Volaris Reports Financial Results for the Second Quarter 2023
Controladora Vuela Compañía de Aviación, also known as Volaris, has announced its financial results for the second quarter of 2023. The company reported total operating revenues of $782 million, a 13% increase compared to the same period last year. However, total revenue per available seat mile (TRASM) decreased by 4.2% to $7.92 cents. The company's net income for the quarter was $6 million, with earnings per share of $0.00. Volaris plans to focus on delivering total operating revenues between $3.2 and $3.4 billion and an EBITDAR margin of 29% to 31% for the full year.
Positive
Total operating revenues increased by 13% to $782 million.
Net income for the quarter was $6 million.
EBITDAR margin increased by 11.5 percentage points to 27.1%.
Negative
Total revenue per available seat mile (TRASM) decreased by 4.2% to $7.92 cents.
CASM ex fuel increased by 15% to $4.82 cents.
Net debt-to-LTM EBITDAR ratio increased to 3.5 times.
07/24/2023 - 07:45 PM
MEXICO CITY, July 24, 2023 (GLOBE NEWSWIRE) -- Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (NYSE: VLRS and BMV: VOLAR) (“Volaris” or “The Company”), the ultra-low-cost airline serving Mexico, the United States, Central and South America, today announces its financial results for the second quarter 20231 .
Second Quarter 2023 Highlights
Total operating revenues of $782 million , a 13% increase.Total revenue per available seat mile (TRASM) decreased 4.2% to $7.92 cents.Available seat miles (ASMs) increased 18% to 9.9 billion.Total operating expenses of $731 million , representing 93% of total operating revenue, a decrease of 9.3 percentage points.Total operating expenses per available seat mile (CASM) decreased 13% to $7.40 cents.Average economic fuel cost decreased 38% to $2.70 per gallon.CASM ex fuel increased 15% to $4.82 cents.Adjusted CASM ex fuel increased 10% to $4.43 cents.Net income of $6 million . Earnings per share of $0.00 and earnings per ADS of $0.05 cents.EBITDAR of $212 million , a 98% increase.EBITDAR margin was 27.1% , an increase of 11.5 percentage points.Cash, cash equivalents, and restricted cash position totaled $655 million , representing 21% of the last twelve months’ total operating revenue.Net debt-to-LTM EBITDAR ratio of 3.5 times, compared to 3.8 times in the first quarter of 2023.Enrique Beltranena, President & Chief Executive Officer said: “The company's second-quarter results are in line with our full-year outlook, boosted by lower jet fuel costs and a stronger Mexican Peso. We will continue to focus on delivering Total Operating Revenues between 3.2 and 3.4 billion dollars and an EBITDAR margin of 29% to 31% percent. Additionally, the solid bookings for the upcoming summer months further validate the resilience of the VFR passenger base in Mexico and the robust demand in Central America and the United States. As we eagerly await the return of Mexico's Category 1 status, we anticipate growth opportunities that align with our strategic network changes and capacity optimization efforts, ultimately bolstering network profitability and reinforcing our position in the market.”
_________________________1 The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).
Mr. Beltranena continued: For the second half of the year, the seasonally stronger semester, we are looking forward to several top-line tailwinds, including solid booking curves, stable international fares, a return of CAT 1, strong Central American growth, a more solid domestic network, and a ramp-up of ancillary projects.”
Second Quarter 2023 Consolidated Financial and Operating Highlights
Second Quarter Consolidated Financial Highlights 2023 2022 Var. Total operating revenue (millions) 782 691 13 % TRASM (cents) 7.92 8.26 (4.2% ) ASMs (million, scheduled & charter) 9,873 8,361 18% Load Factor (scheduled, RPMs/ASMs) 84.6% 85.6% (1.0 pp) Passengers (thousand, scheduled & charter) 8,373 7,463 12% Fleet (end of period) 123 113 10 Total operating expenses (millions) 731 710 3.0 % CASM (cents) 7.40 8.50 (13% ) CASM excl. fuel (cents) 4.82 4.20 15% Adjusted CASM excl. fuel (cents) (1) 4.43 4.03 10% Operating income (loss) (EBIT) (millions) 51 (20 ) N/A % EBIT Margin 6.5% (2.8% ) 9.3 pp Net income (loss) (millions) 6 (49 ) N/A % Net income (loss) margin 0.7% (7.1% ) 7.8 pp EBITDAR (millions) 212 107 98 % % EBITDAR Margin 27.1% 15.5% 11.5 pp Net debt-to-EBITDAR 3.5x 2.9x 0.6x Note: Figures are rounded for convenience purposes. Further detail found in financial and operating indicators.
econciliation of CASM to Adjusted CASM ex fuel:
Second Quarter Reconciliation of CASM 2023 2022 Var. CASM (cents) 7.40 8.50 (13% ) Fuel expense (2.58) (4.30) (40% ) CASM ex fuel 4.82 4.20 15% Aircraft and engine variable lease expenses (0.41) (0.30) 37% Sale and lease back gains 0.02 0.13 (85% ) Adjusted CASM ex fuel 4.43 4.03 10%
$782 million , a 13% increase driven by solid international demand and ancillary revenue per passenger.
