Sun Country Airlines Holdings, Inc. (“Sun Country Airlines,” “Sun
Country,” the “Company”) (NASDAQ: SNCY) today reported financial
results for its third quarter ended September 30, 2023.
“Sun Country’s diversified business model continued to deliver
strong results in the third quarter, as evidenced by our strong
GAAP operating results and our third consecutive quarter of year
over year improvement in adjusted operating margin, adjusted
pre-tax margin and adjusted earnings per share,” said Jude Bricker,
Chief Executive Officer of Sun Country. “Total revenue was up by
12.3% versus the third quarter 2022 and we produced GAAP operating
income of $19 million, operating margin of 7.6%, and adjusted
operating margin(2) of 8.1% for the quarter. The revenue
environment continues to stay healthy as demonstrated by scheduled
service TRASM(3) declining only 5.0%, while scheduled service ASMs
grew 15.1%. This helped to drive GAAP diluted EPS of $0.13 and
Adjusted diluted EPS(2) of $0.14 in the third quarter. In addition
to our excellent performance, our board of directors has authorized
an additional $25 million for repurchases of Sun Country
shares.”
Overview of Third
Quarter
|
Three Months Ended September 30, |
|
(unaudited) (in millions, except per share
amounts) |
|
2023 |
|
2022 |
% Change |
Total Operating Revenue |
$ |
248.9 |
$ |
221.7 |
12.3 |
|
Operating Income |
|
19.0 |
|
15.4 |
23.5 |
|
Income Before Income Tax |
|
10.1 |
|
12.9 |
(22.1 |
) |
Net Income |
|
7.6 |
|
10.7 |
(28.9 |
) |
Diluted earnings per
share |
$ |
0.13 |
$ |
0.18 |
(27.8 |
) |
|
Three Months Ended September 30, |
|
(unaudited) (in millions, except per share
amounts) |
|
2023 |
|
2022 |
% Change |
Adjusted Operating Income (2) |
$ |
20.0 |
$ |
15.9 |
26.2 |
Adjusted Income Before Income Tax
(2) |
|
11.1 |
|
9.7 |
14.8 |
Adjusted Net Income (2) |
|
8.4 |
|
7.4 |
13.9 |
Adjusted diluted earnings per
share (2) |
$ |
0.14 |
$ |
0.12 |
16.7 |
|
Nine Months Ended September 30, |
|
(unaudited) (in millions, except per share
amounts) |
|
2023 |
|
2022 |
% Change |
Total Operating Revenue |
$ |
804.1 |
$ |
667.3 |
20.5 |
Operating Income |
|
110.4 |
|
40.6 |
171.9 |
Income Before Income Tax |
|
86.5 |
|
14.5 |
496.3 |
Net Income |
|
66.5 |
|
10.4 |
540.3 |
Diluted earnings per
share |
$ |
1.12 |
$ |
0.17 |
558.8 |
|
Nine Months Ended September 30, |
|
(unaudited) (in millions, except per share
amounts) |
|
2023 |
|
2022 |
% Change |
Adjusted Operating Income (2) |
$ |
118.5 |
$ |
42.6 |
178.4 |
Adjusted Income Before Income
Tax (2) |
|
94.9 |
|
22.7 |
317.7 |
Adjusted Net Income (2) |
|
72.9 |
|
17.9 |
308.1 |
Adjusted diluted earnings per
share (2) |
$ |
1.23 |
$ |
0.29 |
322.5 |
|
For the quarter ended September 30, 2023, Sun Country
reported net income of $8 million and income before income tax of
$10 million, on $249 million of revenue. Adjusted income before
income tax(2) for the quarter was $11 million. GAAP operating
income during the quarter was $19 million, while adjusted operating
income(2) was $20 million, operating margin was 7.6% and adjusted
operating margin(2) was 8.1%.
“For the fourth consecutive quarter, we have seen year-over-year
revenue growth across our scheduled service, charter and cargo
businesses,” said Dave Davis, President and Chief Financial
Officer. “Year-to-date, we have continued to see unit revenue
strength with scheduled service TRASM(3) up 13.6% versus the same
time period last year, and we do not see demand abating through the
rest of 2023. Sun Country continues to generate strong margins and
our outlook for 2024 capital expenditures falls sharply from 2023
levels driving an expected, significant increase in free cash flow
next year(4). As such, our board of directors has authorized
another $25 million to repurchase Sun Country shares. This is on
top of the $80 million that has already been used to repurchase
shares. Since November 2022, we have repurchased 4.7 million shares
of Sun Country common stock.”
Notable Highlights
- Announced the extension of our
schedule through September 10, 2024 including eight new domestic
seasonal nonstop routes from Minneapolis and new flying to Montreal
and Toronto Canada (pending final approval from the Canadian
airports).
- The Company repurchased 2.1 million shares at an average price
of $15.30 during the third quarter. The board of directors approved
an additional $25 million of buyback authority which brings the
current repurchase authorization to $25 million.
Capacity
System block hours flown during the third quarter of 2023 grew
by 14.4% year-over-year. Cargo block hours grew in the third
quarter by 6.3% year-over-year as Amazon flying was constrained
last year due to scheduled maintenance events. Scheduled service
block hours and charter block hours increased by 17.6% and 14.1%,
respectively year-over-year on a 14.1% increase in average
passenger aircraft.
Charter block hours under long-term contracts comprised 82.2% of
the total charter flying performed in the third quarter of 2023. As
the Company continues to normalize its aircraft utilization, it
intends to pursue more ad-hoc charter flying.
Revenue
For the third quarter of 2023, the Company reported total
revenue of $249 million, which was 12.3% more than the third
quarter of 2022. The Company’s scheduled service TRASM(3) of 11.72
cents in the third quarter of 2023 decreased 5.0% year-over-year,
while scheduled service ASMs increased 15.1%. The third quarter
2023 total fare per scheduled passenger of $153 was lower than
third quarter 2022 by 8.7% as scheduled service revenue passengers
grew 19.9%. As a component of total fare, ancillary revenue per
passenger continues to show strength at $65, a growth rate of 16.9%
versus the same time period last year. In the third quarter of
2023, the Company’s charter service revenue was $47 million, an
increase of 10.6% year-over-year. On a rate basis, third quarter
2023 charter revenue per block hour was 3.1% lower than the rate in
the third quarter of 2022 as lower fuel prices reduced the fuel
reimbursement amount that we received from our charter
customers.
