Traffic Liabilities 110,946 118,562 Loyalty Program Liabilities 17,374 19,718 Amazon Deferred Up-front Payment 3,959 4,200 Total Contract Liabilities $ 132,279 $ 142,480 The balance in the Air Traffic Liabilities fluctuates with seasonal travel patterns. Most tickets can be purchased no more than twelve months in advance, therefore any revenue associated with tickets sold for future travel will be recognized within that timeframe. For the three months ended March 31, 2022, $87,982 of revenue was recognized in Passenger revenue that was included in the Air Traffic Liabilities as of December 31, 2021. 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 Condensed 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. For the three months ended March 31, 2022 and 2021, $240 and $231 was amortized into Cargo revenue, respectively. Loyalty Program The Sun Country Rewards program provides loyalty awards to program members based on accumulated loyalty points. Loyalty points are earned as a result of travel and purchases using the Company’s co- branded credit card. 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 1,819 857 Loyalty Points Redeemed (1) (4,163) (2,152) Balance – March 31 $ 17,374 $ 20,774 ______________________ (1) Loyalty points are combined in one homogenous pool 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

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table shows the computation of basic and diluted earnings per share: Three Months Ended March 31, 2022 2021 Numerator: Net Income $ 3,637 $ 12,416 Denominator: Weighted Average Common Shares Outstanding - Basic 57,907,655 48,496,077 Dilutive effect of Stock Options, RSUs and Warrants (1) 3,824,287 4,012,109 Weighted Average Common Shares Outstanding - Diluted 61,731,942 52,508,186 Basic earnings per share $ 0.06 $ 0.26 Diluted earnings per share $ 0.06 $ 0.24 ______________________ (1) There were 3,550,810 and 3,557,432 performance-based stock options outstanding at March 31, 2022 and 2021, respectively. As a result of the Company’s initial public offering, 75% of these options are expected to meet the performance conditions and are included in the measure above to the extent they are dilutive at March 31, 2022 and 2021. In March 2022, 25% of the eligible outstanding performance-based stock options vested and were considered exercisable. The vested performance-based stock options are included in the measure above to the extent they are dilutive. The Company's anti-dilutive shares for the periods presented were not material to the Condensed Consolidated Financial Statements.

