Post on 10-Jul-2020
The Leading Ultra-Low-Cost Airline Serving
Mexico, US and Central America
September 2015
Disclaimer
2
The information ("Confidential Information") contained in this presentation is confidential and is provided by Controladora
Vuela Compañía de Aviación, S.A.B. de C.V., (d/b/a Volaris, the "Company") confidentially to you solely for your reference
and may not be retransmitted or distributed to any other persons for any purpose whatsoever. The Confidential Information
is subject to change without notice, its accuracy is not guaranteed, it has not been independently verified and it may not
contain all material information concerning the Company. The Company, nor any of their respective directors makes any
representation or warranty (express or implied) regarding, or assumes any responsibility or liability for, the accuracy or
completeness of, or any errors or omissions in, any information or opinions contained herein. None of the Company or any
of their respective directors, officers, employees, stockholders or affiliates nor any other person accepts any liability (in
negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or
otherwise arising in connection therewith. No reliance may be placed for any purposes whatsoever on the information set
forth in this presentation or on its completeness.
This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or
invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in
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this presentation as legal, tax or investment advice and should consult their own advisers in this regard.
This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties.
These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with
respect to the consolidated results of operations and financial condition, and future events and plans of the Company. These
statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of
similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ
significantly from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned
not to place undue reliance on these forward looking statements, which are based on the current view of the management of
the Company on future events. The Company does not undertake to revise forward-looking statements to reflect future
events or circumstances.
Strong first half 2015 financial results
Positive cash flow and strong balance sheet: Net increase of cash by Ps. 1,679
million, mainly driven by operating activities. Unrestricted cash of Ps. 4,028 million (US
$252 (1) million), 26% of LTM revenues.
Total operating revenues: Increase of 29% for the 1H YoY, reaching Ps. 7,867 million.
TRASM increased to Ps. 123 cents (+15% YoY).
Notes:
(1) Converted to USD at June end of period spot exchange rate corresponding for the period, $15.5676.3
Disciplined capacity management and network diversification: International ASMs
grew 33% in 1H YoY, while domestic ASMs grew 6% for same period with a continuous
domestic capacity discipline. Total ASMs grew 13% during the first half and twelve new
routes were launched during the first half.
New ancillary combos driving non-ticket revenue growth: Non-ticket revenue excl.
cargo per pax reached Ps. 321 (US. $21(1)), an increase of +39% for the first half YoY;
driven by new ancillary combos, commission based products during the booking flow and
new a la carte products.
Costs control & strong profitability: Maintaining lowest unit cost in the Americas, CASM
of US $7.2 cents, decreased 20% YoY (CASM excl. fuel US $4.9 cents); EBITDAR margin
for the period 32% (+19.2 pp, YoY).
Volaris – Mexico’s Ultra-Low-Cost Carrier’s snapshot at
30,000 feet
Notes:
(1) Converted to USD at an average annual exchange rate
(2) Corresponds to the number of booked passengers
(3) Based on number of passengers, domestic and international passengers
Source: Company data, SCT-DGAC
Serving 62 destinations throughout Mexico, US and Central America
Volaris’ destinations
4
Domestic market share(3)
LTM Int. Total
Revenue 29%
LTM Dom. Total
Revenue 71%
12.2%
20.5% 23.1% 23.3% 26.1%
2008 2012 2013 2014 July YTD2015
2008 2014
LTM
Jun
2015
2008-
14
CAGR
Unit cost
(CASM ex-fuel;
cents, USD)(1)
5.5 5.4 5.2 -0.4%
Passenger
demand
(RPMs, bn)
3.2 9.7 10.3 +20.5%
Aircraft
(End of Period)21 50 53 +15.6%
Passengers
(mm)(2) 3.5 9.8 10.6 +18.7%
Operating
revenue
(mm, USD)(1)
397 1,056 1,107 +17.7%
Adj. EBITDAR
(mm. USD)(1) 67 232 336 +23.0%
Adj. ROIC (pre-
tax)11% 14% 19% +3 pp.
