INVESTOR DAY. December 3, 2014
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1 INVESTOR DAY December 3, 2014
2 Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company s current views with respect to certain current and future events and financial performance. Words such as expects, anticipates, projects, intends, plans, believes, estimates, variations of such words, and similar expressions are also intended to identify such forward-looking statements. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and assumptions relating to the Company s operations and business environment, all of which may cause the Company s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. These risks and uncertainties include, without limitation, the Company s ability to accurately forecast quarter and year-end results; economic volatility; the price and availability of aircraft fuel; fluctuations in demand for transportation in the markets in which the Company operates; the Company s dependence on tourist travel; foreign currency exchange rate fluctuations; and the Company s ability to implement its growth strategy. The risks, uncertainties and assumptions referred to above that could cause the Company s results to differ materially from the results expressed or implied by such forward-looking statements also include the risks, uncertainties and assumptions discussed from time to time in the Company s other public filings and public announcements, including the Company s Annual Report on Form 10-K for the year ended December 31, 2013 and the Company s Quarterly Reports on Form 10-Q, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. All forward-looking statements included in this document are based on information available to the Company on the date hereof. The Company does not undertake to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date hereof even if experience or future changes make it clear that any projected results expressed or implied herein will not be realized.
3 MARK DUNKERLEY President Chief Executive Officer
4 A Decade of Hawaiian Airlines LOOKING BACK ( ) Focused profitable growth Re-fleeting Diversification of our network International expansion Strengthening our North America and Neighbor Island network CURRENT ( ) Good year in 2014 Outlook for an even better 2015 / 2016 Modest growth Maturing network Expanding margins Balance sheet strength Best customer value proposition Best operational performance LOOKING FORWARD ( ) Growth opportunity with the delivery of the A321neos Leading long-haul network Financial strength Best customer value proposition Best operational performance
5 Agenda PRESENTATIONS 8:30 a.m. 9:30 a.m. COMMERCIAL Peter Ingram, EVP and Chief Commercial Officer FINANCE Scott Topping, EVP, Chief Financial Officer and Treasurer
6 Today s Presenters PETER INGRAM Executive Vice President Chief Commercial Officer 9 years with Hawaiian Previous Experience: American Airlines / American Eagle SCOTT TOPPING Executive Vice President Chief Financial Officer & Treasurer 3 years with Hawaiian Previous Experience: Southwest Airlines
7 Agenda PRESENTATIONS 8:30 a.m. 9:30 a.m. COMMERCIAL Peter Ingram, EVP and Chief Commercial Officer FINANCE Scott Topping, EVP and Chief Financial Officer and Treasurer BREAKOUT SESSIONS 9:30 a.m. 12 p.m. Three 40-minute sessions NETWORK Theo Panagiotoulias, SVP of Global Sales and Alliances Brent Overbeek, VP of Revenue Management & Network Planning ANCILLARY REVENUE Vicki Nakata, VP of Loyalty and Travel Products Tim Strauss, VP of Cargo FINANCE Scott Topping, EVP and Chief Financial Officer and Treasurer Christian Forbes, VP of Financial Planning & Analysis
8 Breakout Session Participants THEO PANAGIOTOULIAS Senior Vice President, Global Sales and Alliances BRENT OVERBEEK Vice President, Revenue Management & Network Planning TIM STRAUSS Vice President, Cargo VICKI NAKATA Vice President, Loyalty & Travel Products CHRISTIAN FORBES Vice President, Financial Planning & Analysis
