HONOLULU, April 23, 2024 /PRNewswire/ -- Hawaiian Holdings, Inc. (NASDAQ: HA) (the "Company"), parent company of Hawaiian Airlines, Inc. ("Hawaiian"), today reported its financial results for the first quarter of 2024.

(PRNewsfoto/Hawaiian Holdings, Inc.)

"Mahalo to our team for remaining focused on delivering strong operational performance and unparalleled guest experience," said Hawaiian Airlines President and CEO Peter Ingram. "2024 is off to a positive start as we work to start realizing the return on significant investments we've made in our business, including rolling out high-speed Starlink WIFI and taking delivery of our first Boeing 787."

First Quarter 2024- Key Financial Metrics and Results



GAAP


YoY Change


Adjusted (a)


YoY Change

Net Loss


($137.6M)


($39.3M)


($143.5M)


($31.7M)

Diluted EPS


($2.65)


($0.74)


($2.77)


($0.60)

Pre-tax Margin


(23.7) %


(3.2) pts.


(24.8) %


(1.8) pts.

EBITDA


($109.0M)


($20.8M)


($116.0M)


($12.6M)

Operating Cost per ASM


15.72¢


5.9 %


11.82¢


7.1 %

Operating Revenue per ASM


12.78¢


2.6 %


N/A


N/A


(a) See Table 4 for a reconciliation of adjusted net loss, adjusted diluted EPS, adjusted pre-tax margin, adjusted EBITDA, and adjusted operating cost per ASM (CASM excluding fuel and non-recurring items) to each of their respective most directly comparable GAAP financial measure.

The first quarter loss per share includes ($0.32) per share due to the reduction in the Company's effective tax rate from 21% to 10%. As of 3/31/2024, the Company has generated federal and state net operating losses (NOLs) of approximately $451 million and $969 million, respectively, which will be used to reduce future cash tax obligations. Analysis under GAAP required us to increase the valuation allowance related to the NOLs which resulted in a lower effective tax rate for the period, decreasing our GAAP tax benefit.

Statistical data, as well as a reconciliation of the reported non-GAAP financial measures, can be found in the accompanying tables.

First Quarter 2024 Highlights

Merger Update

  • The Company's stockholders voted in favor of the merger with Alaska Air Group, Inc. ("Alaska")
  • The Company and Alaska entered into a timing agreement with the Department of Justice ("DOJ") in which they agreed not to consummate the merger before 90 days following the date on which both parties have certified substantial compliance with the DOJ's second request for additional information

Liquidity and Capital Resources

As of March 31, 2024, the Company had:

  • Unrestricted cash, cash equivalents and short-term investments of $897 million
  • Liquidity of $1.15 billion, including an undrawn revolving credit facility of $235 million
  • Outstanding debt and finance lease obligations of $1.75 billion

Routes and Network

  • Began Boeing 787-9 Dreamliner revenue service on April 15, 2024
  • Announced new flying from Salt Lake City (SLC) to Honolulu (HNL) and Sacramento (SMF) to Lihu`e (LIH) and Kona (KOA)
  • Announced increased summer flights between HNL and Austin (AUS), Boston (BOS), Las Vegas (LAS) and Pago Pago (PPG)
  • Hawaiian will also add a fourth daily flight between HNL and Los Angeles (LAX) from May 24 through September 2
  • Hawaiian received its second A330-300 freighter from Amazon which will operate between New York's JFK and San Bernardino (SBD)

Guest Experience

  • Starlink inflight connectivity is now available free of charge on board all 18 A321neo aircraft
  • Expanded Premium Airport Service product in its Honolulu hub, offering seamless curb-to-aircraft experience with access to new airport private suite, Apt. 1929
  • Signed a multi-year distribution agreement with Sabre that will provide Sabre-connected agencies with long-term access to the carrier's HA Connect™ NDC and traditional EDIFACT content through the Sabre travel marketplace.

Workforce Development

  • Partnered with Universal Technical Institute, the transportation, skilled trades and energy education division of UTI, Inc. to expand career opportunities for Universal Technical Institute airframe and powerplant graduates who earn their FAA certifications.