In the third quarter of 2023, cargo revenue was $26 million, a
10.0% increase versus the third quarter of 2022. The variance was
primarily driven by a 6.3% increase in block hours and the annual
rate escalation which went into effect in mid-December 2022.
Cost
For the third quarter of 2023, total GAAP operating expenses
increased 11.4% year-over-year, primarily due to a 23.7% increase
in salaries, wages, and benefits and a 39.1% increase in
maintenance expense. Fuel expense decreased by 5.7% compared to
third quarter 2022. This combination drove adjusted CASM(5) in the
third quarter to increase 2.6% versus the third quarter 2022.
Balance Sheet and Liquidity
Total liquidity(6) was $198 million on
September 30, 2023, while the Company’s net debt(7) was $544
million.
(in millions - amounts may not recalculate due to
rounding) |
September 30, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
Cash and Cash Equivalents |
$ |
27.0 |
|
$ |
92.1 |
Available-for-Sale
Securities |
|
146.5 |
|
|
172.6 |
Amount Available Under
Revolving Credit Facility |
|
24.7 |
|
|
24.7 |
Total Liquidity |
$ |
198.1 |
|
$ |
289.4 |
|
|
|
|
(in millions - amounts may not recalculate due to
rounding) |
September 30, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
Total Debt, net |
$ |
435.1 |
|
$ |
352.2 |
Finance Lease Obligations |
|
263.3 |
|
|
251.3 |
Operating Lease
Obligations |
|
19.4 |
|
|
26.1 |
Total Debt, net, and Lease Obligations |
|
717.8 |
|
|
629.6 |
Cash and Cash Equivalents |
|
27.0 |
|
|
92.1 |
Available-for-Sale
Securities |
|
146.5 |
|
|
172.6 |
Net Debt |
$ |
544.3 |
|
$ |
364.9 |
|
Fleet
As of September 30, 2023, the Company had
42 aircraft in its passenger service fleet, operated 12 freighter
aircraft in its cargo operation, and had five aircraft held for
operating lease.
Guidance for Fourth Quarter 2023
|
Q4 2023 |
H/(L) vs Q4 2022 |
Total revenue - millions |
$242 to $252 |
7% to 11% |
Economic fuel cost per
gallon |
$3.20 |
(11%) |
Operating income margin -
percentage |
3% to 5% |
(4pp) to (2pp) |
Effective tax rate |
23% |
|
Total system block hours -
thousands |
36 to 37 |
11% to 15% |
|
Conference Call & Webcast Details
Sun Country Airlines will host a conference call to discuss its
third quarter 2023 results at 4:30 p.m. Eastern Time on Tuesday,
November 7, 2023. A live broadcast of the conference call will be
available via the investor relations section of Sun Country
Airlines’ website at
https://ir.suncountry.com/news-events/events-and-presentations. The
online replay will be available on the same website approximately
one hour after the call.
About Sun Country Airlines
Sun Country Airlines is a new breed of
hybrid low-cost air carrier that dynamically deploys shared
resources across our synergistic scheduled service, charter and
cargo businesses. Based in Minnesota, we focus on serving
leisure and visiting friends and relatives ("VFR") passengers and
charter customers and providing cargo services, with flights
throughout the United States and to destinations
in Mexico, Central America, Canada, and
the Caribbean.
End Notes
1 - |
Records begin in January 2017 |
2 - |
See additional details, including reconciliations to the most
comparable GAAP measures, in the section titled “Non-GAAP financial
measures” |
3 - |
Scheduled Service TRASM includes Schedule Service revenue,
Ancillary revenue, and ASM generating revenue classified within
Other Revenue on the Condensed Consolidated Statement of Operations
/ Scheduled Service ASMs. Other Revenue includes rental revenue of
approximately $6 million and $12 million associated with five
aircraft held for operating lease in the three and nine months
ended September 30, 2023, respectively, which is not included |
4 - |
There can be no assurance that projections or estimates of future
performance will be realized |
5 - |
Adjusted CASM is a non-GAAP measure derived from CASM by excluding
fuel costs, non-cash management stock compensation expense, costs
arising from its cargo operations, depreciation recognized on our
aircraft and flight equipment held for operating lease, certain
commissions, and other costs of selling its vacations product from
this measure. See table titled “Reconciliation of CASM to Adjusted
CASM” |
6 - |
Total liquidity = cash and cash equivalents + available-for-sale
securities + amount available under revolver |
7 - |
Net debt = current portion of long-term debt + long-term debt +
finance lease obligations + operating lease obligations – cash and
cash equivalents - available-for-sale securities |
|
Forward Looking Statements
This press release contains forward-looking
statements, which involve risks and uncertainties. These
forward-looking statements are generally identified by the use of
forward-looking terminology, including the terms “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“likely,” “may,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “target,” “will,” “would” and, in each case,
their negative or other various or comparable terminology. All
statements other than statements of historical facts contained in
this press release, including statements regarding our strategy,
future operations, future financial position, future revenue,
projected costs, prospects, plans, objectives of management, and
expected market growth are forward-looking statements. The
forward-looking statements are relating to:
• our strategy, outlook and growth
prospects;
• our operational and financial targets and
dividend policy;
• general economic trends and trends in the
industry and markets;
• potential repurchases of our common stock;
and
• the competitive environment in which we
operate.
These statements involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance, or achievements to be materially
different from any future results, performance, or achievements
expressed or implied by the forward-looking statements.
