5 unchanged sentences
Consequently, the Company is fully exposed to fluctuations in fuel prices.
−Removed: The Company currently expects to consume approximately 1.1 billion gallons of jet fuel in the second half of 2025, and therefore a one-cent per gallon change in the price of aircraft fuel would change the Company’s Fuel and oil expense for such period by approximately $11 million.
−Removed: As of June 30, 2025, the Company had no cash collateral provided to or held from derivative counterparties and thus had no cash collateral exposure.
+Added: The Company currently expects to consume approximately 550 million gallons of jet fuel in the fourth quarter of 2025, and therefore a one-cent per gallon change in the price of aircraft fuel would change the Company’s Fuel and oil expense for such period by approximately $5.5 million.
+Added: As of September 30, 2025, the Company had no cash collateral provided to or held from derivative counterparties and thus had no cash collateral exposure.
See Note 3 to the unaudited Condensed Consolidated Financial Statements.
1 unchanged sentence
The Company currently has agreements with organizations that process credit card transactions arising from purchases of air travel tickets by its Customers utilizing American Express, Discover, and MasterCard/VISA.
−Removed: card processors have financial risk associated with tickets purchased for air travel because the processor generally forwards the cash related to the purchase to the Company soon after the purchase is completed, but the air travel generally occurs after that time;
+Added: Credit card processors have financial risk associated with tickets purchased for air travel because the processor generally forwards the cash related to the purchase to the Company soon after the purchase is completed, but the air travel generally occurs after that time;
therefore, the processor will have liability if the Company does not ultimately provide the air travel.
Under these processing agreements, and based on specified conditions, increasing amounts of cash reserves could be required to be posted with the counterparty.
−Removed: There was no cash reserved for this purpose as of June 30, 2025.
+Added: There was no cash reserved for this purpose as of September 30, 2025.
A majority of the Company’s sales transactions are processed by Chase Paymentech.
2 unchanged sentences
Cash reserve requirements are based on the Company’s public debt rating and a corresponding percentage of the Company’s Air traffic liability.
−Removed: As of June 30, 2025, no cash holdbacks were in place.
+Added: As of September 30, 2025, no cash holdbacks were in place.
See Item 7A "Quantitative and Qualitative Disclosures About Market Risk" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for further information about market risk, and Note 3 to the unaudited Condensed Consolidated Financial Statements in this Form 10-Q for further information about the Company's fuel derivative instruments.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.