Second Quarter 2024 Outlook

The table below summarizes the Company's expectations for the quarter ending June 30, 2024 expressed as an expected percentage change compared to the results for the quarter ended June 30, 2023. Figures include the expected impacts of the Company's freighter operation, which are not yet expected to be material.

Item


GAAP Second Quarter 2024 Guidance


Non-GAAP Equivalent


Non-GAAP Second Quarter 2024 Guidance

Available Seat Miles (ASMs)


Up 3.5% to up 6.5%





Operating Revenue per ASM (RASM)


Down 1.5% to up 1.5%





Costs per ASM (CASM)


Up 8.4% to up 10.7%


CASM excluding fuel and non-recurring items (a)


Up 5.0% to up 8.0%

Gallons of Jet Fuel Consumed (b)


Up 2.5% to up 5.5%





Average fuel price per gallon, including taxes and delivery (c)


$2.83


Economic Fuel Price per Gallon (a)(b)(c)


$2.85

Effective Tax Rate


~10%





 

Full Year 2024 Outlook

The table below summarizes the Company's updated expectations for the full year ending December 31, 2024 expressed as an expected percentage change compared to the results for the year ended December 31, 2023. Figures include the expected impacts of the Company's freighter operation as the Company establishes its freighter operation.

Item


Prior GAAP Full Year 2024 Guidance


Updated GAAP Full Year 2024 Guidance


Non-GAAP Equivalent


Prior Non-GAAP Full Year 2024 Guidance


Updated Non-GAAP Full Year 2024 Guidance

Available Seat Miles (ASMs)


Up 6.0% to up 9.0%


Up 4.5% to 7.5%







Costs per ASM


Up 0.7% to up 3.0%


Up 4.1% to up 6.3%


CASM excluding fuel and non-recurring items (a)


Flat to up 3.0%


Up 1.0% to up 4.0%

Gallons of Jet Fuel Consumed (b)


Up 4.0% to up 7.0%


Up 3.0% to up 6.0%







Average fuel price per gallon, including taxes and delivery (c)


$2.55


$2.80


Economic Fuel Price per Gallon (a)(b)(c)


$2.59


$2.83

Capital Expenditures


$500M to $550M


No change








(a) See Table 3 and Table 4 for a reconciliation of CASM excluding fuel and non-recurring items and economic fuel price per gallon to each of their respective most directly comparable GAAP financial measures.

(b) Gallons of jet fuel consumed do not include fuel used in the freighter operation, as those expenses are pass-through expenses not born by the Company.

(c) Average fuel price per gallon and economic fuel price per gallon estimates are based on the April 10, 2024 fuel forward curve.

Statistical information, as well as a reconciliation of certain non-GAAP financial measures, can be found in the accompanying tables.

Investor Conference Call

Hawaiian Holdings' quarterly results conference call is scheduled to begin today, April 23, 2024, at 4:30 p.m. Eastern Time (USA). The conference call will be broadcast live over the Internet. Investors may access and listen to the live audio webcast on the investor relations section of the Company's website at HawaiianAirlines.com. For those who are not available for the live webcast, a replay of the webcast will be archived for 90 days on the investor relations section of the Company's website.

About Hawaiian Airlines

Now in its 95th year of continuous service, Hawaiian is Hawaiʻi's biggest and longest-serving airline. Hawaiian offers approximately 150 daily flights within the Hawaiian Islands, and nonstop flights between Hawaiʻi and 15 U.S. gateway cities – more than any other airline – as well as service connecting Honolulu and American Samoa, Australia, Cook Islands, Japan, New Zealand, South Korea and Tahiti.

Consumer surveys by Condé Nast Traveler and TripAdvisor have placed Hawaiian among the top of all domestic airlines serving Hawaiʻi. The carrier was named Hawaiʻi's best employer by Forbes in 2022 and has topped Travel + Leisure's World's Best list as the No. 1 U.S. airline for the past two years. Hawaiian has also led all U.S. carriers in on-time performance for 18 consecutive years (2004-2021) as reported by the U.S. Department of Transportation.

