Exhibit 99.1
Copa Holdings Reports Financial Results for the First Quarter of 2021
Panama City, Panama --- May 5, 2021. Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2021 (1Q21). The terms “Copa Holdings” and “the Company” refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2021 (1Q21).
OPERATING AND FINANCIAL HIGHLIGHTS
▪ |
Copa Holdings reported a net loss of US$110.7 million for the quarter, or US$2.60 per share. Excluding special items, the Company would have reported a net loss of US$95.1 million, or US$2.23 per share. Special items for the quarter include a US$15.7 million unrealized mark-to-market loss related to the Company’s convertible notes. |
▪ |
Copa Holdings reported an operating loss of US$77.1 million for the quarter. |
▪ |
Cash consumption, defined as cash disbursements less proceeds, excluding extraordinary financing activities and asset sales but including capital expenditures and payment of financial obligations, averaged approximately US$23 million per month during the quarter. |
▪ |
The Company ended the quarter with US$1.5 billion of available liquidity, consisting of approximately US$1.2 billion in cash, short-term and long-term investments, and committed and undrawn credit facilities of US$345 million. |
▪ |
The Company closed the quarter with total debt, including lease liabilities, of US$1.7 billion. |
▪ |
The Company’s flight operations, measured in terms of available seat miles (ASMs), represented approximately 39% of those in the same period in 2019. |
▪ |
During the quarter, 4 Embraer 190 aircraft exited the fleet as part of a previously agreed sale to a third party. As of March 31, 2021, there were 4 remaining Embraer 190 aircraft sold that are expected to leave during the second quarter. |
▪ |
During the quarter, the Company took delivery of 6 Boeing 737 MAX 9. Excluding the aircraft classified as assets held for sale, and including aircraft in temporary storage, Copa Holdings ended the quarter with a consolidated fleet of 81 aircraft – 68 Boeing 737-800s and 13 Boeing 737 MAX 9s, compared to a total fleet of 102 aircraft at the end of the first quarter of 2020. |
▪ |
During the quarter, Copa Airlines had an on-time performance of 95.0% and a flight-completion factor of 99.3%, once again positioning itself among the best in the industry. |
Subsequent Events
▪ |
In April, the Company delivered 1 Embraer 190 aircraft, out of 14 that were sold to a third party. |
Consolidated Financial & Operating Highlights |
1Q21 |
1Q20 |
Variance vs. 1Q20 |
4Q20 |
Variance vs. 4Q20 |
1Q19 |
Variance vs. 1Q19 |
Revenue Passengers Carried (000s) |
924 |
2,118 |
-56.4% |
681 |
35.6% |
2,620 |
-64.7% |
RPMs (millions) |
1,716 |
4,473 |
-61.6% |
1,259 |
36.3% |
5,345 |
-67.9% |
ASMs (millions) |
2,481 |
5,491 |
-54.8% |
1,684 |
47.3% |
6,415 |
-61.3% |
Load Factor |
69.2% |
81.5% |
-12.3 p.p. |
74.8% |
-5.6 p.p. |
83.3% |
-14.1 p.p. |
Yield (US$ Cents) |
10.1 |
12.8 |
-21.5% |
11.7 |
-13.9% |
12.1 |
-16.9% |
PRASM (US$ Cents) |
7.0 |
10.5 |
-33.3% |
8.8 |
-20.4% |
10.1 |
-31.0% |
RASM (US$ Cents) |
7.5 |
10.8 |
-31.0% |
9.4 |
-20.6% |
10.5 |
-28.6% |
CASM (US$ Cents) |
10.6 |
9.0 |
17.1% |
15.1 |
-29.7% |
8.7 |
21.5% |
CASM Excl. Fuel (US$ Cents) |
8.5 |
6.6 |
30.1% |
13.4 |
-36.3% |
6.1 |
40.5% |
Fuel Gallons Consumed (millions) |
29.08 |
70.02 |
-58.5% |
20.75 |
40.1% |
81.2 |
-64.2% |
Avg. Price Per Fuel Gallon (US$) |
1.75 |
1.95 |
-9.9% |
1.41 |
24.2% |
2.09 |
-15.9% |
Average Length of Haul (miles) |
1,858 |
2,112 |
-12.0% |
1,849 |
0.5% |
2,040 |
-8.9% |
Average Stage Length (miles) |
1,256 |
1,308 |
-3.9% |
1,211 |
3.7% |
1,299 |
-3.3% |
Departures |
12,372 |
28,286 |
-56.3% |
8,795 |
40.7% |
33,329 |
-62.9% |
Block Hours |
38,851 |
93,568 |
-58.5% |
26,870 |
44.6% |
110,089 |
-64.7% |
Average Aircraft Utilization (hours) (2) |
6.6 |
