Document

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Report on Form 6-K dated for the month of February 2024
Copa Holdings, S.A.
(Translation of Registrant's Name Into English)
Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda
Urbanización Costa del Este
Complejo Business Park, Torre Norte
ParqueLefevre
Panama City, Panama
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-FXForm 40-F
(Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes
No
X
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82- ____)
Enclosure: 4Q23 Earnings Release



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Copa Holdings, S.A.
(Registrant)
Date: 2/8/2024
By: /s/ José Montero
Name: José Montero
Title: CFO

Document
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Exhibit 99.1
Copa Holdings Reports Net Income of $191.8 million and EPS of $4.55 for the Fourth Quarter of 2023
Excluding special items, adjusted net income came in at $188.4 million, or Adjusted EPS of $4.47

Panama City, Panama --- February 7, 2024. Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the fourth quarter of 2023 (4Q23) and the full year of 2023. The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the fourth quarter of 2022 (4Q22).

OPERATING AND FINANCIAL HIGHLIGHTS
Copa Holdings reported a net profit of US$191.8 million for 4Q23 or US$4.55 per share. Excluding special items comprised of a net gain of US$3.4 million related to the value of financial investments, the Company would have reported a net profit of US$188.4 million or US$4.47 per share.
For the full year 2023, the Company reported a net profit of US$518.2 million or US$12.89 per share. Excluding special items, comprised of a net loss related to the Company’s convertible notes as well as changes in the value of financial investments totaling US$156.9 million, Copa Holdings would have reported an adjusted net profit of US$675.1 million or US$16.79 per share, compared to an adjusted net profit of US$335.4 million or earnings per share of US$8.26 in 2022.
Copa Holdings reported an operating profit of US$218.9 million and a 23.9% operating margin for the quarter.
For the full year 2023, the Company reported an operating profit of US$811.8 million and an operating margin of 23.5%, compared to an adjusted operating profit of US$450.4 million and an operating margin of 15.2% in 2022.
Passenger traffic for 4Q23, measured in terms of revenue passenger miles (RPMs), increased by 11.1% compared to 4Q22 in line with capacity which, measured in available seat miles (ASMs), increased by 11.0%. As a result, the load factor for the quarter increased by 0.1 percentage points to 86.7% compared to 4Q22.
Total revenues for 4Q23 increased 3.0% to US$916.9 million mainly driven by higher capacity, while yields decreased by 7.1% to 14.0 cents. Consequently, revenue per available seat mile (RASM) decreased by 7.3% as compared to 4Q22 to 12.7 cents.
Operating cost per available seat mile (CASM) decreased 6.3% from 10.3 cents in 4Q22 to 9.7 cents in 4Q23, mainly driven by a decrease of 12.7% in the price of jet fuel per gallon and lower sales and distribution costs. CASM excluding fuel (Ex-fuel CASM) decreased by 1.6% in the quarter to 6.0 cents, when compared to 4Q22.
The Company ended the quarter with approximately US$1.2 billion in cash, short-term and long-term investments, which represent 34% of the last twelve months’ revenues.
The Company closed the quarter with total debt, including lease liabilities, of US$1.7 billion, while our Adjusted Net Debt to EBITDA ratio ended at 0.5 times.
During the quarter, the Company took delivery of three Boeing 737 MAX 9 aircraft, ending the year with a consolidated fleet of 106 aircraft – 67 Boeing 737-800s, 29 Boeing 737 MAX 9s, 9 Boeing 737-700s, and 1 Boeing 737-800 freighter.
Copa Airlines had an on-time performance for the quarter of 83.8% and a flight completion factor of 99.8%.
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Subsequent Events
In January, Copa Airlines was recognized by Cirium for the ninth time as the most on-time airline in Latin America in 2023. Copa Airlines’ on-time performance of 89.5% for the year was the highest of any carrier in the Americas.
Following the Airworthiness Directive issued by the United States Federal Aviation Administration (FAA) on January 6, the Company suspended operations of twenty-one 737 MAX9 aircraft. From January 6 to January 29, a total of 1788 flights were canceled. After undergoing the technical inspections required by the regulators, all of these aircraft have returned to Copa Airlines’ flight schedule.
On February 7, 2024, the Board of Directors of Copa Holdings approved a 2024 quarterly dividend payment of US$1.61 per share. Dividends will be distributed during March, June, September, and December. The first quarterly dividend of US$1.61 per share will be paid on March 15, 2024, to shareholders on record as of February 29, 2024.
Consolidated Financial
& Operating Highlights
4Q234Q22Variance vs. 4Q223QVariance vs. 3Q23FY23FY22Variance vs. FY22
Revenue Passengers Carried (000s)3,310 2,813 17.7 %3,272 1.2 %12,442 10,334 20.4 %
Revenue Passengers OnBoard (000s)4,930 4,262 15.7 %4,873 1.2 %18,566 15,724 18.1 %
RPMs (millions) 6,263 5,639 11.1 %6,239 0.4 %24,052 20,779 15.7 %
ASMs (millions) 7,228 6,509 11.0 %7,109 1.7 %27,700 24,430 13.4 %
Load Factor 86.7 %86.6 %0.1 p.p87.8 %-1.1 p.p86.8 %85.1 %1.8 p.p
Yield (US$ Cents) 14.0 15.1 -7.1 %13.4 5.1 %13.8 13.6 1.6 %
PRASM (US$ Cents) 12.2 13.1 -7.1 %11.7 3.8 %12.0 11.6 3.7 %
RASM (US$ Cents) 12.7 13.7 -7.3 %12.2 3.9 %12.5 12.1 3.0 %
CASM (US$ Cents) 9.7 10.3 -6.3 %9.3 3.6 %9.6 10.3 -7.1 %
CASM Excl. Fuel (US$ Cents) 6.0 6.1 -1.6 %5.8 3.9 %6.0 6.0 -0.3 %
Fuel Gallons Consumed (millions) 85.6 77.7 10.2 %83.9 2.1 %327.6 291.4 12.4 %
Avg. Price Per Fuel Gallon (US$)3.07 3.52 -12.7 %3.00 2.6 %3.02 3.60 -16.0 %
Average Length of Haul (miles)1,892 2,005 -5.6 %1,907 -0.8 %1,933 2,011 -3.9 %
Average Stage Length (miles)1,229 1,266 -2.9 %1,238 -0.8 %1,251 1,275 -1.9 %
Departures36,207 32,112 12.8 %35,468 2.1 %137,044 120,155 14.1 %
Block Hours115,118 104,822 9.8 %112,114 2.7 %438,913 390,639 12.4 %
Average Aircraft Utilization (hours)11.9 11.8 1.3 %11.9 — %11.9 11.3 5.0 %
Operating Revenues (US$ millions) 916.9 890.6 3.0 %867.7 5.7 %3,461.1 2,965.0 16.7 %
Operating Profit (Loss) (US$ millions)218.9 219.7 -0.4 %205.0 6.8 %811.8 450.4 80.2 %
Operating Margin 23.9 %24.7 %-0.8 p.p23.6 %0.2 p.p23.5 %15.2 %8.3 p.p
Net Profit (Loss) (US$ millions)191.8 88.3 117.2 %187.4 2.4 %518.2 348.1 48.9 %
Adjusted Net Profit (Loss) (US$ millions) (1)188.4 177.7 6.0 %174.4 8.0 %675.1 335.4 101.3 %
Basic EPS (US$)4.55 2.23 103.9 %4.72 -3.5 %12.89 8.58 50.3 %
Adjusted Basic EPS (US$) (1)4.47 4.49 -0.5 %4.39 1.8 %16.79 8.26 103.2 %
Shares for calculation of Basic EPS (000s) 42,150 39,554 6.6 %39,730 6.1 %40,201 40,582 -0.9 %
(1)Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures.

