Three Months Ended December 31, | ||||||||||
2021 | 2020 | |||||||||
(in millions, except per share amounts) | Dollars | Diluted EPS | Dollars | EPS | ||||||
Reported GAAP net income (loss) and diluted EPS | $ | 18 | $ | 0.14 | $ | (447) | $ | (3.60) | ||
Payroll support program wage offset | - | - | (22) | (0.18) | ||||||
Mark-to-market fuel hedge adjustments | 21 | 0.16 | (8) | (0.06) | ||||||
Special items - impairment charges and other | (6) | (0.05) | 277 | 2.23 | ||||||
Special items - restructuring charges | 2 | 0.02 | (102) | (0.82) | ||||||
Special items - merger-related costs | - | - | 1 | 0.01 | ||||||
Special items - net non-operating | - | - | 26 | 0.21 | ||||||
Income tax effect on special items and fuel hedge adjustments | (4) | (0.03) | (41) | (0.33) | ||||||
Non-GAAP adjusted net income (loss) and diluted EPS | $ | 31 | $ | 0.24 | $ | (316) | $ | (2.54) |
Twelve Months Ended December 31, | |||||||||
2021 | 2020 | ||||||||
(in millions, except per share amounts) | Dollars | Diluted EPS | Dollars | EPS | |||||
Reported GAAP net income (loss) and diluted EPS | $ | 478 | $ | 3.77 | $ | (1,324) | $ | (10.72) | |
Payroll support program wage offset | (914) | (7.21) | (782) | (6.33) | |||||
Mark-to-market fuel hedge adjustments | (47) | (0.37) | (8) | (0.06) | |||||
Special items - impairment charges and other | (1) | (0.01) | 627 | 5.08 | |||||
Special items - restructuring charges | (10) | (0.08) | 220 | 1.78 | |||||
Special items - merger-related costs | - | - | 6 | 0.05 | |||||
Special items - net non-operating | - | - | 26 | 0.21 | |||||
Income tax effect on special items and fuel hedge adjustments | 238 | 1.87 | (21) | (0.18) | |||||
Non-GAAP adjusted net loss and diluted EPS | $ | (256) | $ | (2.03) | $ | (1,256) | $ | (10.17) |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||||
Alaska Air Group, Inc. | ||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||
(in millions, except per share amounts) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||
Operating Revenues: | ||||||||||||
Passenger revenues | $ | 1,715 | $ | 657 | 161 | % | $ | 5,499 | $ | 3,019 | 82 | % |
Mileage Plan other revenues | 129 | 108 | 19 | % | 461 | 374 | 23 | % | ||||
Cargo and other | 55 | 43 | 28 | % | 216 | 173 | 25 | % | ||||
Total Operating Revenues | 1,899 | 808 | 135 | % | 6,176 | 3,566 | 73 | % | ||||
Operating Expenses: | ||||||||||||
Wages and benefits | 637 | 474 | 34 | % | 2,218 | 2,053 | 8 | % | ||||
Variable incentive pay | 42 | 65 | (35) | % | 151 | 130 | 16 | % | ||||
Payroll support program wage offset | - | (22) | NM | (914) | (782) | 17 | % | |||||
Aircraft fuel, including hedging gains and losses | 426 | 155 | 175 | % | 1,279 | 723 | 77 | % | ||||
Aircraft maintenance | 92 | 77 | 19 | % | 364 | 321 | 13 | % | ||||
Aircraft rent | 66 | 70 | (6) | % | 254 | 299 | (15) | % | ||||
Landing fees and other rentals | 141 | 94 | 50 | % | 555 | 417 | 33 | % | ||||
Contracted services | 68 | 43 | 58 | % | 235 | 181 | 30 | % | ||||
Selling expenses | 50 | 18 | 178 | % | 173 | 101 | 71 | % | ||||
Depreciation and amortization | 100 | 100 | - | % | 394 | 420 | (6) | % | ||||
