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, a 7% 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, representing 86% 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, an 18% 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, representing 30% 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 36%. Throughout the year, we
remained focused on reshaping the company, increasing
profitability, and upholding our commitment to schedule integrity,
customer preference and operational excellence.
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 13%.
Despite this growth, Volaris’ total capacity will remain below 2023
levels, with approximately 40% now allocated to the international
market.”
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, a 4% 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, representing 87% 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, a 39% 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 |
(7.1%) |
3,142 |
3,259 |
(3.6%) |
|
TRASM (cents) |
9.35 |
9.56 |
(2.2%) |
9.24 |
8.38 |
10.3% |
|
ASMs (millions, scheduled & charter) |
8,930 |
9,402 |
(5.0%) |
33,990 |
38,890 |
(12.6%) |
|
Load Factor (RPMs/ASMs) |
87.3% |
88.1% |
(0.8 pp) |
86.8% |
86.0% |
0.8 pp |
|
Passengers (thousands, scheduled & charter) |
7,848 |
8,247 |
(4.8%) |
29,473 |
33,497 |
(12.0%) |
|
Fleet (at the end of the period) |
143 |
129 |
14 |
143 |
129 |
14 |
|
Total operating expenses (millions) |
718 |
735 |
(2.3%) |
2,729 |
3,036 |
(10.1%) |
|
CASM (cents) |
8.04 |
7.81 |
2.9% |
8.03 |
7.81 |
2.8% |
|
CASM ex fuel (cents) |
5.68 |
4.86 |
16.8% |
5.40 |
4.81 |
12.2% |
|
Adjusted CASM ex fuel (cents)3 |
5.25 |
5.07 |
3.5% |
5.09 |
4.57 |
11.6% |
|
Operating income (EBIT) (millions) |
117 |
164 |
(28.7%) |
413 |
223 |
85.2% |
|
% EBIT margin |
14.0% |
18.3% |
(4.2 pp) |
13.2% |
6.8% |
6.3 pp |
|
Net income (millions) |
46 |
112 |
(58.9%) |
126 |
8 |
>100.0% |
|
% Net income margin |
5.5% |
12.5% |
(7.0 pp) |
4.0% |
0.2% |
3.8 pp |
|
EBITDAR (millions) |
331 |
281 |
17.8% |
1,141 |
823 |
38.6% |
|
% EBITDAR margin |
39.6% |
31.3% |
8.4 pp |
36.3% |
25.2% |
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 |
2.9% |
8.03 |
7.81 |
2.8% |
|
Fuel expense |
(2.36) |
(2.95) |
(20.0%) |
(2.63) |
(3.00) |
(12.2%) |
|
CASM ex fuel |
5.68 |
4.86 |
16.8% |
5.40 |
4.81 |
12.2% |
|
Aircraft and engine variable lease expenses5 |
(0.58) |
0.15 |
N/A |
(0.40) |
(0.27) |
48.9% |
|
Sale and lease back gains |
0.15 |
0.06 |
>100.0% |
0.09 |
0.03 |
>100.0% |
|
Adjusted CASM ex fuel |
5.25 |
5.07 |
3.5% |
5.09 |
4.57 |
11.6% |
|
|
|
|
|
|
|
|
|
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 $835 million, a 7.1% decrease, primarily
due to the depreciation of the Mexican peso against the U.S. dollar
and a reduction in ASMs, partially offset by higher ancillary
revenues.
Total capacity, in terms of available
seat miles (ASMs), was 8.9 billion, representing a 5.0%
decline.
Booked passengers totaled 7.8
million, a 4.8% decrease. Mexican domestic booked passengers
decreased 7.7%, while international booked passengers increased
4.0%.
The load factor for the quarter
reached 87.3%, representing a 0.8 percentage point decrease.
TRASM declined 2.2% to $9.35
cents, and total operating revenue per passenger stood at $106,
decreasing 2.4%.
The average base fare per passenger stood at
$50, an 8.4% decrease. The total ancillary revenue per passenger
was $57, reflecting a 3.6% improvement. Ancillary revenues
accounted for 53.3% of total operating revenues.
Total operating expenses were
$718 million, representing 86.0% of total operating revenues.
CASM totaled $8.04 cents,
representing a 2.9% increase.
The average economic fuel cost
decreased by 19.9% to $2.51 per gallon.
