UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |----------------------------------------------------------------|----------------------------------------------------------------------| | | | | Commis ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA loss of $116 million for Q1 2024, equating to an adjusted loss of $2.77 per share, which includes a $0.32 per share impact due to a change in the effective tax rate [19][20][22] - Total revenue increased by 5.4% year-over-year, with a 2.7% increase in capacity compared to the same period in 2023 [14][18] - System RASM (Revenue per Available Seat Mile) was up 2.6% year-over-year for the first quarter, exceeding guidance [14] Business Line Data and Key Metrics Changes - The North America market performed well, benefiting from accommodating passengers affected by the MAX 9 grounding and the timing of Easter, which increased traffic in Q1 [14][15] - Japan's demand recovery has flattened, impacted by high lodging rates in Hawaii, although U.S. point-of-sale demand has backfilled some of the gap [15] - Neighbor Island routes saw strong close-in demand and improving yields, marking the strongest unit revenue improvement since the reopening of travel without COVID-19 restrictions [15] Market Data and Key Metrics Changes - The company noted a 28-point load factor differential compared to competitors, with PRASM (Passenger Revenue per Available Seat Mile) roughly twice that of competitors in Q4 2023 [16] - Advanced bookings for summer are in good shape relative to pre-pandemic levels, although there is some headwind in international markets like Australia and New Zealand [60] Company Strategy and Development Direction - The company is focused on returning to profitability through investments in fleet expansion, including the introduction of the 787 aircraft and the completion of Starlink in-flight connectivity installations [10][12][21] - The pending merger with Alaska Airlines is progressing, with shareholder approval received and ongoing compliance efforts with the Department of Justice [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the steps being taken to return to profitability, highlighting improvements in operational metrics and demand across various markets [22][54] - The company is optimistic about the performance of the new 787 aircraft, which is expected to enhance premium revenue opportunities [38][60] Other Important Information - The effective tax rate was reduced from 21% to 10%, significantly impacting financial results for the quarter [20] - The company plans to have seven freighters operational by the end of the year, with ongoing evaluations of the Amazon operation's financial impact [32][34] Q&A Session Summary Question: Impact on RASM forecast and competitive landscape - Management noted that increased international capacity and challenges in the Japan market could create a more competitive environment [25] Question: Hiring needs and capacity plan fulfillment - The company is hiring at a slower pace than in previous years, with staffing levels currently in good shape to meet operational needs [28] Question: Treatment of freighter operations in unit costs - The company plans to have seven freighters operational by year-end, with current costs being integrated into CASM [32] Question: Premium product monetization with the 787 - The 787 is expected to enhance premium revenue opportunities, with a significant increase in premium cabin seats compared to the A330 [38] Question: Summer bookings and international market performance - Advanced bookings for summer are strong, although some international markets are experiencing headwinds [60] Question: Cadence of 787 deliveries and production rates - The company expects to receive a third 787 by the end of the year, but acknowledges potential delays due to supply chain challenges [62]

Hawaiian Holdings (HA) reported $645.57 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 5.4%. EPS of -$2.77 for the same period compares to -$2.17 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $630.61 million, representing a surprise of +2.37%. The company delivered an EPS surprise of -0.73%, with the consensus EPS estimate being -$2.75.While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...

