Volaris Reports Financial Results for the Fourth Quarter 2024: Net Income of $46 million
Volaris (NYSE: VLRS) reported its Q4 and full-year 2024 financial results, achieving a net income of $46 million in Q4 and $126 million for the full year. Q4 total operating revenues decreased 7% to $835 million, while EBITDAR increased 18% to $331 million with a margin of 39.6%.
The company faced challenges from GTF engine inspections and aircraft groundings, with approximately 34 aircraft on ground during Q4. Despite these challenges, Volaris maintained profitability throughout 2024, achieving a full-year EBITDAR margin of 36.3%. The company's total cash position stood at $954 million, representing 30% of last twelve months' operating revenue.
For 2025, Volaris plans a capacity growth of around 13%, with approximately 40% allocated to international markets. The company's fleet expanded to 143 aircraft, with 60% being New Engine Option (NEO) models.
Volaris (NYSE: VLRS) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, raggiungendo un utile netto di 46 milioni di dollari nel quarto trimestre e 126 milioni di dollari per l'intero anno. I ricavi operativi totali del quarto trimestre sono diminuiti del 7% a 835 milioni di dollari, mentre l'EBITDAR è aumentato del 18% a 331 milioni di dollari, con un margine del 39,6%.
L'azienda ha affrontato sfide a causa delle ispezioni dei motori GTF e dei fermi a terra degli aerei, con circa 34 aerei a terra durante il quarto trimestre. Nonostante queste difficoltà, Volaris ha mantenuto la redditività per tutto il 2024, raggiungendo un margine EBITDAR annuale del 36,3%. La posizione di cassa totale dell'azienda ammontava a 954 milioni di dollari, pari al 30% dei ricavi operativi degli ultimi dodici mesi.
Per il 2025, Volaris prevede una crescita della capacità di circa il 13%, con circa il 40% destinato ai mercati internazionali. La flotta dell'azienda è aumentata a 143 aerei, di cui il 60% sono modelli New Engine Option (NEO).
Volaris (NYSE: VLRS) reportó sus resultados financieros del cuarto trimestre y del año completo 2024, logrando un ingreso neto de 46 millones de dólares en el cuarto trimestre y 126 millones de dólares para el año completo. Los ingresos operativos totales del cuarto trimestre disminuyeron un 7% a 835 millones de dólares, mientras que el EBITDAR aumentó un 18% a 331 millones de dólares, con un margen del 39.6%.
La compañía enfrentó desafíos por las inspecciones de motores GTF y el aterrizaje de aeronaves, con aproximadamente 34 aeronaves en tierra durante el cuarto trimestre. A pesar de estos desafíos, Volaris mantuvo la rentabilidad durante todo 2024, logrando un margen EBITDAR anual del 36.3%. La posición total de efectivo de la compañía se situó en 954 millones de dólares, representando el 30% de los ingresos operativos de los últimos doce meses.
Para 2025, Volaris planea un crecimiento de capacidad de alrededor del 13%, con aproximadamente el 40% destinado a mercados internacionales. La flota de la compañía se expandió a 143 aeronaves, de las cuales el 60% son modelos New Engine Option (NEO).
볼라리스 (NYSE: VLRS)는 2024년 4분기 및 연간 재무 결과를 발표하며 4분기 순이익 4,600만 달러와 연간 1억 2,600만 달러를 기록했습니다. 4분기 총 운영 수익은 7% 감소하여 8억 3,500만 달러에 달했으며, EBITDAR는 18% 증가하여 3억 3,100만 달러로, 마진은 39.6%에 이릅니다.
회사는 GTF 엔진 검사 및 항공기 지상 정비로 어려움을 겪었으며, 4분기 동안 약 34대의 항공기가 지상에 있었습니다. 이러한 어려움에도 불구하고 볼라리스는 2024년 내내 수익성을 유지하며 연간 EBITDAR 마진 36.3%를 달성했습니다. 회사의 총 현금 보유액은 9억 5,400만 달러로, 지난 12개월 운영 수익의 30%에 해당합니다.
2025년을 위해 볼라리스는 약 13%의 용량 성장을 계획하고 있으며, 그 중 약 40%는 국제 시장에 배정될 예정입니다. 회사의 항공기는 143대로 확장되었으며, 그 중 60%는 New Engine Option (NEO) 모델입니다.
Volaris (NYSE: VLRS) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024, réalisant un bénéfice net de 46 millions de dollars au quatrième trimestre et 126 millions de dollars pour l'année entière. Les revenus d'exploitation totaux du quatrième trimestre ont diminué de 7% pour atteindre 835 millions de dollars, tandis que l'EBITDAR a augmenté de 18% pour atteindre 331 millions de dollars, avec une marge de 39,6%.
