(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
99.1 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Dated: January 30, 2024 | |||||||||||
HAWAIIAN HOLDINGS, INC. | |||||||||||
By: | /s/ Shannon L. Okinaka | ||||||||||
Name: | Shannon L. Okinaka | ||||||||||
Title: | Executive Vice President, Chief Financial Officer and Treasurer |
FOR IMMEDIATE RELEASE Tuesday, January 30, 2024 | INVESTOR RELATIONS CONTACT: Marcy Morita - (808) 480-8582 Investor.Relations@HawaiianAir.com MEDIA RELATIONS CONTACT: Alex Da Silva (808) 835-3712 News@HawaiianAir.com |
Fourth Quarter 2023 - Key Financial Metrics and Results | ||||||||||||||||||||||||||
GAAP | YoY Change | Adjusted (a) | YoY Change | |||||||||||||||||||||||
Net Loss | ($101.2M) | ($51.0M) | ($122.7M) | ($98.0M) | ||||||||||||||||||||||
Diluted EPS | ($1.96) | ($0.98) | ($2.37) | ($1.88) | ||||||||||||||||||||||
Pre-tax Margin | (19.0)% | (10.4) pts. | (22.9)% | (18.6) pts. | ||||||||||||||||||||||
EBITDA | ($71.8M) | ($65.7M) | ($98.1M) | ($123.7M) | ||||||||||||||||||||||
Operating Cost per ASM | 15.30¢ | (0.16)¢ | 11.77¢ | 0.88¢ | ||||||||||||||||||||||
Full Year 2023 - Key Financial Metrics and Results | ||||||||||||||||||||||||||
GAAP | YoY Change | Adjusted (a) | YoY Change | |||||||||||||||||||||||
Net Loss | ($260.5M) | ($20.4M) | ($313.5M) | ($103.1M) | ||||||||||||||||||||||
Diluted EPS | ($5.05) | ($0.38) | ($6.08) | ($2.00) | ||||||||||||||||||||||
Pre-tax Margin | (12.1)% | (1.0) pts. | (14.5)% | (4.5) pts. | ||||||||||||||||||||||
EBITDA | ($103.6M) | ($41.8M) | ($169.0M) | ($138.0M) | ||||||||||||||||||||||
Operating Cost per ASM | 14.90¢ | (0.36)¢ | 11.29¢ | 0.51¢ | ||||||||||||||||||||||
Item | GAAP First Quarter 2024 Guidance | Non-GAAP Equivalent | Non-GAAP First Quarter 2024 Guidance | |||||||||||||||||
Available Seat Miles (ASMs) | Up 2.5% to up 5.5% | |||||||||||||||||||
Operating Revenue per ASM (RASM) | Down 1.0% to up 2.0% | |||||||||||||||||||
Costs per ASM (CASM) | Up 5.0% to up 7.2% | CASM excluding fuel and non-recurring items (a) | Up 8.0% to up 11.0% | |||||||||||||||||
Gallons of Jet Fuel Consumed (c) | Up 4.0% to up 7.0% | |||||||||||||||||||
Average fuel price per gallon, including taxes and delivery (b) | $2.66 | Economic Fuel Price per Gallon (a)(b)(c) | $2.71 | |||||||||||||||||
Effective Tax Rate | ~21% |
Item | GAAP Full Year 2024 Guidance | Non-GAAP Equivalent | Non-GAAP Full Year 2024 Guidance | |||||||||||||||||
ASMs | Up 6.0% to up 9.0% | |||||||||||||||||||
CASM | Up 0.7% to up 3.0% | CASM excluding fuel and non-recurring items (a) | Flat to up 3.0% | |||||||||||||||||
Gallons of Jet Fuel Consumed (c) | Up 4.0% to up 7.0% | |||||||||||||||||||
Average fuel price per gallon, including taxes and delivery (b) | $2.55 | Economic Fuel Price per Gallon (a)(b)(c) | $2.59 | |||||||||||||||||
Capital Expenditures | $500M to $550M |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||
Operating Revenue: | ||||||||||||||||||||||||||||||||||||||
Passenger | $ | 601,621 | $ | 650,841 | (7.6) | % | $ | 2,460,005 | $ | 2,335,440 | 5.3 | % | ||||||||||||||||||||||||||
Other | 67,453 | 80,194 | (15.9) | % | 256,279 | 305,827 | (16.2) | % | ||||||||||||||||||||||||||||||
Total | 669,074 | 731,035 | (8.5) | % | 2,716,284 | 2,641,267 | 2.8 | % | ||||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||
Wages and benefits | 223,012 | 218,045 | 2.3 | % | 951,524 | 833,137 | 14.2 | % | ||||||||||||||||||||||||||||||
