The Start. Ed White, Vice President Corporate Real Estate, Alaska Airlines ACI-NA Economic and Finance Conference, April 7, 2009
|
|
- Violet Baldwin
- 6 years ago
- Views:
Transcription
1 1
2 The Start Ed White, Vice President Corporate Real Estate, Alaska Airlines ACI-NA Economic and Finance Conference, April 7,
3 The Issues Airports... Desire high ratings to reduce borrowing costs Maintain liquidity and coverage to achieve higher ratings Liquidity provides Source of internal capital funds Reserves to protect against decline in enplanements / revenues Airlines See liquidity and coverage as adding to their costs Are unsure this cost provides commensurate benefits 3
4 Airport Ratings Senior Lien Airport Revenue Bond Rating Distribution as of September 30, AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- Fitch Moody's S&P Sources: Fitch Ratings, Moody s Investor Service, Standard & Poor s Rating Service Compiled by Ricondo & Associates, Inc. Sept
5 Airline Ratings U. S. Based Airline Credit Ratings as of September 30, 2009 Holding Company / Airline Fitch Moody's S&P Issuer Default / Sr Unsecured Corporate Family / Sr Unsecured Credit Rating / Sr Unsecured AirTran Holdings Inc. / AirTran Airways - Caa2 / Ca CCC+ / CCC Alaska Air Group / Alaska Airlines - B1 / B3 B / CCC+ AMR Corporation / American Airlines CCC / C Caa1 / Caa2 B- / CCC+ Continental Airlines, Inc. B- / B2 / B3 B / CCC+ Delta Air Lines, Inc. B- / - B2 / - B / JetBlue Airways Corp. B- / CC Caa2 / Ca B- / CCC Southwest Airlines Co. BBB / BBB - / Baa3 BBB+ / BBB+ UAL Corp. / United Airlines CCC / C Caa1 / - B- / CCC US Airways Group, Inc. / US Airways CCC / C Caa1 / - B- Sources: Fitch Ratings, Moody's Investor Service, Standard & Poor's Rating Service; Compiled by Ricondo & Associates, Inc. September
6 Airline Credit Considerations ATA unofficial list airline bankruptcies since 1978 Industry characteristics Extremely competitive Influenced by economic cycles Sensitive to event risk Limited barriers to entry Arguably strong barriers to exit esp. for large carriers Limited control over major expenses, notably fuel Highly leveraged Key credit factors liquidity and cash flow 6
7 Airport Credit Strengths No Recorded Defaults on General Airport Revenue Bonds Market facilitating function Open to all airlines Some limited due to physical, contractual, and/or legal constraints Limited commercial risk Significant barriers to entry Non-profit, cost-recovery nature of operations Financial backstop of the airlines Federal oversight of rates and charges Airport revenues restricted to airport uses These strengths support investment grade ratings for airports 7
8 Changing Airport Credit Characteristics Airports have accepted greater short-term risk through: Compensatory use and lease agreements Cost-recovery mechanism remains annual rate adjustments / extraordinary coverage provisions Shortened length of use and lease agreements Preferential and common use gate provisions Rising debt levels In return, they gain greater control over facilities through: Ability to accumulate cash reserves / internal capital Incentives to maximize non-airline revenues Diminished MII provisions Ability to reallocate gates / accommodate new carriers 8
9 Airport Ratings A Declining Trend Senior Lien Rating Changes January 1, September 30, 2009 Fitch Moody's S&P Rating Upgrades Rating Downgrades Outlook Revisions - Up Outlook Revisions - Down All three agencies have a negative outlook for the industry Sources: Fitch Ratings, Moody's Investor Service, Standard & Poor's Rating Service Compiled by: Ricondo & Associates, Inc. September
10 Liquidity - Why its important to the airlines Offset short-term events / changes in business conditions Ability to maintain market access Corporations issue bullet maturities, assume refinance risk Sources of liquidity Cash on hand Sale of stock Sale of unencumbered financial assets (e.g. miles, aircraft) Sale of nonstrategic assets (e.g. regional airline) Revolving line of credit Issuance of debt Support from outside vendors or lessors 10
