2 unchanged sentences
In the past, we have not experienced sustained material difficulties with fuel availability, and we currently expect to be able to obtain fuel at prevailing prices in quantities sufficient to meet our future needs.
−Removed: Pursuant to our contract flying agreements, United, Delta, American and Alaska have agreed to bear the economic risk of fuel price fluctuations on our contracted flights.
+Added: Pursuant to our capacity purchase agreements, United, Delta, American and Alaska have agreed to bear the economic risk of fuel price
+Added: fluctuations on our contracted flights.
We bear the economic risk of fuel price fluctuations on our prorate and SWC operations.
4 unchanged sentences
Interest Rates
−Removed: As of December 31, 2024, our long-term debt had fixed interest rates.
+Added: As of December 31, 2025, our long-term debt secured by aircraft and spare engines had fixed interest rates.
We currently intend to finance the acquisition of aircraft through long-term debt.
2 unchanged sentences
As such, a hypothetical 50 basis point change in market interest rates would not have a material effect on our financial results.
+Added: At December 31, 2025, of the $200.6 million in unsecured debt payable to Treasury, $95.4 million had a fixed interest rate of 1.0% and the remaining $105.2 million had a variable interest rate of the applicable Secured Overnight Financing Rate ("SOFR") plus 2.0%.
+Added: The interest rate under the $95.4 million unsecured loans is scheduled to increase to the applicable SOFR rate plus 2.0% upon the fifth anniversary of each disbursement.
+Added: We received disbursements under these unsecured loans from January 2021 through April 2021.
+Added: We use the effective interest rate method to record interest expense assuming the unsecured loans are outstanding for the full 10-year term.
Labor and Inflation Risk
7 unchanged sentences
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.