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Tuesday, March 21, 2023

Hawaiian reports a $122.8 million GAAP net loss

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Hawaiian Holdings, Inc., the parent company of Hawaiian Airlines, Inc., has released its first-quarter financial results for 2022.

“Strong demand for leisure travel to Hawai‘i is poised to propel our domestic revenue to record levels as the effects of the pandemic are more muted now than at any point in the past two years. Based on these trends, we anticipate a resurgence of international demand as restrictive travel policies continue to loosen,” said Hawaiian Airlines President and CEO Peter Ingram.

“I am extremely proud of our wonderful team who are committed to connecting people with aloha.”

Financial Results

First Quarter 2022

The Company reported a GAAP net loss of $(122.8) million, and an adjusted net loss of $(130.3) million.

The Company reported a GAAP EPS of $(2.39), and an adjusted EPS of $(2.54).
The Company reported EBITDA of $(96.0) million, and adjusted EBITDA of $(105.5) million.

First Quarter 2022 Highlights

Revenue Environment

As the effects of Omicron faded throughout the quarter, and COVID-19 restrictions for travel to the State of Hawai’i were eliminated at the end of March, the Company saw stronger demand across its domestic network.

During the quarter, the Company’s domestic premium goods fared remarkably well, with revenue from business/first class and Extra Comfort exceeding 2019 levels. Because the company’s overseas network is currently being rebuilt, overall operational revenue is down 27% from the first quarter of 2019.

Other revenue increased by 32% year over year, owing to a record quarter of cargo revenue and the greatest first-quarter revenue from HawaiianMiles sales.

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