– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
SEATTLE, April 21, 2022 /PRNewswire/ -- Alaska Air Group (NYSE: ALK) today reported financial results for its first quarter ending March 31, 2022 and provided outlook for the second quarter ending June 30, 2022.
"Alaska has a proven track record and a resilient business model that delivers in good times and through challenging ones. We are on course to deliver 6% to 9% adjusted pre-tax margins in 2022, as we recently announced at our investor day," said Alaska Airlines CEO Ben Minicucci. "March results were particularly strong, marked by our highest cash sales month in history and revenues that exceeded 2019 levels for the first time since the pandemic began. Our people are working hard to get our airline back to its pre-COVID size and to return to growth from there, all while delivering the operational excellence that we're known for. It's an honor to have our company's hard work recognized by Air Transport World as the 2022 Global Airline of the Year."
Financial Results:
Operational Updates:
Recognition and Awards:
Environmental, Social and Governance Updates:
The following table reconciles the company's reported GAAP net loss per share (EPS) for the three months ended March 31, 2022 and 2021 to adjusted amounts.
Three Months Ended March 31, |
|||||||
2022 |
2021 |
||||||
(in millions, except per-share amounts) |
Dollars |
EPS |
Dollars |
EPS |
|||
GAAP net loss per share |
$ (143) |
$ (1.14) |
$ (131) |
$ (1.05) |
|||
Payroll Support Program grant wage offset |
— |
— |
(411) |
(3.31) |
|||
Mark-to-market fuel hedge adjustments |
(107) |
(0.85) |
(22) |
(0.18) |
|||
Special items - fleet transition and related charges(a) |
75 |
0.60 |
18 |
0.14 |
|||
Special items - restructuring charges(b) |
— |
— |
11 |
0.09 |
|||
Income tax effect of reconciling items above |
8 |
0.06 |
99 |
0.80 |
|||
Non-GAAP adjusted net loss per share |
$ (167) |
$ (1.33) |
$ (436) |
$ (3.51) |
|||
(a) |
Special items - fleet transition and related charges in the three months ended March 31, 2022 are primarily comprised of impairment charges associated on the Q400 fleet that will be retired from the operating service by the end of 2023. |
(b) |
Special items - restructuring charges in the three months ended March 31, 2021 represent adjustments to total estimated cost for pilot incentive leaves as a result of updated recall timing from what was previously anticipated due to schedule changes, training limitations and other factors. |
Statistical data, as well as a reconciliation of the reported non-GAAP financial measures, can be found in the accompanying tables. A glossary of financial terms can be found on the last page of this release.
A conference call regarding the first quarter results will be streamed online at 8:30 a.m. PDT on April 21, 2022. It can be accessed at www.alaskaair.com/investors. For those unable to listen to the live broadcast, a replay will be available after the conclusion of the call.
Second Quarter and Full Year 2022 Outlook
Q2 Expectation(a) |
||
Capacity (ASMs) % change versus 2019(a) |
Down 6% to 9% |
|
Revenue passengers % change versus 2019(a) |
Down 10% to 12% |
|
Passenger load factor |
85% to 88% |
|
Total revenue % change versus 2019(a) |
Up 5% to 8% |
|
Cost per ASM excluding fuel and special items (CASMex) % change versus 2019(a) |
Up 16% to 19% |
|
Economic fuel cost per gallon |
$3.25 to $3.30 |
|
Non-operating expense |
$7 million to $9 million |
|
Adjusted tax rate |
~24% to 25% |
(a) |
Due to the unusual nature of 2021 and 2020, all 2022 comparisons are versus the second quarter of 2019. |
We recently reduced Q2 scheduled capacity in response to shortfalls in throughput from our pilot training department versus what was originally planned. For this reason, coupled with our commitment to exit the Airbus A320 fleet on an accelerated timeline, as well as persistent high oil prices, we have reduced our planned capacity growth modestly as compared to previous expectations.
For these reasons, we've also reduced our full year 2022 capacity expectations from up 1% to 3% versus 2019, to flat to down 3% versus 2019. As a direct result of the reduction in full year capacity expectations, we expect full year 2022 CASMex to be up 6% to 8% compared to our prior expectation of up 3% to 5%. We continue to expect full year 2022 adjusted pre-tax margins between 6% and 9%.
References in this update to "Air Group," "Company," "we," "us," and "our" refer to Alaska Air Group, Inc. and its subsidiaries, unless otherwise specified.
This news release may contain forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by our forward-looking statements, assumptions or beliefs. For a comprehensive discussion of potential risk factors, see Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Some of these risks include competition, labor costs, relations and availability, general economic conditions including those associated with pandemic recovery, increases in operating costs including fuel, inability to meet cost reduction, ESG and other strategic goals, seasonal fluctuations in demand and financial results, supply chain risks, events that negatively impact aviation safety and security, and changes in laws and regulations that impact our business. All of the forward-looking statements are qualified in their entirety by reference to the risk factors discussed in our most recent Form 10-K and in our subsequent SEC filings. We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward-looking statements. We expressly disclaim any obligation to publicly update or revise any forward-looking statements made today to conform them to actual results. Over time, our actual results, performance or achievements may differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, assumptions or beliefs and such differences might be significant and materially adverse.
Alaska Airlines and its regional partners serve more than 120 destinations across the United States, Belize, Canada, Costa Rica, and Mexico. The airline emphasizes Next-Level Care for its guests, along with providing low fares, award-winning customer service, and sustainability efforts. Alaska is a member of the oneworld global alliance. With the alliance and the airline's additional partners, guests can travel to more than 1,000 destinations on more than 20 airlines while earning and redeeming miles on flights to locations around the world. Learn more about Alaska at newsroom.alaskaair.com. Alaska Airlines and Horizon Air are subsidiaries of Alaska Air Group (NYSE: ALK).