11 Liquidity - Why its important to airports Offset short-term events / changes in business conditions Maintain ability to raise capital in municipal market Capital intensive, long planning horizon Airports issue amortizing bonds Coverage and liquidity significant rating considerations Source of internal capital funds Sources of liquidity Cash on hand Debt Revolving line of credit, short-term, long-term 11
12 Cost to airlines? Airlines believe high coverage and liquidity: Could be better used to reduce rates and charges Achieves lower return than alternative uses Allows for prefunding of capital projects that are better off being financed Airports believe high coverage and liquidity: Maintains high ratings, lowering borrowing costs Reduces their need for external borrowing, lowering costs 12
13 Borrowing costs a quick example $100 million municipal bond Level debt service, calculated on mortgage style basis 30-year term, 20-year rates used for average cost Municipal Market Data General Obligation Scale - revenue bond spreads likely differ Source: The Bond Buyer October 7, 2009 Airport serves 7.5 million annual enplanements Rating category AA A BBB Interest Rate 3.62% 4.12% 5.00% Annual debt service $5,520,000 $5,870,000 $6,500,000 CPE $0.74 $0.78 $0.85 Total interest cost $65,575,000 $76,027,000 $95,154,000 13
14 Liquidity considerations for airports Rating agencies do not have established targets Rating agencies favor airports with higher liquidity / coverage to their peers In setting a goal regarding appropriate liquidity level, an airport should consider: Seasonal cash flow variances Level of financial exposure to any one carrier or group of airlines Effect of a 10% - 15% decline in enplanements on revenues Annual debt service and other fixed obligations Amount of variable rate debt and interest rate exposure Pending capital needs Potential alternative uses of cash assets Ramifications on airline rates and charges 14
15 Lower ratings costs to airports Non-investment grade ratings Corporate issuers have established non-investment grade market Municipal non-investment grade market is thin and illiquid Vast majority of municipal issuers are investment grade Market largely consists of risk-averse individual investors Most municipal mutual funds limited in amount of non-investment grade bonds they can hold Untried bankruptcy process Security limited to revenue stream May result in prolonged period of recovery Significantly higher interest rates Risk loss of market access Risk loss of public support, political will to undertake projects 15
16 Next steps Draft report submitted to committee for review Present initial findings for comment and feedback Need consensus on appropriate cost / benefit calculations Develop calculations and submit to committee for review Revise report for final committee review Publish paper for industry comment period Incorporate industry comments and publish final paper 16
17 Thank you for your interest Comments / suggestions Peter Stettler Ricondo & Associates, Inc 20 N. Clark Street Suite 1500 Chicago, Illinois Phone: p_stettler@ricondo.com 17
An Industry White Paper
Credit Ratings and Cash Reserves: How They Influence the Borrowing Costs of Airports: An Industry White Paper ACI-NA Finance Committee January 25, 2011 ACI-NA Finance Committee i This Industry White Paper
More informationThe Airline Analyst Financial Ratings Webinar Presentation 18 th January Michael Duff, Managing Director, The Airline Analyst
Webinar Presentation 18 th January 2013 Michael Duff, Managing Director, The Airline Analyst April 2011 Outline The Airline Analyst TAA Financial Ratings Overview of Results Methodology Review of Some
More information2010 FAA Great Lakes Region Annual Conference State of Airport Financing November 3, Marsha Stone, CFO Indianapolis Airport Authority
2010 FAA Great Lakes Region Annual Conference State of Airport Financing November 3, 2010 Marsha Stone, CFO Indianapolis Airport Authority Economy and Aviation Industry U.S. Aviation Traffic: Signs of
More informationFinancing the Airlines Expansion. Liberalisation of Air Transport in Asia/Pacific Shanghai, China 25 May 2005
Financing the Airlines Expansion Liberalisation of Air Transport in Asia/Pacific Shanghai, China 25 May 2005 Contents 1. Asia/Pacific Market Overview 2. Business Cycle 3. Airlines Credit Rating vs. Funding
More informationKroll Bond Rating Agency, Inc.