L'entreprise a rencontré des défis liés aux inspections des moteurs GTF et aux immobilisations d'avions, avec environ 34 avions au sol pendant le quatrième trimestre. Malgré ces défis, Volaris a maintenu sa rentabilité tout au long de 2024, atteignant une marge EBITDAR annuelle de 36,3%. La position de trésorerie totale de l'entreprise s'élevait à 954 millions de dollars, représentant 30% des revenus d'exploitation des douze derniers mois.
Pour 2025, Volaris prévoit une croissance de sa capacité d'environ 13%, dont environ 40% sera alloué aux marchés internationaux. La flotte de l'entreprise s'est élargie à 143 avions, dont 60% sont des modèles New Engine Option (NEO).
Volaris (NYSE: VLRS) hat seine finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht und dabei einen Nettoertrag von 46 Millionen Dollar im vierten Quartal und 126 Millionen Dollar für das Gesamtjahr erzielt. Die Gesamterträge aus dem operativen Geschäft sanken im vierten Quartal um 7% auf 835 Millionen Dollar, während EBITDAR um 18% auf 331 Millionen Dollar stieg, mit einer Marge von 39,6%.
Das Unternehmen sah sich Herausforderungen durch GTF-Motorinspektionen und stillgelegte Flugzeuge gegenüber, wobei im vierten Quartal etwa 34 Flugzeuge am Boden blieben. Trotz dieser Herausforderungen hielt Volaris die Rentabilität im gesamten Jahr 2024 aufrecht und erreichte eine EBITDAR-Marge von 36,3% für das Gesamtjahr. Die gesamte Liquiditätsposition des Unternehmens betrug 954 Millionen Dollar, was 30% der operativen Erträge der letzten zwölf Monate entspricht.
Für 2025 plant Volaris ein Kapazitätswachstum von etwa 13%, wobei etwa 40% auf internationale Märkte entfallen. Die Flotte des Unternehmens wurde auf 143 Flugzeuge erweitert, wobei 60% neue Motoroptionen (NEO) sind.
- Net income increased significantly to $126 million for FY2024 vs $8 million in 2023
- EBITDAR margin improved by 11.1 percentage points to 36.3% for FY2024
- Strong liquidity position with $954 million in cash and equivalents
- Net debt-to-LTM EBITDAR ratio improved to 2.6x from 3.3x at end of 2023
- Average fuel cost decreased 20% to $2.51 per gallon in Q4
- Total operating revenues decreased 7.1% in Q4 2024
- Available seat miles (ASMs) decreased 13% to 34.0 billion for FY2024
- CASM ex fuel increased 16.8% to $5.68 cents in Q4
- Booked passengers decreased 4.8% in Q4 2024
- Ongoing engine inspections will affect fleet through 2027
Insights
Volaris' Q4 2024 financial results reveal a company successfully navigating significant operational headwinds while maintaining robust profitability. The $46 million net income and 39.6% EBITDAR margin demonstrate effective cost management and operational efficiency, particularly noteworthy given the ongoing GTF engine inspection challenges.
The revenue profile shows interesting strategic shifts. While total revenue decreased
The company's financial health remains strong, with
Looking ahead, Volaris' strategic pivot toward international markets (targeting
However, investors should monitor the ongoing GTF engine inspection impact, which affects fleet availability through 2027. While compensation agreements with Pratt & Whitney provide some mitigation, the operational complexity of managing unscheduled engine removals alongside new aircraft deliveries could pressure cost structures and operational flexibility in the medium term.
MEXICO CITY, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (NYSE: VLRS and BMV: VOLAR) (“Volaris” or “the Company”), the ultra-low-cost carrier (ULCC) serving Mexico, the United States, Central and South America, today reports its unaudited financial results for the fourth quarter and full year of 20241.
Fourth Quarter 2024 Highlights
(All figures are reported in U.S. dollars and compared to 4Q 2023 unless otherwise noted)
- Net income of
$46 million . Earnings per American Depositary Shares (ADS) of$40 cents. - Total operating revenues of
$835 million , a7% decrease. - Total revenue per available seat mile (TRASM) decreased
2% to$9.35 cents. - Available seat miles (ASMs) decreased by
5% to 8.9 billion. - Total operating expenses of
$718 million , representing86% of total operating revenue. - Total operating expenses per available seat mile (CASM) increased
3% at$8.04 cents. - Average economic fuel cost decreased
20% to$2.51 per gallon. - CASM ex fuel increased
17% to$5.68 cents. - EBITDAR of
$331 million , an18% increase. - EBITDAR margin was
39.6% , an increase of 8 percentage points. - Total cash, cash equivalents, restricted cash, and short-term investments totaled
$954 million , representing30% of the last twelve months’ total operating revenue. - Net debt-to-LTM EBITDAR2 ratio decreased to 2.6x, compared to 2.7x in the previous quarter.
