MEXICO CITY, Oct. 24, 2022 /PRNewswire/ -- 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 2022[1].

Volaris Logo

Third Quarter 2022 Highlights[2]

(All figures are reported in U.S. dollars and compared to 3Q 2021 unless otherwise noted)

Volaris reported double-digit growth in revenue, maintained CASM ex-fuel at industry-leading levels, and finished the quarter with a healthy balance sheet. Volaris will continue to take advantage of its flexible network strategy and stimulate demand through its resilient ULCC model.

  • Total operating revenue of $769 million, a 20% increase. Total revenue per available seat mile (TRASM) decreased 2.4% to $8.2 cents.
  • Total operating expenses of $734 million, a 52% increase. Total operating expenses per available seat mile (CASM) increased 24% to $7.85 cents, while CASM ex-fuel decreased 0.5% to $4.07 cents. Average economic fuel cost increased 72.2% to $3.96 per gallon. 
  • Net income of $40 million. Earnings per share of $0.03 and earnings per ADS of $0.30.
  • EBITDAR of $175 million, a 33% decrease. EBITDAR margin was 22.8%, a decrease of 18.1 percentage points.
  • Cash, cash equivalents and restricted cash position totaled $750 million, representing 28% of the last twelve months' total operating revenue.
  • Net debt-to-LTM EBITDAR ratio of 3.4 times.

"We have consistently anticipated strong demand in our visiting friends-and-relatives and leisure markets - markets which show no signs of a slowdown. ASMs grew by 22% for the third quarter compared to 2021 and by 48% compared to 2019. Our strategically planned growth has been both consistent and profitable.

While typically we see load factor peak in July and reductions towards the end of Summer, in this year our load factors increased every month in the third quarter, from 84.7% in July, to 84.9% in August, and reached an all-time monthly record high of 87.4% in September. Forward bookings are solid, and we expect to maintain a strong load factor for the remainder of the year, while CASM ex-fuel for the third quarter was under control despite inflationary pressures" said Enrique Beltranena, Chief Executive Officer.

Third Quarter 2022 Financial and Operations Highlights[3]
(All figures are reported in U.S. dollars and compared to 3Q 2021 unless otherwise noted)


Three months ended September 30,

Consolidated Financial Highlights                                  

2022

2021

Var.

Total operating revenue (millions)

769

640

20 %

TRASM (cents)

8.2

8.4

(2.4 %)

ASMs (million, scheduled & charter)

9,355

7,667

22 %

Load Factor (scheduled, RPMs/ASMs)

85.6 %

85.4 %

0.2 pp

Passengers (thousand, scheduled & charter)

8,125

6,650

22.2 %

Fleet (end of period)

113

94

19

Total operating expenses (millions)

734

484

52 %

CASM (cents)

7.85

6.33

24 %

CASM ex fuel (cents)

4.07

4.09

(0.5 %)

Adjusted CASM ex fuel (cents) (1) (2)

3.78

3.96

(4.5 %)

Operating income (EBIT) (millions)

35

156

(78 %)

% EBIT Margin

4.6 %

24.4 %

(19.8 pp)

Net income (millions)

40

76

(47 %)

% Net income margin

5.2 %

11.9 %

(6.7 pp)

EBITDAR (millions)

175

262

(33 %)

% EBITDAR Margin

22.8 %

40.9 %

(18.1 pp)

Net debt-to-EBITDAR

3.4x

2.8x

0.6x

*Note: Figures are rounded for convenience purposes. Further detail found in financial & operating indicators.
(1) Excludes fuel expense, redelivery expense and sale and lease-back gains.
(2) Reconciliation of CASM to Adjusted CASM ex fuel:


Three months ended September 30,

 Reconciliation of CASM

2022

2021

Var.

CASM (cents)

7.85

6.33

24 %

  - Fuel expense, net

3.78

2.24

69 %

CASM ex fuel

4.07

4.09

(0.5 %)

 -  Redelivery expenses

0.31

0.16

94 %

 - Sale and lease back gains

(0.02)

(0.03)

(33 %)

Adjusted CASM ex fuel

3.78

3.96

(4.5 %)

Total operating revenue in the quarter was $769 million, a 20% increase, driven by higher capacity, strong load factors, and seasonality. Moreover, demand has remained strong throughout the quarter with healthy booking curves notwithstanding certain headwinds (high inflation, economic and political uncertainty) occurring in the markets where Volaris operates.

Volaris transported 8.1 million passengers in the quarter, an increase of 22.2%. Domestic and international passengers increased 22.7% and 20.2%, respectively; total capacity, in terms of available seat miles (ASMs), increased 22% to 9.4 billion. Load factor reached 85.6%, 0.2 percentage points higher than the same period in 2021.

