Alaska Air Group ha annunciato oggi un altro trimestre di miglioramento dei risultati finanziari per il secondo trimestre terminato il 30 giugno 2022 e fornito prospettive per il terzo trimestre terminato il 30 settembre 2022.

(PRNewsfoto/Alaska Airlines)

“È chiaro che viaggiare è una delle cose che le persone hanno perso di più in questi ultimi due anni. Sono entusiasti di volare di nuovo e il nostro team sta offrendo l’esperienza sicura, affidabile e premurosa che si aspettano da noi”, ha affermato il CEO Ben Minicucci. “Le entrate di giugno hanno superato il miliardo di dollari, il mese più alto della nostra storia. Il nostro margine ante imposte rettificato del 14% nel secondo trimestre è vicino al top del settore e la nostra attività è sulla buona strada a giugno con la performance n. 1 in termini di puntualità e un tasso di completamento del programma superiore al 99%. Provo così tanta gratitudine per le persone dell’Alaska, Horizon e McGee per aver unito le forze. Abbiamo una solida piattaforma per la crescita nel 2023 e molto su cui essere ottimisti”.

Risultati finanziari del secondo trimestre:
Un utile netto dichiarato per il secondo trimestre del 2022 in base ai principi contabili generalmente accettati (GAAP) di $ 139 milioni, o $ 1,09 per azione, rispetto a un utile netto di $ 397 milioni, o $ 3,13 per azione, nel secondo trimestre del 2021.
Utile netto dichiarato per il secondo trimestre del 2022, esclusi gli articoli speciali e le rettifiche contabili di copertura del carburante mark-to-market, di $ 280 milioni, o $ 2,19 per azione, rispetto a una perdita netta, escluse le voci speciali e la copertura del carburante mark-to-market adeguamenti contabili, di $ 38 milioni, o $ 0,30 per azione, nel secondo trimestre del 2021.
Margine ante imposte rettificato riportato per il secondo trimestre del 14%.
Ha registrato 2,7 miliardi di dollari di ricavi operativi per il secondo trimestre, il trimestre con la più alta generazione di entrate nella storia dell’azienda.
Stato Patrimoniale e Liquidità:
Ha generato $ 948 milioni di flusso di cassa operativo per il secondo trimestre, inclusi $ 231 milioni di rimborsi dell’imposta federale sul reddito netto.
Deteneva 3,4 miliardi di dollari in contanti e titoli negoziabili illimitati al 30 giugno 2022.
Abbiamo mantenuto un rapporto debito/capitalizzazione del 50% al 30 giugno 2022, all’interno della nostra fascia obiettivo dal 40% al 50%.
Aggiornamenti operativi e pietre miliari per il secondo trimestre:
Ha volato un fattore di carico record per il trimestre dell’88%, trainato dall’elevata domanda di capacità ridotta.
Ha guidato il settore in termini di prestazioni puntuali per il mese di giugno, rispettando il nostro impegno per l’affidabilità operativa.
Ha ricevuto nove Boeing 737-9 nel secondo trimestre, portando il numero totale di 737-9 nella nostra flotta principale a 28.
Ratificati nuovi contratti con gli spedizionieri dell’Alaska Airlines, i tecnici degli aeromobili Horizon Air e gli agenti di servizio della flotta; e ha raggiunto un accordo provvisorio con Alaska Airlines IAM ha rappresentato i dipendenti.
Il throughput dell’addestramento dei piloti è stato ampliato del 20% da aprile e nel secondo trimestre sono stati aggiunti 100 piloti principali attivi.
Ha iniziato un servizio diretto per Miami e Cleveland da Seattle, portando a 100 il totale delle destinazioni non-stop servite da Seattle.
Lanciato il Wi-Fi satellitare a tariffa fissa da $ 8 sugli aerei della linea principale in collaborazione con Intelsat.
Premi e riconoscimenti dei dipendenti:
Classificato come uno dei migliori datori di lavoro americani per la diversità da Forbes, riconoscendo il nostro impegno a rafforzare la rappresentanza diversificata della leadership e le iniziative di equità.
Nominata la migliore compagnia aerea principale del Nord America dalla Airline Passenger Experience Association, evidenziando l’esperienza di volo dell’Alaska.
Ha riconosciuto la forza lavoro dell’azienda per il suo impegno incessante nel prendersi cura dei nostri ospiti per 90 anni, offrendo a ciascun dipendente 90.000 miglia riscattabili per viaggiare in qualsiasi parte del mondo.
Aggiornamenti ambientali, sociali e di governance del secondo trimestre:
Ha pubblicato il nostro Rapporto sull’assistenza 2021, che evidenzia i progressi dell’azienda in varie aree ambientali, sociali e di governance e delinea le iniziative in corso e gli obiettivi futuri.
Firmato l’accordo con Aemetis per l’acquisto di 13 milioni di galloni di carburante sostenibile per l’aviazione da consegnare nel periodo di sette anni dell’accordo.
Dopo la fine del trimestre, ha annunciato una partnership con Microsoft e Twelve, una società di tecnologia di trasformazione del carbonio, per promuovere la disponibilità di carburanti aeronautici sostenibili.
Abbiamo ottenuto un punteggio del 100% nel nostro primo anno di partecipazione al Disability:IN’s Disability Equality Index, che confronta le aziende sulla loro inclusione e uguaglianza nella disabilità.