[Executive Summary & Q1 2024 Financial Highlights](index=1&type=section&id=1_Executive_Summary) Hawaiian Holdings reported a net loss of $137.6 million and a diluted EPS of ($2.65) for Q1 2024, with an adjusted net loss of $143.5 million and adjusted diluted EPS of ($2.77) [Q1 2024 Financial Performance Overview](index=1&type=section&id=1_1_Q1_Financial_Performance) Hawaiian Holdings reported a net loss of $137.6 million and a diluted EPS of ($2.65) for Q1 2024, with an adjusted net loss of $143.5 million and adjusted diluted EPS of ($2.77) | Metric | GAAP | YoY Change | Adjusted (a) | YoY Change | | :---------------------- | :---------- | :---------- | :----------- | :---------- | | Net Loss | ($137.6M) | ($39.3M) | ($143.5M) | ($31.7M) | | Diluted EPS | ($2.65) | ($0.74) | ($2.77) | ($0.60) | | Pre-tax Margin | (23.7)% | (3.2) pts. | (24.8)% | (1.8) pts. | | EBITDA | ($109.0M) | ($20.8M) | ($116.0M) | ($12.6M) | | Operating Cost per ASM | 15.72¢ | 5.9% | 11.82¢ | 7.1% | | Operating Revenue per ASM | 12.78¢ | 2.6% | N/A | N/A | - The first quarter loss per share includes **($0.32) per share** due to the reduction in the Company's effective tax rate from 21% to 10%[5](index=5&type=chunk) - As of March 31, 2024, the Company generated federal and state net operating losses (NOLs) of approximately **$451 million** and **$969 million**, respectively, which will be used to reduce future cash tax obligations[5](index=5&type=chunk) [CEO Commentary](index=1&type=section&id=1_2_CEO_Commentary) Peter Ingram, President and CEO of Hawaiian Airlines, highlighted the team's focus on operational performance and guest experience, noting a positive start to 2024 with significant investments - Hawaiian Airlines President and CEO Peter Ingram stated, "2024 is off to a positive start as we work to start realizing the return on significant investments we've made in our business, including rolling out high-speed Starlink WIFI and taking delivery of our first Boeing 787"[3](index=3&type=chunk) [First Quarter 2024 Operational Highlights](index=1&type=section&id=2_Q1_Operational_Highlights) Hawaiian Holdings advanced its merger, strengthened liquidity, expanded routes, enhanced guest experience, and developed its workforce in Q1 2024 [Merger Update](index=1&type=section&id=2_1_Merger_Update) The Company's stockholders approved the merger with Alaska Air Group, Inc., and a timing agreement was established with the Department of Justice - The Company's stockholders voted in favor of the merger with Alaska Air Group, Inc. ("Alaska")[5](index=5&type=chunk) - The Company and Alaska entered into a timing agreement with the Department of Justice ("DOJ") not to consummate the merger before 90 days following substantial compliance certification with the DOJ's second request for additional information[6](index=6&type=chunk) [Liquidity and Capital Resources](index=2&type=section&id=2_2_Liquidity_Capital_Resources) As of March 31, 2024, Hawaiian Holdings maintained $897 million in unrestricted cash, cash equivalents, and short-term investments, with total liquidity reaching $1.15 billion - Unrestricted cash, cash equivalents and short-term investments: **$897 million**[7](index=7&type=chunk) - Liquidity: **$1.15 billion**, including an undrawn revolving credit facility of **$235 million**[7](index=7&type=chunk) - Outstanding debt and finance lease obligations: **$1.75 billion**[7](index=7&type=chunk) [Routes and Network Expansion](index=2&type=section&id=2_3_Routes_Network_Expansion) Hawaiian Airlines commenced Boeing 787-9 Dreamliner revenue service, announced new routes from Salt Lake City and Sacramento, and increased summer flights for several existing routes - Began Boeing 787-9 Dreamliner revenue service on April 15, 2024[8](index=8&type=chunk) - Announced new flying from Salt Lake City (SLC) to Honolulu (HNL) and Sacramento (SMF) to Lihu`e (LIH) and Kona (KOA)[8](index=8&type=chunk) - Announced increased summer flights between HNL and Austin (AUS), Boston (BOS), Las Vegas (LAS) and Pago Pago (PPG), and added a fourth daily flight between HNL and Los Angeles (LAX) from May 24 through September 2[8](index=8&type=chunk) - Hawaiian received its second A330-300 freighter from Amazon, which will operate between New York's JFK and San Bernardino (SBD)[8](index=8&type=chunk) [Guest Experience Enhancements](index=2&type=section&id=2_4_Guest_Experience_Enhancements) The company rolled out free Starlink inflight connectivity on all A321neo aircraft, expanded its Premium Airport Service in Honolulu, and signed a multi-year distribution agreement with Sabre - Starlink inflight connectivity is now available free of charge on board all 18 A321neo aircraft[9](index=9&type=chunk) - Expanded Premium Airport Service product in its Honolulu hub, offering seamless curb-to-aircraft experience with access to new airport private suite, Apt. 1929[9](index=9&type=chunk) - Signed a multi-year distribution agreement with Sabre that will provide Sabre-connected agencies with long-term access to the carrier's HA Connect™ NDC and traditional EDIFACT content through the Sabre travel marketplace[9](index=9&type=chunk) [Workforce Development](index=2&type=section&id=2_5_Workforce_Development) Hawaiian Airlines partnered with Universal Technical Institute to create expanded career opportunities for its airframe and powerplant graduates who obtain FAA certifications - Partnered with Universal Technical Institute to expand career opportunities for airframe and powerplant graduates who earn their FAA certifications[10](index=10&type=chunk) [Outlook](index=3&type=section&id=3_Outlook) Hawaiian Holdings provided its Q2 and full-year 2024 outlook, forecasting changes in ASMs, RASM, CASM, fuel consumption, and capital expenditures [Second Quarter 2024 Outlook](index=3&type=section&id=3_1_Q2_2024_Outlook) For Q2 2024, Hawaiian Holdings anticipates Available Seat Miles (ASMs) to increase by 3.5% to 6.5% year-over-year, with Operating Revenue per ASM (RASM) ranging from a 1.5% decrease to a 1.5% increase Second Quarter 2024 Guidance (YoY Change) | Item | GAAP Second Quarter 2024 Guidance | Non-GAAP Second Quarter 2024 Guidance | | :---------------------------------------- | :-------------------------------- | :------------------------------------ | | Available Seat Miles (ASMs) | Up 3.5% to up 6.5% | | | Operating Revenue per ASM (RASM) | Down 1.5% to up 1.5% | | | Costs per ASM | Up 8.4% to up 10.7% | Up 5.0% to up 8.0% | | Gallons of Jet Fuel Consumed | Up 2.5% to up 5.5% | | | Average fuel price per gallon | $2.83 | $2.85 | | Effective Tax Rate | ~10% | | [Full Year 2024 Outlook](index=3&type=section&id=3_2_Full_Year_2024_Outlook) Hawaiian Holdings updated its full-year 2024 guidance, revising ASMs growth to 4.5% to 7.5% (previously 6.0% to 9.0%) and CASM increase to 4.1% to 6.3% (previously 0.7% to 3.0%) Full Year 2024 Updated Guidance (YoY Change) | Item | Prior GAAP Full Year 2024 Guidance | Updated GAAP Full Year 2024 Guidance | Prior Non-GAAP Full Year 2024 Guidance | Updated Non-GAAP Full Year 2024 Guidance | | :---------------------------------------- | :--------------------------------- | :----------------------------------- | :------------------------------------- | :--------------------------------------- | | Available Seat Miles (ASMs) | Up 6.0% to up 9.0% | Up 4.5% to 7.5% | | | | Costs per ASM | Up 0.7% to up 3.0% | Up 4.1% to up 6.3% | Flat to up 3.0% | Up 1.0% to up 4.0% | | Gallons of Jet Fuel Consumed | Up 4.0% to up 7.0% | Up 3.0% to up 6.0% | | | | Average fuel price per gallon | $2.55 | $2.80 | $2.59 | $2.83 | | Capital Expenditures | $500M to $550M | No change | | | [Company Information](index=3&type=section&id=4_Company_Information) This section details Hawaiian Holdings' investor conference call, company profile, and important forward-looking statements [Investor Conference Call](index=3&type=section&id=4_1_Investor_Conference_Call) Hawaiian Holdings scheduled its Q1 2024 earnings conference call for April 23, 2024, at 4:30 p.m. Eastern Time, with a live audio webcast