Volaris Reports Financial Results for the Second Quarter 2022

July 21, 2022

MEXICO CITY, July 21, 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 of America, Central and South America, today announces its financial results for the second quarter 20221.

Second Quarter 2022 Highlights 2

(All figures are reported in U.S. dollars and compared to 2Q 2021 unless otherwise noted)

Volaris reported double-digit growth in revenue, kept CASM ex-fuel controlled at industry-leading levels, and maintained a strong liquidity position and a healthy balance sheet during the second quarter. Volaris' EBITDAR margin was impacted by rapidly rising fuel prices that increased at a rate faster than its TRASM.

  • Total operating revenue of $691 million, a 20% increase. Total revenue per available seat mile (TRASM) remained flat at $8.3 cents.
  • Total operating expenses of $710 million, a 61% increase. Total operating expenses per available seat mile (CASM) increased 35% to $8.5 cents, while CASM ex-fuel decreased 1% to $4.2 cents. Average economic fuel cost increased 107% to $4.4 per gallon. 
  • Net loss of $49 million. Loss per share of $0.04 and loss per ADS of $0.42.
  • EBITDAR of $107 million, a 54% decrease. EBITDAR margin was 15.5%, a decrease of 25.3 percentage points .
  • Cash generation of $9 million, with. cash, cash equivalents and restricted cash position of $759 million, representing 30% of the last twelve months total operating revenue.
  • Net debt-to-LTM EBITDAR ratio of 2.9 times, compared to 4.5 times.

"During the quarter, the Company passed on a portion of higher jet fuel prices through fare increases or, in certain cases, reallocated flights to more profitable routes, while efficiently controlling ex-fuel costs. Volaris has always been disciplined about adding capacity to match passenger demand and has demonstrated flexibility to adapt capacity," said Enrique Beltranena, Chief Executive Officer. "We will continue with our strategy of disciplined growth and will remain nimble and respond decisively to any changes in market conditions in the coming months. We have grown quickly in the last two years allowing us to fill the void left by some of our competitors and, considering we have met our objectives, will return to our historic growth rate during 2023," Mr. Beltranena added.

Second Quarter 2022 Financial and Operations Highlights 3

(All figures are reported in U.S. dollars and compared to 2Q 2021 unless otherwise noted)


Second Quarter

Consolidated Financial Highlights                                  

2022

2021

Var.

Total operating revenue (millions)

691

574

20 %

TRASM (cents)

8.3

8.2

0 %

ASMs (millions, scheduled & charter)

8,361

7,028

19 %

Load factor (scheduled, RPMs/ASMs)

85.6 %

86.6 %

(1.0) pp

Passengers (thousand, scheduled & charter)

7,463

6,202

20 %

Fleet (end of period)

113

92

21

Total operating expenses (millions)

710

442

61 %

CASM (cents)

8.5

6.3

35 %

CASM excl. fuel (cents)

4.2

4.2

(1 %)

Operating (loss) income (EBIT) (millions)

(20)

132

N/A

% EBIT margin

(2.8 %)

23.0 %

(25.8) pp

Net (loss) income (millions)

(49)

77

N/A

% Net (loss) income margin

(7.1 %)

13.4 %

(20.5) pp

EBITDAR (millions)

107

234

(54 %)

% EBITDAR margin

15.5 %

40.8 %

(25.3) pp

Net debt-to-EBITDAR

2.9x

4.5x

-1.6x

*Note: Figures are rounded for convenience purposes.

Total operating revenue in the quarter was $691 million, a 20% increase, driven by higher capacity, healthy load factors, and solid unit revenue. Moreover, demand has remained relatively strong throughout the quarter notwithstanding certain headwinds (high inflation, economic uncertainty, and an increase of COVID-19 cases) registered in the markets where Volaris operates.

Volaris transported 7.5 million passengers in the quarter, an increase of 20%. Domestic and international passengers increased 22% and 14%, respectively; while total capacity, in terms of available seat miles (ASMs), increased 19% to 8.4 billion. Load factor reached 85.6%, 1.0 percentage point lower than the same period of 2021.