Kroll Bond Rating Agency, Inc. U.S Airports Harvey Zachem Senior Director September 7, 2014 KBRA Airport Rating Methodology Kroll Bond Rating Agency (KBRA) published its General Airport Revenue Bond (GARB)
More informationLeveraging CFCs Using Consolidated Facility Charges to Fund Airport Projects
Leveraging CFCs Using Consolidated Facility Charges to Fund Airport Projects Jessica Soltz Rudd Senior Director 2007 ACI-NA Economics & Finance Conference May 22, 2007 Agenda Using CFC Revenues Pay-go
More informationGAMING INVESTMENT FORUM AT G2E. September 26, 2016
GAMING INVESTMENT FORUM AT G2E September 26, 2016 Dan D Arrigo EVP & Chief Financial Officer MGM Resorts International MGM RESORTS INTERNATIONAL Strong Domestic Operating Results Las Vegas Trends Maximizing
More informationCONTACT: Investor Relations Corporate Communications
NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces Second Quarter 2017
More informationManagement Presentation. March 2016
Management Presentation March 2016 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationIstanbul Technical University Air Transportation Management, M.Sc. Program Aviation Economics and Financial Analysis Module 2 November 2014
Sources of Finance Istanbul Technical University Air Transportation Management, M.Sc. Program Aviation Economics and Financial Analysis Module 2 November 2014 Outline A. Introduction to airline finance
More informationCREDIT SUISSE GLOBAL INDUSTRIALS CONFERENCE DECEMBER 4, 2014
CREDIT SUISSE GLOBAL INDUSTRIALS CONFERENCE DECEMBER 4, 2014 1 1 SAFE HARBOR This presentation contains statements of a forward-looking nature which represent our management's beliefs and assumptions concerning
More information2012 Performance. ,ċ ĂĊ. %* * % (ƫ +/%0%+*ƫ,ċƫăă. Our profits (excluding special items) of $417 million grew 26 percent as compared to 2011.
212 Southwest Airlines One Report // Performance // 212 Performance Our Business Select offering contributed $93 million in Passenger revenues in 212. 212 Performance!2!*1!/ƫ,ċƫăĀ Our profits (excluding
More informationAnnual Results Air New Zealand
Annual Results 2011 Air New Zealand Highlights Normalised earnings* $75m Net cash position of $860m Operating cash flow down 5% Gearingat467% at 46.7% Final dividend 2.5 cents per share (unimputed) New
More informationSpirit Overview & 2016 Priorities
March 2016 Disclaimer Statements in this release and certain oral statements made from time to time by representatives of the Company contain various forward-looking statements within the meaning of Section
More informationDeutsche Bank Leveraged Finance Conference October 3, Ted North Managing Director Corporate Finance
Deutsche Bank Leveraged Finance Conference October 3, 2017 Ted North Managing Director Corporate Finance Safe Harbor Statement Certain statements included in this presentation are forward-looking and thus
More informationHeathrow (SP) Limited
28 April 2014 Heathrow (SP) Limited Results for three months ended 31 March 2014 Strong operational and financial performance at the outset of the new regulatory period Highest ever passenger satisfaction
More informationSKYWEST, INC. ANNOUNCES THIRD QUARTER 2014 RESULTS
NEWS RELEASE For Further Information Contact: Investor Relations Telephone: (435) 634-3203 Fax: (435) 634-3205 FOR IMMEDIATE RELEASE: October 29, 2014 SKYWEST, INC. ANNOUNCES THIRD QUARTER 2014 RESULTS
More informationSkyWest, Inc. Announces First Quarter 2018 Profit
NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces First Quarter 2018
More informationAIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter
AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter MONTRÉAL, November 4, 2010 Air Canada today reported operating income
More informationAMR CORPORATION REPORTS THIRD QUARTER 2011 RESULTS. Net Loss of $162 Million; Operating Earnings of $39 Million
CONTACT: Sean Collins Corporate Communications Fort Worth, Texas 817-967-1577 mediarelations@aa.com FOR RELEASE: Wednesday, REPORTS THIRD QUARTER 2011 RESULTS Net Loss of $162 Million; Operating Earnings
More informationSKYWEST, INC. ANNOUNCES THIRD QUARTER 2012 RESULTS
NEWS RELEASE For Further Information Contact: Michael J. Kraupp Chief Financial Officer and Treasurer Telephone: (435) 634-3212 Fax: (435) 634-3205 FOR IMMEDIATE RELEASE: November 7, 2012 SKYWEST, INC.