Booked passengers were 8.4 million in the quarter, an increase of 12% . Domestic and international booked passengers increased 7.2% and 34% , respectively, while total capacity, in terms of available seat miles (ASMs) , increased 18% to 9.9 billion.
The load factor for the period reached 84.6% , representing a decrease of 1.0 percentage point compared to the same period in 2022.
TRASM decreased 4.2% to $7.92 cents in the quarter. Average base fare was $47 , a decrease of 15% . Ancillary revenue per passenger was $46 , a 25% increase. Ancillary revenue represented 49% of total operating revenue, 9.6 percentage points above the second quarter 2022. Finally, total operating revenue per passenger stood at $93 , representing a 0.9% increase.
Total operating expenses in the quarter were $731 million , representing 93% of total operating revenue, a decrease of 9.3 percentage points compared to the same period in 2022.
CASM totaled $7.40 cents, 13% lower when compared to the same period of 2022. The average economic fuel cost, excluding non-accreditable VAT, per gallon decreased 38% to $2.70 per gallon in the period.
CASM ex fuel increased 15% to $4.82 cents and adjusted CASM ex fuel increased 10% to $4.43 cents.
Comprehensive financing result represented an expense of $43 million in the second quarter of 2023, compared to a $61 million expense in the same period of 2022. For the second quarter, the average exchange rate was Ps.17.72 per US dollar, a 12% appreciation compared to the second quarter of 2022. At the end of the quarter, the exchange rate stood at Ps.17.07 per US dollar.
Income tax expense for the quarter was $2 million , compared to a benefit of $32 million registered in the same period of 2022.
Net income in the quarter was $6 million , with earnings per share of $0.00 and earnings per ADS of $0.05 cents.
EBITDAR for the quarter was $212 million , an increase of 98% compared to the same period in 2022. EBITDAR margin stood at 27.1% , an increase of 11.5 percentage points.
Balance Sheet, Liquidity and Capital Allocation
For the second quarter of 2023, net cash flow provided by operating activities in the quarter was $159 million , while cash flows used in investing and financing activities were $102 million and $109 million , respectively.
Net debt-to-LTM EBITDAR ratio stood at 3.5 times, compared to 3.8 times in the first quarter of 2023 and 2.9 times in the same period of 2022.
2023 Guidance
Updated Guidance Original Guidance 2023 Guidance ASM growth ~13% ~10% Total operating revenues $3.2 t o $3.4 billion $3.2 t o $3.4 billion CASM ex fuel $4.7 t o $4.8 cents$4.6 t o $4.8 centsEBITDAR margin 29% to 31% 29% to 31% Net debt-EBITDAR ratio ~2.8x ≤2.5x
For the full year 2023, CAPEX is expected to be approximately $300 million , net of financed fleet predelivery payments. This outlook assumes a full-year average USD/MXN rate between Ps.17.75 to Ps. 18.25 and an average U.S. Gulf Coast jet fuel price between $2.55 t o $2.65 per gallon; it also assumes no significant unexpected disruptions related to COVID-19, macroeconomic factors, or other negative impacts on its business.
The Company's Full Year 2023 Outlook is based on a number of assumptions, including the foregoing, that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that Volaris will achieve these results.
Fleet
During the second quarter, Volaris added two A321neo and one A320neo aircraft to its fleet, bringing the total number of aircraft to 123 as of June 30th, 2023. The fleet has an average age of 5.5 years and an average seating capacity of 194 passengers per aircraft. Of the total fleet, 57% of the aircraft were New Engine Option (NEO) models. Volaris plans to increase its fleet to approximately 127 aircraft by the end of 2023, considering an Airbus potential delay of at least two aircraft until 2024.
Second Quarter First Quarter Total Fleet 2023 2022 Var. 2023 Var. CEO A319 3 6 (3) 3 - A320 40 40 - 40 - A321 10 10 - 10 - NEO A320 51 46 5 50 1 A321 19 11 8 17 2 Total aircraft end of period 123 113 10 120 3
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.