Enrique Beltranena, President & Chief Executive Officer, said: “2024 was a remarkable year for Volaris. Despite continuous adversity from GTF engine inspections and aircraft groundings, we generated some of our best top and bottom-line results. Thanks to the work of our management team and Ambassadors, we posted a net profit each quarter and achieved a full-year EBITDAR margin of
Looking ahead, we anticipate the ongoing engine inspections to affect a significant portion of our fleet not only in 2025, but also in 2026 and 2027. In response, we remain focused on harmonizing three critical areas to maximize return on investment: 1) balancing unscheduled engine removals, inspections, and GTF engine returns; 2) managing new aircraft arrivals from Airbus; and 3) optimizing aircraft returns and lease extensions.
For 2025, considering these three elements, our strategic approach will continue to prioritize profitability while reinforcing our position as the preferred airline in our core markets. We will maintain a rational and prudent approach to capacity growth in 2025, targeting an expansion of around
1 The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).
2 Includes short-term investments.
Full Year 2024 Highlights
(All figures are reported in U.S. dollars and compared to FY 2023 unless otherwise noted)
- Net income of
$126 million . Earnings per American Depositary Shares (ADS) of$1.10 . - Total operating revenues of
$3,142 million , a4% decrease. - Total revenue per available seat mile (TRASM) increased
10% to$9.24 cents. - Available seat miles (ASMs) decreased
13% to 34.0 billion. - Total operating expenses of
$2,729 million , representing87% of total operating revenue. - Total operating expenses per available seat mile (CASM) increased
3% to$8.03 cents. - Average economic fuel cost decreased
12% to$2.75 per gallon. - CASM ex fuel increased
12% to$5.40 cents. - EBITDAR of
$1,141 million , a39% increase. - EBITDAR margin was
36.3% , an increase of 11 percentage points.
Fourth Quarter and Full Year 2024 Consolidated Financial and Operating Highlights
(All figures are reported in U.S. dollars and compared to 4Q 2023 and FY 2023 unless otherwise noted)
| Fourth Quarter | Full Year | |||||
| 2024 | 2023 | Var. | 2024 | 2023 | Var. | |
| Total operating revenues (millions) | 835 | 899 | ( | 3,142 | 3,259 | ( |
| TRASM (cents) | 9.35 | 9.56 | ( | 9.24 | 8.38 | |
| ASMs (millions, scheduled & charter) | 8,930 | 9,402 | ( | 33,990 | 38,890 | ( |
| Load Factor (RPMs/ASMs) | (0.8 pp) | 0.8 pp | ||||
| Passengers (thousands, scheduled & charter) | 7,848 | 8,247 | ( | 29,473 | 33,497 | ( |
| Fleet (at the end of the period) | 143 | 129 | 14 | 143 | 129 | 14 |
| Total operating expenses (millions) | 718 | 735 | ( | 2,729 | 3,036 | ( |
| CASM (cents) | 8.04 | 7.81 | 8.03 | 7.81 | ||
| CASM ex fuel (cents) | 5.68 | 4.86 | 5.40 | 4.81 | ||
| Adjusted CASM ex fuel (cents)3 | 5.25 | 5.07 | 5.09 | 4.57 | ||
| Operating income (EBIT) (millions) | 117 | 164 | ( | 413 | 223 | |
| % EBIT margin | (4.2 pp) | 6.3 pp | ||||
| Net income (millions) | 46 | 112 | ( | 126 | 8 | > |
| % Net income margin | (7.0 pp) | 3.8 pp | ||||
| EBITDAR (millions) | 331 | 281 | 1,141 | 823 | ||
| % EBITDAR margin | 8.4 pp | 11.1 pp | ||||
| Net debt-to-LTM EBITDAR4 | 2.6x | 3.3x | (0.8x) | 2.6x | 3.3x | (0.8x) |
| Note: Figures are rounded for convenience purposes. Further detail found in financial and operating indicators. 3 Excludes fuel expense, aircraft and engine variable lease expenses and sale and lease-back gains. 4 Includes short-term investments. | ||||||
Reconciliation of CASM to Adjusted CASM ex fuel:
| Fourth Quarter | Full Year | |||||
| Reconciliation of CASM | 2024 | 2023 | Var. | 2024 | 2023 | Var. |
| CASM (cents) | 8.04 | 7.81 | 8.03 | 7.81 | ||
| Fuel expense | (2.36) | (2.95) | ( | (2.63) | (3.00) | ( |
| CASM ex fuel | 5.68 | 4.86 | 5.40 | 4.81 | ||
| Aircraft and engine variable lease expenses5 | (0.58) | 0.15 | N/A | (0.40) | (0.27) | |
| Sale and lease back gains | 0.15 | 0.06 | > | 0.09 | 0.03 | > |
| Adjusted CASM ex fuel | 5.25 | 5.07 | 5.09 | 4.57 | ||
| Note: Figures are rounded for convenience purposes. Further detail found in financial and operating indicators. 5 Aircraft redeliveries. | ||||||