CASM ex fuel increased 16.8% to
$5.68 cents, mainly due to reduced operating leverage as a result
of the aircraft-on-ground (AOG) caused by the P&W engine
inspections, with an average of 34 AOGs during the quarter.
Comprehensive financing result
represented an expense of $76 million, compared to a $35 million
expense in the same period of 2023.
Income tax benefit was $5
million, compared to a $17 million expense registered in the fourth
quarter of 2023.
Net income in the quarter was
$46 million, with an earnings per ADS of $40 cents.
EBITDAR for the quarter was
$331 million, a 17.8% improvement, primarily driven by strict cost
control, and more favorable jet fuel prices. EBITDAR
margin stood at 39.6%, up by 8.4 percentage points.
Cash Flow
For the quarter, net cash flow provided by
operating activities was $308 million. Net cash flow used in
investing and financing activities was $85 million and $98 million,
respectively.
Full Year 2024(All figures are
reported in U.S. dollars and compared to FY 2023 unless otherwise
noted)
Total operating
revenues were $3,142 million, a decrease of 3.6% compared
to 2023.
Volaris transported 29.5 million
passengers, a decrease of 12.0%, while total
capacity for the year, in terms of available seat
miles (ASMs), decreased 12.6% to 34.0
billion.
Load factor reached 86.8%, a
0.8 percentage point increase compared to 2023.
TRASM increased 10.3% to $9.24
cents. Average base fare was $51, a 4.5% increase and total
operating revenue per passenger stood at $107, representing an
increase of 9.6%.
Ancillary revenue per passenger was $55, posting
a 14.8% increase and represented 51.7% of total operating
revenues.
Volaris posted total operating
expenses of $2,729 million, representing 86.9% of total
operating revenues.
CASM increased 2.8% to $8.03
cents. The average economic fuel cost of $2.75 per gallon, a 11.6%
decrease compared to 2023 levels. CASM ex fuel
increased 12.2% to $5.40 cents.
The comprehensive financing
result for the full year 2024 amounted to an expense of
$231 million, compared to a $215 million expense posted in
2023.
The Company recorded an income tax
expense for the full year 2024 of $56 million, compared to
an income tax benefit of $0.4 million registered in 2023.
For the full year 2024, Volaris reported a
net income of $126 million, with earnings per ADS
of $1.10, compared to an $8 million net income in 2023.
Volaris registered an EBITDAR
of $1,141 million, a 38.6% increase compared to 2023.
EBITDAR margin was 36.3%, an increase of 11.1
percentage points.
Balance Sheet, Liquidity, and Capital
Allocation
As of December 31, 2024, cash, cash equivalents,
restricted cash, and short-term investments were $954 million,
representing 30.4% of the last twelve months’ total operating
revenue.
Net cash flow provided by operating activities
was $1,090 million. Net cash flow used in investing and financing
activities was $472 million and $472 million, respectively.
The financial debt amounted to $810 million, an
increase of 24.0% year-over-year, due to pre-delivery payments
related to 2026 aircraft deliveries and spare engine financing.
Total lease liabilities stood at $3,061 million, an increase of
5.9% due to the increase in the total fleet.
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 14.1% and 20.0% of
the Mexican peso, respectively. As for full year 2024, the average
exchange rate was Ps.18.30 per U.S. dollar, a 3.0% appreciation
compared to the previous year.
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) |
~13% |
-12.6% |
|
EBITDAR margin |
34% to 36% |
36.3% |
|
CAPEX (2) |
~$250 million |
$350 million |
|
Average USD/MXN rate |
Ps. 21.00 to 21.20 |
Ps. 18.30 |
|
Average U.S. Gulf Coast jet fuel price |
$2.15 to $2.25 |
$2.34 |
| (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) |
~7% |
-13.4% |
|
TRASM |
$7.9 to $8.0 cents |
$9.34 cents |
|
CASM ex fuel |
$5.5 to $5.6 cents |
$5.16 cents |
|
EBITDAR margin |
28% to 29% |
30.6% |
|
Average USD/MXN rate |
Ps. 20.60 to 20.80 |
Ps. 17.00 |
|
Average U.S. Gulf Coast jet fuel price |
$2.25 to $2.35 |
$2.60 |
| (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, 60% of the aircraft are New Engine Option (NEO)
models.
|
|
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 ContactRicardo Martínez /
ir@volaris.com
Media ContactIsrael 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
- Click on the call link and complete
the online registration form.