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||
Alaska Air Group, Inc. |
|||||
Three Months Ended March 31, |
|||||
(in millions, except per share amounts) |
2022 |
2021 |
Change |
||
Operating Revenues |
|||||
Passenger revenue |
$ 1,511 |
$ 659 |
129 % |
||
Mileage Plan other revenue |
112 |
94 |
19 % |
||
Cargo and other |
58 |
44 |
32 % |
||
Total Operating Revenues |
1,681 |
797 |
111 % |
||
Operating Expenses |
|||||
Wages and benefits |
606 |
493 |
23 % |
||
Variable incentive pay |
36 |
33 |
9 % |
||
Payroll Support Program grant wage offset |
— |
(411) |
NM |
||
Aircraft fuel, including hedging gains and losses |
347 |
203 |
71 % |
||
Aircraft maintenance |
135 |
81 |
67 % |
||
Aircraft rent |
73 |
62 |
18 % |
||
Landing fees and other rentals |
138 |
129 |
7 % |
||
Contracted services |
78 |
51 |
53 % |
||
Selling expenses |
58 |
33 |
76 % |
||
Depreciation and amortization |
102 |
97 |
5 % |
||
Food and beverage service |
41 |
23 |
78 % |
||
Third-party regional carrier expense |
42 |
30 |
40 % |
||
Other |
152 |
105 |
45 % |
||
Special items - fleet transition and related charges |
75 |
18 |
NM |
||
Special items - restructuring charges |
— |
11 |
. |
NM |
|
Total Operating Expenses |
1,883 |
958 |
97 % |
||
Operating Loss |
(202) |
(161) |
25 % |
||
Non-operating Income (Expense) |
|||||
Interest income |
7 |
7 |
— % |
||
Interest expense |
(27) |
(32) |
(16) % |
||
Interest capitalized |
2 |
3 |
(33) % |
||
Other - net |
14 |
10 |
40 % |
||
Total Non-operating Expense |
(4) |
(12) |
(67) % |
||
Loss Before Income Tax |
(206) |
(173) |
|||
Income tax benefit |
(63) |
(42) |
|||
Net Loss |
$ (143) |
$ (131) |
|||
Basic Loss Per Share |
$ (1.14) |
$ (1.05) |
|||
Diluted Loss Per Share |
$ (1.14) |
$ (1.05) |
|||
Shares used for computation: |
|||||
Basic |
125.984 |
124.299 |
|||
Diluted |
125.984 |
124.299 |
|||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
|||
Alaska Air Group, Inc. |
|||
(in millions) |
March 31, 2022 |
December 31, 2021 |
|
ASSETS |
|||
Current Assets |
|||
Cash and cash equivalents |
$ 628 |
$ 470 |
|
Marketable securities |
2,262 |
2,646 |
|
Total cash and marketable securities |
2,890 |
3,116 |
|
Receivables - net |
658 |
546 |
|
Inventories and supplies - net |
78 |
62 |
|
Prepaid expenses and other current assets |
348 |
196 |
|
Total Current Assets |
3,974 |
3,920 |
|
Property and Equipment |
|||
Aircraft and other flight equipment |
8,244 |
8,127 |
|
Other property and equipment |
1,529 |
1,489 |
|
Deposits for future flight equipment |
283 |
384 |
|
10,056 |
10,000 |
||
Less accumulated depreciation and amortization |
3,814 |
3,862 |
|
Total Property and Equipment - Net |
6,242 |
6,138 |
|
Other Assets |
|||
Operating lease assets |
1,541 |
1,453 |
|
Goodwill and intangible assets |
2,042 |
2,044 |
|
Other noncurrent assets |
411 |
396 |
|
Other Assets |
3,994 |
3,893 |
|
Total Assets |
$ 14,210 |
$ 13,951 |
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
|||
Alaska Air Group, Inc. |
|||
(in millions, except share amounts) |
March 31, 2022 |
December 31, 2021 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
Current Liabilities |
|||
Accounts payable |
$ 299 |
$ 200 |
|
Accrued wages, vacation and payroll taxes |
367 |
457 |
|
Air traffic liability |
1,643 |
1,163 |
|
Other accrued liabilities |
659 |
625 |
|
Deferred revenue |
1,038 |
912 |
|
Current portion of operating lease liabilities |
272 |
268 |
|
Current portion of long-term debt |
292 |
366 |
|
Total Current Liabilities |
4,570 |
3,991 |
|
Long-Term Debt, Net of Current Portion |
2,078 |
2,173 |
|
Noncurrent Liabilities |
|||
Long-term operating lease liabilities, net of current portion |
1,357 |
1,279 |
|
Deferred income taxes |
509 |
578 |
|
Deferred revenue |
1,394 |
1,446 |
|
Obligation for pension and postretirement medical benefits |
302 |
305 |
|
Other liabilities |
363 |
378 |
|
Total Noncurrent Liabilities |
3,925 |
3,986 |
|
Commitments and Contingencies |
|||
Shareholders' Equity |
|||
Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding |
— |
— |
|
Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2022 - |
1 |
1 |
|
Capital in excess of par value |
503 |
494 |
|
Treasury stock (common), at cost: 2022 - 9,349,944 shares; 2021 - 9,349,944 shares |
(674) |
(674) |
|
Accumulated other comprehensive loss |
(292) |
(262) |
|
Retained earnings |
4,099 |
4,242 |
|
3,637 |
3,801 |
||
Total Liabilities and Shareholders' Equity |
$ 14,210 |
$ 13,951 |
SUMMARY CASH FLOW (unaudited) |
|||
Alaska Air Group, Inc. |
|||
Three Months Ended March 31, |
|||
(in millions) |
2022 |
2021 |
|
Cash Flows from Operating Activities: |
|||
Net loss |
$ (143) |
$ (131) |
|
Non-cash reconciling items |
182 |
137 |
|
Changes in working capital |
248 |
161 |
|
Net cash provided by operating activities |
287 |
167 |
|
Cash Flows from Investing Activities: |
|||
Property and equipment additions |
(288) |
(27) |
|
Other investing activities |
327 |
(516) |
|
Net cash provided by (used in) investing activities |
39 |
(543) |
|
Cash Flows from Financing Activities: |
(168) |
82 |
|
Net increase (decrease) in cash and cash equivalents |
158 |
(294) |
|
Cash, cash equivalents, and restricted cash at beginning of period |
494 |
1,386 |
|
Cash, cash equivalents, and restricted cash at end of the period |
$ 652 |
$ 1,092 |
|
OPERATING STATISTICS SUMMARY (unaudited) |
|||||
Alaska Air Group, Inc. |
|||||
Three Months Ended March 31, |
|||||
2022 |
2021 |
Change |
|||
Consolidated Operating Statistics:(a) |
|||||
Revenue passengers (000) |
8,694 |
4,666 |
86.3% |
||
RPMs (000,000) "traffic" |
10,586 |
5,393 |
96.3% |
||
ASMs (000,000) "capacity" |
13,783 |
10,397 |
32.6% |
||
Load factor |
76.8% |
51.9% |
24.9 pts |
||
Yield |
14.27¢ |
12.22¢ |
16.8% |
||
RASM |
12.20¢ |
7.67¢ |
59.1% |
||
CASMex(b) |
10.61¢ |
10.93¢ |
(2.9)% |
||
Economic fuel cost per gallon(b) |
$2.62 |
$1.79 |
46.4% |
||
Fuel gallons (000,000) |
173 |
126 |
37.3% |
||
ASMs per gallon |
79.9 |
82.4 |
(3.0)% |
||
Average full-time equivalent employees (FTEs) |
21,582 |
17,140 |
25.9% |
||
Mainline Operating Statistics: |
|||||
Revenue passengers (000) |
6,566 |
3,151 |
108.4% |
||
RPMs (000,000) "traffic" |
9,512 |
4,589 |
107.3% |
||
ASMs (000,000) "capacity" |
12,387 |
8,853 |
39.9% |
||
Load factor |
76.8% |
51.8% |
25.0 pts |
||
Yield |
13.06¢ |
11.02¢ |
18.5% |
||
RASM |
11.30¢ |
7.11¢ |
58.9% |
||
CASMex(b) |
9.64¢ |
10.08¢ |
(4.4)% |
||
Economic fuel cost per gallon(b) |
$2.61 |
$1.77 |
47.5% |
||
Fuel gallons (000,000) |
146 |
98 |
49.0% |
||
ASMs per gallon |
85.0 |
90.3 |
(5.9)% |
||
Average number of FTEs |
16,336 |
12,473 |
31.0% |
||
Aircraft utilization |
9.5 |
8.5 |
11.8% |
||
Average aircraft stage length |
1,334 |
1,303 |
2.4 |
||
Operating fleet(d) |
225 |
201 |
24 a/c |
||
Regional Operating Statistics:(c) |
|||||
Revenue passengers (000) |
2,128 |
1,515 |
40.5% |
||
RPMs (000,000) "traffic" |
1,075 |
804 |
33.7% |
||
ASMs (000,000) "capacity" |
1,396 |
1,544 |
(9.6)% |
||
Load factor |
77.0% |
52.1% |
24.9 pts |
||
Yield |
24.96¢ |
19.04¢ |
31.1% |
||
RASM |
20.04¢ |
10.84¢ |
84.9% |
||
Operating fleet |
98 |
94 |
4 a/c |
||
(a) |
Except for FTEs, data includes information related to third-party regional capacity purchase flying arrangements. |
(b) |
See a reconciliation of this non-GAAP measure and Note A for a discussion of the importance of this measure to investors in the accompanying pages. |
(c) |
Data presented includes information for flights operated by Horizon and third-party carriers. |
(d) |
Excludes all aircraft removed from operating service. |
Given the unusual nature of 2021 and 2020, we believe that some analysis of specific financial and operational results compared to 2019 provides meaningful insight. The table below includes comparative results from 2022 to 2019.
