Volaris Reports Financial Results for the Fourth Quarter and Full Year 2022
Controladora Vuela Compañía de Aviación (NYSE: VLRS) reported Q4 2022 financial results, achieving $820 million in operating revenues, a 22% increase year-over-year. Net income for the quarter was $28 million, marking a recovery from a $10 million loss in Q4 2021. However, EBITDAR fell by 17% to $207 million. For the full year, revenues rose 29% to $2.847 billion, but the company faced a $30 million net loss. Operating expenses surged 55% to $2.803 billion, driven primarily by a 68% increase in fuel costs. Looking ahead, Volaris anticipates 2023 revenues between $3.2 billion and $3.4 billion, with a net debt-to-EBITDAR target of ≤2.5x.
- Total operating revenues increased by 22% in Q4 2022.
- Net income improved to $28 million, up from a $10 million loss in Q4 2021.
- Operating revenues for full year 2022 were $2.847 billion, a 29% increase.
- Projected revenue for 2023 is between $3.2 billion and $3.4 billion.
- Net loss for the full year 2022 was $30 million.
- EBITDAR decreased by 17% to $207 million in Q4 2022.
- Operating expenses surged 55% year-over-year in 2022, mainly due to rising fuel costs.
- Net debt-to-EBITDAR ratio increased to 3.9x from 2.5x in 2021.
Fourth Quarter 2022 Highlights2
(All figures are reported in
- Total operating revenues of
$820 million 22% increase. Total revenue per available seat mile (TRASM) increased2.1% to$8.63 cents - Available seat miles (ASMs) increased
18% to 9.5 billion. - Total operating expenses of
$760 million 93% of total operating revenue. - Total operating expenses per available seat mile (CASM) increased
21% to$8.00 cents45% to$3.71 - CASM ex fuel increased
7.9% to$4.39 cents - Adjusted CASM ex fuel increased
4.5% to$4.10 cents - Net income of
$28 million $0.02 $0.24 - EBITDAR of
$207 million 17% decrease. - EBITDAR margin was
25.2% , a reduction of 11.7 percentage points. - Cash, cash equivalents, and restricted cash position totaled
$712 million 25% of the last twelve months' total operating revenue. - Net debt-to-LTM EBITDAR ratio of 3.9 times.
Full Year 2022 Highlights3
(All figures are reported in
- Total operating revenues of
$2,847 million 29% increase. Total revenue per available seat mile (TRASM) increased2.1% to$8.07 cents - Available seat miles (ASMs) increased
26% to 35.3 billion. - Total operating expenses of
$2,803 million 98% of total operating revenue. - Total operating expenses per available seat mile (CASM) increased
23% to$7.95 cents68% to$3.80 - CASM ex fuel increased
0.3% to$4.26 cents - Adjusted CASM ex fuel decreased
0.4% to$3.97 cents - Net loss of
$30 million $0.03 $0.26 - EBITDAR of
$586 million 27% decrease. - EBITDAR margin was
20.6% , a decrease of 16.1 percentage points.
"2022 was an important touchstone for Volaris, as it showcased our ability to deliver on the important financial expectations that are within our control. We flexed our organization to post strong topline results and expand capacity by
Fourth Quarter and Full Year 2022 Financial and Operations Highlights4
(All figures are reported in
Fourth Quarter | Full Year | |||||
Consolidated Financial Highlights | 2022 | 2021 | Var. | 2022 | 2021 | Var. |
Total operating revenues (millions) | 820 | 671 | 22 % | 2,847 | 2,200 | 29 % |
TRASM (cents) | 8.63 | 8.45 | 2.1 % | 8.07 | 7.91 | 2.1 % |
ASMs (millions, scheduled & charter) | 9,504 | 8,022 | 18 % | 35,281 | 28,097 | 26 % |
Load Factor (scheduled, RPMs/ASMs) | 87.3 % | 86.9 % | 0.5 pp | 85.6 % | 84.7 % | 0.9 pp |
Passengers (thousand, scheduled & charter) | 8,475 | 7,281 | 16 % | 31,051 | 24,405 | 27 % |
Fleet (end of period) | 117 | 101 | 16 | 117 | 101 | 16 |
Total operating expenses (millions) | 760 | 526 | 44 % | 2,803 | 1,803 | 55 % |
CASM (cents) | 8.00 | 6.59 | 21 % | 7.95 | 6.45 | 23 % |
CASM ex fuel (cents) | 4.39 | 4.07 | 7.9 % | 4.26 | 4.25 | 0.3 % |
Adjusted CASM ex fuel (cents) (1) (2) | 4.10 | 3.93 | 4.5 % | 3.97 | 3.99 | (0.4 %) |
Operating income (EBIT) (millions) | 60 | 145 | (59 %) | 44 | 397 | (89 %) |
% EBIT Margin | 7.3 % | 21.6 % | (14.3 pp) | 1.5 % | 18.0 % | (16.5 pp) |
Net income (loss) (millions) | 28 | (10) | N/A | (30) | 106 | N/A |
% Net income (loss) margin | 3.4 % | (1.5 %) | 4.9 pp | (1.1 %) | 4.8 % | (5.9 pp) |
EBITDAR (millions) | 207 | 248 | (17 %) | 586 | 807 | (27 %) |
% EBITDAR Margin | 25.2 % | 37.0 % | (11.7 pp) | 20.6 % | 36.7 % | (16.1 pp) |
Net debt-to-EBITDAR | 3.9x | 2.5x | 1.4x | 3.9x | 2.5x | 1.4x |
*Note: Figures are rounded for convenience purposes. Further detail found in financial and operating indicators.
