HAWAIIAN HOLDINGS INC

CIK:0001172222|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenue:
Total	$ 731,905		$ 706,928		$ 1,377,472	$ 1,319,531
Operating Expenses:
Wages and benefits	265,024		237,680		526,959	479,613
Aircraft fuel, including taxes and delivery	179,153		166,380		367,931	364,005
Maintenance, materials and repairs	69,897		53,657		140,868	103,943
Aircraft and passenger servicing	47,854		43,126		93,278	85,658
Depreciation and amortization	35,068		33,348		68,035	66,015
Aircraft rent	29,891		26,159		59,597	54,330
Commissions and other selling	29,068		28,391		57,511	56,630
Other rentals and landing fees	45,011		41,487		88,138	80,207
Purchased services	39,025		37,181		77,500	72,254
Special items	6,497		0		14,979	0
Other	40,804		49,099		86,709	83,884
Total	787,292		716,508		1,581,505	1,446,539
Operating Loss	(55,387)		(9,580)		(204,033)	(127,008)
Nonoperating Income (Expense):
Interest expense and amortization of debt discounts and issuance costs	(28,324)		(22,705)		(52,393)	(45,585)
Interest income	11,134		13,539		21,155	30,004
Capitalized interest	2,541		1,945		5,675	3,404
Losses on fuel derivatives	(1,863)		(3,658)		(2,445)	(8,724)
Other components of net periodic benefit cost	(927)		(1,707)		(1,854)	(3,201)
Losses on investments, net	(654)		(3,549)		(184)	(2,852)
Gains on foreign debt	6,470		12,174		14,989	14,434
Other, net	(584)		(920)		(1,354)	(764)
Total	(12,207)		(4,881)		(16,411)	(13,284)
Loss Before Income Taxes	(67,594)		(14,461)		(220,444)	(140,292)
Income tax expense (benefit)	0		(2,126)		(15,285)	(29,700)
Net Loss	$ (67,594)	$ (137,565)	$ (12,335)	$ (98,257)	$ (205,159)	$ (110,592)
Net Loss Per Share
Basic (in dollars per share)	$ (1.30)		$ (0.24)		$ (3.95)	$ (2.15)
Diluted (in dollars per share)	$ (1.30)		$ (0.24)		$ (3.95)	$ (2.15)
Weighted Average Number of Common Stock Shares Outstanding:
Basic (in shares)	51,932		51,587		51,885	51,547
Diluted (in shares)	51,932		51,587		51,885	51,547
Passenger
Operating Revenue:
Total	$ 666,029		$ 644,992		$ 1,249,477	$ 1,193,518
Other
Operating Revenue:
Total	$ 65,876		$ 61,936		$ 127,995	$ 126,013

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Net cash (used in) provided by Operating Activities	$ (26,868)	$ 111,662
Cash flows from Investing Activities:
Additions to property and equipment, including pre-delivery payments	(256,980)	(169,354)
Proceeds from the disposition of aircraft and aircraft related equipment	130	19,863
Purchases of investments	(232,113)	(202,037)
Proceeds from sales and maturities of investments	247,537	275,312
Net cash used in investing activities	(241,426)	(76,216)
Cash flows from Financing Activities:
Long-term borrowings	663,900	0
Repayments of long-term debt and finance lease obligations	(28,258)	(36,142)
Debt issuance costs and discounts	(9,928)	0
Payment for taxes withheld for stock compensation	(230)	(1,113)
Net cash provided by (used in) financing activities	625,484	(37,255)
Net increase (decrease) in cash and cash equivalents	357,190	(1,809)
Cash, cash equivalents, and restricted cash - Beginning of Period	170,523	246,620
Cash, cash equivalents, and restricted cash - End of Period	527,713	244,811
Non-Cash Transactions:
Right-of-use assets acquired under operating leases	$ 900	$ 7,108

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 510,463	$ 153,273
Restricted cash	17,250	17,250
Short-term investments	745,609	755,224
Accounts receivable, net	110,835	105,858
Income taxes receivable	2,719	669
Spare parts and supplies, net	70,627	60,115
Prepaid expenses and other	79,403	78,551
Total	1,536,906	1,170,940
Property and equipment, less accumulated depreciation and amortization of $1,192,373 and $1,150,529 as of June 30, 2024 and December 31, 2023, respectively	2,199,989	2,013,616
Other Assets:
Assets held-for-sale	1,072	1,135
Operating lease right-of-use assets	371,519	413,237
Long-term prepayments and other	119,771	121,097
Intangible assets, net	13,500	13,500
Total Assets	4,242,757	3,733,525
Current Liabilities:
Accounts payable	200,837	199,223
Air traffic liability and current frequent flyer deferred revenue	793,010	633,345
Other accrued liabilities	172,735	175,591
Current maturities of long-term debt, less discount	131,824	43,857
Current maturities of finance lease obligations	8,883	10,053
Current maturities of operating leases	74,640	83,332
Total	1,381,929	1,145,401
Long-Term Debt	2,068,129	1,537,152
Other Liabilities and Deferred Credits:
Noncurrent finance lease obligations	54,012	60,116
Noncurrent operating leases	267,103	303,119
Accumulated pension and other post-retirement benefit obligations	144,011	140,742
Other liabilities and deferred credits	83,705	77,154
Noncurrent frequent flyer deferred revenue	296,336	308,502
Deferred tax liability, net	53,024	65,914
Total	898,191	955,547
Commitments and Contingencies
Shareholders’ Equity:
Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value per share, 52,007,495 and 51,824,362 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	520	518
Capital in excess of par value	296,077	293,797
Accumulated loss	(324,897)	(119,738)
Accumulated other comprehensive loss, net	(77,192)	(79,152)
Total	(105,492)	95,425
Total Liabilities and Shareholders’ Equity	$ 4,242,757	$ 3,733,525