FINANCIAL INFORMATION AND OPERATING STATISTICS - 2022 Compared to 2019 (unaudited) |
|||||
Alaska Air Group, Inc. |
|||||
Three Months Ended March 31, |
|||||
2022 |
2019 |
Change |
|||
Passenger revenue |
$ 1,511 |
$ 1,716 |
(12) % |
||
Mileage plan other revenue |
112 |
110 |
2 % |
||
Cargo and other |
58 |
50 |
16 % |
||
Total operating revenues |
$ 1,681 |
$ 1,876 |
(10) % |
||
Operating expense, excluding fuel and special items |
$ 1,461 |
$ 1,405 |
4 % |
||
Aircraft fuel, including hedging gains and losses |
347 |
420 |
(17) % |
||
Special items |
75 |
26 |
NM |
||
Total operating expenses |
$ 1,883 |
$ 1,851 |
2 % |
||
Total non-operating expense |
(4) |
(19) |
(79) % |
||
Income (loss) before income tax |
$ (206) |
$ 6 |
NM |
||
Consolidated Operating Statistics: |
|||||
Revenue passengers (000) |
8,694 |
10,417 |
(17) % |
||
RPMs (000,000) "traffic" |
10,586 |
12,449 |
(15) % |
||
ASMs (000,000) "capacity" |
13,783 |
15,508 |
(11) % |
||
Load Factor |
76.8% |
80.3% |
(3.5) pts |
||
Yield |
14.27¢ |
13.78¢ |
4 % |
||
RASM |
12.20¢ |
12.10¢ |
1 % |
||
CASMex |
10.61¢ |
9.06¢ |
17 % |
||
FTEs |
21,582 |
21,832 |
(1) % |
||
OPERATING SEGMENTS (unaudited) |
|||||||||||||
Alaska Air Group, Inc. |
|||||||||||||
Three Months Ended March 31, 2022 |
|||||||||||||
(in millions) |
Mainline |
Regional |
Horizon |
Consolidating |
Air Group |
Special |
Consolidated |
||||||
Operating Revenues |
|||||||||||||
Passenger revenues |
$ 1,243 |
$ 268 |
$ — |
$ — |
$ 1,511 |
$ — |
$ 1,511 |
||||||
CPA revenues |
— |
— |
94 |
(94) |
— |
— |
— |
||||||
Mileage Plan other revenue |
100 |
12 |
— |
— |
112 |
— |
112 |
||||||
Cargo and other |
57 |
— |
— |
1 |
58 |
— |
58 |
||||||
Total Operating Revenues |
1,400 |
280 |
94 |
(93) |
1,681 |
— |
1,681 |
||||||
Operating Expenses |
|||||||||||||
Operating expenses, excluding fuel |
1,194 |
262 |
99 |
(94) |
1,461 |
75 |
1,536 |
||||||
Economic Fuel |
381 |
73 |
— |
— |
454 |
(107) |
347 |
||||||
Total Operating Expenses |
1,575 |
335 |
99 |
(94) |
1,915 |
(32) |
1,883 |
||||||
Non-operating Income (Expense) |
1 |
— |
(5) |
— |
(4) |
— |
(4) |
||||||
Income (Loss) Before Income Tax |
$ (174) |
$ (55) |
$ (10) |
$ 1 |
$ (238) |
$ 32 |
$ (206) |
||||||
Pre-tax Margin |
(14.2) % |
(12.3) % |
|||||||||||
Three Months Ended March 31, 2021 |
|||||||||||||
(in millions) |
Mainline |
Regional |
Horizon |
Consolidating |
Air Group |
Special |
Consolidated |
||||||
Operating Revenues |
|||||||||||||
Passenger revenues |
$ 506 |
$ 153 |
$ — |
$ — |
$ 659 |
$ — |
$ 659 |
||||||
CPA revenues |
— |
— |
104 |
(104) |
— |
— |
— |
||||||
Mileage Plan other revenue |
80 |
14 |
— |
— |
94 |
— |
94 |
||||||
Cargo and other |
44 |
— |
— |
— |
44 |
— |
44 |
||||||
Total Operating Revenues |
630 |
167 |
104 |
(104) |
797 |
— |
797 |
||||||
Operating Expenses |
|||||||||||||
Operating expenses, excluding fuel |
893 |
265 |
88 |
(109) |
1,137 |
(382) |
755 |
||||||
Economic Fuel |
174 |
52 |
— |
(1) |
225 |
(22) |
203 |
||||||
Total Operating Expenses |
1,067 |
317 |
88 |
(110) |
1,362 |
(404) |
958 |
||||||
Non-operating Income (Expense) |
(7) |
— |
(5) |
— |
(12) |
— |
(12) |
||||||
Income (Loss) Before Income Tax |
$ (444) |
$ (150) |
$ 11 |
$ 6 |
$ (577) |
$ 404 |
$ (173) |
||||||
Pre-tax Margin |
(72.4) % |
(21.7) % |
|||||||||||
(a) |
Includes consolidating entries, Air Group parent company, McGee Air Services, and other immaterial business units. |
(b) |
The Air Group Adjusted column represents the financial information that is reviewed by management to assess performance of operations and determine capital allocation and excludes certain charges. See Note A in the accompanying pages for further information. |
(c) |
Includes Payroll Support Program wage offsets, special items and mark-to-market fuel hedge accounting adjustments. |
GAAP TO NON-GAAP RECONCILIATIONS (unaudited) |
|||
Alaska Air Group, Inc. |
|||
CASM Excluding Fuel and Special Items Reconciliation |
|||
Three Months Ended March 31, |
|||
(in cents) |
2022 |
2021 |
|
Consolidated: |
|||
CASM |
13.66 ¢ |
9.21 ¢ |
|
Less the following components: |
|||
Payroll Support Program wage offset (benefit) |
— |
(3.95) |
|
Aircraft fuel, including hedging gains and losses |
2.51 |
1.95 |
|
Special items - fleet transition and related charges(a) |
0.54 |
0.17 |
|
Special items - restructuring charges(b) |
— |
0.11 |
|
CASM excluding fuel and special items |
10.61 ¢ |
10.93 ¢ |
|
Mainline: |
|||
CASM |
11.89 ¢ |
8.07 ¢ |
|
Less the following components: |
|||
Payroll Support Program wage offset (benefit) |
— |
(4.06) |
|
Aircraft fuel, including hedging gains and losses |
2.21 |
1.72 |
|
Special items - fleet transition and related charges(a) |
0.04 |
0.20 |
|
Special items - restructuring charges(b) |
— |
0.13 |
|
CASM excluding fuel and special items |
9.64 ¢ |
10.08 ¢ |
|
(a) |
Special items - fleet transition and related charges in the three months ended March 31, 2022 are comprised of impairment charges associated with Q400 aircraft that will be retired from the fleet by the end of 2023. |
(b) |
Special items - restructuring charges in the three months ended March 31, 2021 represent adjustments to total estimated cost for pilot incentive leaves as a result of updated recall timing from what was previously anticipated due to schedule changes, training limitations and other factors. |
Fuel Reconciliation |
|||||||
Three Months Ended March 31, |
|||||||
2022 |
2021 |
||||||
(in millions, except for per-gallon amounts) |
Dollars |
Cost/Gallon |
Dollars |
Cost/Gallon |
|||
Raw or "into-plane" fuel cost |
$ 504 |
$ 2.91 |
$ 222 |
$ 1.77 |
|||
Losses (gains) on settled hedges |
(50) |
(0.29) |
3 |
0.02 |
|||
Consolidated economic fuel expense |
454 |
2.62 |
225 |
1.79 |
|||
Mark-to-market fuel hedge adjustment |
(107) |
(0.62) |
(22) |
(0.18) |
|||
GAAP fuel expense |
$ 347 |
$ 2.00 |
$ 203 |
$ 1.61 |
|||
Fuel gallons |
173 |
126 |
|||||
Debt-to-capitalization, including operating leases |
|||
(in millions) |
March 31, 2022 |
December 31, 2021 |
|