Aircraft fuel, including taxes and delivery | 202,059 | 213,204 | (5.2) | % | 766,133 | 817,077 | (6.2) | % | ||||||||||||||||||||||||||||||
Aircraft rent | 28,914 | 25,859 | 11.8 | % | 109,741 | 103,846 | 5.7 | % | ||||||||||||||||||||||||||||||
Maintenance materials and repairs | 75,296 | 65,219 | 15.5 | % | 244,296 | 236,153 | 3.4 | % | ||||||||||||||||||||||||||||||
Aircraft and passenger servicing | 44,815 | 42,060 | 6.6 | % | 176,698 | 152,550 | 15.8 | % | ||||||||||||||||||||||||||||||
Commissions and other selling | 30,808 | 32,076 | (4.0) | % | 117,132 | 113,843 | 2.9 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 32,840 | 33,735 | (2.7) | % | 133,615 | 136,169 | (1.9) | % | ||||||||||||||||||||||||||||||
Other rentals and landing fees | 44,797 | 37,122 | 20.7 | % | 171,371 | 147,143 | 16.5 | % | ||||||||||||||||||||||||||||||
Purchased services | 36,001 | 33,637 | 7.0 | % | 144,822 | 129,350 | 12.0 | % | ||||||||||||||||||||||||||||||
Special items | 10,561 | 12,500 | (15.5) | % | 10,561 | 18,803 | (43.8) | % | ||||||||||||||||||||||||||||||
Other | 51,721 | 50,365 | 2.7 | % | 184,066 | 163,250 | 12.8 | % | ||||||||||||||||||||||||||||||
Total | 780,824 | 763,822 | 2.2 | % | 3,009,959 | 2,851,321 | 5.6 | % | ||||||||||||||||||||||||||||||
Operating Loss | (111,750) | (32,787) | 240.8 | % | (293,675) | (210,054) | 39.8 | % | ||||||||||||||||||||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | (22,358) | (23,054) | (90,540) | (95,815) | ||||||||||||||||||||||||||||||||||
Interest income | 13,543 | 11,858 | 57,231 | 32,141 | ||||||||||||||||||||||||||||||||||
Capitalized interest | 3,123 | 1,070 | 8,833 | 4,244 | ||||||||||||||||||||||||||||||||||
Other components of net periodic benefit cost | (1,707) | 1,252 | (6,614) | 5,065 | ||||||||||||||||||||||||||||||||||
Losses on fuel derivatives | (6,992) | (1,978) | (12,619) | (3,041) | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (8,568) | ||||||||||||||||||||||||||||||||||
Gains (losses) on investments, net | 6,304 | (4,563) | (602) | (43,082) | ||||||||||||||||||||||||||||||||||
Gains (losses) on foreign debt | (7,245) | (15,629) | 11,500 | 26,667 | ||||||||||||||||||||||||||||||||||
Other, net | 100 | 913 | (1,308) | (1,406) | ||||||||||||||||||||||||||||||||||
Total | (15,232) | (30,131) | (34,119) | (83,795) | ||||||||||||||||||||||||||||||||||
Loss Before Income Taxes | (126,982) | (62,918) | (327,794) | (293,849) | ||||||||||||||||||||||||||||||||||
Income tax benefit | (25,800) | (12,758) | (67,300) | (53,768) | ||||||||||||||||||||||||||||||||||
Net Loss | $ | (101,182) | $ | (50,160) | $ | (260,494) | $ | (240,081) | ||||||||||||||||||||||||||||||
Net Loss Per Common Stock Share: | ||||||||||||||||||||||||||||||||||||||
Basic | $ | (1.96) | $ | (0.98) | $ | (5.05) | $ | (4.67) | ||||||||||||||||||||||||||||||
Diluted | $ | (1.96) | $ | (0.98) | $ | (5.05) | $ | (4.67) | ||||||||||||||||||||||||||||||
Weighted Average Number of Common Stock Shares Outstanding: | ||||||||||||||||||||||||||||||||||||||
Basic | 51,655 | 51,413 | 51,596 | 51,361 | ||||||||||||||||||||||||||||||||||
Diluted | 51,655 | 51,413 | 51,596 | 51,361 | ||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
(in thousands, except as otherwise indicated) | ||||||||||||||||||||||||||||||||||||||
Scheduled Operations: | ||||||||||||||||||||||||||||||||||||||
Revenue passengers flown | 2,655 | 2,651 | 0.2 | % | 10,876 | 9,995 | 8.8 | % | ||||||||||||||||||||||||||||||
Revenue passenger miles (RPM) | 4,219,482 | 3,982,719 | 5.9 | % | 16,860,663 | 14,932,750 | 12.9 | % | ||||||||||||||||||||||||||||||
