Consolidated | Three Months Ended | Percent Change | |||||||||||||||
(unaudited) (in millions, except per share amounts) | 2021 | 2020 | 2019 | YoY | Yo2Y | ||||||||||||
Total operating revenue | $ | 279.1 | $ | 409.2 | $ | 451.6 | (31.8) | (38.2) | |||||||||
Total operating expense | 254.5 | 527.0 | 360.5 | (51.7) | (29.4) | ||||||||||||
Operating income (loss) | 24.6 | (117.8) | 91.1 | 120.9 | (73.0) | ||||||||||||
Income (loss) before income taxes | 8.7 | (130.7) | 73.9 | 106.6 | (88.3) | ||||||||||||
Net income (loss) | 6.9 | (33.0) | 57.1 | 120.8 | (88.0) | ||||||||||||
Diluted earnings (loss) per share | $ | 0.42 | $ | (2.08) | $ | 3.52 | 120.2 | (88.1) | |||||||||
Consolidated - adjusted | Three Months Ended | Percent Change | |||||||||||||||
(unaudited) (in millions, except per share amounts) | 2021 | 2020 | 2019 | YoY | Yo2Y | ||||||||||||
Adjusted operating income (loss) (1) (2) | $ | (59.0) | $ | 55.1 | $ | 91.1 | (207.1) | (164.8) | |||||||||
Adjusted operating expense (1) (2) | 338.1 | 360.9 | 360.5 | (6.3) | (6.2) | ||||||||||||
Adjusted income (loss) before income taxes (1) (2) | (74.9) | 42.2 | 73.9 | (277.5) | (201.4) | ||||||||||||
Adjusted net income (loss) (1) (2) | (57.9) | 32.5 | 57.1 | (278.2) | (201.4) | ||||||||||||
Adjusted diluted earnings (loss) per share (1) (2) | $ | (3.58) | $ | 2.05 | $ | 3.52 | (274.6) | (201.7) | |||||||||
(1) Adjusted excludes COVID related special charges and the net benefit from the Payroll Support Program Extension Agreement (the "PSP2") | |||||||||||||||||
(2) Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information |
First Quarter 2021 Results
- GAAP earnings per share of $0.42
- Adjusted loss per share(1) (2) of
$3.58 , adjusted numbers exclude the impact from PSP2 and$1.7 million of COVID related special charges - Consolidated EBITDA(2) of
$68.2 million yielding an EBITDA margin of 24.4 percent - Adjusted EBITDA(1) (2) of
$(15.4) million - Restored capacity to pre-pandemic levels with scheduled service capacity up 3.1 percent versus first quarter of 2019
- Total revenue for the quarter was
$279.1 million , up 13.2 percent from the fourth quarter - Includes fixed fee revenue of
$7.7 million , the strongest quarter since the onset of the pandemic - Total average fare was
$116.35 , down 8.9 percent as compared to 2019, with third party product average fare of$5.86 , up 17.0 percent year over two-year - Adjusted operating expense(1) (2) of
$338.1 million , down 6.3 percent from first quarter 2019 on total system capacity increase of 2.7 percent - Adjusted Operating CASM, excluding fuel(1)(2) of
6.36 cents , down 4.6 percent from first quarter of 2019 - Announced the addition of a new base in
Austin ,Texas , beginning base operations inNovember 2021 , which is expected to create 89 high-wage jobs and house three A320 aircraft - Expanded the network by adding 50 new routes, three new cities, and nine event-specific routes, bringing total routes served to 580 and 129 cities
- Included on Forbes' list of America's Best Employers for Diversity in 2021
- Partnered with
The Smith Center for the Performing Arts as a sponsor of the annual Heart of Education Awards honoring outstanding teachers inSouthern Nevada by awarding travel vouchers to more than 700 teachers
(1) Adjusted excludes COVID related special charges and the net benefit from the Payroll Support Program Extension Agreement (the "PSP2")
(2) Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information
Balance Sheet, Cash and Liquidity
- Total cash and investments at
March 31, 2021 were$728 million , up from$685 million atDecember 31, 2020 - Cash from operations of
$168 million including the benefit from the payroll support program - Adjusted cash from operations of
$68.2 million , which excludes the$91.8 million benefit from the PSP2 as well as excludes$8 million related to restricted cash balances - Received
$105 million in debt proceeds - Net proceeds received of
$50.2 million due to refinance of three A320 aircraft - Debt principal payments of
$152 million during the quarter - Includes repayment of existing debt on three aircraft as well as repayment of existing revolver as the facility matured during the first quarter
- Entered into a new secured revolving credit facility with a
$50 million commitment, which is currently undrawn $69 million used for cash capital expenditures during the first quarter with$13 million related to 2020 accrued capital expenditures- First quarter interest expense of
$16.8 million , down 7.5 percent from first quarter in the prior year - Increased full year interest expense guide driven primarily by A320 refinance arrangement and an increase in LIBOR
- Second quarter sources of liquidity expected to be received are
$260.9 million $112.2 million from theU.S. Treasury of which$13.8 million is related to the PSP2 and$98.4 million is related to Payroll Support Program 3 Agreement (the "PSP3")- Additional PSP2 funds triggered a
$1.7 million loan and issuance of 924 warrants at a strike price of$179.23 $148.7 million in tax refunds related to net operating losses- Air traffic liability at
March 31, 2021 was$403 million , compared to$308 million atDecember 31, 2020 - Balance related to future scheduled flights is
$224 million , up from$86 million onDecember 31, 2020 - Balance related to travel vouchers issued for future use is
$179 million , a 19 percent reduction fromDecember 31, 2020
Capital Expenditures
- First quarter capital expenditures related to aircraft, engines and induction costs were
$56 million , which included$50 million for the acquisition of three aircraft and induction costs, and$6 million in other airline capital expenditures - First quarter capital expenditures related to deferred heavy maintenance were
$8.5 million
Follow this site here.