Food and beverage service | 42 | 20 | 110 | % | 139 | 90 | 54 | % | ||||
Third-party regional carrier expense | 41 | 36 | 14 | % | 147 | 128 | 15 | % | ||||
Other | 159 | 97 | 64 | % | 507 | 407 | 25 | % | ||||
Special items - impairment charges and other | (6) | 277 | NM | (1) | 627 | NM | ||||||
Special items - restructuring charges | 2 | (102) | NM | (10) | 220 | NM | ||||||
Special items - merger-related costs | - | 1 | NM | - | 6 | NM | ||||||
Total Operating Expenses | 1,860 | 1,403 | 33 | % | 5,491 | 5,341 | 3 | % | ||||
Operating Income (Loss) | 39 | (595) | NM | 685 | (1,775) | NM | ||||||
Non-operating Income (Expense): | ||||||||||||
Interest income | 6 | 8 | (25) | % | 25 | 31 | (19) | % | ||||
Interest expense | (27) | (34) | (21) | % | (128) | (98) | 31 | % | ||||
Interest capitalized | 2 | 3 | (33) | % | 11 | 11 | - | % | ||||
Other - net | 9 | 1 | NM | 36 | 17 | NM | ||||||
Special charges - net non-operating | - | (26) | NM | - | (26) | NM | ||||||
Total Non-operating Expense | (10) | (48) | (79) | % | (56) | (65) | (14) | % | ||||
Income (Loss) Before Income Tax | 29 | (643) | 629 | (1,840) | ||||||||
Income tax (benefit) expense | 11 | (196) | 151 | (516) | ||||||||
Net Income (Loss) | $ | 18 | $ | (447) | $ | 478 | $ | (1,324) | ||||
Basic Earnings (Loss) Per Share | $ | 0.14 | $ | (3.60) | $ | 3.82 | $ | (10.72) | ||||
Diluted Earnings (Loss) Per Share | $ | 0.14 | $ | (3.60) | $ | 3.77 | $ | (10.72) | ||||
Shares used for computation: | ||||||||||||
Basic | 125.708 | 124.013 | 125.063 | 123.450 | ||||||||
Diluted | 127.284 | 124.013 | 126.775 | 123.450 | ||||||||
Cash dividend declared per share | $ | - | $ | - | $ | - | $ | 0.375 |
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||
Alaska Air Group, Inc. | ||||
As of December 31 (in millions)
| 2021 | 2020 | ||
ASSETS | ||||
Current Assets | ||||
Cash and cash equivalents | $ | 470 | $ | 1,370 |
Marketable securities | 2,646 | 1,976 | ||
Total cash and marketable securities | 3,116 | 3,346 | ||
Receivables - net | 546 | 480 | ||
Inventories and supplies - net | 62 | 57 | ||
Prepaid expenses, assets held-for-sale, and other current assets | 196 | 123 | ||
Total Current Assets | 3,920 | 4,006 | ||
Property and Equipment | ||||
Aircraft and other flight equipment | 8,127 | 7,761 | ||
Other property and equipment | 1,489 | 1,398 | ||
Deposits for future flight equipment | 384 | 583 | ||
10,000 | 9,742 | |||
Less accumulated depreciation and amortization | 3,862 | 3,531 | ||
Total Property and Equipment - Net | 6,138 | 6,211 | ||
Operating lease assets | 1,453 | 1,400 | ||
Goodwill and intangible assets | 2,044 | 2,050 | ||
Other noncurrent assets | 396 | 379 | ||
Other Assets | 3,893 | 3,829 | ||
Total Assets | $ | 13,951 | $ | 14,046 |
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||
Alaska Air Group, Inc. | ||||
As of December 31 (in millions)
| 2021 | 2020 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | ||||
Accounts payable | $ | 200 | $ | 108 |
Accrued wages, vacation and payroll taxes | 457 | 527 | ||
Air traffic liability | 1,163 | 1,073 | ||
Other accrued liabilities | 625 | 424 | ||
