Delaware | 001-31443 | 71-0879698 | ||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
||||||
Common stock |
HA |
NASDAQ Global Select Market |
99.1 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Dated: October 24, 2023 |
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HAWAIIAN HOLDINGS, INC. | |||||||||||
By: | /s/ Shannon L. Okinaka | ||||||||||
Name: | Shannon L. Okinaka | ||||||||||
Title: | Executive Vice President, Chief Financial Officer and Treasurer |
FOR IMMEDIATE RELEASE
Tuesday, October 24, 2023
|
INVESTOR RELATIONS CONTACT:
Marcy Morita - (808) 480-8582
Investor.Relations@HawaiianAir.com
MEDIA RELATIONS CONTACT:
Alex Da Silva - (808) 835-3712
News@HawaiianAir.com
|
Third Quarter 2023- Key Financial Metrics and Results | ||||||||||||||||||||||||||
GAAP | YoY Change | Adjusted (a) | YoY Change | |||||||||||||||||||||||
Net Loss | ($48.7M) | ($39.5M) | ($54.9M) | ($47.2M) | ||||||||||||||||||||||
Diluted EPS | ($0.94) | ($0.76) | ($1.06) | ($0.91) | ||||||||||||||||||||||
Pre-tax Margin | (8.3)% | (6.8) pts. | (9.5)% | (8.2) pts. | ||||||||||||||||||||||
EBITDA | ($3.2M) | ($49.9M) | ($11.7M) | ($59.6M) | ||||||||||||||||||||||
Operating Cost per ASM (CASM) | 15.14¢ | 0.9% | 11.27¢ | 9.2% | ||||||||||||||||||||||
Operating Revenue per ASM (RASM) | 14.08¢ | (5.7)% | N/A | N/A | ||||||||||||||||||||||
Item | GAAP Fourth Quarter 2023 Guidance | Non-GAAP Equivalent | Non-GAAP Fourth Quarter 2023 Guidance | |||||||||||||||||
Available Seat Miles (ASMs) | Up 1.5% to up 4.5% |
|||||||||||||||||||
Operating Revenue per ASM (RASM) | Down 10.0% to down 13.0% |
|||||||||||||||||||
Costs per ASM (CASM) | Up 2.0% to up 4.1% |
CASM excluding fuel and non-recurring items (a) | Up 6.5% to up 9.5% |
|||||||||||||||||
Gallons of Jet Fuel Consumed | Up 5.0% to up 8.0% |
|||||||||||||||||||
Average fuel price per gallon, including taxes and delivery (b) | $3.09 | Economic Fuel Price per Gallon (a)(b) | $3.12 | |||||||||||||||||
Effective Tax Rate | ~21% |
Item | Prior GAAP Full Year 2023 Guidance | Updated GAAP Full Year 2023 Guidance | Non-GAAP Equivalent | Prior Non-GAAP Full Year 2023 Guidance | Updated Non-GAAP Full Year 2023 Guidance | |||||||||||||||||||||||||||
Available Seat Miles (ASMs) | Up 8.0% to up 10.0% | Up 7.5% to 8.5% |
||||||||||||||||||||||||||||||
Costs per ASM | Down 2.1% to down 3.5% |
Down 0.8% to down 1.9% |
CASM excluding fuel and non-recurring items (a) | Up 3.0% to up 5.0% | Up 4.0% to up 5.5% |
|||||||||||||||||||||||||||
Gallons of Jet Fuel Consumed | Up 12.5% to up 14.5% |
Up 11.5% to up 13.0% |
||||||||||||||||||||||||||||||
Average fuel price per gallon, including taxes and delivery (b) | $2.78 | $2.89 | Economic Fuel Price per Gallon (a)(b) | $2.81 | $2.93 | |||||||||||||||||||||||||||
Capital Expenditures | $265M to $295M | No change |
Three Months Ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||
Operating Revenue: | ||||||||||||||||||||||||||||||||||||||
Passenger | $ | 664,866 | $ | 663,107 | 0.3 | % | $ | 1,858,384 | $ | 1,684,599 | 10.3 | % | ||||||||||||||||||||||||||
Other | 62,813 | 78,047 | (19.5) | % | 188,826 | 225,634 | (16.3) | % | ||||||||||||||||||||||||||||||
Total | 727,679 | 741,154 | (1.8) | % | 2,047,210 | 1,910,233 | 7.2 | % | ||||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||
Wages and benefits | 248,899 | 206,306 | 20.6 | % | 728,512 | 615,091 | 18.4 | % | ||||||||||||||||||||||||||||||
Aircraft fuel, including taxes and delivery | 200,069 | 225,999 | (11.5) | % | 564,075 | 603,873 | (6.6) | % | ||||||||||||||||||||||||||||||
Maintenance, materials and repairs | 65,057 | 59,317 | 9.7 | % | 169,000 | 170,934 | (1.1) | % | ||||||||||||||||||||||||||||||
