Hawaiian Holdings Reports 2023 First Quarter Financial Results

HONOLULU , April 25, 2023 /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 2023.

"A big mahalo to our team who continue to make us a stronger, better airline. The demand for leisure travel remains strong in the domestic markets we serve, and we see similar conditions in most of our international markets," said Hawaiian Airlines President and CEO Peter Ingram . "In recent days, our team completed a significant technology initiative, one of many projects underway in 2023 that position us for a bright future. We look forward to sustaining momentum on these initiatives and returning Hawaiian to profitability."

First Quarter 2023- Key Financial Metrics and Results

   

GAAP

 

YoY Change

 

Adjusted (a)

 

YoY Change

Net Loss

 

($98.3M)

 

+$35.0M

 

($111.8M)

 

+$18.5M

Diluted EPS

 

($1.91)

 

+$0.69

 

($2.17)

 

+$0.37

Pre-tax Margin

 

(20.5) %

 

+14.3 pts.

 

(23.0) %

 

+11.4 pts.

EBITDA

 

($70.3M)

 

+$37.2M

 

($85.4M)

 

+$20.1M

Operating Cost per ASM

 

14.85¢

 

0.19¢

 

11.04¢

 

(0.03)¢

Operating Revenue per ASM

 

12.46¢

 

1.27¢

 

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.

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

Liquidity and Capital Resources

As of March 31, 2023, the Company had:

Revenue Environment

Hawaiian benefited from continued robust leisure demand from North America to Hawaiʻi and the restoration of its international network excluding Japan . International traffic was buoyed by strong U.S. point of sale activity. Demand remained strong for premium products both domestically and internationally. The Company's overall operating revenue for the first quarter 2023 was up 28.4% from the first quarter 2022 on 15.4% higher capacity as Hawaiian recovered from the effects of the Omicron variant of COVID-19, which impacted results in the first quarter 2022.

Other revenue was down 12.4% compared to the first quarter of 2022 driven by a decrease in cargo revenue.

Operational Environment

Several challenges continued to negatively affect the environment in which the Company operates.  Constraints on the availability of A321 aircraft due to Pratt & Whitney engine delays, ongoing runway construction at Daniel K. Inouye International Airport in Honolulu ("HNL"), and delays related to air traffic control protocols disrupted Hawaiian's on-time performance, impaired its scheduling, and adversely affected its financial results.

Limitations on Hawaiian's A321 fleet availability necessitated the substitution of A330 aircraft, which are less fuel efficient, on some A321 routes.  Fuel consumption for the first quarter 2023 was up 21.4% as compared to the first quarter of 2022 due to higher capacity and inefficiencies resulting from these challenges.

First Quarter 2023 Highlights

Technology Advancement

Routes and Network

Guest Experience

People

Environmental, Social and Corporate Governance

Second Quarter 2023 Outlook

The table below summarizes the Company's expectations for the quarter ending June 30, 2023 expressed as an expected percentage change compared to the results for the quarter ended June 30, 2022 .

Item

 

Second Quarter 2023 Guidance

 

GAAP Equivalent

 

GAAP Second Quarter 2023 Guidance

Available Seat Miles (ASMs)

 

Up 10.5% to up 13.5%

       

Operating Revenue per ASM (RASM)

 

Down 8.5% to down 11.5%

       

CASM excluding fuel and non-recurring items (a)

 

Flat to up 3%

 

Costs per ASM

 

Down 8.2% to down 10.2%

Gallons of Jet Fuel Consumed

 

Up 16.5% to up 19.5%

       

Economic Fuel Price per Gallon (a)(b)

 

$2.62

 

Average fuel price per gallon, including taxes and delivery

   

Effective Tax Rate

 

21.0 %

       

Full Year 2023 Outlook

The table below summarizes the Company's updated expectations for the full year ending December 31, 2023 expressed as an expected percentage change compared to the results for the year ended December 31, 2022 .

Item

 

Prior Full Year 2023 Guidance

 

Full Year 2023 Guidance

 

Gallons of Jet Fuel Consumed

 

Up 10.5% to up 13.5%

 

Up 12.5% to up 15.5%

 

Economic Fuel Price per Gallon (a)(b)

 

$2.92

 

$2.70

 
 

(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) Fuel Price per Gallon estimates are based on the April 11, 2023 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 25, 2023, 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 94th 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 , 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. In 2022, the carrier topped Travel + Leisure's 2022 World's Best list as the No. 1 U.S. airline and was named Hawaiʻi's best employer by Forbes. Hawaiian ® 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 timing and expectations related to network and route recovery; future domestic and international demand for air travel; the outcomes of the Company's university partnerships; the Company's environmental commitments; expectations relating to aircraft deliveries; expectations relating to SAF deliveries; expectations related to the market for SAF and its impact on jet fuel consumption; the Company's outlook for the quarter ending June 30, 2023 and twelve-months ending December 31, 2023 ; 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,