AIRCRAFT

AIRCRAFT	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
AIRCRAFT	AIRCRAFT As of March 31, 2022, Sun Country operated a fleet of 50 Boeing 737-NG aircraft, consisting of 49 Boeing 737-800s and one Boeing 737-700. The following tables summarize the Company’s aircraft fleet activity for the three months ended March 31, 2022 and 2021, respectively: December 31, 2021 Additions Removals March 31, 2022 Passenger: Owned 21 1 — 22 Finance leases 9 3 — 12 Operating leases 6 — (2) 4 Sun Country Airlines’ Fleet 36 4 (2) 38 Cargo: Aircraft Operated for Amazon 12 — — 12 Total Aircraft Operated 48 4 (2) 50 December 31, 2020 Additions Removals March 31, 2021 Passenger: Owned 14 5 — 19 Finance leases 5 — — 5 Operating leases 12 — (5) 7 Sun Country Airlines’ Fleet 31 5 (5) 31 Cargo: Aircraft Operated for Amazon 12 — — 12 Total Aircraft Operated 43 5 (5) 43 During the three months ended March 31, 2022, the Company executed lease amendments to purchase two aircraft at the end of the lease term, which modified the lease classification from operating leases to finance leases with expiration dates in fiscal year 2026. The Company also acquired two additional 737-800 aircraft, one of which was financed using proceeds from the issuance of Class A and Class B pass-through trust certificates (the "2022-1 EETC") and another through a finance lease arrangement that is set to expire in fiscal year 2030. Subsequent to March 31, 2022, the Company committed to lease an aircraft for a period of six years at approximately $2,220 per year. The Company expects to take delivery of the aircraft during fiscal year 2022. The Company also purchased an aircraft that was previously under a finance lease before the end of the lease term for a purchase price of $16,784 and took delivery of four incremental aircraft for a total purchase price of approximately $75,000. The Company financed these purchases using incremental 2022-1 EETC funds that were drawn upon subsequent to March 31, 2022. The five aircraft purchased during the three months ended March 31, 2021 were financed through the Delayed Draw Term Loan Facility (see Note 7 ). All five additions were previously accounted for as operating leases. Depreciation, amortization, and rent expense on aircraft are as follows: Three Months Ended March 31, Aircraft Status Expense Type 2022 2021 Owned Depreciation $ 8,673 $ 7,830 Finance Leased Amortization 4,069 2,435 Operating Leased Aircraft Rent (1) 3,186 5,599 $ 15,928 $ 15,864 (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 Condensed 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 deposits assets included in Short-term Lessor Maintenance Deposits on the Condensed Consolidated Balance Sheets. The assets represent funds paid by the previous owners of the Company to the lessor that were kept as funds on deposit for maintenance events and the contra-assets 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 Condensed Consolidated Statements of Operations due to the fact that the previously acquired maintenance deposit is partially funding the maintenance event. As of March 31, 2022 and December 31, 2021, the remaining balance of the contra-asset was $22,348. Over-market Liabilities At the Acquisition Date, the Company acquired liabilities related to its over-market lease rates and over-market maintenance reserve payments. 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 March 31, 2022 and December 31, 2021 was $383 and $10,363, respectively and is recorded within the Operating Lease Right-of-Use Assets. During the three months ended March 31, 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 reduces the Depreciation and Amortization for the related Finance Lease Assets.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Credit 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 includes a $25,000 Revolving Credit Facility (the "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 in effect as of March 31, 2022 was 6%, which is the minimum interest rate allowed under the Credit Agreement. Borrowings are subject to a possible interest rate adjustment in June 2022. 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 the proceeds from the DDTL are 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 minimum liquidity of $30,000 at the close of any business day. The Company was in compliance with these covenants as of March 31, 2022. During 2021, the Company drew $80,500 on the DDTL to purchase six aircraft, which were previously under operating leases. The Company repaid the outstanding balance of the DDTL in full as of March 31, 2022 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 March 31, 2022. The Company recorded a $1,557 loss on extinguishment of debt related to the refinancing of the DDTL, which represents the write-off of the unamortized deferred financing costs. As of March 31, 2022, the Revolving Credit Facility remained undrawn and available to the Company. Long-term Debt – 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 completed in 2020. 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 $1,979 in debt issuance costs associated with the 2022-1 EETC. Five of the 13 aircraft were owned fleet assets previously financed by the DDTL, two of the aircraft were owned outright, five of the aircraft were acquired during the beginning of the second quarter of 2022, and the remaining aircraft is currently under lease and is expected to be purchased from the lessor later in 2022. The Company received gross proceeds of $77,986 with respect to seven of the aircraft on March 31, 2022, and an incremental $94,521 subsequent to March 31, 2022 with respect to five of the aircraft. The remaining $15,770 of gross proceeds is expected to be received on or before September 15, 2022 in connection with purchasing the thirteenth aircraft from the lessor. The Company is required to make semi-annual principal and interest payments each March and September beginning with the first payment on September 15, 2022. The 2022-1 EETC will be secured by a lien on the financed or refinanced aircraft and will be cross-collateralized by the other aircraft financed through the issuance. Total appraised value of the 12 aircraft was approximately $237,936 as of the original date of the agreement. Long-term Debt includes the following: March 31, 2022 December 31, 2021 Notes payable under the Company's 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in bi-annual installments, in June and December, through December 2027. These notes bear interest at an annual rate between 4.13% and 6.95% and the weighted average interest rate is 4.76% as of March 31, 2022. $ 202,984 $ 202,984 Notes payable under the Company's 2022-1 EETC agreement dated March 2022, with a face amount of $188,277 payable in bi-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 March 31, 2022. 77,986 — Delayed Draw Term Loan Facility (see terms and conditions above) — 77,481 Other Notes payable. These notes bear interest at an annual rate of approximately 5.00% and were repaid in full in February 2022. — 466 Total Debt 280,970 280,931 Less: Unamortized debt issuance costs (3,685) (3,505) Less: Current Maturities of Long-term Debt (34,741) (29,412) Total Long-term Debt $ 242,544 $ 248,014 Future maturities of the outstanding Debt are as follows: Debt Principal Amortization of Debt Net Debt Remainder of 2022 $ 30,917 $ (613) $ 30,304 2023 47,534 (757) 46,777 2024 49,173 (633) 48,540 2025 54,257 (518) 53,739 2026 34,684 (348) 34,336 Thereafter 64,405 (816) 63,589 Total as of March 31, 2022 $ 280,970 $ (3,685) $ 277,285

FUEL DERIVATIVES AND RISK MANAG

FUEL DERIVATIVES AND RISK MANAGEMENT	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FUEL DERIVATIVES AND RISK MANAGEMENT	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 March 31, 2022 and December 31, 2021, the Company had no outstanding fuel derivative contracts. Fuel derivative contracts are recognized at fair value on the Condensed 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 Condensed Consolidated Statements of Operations. Changes in Derivative Assets (Liabilities) are as follows: Three Months Ended March 31, 2022 2021 Balance - January 1 $ — $ (1,174) Non-cash Gains — 2,386 Contract Settlements — (7) Balance - March 31 $ — $ 1,205 Fuel Derivative Gains consist of the following: Three Months Ended March 31, 2022 2021 Non-cash Gains $ — $ 2,386 Cash Premiums Paid — — Total Fuel Derivative Gains $ — $ 2,386