(1) Excludes fuel expense, aircraft and engine variable lease expenses and sale and lease-back gains.
(2) Reconciliation of CASM to Adjusted CASM ex fuel:
Fourth Quarter | Full Year | |||||
Reconciliation of CASM | 2022 | 2021 | Var. | 2022 | 2021 | Var. |
CASM (cents) | 8.00 | 6.59 | 21 % | 7.95 | 6.45 | 23 % |
- Fuel expense, net | 3.60 | 2.52 | 43 % | 3.68 | 2.20 | 150 % |
CASM ex fuel | 4.39 | 4.07 | 7.9 % | 4.26 | 4.25 | 0.3 % |
- Aircraft and engine variable lease expenses[5] | 0.36 | 0.18 | 97 % | 0.35 | 0.30 | 19 % |
- Sale and lease back gains | (0.07) | (0.04) | 98 % | (0.06) | (0.03) | 75 % |
Adjusted CASM ex fuel | 4.10 | 3.93 | 4.5 % | 3.97 | 3.99 | -0.4 % |
Fourth Quarter 2022
Total operating revenues in the quarter were
Volaris transported 8.5 million passengers in the quarter, an increase of
Load factor reached
TRASM increased
Total operating expenses in the quarter were
CASM totaled
CASM ex fuel increased
Comprehensive financing result represented an expense of
For the fourth quarter, the average exchange rate was Ps.19.70 per US dollar, a
Net income in the quarter was
EBITDAR for the quarter was
EBITDAR margin stood at
Balance Sheet, Liquidity and Capital Allocation
Net cash flow provided by operating activities in the quarter was
Full Year 2022
Total operating revenues were
TRASM increased
Volaris posted total operating expenses of
CASM increased
CASM ex fuel increased
For the full year 2022, Volaris reported a comprehensive financing expense of
Income tax benefit for the full year 2022 was
For the full year 2022, Volaris reported a net loss of
Volaris registered an EBITDAR of
Balance Sheet, Liquidity and Capital Allocation
As of
Net cash flow provided by operating activities was
Financial debt and leasing liabilities totaled
Net debt-to-LTM EBITDAR ratio stood at 3.9 times, compared to 2.5 times in the same period of 2021 and 3.4 times in the third quarter of 2022.
2023 Guidance
The Company expects to execute its growth plans, despite potential global macroeconomic and geopolitical challenges, while continuing to service the robust demand seen within its current network.
For the full year 2023, the Company expects:
2023E | 2022 | |
2023 Guidance | ||
ASM growth | ~ | 26 % |
Total operating revenues | ||
CASM ex fuel | ||
EBITDAR margin | 20.6 % | |
Net debt-EBITDAR ratio | ≤2.5x | 3.9x |
*Already considering expected aircraft manufacturer delays and the availability of spare engines.
For the full year 2023, CAPEX is expected to be approximately
The Company's Full Year 2023 Outlook is based on a number of assumptions, including the foregoing, that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that Volaris will achieve these results.