   

2023

 

2022

 

% Change

   

(in thousands, except per share data)

Operating Revenue:

           

Passenger

 

$              548,526

 

$              404,029

 

35.8 %

Other

 

64,077

 

73,185

 

(12.4) %

Total

 

612,603

 

477,214

 

28.4 %

Operating Expenses:

           

Wages and benefits

 

241,933

 

203,099

 

19.1 %

Aircraft fuel, including taxes and delivery

 

197,625

 

150,982

 

30.9 %

Maintenance, materials and repairs

 

50,287

 

55,650

 

(9.6) %

Aircraft and passenger servicing

 

42,532

 

33,815

 

25.8 %

Depreciation and amortization

 

32,667

 

33,755

 

(3.2) %

Commissions and other selling

 

28,238

 

20,647

 

36.8 %

Aircraft rent

 

28,171

 

26,276

 

7.2 %

Other rentals and landing fees

 

38,720

 

34,611

 

11.9 %

Purchased services

 

35,072

 

30,687

 

14.3 %

Other

 

34,785

 

35,497

 

(2.0) %

Total

 

730,030

 

625,019

 

16.8 %

Operating Loss

 

(117,427)

 

(147,805)

 

(20.6) %

Nonoperating Income (Expense):

           

Interest expense and amortization of debt discounts and issuance costs

 

(22,880)

 

(25,037)

   

Interest income

 

16,465

 

4,434

   

Capitalized interest

 

1,458

 

1,052

   

Losses on fuel derivatives

 

(5,065)

 

   

Other components of net periodic benefit cost

 

(1,494)

 

1,286

   

Gains (losses) on investments, net

 

697

 

(12,364)

   

Gains on foreign debt

 

2,260

 

11,762

   

Other, net

 

155

 

374

   

Total

 

(8,404)

 

(18,493)

   

Loss Before Income Taxes

 

(125,831)

 

(166,298)

   

Income tax benefit

 

(27,574)

 

(33,020)

   

Net Loss

 

$              (98,257)

 

$            (133,278)

   

Net Loss Per Share

           

Basic

 

$                   (1.91)

 

$                   (2.60)

   

Diluted

 

$                   (1.91)

 

$                   (2.60)

   

Weighted Average Number of Common Stock Shares Outstanding:

           

Basic

 

51,507

 

51,288

   

Diluted

 

51,507

 

51,288

   

 

Hawaiian Holdings, Inc.

Consolidated Balance Sheet (unaudited)

 
   

March 31, 2023

(unaudited)

 

December 31, 2022

   

(in thousands, except shares)

ASSETS

       

Current Assets:

       

Cash and cash equivalents

 

$                271,855

 

$               229,122

Restricted cash

 

17,648

 

17,498

Short-term investments

 

1,111,082

 

1,147,193

Accounts receivable, net

 

99,880

 

113,862

Income taxes receivable

 

3,382

 

70,204

Spare parts and supplies, net

 

38,905

 

36,875

Prepaid expenses and other

 

83,021

 

63,553

Total

 

1,625,773

 

1,678,307

Property and equipment, less accumulated depreciation and amortization of $1,167,795 and $1,135,262 as of March 31, 2023 and December 31, 2022, respectively

 

1,937,797

 

1,874,352

Other Assets:

       

Assets held-for-sale

 

5,024

 

14,019

Operating lease right-of-use assets

 

439,228

 

459,128

Long-term prepayments and other

 

106,136

 

100,317

Intangible assets, net

 

13,500

 

13,500

Total Assets

 

$             4,127,458

 

$            4,139,623

LIABILITIES AND SHAREHOLDERS' EQUITY

       

Current Liabilities:

       

Accounts payable

 

$                202,864

 

$               196,009

Air traffic liability and current frequent flyer deferred revenue

 

746,467

 

590,796

Other accrued liabilities

 

186,911

 

182,036

Current maturities of long-term debt, less discount

 

46,176

 

47,836

Current maturities of finance lease obligations

 

24,819

 

25,789

Current maturities of operating leases

 

78,620

 

77,858

Total

 

1,285,857

 

1,120,324

Long-Term Debt

 

1,566,382

 

1,583,889

Other Liabilities and Deferred Credits:

       

Noncurrent finance lease obligations

 

69,895

 

75,221

Noncurrent operating leases

 

328,370

 

347,726

Accumulated pension and other post-retirement benefit obligations

 

141,508

 

135,775

Other liabilities and deferred credits

 

74,588

 

94,654

Noncurrent frequent flyer deferred revenue

 

325,407

 

318,369

Deferred tax liability, net

 

102,131

 

130,400

Total

 

1,041,899

 