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 12 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K. Excluding the items discussed below, there were no additional assets or liabilities measured at fair value on a recurring basis as of March 31, 2022 or December 31, 2021. Financial Instruments – Financial instruments including Cash and Cash Equivalents, Restricted Cash, Investments, Accounts Receivable, Accounts Payable and all other Current Liabilities have carrying values that approximate fair value. Derivative Instruments – Derivative instruments are accounted for as either assets or liabilities and are carried at fair value. The fair value for fuel derivative options and swaps is determined utilizing an option pricing model that uses inputs that are readily available in active markets or can be derived from information available in active markets and are classified within Level 2. 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 7 for more information on the Company's debt financings and related fair values.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective tax rate for the three months ended March 31, 2022 and 2021 was 43.3% and 30.3%, respectively. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible or nontaxable items. The increase in the effective tax rate is primarily due to a non-deductible expense related to the Tax Receivable Agreement (the "Tax Receivable Agreement" or "TRA") liability, partially offset by stock compensation benefits. Tax Receivable Agreement In connection with the Company’s IPO, the Company entered into the TRA with our 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. Upon the closing of the IPO in the first quarter of 2021, 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 under the TRA, with an offset to Stockholders’ Equity. The TRA balance as of March 31, 2022 and December 31, 2021 was $105,600 and $98,800, respectively. The TRA liability is an estimate and actual amounts payable under the Tax Receivable Agreement could differ from this estimate. During the three months ended March 31, 2022, the Company recorded an adjustment to the estimated TRA liability of $6,800. Adjustments to the TRA are recorded in Other, net Non-Operating Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. For more information on the TRA, see Note 13 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K.

SPECIAL ITEMS, NET

SPECIAL ITEMS, NET	3 Months Ended
	Mar. 31, 2022
Unusual or Infrequent Items, or Both [Abstract]
SPECIAL ITEMS, NET	SPECIAL ITEMS, NET Special Items, net reflects expenses, or credits to expense, that are not representative of our ongoing costs for the period presented and may vary from period to period in nature, frequency, and amount. Special Items, net on the Condensed Consolidated Statements of Operations consist of the following: Three Months Ended March 31, 2022 2021 CARES Act grant recognition (see Note 3 ) $ — $ (32,208) CARES Act employee retention credit (See Note 3 ) — (334) Aircraft lease buy-out expense (1) — 5,664 Other — 7 Total Special Items, net $ — $ (26,871) (1) Five aircraft were purchased in March 2021 that were previously under operating leases. Aircraft lease buy-out expense represents the net costs incurred to terminate the leases on those five aircraft. This includes the associated lease termination costs, write-off of previously capitalized maintenance deposits, and the write-off of over-market liabilities.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 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, repayment of debt (see Note 7 ), payments under the TRA (see Note 10 ), and probable future purchases of aircraft. As of March 31, 2022, the Company had a commitment of approximately $75,000 to purchase four aircraft using proceeds from the 2022-1 EETC, which were delivered in the second quarter of 2022. A deposit totaling $7,500 was remitted to the seller during the first quarter of 2022 and has been accounted for within Other Current Assets on the Condensed Consolidated Balance Sheets as of March 31, 2022. The remaining purchase amount was financed using incremental proceeds from the 2022-1 EETC and were remitted to the seller upon delivery of the aircraft. During the first quarter of 2022, the Company executed an agreement to purchase a flight simulator at a total purchase price of $9,745. An initial installment of $2,934 was remitted to the seller during the first quarter of 2022 and is accounted for within Property & Equipment on the Condensed Consolidated Balance Sheets as of March 31, 2022. The remaining purchase price is to be remitted upon shipment of the simulator. 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

OPERATING SEGMENTS	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
OPERATING SEGMENTS	OPERATING SEGMENTS The following tables present financial information for the Company’s two operating segments: Passenger and Cargo. For more information on the Company’s segments, see Note 17 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K. Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Passenger Cargo Consolidated Passenger Cargo Consolidated Operating Revenues $ 205,472 $ 21,053 $ 226,525 $ 106,026 $ 21,585 $ 127,611 Non-Fuel Operating Expenses 120,810 19,338 140,148 87,205 18,070 105,275 Aircraft Fuel 64,544 — 64,544 24,253 21 24,274 Special Items, net — — — (18,206) (8,665) (26,871) Total Operating Expenses 185,354 19,338 204,692 93,252 9,426 102,678 Operating Income $ 20,118 $ 1,715 21,833 $ 12,774 $ 12,159 24,933 Interest Income 24 15 Interest Expense (8,562) (7,121) Other, net (6,876) (5) Income Before Income Tax $ 6,419 $ 17,822

