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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-40217
https://cdn.kscope.io/62b81923e28c35c23a4f594126e2069f-sncy-20220930_g1.jpg
Sun Country Airlines Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware82-4092570
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2005 Cargo Road
Minneapolis, Minnesota
55450
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (651) 681-3900
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareSNCY
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated Filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Number of shares outstanding by each class of common stock, as of September 30, 2022:
Common Stock, $0.01 par value – 58,166,674 shares outstanding


Table of Contents
Sun Country Airlines Holdings, Inc.
Form 10-Q
Table of Contents
Page
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Table of Contents
PART I. Financial Information
ITEM 1. FINANCIAL STATEMENTS
SUN COUNTRY AIRLINES HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
September 30, 2022December 31, 2021
(Unaudited)
ASSETS
Current Assets:
Cash and Cash Equivalents$131,912 $309,338 
Restricted Cash14,163 8,447 
Investments135,170 6,283 
  Accounts Receivable, net of an allowance for credit losses of $175 and $250, respectively
31,628 30,156 
Short-term Lessor Maintenance Deposits1,211 5,505 
  Inventory, net of a reserve for obsolescence of $1,255 and $1,275, respectively
7,280 5,405 
Prepaid Expenses11,692 8,511 
Other Current Assets4,684 1,798 
 Total Current Assets337,740 375,443 
Property & Equipment, net:
Aircraft and Flight Equipment628,375 447,319 
Ground Equipment and Leasehold Improvements 33,809 20,876 
Computer Hardware and Software10,402 8,785 
Finance Lease Assets262,060 209,457 
Rotable Parts13,992 9,150 
Total Property & Equipment948,638 695,587 
Accumulated Depreciation & Amortization(159,779)(117,069)
Total Property & Equipment, net788,859 578,518 
Other Assets:
Goodwill222,223 222,223 
Other Intangible Assets, net86,110 89,110 
Operating Lease Right-of-use Assets23,919 61,658 
Aircraft Deposits9,128 10,021 
Long-term Lessor Maintenance Deposits29,714 20,346 
Deferred Tax Asset14,734 17,608 
Other Assets9,017 5,495 
Total Other Assets394,845 426,461 
Total Assets$1,521,444 $1,380,422 
See accompanying Notes to Condensed Consolidated Financial Statements
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SUN COUNTRY AIRLINES HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
September 30, 2022December 31, 2021
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable$49,969 $39,805 
Accrued Salaries, Wages, and Benefits25,900 28,527 
Accrued Transportation Taxes11,000 12,736 
Air Traffic Liabilities132,830 118,562 
Over-market Liabilities1,535 4,309 
Finance Lease Obligations17,484 11,705 
Loyalty Program Liabilities13,045 11,451 
Operating Lease Obligations6,281 17,231 
Current Maturities of Long-term Debt45,535 29,412 
Income Tax Receivable Agreement Liability2,260  
Other Current Liabilities14,850 7,913 
Total Current Liabilities320,689 281,651 
Long-term Liabilities:
Over-market Liabilities1,423 10,428 
Finance Lease Obligations237,644 180,450 
Loyalty Program Liabilities3,272 8,267 
Operating Lease Obligations21,508 58,810 
Long-term Debt324,662 248,014 
Income Tax Receivable Agreement Liability101,540 98,800 
Other Long-term Liabilities2,701 3,413 
Total Long-term Liabilities692,750 608,182 
Total Liabilities1,013,439 889,833 
Commitments and Contingencies (see Note 13)
Stockholders' Equity:
Common stock, with $0.01 par value, 995,000,000 shares authorized, 58,168,497 and 57,872,452 issued at September 30, 2022 and December 31, 2021, respectively
582 579 
Preferred stock, with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2022 and December 31, 2021
  
Treasury stock, at cost, 1,823 shares held at September 30, 2022 and no shares held at December 31, 2021
(52) 
Additional Paid-In Capital493,493 485,638 
Retained Earnings 14,764 4,372 
Accumulated Other Comprehensive Loss(782) 
Total Stockholders' Equity508,005 490,589 
Total Liabilities and Stockholders' Equity$1,521,444 $1,380,422 
See accompanying Notes to Condensed Consolidated Financial Statements