Fourth Quarter 2024
(All figures are reported in U.S. dollars and compared to 4Q 2023 unless otherwise noted)
Total operating revenues for the quarter amounted to
Total capacity, in terms of available seat miles (ASMs), was 8.9 billion, representing a
Booked passengers totaled 7.8 million, a
The load factor for the quarter reached
TRASM declined
The average base fare per passenger stood at
Total operating expenses were
CASM totaled
The average economic fuel cost decreased by
CASM ex fuel increased
Comprehensive financing result represented an expense of
Income tax benefit was
Net income in the quarter was
EBITDAR for the quarter was
Cash Flow
For the quarter, net cash flow provided by operating activities was
Full Year 2024
(All figures are reported in U.S. dollars and compared to FY 2023 unless otherwise noted)
Total operating revenues were
Volaris transported 29.5 million passengers, a decrease of
Load factor reached
TRASM increased
Ancillary revenue per passenger was
Volaris posted total operating expenses of
CASM increased
The comprehensive financing result for the full year 2024 amounted to an expense of
The Company recorded an income tax expense for the full year 2024 of
For the full year 2024, Volaris reported a net income of
Volaris registered an EBITDAR of
Balance Sheet, Liquidity, and Capital Allocation
As of December 31, 2024, cash, cash equivalents, restricted cash, and short-term investments were
Net cash flow provided by operating activities was
The financial debt amounted to
Net debt-to-LTM EBITDAR6 ratio stood at 2.6x, compared to 2.7x in the previous quarter and 3.3x at the end of 2023.
The average exchange rate for the fourth quarter was Ps.20.07 per U.S. dollar and Ps.20.27 per U.S. dollar at the end of the period, reflecting a depreciation of
6 Includes short-term investments.
2025 Guidance
For the full year 2025, the Company expects:
| 2025 | 2024 (1) | |
| Full Year 2025 Guidance | ||
| ASM growth (YoY) | ~ | - |
| EBITDAR margin | ||
| CAPEX (2) | ~ | |
| Average USD/MXN rate | Ps. 21.00 to 21.20 | Ps. 18.30 |
| Average U.S. Gulf Coast jet fuel price | ||
| (1) For convenience purposes, actual reported figures for 2024 are included. (2) CAPEX net of financed fleet predelivery payments. | ||
For the first quarter of 2025, the Company expects:
| 1Q’25 | 1Q’24 (3) | |
| 1Q’25 Guidance | ||
| ASM growth (YoY) | ~ | - |
| TRASM | ||
| CASM ex fuel | ||
| EBITDAR margin | ||
| Average USD/MXN rate | Ps. 20.60 to 20.80 | Ps. 17.00 |
| Average U.S. Gulf Coast jet fuel price | ||
| (3) For convenience purposes, actual reported figures for 1Q’24 are included. | ||
The first quarter and full year 2025 outlook presented above includes the compensation that Volaris expects to receive for the projected grounded aircraft resulting from the GTF engine inspections, in accordance with the Company’s agreement with Pratt & Whitney.
The Company’s outlook is subject to unforeseen disruptions, macroeconomic factors, or other negative impacts that may affect its business and is based on several assumptions, including the foregoing, which are subject to change and may be outside the control of the Company and its management. The Company’s expectations may change if actual results vary from these assumptions. There can be no assurances that Volaris will achieve these results.
Fleet
During the fourth quarter, Volaris added two A320ceo, one A320neo and three A321neo aircraft to its fleet, bringing the total number of aircraft to 143. At the end of the quarter, Volaris’ fleet had an average age of 6.4 years and an average seating capacity of 198 passengers per aircraft. Of the total fleet,
| Fourth Quarter | Third Quarter | |||||
| Total Fleet | 2024 | 2023 | Var. | 2024 | Var. | |
| CEO | ||||||
| A319 | 3 | 3 | - | 3 | - | |
| A320 | 44 | 40 | 4 | 42 | 2 | |
| A321 | 10 | 10 | - | 10 | - | |
| NEO | ||||||
| A320 | 53 | 51 | 2 | 52 | 1 | |
| A321 | 33 | 25 | 8 | 30 | 3 | |
| Total aircraft at the end of the period | 143 | 129 | 14 | 137 | 6 | |
Investors are urged to carefully read the Company’s periodic reports filed with or provided to the Securities and Exchange Commission, for additional information regarding the Company.