Available seat miles (ASM) | 5,100,896 | 4,931,687 | 3.4 | % | 20,196,230 | 18,636,466 | 8.4 | % | ||||||||||||||||||||||||||||||
Passenger revenue per RPM (Yield) | 14.26 | ¢ | 16.34 | ¢ | (12.7) | % | 14.59 | ¢ | 15.64 | ¢ | (6.7) | % | ||||||||||||||||||||||||||
Passenger load factor (RPM/ASM) | 82.7 | % | 80.8 | % | 1.9 | pt. | 83.5 | % | 80.1 | % | 3.4 | pt. | ||||||||||||||||||||||||||
Passenger revenue per ASM (PRASM) | 11.79 | ¢ | 13.20 | ¢ | (10.7) | % | 12.18 | ¢ | 12.53 | ¢ | (2.8) | % | ||||||||||||||||||||||||||
Total Operations: | ||||||||||||||||||||||||||||||||||||||
Revenue passengers flown | 2,656 | 2,655 | — | % | 10,879 | 10,015 | 8.6 | % | ||||||||||||||||||||||||||||||
RPM | 4,220,584 | 3,988,798 | 5.8 | % | 16,864,998 | 14,964,500 | 12.7 | % | ||||||||||||||||||||||||||||||
ASM | 5,103,666 | 4,940,514 | 3.3 | % | 20,204,497 | 18,684,642 | 8.1 | % | ||||||||||||||||||||||||||||||
Passenger load factor (RPM/ASM) | 82.7 | % | 80.7 | % | 2.0 | pt. | 83.5 | % | 80.1 | % | 3.4 | pt. | ||||||||||||||||||||||||||
Operating revenue per ASM (RASM) | 13.11 | ¢ | 14.80 | ¢ | (11.4) | % | 13.44 | ¢ | 14.14 | ¢ | (5.0) | % | ||||||||||||||||||||||||||
Operating cost per ASM (CASM) | 15.30 | ¢ | 15.46 | ¢ | (1.0) | % | 14.90 | ¢ | 15.26 | ¢ | (2.4) | % | ||||||||||||||||||||||||||
CASM excluding aircraft fuel and non-recurring items (a) | 11.77 | ¢ | 10.89 | ¢ | 8.1 | % | 11.29 | ¢ | 10.78 | ¢ | 4.7 | % | ||||||||||||||||||||||||||
Aircraft fuel expense per ASM (b) | 3.96 | ¢ | 4.32 | ¢ | (8.3) | % | 3.79 | ¢ | 4.37 | ¢ | (13.3) | % | ||||||||||||||||||||||||||
Revenue block hours operated | 52,961 | 51,715 | 2.4 | % | 211,019 | 195,361 | 8.0 | % | ||||||||||||||||||||||||||||||
Gallons of jet fuel consumed | 68,756 | 64,485 | 6.6 | % | 268,491 | 239,231 | 12.2 | % | ||||||||||||||||||||||||||||||
Average cost per gallon of jet fuel (actual) (b) | $ | 2.94 | $ | 3.31 | (11.2) | % | $ | 2.85 | $ | 3.42 | (16.7) | % | ||||||||||||||||||||||||||
Economic fuel cost per gallon (b)(c) | $ | 2.98 | $ | 3.31 | (10.0) | % | $ | 2.89 | $ | 3.42 | (15.5) | % |
Three Months Ended December 31, | Twelve months ended December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
(in thousands, except per-gallon amounts) | ||||||||||||||||||||||||||||||||||||||
Aircraft fuel expense, including taxes and delivery | $ | 202,059 | $ | 213,204 | (5.2) | % | $ | 766,133 | $ | 817,077 | (6.2) | % | ||||||||||||||||||||||||||
Fuel gallons consumed | 68,756 | 64,485 | 6.6 | % | 268,491 | 239,231 | 12.2 | % | ||||||||||||||||||||||||||||||
Average fuel price per gallon, including taxes and delivery | $ | 2.94 | $ | 3.31 | (11.2) | % | $ | 2.85 | $ | 3.42 | (16.7) | % |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
(in thousands, except per-gallon amounts) | ||||||||||||||||||||||||||||||||||||||
Aircraft fuel expense, including taxes and delivery | $ | 202,059 | $ | 213,204 | (5.2) | % | $ | 766,133 | $ | 817,077 | (6.2) | % | ||||||||||||||||||||||||||
Realized losses on settlement of fuel derivative instruments | 2,749 | 401 | 585.5 | % | 10,923 | 401 | 2,623.9 | % | ||||||||||||||||||||||||||||||
Economic fuel expense | $ | 204,808 | $ | 213,605 | (4.1) | % | $ | 777,056 | $ | 817,478 | (4.9) | % | ||||||||||||||||||||||||||
Fuel gallons consumed | 68,756 | 64,485 | 6.6 | % | 268,491 | 239,231 | 12.2 | % | ||||||||||||||||||||||||||||||
Economic fuel costs per gallon | $ | 2.98 | $ | 3.31 | (10.0) | % | $ | 2.89 | $ | 3.42 | (15.5) | % |