The airline is committed to connecting people with aloha by offering complimentary meals for all guests on transpacific routes and the convenience of no change fees on Main Cabin and Premium Cabin seats. HawaiianMiles members also enjoy flexibility with miles that never expire. As Hawai'i's hometown airline, Hawaiian encourages guests to Travel Pono and experience the islands safely and respectfully.

Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA). Additional information is available at HawaiianAirlines.com. Follow Hawaiian's Twitter updates (@HawaiianAir), become a fan on Facebook (Hawaiian Airlines), and follow us on Instagram (hawaiianairlines). For career postings and updates, follow Hawaiian's LinkedIn page.

For media inquiries, please visit Hawaiian Airlines' online newsroom.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company's current views with respect to certain current and future events and financial performance. Such forward-looking statements include, without limitation, the Company's work to integrate and capture return on significant investments; expectations for service between Salt Lake City and Honolulu, Sacramento and Lihu`e and Kona, Honolulu and Austin, Boston, Las Vegas, Los Angeles and Pago Pago, and freighter service between New York's JFK and San Bernardino; statements regarding our multi-year distribution agreement with Sabre; the Company's outlook for the quarter ending June 30, 2024 and twelve-months ending December 31, 2024; statements regarding the Company's future performance; and statements as to other matters that do not relate strictly to historical facts or statements of assumptions underlying any of the foregoing. Words such as "expects," "anticipates," "projects," "intends," "plans," "believes," "estimates," variations of such words, and similar expressions are also intended to identify such forward-looking statements. These forward-looking statements are and will be subject to many risks, uncertainties and assumptions relating to the Company's operations and business environment, all of which may cause the Company's actual results to be materially different from any future results, expressed or implied, in these forward-looking statements.

The Company is subject to risks, uncertainties and assumptions that could cause the Company's results to differ materially from the results expressed or implied by such forward-looking statements, including the risks, uncertainties and assumptions discussed from time to time in the Company's public filings and public announcements, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. All forward-looking statements included in this document are based on information available to the Company on the date hereof. The Company does not undertake to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date hereof even if experience or future changes make it clear that any projected results expressed or implied herein will not be realized.

Table 1.

Hawaiian Holdings, Inc.

Consolidated Statements of Operations (unaudited)




Three Months Ended March 31,



2024


2023


% Change



(in thousands, except per share data)

Operating Revenue:







Passenger


$         583,448


$         548,526


6.4 %

Other


62,119


64,077


(3.1) %

Total


645,567


612,603


5.4 %

Operating Expenses:







Wages and benefits


261,935


241,933


8.3 %

Aircraft fuel, including taxes and delivery


188,778


197,625


(4.5) %

Maintenance, materials and repairs


70,971


50,287


41.1 %

Aircraft and passenger servicing


45,424


42,532


6.8 %

Depreciation and amortization


32,967


32,667


0.9 %

Aircraft rent


29,706


28,171


5.4 %

Commissions and other selling


28,443


28,238


0.7 %

Other rentals and landing fees


43,127


38,720


11.4 %

Purchased services


38,475


35,072


9.7 %

Special items


8,482



100.0 %

Other


45,905


34,785


32.0 %

Total


794,213


730,030


8.8 %

Operating Loss


(148,646)


(117,427)


26.6 %

Nonoperating Income (Expense):







Interest expense and amortization of debt discounts and issuance costs


(24,069)


(22,880)



Interest income


10,021


16,465



Capitalized interest


3,134


1,458



Losses on fuel derivatives


(582)


(5,065)



Other components of net periodic benefit cost


(927)


(1,494)



Gains on investments, net


470


697



Gains on foreign debt


8,519


2,260



Other, net


(770)


155



Total


(4,204)


(8,404)



Loss Before Income Taxes


(152,850)


(125,831)



Income tax benefit


(15,285)


(27,574)



Net Loss


$        (137,565)


$          (98,257)



Net Loss Per Share







Basic


$              (2.65)


$              (1.91)



Diluted


$              (2.65)


$              (1.91)



Weighted Average Number of Common Stock Shares Outstanding:







Basic


51,838


51,507



Diluted


51,838


51,507



 

Hawaiian Holdings, Inc.