Investor Relations Contact
Ricardo Martínez / ir@volaris.com
Media Contact
Israel Álvarez / ialvarez@gcya.net
Conference Call Details
| Date: | Monday, February 24, 2025 |
| Time: | 10:00 am Mexico City / 11:00 am New York (USA) (ET) |
| Webcast link: | Volaris Webcast (View the live webcast) |
| Dial-in & Live Q&A link: | Volaris Dial-in and Live Q&A
|
About Volaris
*Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris” or “the Company”) (NYSE: VLRS and BMV: VOLAR) is an ultra-low-cost carrier, with point-to-point operations, serving Mexico, the United States, Central and South America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from 5 to more than 230 and its fleet from 4 to 145 aircraft. Volaris offers more than 480 daily flight segments on routes that connect 44 cities in Mexico and 29 cities in the United States, Central and South America, with one of the youngest fleets in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business and leisure travelers in Mexico, the United States, Central, and South America. Volaris has received the ESR Award for Social Corporate Responsibility for fifteen consecutive years. For more information, please visit ir.volaris.com. Volaris routinely posts information that may be important to investors on its investor relations website. The Company encourages investors and potential investors to consult the Volaris website regularly for important information about Volaris.
Forward-Looking Statements
Statements in this release contain various forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which represent the Company’s expectations, beliefs, or projections concerning future events and financial trends affecting the financial condition of our business. When used in this release, the words “expects,” “intends,” “estimates,” “predicts,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “potential,” “outlook,” “may,” “continue,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Similarly, statements describing the Company’s objectives, plans or goals, or actions the Company may take in the future are forward-looking. Forward-looking statements include, without limitation, statements regarding the Company’s outlook, the expectation of receiving certain compensation in connection with the GTF engine removals, and the anticipated execution of its business plan and focus on its 2025 priorities. Forward-looking statements should not be read as a guarantee or assurance of future performance or results. They will not necessarily be accurate indications of the times at or by which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time concerning future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements are subject to several factors that could cause the Company’s actual results to differ materially from the Company’s expectations, including the competitive environment in the airline industry, the Company’s ability to keep costs low; changes in fuel costs, the impact of worldwide economic conditions on customer travel behavior; the Company’s ability to generate non-ticket revenue; and government regulation. The Company’s U.S. Securities and Exchange Commission filings contain additional information concerning these and other factors. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Supplemental Information on Non-IFRS Measures
We evaluate our financial performance by using various financial measures that are not performance measures under International Financial Reporting Standards (“non-IFRS measures”). These non-IFRS measures include CASM, CASM ex fuel, Adjusted CASM ex fuel, EBITDAR, Net debt-to-LTM EBITDAR, Total cash, cash equivalents, restricted cash, and short-term investments. We define CASM as total operating expenses by available seat mile. We define CASM ex fuel as total operating expenses by available seat mile, excluding fuel expense. We define Adjusted CASM ex fuel as total operating expenses by available seat mile, excluding fuel expense, aircraft and engine variable lease expenses and sale and lease back gains. We define EBITDAR as earnings before interest, income tax, depreciation and amortization, depreciation of right of use assets and aircraft and engine variable lease expenses. We define Net debt-to-LTM EBITDAR as Net debt divided by LTM EBITDAR. We define Total cash, cash equivalents, restricted cash, and short-term investments as the sum of cash, cash equivalents, restricted cash, and short-term investments.
These non-IFRS measures are provided as supplemental information to the financial information presented in this release that is calculated and presented in accordance with International Financial Reporting Standards (“IFRS”) because we believe that they, in conjunction with the IFRS financial information, provide useful information to management’s, analysts and investors overall understanding of our operating performance.
Because non-IFRS measures are not calculated in accordance with IFRS, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related IFRS measures presented in this release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in the method of calculation and the items being adjusted.
We encourage investors to review our financial statements and other filings with the Securities and Exchange Commission in their entirety for additional information regarding the Company and not to rely on any single financial measure.