La tabella seguente riconcilia l’utile netto (perdita) per azione (EPS) GAAP riportato dalla società per i tre e sei mesi chiusi al 30 giugno 2022 e 2021 con importi rettificati.

Three Months Ended June 30,
	2022		2021
(in millions, except per-share amounts)	Dollars		Diluted EPS		Dollars		Diluted EPS
GAAP net income per share	$               139		$              1.09		$               397		$              3.13
Payroll Support Program grant wage offset	—		—		(503)		(3.97)
Mark-to-market fuel hedge adjustments	40		0.31		(46)		(0.36)
Special items – fleet transition and related charges(a)	146		1.14		(4)		(0.03)
Special items – restructuring charges(b)	—		—		(23)		(0.18)
Income tax effect of reconciling items above	(45)		(0.35)		141		1.11
Non-GAAP adjusted net income (loss) per share	$               280		$              2.19		$               (38)		$            (0.30)
	Six Months Ended June 30,
	2022		2021
(in millions, except per-share amounts)	Dollars		Diluted EPS		Dollars		Diluted EPS
GAAP net income (loss) per share	$                  (4)		$            (0.03)		$               266		$              2.10
Payroll support program grant wage offset	—		—		(914)		(7.23)
Mark-to-market fuel hedge adjustments	(67)		(0.53)		(68)		(0.54)
Special items – fleet transition and related charges(a)	221		1.75		14		0.11
Special items – restructuring charges(b)	—		—		(12)		(0.09)
Income tax effect of reconciling items above	(37)		(0.30)		240		1.90
Non-GAAP adjusted net income (loss) per share	$               113		$              0.89		$             (474)		$            (3.75)

(a)	Special items – fleet transition and related charges in the three and six months ended June 30, 2022 are primarily for impairment charges and accelerated costs associated with the retirement of the A320 and Q400 fleets. The A320 fleet is expected to be retired from operating service by the end of 2022; the Q400 fleet is expected to be retired from operating service in early 2023.
(b)	Special items – restructuring charges in the three and six months ended June 30, 2021 are related to the estimated costs for pilot incentive leaves.

I dati statistici, nonché una riconciliazione delle misure finanziarie non GAAP segnalate, possono essere trovati nelle tabelle allegate. Un glossario dei termini finanziari è disponibile nell’ultima pagina di questa versione.

Alaska terrà la sua teleconferenza trimestrale per discutere i risultati del secondo trimestre alle 8:30 PDT del 21 luglio 2022. Un webcast della chiamata è disponibile al pubblico all’indirizzo http://www.alaskaair.com/investors. Per coloro che non sono in grado di ascoltare la trasmissione in diretta, sarà disponibile una replica dopo la chiamata.

Third Quarter and Full Year 2022 Outlook 

		Q3 Expectation(a)
Capacity (ASMs) % change versus 2019(a)		Down 5% to 8%
Revenue passengers % change versus 2019(a)		Down 8% to 10%
Passenger load factor		85% to 88%
Total revenue % change versus 2019(a)		Up 16% to 19%
Cost per ASM excluding fuel and special items (CASMex) % change versus 2019(a)		Up 16% to 19%
Economic fuel cost per gallon		$3.79 to $3.89
Non-operating expense		$2 million to $4 million
Adjusted tax rate		24% to 25%

(a)	Due to the unusual nature of 2021 and 2020, all 2022 comparisons are versus the third quarter of 2019.