10.7 |
-38.6% |
5.2 |
26.8% |
12 |
-43.9% |
Operating Revenues (US$ millions) |
185.7 |
595.5 |
-68.8% |
158.6 |
17.0% |
672.2 |
-72.4% |
Operating Profit (Loss) (US$ millions) |
-77.1 |
98.7 |
-178.1% |
-95.1 |
-18.9% |
112.9 |
-168.3% |
Adjusted Operating Profit (Loss) (US$ millions) (1) |
-77.1 |
98.7 |
-178.1% |
-91.5 |
-15.8% |
112.9 |
-168.3% |
Operating Margin |
-41.5% |
16.6% |
-58.1 p.p. |
-59.9% |
18.4 p.p. |
16.8% |
-58.3 p.p. |
Adjusted Operating Margin (1) |
-41.5% |
16.6% |
-58.1 p.p. |
-57.7% |
16.2 p.p. |
16.8% |
-58.3 p.p. |
Net Profit (Loss) (US$ millions) |
-110.7 |
74.3 |
-249.1% |
-177.3 |
-37.5% |
89.4 |
-223.8% |
Adjusted Net Profit (Loss) (US$ millions) (1) |
-95.1 |
74.3 |
-228.0% |
-85.2 |
11.6% |
89.4 |
-206.3% |
Basic EPS (US$) |
-2.60 |
1.75 |
-248.8% |
-4.17 |
-37.6% |
2.11 |
-223.5% |
Adjusted Basic EPS (US$) (1) |
-2.23 |
1.75 |
-227.8% |
-2.00 |
11.4% |
2.11 |
-206.1% |
Shares for calculation of Basic EPS (000s) |
42,571 |
42,501 |
0.2% |
42,511 |
0.1% |
42,478 |
0.2% |
(1)Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures.
(2)Average Aircraft Utilization is calculated based on the Company’s active fleet, excluding aircraft in storage as well as those classified as assets held for sale.
2
MANAGEMENT’S COMMENTS ON 1Q21 RESULTS
The pace of recovery for international travel within Latin America is still significantly hindered by travel restrictions and health requirements due to the Covid-19 pandemic. During the first quarter, several countries in the region, including Argentina, Brazil, Chile, Cuba, Venezuela and Panama, imposed or were subject to new travel restrictions and health requirements that affected air travel demand and the Company’s ability to deploy additional capacity.
In terms of our cash position, and mainly due to sales for the second quarter, we managed to keep the cash consumption to an average of US$23 million per month for the quarter, below the Company’s original expectations. Furthermore, due to the financing of recently delivered aircraft and proceeds from asset sales, our cash balance increased by more than US$200 million in the quarter to US$1.2 billion, and our total liquidity increased to US$1.5 billion.
Assuming the vaccination efforts will eventually have a positive effect on Covid-19 infection rates in the region, we expect this could lead to the relaxation of travel restrictions, a faster demand recovery and larger capacity deployment in the second half of the year.
The Covid-19 pandemic continues to challenge the aviation industry in an unprecedented way and is forcing most airlines around the world to make significant changes in the way they conduct their business. From the outset of the crisis, our management team has taken proactive actions, focusing on reducing fixed costs, further bolstering the Company’s liquidity position, and adjusting the Company’s size, for what could be a continued weakened demand environment.
The Company has a proven and very strong business model, which is based on operating the best and most convenient network for intra-Latin America travel from its Hub of the Americas® based in Panama’s advantageous geographic position, with the region’s lowest unit costs, best on-time performance, and strongest balance sheet. Going forward, the Company believes that its Hub of the Americas® will be an even more valuable source of strategic advantage, especially if fewer intra Latin America markets are able to sustain direct point to point service. We believe our hub will be the best positioned to serve these markets. The Company expects to leverage its strong balance sheet, leading liquidity position and lower cost base to continue strengthening its long-term competitive position and to implement initiatives to further strengthen its network and product in the post Covid-19 world.