TRASM decreased 2.4% to $8.2 cents in the quarter. Average base fare was $56, a decrease of 1.8%. Ancillary revenue per passenger was $39, a 2.5% decrease. Ancillary revenue represented 41% of total operating revenue, the same level as third quarter 2021. Total operating revenue per passenger decreased 2.1% to $95.

Total operating expenses in the quarter were $734 million, a 52% increase, driven by higher fuel costs and major maintenance. The average economic fuel cost increased 72.2% to $3.96 per gallon in the period. CASM totaled $7.85 cents, 24% higher when compared to same period of 2021. CASM ex-fuel decreased 0.5% to $4.07 cents due to Volaris' disciplined cost control and increased utilization per aircraft. Adjusted CASM ex-fuel decreased 4.5% to $3.78 cents.

Comprehensive financing result represented a loss of $44 million in the third quarter of 2022, compared to a loss of $48 million in the same period of 2021. This result was impacted by higher interest rates.

In the third quarter, the average exchange rate was Ps.20.24 per US dollar, a 1.1% and 1.0% depreciation compared to the third quarter 2021 and second quarter of 2022, respectively. At the end of the quarter, the exchange rate stood at Ps.20.31 per US dollar. 

Income tax benefit was $49 million, compared to the $32 million expenses posted in the third quarter of 2021.

Net income in the quarter was $40 million, with earnings per share of $0.03 and earnings per ADS of $0.30. In the same period of 2021. In the same period of 2021. Net income was $76 million with earnings per share of $0.06 and earnings per ADS of $0.60.

EBITDAR was $175 million, a decrease of 33%, negatively impacted by higher fuel and landing, take-offs, and navigation expenses. EBITDAR margin was 22.8%, a decrease of 18.1 percentage points.

Balance Sheet, Liquidity and Capital Allocation

As of September 30th, 2022, Volaris required $9 million of cash for the third quarter, closing with $750 million in cash and cash equivalents, representing 28% of the last twelve months total operating revenue. Net cash flow provided by operating activities was $88 million, while cash outflows in investing and financing activities were $51 million and $46 million respectively. Positive net foreign exchange remained unchanged.

On September 30th, 2022, net debt was $2,151 million, which included $242 million of financial debt, $2,659 million of leasing liabilities, and less cash, cash equivalents and restricted position of $750 million. The net debt-to-LTM EBITDAR ratio was 3.4 times, compared to 2.9 times in the second quarter 2022.

Full Year 2022 Outlook

The Company expects to continue with its growth plans despite the global macroeconomic and geopolitical challenges faced throughout the year, while servicing the robust demand seen within its current network.

Volaris' full year 2022 guidance. Of note, the Company expects:

  • ASM growth of 25% compared to 2021.
  • Operating revenue in the range of $2.8 to $3.0 billion.
  • CASM ex-fuel increase of approximately 1% compared to 2021.
  • EBITDAR margin in the low twenties.
  • And finally, CAPEX of $145 million.  

This outlook assumes a full year average USD/MXN rate between Ps.20.25 to Ps.20.30 and an average economic fuel price between $3.85 to $3.90 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 2022 Outlook is based on a number of assumptions, including the foregoing, that 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, the Company redelivered one A319ceo in September and incorporated one new A320neo to its fleet. As of September 30th, 2022, Volaris' fleet was composed of 113 aircraft (5 A319s, 87 A320s and 21 A321s), of which 51% are New Engine Option (NEO) models. Volaris' fleet had an average of 190 seats per aircraft and an average age of 5.5 years. The Company plans to end 2022 with approximately 116 aircraft.

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:
Gabriela Fernández / gabriela.fernandez@volaris.com

Conference call and webcast details                              

Date:

Tuesday, October 25th, 2022

Time:

8:00 am Mexico City (CT) / 9:00 am New York (USA) (ET)

United States dial in:

+1-844-204-8586

Mexico dial in:

+52-55-8880-8040

International dial in:

+1-412-317-6346

Participant code:

Volaris

Webcast & video presentation:

https://webcastlite.mziq.com/cover.html?webcastId=5a3163ba-e4b8-4978-8e6e-99bfd160633b

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 196 and its fleet from 4 to 114 aircraft. Volaris offers more than 500 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 thirteen consecutive years. For more information, please visit: www.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-IFRS 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 and Net debt-to-LTM EBITDAR. 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, redelivery expense and sale and lease back gains. We define EBITDAR as earnings before interest, income tax, depreciation and amortization, depreciation of right of use assents and aircraft and engine variable lease expenses. We define Net debt-to-LTM EBITDAR as Net debt divided by LTM EBITDAR.