- Upon registering you will receive
the dial-in info and a unique PIN to join the call, as well as an
email confirmation with the details.
- Select a method for joining the
call:
- Dial-In: A dial-in number and
unique PIN are displayed to connect directly from your phone.
- Call Me: Enter your phone number
and click “Call Me” for an immediate callback from the system.
|
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 |
(7.1%) |
|
Total operating expenses (millions) |
718 |
735 |
(2.3%) |
|
EBIT (millions) |
117 |
164 |
(28.7%) |
|
EBIT margin |
14.0% |
18.3% |
(4.2 pp) |
|
Depreciation and amortization (millions) |
162 |
131 |
23.7% |
|
Aircraft and engine variable lease expenses (millions) |
52 |
(14) |
N/A |
|
Net income (millions) |
46 |
112 |
(58.9%) |
|
Net income margin |
5.5% |
12.5% |
(7.0 pp) |
|
Earnings per share
(1): |
|
|
|
|
Basic |
0.04 |
0.10 |
(59.3%) |
|
Diluted |
0.04 |
0.10 |
(59.3%) |
|
Earnings per ADS*: |
|
|
|
|
Basic |
0.40 |
0.97 |
(59.3%) |
|
Diluted |
0.39 |
0.96 |
(59.3%) |
|
Weighted average shares outstanding: |
|
|
|
|
Basic |
1,150,123,382 |
1,151,640,062 |
(0.1%) |
|
Diluted |
1,165,507,122 |
1,165,847,298 |
0.0% |
|
Financial Indicators |
|
|
|
|
Total operating revenue per ASM (TRASM) (cents) (2) |
9.35 |
9.56 |
(2.2%) |
|
Average base fare per passenger |
50 |
54 |
(8.4%) |
|
Total ancillary revenue per passenger (3) |
57 |
55 |
3.6% |
|
Total operating revenue per passenger |
106 |
109 |
(2.4%) |
|
Operating expenses per ASM (CASM) (cents) (2) |
8.04 |
7.81 |
2.9% |
|
CASM ex fuel (cents) (2) |
5.68 |
4.86 |
16.8% |
|
Adjusted CASM ex fuel (cents) (2) (4) |
5.25 |
5.07 |
3.5% |
|
Operating Indicators |
|
|
|
|
Available seat miles (ASMs) (millions) (2) |
8,930 |
9,402 |
(5.0%) |
|
Domestic |
5,193 |
5,832 |
(11.0%) |
|
International |
3,737 |
3,570 |
4.7% |
|
Revenue passenger miles (RPMs) (millions) (2) |
7,796 |
8,288 |
(5.9%) |
|
Domestic |
4,762 |
5,356 |
(11.1%) |
|
International |
3,034 |
2,931 |
3.5% |
|
Load factor (5) |
87.3% |
88.1% |
(0.8 pp) |
|
Domestic |
91.7% |
91.8% |
(0.1 pp) |
|
International |
81.2% |
82.1% |
(0.9 pp) |
|
Booked passengers (thousands) (2) |
7,848 |
8,247 |
(4.8%) |
|
Domestic |
5,745 |
6,225 |
(7.7%) |
|
International |
2,103 |
2,022 |
4.0% |
|
Departures (2) |
45,566 |
47,671 |
(4.4%) |
|
Block hours (2) |
118,050 |
125,221 |
(5.7%) |
|
Aircraft at end of period |
143 |
129 |
14 |
|
Average daily aircraft utilization (block hours) |
13.13 |
13.23 |
(0.8%) |
|
Fuel gallons accrued (millions) |
83.39 |
88.03 |
(5.3%) |
|
Average economic fuel cost per gallon (6) |
2.51 |
3.13 |
(19.9%) |
|
Average exchange rate |
20.07 |
17.58 |
14.1% |
|
Exchange rate at the end of the period |
20.27 |
16.89 |
20.0% |
|
*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
inaccordance with IAS 33. Basic loss or earnings per share is
calculated bydividing net loss or earnings by the average number of
shares outstanding(excluding treasury shares). Diluted loss or
earnings per share is calculated bydividing net loss or earnings by
the average number of shares outstandingadjusted 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 saleand 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 |
(3.6%) |
|
Total operating expenses (millions) |