Long-term debt, net of current portion |
$ 2,078 |
$ 2,173 |
|
Long-term and current capitalized operating leases |
1,629 |
1,547 |
|
Adjusted debt, net of current portion of long-term debt |
3,707 |
3,720 |
|
Shareholders' equity |
3,637 |
3,801 |
|
Total Invested Capital |
$ 7,344 |
$ 7,521 |
|
Debt-to-capitalization ratio, including operating leases |
50 % |
49 % |
|
Adjusted net debt to earnings before interest, taxes, depreciation, amortization, rent and special items |
|||
(in millions) |
March 31, 2022 |
December 31, 2021 |
|
Current portion of long-term debt |
$ 292 |
$ 366 |
|
Current portion of operating lease liabilities |
272 |
268 |
|
Long-term debt |
2,078 |
2,173 |
|
Long-term operating lease liabilities, net of current portion |
1,357 |
1,279 |
|
Total adjusted debt |
3,999 |
4,086 |
|
Less: Total cash and marketable securities |
(2,890) |
(3,116) |
|
Adjusted net debt |
$ 1,109 |
$ 970 |
|
(in millions) |
Twelve Months Ended |
Twelve Months Ended |
|
GAAP Operating Income (Loss)(a) |
$ 644 |
$ 685 |
|
Adjusted for: |
|||
Payroll Support Program grant wage offset and special items |
(468) |
(925) |
|
Mark-to-market fuel hedge adjustments |
(132) |
(47) |
|
Depreciation and amortization |
399 |
394 |
|
Aircraft rent |
265 |
254 |
|
EBITDAR |
$ 708 |
$ 361 |
|
Adjusted net debt to EBITDAR |
1.6x |
2.7x |
|
(a) |
Operating income (loss) can be reconciled using the trailing twelve month operating income as filed quarterly with the SEC. |
Note A: Pursuant to Regulation G, we are providing reconciliations of reported non-GAAP financial measures to their most directly comparable financial measures reported on a GAAP basis. We believe that consideration of these non-GAAP financial measures may be important to investors for the following reasons:
GLOSSARY OF TERMS
Adjusted net debt - long-term debt, including current portion, plus capitalized operating leases, less cash and marketable securities
Adjusted net debt to EBITDAR - represents net adjusted debt divided by EBITDAR (trailing twelve months earnings before interest, taxes, depreciation, amortization, special items and rent)
Aircraft Utilization - block hours per day; this represents the average number of hours per day our aircraft are in transit
Aircraft Stage Length - represents the average miles flown per aircraft departure
ASMs - available seat miles, or "capacity"; represents total seats available across the fleet multiplied by the number of miles flown
CASM - operating costs per ASM, or "unit cost"; represents all operating expenses including fuel and special items
CASMex - operating costs excluding fuel and special items per ASM; this metric is used to help track progress toward reduction of non-fuel operating costs since fuel is largely out of our control
Debt-to-capitalization ratio - represents adjusted debt (long-term debt plus capitalized operating lease liabilities) divided by total equity plus adjusted debt
Diluted Earnings per Share - represents earnings per share (EPS) using fully diluted shares outstanding
Diluted Shares - represents the total number of shares that would be outstanding if all possible sources of conversion, such as stock options, were exercised
Economic Fuel - best estimate of the cash cost of fuel, net of the impact of our fuel-hedging program
Load Factor - RPMs as a percentage of ASMs; represents the number of available seats that were filled with paying passengers
Mainline - represents flying Boeing 737, Airbus 320 and Airbus 321neo family jets and all associated revenues and costs
Productivity - number of revenue passengers per full-time equivalent employee
RASM - operating revenue per ASMs, or "unit revenue"; operating revenue includes all passenger revenue, freight & mail, Mileage Plan and other ancillary revenue; represents the average total revenue for flying one seat one mile
Regional - represents capacity purchased by Alaska from Horizon and SkyWest. In this segment, Regional records actual on-board passenger revenue, less costs such as fuel, distribution costs, and payments made to Horizon and SkyWest under the respective capacity purchased arrangement (CPAs). Additionally, Regional includes an allocation of corporate overhead such as IT, finance, other administrative costs incurred by Alaska and on behalf of Horizon.
RPMs - revenue passenger miles, or "traffic"; represents the number of seats that were filled with paying passengers; one passenger traveling one mile is one RPM
Yield - passenger revenue per RPM; represents the average revenue for flying one passenger one mile
SOURCE Alaska Air Group
СИЭТЛ, 21 апреля 2022 г. /PRNewswire/ -- Alaska Air Group (NYSE: ALK) сегодня сообщила о финансовых результатах за первый квартал, закончившийся 31 марта 2022 г., и представила прогноз на второй квартал, заканчивающийся 30 июня 2022 г.
"У Alaska проверенный послужной список и устойчивая бизнес-модель, которая работает как в хорошие времена, так и в сложные. Мы находимся на пути к достижению скорректированной прибыли до налогообложения в размере от 6% до 9% в 2022 году, о чем мы недавно объявили на нашем дне инвестора", - сказал генеральный директор Alaska Airlines Бен Миникуччи. "Мартовские результаты были особенно сильными, отмеченными нашим самым высоким месяцем наличных продаж в истории и доходами, которые впервые с начала пандемии превысили уровень 2019 года. Наши сотрудники усердно работают над тем, чтобы вернуть нашу авиакомпанию к ее размерам, существовавшим до COVID, и вернуться к росту с этого момента, обеспечивая при этом высокое качество работы, которым мы известны. Для меня большая честь, что напряженная работа нашей компании признана Air Transport World Глобальной авиакомпанией года 2022 года".
Финансовые результаты:
Оперативные обновления:
Признание и награды:
Обновления в области окружающей среды, социальной сферы и управления:
В следующей таблице приведен отчет компании о чистом убытке на акцию (EPS) по GAAP за три месяца, закончившихся 31 марта 2022 и 2021 годов, с скорректированными суммами.