TRASM remained flat at $8.3 cents in the quarter. Average base fare was $56, an increase of 3%. Ancillary revenue per passenger was $37, a 6% decrease, due to lower baggage revenue. Ancillary revenue represented 40% of total operating revenue, compared to 42% in the same period of 2021. Total operating revenue per passenger decreased 1% to $93.

Total operating expenses in the quarter were $710 million, a 61% increase, driven by higher fuel costs. The average economic fuel cost increased 107% to $4.4 per gallon in the period. CASM totaled $8.5 cents, 35% higher when compared to same period of 2021. CASM ex-fuel decreased 1% to $4.2 cents due to Volaris' disciplined and efficient cost control, which offset inflationary pressures.

Comprehensive financing result represented a loss of $61 million in second quarter of 2022, compared to a loss of $22 million in the same period of 2021. This result was impacted by an exchange loss and higher financial costs.

In the second quarter, the Mexican peso remained flat against the U.S. dollar to an average of Ps.20.04 per U.S. dollar. At the end of the quarter, the Mexican peso stood at Ps.19.98 per US dollar, similar level registered at the end of the first quarter of 2022.

Income tax benefit was $32 million, compared to the $33 million expense posted in the second quarter of 2021.

Net loss in the quarter was $49 million, with loss per share of $0.04 and loss per ADS of $0.42.

EBITDAR was $107 million, a decrease of 54%, negatively impacted by higher fuel costs. EBITDAR margin was 15.5%, a decrease of 25.3 percentage points .

Balance Sheet, Liquidity and Capital Allocation

During the second quarter, Volaris generated $9 million in cash compared to the first quarter. As of June 30th, 2022, cash, cash equivalents and restricted cash position were $759 million, representing 30% of the last twelve months total operating revenue. Net cash flow provided by operating and investing activities were $158 million and $30 million, respectively, while cash outflow from financing activities was $183 million. Positive net foreign exchange difference was $4 million.

On June 30th, 2022, net debt was $2,080 million, which included $203 million of financial debt, $2,636 million of leasing liabilities, less cash, cash equivalents and restricted position of $759 million. The net debt-to-LTM EBITDAR ratio was 2.9 times, compared to 4.5 times in the same period of 2021 and 2.3 times in first quarter of 2022.

Full Year 2022 Outlook

Despite the global macroeconomic and geopolitical challenges, demand remains robust throughout Volaris' network. Accordingly, Volaris expects to continue with its growth plans while closely monitoring demand trends.

Given a higher-than-expected increase in fuel prices compared to its prior forecast, Volaris is updating its full year 2022 guidance. Of note, the Company:

  • Adjusts its capacity growth guidance (ASMs) to 23-25% compared to 2021.
  • Holds its total operating revenue in the range of $2.8 to $3.0 billion for 2022.
  • Continues expecting a full year CASM ex-fuel growth between 1% and 3% compared to 2021.
  • Decreased its EBITDAR margin guidance from high twenties to low twenties.
  • Confirms CAPEX in the range of $140 to $145 million.

This outlook assumes a full year average USD/MXN rate between Ps.20.50 to Ps.20.70 and an average economic fuel price between $3.70 to $3.90 per gallon, also it assumes no significant unexpected disruptions related to COVID-19, macroeconomic factors, or other negative impacts on its business.

Fleet

During the second quarter, the Company incorporated 9 new A320neo family aircraft (5 A320neo and 4 A321neo) to its fleet. As of June 30th, 2022, Volaris' fleet was composed of 113 aircraft (6 A319s, 86 A320s and 21 A321s), of which 50% are New Engine Option (NEO) models. Volaris' fleet had an average of 190 seats per aircraft and an average age of 5.4 years. The Company plans to end 2022 with approximately 115 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:
Félix Martínez / Naara Cortés Gallardo / ir@volaris.com

Media Contact:
Gabriela Fernández / gabriela.fernandez@volaris.com

Conference call and webcast details                              

Date:

Friday, July 22nd, 2022

Time:

9:00 am Mexico City (CT) / 10:00 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=1286ed9c-0a4f-4700-8c64-079315e26517

 

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 205 and its fleet from 4 to 113 aircraft. Volaris offers more than 500 daily flight segments on routes that connect 45 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 intentions and expectations regarding the delivery schedule of aircraft on order, 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.