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SUN COUNTRY AIRLINES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Operating Revenues:
Passenger$195,360 $147,718 $592,753 $377,042 
Cargo23,687 24,400 65,930 68,084 
Other2,653 1,545 8,607 5,338 
Total Operating Revenue221,700 173,663 667,290 450,464 
Operating Expenses:
Aircraft Fuel64,843 36,647 206,334 90,631 
Salaries, Wages, and Benefits58,661 43,424 178,576 129,815 
Aircraft Rent1,949 3,925 7,347 13,339 
Maintenance11,018 9,660 35,794 30,170 
Sales and Marketing6,827 5,470 23,336 16,402 
Depreciation and Amortization17,181 14,710 49,364 41,532 
Ground Handling8,669 7,873 24,838 19,654 
Landing Fees and Airport Rent12,926 12,069 32,708 29,606 
Special Items, net (65) (72,419)
Other Operating, net24,235 18,629 68,401 50,026 
Total Operating Expenses206,309 152,342 626,698 348,756 
  Operating Income15,391 21,321 40,592 101,708 
Non-operating Income (Expense):
Interest Income1,610 28 2,166 52 
Interest Expense(7,493)(6,286)(23,097)(19,487)
Other, net3,422 456 (5,156)18,505 
Total Non-operating Expense, net(2,461)(5,802)(26,087)(930)
  Income Before Income Tax12,930 15,519 14,505 100,778 
  Income Tax Expense 2,253 2,140 4,113 18,444 
  Net Income$10,677 $13,379 $10,392 $82,334 
Net Income per share to common stockholders:
Basic$0.18 $0.23 $0.18 $1.51 
Diluted$0.18 $0.22 $0.17 $1.40 
Shares used for computation:
Basic58,146,606 57,355,104 58,039,201 54,368,231 
Diluted60,793,516 61,712,378 61,372,735 58,699,991 
See accompanying Notes to Condensed Consolidated Financial Statements
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SUN COUNTRY AIRLINES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net Income$10,677 $13,379 $10,392 $82,334 
Other Comprehensive Loss:
Net unrealized loss on Available-for-Sale securities, net of deferred tax benefit of $244, $, $309 and $, respectively
(562) (782) 
Other Comprehensive Loss(562) (782) 
Comprehensive Income$10,115 $13,379 $9,610 $82,334 

See accompanying Notes to Condensed Consolidated Financial Statements
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Table of Contents
SUN COUNTRY AIRLINES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Dollars in thousands)
(Unaudited)
Nine Months Ended September 30, 2021
Common Stock Loans to
Stockholders
Additional
Paid-in Capital
Retained
Earnings (Deficit)
Total
SharesAmount
December 31, 202046,839,659$468$(3,500)$248,525$38,324$283,817
Shares Surrendered by Stockholders(140,737)(1)3,500(3,499)
Initial Public Offering, net10,454,545105224,552224,657
Net Income16,77816,778
Income Tax Receivable Agreement(115,200)(115,200)
Amazon Warrants1,4001,400
Stock-based Compensation2,8702,870
March 31, 202157,153,467$572$ $473,848$(60,098)$414,322
Initial Public Offering Expense Adjustment— — — 349 — 349 
Exercise of Stock Options5,000 — — 27 — 27 
Net Income — — — — 52,177 52,177 
Amazon Warrants— — — 1,400 — 1,400 
Stock-based Compensation— — — 744 — 744 
June 30, 202157,158,467 $572 $ $476,368 $(7,921)$469,019 
Exercise of Stock Options393,274 4 — 2,376 — 2,380 
Net Income— — — — 13,379 13,379 
Amazon Warrants— — — 1,400 — 1,400 
Stock-based Compensation— — — 964 — 964 
September 30, 202157,551,741 $576 $ $481,108 $5,458 $487,142 
Nine Months Ended September 30, 2022
Common Stock Treasury StockAdditional Paid-in CapitalRetained
Earnings
Accumulated Other Comprehensive LossTotal
SharesAmountSharesAmount
December 31, 202157,872,452 $579  $ $485,638 $4,372 $ $490,589 
Stock Option Exercises91,868 1 — — 522 — — 523 
Net Income— — — — — 3,637 — 3,637 
Amazon Warrants— — — — 1,400 — — 1,400 
Stock-based Compensation— — — — 920 — — 920 
March 31, 202257,964,320 $580  $ $488,480 $8,009 $ $497,069 
Stock Issued for Stock-Based Awards181,404 1 — — 1,037 — — 1,038 
Net Stock Settlement of Stock-Based Awards— — 1,823 (52)— — — (52)
Net Loss— — — — — (3,922)— (3,922)
Amazon Warrants— — — — 1,400 — — 1,400 
Stock-based Compensation— — — — 575 — — 575 
Other Comprehensive Loss— — — — — — (220)(220)
June 30, 202258,145,724 $581 1,823 $(52)$491,492 $4,087 $(220)$495,888 
Stock Issued for Stock-Based Awards22,773 1 — — 114 — — 115 
Net Income— — — — — 10,677 — 10,677 
Amazon Warrants— — — — 1,400 — — 1,400 
Stock-based Compensation— — — — 487 — — 487 
Other Comprehensive Loss— — — — — — (562)(562)