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MANAGEMENT’S COMMENTS ON THE 4Q23 RESULTS
The fourth quarter of 2023 was a strong quarter for the Company. Copa Holdings’ leading financial performance was the result of its consistent execution in lowering ex-fuel unit costs and increasing revenues, plus a continued robust demand environment in the region.

Operating revenues for 4Q23 increased 3.0% to US$916.9 million mainly driven by higher capacity. The Company’s load factor came in at 86.7% or 0.1 percentage points above 4Q22 on an 11.0% increase in ASM’s year over year, while yields came in at 14.0 cents or 7.1% lower than 4Q22. As a result, passenger revenues per ASM (PRASM) decreased 7.1% in the quarter to 12.2 cents and RASM decreased 7.3% to 12.7 cents.

Operating expenses for 4Q23 increased by 4.0% to US$698.1 million mainly driven by the 11.0% increase in capacity compared to 4Q22, partially offset by lower fuel and sales and distribution costs. Aircraft fuel expenses decreased by 3.6% or US$9.7 million compared to 4Q22, due to a 12.7% lower jet fuel price, partially offset by 10.2% more gallons consumed, and despite higher year-over-year passenger traffic figures, sales and distribution costs decreased by 10.4% due to higher penetration of direct sales and lower-cost travel agency channels. Consequently, cost per available seat mile (CASM) came in at 9.7 cents, a decrease of 6.3% compared to 4Q22, and costs excluding fuel (Ex-fuel CASM) came in at 6.0 cents, a 1.6% decrease when compared to the same period in 2022.