available on its investor relations section - Hawaiian Holdings' quarterly results conference call is scheduled for April 23, 2024, at 4:30 p.m. Eastern Time (USA)[16](index=16&type=chunk) - The conference call will be broadcast live over the Internet on the investor relations section of the Company's website at HawaiianAirlines.com, with a replay archived for 90 days[16](index=16&type=chunk)[17](index=17&type=chunk) [About Hawaiian Airlines](index=4&type=section&id=4_2_About_Hawaiian_Airlines) Hawaiian Airlines, in its 95th year, is Hawaiʻi's largest and longest-serving airline, offering extensive inter-island and international flights - Hawaiian is Hawaiʻi's biggest and longest-serving airline, offering approximately **150 daily flights** within the Hawaiian Islands and nonstop flights between Hawaiʻi and **15 U.S. gateway cities**, as well as international service[18](index=18&type=chunk) - The airline has been recognized by Condé Nast Traveler, TripAdvisor, Forbes (Hawaiʻi's best employer in 2022), and Travel + Leisure (No. 1 U.S. airline for the past two years)[18](index=18&type=chunk) - Hawaiian has led all U.S. carriers in on-time performance for **18 consecutive years** (2004-2021) as reported by the U.S. Department of Transportation[18](index=18&type=chunk) - The airline offers complimentary meals on transpacific routes, no change fees on Main Cabin and Premium Cabin seats, and HawaiianMiles with miles that never expire[19](index=19&type=chunk) [Forward-Looking Statements](index=4&type=section&id=4_3_Forward_Looking_Statements) This press release contains forward-looking statements regarding future events and financial performance, subject to various risks, uncertainties, and assumptions that could cause actual results to differ materially - The press release contains forward-looking statements regarding future events and financial performance, including expectations for investments, service routes, distribution agreements, and financial outlooks[20](index=20&type=chunk) - These statements are subject to many risks, uncertainties, and assumptions that may cause actual results to differ materially from those expressed or implied[20](index=20&type=chunk)[21](index=21&type=chunk) - The Company does not undertake to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date hereof[21](index=21&type=chunk) [Financial Statements & Reconciliations](index=5&type=section&id=5_Financial_Statements_Reconciliations) This section presents Hawaiian Holdings' condensed consolidated statements of operations, balance sheet, cash flows, selected statistical data, economic fuel expense, and non-GAAP financial reconciliations [Condensed Consolidated Statements of Operations](index=5&type=section&id=5_1_Consolidated_Statements_Operations) For the three months ended March 31, 2024, Hawaiian Holdings reported total operating revenue of $645.6 million, a 5.4% increase year-over-year, driven by a 6.4% rise in passenger revenue Condensed Consolidated Statements of Operations (Three Months Ended March 31) | Operating Revenue: | 2024 (in thousands) | 2023 (in thousands) | % Change | | :----------------------------- | :------------------ | :------------------ | :------- | | Passenger | $583,448 | $548,526 | 6.4% | | Other | 62,119 | 64,077 | (3.1)% | | **Total Operating Revenue** | **$645,567** | **$612,603** | **5.4%** | | Operating Expenses: | | | | | Wages and benefits | 261,935 | 241,933 | 8.3% | | Aircraft fuel | 188,778 | 197,625 | (4.5)% | | Maintenance, materials, repairs | 70,971 | 50,287 | 41.1% | | Special items | 8,482 | — | 100.0% | | **Total Operating Expenses** | **$794,213** | **$730,030** | **8.8%** | | **Operating Loss** | **($148,646)** | **($117,427)** | **26.6%**| | **Net Loss** | **($137,565)** | **($98,257)** | | | **Diluted Net Loss Per Share** | **($2.65)** | **($1.91)** | | [Consolidated Balance Sheet](index=6&type=section&id=5_2_Consolidated_Balance_Sheet) As of March 31, 2024, total assets for Hawaiian Holdings were $3,790.9 million, an increase from $3,733.5 