Per l’intero anno 2022, prevediamo che la nostra capacità diminuirà dall’8% al 9% rispetto al 2019 e prevediamo che il nostro CASMex salirà dal 15% al 17% rispetto al 2019. Continuiamo a prevedere che il nostro margine ante imposte rettificato per l’intero anno sarà compreso tra 6% e 9%.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Alaska Air Group, Inc.
	Three Months Ended June 30,		Six Months Ended June 30,
(in millions, except per share amounts)	2022		2021		Change		2022		2021		Change
Operating Revenues
Passenger revenue	$        2,418		$        1,352		79 %		$        3,929		$        2,011		95 %
Mileage Plan other revenue	175		118		48 %		287		212		35 %
Cargo and other	65		57		14 %		123		101		22 %
Total Operating Revenues	2,658		1,527		74 %		4,339		2,324		87 %
Operating Expenses
Wages and benefits	639		510		25 %		1,245		1,003		24 %
Variable incentive pay	56		34		65 %		92		67		37 %
Payroll Support Program grant wage offset	—		(503)		NM		—		(914)		NM
Aircraft fuel, including hedging gains and losses	776		274		183 %		1,123		477		135 %
Aircraft maintenance	104		102		2 %		239		183		31 %
Aircraft rent	73		62		18 %		146		124		18 %
Landing fees and other rentals	136		144		(6) %		274		273		— %
Contracted services	82		54		52 %		160		105		52 %
Selling expenses	78		41		90 %		136		74		84 %
Depreciation and amortization	104		98		6 %		206		195		6 %
Food and beverage service	50		35		43 %		91		58		57 %
Third-party regional carrier expense	50		37		35 %		92		67		37 %
Other	177		117		51 %		329		222		48 %
Special items – fleet transition and related charges	146		(4)		NM		221		14		NM
Special items – restructuring charges	—		(23)	.	NM		—		(12)		NM
Total Operating Expenses	2,471		978		153 %		4,354		1,936		125 %
Operating Income (Loss)	187		549		(66) %		(15)		388		(104) %
Non-operating Income (Expense)
Interest income	11		6		100 %		18		13		38 %
Interest expense	(26)		(39)		(33) %		(53)		(71)		(25) %
Interest capitalized	3		3		7 %		5		6		(17) %
Other – net	10		9		10 %		24		19		25 %
Total Non-operating Income (Expense)	(2)		(21)		(90) %		(6)		(33)		(82) %
Income (Loss) Before Income Tax	185		528				(21)		355
Income tax expense (benefit)	46		131				(17)		89
Net Income (Loss)	$           139		$           397				$              (4)		$           266
Basic Earnings (Loss) Per Share	$          1.10		$          3.18				$        (0.03)		$          2.13
Diluted Earnings (Loss) Per Share	$          1.09		$          3.13				$        (0.03)		$          2.10
Shares used for computation:
Basic	126.543		124.977				126.265		124.640
Diluted	127.795		126.825				126.265		126.388

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
Alaska Air Group, Inc.
(in millions)	June 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$                            778		$                            470
Marketable securities	2,647		2,646
Total cash and marketable securities	3,425		3,116
Receivables – net	401		546
Inventories and supplies – net	93		62
Prepaid expenses and other current assets	313		196
Total Current Assets	4,232		3,920
Property and Equipment
Aircraft and other flight equipment	8,569		8,127
Other property and equipment	1,532		1,489
Deposits for future flight equipment	292		384
	10,393		10,000
Less accumulated depreciation and amortization	3,922		3,862
Total Property and Equipment – Net	6,471		6,138
Other Assets
Operating lease assets	1,669		1,453
Goodwill and intangible assets	2,041		2,044
Other noncurrent assets	387		396
Other Assets	4,097		3,893
Total Assets	$                      14,800		$                      13,951