Fleet
During the fourth quarter, Volaris added four A321neo and one A320neo aircraft to its fleet, bringing the total number of aircraft to 117 as of
Investors are urged to carefully read the Company's periodic reports filed with or provided to the
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About Volaris
*Controladora Vuela Compañía de Aviación,
Forward-looking Statements
Statements in this release contain various forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US 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 that describe the Company's objectives, plans or goals, or actions the Company may take in the future, are forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's full year outlook and intentions and expectations regarding the delivery schedule of aircraft on order, amount of aircrafts at year end, amount of forward bookings during the holiday season, ability to maintain the load factor, announced new service routes and customer savings programs. Forward-looking statements should not be read as a guarantee or assurance of future performance or results and 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 with respect to 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. Additional information concerning these, and other factors is contained in the Company's
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 and Net debt-to-LTM EBITDAR. 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.
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 in the items being adjusted.
We encourage investors to review our financial statements and other filings with the
Controladora Vuela Compañía de Aviación,
Financial and Operating Indicators*
(All metrics are compared to 2021 unless otherwise noted)
Unaudited | Three months ended | Three months ended | Variance | ||
Total operating revenues (millions) | 820 | 671 | 22.2 % | ||
Total operating expenses (millions) | 760 | 526 | 44.5 % | ||
EBIT (millions) | 60 | 145 | (58.6 %) | ||
EBIT margin | 7.3 % | 21.6 % | (14.3 pp) | ||
Depreciation and amortization (millions) | 114 | 88 | 29.5 % | ||
Aircraft and engine variable lease expenses (millions) | 34 | 15 | 126.7 % | ||
Net income (loss) (millions) | 28 | (10) | N/A | ||
Net income (loss) margin | 3.4 % | (1.5 %) | 4.9 pp | ||
Earnings (loss) per share: | |||||
Basic | 0.02 | (0.01) | N/A | ||
Diluted | 0.02 | (0.01) | N/A | ||
Earnings (loss) per ADS: | |||||
Basic | 0.24 | (0.09) | N/A | ||
Diluted | 0.24 | (0.09) | N/A | ||
Weighted average shares outstanding**: | |||||
Basic | 1,165,976,677 | 1,165,976,677 | 0.0 % | ||
Diluted | 1,165,976,677 | 1,165,976,677 | 0.0 % | ||
Available seat miles (ASMs) (millions) (1) | 9,504 | 8,022 | 18.5 % | ||
Domestic | 6,571 | 5,652 | 16.3 % | ||
International | 2,933 | 2,370 | 23.7 % | ||
Revenue passenger miles (RPMs) (millions) (1) | 8,300 | 6,968 | 19.1 % | ||
Domestic | 5,831 | 5,076 | 14.9 % | ||
International | 2,469 | 1,892 | 30.5 % | ||
Load factor (2) | 87.3 % | 86.9 % | 0.5 pp | ||
Domestic | 88.7 % | 89.8 % | (1.1 pp) | ||
International | 84.2 % | 79.8 % | 4.4 pp | ||
Total operating revenue per ASM (TRASM) (cents) (1)(4) | 8.63 | 8.45 | 2.1 % | ||
Total ancillary revenue per passenger (3)(4) | 41 | 39 | 5.1 % | ||
Total operating revenue per passenger (4) | 97 | 93 | 3.9 % | ||
Operating expenses per ASM (CASM) (cents) (1)(4) | 8.00 | 6.59 | 21.3 % | ||
CASM ex fuel (cents) (1)(4) | 4.39 | 4.07 | 7.9 % | ||
Adjusted CASM ex fuel (cents) (1)(4)(6) | 4.10 | 3.93 | 4.5 % | ||
Booked passengers (thousands) (1) | 8,475 | 7,281 | 16.4 % | ||
Departures (1) | 50,950 | 44,473 | 14.6 % | ||
Block hours (1) | 131,860 | 111,656 | 18.1 % | ||
Fuel gallons consumed (millions) | 91.9 | 79.0 | 16.3 % | ||
Average economic fuel cost per gallon (4)(5) | 3.71 | 2.56 | 45.0 % | ||
Aircraft at end of period | 117 | 101 | 16 | ||
