Hawaiian Holdings Reports 2024 First Quarter Financial Results

HONOLULU — 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.

"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

Liquidity and Capital Resources

As of March 31, 2024, the Company had:

Routes and Network

Guest Experience

Workforce Development

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:

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.