Third Quarter |
First Nine Months |
|||||
(Canadian dollars in millions, except where indicated) |
2015 |
2014 |
$ Change |
2015 |
2014 |
$ Change |
Financial Performance Metrics |
||||||
Operating revenues |
4,023 |
3,798 |
225 |
10,686 |
10,168 |
518 |
Operating income |
815 |
526 |
289 |
1,338 |
709 |
629 |
Non-operating expense |
(378) |
(203) |
(175) |
(914) |
(504) |
(410) |
Net income |
437 |
323 |
114 |
424 |
205 |
219 |
Adjusted net income (1) |
734 |
457 |
277 |
1,106 |
464 |
642 |
Operating margin % |
20.3% |
13.8% |
6.5 pp |
12.5% |
7.0% |
5.5 pp |
EBITDAR (2) |
1,076 |
749 |
327 |
2,109 |
1,352 |
757 |
EBITDAR margin %(2) |
26.7% |
19.7% |
7.0 pp |
19.7% |
13.3% |
6.4 pp |
Unrestricted liquidity (3) |
3,399 |
2,802 |
597 |
3,399 |
2,802 |
597 |
Net cash flows from operating activities |
476 |
191 |
285 |
1,793 |
921 |
872 |
Free cash flow(4) |
(90) |
(192) |
102 |
592 |
(194) |
786 |
Adjusted net debt (5) |
5,423 |
4,623 |
800 |
5,423 |
4,623 |
800 |
Return on invested capital ("ROIC") % (6) |
18.0% |
11.4% |
6.6 pp |
18.0% |
11.4% |
6.6 pp |
Diluted earnings per share |
$ 1.48 |
$ 1.10 |
$ 0.38 |
$ 1.43 |
$ 0.69 |
$ 0.74 |
Adjusted earnings per share - diluted(1) |
$ 2.50 |
$ 1.55 |
$ 0.95 |
$ 3.77 |
$ 1.58 |
$ 2.19 |
Operating Statistics (7) |
% Change |
% Change |
||||
Revenue passenger miles ("RPM") (millions) |
20,462 |
18,565 |
10.2 |
52,244 |
47,526 |
9.9 |
Available seat miles ("ASM") (millions) |
23,535 |
21,299 |
10.5 |
62,002 |
56,486 |
9.8 |
Passenger load factor % |
86.9% |
87.2% |
(0.2) pp |
84.3% |
84.1% |
0.1 pp |
Passenger revenue per RPM ("Yield") (cents) |
17.8 |
18.5 |
(3.8) |
18.0 |
18.8 |
(4.3) |
Passenger revenue per ASM ("PRASM") (cents) |
15.5 |
16.1 |
(4.0) |
15.2 |
15.8 |
(4.1) |
Operating revenue per ASM (cents) |
17.1 |
17.8 |
(3.9) |
17.2 |
18.0 |
(4.3) |
Operating expense per ASM ("CASM") (cents) |
13.6 |
15.4 |
(11.3) |
15.1 |
16.7 |
(10.0) |
Adjusted CASM (cents) (8) |
10.0 |
10.1 |
(0.5) |
11.0 |
11.1 |
(0.5) |
Average number of full-time equivalent ("FTE") employees (thousands) (9) |
25.0 |
24.6 |
1.6 |
24.8 |
24.5 |
1.2 |
Aircraft in operating fleet at period-end |
372 |
362 |
2.8 |
372 |
362 |
2.8 |
Average fleet utilization (hours per day) |
11.0 |
10.8 |
2.4 |
10.3 |
10.2 |
0.9 |
Seats dispatched (thousands) |
14,408 |
13,518 |
6.6 |
39,737 |
37,403 |
6.2 |
Aircraft frequencies (thousands) |
154 |
150 |
3.1 |
431 |
420 |
2.5 |
Average stage length (miles) (10) |
1,634 |
1,576 |
3.7 |
1,560 |
1,510 |
3.3 |
Fuel cost per litre (cents) |
61.4 |
89.7 |
(31.5) |
64.3 |
91.8 |
(29.9) |
Fuel litres (millions) |
1,290 |
1,200 |
7.5 |
3,443 |
3,221 |
6.9 |
Revenue passengers carried (thousands) (11) |
11,723 |
10,979 |
6.8 |
31,439 |