Estimated three months ending March 31, 2024 | Estimated twelve months ending December 31, 2024 | |||||||||||||||||||||||||
(in thousands, except per-gallon amounts) | ||||||||||||||||||||||||||
Aircraft fuel expense, including taxes and delivery | $ | 179,716 | - | $ | 184,901 | $ | 709,756 | - | $ | 730,230 | ||||||||||||||||
Realized (gains)/losses on settlement of fuel derivative contracts | 2,775 | - | 2,775 | 11,100 | - | 11,100 | ||||||||||||||||||||
Economic fuel expense | $ | 182,491 | $ | 187,676 | $ | 720,856 | $ | 741,330 | ||||||||||||||||||
Fuel gallons consumed | 67,447 | - | 69,393 | 278,051 | - | 286,072 | ||||||||||||||||||||
Economic fuel costs per gallon | $ | 2.71 | - | $ | 2.71 | $ | 2.59 | - | $ | 2.59 |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Diluted Per Share | Total | Diluted Per Share | Total | Diluted Per Share | Total | Diluted Per Share | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP net loss, as reported | $ | (101,182) | $ | (1.96) | $ | (50,160) | $ | (0.98) | $ | (260,494) | $ | (5.05) | $ | (240,081) | $ | (4.67) | ||||||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||||||||||||||
CBA related expense | — | — | — | — | 17,727 | 0.34 | 4,678 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||
Employee retention credit (ERC) | (32,516) | (0.63) | — | — | (32,516) | (0.63) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Contract termination amortization | — | — | — | — | (24,085) | (0.47) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Special items | 10,561 | 0.21 | 12,500 | 0.24 | 10,561 | 0.21 | 18,803 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on sale of aircraft | — | — | — | — | 392 | 0.01 | (2,578) | (0.05) | ||||||||||||||||||||||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | — | — | (10,179) | (0.20) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Interest income on federal tax refund | (1,820) | (0.03) | — | — | (6,492) | (0.13) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of fuel derivative instruments | 4,243 | 0.08 | 1,577 | 0.03 | 1,696 | 0.03 | 2,640 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | — | 8,568 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized loss (gain) on foreign debt | 7,123 | 0.14 | 15,501 | 0.30 | (11,668) | (0.22) | (26,196) | (0.51) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized loss (gain) on equity securities | (13,904) | (0.27) | 2,110 | 0.04 | (10,755) | (0.21) | 24,949 | 0.49 | ||||||||||||||||||||||||||||||||||||||||||
Tax effect of adjustments | 4,824 | 0.09 | (6,211) | (0.12) | 12,269 | 0.24 | (1,242) | (0.02) | ||||||||||||||||||||||||||||||||||||||||||
Adjusted Net Loss | $ | (122,671) | $ | (2.37) | $ | (24,683) | $ | (0.49) | $ | (313,544) | $ | (6.08) | $ | (210,459) | $ | (4.08) |
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | $ | (126,982) | $ | (62,918) | $ | (327,794) | $ | (293,849) | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
CBA related expense | — | — | 17,727 | 4,678 | ||||||||||||||||||||||
Employee retention credit (ERC) | (32,516) | — | (32,516) | — | ||||||||||||||||||||||
Contract termination amortization | — | — | (24,085) | — | ||||||||||||||||||||||
Special items | 10,561 | 12,500 | 10,561 | 18,803 | ||||||||||||||||||||||
Loss (gain) on sale of aircraft | — | — | 392 | (2,578) | ||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | (10,179) | — | ||||||||||||||||||||||