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 June 30, 2022

Three months ended June 30, 2021

Variance





Total operating revenues (millions)

691

574

20.3 %



Total operating expenses (millions)

710

442

60.7 %



EBIT (millions)

(20)

132

N/A



EBIT margin

(2.8 %)

23.0 %

(25.8) pp



Depreciation and amortization (millions)

102

78

30.6 %



Aircraft and engine variable lease expenses (millions)

25

24

3.7 %



Net (loss) income (millions)

(49)

77

N/A



Net (loss) income margin

(7.1 %)

13.4 %

(20.5) pp



(Loss) earnings per share:






Basic

(0.04)

0.07

N/A



Diluted

(0.04)

0.07

N/A



(Loss) earnings per ADS:






Basic

(0.42)

0.66

N/A



Diluted

(0.42)

0.66

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)

8,361

7,028

19.0 %



     Domestic

5,844

5,012

16.6 %



     International

2,517

2,016

24.9 %



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

7,156

6,082

17.6 %



     Domestic

5,189

4,424

17.3 %



     International

1,967

1,658

18.6 %



Load factor (2)

85.6 %

86.6 %

(1.0) pp



     Domestic

88.8 %

88.3 %

 0.5 pp



     International

78.1 %

82.3 %

(4.1) pp



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

8.3

8.2

0.3 %



Total ancillary revenue per passenger (3)(4)

37

39

(5.9 %)



Total operating revenue per passenger (4)

93

93

(0.8 %)



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

8.50

6.31

34.6 %



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

4.20

4.23

(0.7 %)



Booked passengers (thousands) (1)

7,463

6,202

20.3 %



Departures (1)

46,576

38,658

20.5 %



Block hours (1)

118,887

96,721

22.9 %



Fuel gallons consumed (millions)

81.91

69.06

18.6 %



Average economic fuel cost per gallon (4)

4.39

2.13

106.5 %



Aircraft at end of period

113

92

21



Average aircraft utilization (block hours)

13.22

12.95

2.1 %



Average exchange rate

20.04

20.05

0.0 %



End of period exchange rate

19.98

19.80

0.9 %



(1) Includes schedule and charter.                                                                     (3)  Includes "Other passenger revenues" and "non-passenger revenues".
(2) Includes schedule.                                                                                        (4) Excludes non-derivative financial
instruments.



 

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)

Six months ended June 30, 2022

Six months ended June 30, 2021

Variance





Total operating revenues (millions)

1,258

889

41.5 %



Total operating expenses (millions)

1,309

793

65.0 %



EBIT (millions)

(51)

96

N/A



EBIT margin

(4.0 %)

10.8 %

(14.8) pp



Depreciation and amortization (millions)

197

155

27.5 %



Aircraft and engine rent expenses (millions)

58

47

22.8 %



Net (loss) income (millions)

(98)

41

N/A



Net (loss) income margin

(7.8 %)

4.6 %

(12.4) pp



(Loss) earnings per share:






Basic

(0.08)

0.03

N/A



Diluted

(0.08)

0.03

N/A



(Loss) earnings per ADS:






Basic

(0.84)

0.35

N/A



Diluted

(0.84)

0.35

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)

16,422

12,407

32.4 %



     Domestic

11,526

9,050

27.4 %



     International

4,896

3,357

45.8 %



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

13,884

10,284

35.0 %



     Domestic

10,084

7,680

31.3 %



     International

3,800

2,604

45.9 %



Load factor (2)