These forward-looking statements reflect our
views with respect to future events as of the date of this press
release and are based on assumptions and subject to risks and
uncertainties. Given these uncertainties, you should not place
undue reliance on these forward-looking statements. These
forward-looking statements represent our estimates and assumptions
only as of the date of this press release and, except as required
by law, we undertake no obligation to update or review publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date of this press release. We
anticipate that subsequent events and developments will cause our
views to change. You should read this press release completely and
with the understanding that our actual future results may be
materially different from what we expect. Our forward-looking
statements do not reflect the potential impact of any future
acquisitions, mergers, dispositions, joint ventures, or investments
we may undertake. We qualify all of our forward-looking statements
by these cautionary statements. Additional information concerning
certain factors is contained in the Company’s Securities and
Exchange Commission filings, including but not limited to the
Company’s Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q, and Current Reports on Form 8-K.
Non-GAAP Financial
Measures
We sometimes use information that is derived
from the Condensed Consolidated Financial Statements, but that is
not presented in accordance with GAAP. We believe
these non-GAAP measures provide a meaningful comparison
of our results to others in the airline industry and our prior year
results. Investors should consider
these non-GAAP financial measures in addition to, and not
as a substitute for, our financial performance measures prepared in
accordance with GAAP. Further, our non-GAAP information
may be different from the non-GAAP information provided
by other companies. We believe certain charges included in our
operating expenses on a GAAP basis make it difficult to compare our
current period results to prior periods as well as future periods
and guidance. The tables below show a reconciliation of
non-GAAP financial measures used in this document to the most
directly comparable GAAP financial measures.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Dollars in thousands, except per share
amounts) (Unaudited) |
|
Three Months Ended September 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
Operating Revenues: |
|
|
|
|
|
Scheduled Service |
$ |
96,483 |
|
|
$ |
102,200 |
|
|
(5.6 |
) |
Charter Service |
|
47,437 |
|
|
|
42,899 |
|
|
10.6 |
|
Ancillary |
|
70,435 |
|
|
|
50,261 |
|
|
40.1 |
|
Passenger |
|
214,355 |
|
|
|
195,360 |
|
|
9.7 |
|
Cargo |
|
26,059 |
|
|
|
23,687 |
|
|
10.0 |
|
Other |
|
8,462 |
|
|
|
2,653 |
|
|
219.0 |
|
Total Operating Revenue |
|
248,876 |
|
|
|
221,700 |
|
|
12.3 |
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
Aircraft Fuel |
|
61,179 |
|
|
|
64,843 |
|
|
(5.7 |
) |
Salaries, Wages, and Benefits |
|
72,541 |
|
|
|
58,661 |
|
|
23.7 |
|
Aircraft Rent |
|
22 |
|
|
|
1,949 |
|
|
(98.9 |
) |
Maintenance |
|
15,330 |
|
|
|
11,018 |
|
|
39.1 |
|
Sales and Marketing |
|
7,569 |
|
|
|
6,827 |
|
|
10.9 |
|
Depreciation and Amortization |
|
22,762 |
|
|
|
17,181 |
|
|
32.5 |
|
Ground Handling |
|
9,382 |
|
|
|
8,669 |
|
|
8.2 |
|
Landing Fees and Airport Rent |
|
13,958 |
|
|
|
12,926 |
|
|
8.0 |
|
Other Operating, net |
|
27,127 |
|
|
|
24,235 |
|
|
11.9 |
|
Total Operating Expenses |
|
229,870 |
|
|
|
206,309 |
|
|
11.4 |
|
Operating Income |
|
19,006 |
|
|
|
15,391 |
|
|
23.5 |
|
|
|
|
|
|
|
Non-operating Income
(Expense): |
|
|
|
|
|
Interest Income |
|
2,480 |
|
|
|
1,610 |
|
|
54.0 |
|
Interest Expense |
|
(11,403 |
) |
|
|
(7,493 |
) |
|
52.2 |
|
Other, net |
|
(15 |
) |
|
|
3,422 |
|
|
(100.4 |
) |
Total Non-operating Expense, net |
|
(8,938 |
) |
|
|
(2,461 |
) |
|
263.2 |
|
|
|
|
|
|
|
Income before Income Tax |
|
10,068 |
|
|
|
12,930 |
|
|
(22.1 |
) |
Income Tax Expense |
|
2,477 |
|
|
|
2,253 |
|
|
9.9 |
|
Net Income |
$ |
7,591 |
|
|
$ |
10,677 |
|
|
(28.9 |
) |
|
|
|
|
|
|
Net Income per
share to common stockholders: |
|
|
Basic |
$ |
0.14 |
|
|
$ |
0.18 |
|
|
(22.2 |
) |
Diluted |
$ |
0.13 |
|
|
$ |
0.18 |
|
|
(27.8 |
) |
Shares used for
computation: |
|
|
|
|
|
Basic |
|
55,435,386 |
|
|
|
58,146,606 |
|
|
(4.7 |
) |
Diluted |
|
58,595,646 |
|
|
|
60,793,516 |
|
|
(3.6 |
) |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Dollars in thousands, except per share
amounts) (Unaudited) |
|
Nine Months Ended September 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
Operating Revenues: |
|
|
|
|
|
Scheduled Service |
$ |
360,607 |
|
|
$ |
334,679 |
|
|
7.7 |
|
Charter Service |
|
143,250 |
|