Volaris’ low base fares stimulate demand and drive
continuing growth
Stimulation
of
demand
More
ancillary
revenue
More capacity
Lower base
fares
Resilient ULCC business
model driving high,
profitable growthLower cost
Since its launch, Volaris has stimulated new demand in the Mexican market through an aggressive
revenue management strategy that drives lower fares and higher load factors
5
Notes;
(1) Converted to USD at an average exchange rate corresponding to the period
(2) Figures updated as per latest public reports as of September 2014
Source: Company data, data airlines public information, DGAC reports, Diio Mi
Aeromexico Interjet VivaAerobus Volaris
CASM 1H 2015
(cents, USD)(1) 11.3 10.3 7.4 7.4
Low ticket prices 1H 2015 ≈
Average Fare (USD)(1) 140 84 35 74
Non-ticket rev. incl. Cargo 1H 2015
Non-ticket rev. incl. Cargo per pax (USD)(1) 19.1 7.53 21.7 22.4
Modern & uniform fleet ≈
Average age fleet (years) 7.9 6.4 20.7 4.3
High daily utilization
Block hours per day 11.3 9.1 8.6(2) 11.8
Other/ eg. (No GDS) ≈
Legacy < Hybrid/LCC < ULCC
6
Volaris’ ULCC business model is clearly differentiated from
legacies, hybrids and other LCC’s
5.2
12.0
9.0 8.88.1
7.2
5.66.4
8.4
6.65.8
9.9
2.8
4.6
4.33.6
3.64.2
4.23.4
3.3
3.4
3.0
3.5
Avianca LatAm Aeromexico Interjet Gol VivaAerobus Copa SouthWest Allegiant Spirit DCOMPS
Volaris has a best-in-class unit cost structure
Denotes fuel
cost per ASM
Lowest unit cost in the Americas(1)
CASM and CASM ex-fuel (LTM June 2015, USD cents)(3)
Latin American Carriers US Network
Carriers(2)
US LCCs
Notes:
(1) Based on CASM among the publicly-traded airlines
(2) DCOMPS= Direct Competitors: Average CASM and CASM ex-fuel; US network carriers include: Delta, United, Alaska Airlines, American Airlines
(3) Non-USD data converted to USD at an average exchange rate corresponding for the period
(4) VivaAerobus as per public report of September 2014
Source: Company data, Airlines public information, Diio Mi
7
8.0
16.6
13.2
12.411.7
9.9 9.8 10.0
8.8
13.4
11.411.7
(4)
12.5 11.3
9.1 8.6 8.8 8.1
Aeromexico Interjet VivaAerobus GlobalA320
GlobalA319
20.7
10.8 8.5
6.5 4.3
VivaAerobus Mexicanindustry
Aeromexico Interjet Volaris
Young, fuel efficient fleet
Interjet
Focus on fleet utilization and efficiency drives higher revenue
and lower cost: A320 retrofit and A321 arrival(1)
Notes:
(1) A320 retrofit and factory fit to 179 seats/A321 arrival with 220 seats
(2) Implied passengers per aircraft is calculated as average seats per aircraft multiplied by the load factor. VivaAerobus figures as of FY 2014
(3) Block hours per day figures updated as per DGAC latest reports.
(4) Block hours per day calculated as ((Total block hours for the period / Monthly average number of aircraft) / Number of days for the period)
(5) Aeromexico, Interjet and VivaAerobus represent domestic competitors of Volaris
(6) Average seats per aircraft calculated as seats flown over departures. Aeromexico only RJ and NB.
Source: Company data, airlines public information, DGAC, Airbus, Diio Mi
Load factor
(2Q 2015)Passengers
per aircraft(2)
83%
77%
79%
137
104
81Interjet A320
150 seats per aircraft
Aeromexico 737-800
160 seats per aircraft
High daily utilization
Volaris A320
179 seats per aircraft
High density configuration(5)
Aeromexico
Block hours per day (2Q 2015)(4) Average age (Yrs, as of June 30, 2015)
8
VivaAerobus 737-300
148 seats per aircraftVivaAerobus 75% 122
(3) (3) (3)
Avg. seats
per aircraft(6)
162
135
102
165
2014
International
Domestic
2014
First, economy and other
Executive & luxury
145
110
Bus
Bus passenger shift to air travel
Notes:
(1) Executive and luxury class
(2) Fare figures calculated with average prices for September 2014
(3) Non-USD data converted to USD at an average exchange rate corresponding for the period
Source: Company data, Secretaría de Comunicaciones y Transportes (SCT)
Air travel time and cost savingsSignificant upside for air travel
Fare (USD)(2,3)Travel time (Hrs)
Mexico City – Tijuana
(1)
Total air travel trips
(mm)
Total bus trips
(mm)
40.5
4.0
Bus Air
36.5 hours less
• During the last twelve months:
-New digital capabilities allowed to laser-focus marketing
efforts directly to 770K bus users a month
-5-6% of Volaris traffic are new customers
24% cost savings
2,837
2,706
(1)
9
7734
33
67
• Excess
baggage
• Checked
bag limited
to 1 piece
(25kgs.)
