Volaris Reports Financial Results for the Third Quarter 2022
Volaris reported Q3 2022 operating revenue of $769 million, a 20% increase year-over-year. Despite this growth, total operating expenses surged 52% to $734 million, largely due to a 72.2% spike in fuel costs. Net income dropped 47% to $40 million, with EBITDAR plummeting 33% to $175 million. The airline's load factor improved to 85.6%, amidst increased capacity and passenger traffic, up 22.2% to 8.1 million. The company maintains a strong balance sheet with $750 million in cash and plans for continued growth despite macroeconomic challenges.
- Total operating revenue increased by 20% to $769 million.
- Passenger traffic rose by 22.2%, reaching 8.1 million.
- Load factor improved to 85.6%, indicating strong demand.
- Cash and cash equivalents totaled $750 million, representing 28% of the last twelve months' revenue.
- Total operating expenses surged by 52% to $734 million.
- Net income fell by 47% to $40 million.
- EBITDAR decreased by 33% to $175 million, reflecting increased costs.
MEXICO CITY, Oct. 24, 2022 /PRNewswire/ -- Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (NYSE: VLRS and BMV: VOLAR) ("Volaris" or "The Company"), the ultra-low-cost airline serving Mexico, the United States, Central and South America, today announces its financial results for the third quarter 2022[1].
Third Quarter 2022 Highlights[2]
(All figures are reported in U.S. dollars and compared to 3Q 2021 unless otherwise noted)
Volaris reported double-digit growth in revenue, maintained CASM ex-fuel at industry-leading levels, and finished the quarter with a healthy balance sheet. Volaris will continue to take advantage of its flexible network strategy and stimulate demand through its resilient ULCC model.
- Total operating revenue of
$769 million , a20% increase. Total revenue per available seat mile (TRASM) decreased2.4% to$8.2 cents. - Total operating expenses of
$734 million , a52% increase. Total operating expenses per available seat mile (CASM) increased24% to$7.85 cents, while CASM ex-fuel decreased0.5% to$4.07 cents. Average economic fuel cost increased72.2% to$3.96 per gallon. - Net income of
$40 million . Earnings per share of$0.03 and earnings per ADS of$0.30 . - EBITDAR of
$175 million , a33% decrease. EBITDAR margin was22.8% , a decrease of 18.1 percentage points. - Cash, cash equivalents and restricted cash position totaled
$750 million , representing28% of the last twelve months' total operating revenue. - Net debt-to-LTM EBITDAR ratio of 3.4 times.
"We have consistently anticipated strong demand in our visiting friends-and-relatives and leisure markets - markets which show no signs of a slowdown. ASMs grew by
While typically we see load factor peak in July and reductions towards the end of Summer, in this year our load factors increased every month in the third quarter, from
Third Quarter 2022 Financial and Operations Highlights[3]
(All figures are reported in U.S. dollars and compared to 3Q 2021 unless otherwise noted)
Three months ended September 30, | |||
Consolidated Financial Highlights | 2022 | 2021 | Var. |
Total operating revenue (millions) | 769 | 640 | 20 % |
TRASM (cents) | 8.2 | 8.4 | (2.4 %) |
ASMs (million, scheduled & charter) | 9,355 | 7,667 | 22 % |
Load Factor (scheduled, RPMs/ASMs) | 85.6 % | 85.4 % | 0.2 pp |
Passengers (thousand, scheduled & charter) | 8,125 | 6,650 | 22.2 % |
Fleet (end of period) | 113 | 94 | 19 |
Total operating expenses (millions) | 734 | 484 | 52 % |
CASM (cents) | 7.85 | 6.33 | 24 % |
CASM ex fuel (cents) | 4.07 | 4.09 | (0.5 %) |
Adjusted CASM ex fuel (cents) (1) (2) | 3.78 | 3.96 | (4.5 %) |
Operating income (EBIT) (millions) | 35 | 156 | (78 %) |
% EBIT Margin | 4.6 % | 24.4 % | (19.8 pp) |
Net income (millions) | 40 | 76 | (47 %) |
% Net income margin | 5.2 % | 11.9 % | (6.7 pp) |
EBITDAR (millions) | 175 | 262 | (33 %) |
% EBITDAR Margin | 22.8 % | 40.9 % | (18.1 pp) |
Net debt-to-EBITDAR | 3.4x | 2.8x | 0.6x |
*Note: Figures are rounded for convenience purposes. Further detail found in financial & operating indicators.
(1) Excludes fuel expense, redelivery expense and sale and lease-back gains.