|
|
118,526 |
|
|
20.9 |
|
Ancillary |
|
205,633 |
|
|
|
139,548 |
|
|
47.4 |
|
Passenger |
|
709,490 |
|
|
|
592,753 |
|
|
19.7 |
|
Cargo |
|
74,437 |
|
|
|
65,930 |
|
|
12.9 |
|
Other |
|
20,150 |
|
|
|
8,607 |
|
|
134.1 |
|
Total Operating Revenue |
|
804,077 |
|
|
|
667,290 |
|
|
20.5 |
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
Aircraft Fuel |
|
185,829 |
|
|
|
206,334 |
|
|
(9.9 |
) |
Salaries, Wages, and Benefits |
|
223,890 |
|
|
|
178,576 |
|
|
25.4 |
|
Aircraft Rent |
|
2,281 |
|
|
|
7,347 |
|
|
(69.0 |
) |
Maintenance |
|
44,311 |
|
|
|
35,794 |
|
|
23.8 |
|
Sales and Marketing |
|
26,005 |
|
|
|
23,336 |
|
|
11.4 |
|
Depreciation and Amortization |
|
64,577 |
|
|
|
49,364 |
|
|
30.8 |
|
Ground Handling |
|
28,299 |
|
|
|
24,838 |
|
|
13.9 |
|
Landing Fees and Airport Rent |
|
36,847 |
|
|
|
32,708 |
|
|
12.7 |
|
Other Operating, net |
|
81,663 |
|
|
|
68,401 |
|
|
19.4 |
|
Total Operating Expenses |
|
693,702 |
|
|
|
626,698 |
|
|
10.7 |
|
Operating Income |
|
110,375 |
|
|
|
40,592 |
|
|
171.9 |
|
|
|
|
|
|
|
Non-operating Income
(Expense): |
|
|
|
|
|
Interest Income |
|
7,766 |
|
|
|
2,166 |
|
|
258.5 |
|
Interest Expense |
|
(31,272 |
) |
|
|
(23,097 |
) |
|
35.4 |
|
Other, net |
|
(370 |
) |
|
|
(5,156 |
) |
|
(92.8 |
) |
Total Non-operating Expense, net |
|
(23,876 |
) |
|
|
(26,087 |
) |
|
(8.5 |
) |
|
|
|
|
|
|
Income before Income Tax |
|
86,499 |
|
|
|
14,505 |
|
|
496.3 |
|
Income Tax Expense |
|
19,963 |
|
|
|
4,113 |
|
|
385.4 |
|
Net Income |
$ |
66,536 |
|
|
$ |
10,392 |
|
|
540.3 |
|
|
|
|
|
|
|
Net Income per
share to common stockholders: |
|
|
Basic |
$ |
1.19 |
|
|
$ |
0.18 |
|
|
561.1 |
|
Diluted |
$ |
1.12 |
|
|
$ |
0.17 |
|
|
558.8 |
|
Shares used for
computation: |
|
|
|
|
|
Basic |
|
56,051,173 |
|
|
|
58,039,201 |
|
|
(3.4 |
) |
Diluted |
|
59,281,819 |
|
|
|
61,372,735 |
|
|
(3.4 |
) |
|
The following tables presents key operating statistics and
metrics for the three and nine months ended September 30, 2023
and 2022.
|
Three Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
% Change |
Scheduled Service Statistics: |
|
|
|
Revenue passenger miles (RPMs) – thousands |
|
1,252,583 |
|
|
1,101,011 |
|
13.8 |
|
Available seat miles (ASMs) –
thousands |
|
1,446,462 |
|
|
1,256,755 |
|
15.1 |
|
Load factor |
|
86.6 |
% |
|
87.6 |
% |
(1.0 |
) |
Revenue passengers
carried |
|
1,090,172 |
|
|
908,967 |
|
19.9 |
|
Departures |
|
6,878 |
|
|
5,611 |
|
22.6 |
|
Block hours |
|
19,935 |
|
|
16,947 |
|
17.6 |
|
Scheduled service TRASM(1) -
cents |
|
11.72 |
|
|
12.34 |
|
(5.0 |
) |
Average base fare per
passenger |
$ |
88.50 |
|
$ |
112.44 |
|
(21.3 |
) |
Ancillary revenue per
passenger |
$ |
64.61 |
|
$ |
55.29 |
|
16.9 |
|
Total fare per passenger |
$ |
153.11 |
|
$ |
167.73 |
|
(8.7 |
) |
Fuel gallons - thousands |
|
15,536 |
|
|
13,352 |
|
16.4 |
|
|
|
|
|
Charter
Statistics: |
|
|
|
Departures |
|
2,688 |
|
|
2,359 |
|
13.9 |
|
Block hours |
|
5,274 |
|
|
4,623 |
|
14.1 |
|
Available seats miles (ASMs) -
thousands |
|
322,722 |
|
|
286,189 |
|
12.8 |
|
Fuel gallons - thousands |
|
3,513 |
|
|
3,056 |
|
15.0 |
|
|
|
|
|
Cargo
Statistics: |
|
|
|
Departures |
|
3,432 |
|
|
3,043 |
|
12.8 |
|
Block hours |
|
9,287 |
|
|
8,739 |
|
6.3 |
|
|
|
|
|
Total System
Statistics: |
|
|
|
Average passenger
aircraft |
|
42.0 |
|
|
36.8 |
|
14.1 |
|
Passenger aircraft – end of
period |
|
42 |
|
|
42 |
|
— |
|
Cargo aircraft – end of
period |
|
12 |
|
|
12 |
|
— |
|
Aircraft held for operating
lease – end of period |
|
5 |
|
|
— |
|
NM |
|
Available seat miles (ASMs) –
thousands |
|
1,791,485 |
|
|
1,553,483 |
|
15.3 |
|
Departures |
|
13,128 |
|
|
11,072 |
|
18.6 |
|
Block hours |
|
34,874 |
|
|
30,492 |
|
14.4 |
|
Daily utilization – hours |
|
6.6 |
|
|
6.4 |
|
3.1 |
|
Average stage length –
miles |
|
1,005 |
|
|
1,055 |
|
(4.7 |
) |
Total revenue per ASM (TRASM)
- cents |
|
12.11 |
|
|
12.75 |
|
(5.0 |
) |
Cost per ASM (CASM) -
cents |
|
12.83 |
|
|
13.28 |
|
(3.4 |
) |
Adjusted CASM(2) - cents |
|
7.75 |
|
|
7.55 |
|
2.6 |
|
Fuel gallons - thousands |
|
19,262 |
|
|
16,509 |
|
16.7 |
|
Fuel cost per gallon |
$ |
3.19 |
|
$ |
3.93 |
|
(18.8 |
) |
Employees at end of
period |
|
2,692 |
|
|
2,354 |
|
14.4 |
|
1 – See note 3 in end notes
2 – See note 4 in end notes
“NM” stands for not meaningful
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
% Change |
Scheduled Service Statistics: |
|
|
|
Revenue passenger miles (RPMs) – thousands |
|
3,900,975 |
|
|
3,565,501 |
|
9.4 |
|
Available seat miles (ASMs) –
thousands |
|
4,489,968 |
|
|
4,284,403 |
|
4.8 |
|
Load factor |
|
86.9 |
% |
|
83.2 |
% |
3.7 |
|
Revenue passengers
carried |
|
3,093,536 |
|
|
2,715,707 |
|
13.9 |
|
Departures |
|
19,456 |
|
|
17,512 |
|
11.1 |
|
Block hours |