million at December 31, 2023 Consolidated Balance Sheet (as of March 31, 2024 vs. December 31, 2023) | Item | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :---------------------------------------------------------------- | :---------------------------- | :------------------------------- | | **ASSETS** | | | | Cash and cash equivalents | $230,865 | $153,273 | | Short-term investments | 666,432 | 755,224 | | Total Current Assets | 1,160,054 | 1,170,940 | | Property and equipment, net | 2,104,442 | 2,013,616 | | **Total Assets** | **$3,790,913** | **$3,733,525** | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | Air traffic liability and current frequent flyer deferred revenue | 757,855 | 633,345 | | Current maturities of long-term debt | 75,132 | 43,857 | | **Total Current Liabilities** | **1,301,337** | **1,145,401** | | Long-Term Debt | 1,612,235 | 1,537,152 | | Total Shareholders' Equity | (40,221) | 95,425 | | **Total Liabilities and Shareholders' Equity** | **$3,790,913** | **$3,733,525** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=5_3_Consolidated_Statements_Cash_Flows) For the three months ended March 31, 2024, net cash provided by operating activities was $254 thousand, a significant decrease from $118.3 million in the prior year Condensed Consolidated Statements of Cash Flows (Three Months Ended March 31) | Item | 2024 (in thousands) | 2023 (in thousands) | | :------------------------------------------ | :------------------ | :------------------ | | Net cash provided by Operating Activities | $254 | $118,291 | | Net cash used in Investing Activities | ($33,252) | ($49,389) | | Net cash provided by (used in) Financing Activities | $110,590 | ($26,019) | | Net increase in cash and cash equivalents | $77,592 | $42,883 | | Cash, cash equivalents, and restricted cash - End of Period | $248,115 | $289,503 | [Selected Consolidated Statistical Data](index=8&type=section&id=5_4_Selected_Statistical_Data) In Q1 2024, Hawaiian Holdings reported a 1.1% increase in revenue passengers flown and a 5.9% increase in Revenue Passenger Miles (RPM) year-over-year Selected Consolidated Statistical Data (Three Months Ended March 31) | Metric | 2024 | 2023 | % Change / Pts. Change | | :--------------------------------------- | :---------- | :---------- | :--------------------- | | Revenue passengers flown | 2,620 | 2,592 | 1.1% | | Revenue passenger miles (RPM) | 4,072,473 | 3,844,061 | 5.9% | | Available seat miles (ASM) | 5,049,598 | 4,914,619 | 2.7% | | Passenger load factor (RPM/ASM) | 80.6% | 78.2% | 2.4 pts. | | Passenger revenue per ASM (PRASM) | 11.55¢ | 11.16¢ | 3.5% | | Operating revenue per ASM (RASM) | 12.78¢ | 12.46¢ | 2.6% | | Operating cost per ASM (CASM) | 15.72¢ | 14.85¢ | 5.9% | | CASM excluding aircraft fuel and non-recurring items | 11.82¢ | 11.04¢ | 7.1% | | Aircraft fuel expense per ASM | 3.74¢ | 4.02¢ | (7.0)% | | Gallons of jet fuel consumed | 67,651 | 64,853 | 4.3% | | Average cost per gallon of jet fuel (actual) | $2.79 | $3.05 | (8.5)% | [Economic Fuel Expense](index=9&type=section&id=5_5_Economic_Fuel_Expense) Economic fuel expense, defined as GAAP fuel expense plus realized losses/gains from fuel hedge derivative contracts, decreased by 4.0% to $191.2 million in Q1 2024 - Economic fuel expense is defined as GAAP fuel expense plus losses/(gains) realized through actual cash (receipts)/payments received from or paid to hedge counterparties for fuel hedge derivative contracts settled during the period[28](index=28&type=chunk) Economic Fuel Expense (Three Months Ended March 31) | Item | 2024 (in thousands) | 2023 (in thousands) | % Change | | :----------------------------------------- | :------------------ | :------------------ | :------- | | Aircraft fuel expense, including taxes and delivery | $188,778 | $197,625 | (4.5)% | | Realized losses on settlement of fuel derivative contracts | 2,398 | 1,513 | 58.5% | | **Economic fuel expense** | **$191,176** | **$199,138** | **(4.0)%**| | Fuel gallons consumed | 67,651 | 64,853 | 4.3% | | Economic