The company said its net loss for Q1 2024 was $124 million, compared with $194 million a year earlier. Passenger revenue rose $1.0 billion (10.1%). The company cited a 9.1% increase in capacity and a 0.7% increase in Yield as factors.

10-QQuarterly reportFiled Apr 17, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said its net loss for Q1 2024 was $124 million, compared with $194 million a year earlier. Passenger revenue rose $1.0 billion (10.1%). The company cited a 9.1% increase in capacity and a 0.7% increase in Yield as factors.
The company said salaries and related costs rose $610 million (18.4%) in Q1, while aircraft fuel expense fell $220 million (6.9%). The company cited a lower average price per gallon of fuel as the reason for the decline in fuel expense, and said higher fuel consumption from increased flight activity partially offset this.
The company said that as of March 31, 2024, its unrestricted cash, cash equivalents and short-term investments totaled $14.0 billion, compared with $14.4 billion as of December 31, 2023. In Q1, it prepaid its 2021 term loan in the amount of $3.9 billion and fully borrowed the new term loan of $2.5 billion.
The company said it reached confidential arrangements with Boeing on April 14, 2024 covering compensation for financial damages from the FAA grounding of 737 MAX 9 aircraft in Q1 2024, and a confidential agreement to accommodate certification delays for 737 MAX 10 aircraft. The compensation is in the form of credit memos for future Boeing purchases, and the company plans to account for the arrangements as a reduction to the cost basis of aircraft.

Key figures

Quarter ended March 31, 2024

Revenue: $12.5B
Operating income: $99M
Net income: −$124M
EPS: −$0.38
Operating cash flow: $2.8B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q1 2024 Net Loss and Passenger Revenue Growth

The company said its net loss for Q1 2024 was $124 million, compared with $194 million a year earlier. Passenger revenue rose $1.0 billion (10.1%). The company cited a 9.1% increase in capacity and a 0.7% increase in Yield as factors.

Source · Based on the MD&A text of the filing

Operating Expense Changes Led by Salaries and Fuel

The company said salaries and related costs rose $610 million (18.4%) in Q1, while aircraft fuel expense fell $220 million (6.9%). The company cited a lower average price per gallon of fuel as the reason for the decline in fuel expense, and said higher fuel consumption from increased flight activity partially offset this.

Source · Based on the MD&A text of the filing

Liquidity and Debt Prepayment and New Term Loan

The company said that as of March 31, 2024, its unrestricted cash, cash equivalents and short-term investments totaled $14.0 billion, compared with $14.4 billion as of December 31, 2023. In Q1, it prepaid its 2021 term loan in the amount of $3.9 billion and fully borrowed the new term loan of $2.5 billion.

Source · Based on the MD&A text of the filing

Boeing Compensation Arrangements and Aircraft Letters of Intent

The company said it reached confidential arrangements with Boeing on April 14, 2024 covering compensation for financial damages from the FAA grounding of 737 MAX 9 aircraft in Q1 2024, and a confidential agreement to accommodate certification delays for 737 MAX 10 aircraft. The compensation is in the form of credit memos for future Boeing purchases, and the company plans to account for the arrangements as a reduction to the cost basis of aircraft.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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