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
Alaska Air Group, Inc.
(in millions, except share amounts)	June 30, 2022		December 31, 2021
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$                            286		$                            200
Accrued wages, vacation and payroll taxes	416		457
Air traffic liability	1,778		1,163
Other accrued liabilities	794		625
Deferred revenue	1,012		912
Current portion of operating lease liabilities	274		268
Current portion of long-term debt	342		366
Total Current Liabilities	4,902		3,991
Long-Term Debt, Net of Current Portion	1,961		2,173
Noncurrent Liabilities
Long-term operating lease liabilities, net of current portion	1,505		1,279
Deferred income taxes	552		578
Deferred revenue	1,429		1,446
Obligation for pension and postretirement medical benefits	299		305
Other liabilities	353		378
Total Noncurrent Liabilities	4,138		3,986
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding	—		—
Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2022 – 136,109,649 shares; 2021 – 135,255,808 shares, Outstanding: 2022 – 126,759,705 shares; 2021 – 125,905,864 shares	1		1
Capital in excess of par value	542		494
Treasury stock (common), at cost: 2022 – 9,349,944 shares; 2021 – 9,349,944 shares	(674)		(674)
Accumulated other comprehensive loss	(308)		(262)
Retained earnings	4,238		4,242
	3,799		3,801
Total Liabilities and Shareholders’ Equity	$                      14,800		$                      13,951

SUMMARY CASH FLOW (unaudited)
Alaska Air Group, Inc.
(in millions)	Six Months Ended June 30, 2022		Three Months Ended March 31, 2022(a)		Three Months Ended June 30, 2022(b)
Cash Flows from Operating Activities:
Net income (loss)	$                           (4)		$                      (143)		$                        139
Non-cash reconciling items	447		182		265
Changes in working capital	792		248		544
Net cash provided by (used in) operating activities	1,235		287		948
Cash Flows from Investing Activities:
Property and equipment additions	(632)		(288)		(344)
Other investing activities	(89)		327		(416)
Net cash provided by (used in) investing activities	(721)		39		(760)
Cash Flows from Financing Activities:	(206)		(168)		(38)
Net increase (decrease) in cash and cash equivalents	308		158		150
Cash, cash equivalents, and restricted cash at beginning of period	494		494		652
Cash, cash equivalents, and restricted cash at end of the period	$                        802		$                        652		$                        802

(a)	As reported in Form 10-Q for the first quarter of 2022.
(b)	Cash flows for the three months ended June 30, 2022, can be calculated by subtracting cash flows for the three months ended March 31, 2022, as reported in Form 10-Q for the first quarter 2022, from the six months ended June 30, 2022.

OPERATING STATISTICS SUMMARY (unaudited)
Alaska Air Group, Inc.
	Three Months Ended June 30,		Six Months Ended June 30,
	2022		2021		Change		2022		2021		Change
Consolidated Operating Statistics:(a)
Revenue passengers (000)	11,005		8,712		26.3 %		19,700		13,379		47.2 %
RPMs (000,000) “traffic”	13,746		10,334		33.0 %		24,332		15,727		54.7 %
ASMs (000,000) “capacity”	15,611		13,413		16.4 %		29,394		23,810		23.5 %
Load factor	88.1 %		77.0 %		11.1 pts		82.8 %		66.1 %		16.7 pts
Yield	17.59¢		13.09¢		34.4 %		16.15¢		12.79¢		26.3 %
RASM	17.03¢		11.38¢		49.6 %		14.76¢		9.76¢		51.2 %
CASMex(b)	9.92¢		9.20¢		7.8 %		10.24¢		9.95¢		2.9 %
Economic fuel cost per gallon(b)	$3.76		$1.90		97.9 %		$3.23		$1.85		74.6 %
Fuel gallons (000,000)	196		168		16.7 %		368		294		25.2 %
ASMs per gallon	79.6		79.8		(0.3) %		79.9		81.0		(1.4) %
Average full-time equivalent employees (FTEs)	22,603		19,001		19.0 %		22,092		18,071		22.3 %
Mainline Operating Statistics:
Revenue passengers (000)	8,321		6,151		35.3 %		14,887		9,302		60.0 %
RPMs (000,000) “traffic”	12,460		8,966		39.0 %		21,972		13,555		62.1 %
ASMs (000,000) “capacity”	14,052		11,611		21.0 %		26,439		20,464		29.2 %
Load factor	88.7 %		77.2 %		11.5 pts		83.1 %		66.2 %		16.9 pts
Yield	16.28¢		11.96¢		36.1 %		14.89¢		11.64¢		27.9 %
RASM	16.02¢		10.59¢		51.3 %		13.81¢		9.09¢		51.9 %
CASMex(b)	8.98¢		8.48¢		5.9 %		9.29¢		9.17¢		1.3 %
Economic fuel cost per gallon(b)	$3.74		$1.88		98.9 %		$3.21		$1.84		74.4 %
Fuel gallons (000,000)	165		135		22.2 %		311		233		33.5 %
ASMs per gallon	85.2		86.0		(0.9) %		85.0		87.8		(3.2) %
Average number of FTEs	17,315		14,021		23.5 %		16,825		13,247		27.0 %
Aircraft utilization	10.1		9.9		2.0 %		9.8		9.2		6.5 %
Average aircraft stage length	1,363		1,320		3.3 %		1,349		1,313		2.7 %
Operating fleet(d)	233		202		31 a/c		233		202		31 a/c
Regional Operating Statistics:(c)
Revenue passengers (000)	2,685		2,562		4.8 %		4,813		4,077		18.1 %
RPMs (000,000) “traffic”	1,285		1,367		(6.0) %		2,360		2,172		8.7 %
ASMs (000,000) “capacity”	1,559		1,802		(13.5) %		2,955		3,346		(11.7) %
Load factor	82.4 %		75.9 %		6.5 pts		79.9 %		64.9 %		15.0 pts
Yield	30.35¢		20.48¢		48.2 %		27.88¢		19.95¢		39.7 %
RASM	26.04¢		16.41¢		58.7 %		23.21¢		13.84¢		67.7 %
Operating fleet(d)	104		94		10 a/c		104		94		10 a/c