As a result, Copa Holdings reported an operating profit of US$218.9 million and a 23.9% operating margin for the quarter.

Thanks to the Company’s consistent focus on delivering low costs and strong financial results, Copa Holdings reported a full-year operating profit of US$811.8 million, a 23.5% operating margin, and a net profit of US$518.2 million. Excluding special items, comprised of a net loss related to the Company’s convertible notes as well as changes in the value of financial investments totaling US$156.9 million, Copa Holdings would have reported an adjusted net profit of US$675.1 million.

The Company continues to have a solid balance sheet as it closed the year with US$ 1.2 billion in cash, short-term and long-term investments, which represent 34% of the last twelve months’ revenues. Total debt and lease liabilities at the end of 4Q23 amounted to US$1.7 billion, while our Adjusted Net Debt to EBITDA ratio closed the year at 0.5 times.

Copa Holdings’ fourth quarter and full year results are the product of a solid and well-executed business model, which is built on operating the best and most convenient network for intra-Latin America travel from its Hub of the Americas® based on Panama’s advantageous geographic position, low unit costs, best on-time performance, and a strong balance sheet. Going forward, the Company expects to leverage its strong balance sheet, leading liquidity position, and lower cost base to continue strengthening its long-term competitive position by implementing initiatives that will further reinforce its network, product, and cost competitiveness.
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OUTLOOK FOR 2024
For 2024, the Company is providing the following outlook*: Consolidated capacity is expected to grow by approximately 10%** year over year, and operating margin is expected to come within a range of 21% to 23%.
Financial Outlook2024
Guidance
2023
Capacity – YOY ASM growth∼10%**13.4%
Operating Margin21-23%23.5%
Factored into this outlook is a load factor within a range of 86% to 87%, unit revenues (RASM) of approximately 12.2 cents, unit costs excluding fuel (Ex-Fuel CASM) in the range of 6.0 cents, and an all-in fuel price of US$2.85 per gallon.

*The Company’s 2024 full-year guidance includes the financial impact related to the grounding of 21 of Copa’s MAX9 aircraft which occurred between January 6 and January 29, as well as our current estimated impact on full-year capacity as a result of the MAX9 grounding and further aircraft delivery delays.

**Expected year-over-year capacity growth of ∼10% is preliminary and subject to changes in the aircraft delivery schedule for the remainder of 2024.
CONSOLIDATED FOURTH-QUARTER RESULTS
Operating revenue
Consolidated revenue for 4Q23 totaled US$916.9 million, a 3.0% or US$26.3 million increase from operating revenue of US$890.6 million in 4Q22, mainly driven by passenger revenue.

Passenger revenue totaled US$879.4 million, a 3.2% increase compared to the same period in 2022, mainly driven by an 11.0% year-over-year capacity increase, partially offset by a 7.1% decrease in passenger yield. The fourth-quarter results are mostly comprised of flown passenger ticket revenue, unredeemed ticket revenue, and passenger-related ancillary revenue.

Cargo and mail revenue totaled US$26.5 million, a 2.1% decrease compared to the same period in 2022, due to lower cargo yields.

Other operating revenue totaled US$11.0 million, mainly revenues from non-air ConnectMiles partners.

Operating expenses

Consolidated operating costs for 4Q23 increased by 4.0% to US$698.1 million, mainly driven by lower fuel and sales and distribution costs.

Fuel totaled US$264.2 million, a decrease of 3.6% compared to the same period in 2022, due to a 12.7% lower effective fuel price, partially offset by a 10.2% increase in fuel gallons consumed.

Wages, salaries, benefits, and other employee expenses totaled US$119.7 million, representing a 14.0% increase compared to the same period in 2022, mainly driven by growth in operational staff to support current capacity, as well as salary adjustments and higher variable compensation.

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Passenger servicing totaled US$24.1 million, an increase of 23.7% compared to the same period in 2022, mainly due to a 15.7% increase in onboard passengers and an upgrade in the Company’s business class product offering.

Airport facilities and handling charges totaled US$59.0 million, an increase of 18.7% compared to the same period in 2022, mostly related to a 12.8% increase in departures as well as higher airport fees.

Sales and distribution totaled US$55.1 million, a decrease of 10.4% compared to the same period in 2022, due to a reduction in the Company’s distribution costs as a result of higher penetration of both direct sales and lower-cost travel agency channels.

Maintenance, materials, and repairs totaled US$31.3 million, an increase of 8.3% compared to the same period in 2022, mainly due to an increase in major components repairs and materials consumption costs driven by a 9.1% increase in flight hours, partially offset by an adjustment in the provision related to the future return of leased aircraft.