|
61,438 |
|
|
57,585 |
|
6.7 |
|
Scheduled service TRASM(1) -
cents |
|
12.80 |
|
|
11.27 |
|
13.6 |
|
Average base fare per
passenger |
$ |
116.57 |
|
$ |
123.24 |
|
(5.4 |
) |
Ancillary revenue per
passenger |
$ |
66.47 |
|
$ |
51.39 |
|
29.3 |
|
Total fare per passenger |
$ |
183.04 |
|
$ |
174.63 |
|
4.8 |
|
Fuel gallons - thousands |
|
48,046 |
|
|
44,940 |
|
6.9 |
|
|
|
|
|
Charter
Statistics: |
|
|
|
Departures |
|
7,816 |
|
|
6,214 |
|
25.8 |
|
Block hours |
|
15,994 |
|
|
13,000 |
|
23.0 |
|
Available seats miles (ASMs) -
thousands |
|
961,953 |
|
|
800,698 |
|
20.1 |
|
Fuel gallons - thousands |
|
11,063 |
|
|
9,085 |
|
21.8 |
|
|
|
|
|
Cargo
Statistics: |
|
|
|
Departures |
|
9,643 |
|
|
8,310 |
|
16.0 |
|
Block hours |
|
25,633 |
|
|
23,891 |
|
7.3 |
|
|
|
|
|
Total System
Statistics: |
|
|
|
Average passenger
aircraft |
|
41.8 |
|
|
35.2 |
|
18.8 |
|
Passenger aircraft – end of
period |
|
42 |
|
|
42 |
|
— |
|
Cargo aircraft – end of
period |
|
12 |
|
|
12 |
|
— |
|
Aircraft held for operating
lease – end of period |
|
5 |
|
|
— |
|
NM |
Available seat miles (ASMs) –
thousands |
|
5,516,826 |
|
|
5,114,134 |
|
7.9 |
|
Departures |
|
37,295 |
|
|
32,246 |
|
15.7 |
|
Block hours |
|
104,188 |
|
|
95,052 |
|
9.6 |
|
Daily utilization – hours |
|
6.9 |
|
|
7.4 |
|
(6.8 |
) |
Average stage length –
miles |
|
1,088 |
|
|
1,169 |
|
(6.9 |
) |
Total revenue per ASM (TRASM)
- cents |
|
13.01 |
|
|
11.76 |
|
10.6 |
|
Cost per ASM (CASM) -
cents |
|
12.57 |
|
|
12.25 |
|
2.6 |
|
Adjusted CASM(2) - cents |
|
7.56 |
|
|
6.91 |
|
9.4 |
|
Fuel gallons - thousands |
|
59,734 |
|
|
54,322 |
|
10.0 |
|
Fuel cost per gallon |
$ |
3.12 |
|
$ |
3.81 |
|
(18.1 |
) |
Employees at end of
period |
|
2,692 |
|
|
2,354 |
|
14.4 |
|
1 – See note 3 in end notes
2 – See note 4 in end notes
“NM” stands for not meaningful
SUMMARY BALANCE SHEET(Dollars in
millions) (amounts may not recalculate due to
rounding) |
|
September 30, 2023 |
|
December 31, 2022 |
|
% Change |
|
(Unaudited) |
|
|
|
|
Cash & Cash Equivalents |
$ |
27.0 |
|
$ |
92.1 |
|
(70.7 |
) |
Other Current Assets |
|
233.3 |
|
|
253.4 |
|
(7.9 |
) |
Total Current Assets |
|
260.3 |
|
|
345.5 |
|
(24.7 |
) |
Total Property &
Equipment, net |
|
956.7 |
|
|
785.7 |
|
21.8 |
|
Other |
|
384.0 |
|
|
393.3 |
|
(2.3 |
) |
Total Assets |
|
1,601.1 |
|
|
1,524.4 |
|
5.0 |
|
|
|
|
|
|
|
Air Traffic Liabilities |
|
130.5 |
|
|
158.0 |
|
(17.4 |
) |
Current Finance Lease
Obligations |
|
32.1 |
|
|
18.0 |
|
78.4 |
|
Current Operating Lease
Obligations |
|
2.3 |
|
|
6.3 |
|
(63.7 |
) |
Current Maturities of
Long-Term Debt, net |
|
83.3 |
|
|
57.5 |
|
44.8 |
|
Income Tax Receivable
Agreement Liability |
|
1.5 |
|
|
2.3 |
|
(33.1 |
) |
Other Current Liabilities |
|
121.2 |
|
|
135.0 |
|
(10.3 |
) |
Total Current Liabilities |
|
370.9 |
|
|
377.1 |
|
(1.7 |
) |
Finance Lease Obligations |
|
231.2 |
|
|
233.3 |
|
(0.9 |
) |
Operating Lease
Obligations |
|
17.1 |
|
|
19.8 |
|
(13.8 |
) |
Long-Term Debt, net |
|
351.8 |
|
|
294.7 |
|
19.4 |
|
Income Tax Receivable
Agreement Liability |
|
99.5 |
|
|
101.5 |
|
(2.0 |
) |
Other |
|
11.3 |
|
|
5.2 |
|
116.5 |
|
Total Liabilities |
|
1,081.7 |
|
|
1,031.7 |
|
4.8 |
|
|
|
|
|
|
|
Total Stockholders’
Equity |
$ |
519.4 |
|
$ |
492.7 |
|
5.4 |
|
|
SUMMARY CASH FLOW(Dollars in
millions) (Unaudited - amounts may not recalculate
due to rounding) |
|
Nine Months Ended September 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
Net Cash Provided by Operating Activities |
$ |
102.7 |
|
|
$ |
71.7 |
|
|
43.2 |
|
|
|
|
|
|
|
Purchases of Property &
Equipment |
|
(210.6 |
) |
|
|
(177.7 |
) |
|
18.6 |
|
Other, net |
|
32.4 |
|
|
|
(120.0 |
) |
|
(127.0 |
) |
Net Cash Used in
Investing Activities |
|
(178.3 |
) |
|
|
(297.6 |
) |
|
(40.1 |
) |
|
|
|
|
|
|
Common Stock Repurchases |
|
(55.1 |
) |
|
|
— |
|
|
NM |
Proceeds from Borrowing |
|
119.2 |
|
|
|
188.3 |
|
|
(36.7 |
) |
Repayment of Finance Lease
Obligations |
|
(16.4 |
) |
|
|
(37.8 |
) |
|
(56.7 |
) |
Repayment of Borrowings |
|
(35.5 |
) |
|
|
(95.3 |
) |
|
(62.8 |
) |
Other, net |
|
(1.7 |
) |
|
|
(0.9 |
) |
|
90.5 |
|
Net Cash Provided by Financing Activities |
|
10.6 |
|
|
|
54.2 |
|
|
(80.4 |
) |
|
|
|
|
|
|
Net Decrease in Cash |
|
(65.0 |
) |
|
|
(171.7 |
) |
|
(62.1 |
) |
Cash, Cash Equivalents and Restricted Cash – Beginning of the
Period |
|
102.9 |
|
|
|
317.8 |
|
|
(67.6 |
) |
Cash, Cash Equivalents and Restricted Cash – End of the Period |
$ |
37.9 |
|
|
$ |
146.1 |
|
|
(74.0 |
) |
“NM” stands for not meaningful
NON-GAAP FINANCIAL MEASURES
Adjusted Operating Income, Adjusted
Operating Income Margin, Adjusted Income Before Income Tax,
Adjusted Pre-tax Margin, Adjusted Net Income, Adjusted Net Income