9 Hawaiian Airlines Management Team Attendees SEAN MENKE Executive Vice President, Chief Operating Officer Joined Hawaiian in October RON ANDERSON- LEHMAN Executive Vice President, Chief Administrative Officer 2 years with Hawaiian ANN BOTTICELLI Senior Vice President, Corporate Communications & Public Affairs HOYT ZIA Senior Vice President, General Counsel & Corporate Secretary SHANNON OKINAKA Vice President, Controller
10 Agenda PRESENTATIONS 8:30 a.m. 9:30 a.m. COMMERCIAL Peter Ingram, EVP and Chief Commercial Officer FINANCE Scott Topping, EVP and Chief Financial Officer and Treasurer BREAKOUT SESSIONS 9:30 a.m. 12 p.m. Three 40-minute sessions NETWORK Theo Panagiotoulias, SVP of Global Sales and Alliances Brent Overbeek, VP of Revenue Management & Network Planning ANCILLARY REVENUE Vicki Nakata, VP of Loyalty and Travel Products Tim Strauss, VP of Cargo FINANCE Scott Topping, EVP and Chief Financial Officer and Treasurer Christian Forbes, VP of Financial Planning & Analysis CLOSING REMARKS, Q&A 12 p.m. 12:30 p.m. Mark Dunkerley, President and CEO
11 PETER INGRAM Executive Vice President Chief Commercial Officer
12 NETWORK
13 Larger / Diversified Network Diversification and growth de-risk our network LTM September 30, 2010 Total Passenger Revenue Breakdown LTM September 30, 2014 Total Passenger Revenue Breakdown $1.1 billion $2.0 billion 9% 32% 25% 51% 59% 24% Neighbor Islands North America International North America Neighbor Island International Total Passenger Revenue 600,000 Passenger Revenue in '000s 500, , , ,000
14 2015: Another Year of Moderate Capacity Growth Year-over-Year ASM Growth 25.0% 20.0% 15.0% 19% 22% 14% 10.0% 4% to 7% 5.0% 5% 1% to 3% 0.0% E 2015E 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Current 2015 Capacity Plan Expected Year-over-Year ASM growth 2% 1% -3% 4% to 7% 4% 2% Upgauge Full Year Effects [a] New Routes [b] Other Discontinued Total [a] Full year effects of 2014 new routes to Beijing, SFO-OGG, HNL-SJC and Ohana by Hawaiian service [b] New routes with destinations TBA.
15 Hawai i Neighbor Island Network is Without Parallel Unmatched presence: 86% seat share Unrivaled flight schedule: ~160 daily flights Strongest competitive position 2/3 of traffic is taking locals amongst the Neighbor Islands for everyday business Ohana by Hawaiian rounds out portfolio
16 Flying to Where Hawai i s Visitors Are Market Size Last 24 months SEP OCT Millions US West 6.47 Market Growth Last 24 months % change v US West 6% Leading position in traditional core markets US East 3.41 US East 3% JFK service and domestic codeshares Japan 3.03 Japan 15% Tokyo, Osaka, Sapporo/Sendai Canada 1.04 Canada 8% Oceania 0.70 Oceania 55% Sydney, Brisbane, Auckland Other Asia 0.71 Other Asia 51% Seoul, Beijing, codeshare and interline partners Europe 0.28 Europe 13% Other 0.48 Other -28% Source: HTA International Passenger data
17 Leading North America to Hawai i Network North America Network Strategy: Focus on largest gateways to Honolulu and Maui Product / schedule tailored for Hawai i service Create per-seat cost advantage Convenient connections to Neighbor Islands
18 West Coast to Neighbor Island Flying 2014 Summer routes from Los Angeles and Oakland to Lihue and Kona June to August PRASM on Mainland to Neighbor Island non-stops was accretive to North America average Future network opportunities: Seasonal flights in 2015 Additional opportunities with A321neos starting 2017
19 Broadest International Portfolio to Hawai i Route Maturation Focus With slower expansion we are pivoting to network maturity Bolster global sales effort to optimize distribution The Hawaii experts In-market sales presence Focused incentives Invest in underdeveloped direct distribution New website Advertising (awareness, channel shift)
20 COMMERCIAL INITIATIVES
21 Hawaiian Airlines Approach Hawai i s airline Outstanding hospitality Long-haul leisure Value for money Cost control but not at the expense of the guest Aggressively pursue incremental commercial opportunities
22 Refreshing Interiors on our B717s 717 SEAT CONFIGURATION Current Future # of Aircraft # of Seats First # of Seats Main Total Project underway to reconfigure B717s to a consistent, 128-seat configuration Updated seats maintain personal space in a denser configuration Consistent layout eliminates operational complexity More seats for peak demand periods