(a)	Except for FTEs, data includes information related to third-party regional capacity purchase flying arrangements.
(b)	See a reconciliation of this non-GAAP measure and Note A for a discussion of the importance of this measure to investors in the accompanying pages.
(c)	Data presented includes information for flights operated by Horizon and third-party carriers.
(d)	Excludes all aircraft removed from operating service.

Given the unusual nature of 2021 and 2020, we believe that some analysis of specific financial and operational results compared to 2019 provides meaningful insight. The table below includes comparative results from 2022 to 2019.

FINANCIAL INFORMATION AND OPERATING STATISTICS – 2022 Compared to 2019 (unaudited)
Alaska Air Group, Inc.
	Three Months Ended June 30,		Six Months Ended June 30,
	2022		2019		Change		2022		2019		Change
Passenger revenue	$        2,418		$        2,111		15 %		$        3,929		$        3,827		3 %
Mileage plan other revenue	175		118		48 %		287		228		26 %
Cargo and other	65		59		10 %		123		109		13 %
Total Operating Revenues	2,658		2,288		16 %		4,339		4,164		4 %
Operating expenses, excluding fuel and special items	1,549		1,414		10 %		3,010		2,819		7 %
Aircraft fuel, including hedging gains and losses	776		502		55 %		1,123		922		22 %
Special items	146		8		NM		221		34		NM
Total Operating Expenses	2,471		1,924		28 %		4,354		3,775		15 %
Total Non-operating Expense	(2)		(13)		(85) %		(6)		(32)		(81) %
Income (Loss) Before Income Tax	$            185		$            351		(47) %		$            (21)		$            357		(106) %
Consolidated Operating Statistics:
Revenue passengers (000)	11,005		12,026		(8) %		19,700		22,442		(12) %
RPMs (000,000) “traffic”	13,746		14,638		(6) %		24,332		27,087		(10) %
ASMs (000,000) “capacity”	15,611		16,980		(8) %		29,394		32,487		(10) %
Load Factor	88.1 %		86.2 %		1.9 pts		82.8 %		83.4 %		(0.6) pts
Yield	17.59¢		14.43¢		22 %		16.15¢		14.13¢		14 %
RASM	17.03¢		13.48¢		26 %		14.76¢		12.82¢		15 %
CASMex	9.92¢		8.33¢		19 %		10.24¢		8.68¢		18 %
FTEs	22,603		21,921		3 %		22,092		21,876		1 %