• Carry-on
(oversized)
• Strollers
• Priority
boarding
• Check-in
Unbundled strategy: “Tú decides” – You decide
• V-Club subscription
• Co-branded credit
cards
• Manage my
booking
• Vempresa
• Travel
Commerce
•IOS mobile app
• Advertising
• Food and
beverage
• Hotel
rooms
• Car rentals
• Airport
shuttle
Pre-flightFlight
planning
At the
airport
Onboard
aircraft Post-flight
• Seat
assignment
• Change /
booking fees
• Insurance
• Packages
•Additional forms
of payment
10
24 3968
115148
206 237
2009 2010 2011 2012 2013 2014 LTM Jun 2015
7 911
15 1721 22
2009 2010 2011 2012 2013 2014 LTM Jun 2015
Acceleration of Volaris’ non-ticket revenues
Notes:
(1) Converted using an average annual MXN/USD exchange rate
Source: Company data, Airlines public information
Increased contribution of non-ticket revenue to the top line
Non-ticket revenue per passenger
Volaris (USD)(1)
Best-in class US LCCs
(LTM Jun 2015, USD)
Contribution
to Operating
Revenue
7% 7% 9% 13% 14%
2009 – 2014 CAGR: +53.2%
2009 – 2015 CAGR: +24.5%z
Non-t
icket re
venue
(US
D m
m)(
1)
19% 19%
54 55
Allegiant Spirit
11
Notes:
(1) Minimum stage length of 170 miles
(2) Minimum stage length of 200 miles; CAM stands for Central America; SAM stands for South America
(3) South and northbound leisure routes
(4) Figures calculated as of June 2015.
Source: Company data and DIIO MI Market Intelligence for the Aviation Industry
48 48
41 4038
13
0
10
20
30
40
5099
48
32
0
25
50
75
100
USA (Leisure) USA (VFR) CAM, SAM,Canada,…
Attractive growth opportunities in Mexico and throughout
the Americas
Domestic – growth potential of nearly 126
routes (4)
International – growth potential of about 139
routes (4)
(3)
Number of routes(1) Number of routes(2)
Routes served Growth potential
12
Capacity– ASMs
(Year-over-year change) FY 2014 1H 2015 FY 2015E
Total 9% 13% 12% - 15%
Domestic 6% 6% 5% - 7%
International 17% 33% 33% - 36%
Substantial growth opportunity in the US-Mexico VFR /
leisure travel market
Notes:
(1) Represents Mexican origin population figures as per population data released on May 26, 2011
(2) Mexican origin is based on self-described ancestry, lineage, heritage, nationality group or country of birth.