Deferred revenue | 912 | 733 | ||
Current portion of operating lease liabilities | 268 | 290 | ||
Current portion of long-term debt | 366 | 1,138 | ||
Total Current Liabilities | 3,991 | 4,293 | ||
Long-Term Debt, Net of Current Portion | 2,173 | 2,357 | ||
Noncurrent Liabilities | ||||
Long-term operating lease liabilities, net of current portion | 1,279 | 1,268 | ||
Deferred income taxes | 578 | 407 | ||
Deferred revenue | 1,446 | 1,544 | ||
Obligation for pension and postretirement medical benefits | 305 | 665 | ||
Other liabilities | 378 | 524 | ||
Total Noncurrent Liabilities | 3,986 | 4,408 | ||
Commitments and Contingencies | ||||
Shareholders' Equity | ||||
Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding | - | - | ||
Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2021 - 135,255,808 shares; 2020 - 133,567,534 shares, Outstanding: 2021 - 125,905,864 shares; 2020 - 124,217,590 shares | 1 | 1 | ||
Capital in excess of par value | 494 | 391 | ||
Treasury stock (common), at cost: 2021 - 9,349,944 shares; 2020 - 9,349,944 shares | (674) | (674) | ||
Accumulated other comprehensive loss | (262) | (494) | ||
Retained earnings | 4,242 | 3,764 | ||
3,801 | 2,988 | |||
Total Liabilities and Shareholders' Equity | $ | 13,951 | $ | 14,046 |
SUMMARY CASH FLOW (unaudited) | ||||||
Alaska Air Group, Inc. | ||||||
(in millions) | Year Ended December 31, 2021 |
Nine Months Ended September 30, 2021(a)
|
Three Months Ended
December 31, 2021(b)
| |||
Cash Flows from Operating Activities: | ||||||
Net income | $ | 478 | $ | 460 | $ | 18 |
Non-cash reconciling items | 434 | 322 | 112 | |||
Changes in working capital | 118 | 119 | (1) | |||
Net cash provided by operating activities | 1,030 | 901 | 129 | |||
Cash Flows from Investing Activities: | ||||||
Property and equipment additions | (292) | (190) | (102) | |||
Other investing activities | (716) | (753) | 37 | |||
Net cash used in investing activities | (1,008) | (943) | (65) | |||
Cash Flows used in Financing Activities: | (914) | (825) | (89) | |||
Net decrease in cash and cash equivalents | (892) | (867) | (25) | |||
Cash, cash equivalents, and restricted cash at beginning of period | 1,386 | 1,386 | 519 | |||
Cash, cash equivalents, and restricted cash at end of the period | $ | 494 | $ | 519 | $ | 494 |
Net cash provided by operating activities | $ | 1,030 | ||||
Payroll support program grant funds received(c)
| (892) | |||||
Net cash provided by operating activities, ex. PSP grant funds received | $ | 138 |
OPERATING STATISTICS SUMMARY (unaudited) | ||||||||||
Alaska Air Group, Inc. | ||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||
Consolidated Operating Statistics:(a)
| ||||||||||
Revenue passengers (000) | 9,196 | 3,916 | 134.8% | 32,407 | 17,927 | 80.8% | ||||
RPMs (000,000) "traffic" | 11,279 | 4,366 | 158.3% | 38,598 | 20,493 | 88.3% | ||||
ASMs (000,000) "capacity" | 14,207 | 9,631 | 47.5% | 52,445 | 37,114 | 41.3% | ||||
Load factor | 79.4% | 45.3% | 34.1 pts | 73.6% | 55.2% | 18.4 pts | ||||
Yield | 15.20¢ | 15.06¢ | 0.9% | 14.25¢ | 14.73¢ | (3.3)% | ||||
RASM | 13.36¢ | 8.39¢ | 59.2% | 11.78¢ | 9.61¢ | 22.6% | ||||