Three Months Ended March 31, |
|||||||
2022 |
2021 |
||||||
(in millions, except per-share amounts) |
Dollars |
EPS |
Dollars |
EPS |
|||
GAAP net loss per share |
$ (143) |
$ (1.14) |
$ (131) |
$ (1.05) |
|||
Payroll Support Program grant wage offset |
— |
— |
(411) |
(3.31) |
|||
Mark-to-market fuel hedge adjustments |
(107) |
(0.85) |
(22) |
(0.18) |
|||
Special items - fleet transition and related charges(a) |
75 |
0.60 |
18 |
0.14 |
|||
Special items - restructuring charges(b) |
— |
— |
11 |
0.09 |
|||
Income tax effect of reconciling items above |
8 |
0.06 |
99 |
0.80 |
|||
Non-GAAP adjusted net loss per share |
$ (167) |
$ (1.33) |
$ (436) |
$ (3.51) |
|||
(a) |
Special items - fleet transition and related charges in the three months ended March 31, 2022 are primarily comprised of impairment charges associated on the Q400 fleet that will be retired from the operating service by the end of 2023. |
(b) |
Special items - restructuring charges in the three months ended March 31, 2021 represent adjustments to total estimated cost for pilot incentive leaves as a result of updated recall timing from what was previously anticipated due to schedule changes, training limitations and other factors. |
Статистические данные, а также сверку финансовых показателей, не относящихся к GAAP, можно найти в прилагаемых таблицах. Глоссарий финансовых терминов можно найти на последней странице этого выпуска.
Телефонная конференция, посвященная результатам первого квартала, будет транслироваться онлайн в 8:30 утра по Гринвичу 21 апреля 2022 года. К нему можно получить доступ по адресу www.alaskaair.com/investors . Для тех, кто не может прослушать прямую трансляцию, повтор будет доступен после завершения разговора.
Прогноз на Второй квартал и весь 2022 год
Q2 Expectation(a) |
||
Capacity (ASMs) % change versus 2019(a) |
Down 6% to 9% |
|
Revenue passengers % change versus 2019(a) |
Down 10% to 12% |
|
Passenger load factor |
85% to 88% |
|
Total revenue % change versus 2019(a) |
Up 5% to 8% |
|
Cost per ASM excluding fuel and special items (CASMex) % change versus 2019(a) |
Up 16% to 19% |
|
Economic fuel cost per gallon |
$3.25 to $3.30 |
|
Non-operating expense |
$7 million to $9 million |
|
Adjusted tax rate |
~24% to 25% |
(a) |
Due to the unusual nature of 2021 and 2020, all 2022 comparisons are versus the second quarter of 2019. |
Недавно мы сократили запланированную пропускную способность во втором квартале в ответ на нехватку пропускной способности в нашем отделе подготовки пилотов по сравнению с первоначально запланированной. По этой причине, в сочетании с нашим стремлением в ускоренные сроки отказаться от парка самолетов Airbus A320, а также сохраняющимися высокими ценами на нефть, мы незначительно сократили запланированный рост мощностей по сравнению с предыдущими ожиданиями.
По этим причинам мы также снизили наши ожидания по пропускной способности на весь 2022 год с увеличения на 1% до 3% по сравнению с 2019 годом, до неизменного снижения на 3% по сравнению с 2019 годом. Как прямой результат снижения ожидаемых производственных мощностей за весь год, мы ожидаем, что CASMex за весь 2022 год вырастет на 6-8% по сравнению с нашим предыдущим ожиданием роста на 3-5%. Мы по-прежнему ожидаем, что скорректированная маржа до налогообложения за весь 2022 год составит от 6% до 9%.
Ссылки в этом обновлении на "Air Group", "Компания", "мы", "нас" и "наш" относятся к Alaska Air Group, Inc. и ее дочерним компаниям, если не указано иное.
Этот пресс-релиз может содержать прогнозные заявления, подпадающие под действие защиты безопасной гавани, предусмотренной Разделом 27A Закона о ценных бумагах 1933 года, Разделом 21E Закона о ценных бумагах 1934 года и Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года. Эти заявления относятся к будущим событиям и связаны с известными и неизвестными рисками и неопределенностями, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые указаны в наших прогнозных заявлениях, предположениях или убеждениях. Подробное обсуждение потенциальных факторов риска см. в пункте 1А Годового отчета Компании по форме 10-K за год, закончившийся 31 декабря 2021 года. Некоторые из этих рисков включают конкуренцию, затраты на рабочую силу, отношения и доступность, общие экономические условия, в том числе связанные с восстановлением после пандемии, увеличение эксплуатационных расходов, включая топливо, неспособность достичь снижения затрат, ESG и других стратегических целей, сезонные колебания спроса и финансовых результатов, риски цепочки поставок, события, которые негативно влияют на авиацию охрана и безопасность, а также изменения в законах и нормативных актах, влияющие на наш бизнес. Все прогнозные заявления квалифицируются в полном объеме со ссылкой на факторы риска, обсуждаемые в нашей последней форме 10-K и в наших последующих заявках SEC. Мы работаем в постоянно меняющейся бизнес-среде, и время от времени возникают новые факторы риска. Руководство не может предсказать такие новые факторы риска и не может оценить влияние, если таковое имеется, таких новых факторов риска на наш бизнес или события, описанные в каких-либо прогнозных заявлениях. Мы категорически отказываемся от каких-либо обязательств по публичному обновлению или пересмотру любых прогнозных заявлений, сделанных сегодня, чтобы привести их в соответствие с фактическими результатами. Со временем наши фактические результаты, показатели или достижения могут отличаться от ожидаемых результатов, показателей или достижений, которые выражены или подразумеваются в наших прогнозных заявлениях, предположениях или убеждениях, и такие различия могут быть значительными и существенно неблагоприятными.
Авиакомпания Alaska Airlines и ее региональные партнеры обслуживают более 120 направлений по всей территории Соединенных Штатов, Белиза, Канады, Коста-Рики и Мексики. Авиакомпания уделяет особое внимание заботе о своих гостях на высшем уровне, наряду с предоставлением низких тарифов, отмеченным наградами обслуживанием клиентов и усилиями по обеспечению устойчивого развития. Аляска является членом глобального альянса oneworld. Благодаря альянсу и дополнительным партнерам авиакомпании гости могут путешествовать по более чем 1000 направлениям более чем 20 авиакомпаниями, зарабатывая и используя мили на рейсах по всему миру. Узнайте больше об Аляске на newsroom.alaskaair.com . Alaska Airlines и Horizon Air являются дочерними компаниями Alaska Air Group (NYSE: ALK).