Conference call and webcast details
Date: Tuesday, July 25th , 2023 Time: 8:00 am Mexico City / 10:00 am New York (USA) (ET) Webcast link: Volaris 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 245 and its fleet from 4 to 124 aircraft. Volaris offers more than 550 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 fourteen consecutive years. For more information, please visit: ir.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, aircraft and engine variable lease expenses and sale and lease back gains. We define EBITDAR as earnings before interest, income tax, depreciation and amortization, depreciation of right of use assets and aircraft and engine variable lease expenses. We define Net debt-to-LTM EBITDAR as Net debt divided by LTM EBITDAR.
These non-IFRS measures are provided as supplemental information to the financial information presented in this release that is calculated and presented in accordance with International Financial Reporting Standards (“IFRS”), because we believe that they, in conjunction with the IFRS financial information, provide useful information to management’s, analysts’ and investors’ overall understanding of our operating performance.
Because non-IFRS measures are not calculated in accordance with IFRS, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related IFRS measures presented in this release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in the method of calculation and in the items being adjusted.
We encourage investors to review our financial statements and other filings with the 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 (In millions U.S. dollars, except otherwise indicated) Three months ended Three months ended Variance Total operating revenues (millions) 782 691 13.2% Total operating expenses (millions) 731 710 3.0% EBIT (millions) 51 (20) N/A EBIT margin 6.5% (2.8% ) 9.3 pp Depreciation and amortization (millions) 121 102 18.6% Aircraft and engine variable lease expenses (millions) 40 25 60.0% Net income (loss) (millions) 6 (49) N/A Net income (loss) margin 0.7% (7.1% ) 7.8 pp Earnings (loss) per share (6) : Basic 0.00 (0.04) N/A Diluted 0.00 (0.04) N/A Earnings (loss) per ADS*: Basic 0.05 (0.42) N/A Diluted 0.05 (0.42) N/A Weighted average shares outstanding: Basic 1,152,974,446 1,155,750,003 (0.2% ) Diluted 1,165,244,334 1,165,083,106 0.0% Financial Indicators Total operating revenue per ASM (TRASM) (cents) (1) 7.92 8.26 (4.2% ) Average base fare per passenger 47 56 (15.1% ) Total ancillary revenue per passenger (3) 46 37 25.0% Total operating revenue per passenger 93 93 0.9% Operating expenses per ASM (CASM) (cents) (1) 7.40 8.50 (12.9% ) CASM ex fuel (cents) (1) 4.82 4.20 14.8% Adjusted CASM ex fuel (cents) (1)(5) 4.43 4.03 10.1% Operating Indicators Available seat miles (ASMs) (millions) (1) 9,873 8,361 18.1% Domestic 6,614 5,844 13.2% International 3,260 2,517 29.5% Revenue passenger miles (RPMs) (millions) (1) 8,348 7,156 16.7% Domestic 5,643 5,189 8.8% International 2,705 1,967 37.5% Load factor (2) 84.6% 85.6% (1.0 pp) Domestic 85.3% 88.8% (3.5 pp) International 83.0% 78.1% 4.9 pp Booked passengers (thousands) (1) 8,373 7,463 12.2% Domestic 6,518 6,078 7.2% International 1,855 1,385 34.0% Departures (1) 51,127 46,576 9.8% Block hours (1) 132,965 118,887 11.8% Aircraft at end of period 123 113 10 Average aircraft utilization (block hours) 13.27 13.22 0.4% Fuel gallons accrued (millions) 94.04 81.91 14.8% Average economic fuel cost per gallon (4) 2.70 4.37 (38.4% ) Average exchange rate 17.72 20.04 (11.6% ) End of period exchange rate 17.07 19.98 (14.6% ) *Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share (1) Includes schedule and charter.