per Share, Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted Operating Income, Adjusted Operating
Income Margin, Adjusted Income Before Income Tax, Adjusted Pre-tax
Margin, Adjusted Net Income, Adjusted Net Income per share,
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures
included as supplemental disclosure because we believe they are
useful indicators of our operating performance. Derivations of
Operating Income and Net Income are well recognized performance
measurements in the airline industry that are frequently used by
our management, as well as by investors, securities analysts and
other interested parties in comparing the operating performance of
companies in our industry.
The measures described above have limitations as
analytical tools. Some of the limitations applicable to these
measures include: they do not reflect the impact of certain cash
and non-cash charges resulting from matters we consider not to be
indicative of our ongoing operations; and other companies in our
industry may calculate these non-GAAP measures differently than we
do, limiting each measure’s usefulness as a comparative measure.
Because of these limitations, the following non-GAAP measures
should not be considered in isolation or as a substitute for
performance measures calculated in accordance with GAAP and may not
be the same as or comparable to similarly titled measures presented
by other companies due to the possible differences in the method of
calculation and in the items being adjusted.
For the aforementioned reasons, Adjusted
Operating Income, Adjusted Operating Income Margin, Adjusted Income
Before Income Tax, Adjusted Pre-tax Margin, Adjusted Net Income,
Adjusted Net Income per Share, Adjusted EBITDA and Adjusted EBITDA
Margin have significant limitations which affect their use as
indicators of our profitability. Accordingly, readers are cautioned
not to place undue reliance on this information.
Reconciliation of GAAP Operating Income to Adjusted
Operating Income Dollars in millions – Unaudited -
amounts may not recalculate due to rounding |
The following table presents the reconciliation of GAAP operating
income to adjusted operating income. |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating Revenue |
$ |
248.9 |
|
|
$ |
221.7 |
|
|
$ |
804.1 |
|
|
$ |
667.3 |
|
Operating Income |
|
19.0 |
|
|
|
15.4 |
|
|
|
110.4 |
|
|
|
40.6 |
|
Stock Compensation Expense |
|
1.0 |
|
|
|
0.5 |
|
|
|
8.1 |
|
|
|
2.0 |
|
Adjusted Operating Income |
$ |
20.0 |
|
|
$ |
15.9 |
|
|
$ |
118.5 |
|
|
$ |
42.6 |
|
|
|
|
|
|
|
|
|
Operating Income Margin |
|
7.6 |
% |
|
|
6.9 |
% |
|
|
13.7 |
% |
|
|
6.1 |
% |
Adjusted Operating Income Margin |
|
8.1 |
% |
|
|
7.2 |
% |
|
|
14.7 |
% |
|
|
6.4 |
% |
|
Reconciliation of GAAP Income Before Income Tax to Adjusted
Income Before Income Tax Dollars in millions –
Unaudited - amounts may not recalculate due to
rounding |
The following table presents the reconciliation of GAAP income
before income tax to adjusted income before income tax. |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net Income |
$ |
7.6 |
|
|
$ |
10.7 |
|
|
$ |
66.5 |
|
|
$ |
10.4 |
|
Add: Provision for Income Tax
Expense |
|
2.5 |
|
|
|
2.3 |
|
|
|
20.0 |
|
|
|
4.1 |
|
Income Before Income Tax, as
reported |
|
10.1 |
|
|
|
12.9 |
|
|
|
86.5 |
|
|
|
14.5 |
|
Pre-tax margin |
|
4.0 |
% |
|
|
5.8 |
% |
|
|
10.8 |
% |
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
Stock Compensation
Expense |
|
1.0 |
|
|
|
0.5 |
|
|
|
8.1 |
|
|
|
2.0 |
|
Tax Receivable Agreement
adjustment (1) |
|
— |
|
|
|
(3.5 |
) |
|
|
(0.4 |
) |
|
|
5.0 |
|
Gain on asset transactions,
net (2) |
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.3 |
) |
Loss on refinancing credit
facility |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.6 |
|
Secondary offering costs |
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
Adjusted Income Before Income
Tax |
$ |
11.1 |
|
|
$ |
9.7 |
|
|
$ |
94.9 |
|
|
$ |
22.7 |
|
|
|
|
|
|
|
|
|
Adjusted Pre-tax margin |
|
4.5 |
% |
|
|
4.4 |
% |
|
|
11.8 |
% |
|
|
3.4 |
% |
(1) |
This represents the adjustment to the TRA for the period, which is
recorded in Non-Operating Income (Expense) |
(2) |
Due to changes in the
Company’s operations, Management determined that, beginning in the
fourth quarter of 2022, certain asset transactions will no longer
be included as adjustments to Adjusted Net Income because these
transactions are part of our recurring operations. This change was
made prospectively beginning in the fourth quarter of 2022, and no
prior period amounts have been adjusted |
|
Reconciliation of GAAP Net Income and Earnings per Share to
Adjusted Net Income and Adjusted Earnings per
ShareDollars and shares in millions, except for
per share – Unaudited - amounts may not recalculate due to