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 U.S. dollars, except otherwise indicated)

Three months
ended September
30, 2022

Three months
ended September
30, 2021

Variance





Total operating revenues (millions)

769

640

20.2 %



Total operating expenses (millions)

734

484

51.7 %



EBIT (millions)

35

156

(77.6 %)



EBIT margin

4.6 %

24.4 %

(19.8 pp)



Depreciation and amortization (millions)

107

84

27.4 %



Aircraft and engine variable lease expenses (millions)

32

22

45.5 %



Net income (millions)

40

76

(47.4 %)



Net income margin

5.2 %

11.9 %

(6.7 pp)



Earnings per share:






Basic

0.03

0.06

(50.0 %)



Diluted

0.03

0.06

(50.0 %)



Earnings per ADS:






Basic

0.30

0.65

(53.8 %)



Diluted

0.30

0.65

(53.8 %)



Weighted average shares outstanding:






Basic

1,165,976,677

1,165,976,677

0.0 %



Diluted

1,165,976,677

1,165,976,677

0.0 %



Available seat miles (ASMs) (millions) (1)

9,355

7,667

22.0 %



     Domestic

6,507

5,397

20.6 %



     International

2,848

2,270

25.5 %



Revenue passenger miles (RPMs) (millions) (1)

8,007

6,551

22.2 %



     Domestic

5,708

4,714

21.1 %



     International

2,299

1,837

25.1 %



Load factor (2)

85.6 %

85.4 %

0.2 pp



     Domestic

87.7 %

87.3 %

0.4 pp



     International

80.8 %

80.9 %

(0.1 pp)



Total operating revenue per ASM (TRASM) (cents) (1)(4)

8.2

8.4

(2.4 %)



Total ancillary revenue per passenger (3)(4)

39

40

(2.5 %)



Total operating revenue per passenger (4)

95

97

(2.1 %)



Operating expenses per ASM (CASM) (cents) (1)(4)

7.85

6.33

24.0 %



CASM ex fuel (cents) (1)(4)

4.07

4.09

(0.5 %)



Adjusted CASM ex fuel (cents) (1)(4)(6)

3.78

3.96

(4.5 %)



Booked passengers (thousands) (1)

8,125

6,650

22.2 %



Departures (1)

50,586

41,820

21.0 %



Block hours (1)

130,323

105,202

23.9 %



Fuel gallons consumed (millions)

89.04

74.67

19.2 %



Average economic fuel cost per gallon (4)(5)

3.96

2.30

72.2 %



Aircraft at end of period

113

94

19



Average aircraft utilization (block hours)

13.35

13.00

2.7 %



Average exchange rate

20.24

20.01

1.1 %



End of period exchange rate

20.31

20.31

0.0 %



(1) Includes schedule and charter.                                                                     (3) Includes "Other passenger revenues" and "Non-passenger revenues".
(2) Includes schedule.                                                                                        (4) Excludes non-derivative financial instruments.
(5) Excludes Non-creditable VAT.                                                                      (6) Excludes fuel expense, redelivery expense and sale and lease-back gains.



 

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, 2022

Nine months
ended September
30, 2021

Variance





Total operating revenues (millions)

2,027

1,529

32.6 %



Total operating expenses (millions)

2,043

1,277

60.0 %



EBIT (millions)

(16)

252

N/A



EBIT margin

(0.8 %)

16.5 %

(17.3 pp)



Depreciation and amortization (millions)

305

238

28.2 %



Aircraft and engine rent expenses (millions)

90

69

30.4 %



Net (loss) income (millions)

(58)

116

N/A



Net (loss) income margin

(2.9 %)

7.6 %

(10.5 pp)



(Loss) earnings per share:






Basic

(0.05)

0.10

N/A



Diluted

(0.05)

0.10

N/A



(Loss) earnings per ADS:






Basic

(0.50)

1.00

N/A



Diluted

(0.50)

1.00

N/A



Weighted average shares outstanding:






Basic

1,165,976,677

1,165,976,677

0.0 %



Diluted

1,165,976,677

1,165,976,677

0.0 %



Available seat miles (ASMs) (millions) (1)

25,777

20,074

28.4 %



     Domestic

18,033

14,447

24.8 %



     International

7,744

5,627

37.6 %



Revenue passenger miles (RPMs) (millions) (1)

21,891

16,835

30.0 %



     Domestic

15,792

12,395

27.4 %



     International

6,099

4,440

37.4 %



Load factor (2)