More informationThe Airport Credit Outlook
The Airport Credit Outlook Peter Stettler Ricondo & Associates, Inc. National Federation of Municipal Analysts National Conference April 19, 2012 Las Vegas, Nevada The Outlook for Airports Recent Trends
More informationCONTACT: Investor Relations Corporate Communications
NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces Fourth Quarter 2017
More informationPublic Finance. Airport Commission, City and County of San Francisco, California San Francisco International Airport.
Revenue New Issue Ratings New Issues a Second Series Variable-Rate Revenue Refunding Bonds, Issue 34A, 34B, 34C, 34F, 34G Second Series Revenue Refunding Bonds, Issue 34D, 34E Outstanding Debt Second Series
More informationMIRAMAR, Fla., April 29, 2015 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (Nasdaq:SAVE) today reported first quarter 2015 financial results.
April 29, 2015 Spirit Airlines Announces First Quarter 2015 Results; Adjusted Net Income Increases 87.1 Percent to $70.7 Million and Pre-Tax Margin Increases 900 Basis Points to 22.7 Percent MIRAMAR, Fla.,
More informationLOS ANGELES INTERNATIONAL AIRPORT
LOS ANGELES INTERNATIONAL AIRPORT February 27, 2014 Disclaimer GENERAL This presentation you are about to view is provided as of February 27, 2014. If you are viewing this presentation after February 27,
More informationManagement Presentation. May 2013
Management Presentation May 2013 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationInvestor Update Issue Date: April 9, 2018
Investor Update Issue Date: April 9, 2018 This investor update provides guidance and certain forward-looking statements about United Continental Holdings, Inc. (the Company or UAL ). The information in
More information1Q 2017 Earnings Call. April 18, 2017
1Q 2017 Earnings Call April 18, 2017 Safe Harbor Statement Certain statements included in this presentation are forward-looking and thus reflect our current expectations and beliefs with respect to certain
More informationCONTACT: Investor Relations Corporate Communications
NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces Second Quarter 2016
More informationAnnual Airport Finance and Administration Conference Innovative Funding Strategies. March 4, 2013 Destin, Florida Bonnie Deger Ossege
Annual Airport Finance and Administration Conference Innovative Funding Strategies March 4, 2013 Destin, Florida Bonnie Deger Ossege OVERVIEW Trends- Capital Improvement Programs Determine Your Airport
More informationManagement Presentation. November 2011
Management Presentation November 2011 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationSpirit Airlines Reports First Quarter 2017 Results
Spirit Airlines Reports First Quarter 2017 Results MIRAMAR, Fla., April 28, 2017 - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported first quarter 2017 financial results. GAAP net income for the first
More informationMr. Adel Al-Banwan Deputy CEO
The 8th Forum for Listed Companies and Analysts ALAFCO Aviation Lease and Finance Co. Mr. Adel Al-Banwan Deputy CEO (18 th April 2016) ALAFCO Aviation Lease and Finance Company K.S.C.P. ALAFCO Aviation
More informationCopa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006
Copa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006 Panama City, Panama --- March 7, 2007. Copa Holdings, S.A. (NYSE: CPA), parent company of Copa
More informationCiti Industrials Conference
Citi Industrials Conference June 13, 2017 Andrew Levy Executive Vice President and Chief Financial Officer Safe Harbor Statement Certain statements included in this presentation are forward-looking and
More informationPORT OF SEATTLE PRESENTATION TO THE WESTERN STATES INSTITUTIONAL INVESTORS CONFERENCE MAY 15, 2018
PORT OF SEATTLE PRESENTATION TO THE WESTERN STATES INSTITUTIONAL INVESTORS CONFERENCE MAY 15, 2018 Elizabeth Morrison, Port of Seattle Director of Corporate Finance 0 OVERVIEW Regional Economy Port Financial
More informationHeathrow (SP) Limited
