Sun Country Airlines Holdings, Inc. (NASDAQ:SNCY) Q3 2022 Earnings Conference Call November 1, 2022 4:30 PM ET
Company Participants
Chris Allen - Director, Investor Relations
Jude Bricker - Chief Executive Officer
Dave Davis - President and Chief Financial Officer
Conference Call Participants
Ravi Shanker - Morgan Stanley
Duane Pfennigwerth - Evercore ISI
Thomas Fitzgerald - Cowen
Michael Linenberg - Deutsche Bank
Christopher Stathoulopoulos - Susquehanna
Operator
Welcome to the Sun Country Airlines Third Quarter 2022 Earnings Call. My name is Liz, and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.
I will now turn the call over to Chris Allen, Director of Investor Relations. Mr. Allen, you may begin.
Chris Allen
Thank you. I’m joined today by Jude Bricker, our Chief Executive Officer; Dave Davis, President and Chief Financial Officer and a group of others help answer questions. Before we begin, I would like to remind everyone that during this call the company may make forward looking – certain statements that constitute forward-looking statements. Our remarks today may include forward-looking statements which are based on management’s current beliefs, expectations and assumptions and are subject to risks and uncertainties.
Actual results may differ materially. We encourage you to review the risk factors and cautionary statements outlined in our earnings release on our most recent SEC filings. We assume no obligation – to update any forward-looking statements. You can find our third quarter earnings press release on the Investor Relations portion of our website at ir.suncountry.com.
With that said, I would now like to turn the call over to Jude.
Jude Bricker
Thanks, Chris. Good afternoon, everybody. We have much to be excited about in our 3Q results. I’m particularly pleased though with our performance operationally. Since July 1st, we’ve run a 99.8% controllable completion factor with 83% A14. Today, it’s been 96 days since we had a cancellation. This would block our growth of over 15% versus the same quarter in 2019. Operational results like these are a team effort, and I’m really proud of what our folks were able to deliver after coming through a tough spring.
Since the demand environment’s rapid recovery began earlier this year, our focus of Sun Country has been to staff for growth to restore passenger fleet utilization to pre-pandemic levels. We continue to find sufficient new hires to meet our goals. However, particularly in the case of pilots, we continue to work through training overhang. Last quarter, we were constrained primarily by first star officers, this quarter captain availability has become the constraining input. As our rapid hiring works through our training program, we expect fleet utilization to continue to improve into the beginning of 2023.