Free cash flow (2)         (495)        669  (1,164)      1,294      2,756  (1,462) 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Net debt (2)               4,918      4,567      351      4,918      4,567      351 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Diluted earnings 
  (loss) per share         (1.81)       0.41   (2.22)       4.72       5.96   (1.24) 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Adjusted earnings 
  (loss) per share 
  (2)                        0.25     (0.12)     0.37       3.55       4.56   (1.01) 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Operating Statistics                         Change                         Change 
 (4)                      2024       2023        %       2024       2023        % 
                        ---------  ---------  -------  ---------  ---------  ------- 
 Revenue passenger 
  miles (RPMs) 
  (millions)               20,573     20,405      0.8     88,643     85,802      3.3 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Available seat miles 
  (ASMs) (millions)        24,949     24,439      2.1    104,381     99,012      5.4 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Passenger load factor                          (1.0)                          (1.7) 
  %                        82.5 %     83.5 %       pp     85.0 %     86.7 %       pp 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Passenger revenue per 
  RPM (Yield) (cents)        23.0       22.3      3.0       22.3       22.6    (1.0) 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Passenger revenue per 
  ASM (PRASM) (cents)        18.9       18.6      1.7       18.9       19.6    (3.4) 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Operating revenue per 
  ASM (TRASM) (cents)        21.7       21.2      2.3       21.3       22.1    (3.3) 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Operating expense per 
  ASM (CASM) (cents)         22.7       20.9      8.8       20.1       19.8      1.8 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Adjusted CASM (cents) 
  (2)                        15.1       14.2      5.7       13.8       13.5      2.3 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Average number of 
  full-time-equivalent 
  (FTE) employees 
  (thousands) (5)            37.1       36.4      1.9       37.1       35.7      4.0 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Aircraft in operating 
  fleet at period-end         354        361    (1.9)        354        361    (1.9) 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Seats dispatched 
  (thousands)              13,796     13,636      1.2     56,745     54,026      5.0 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Aircraft frequencies 
  (thousands)                94.5       93.4      1.2      387.9      373.1      4.0 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Average stage length 
  (miles) (6)               1,808      1,792      0.9      1,839      1,833      0.4 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Fuel cost per litre 
  (cents)                    94.6      117.6   (19.6)      100.6      111.6    (9.9) 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Fuel litres 
  (thousands)           1,225,281  1,178,926      3.9  5,082,636  4,751,692      7.0 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 Revenue passengers 
  carried (thousands) 
  (7)                      10,929     10,899      0.3     45,886     44,790      2.4 
----------------------  ---------  ---------  -------  ---------  ---------  ------- 
 
 
(1)  Operating margin is a supplementary financial measure and is defined as 
     operating income (loss) as a percentage of operating revenues. 
(2)  Adjusted pre-tax income (loss), adjusted net income (loss), adjusted 
     earnings (loss) per share, adjusted EBITDA (earnings before interest, 
     taxes, depreciation, and amortization), adjusted EBITDA margin, free cash 
     flow, net debt and adjusted CASM are non-GAAP financial measures, capital 
     management measures, non-GAAP ratios or supplementary financial measures. 
     Such measures are not recognized measures for financial statement 
     presentation under GAAP, do not have standardized meanings, may not be 
     comparable to similar measures presented by other entities and should not 
     be considered a substitute for or superior to GAAP results. Refer to 
     section "Non-GAAP Financial Measures" of this release for descriptions of 
     Air Canada's non-GAAP financial measures and for a quantitative 
     reconciliation of Air Canada's non-GAAP financial measures to the most 
     comparable GAAP measure. 
(3)  Total liquidity refers to the sum of cash, cash equivalents, short and 
     long-term investments, and the amounts available under Air Canada's 
     credit facilities. Total liquidity, as at December 31, 2024, of $9,154 
     million consisted of $7,752 million in cash, cash equivalents, short- and 
     long-term investments and $1,402 million available under undrawn credit 
     facilities. As at December 31, 2023, total liquidity of $10,290 million 
     consisted of $9,295 million in cash, cash equivalents, short- and 
     long-term investments and $995 million available under undrawn credit 
     facilities. These amounts also include funds ($346 million as at December 
     31, 2024, and $393 million as at December 31, 2023) held in trust by Air 
     Canada Vacations in accordance with regulatory requirements governing 
     advance sales for tour operators. 
(4)  Except for the reference to average number of full-time equivalent (FTE) 
     employees, operating statistics in this table include third party 
     carriers operating under capacity purchase agreements with Air Canada. 
(5)  Reflects FTE employees at Air Canada and its subsidiaries. Excludes FTE 
     employees at third-party carriers operating under capacity purchase 
     agreements with Air Canada. 
(6)  Average stage length is calculated by dividing the total number of 
     available seat miles by the total number of seats dispatched. 
(7)  Revenue passengers are counted on a flight number basis (rather than by 
     journey/itinerary or by leg), which is consistent with the IATA 
     definition of revenue passengers carried. 
(8)  "pp" denotes percentage points and refers to a measure of the arithmetic 
     difference between two percentages. 
 

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SOURCE Air Canada

/CONTACT: Contacts: media@aircanada.ca

(END) Dow Jones Newswires

February 13, 2025 18:28 ET (23:28 GMT)