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
| Financial and Operating Indicators | |||
| Unaudited (U.S. dollars, except otherwise indicated) | Three months ended December 31, 2024 | Three months ended December 31, 2023 | Variance |
| Total operating revenues (millions) | 835 | 899 | ( |
| Total operating expenses (millions) | 718 | 735 | ( |
| EBIT (millions) | 117 | 164 | ( |
| EBIT margin | (4.2 pp) | ||
| Depreciation and amortization (millions) | 162 | 131 | |
| Aircraft and engine variable lease expenses (millions) | 52 | (14) | N/A |
| Net income (millions) | 46 | 112 | ( |
| Net income margin | (7.0 pp) | ||
| Earnings per share (1): | |||
| Basic | 0.04 | 0.10 | ( |
| Diluted | 0.04 | 0.10 | ( |
| Earnings per ADS*: | |||
| Basic | 0.40 | 0.97 | ( |
| Diluted | 0.39 | 0.96 | ( |
| Weighted average shares outstanding: | |||
| Basic | 1,150,123,382 | 1,151,640,062 | ( |
| Diluted | 1,165,507,122 | 1,165,847,298 | |
| Financial Indicators | |||
| Total operating revenue per ASM (TRASM) (cents) (2) | 9.35 | 9.56 | ( |
| Average base fare per passenger | 50 | 54 | ( |
| Total ancillary revenue per passenger (3) | 57 | 55 | |
| Total operating revenue per passenger | 106 | 109 | ( |
| Operating expenses per ASM (CASM) (cents) (2) | 8.04 | 7.81 | |
| CASM ex fuel (cents) (2) | 5.68 | 4.86 | |
| Adjusted CASM ex fuel (cents) (2) (4) | 5.25 | 5.07 | |
| Operating Indicators | |||
| Available seat miles (ASMs) (millions) (2) | 8,930 | 9,402 | ( |
| Domestic | 5,193 | 5,832 | ( |
| International | 3,737 | 3,570 | |
| Revenue passenger miles (RPMs) (millions) (2) | 7,796 | 8,288 | ( |
| Domestic | 4,762 | 5,356 | ( |
| International | 3,034 | 2,931 | |
| Load factor (5) | (0.8 pp) | ||
| Domestic | (0.1 pp) | ||
| International | (0.9 pp) | ||
| Booked passengers (thousands) (2) | 7,848 | 8,247 | ( |
| Domestic | 5,745 | 6,225 | ( |
| International | 2,103 | 2,022 | |
| Departures (2) | 45,566 | 47,671 | ( |
| Block hours (2) | 118,050 | 125,221 | ( |
| Aircraft at end of period | 143 | 129 | 14 |
| Average daily aircraft utilization (block hours) | 13.13 | 13.23 | ( |
| Fuel gallons accrued (millions) | 83.39 | 88.03 | ( |
| Average economic fuel cost per gallon (6) | 2.51 | 3.13 | ( |
| Average exchange rate | 20.07 | 17.58 | |
| Exchange rate at the end of the period | 20.27 | 16.89 | |
| *Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share | |||
| (1) The basic and diluted loss or earnings per share are calculated in accordance with IAS 33. Basic loss or earnings per share is calculated by dividing net loss or earnings by the average number of shares outstanding (excluding treasury shares). Diluted loss or earnings per share is calculated by dividing net loss or earnings by the average number of shares outstanding adjusted for dilutive effects. | (2) Includes scheduled and charter. (3) Includes “Other passenger revenues” and “Non-passenger revenues”. (4) Excludes fuel expense, aircraft and engine variable lease expenses and sale and lease-back gains. (5) Includes scheduled. (6) Excludes Non-creditable VAT. | ||
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
| Financial and Operating Indicators | |||
| Unaudited (U.S. dollars, except otherwise indicated) | Twelve months ended December 31, 2024 | Twelve months ended December 31, 2023 | Variance |
| Total operating revenues (millions) | 3,142 | 3,259 | ( |
| Total operating expenses (millions) | 2,729 | 3,036 | ( |
| EBIT (millions) | 413 | 223 | |
| EBIT margin | 6.3 pp | ||
| Depreciation and amortization (millions) | 593 | 496 | |
| Aircraft and engine variable lease expenses (millions) | 135 | 104 | |
| Net income (millions) | 126 | 8 | > |
| Net income margin | 3.8 pp | ||
| Earnings per share (1): | |||
| Basic | 0.11 | 0.01 | > |
| Diluted | 0.11 | 0.01 | > |
| Earnings per ADS*: | |||
| Basic | 1.10 | 0.07 | > |
| Diluted | 1.08 | 0.07 | > |
| Weighted average shares outstanding: | |||
| Basic | 1,150,743,230 | 1,152,609,485 | ( |
| Diluted | 1,165,858,647 | 1,165,450,734 | |
| Financial Indicators | |||
| Total operating revenue per ASM (TRASM) (cents) (2) | 9.24 | 8.38 | |
| Average base fare per passenger | 51 | 49 | |
| Total ancillary revenue per passenger (3) | 55 | 48 | |
| Total operating revenue per passenger | 107 | 97 | |
| Operating expenses per ASM (CASM) (cents) (2) | 8.03 | 7.81 | |
| CASM ex fuel (cents) (2) | 5.40 | 4.81 | |
| Adjusted CASM ex fuel (cents) (2) (4) | 5.09 | 4.57 | |
| Operating Indicators | |||
| Available seat miles (ASMs) (millions) (2) | 33,990 | 38,890 | ( |
| Domestic | 20,030 | 25,630 | ( |
| International | 13,960 | 13,260 | |
| Revenue passenger miles (RPMs) (millions) (2) | 29,505 | 33,449 | ( |
