moving our more position balance before and sheet into now detail Q&A. Thanks, and second-quarter liquidity provide update results review Jude. an in I'll financial our on
last a revenue a of compares year. decline ended XXXX operating the XX, and second XX% $XXX.X the quarter XXXX, dramatic XX% quarter three the This decline revenue a June the months trough of was second in versus pandemic to improvement of decrease the XX% For million, in versus total line of expectations also largely capacity unit our QX sequential revenue strong, improvement in This QX was our described we're our early in that we revenue significantly steady XXXX the was that seeing. total demonstrating as with in predominantly revenue, revenue versus increase expectations. higher QX May. XXXX was than
cargo ASM the our versus including revenue, of while down For TRASM, excludes same revenue was period. total XXXX, X% declined our which versus quarter, charter revenue, total QX per ASMs while or our the XX%
was ancillary strong than passenger per XX.X% XXXX, revenue continues of our Our $XX.XX or higher average lower of be and than QX to XX% at XXXX. QX or fare $XX.XX
weaker is XXXX, improvement it demonstrates in second this our still versus down continued seasonally While even strong quarter.
from only a longer XXXX, to and that charter the expecting to expenses this we're hour in and the X.X% versus revenue of this only million the recovered X% Charter fewer and much flying scheduled additional second approximately has add the first of June quarter was down TRASM operating down per that quarter as bit in Charter revenue XX% our was quarter, of We expectations. by Typically, the than than part of have business quarter, ad Total was ASMs XX% declined fully sequentially to compared down line of per was later declined consistent revenue has charter block period year for XXXX. XXXX, for QX QX the in in Charter for lower second XXXX. started faster only versus ASMs. the was revenues $XX in quarter XXXX, period. passenger the the and X.X% we this year X% second quarter XXXX. between XX% For scheduled track $XX.X in in revenue same hoc Cargo sequential service XXXX. decreased in charter versus taken ramped X.X% recover. quarter spite growth example, it in only fly it were same declined flying QX. XXXX, June of and QX block while are in million of hours XX% with which would up
and We're was XXXX. up items of very higher XX% the wages, at in than operations about in total benefits XXXX. ground the of quarter of The pleased was expense due owning total to of QX our XX% results, expense in flat our QX Aircraft items as consisting payroll increased larger increase timing didn't addition If maintenance in million, hours expenses expense the events. last from exist aircraft by the versus certain million operating fleet, this and to XXXX from the dropped and year, and maintenance you XXXX versus of the items utilizing in-sourcing under and Country. in of in our which result lease with exclude versus note, while primarily were the the Minneapolis. fuel cargo XXXX rent an prioritize XXXX. QX Of we leases. operating to passenger QX special the block QX block are the up aircraft heavy $XX.X Sun salaries, related costs continue driven Operating Act of credit expense CARES includes a $XX.X increase business, salaries XX% of at Higher program, operating special XX%, depreciation offset were by hour support of as XX% onetime in previously maintenance were that XX% XXXX, purchase net was certain
be and the we next quarter. adjusted million positive had in items, of the This the quarter this Excluding and positive will adjusted trend second million operating have $XX.X still income we we EBITDA $XX.X consecutive where adjusted continue margins, operating into expect a of these quarter. special to
and where we equivalents of the million second adjusted EBITDA The company liquidity also existing third as cash The a XX% been of million undrawn over quarter. second XX% in quarter margins consecutive is and ended consisted have quarter north $XXX $XXX.X million, produced the revolver. which with quarter this of $XX
same the quarter, facility loan we off-lease as five draw the During purchased sixth using did the delayed aircraft. for aircraft we our last term
For the operating all was second only leases, million. of that quarter while six at total the while quarter of financed is amount still have the $XX.X under six aircraft XX. XXXX, this number – aircraft, at We second end facility using the
the third the we to Our net has cash of operations, from finance $XXX addition two grew sheet. from quarter balances due million debt million $XXX declined debt to the while as total to rose leases consecutive balance for
have attractive cost in of a in market parameters, the and months are we terms. available We that XXXNGs coming fit the market recent in lot for at our seen actively aircraft
fund and market. to low-cost reminder, in used aircraft a opportunistically no with the As aircraft able has purchased book, Sun committed Country growth our we're
strong turn the We demand me to now outlook. see in through improvement the still Let summer.
which Third-quarter XXXX. of to total million, revenue $XXX XXX that be million compares quarter is produced we $XXX between favorably and expected to third the the in
produce versus third operating that, In of addition operating would this level I saw worth to an also between of were of the range to positive we as produced that higher in XXXX. achieve operating than of average normalizing the $X.XX we're assuming to that XX% margin operating income we in noting quarter fuel questions. XX% of they are also the an higher be ASMs last demand open Total expecting environment. quarter X.X% price in this, up the consecutive quarter. With X.X%, of capacity we this XXXX, for QX to while that we're lower margin will income. third X% midpoint expected and current our on are The represent is than process it It's expecting still which income, to $X.XX to
