• Volaris Reports Financial Results for the Third Quarter 2023

    来源: Nasdaq GlobeNewswire / 24 10月 2023 21:57:55   America/New_York

    MEXICO CITY, Oct. 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 third quarter 20231.

    Third Quarter 2023 Highlights
    (All figures are reported in U.S. dollars and compared to 3Q 2022 unless otherwise noted)

    • Total operating revenues of $848 million, a 10% increase.
    • Total revenue per available seat mile (TRASM) increased 1.8% to $8.37 cents.
    • Available seat miles (ASMs) increased 8.2% to 10.1 billion.
    • Total operating expenses of $809 million, representing 95% of total operating revenue.
    • Total operating expenses per available seat mile (CASM) increased 1.7% to $7.98 cents.
    • Average economic fuel cost decreased 20% to $3.17 per gallon.
    • CASM ex fuel increased 21% to $4.91 cents.
    • Adjusted CASM ex fuel increased 20% to $4.49 cents.
    • Net loss of $39 million. Loss per share of $0.03 and loss per ADS of $0.34 cents.
    • EBITDAR of $207 million, an 18% increase.
    • EBITDAR margin was 24.4%, an increase of 1.6 percentage points.
    • Total cash, cash equivalents, restricted cash, and short-term investments totaled $764 million, representing 24% of the last twelve months’ total operating revenue.
    • Net debt-to-LTM EBITDAR2 ratio of 3.5 times, remaining unchanged when compared to the previous quarter.

    Enrique Beltranena, President & Chief Executive Officer, said: “Volaris' performance in the third quarter showed resilience, resulting in revenue growth. This growth was mainly due to increased passenger volumes and record-high ancillary revenue per passenger. We achieved this by maintaining strong cost control, especially when it came to non-fuel expenses.

    Despite facing challenges related to Pratt & Whitney's GTF preventive accelerated inspections, Volaris is fully committed to ensuring the safety, financial stability, and long-term success of our airline. We are actively addressing the global issue of engine inspections affecting multiple airlines and are working closely with Pratt & Whitney to obtain the necessary technical support and financial compensation for the affected engines.

    We’ve developed a mitigation plan to partially offset the impact. Our focus for 2024 is to maximize unit revenues and margins while optimizing our network to the best extent possible given the current environment.”

    _________________________
    1 The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).

    2 Includes short-term investments.

    Third Quarter 2023 Consolidated Financial and Operating Highlights
    (All figures are reported in U.S. dollars and compared to 3Q 2022 unless otherwise noted)

     Third Quarter
    Consolidated Financial Highlights20232022Var.
    Total operating revenue (millions)84876910.3%
    TRASM (cents)8.378.221.8%
    ASMs (million, scheduled & charter)10,1269,3558.2%
    Load Factor (scheduled, RPMs/ASMs)86.4%85.6%0.7 pp
    Passengers (thousand, scheduled & charter)8,6918,1257.0%
    Fleet (at the end of the period)12511312
    Total operating expenses (millions)80973410.2%
    CASM (cents)7.987.851.7%
    CASM excl. fuel (cents)4.914.0720.6%
    Adjusted CASM excl. fuel (cents)34.493.7420.1%
    Operating income (EBIT) (millions)393511.4%
    % EBIT Margin4.6%4.6%0.0 pp
    Net (loss) income (millions) (39)40N/A
    % Net (loss) income Margin(4.6%)5.2%(9.8 pp)
    EBITDAR (millions)20717518.3%
    % EBITDAR Margin24.4%22.8%1.6 pp
    Net debt-to-EBITDAR43.5x3.4x0.1x
        

    Reconciliation of CASM to Adjusted CASM ex fuel:

     Third Quarter
    Reconciliation of CASM20232022Var.
    CASM (cents)7.987.851.7%
    Fuel expense(3.07)(3.78)(18.8%)
    CASM ex fuel4.914.0720.6%
    Aircraft and engine variable lease expenses5(0.42)(0.34)23.5%
    Sale and lease back gains0.000.01(99.8%)
    Adjusted CASM ex fuel 4.493.7420.1%

    _________________________
    Note: Figures are rounded for convenience purposes. Further detail can be 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.
    5 Aircraft redeliveries.