September 30, 202258,168,497 $582 1,823 $(52)$493,493 $14,764 $(782)$508,005 
See accompanying Notes to Condensed Consolidated Financial Statements
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SUN COUNTRY AIRLINES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Nine Months Ended September 30,
20222021
Net Income $10,392 $82,334 
Adjustments to reconcile Net Income to Cash from Operating Activities:
Depreciation and Amortization49,364 41,532 
Tax Receivable Agreement Adjustment5,000 (19,800)
Operating Lease Right-of-use Assets(199)12,920 
Non-Cash (Gain) Loss on Asset Transactions, net(318)2 
Unrealized (Gain) on Fuel Derivatives (3,527)
Amortization of Over-market Liabilities(2,453)(4,159)
Deferred Income Taxes3,183 18,340 
Amazon Warrants Vested4,200 4,200 
Stock-based Compensation Expense1,981 4,577 
Amortization of Debt Issuance Costs and Debt Securities467 963 
Loss on Extinguishment of Debt1,557 1,224 
Changes in Operating Assets and Liabilities:  
Accounts Receivable(88)34 
Inventory(1,402)(456)
Prepaid Expenses(3,188)(3,153)
Lessor Maintenance Deposits(10,256)(5,464)
Aircraft Deposits(2,569)1,162 
Other Assets(5,478)2,297 
Accounts Payable8,674 2,257 
Accrued Transportation Taxes(1,736)2,999 
Air Traffic Liabilities14,269 3,972 
Loyalty Program Liabilities(3,401)(1,759)
Operating Lease Obligations(61)(32,651)
Other Liabilities3,733 8,514 
Net Cash Provided by Operating Activities71,671 116,358 
Cash Flows from Investing Activities:  
Purchases of Property & Equipment(177,658)(118,016)
Proceeds from the Sale of Property & Equipment777  
Proceeds from Insurance Settlements8,865  
Purchases of Investments(130,529)(1,436)
Proceeds from the Sale of Investments935 1,062 
Net Cash Used in Investing Activities(297,610)(118,390)
Cash Flows from Financing Activities:  
Cash Received from Stock Offering 235,894 
Costs of Stock Offering (8,706)
Proceeds from Stock Option and Warrant Exercises1,656 2,407 
Taxes Paid for Net Stock Settlement of Stock-Based Awards(31) 
Proceeds from Borrowings188,277 80,500 
Repayment of Finance Lease Obligations(37,842)(9,113)
Repayment of Borrowings(95,305)(75,728)
Debt Issuance Costs(2,526)(2,560)
Net Cash Provided by Financing Activities54,229 222,694 
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(171,710)220,662 
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period317,785 70,363 
Cash, Cash Equivalents and Restricted Cash--End of the Period$146,075 $291,025 
SUN COUNTRY AIRLINES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Nine Months Ended September 30,
20222021
Non-cash transactions:
Lease Deposits Applied Against the Purchase of Aircraft$1,085 $3,296 
Aircraft and Flight Equipment Acquired through Finance Leases40,480 71,856 
Finance Lease Asset Modifications46,311  
Aircraft Acquired From Exercise of Finance Lease Purchase Option, net of Accumulated Depreciation28,012  
Derecognition of Operating Lease Right-of-Use Assets, net8,674 41,135 
Derecognition of Operating Lease Obligations8,674 44,726 
The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash to the amounts reported on the Condensed Consolidated Balance Sheets:
September 30, 2022September 30, 2021
Cash and Cash Equivalents$131,912 $275,332 
Restricted Cash14,163 15,693 
Total Cash, Cash Equivalents and Restricted Cash$146,075 $291,025 
See accompanying Notes to Condensed Consolidated Financial Statements
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SUN COUNTRY AIRLINES HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts)
(Unaudited)
1.    COMPANY BACKGROUND
Sun Country Airlines Holdings, Inc. (together with its consolidated subsidiaries, "Sun Country" or the "Company") is the parent company of Sun Country, Inc., which is a certificated air carrier providing scheduled passenger service, air cargo service, charter air transportation and related services. Services are provided to the general public, cargo customers, military branches, wholesale tour operators, schools, companies and other individual entities for air transportation to various U.S. and international destinations. Except as otherwise stated, the financial information, accounting policies, and activities of Sun Country Airlines Holdings, Inc. are referred to as those of the "Company" or "Sun Country".