Interest income on federal tax refund | (1,820) | — | (6,492) | — | ||||||||||||||||||||||
Changes in fair value of fuel derivative instruments | 4,243 | 1,577 | 1,696 | 2,640 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 8,568 | ||||||||||||||||||||||
Unrealized loss (gain) on foreign debt | 7,123 | 15,501 | (11,668) | (26,196) | ||||||||||||||||||||||
Unrealized loss (gain) on equity securities | (13,904) | 2,110 | (10,755) | 24,949 | ||||||||||||||||||||||
Adjusted Loss Before Income Taxes | $ | (153,295) | $ | (31,230) | $ | (393,113) | $ | (262,985) |
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net Loss before Taxes | $ | (126,982) | $ | (62,918) | $ | (327,794) | $ | (293,849) | ||||||||||||||||||
Depreciation & Amortization | 32,840 | 33,735 | 133,615 | 136,169 | ||||||||||||||||||||||
Interest and amortization of debt | 22,358 | 23,054 | 90,540 | 95,815 | ||||||||||||||||||||||
EBITDA, as reported | (71,784) | (6,129) | (103,639) | (61,865) | ||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
CBA related expense | — | — | 17,727 | 4,678 | ||||||||||||||||||||||
Employee retention credit (ERC) | (32,516) | — | (32,516) | — | ||||||||||||||||||||||
Contract termination amortization | — | — | (24,085) | — | ||||||||||||||||||||||
Special items | 10,561 | 12,500 | 10,561 | 18,803 | ||||||||||||||||||||||
Loss (gain) on sale of aircraft | — | — | 392 | (2,578) | ||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | (10,179) | — | ||||||||||||||||||||||
Interest income on federal tax refund | (1,820) | — | (6,492) | — | ||||||||||||||||||||||
Changes in fair value of fuel derivative contracts | 4,243 | 1,577 | 1,696 | 2,640 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 8,568 | ||||||||||||||||||||||
Unrealized loss (gain) on foreign debt | 7,123 | 15,501 | (11,668) | (26,196) | ||||||||||||||||||||||
Unrealized loss (gain) on investment securities | (13,904) | 2,110 | (10,755) | 24,949 | ||||||||||||||||||||||
Adjusted EBITDA | $ | (98,097) | $ | 25,559 | $ | (168,958) | $ | (31,001) |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in thousands, except CASM data) | ||||||||||||||||||||||||||
GAAP operating expenses | $ | 780,824 | $ | 763,822 | $ | 3,009,959 | $ | 2,851,321 | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
CBA related expense | — | — | (17,727) | (4,678) | ||||||||||||||||||||||
Employee retention credit (ERC) | 32,516 | — | 32,516 | — | ||||||||||||||||||||||
Contract termination amortization | — | — | 24,085 | — | ||||||||||||||||||||||
Special items | (10,561) | (12,500) | (10,561) | (18,803) | ||||||||||||||||||||||
Gain (loss) on sale of aircraft | — | — | (392) | 2,578 | ||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | 10,179 | — | ||||||||||||||||||||||
Operating Expenses excluding non-recurring items | 802,779 | 751,322 | 3,048,059 | 2,830,418 | ||||||||||||||||||||||
Aircraft fuel, including taxes and delivery | (202,059) | (213,204) | (766,133) | (817,077) | ||||||||||||||||||||||
Operating Expenses excluding fuel and non-recurring items | $ | 600,720 | $ | 538,118 | $ | 2,281,926 | $ | 2,013,341 | ||||||||||||||||||
Available Seat Miles | 5,103,666 | 4,940,514 | 20,204,497 | 18,684,642 | ||||||||||||||||||||||
CASM—GAAP | 15.30 | ¢ | 15.46 | ¢ | 14.90 | ¢ | 15.26 | ¢ | ||||||||||||||||||
Aircraft fuel, including taxes and delivery | (3.96) | (4.32) | (3.79) | (4.37) | ||||||||||||||||||||||
CBA related expense | — | — | (0.09) | (0.02) | ||||||||||||||||||||||
Employee retention credit (ERC) | 0.64 | — | 0.15 | — | ||||||||||||||||||||||