3
OUTLOOK FOR 2Q21
As a result of the uncertainty regarding the Covid-19 pandemic and the impact of continuing travel restrictions, the Company is not providing financial guidance for full year 2021. However, subject to Covid-19 developments, including new government restrictions, among other factors, the Company currently expects its capacity in 2Q 2021 to reach approximately 2.9 billion ASMs, or approximately 45% of the capacity during 2Q 2019. Total revenues are expected at approximately US$260 million or 40% of total revenues for 2Q 2019.
Cash consumption, excluding any proceeds from asset sales and extraordinary financing activities, but including capital expenditures and payment of financial obligations, and assuming an all-in fuel price per gallon of $1.95, is expected at a range of US$10 to US$15 million per month for 2Q 2021.
CONSOLIDATED FIRST QUARTER RESULTS
Operating revenue
Consolidated revenue for 1Q21 totaled US$185.7 million, driven mostly by passenger revenue.
Passenger revenue totaled US$173.1 million, mostly comprised of flown passenger ticket revenue and passenger related ancillary revenue.
Cargo and mail revenue totaled US$8.0 million, in line with the reduced capacity for the quarter.
Other operating revenue totaled US$4.6 million, resulting mostly from revenue from non-air ConnectMiles partners.
Operating expenses
Fuel totaled US$51.3 million, corresponding to 29.1 million gallons of jet fuel consumed in the quarter.
Wages, salaries, benefits and other employees' expenses totaled US$54.6 million, representing a 50.5% reduction year over year, mostly driven by a reduced payroll given contract suspensions, voluntary temporary leaves and less variable compensation provisions.
Passenger servicing totaled US$5.6 million, representing a 74.5% cost reduction per passenger year over year, resulting from cost efficiencies and a simplified on-board product offering due to temporary COVID-19 biosafety protocols.
Airport facilities and handling charges totaled US$22.0 million, a 45.4% decrease YOY, but a 24.9% higher cost per departure year over year, due to volume rebates attained in 2020 and not in 2021 due to lower capacity, and higher fees in certain U.S. airports.
Sales and distribution totaled US$21.7 million, a 48.5% decrease due to lower revenue and sales versus the first quarter of 2020, partly offset by higher costs related to schedule changes.
Maintenance, materials and repairs totaled US$19.7 million, comprised of material and component repairs provisions related to the future return of leased aircraft and other expenses including aircraft storage and return to service expenses.
Depreciation and amortization totaled US$59.4 million, mostly comprised of owned and leased flight equipment, maintenance events, and IT systems amortizations.
4
Flight operations totaled US$9.4 million due to overflight fees, in line with the reduced number of flights operated in the quarter.
Other operating and administrative expenses totaled US$19.0 million, which is mostly comprised of IT systems, insurance, overhead expenses and one-time advisory fees.
Non-operating Income (Expense)
Consolidated non-operating income (expense) resulted in a net expense of US$33.4 million.
Finance cost totaled US$17.8 million, driven by US$9.2 million convertible notes interest expenses, US$6.5 million related to loan interest and commission expenses and US$1.9 million in interest charges related to operating leases.
Finance income totaled US$2.9 million in proceeds from investments.
Net change in fair value of derivatives totaled a net US$15.7 million unrealized mark-to-market loss related to the Company’s convertible notes.
Gain (loss) on foreign currency fluctuations totaled a US$1.8 million loss, mostly because of the weakening of the Brazilian real and the Colombian peso against the dollar.
Other non-operating income (expense) totaled an expense of US$1.0 million.
5
About Copa Holdings
Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to 80 destinations in 33 countries in North, Central and South America and the Caribbean. For more information visit: www.copa.com.
CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
www.copa.com (IR section)
This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.