Source: Pew Research Hispanic Center
Denotes Volaris
presence(1)
Denotes other cities with large
Mexican origin populations(1,2)
Significant Mexican origin
population(2) of 33.7 million
in the US
Orlando
0.1mm
San
Francisco
0.7mm
San Jose
0.4mm
San
Diego
0.9mm
Denver
0.5mmSacramento
0.3mm
Chicago
1.5mm
Fresno
0.5mm
Los Angeles
4.6mm
Las Vegas
0.4mm
San
Bernardino
1.7mm
Phoenix
1.2mm
Tucson
0.3mm
Albuquerque
0.2mm
El Paso
0.6mm
San Antonio
0.9mm
Bakersfield
0.4mm
Austin
0.4mm
Dallas
1.5mm
Houston
1.5mm
Atlanta
0.3mm
Washington
0.1mm
New York
0.5mm
Philadelphia
0.1mm
San Benito
0.3mm
Mission
0.6mmTampa
0.1mm
Portland
0.2mm
Miami
0.1mm
13
Network expansion, managing capacity and diversification of
routes
Notes:
(1) Among Mexican public traded carriers
(2) Interjet and VivaAerobus only report total RPMs
Source: Data company, SCT-DGAC, DIIO MI
RPMs (2Q 2015, in millions)
Volaris offers more domestic routes than any other Mexican carrier
Volaris has more domestic RPMs than any other Mexican carrier(1)
Volaris flown domestic routes Volaris flown international routes
More than 2x More than 2x
14
3950
7893 93
Dec' 11 Dec' 12 Dec' 13 Dec' 14 Jun' 15
1723 26
3645
Dec' 11 Dec' 12 Dec' 13 Dec' 14 Jun' 15
1,944 1,712
1,598 619
820
3,337
Aeromexico Interjet VivaAerobus
2,764
5,049
Denotes
international RPMs
(2) (2)
Fleet and financials
15
18 18 15 12
17 1613
13
15 20 2828
0 02 8
0 2
77
00
0 2
FY14 FY15 FY16 FY17
A319 A320 A320 w/sharklets A320 NEO w/sharklets A321 w/sharklets A321 NEO w/sharklets
A higher density fleet generates more incremental capacity
with fewer additional aircraft
Projected fleet under current contracts (number of aircraft)(1)
Notes:
(1) Net fleet after additions and returns
(2) Figure calculated as of August 2015
(3) Percentage of year-end fleet with sharklets
Source: Company data
Backlog of 61 Aircraft to support growth(2)
Seat growth
% fleet w/Sharklets(3)
18%
39%
18%
57%
12%
64%
56
65
70
50
16
2015/16 deliveries fully financed
First two A320neo
First two A321ceo
23%
17%14%
7% 6% 6%
0%
10%
20%
30%
Copa Aeromexico Gol LatAm Avianca
30%
26%
21%19%
17%15%
0%
10%
20%
30%
40%
Copa Aeromexico LatAm Avianca Gol
Solid financial performance
Note:
(1) Converted using an average MXN/USD exchange rate for the corresponding period
Source: Company data, airlines public information
Revenue(1) Adj. EBITDAR(1)
Revenue CAGR 2009 - 2014 LTM June 2015 Adj. EBITDAR margin
374
536
714
887
1,018 1,0561,107
0
200
400
600
800
1,000
1,200
2009 2010 2011 2012 2013 2014 LTMJun '15
(US
D m
m)
116140
100
188220 232
336
0
50
100
150
200
250
300
350
400
2009 2010 2011 2012 2013 2014 LTMJun '15
(US
D m
m)
17
LTM Liquidity – Cash and Equivalents / Op.
Revenue
Solid balance sheet and liquidity, well funded for growth
Note:
(1) Includes IPO Smiles program proceeds
(2) Figures converted to USD June end of the period spot exchange rate $15.5676 for convenience purposes only
Source: Company data, Airlines public information
(1)
18
• Positive cash flow from operating activities in
the last four quarters
• Fully financed pre-delivery payments and
executed sale-leasebacks for all deliveries in
2015 and 2016
• Fully financed pre-delivery payments for
2017 and 2018 NEO deliveries
• Unrestricted cash of $4.0 billion pesos (US$
259 million (2)) as of June 30th 2015
• Negative net debt of $2.6 billion pesos (US$
165 million (2)) as of June 30th 2015.
25.5% 25.1%
17.5%
15.6%
9.3%
7.1%
Copa Gol Avianca Aeromexico LatAm
Active in jet fuel hedging, on average 48% of projected
consumption from 2015 to 2017
19
Period Total % hedged Avg. price (gal/USD$) Instrument
3Q15 45% $2.07 Call
4Q15 50% $2.07 Call
1Q16 60% $1.94 Call
2Q16 60% $1.95 Call
3Q16 60% $1.99 Call
4Q16 60% $1.99 Call
1Q17 25% $1.82 Call
2Q17 20% $1.80 Call
Appendix
20
Non-IFRS Terms Glossary
• Available seat miles (ASMs): Number of seats available for passengers multiplied by the number of miles the seats are flown.
