ITEM 7.01. REGULATION FD DISCLOSURE.
On
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In recent weeks, the price of crude oil has risen significantly and as a result
the Company has experienced an increase in the price of jet fuel. Using the
forward fuel curve as of
In addition, the Company now expects its first quarter capacity to be down 10%
to 12% (compared to the first quarter 2019) versus the Company's previous
guidance of down 8% to 10%. First quarter total cost per available seat mile
(CASM) excluding fuel and net special items is expected to be up approximately
11% to 13% versus the Company's prior guidance of up approximately 8% to 10%.
This increase in CASM excluding fuel and net special items is primarily driven
by lower than planned capacity and costs associated with two winter weather
events in
The improvement in revenue is expected to more than offset the increases in fuel
and other expenses in the quarter. The Company currently expects to end the
first quarter with total available liquidity of above
Certain of the guidance provided excludes net special items. The Company is unable to fully reconcile such forward-looking guidance to the corresponding GAAP measure because the full nature and amount of net special items cannot be determined at this time.
The information in this Item 7.01 is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
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Cautionary Statement Regarding Forward-Looking Statements
This document includes forward-looking statements within the meaning of the
Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may be identified by words such as "may," "will,"
"expect," "intend," "anticipate," "believe," "estimate," "plan," "project,"
"could," "should," "would," "continue," "seek," "target," "guidance," "outlook,"
"if current trends continue," "optimistic," "forecast" and other similar words.
Such statements include, but are not limited to, statements about the Company's
plans, objectives, expectations, intentions, estimates and strategies for the
future, the continuing availability of borrowings under revolving lines of
credit, and other statements that are not historical facts. These
forward-looking statements are based on the Company's current objectives,
beliefs and expectations, and they are subject to significant risks and
uncertainties that may cause actual results and financial position and timing of
certain events to differ materially from the information in the forward-looking
statements. These risks and uncertainties include, but are not limited to, those
set forth herein as well as in the Company's Annual Report on Form 10-K for the
year ended
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ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits. Exhibit No. Description 104.1 Cover page interactive data file (embedded within the Inline XBRL document).
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