    Total operating revenues in the quarter were $848 million, a 10% increase driven by robust demand across our network and a rise in ancillary revenue per passenger.

    Booked passengers amounted to 8.7 million in the quarter, an increase of 7.0%. Domestic and international booked passengers increased 2.8% and 24%, respectively. Total capacity, in terms of available seat miles (ASMs), increased 8.2% to 10.1 billion.

    The load factor for the quarter reached 86.4%, representing an increase of 0.7 percentage points compared to the same period in 2022.

    TRASM increased 1.8% to $8.37 cents in the quarter, helped by a stronger peso. The average base fare was $48, a decrease of 13%. Ancillary revenue per passenger was $49, a 26% increase. Ancillary revenue represented 50% of total operating revenue, 9.3 percentage points above the third quarter 2022. Finally, total operating revenue per passenger stood at $98, representing a 3.0% increase.

    Total operating expenses in the quarter were $809 million, representing 95% of total operating revenue, remaining consistent with the same quarter in 2022.

    CASM totaled $7.98 cents, a 1.7% increase when compared to the same period of 2022. The average economic fuel cost decreased 20% to $3.17 per gallon in the period.

    CASM ex fuel increased 21% to $4.91 cents and adjusted CASM ex fuel increased 20% to $4.49 cents, primarily driven by a strong appreciation of the Mexican peso compared to the prior year.

    Comprehensive financing result represented an expense of $73 million in the third quarter of 2023, compared to a $44 million expense in the same period of 2022. For the period, the average exchange rate was Ps.17.06 per U.S. dollar, a 16% appreciation compared to the same quarter of 2022. At the end of the third quarter, the exchange rate stood at Ps.17.62 per U.S. dollar.

    Income tax expense for the quarter was $5 million, compared to a benefit of $49 million registered in the same period of 2022.

    Net loss in the quarter was $39 million, with a loss per share of $0.03 and a loss per ADS of $0.34 cents.

    EBITDAR for the quarter was $207 million, an increase of 18% compared to the same period in 2022. EBITDAR margin stood at 24.4%, an increase of 1.6 percentage points compared to the same quarter of the previous year.

    Balance Sheet and Cash Flow

    Total cash, cash equivalents, restricted cash, and short-term investments totaled $764 million, representing 24% of the last twelve months’ total operating revenue.

    Net cash flow provided by operating and financing activities in the quarter was $145 million and $87 million, respectively. Net cash flow used in investing activities amounted to $138 million.

    Net debt-to-LTM EBITDAR6 ratio stood at 3.5 times, in line with the second quarter of 2023 and 0.4 times lower when compared to the end of 2022.

    2023 Guidance

     Updated GuidancePrior Guidance
    2023 Guidance  
    ASM growth~10%~13%
    Total operating revenues~$3.2 billion$3.2 to $3.4 billion
    CASM ex fuel~$4.8 cents$4.7 to $4.8 cents
    EBITDAR margin~26%29% to 31%
    Net debt-EBITDAR ratio6~3.5x~2.8x


    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 of approximately Ps.17.75 and an average U.S. Gulf Coast jet fuel price of approximately $2.80 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 several assumptions, including the foregoing, which 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 third quarter, Volaris added two A321neo aircraft to its fleet, bringing the total number of aircraft to 125 as of September 30th, 2023. At the end of the quarter, Volaris’ fleet has an average age of 5.6 years and an average seating capacity of 194 passengers per aircraft. Of the total fleet, 58% of the aircraft are 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.

     Third QuarterSecond Quarter
    Total Fleet20232022Var.2023Var.
    CEO     
    A31935(2)3-
    A3204040-40-
    A3211010-10-
    NEO     
    A3205147451-
    A321211110192
    Total aircraft at the end of the period125113121232