2,729 |
3,036 |
(10.1%) |
|
EBIT (millions) |
413 |
223 |
85.2% |
|
EBIT margin |
13.2% |
6.8% |
6.3 pp |
|
Depreciation and amortization (millions) |
593 |
496 |
19.6% |
|
Aircraft and engine variable lease expenses (millions) |
135 |
104 |
29.8% |
|
Net income (millions) |
126 |
8 |
>100.0% |
|
Net income margin |
4.0% |
0.2% |
3.8 pp |
|
Earnings per share
(1): |
|
|
|
|
Basic |
0.11 |
0.01 |
>100.0% |
|
Diluted |
0.11 |
0.01 |
>100.0% |
|
Earnings per ADS*: |
|
|
|
|
Basic |
1.10 |
0.07 |
>100.0% |
|
Diluted |
1.08 |
0.07 |
>100.0% |
|
Weighted average shares outstanding: |
|
|
|
|
Basic |
1,150,743,230 |
1,152,609,485 |
(0.2%) |
|
Diluted |
1,165,858,647 |
1,165,450,734 |
0.0% |
|
Financial Indicators |
|
|
|
|
Total operating revenue per ASM (TRASM) (cents) (2) |
9.24 |
8.38 |
10.3% |
|
Average base fare per passenger |
51 |
49 |
4.5% |
|
Total ancillary revenue per passenger (3) |
55 |
48 |
14.8% |
|
Total operating revenue per passenger |
107 |
97 |
9.6% |
|
Operating expenses per ASM (CASM) (cents) (2) |
8.03 |
7.81 |
2.8% |
|
CASM ex fuel (cents) (2) |
5.40 |
4.81 |
12.2% |
|
Adjusted CASM ex fuel (cents) (2) (4) |
5.09 |
4.57 |
11.6% |
|
Operating Indicators |
|
|
|
|
Available seat miles (ASMs) (millions) (2) |
33,990 |
38,890 |
(12.6%) |
|
Domestic |
20,030 |
25,630 |
(21.8%) |
|
International |
13,960 |
13,260 |
5.3% |
|
Revenue passenger miles (RPMs) (millions) (2) |
29,505 |
33,449 |
(11.8%) |
|
Domestic |
18,161 |
22,422 |
(19.0%) |
|
International |
11,344 |
11,027 |
2.9% |
|
Load factor (5) |
86.8% |
86.0% |
0.8 pp |
|
Domestic |
90.7% |
87.5% |
3.2 pp |
|
International |
81.3% |
83.2% |
(1.9 pp) |
|
Booked passengers (thousands) (2) |
29,473 |
33,497 |
(12.0%) |
|
Domestic |
21,705 |
25,909 |
(16.2%) |
|
International |
7,768 |
7,588 |
2.4% |
|
Departures (2) |
173,209 |
201,376 |
(14.0%) |
|
Block hours (2) |
451,822 |
523,761 |
(13.7%) |
|
Aircraft at end of period |
143 |
129 |
14 |
|
Average daily aircraft utilization (block hours) |
13.03 |
13.37 |
(2.6%) |
|
Fuel gallons accrued (millions) |
322.70 |
372.20 |
(13.3%) |
|
Average economic fuel cost per gallon (6) |
2.75 |
3.11 |
(11.6%) |
|
Average exchange rate |
18.30 |
17.76 |
3.0% |
|
Exchange rate at the end of the year |
20.27 |
16.89 |
20.0% |
|
*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
inaccordance with IAS 33. Basic loss or earnings per share is
calculated bydividing net loss or earnings by the average number of
shares outstanding(excluding treasury shares). Diluted loss or
earnings per share is calculated bydividing net loss or earnings by
the average number of shares outstandingadjusted 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 |
(7.2%) |
|
Fare revenues |
390 |
447 |
(12.8%) |
|
Other passenger revenues |
413 |
418 |
(1.2%) |
|
|
|
|
|
|
Non-passenger revenues |
32 |
34 |
(5.9%) |
|
Cargo |
5 |
6 |
(16.7%) |
|
Other non-passenger revenues |
27 |
28 |
(3.6%) |
|
|
|
|
|
|
Total operating revenues |
835 |
899 |
(7.1%) |
|
|
|
|
|
|
Other operating income |
(56) |
(50) |
12.0% |
|
Fuel expense |
211 |
277 |
(23.8%) |
|
Aircraft and engine variable lease expenses |
52 |
(14) |
N/A |
|
Salaries and benefits |
112 |
101 |
10.9% |
|
Landing, take-off and navigation expenses |
127 |