| Domestic | 18,161 | 22,422 | ( |
| International | 11,344 | 11,027 | |
| Load factor (5) | 0.8 pp | ||
| Domestic | 3.2 pp | ||
| International | (1.9 pp) | ||
| Booked passengers (thousands) (2) | 29,473 | 33,497 | ( |
| Domestic | 21,705 | 25,909 | ( |
| International | 7,768 | 7,588 | |
| Departures (2) | 173,209 | 201,376 | ( |
| Block hours (2) | 451,822 | 523,761 | ( |
| Aircraft at end of period | 143 | 129 | 14 |
| Average daily aircraft utilization (block hours) | 13.03 | 13.37 | ( |
| Fuel gallons accrued (millions) | 322.70 | 372.20 | ( |
| Average economic fuel cost per gallon (6) | 2.75 | 3.11 | ( |
| Average exchange rate | 18.30 | 17.76 | |
| Exchange rate at the end of the year | 20.27 | 16.89 | |
| *Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share | |||
| (1) The basic and diluted loss or earnings per share are calculated in accordance with IAS 33. Basic loss or earnings per share is calculated by dividing net loss or earnings by the average number of shares outstanding (excluding treasury shares). Diluted loss or earnings per share is calculated by dividing net loss or earnings by the average number of shares outstanding adjusted for dilutive effects. | (2) Includes scheduled and charter. (3) Includes “Other passenger revenues” and “Non-passenger revenues”. (4) Excludes fuel expense, aircraft and engine variable lease expenses and sale and lease-back gains. (5) Includes scheduled. (6) Excludes Non-creditable VAT. | ||
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
| Consolidated Statement of Operations | |||
| Unaudited (In millions of U.S. dollars) | Three months ended December 31, 2024 | Three months ended December 31, 2023 | Variance |
| Operating revenues: | |||
| Passenger revenues | 803 | 865 | ( |
| Fare revenues | 390 | 447 | ( |
| Other passenger revenues | 413 | 418 | ( |
| Non-passenger revenues | 32 | 34 | ( |
| Cargo | 5 | 6 | ( |
| Other non-passenger revenues | 27 | 28 | ( |
| Total operating revenues | 835 | 899 | ( |
| Other operating income | (56) | (50) | |
| Fuel expense | 211 | 277 | ( |
| Aircraft and engine variable lease expenses | 52 | (14) | N/A |
| Salaries and benefits | 112 | 101 | |
| Landing, take-off and navigation expenses | 127 | 137 | ( |
| Sales, marketing and distribution expenses | 36 | 45 | ( |
| Maintenance expenses | 28 | 24 | |
| Depreciation and amortization | 52 | 37 | |
| Depreciation of right of use assets | 110 | 94 | |
| Other operating expenses | 46 | 84 | ( |
| Total operating expenses | 718 | 735 | ( |
| Operating income | 117 | 164 | ( |
| Finance income | 13 | 14 | ( |
| Finance cost | (86) | (45) | |
| Exchange loss, net | (3) | (4) | ( |
| Comprehensive financing result | (76) | (35) | > |
| Income before income tax | 41 | 129 | ( |
| Income tax benefit (expense) | 5 | (17) | N/A |
| Net income | 46 | 112 | ( |
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
| Consolidated Statement of Operations | |||
| (In millions of U.S. dollars) | Twelve months ended December 31, 2024 (Unaudited) | Twelve months ended December 31, 2023 (Audited) | Variance |
| Operating revenues: | |||
| Passenger revenues | 3,010 | 3,123 | ( |
| Fare revenues | 1,517 | 1,650 | ( |
| Other passenger revenues | 1,493 | 1,473 | |
| Non-passenger revenues | 132 | 136 | ( |
| Cargo | 21 | 20 | |
| Other non-passenger revenues | 111 | 116 | ( |
| Total operating revenues | 3,142 | 3,259 | ( |
| Other operating income | (198) | (55) | > |
| Fuel expense | 894 | 1,165 | ( |
| Aircraft and engine variable lease expenses | 135 | 104 | |
| Salaries and benefits | 411 | 387 | |
| Landing, take-off and navigation expenses | 493 | 503 | ( |
| Sales, marketing and distribution expenses | 169 | 167 | |
| Maintenance expenses | 100 | 98 | |
| Depreciation and amortization | 183 | 134 | |
| Depreciation of right of use assets | 410 | 362 | |
| Other operating expenses | 132 | 171 | ( |
| Total operating expenses | 2,729 | 3,036 | ( |
| Operating income | 413 | 223 | |
| Finance income | 49 | 38 | |
| Finance cost | (294) | (219) | |
| Exchange gain (loss), net | 14 | (34) | N/A |
| Comprehensive financing result | (231) | (215) | |
| Income before income tax | 182 | 8 | > |
| Income tax (expense) benefit | (56) | - | N/A |
| Net income | 126 | 8 | > |
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
| Reconciliation of Total Ancillary Revenue per Passenger | |||
| The following table shows quarterly additional detail about the components of total ancillary revenue: | |||
| Unaudited (In millions of U.S. dollars) | Three months ended December 31, 2024 | Three months ended December 31, 2023 | Variance |
| Other passenger revenues | 413 | 418 | ( |