Aircraft and passenger servicing | 46,225 | 41,044 | 12.6 | % | 131,883 | 110,490 | 19.4 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 34,760 | 34,347 | 1.2 | % | 100,775 | 102,435 | (1.6) | % | ||||||||||||||||||||||||||||||
Commissions and other selling | 29,695 | 32,505 | (8.6) | % | 86,324 | 81,767 | 5.6 | % | ||||||||||||||||||||||||||||||
Aircraft rent | 26,497 | 25,921 | 2.2 | % | 80,827 | 77,987 | 3.6 | % | ||||||||||||||||||||||||||||||
Other rentals and landing fees | 46,366 | 38,370 | 20.8 | % | 126,574 | 110,022 | 15.0 | % | ||||||||||||||||||||||||||||||
Purchased services | 36,568 | 31,269 | 16.9 | % | 108,821 | 95,713 | 13.7 | % | ||||||||||||||||||||||||||||||
Special items | — | 6,303 | (100.0) | % | — | 6,303 | (100.0) | % | ||||||||||||||||||||||||||||||
Other | 48,460 | 43,145 | 12.3 | % | 132,344 | 112,884 | 17.2 | % | ||||||||||||||||||||||||||||||
Total | 782,596 | 744,526 | 5.1 | % | 2,229,135 | 2,087,499 | 6.8 | % | ||||||||||||||||||||||||||||||
Operating Loss | (54,917) | (3,372) | 1,528.6 | % | (181,925) | (177,266) | 2.6 | % | ||||||||||||||||||||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | (22,597) | (23,206) | (68,182) | (72,760) | ||||||||||||||||||||||||||||||||||
Interest income | 13,685 | 9,287 | 43,689 | 20,283 | ||||||||||||||||||||||||||||||||||
Capitalized interest | 2,306 | 1,061 | 5,709 | 3,173 | ||||||||||||||||||||||||||||||||||
Gains (losses) on fuel derivatives | 3,097 | (1,063) | (5,627) | (1,063) | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (8,568) | ||||||||||||||||||||||||||||||||||
Other components of net periodic benefit cost | (1,707) | 1,252 | (4,907) | 3,812 | ||||||||||||||||||||||||||||||||||
Losses on investments, net | (4,054) | (4,028) | (6,906) | (38,519) | ||||||||||||||||||||||||||||||||||
Gains on foreign debt | 4,311 | 9,978 | 18,745 | 42,295 | ||||||||||||||||||||||||||||||||||
Other, net | (644) | (688) | (1,408) | (2,318) | ||||||||||||||||||||||||||||||||||
Total | (5,603) | (7,407) | (18,887) | (53,665) | ||||||||||||||||||||||||||||||||||
Loss Before Income Taxes | (60,520) | (10,779) | (200,812) | (230,931) | ||||||||||||||||||||||||||||||||||
Income tax benefit | (11,800) | (1,510) | (41,500) | (41,010) | ||||||||||||||||||||||||||||||||||
Net Loss | $ | (48,720) | $ | (9,269) | $ | (159,312) | $ | (189,921) | ||||||||||||||||||||||||||||||
Net Loss Per Share | ||||||||||||||||||||||||||||||||||||||
Basic | $ | (0.94) | $ | (0.18) | $ | (3.09) | $ | (3.70) | ||||||||||||||||||||||||||||||
Diluted | $ | (0.94) | $ | (0.18) | $ | (3.09) | $ | (3.70) | ||||||||||||||||||||||||||||||
Weighted Average Number of Common Stock Shares Outstanding: | ||||||||||||||||||||||||||||||||||||||
Basic | 51,632 | 51,388 | 51,576 | 51,344 | ||||||||||||||||||||||||||||||||||
Diluted | 51,632 | 51,388 | 51,576 | 51,344 |
September 30, 2023 (unaudited) |
December 31, 2022 | |||||||||||||
(in thousands, except shares) | ||||||||||||||
ASSETS | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | 110,671 | $ | 229,122 | ||||||||||
Restricted cash | 17,250 | 17,498 | ||||||||||||
Short-term investments | 1,023,534 | 1,147,193 | ||||||||||||
Accounts receivable, net | 97,283 | 113,862 | ||||||||||||
Income taxes receivable | 1,660 | 70,204 | ||||||||||||
Spare parts and supplies, net | 53,817 | 36,875 | ||||||||||||
Prepaid expenses and other | 91,754 | 63,553 | ||||||||||||
Total | 1,395,969 | 1,678,307 | ||||||||||||
Property and equipment, less accumulated depreciation and amortization of $1,143,934 and $1,135,262 as of September 30, 2023 and December 31, 2022, respectively | 1,969,556 | 1,874,352 | ||||||||||||