rounding |
The following table presents the reconciliation of GAAP net income
and earnings per share to adjusted net income and adjusted earnings
per share. |
|
Three Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
Dollars |
|
Per Share - diluted |
|
Dollars |
|
Per Share - diluted |
Net Income |
$ |
7.6 |
|
|
$ |
0.13 |
|
$ |
10.7 |
|
|
$ |
0.18 |
|
Stock Compensation Expense |
|
1.0 |
|
|
|
0.02 |
|
|
0.5 |
|
|
|
0.01 |
|
Tax Receivable Agreement adjustment (1) |
|
— |
|
|
|
— |
|
|
(3.5 |
) |
|
|
(0.06 |
) |
Gain on asset transactions,
net (2) |
|
— |
|
|
|
— |
|
|
(0.2 |
) |
|
|
— |
|
Income tax effect of adjusting
items, net (3) |
|
(0.2 |
) |
|
|
— |
|
|
(0.1 |
) |
|
|
— |
|
Adjusted Net Income |
$ |
8.4 |
|
|
$ |
0.14 |
|
$ |
7.4 |
|
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
Diluted share count |
|
58.6 |
|
|
|
|
|
60.8 |
|
|
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
Dollars |
|
Per Share - diluted |
|
Dollars |
|
Per Share - diluted |
Net Income |
$ |
66.5 |
|
|
$ |
1.12 |
|
|
$ |
10.4 |
|
|
$ |
0.17 |
|
Stock Compensation Expense |
|
8.1 |
|
|
|
0.14 |
|
|
|
2.0 |
|
|
|
0.03 |
|
Tax Receivable Agreement adjustment (1) |
|
(0.4 |
) |
|
|
(0.01 |
) |
|
|
5.0 |
|
|
|
0.08 |
|
Gain on asset transactions,
net (2) |
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
|
|
(0.01 |
) |
Loss on refinancing credit
facility |
|
— |
|
|
|
— |
|
|
|
1.6 |
|
|
|
0.03 |
|
Secondary offering costs |
|
0.6 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Income tax effect of adjusting
items, net (3) |
|
(2.0 |
) |
|
|
(0.03 |
) |
|
|
(0.7 |
) |
|
|
(0.01 |
) |
Adjusted Net Income |
$ |
72.9 |
|
|
$ |
1.23 |
|
|
$ |
17.9 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
Diluted share count |
|
59.3 |
|
|
|
|
|
61.4 |
|
|
|
(1) |
This represents the adjustment to the TRA for the period, which is
recorded in Non-Operating Income (Expense) |
(2) |
Due to changes in the
Company’s operations, Management determined that, beginning in the
fourth quarter of 2022, certain asset transactions will no longer
be included as adjustments to Adjusted Net Income because these
transactions are part of our recurring operations. This change was
made prospectively beginning in the fourth quarter of 2022, and no
prior period amounts have been adjusted |
(3) |
The tax effect of adjusting
items, net is calculated at the Company’s statutory rate for the
application period |
|
Reconciliation of GAAP Net Income to Adjusted
EBITDADollars in millions – Unaudited - amounts
may not recalculate due to rounding |
The following tables present the reconciliation of net income to
adjusted EBITDA for the periods presented below. |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net Income |
$ |
7.6 |
|
|
$ |
10.7 |
|
|
$ |
66.5 |
|
|
$ |
10.4 |
|
Interest Income |
|
(2.5 |
) |
|
|
(1.6 |
) |
|
|
(7.8 |
) |
|
|
(2.2 |
) |
Interest Expense |
|
11.4 |
|
|
|
7.5 |
|
|
|
31.3 |
|
|
|
23.1 |
|
Stock Compensation
Expense |
|
1.0 |
|
|
|
0.5 |
|
|
|
8.1 |
|
|
|
2.0 |
|
Tax Receivable Agreement
adjustment (1) |
|
— |
|
|
|
(3.5 |
) |
|
|
(0.4 |
) |
|
|
5.0 |
|
Secondary offering costs |
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
Gain on asset transactions,
net (2) |
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.3 |
) |
Provision for Income
Taxes |
|
2.5 |
|
|
|
2.3 |
|
|
|
20.0 |
|
|
|
4.1 |
|
Depreciation and
Amortization |
|
22.8 |
|
|
|
17.2 |
|
|
|
64.6 |
|
|
|
49.4 |
|
Adjusted EBITDA |
$ |
42.8 |
|
|
$ |
32.7 |
|
|
$ |
183.0 |
|
|
$ |
91.5 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin |
|
17.2 |
% |
|
|
14.8 |
% |
|
|
22.8 |
% |
|
|
13.7 |
% |
(1) |
This represents the adjustment to the TRA for the period, which is
recorded in Non-Operating Income (Expense) |
(2) |
Due to changes in the
Company’s operations, Management determined that, beginning in the
fourth quarter of 2022, certain asset transactions will no longer
be included as adjustments to Adjusted Net Income because these
transactions are part of our recurring operations. This change was
made prospectively beginning in the fourth quarter of 2022, and no
prior period amounts have been adjusted. |
|
Adjusted CASM
Adjusted CASM is a non-GAAP measure
derived from CASM by excluding fuel costs, costs related to our
cargo operations, stock based compensation, depreciation recognized
on our aircraft and flight equipment held for operating lease,
certain commissions and other costs of selling our vacations
product from this measure as these costs are unrelated to our
airline operations and improve comparability to our peers. Adjusted
CASM is an important measure used by management and by our board of
directors in assessing quarterly and annual cost performance.