Average aircraft utilization (block hours) | 13.29 | 13.31 | (0.2 %) | ||
Average exchange rate | 19.70 | 20.75 | (5.0 %) | ||
End of period exchange rate | 19.36 | 20.58 | (5.9 %) | ||
*As of **Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share. (1) Includes schedule and charter. (3) Includes "Other passenger revenues" and "Non-passenger revenues". | |||||
Controladora Vuela Compañía de Aviación,
Financial and Operating Indicators*
(All metrics are compared to 2021 unless otherwise noted)
Unaudited | Twelve months ended | Twelve months ended | Variance | ||
Total operating revenues (millions) | 2,847 | 2,200 | 29.4 % | ||
Total operating expenses (millions) | 2,803 | 1,803 | 55.5 % | ||
EBIT (millions) | 44 | 397 | (88.9 %) | ||
EBIT margin | 1.5 % | 18.0 % | (16.5 pp) | ||
Depreciation and amortization (millions) | 417 | 326 | 27.9 % | ||
Aircraft and engine rent expenses (millions) | 125 | 83 | 50.6 % | ||
Net (loss) income (millions) | (30) | 106 | N/A | ||
Net (loss) income margin | (1.1 %) | 4.8 % | (5.9 pp) | ||
(Loss) earnings per share: | |||||
Basic | (0.03) | 0.09 | N/A | ||
Diluted | (0.03) | 0.09 | N/A | ||
(Loss) earnings per ADS: | |||||
Basic | (0.26) | 0.91 | N/A | ||
Diluted | (0.26) | 0.91 | N/A | ||
Weighted average shares outstanding**: | |||||
Basic | 1,165,976,677 | 1,165,976,677 | 0.0 % | ||
Diluted | 1,165,976,677 | 1,165,976,677 | 0.0 % | ||
Available seat miles (ASMs) (millions) (1) | 35,281 | 28,097 | 25.6 % | ||
Domestic | 24,604 | 20,099 | 22.4 % | ||
International | 10,676 | 7,997 | 33.5 % | ||
Revenue passenger miles (RPMs) (millions) (1) | 30,191 | 23,802 | 26.8 % | ||
Domestic | 21,623 | 17,470 | 23.8 % | ||
International | 8,569 | 6,332 | 35.3 % | ||
Load factor (2) | 85.6 % | 84.7 % | 0.9 pp | ||
Domestic | 87.9 % | 86.9 % | 1.0 pp | ||
International | 80.3 % | 79.2 % | 1.1 pp | ||
Total operating revenue per ASM (TRASM) (cents) (1)(4) | 8.07 | 7.91 | 2.1 % | ||
Total ancillary revenue per passenger (3)(4) | 38 | 39 | (2.5 %) | ||
Total operating revenue per passenger (4) | 92 | 91 | 0.7 % | ||
Operating expenses per ASM (CASM) (cents) (1)(4) | 7.95 | 6.45 | 23.2 % | ||
CASM ex fuel (cents) (1)(4) | 4.26 | 4.25 | 0.3 % | ||
Adjusted CASM ex fuel (cents) (1)(4)(6) | 3.97 | 3.99 | (0.4 %) | ||
Booked passengers (thousands) (1) | 31,051 | 24,405 | 27.2 % | ||
Departures (1) | 193,050 | 153,913 | 25.4 % | ||
Block hours (1) | 494,475 | 386,752 | 27.9 % | ||
Fuel gallons consumed (millions) | 340.1 | 273.5 | 24.3 % | ||
Average economic fuel cost per gallon (4)(5) | 3.80 | 2.26 | 67.9 % | ||
Aircraft at end of period | 117 | 101 | 16 | ||
Average aircraft utilization (block hours) | 13.28 | 12.53 | 6.0 % | ||
Average exchange rate | 20.12 | 20.28 | (0.8 %) | ||
End of period exchange rate | 19.36 | 20.58 | (5.9 %) | ||
*As of **Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share. (1) Includes schedule and charter. (3) Includes "Other passenger revenues" and "Non-passenger revenues". | |||||
Controladora Vuela Compañía de Aviación,
Consolidated Statement of Operations*
(All metrics are compared to 2021 unless otherwise noted)
Unaudited | Three months ended | Three months ended | Variance | ||
Operating revenues: | |||||
Passenger revenues | 792 | 653 | 21.3 % | ||
Fare revenues | 470 | 394 | 19.3 % | ||
Other passenger revenues | 322 | 259 | 24.3 % | ||
Non-passenger revenues | 28 | 25 | 12.0 % | ||
Other non-passenger revenues | 23 | 22 | 4.5 % | ||
Cargo | 5 | 3 | 66.7 % | ||
Non-derivatives financial instruments | - | (7) | (100.0 %) | ||
Total operating revenues | 820 | 671 | 22.2 % | ||
Other operating income | (7) | (3) | 133.3 % | ||
Fuel expense, net (1) | 343 | 199 | 72.4 % | ||
Landing, take-off and navigation expenses | 102 | 84 | 21.4 % | ||
Depreciation of right of use assets | 84 | 69 | 21.7 % | ||
Salaries and benefits | 79 | 72 | 9.7 % | ||
