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    James Kirby • JPMorgan Chase & Co.

    James Kirby's questions to Sun Country Airlines Holdings Inc (SNCY) leadership

    James Kirby's questions to Sun Country Airlines Holdings Inc (SNCY) leadership • Q2 2025

    Question

    James Kirby from JPMorgan Chase & Co. asked for guidance on modeling the charter business into early 2026, including capacity and ad hoc flying trends. He also requested a segment breakdown of the $1.5 billion revenue target for 2027.

    Answer

    CEO Jude Bricker explained that long-term contract charter business is stable, while ad hoc opportunities depend on fleet availability. CFO Bill Trousdale added that charter revenue per block hour grows around 4% annually. For the 2027 target, Bricker projected $230-$240 million from cargo, with charter growing 4% from today's base, and the remainder from scheduled service.

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    James Kirby's questions to Sun Country Airlines Holdings Inc (SNCY) leadership • Q1 2025

    Question

    James Kirby asked if Sun Country was observing any market share shifts due to competitors altering their product offerings. He also inquired about the company's guiding principles for potential M&A, particularly concerning leverage and liquidity.

    Answer

    CEO Jude Bricker stated they believe they have the right product for their leisure customer and are not planning immediate changes. On M&A, Bricker emphasized the need to protect their unique, flexible operating model. He noted the company has significant balance sheet headroom and contracted revenues, making liquidity less of a concern than for peers.

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    James Kirby's questions to Sun Country Airlines Holdings Inc (SNCY) leadership • Q4 2024

    Question

    James Kirby of JPMorgan Chase & Co. asked about the drivers of the strong ad hoc charter growth in the fourth quarter and the expected performance of the overall charter segment going forward. He also confirmed the status of major contract roll-offs.

    Answer

    President and CFO David Davis attributed the Q4 ad hoc growth to a significant amount of football-related flying and expects that strength to continue, with the total charter business projected to be flat to up low-single digits in 2025. Executive Grant Whitney added that this demonstrates the model's flexibility to capture ad hoc business when scheduled service is reduced. He also confirmed the company feels secure with its major contracts, including its partnership with MLS.

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    James Kirby's questions to Air Lease Corp (AL) leadership

    James Kirby's questions to Air Lease Corp (AL) leadership • Q1 2025

    Question

    James Kirby, on for Jamie Baker, asked for a reaffirmation of the 2.5x leverage target, the rationale for the revolver upsizing, and an update on the timing for a new managed vehicle structure.

    Answer

    EVP & CFO Greg Willis confirmed the 2.5x leverage target remains unchanged since the company's inception. He explained the revolver was upsized to $8.2 billion due to strong bank demand during their annual extension process. On the managed vehicle, he noted it is a long-term project they are actively exploring.

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    James Kirby's questions to AerCap Holdings NV (AER) leadership

    James Kirby's questions to AerCap Holdings NV (AER) leadership • Q3 2024

    Question

    James Kirby asked about the macro environment, inquiring if easing interest rates could attract undisciplined capital and whether airlines are pushing back on high lease rates. He also asked if the quarter's high gain on sale margin is sustainable.

    Answer

    CEO Aengus Kelly stated that capital attraction is based on the sector's maturity, not just interest rates, and dismissed airline pushback on lease rates as insignificant to their overall costs. Regarding sales, he noted that while lower rates can help, AerCap's hedged book and superior maintenance management are the true drivers of value and gains. CFO Pete Juhas added that inflation on hard assets also boosts sale margins.

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