Consolidated Balance Sheet




March 31, 2024

(unaudited)


December 31, 2023



(in thousands, except shares)

ASSETS





Current Assets:





Cash and cash equivalents


$                230,865


$               153,273

Restricted cash


17,250


17,250

Short-term investments


666,432


755,224

Accounts receivable, net


99,117


105,858

Income taxes receivable


642


669

Spare parts and supplies, net


65,444


60,115

Prepaid expenses and other


80,304


78,551

Total


1,160,054


1,170,940

Property and equipment, less accumulated depreciation and amortization of $1,160,495 and $1,150,529 as of March 31, 2024 and December 31, 2023, respectively


2,104,442


2,013,616

Other Assets:





Assets held-for-sale


1,091


1,135

Operating lease right-of-use assets


393,769


413,237

Long-term prepayments and other


118,057


121,097

Intangible assets, net


13,500


13,500

Total Assets


$             3,790,913


$            3,733,525

LIABILITIES AND SHAREHOLDERS' EQUITY





Current Liabilities:





Accounts payable


$                214,848


$               199,223

Air traffic liability and current frequent flyer deferred revenue


757,855


633,345

Other accrued liabilities


165,430


175,591

Current maturities of long-term debt, less discount


75,132


43,857

Current maturities of finance lease obligations


8,791


10,053

Current maturities of operating leases


79,281


83,332

Total


1,301,337


1,145,401

Long-Term Debt


1,612,235


1,537,152

Other Liabilities and Deferred Credits:





Noncurrent finance lease obligations


56,269


60,116

Noncurrent operating leases


283,836


303,119

Accumulated pension and other post-retirement benefit obligations


142,367


140,742

Other liabilities and deferred credits


78,499


77,154

Noncurrent frequent flyer deferred revenue


304,099


308,502

Deferred tax liability, net


52,492


65,914

Total


917,562


955,547

Commitments and Contingencies





Shareholders' Equity:





Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of March 31, 2024 and December 31, 2023



Common stock, $0.01 par value per share, 51,848.616 and 51,824,362 shares outstanding as of March 31, 2024 and December 31, 2023, respectively


518


518

Capital in excess of par value


294,599


293,797

Accumulated loss


(257,303)


(119,738)

Accumulated other comprehensive loss, net


(78,035)


(79,152)

Total


(40,221)


95,425

Total Liabilities and Shareholders' Equity


$             3,790,913


$            3,733,525

 

Hawaiian Holdings, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)




Three months ended March 31,



2024


2023



(in thousands)

Net cash provided by Operating Activities


$                        254


$                118,291

Cash flows from Investing Activities:





Additions to property and equipment, including pre-delivery payments


(127,018)


(106,215)

Proceeds from the disposition of aircraft and aircraft related equipment


105


9,563

Purchases of investments


(15,824)


(96,806)

Proceeds from sales and maturities of investments


109,485


144,069

Net cash used in investing activities


(33,252)


(49,389)

Cash flows from Financing Activities:





Long-term borrowings


131,400


Repayments of long-term debt and finance lease obligations


(18,760)


(24,953)

Debt issuance costs and discounts


(1,849)


Payment for taxes withheld for stock compensation


(201)


(1,066)

Net cash provided by (used in) financing activities


110,590


(26,019)

Net increase in cash and cash equivalents


77,592


42,883

Cash, cash equivalents, and restricted cash - Beginning of Period


170,523


246,620

Cash, cash equivalents, and restricted cash - End of Period


$                248,115


$                289,503

 

Table 2.

Hawaiian Holdings, Inc.