    _________________________
    6 Includes short-term investments.

    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 and Webcast Details

    Date:Wednesday, October 25th, 2023
    Time:9:00 am Mexico City / 11:00 am New York (USA) (ET)
    Webcast link:Volaris Webcast (View the live webcast)
    Dial-in & Live Q&A link: Volaris Dial-in and Live Q&A
    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:
      i. Dial-In: A dial-in number and unique PIN are displayed to connect directly from your phone.
      ii. 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 126 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-GAAP 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 and 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 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
    September 30, 2023
    Three months ended
    September 30, 2022
    Variance
    Total operating revenues (millions)84876910.3%
    Total operating expenses (millions)80973410.2%
    EBIT (millions)393511.4%
    EBIT margin4.6%4.6%0.0 pp
    Depreciation and amortization (millions)12610717.8%
    Aircraft and engine variable lease expenses (millions)423231.3%
    Net (loss) income (millions)(39)40N/A
    Net (loss) income margin(4.6%)5.2%(9.8 pp)
    (Loss) earnings per share (6):   
    Basic(0.03)0.03N/A
    Diluted(0.03)0.03N/A
    (Loss) earnings per ADS *:   
    Basic(0.34)0.34N/A
    Diluted(0.33)0.34N/A
    Weighted average shares outstanding:   
    Basic1,153,301,2621,155,533,163(0.2%)
    Diluted1,165,651,4091,165,048,9150.1%
    Financial Indicators   
    Total operating revenue per ASM (TRASM) (cents) (1)8.378.221.8%
    Average base fare per passenger4856(13.2%)
    Total ancillary revenue per passenger (3)493926.3%
    Total operating revenue per passenger98953.0%
    Operating expenses per ASM (CASM) (cents) (1)7.987.851.7%
    CASM ex fuel (cents) (1)4.914.0720.6%
    Adjusted CASM ex fuel (cents) (1) (5)4.493.7420.1%
    Operating Indicators   
    Available seat miles (ASMs) (millions) (1)10,1269,3558.2%
    Domestic6,6476,5072.2%
    International3,4792,84822.2%
    Revenue passenger miles (RPMs) (millions) (1)8,7448,0079.2%
    Domestic5,8745,7082.9%
    International2,8712,29924.8%
    Load factor (2)86.4%85.6%0.7 pp
    Domestic88.4%87.7%0.6 pp
    International82.5%80.8%1.7 pp
    Booked passengers (thousands) (1)8,6918,1257.0%
    Domestic6,7266,5442.8%
    International1,9651,58124.3%
    Departures (1)52,38750,5863.6%
    Block hours (1)135,025130,3143.6%
    Aircraft at the end of the period12511312
    Average aircraft utilization (block hours)13.4513.350.8%
    Fuel gallons accrued (millions)97.8989.049.9%
    Average economic fuel cost per gallon (4)3.173.96(19.9%)
    Average exchange rate17.0620.24(15.7%)
    Exchange rate at the end of the period17.6220.31(13.2%)
    *Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share.
    (1) Includes schedule and charter.
    (2) Includes schedule.
    (3) Includes “Other passenger revenues” and “Non-passenger revenues”.
    (4) Excludes Non-creditable VAT.
    (5) Excludes fuel expense, aircraft and engine variable lease expenses and sale and lease-back gains.
    (6) The basic and diluted loss or earnings per share are calculated in accordance with IAS 33. Basic loss 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
    (In U.S. dollars, except otherwise indicated)
    Nine months ended
    September 30, 2023