23 Building on our Cargo Success Cargo Revenue Multiple initiatives bearing fruit $80 $70 $63.6 $73.6 Introduction of A330 in Millions $60 $50 $40 $30 $20 $10 $0 $48.0 $ LTM Sep-14 Network expansion Personalized and responsive sales and service Investment in systems and management 2.3% Cargo Revenue as a % of Revenue 2.4% 3.0% % US Carriers Average With more to come. Expand our express carrier relationship Better exploit our neighbor island network Interline opportunities to expand reach Note: 2014 Cargo as a % of Revenue represents YTD 3Q14
24 E-commerce Platform Rebuild is Underway Internationalized to reflect our changing business Higher share of vacation spend - Integrated presentation of nonfare products Designed for how people shop More targeted offers and higher conversion rates Scalable and flexible technology platform Asian language sites deployed in August; Full site launch in 2015
25 Growing Sales of Value-Added Products Re-launching our website will improve distribution of our expanding mix of value-added products Value-Added Product Revenue Per Passenger $14.82 $15.13 $14.68 $17.89 Existing Products Sale of HawaiianMiles (other revenue) Baggage Seat Products (Extra Comfort / Preferred) First class upgrades HawaiianAirlines vacations Onboard Sales Ticket Changes LTM-Sept 2014
26 Successful Re-launch of Credit Card Boosts HawaiianMiles Revenue $35.0 $30.0 HawaiianMiles Revenue (non-passenger revenue component) $30.6 $25.0 In millions $20.0 $15.0 $10.0 $5.0 $- $12.1 $13.5 $ LTM-Sept 2014 New relationship with Barclaycard US, MasterCard and Bank of Hawaii in 2014 Japanese credit card launched with Sumitomo Mitsui Banking Corporation in October
27 Non-airfare Products are Increasingly Important BAGGAGE PREFERRED SEATS / EXTRA COMFORT REVENUE HAWAIIAN AIRLINES VACATIONS $80 $70 $67.8 $70.0 $73.9 $18 $16 $15.8 $9 $8 $8.0 (in Millions) $60 $50 $40 $30 $20 $56.6 (in Millions) $14 $12 $10 $8 $6 $4 $3.1 $4.8 $7.5 Commission Revenue (in Millions) $7 $6 $5 $4 $3 $2 $4.1 $4.4 $6.6 $10 $2 $1 $ LTM Sep- 14 $ LTM Sep-14 $ LTM Sep-14
28 In Summary Slower growth provides the opportunity to focus on maturing our strengthened network Optimized value proposition for the long-haul leisure customer Focused on margin-accretive revenue initiatives -28-
29 SCOTT TOPPING Executive Vice President Chief Financial Officer and Treasurer
30 Table of Contents 2014 Review 2015 Highlights Balance Sheet Strategy
31 2014 Themes Recent History Future Expectations Rapid growth Heavy investment Balance sheet steady Many developing routes High-cost hedging program High start-up costs Moderating growth Lower investment Strengthening balance sheet More mature routes Low-cost hedging program Lower start-up costs Growth-limited ROI Improving ROI
32 Growing ROIC and Operating Margin After several years of investment in the business, Hawaiian s financial performance is trending higher After-Tax ROIC Adjusted Operating Margin 8.5% 8.7% 8.9% 7.0% 6.9% 7.5% 7.7% 5.5% LTM Sep LTM Sep-14 LTM-3Q14 Adj. Op Margin up 29% over 2013
33 Positive Trends Continue in 2015 Favorable Operating Environment (Fuel) Moderating Growth & Investment 2015 Maturing Routes Improving Financial Results Turning FCF Positive Cost Control Accretive Initiatives Stronger Balance Sheet Network adjustments Other commercial initiatives CAPITAL ALLOCATION
34 Future Capital Spending Expected To Decline A330 deliveries complete in 2015 $498M $450M to $455M No planned deliveries in 2016 A321NEOs deliveries in planned 767 retirements / returns in Net aircraft +2 at YE 2017 No scheduled aircraft deliveries E 2015E 2016E 2017E # of Expected Aircraft Deliveries Aircraft Related CAPEX Non-Aircraft Based on our existing fleet plan. Utilized the mid-point of the Total CAPEX range for 2014E, 2015E, 2016E and 2017E
35 Good Cost Control Stable CASM ex-fuel year-over-year despite moderating growth LTM Sep-14 Note: CASM ex-fuel is a non-gaap measure. See Appendix for the Non-GAAP reconciliation.