OPERATING SEGMENTS (unaudited)
Alaska Air Group, Inc.
	Three Months Ended June 30, 2022
(in millions)	Mainline		Regional		Horizon		Consolidating & Other(a)		Air Group Adjusted(b)		Special Items(c)		Consolidated
Operating Revenues
Passenger revenues	$     2,028		$        390		$          —		$                  —		$     2,418		$          —		$        2,418
CPA revenues	—		—		101		(101)		—		—		—
Mileage Plan other revenue	159		16		—		—		175		—		175
Cargo and other	64		—		—		1		65		—		65
Total Operating Revenues	2,251		406		101		(100)		2,658		—		2,658
Operating Expenses
Operating expenses, excluding fuel	1,262		289		98		(100)		1,549		146		1,695
Fuel expense	617		119		—		—		736		40		776
Total Operating Expenses	1,879		408		98		(100)		2,285		186		2,471
Non-operating Income (Expense)	3		—		(5)		—		(2)		—		(2)
Income (Loss) Before Income Tax	$        375		$           (2)		$           (2)		$                  —		$        371		$       (186)		$           185
Pretax Margin									14.0 %				7.0 %
	Three Months Ended June 30, 2021
(in millions)	Mainline		Regional		Horizon		Consolidating & Other(a)		Air Group Adjusted(b)		Special Items(c)		Consolidated
Operating Revenues
Passenger revenues	$     1,072		$        280		$          —		$                  —		$     1,352		$          —		$        1,352
CPA revenues	—		—		111		(111)		—		—		—
Mileage Plan other revenue	102		16		—		—		118		—		118
Cargo and other	55		—		—		2		57		—		57
Total Operating Revenues	1,229		296		111		(109)		1,527		—		1,527
Operating Expenses
Operating expenses, excluding fuel	984		286		91		(127)		1,234		(530)		704
Fuel expense	253		66		—		1		320		(46)		274
Total Operating Expenses	1,237		352		91		(126)		1,554		(576)		978
Non-operating Income (Expense)	(16)		—		(5)		—		(21)		—		(21)
Income (Loss) Before Income Tax	$         (24)		$         (56)		$          15		$                  17		$         (48)		$        576		$           528
Pretax Margin									(3.1) %				34.6 %

	Six Months Ended June 30, 2022
(in millions)	Mainline		Regional		Horizon		Consolidating & Other(a)		Air Group Adjusted(b)		Special Items(c)		Consolidated
Operating Revenues
Passenger revenues	$     3,271		$        658		$          —		$                  —		$    3,929		$          —		$        3,929
CPA revenues	—		—		195		(195)		—		—		—
Mileage Plan other revenue	259		28		—		—		287		—		287
Cargo and other	121		—		—		2		123		—		123
Total Operating Revenues	3,651		686		195		(193)		4,339		—		4,339
Operating Expenses
Operating expenses, excluding fuel	2,456		551		197		(194)		3,010		221		3,231
Fuel expense	998		192		—		—		1,190		(67)		1,123
Total Operating Expenses	3,454		743		197		(194)		4,200		154		4,354
Non-operating Income (Expense)	4		—		(10)		—		(6)		—		(6)
Income (Loss) Before Income Tax	$        201		$         (57)		$         (12)		$                    1		$       133		$       (154)		$            (21)
Pretax Margin									3.1 %				(0.5) %
	Six Months Ended June 30, 2021
(in millions)	Mainline		Regional		Horizon		Consolidating & Other(a)		Air Group Adjusted(b)		Special Items(c)		Consolidated
Operating Revenues
Passenger revenues	$     1,578		$        433		$          —		$                  —		$    2,011		$          —		$        2,011
CPA revenues	—		—		215		(215)		—		—		—
Mileage Plan other revenue	182		30		—		—		212		—		212
Cargo and other	99		—		—		2		101		—		101
Total Operating Revenues	1,859		463		215		(213)		2,324		—		2,324
Operating Expenses
Operating expenses, excluding fuel	1,877		551		179		(236)		2,371		(912)		1,459
Fuel expense	427		118		—		—		545		(68)		477
Total Operating Expenses	2,304		669		179		(236)		2,916		(980)		1,936
Non-operating Income (Expense)	(23)		—		(10)		—		(33)		—		(33)
Income (Loss) Before Income Tax	$       (468)		$       (206)		$          26		$                  23		$      (625)		$        980		$           355
Pretax Margin									(26.9) %				15.3 %

(a)	Includes consolidating entries, Air Group parent company, McGee Air Services, and other immaterial business units.
(b)	The Air Group Adjusted column represents the financial information that is reviewed by management to assess performance of operations and determine capital allocation and excludes certain charges. See Note A in the accompanying pages for further information.
(c)	Includes payroll support program grant wage offsets, special items, and mark-to-market fuel hedge accounting adjustments.