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through May 6, 2022, the date that the Condensed Consolidated Financial Statements were available to be issued. For more information on the subsequent events, see Note 6 "Aircraft" and Note 7 "Debt" of the Notes to the Condensed Consolidated Financial Statements included elsewhere in this report.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. The accompanying unaudited Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements contained in the 2021 10-K. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. The Company reclassified certain prior period amounts to conform to the current period presentation. All material intercompany balances and transactions have been eliminated in consolidation.
Estimates and Assumptions	The preparation of financial statements in accordance with GAAP requires management to make certain 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. 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.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards On May 3, 2021, the FASB issued 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 . 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, see Note 3 for additional information on COVID-19 related government assistance the Company has received.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of significant categories comprising operating revenues	The significant categories comprising Operating Revenues are as follows: Three Months Ended March 31, 2022 2021 Scheduled Service $ 124,068 $ 54,620 Charter Service 32,879 25,805 Ancillary 45,086 23,770 Passenger 202,033 104,195 Cargo 21,053 21,585 Other 3,439 1,831 Total Operating Revenue $ 226,525 $ 127,611
Schedule of operating revenues by geographic region	Total Operating Revenues by geographic region are as follows: Three Months Ended March 31, 2022 2021 Domestic $ 208,591 $ 119,312 Latin America 17,869 7,877 Other 65 422 Total Operating Revenue $ 226,525 $ 127,611
Summary of contract assets and liabilities	Contract Assets and Liabilities are as follows: March 31, 2022 December 31, 2021 Contract Assets Costs to fulfill contract with Amazon $ 2,658 $ 2,819 Air Traffic Liabilities 110,946 118,562 Loyalty Program Liabilities 17,374 19,718 Amazon Deferred Up-front Payment 3,959 4,200 Total Contract Liabilities $ 132,279 $ 142,480
Schedule of change in contract with customer, liability	Changes in the Loyalty Program Liabilities are as follows: 2022 2021 Balance – January 1 $ 19,718 $ 22,069 Loyalty Points Earned 1,819 857 Loyalty Points Redeemed (1) (4,163) (2,152) Balance – March 31 $ 17,374 $ 20,774 ______________________ (1) Loyalty points are combined in one homogenous pool 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)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 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 per share: Three Months Ended March 31, 2022 2021 Numerator: Net Income $ 3,637 $ 12,416 Denominator: Weighted Average Common Shares Outstanding - Basic 57,907,655 48,496,077 Dilutive effect of Stock Options, RSUs and Warrants (1) 3,824,287 4,012,109 Weighted Average Common Shares Outstanding - Diluted 61,731,942 52,508,186 Basic earnings per share $ 0.06 $ 0.26 Diluted earnings per share $ 0.06 $ 0.24 ______________________ (1) There were 3,550,810 and 3,557,432 performance-based stock options outstanding at March 31, 2022 and 2021, respectively. As a result of the Company’s initial public offering, 75% of these options are expected to meet the performance conditions and are included in the measure above to the extent they are dilutive at March 31, 2022 and 2021. In March 2022, 25% of the eligible outstanding performance-based stock options vested and were considered exercisable. The vested performance-based stock options are included in the measure above to the extent they are dilutive.

AIRCRAFT (Tables)

AIRCRAFT (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Summary of aircraft fleet activity	The following tables summarize the Company’s aircraft fleet activity for the three months ended March 31, 2022 and 2021, respectively: December 31, 2021 Additions Removals March 31, 2022 Passenger: Owned 21 1 — 22 Finance leases 9 3 — 12 Operating leases 6 — (2) 4 Sun Country Airlines’ Fleet 36 4 (2) 38 Cargo: Aircraft Operated for Amazon 12 — — 12 Total Aircraft Operated 48 4 (2) 50 December 31, 2020 Additions Removals March 31, 2021 Passenger: Owned 14 5 — 19 Finance leases 5 — — 5 Operating leases 12 — (5) 7 Sun Country Airlines’ Fleet 31 5 (5) 31 Cargo: Aircraft Operated for Amazon 12 — — 12 Total Aircraft Operated 43 5 (5) 43
Schedule of depreciation, amortization, and rent expense on aircraft	Depreciation, amortization, and rent expense on aircraft are as follows: Three Months Ended March 31, Aircraft Status Expense Type 2022 2021 Owned Depreciation $ 8,673 $ 7,830 Finance Leased Amortization 4,069 2,435 Operating Leased Aircraft Rent (1) 3,186 5,599 $ 15,928 $ 15,864 (1) Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of long term debt	Long-term Debt includes the following: March 31, 2022 December 31, 2021 Notes payable under the Company's 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in bi-annual installments, in June and December, through December 2027. These notes bear interest at an annual rate between 4.13% and 6.95% and the weighted average interest rate is 4.76% as of March 31, 2022. $ 202,984 $ 202,984 Notes payable under the Company's 2022-1 EETC agreement dated March 2022, with a face amount of $188,277 payable in bi-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 March 31, 2022. 77,986 — Delayed Draw Term Loan Facility (see terms and conditions above) — 77,481 Other Notes payable. These notes bear interest at an annual rate of approximately 5.00% and were repaid in full in February 2022. — 466 Total Debt 280,970 280,931 Less: Unamortized debt issuance costs (3,685) (3,505) Less: Current Maturities of Long-term Debt (34,741) (29,412) Total Long-term Debt $ 242,544 $ 248,014
Schedule of future maturities of the outstanding debt	Future maturities of the outstanding Debt are as follows: Debt Principal Amortization of Debt Net Debt Remainder of 2022 $ 30,917 $ (613) $ 30,304 2023 47,534 (757) 46,777 2024 49,173 (633) 48,540 2025 54,257 (518) 53,739 2026 34,684 (348) 34,336 Thereafter 64,405 (816) 63,589 Total as of March 31, 2022 $ 280,970 $ (3,685) $ 277,285