fuel price per gallon | $2.83 | $3.07 | (7.8)% | Estimated Economic Fuel Expense (Q2 2024 & Full Year 2024) | Item | Estimated three months ending June 30, 2024 | Estimated full year ending December 31, 2024 | | :----------------------------------------- | :------------------------------------------ | :------------------------------------------- | | Aircraft fuel expense, including taxes and delivery | $192,675 - $198,314 | $772,335 - $794,830 | | Realized losses on settlement of fuel derivative contracts | $1,456 | $6,431 | | **Economic fuel expense** | **$194,131 - $199,770** | **$778,766 - $801,261** | | Fuel gallons consumed | 68,032 - 70,024 | 275,377 - 283,398 | | Economic fuel price per gallon | $2.85 | $2.83 | [Non-GAAP Financial Reconciliation](index=9&type=section&id=5_6_Non_GAAP_Reconciliation) Hawaiian Holdings provides non-GAAP financial measures, including adjusted net loss, adjusted diluted EPS, adjusted pre-tax margin, adjusted EBITDA, and CASM excluding fuel and non-recurring items, to offer a clearer view of operational performance - The Company evaluates its financial performance using GAAP and non-GAAP measures, including adjusted net loss, adjusted diluted EPS, adjusted pre-tax margin, adjusted EBITDA, and adjusted operating cost per ASM (CASM excluding fuel and non-recurring items)[31](index=31&type=chunk) - Adjustments include CBA related expense, contract termination amortization, special items (merger-related expenses), gain on sale of commercial real estate, interest income on federal tax refund, changes in fair value of fuel derivative contracts, unrealized gain on foreign debt, and unrealized gain on equity securities[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - These adjustments help investors better analyze the Company's operational performance and compare results across periods and with other airlines by removing the impact of company-specific or one-time occurrences[35](index=35&type=chunk)[37](index=37&type=chunk) [Adjusted Net Loss and Diluted EPS](index=10&type=section&id=5_6_1_Adjusted_Net_Loss_EPS) The adjusted net loss for Q1 2024 was ($143.5 million), resulting in an adjusted diluted EPS of ($2.77) Adjusted Net Loss and Diluted EPS (Three Months Ended March 31) | Item | 2024 Total (in thousands) | 2024 Diluted Per Share | 2023 Total (in thousands) | 2023 Diluted Per Share | | :----------------------------------------- | :------------------------ | :--------------------- | :------------------------ | :--------------------- | | Net Loss, as reported | ($137,565) | ($2.65) | ($98,257) | ($1.91) | | Adjusted for: | | | | | | Special items | 8,482 | 0.16 | — | — | | Changes in fair value of fuel derivative contracts | (1,816) | (0.04) | 3,552 | 0.07 | | Unrealized gain on foreign debt | (8,555) | (0.17) | (2,488) | (0.05) | | Unrealized gain on equity securities | (5,115) | (0.10) | (944) | (0.02) | | Tax effect of adjustments | 1,037 | 0.03 | 1,568 | 0.03 | | **Adjusted net loss** | **($143,532)** | **($2.77)** | **($111,807)** | **($2.17)** | [Adjusted EBITDA](index=11&type=section&id=5_6_2_Adjusted_EBITDA) Adjusted EBITDA for Q1 2024 was ($116.0 million), compared to ($103.3 million) in Q1 2023 Adjusted EBITDA (Three Months Ended March 31) | Item | 2024 (in thousands) | 2023 (in thousands) | | :----------------------------------------- | :------------------ | :------------------ | | Net Loss | ($137,565) | ($98,257) | | Income tax benefit | (15,285) | (27,574) | | Depreciation and amortization | 32,967 | 32,667 | | Interest expense and amortization of debt discounts and issuance costs | 24,069 | 22,880 | | Interest income | (10,021) | (16,465) | | Capitalized interest | (3,134) | (1,458) | | **EBITDA, as reported** | **($108,969)** | **($88,207)** | | Adjusted for: | | | | Special items | 8,482 | — | | Changes in fair value of fuel derivative instruments | (1,816) | 3,552 | | Unrealized gain on foreign debt | (8,555) | (2,488) | | Unrealized gain on equity securities | (5,115) | (944) | | **Adjusted