6
Copa Holdings, S.A. |
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Income Statement - IFRS |
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(US$ Thousands) |
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Unaudited |
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Unaudited |
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% |
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Unaudited |
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% |
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Unaudited |
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% |
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1Q21 |
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1Q20 |
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Change |
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4Q20 |
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Change |
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1Q19 |
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Change |
Operating Revenues |
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Passenger revenue |
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173,095 |
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574,650 |
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-69.9% |
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147,535 |
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17.3% |
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648,790 |
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-73.3% |
Cargo and mail revenue |
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7,956 |
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13,017 |
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-38.9% |
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7,243 |
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9.9% |
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15,316 |
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-48.1% |
Other operating revenue |
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4,626 |
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7,785 |
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-40.6% |
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3,858 |
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19.9% |
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8,063 |
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-42.6% |
Total Operating Revenue |
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185,677 |
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595,453 |
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-68.8% |
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158,636 |
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17.0% |
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672,169 |
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-72.4% |
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Operating Expenses |
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Fuel |
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51,308 |
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136,954 |
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-62.5% |
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28,346 |
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81.0% |
|
170,163 |
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-69.8% |
Wages, salaries, benefits and other employees' expenses |
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54,575 |
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110,289 |
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-50.5% |
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63,599 |
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-14.2% |
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113,662 |
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-52.0% |
Passenger servicing |
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5,586 |
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21,890 |
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-74.5% |
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4,180 |
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33.6% |
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25,571 |
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-78.2% |
Airport facilities and handling charges |
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22,044 |
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40,365 |
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-45.4% |
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16,914 |
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30.3% |
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45,362 |
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-51.4% |
Sales and distribution |
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21,652 |
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42,011 |
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-48.5% |
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18,646 |
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16.1% |
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53,133 |
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-59.2% |
Maintenance, materials and repairs |
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19,727 |
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27,144 |
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-27.3% |
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33,221 |
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-40.6% |
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28,047 |
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-29.7% |
Depreciation and amortization |
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59,450 |
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66,375 |
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-10.4% |
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67,850 |
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-12.4% |
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68,187 |
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-12.8% |
Flight operations |
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9,410 |
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23,731 |
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-60.3% |
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5,925 |
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58.8% |
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25,875 |
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-63.6% |
Other operating and administrative expenses |
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19,006 |
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28,008 |
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-32.1% |