36 2015 CASM Excluding Fuel Excluding fuel, 2015 CASM is expected in increase in the low single digit range as compared to CASM Ex-Fuel will be higher due to the following items One-Time Items (Pension, Commissions, Technology) Fleet Related (Aircraft Rent, Heavy Maintenance, PBH, D&A) Note: CASM ex-fuel is a non-gaap measure. -36-
37 We Benefit From the Significant Drop in Fuel Prices Based on the current forward curve (as of 12/1/14), including hedges, 2015 economic fuel price per gallon would be ~ $2.30-$2.40, including fuel taxes Economic fuel cost per gallon $3.13 $3.20 $3.15 $ $3.10 $2.31 $ $ E 2015E Notes: Economic fuel cost per gallon is a non-gaap measure. See Appendix for reconciliation. We believe this is a useful measure because it better reflects our controllable costs
38 Comprehensive Balance Sheet Strategy Expecting strong cash generation Favorable trends propelling the business Excess cash today Turning FCF positive in 2015 Need to review our balance sheet strategy Optimize to compete effectively over the long-term Guide decision making on capital allocation Initiated a 3 phased project over the last couple of quarters
39 Balance Sheet Strategy Phases LIQUIDITY TARGET Cash & Short term investments Revolving Credit LEVERAGE TARGET Adjusted Debt / EBITDAR CAPITAL ALLOCATION Multiple options
40 Liquidity Target Current Maturities of LTD / Cap Leases Capex vs. Operating Cash Flow Cash: 16-18% RCF: ~7% Support for Variability in working capital, PRASM, Fuel 45% 40% 35% 30% 25% 42% 38% Liquidity Target of 23% to 25% CURRENT 26% 25% 5% TARGET 20% 10% 7% 2% NEW REVOLVING CREDIT FACILITY - $175M 15% 3% 5% Scaled to our recent growth Low cost capital for occasional operating needs Carry less cash Primarily a rainy day fund 10% 5% 0% 19% ALGT SAVE HA ALK LUV JBLU HA AAL UAL DAL (Cash + STI) / 3Q14 TTM Revenue 15% 17% 19% 14% 11% (Cash + STI + Revolver) / 3Q14 TTM Revenue Notes: Based on 3Q14 TTM (Unrestricted Cash, STI and Availability under Revolving Credit Facility) Source: OA 10-Q / 8-K filings
41 Leverage Target Leverage Target Adjusted Debt / EBITDAR Below 4x 4.5x COMPETITIVE LEVERAGE 3.6x 3.7x 3.7x 4.2x Access to Capital Cost of Capital Credit Ratings Enterprise Risk 1.3x 1.5x 1.7x 2.3x 2.5x ALK LUV DAL SAVE ALGT JBLU UAL AAL HA Notes: Based on 3Q14 TTM Aircraft Rent Expense Capitalized at 7x Source: OA 10-Q / 8-K filings
42 Framework Balanced Capital Allocation Trending to target Excess cash today Target: 23-25% Cash: 16-18% Revolver: 7% TARGET LIQUIDITY Target: < 4.0X Current: 4.5X TARGET LEVERAGE Multiple options Shareholder returns Debt management CAPITAL ALLOCATION FCF generation
43 In Summary Our underlying business is strengthening Our balance sheet is strengthening A favorable operating environment is providing a tailwind Earnings and cash generation are gaining momentum We have a plan for capital allocation Maintain a competitive financial profile for the long-term Maximize shareholder value
44 MARK DUNKERLEY President Chief Executive Officer
45 In Conclusion 2014 is a good year 2015 outlook is for an even better year Moderate growth Maturing network Ancillary revenue growth Good cost control Expanding margins Continued strengthening of the balance sheet