• Block hours: Number of hours during which the aircraft is in revenue service, measured from the time it leaves the gate until the
time it arrives to the gate at destination.
• Revenue passenger miles (RPMs): Means the number of miles flown by passengers.
• TRASM: Total revenue divided by ASMs.
• RASM: Passenger revenue divided by ASMs.
• CASM: Total operating expenses, net divided by ASMs.
• CASM ex fuel: Total operating expenses, net excluding fuel expense divided by ASMs.
• Load factor: RPMs divided by ASMs and expressed as a percentage.
• EBITDA: Earnings before interest, taxes, depreciation and amortization.
• EBITDAR: Earnings before interest, taxes, depreciation, amortization and aircraft rent expense.
• Adj. EBITDAR: EBITDAR adjusted by non-cash and non-recurring items.
• Adj. Debt: Financial debt plus seven times the aircraft rent expense.
• Adj. Net debt: Adj. Debt minus cash and cash equivalents.
• VFR: Passengers who are visiting friends and relatives.
21
MXN millions unless otherwise stated (2) 2012A 2013A 2014A 2014A (1) 1H 2015 1H 2015 (1)
% of total
operating
revenues
(USD
millions)
(USD
millions)
Passenger 10,177 11,117 11,303 768 6,044 388 76.8
Non-ticket 1,510 1,885 2,733 186 1,823 117 23.2
Total operating revenues 11,686 13,002 14,037 954 7,867 505 100
Fuel 4,730 5,086 5,364 364 2,260 145 28.7
Aircraft and engines rent expense 1,886 2,187 2,535 172 1,562 100 19.9
Landing, take off and navigation expenses 1,640 1,924 2,066 140 1,180 76 15.0
Salaries and benefits 1,303 1,563 1,577 107 872 56 11.1
Sales, marketing and distribution expenses 752 704 817 56 448 29 5.7
Maintenance expenses 499 572 665 45 379 24 4.8
Other operating expense 288 347 468 32 243 16 3.1
Depreciation and amortization 211 302 343 23 228 15 2.9
Total operating expenses 11,308 12,685 13,833 940 7,172 461 91.2 6
EBIT 378 317 204 14 695 45 8.8
Operating margin (%) 3.2 2.4 1.5 1.5 8.8 8.8
Finance income 14 25 23 2 22 1 0.3
Finance cost (90) (126) (32) (2) (10) (1) (0.1)
Exchange (loss) gain, net (95) 66 449 30 233 15 3.0
Income tax expense (3) (18) (39) (3) (282) (18) (3.6)
Net income 203 265 (3) 605 41 658 42 8.4
Net margin (%) 1.7 2.0 4.3 4.3 8.4 8.4
Adjusted EBITDAR 2,475 2,806 3,081 209 2,485 160 31.6
Adj. EBITDAR margin (%) 21.2 21.6 22.0 22.0 31.6 31.6
EPS Basic and Diluted (Pesos) 0.29 0.31 0.60 0.04 0.65 0.04
EPADS Basic and Diluted (Pesos) 2.94 3.10 5.98 0.41 6.50 0.42
Consolidated statements of operations summary
Notes:
(1) Full year 2014 and 1H 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.5676, respectively, for convenience purposes only.
(2) Audited financial information 2012A – 2014A.
(3) Includes debt prepayment of Ps.65 million.
Source: Company data22
Consolidated statements of financial position summary
Notes:
(1) Full year 2014 and June 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.5676, respectively, for convenience purposes only
(2) Net debt = financial debt - cash and cash equivalents.
(3) Adjusted debt = (LTM aircraft rent expense x 7) + financial debt.
(4) Adjusted net debt = adjusted debt - cash and cash equivalents.
(5) Audited financial information 2012A – 2014A .