    Nine months ended
    September 30, 2022

    Variance
    Total operating revenues (millions)2,3602,02716.4%
    Total operating expenses (millions)2,3022,04312.7%
    EBIT (millions)58(16)N/A
    EBIT margin2.5%(0.8%)3.3 pp
    Depreciation and amortization (millions)36530519.7%
    Aircraft and engine rent expenses (millions)1189031.1%
    Net loss (millions)(104)(58)79.3%
    Net loss margin(4.4%)(2.9%)(1.5 pp)
    Loss per share (6):   
    Basic(0.09)(0.05)79.4%
    Diluted(0.09)(0.05)79.0%
    Loss per ADS *:   
    Basic(0.90)(0.50)79.4%
    Diluted(0.89)(0.50)79.0%
    Weighted average shares outstanding:   
    Basic1,152,936,1771,155,783,240(0.2%)
    Diluted1,165,317,0931,165,094,5030.0%
    Financial Indicators   
    Total operating revenue per ASM (TRASM) (cents) (1)8.007.861.8%
    Average base fare per passenger4853(9.7%)
    Total ancillary revenue per passenger (3)463723.8%
    Total operating revenue per passenger93904.1%
    Operating expenses per ASM (CASM) (cents) (1)7.817.93(1.5%)
    CASM ex fuel (cents) (1)4.804.2213.8%
    Adjusted CASM ex fuel (cents) (1)(5)4.403.9212.3%
    Operating Indicators   
    Available seat miles (ASMs) (millions) (1)29,48825,77714.4%
    Domestic19,79818,0339.8%
    International9,6907,74425.1%
    Revenue passenger miles (RPMs) (millions) (1)25,16121,89114.9%
    Domestic17,06515,7928.1%
    International8,0966,09932.7%
    Load factor (2) 85.3%84.9%0.4 pp
    Domestic86.2%87.6%(1.4 pp)
    International83.6%78.8%4.8 pp
    Booked passengers (thousands) (1)25,25022,57611.8%
    Domestic19,68318,2977.6%
    International5,5664,27930.1%
    Departures (1)153,705142,1008.2%
    Block hours (1)398,540362,6149.9%
    Aircraft at the end of the period12511312
    Average aircraft utilization (block hours)13.4113.281.0%
    Fuel gallons accrued (millions)284.16248.1714.5%
    Average economic fuel cost per gallon (4)3.113.83(18.8%)
    Average exchange rate17.8220.27(12.1%)
    Exchange rate at the end of the period17.6220.31(13.2%)
    *Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share.
    (1) Includes schedule and charter.
    (2) Includes schedule.
    (3) Includes “Other passenger revenues” and “Non-passenger revenues”.
    (4) Excludes Non-creditable VAT.
    (5) Excludes fuel expense, aircraft and engine variable lease expenses and sale and lease-back gains.
    (6) The basic and diluted loss or earnings per share are calculated in
    accordance with IAS 33. Basic loss 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. dollars)
    Three months ended
    September 30, 2023

    Three months ended
    September 30, 2022

    Variance
    Operating revenues:   
    Passenger revenues8127429.4%
    Fare revenues421453(7.1%)
    Other passenger revenues39128935.3%
        
    Non-passenger revenues362733.3%
    Other non-passenger revenues312429.2%
    Cargo5366.7%
        
    Total operating revenues84876910.3%
        
    Other operating income-(2)(100.0%)
    Fuel expense312354(11.9%)
    Landing, take-off and navigation expenses1309438.3%
    Salaries and benefits997237.5%
    Depreciation of right of use assets918211.0%
    Sales, marketing and distribution expenses492969.0%
    Aircraft and engine variable lease expenses423231.3%
    Other operating expenses282416.7%
    Maintenance expenses2324(4.2%)
    Depreciation and amortization352540.0%
    Operating expenses80973410.2%
        
    Operating income393511.4%
        
    Finance income84100.0%
    Finance cost(60)(46)30.4%
    Exchange loss, net(21)(2)950.0%
    Comprehensive financing result(73)(44)65.9%
        
    Loss before income tax(34)(9)277.8%
    Income tax (expense) benefit(5)49N/A
    Net (loss) income(39)40N/A
        


    Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

    Consolidated Statement of Operations

    Unaudited
    (In millions of U.S. dollars)
    Nine months ended
    September 30, 2023

    Nine months ended
    September 30, 2022

    Variance
    Operating revenues:   
    Passenger revenues2,2591,94716.0%
    Fare revenues1,2041,1911.1%
    Other passenger revenues1,05575639.6%
        
    Non-passenger revenues1018026.3%
    Other non-passenger revenues876926.1%
    Cargo141127.3%
        
    Total operating revenues2,3602,02716.4%
        
    Other operating income(4)(18)(77.8%)
    Fuel expense888957(7.2%)
    Landing, take-off and navigation expenses36727732.5%
    Salaries and benefits28620440.2%
    Depreciation of right of use assets26823713.1%
    Sales, marketing and distribution expenses1228248.8%
    Aircraft and engine variable lease expenses1189031.1%
    Other operating expenses867121.1%
    Maintenance expenses7475(1.3%)
    Depreciation and amortization976842.6%
    Operating expenses2,3022,04312.7%
        
