Item 7.01 Regulation FD Disclosure.
The Company now expects flown capacity for the third quarter of 2021 to decline approximately 1%, when compared to the third quarter of 2019 ("year over two"). This compares to the Company's prior planning assumption for capacity to be between flat to down 3%, year over two. The Company plans to continue to manage and align capacity with demand on a rolling basis.
Given the recent uptick in COVID-19 case counts,
The Company continues to expect CASM Ex-Fuel (1) for the third quarter of 2021
to increase between 11% and 13%, year over two. As of
The Company now expects EBITDA for the third quarter of 2021 to range between
(1) CASM Ex-Fuel excludes fuel and related taxes, special items and operating
expenses related to non-airline businesses. With respect to
The information contained herein represents
The information included under this Item 7.01 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 (the "Securities Act") or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Forward Looking Statements
Statements in this Report, including with respect to the Company's current planning assumptions, contain various forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which represent our management's beliefs and assumptions concerning future events. These statements are intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. When used in this document and in documents referred to herein, the words "expects," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, the coronavirus ("COVID-19") pandemic and the outbreak of any other disease or similar public health threat that affects travel demand or behavior; restrictions on our business related to the financing we accepted under the CARES Act; our significant fixed obligations and substantial indebtedness; risk associated with execution of our strategic operating plans in the near-term and long-term; the recording of a material impairment loss of tangible or intangible assets; our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; volatility in fuel prices, maintenance costs
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and interest rates; our reliance on high daily aircraft utilization; our ability
to implement our strategy; our ability to attract and retain qualified personnel
and maintain our culture as we grow; our reliance on a limited number of
suppliers, including for aircraft, aircraft engines and parts and vulnerability
to delays by those suppliers; our dependence on the
Given the risks and uncertainties surrounding forward-looking statements, you
should not place undue reliance on these statements. Further information
concerning these and other factors is contained in the Company's
Reconciliation of Non-GAAP Financial Measures
This Report includes forward-looking non-GAAP financial measures. Non-GAAP
financial measures are financial measures that are derived from the condensed
consolidated financial statements, but that are not presented in accordance with
generally accepted accounting principles in
The Company has not reconciled its operating expense and adjusted EBITDA planning assumptions to net income because net income (loss) is not accessible on a forward-looking basis. Items that impact net income (loss) are out of the Company's control and/or cannot be reasonably predicted. Accordingly, a reconciliation to net income (loss) is not available without unreasonable effort.
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