Source: Company data
MXN millions unless otherwise stated (5) 2012A 2013A 2014A 2014A (1)
As of June
30, 2015
As of June
30, 2015 (1)
(USD
millions)
(USD
millions)
Cash and cash equivalents 822 2,451 2,265 154 4,028 259
Current guarantee deposits 238 499 545 37 535 34
Other current assets 755 1,050 879 60 917 59
Total current assets 1,815 4,000 3,689 251 5,479 352
Rotable spare parts, furniture and
equipment, net1,195 1,341 2,223 151 2,411 155
Non-current guarantee deposits 2,245 2,603 3,541 241 4,022 258
Other non-current assets 447 434 452 31 834 54
Total assets 5,702 8,378 9,905 673 12,746 819
Unearned transportation revenue 1,259 1,393 1,421 97 2,343 151
Short-term financial debt 527 268 823 56 1,284 82
Other short-term liabilities 1,936 2,211 2,524 172 3,465 223
Total short-term liabilities 3,722 3,872 4,768 324 7,092 456
Long-term financial debt 633 294 425 29 174 11
Other long-term liabilities 272 250 242 16 265 17
Total liabilities 4,627 4,415 5,435 369 7,532 484
Total equity 1,075 3,962 4,470 304 5,214 335
Total liabilities and equity 5,702 8,378 9,905 673 12,746 819
Net debt (2) 338 (1,888) (1,017) (69) (2,570) (165)
Adjusted debt (3) 14,360 15,874 18,990 1,290 21,578 1,386
Adjusted net debt (4) 13,538 13,423 16,725 1,136 17,551 1,127
23
Consolidated statements of cash flows summary
Notes:
(1) Full year 2014 and 1H 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.5676, respectively, for convenience purposes only.
(2) Audited financial information 2012A - 2014A.
Source: Company data
MXN millions unless otherwise stated (2) 2012A 2013A 1H 2015 1H 2015 (1)2014A 2014A (1)
(USD millions) (USD millions)
Cash flow from operating activities
Income before income tax 207 283 644 44 939 60
Depreciation and amortization 211 302 343 23 228 15
Guarantee deposits (311) (620) (695) (47) (327) (21)
Unearned transportation revenue 433 135 27 2 922 59
Changes in working capital and provisions (43) (61) 14 1 134 9
Net cash flows provided by operating activities 497 39 334 23 1,896 122
Cash flow from investing activities
Acquisitions of rotable spare parts, furniture, equipment and
intangible assets (856) (1,161) (1,603) (109) (650) (42)
Proceeds from disposals of rotable spare parts, furniture and
equipment 1,043 849 418 28 319 20
Net cash flows provided by (used in) investing activities 187 (312) (1,185) (81) (331) (21)
Cash flow from financing activities
Payments of Treasury Shares - - (7) - - -
Net proceeds from initial public offering - 2,578 - - - -
Transaction costs on issue of shares - (38) - - - -
Proceeds from exercised treasury shares - 26 - - - -
Interest paid (127) (65) (23) (2) (19) (1)
Other financing costs - - (11) (1) - -
Payments of financial debt (694) (1,084) (400) (27) (303) (19)
Proceeds from financial debt 550 444 966 66 437 28
Net cash flows (used in) provided by financing activities (272) 1,861 525 36 115 7
Increase (decrease) in cash and cash equivalents 413 1,588 (326) (22) 1,679 108
Net foreign exchange differences (32) 41 141 10 83 5
Cash and cash equivalents at beginning of period 441 822 2,451 167 2,265 145
Cash and cash equivalents at end of period 822 2,451 2,265 154 4,028 259
24
Adj. EBITDA and Adj. EBITDAR reconciliation
Notes:
(1) Full year 2014 and 1H 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.5676, respectively, for convenience purposes only.
(2) Audited financial information 2012A - 2014A.
Source: Company data
MXN millions unless otherwise stated (2) 2012A 2013A 2014A 2014A (1) 1H 2015 1H 2015 (1)
(USD
millions)
(USD
millions)
Net income 203 265 605 41 658 42
Plus (minus):
Finance costs 90 126 32 2 10 1
Finance income (14) (25) (23) (2) (22) (1)
(Benefit)/provision for income taxes 3 18 39 3 282 18
Depreciation and amortization 211 302 343 23 228 15
EBITDA 494 685 995 68 1,156 75
Exchange (gain) loss, net 95 (66) (449) (30) (233) (15)
Adjusted EBITDA 589 619 547 37 923 60
Aircraft and engine rent expense 1,886 2,187 2,535 172 1,562 100
Adjusted EBITDAR 2,475 2,806 3,081 209 2,485 160
25