Alaska Airlines and Horizon Air 2013 Annual Report Download - page 118
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• Our results excluding fuel expense and
certain special items serve as the basis for
our various employee incentive plans, thus
the information allows investors to better
understand the changes in variable incentive
pay expense in our consolidated statements
of operations; and
• It is useful to monitor performance without
these items as it improves a reader’s ability
to compare our results to those of other
airlines.
Although we are presenting these non-GAAP
amounts for the reasons above, investors and
other readers should not necessarily conclude
that these amounts are non-recurring, infrequent,
or unusual in nature.
Excluding the impact of mark-to-market fuel
hedge adjustments, and the one-time Special
mileage plan revenue item, our adjusted
consolidated net income for 2013 was $383
million, or $5.40 per diluted share, compared to
an adjusted consolidated net income of $339
million, or $4.73 per share, in 2012.
Years Ended December 31,
2013 2012
(in millions, except
per-share amounts) Dollars
Diluted
EPS Dollars
Diluted
EPS
Net income and
diluted EPS as
reported ........ $ 508 $ 7.16 $316 $4.40
Mark-to-market fuel
hedge adjustments,
netoftax ....... (5) (0.06) 23 0.33
Special mileage plan
revenue ........ $(120) $(1.70) $— $ —
Non-GAAP adjusted
income and per-
share amounts . . . $ 383 $ 5.40 $339 $4.73
Revenues adjusted for the one-time Special
mileage plan item is as follows:
Twelve Months Ended
December 31,
2013 2012 % Change
Total operating
revenues ........... $ 5,156 $ 4,657 10.7
Less: Special mileage
plan revenue ........ 192 —NM
Adjusted Revenue ..... $ 4,964 $ 4,657 6.6
Consolidated ASMs .... 33,672 31,428 7.1
RASM ............... 14.74¢ 14.82¢ (0.5)
NM–Not meaningful
Our operating costs per ASM (CASM) are
summarized below:
Year Ended December 31,
2013 2012 % Change
Consolidated:
Total operating expenses per
ASM (CASM) ............ 12.82¢ 13.12¢ (2.3)
Less the following
components:
Aircraft fuel, including
hedging gains and
losses .............. 4.35 4.64 (6.3)
CASM, excluding fuel and
fleet transition costs ..... 8.47¢ 8.48¢ (0.1)
Mainline:
Total mainline operating
expenses per ASM
(CASM) ................. 11.77¢ 12.09¢ (2.6)
Less the following
components:
Aircraft fuel, including
hedging gains and
losses .............. 4.23 4.53 (6.6)
CASM, excluding fuel ....... 7.54¢ 7.56¢ (0.3)
32