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||
Alaska Air Group, Inc. |
|||||
Three Months Ended March 31, |
|||||
(in millions, except per share amounts) |
2022 |
2021 |
Change |
||
Operating Revenues |
|||||
Passenger revenue |
$ 1,511 |
$ 659 |
129 % |
||
Mileage Plan other revenue |
112 |
94 |
19 % |
||
Cargo and other |
58 |
44 |
32 % |
||
Total Operating Revenues |
1,681 |
797 |
111 % |
||
Operating Expenses |
|||||
Wages and benefits |
606 |
493 |
23 % |
||
Variable incentive pay |
36 |
33 |
9 % |
||
Payroll Support Program grant wage offset |
— |
(411) |
NM |
||
Aircraft fuel, including hedging gains and losses |
347 |
203 |
71 % |
||
Aircraft maintenance |
135 |
81 |
67 % |
||
Aircraft rent |
73 |
62 |
18 % |
||
Landing fees and other rentals |
138 |
129 |
7 % |
||
Contracted services |
78 |
51 |
53 % |
||
Selling expenses |
58 |
33 |
76 % |
||
Depreciation and amortization |
102 |
97 |
5 % |
||
Food and beverage service |
41 |
23 |
78 % |
||
Third-party regional carrier expense |
42 |
30 |
40 % |
||
Other |
152 |
105 |
45 % |
||
Special items - fleet transition and related charges |
75 |
18 |
NM |
||
Special items - restructuring charges |
— |
11 |
. |
NM |
|
Total Operating Expenses |
1,883 |
958 |
97 % |
||
Operating Loss |
(202) |
(161) |
25 % |
||
Non-operating Income (Expense) |
|||||
Interest income |
7 |
7 |
— % |
||
Interest expense |
(27) |
(32) |
(16) % |
||
Interest capitalized |
2 |
3 |
(33) % |
||
Other - net |
14 |
10 |
40 % |
||
Total Non-operating Expense |
(4) |
(12) |
(67) % |
||
Loss Before Income Tax |
(206) |
(173) |
|||
Income tax benefit |
(63) |
(42) |
|||
Net Loss |
$ (143) |
$ (131) |
|||
Basic Loss Per Share |
$ (1.14) |
$ (1.05) |
|||
Diluted Loss Per Share |
$ (1.14) |
$ (1.05) |
|||
Shares used for computation: |
|||||
Basic |
125.984 |
124.299 |
|||
Diluted |
125.984 |
124.299 |
|||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
|||
Alaska Air Group, Inc. |
|||
(in millions) |
March 31, 2022 |
December 31, 2021 |
|
ASSETS |
|||
Current Assets |
|||
Cash and cash equivalents |
$ 628 |
$ 470 |
|
Marketable securities |
2,262 |
2,646 |
|
Total cash and marketable securities |
2,890 |
3,116 |
|
Receivables - net |
658 |
546 |
|
Inventories and supplies - net |
78 |
62 |
|
Prepaid expenses and other current assets |
348 |
196 |
|
Total Current Assets |
3,974 |
3,920 |
|
Property and Equipment |
|||
Aircraft and other flight equipment |
8,244 |
8,127 |
|
Other property and equipment |
1,529 |
1,489 |
|
Deposits for future flight equipment |
283 |
384 |
|
10,056 |
10,000 |
||
Less accumulated depreciation and amortization |
3,814 |
3,862 |
|
Total Property and Equipment - Net |
6,242 |
6,138 |
|
Other Assets |
|||
Operating lease assets |
1,541 |
1,453 |
|
Goodwill and intangible assets |
2,042 |
2,044 |
|
Other noncurrent assets |
411 |
396 |
|
Other Assets |
3,994 |
3,893 |
|
Total Assets |
$ 14,210 |
$ 13,951 |
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
|||
Alaska Air Group, Inc. |
|||
(in millions, except share amounts) |
March 31, 2022 |
December 31, 2021 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
Current Liabilities |
|||
Accounts payable |
$ 299 |
$ 200 |
|
Accrued wages, vacation and payroll taxes |
367 |
457 |
|
Air traffic liability |
1,643 |
1,163 |
|
Other accrued liabilities |
659 |
625 |
|
Deferred revenue |
1,038 |
912 |
|
Current portion of operating lease liabilities |
272 |
268 |
|
Current portion of long-term debt |
292 |
366 |
|
Total Current Liabilities |
4,570 |
3,991 |
|
Long-Term Debt, Net of Current Portion |
2,078 |
2,173 |
|
Noncurrent Liabilities |
|||
Long-term operating lease liabilities, net of current portion |
1,357 |
1,279 |
|
Deferred income taxes |
509 |
578 |
|
Deferred revenue |
1,394 |
1,446 |
|
Obligation for pension and postretirement medical benefits |
302 |
305 |
|
Other liabilities |
363 |
378 |
|
Total Noncurrent Liabilities |
3,925 |
3,986 |
|
Commitments and Contingencies |
|||
Shareholders' Equity |
|||
Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding |
— |
— |
|
Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2022 - |
1 |
1 |
|
Capital in excess of par value |
503 |
494 |
|
Treasury stock (common), at cost: 2022 - 9,349,944 shares; 2021 - 9,349,944 shares |
(674) |
(674) |
|
Accumulated other comprehensive loss |
(292) |
(262) |
|
Retained earnings |
4,099 |
4,242 |
|
3,637 |
3,801 |
||
Total Liabilities and Shareholders' Equity |
$ 14,210 |
$ 13,951 |
SUMMARY CASH FLOW (unaudited) |
|||
Alaska Air Group, Inc. |
|||
Three Months Ended March 31, |
|||
(in millions) |
2022 |
2021 |
|
Cash Flows from Operating Activities: |
|||
Net loss |
$ (143) |
$ (131) |
|
Non-cash reconciling items |
182 |
137 |
|
Changes in working capital |
248 |
161 |
|
Net cash provided by operating activities |
287 |
167 |
|
Cash Flows from Investing Activities: |
|||
Property and equipment additions |
(288) |
(27) |
|
Other investing activities |
327 |
(516) |
|
Net cash provided by (used in) investing activities |
39 |
(543) |
|
Cash Flows from Financing Activities: |
(168) |
82 |
|
Net increase (decrease) in cash and cash equivalents |
158 |
(294) |
|
Cash, cash equivalents, and restricted cash at beginning of period |
494 |
1,386 |
|
Cash, cash equivalents, and restricted cash at end of the period |
$ 652 |
$ 1,092 |
|
OPERATING STATISTICS SUMMARY (unaudited) |
|||||
Alaska Air Group, Inc. |
|||||
Three Months Ended March 31, |
|||||
2022 |
2021 |
Change |
|||
Consolidated Operating Statistics:(a) |
|||||
Revenue passengers (000) |
8,694 |
4,666 |
86.3% |
||
RPMs (000,000) "traffic" |
10,586 |
5,393 |
96.3% |
||
ASMs (000,000) "capacity" |
13,783 |
10,397 |
32.6% |
||
Load factor |
76.8% |
51.9% |
24.9 pts |
||
Yield |
14.27¢ |
12.22¢ |
16.8% |
||
RASM |
12.20¢ |
7.67¢ |
59.1% |
||
CASMex(b) |
10.61¢ |
10.93¢ |
(2.9)% |
||
Economic fuel cost per gallon(b) |
$2.62 |
$1.79 |
46.4% |
||
Fuel gallons (000,000) |
173 |
126 |
37.3% |
||
ASMs per gallon |
79.9 |
82.4 |
(3.0)% |
||
Average full-time equivalent employees (FTEs) |
21,582 |
17,140 |
25.9% |
||
Mainline Operating Statistics: |
|||||
Revenue passengers (000) |
6,566 |
3,151 |
108.4% |
||
RPMs (000,000) "traffic" |
9,512 |
4,589 |
107.3% |
||
ASMs (000,000) "capacity" |
12,387 |
8,853 |
39.9% |
||
Load factor |
76.8% |
51.8% |
25.0 pts |
||
Yield |
13.06¢ |
11.02¢ |
18.5% |
||
RASM |
11.30¢ |
7.11¢ |
58.9% |
||
CASMex(b) |
9.64¢ |
10.08¢ |
(4.4)% |
||
Economic fuel cost per gallon(b) |
$2.61 |
$1.77 |
47.5% |
||
Fuel gallons (000,000) |
146 |
98 |
49.0% |
||
ASMs per gallon |
85.0 |
90.3 |
(5.9)% |
||
Average number of FTEs |
16,336 |
12,473 |
31.0% |
||
Aircraft utilization |
9.5 |
8.5 |
11.8% |
||
Average aircraft stage length |
1,334 |
1,303 |
2.4 |
||
Operating fleet(d) |
225 |
201 |
24 a/c |
||
Regional Operating Statistics:(c) |
|||||
Revenue passengers (000) |
2,128 |
1,515 |
40.5% |
||
RPMs (000,000) "traffic" |
1,075 |
804 |
33.7% |
||
ASMs (000,000) "capacity" |
1,396 |
1,544 |
(9.6)% |
||
Load factor |
77.0% |
52.1% |
24.9 pts |
||
Yield |
24.96¢ |
19.04¢ |
31.1% |
||
RASM |
20.04¢ |
10.84¢ |
84.9% |
||
Operating fleet |
98 |
94 |
4 a/c |
||
(a) |
Except for FTEs, data includes information related to third-party regional capacity purchase flying arrangements. |
(b) |
See a reconciliation of this non-GAAP measure and Note A for a discussion of the importance of this measure to investors in the accompanying pages. |
(c) |
Data presented includes information for flights operated by Horizon and third-party carriers. |
(d) |
Excludes all aircraft removed from operating service. |
Учитывая необычный характер 2021 и 2020 годов, мы считаем, что некоторый анализ конкретных финансовых и операционных результатов по сравнению с 2019 годом дает содержательную информацию. В таблице ниже приведены сравнительные результаты за период с 2022 по 2019 год.