Selected Consolidated Statistical Data (unaudited)






Three months ended March 31,



2024


2023


% Change



(in thousands, except as otherwise indicated)

Scheduled Operations:







Revenue passengers flown


2,620


2,592


1.1 %

Revenue passenger miles (RPM)


4,072,473


3,844,061


5.9 %

Available seat miles (ASM)


5,049,598


4,914,619


2.7 %

Passenger revenue per RPM (Yield)


             14.33  ¢


             14.27  ¢


0.4 %

Passenger load factor (RPM/ASM)


80.6 %


78.2 %


       2.4   pts.

Passenger revenue per ASM (PRASM)


             11.55   ¢


             11.16   ¢


3.5 %

Total Operations:







Revenue passengers flown


2,621


2,593


1.1 %

Revenue passenger miles (RPM)


4,073,159


3,845,978


5.9 %

Available seat miles (ASM)


5,050,841


4,917,517


2.7 %

Operating revenue per ASM (RASM)


             12.78  ¢


             12.46  ¢


2.6 %

Operating cost per ASM (CASM)


             15.72  ¢


             14.85  ¢


5.9 %

CASM excluding aircraft fuel and non-recurring items (a)


             11.82   ¢


             11.04   ¢


7.1 %

Aircraft fuel expense per ASM (b)


               3.74  ¢


               4.02  ¢


(7.0) %

Revenue block hours operated


52,141


52,228


(0.2) %

Gallons of jet fuel consumed (c)


67,651


64,853


4.3 %

Average cost per gallon of jet fuel (actual) (b)


$2.79


$3.05


(8.5) %



(a)     

See Table 4 for a reconciliation of CASM excluding aircraft fuel and non-recurring items to its most directly comparable GAAP financial measure..

(b)   

Includes applicable taxes and fees.

(c)   

Excludes operations under the ATSA with Amazon.

 

Table 3.
Hawaiian Holdings, Inc.
Economic Fuel Expense (unaudited)

The Company believes that economic fuel expense is a good measure of the effect of fuel prices on its business as it most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period. The Company defines economic fuel expense as GAAP fuel expense plus losses/(gains) realized through actual cash (receipts)/payments received from or paid to hedge counterparties for fuel hedge derivative contracts settled during the period.



Three months ended March 31,



2024


2023


% Change



(in thousands, except per-gallon amounts)

Aircraft fuel expense, including taxes and delivery


$         188,778


$         197,625


(4.5) %

Realized losses on settlement of fuel derivative contracts


2,398


1,513


58.5 %

Economic fuel expense


$         191,176


$         199,138


(4.0) %

Fuel gallons consumed


67,651


64,853


4.3 %

Economic fuel price per gallon


$                2.83


$                3.07


(7.8) %




Estimated three months ending June 30, 2024


Estimated full year ending December 31, 2024



(in thousands, except per-gallon amounts)

Aircraft fuel expense, including taxes and delivery


$           192,675

-

$           198,314


$           772,335

-

$           794,830

Realized losses on settlement of fuel derivative contracts


1,456

-

1,456


6,431

-

6,431

Economic fuel expense


$           194,131

-

$           199,770


$           778,766

-

$           801,261

Fuel gallons consumed


68,032

-

70,024


275,377


283,398

Economic fuel price per gallon


$                  2.85

-

$                  2.85


$                  2.83

-

$                  2.83

 

Table 4.
Hawaiian Holdings, Inc.
Non-GAAP Financial Reconciliation (unaudited)

The Company evaluates its financial performance utilizing various GAAP and non-GAAP financial measures, including adjusted net loss, adjusted diluted EPS, adjusted pre-tax margin, adjusted EBITDA, and adjusted operating cost per ASM (CASM excluding fuel and non-recurring items). Pursuant to Regulation G, the Company has included the following reconciliation of reported non-GAAP financial measures to comparable financial measures reported on a GAAP basis. The adjustments are described below:

  • CBA related expense. In February 2023, pilots represented by the Air Line Pilots Association (ALPA) ratified a new four-year CBA, which included, amongst other things, a signing bonus, pay scale increases across all fleet types, improved health benefits and cost sharing, and enhancements to the Company's postretirement and disability plans. In connection with the ratification, the Company recorded a signing bonus and vacation liability true-up of $17.7 million which were recorded in wages and benefits during the quarter ended March 31, 2023.
  • Contract termination amortization. In December 2022, the Company entered into a Memorandum of Understanding (MOU) with one of its third-party service providers to early terminate its Amended and Restated Complete Fleet Services Agreement (Amended CFS) covering A330-200 aircraft. The Amended CFS was originally scheduled to run through December 2027, but was terminated in April 2023. During the three months ended March 31, 2023, the Company recognized approximately $18.1 million in amortization within Maintenance, materials and repairs in the Consolidated Statements of Operations.
  • Special items. During the three months ended March 31, 2024, the Company recorded $8.5 million in Special items as a result of expenses related to its merger with Alaska, primarily consisting of legal, advisory, and other fees.
  • Gain on sale of commercial real estate. In February 2023, the Company entered into an agreement for the sale of its commercial real estate and recognized a gain on sale of $10.2 million, which was recorded in Other operating expense in the Consolidated Statements of Operations.
  • Interest income on federal tax refund. In March 2023, the Company received $4.7 million in interest income in connection with a $66.8 million federal tax refund received related to fiscal year 2018. The interest income received was recorded in Interest income in the Consolidated Statements of Operations.
  • Changes in fair value of fuel derivative contracts. Changes in fair value of fuel derivative contracts, net of tax, are based on market prices for open contracts as of the end of the reporting period and include the unrealized amounts of fuel derivatives (not designated as hedges) that will settle in future periods and the reversal of prior period unrealized amounts.
  • Unrealized gain on foreign debt. Unrealized gain on foreign debt is based on fluctuation in exchange rates and the measurement of foreign-denominated debt to the Company's functional currency.
  • Unrealized gain on equity securities. Unrealized gain on equity securities is driven by changes in market prices and currency fluctuations, which is recorded in Other nonoperating expense in the Consolidated Statements of Operations.

The Company believes that adjusting for the impact of the changes in fair value of equity securities and fuel derivative contracts, fluctuations in exchange rates on debt instruments denominated in foreign currency, and non-recurring expenses and income/gains (including CBA-related, contract termination amortization, special items, interest income on federal tax refund, gain or loss on sale of aircraft, and gain on sale of commercial real estate), helps investors better analyze the Company's operational performance and compare its results to other airlines in the periods presented.



Three months ended March 31,



2024


2023



Total


Diluted Net Loss Per Share


Total


Diluted Net Loss Per Share



(in thousands, except per share data)

Net Loss, as reported


$        (137,565)


$              (2.65)


$          (98,257)


$              (1.91)

Adjusted for:









CBA related expense




17,727


0.35

Contract termination amortization




(18,114)


(0.35)

Special items


8,482


0.16



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


(1,816)


(0.04)


3,552


0.07

Unrealized gain on foreign debt


(8,555)


(0.17)


(2,488)


(0.05)

Unrealized gain on equity securities


(5,115)


(0.10)


(944)


(0.02)

Tax effect of adjustments


1,037


0.03


1,568


0.03

Adjusted net loss


$        (143,532)


$              (2.77)


$        (111,807)


$              (2.17)

 

Adjusted EBITDA

The Company believes that adjusting earnings for interest, taxes, depreciation and amortization, non-recurring operating expenses (such as changes in unrealized gains and losses on financial instruments) and one-time charges helps investors better analyze the Company's financial performance by allowing for company-to-company and period-over-period comparisons that are unaffected by company-specific or one-time occurrences.

The Company reclassified prior period EBITDA and Adjusted EBITDA to conform to the current period presentation.