84.9 %

83.9 %

1.0 pp



     Domestic

87.6 %

85.8 %

1.8 pp



     International

78.8 %

78.9 %

(0.1 pp)



Total operating revenue per ASM (TRASM) (cents) (1)(4)

7.9

7.7

2.6 %



Total ancillary revenue per passenger (3)(4)

37

39

(5.1 %)



Total operating revenue per passenger (4)

90

90

0.0 %



Operating expenses per ASM (CASM) (cents) (1)(4)

7.93

6.39

24.1 %



CASM ex fuel (cents) (1)(4)

4.22

4.32

(2.3 %)



Adjusted CASM ex fuel (cents) (1)(4)(6)

4.03

4.16

(3.1 %)



Booked passengers (thousands) (1)

22,576

17,124

31.8 %



Departures (1)

142,100

109,440

29.8 %



Block hours (1)

362,624

275,096

31.8 %



Fuel gallons consumed (millions)

248.17

194.53

27.6 %



Average economic fuel cost per gallon (4)(5)

3.83

2.14

79.0 %



Aircraft at end of period

113

94

19



Average aircraft utilization (block hours)

13.28

12.24

8.5 %



Average exchange rate

20.27

20.13

0.7 %



End of period exchange rate

20.31

20.31

0.0 %



(1) Includes schedule and charter.                                                                      (3) Includes "Other passenger revenues" and "non-passenger revenues".
(2) Includes schedule.                                                                                         (4) Excludes non-derivative financial instruments.
(5) Excludes Non-creditable VAT.                                                                       (6) Excludes fuel expense, redelivery expense and sale and lease-back gains.



 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Operations

Unaudited
(In million of U.S. dollars)

Three months
ended September
30, 2022

Three months
ended September
30, 2021

Variance





Operating revenues:






 Passenger revenues

742

622

19.3 %



   Fare revenues

453

377

20.2 %



   Other passenger revenues

289

245

18.0 %









 Non-passenger revenues

27

22

22.7 %



   Other non-passenger revenues

24

19

26.3 %



   Cargo

3

3

0.0 %









Non-derivatives financial instruments

-

(4)

(100.0 %)









Total operating revenues

769

640

20.2 %









Other operating income

(2)

(2)

0.0 %



Fuel expense, net (1)

354

170

108.2 %



Landing, take-off, and navigation expenses

94

76

23.7 %



Depreciation of right of use assets

82

70

17.1 %



Salaries and benefits

72

62

16.1 %



Aircraft and engine variable lease expenses

32

22

45.5 %



Sales, marketing, and distribution expenses

29

29

0.0 %



Maintenance expenses

24

25

(4.0 %)



Other operating expenses

24

18

33.3 %



Depreciation and amortization

25

14

78.6 %



Operating expenses

734

484

51.7 %









Operating income

35

156

(77.6 %)









Finance income

4

1

300.0 %



Finance cost

(46)

(37)

24.3 %



Exchange loss, net

(2)

(12)

(83.3 %)



Comprehensive financing result

(44)

(48)

(8.3 %)









(Loss) income before income tax

(9)

108

N/A



Income tax benefit (expense)

49

(32)

N/A



Net income

40

76

(47.4 %)









(1) 3Q 2021 figures include a benefit from non-derivatives financial instruments by an amount of $1 million.



 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Operations

Unaudited

Nine months
ended September
30, 2022

Nine months
ended September
30, 2021

Variance

(In million of U.S. dollars)

Operating revenues:




 Passenger revenues

1,947

1,480

31.6 %

   Fare revenues

1,191

872

36.6 %

   Other passenger revenues

756

608

24.3 %





 Non-passenger revenues

80

64

25.0 %

   Other non-passenger revenues

69

55

25.5 %

   Cargo

11

9

22.2 %





Non-derivatives financial instruments

-

(15)

(100.0 %)





Total operating revenues

2,027

1,529

32.6 %





Other operating income

(18)

(8)

125.0 %

Fuel expense, net (1)

957

410

133.4 %

Landing, take-off, and navigation expenses

277

212

30.7 %

Depreciation of right of use assets

237

200

18.5 %

Salaries and benefits

204

168

21.4 %

Aircraft and engine variable lease expenses

90

69

30.4 %

Sales, marketing, and distribution expenses

82

70

17.1 %

Maintenance expenses

75

70

7.1 %

Other operating expenses

71

48

47.9 %

Depreciation and amortization

68

38

78.9 %

Operating expenses

2,043

1,277

60.0 %





Operating (loss) income

(16)

252

N/A





Finance income

6

3

100.0 %

Finance cost

(137)

(97)

41.2 %

Exchange (loss) gain, net

(7)

8

N/A

Comprehensive financing result

(138)

(86)

60.5 %





(Loss) income before income tax

(154)

166

N/A

Income tax benefit (expense)

96

(50)

N/A

Net (loss) income

(58)

116

N/A





(1) September YTD 2021 figures include a benefit from non-derivative financial instruments by an amount of $6 million.