Sales, marketing and distribution expenses | 42 | 26 | 61.5 % | ||
Aircraft and engine variable lease expenses | 34 | 15 | 126.7 % | ||
Other operating expenses | 30 | 19 | 57.9 % | ||
Maintenance expenses | 23 | 26 | (11.5 %) | ||
Depreciation and amortization | 30 | 19 | 57.9 % | ||
Operating expenses | 760 | 526 | 44.5 % | ||
Operating income | 60 | 145 | (58.6 %) | ||
Finance income | 7 | 1 | 600.0 % | ||
Finance cost | (55) | (43) | 27.9 % | ||
Exchange gain (loss), net | 16 | (132) | N/A | ||
Comprehensive financing result | (32) | (174) | (81.6 %) | ||
Income (loss) before income tax | 28 | (29) | N/A | ||
Income tax benefit | - | 19 | (100.0 %) | ||
Net income (loss) | 28 | (10) | N/A | ||
*As of (1) 4Q 2021 figures include a benefit from non-derivatives financial instruments by an amount of | |||||
Controladora Vuela Compañía de Aviación,
Consolidated Statement of Operations*
(All metrics are compared to 2021 unless otherwise noted)
Unaudited | Twelve months ended | Twelve months ended | Variance |
(In millions of | |||
Operating revenues: | |||
Passenger revenues | 2,739 | 2,133 | 28.4 % |
Fare revenues | 1,661 | 1,266 | 31.2 % |
Other passenger revenues | 1,078 | 867 | 24.3 % |
Non-passenger revenues | 108 | 88 | 22.7 % |
Other non-passenger revenues | 93 | 77 | 20.8 % |
Cargo | 15 | 11 | 36.4 % |
Non-derivatives financial instruments | - | (21) | (100.0 %) |
Total operating revenues | 2,847 | 2,200 | 29.4 % |
Other operating income | (25) | (11) | 127.3 % |
Fuel expense, net (1) | 1,299 | 609 | 113.3 % |
Landing, take-off and navigation expenses | 379 | 297 | 27.6 % |
Depreciation of right of use assets | 320 | 269 | 19.0 % |
Salaries and benefits | 283 | 239 | 18.4 % |
Aircraft and engine variable lease expenses | 125 | 83 | 50.6 % |
Sales, marketing and distribution expenses | 124 | 97 | 27.8 % |
Other operating expenses | 103 | 67 | 53.7 % |
Maintenance expenses | 98 | 96 | 2.1 % |
Depreciation and amortization | 97 | 57 | 70.2 % |
Operating expenses | 2,803 | 1,803 | 55.5 % |
Operating income | 44 | 397 | (88.9 %) |
Finance income | 13 | 4 | 225.0 % |
Finance cost | (193) | (139) | 38.8 % |
Exchange gain (loss), net | 10 | (125) | N/A |
Comprehensive financing result | (170) | (260) | (34.6 %) |
(Loss) income before income tax | (126) | 137 | N/A |
Income tax benefit (expense) | 96 | (31) | N/A |
Net (loss) income | (30) | 106 | N/A |
*As of (1) December YTD 2021 figures include a benefit from non-derivative financial instruments by an amount of | |||
Controladora Vuela Compañía de Aviación,
Reconciliation of total ancillary revenue per passenger*
(All metrics are compared to 2021 unless otherwise noted)
The following table shows quarterly additional detail about the components of total ancillary revenue:
Unaudited | Three months ended | Three months ended | Variance |
(In millions of | |||
Other passenger revenues | 322 | 259 | 24.3 % |
Non-passenger revenues | 23 | 22 | 4.5 % |
Total ancillary revenues | 345 | 281 | 22.8 % |
Booked passengers (thousands) (1) | 8,475 | 7,281 | 16.4 % |
Total ancillary revenue per passenger | 41 | 39 | 5.1 % |
*As of (1) Includes schedule and charter. | |||
Controladora Vuela Compañía de Aviación,
Reconciliation of total ancillary revenue per passenger*
(All metrics are compared to 2021 unless otherwise noted)
The following table shows the twelve months of the year additional detail about the components of total ancillary revenue:
Unaudited | Twelve months ended | Twelve months ended | Variance |
(In millions of | |||
Other passenger revenues | 1,078 | 867 | 24.3 % |
Non-passenger revenues | 93 | 77 | 20.8 % |
Total ancillary revenues | 1,171 | 944 | 24.0 % |
Booked passengers (thousands) (1) | 31,051 | 24,405 | 27.2 % |
Total ancillary revenue per passenger | 38 | 39 | (2.5 %) |
*As of
(1) Includes schedule and charter.