Draft v2.0 10 Feb Heathrow (SP) Limited Results for year ended 31 December 2013 24 February 2014 Strong operational and financial performance in 2013 Passenger satisfaction at record high and over 72 million
More informationJ.P. Morgan Aviation, Transportation and Industrials Conference
J.P. Morgan Aviation, Transportation and Industrials Conference March 3, 08 Scott Kirby President Safe Harbor Statement Certain statements included in this presentation are forward-looking and thus reflect
More informationNew Market Structure Realities
New Market Structure Realities July 2003 Prepared by: Jon F. Ash, Managing Director 1800 K Street, NW Suite 1104 Washington, DC, 20006 www.ga2online.com The airline industry during the past two years has
More informationE190 REPLACEMENT & FLEET UPDATE JULY 11, 2018
1 E190 REPLACEMENT & FLEET UPDATE JULY 11, 2018 SAFE HARBOR This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A
More informationInvestor Update: October 25, 2016
Investor Update: October 25, 2016 This investor update provides JetBlue s investor guidance for the fourth quarter ending December 31, 2016 and full year 2016. Recent Announcements JetBlue has recently
More informationSpirit Airlines Maxim Group Growth Conference March 26, 2012
Spirit Airlines Maxim Group Growth Conference March 26, 2012 Disclaimer This presentation includes forward-looking statements. We have based these forward-looking statements largely on our current expectations
More informationINVESTOR PRESENTATION. Imperial Capital Global Opportunities Conference September 2015
INVESTOR PRESENTATION Imperial Capital Global Opportunities Conference September 2015 Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private
More informationGreater Orlando Aviation Authority, Florida; Airport
Greater Orlando Aviation Authority, Florida; Airport Primary Credit Analyst: Peter V Murphy, New York (1) 212-438-2065; peter.murphy@standardandpoors.com Secondary Contact: Joseph J Pezzimenti, New York
More informationManagement Presentation. August 2012
Management Presentation August 2012 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationRequirement for bonding and other forms of security
Consumer Protection Group Air Travel Organisers Licensing Requirement for bonding and other forms of security ATOL Policy and Regulations 2016/02 Contents Contents... 1 1. Introduction... 2 Assessment
More informationChicago Chicago Midway International Airport; Airport; Joint Criteria
Summary: Chicago Chicago Midway International Airport; Airport; Joint Criteria Primary Credit Analyst: Kevin R Archer, Chicago (312) 233-7089; Kevin.Archer@spglobal.com Secondary Contact: Joseph J Pezzimenti,
More informationAIR SERVICE & ECONOMIC DEVELOPMENT
2017 Mead & Hunt, Inc. AIR SERVICE & ECONOMIC DEVELOPMENT CALED Conference March 23, 2017 San Diego, CA 2 TOPICS Airline industry update Air service development overview Purpose Approach Community partnerships/economic
More informationInvestor Update September 2017 PARTNER OF CHOICE EMPLOYER OF CHOICE INVESTMENT OF CHOICE
Investor Update September 2017 PARTNER OF CHOICE EMPLOYER OF CHOICE INVESTMENT OF CHOICE 1 Forward Looking Statements In addition to historical information, this presentation contains forward-looking statements
More informationCowen Securities 6 th Annual Global Transportation Conference June 11, 2013
Cowen Securities 6 th Annual Global Transportation Conference June 11, 2013 This presentation and the discussion today will include forward-looking statements regarding the performance of Alaska Air Group
More informationJoe Randell President and Chief Executive Officer Jolene Mahody Executive Vice President and Chief Financial Officer
Joe Randell President and Chief Executive Officer Jolene Mahody Executive Vice President and Chief Financial Officer Nathalie Megann Vice President, Investor Relations and Corporate Affairs December, 2015
More informationFY 2018 Rates, Fees, and Charges Year End Reconciliation. Finance Department P.O. Box DFW Airport, Texas