FUEL DERIVATIVES AND RISK MAN_2

FUEL DERIVATIVES AND RISK MANAGEMENT (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of changes in derivative assets (liabilities)	Changes in Derivative Assets (Liabilities) are as follows: Three Months Ended March 31, 2022 2021 Balance - January 1 $ — $ (1,174) Non-cash Gains — 2,386 Contract Settlements — (7) Balance - March 31 $ — $ 1,205
Schedule of fuel derivative gains (losses)	Fuel Derivative Gains consist of the following: Three Months Ended March 31, 2022 2021 Non-cash Gains $ — $ 2,386 Cash Premiums Paid — — Total Fuel Derivative Gains $ — $ 2,386

SPECIAL ITEMS, NET (Tables)

SPECIAL ITEMS, NET (Tables)	3 Months Ended
	Mar. 31, 2022
Unusual or Infrequent Items, or Both [Abstract]
Schedule of special items, net	Special Items, net on the Condensed Consolidated Statements of Operations consist of the following: Three Months Ended March 31, 2022 2021 CARES Act grant recognition (see Note 3 ) $ — $ (32,208) CARES Act employee retention credit (See Note 3 ) — (334) Aircraft lease buy-out expense (1) — 5,664 Other — 7 Total Special Items, net $ — $ (26,871) (1) Five aircraft were purchased in March 2021 that were previously under operating leases. Aircraft lease buy-out expense represents the net costs incurred to terminate the leases on those five aircraft. This includes the associated lease termination costs, write-off of previously capitalized maintenance deposits, and the write-off of over-market liabilities.

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of financial information for the operating segments	The following tables present financial information for the Company’s two operating segments: Passenger and Cargo. For more information on the Company’s segments, see Note 17 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K. Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Passenger Cargo Consolidated Passenger Cargo Consolidated Operating Revenues $ 205,472 $ 21,053 $ 226,525 $ 106,026 $ 21,585 $ 127,611 Non-Fuel Operating Expenses 120,810 19,338 140,148 87,205 18,070 105,275 Aircraft Fuel 64,544 — 64,544 24,253 21 24,274 Special Items, net — — — (18,206) (8,665) (26,871) Total Operating Expenses 185,354 19,338 204,692 93,252 9,426 102,678 Operating Income $ 20,118 $ 1,715 21,833 $ 12,774 $ 12,159 24,933 Interest Income 24 15 Interest Expense (8,562) (7,121) Other, net (6,876) (5) Income Before Income Tax $ 6,419 $ 17,822

COMPANY BACKGROUND - Offerings

COMPANY BACKGROUND - Offerings (Details) - USD ($)	Mar. 19, 2021	Mar. 17, 2021	Mar. 16, 2021	Oct. 31, 2021	May 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Oct. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock								$ 0
Offering expenses						$ 0	$ 7,226,000	$ 1,763,000
Apollo Stockholder
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)				8,500,000	7,250,000
Share price (in dollars per share)				$ 32.50	$ 34.50			$ 32.50
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)	10,454,545		9,090,909
Share price (in dollars per share)			$ 24
Proceeds from issuance of common stock	$ 225,329,000
Underwriters option
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)		1,363,636		435,291	1,087,500
Private placement | Apollo Stockholder | PAR Investment Partners, L.P
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)			2,216,312
Aggregate purchase price			$ 50,000,000
Share price percentage of IPO share price			94.00%
Private placement | Apollo Stockholder | Certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)			2,216,308
Aggregate purchase price			$ 50,000,000
Share price percentage of IPO share price			94.00%

COMPANY BACKGROUND - Amazon Agr

COMPANY BACKGROUND - Amazon Agreement (Details) - Amazon Agreement $ / shares in Units, $ in Thousands	Dec. 13, 2019USD ($)item$ / sharesshares	Mar. 31, 2022shares	Mar. 31, 2021shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of agreement	6 years
Number of extension option | item	2
Term of renewal of agreement	2 years
Threshold term of agreement	10 years
Warrants issued (in shares)	9,482,606
Exercise price (in dollars per share) | $ / shares	$ 15.17
Warrants vested (in shares)	632,183	189,652	189,652
Number of warrants that vest on achievement of each milestone (in shares)	63,217
Milestone achievement for warrants to vest | $	$ 8,000
Cumulative warrants vested (in shares)		1,833,311	1,074,704

IMPACT OF THE COVID-19 PANDEM_2

IMPACT OF THE COVID-19 PANDEMIC (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
IMPACT OF THE COVID19 PANDEMIC
Grants recognized	$ 0	$ 32,208
CARES Act employee retention credit	$ 0	334
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		$ 32,208