Financial and Operating Indicators
Unaudited (In U.S. dollars, except otherwise indicated) Six months ended Six months ended Variance Total operating revenues (millions) 1,513 1,258 20.3% Total operating expenses (millions) 1,493 1,309 14.1% EBIT (millions) 20 (51) N/A EBIT margin 1.3% (4.0% ) 5.3 pp Depreciation and amortization (millions) 240 197 21.8% Aircraft and engine rent expenses (millions) 76 58 31.0% Net loss (millions) (65) (98) (33.7% ) Net loss margin (4.3% ) (7.8% ) 3.5 pp Loss per share (6) : Basic (0.06) (0.08) (33.1% ) Diluted (0.06) (0.08) (33.3% ) Loss per ADS*: Basic (0.57) (0.85) (33.1% ) Diluted (0.56) (0.84) (33.3% ) Weighted average shares outstanding: Basic 1,152,750,608 1,155,910,351 (0.3% ) Diluted 1,165,147,164 1,165,117,674 0.0% Financial Indicators Total operating revenue per ASM (TRASM) (cents) (1) 7.81 7.66 2.0% Average base fare per passenger 47 51 (7.5% ) Total ancillary revenue per passenger (3) 44 36 22.6% Total operating revenue per passenger 91 87 5.0% Operating expenses per ASM (CASM) (cents) (1) 7.71 7.97 (3.2% ) CASM ex fuel (cents) (1) 4.74 4.30 10.2% Adjusted CASM ex fuel (cents) (1)(5) 4.36 4.03 8.3% Operating Indicators Available seat miles (ASMs) (millions) (1) 19,362 16,422 17.9% Domestic 13,151 11,526 14.1% International 6,211 4,896 26.9% Revenue passenger miles (RPMs) (millions) (1) 16,415 13,884 18.2% Domestic 11,189 10,084 11.0% International 5,226 3,800 37.5% Load factor ( 2) 84.8% 84.5% 0.2 pp Domestic 85.1% 87.5% (2.4 pp) International 84.2% 77.6% 6.6 pp Booked passengers (thousands) (1) 16,559 14,452 14.6% Domestic 12,958 11,754 10.2% International 3,601 2,698 33.5% Departures (1) 101,318 91,514 10.7% Block hours (1) 263,514 232,300 13.4% Aircraft at end of period 123 113 10 Average aircraft utilization (block hours) 13.39 13.24 1.2% Fuel gallons consumed (millions) 186.27 159.13 17.1% Average economic fuel cost per gallon (4) 3.07 3.75 (18.2% ) Average exchange rate 18.21 20.28 (10.2% ) End of period exchange rate 17.07 19.98 (14.6% ) *Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share (1) Includes schedule and charter.
Consolidated Statement of Operations
Unaudited (In millions of U.S. dollars) Three months ended Three months ended Variance Operating revenues: Passenger revenues 746 664 12.3 % Fare revenues 396 416 (4.8% ) Other passenger revenues 350 248 41.1% Non-passenger revenues 36 27 33.3 % Other non-passenger revenues 31 23 34.8% Cargo 5 3 66.7% Total operating revenues 782 691 13.2 % Other operating income (3) (13) (76.9% ) Fuel expense 255 359 (29.0% ) Landing, take-off and navigation expenses 127 92 38.0% Salaries and benefits 96 66 45.5% Depreciation of right of use assets 90 80 12.5% Aircraft and engine variable lease expenses 40 25 60.0% Sales, marketing and distribution expenses 38 28 35.7% Maintenance expenses 25 26 (3.8% ) Other operating expenses 32 26 23.1% Depreciation and amortization 31 22 40.9% Operating expenses 731 710 3.0 % Operating income (loss) 51 (20 ) N/A Finance income 9 2 350.0% Finance cost (57) (44) 29.5% Exchange gain (loss), net 5 (18) N/A Comprehensive financing result (43 ) (61 ) (29.5 %) Income (loss) before income tax 8 (81 ) N/A Income tax (expense) benefit (2) 32 N/A Net income (loss) 6 (49 ) N/A
Consolidated Statement of Operations
Unaudited (In millions of U.S. dollars) Six months ended Six months ended Variance Operating revenues: Passenger revenues 1,447 1,206 20.0 % Fare revenues 782 738 6.0% Other passenger revenues 665 468 42.1% Non-passenger revenues 66 52 26.9 % Other non-passenger revenues 56 45 24.4% Cargo 10 7 42.9% Total operating revenues 1,513 1,258 20.3 % Other operating income (4) (16) (75.0% ) Fuel expense 576 603 (4.5% ) Landing, take-off and navigation expenses 237 183 29.5% Salaries and benefits 187 133 40.6% Depreciation of right of use assets 177 155 14.2% Aircraft and engine variable lease expenses 76 58 31.0% Sales, marketing and distribution expenses 74 53 39.6% Other operating expenses 56 47 19.1% Maintenance expenses 51 51 0.0% Depreciation and amortization 63 42 50.0% Operating expenses 1,493 1,309 14.1 % Operating income (loss) 20 (51 ) N/A Finance income 16 2 700.0% Finance cost (115) (91) 26.4% Exchange loss, net (8) (5) 60.0% Comprehensive financing result (107 ) (94 ) 13.8 % Loss before income tax (87 ) (145 ) (40.0 %) Income tax benefit 22 47 (53.2% ) Net loss (65 ) (98 ) (33.7 %)
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 Three months ended Variance Other passenger revenues 350 248 41.1% Non-passenger revenues 36 27 33.3% Total ancillary revenues 386 275 40.4% Booked passengers (thousands) (1) 8,373 7,463 12.2% Total ancillary revenue per passenger 46 37 25.0% (1) Includes schedule and charter.
