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 first quarter 2023[1].
First Quarter 2023 Highlights
(All figures are reported in U.S. dollars and compared to 1Q 2022 unless otherwise noted)
- Total operating revenues of $731 million, a 29% increase.
- Total revenue per available seat mile (TRASM) increased 9.5% to $7.71 cents.
- Available seat miles (ASMs) increased 18% to 9.5 billion.
- Total operating expenses of $762 million, representing 104% of total operating revenue.
- Total operating expenses per available seat mile (CASM) increased 8.2% to $8.03 cents.
- Average economic fuel cost increased 12% to $3.46 per gallon.
- CASM ex fuel increased 5.7% to $4.65 cents.
- Adjusted CASM ex fuel increased 6.3% to $4.28 cents.
- Net loss of $71 million. Loss per share of $0.06 and loss per ADS of $0.62 cents.
- EBITDAR of $123 million, a 27% increase.
- EBITDAR margin was 16.8%, a reduction of 0.2 percentage points.
- Cash, cash equivalents, and restricted cash position totaled $704 million, representing 23% of the last twelve months’ total operating revenue.
- Net debt-to-LTM EBITDAR ratio of 3.8 times.
Enrique Beltranena, President & Chief Executive Officer said: «During the first quarter, demand in all segments and regions remained strong for our company. We achieved a new first-quarter TRASM record, thanks to the solid penetration of ancillaries. Volaris has continued to grow profitably in the United States, driven by our strength in U.S. transborder and Central America regions. Going forward, the strength of our network coupled with our strict cost control are expected to provide us with a widening competitive advantage in our markets. Good progress has been made in CAT1 with the approval of the amendments to the Aviation Law by Congress»…