Equity Transactions
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 and did not receive any of the proceeds from these offerings.
For more information on the 2021 secondary offerings, see Note 1 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the 2021 10-K.
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SUN COUNTRY AIRLINES HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts)
(Unaudited)
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 nine months ended September 30, 2022 and September 30, 2021, 568,956 warrants vested in each respective period. As of September 30, 2022 and September 30, 2021, the cumulative vested warrants held by Amazon were 2,212,615 and 1,454,008, respectively. The exercise period of these warrants is through the eighth anniversary of the issue date.
2.    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 nine months ended September 30, 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, the impact of macroeconomic conditions including inflationary pressures, and other factors, operating results for the nine months ended September 30, 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.
Revision of Previously Issued Consolidated Financial Statements
During the second quarter of 2022, the Company identified an immaterial misstatement in its Condensed Consolidated Financial Statements for the quarter and year-to-date interim periods in the year ended December 31, 2021 (the "previously issued financial statements"). The error related to the improper
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SUN COUNTRY AIRLINES HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts)
(Unaudited)
application of Accounting Standards Codification (ASC) Topic 842, Leases regarding the treatment of the incremental difference between the net purchase price of the leased aircraft and the net operating lease recorded on the balance sheet immediately prior to the transaction. This difference should have been capitalized as part of the acquisition costs incurred to purchase the aircraft off the operating lease. The Company incorrectly expensed this amount as incurred within Special Items, net on the Condensed Consolidated Statements of Operations. The error resulted in an understatement of the benefit within Special Items, net, partially offset by incremental Depreciation and Amortization Expense for the three and nine months ended September 30, 2021, and an understatement of Aircraft and Flight Equipment.
The Company assessed the materiality of the errors on the prior period financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, codified in ASC 250, Presentation of Financial Statements. Management concluded it was immaterial to the Company's previously issued annual or interim financial statements.
The Company has revised the previously issued financial statements as presented in these Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. In addition, the immaterial error has and will continue to be corrected in the comparative amounts presented in the Company’s subsequent quarterly and annual filings.
The impact of the revision on the Company's previously issued Consolidated Balance Sheets as of December 31, 2021 are as follows:
December 31, 2021
As Previously IssuedCorrectionAs Revised
Assets
Aircraft and Flight Equipment$440,356 $6,963 $447,319 
Total Property & Equipment688,624 6,963 695,587 
Accumulated Depreciation & Amortization(115,013)(2,056)(117,069)
Total Property & Equipment, net573,611 4,907 578,518 
Deferred Tax Asset18,737 (1,129)17,608 
Total Other Assets427,590 (1,129)426,461 
Total Assets1,376,644 3,778 1,380,422 
Stockholder's Equity
Retained Earnings594 3,778 4,372 
Total Stockholders' Equity486,811 3,778 490,589 
Total Liabilities and Stockholders' Equity1,376,644 3,778 1,380,422 
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SUN COUNTRY AIRLINES HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts)
(Unaudited)
The impact of the revision on the Company's previously issued Condensed Consolidated Statements of Operations for the three and nine-month periods ended September 30, 2021 are as follows:
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
As Previously IssuedCorrectionAs RevisedAs Previously IssuedCorrectionAs Revised
Operating Expenses
Depreciation and Amortization$14,029 $681 $14,710 $40,103 $1,429 $41,532 
Special Items, net(65) (65)(65,456)(6,963)(72,419)
Total Operating Expenses151,661 681 152,342 354,290 (5,534)348,756 
Operating Income22,002 (681)21,321 96,174 5,534 101,708 
Income Before Income Tax16,200 (681)15,519 95,244 5,534 100,778 
Income Tax Expense2,297 (157)2,140 17,172