Other Assets: | ||||||||||||||
Assets held-for-sale | 2,813 | 14,019 | ||||||||||||
Operating lease right-of-use assets | 423,706 | 459,128 | ||||||||||||
Long-term prepayments and other | 117,716 | 100,317 | ||||||||||||
Intangible assets, net | 13,500 | 13,500 | ||||||||||||
Total Assets | $ | 3,923,260 | $ | 4,139,623 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current Liabilities: | ||||||||||||||
Accounts payable | $ | 198,007 | $ | 196,009 | ||||||||||
Air traffic liability and current frequent flyer deferred revenue | 699,085 | 590,796 | ||||||||||||
Other accrued liabilities | 175,992 | 182,036 | ||||||||||||
Current maturities of long-term debt, less discount | 42,364 | 47,836 | ||||||||||||
Current maturities of finance lease obligations | 9,998 | 25,789 | ||||||||||||
Current maturities of operating leases | 85,214 | 77,858 | ||||||||||||
Total | 1,210,660 | 1,120,324 | ||||||||||||
Long-Term Debt | 1,534,877 | 1,583,889 | ||||||||||||
Other Liabilities and Deferred Credits: | ||||||||||||||
Noncurrent finance lease obligations | 62,768 | 75,221 | ||||||||||||
Noncurrent operating leases | 311,647 | 347,726 | ||||||||||||
Accumulated pension and other post-retirement benefit obligations | 143,058 | 135,775 | ||||||||||||
Other liabilities and deferred credits | 71,967 | 94,654 | ||||||||||||
Noncurrent frequent flyer deferred revenue | 320,657 | 318,369 | ||||||||||||
Deferred tax liability, net | 88,868 | 130,400 | ||||||||||||
Total | 998,965 | 1,102,145 | ||||||||||||
Commitments and Contingencies | ||||||||||||||
Shareholders’ Equity: | ||||||||||||||
Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of September 30, 2023 and December 31, 2022 | — | — | ||||||||||||
Common stock, $0.01 par value per share, 51,633,094 and 51,450,904 shares outstanding as of September 30, 2023 and December 31, 2022, respectively | 516 | 514 | ||||||||||||
Capital in excess of par value | 292,335 | 287,161 | ||||||||||||
Accumulated income (loss) | (18,556) | 140,756 | ||||||||||||
Accumulated other comprehensive loss, net | (95,537) | (95,166) | ||||||||||||
Total | 178,758 | 333,265 | ||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 3,923,260 | $ | 4,139,623 |
Nine months ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net cash provided by (used in) Operating Activities | $ | 2,072 | $ | (24,050) | ||||||||||
Cash flows from Investing Activities: | ||||||||||||||
Additions to property and equipment, including pre-delivery payments | (213,152) | (29,717) | ||||||||||||
Proceeds from the disposition of aircraft and aircraft related equipment | 19,911 | 10,743 | ||||||||||||
Purchases of investments | (320,628) | (751,509) | ||||||||||||
Proceeds from sales and maturities of investments | 452,913 | 756,561 | ||||||||||||
Net cash used in investing activities | (60,956) | (13,922) | ||||||||||||
Cash flows from Financing Activities: | ||||||||||||||
Repayments of long-term debt and finance lease obligations | (58,681) | (173,298) | ||||||||||||
Debt issuance costs and discounts | — | (2,236) | ||||||||||||
Payment for taxes withheld for stock compensation | (1,134) | (1,842) | ||||||||||||
Net cash used in financing activities | (59,815) | (177,376) | ||||||||||||
Net decrease in cash and cash equivalents | (118,699) | (215,348) | ||||||||||||
Cash, cash equivalents, and restricted cash - Beginning of Period | 246,620 | 507,828 | ||||||||||||
Cash, cash equivalents, and restricted cash - End of Period | $ | 127,921 | $ | 292,480 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