REVENUE - Significant Categorie

REVENUE - Significant Categories of Operating Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUE
Total Operating Revenue	$ 226,525	$ 127,611
Passenger
REVENUE
Total Operating Revenue	202,033	104,195
Scheduled Service
REVENUE
Total Operating Revenue	124,068	54,620
Charter Service
REVENUE
Total Operating Revenue	32,879	25,805
Ancillary
REVENUE
Total Operating Revenue	45,086	23,770
Cargo
REVENUE
Total Operating Revenue	21,053	21,585
Other
REVENUE
Total Operating Revenue	$ 3,439	$ 1,831

REVENUE - Operating Revenues by

REVENUE - Operating Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUE
Total Operating Revenue	$ 226,525	$ 127,611
Domestic
REVENUE
Total Operating Revenue	208,591	119,312
Latin America
REVENUE
Total Operating Revenue	17,869	7,877
Other
REVENUE
Total Operating Revenue	$ 65	$ 422

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 13, 2019	Dec. 31, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Maintenance expense			$ 11,995	$ 9,210
Total Contract Liabilities			$ 132,279		$ 142,480
Amazon Agreement
REVENUE
Warrants vested (in shares)	632,183		189,652	189,652
Air Traffic Liabilities
REVENUE
Total Contract Liabilities			$ 110,946		118,562
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities			17,374	$ 20,774	19,718	$ 22,069
Revenue recognized			4,163	2,152
Amazon Deferred Up-front Payment
REVENUE
Total Contract Liabilities			$ 3,959		4,200
Proceeds from startup costs		$ 10,300
Fair value of warrants vested		4,667
Amazon Deferred Up-front Payment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
REVENUE
Amortization period			6 years
Amazon Deferred Up-front Payment | Other Liabilities
REVENUE
Fair value of warrants vested		$ 5,633
Costs to fulfill contract with Amazon
REVENUE
Amortization period			6 years
Maintenance expense			$ 161	138
Contract Assets			2,658		$ 2,819
Passenger
REVENUE
Revenue recognized			87,982
Cargo | Amazon Deferred Up-front Payment
REVENUE
Revenue recognized			$ 240	$ 231

REVENUE - Loyalty Program (Deta

REVENUE - Loyalty Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	$ 142,480
Balance – March 31	132,279
Loyalty Program Liabilities
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	19,718	$ 22,069
Loyalty Points Earned	1,819	857
Loyalty Points Redeemed	(4,163)	(2,152)
Balance – March 31	$ 17,374	$ 20,774

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net Income		$ 3,637	$ 12,416
Denominator:
Weighted Average Common Shares Outstanding - Basic (in shares)		57,907,655	48,496,077
Dilutive effect of Stock Options, RSUs and Warrants (in shares)		3,824,287	4,012,109
Weighted Average Common Shares Outstanding - Diluted (in shares)		61,731,942	52,508,186
Basic earnings per share (in dollars per share)		$ 0.06	$ 0.26
Diluted earnings per share (in dollars per share)		$ 0.06	$ 0.24
Performance-based stock options
Denominator:
Outstanding shares (in shares)	3,550,810	3,550,810	3,557,432
Percentage of stock options expected to meet performance conditions		75.00%	75.00%
Percentage of stock options vested and exercisable	25.00%

AIRCRAFT - Additional Informati

AIRCRAFT - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	May 06, 2022USD ($)aircraft	Mar. 31, 2022aircraft	Mar. 31, 2021aircraft	Dec. 31, 2021aircraft	Dec. 31, 2020aircraft
AIRCRAFT - Owned and Leased
Number of aircraft		50	43	48	43
Additions		4	5
Number of aircraft modified to finance leases		2
Number of aircrafts previously under operating leases			5
Subsequent Event
AIRCRAFT - Owned and Leased
Lease term	6 years
Annual payment | $	$ 2,220
Previously Leased Air Transportation Equipment | Subsequent Event
AIRCRAFT - Owned and Leased
Purchase price | $	16,784
Aircraft and Flight Equipment | Subsequent Event
AIRCRAFT - Owned and Leased
Purchase price | $	$ 75,000
Number of aircraft purchased	4
Boeing 737-800
AIRCRAFT - Owned and Leased
Number of aircraft		49
Boeing 737-800 | Aircraft and Flight Equipment
AIRCRAFT - Owned and Leased
Additions		2
Boeing 737-700
AIRCRAFT - Owned and Leased
Number of aircraft		1

AIRCRAFT - Aircraft Fleet (Deta

AIRCRAFT - Aircraft Fleet (Details) - aircraft	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	48	43
Additions	4	5
Removals	(2)	(5)
Balance at end of period	50	43
Passenger
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	36	31
Additions	4	5
Removals	(2)	(5)
Balance at end of period	38	31
Passenger | Owned
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	21	14
Additions	1	5
Removals	0	0
Balance at end of period	22	19
Passenger | Finance leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	9	5
Additions	3	0
Removals	0	0
Balance at end of period	12	5
Passenger | Operating leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	6	12
Additions	0	0
Removals	(2)	(5)
Balance at end of period	4	7
Cargo | Aircraft Operated for Amazon
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	12	12
Additions	0	0
Removals	0	0
Balance at end of period	12	12