FY Rates, Fees, and Charges Year End Reconciliation Finance Department P.O. Box 619428 DFW Airport, Texas 75261-9428 Business Units Executive Summary Summary of FY Year-End Reconciliation Landing Fee Terminal
More informationFerrovial increases net profit by 12%, to 287 million euro
All-time record backlog: 23.695 billion euro Ferrovial increases net profit by 12%, to 287 million euro Revenues expanded by 2.8% to 3.758 billion euro, supported by solid performance in the international
More informationSpirit Airlines Reports Third Quarter 2015 Pre-Tax Margin of 26.9 Percent
October 27, 2015 Spirit Airlines Reports Third Quarter 2015 Pre-Tax Margin of 26.9 Percent MIRAMAR, Fla., Oct. 27, 2015 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (NASDAQ:SAVE) today reported third quarter
More informationACI Webinar Airport Capital Investment CIP Financial Planning
Manage the Future: Planning CIPs in Times of Accelerated Change and Uncertainty ACI Webinar Airport Capital Investment CIP Financial Planning Don Arthur Principal Unison Consulting, Inc. 0 Agenda Affordability
More informationAirport/Airline Business Working Group September 9, 2012
ACI Annual Airport/Airline Business Working Group September 9, 2012 Agenda Recap of the 2012 work plan 1. Continue to Coordinate with A4A 2. Update the ACI-NA Finance Committee Resource Center 3. Engage
More informationJacksonville Aviation Authority Annual Report The Power Within.
Jacksonville Aviation Authority Annual Report 2007 The Power Within. Board of Directors & Executive Team Cyrus Jollivette Chairman 1 John D. Clark Executive Director / CEO Jim McCollum Vice-Chairman 2
More informationDavid Y. Bannard. Representative Experience
David Y. Bannard Dave Bannard has 25 years of experience in representing airports on a wide variety of matters, including regulatory compliance, airport financings, leasing, use and lease agreements and
More informationCorporate Presentation National Bank Transportation and Logistics Conference March 24, 2010
Corporate Presentation National Bank Transportation and Logistics Conference March 24, 2010 Forwardlooking statement Certain information in this presentation and statements made during this presentation,
More informationPreliminary Draft Budget FY Airline Rates and Charges. Sea-Tac International Airport
Draft Budget FY 2015 Airline Rates and Charges Sea-Tac International Airport Aviation Finance & Budget 2015 Budget Airline Rates and Charges TABLE OF CONTENTS Exhibit Contents 1 Aeronautical Revenue Summary
More informationBank of America Merrill Lynch Global Transportation Conference. June 16, 2010
Bank of America Merrill Lynch Global Transportation Conference June 16, 2010 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any
More informationManagement s Review and Analysis of Financial Position
Management s Review and Analysis of Financial Position Japan Airlines System Corporation and Consolidated Subsidiaries Years Ended March 31, 22 and 23 Consolidated operating revenues 2,4 1,8 1,2 6 21 22
More informationOPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events
Copa Holdings Reports Net Income of $103.8 million and EPS of $2.45 for the Third Quarter of 2017 Excluding special items, adjusted net income came in at $100.8 million, or EPS of $2.38 per share Panama
More informationJ.P. Morgan 2019 Global Emerging Markets Corporate Conference. Miami, February 2019
J.P. Morgan 2019 Global Emerging Markets Corporate Conference Miami, February 2019 This presentation may include forward-looking comments regarding the Company s business outlook and anticipated financial
More informationACI-NA BUSINESS TERM SURVEY APRIL 2017
ACI-NA BUSINESS TERM SURVEY APRIL 2017 Airport/Airline Business Working Group Randy Bush Tatiana Starostina Dafang Wu Assisted by Professor Jonathan Williams, UNC Agenda Background Rates and Charges Methodology
More informationSummary: Denver International Airport, Colorado; Airport
June 23, 2008 Summary: Denver International Airport, Colorado; Airport Primary Credit Analyst: Robert Hannay, San Francisco (1) 415-371-5038; robert_hannay@standardandpoors.com Secondary Credit Analyst:
More informationAnalysts and Investors conference call. Q results. 15 May 2013
Analysts and Investors conference call Q1 2013 results 15 May 2013 Management summary Key messages of Q1 2013 +6% +9% +3.3%p. Q1 2013 operational KPIs are in line with 109.7 116.2 6.5 7.1 82.3 85.6 expectations,
More information2Q 2017 Earnings Call. July 19, 2017
2Q 2017 Earnings Call July 19, 2017 Safe Harbor Statement Certain statements included in this presentation are forward-looking and thus reflect our current expectations and beliefs with respect to certain
More informationACI-NA BUSINESS TERM SURVEY 2018 BUSINESS OF AIRPORTS CONFERENCE
ACI-NA 2017-18 BUSINESS TERM SURVEY 2018 BUSINESS OF AIRPORTS CONFERENCE Airport/Airline Business Working Group Tatiana Starostina Dafang Wu Assisted by Professor Jonathan Williams, UNC Agenda Background
More informationManagement Presentation. November 2013
Management Presentation November 2013 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationManagement Presentation. May 2012
Management Presentation May 2012 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationSTAYING TRUE. Scotia Capital Transportation & Aerospace Conference. November 15, 2011
STAYING TRUE Scotia Capital Transportation & Aerospace Conference November 15, 2011 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including
More informationState of the Aviation Industry The North American Airport Perspective Marketing and Communications Conference
State of the Aviation Industry The North American Airport Perspective Marketing and Communications Conference June 22, 2011 Cleveland, OH Greg Principato, President ACI-NA Millions 2 U.S. Aviation Traffic:
More informationGlobal Infrastructure & Project Finance
Airports u.s. New Issue San Francisco, City and County, Airport Commission (California) san Francisco International Airport Rating History Amount Final Outlook! Class ($ Mil.) Maturity Rating Outlook Rating
More information2010 ANNUAL GENERAL MEETING. May 4, 2010
2010 ANNUAL GENERAL MEETING May 4, 2010 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any question and answer session, may contain
More informationUnited Continental Holdings, Inc (NYSE: UAL) ONE YEAR PRICE RANGE : $ LAST PRICE: $ ANALYST RATING: Sell
United Continental Holdings, Inc (NYSE: UAL) ONE YEAR PRICE RANGE : $61.91 68.76 LAST PRICE: $68.39 ANALYST RATING: Sell VALUATION DATE: August 3, 2017 NEXT EARNINGS DATE: October 17, 2017 Investment Thesis:
More informationBank of America Merrill Lynch Emerging Markets Corporate Conference. Miami, June 2016
Bank of America Merrill Lynch Emerging Markets Corporate Conference Miami, June 2016 This presentation may include forward-looking comments regarding the Company s business outlook and anticipated financial
More informationCorporate presentation CIBC Whistler Institutional Investor Conference January 21, 2010
Corporate presentation CIBC Whistler Institutional Investor Conference January 21, 2010 Forwardlooking statement Certain information in this presentation and statements made during this presentation, including
More informationInvestor Update July 22, 2008
JetBlue Airways Investor Relations Lisa Studness (718) 709-2202 ir@jetblue.com Investor Update July 22, 2008 This investor update provides our investor guidance for the third quarter ending September 30,
More informationFIRST QUARTER RESULTS 2017
FIRST QUARTER RESULTS 2017 KEY RESULTS In the 1Q17 Interjet total revenues added $4,421.5 million pesos that represented an increase of 14.8% over the income generated in the 1Q16. In the 1Q17, operating
More informationInvestor Update April 23, 2009
JetBlue Airways Investor Relations (718) 709-2202 ir@jetblue.com Investor Update April 23, 2009 This investor update provides our investor guidance for the second quarter ending June 30, 2009 and full
More informationTerminal Space and Ratemaking
Terminal Space and Ratemaking (Written by Dafang Wu on March 19, 2016; PDF version) This article discusses classification of terminal space and options for setting terminal rates and charges methodology.