46 Mahalo.
47 Non-GAAP Reconciliations NON-GAAP RECONCILIATIONS ($ in thousands) FY 2011 FY 2012 FY 2013 LTM Sep 14 Operating Income $20,283 $129,398 $133,747 $201,649 Add: lease termination expense 70, Operating Income, Non-GAAP $90,297 $129,398 $133,747 $201,649 Adjusted for realized losses on settlement of fuel derivative contracts 430 7,372 14, Adjusted Operating Income, Non-GAAP $90,727 $136,770 $147,765 $201,705 NON-GAAP RECONCILIATIONS ($ in thousands, except CASM data) FY 2011 FY 2012 FY 2013 LTM Sep 14 GAAP Operating Expenses $1,630,176 $1,832,955 $2,022,118 $2,070,276 Less: aircraft fuel, including taxes and delivery (513,284) (631,741) (698,802) (701,253) Less: lease termination expense (70,014) Adjusted operating expenses - excluding aircraft fuel and lease termination $1,046,878 $1,201,214 $1,323,316 $1,369,023 Available Seat Miles 12,039,933 14,687,472 16,785,827 16,993,661 CASM - GAAP (in cents) Less: aircraft fuel and lease termination expense (in cents) (4.84) (4.30) (4.16) (4.13) CASM Excluding Fuel and lease termination expense (in cents) The Company evaluates its financial performance utilizing various GAAP and non-gaap financial measures, including operating income and CASM. Pursuant to Regulation G, the Company has included the following reconciliation of reported non-gaap financial measures to comparable financial measures reported on a GAAP basis. The Company believes that excluding fuel costs from certain measures is useful to investors because it provides an additional measure of management s performance excluding the effects of a significant cost item over which management has limited influence.
48 Non-GAAP Reconciliations Economic Fuel Expense NON-GAAP RECONCILIATIONS (in thousands) FY 2010 FY 2011 FY 2012 FY 2013 RECONCILATION OF GAAP FUEL COST TO ECONOMIC FUEL COST Aircraft fuel expense, including taxes and delivery $322,999 $513,284 $631,741 $698,802 Realized losses on settlement of fuel derivative contracts 3, ,372 14,018 Economic Fuel Expense $326,198 $513,714 $639,113 $712,820 Fuel Gallons Consumed 140, , , ,214 Economic fuel costs per gallon $2.31 $3.13 $3.20 $3.15 The Company believes that economic fuel expense is the best measure of the effect of fuel prices on its business as it most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period. The Company defines economic fuel expense as GAAP fuel expense plus (gains)/losses realized through actual cash (receipts)/payments received from or paid to hedge counterparties for fuel hedge derivative contracts settled during the period.
49 Return on Invested Capital Hawaiian Airlines Return on Invested Capital (ROIC) Working Capital Cash Methodology LTM 9/30/14 Operating Income $20,283 $129,400 $133,745 $201,648 Add Back One-Time Charges $70,014 $0 $0 $0 Operating Income Less One-Time Charges $90,297 $129,400 $133,745 $201,648 Add Back Aircraft Rent Expense for Operating Leases $112,883 $98,784 $108,535 $105,755 Add Depreciation for Operating Lease Add Back 2 ($28,446) ($24,894) ($27,351) ($26,650) Add Return on Invested Cash $248 $294 $323 $340 Adjusted Operating Income $174,981 $203,585 $215,253 $281,093 After Tax Adjusted Operating Income $101,489 $122,130 $129,131 $168,627 Average Total Debt and Capital Leases $341,899 $616,704 $735,676 $950,622 Common Equity $286,499 $249,384 $302,141 $404,794 Average Capitalized Operating Leases 3 $790,180 $691,486 $759,747 $740,283 Remove Average Excess Cash ($64,407) ($115,173) ($122,710) ($159,441) Average Invested Capital $1,354,171 $1,442,401 $1,674,855 $1,936,257 Pre-Tax ROIC 12.9% 14.1% 12.9% 14.5% After-Tax ROIC 7.5% 8.5% 7.7% 8.7% 1. All unrestricted cash removed from invested capital, except for working capital required to operate the business, defined as unrestricted cash equal to 15% of TTM total revenue 2. Assumes 25 years useful life of aircraft and 10% salvage value 3. Average capitalized operating leases equals TTM rent multiplied by 7
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