AIRCRAFT - Depreciation, Amorti

AIRCRAFT - Depreciation, Amortization, and Rent Expense on Aircraft (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 3,186	$ 5,599
Depreciation amortization and aircraft rent	15,928	15,864
Owned
AIRCRAFT - Owned and Leased
Depreciation	8,673	7,830
Finance leases
AIRCRAFT - Owned and Leased
Amortization	4,069	2,435
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 3,186	$ 5,599

AIRCRAFT - Aircraft Maintenance

AIRCRAFT - Aircraft Maintenance Deposits Contra-Assets and Over-market Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)aircraft	Dec. 31, 2021USD ($)
AIRCRAFT - Owned and Leased
Number of aircraft modified to finance leases | aircraft	2
Amount reclassified to finance lease, right-of-use asset	$ 9,687
Over-market maintenance reserve liability reclassified to finance lease liability	6,023
Aircraft maintenance deposits contra assets
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets	22,348	$ 22,348
Over-market lease rates
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets	383	10,363
Over market liabilities	7,793	$ 14,737
Reduction in over-market maintenance reserve liabilities	$ 6,944

DEBT - Lines of Credit (Details

DEBT - Lines of Credit (Details)	Feb. 10, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)aircraft	Dec. 31, 2021USD ($)aircraft
DEBT
Number of aircrafts previously under operating leases | aircraft			5
Loss on Extinguishment of Debt		$ 1,557,000	$ 1,224,000
Credit Facilities | Line of Credit
DEBT
Term of debt	5 years
Minimum EBITDAR required to be maintained		87,700,000
Minimum liquidity required to be maintained		30,000,000
Credit Facilities | Line of Credit | Revolving Credit Facility
DEBT
Debt instrument effective interest rate	6.00%
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000,000
Commitment fee on unused facility (as a percent)	0.50%
Delayed Draw Term Loan Facility
DEBT
Number of aircrafts previously under operating leases | aircraft				6
Delayed Draw Term Loan Facility | Loans Payable
DEBT
Maximum borrowing capacity	$ 90,000,000
Amount of draw				$ 80,500,000
Current borrowing capacity		$ 0
Prior revolving credit agreement | Line of Credit | Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000,000

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details)	1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	May 06, 2022USD ($)aircraft	Mar. 31, 2022USD ($)aircraft	Mar. 31, 2022USD ($)aircraft	Mar. 31, 2021USD ($)	Sep. 15, 2022USD ($)	Dec. 31, 2020aircraft	Dec. 31, 2019USD ($)
DEBT
Proceeds from debt			$ 77,986,000	$ 68,000,000
Notes payable under the Company's 2019-1 EETC agreement | Notes payable
DEBT
Face amount							$ 248,587,000
Number of used aircrafts purchased or refinanced | aircraft						13
Notes payable under the Company's 2022-1 EETC agreement | Notes payable
DEBT
Face amount		$ 188,277,000	$ 188,277,000
Number of aircraft financed by debt | aircraft		13	13
Debt issuance costs		$ 1,979,000	$ 1,979,000
Number of aircraft owned and refinanced | aircraft		5	5
Number of aircraft owned | aircraft		2	2
Number of aircraft purchased in current fiscal period | aircraft			7
Proceeds from debt		$ 77,986,000
Notes payable under the Company's 2022-1 EETC agreement | Notes payable | Subsequent Event
DEBT
Number of aircraft acquired after current period | aircraft	5
Number of aircraft purchased in current fiscal period | aircraft	12
Proceeds from debt	$ 94,521,000
Appraised value	$ 237,936,000
Notes payable under the Company's 2022-1 EETC agreement | Forecast | Notes payable
DEBT
Proceeds from debt					$ 15,770,000

DEBT - Long-term Debt Schedule

DEBT - Long-term Debt Schedule (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
DEBT
Total Debt	$ 280,970,000	$ 280,931,000
Less: Unamortized debt issuance costs	(3,685,000)	(3,505,000)
Less: Current Maturities of Long-term Debt	(34,741,000)	(29,412,000)
Total Long-term Debt	242,544,000	248,014,000
Notes payable under the Company's 2019-1 EETC agreement | Notes payable
DEBT
Total Debt	$ 202,984,000	202,984,000
Face amount			$ 248,587,000
Weighted average interest rate	4.76%
Notes payable under the Company's 2019-1 EETC agreement | Minimum | Notes payable
DEBT
Interest Rate			4.13%
Notes payable under the Company's 2019-1 EETC agreement | Maximum | Notes payable
DEBT
Interest Rate			6.95%
Notes payable under the Company's 2022-1 EETC agreement | Notes payable
DEBT
Total Debt	$ 77,986,000	0
Face amount	$ 188,277,000
Weighted average interest rate	5.06%
Notes payable under the Company's 2022-1 EETC agreement | Minimum | Notes payable
DEBT
Interest Rate	4.84%
Notes payable under the Company's 2022-1 EETC agreement | Maximum | Notes payable
DEBT
Interest Rate	5.75%
Delayed Draw Term Loan Facility | Loans Payable
DEBT
Total Debt	$ 0	77,481,000
Notes payable
DEBT
Total Debt	$ 0	$ 466,000
Notes payable | Notes payable
DEBT
Interest Rate	5.00%