Adjusted CASM is also a measure commonly used by industry analysts
and we believe it is an important metric by which they compare our
airline to others in the industry, although other airlines may
exclude certain other costs in their calculation of Adjusted CASM.
The measure is also the subject of frequent questions from
investors.
Adjusted CASM excludes fuel costs. By excluding
volatile fuel costs that are outside of our control from our unit
metrics, we believe that we have better visibility into the results
of operations and our non-fuel cost initiatives. Our
industry is highly competitive and is characterized by high fixed
costs, so even a small reduction in non-fuel operating
costs can lead to a significant improvement in operating results.
In addition, we believe that all domestic carriers are similarly
impacted by changes in jet fuel costs over the long run, so it is
important for management and investors to understand the impact and
trends in company-specific cost drivers, such as labor rates,
aircraft and maintenance costs, and productivity, which are more
controllable by management.
We have excluded costs related to the cargo
operations and depreciation recognized on our aircraft and flight
equipment held for operating lease as these operations do not
create ASMs. During the nine months ended September 30, 2023, the
Company acquired five 737-900ERs that are currently on lease to an
unaffiliated airline. Depreciation expense on these aircraft
materially began during the three months ended June 30, 2023.
Adjusted CASM further excludes other adjustments, as defined in the
relevant reporting period, that are not representative of the
ongoing costs necessary to our airline operations and may improve
comparability between periods. We also exclude stock compensation
expense when computing Adjusted CASM. The Company’s compensation
strategy includes the use of stock-based compensation to attract
and retain employees and executives and is principally aimed at
aligning their interests with those of our stockholders and at
long-term employee retention, rather than to motivate or reward
operational performance for any particular period. Thus,
stock-based compensation expense varies for reasons that are
generally unrelated to operational decisions and performance in any
period.
As derivations of Adjusted CASM are not
determined in accordance with GAAP, such measures are susceptible
to varying calculations and not all companies calculate the
measures in the same manner. As a result, derivations of Adjusted
CASM as presented may not be directly comparable to similarly
titled measures presented by other companies. Adjusted CASM should
not be considered in isolation or as a replacement for CASM. For
the aforementioned reasons, Adjusted CASM has significant
limitations which affect its use as an indicator of our
profitability. Accordingly, readers are cautioned not to place
undue reliance on this information.
Reconciliation of CASM to Adjusted
CASMAmounts may not recalculate due to rounding,
dollar amounts in millions |
The following table presents the reconciliation of CASM to Adjusted
CASM. |
|
Three Months Ended September 30, |
|
2023 |
|
2022 |
|
Operating Expenses- mm |
|
Per ASM (cents) |
|
Operating Expenses- mm |
|
Per ASM (cents) |
CASM |
$ |
229.9 |
|
12.83 |
|
$ |
206.3 |
|
13.28 |
Less: |
|
|
|
|
|
|
|
Aircraft Fuel |
|
61.2 |
|
3.41 |
|
|
64.8 |
|
4.17 |
Stock Compensation
Expense |
|
1.0 |
|
0.06 |
|
|
0.5 |
|
0.03 |
Cargo expenses, not already
adjusted above |
|
26.4 |
|
1.48 |
|
|
23.6 |
|
1.52 |
Sun Country Vacations |
|
0.2 |
|
0.01 |
|
|
0.2 |
|
0.01 |
Aircraft and Flight Equipment
Held for Operating Lease, Depreciation Expense |
|
2.2 |
|
0.12 |
|
|
— |
|
— |
Adjusted CASM |
$ |
138.8 |
|
7.75 |
|
$ |
117.2 |
|
7.55 |
|
|
|
|
|
|
|
|
Available seat miles (ASMs) -
mm |
|
1,791.5 |
|
|
|
|
1,553.5 |
|
|
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
Operating Expenses- mm |
|
Per ASM (cents) |
|
Operating Expenses- mm |
|
Per ASM (cents) |
CASM |
$ |
693.7 |
|
12.57 |
|
$ |
626.7 |
|
12.25 |
Less: |
|
|
|
|
|
|
|
Aircraft Fuel |
|
185.8 |
|
3.37 |
|
|
206.3 |
|
4.03 |
Stock Compensation
Expense |
|
8.1 |
|
0.14 |
|
|
2.0 |
|
0.04 |
Cargo expenses, not already
adjusted above |
|
77.2 |
|
1.40 |
|
|
64.0 |
|
1.25 |
Sun Country Vacations |
|
0.9 |
|
0.02 |
|
|
0.8 |
|
0.02 |
Aircraft and Flight Equipment
Held for Operating Lease, Depreciation Expense |
|
4.5 |
|
0.08 |
|
|
— |
|
— |
Adjusted CASM |
$ |
417.2 |
|
7.56 |
|
$ |
353.6 |
|
6.91 |
|
|
|
|
|
|
|
|
Available seat miles (ASMs) -
mm |
|
5,516.8 |
|
|
|
|
5,114.1 |
|
|
Contacts
Investor Relations
IR@suncountry.com
Media
mediarelations@suncountry.com
Sun Country Airlines (NASDAQ:SNCY)
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