(2) Reconciliation of CASM to Adjusted CASM ex fuel:
Three months ended September 30, | |||
Reconciliation of CASM | 2022 | 2021 | Var. |
CASM (cents) | 7.85 | 6.33 | 24 % |
- Fuel expense, net | 3.78 | 2.24 | 69 % |
CASM ex fuel | 4.07 | 4.09 | (0.5 %) |
- Redelivery expenses | 0.31 | 0.16 | 94 % |
- Sale and lease back gains | (0.02) | (0.03) | (33 %) |
Adjusted CASM ex fuel | 3.78 | 3.96 | (4.5 %) |
Total operating revenue in the quarter was
Volaris transported 8.1 million passengers in the quarter, an increase of
TRASM decreased
Total operating expenses in the quarter were
Comprehensive financing result represented a loss of
In the third quarter, the average exchange rate was Ps.20.24 per US dollar, a
Income tax benefit was
Net income in the quarter was
EBITDAR was
Balance Sheet, Liquidity and Capital Allocation
As of September 30th, 2022, Volaris required
On September 30th, 2022, net debt was
Full Year 2022 Outlook
The Company expects to continue with its growth plans despite the global macroeconomic and geopolitical challenges faced throughout the year, while servicing the robust demand seen within its current network.
Volaris' full year 2022 guidance. Of note, the Company expects:
- ASM growth of
25% compared to 2021. - Operating revenue in the range of
$2.8 to$3.0 billion . - CASM ex-fuel increase of approximately
1% compared to 2021. - EBITDAR margin in the low twenties.
- And finally, CAPEX of
$145 million .
This outlook assumes a full year average USD/MXN rate between Ps.20.25 to Ps.20.30 and an average economic fuel price between
Fleet
During the third quarter, the Company redelivered one A319ceo in September and incorporated one new A320neo to its fleet. As of September 30th, 2022, Volaris' fleet was composed of 113 aircraft (5 A319s, 87 A320s and 21 A321s), of which
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:
Gabriela Fernández / gabriela.fernandez@volaris.com
Conference call and webcast details
Date: | Tuesday, October 25th, 2022 |
Time: | 8:00 am Mexico City (CT) / 9:00 am New York (USA) (ET) |
United States dial in: | +1-844-204-8586 |
Mexico dial in: | +52-55-8880-8040 |
International dial in: | +1-412-317-6346 |
Participant code: | Volaris |
Webcast & video presentation: | https://webcastlite.mziq.com/cover.html?webcastId=5a3163ba-e4b8-4978-8e6e-99bfd160633b |
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 196 and its fleet from 4 to 114 aircraft. Volaris offers more than 500 daily flight segments on routes that connect 43 cities in Mexico and 28 cities in the United States, Central and South America with the youngest fleet 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 thirteen consecutive years. For more information, please visit: www.volaris.com.
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 US Securities and Exchange Commission filings. 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 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, redelivery expense and sale and lease back gains. We define EBITDAR as earnings before interest, income tax, depreciation and amortization, depreciation of right of use assents 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 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 | Three months | Three months | Variance | ||
Total operating revenues (millions) | 769 | 640 | 20.2 % | ||
Total operating expenses (millions) | 734 | 484 | 51.7 % | ||
EBIT (millions) | 35 | 156 | (77.6 %) | ||
EBIT margin | 4.6 % | 24.4 % | (19.8 pp) | ||
Depreciation and amortization (millions) | 107 | 84 | 27.4 % | ||
Aircraft and engine variable lease expenses (millions) | 32 | 22 | 45.5 % | ||
Net income (millions) | 40 | 76 | (47.4 %) | ||
Net income margin | 5.2 % | 11.9 % | (6.7 pp) | ||
Earnings per share: | |||||
Basic | 0.03 | 0.06 | (50.0 %) | ||
Diluted | 0.03 | 0.06 | (50.0 %) | ||
Earnings per ADS: | |||||
Basic | 0.30 | 0.65 | (53.8 %) | ||
Diluted | 0.30 | 0.65 | (53.8 %) | ||