Reconciliation of total ancillary revenue per passenger
The following table shows the first one half of the year additional detail about the components of total ancillary revenue:
Unaudited (In millions of U.S. dollars) Six months ended Six months ended Variance (%) Other passenger revenues 665 468 42.1% Non-passenger revenues 66 52 26.9% Total ancillary revenues 731 520 40.6% Booked passengers (thousands) (1) 16,559 14,452 14.6% Total ancillary revenue per passenger 44 36 22.6% (1) Includes schedule and charter.
Consolidated Statement of Financial Position
(In millions of U.S. dollars) As of June 30, 2023 Unaudited As of December 31, 2022 Audited Assets Cash, cash equivalents and restricted cash 655 712 Accounts receivable, net 289 240 Inventories 17 16 Prepaid expenses and other current assets 41 33 Assets held-for-sale - 1 Guarantee deposits 71 64 Total current assets 1,073 1,066 Rotable spare parts, furniture and equipment, net 636 479 Right of use assets 2,254 2,181 Intangible assets, net 13 13 Derivatives financial instruments 1 2 Deferred income taxes 252 208 Guarantee deposits 523 484 Other long-term assets 37 36 Total non-current assets 3,716 3,403 Total assets 4,789 4,469 Liabilities and equity Unearned transportation revenue 446 346 Accounts payable 187 209 Accrued liabilities 140 190 Lease liabilities 351 336 Other taxes and fees payable 323 218 Income taxes payable 15 6 Financial debt 150 112 Other liabilities 20 5 Total short-term liabilities 1,632 1,422 Financial debt 191 161 Accrued liabilities 14 13 Lease liabilities 2,450 2,373 Other liabilities 300 244 Employee benefits 14 11 Deferred income taxes 16 10 Total long-term liabilities 2,985 2,812 Total liabilities 4,617 4,234 Equity Capital stock 248 248 Treasury shares (12) (13) Contributions for future capital increases - - Legal reserve 17 17 Additional paid-in capital 285 283 Accumulated deficit (221) (156) Accumulated other comprehensive loss (145) (144) Total equity 172 235 Total liabilities and equity 4,789 4,469
Consolidated Statement of Cash Flows – Cash Flow Data Summary
Unaudited (In millions of U.S. dollars) Three months ended Three months ended Net cash flow provided by operating activities 159 158 Net cash flow (used in) provided by investing activities (102) 30 Net cash flow used in financing activities* (109) (183) (Decrease) increase in cash, cash equivalents and restricted cash (52 ) 5 Net foreign exchange differences 3 4 Cash, cash equivalents and restricted cash at beginning of period 704 750 Cash, cash equivalents and restricted cash at end of period 655 759 *Includes aircraft rental payments of $131 million and $138 million for the three months period ended June 30, 2023, and 2022, respectively.
Consolidated Statement of Cash Flows – Cash Flow Data Summary
Unaudited (In millions of U.S. dollars) Six months ended Six months ended Net cash flow provided by operating activities 367 353 Net cash flow (used in) provided by investing activities (211) 24 Net cash flow used in financing activities * (219) (366) (Decrease) increase in cash, cash equivalents and restricted cash (63 ) 11 Net foreign exchange differences 6 7 Cash, cash equivalents and restricted cash at beginning of period 712 741 Cash, cash equivalents and restricted cash at end of period 655 759 *Includes aircraft rental payments of $258 million and $251 million for the six months period ended June 30, 2023, and 2022, respectively.
What are the financial highlights of Volaris for the second quarter of 2023?
Volaris reported total operating revenues of $782 million, a 13% increase compared to the same period last year. The company's net income for the quarter was $6 million.
What is Volaris' outlook for the full year 2023?
Volaris expects total operating revenues between $3.2 and $3.4 billion and an EBITDAR margin of 29% to 31% for the full year.
What is the net debt-to-LTM EBITDAR ratio of Volaris?
The net debt-to-LTM EBITDAR ratio of Volaris is 3.5 times.
