Volaris Reports Financial Results for the Fourth Quarter 2024: Net Income of $46 million
MEXICO CITY, Feb. 24, 2025 (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 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 2024(1) .
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 $(ADS.AU)$ 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 EBITDAR(4) 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
expenses(5) (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 EBITDAR(6) 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 Contact
Ricardo Martínez / ir@volaris.com
Media Contact
Israel 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 Volaris Dial-in and Live Q&A Q&A link: 1. Click on the call link and complete the online registration form. 2. 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. 3. Select a method for joining the call: 1. Dial-In: A dial-in number and unique PIN are displayed to connect directly from your phone. 2. 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 Three months ended Three months ended
indicated) December 31, 2024 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 (2) Includes scheduled and charter. (3) Includes
diluted loss or "Other passenger revenues" and "Non-passenger
earnings per share revenues". (4) Excludes fuel expense, aircraft and
are calculated in engine variable lease expenses and sale (and
(accordance with lease-back gains.) (5) Includes scheduled. (6)
IAS 33. Basic loss Excludes Non-creditable VAT.
or earnings per
share is calculated
by) (dividing net
loss or earnings by
the average number
of shares
outstanding)
(excluding treasury
shares). Diluted
loss or earnings
per share is
calculated by
(dividing net loss
or earnings by the
average number of
shares outstanding)
(adjusted for
dilutive effects.)
Controladora Vuela Compañía de Aviación,
S.A.B. de C.V. and Subsidiaries
Financial and Operating Indicators
Unaudited (U.S.
dollars, except
otherwise Twelve months ended Twelve months ended
indicated) December 31, 2024 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 (2) Includes scheduled and charter. (3) Includes
diluted loss or "Other passenger revenues" and "Non-passenger
earnings per share revenues". (4) Excludes fuel expense, aircraft and
are calculated in engine variable lease expenses and sale and lease-back
(accordance with gains. (5) Includes scheduled. (6) Excludes
IAS 33. Basic loss Non-creditable VAT.
or earnings per
share is calculated
by) (dividing net
loss or earnings by
the average number
of shares
outstanding)
(excluding treasury
shares). Diluted
loss or earnings
per share is
calculated by
(dividing net loss
or earnings by the
average number of
shares outstanding)
(adjusted for
dilutive effects.)
Controladora Vuela Compañía de Aviación,
S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Operations
Unaudited (In
millions of U.S. Three months ended Three months ended
dollars) December 31, 2024 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
Twelve months ended Twelve months ended
(In millions of U.S. December 31, 2024 December 31, 2023
dollars) (Unaudited) (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. Three months ended Three months ended
dollars) December 31, 2024 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:
Twelve months ended Twelve months ended
(In millions of U.S. December 31, 2024 December 31, 2023
dollars) (Unaudited) (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. As of December 31, 2024 As of December 31, 2023
dollars) (Unaudited) (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 Three months ended Three months ended
of U.S. dollars) December 31, 2024 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
Twelve months ended Twelve months ended
(In millions of U.S. December 31, 2024 December 31, 2023
dollars) (Unaudited) (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.)
(END) Dow Jones Newswires
February 24, 2025 07:06 ET (12:06 GMT)
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