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) | 9,355 | 7,667 | 22.0 % | ||
Domestic | 6,507 | 5,397 | 20.6 % | ||
International | 2,848 | 2,270 | 25.5 % | ||
Revenue passenger miles (RPMs) (millions) (1) | 8,007 | 6,551 | 22.2 % | ||
Domestic | 5,708 | 4,714 | 21.1 % | ||
International | 2,299 | 1,837 | 25.1 % | ||
Load factor (2) | 85.6 % | 85.4 % | 0.2 pp | ||
Domestic | 87.7 % | 87.3 % | 0.4 pp | ||
International | 80.8 % | 80.9 % | (0.1 pp) | ||
Total operating revenue per ASM (TRASM) (cents) (1)(4) | 8.2 | 8.4 | (2.4 %) | ||
Total ancillary revenue per passenger (3)(4) | 39 | 40 | (2.5 %) | ||
Total operating revenue per passenger (4) | 95 | 97 | (2.1 %) | ||
Operating expenses per ASM (CASM) (cents) (1)(4) | 7.85 | 6.33 | 24.0 % | ||
CASM ex fuel (cents) (1)(4) | 4.07 | 4.09 | (0.5 %) | ||
Adjusted CASM ex fuel (cents) (1)(4)(6) | 3.78 | 3.96 | (4.5 %) | ||
Booked passengers (thousands) (1) | 8,125 | 6,650 | 22.2 % | ||
Departures (1) | 50,586 | 41,820 | 21.0 % | ||
Block hours (1) | 130,323 | 105,202 | 23.9 % | ||
Fuel gallons consumed (millions) | 89.04 | 74.67 | 19.2 % | ||
Average economic fuel cost per gallon (4)(5) | 3.96 | 2.30 | 72.2 % | ||
Aircraft at end of period | 113 | 94 | 19 | ||
Average aircraft utilization (block hours) | 13.35 | 13.00 | 2.7 % | ||
Average exchange rate | 20.24 | 20.01 | 1.1 % | ||
End of period exchange rate | 20.31 | 20.31 | 0.0 % | ||
(1) Includes schedule and charter. (3) Includes "Other passenger revenues" and "Non-passenger revenues". | |||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Financial and Operating Indicators
Unaudited | Nine months | Nine months | Variance | ||
Total operating revenues (millions) | 2,027 | 1,529 | 32.6 % | ||
Total operating expenses (millions) | 2,043 | 1,277 | 60.0 % | ||
EBIT (millions) | (16) | 252 | N/A | ||
EBIT margin | (0.8 %) | 16.5 % | (17.3 pp) | ||
Depreciation and amortization (millions) | 305 | 238 | 28.2 % | ||
Aircraft and engine rent expenses (millions) | 90 | 69 | 30.4 % | ||
Net (loss) income (millions) | (58) | 116 | N/A | ||
Net (loss) income margin | (2.9 %) | 7.6 % | (10.5 pp) | ||
(Loss) earnings per share: | |||||
Basic | (0.05) | 0.10 | N/A | ||
Diluted | (0.05) | 0.10 | N/A | ||
(Loss) earnings per ADS: | |||||
Basic | (0.50) | 1.00 | N/A | ||
Diluted | (0.50) | 1.00 | 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) | 25,777 | 20,074 | 28.4 % | ||
Domestic | 18,033 | 14,447 | 24.8 % | ||
International | 7,744 | 5,627 | 37.6 % | ||
Revenue passenger miles (RPMs) (millions) (1) | 21,891 | 16,835 | 30.0 % | ||
Domestic | 15,792 | 12,395 | 27.4 % | ||
International | 6,099 | 4,440 | 37.4 % | ||
Load factor (2) | 84.9 % | 83.9 % | 1.0 pp | ||
Domestic | 87.6 % | 85.8 % | 1.8 pp | ||
International | 78.8 % | 78.9 % | (0.1 pp) | ||
Total operating revenue per ASM (TRASM) (cents) (1)(4) | 7.9 | 7.7 | 2.6 % | ||
Total ancillary revenue per passenger (3)(4) | 37 | 39 | (5.1 %) | ||
Total operating revenue per passenger (4) | 90 | 90 | 0.0 % | ||
Operating expenses per ASM (CASM) (cents) (1)(4) | 7.93 | 6.39 | 24.1 % | ||
CASM ex fuel (cents) (1)(4) | 4.22 | 4.32 | (2.3 %) | ||
Adjusted CASM ex fuel (cents) (1)(4)(6) | 4.03 | 4.16 | (3.1 %) | ||
Booked passengers (thousands) (1) | 22,576 | 17,124 | 31.8 % | ||
Departures (1) | 142,100 | 109,440 | 29.8 % | ||
Block hours (1) | 362,624 | 275,096 | 31.8 % | ||
Fuel gallons consumed (millions) | 248.17 | 194.53 | 27.6 % | ||
Average economic fuel cost per gallon (4)(5) | 3.83 | 2.14 | 79.0 % | ||
Aircraft at end of period | 113 | 94 | 19 | ||
Average aircraft utilization (block hours) | 13.28 | 12.24 | 8.5 % | ||
Average exchange rate | 20.27 | 20.13 | 0.7 % | ||
End of period exchange rate | 20.31 | 20.31 | 0.0 % | ||
(1) Includes schedule and charter. (3) Includes "Other passenger revenues" and "non-passenger revenues". | |||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Operations