84.5 %

82.9 %

1.7 pp



     Domestic

87.5 %

84.9 %

 2.6 pp



     International

77.6 %

77.5 %

 0.1 pp



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

7.7

7.3

5.6 %



Total ancillary revenue per passenger (3)(4)

36

39

(6.9 %)



Total operating revenue per passenger (4)

87

86

1.3 %



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

7.97

6.43

23.9 %



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

4.30

4.46

(3.6 %)



Booked passengers (thousands) (1)

14,452

10,474

38.0 %



Departures (1)

91,514

67,620

35.3 %



Block hours (1)

232,300

169,893

36.7 %



Fuel gallons consumed (millions)

159.13

119.86

32.8 %



Average economic fuel cost per gallon (4)

3.79

2.04

85.7 %



Aircraft at end of period

113

92

21



Average aircraft utilization (block hours)

13.24

11.82

12.0 %



Average exchange rate

20.28

20.18

0.5 %



End of period exchange rate

19.98

19.80

0.9 %



(1) Includes schedule and charter.                                                                   (3)  Includes "Other passenger revenues" and "non-passenger revenues".
(2) Includes schedule.                                                                                      (4) Excludes non-derivative financial instruments.



 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Operations

Unaudited
(In millions of U.S. dollars)

Three months ended June 30, 2022

Three months ended June 30, 2021

Variance





Operating revenues:






 Passenger revenues

664

556

19.4 %



   Fare revenues

416

336

23.8 %



   Other passenger revenues

248

220

12.7 %









 Non-passenger revenues

27

23

17.8 %



   Other non-passenger revenues

23

20

18.1 %



   Cargo

3

3

15.9 %









Non-derivative financial instruments

-

(5)

(100.0 %)









Total operating revenues

691

574

20.3 %









Other operating income

(13)

(2)

496.5 %



Fuel expense, net (1)

359

145

147.9 %



Landing, take-off and navigation expenses

92

76

19.8 %



Depreciation of right of use assets

80

66

21.6 %



Salaries and benefits

66

58

13.0 %



Sales, marketing and distribution expenses

28

24

17.6 %



Maintenance expenses

26

24

6.2 %



Aircraft and engine rent expense

25

24

3.7 %



Other operating expenses

26

15

78.3 %



Depreciation and amortization

22

12

78.8 %



Operating expenses

710

442

60.7 %









Operating (loss) income

(20)

132

N/A









Finance income

2

1

62.4 %



Finance cost

(44)

(32)

39.4 %



Exchange (loss) gain, net

(18)

8

N/A



Comprehensive financing result

(61)

(22)

172.5 %









Loss (income) before income tax

(81)

110

N/A



Income tax benefit (expense)

32

(33)

N/A



Net (loss) income

(49)

77

N/A









(1) 2Q 2021 figures include a benefit from non-derivatives financial instruments by an amount of $2 million.



 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Operations

Unaudited

Six months ended June 30, 2022

Six months ended June 30, 2021

Variance

(In millions of U.S. dollars)

Operating revenues:




 Passenger revenues

1,206

858

40.6 %

   Fare revenues

738

495

49.1 %

   Other passenger revenues

468

363

29.0 %





 Non-passenger revenues

52

42

24.8 %

   Other non-passenger revenues

45

36

26.2 %

   Cargo

7

6

16.3 %





Non-derivative instruments

-

(10)

(100.0 %)





Total operating revenues

1,258

889

41.5 %





Other operating income

(16)

(5)

189.2 %

Fuel expense, net (1)

603

240

151.6 %

Landing, take-off and navigation expenses

183

136

34.9 %

Depreciation of right of use assets

155

130

19.1 %

Salaries and benefits

133

106

25.5 %

Aircraft and engine rent expense

58

47

22.8 %

Sales, marketing and distribution expenses

53

41

27.6 %

Maintenance expenses

51

45

14.2 %

Other operating expenses

46

29

59.1 %

Depreciation and amortization

42

25

71.3 %

Operating expenses

1,309

793

65.0 %





Operating (loss) income

(51)