(in thousands, except as otherwise indicated) | ||||||||||||||||||||||||||||||||||||||
Scheduled Operations: | ||||||||||||||||||||||||||||||||||||||
Revenue passengers flown | 2,828 | 2,738 | 3.3 | % | 8,221 | 7,345 | 11.9 | % | ||||||||||||||||||||||||||||||
Revenue passenger miles (RPM) | 4,450,305 | 4,113,172 | 8.2 | % | 12,641,181 | 10,950,031 | 15.4 | % | ||||||||||||||||||||||||||||||
Available seat miles (ASM) | 5,166,464 | 4,957,011 | 4.2 | % | 15,095,334 | 13,704,779 | 10.1 | % | ||||||||||||||||||||||||||||||
Passenger revenue per RPM (Yield) | 14.94 | ¢ | 16.12 | ¢ | (7.3) | % | 14.70 | ¢ | 15.38 | ¢ | (4.4) | % | ||||||||||||||||||||||||||
Passenger load factor (RPM/ASM) | 86.1 | % | 83.0 | % | 3.1 | pts. | 83.7 | % | 79.9 | % | 3.8 | pts. | ||||||||||||||||||||||||||
Passenger revenue per ASM (PRASM) | 12.87 | ¢ | 13.38 | ¢ | (3.8) | % | 12.31 | ¢ | 12.29 | ¢ | 0.2 | % | ||||||||||||||||||||||||||
Total Operations: | ||||||||||||||||||||||||||||||||||||||
Revenue passengers flown | 2,828 | 2,741 | 3.2 | % | 8,223 | 7,361 | 11.7 | % | ||||||||||||||||||||||||||||||
Revenue passenger miles (RPM) | 4,451,484 | 4,117,551 | 8.1 | % | 12,644,415 | 10,975,703 | 15.2 | % | ||||||||||||||||||||||||||||||
Available seat miles (ASM) | 5,168,883 | 4,964,785 | 4.1 | % | 15,100,831 | 13,744,129 | 9.9 | % | ||||||||||||||||||||||||||||||
Operating revenue per ASM (RASM) | 14.08 | ¢ | 14.93 | ¢ | (5.7) | % | 13.56 | ¢ | 13.90 | ¢ | (2.4) | % | ||||||||||||||||||||||||||
Operating cost per ASM (CASM) | 15.14 | ¢ | 15.00 | ¢ | 0.9 | % | 14.76 | ¢ | 15.19 | ¢ | (2.8) | % | ||||||||||||||||||||||||||
CASM excluding aircraft fuel and non-recurring items (a) | 11.27 | ¢ | 10.32 | ¢ | 9.2 | % | 11.13 | ¢ | 10.73 | ¢ | 3.7 | % | ||||||||||||||||||||||||||
Aircraft fuel expense per ASM (b) | 3.87 | ¢ | 4.55 | ¢ | (14.9) | % | 3.74 | ¢ | 4.40 | ¢ | (15.0) | % | ||||||||||||||||||||||||||
Revenue block hours operated | 53,183 | 51,284 | 3.7 | % | 158,058 | 143,646 | 10.0 | % | ||||||||||||||||||||||||||||||
Gallons of jet fuel consumed | 68,521 | 63,834 | 7.3 | % | 199,735 | 174,744 | 14.3 | % | ||||||||||||||||||||||||||||||
Average cost per gallon of jet fuel (actual) (b) | $2.92 | $3.54 | (17.5) | % | $2.82 | $3.46 | (18.5) | % | ||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
(in thousands, except per-gallon amounts) | ||||||||||||||||||||||||||||||||||||||
Aircraft fuel expense, including taxes and delivery | $ | 200,069 | $ | 225,999 | (11.5) | % | $ | 564,075 | $ | 603,873 | (6.6) | % | ||||||||||||||||||||||||||
Realized losses on settlement of fuel derivative contracts | 3,867 | — | 100.0 | % | 8,175 | — | 100.0 | % | ||||||||||||||||||||||||||||||
Economic fuel expense | $ | 203,936 | $ | 225,999 | (9.8) | % | $ | 572,250 | $ | 603,873 | (5.2) | % | ||||||||||||||||||||||||||
Fuel gallons consumed | 68,521 | 63,834 | 7.3 | % | 199,735 | 174,744 | 14.3 | % | ||||||||||||||||||||||||||||||
Economic fuel price per gallon | $ | 2.98 | $ | 3.54 | (15.8) | % | $ | 2.87 | $ | 3.46 | (17.1) | % |
Estimated three months ending December 31, 2023 | Estimated full year ending December 31, 2023 | |||||||||||||||||||||||||
(in thousands, except per-gallon amounts) | ||||||||||||||||||||||||||
Aircraft fuel expense, including taxes and delivery | $ | 209,236 | - | $ | 215,215 | $ | 771,452 | - | $ | 781,830 | ||||||||||||||||
Realized losses on settlement of fuel derivative contracts | 1,977 | - | 1,977 | 10,151 | - | 10,151 | ||||||||||||||||||||
Economic fuel expense | $ | 211,213 | - | $ | 217,192 | $ | 781,603 | - | $ | 791,981 | ||||||||||||||||
Fuel gallons consumed | 67,710 | - | 69,644 | 266,742 | - | 270,331 | ||||||||||||||||||||