Unaudited | Three months | Three months | Variance | ||
Operating revenues: | |||||
Passenger revenues | 742 | 622 | 19.3 % | ||
Fare revenues | 453 | 377 | 20.2 % | ||
Other passenger revenues | 289 | 245 | 18.0 % | ||
Non-passenger revenues | 27 | 22 | 22.7 % | ||
Other non-passenger revenues | 24 | 19 | 26.3 % | ||
Cargo | 3 | 3 | 0.0 % | ||
Non-derivatives financial instruments | - | (4) | (100.0 %) | ||
Total operating revenues | 769 | 640 | 20.2 % | ||
Other operating income | (2) | (2) | 0.0 % | ||
Fuel expense, net (1) | 354 | 170 | 108.2 % | ||
Landing, take-off, and navigation expenses | 94 | 76 | 23.7 % | ||
Depreciation of right of use assets | 82 | 70 | 17.1 % | ||
Salaries and benefits | 72 | 62 | 16.1 % | ||
Aircraft and engine variable lease expenses | 32 | 22 | 45.5 % | ||
Sales, marketing, and distribution expenses | 29 | 29 | 0.0 % | ||
Maintenance expenses | 24 | 25 | (4.0 %) | ||
Other operating expenses | 24 | 18 | 33.3 % | ||
Depreciation and amortization | 25 | 14 | 78.6 % | ||
Operating expenses | 734 | 484 | 51.7 % | ||
Operating income | 35 | 156 | (77.6 %) | ||
Finance income | 4 | 1 | 300.0 % | ||
Finance cost | (46) | (37) | 24.3 % | ||
Exchange loss, net | (2) | (12) | (83.3 %) | ||
Comprehensive financing result | (44) | (48) | (8.3 %) | ||
(Loss) income before income tax | (9) | 108 | N/A | ||
Income tax benefit (expense) | 49 | (32) | N/A | ||
Net income | 40 | 76 | (47.4 %) | ||
(1) 3Q 2021 figures include a benefit from non-derivatives financial instruments by an amount of | |||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Operations
Unaudited | Nine months | Nine months | Variance |
(In million of U.S. dollars) | |||
Operating revenues: | |||
Passenger revenues | 1,947 | 1,480 | 31.6 % |
Fare revenues | 1,191 | 872 | 36.6 % |
Other passenger revenues | 756 | 608 | 24.3 % |
Non-passenger revenues | 80 | 64 | 25.0 % |
Other non-passenger revenues | 69 | 55 | 25.5 % |
Cargo | 11 | 9 | 22.2 % |
Non-derivatives financial instruments | - | (15) | (100.0 %) |
Total operating revenues | 2,027 | 1,529 | 32.6 % |
Other operating income | (18) | (8) | 125.0 % |
Fuel expense, net (1) | 957 | 410 | 133.4 % |
Landing, take-off, and navigation expenses | 277 | 212 | 30.7 % |
Depreciation of right of use assets | 237 | 200 | 18.5 % |
Salaries and benefits | 204 | 168 | 21.4 % |
Aircraft and engine variable lease expenses | 90 | 69 | 30.4 % |
Sales, marketing, and distribution expenses | 82 | 70 | 17.1 % |
Maintenance expenses | 75 | 70 | 7.1 % |
Other operating expenses | 71 | 48 | 47.9 % |
Depreciation and amortization | 68 | 38 | 78.9 % |
Operating expenses | 2,043 | 1,277 | 60.0 % |
Operating (loss) income | (16) | 252 | N/A |
Finance income | 6 | 3 | 100.0 % |
Finance cost | (137) | (97) | 41.2 % |
Exchange (loss) gain, net | (7) | 8 | N/A |
Comprehensive financing result | (138) | (86) | 60.5 % |
(Loss) income before income tax | (154) | 166 | N/A |
Income tax benefit (expense) | 96 | (50) | N/A |
Net (loss) income | (58) | 116 | N/A |
(1) September YTD 2021 figures include a benefit from non-derivative financial instruments by an amount of | |||
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 | Three months | Three months | Variance |
(In million of U.S. dollars) | |||
Other passenger revenues | 289 | 245 | 18.0 % |
Non-passenger revenues | 24 | 19 | 26.3 % |
Total ancillary revenues | 313 | 264 | 18.6 % |
Booked passengers (thousands) (1) | 8,125 | 6,650 | 22.2 % |
Total ancillary revenue per passenger | 39 | 40 | (2.5 %) |
(1) Includes schedule 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 the nine months of the year additional detail about the components of total ancillary revenue:
Unaudited | Nine months | Nine months | Variance |
(In million of U.S. dollars) | |||
Other passenger revenues | 756 | 608 | 24.3 % |
Non-passenger revenues | 69 | 55 | 25.5 % |
Total ancillary revenues | 825 | 663 | 24.4 % |