    Operating income (loss)58(16)N/A
        
    Finance income256316.7%
    Finance cost(175)(137)27.7%
    Exchange loss, net(30)(7)328.6%
    Comprehensive financing result(180)(138)30.4%
        
    Loss before income tax(122)(154)(20.8%)
    Income tax benefit1896(81.3%)
    Net loss(104)(58)79.3%
        


    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. dollars)
    Three months ended
    September 30, 2023

    Three months ended
    September 30, 2022

    Variance
        
    Other passenger revenues39128935.3%
    Non-passenger revenues362733.3%
    Total ancillary revenues42731635.1%
        
    Booked passengers (thousands) (1)8,6918,1257.0%
        
    Total ancillary revenue per passenger493926.3%
        
    (1) Includes schedule 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 the nine months of the year additional detail about the components of total ancillary revenue:

    Unaudited
    (In millions of U.S. dollars)
    Nine months ended
    September 30, 2023

    Nine months ended
    September 30, 2022

    Variance
        
    Other passenger revenues1,05575639.6%
    Non-passenger revenues1018026.3%
    Total ancillary revenues1,15683638.3%
        
    Booked passengers (thousands) (1)25,25022,57611.8%
        
    Total ancillary revenue per passenger463723.8%
        
    (1) Includes schedule 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. dollars)
    As of September 30, 2023
    Unaudited
    As of December 31, 2022
    Audited
    Assets  
    Cash, cash equivalents and restricted cash749712
    Short-term investments15-
    Total cash, cash equivalents, restricted cash, and short-term investments (1)764712
    Accounts receivable, net278240
    Inventories1716
    Prepaid expenses and other current assets5033
    Assets held-for-sale-1
    Guarantee deposits8364
    Total current assets1,1921,066
    Rotable spare parts, furniture and equipment, net732479
    Right of use assets2,2692,181
    Intangible assets, net1413
    Derivatives financial instruments22
    Deferred income taxes246208
    Guarantee deposits518484
    Other long-term assets3636
    Total non-current assets3,8173,403
    Total assets5,0094,469
    Liabilities and equity  
    Unearned transportation revenue412346
    Accounts payable247209
    Accrued liabilities163190
    Lease liabilities366336
    Other taxes and fees payable274218
    Income taxes payable296
    Financial debt165112
    Other liabilities155
    Total short-term liabilities1,6711,422
    Financial debt402161
    Accrued liabilities1413
    Lease liabilities2,4582,373
    Other liabilities319244
    Employee benefits1411
    Deferred income taxes-10
    Total long-term liabilities3,2072,812
    Total liabilities4,8784,234
    Equity  
    Capital stock248248
    Treasury shares(13)(13)
    Contributions for future capital increases--
    Legal reserve1717
    Additional paid-in capital284283
    Accumulated deficit(260)(156)
    Accumulated other comprehensive loss(145)(144)
    Total equity131235
    Total liabilities and equity5,0094,469
       
    (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 of U.S. dollars)
    Three months ended
    September 30, 2023

    Three months ended
    September 30, 2022

       
    Net cash flow provided by operating activities14588
    Net cash flow used in investing activities(138)(51)
    Net cash flow provided by (used in) financing activities*87(46)
    Increase (decrease) in cash, cash equivalents and restricted cash94(9)
    Net foreign exchange differences--
    Cash, cash equivalents and restricted cash at the beginning of the period655759
    Cash, cash equivalents and restricted cash at the end of the period749750
    *Includes aircraft rental payments of $132 million and $82 million for the three-month period ended September 30, 2023, and 2022, respectively.


    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 of U.S. dollars)
    Nine months ended
    September 30, 2023

    Nine months ended
    September 30, 2022
       
    Net cash flow provided by operating activities513446
    Net cash flow used in investing activities(350)(27)
    Net cash flow used in financing activities *(132)(411)
    Increase in cash, cash equivalents and restricted cash318
    Net foreign exchange differences61
    Cash, cash equivalents and restricted cash at the beginning of the period712741
    Cash, cash equivalents and restricted cash at the end of the period749750
    *Includes aircraft rental payments of $390 million and $332 million for the nine-month period ended September 30, 2023, and 2022, respectively.



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