Three months ended March 31,



2024


2023



(in thousands)

Net Loss


$              (137,565)


$                 (98,257)

Income tax benefit


(15,285)


(27,574)

Depreciation and amortization


32,967


32,667

Interest expense and amortization of debt discounts and issuance costs


24,069


22,880

Interest income


(10,021)


(16,465)

Capitalized interest


(3,134)


(1,458)

EBITDA, as reported


(108,969)


(88,207)

Adjusted for:





CBA related expense



17,727

Contract termination amortization



(18,114)

Special items


8,482


Gain on sale of commercial real estate



(10,179)

Interest income on tax refund



(4,672)

Changes in fair value of fuel derivative instruments


(1,816)


3,552

Unrealized gain on foreign debt


(8,555)


(2,488)

Unrealized gain on equity securities


(5,115)


(944)

Adjusted EBITDA


$              (115,973)


$              (103,325)

 

Operating Costs per Available Seat Mile (CASM)

The Company has separately listed in the table below its fuel costs per ASM and non-GAAP unit costs, excluding fuel and non-recurring items. These amounts are included in CASM, but for internal purposes the Company consistently uses cost metrics that exclude fuel and non-recurring items (if applicable) to measure and monitor its costs.



Three months ended March 31,



2024


2023



(in thousands, except CASM data)

GAAP Operating Expenses


$              794,213


$              730,030

Adjusted for:





CBA related expense



(17,727)

Contract termination amortization



18,114

Special items


(8,482)


Gain on sale of commercial real estate



10,179

Operating Expenses excluding non-recurring items


$              785,731


$              740,596

Aircraft fuel, including taxes and delivery


(188,778)


(197,625)

Operating Expenses excluding fuel and non-recurring items


$              596,953


$              542,971

Available Seat Miles


5,050,841


4,917,517

CASM - GAAP


                     15.72 ¢


                     14.85 ¢

Aircraft fuel, including taxes and delivery


(3.74)


(4.02)

CBA related expense



(0.36)

Contract termination amortization



0.37

Special items


(0.16)


Gain on sale of commercial real estate



0.20

CASM excluding fuel and non-recurring items


                     11.82 ¢


                     11.04 ¢

 



Estimated three months ending June 30, 2024


Estimated year ending December 31, 2024



(in thousands, except CASM data)

GAAP operating expenses


$              803,834

-

$              844,733


$           3,273,023

-

$           3,438,253

Aircraft fuel, including taxes and delivery


(192,675)

-

(198,314)


(772,335)

-

(794,830)

Less: non recurring items


(7,245)

-

(7,245)


(92,229)

-

(92,229)

Adjusted operating expenses


$              603,914

-

$              639,174


$           2,408,459

-

$           2,551,194

Available seat miles


5,189,938

-

5,340,371


21,113,699

-

21,719,834

CASM - GAAP


                     15.49 ¢

-

                     15.82 ¢


                     15.50 ¢

-

                     15.83 ¢

Aircraft fuel, including taxes and delivery


(3.71)

-

(3.71)


(3.66)

-

(3.66)

Non-recurring items


(0.14)

-

(0.14)


(0.44)

-

(0.42)

CASM excluding fuel and non-recurring items


                     11.64 ¢

-

                     11.97 ¢


                     11.40 ¢

-

                     11.75 ¢

Pre-tax margin

The Company excludes changes in fair value of equity securities and fuel derivative contracts, fluctuations and exchange rates on debt instruments denominated in foreign currency, and non-recurring items from pre-tax margin for the same reasons as described above.



Three months ended March 31,



2024


2023

Pre-Tax Margin, as reported


(23.7) %


(20.5) %

CBA ratification bonus



2.9

Contract termination amortization



(3.0)

Special items


1.3


Gain on sale of commercial real estate



(1.7)

Interest income on federal tax refund



(0.8)

Changes in fair value of fuel derivative contracts


(0.3)


0.6

Unrealized gain on foreign debt


(1.3)


(0.4)

Unrealized (gain) loss on equity securities


(0.8)


(0.1)

Adjusted Pre-Tax Margin


(24.8) %


(23.0) %

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/hawaiian-holdings-reports-2024-first-quarter-financial-results-302125147.html

SOURCE Hawaiian Holdings, Inc.

Copyright 2024 PR Newswire

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