GAAP TO NON-GAAP RECONCILIATIONS (unaudited)
Alaska Air Group, Inc.
CASM Excluding Fuel and Special Items Reconciliation
	Three Months Ended June 30,		Six Months Ended June 30,
(in cents)	2022		2021		2022		2021
Consolidated:
CASM	15.84 ¢		7.29 ¢		14.81 ¢		8.13 ¢
Less the following components:
Payroll Support Program grant wage offset	—		(3.75)		—		(3.84)
Aircraft fuel, including hedging gains and losses	4.98		2.04		3.82		2.00
Special items – fleet transition and related charges(a)	0.94		(0.03)		0.75		0.07
Special items – restructuring charges(b)	—		(0.17)		—		(0.05)
CASM excluding fuel and special items	9.92 ¢		9.20 ¢		10.24 ¢		9.95 ¢
Mainline:
CASM	15.06 ¢		6.24 ¢		13.69 ¢		6.72 ¢
Less the following components:
Payroll Support Program grant wage offset	—		(3.79)		—		(4.21)
Aircraft fuel, including hedging gains and losses	5.06		1.78		3.84		1.75
Special items – fleet transition and related charges(a)	1.02		(0.03)		0.56		0.07
Special items – restructuring charges(b)	—		(0.20)		—		(0.06)
CASM excluding fuel and special items	8.98 ¢		8.48 ¢		9.29 ¢		9.17 ¢

(a)	Special items – fleet transition and related charges in the three and six months ended June 30, 2022 are primarily for impairment charges and accelerated costs associated with the retirement of the A320 and Q400 fleets. The A320 fleet is expected to be retired from operating service by the end of 2022; the Q400 fleet is expected to be retired from operating service in early 2023.
(b)	Special items – restructuring charges in the three and six months ended June 30, 2021 are related to the estimated costs for pilot incentive leaves.

Fuel Reconciliation
	Three Months Ended June 30,
	2022		2021
(in millions, except for per-gallon amounts)	Dollars		Cost/Gallon		Dollars		Cost/Gallon
Raw or “into-plane” fuel cost	$                   824		$                  4.20		$                   330		$                  1.96
Losses (gains) on settled hedges	(88)		(0.44)		(10)		(0.06)
Consolidated economic fuel expense	736		3.76		320		1.90
Mark-to-market fuel hedge adjustment	40		0.20		(46)		(0.27)
GAAP fuel expense	$                   776		$                  3.96		$                   274		$                  1.63
Fuel gallons			196				168
	Six Months Ended June 30,
	2022		2021
(in millions, except for per gallon amounts)	Dollars		Cost/Gallon		Dollars		Cost/Gallon
Raw or “into-plane” fuel cost	$                1,328		$                  3.61		$                   552		$                  1.87
Losses (gains) on settled hedges	(138)		(0.38)		(7)		(0.02)
Consolidated economic fuel expense	1,190		3.23		545		1.85
Mark-to-market fuel hedge adjustment	(67)		(0.18)		(68)		(0.23)
GAAP fuel expense	$                1,123		$                  3.05		$                   477		$                  1.62
Fuel gallons			368				294

Debt-to-capitalization, including operating leases
(in millions)	June 30, 2022		December 31, 2021
Long-term debt, net of current portion	$                           1,961		$                            2,173
Long-term and current capitalized operating leases	1,779		1,547
Adjusted debt, net of current portion of long-term debt	3,740		3,720
Shareholders’ equity	3,799		3,801
Total Invested Capital	$                           7,539		$                            7,521
Debt-to-capitalization ratio, including operating leases	50 %		49 %