Booked passengers (thousands) (1) | 22,576 | 17,124 | 31.8 % |
Total ancillary revenue per passenger | 37 | 39 | (5.1 %) |
(1) Includes schedule and charter. | |||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Financial Position
(In million of U.S. dollars) | September 30, | December 31, | ||
Assets | ||||
Cash, cash equivalents and restricted cash | 750 | 741 | ||
Accounts receivable, net | 203 | 106 | ||
Inventories | 15 | 14 | ||
Prepaid expenses and other current assets | 41 | 38 | ||
Guarantee deposits | 60 | 79 | ||
Total current assets | 1,069 | 978 | ||
Rotable spare parts, furniture and equipment, net | 434 | 455 | ||
Right of use assets | 2,137 | 1,917 | ||
Intangible assets, net | 11 | 13 | ||
Derivatives Financial Instruments | 2 | 1 | ||
Deferred income taxes | 248 | 141 | ||
Guarantee deposits | 480 | 455 | ||
Other long- term assets | 34 | 23 | ||
Total non-current assets | 3,346 | 3,005 | ||
Total assets | 4,415 | 3,983 | ||
Liabilities | ||||
Unearned transportation revenue | 389 | 304 | ||
Accounts payable | 163 | 119 | ||
Accrued liabilities | 246 | 178 | ||
Lease Liabilities | 325 | 284 | ||
Other taxes and fees payable | 183 | 131 | ||
Income taxes payable | 11 | 4 | ||
Financial debt | 87 | 197 | ||
Other liabilities | 13 | 35 | ||
Total short-term liabilities | 1,417 | 1,252 | ||
Financial debt | 155 | 108 | ||
Accrued liabilities | - | 1 | ||
Lease Liabilities | 2,334 | 2,128 | ||
Other liabilities | 236 | 167 | ||
Employee benefits | 10 | 4 | ||
Deferred income taxes | 13 | 11 | ||
Total long-term liabilities | 2,748 | 2,419 | ||
Total liabilities | 4,165 | 3,671 | ||
Equity | ||||
Capital stock | 248 | 248 | ||
Treasury shares | (10) | (9) | ||
Contributions for future capital increases | - | - | ||
Legal reserve | 17 | 17 | ||
Additional paid-in capital | 283 | 281 | ||
Accumulated deficit | (134) | (76) | ||
Accumulated other comprehensive loss | (154) | (149) | ||
Total equity | 250 | 312 | ||
Total liabilities and equity | 4,415 | 3,983 | ||
Weighted average shares outstanding | 1,165,976,677 | 1,165,976,677 | ||
(*) Unaudited USD figures. | ||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Cash Flows – Cash Flow Data Summary
Unaudited | Three months | Three months | ||
Net cash flow provided by operating activities | 88 | 187 | ||
Net cash flow used in investing activities | (51) | (17) | ||
Net cash flow used in financing activities ** | (46) | (86) | ||
(Decrease) increase in cash, cash equivalents and restricted cash | (9) | 84 | ||
Net foreign exchange differences | - | 8 | ||
Cash, cash equivalents and restricted cash at beginning of period | 759 | 532 | ||
Cash, cash equivalents and restricted cash at end of period | 750 | 624 | ||
**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
Unaudited | Nine months | Nine months |
(In million of U.S. dollars) | ||
Net cash flow provided by operating activities | 446 | 531 |
Net cash flow used in investing activities | (27) | (66) |
Net cash flow used in financing activities ** | (411) | (346) |
Increase in cash, cash equivalents and restricted cash | 8 | 119 |
Net foreign exchange differences | 1 | 7 |
Cash, cash equivalents and restricted cash at beginning of period | 741 | 498 |
Cash, cash equivalents and restricted cash at end of period | 750 | 624 |
**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 January 1, 2022, all figures are reported in U.S. dollars.
[3] As of January 1, 2022, all figures are reported in U.S. dollars.
Logo - https://mma.prnewswire.com/media/194587/volaris_logo.jpg
View original content:https://www.prnewswire.com/news-releases/volaris-reports-financial-results-for-the-third-quarter-2022-301657848.html
SOURCE Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - Volaris
FAQ
What were Volaris' earnings results for Q3 2022?
How did Volaris' operational metrics perform in Q3 2022?
What challenges did Volaris face in Q3 2022?
What is Volaris' guidance for full-year 2022?