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15,011 |
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26.6% |
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29,297 |
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-35.1% |
Total Operating Expense |
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262,759 |
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496,766 |
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-47.1% |
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253,693 |
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3.6% |
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559,296 |
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-53.0% |
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Operating Profit (Loss) |
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(77,081) |
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98,687 |
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-178.1% |
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(95,057) |
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-18.9% |
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112,873 |
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-168.3% |
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Non-operating Income (Expense): |
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Finance cost |
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(17,818) |
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(11,085) |
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60.7% |
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(18,360) |
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-3.0% |
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(14,010) |
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27.2% |
Finance income |
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2,853 |
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6,320 |
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-54.9% |
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3,571 |
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-20.1% |
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5,954 |
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-52.1% |
Net change in fair value of derivatives |
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(15,663) |
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- |
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n/m |
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(88,532) |
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-82.3% |
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- |
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n/m |
Gain (loss) on foreign currency fluctuations |
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(1,809) |
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(10,950) |
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-83.5% |
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2,361 |
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-176.6% |
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(5,960) |
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-69.6% |
Other non-operating income (expense) |
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(976) |
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(11) |
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n/m |
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1,026 |
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-195.2% |
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(825) |
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18.4% |
Total Non-Operating Income/(Expense) |
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(33,412) |
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(15,726) |
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112.5% |
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(99,934) |
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-66.6% |
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(14,841) |
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125.1% |
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Profit (Loss) before taxes |
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(110,494) |
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82,961 |
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-233.2% |
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(194,991) |
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-43.3% |
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98,032 |
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-212.7% |
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Income tax expense |
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239 |
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8,687 |
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-97.2% |
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(17,731) |
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-101.3% |
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8,600 |
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-97.2% |
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Net Profit (Loss) |
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(110,733) |
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74,273 |
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-249.1% |
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(177,261) |
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-37.5% |
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89,431 |
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-223.8% |
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EPS |
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Basic |
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-2.60 |
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1.75 |
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-248.8% |
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-4.17 |
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-37.6% |
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2.11 |
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-223.5% |
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Shares used for calculation: |
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Basic |
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42,570,983 |
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42,501,338 |
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42,510,573 |
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42,477,761 |
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7
Copa Holdings, S. A. and subsidiaries |
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Consolidated statement of financial position |
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(US$ Thousands) |
March |
December |