Economic fuel price per gallon | $ | 3.12 | - | $ | 3.12 | $ | 2.93 | - | $ | 2.93 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Diluted Net Loss Per Share | Total | Diluted Net Loss Per Share | Total | Diluted Net Loss Per Share | Total | Diluted Net Loss Per Share | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss, as reported | $ | (48,720) | $ | (0.94) | $ | (9,269) | $ | (0.18) | $ | (159,312) | $ | (3.09) | $ | (189,921) | $ | (3.70) | ||||||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||||||||||||||
CBA related expense | — | — | — | — | 17,727 | 0.34 | 4,678 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||
Contract termination amortization | — | — | — | — | (24,085) | (0.47) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Special items | — | — | 6,303 | 0.12 | — | — | 6,303 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on sale of aircraft | — | — | — | — | 392 | 0.01 | (2,578) | (0.05) | ||||||||||||||||||||||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | — | — | (10,179) | (0.20) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Interest income on federal tax refund | — | — | — | — | (4,672) | (0.09) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of fuel derivative contracts | (6,964) | (0.13) | 1,063 | 0.02 | (2,548) | (0.05) | 1,063 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | — | 8,568 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on foreign debt | (4,196) | (0.08) | (9,734) | (0.19) | (18,791) | (0.36) | (41,697) | (0.81) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on equity securities | 2,607 | 0.05 | 3,445 | 0.07 | 3,149 | 0.06 | 22,839 | 0.44 | ||||||||||||||||||||||||||||||||||||||||||
Tax effect of adjustments | 2,344 | 0.04 | 497 | 0.01 | 7,445 | 0.15 | 4,969 | 0.10 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted net loss | $ | (54,929) | $ | (1.06) | $ | (7,695) | $ | (0.15) | $ | (190,874) | $ | (3.70) | $ | (185,776) | $ | (3.62) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Loss | $ | (48,720) | $ | (9,269) | $ | (159,312) | (189,921) | |||||||||||||||||||
Income tax benefit | (11,800) | (1,510) | (41,500) | (41,010) | ||||||||||||||||||||||
Depreciation and amortization | 34,760 | 34,347 | 100,775 | 102,435 | ||||||||||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | 22,597 | 23,206 | 68,182 | 72,760 | ||||||||||||||||||||||
EBITDA, as reported | (3,163) | 46,774 | (31,855) | (55,736) | ||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
CBA related expense | — | — | 17,727 | 4,678 | ||||||||||||||||||||||
Contract termination amortization | — | — | (24,085) | — | ||||||||||||||||||||||
Special items | — | 6,303 | — | 6,303 | ||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | (10,179) | — | ||||||||||||||||||||||
Interest income on tax refund | — | — | (4,672) | — | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 8,568 | ||||||||||||||||||||||
Changes in fair value of fuel derivative instruments | (6,964) | 1,063 | (2,548) | 1,063 | ||||||||||||||||||||||
Unrealized gain on foreign debt | (4,196) | (9,734) | (18,791) | (41,697) | ||||||||||||||||||||||
Loss (gain) on sale of aircraft | — | — | 392 | (2,578) | ||||||||||||||||||||||
Unrealized loss on equity securities | 2,607 | 3,445 | 3,149 | 22,839 | ||||||||||||||||||||||
Adjusted EBITDA | $ | (11,716) | $ | 47,851 | $ | (70,862) | $ | (56,560) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in thousands, except CASM data) | ||||||||||||||||||||||||||
GAAP Operating Expenses | $ | 782,596 | $ | 744,526 | $ | 2,229,135 | $ | 2,087,499 | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