Controladora Vuela Compañía de Aviación,
Consolidated Statement of Financial Position*
(All metrics are compared to 2021 unless otherwise noted)
Unaudited | ||
(In millions of | ||
Assets | ||
Cash, cash equivalents and restricted cash | 712 | 741 |
Accounts receivable, net | 240 | 106 |
Inventories | 16 | 14 |
Prepaid expenses and other current assets | 33 | 38 |
Assets held-for-sale | 1 | - |
Guarantee deposits | 64 | 79 |
Total current assets | 1,066 | 978 |
Rotable spare parts, furniture and equipment, net | 479 | 455 |
Right of use assets | 2,181 | 1,917 |
Intangible assets, net | 13 | 13 |
Derivatives Financial Instruments | 2 | 1 |
Deferred income taxes | 257 | 141 |
Guarantee deposits | 484 | 455 |
Other long- term assets | 35 | 24 |
Total non-current assets | 3,451 | 3,006 |
Total assets | 4,517 | 3,984 |
Liabilities | ||
Unearned transportation revenue | 346 | 304 |
Accounts payable | 210 | 119 |
Accrued liabilities | 188 | 177 |
Lease Liabilities | 336 | 284 |
Other taxes and fees payable | 218 | 131 |
Income taxes payable | 6 | 4 |
Financial debt | 112 | 197 |
Other liabilities | 5 | 35 |
Total short-term liabilities | 1,421 | 1,251 |
Financial debt | 161 | 108 |
Accrued liabilities | 13 | 2 |
Lease Liabilities | 2,373 | 2,128 |
Other liabilities | 244 | 167 |
Employee benefits | 11 | 4 |
Deferred income taxes | 17 | 11 |
Total long-term liabilities | 2,819 | 2,420 |
Total liabilities | 4,240 | 3,671 |
Equity | ||
Capital stock | 248 | 248 |
(13) | (9) | |
Contributions for future capital increases | - | - |
Legal reserve | 17 | 17 |
Additional paid-in capital | 283 | 281 |
Accumulated deficit | (106) | (76) |
Accumulated other comprehensive loss | (152) | (148) |
Total equity | 277 | 313 |
Total liabilities and equity | 4,517 | 3,984 |
Weighted average shares outstanding** | 1,165,976,677 | 1,165,976,677 |
*As of **Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share. | ||
Controladora Vuela Compañía de Aviación,
Consolidated Statement of Cash Flows – Cash Flow Data Summary*
(All metrics are compared to 2021 unless otherwise noted)
Unaudited | Three months ended | Three months ended | ||
Net cash flow provided by operating activities | 168 | 248 | ||
Net cash flow used in investing activities | (104) | (68) | ||
Net cash flow used in financing activities (1) | (102) | (90) | ||
(Decrease) increase in cash, cash equivalents and restricted cash | (38) | 90 | ||
Net foreign exchange differences | - | 27 | ||
Cash, cash equivalents and restricted cash at beginning of period | 750 | 624 | ||
Cash, cash equivalents and restricted cash at end of period | 712 | 741 | ||
*As of (1) Includes aircraft rental payments of | ||||
Controladora Vuela Compañía de Aviación,
Consolidated Statement of Cash Flows – Cash Flow Data Summary*
(All metrics are compared to 2021 unless otherwise noted)
Unaudited | Twelve months ended | Twelve months ended |
(In millions of | ||
Net cash flow provided by operating activities | 614 | 786 |
Net cash flow used in investing activities | (131) | (135) |
Net cash flow used in financing activities (1) | (513) | (435) |
(Decrease) increase in cash, cash equivalents and restricted cash | (30) | 216 |
Net foreign exchange differences | 1 | 19 |
Cash, cash equivalents and restricted cash at beginning of year | 741 | 506 |
Cash, cash equivalents and restricted cash at end of year | 712 | 741 |
*As of (1) Includes aircraft rental payments of | ||
1 The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).
2 As of
3 As of
4 As of
5 Aircraft redeliveries.
View original content:https://www.prnewswire.com/news-releases/volaris-reports-financial-results-for-the-fourth-quarter-and-full-year-2022-301752494.html
SOURCE Controladora Vuela Compania de Aviacion,
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