DEBT - Future Maturities of the

DEBT - Future Maturities of the Outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Principal Payments
Remainder of 2022	$ 30,917
2023	47,534
2024	49,173
2025	54,257
2026	34,684
Thereafter	64,405
Total	280,970	$ 280,931
Amortization of Debt Issuance Costs
Remainder of 2022	(613)
2023	(757)
2024	(633)
2025	(518)
2026	(348)
Thereafter	(816)
Total	(3,685)	$ (3,505)
Net Debt
Remainder of 2022	30,304
2023	46,777
2024	48,540
2025	53,739
2026	34,336
Thereafter	63,589
Net Debt	$ 277,285

DEBT - Fair Value (Details)

DEBT - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Fair value	$ 271,837	$ 272,004

FUEL DERIVATIVES AND RISK MAN_3

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

FUEL DERIVATIVES AND RISK MAN_4

FUEL DERIVATIVES AND RISK MANAGEMENT - Changes in Derivative Assets (Liabilities) (Details) - Fuel Derivative Contracts - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in Derivative Assets (Liabilities)
Balance - January 1	$ 0	$ (1,174)
Non-cash Gains	0	2,386
Contract Settlements	0	(7)
Balance - March 31	$ 0	$ 1,205

FUEL DERIVATIVES AND RISK MAN_5

FUEL DERIVATIVES AND RISK MANAGEMENT - Fuel Derivative Gains (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fuel Derivative Gains (Losses)
Total Fuel Derivative Gains	$ 0	$ 2,386
Fuel Derivative Contracts
Fuel Derivative Gains (Losses)
Non-cash Gains	0	2,386
Cash Premiums Paid	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($)	Mar. 31, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Total assets measured at fair value on a recurring basis	$ 0	$ 0
Total liabilities measured at fair value on a recurring basis	$ 0	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 16, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate		43.30%	30.30%
Percentage of cash savings	85.00%
Percentage of cash savings retained	15.00%
Non-current liability recognized	$ 115,200	$ 105,600		$ 98,800
Decrease to the tax receivable agreement liability		$ 6,800

SPECIAL ITEMS, NET - Schedule o

SPECIAL ITEMS, NET - Schedule of Special Items, Net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)aircraft
Unusual or Infrequent Items, or Both [Abstract]
CARES Act grant recognition (see Note 3)	$ 0	$ (32,208)
CARES Act employee retention credit (See Note 3)	0	(334)
Aircraft lease buy-out expense	0	5,664
Other	0	7
Total Special Items, net	$ 0	$ (26,871)
Number of aircrafts previously under operating leases | aircraft		5

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)aircraft	Mar. 31, 2021USD ($)
Long-term Purchase Commitment [Line Items]
Deposit	$ 49,683	$ 54,399
Aircraft and Flight Equipment
Long-term Purchase Commitment [Line Items]
Commitment	$ 75,000
Aircraft and Flight Equipment
Long-term Purchase Commitment [Line Items]
Commitment, number of aircraft to be purchased | aircraft	4
Deposit	$ 7,500
Flight Simulator
Long-term Purchase Commitment [Line Items]
Commitment	9,745
Deposit	$ 2,934

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
OPERATING SEGMENTS
Number of operating segments | segment	2
Total Operating Revenue	$ 226,525	$ 127,611
Non-Fuel Operating Expenses	140,148	105,275
Aircraft Fuel	64,544	24,274
Special Items, net	0	(26,871)
Total Operating Expenses	204,692	102,678
Operating Income	21,833	24,933
Interest Income	24	15
Interest Expense	(8,562)	(7,121)
Other, net	(6,876)	(5)
Income Before Income Tax	6,419	17,822
Passenger
OPERATING SEGMENTS
Total Operating Revenue	205,472	106,026
Non-Fuel Operating Expenses	120,810	87,205
Aircraft Fuel	64,544	24,253
Special Items, net	0	(18,206)
Total Operating Expenses	185,354	93,252
Operating Income	20,118	12,774
Cargo
OPERATING SEGMENTS
Total Operating Revenue	21,053	21,585
Non-Fuel Operating Expenses	19,338	18,070
Aircraft Fuel	0	21
Special Items, net	0	(8,665)
Total Operating Expenses	19,338	9,426
Operating Income	$ 1,715	$ 12,159