More informationSECURITIES AND EXCHANGE COMMISSION Washington, D.C Form 10-Q SKYWEST, INC.
prorate SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2018
More informationGerry Laderman SVP Finance, Procurement and Treasurer
Gerry Laderman SVP Finance, Procurement and Treasurer Safe Harbor Statement Certain statements included in this release are forward-looking and thus reflect our current expectations and beliefs with respect
More informationTHIRD QUARTER RESULTS 2018
THIRD QUARTER RESULTS 2018 KEY RESULTS In the 3Q18 Interjet total revenues added $ 6,244.8 million pesos that represented an increase of 7.0% over the revenue generated in the 3Q17. In the 3Q18, operating
More informationTulsa Airports Improvement Trust Strategic Plan Update
Tulsa Airports Improvement Trust Strategic Plan Update 2016-2026 TABLE OF CONTENTS I. Background II. III. IV. Existing Conditions and Future Requirements Mission, Vision, & Goals Strengths, Weakness, Opportunities
More informationAdjusted net income of $115 million versus an adjusted net loss of $7 million in the second quarter of 2012, an improvement of $122 million
Air Canada Reports Record Second Quarter 2013 Results Highest Adjusted Net Income, Operating Income and EBITDAR Results for Second Quarter in Air Canada s History Adjusted net income of $115 million versus
More informationSTAYING TRUE. BofAML Global Transportation Conference. May
STAYING TRUE BofAML Global Transportation Conference May 19 2011 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any question
More informationSpirit Airlines Reports First Quarter 2018 Results
Spirit Airlines Reports First Quarter 2018 Results MIRAMAR, Fla., April 26, 2018 - Spirit Airlines, Inc. (NYSE: SAVE) today reported first quarter 2018 financial results. For the first quarter 2018, Spirit
More informationManagement Presentation. September 2011
Management Presentation September 2011 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More informationNorwegian Air Shuttle ASA
Norwegian Air Shuttle ASA Q4 2017 Presentation 15 February 2018 Highlights Q4 2017 Added one 737-800 and two 787-9s to operations Financed the first aircraft with a combination of UKEF and JOLCO Agreed
More informationManagement Presentation. September 2015
Management Presentation September 2015 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively
More information4Q15 and 2015 Results Presentation. March 30, 2016
4Q15 and 2015 Results Presentation March 30, 2016 Highlights Paulo Kakinoff CEO Highlights Macro Environment Even more adverse environment for the Brazilian economy, with a GDP drop of 3.8% in 2015 Devaluation
More information2007/08 Full Year Results Investor Briefing
2007/08 Full Year Results Investor Briefing Highlights of Result Profit before tax up 46% to $1,408 million Up 36% on the reported result Margin improvement $3 billion of Sustainable Future Benefits achieved
More informationGuidance on criteria for assessing the financial resources of new applicants and holders of operating licences
Consumer Protection Group Risk Analysis Department Guidance on criteria for assessing the financial resources of new applicants and holders of operating licences Version 10 (20 April 2010) 1 Introduction
More informationInvestor Update April 22, 2008
JetBlue Airways Investor Relations Lisa Studness (718) 709-2202 ir@jetblue.com Investor Update April 22, 2008 This investor update provides our investor guidance for the second quarter ending June 30,
More informationFourth Quarter 2015 Financial Results
Fourth Quarter 2015 Financial Results AerCap Holdings N.V. February 23, 2016 Disclaimer Incl. Forward Looking Statements & Safe Harbor This presentation contains certain statements, estimates and forecasts
More informationBroward County Aviation Department Recommended Budget Fiscal Year 2019
Broward County Aviation Department Recommended Budget Fiscal Year 2019 Overview FY 2019 Key Operating Budget Highlights Industry and Airline Activity FLL Activity Comparison of Passenger Growth Rates Enplanement
More informationFinancial Feasibility Analysis Terminal Programming Study Des Moines Airport Authority
Financial Feasibility Analysis Terminal Programming Study Des Moines Airport Authority September 12, 2017 Contents 1. Funding Sources for Airport Projects 2. Financial Metrics 3. CIP Summary and Funding
More information