137 |
(7.3%) |
|
Sales, marketing and distribution expenses |
36 |
45 |
(20.0%) |
|
Maintenance expenses |
28 |
24 |
16.7% |
|
Depreciation and amortization |
52 |
37 |
40.5% |
|
Depreciation of right of use assets |
110 |
94 |
17.0% |
|
Other operating expenses |
46 |
84 |
(45.2%) |
|
Total operating expenses |
718 |
735 |
(2.3%) |
|
|
|
|
|
|
Operating income |
117 |
164 |
(28.7%) |
|
|
|
|
|
|
Finance income |
13 |
14 |
(7.1%) |
|
Finance cost |
(86) |
(45) |
91.1% |
|
Exchange loss, net |
(3) |
(4) |
(25.0%) |
|
Comprehensive financing result |
(76) |
(35) |
>100.0% |
|
|
|
|
|
|
Income before income tax |
41 |
129 |
(68.2%) |
|
Income tax benefit (expense) |
5 |
(17) |
N/A |
|
Net income |
46 |
112 |
(58.9%) |
|
|
|
|
|
|
|
|
|
|
|
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 |
(3.6%) |
|
Fare revenues |
1,517 |
1,650 |
(8.1%) |
|
Other passenger revenues |
1,493 |
1,473 |
1.4% |
|
|
|
|
|
|
Non-passenger revenues |
132 |
136 |
(2.9%) |
|
Cargo |
21 |
20 |
5.0% |
|
Other non-passenger revenues |
111 |
116 |
(4.3%) |
|
|
|
|
|
|
Total operating revenues |
3,142 |
3,259 |
(3.6%) |
|
|
|
|
|
|
Other operating income |
(198) |
(55) |
>100.0% |
|
Fuel expense |
894 |
1,165 |
(23.3%) |
|
Aircraft and engine variable lease expenses |
135 |
104 |
29.8% |
|
Salaries and benefits |
411 |
387 |
6.2% |
|
Landing, take-off and navigation expenses |
493 |
503 |
(2.0%) |
|
Sales, marketing and distribution expenses |
169 |
167 |
1.2% |
|
Maintenance expenses |
100 |
98 |
2.0% |
|
Depreciation and amortization |
183 |
134 |
36.6% |
|
Depreciation of right of use assets |
410 |
362 |
13.3% |
|
Other operating expenses |
132 |
171 |
(22.8%) |
|
Total operating expenses |
2,729 |
3,036 |
(10.1%) |
|
|
|
|
|
|
Operating income |
413 |
223 |
85.2% |
|
|
|
|
|
|
Finance income |
49 |
38 |
28.9% |
|
Finance cost |
(294) |
(219) |
34.2% |
|
Exchange gain (loss), net |
14 |
(34) |
N/A |
|
Comprehensive financing result |
(231) |
(215) |
7.4% |
|
|
|
|
|
|
Income before income tax |
182 |
8 |
>100.0% |
|
Income tax (expense) benefit |
(56) |
- |
N/A |
|
Net income |
126 |
8 |
>100.0% |
|
|
|
|
|
| |
|
|
|
|
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 |
(1.2%) |
|
Non-passenger revenues |
32 |
34 |
(5.9%) |
|
Total ancillary revenues |
445 |
452 |
(1.5%) |
|
|
|
|
|
|
Booked passengers (thousands) (1) |
7,848 |
8,247 |
(4.8%) |
|
|
|
|
|
|
Total ancillary revenue per passenger |
57 |
55 |
3.6% |
|
|
|
|
|
|
(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 |
1.4% |
|
Non-passenger revenues |
132 |
136 |
(2.9%) |
|
Total ancillary revenues |
1,625 |
1,609 |
1.0% |
|
|
|
|
|
|
Booked passengers (thousands) (1) |
29,473 |
33,497 |
(12.0%) |
|
|
|
|
|
|
Total ancillary revenue per passenger |
55 |
48 |
14.8% |
|
|
|
|
|
|
(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 $152 million and $139 million
for the three months ended December 31, 2024, and 2023,
respectively. |
| |
|
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 $583 million and $529 million
for the twelve months ended December 31, 2024, and 2023,
respectively. |
|
|
Volaris Aviation (NYSE:VLRS)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Volaris Aviation (NYSE:VLRS)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