CASMex(b)
| 10.12¢ | 11.35¢ | (10.8)% | 9.80¢ | 12.25¢ | (20.0)% | ||||
Economic fuel cost per gallon(b)
| $2.26 | $1.39 | 62.6% | $2.02 | $1.58 | 27.8% | ||||
Fuel gallons (000,000) | 179 | 117 | 53.0% | 656 | 461 | 42.3% | ||||
ASMs per gallon | 79.4 | 82.3 | (3.6)% | 79.9 | 80.5 | (0.7)% | ||||
Average full-time equivalent employees (FTEs) | 21,043 | 16,050 | 31.1% | 19,375 | 17,596 | 10.1% | ||||
Mainline Operating Statistics: | ||||||||||
Revenue passengers (000) | 6,900 | 2,545 | 171.1% | 23,268 | 12,280 | 89.5% | ||||
RPMs (000,000) "traffic" | 10,078 | 3,622 | 178.2% | 33,755 | 17,438 | 93.6% | ||||
ASMs (000,000) "capacity" | 12,737 | 8,047 | 58.3% | 45,741 | 31,387 | 45.7% | ||||
Load factor | 79.1% | 45.0% | 34.1 pts | 73.8% | 55.6% | 18.2 pts | ||||
Yield | 13.97¢ | 13.54¢ | 3.2% | 13.07¢ | 13.48¢ | (3.0)% | ||||
RASM | 12.39¢ | 7.73¢ | 60.3% | 10.99¢ | 9.01¢ | 22.0% | ||||
CASMex(b)
| 9.14¢ | 10.60¢ | (13.8)% | 8.96¢ | 11.57¢ | (22.6)% | ||||
Economic fuel cost per gallon(b)
| $2.25 | $1.37 | 64.2% | $2.01 | $1.59 | 26.4% | ||||
Fuel gallons (000,000) | 150 | 88 | 69.7% | 530 | 358 | 48.0% | ||||
ASMs per gallon | 84.8 | 90.9 | (6.8)% | 86.2 | 87.7 | (1.7)% | ||||
Average number of FTEs | 15,855 | 11,665 | 35.9% | 14,366 | 13,214 | 8.7% | ||||
Aircraft utilization | 10.0 | 8.3 | 20.5% | 9.7 | 8.3 | 16.9% | ||||
Average aircraft stage length | 1,356 | 1,298 | 4.5% | 1,324 | 1,272 | 4.1% | ||||
Operating fleet(d)
| 217 | 197 | 20 a/c | 217 | 197 | 20 a/c | ||||
Regional Operating Statistics:(c)
| ||||||||||
Revenue passengers (000) | 2,296 | 1,371 | 67.5% | 9,139 | 5,647 | 61.8% | ||||
RPMs (000,000) "traffic" | 1,201 | 744 | 61.3% | 4,842 | 3,055 | 58.5% | ||||
ASMs (000,000) "capacity" | 1,469 | 1,584 | (7.3)% | 6,704 | 5,727 | 17.1% | ||||
Load factor | 81.7% | 47.0% | 34.7 pts | 72.2% | 53.3% | 18.9 pts | ||||
Yield | 25.57¢ | 22.47¢ | 13.8% | 22.49¢ | 21.90¢ | 2.7% | ||||
RASM | 21.82¢ | 11.71¢ | 86.3% | 17.12¢ | 12.82¢ | 33.5% | ||||
Operating Fleet | 94 | 94 | - a/c | 94 | 94 | - a/c |
FINANCIAL INFORMATION AND OPERATING STATISTICS - 2021 Compared with 2019 (unaudited) | ||||||||||||
Alaska Air Group, Inc. | ||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2021 | 2019 | Change | 2021 | 2019 | Change | |||||||
Passenger revenues | $ | 1,715 | $ | 2,057 | (17) | % | $ | 5,499 | $ | 8,095 | (32) | % |
Mileage plan other revenue | 129 | 119 | 8 | % | 461 | 465 | (1) | % | ||||
Cargo and other | 55 | 52 | 6 | % | 216 | 221 | (2) | % | ||||
Total operating revenues | $ | 1,899 | $ | 2,228 | (15) | % | $ | 6,176 | $ | 8,781 | (30) | % |
Operating expense, excluding fuel and special items | $ | 1,438 | $ | 1,500 | (4) | % | $ | 5,137 | $ | 5,796 | (11) | % |
Economic fuel | 405 | 476 | (15) | % | 1,326 | 1,884 | (30) | % | ||||
Special items | 17 | - | NM | (972) | 38 | NM | ||||||
Total operating expenses | $ | 1,860 | $ | 1,976 | (6) | % | $ | 5,491 | $ | 7,718 | (29) | % |
Total nonoperating expense | $ | (10) | $ | (9) | 11 | % | $ | (56) | $ | (47) | 19 | % |
Income before income tax | 29 | 243 | (88) | % | $ | 629 | $ | 1,016 | (38) | % | ||