1,102,145

Commitments and Contingencies

       

Shareholders' Equity:

       

Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of March 31, 2023 and December 31, 2022

 

 

Common stock, $0.01 par value per share, 51,546,972 and 51,450,904 shares outstanding as of March 31, 2023 and December 31, 2022, respectively

 

515

 

514

Capital in excess of par value

 

287,524

 

287,161

Accumulated income

 

42,499

 

140,756

Accumulated other comprehensive loss, net

 

(97,218)

 

(95,166)

Total

 

233,320

 

333,265

Total Liabilities and Shareholders' Equity

 

$             4,127,458

 

$            4,139,623

 

Hawaiian Holdings, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

 
   

Three months ended March 31,

   

2023

 

2022

   

(in thousands)

Net cash provided by Operating Activities

 

$                118,291

 

$                  22,154

Cash flows from Investing Activities:

       

Additions to property and equipment, including pre-delivery payments

 

(106,215)

 

(9,066)

Proceeds from the disposition of aircraft and aircraft related equipment

 

9,563

 

1,124

Purchases of investments

 

(96,806)

 

(263,161)

Proceeds from sales and maturities of investments

 

144,069

 

307,780

Net cash provided by (used in) investing activities

 

(49,389)

 

36,677

Cash flows from Financing Activities:

       

Repayments of long-term debt and finance lease obligations

 

(24,953)

 

(66,704)

Payment for taxes withheld for stock compensation

 

(1,066)

 

(1,490)

Net cash used in financing activities

 

(26,019)

 

(68,194)

Net increase (decrease) in cash and cash equivalents

 

42,883

 

(9,363)

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

 

246,620

 

507,828

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

 

$                289,503

 

$                498,465

 

Table 2.

Hawaiian Holdings, Inc.

Selected Consolidated Statistical Data (unaudited)

 
   

Three months ended March 31,

   

2023

 

2022

 

% Change

   

(in thousands, except as otherwise indicated)

Scheduled Operations:

           

Revenue passengers flown

 

2,592

 

2,030

 

27.7 %

Revenue passenger miles (RPM)

 

3,844,061

 

2,974,352

 

29.2 %

Available seat miles (ASM)

 

4,914,619

 

4,242,483

 

15.8 %

Passenger revenue per RPM (Yield)

 

14.27  ¢

 

13.58  ¢

 

5.1 %

Passenger load factor (RPM/ASM)

 

78.2 %

 

70.1 %

 

8.1   pts.

Passenger revenue per ASM (PRASM)

 

11.16   ¢

 

9.52  ¢

 

17.2 %

Total Operations:

           

Revenue passengers flown

 

2,593

 

2,036

 

27.4 %

Revenue passenger miles (RPM)

 

3,845,978

 

2,987,565

 

28.7 %

Available seat miles (ASM)

 

4,917,517

 

4,263,048

 

15.4 %

Operating revenue per ASM (RASM)

 

12.46  ¢

 

11.19   ¢

 

11.3 %

Operating cost per ASM (CASM)

 

14.85  ¢

 

14.66  ¢

 

1.3 %

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

 

11.04   ¢

 

11.07   ¢

 

(0.3) %

Aircraft fuel expense per ASM (b)

 

4.02  ¢

 

3.54  ¢

 

13.6 %

Revenue block hours operated

 

52,228

 

44,883

 

16.4 %

Gallons of jet fuel consumed

 

64,853

 

53,417

 

21.4 %

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

 

$3.05

 

$2.83

 

7.8 %

   

(a)

See Table 4 for a reconciliation of GAAP operating expenses to operating expenses excluding aircraft fuel and non-recurring items.

(b)

Includes applicable taxes and fees.

 

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,

   

2023

 

2022

 

% Change

   

(in thousands, except per-gallon amounts)

Aircraft fuel expense, including taxes and delivery

 

$         197,625

 

$         150,982

 

30.9 %

Realized losses on settlement of fuel derivative contracts

 

1,513

 

 

100.0 %

Economic fuel expense

 

$         199,138

 

$         150,982

 

31.9 %

Fuel gallons consumed

 

64,853

 

53,417

 

21.4 %

Economic fuel costs per gallon

 

$                3.07

 

$                2.83

 

8.5 %

 

   

Estimated three months ending June
30, 2023

 

Estimated full year ending December
31, 2023

   

(in thousands, except per-gallon amounts)

Aircraft fuel expense, including taxes and delivery

 

$           173,176

-

$           177,635

 

$           717,814

-

$           736,956

Realized losses on settlement of fuel derivative contracts

 

2,577

-

2,577

 

10,035

-

10,035

Economic fuel expense

 

175,753

-

180,212

 

727,849

-

746,991

Fuel gallons consumed

 

66,980

-

68,705

 

269,135

-

276,311

Economic fuel costs per gallon

 