 

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

Three months
ended September
30, 2022

Three months
ended September
30, 2021

Variance

(In million of U.S. dollars)





Other passenger revenues

289

245

18.0 %

Non-passenger revenues

24

19

26.3 %

Total ancillary revenues

313

264

18.6 %





Booked passengers (thousands) (1)

8,125

6,650

22.2 %





Total ancillary revenue per passenger

39

40

(2.5 %)





(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

Nine months
ended September
30, 2022

Nine months
ended September
30, 2021

Variance
(%)

(In million of U.S. dollars)





Other passenger revenues

756

608

24.3 %

Non-passenger revenues

69

55

25.5 %

Total ancillary revenues

825

663

24.4 %





Booked passengers (thousands) (1)

22,576

17,124

31.8 %





Total ancillary revenue per passenger

37

39

(5.1 %)





(1) Includes schedule and charter.

 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Financial Position

(In million of U.S. dollars)

September 30,
2022
Unaudited

December 31,
2021 *





Assets





Cash, cash equivalents and restricted cash

750

741



Accounts receivable, net

203

106



Inventories

15

14



Prepaid expenses and other current assets

41

38



Guarantee deposits

60

79



Total current assets

1,069

978



Rotable spare parts, furniture and equipment, net

434

455



Right of use assets

2,137

1,917



Intangible assets, net

11

13



Derivatives Financial Instruments

2

1



Deferred income taxes

248

141



Guarantee deposits

480

455



Other long- term assets

34

23



Total non-current assets

3,346

3,005



Total assets

4,415

3,983



Liabilities





Unearned transportation revenue

389

304



Accounts payable

163

119



Accrued liabilities

246

178



Lease Liabilities

325

284



Other taxes and fees payable

183

131



Income taxes payable

11

4



Financial debt

87

197



Other liabilities

13

35



Total short-term liabilities

1,417

1,252



Financial debt

155

108



Accrued liabilities

-

1



Lease Liabilities

2,334

2,128



Other liabilities

236

167



Employee benefits

10

4



Deferred income taxes

13

11



Total long-term liabilities

2,748

2,419



Total liabilities

4,165

3,671



Equity





Capital stock

248

248



Treasury shares

(10)

(9)



Contributions for future capital increases

-

-



Legal reserve

17

17



Additional paid-in capital

283

281



Accumulated deficit

(134)

(76)



Accumulated other comprehensive loss

(154)

(149)



Total equity

250

312



Total liabilities and equity

4,415

3,983








Weighted average shares outstanding

1,165,976,677

1,165,976,677



(*) Unaudited USD figures.



 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Cash Flows – Cash Flow Data Summary

Unaudited
(In million of U.S. dollars)

Three months
ended September
30, 2022

Three months
ended September
30, 2021










Net cash flow provided by operating activities

88

187



Net cash flow used in investing activities

(51)

(17)



Net cash flow used in financing activities **

(46)

(86)



 (Decrease) increase in cash, cash equivalents and restricted cash

(9)

84



Net foreign exchange differences

-

8



Cash, cash equivalents and restricted cash at beginning of period

759

532



Cash, cash equivalents and restricted cash at end of period

750

624



**Includes aircraft rental payments of $82 million and $78 million for the three months ended September 30, 2022, and 2021, respectively.



 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Cash Flows – Cash Flow Data Summary

Unaudited

Nine months
ended September
30, 2022

Nine months
ended September
30, 2021

(In million of U.S. dollars)




Net cash flow provided by operating activities

446

531

Net cash flow used in investing activities

(27)

(66)

Net cash flow used in financing activities **

(411)

(346)

Increase in cash, cash equivalents and restricted cash

8

119

Net foreign exchange differences

1

7

Cash, cash equivalents and restricted cash at beginning of period

741

498

Cash, cash equivalents and restricted cash at end of period

750

624

**Includes aircraft rental payments of $332 million and $333 million for the nine months ended September 30, 2022, and 2021, respectively.

[1] The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).
[2] As of January 1, 2022, all figures are reported in U.S. dollars.
[3] As of January 1, 2022, all figures are reported in U.S. dollars.

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SOURCE Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - Volaris

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