| Non-passenger revenues | 32 | 34 | ( |
| Total ancillary revenues | 445 | 452 | ( |
| Booked passengers (thousands) (1) | 7,848 | 8,247 | ( |
| Total ancillary revenue per passenger | 57 | 55 | |
| (1) Includes scheduled and charter. | |||
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
| Reconciliation of Total Ancillary Revenue per Passenger | |||
| The following table shows additional detail about the components of total ancillary revenue for the full year 2024: | |||
| (In millions of U.S. dollars) | Twelve months ended December 31, 2024 (Unaudited) | Twelve months ended December 31, 2023 (Audited) | Variance |
| Other passenger revenues | 1,493 | 1,473 | |
| Non-passenger revenues | 132 | 136 | ( |
| Total ancillary revenues | 1,625 | 1,609 | |
| Booked passengers (thousands) (1) | 29,473 | 33,497 | ( |
| Total ancillary revenue per passenger | 55 | 48 | |
| (1) Includes scheduled and charter. | |||
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | |||
| Consolidated Statement of Financial Position | |||
| (In millions of U.S. dollars) | As of December 31, 2024 (Unaudited) | As of December 31, 2023 (Audited) | |
| Assets | |||
| Cash, cash equivalents and restricted cash | 908 | 774 | |
| Short-term investments | 46 | 15 | |
| Total cash, cash equivalents, restricted cash, and short-term investments (1) | 954 | - | |
| Accounts receivable, net | 139 | 251 | |
| Inventories | 17 | 16 | |
| Guarantee deposits | 227 | 148 | |
| Derivative financial instruments | - | - | |
| Prepaid expenses and other current assets | 45 | 44 | |
| Total current assets | 1,382 | 1,248 | |
| Right of use assets | 2,470 | 2,338 | |
| Rotable spare parts, furniture and equipment, net | 1,070 | 805 | |
| Intangible assets, net | 26 | 16 | |
| Derivatives financial instruments | - | 2 | |
| Deferred income taxes | 286 | 236 | |
| Guarantee deposits | 426 | 462 | |
| Other long-term assets | 43 | 39 | |
| Total non-current assets | 4,321 | 3,898 | |
| Total assets | 5,703 | 5,146 | |
| Liabilities and equity | |||
| Unearned transportation revenue | 343 | 343 | |
| Accounts payable | 164 | 250 | |
| Accrued liabilities | 222 | 163 | |
| Other taxes and fees payable | 274 | 262 | |
| Income taxes payable | 29 | 8 | |
| Financial debt | 284 | 220 | |
| Lease liabilities | 391 | 373 | |
| Other liabilities | 63 | 2 | |
| Total short-term liabilities | 1,770 | 1,621 | |
| Financial debt | 526 | 433 | |
| Accrued liabilities | 8 | 14 | |
| Employee benefits | 13 | 15 | |
| Deferred income taxes | 18 | 16 | |
| Lease liabilities | 2,670 | 2,518 | |
| Other liabilities | 333 | 286 | |
| Total long-term liabilities | 3,568 | 3,282 | |
| Total liabilities | 5,338 | 4,903 | |
| Equity | |||
| Capital stock | 248 | 248 | |
| Treasury shares | (13) | (12) | |
| Contributions for future capital increases | - | - | |
| Legal reserve | 17 | 17 | |
| Additional paid-in capital | 283 | 282 | |
| Accumulated deficit | (22) | (148) | |
| Accumulated other comprehensive loss | (148) | (144) | |
| Total equity | 365 | 243 | |
| Total liabilities and equity | 5,703 | 5,146 | |
| (1) Non-GAAP measure. | |||
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | ||
| Consolidated Statement of Cash Flows – Cash Flow Data Summary | ||
| Unaudited (In millions of U.S. dollars) | Three months ended December 31, 2024 | Three months ended December 31, 2023 |
| Net cash flow provided by operating activities | 308 | 218 |
| Net cash flow used in investing activities | (85) | (113) |
| Net cash flow used in financing activities* | (98) | (82) |
| Increase in cash, cash equivalents and restricted cash | 125 | 23 |
| Net foreign exchange differences | (1) | 2 |
| Cash, cash equivalents and restricted cash at beginning of period | 784 | 749 |
| Cash, cash equivalents and restricted cash at end of period | 908 | 774 |
| *Includes aircraft rental payments of | ||
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries | ||
| Consolidated Statement of Cash Flows – Cash Flow Data Summary | ||
| (In millions of U.S. dollars) | Twelve months ended December 31, 2024 (Unaudited) | Twelve months ended December 31, 2023 (Audited) |
| Net cash flow provided by operating activities | 1,090 | 730 |
| Net cash flow used in investing activities | (472) | (462) |
| Net cash flow used in financing activities* | (472) | (214) |
| Increase in cash, cash equivalents and restricted cash | 146 | 54 |
| Net foreign exchange differences | (12) | 8 |
| Cash, cash equivalents and restricted cash at beginning of year | 774 | 712 |
| Cash, cash equivalents and restricted cash at end of year | 908 | 774 |
| *Includes aircraft rental payments of | ||
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