2.62

-

2.62

 

2.70

-

2.70

 

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 income (loss), adjusted operating expenses, adjusted diluted net income (loss) per share (EPS), CASM, PRASM, RASM, Passenger Revenue per RPM, and Adjusted EBITDA.  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:

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, interest income on tax refund, 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,

   

2023

 

2022

   

Total

 

Diluted Net Loss
Per Share

 

Total

 

Diluted Net Loss
Per Share

   

(in thousands, except per share data)

Net Loss, as reported

 

$             (98,257)

 

$                   (1.91)

 

$            (133,278)

 

$                   (2.60)

Adjusted for:

               

CBA related expense

 

17,727

 

0.35

 

2,104

 

0.04

Contract termination amortization

 

(18,114)

 

(0.35)

 

 

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

 

3,552

 

0.07

 

 

Unrealized gain on foreign debt

 

(2,488)

 

(0.05)

 

(11,582)

 

(0.23)

Unrealized (gain) loss on equity securities

 

(944)

 

(0.02)

 

11,474

 

0.23

Tax effect of adjustments

 

1,568

 

0.03

 

985

 

0.02

Adjusted net loss

 

$           (111,807)

 

$                   (2.17)

 

$            (130,297)

 

$                   (2.54)

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.

   

Three months ended March 31,

   

2023

 

2022

   

(in thousands)

Net Loss

 

$                 (98,257)

 

$              (133,278)

Income tax benefit

 

(27,574)

 

(33,020)

Depreciation and amortization

 

32,667

 

33,755

Interest expense and amortization of debt discounts and issuance costs

 

22,880

 

25,037

EBITDA, as reported

 

(70,284)

 

(107,506)

Adjusted for:

       

CBA related expense

 

17,727

 

2,104

Contract termination amortization

 

(18,114)

 

Gain on sale of commercial real estate

 

(10,179)

 

Interest income on tax refund

 

(4,672)

 

Changes in fair value of fuel derivative instruments

 

3,552

 

Unrealized gain on foreign debt

 

(2,488)

 

(11,582)

Unrealized (gain) loss on equity securities

 

(944)

 

11,474

Adjusted EBITDA

 

$                 (85,402)

 

$              (105,510)

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,

   

2023

 

2022

   

(in thousands, except CASM data)

GAAP Operating Expenses

 

$              730,030

 

$              625,019

Adjusted for:

       

CBA related expense

 

(17,727)

 

(2,104)

Contract termination amortization

 

18,114

 

Gain on sale of commercial real estate

 

10,179

 

Operating Expenses excluding non-recurring items

 

$              740,596

 

$              622,915

Aircraft fuel, including taxes and delivery

 

(197,625)

 

(150,982)

Operating Expenses excluding fuel and non-recurring items

 

$              542,971

 

$              471,933

Available Seat Miles

 

4,917,517

 

4,263,048

CASM - GAAP

 

14.85 ¢

 

14.66 ¢

Aircraft fuel, including taxes and delivery

 

(4.02)

 

(3.54)

CBA related expense

 

(0.36)

 

(0.05)

Contract termination amortization

 

0.37

 

Gain on sale of commercial real estate

 

0.20

 

CASM excluding fuel and non-recurring items

 

11.04 ¢

 

11.07 ¢

 

   

Estimated three months ending June 30,
2023

   

(in thousands, except CASM data)

GAAP operating expenses

 

$              712,145

-

$              748,116

Aircraft fuel, including taxes and delivery

 

(175,488)

-

(180,007)

Less: non recurring items

 

5,972

-

5,972

Adjusted operating expenses

 

$              542,629

-

$              574,081

Available seat miles

 

4,990,507

-

5,125,996

CASM - GAAP

 

14.27 ¢

-

14.59 ¢

Aircraft fuel, including taxes and delivery

 

(3.52)

-

(3.51)

Less: non recurring items

 

0.12

-

0.12

CASM excluding fuel and non-recurring items

 

10.87 ¢

-

11.20 ¢

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,

   

2023

 

2022

Pre-Tax Margin, as reported

 

(20.5) %

 

(34.8) %

CBA ratification bonus

 

2.9

 

0.4

Contract termination amortization

 

(3.0)

 

Gain on sale of commercial real estate

 

(1.7)

 

Interest income on tax refund

 

(0.8)

 

Changes in fair value of fuel derivative contracts

 

0.6

 

Unrealized gain on foreign debt

 

(0.4)

 

(2.4)

Unrealized (gain) loss on equity securities

 

(0.1)

 

2.4

Adjusted Pre-Tax Margin

 

(23.0) %

 

(34.4) %

 

 

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/hawaiian-holdings-reports-2023-first-quarter-financial-results-301807404.html

SOURCE Hawaiian Holdings, Inc.