Liquidity and Capital Resources
As of December 31, 2022 the Company had:
- Unrestricted cash, cash equivalents and short-term investments of $1.4 billion
- Outstanding debt and finance lease obligations of $1.7 billion
- Air traffic liability of $590.8 million
- Liquidity of $1.6 billion, including an undrawn revolving credit facility of $235 million
Revenue Environment
The strength of the leisure market was evident as Hawaiian saw robust demand in its U.S. Mainland to Hawaiʻi routes and international routes excluding Japan. Demand remained strong for premium products and there was positive momentum in sales of its Extra Comfort product and newer preferred seat option. The Company's overall operating revenue for the fourth quarter 2022 was up 3.2% compared to the fourth quarter 2019 on 6% lower capacity. The Company's overall operating revenue for 2022 was down 6.7% from 2019 on 9.3% lower capacity as the impacts of Omicron were experienced industry-wide in most of the first quarter.
Other revenue for fourth quarter 2022 was up 35.1% compared to the same period in 2019 and for the full year 2022 up 30.4% compared to 2019 driven by cargo revenue and sales of HawaiianMiles.
2022 Highlights
Routes and scheduled services
- Operated at 91% of its 2019 capacity, comprised of 115%, 79%, and 44% capacity on its North America, Neighbor Island, and International routes, respectively
- Resumed international flights, between Honolulu, Hawaiʻi and Auckland, New Zealand, and Honolulu, Hawaiʻi and Tokyo Haneda Airport
- Signed agreement with Amazon to operate and maintain an initial fleet of 10 Airbus A330-300 freighters to move cargo between airports near Amazon's distribution facilities starting in the fall of 2023
- Announced a new nonstop flight between Honolulu and Rarotonga, Cook Islands, which will launch in May 2023, providing travellers from Hawaiian's 15 U.S. Mainland gateway cities convenient one-stop connection to the Cook Islands