29,337 |
7.2 |
Third Quarter 2015 |
Third Quarter 2014 |
Change |
||
Passenger Revenue |
$ Million |
$ Million |
$ Million |
% Change |
Canada |
1,253 |
1,246 |
7 |
0.6 |
U.S. transborder |
694 |
591 |
103 |
17.3 |
Atlantic |
1,027 |
941 |
86 |
9.1 |
Pacific |
568 |
537 |
31 |
5.6 |
Other |
174 |
161 |
13 |
8.5 |
System |
3,716 |
3,476 |
240 |
6.9 |
Third Quarter 2015 |
Passenger |
Capacity |
Traffic |
Passenger |
||
versus |
Revenue |
(ASMs) |
(RPMs) |
Load Factor |
Yield |
PRASM |
Third Quarter 2014 |
% Change |
% Change |
% Change |
pp Change |
% Change |
% Change |
Canada |
0.6 |
4.8 |
3.5 |
(1.1) |
(4.8) |
(6.0) |
U.S. transborder |
17.3 |
15.2 |
15.6 |
0.3 |
1.4 |
1.8 |
Atlantic |
9.1 |
12.7 |
12.7 |
- |
(3.2) |
(3.2) |
Pacific |
5.6 |
11.8 |
12.1 |
0.2 |
(5.7) |
(5.5) |
Other |
8.5 |
12.2 |
11.5 |
(0.5) |
(3.1) |
(3.6) |
System |
6.9 |
10.5 |
10.2 |
(0.2) |
(3.8) |
(4.0) |
Year-over-Year by Quarter (% Change) |
|||||
System |
|||||
Q3'14 |
Q4'14 |
Q1'15 |
Q2'15 |
Q3'15 |
|
Passenger revenues |
9.4 |
7.6 |
6.9 |
3.9 |
6.9 |
Capacity (ASMs) |
9.8 |
8.5 |
9.3 |
9.3 |
10.5 |
Traffic (RPMs) |
11.0 |
9.4 |
10.9 |
8.7 |
10.2 |
Passenger load factor (pp change) |
1.0 |
0.6 |
1.2 |
(0.5) |
(0.2) |
Yield |
(1.3) |
(1.9) |
(4.2) |
(5.0) |
(3.8) |
PRASM |
(0.2) |
(1.2) |
(2.7) |
(5.5) |
(4.0) |
(Canadian dollars in millions) |
September 30, 2015 |
December 31, 2014 |
$ Change |
Assets |
|||
Cash, cash equivalents and short-term investments |
$ 3,116 |
$ 2,275 |
$ 841 |
Other current assets |
1,270 |
1,203 |
67 |
Current assets |
4,386 |
3,478 |
908 |
Property and equipment |
6,648 |
5,998 |
650 |
Pension |
543 |
- |
543 |
Intangible assets |
310 |
305 |
5 |
Goodwill |
311 |
311 |
- |
Deposits and other assets |
557 |
556 |
1 |
Total assets |
$ 12,755 |
$ 10,648 |
$ 2,107 |
Liabilities |
|||
Current liabilities |
$ 3,855 |
$ 3,537 |
$ 318 |
Long-term debt and finance leases |
5,576 |
4,732 |
844 |
Pension and other benefit liabilities |
2,193 |
2,403 |
(210) |
Maintenance provisions |
923 |
796 |
127 |
Other long-term liabilities |
259 |
313 |
(54) |
Total liabilities |
12,806 |
11,781 |
1,025 |
Total equity |
(51) |
(1,133) |
1,082 |
Total liabilities and equity |
$ 12,755 |
$ 10,648 |
$ 2,107 |
September 30, 2015 |
December 31, 2014 |
|
Issued and outstanding shares |
||
Variable voting shares |
90,302,896 |
69,232,535 |
Voting shares |
193,465,645 |
217,256,759 |
Total issued and outstanding shares |
283,768,541 |
286,489,294 |
Class A variable voting and Class B voting shares potentially issuable Stock options |
10,041,440 |
10,002,975 |
Total shares potentially issuable |
10,041,440 |
10,002,975 |
Total outstanding and potentially issuable shares |
293,809,981 |
296,492,269 |