EBITDA** | **($115,973)** | **($103,325)** | [Operating Costs per Available Seat Mile (CASM)](index=11&type=section&id=5_6_3_Operating_Costs_CASM) GAAP CASM for Q1 2024 was 15.72¢, while CASM excluding fuel and non-recurring items was 11.82¢, an increase from 11.04¢ in Q1 2023 Operating Costs per Available Seat Mile (CASM) Reconciliation (Three Months Ended March 31) | Item | 2024 (in thousands, except CASM data) | 2023 (in thousands, except CASM data) | | :----------------------------------------- | :------------------------------------ | :------------------------------------ | | GAAP Operating Expenses | $794,213 | $730,030 | | Operating Expenses excluding non-recurring items | $785,731 | $740,596 | | Operating Expenses excluding fuel and non-recurring items | $596,953 | $542,971 | | Available Seat Miles | 5,050,841 | 4,917,517 | | **CASM - GAAP** | **15.72¢** | **14.85¢** | | Aircraft fuel, including taxes and delivery | (3.74) | (4.02) | | Special items | (0.16) | — | | **CASM excluding fuel and non-recurring items** | **11.82¢** | **11.04¢** | Estimated CASM (Q2 2024 & Full Year 2024) | Item | Estimated three months ending June 30, 2024 | Estimated full year ending December 31, 2024 | | :----------------------------------------- | :------------------------------------------ | :------------------------------------------- | | GAAP operating expenses | $803,834 - $844,733 | $3,273,023 - $3,438,253 | | Adjusted operating expenses | $603,914 - $639,174 | $2,408,459 - $2,551,194 | | Available seat miles | 5,189,938 - 5,340,371 | 21,113,699 - 21,719,834 | | **CASM - GAAP** | **15.49¢ - 15.82¢** | **15.50¢ - 15.83¢** | | Aircraft fuel, including taxes and delivery | (3.71) - (3.71) | (3.66) - (3.66) | | Non-recurring items | (0.14) - (0.14) | (0.44) - (0.42) | | **CASM excluding fuel and nonrecurring items** | **11.64¢ - 11.97¢** | **11.40¢ - 11.75¢** | [Pre-tax Margin](index=12&type=section&id=5_6_4_Pre_Tax_Margin) The adjusted pre-tax margin for Q1 2024 was (24.8)%, compared to (23.0)% in Q1 2023 Adjusted Pre-Tax Margin (Three Months Ended March 31) | Item | 2024 | 2023 | | :----------------------------------------- | :---------- | :---------- | | Pre-Tax Margin, as reported | (23.7)% | (20.5)% | | Adjusted for: | | | | Special items | 1.3 | — | | Changes in fair value of fuel derivative contracts | (0.3) | 0.6 | | Unrealized gain on foreign debt | (1.3) | (0.4) | | Unrealized (gain) loss on equity securities | (0.8) | (0.1) | | **Adjusted Pre-Tax Margin** | **(24.8)%** | **(23.0)%** |

HONOLULU, April 9, 2024 /PRNewswire/ -- Hawaiian Holdings, Inc. (NASDAQ: HA), parent company of Hawaiian Airlines, Inc. ("Hawaiian"), plans to report its 2024 first quarter financial results after the market closes on Tuesday, April 23, 2024.  An investor conference call is scheduled for 4:30 p.m. Eastern Time (10:30 a.m. HST) that day. The call will be open to all interested investors through a live audio webcast accessible in the Investor Relations section of Hawaiian's website at HawaiianAirlines.com. Fo ...

It has been about a month since the last earnings report for Hawaiian Holdings (HA) . Shares have lost about 2.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Hawaiian Holdings due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Wider-Than-Expected Loss in Q4Hawaii ...

Table of Contents, UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 1-31443 HAWAIIAN HOLDINGS INC (Exact name of registrant as specified in its charter) Delaware 71-0879698 (State or Other Jurisdic ...

Hawaiian Airlines is rolling out complimentary Wi-Fi via SpaceX's Starlink on board commercial flights this week, the companies told CNBC, the first major U.S. airline to offer the satellite-based service."SpaceX has really cracked the code – literally, in terms of the technology – to be able to deliver a wide bandwidth of very high quality connectivity to an airplane with a global reach," Peter Ingram, Hawaiian Airlines CEO, told CNBC.Hawaiian's plan for complimentary Wi-Fi comes as airlines ramp up their ...