Consolidated Operating Statistics: | ||||||||||||
Revenue passengers (000) | 9,196 | 11,715 | (22) | % | 32,407 | 46,733 | (31) | % | ||||
RPMs (000,000) "traffic" | 11,279 | 13,928 | (19) | % | 38,598 | 56,040 | (31) | % | ||||
ASMs (000,000) "capacity" | 14,207 | 16,648 | (15) | % | 52,445 | 66,654 | (21) | % | ||||
Load Factor | 79.4% | 83.7% | (4.3) | pts | 73.6% | 84.1% | (10.5) | pts | ||||
Yield | 15.20¢ | 14.77¢ | 3 | % | 14.25¢ | 14.45¢ | (1) | % | ||||
RASM | 13.36¢ | 13.38¢ | - | % | 11.78¢ | 13.17¢ | (11) | % | ||||
CASMex | 10.12¢ | 9.01¢ | 12 | % | 9.80¢ | 8.70¢ | 13 | % | ||||
FTEs | 21,043 | 22,506 | (7) | % | 19,375 | 22,126 | (12) | % |
OPERATING SEGMENTS (unaudited) | ||||||||||||||
Alaska Air Group, Inc. | ||||||||||||||
Three Months Ended December 31, 2021 | ||||||||||||||
(in millions) | Mainline | Regional | Horizon |
Consolidating & Other(a)
|
Air Group Adjusted(b)
|
Special Items(c)
| Consolidated | |||||||
Operating revenues | ||||||||||||||
Passenger revenues | $ | 1,408 | $ | 307 | $ | - | $ | - | $ | 1,715 | $ | - | $ | 1,715 |
CPA revenues | - | - | 84 | (84) | - | - | - | |||||||
Mileage Plan other revenue | 115 | 14 | - | - | 129 | - | 129 | |||||||
Cargo and other | 55 | - | - | - | 55 | - | 55 | |||||||
Total Operating Revenues | 1,578 | 321 | 84 | (84) | 1,899 | - | 1,899 | |||||||
Operating Expenses | ||||||||||||||
Non-fuel operating expenses | 1,164 | 258 | 101 | (85) | 1,438 | (4) | 1,434 | |||||||
Fuel expense | 339 | 66 | - | - | 405 | 21 | 426 | |||||||
Total Operating Expenses | 1,503 | 324 | 101 | (85) | 1,843 | 17 | 1,860 | |||||||
Total Non-operating Income (Expense) | (7) | - | (5) | 2 | (10) | - | (10) | |||||||
Income (Loss) Before Income Tax | $ | 68 | $ | (3) | $ | (22) | $ | 3 | $ | 46 | $ | (17) | $ | 29 |
Pre-tax Margin | 2.4 | % | 1.5 | % | ||||||||||
Three Months Ended December 31, 2020 | ||||||||||||||
(in millions) | Mainline | Regional | Horizon |
Consolidating & Other(a)
|
Air Group Adjusted(b)
|
Special Items(c)
| Consolidated | |||||||
Operating revenues | ||||||||||||||
Passenger revenues | $ | 490 | $ | 167 | $ | - | $ | - | $ | 657 | $ | - | $ | 657 |
CPA revenues | - | - | 105 | (105) | - | - | - | |||||||
Mileage Plan other revenue | 90 | 18 | - | - | 108 | - | 108 | |||||||
Cargo and other | 42 | - | - | 1 | 43 | - | 43 | |||||||
Total Operating Revenues | 622 | 185 | 105 | (104) | 808 | - | 808 | |||||||
Operating Expenses | ||||||||||||||
Non-fuel operating expenses | 853 | 266 | 85 | (110) | 1,094 | 154 | 1,248 | |||||||
Fuel expense | 121 | 42 | - | - | 163 | (8) | 155 | |||||||
Total Operating Expenses | 974 | 308 | 85 | (110) | 1,257 | 146 | 1,403 | |||||||
Total Non-operating Income (Expense) | (18) | - | (6) | 2 | (22) | (26) | (48) | |||||||
Income (Loss) Before Income Tax | $ | (370) | $ | (123) | $ | 14 | $ | 8 | $ | (471) | $ | (172) | $ | (643) |
Pre-tax Margin | (58.3) | % | (79.6) | % |
OPERATING SEGMENTS (unaudited) | ||||||||||||||
Alaska Air Group, Inc. | ||||||||||||||
Twelve Months Ended December 31, 2021 | ||||||||||||||
(in millions) | Mainline | Regional | Horizon |
Consolidating & Other(a)
|
Air Group Adjusted(b)
|