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2021 |
2020 |
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(Unaudited) |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
193,801 |
119,065 |
Short-term investments |
898,453 |
770,816 |
Total cash, cash equivalents and short-term investments |
1,092,254 |
889,881 |
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Accounts receivable, net |
68,436 |
63,206 |
Accounts receivable from related parties |
1,042 |
1,429 |
Expendable parts and supplies, net |
72,992 |
74,319 |
Prepaid expenses |
27,556 |
30,473 |
Prepaid income tax |
16,189 |
16,716 |
Other current assets |
6,908 |
7,805 |
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193,123 |
193,948 |
Assets held for sale |
115,303 |
135,542 |
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TOTAL CURRENT ASSETS |
1,400,679 |
1,219,371 |
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Long-term investments |
111,001 |
119,617 |
Long-term accounts receivable |
1,054 |
1,054 |
Long-term prepaid expenses |
5,680 |
6,066 |
Property and equipment, net |
2,215,264 |
2,147,486 |
Right of use assets |
193,553 |
214,279 |
Intangible, net |
91,316 |
95,568 |
Deferred tax assets |
35,413 |
35,595 |
Other Non-Current Assets |
13,917 |
14,348 |
TOTAL NON-CURRENT ASSETS |
2,667,199 |
2,634,013 |
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TOTAL ASSETS |
4,067,878 |
3,853,385 |
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LIABILITIES |
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Loans and borrowings |
157,393 |
127,946 |
Current portion of lease liability |
81,309 |
83,605 |
Accounts payable |
75,917 |
63,461 |
Accounts payable to related parties |
4,538 |
2,970 |
Air traffic liability |
475,084 |
470,695 |
Frequent flyer deferred revenue |
92,992 |
91,213 |
Taxes Payable |
18,267 |
13,400 |
Employee benefits obligations |
28,912 |
33,995 |
Income tax payable |
1,422 |
1,023 |
Other Current Liabilities |
197 |
252 |
TOTAL CURRENT LIABILITIES |
936,033 |
888,561 |
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Loans and borrowings long-term |
1,308,987 |
1,035,954 |
Lease Liability |
126,436 |
146,905 |
Net employee defined benefit liabilities |
14,524 |
14,332 |
Derivative financial instruments |
261,223 |
245,560 |
Deferred tax Liabilities |
20,862 |
22,190 |
Other long - term liabilities |
225,642 |
216,325 |
TOTAL NON-CURRENT LIABILITIES |
1,957,673 |
1,681,265 |
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TOTAL LIABILITIES |
2,893,705 |
2,569,825 |
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EQUITY |
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Issued Capital |
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Class A - 33,998,370 issued and 31,543,037 outstanding |
21,282 |
21,199 |
Class B common stock - 10,938,125 |
7,466 |
7,466 |
Additional Paid-In Capital |
92,608 |
91,341 |
Treasury Stock |
(136,388) |
(136,388) |
Retained Earnings |
1,324,025 |
1,931,086 |
Net (loss) profit |
(110,733) |
- 607,062 |
Other comprehensive loss |
(24,086) |
(24,082) |
|
|
|
TOTAL EQUITY |
1,174,173 |
1,283,560 |
|
|
|
TOTAL EQUITY & LIABILITIES |
4,067,878 |
3,853,385 |
8
Copa Holdings, S. A. and subsidiaries
Consolidated Statement of Cash Flows
For the three months ended March 31,
(In US$ thousands)
|
|
2021 |
|
2020 |
|
2019 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Cash flow (used in) from operating activities |
|
(892) |
|
106,340 |
|
144,061 |
Cash flow (used in) from investing activities |
|
(86,697) |
|
19,795 |
|
(3,591) |
Cash flow from (used in) financing activities |
|
162,325 |
|
55,058 |
|
(84,361) |
Net increase in cash and cash equivalents |
|
74,736 |
|
181,193 |
|
56,109 |
Cash and cash equivalents at January 1 |
|
119,065 |
|
158,732 |
|
156,158 |
Cash and cash equivalents at March 31 |
|
$193,801 |
|
$339,925 |
|
$212,267 |
|
|
|
|
|
|
|
Short-term investments |
|
898,453 |
|
672,721 |
|
556,127 |
Long-term investments |
|
111,001 |
|
114,277 |
|
128,992 |
Total cash and cash equivalents and investments at March 31 |
|
$1,203,255 |
|
$1,126,923 |
|
$897,386 |
9
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non-IFRS financial measures: Adjusted Operating Profit, Adjusted Net Profit, Adjusted Basic EPS and Monthly Cash Consumption. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation, and should be considered together with comparable IFRS measures, in particular operating profit and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:
Reconciliation of Adjusted Operating Profit |
|
|
|
|
|
|
|
|
|
|
|
|
and Adjusted Net Profit |
|
|
1Q21 |
|
|
1Q20 |
|
|
4Q20 |
|
|
1Q19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit as Reported |
|
$ |
(77,081) |
|
$ |
98,687 |
|
$ |
(95,057) |
|
$ |
112,873 |
Add: Fleet Impairment charges |
|
|
|
|
|
|
|
|
$4,400 |
|
|
|
Add: Expected loss (gain) on Embraer assets held for sale |
|
|
|
|
|
|
|
|
$(877) |
|
|
|
Adjusted Operating Profit |
|
$ |
(77,081) |
|
$ |
98,687 |
|
$ |
(91,533) |
|
$ |
112,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit as Reported |
|
$ |
(110,733) |
|
$ |
74,273 |
|
$ |
(177,261) |
|
$ |
89,431 |
Add: Fleet Impairment charges |
|
|
|
|
|
|
|
|
$4,400 |
|
|
|
Add: Expected loss (gain) on Embraer assets held for sale |
|
|
|
|
|
|
|
|
$(877) |
|
|
|
Add: Net change in fair value of derivatives |
|
$ |
15,663 |
|
|
|
|
|
$88,532 |
|
|
|
Adjusted Net Profit |
|
$ |
(95,070) |
|
$ |
74,273 |
|
$ |
(85,204) |
|
$ |
89,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Basic EPS |
|
|
1Q21 |
|
|
1Q20 |
|
|
4Q20 |
|
|
1Q19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Profit |
|
$ |
(95,070) |
|
$ |
74,273 |
|
$ |
(85,204) |
|
$ |
89,431 |
Shares used for calculation of Basic EPS |
|
|
42,571 |
|
|
42,501 |
|
|
42,511 |
|
|
42,478 |
Adjusted Basic Earnings per share (Adjusted Basic EPS) |
|
$ |
(2.23) |
|
$ |
1.75 |
|
$ |
(2.00) |
|
$ |
2.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Monthly Cash Consumption for 2020 and 2021 |
|
|
1Q21 |
|
|
4Q20 |
|
|
3Q20 |
|
|
2Q20 |
Beginning Cash balance |
|
$ |
1,009 |
|
$ |
1,006 |
|
$ |
1,143 |
|
$ |
1,127 |
Ending Cash balance |
|
$ |
1,203 |
|
$ |
1,009 |
|
$ |
1,006 |
|
$ |
1,143 |
Net cashflows in the quarter |
|
$ |
194 |
|
$ |
4 |
|
$ |
(137) |
|
$ |
16 |
Subtract: Proceeds from Convertible Notes Offering |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
343 |
Subtract: Net Proceeds from new Aircraft Financing |
|
$ |
241 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
Subtract: Others proceeds (assets sold and other non-op proceeds) |
|
$ |
20 |
|
$ |
23 |
|
$ |
22 |
|
$ |
- |
Add: Repayment of short term credit lines |
|
$ |
- |
|
$ |
- |
|
$ |
50 |
|
$ |
95 |
Cash Consumption excluding extraordinary activities |
|
$ |
(68) |
|
$ |
(19) |
|
$ |
(109) |
|
$ |
(232) |
Monthly Cash Consumption excluding extraordinary activities |
|
$ |
(23) |
|
$ |
(6) |
|
$ |
(36) |
|
$ |
(77) |
10