FINANCIAL INFORMATION AND OPERATING STATISTICS - 2022 Compared to 2019 (unaudited) |
|||||
Alaska Air Group, Inc. |
|||||
Three Months Ended March 31, |
|||||
2022 |
2019 |
Change |
|||
Passenger revenue |
$ 1,511 |
$ 1,716 |
(12) % |
||
Mileage plan other revenue |
112 |
110 |
2 % |
||
Cargo and other |
58 |
50 |
16 % |
||
Total operating revenues |
$ 1,681 |
$ 1,876 |
(10) % |
||
Operating expense, excluding fuel and special items |
$ 1,461 |
$ 1,405 |
4 % |
||
Aircraft fuel, including hedging gains and losses |
347 |
420 |
(17) % |
||
Special items |
75 |
26 |
NM |
||
Total operating expenses |
$ 1,883 |
$ 1,851 |
2 % |
||
Total non-operating expense |
(4) |
(19) |
(79) % |
||
Income (loss) before income tax |
$ (206) |
$ 6 |
NM |
||
Consolidated Operating Statistics: |
|||||
Revenue passengers (000) |
8,694 |
10,417 |
(17) % |
||
RPMs (000,000) "traffic" |
10,586 |
12,449 |
(15) % |
||
ASMs (000,000) "capacity" |
13,783 |
15,508 |
(11) % |
||
Load Factor |
76.8% |
80.3% |
(3.5) pts |
||
Yield |
14.27¢ |
13.78¢ |
4 % |
||
RASM |
12.20¢ |
12.10¢ |
1 % |
||
CASMex |
10.61¢ |
9.06¢ |
17 % |
||
FTEs |
21,582 |
21,832 |
(1) % |
||
OPERATING SEGMENTS (unaudited) |
|||||||||||||
Alaska Air Group, Inc. |
|||||||||||||
Three Months Ended March 31, 2022 |
|||||||||||||
(in millions) |
Mainline |
Regional |
Horizon |
Consolidating |
Air Group |
Special |
Consolidated |
||||||
Operating Revenues |
|||||||||||||
Passenger revenues |
$ 1,243 |
$ 268 |
$ — |
$ — |
$ 1,511 |
$ — |
$ 1,511 |
||||||
CPA revenues |
— |
— |
94 |
(94) |
— |
— |
— |
||||||
Mileage Plan other revenue |
100 |
12 |
— |
— |
112 |
— |
112 |
||||||
Cargo and other |
57 |
— |
— |
1 |
58 |
— |
58 |
||||||
Total Operating Revenues |
1,400 |
280 |
94 |
(93) |
1,681 |
— |
1,681 |
||||||
Operating Expenses |
|||||||||||||
Operating expenses, excluding fuel |
1,194 |
262 |
99 |
(94) |
1,461 |
75 |
1,536 |
||||||
Economic Fuel |
381 |
73 |
— |
— |
454 |
(107) |
347 |
||||||
Total Operating Expenses |
1,575 |
335 |
99 |
(94) |
1,915 |
(32) |
1,883 |
||||||
Non-operating Income (Expense) |
1 |
— |
(5) |
— |
(4) |
— |
(4) |
||||||
Income (Loss) Before Income Tax |
$ (174) |
$ (55) |
$ (10) |
$ 1 |
$ (238) |
$ 32 |
$ (206) |
||||||
Pre-tax Margin |
(14.2) % |
(12.3) % |
|||||||||||
Three Months Ended March 31, 2021 |
|||||||||||||
(in millions) |
Mainline |
Regional |
Horizon |
Consolidating |
Air Group |
Special |
Consolidated |
||||||
Operating Revenues |
|||||||||||||
Passenger revenues |
$ 506 |
$ 153 |
$ — |
$ — |
$ 659 |
$ — |
$ 659 |
||||||
CPA revenues |
— |
— |
104 |
(104) |
— |
— |
— |
||||||
Mileage Plan other revenue |
80 |
14 |
— |
— |
94 |
— |
94 |
||||||
Cargo and other |
44 |
— |
— |
— |
44 |
— |
44 |
||||||
Total Operating Revenues |
630 |
167 |
104 |
(104) |
797 |
— |
797 |
||||||
Operating Expenses |
|||||||||||||
Operating expenses, excluding fuel |
893 |
265 |
88 |
(109) |
1,137 |
(382) |
755 |
||||||
Economic Fuel |
174 |
52 |
— |
(1) |
225 |
(22) |
203 |
||||||
Total Operating Expenses |
1,067 |
317 |
88 |
(110) |
1,362 |
(404) |
958 |
||||||
Non-operating Income (Expense) |
(7) |
— |
(5) |
— |
(12) |
— |
(12) |
||||||
Income (Loss) Before Income Tax |
$ (444) |
$ (150) |
$ 11 |
$ 6 |
$ (577) |
$ 404 |
$ (173) |
||||||
Pre-tax Margin |
(72.4) % |
(21.7) % |
|||||||||||
(a) |
Includes consolidating entries, Air Group parent company, McGee Air Services, and other immaterial business units. |
(b) |
The Air Group Adjusted column represents the financial information that is reviewed by management to assess performance of operations and determine capital allocation and excludes certain charges. See Note A in the accompanying pages for further information. |
(c) |
Includes Payroll Support Program wage offsets, special items and mark-to-market fuel hedge accounting adjustments. |
GAAP TO NON-GAAP RECONCILIATIONS (unaudited) |
|||
Alaska Air Group, Inc. |
|||
CASM Excluding Fuel and Special Items Reconciliation |
|||
Three Months Ended March 31, |
|||
(in cents) |
2022 |
2021 |
|
Consolidated: |
|||
CASM |
13.66 ¢ |
9.21 ¢ |
|
Less the following components: |
|||
Payroll Support Program wage offset (benefit) |
— |
(3.95) |
|
Aircraft fuel, including hedging gains and losses |
2.51 |
1.95 |
|
Special items - fleet transition and related charges(a) |
0.54 |
0.17 |
|
Special items - restructuring charges(b) |
— |
0.11 |
|
CASM excluding fuel and special items |
10.61 ¢ |
10.93 ¢ |
|
Mainline: |
|||
CASM |
11.89 ¢ |
8.07 ¢ |
|
Less the following components: |
|||
Payroll Support Program wage offset (benefit) |
— |
(4.06) |
|
Aircraft fuel, including hedging gains and losses |
2.21 |
1.72 |
|
Special items - fleet transition and related charges(a) |
0.04 |
0.20 |
|
Special items - restructuring charges(b) |
— |
0.13 |
|
CASM excluding fuel and special items |
9.64 ¢ |
10.08 ¢ |
|
(a) |
Special items - fleet transition and related charges in the three months ended March 31, 2022 are comprised of impairment charges associated with Q400 aircraft that will be retired from the fleet by the end of 2023. |
(b) |
Special items - restructuring charges in the three months ended March 31, 2021 represent adjustments to total estimated cost for pilot incentive leaves as a result of updated recall timing from what was previously anticipated due to schedule changes, training limitations and other factors. |
Fuel Reconciliation |
|||||||
Three Months Ended March 31, |
|||||||
2022 |
2021 |
||||||
(in millions, except for per-gallon amounts) |
Dollars |
Cost/Gallon |
Dollars |
Cost/Gallon |
|||
Raw or "into-plane" fuel cost |
$ 504 |
$ 2.91 |
$ 222 |
$ 1.77 |
|||
Losses (gains) on settled hedges |