Special Items(c)
| Consolidated | |||||||
Operating revenues | ||||||||||||||
Passenger revenues | $ | 4,411 | $ | 1,088 | $ | - | $ | - | $ | 5,499 | $ | - | $ | 5,499 |
CPA revenues | - | - | 406 | (406) | - | - | - | |||||||
Mileage Plan other revenue | 402 | 59 | - | - | 461 | - | 461 | |||||||
Cargo and other | 212 | - | - | 4 | 216 | - | 216 | |||||||
Total Operating Revenues | 5,025 | 1,147 | 406 | (402) | 6,176 | - | 6,176 | |||||||
Operating Expenses | ||||||||||||||
Non-fuel operating expenses | 4,101 | 1,096 | 373 | (433) | 5,137 | (925) | 4,212 | |||||||
Fuel expense | 1,065 | 261 | - | - | 1,326 | (47) | 1,279 | |||||||
Total Operating Expenses | 5,166 | 1,357 | 373 | (433) | 6,463 | (972) | 5,491 | |||||||
Total Non-operating Income (Expense) | (38) | - | (21) | 3 | (56) | - | (56) | |||||||
Income (Loss) Before Income Tax | $ | (179) | $ | (210) | $ | 12 | $ | 34 | $ | (343) | $ | 972 | $ | 629 |
Pre-tax Margin | (5.6) | % | 10.2 | % | ||||||||||
Twelve Months Ended December 31, 2020 | ||||||||||||||
(in millions) | Mainline | Regional | Horizon |
Consolidating & Other(a)
|
Air Group Adjusted(b)
|
Special Items(c)
| Consolidated | |||||||
Operating revenues | ||||||||||||||
Passenger revenues | $ | 2,350 | $ | 669 | $ | - | $ | - | $ | 3,019 | $ | - | $ | 3,019 |
CPA revenues | - | - | 386 | (386) | - | - | - | |||||||
Mileage Plan other revenue | 309 | 65 | - | - | 374 | - | 374 | |||||||
Cargo and other | 170 | - | - | 3 | 173 | - | 173 | |||||||
Total Operating Revenues | 2,829 | 734 | 386 | (383) | 3,566 | - | 3,566 | |||||||
Operating Expenses | ||||||||||||||
Non-fuel operating expenses | 3,630 | 993 | 323 | (399) | 4,547 | 71 | 4,618 | |||||||
Fuel expense | 569 | 162 | - | - | 731 | (8) | 723 | |||||||
Total Operating Expenses | 4,199 | 1,155 | 323 | (399) | 5,278 | 63 | 5,341 | |||||||
Total Non-operating Income (Expense) | (19) | - | (22) | 2 | (39) | (26) | (65) | |||||||
Income (Loss) Before Income Tax | $ | (1,389) | $ | (421) | $ | 41 | $ | 18 | $ | (1,751) | $ | (89) | $ | (1,840) |
Pre-tax Margin | (49.1) | % | (51.6) | % |
CASM Excluding Fuel and Special Items Reconciliation | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||
(in cents) | 2021 | 2020 | 2021 | 2020 | ||||
Consolidated: | ||||||||
CASM | 13.09 | ¢ | 14.57 | ¢ | 10.47 | ¢ | 14.39 | ¢ |
Less the following components:
| ||||||||
Payroll support program wage offset | - | (0.23) | (1.75) | (2.11) | ||||
Aircraft fuel, including hedging gains and losses | 3.00 | 1.61 | 2.44 | 1.95 | ||||
Special items - impairment charges and other(a)
| (0.04) | 2.89 | - | 1.69 | ||||
Special items - restructuring charges(b)
| 0.01 | (1.06) | (0.02) | 0.59 | ||||
Special items - merger-related costs | - | 0.01 | - | 0.02 | ||||
CASM excluding fuel and special items | 10.12 | ¢ | 11.35 | ¢ | 9.80 | ¢ | 12.25 | ¢ |
Mainline: | ||||||||
CASM | 11.77 | ¢ | 14.11 | ¢ | 9.52 | ¢ | 13.66 | ¢ |
Less the following components:
| ||||||||
Payroll support program wage offset | - | (0.07) | (1.75) | (2.17) | ||||
Aircraft fuel, including hedging gains and losses | 2.66 | 1.40 | 2.33 | 1.79 | ||||