96

N/A





Finance income

2

2

45.6 %

Finance cost

(91)

(60)

53.3 %

Exchange (loss) gain, net

(5)

20

N/A

Comprehensive financing result

(94)

(38)

149.0 %





Loss (income) before income tax

(145)

58

N/A

Income tax benefit (expense)

47

(17)

N/A

Net (loss) income

(98)

41

N/A





(1) June YTD 2021 figures include a benefit from non-derivative financial instruments by an amount of $5 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 June 30, 2022

Three months ended June 30, 2021

Variance

(In millions of U.S. dollars)





Other passenger revenues

248

220

12.7 %

Non-passenger revenues

27

23

17.8 %

Total ancillary revenues

275

243

13.2 %





Booked passengers (thousands) (1)

7,463

6,202

20.3 %





Total ancillary revenue per passenger

37

39

(5.9 %)





(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 first one half of the year additional detail about the components of total ancillary revenue:

Unaudited

Six months ended June 30, 2022

Six months ended June 30, 2021

Variance
(%)

(In millions of U.S. dollars)





Other passenger revenues

468

363

29.0 %

Non-passenger revenues

52

42

24.8 %

Total ancillary revenues

520

404

28.5 %





Booked passengers (thousands) (1)

14,452

10,474

38.0 %





Total ancillary revenue per passenger

36

39

(6.9 %)





(1) Includes schedule and charter.

 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Financial Position

(In millions of U.S. dollars)

June 30,
2022
Unaudited

December 31,
2021 *





Assets





Cash, cash equivalents and restricted cash

759

741



Accounts receivable, net

275

106



Inventories

15

14



Prepaid expenses and other current assets

44

38



Guarantee deposits

67

79



Total current assets

1,160

978



Rotable spare parts, furniture and equipment, net

402

455



Right of use assets

2,160

1,917



Intangible assets, net

12

13



Derivatives Financial Instruments

2

1



Deferred income taxes

194

141



Guarantee deposits

456

455



Other long- term assets

31

23



Total non-current assets

3,257

3,005



Total assets

4,417

3,983



Liabilities





Unearned transportation revenue

418

304



Accounts payable

155

119



Accrued liabilities

265

178



Lease Liabilities

281

284



Other taxes and fees payable

260

131



Income taxes payable

12

4



Financial debt

49

197



Other liabilities

21

35



Total short-term liabilities

1,461

1,252



Financial debt

154

108



Accrued liabilities

-

1



Lease Liabilities

2,355

2,128



Other liabilities

223

167



Employee benefits

4

4



Deferred income taxes

10

11



Total long-term liabilities

2,746

2,419



Total liabilities

4,207

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

(174)

(76)



Accumulated other comprehensive loss

(154)

(149)



Total equity

210

312



Total liabilities and equity

4,417

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 millions of U.S. dollars)

Three months ended June 30, 2022

Three months ended June 30, 2021










Net cash flow provided by operating activities

158

314



Net cash flow provided by (used in) investing activities

30

(40)



Net cash flow used in financing activities**

(183)

(154)



Increase in cash, cash equivalents and restricted cash

5

120



Net foreign exchange differences

4

(11)



Cash, cash equivalents and restricted cash at beginning of period

750

423



Cash, cash equivalents and restricted cash at end of period

759

532



**Includes aircraft rental payments of $138 million and $151 million for the three months ended June 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

Six months ended June 30, 2022

Six months ended June 30, 2021

(In millions of U.S. dollars)




Net cash flow provided by operating activities

353

331

Net cash flow provided by (used in) investing activities

24

(49)

Net cash flow used in financing activities **

(366)

(259)

Increase in cash, cash equivalents and restricted cash

11

23

Net foreign exchange differences

7

(1)

Cash, cash equivalents and restricted cash at beginning of period

741

510

Cash, cash equivalents and restricted cash at end of period

759

532

**Includes aircraft rental payments of $251 million and $254 million for the six months ended June 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.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/volaris-reports-financial-results-for-the-second-quarter-2022-301591463.html

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