(50) |
(0.29) |
3 |
0.02 |
|||
Consolidated economic fuel expense |
454 |
2.62 |
225 |
1.79 |
|||
Mark-to-market fuel hedge adjustment |
(107) |
(0.62) |
(22) |
(0.18) |
|||
GAAP fuel expense |
$ 347 |
$ 2.00 |
$ 203 |
$ 1.61 |
|||
Fuel gallons |
173 |
126 |
|||||
Debt-to-capitalization, including operating leases |
|||
(in millions) |
March 31, 2022 |
December 31, 2021 |
|
Long-term debt, net of current portion |
$ 2,078 |
$ 2,173 |
|
Long-term and current capitalized operating leases |
1,629 |
1,547 |
|
Adjusted debt, net of current portion of long-term debt |
3,707 |
3,720 |
|
Shareholders' equity |
3,637 |
3,801 |
|
Total Invested Capital |
$ 7,344 |
$ 7,521 |
|
Debt-to-capitalization ratio, including operating leases |
50 % |
49 % |
|
Adjusted net debt to earnings before interest, taxes, depreciation, amortization, rent and special items |
|||
(in millions) |
March 31, 2022 |
December 31, 2021 |
|
Current portion of long-term debt |
$ 292 |
$ 366 |
|
Current portion of operating lease liabilities |
272 |
268 |
|
Long-term debt |
2,078 |
2,173 |
|
Long-term operating lease liabilities, net of current portion |
1,357 |
1,279 |
|
Total adjusted debt |
3,999 |
4,086 |
|
Less: Total cash and marketable securities |
(2,890) |
(3,116) |
|
Adjusted net debt |
$ 1,109 |
$ 970 |
|
(in millions) |
Twelve Months Ended |
Twelve Months Ended |
|
GAAP Operating Income (Loss)(a) |
$ 644 |
$ 685 |
|
Adjusted for: |
|||
Payroll Support Program grant wage offset and special items |
(468) |
(925) |
|
Mark-to-market fuel hedge adjustments |
(132) |
(47) |
|
Depreciation and amortization |
399 |
394 |
|
Aircraft rent |
265 |
254 |
|
EBITDAR |
$ 708 |
$ 361 |
|
Adjusted net debt to EBITDAR |
1.6x |
2.7x |
|
(a) |
Operating income (loss) can be reconciled using the trailing twelve month operating income as filed quarterly with the SEC. |
Примечание А: В соответствии с Положением G мы проводим сверку финансовых показателей, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми финансовыми показателями, представленными на основе GAAP. Мы считаем, что рассмотрение этих финансовых показателей, не относящихся к GAAP, может быть важным для инвесторов по следующим причинам:
глоссарий терминов
Скорректированный чистый долг - долгосрочный долг, включая текущую часть, плюс капитализированная операционная аренда, за вычетом денежных средств и ценных бумаг, обращающихся на рынке.
Скорректированный чистый долг к EBITDA - представляет собой чистый скорректированный долг, деленный на EBITDA (прибыль за двенадцать месяцев до вычета процентов, налогов, износа, амортизации, специальных статей и арендной платы)
Загрузка воздушного судна - блок часов в день; это среднее количество часов в день, когда наши воздушные суда находятся в пути.
Длина этапа воздушного судна - представляет среднее количество миль, налетанных за вылет воздушного судна.
ASMs - доступные мили мест, или "вместимость"; представляет собой общее количество мест, доступных во всем парке, умноженное на количество пройденных миль.
CASM - эксплуатационные расходы на ASM, или "удельные затраты"; представляет все эксплуатационные расходы, включая топливо и специальные товары
CASMex - эксплуатационные расходы без учета топлива и специальных товаров на ASM; этот показатель используется для отслеживания прогресса в сокращении нетопливных эксплуатационных расходов, поскольку топливо в значительной степени находится вне нашего контроля.
Отношение долга к капитализации - представляет собой скорректированный долг (долгосрочный долг плюс капитализированные обязательства по операционной аренде), деленный на общий капитал плюс скорректированный долг
Разводненная прибыль на акцию - представляет прибыль на акцию (EPS) с использованием полностью разводненных акций в обращении.
Разводненные акции - представляет общее количество акций, которые были бы в обращении, если бы были использованы все возможные источники конвертации, такие как опционы на акции.
Экономичное топливо - наилучшая оценка денежной стоимости топлива за вычетом влияния нашей программы хеджирования топлива
Коэффициент загрузки - обороты в минуту в процентах от ASMs; представляет количество свободных мест, которые были заполнены платными пассажирами
Магистраль - представляет полеты на самолетах семейства Boeing 737, Airbus 320 и Airbus 321neo, а также все связанные с этим доходы и расходы.
Производительность - количество пассажиров с доходом на одного сотрудника, работающего полный рабочий день
RASM - операционный доход на ASMs, или "удельный доход"; операционный доход включает в себя все доходы от пассажиров, грузов и почты, План пробега и другие дополнительные доходы; представляет собой средний общий доход за перелет на одно место на одну милю
Региональный - представляет мощности, приобретенные Alaska у Horizon и SkyWest. В этом сегменте Regional регистрирует фактические доходы от пассажирских перевозок на борту за вычетом таких расходов, как топливо, расходы на распределение и платежи, произведенные Horizon и SkyWest в соответствии с соответствующим соглашением о приобретении пропускной способности (CPAS). Кроме того, Региональный включает распределение корпоративных накладных расходов, таких как ИТ, финансы, другие административные расходы, понесенные компанией Alaska и от имени Horizon.
Обороты в минуту - доходные пассажирские мили, или "трафик"; представляет количество мест, которые были заполнены платными пассажирами; один пассажир, проехавший одну милю, равен одному обороту в минуту.
Доходность - доход пассажира на обороты в минуту; представляет собой средний доход за полет одного пассажира на одну милю.
ИСХОДНЫЕ Alaska Air Group
Показать большеПоказать меньше