Adjusted net debt to earnings before interest, taxes, depreciation, amortization, rent and special items
(in millions)	June 30, 2022		December 31, 2021
Current portion of long-term debt	$                                   342		$                                   366
Current portion of operating lease liabilities	274		268
Long-term debt	1,961		2,173
Long-term operating lease liabilities, net of current portion	1,505		1,279
Total adjusted debt	4,082		4,086
Less: Total cash and marketable securities	(3,425)		(3,116)
Adjusted net debt	$                                   657		$                                   970
(in millions)	Twelve Months Ended June 30, 2022		Twelve Months Ended December 31, 2021
GAAP Operating Income(a)	$                                   282		$                                   685
Adjusted for:
Payroll Support Program grant wage offset and special items	208		(925)
Mark-to-market fuel hedge adjustments	(46)		(47)
Depreciation and amortization	405		394
Aircraft rent	276		254
EBITDAR	$                               1,125		$                                   361
Adjusted net debt to EBITDAR	0.6x		2.7x

(a)	Operating income can be reconciled using the trailing twelve month operating income as filed quarterly with the SEC.

Nota A: Ai sensi del regolamento G, forniamo riconciliazioni delle misure finanziarie non GAAP riportate con le misure finanziarie più direttamente comparabili riportate su base GAAP. Riteniamo che la considerazione di queste misure finanziarie non GAAP possa essere importante per gli investitori per i seguenti motivi: Eliminando le spese per il carburante e alcuni elementi speciali (tra cui la compensazione salariale del programma di supporto del personale, la transizione della flotta e gli addebiti correlati e gli oneri di ristrutturazione) dalle nostre metriche unitarie, riteniamo di avere una migliore visibilità dei risultati delle operazioni. Il nostro settore è altamente competitivo ed è caratterizzato da costi fissi elevati, quindi anche una piccola riduzione dei costi operativi diversi dal carburante può comportare un miglioramento significativo dei risultati operativi. Inoltre, riteniamo che tutti i vettori nazionali siano influenzati in modo simile dalle variazioni dei costi del carburante degli aerei a lungo termine, quindi è importante che il management (e quindi gli investitori) comprenda l’impatto (e le tendenze) dei fattori di costo specifici dell’azienda come come tariffe di manodopera e produttività, costi aeroportuali, costi di manutenzione, ecc., che sono più controllabili dal management. Il costo per ASM (CASM) escluso il carburante e alcuni elementi speciali, come la compensazione salariale del programma di supporto al personale, la transizione della flotta e gli oneri correlati e gli oneri di ristrutturazione, è una delle misure più importanti utilizzate dal management e dal Consiglio di amministrazione di Air Group in valutare l’andamento dei costi trimestrali e annuali. Il reddito rettificato prima delle imposte sul reddito (e altri elementi come specificato nei documenti del nostro piano) è una metrica importante per il piano di incentivi per i dipendenti, che copre la maggior parte dei dipendenti di Air Group. Il CASM escluso il carburante e alcuni articoli speciali è una misura comunemente utilizzata dagli analisti del settore e riteniamo che sia la base su cui storicamente hanno confrontato la nostra compagnia aerea con altre del settore. Il provvedimento è anche oggetto di frequenti domande da parte degli investitori. L’informativa sull’impatto individuale di alcune voci note offre agli investitori la possibilità di misurare e monitorare la performance sia con che senza queste voci speciali. Riteniamo che rivelare l’impatto di questi elementi come sopra indicato. Gli analisti del settore e gli investitori misurano costantemente la nostra performance senza questi elementi per una migliore comparabilità tra i periodi e tra le altre compagnie aeree. Sebbene divulghiamo i ricavi unitari dei passeggeri, non valutiamo (né siamo in grado di) valutare i ricavi unitari escludendo l’impatto che le variazioni dei costi del carburante hanno avuto sui prezzi dei biglietti. La spesa per il carburante rappresenta una grande percentuale delle nostre spese operative totali. Le fluttuazioni dei prezzi del carburante spesso determinano cambiamenti nei ricavi unitari a medio e lungo termine. Sebbene riteniamo utile valutare i costi unitari diversi dal carburante per i motivi sopra indicati, raccomandiamo ai lettori di questo bilancio di non fare eccessivo affidamento sui costi unitari escluso il carburante come misura o predittore della redditività futura a causa dell’impatto significativo dei costi del carburante sulla nostra attività.