Hawaiian Holdings (HA) posted fourth-quarter 2023 loss (excluding 41 cents from non-recurring items) of $2.37 per share, wider than the Zacks Consensus Estimate of a loss of $2.35. In the year-ago quarter HA posted a loss of $1.06.Quarterly revenues of $669.1 million fell 8.5% year over year but met the Zacks Consensus Estimate. Quarterly revenues were hurt by a devastating wildfire in Lahaina in West Maui, which, in turn, affected traffic.Notably, passenger revenues accounted for 89.9% of the top line in f ...

Financial Data and Key Metrics Changes - Total revenue for 2023 increased year-over-year despite challenges, with a notable recovery in non-Maui domestic markets and international travel to Hawaii [11][12] - In Q4, system RASM decreased approximately 11% year-over-year, with total revenue down about 8% compared to the same period in 2022 [18][19] - Adjusted EBITDA loss for Q4 was $98 million, with a full-year adjusted EBITDA loss of $169 million [27][28] Business Line Data and Key Metrics Changes - Revenue performance from non-Maui routes remained solid, while international markets outside Japan performed well despite unfavorable exchange rates [12][21] - Neighbor Island routes saw an increase in average fare, reaching $60 in December, the highest in 16 months, with a significant lead over Southwest in load factor and PRASM [20][21] - Japan point-of-sale bookings finished 2023 at around 50% of 2019 levels, with expectations for gradual recovery [21][22] Market Data and Key Metrics Changes - The U.S. Mainland to Hawaii network experienced a decline in PRASM by 16% year-over-year due to reduced demand and fare declines following the Maui wildfires [19][20] - Japan's fourth-quarter industry capacity was over 90% of 2019 levels, but load factors declined due to increased capacity [21][22] - The company anticipates continued improvements in Maui and Japan markets in 2024, with a more favorable comparable period for the first quarter [24][26] Company Strategy and Development Direction - The company is focused on delivering industry-leading operational performance, enhancing guest experience, and achieving long-term financial sustainability [10][16] - A merger with Alaska Airlines was announced, aiming to create a single airline with two distinct brands, which management believes is pro-consumer and pro-competitive [9][10] - Investments in technology and fleet, including the introduction of the 787 aircraft, are expected to enhance operational performance and profitability [14][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to consistent profitability in 2024 as investments begin to yield results [15][27] - The company faced significant external pressures in 2023, including engine supply issues and the impact of the Maui wildfires, but is optimistic about moving into a period of stability [13][15] - Management highlighted the importance of addressing challenges in the Japan market while remaining committed to its recovery [22][66] Other Important Information - The company maintains a strong liquidity position of $1.1 billion, which includes a $235 million undrawn revolver [28] - Capital expenditures for 2024 are expected to be between $500 million and $550 million, primarily for aircraft deliveries [28][29] Q&A Session Summary Question: Can you provide additional context on the Haneda slot decision? - Management explained that the decision was based on the unique situation of the midnight flight not benefiting from connectivity, compounded by hotel inflation and the weaker Yen [34][36] Question: What is the capacity outlook for 2024? - Management indicated that capacity growth is expected to be neutral to slightly positive in Q2, with a focus on North America [38][39] Question: How has the interisland average fare trended into the first quarter? - Management reported continued good progress in average fare, with expectations for improvements to continue [41][42] Question: What is the status of the Amazon business? - Currently operating one aircraft, with plans to ramp up to six by the end of the year, expected to contribute positively by late 2024 or early 2025 [46][47] Question: What efficiency metrics are being focused on? - Management highlighted the importance of productive block hours relative to paid hours, with expectations for improvements as training levels normalize [56][58] Question: Is Hawaiian shifting to the cloud? - Management confirmed ongoing efforts to modernize technology, including moving to cloud-based applications as systems evolve [60][61] Question: How will the company address potential slower recovery in Japan? - Management indicated a focus on increasing traffic to other international markets and leveraging U.S. point-of-sale traffic to offset any slower recovery in Japan [66][67]