Contract termination amortization | — | — | 0.12 | — | ||||||||||||||||||||||
Special items | (0.21) | (0.25) | (0.05) | (0.10) | ||||||||||||||||||||||
Gain (loss) on sale of aircraft | — | — | — | 0.01 | ||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | 0.05 | — | ||||||||||||||||||||||
CASM excluding fuel and non-recurring items | 11.77 | ¢ | 10.89 | ¢ | 11.29 | ¢ | 10.78 | ¢ |
Estimated three months ending March 31, 2024 | Estimated twelve months ending December 31, 2024 | |||||||||||||||||||||||||
(in thousands, except CASM data) | ||||||||||||||||||||||||||
GAAP operating expenses | $ | 785,786 | - | $ | 825,746 | $ | 3,214,296 | - | $ | 3,377,846 | ||||||||||||||||
Aircraft fuel, including taxes and delivery | (179,716) | - | (184,901) | (709,756) | - | (730,230) | ||||||||||||||||||||
Non-recurring items | (4,999) | (4,999) | (85,698) | (85,698) | ||||||||||||||||||||||
Adjusted operating expenses | $ | 601,071 | - | $ | 635,846 | $ | 2,418,842 | - | $ | 2,561,918 | ||||||||||||||||
Available seat miles | 5,040,454 | - | 5,187,980 | 21,416,766 | - | 22,022,901 | ||||||||||||||||||||
CASM - GAAP | 15.59 | ¢ | - | 15.92 | ¢ | 15.01 | ¢ | - | 15.34 | ¢ | ||||||||||||||||
Aircraft fuel, including taxes and delivery | (3.57) | - | (3.56) | (3.32) | - | (3.32) | ||||||||||||||||||||
Non-recurring items | (0.10) | (0.10) | (0.40) | (0.39) | ||||||||||||||||||||||
CASM excluding fuel and non-recurring items | 11.92 | ¢ | - | 12.26 | ¢ | 11.29 | ¢ | - | 11.63 | ¢ |
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Pre-Tax Margin, as reported | (19.0) | % | (8.6) | % | (12.1) | % | (11.1) | % | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
CBA related expense | — | — | 0.6 | 0.2 | ||||||||||||||||||||||
Employee retention credit | (4.9) | — | (1.2) | — | ||||||||||||||||||||||
Contract termination amortization | — | — | (0.9) | — | ||||||||||||||||||||||
Special items | 1.6 | 1.7 | 0.4 | 0.7 | ||||||||||||||||||||||
Loss (gain) on sale of aircraft | — | — | — | (0.1) | ||||||||||||||||||||||
Gain on sale of commercial real estate | — | — | (0.4) | — | ||||||||||||||||||||||
Interest income on federal tax refund | (0.3) | — | (0.2) | — | ||||||||||||||||||||||
Changes in fair value of fuel derivative contracts | 0.6 | 0.2 | 0.1 | 0.1 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 0.3 | ||||||||||||||||||||||
Unrealized loss (gain) on foreign debt | 1.2 | 2.1 | (0.4) | (1.0) | ||||||||||||||||||||||
Unrealized loss (gain) on equity securities | (2.1) | 0.3 | (0.4) | 0.9 | ||||||||||||||||||||||
Adjusted Pre-Tax Margin | (22.9) | % | (4.3) | % | (14.5) | % | (10.0) | % |
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Cover Page Cover Page |
Jan. 30, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jan. 30, 2024 |
Entity Registrant Name | HAWAIIAN HOLDINGS INC |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-31443 |
Entity Tax Identification Number | 71-0879698 |
Entity Address, Address Line One | 3375 Koapaka Street, |
Entity Address, Address Line Two | Suite G-350 |
Entity Address, City or Town | Honolulu, |
Entity Address, State or Province | HI |
Entity Address, Postal Zip Code | 96819 |
City Area Code | 808 |
Local Phone Number | 835-3700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock ($0.01 par value) |
Trading Symbol | HA |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001172222 |
Amendment Flag | false |
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