CBA related expense | — | — | (17,727) | (4,678) | ||||||||||||||||||||||
Contract termination amortization | — | — | 24,085 | — | ||||||||||||||||||||||
Special items | — | (6,303) | — | (6,303) | ||||||||||||||||||||||
Gain (loss) on sale of aircraft | — | — | (392) | 2,578 | ||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | 10,179 | — | ||||||||||||||||||||||
Operating Expenses excluding non-recurring items | $ | 782,596 | $ | 738,223 | $ | 2,245,280 | $ | 2,079,096 | ||||||||||||||||||
Aircraft fuel, including taxes and delivery | (200,069) | (225,999) | (564,075) | (603,873) | ||||||||||||||||||||||
Operating Expenses excluding fuel and non-recurring items | $ | 582,527 | $ | 512,224 | $ | 1,681,205 | $ | 1,475,223 | ||||||||||||||||||
Available Seat Miles | 5,168,883 | 4,964,785 | 15,100,831 | 13,744,129 | ||||||||||||||||||||||
CASM - GAAP | 15.14 | ¢ | 15.00 | ¢ | 14.76 | ¢ | 15.19 | ¢ | ||||||||||||||||||
Aircraft fuel, including taxes and delivery | (3.87) | (4.55) | (3.74) | (4.40) | ||||||||||||||||||||||
CBA related expense | — | — | (0.12) | (0.03) | ||||||||||||||||||||||
Contract termination amortization | — | — | 0.16 | — | ||||||||||||||||||||||
Special items | — | (0.13) | — | (0.05) | ||||||||||||||||||||||
Gain (loss) on sale of aircraft | — | — | — | 0.02 | ||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | 0.07 | — | ||||||||||||||||||||||
CASM excluding fuel and non-recurring items | 11.27 | ¢ | 10.32 | ¢ | 11.13 | ¢ | 10.73 | ¢ |
Estimated three months ending December 31, 2023 | Estimated year ending December 31, 2023 | |||||||||||||||||||||||||
(in thousands, except CASM data) | (in thousands, except CASM data) | |||||||||||||||||||||||||
GAAP operating expenses | $ | 792,946 | - | $ | 833,045 | $ | 3,016,324 | - | $ | 3,080,544 | ||||||||||||||||
Aircraft fuel, including taxes and delivery | (209,236) | - | (215,215) | (771,452) | - | (781,830) | ||||||||||||||||||||
Less: non recurring items | — | - | — | 16,145 | - | 16,145 | ||||||||||||||||||||
Adjusted operating expenses | $ | 583,710 | - | $ | 617,830 | $ | 2,261,017 | - | $ | 2,314,859 | ||||||||||||||||
Available seat miles | 5,014,621 | - | 5,162,837 | 20,085,990 | - | 20,272,836 | ||||||||||||||||||||
CASM - GAAP | 15.81 | ¢ | - | 16.14 | ¢ | 15.02 | ¢ | - | 15.20 | ¢ | ||||||||||||||||
Aircraft fuel, including taxes and delivery | (4.17) | - | (4.17) | (3.84) | - | (3.86) | ||||||||||||||||||||
Less: non recurring items | — | - | — | 0.08 | - | 0.08 | ||||||||||||||||||||
CASM excluding fuel and non-recurring items | 11.64 | ¢ | - | 11.97 | ¢ | 11.26 | ¢ | - | 11.42 | ¢ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Pre-Tax Margin, as reported | (8.3) | % | (1.5) | % | (9.8) | % | (12.1) | % | ||||||||||||||||||
CBA ratification bonus | — | — | 0.9 | 0.2 | ||||||||||||||||||||||
Contract termination amortization | — | — | (1.2) | — | ||||||||||||||||||||||
Special items | — | 0.9 | — | 0.3 | ||||||||||||||||||||||
Loss (gain) on sale of aircraft | — | — | — | (0.1) | ||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | (0.5) | — | ||||||||||||||||||||||
Interest income on federal tax refund | — | — | (0.2) | — | ||||||||||||||||||||||
Changes in fair value of fuel derivative contracts | (1.0) | 0.1 | (0.1) | 0.1 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 0.5 | ||||||||||||||||||||||
Unrealized gain on foreign debt | (0.6) | (1.3) | (0.9) | (2.2) | ||||||||||||||||||||||
Unrealized loss on equity securities | 0.4 | 0.5 | 0.1 | 1.2 | ||||||||||||||||||||||
Adjusted Pre-Tax Margin | (9.5) | % | (1.3) | % | (11.7) | % | (12.1) | % |