Special items - impairment charges and other(a)
| (0.05) | 3.44 | - | 1.80 | ||||
Special items - restructuring charges(b)
| 0.02 | (1.27) | (0.02) | 0.65 | ||||
Special items - merger-related costs | - | 0.01 | - | 0.02 | ||||
CASM excluding fuel and special items | 9.14 | ¢ | 10.60 | ¢ | 8.96 | ¢ | 11.57 | ¢ |
Fuel Reconciliation | |||||||||
Three Months Ended December 31, | |||||||||
2021 | 2020 | ||||||||
(in millions, except for per gallon amounts) | Dollars | Cost/Gal | Dollars | Cost/Gal | |||||
Raw or "into-plane" fuel cost | $ | 434 | $ | 2.42 | $ | 159 | $ | 1.36 | |
Losses (gains) on settled hedges | (29) | (0.16) | 4 | 0.03 | |||||
Consolidated economic fuel expense | $ | 405 | $ | 2.26 | $ | 163 | $ | 1.39 | |
Mark-to-market fuel hedge adjustments | 21 | 0.12 | (8) | (0.07) | |||||
GAAP fuel expense | $ | 426 | $ | 2.38 | $ | 155 | $ | 1.32 | |
Fuel gallons | 179 | 117 | |||||||
Twelve Months Ended December 31, | |||||||||
2021 | 2020 | ||||||||
(in millions, except for per gallon amounts) | Dollars | Cost/Gal | Dollars | Cost/Gal | |||||
Raw or "into-plane" fuel cost | $ | 1,383 | $ | 2.11 | $ | 713 | $ | 1.54 | |
Losses (gains) on settled hedges | (57) | (0.09) | 18 | 0.04 | |||||
Consolidated economic fuel expense | $ | 1,326 | $ | 2.02 | $ | 731 | $ | 1.58 | |
Mark-to-market fuel hedge adjustments | (47) | (0.07) | (8) | (0.01) | |||||
GAAP fuel expense | $ | 1,279 | $ | 1.95 | $ | 723 | $ | 1.57 | |
Fuel gallons | 656 | 461 | |||||||
Debt-to-capitalization, including operating leases | ||||
(in millions) | December 31, 2021 | December 31, 2020 | ||
Long-term debt, net of current portion | $ | 2,173 | $ | 2,357 |
Long-term and current capitalized operating leases | 1,547 | 1,558 | ||
COVID-19 Related Borrowings(a)
| - | 734 | ||
Adjusted debt, net of current portion of long-term debt | $ | 3,720 | $ | 4,649 |
Shareholders' equity | 3,801 | 2,988 | ||
Total Invested Capital | $ | 7,521 | $ | 7,637 |
Debt-to-capitalization ratio, including operating leases | 49% | 61% |
Adjusted net debt to earnings before interest, taxes, depreciation, amortization, special items and rent | ||||
(in millions) | December 31, 2021 | December 31, 2020 | ||
Current portion of long-term debt | $ | 366 | $ | 1,138 |
Current portion of operating lease liabilities | 268 | 290 | ||
Long-term debt | 2,173 | 2,357 | ||
Long-term operating lease liabilities, net of current portion | 1,279 | 1,268 | ||
Total adjusted debt | 4,086 | 5,053 | ||
Less: Total cash and marketable securities | (3,116) | (3,346) | ||
Adjusted net debt | $ | 970 | $ | 1,707 |
(in millions) | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||
GAAP Operating Income (Loss) | $ | 685 | $ | (1,775) |
Adjusted for: | ||||
Payroll Support Program wage offset and special items | (925) | 71 | ||
Mark-to-market fuel hedge adjustments | (47) | (8) | ||
Depreciation and amortization | 394 | 420 | ||
Aircraft rent | 254 | 299 | ||
EBITDAR | $ | 361 | $ | (993) |
Adjusted net debt to EBITDAR | 2.7x | (1.7x) |
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Alaska Air Group Inc. published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 11:18:12 UTC.