Depreciation and amortization totaled US$79.8 million, an increase of 13.6% compared to the same period in 2022, mostly related to additional aircraft and maintenance events amortization.

Flight operations mostly related to overflight fees, totaled US$28.0 million, an increase of 9.0% compared to the same period in 2022, driven by a 9.8% increase in block hours, partially offset by a reversal of provisions corresponding to prior periods.

Other operating and administrative expenses totaled US$36.9 million, representing an increase of 1.0% compared to the same period in 2022, mainly comprised of overhead expenses.

Non-operating Income (Expense)
Consolidated non-operating income (expense) resulted in a net expense of US$3.3 million in 4Q23.

Finance cost totaled (US$20.4) million, comprised of US$12.9 million related to loan interest; US$3.5 million in interest charges related to operating leases, US$3.3 million related to the discount rate utilized for the calculation of leased aircraft charges, and US$0.7 million in other interest charges.

Finance income totaled US$14.3 million in proceeds from investments.

Gain (loss) on foreign currency fluctuations totaled (US$0.3) million, mainly driven by the depreciation of the Argentine peso, offset by the appreciation of the Colombian and Mexican peso during the quarter.

Other non-operating income (expense) totaled a net of US$3.1 million, mainly due to an unrealized mark-to-market gain of US$3.4 million related to changes in the value of financial investments.
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About Copa Holdings
Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information visit: www.copaair.com.

CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
www.copaair.com (IR section)

This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.

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Copa Holdings, S. A.
Consolidated statement of profit or loss
(In US$ thousands)

%%%
4Q234Q22Change 3Q23ChangeFY23FY22Change
Operating Revenues
Passenger revenue879,351 852,291 3.2%833,306 5.5 %3,320,455 2,824,719 17.5 %
Cargo and mail revenue26,534 27,095 -2.1%23,431 13.2 %97,105 101,765 -4.6 %
Other operating revenue11,049 11,226 -1.6%10,973 0.7 %43,538 38,549 12.9 %
Total Operating Revenue916,933 890,612 3.0%867,711 5.7 %3,461,098 2,965,033 16.7 %
Operating Expenses
Fuel264,166 273,901 -3.6%252,077 4.8 %995,862 1,052,637 -5.4 %
Wages, salaries, benefits and other employees' expenses119,669 105,019 14.0%108,416 10.4 %436,526 380,385 14.8 %
Passenger servicing24,148 19,518 23.7%23,147 4.3 %89,146 70,080 27.2 %
Airport facilities and handling charges59,010 49,734 18.7%58,243 1.3 %221,878 192,584 15.2 %
Sales and distribution55,111 61,498 -10.4%54,058 1.9 %227,171 224,465 1.2 %
Maintenance, materials and repairs31,276 28,875 8.3%29,528 5.9 %132,531 104,114 27.3 %
Depreciation and amortization79,815 70,251 13.6%78,359 1.9 %305,668 267,704 14.2 %
Flight operations27,987 25,667 9.0%29,476 -5.1 %109,892 97,256 13.0 %
Other operating and administrative expenses36,875 36,492 1.0%29,394 25.5 %130,656 125,424 4.2 %
Total Operating Expense698,058 670,954 4.0%662,697 5.3 %2,649,331 2,514,648 5.4 %
Operating Profit/(Loss)218,875 219,657 -0.4%205,014 6.8 %811,767 450,384 80.2 %
Non-operating Income (Expense):
Finance cost(20,408)(23,388)-12.7%(82,926)-75.4 %(158,216)(87,631)80.5 %
Finance income14,289 7,413 92.8%15,108 -5.4 %50,209 18,030 178.5 %
Gain (loss) on foreign currency fluctuations(272)(2,560)-89.4%(1,566)-82.6 %3,076 (9,812)-131.3 %
Net change in fair value of derivatives— (91,305)-100.0%77,058 -100.0 %(98,347)17,189 -672.2 %
Other non-operating income (expense)3,126 1,221 156.0%1,867 67.5 %7,153 70 10065.6 %
Total Non-Operating Income/(Expense)(3,264)(108,619)-97.0%9,540 -134.2 %(196,126)(62,155)215.5 %
Profit before taxes215,611 111,039 94.2%214,555 0.5 %615,641 388,229 58.6 %
Income tax expense(23,830)(22,758)4.7%(27,179)-12.3 %(97,456)(40,176)142.6 %
Net Profit/(Loss)191,780 88,280 117.2%187,375 2.4 %518,185 348,054 48.9 %
EPS
Basic4.55 2.23 103.9%4.72 -3.5%12.89 8.58 50.3%
Shares used for calculation:
 Basic42,149,85439,554,0716.6%39,730,1806.1%40,200,94740,581,616-0.9%
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Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)
December 2023December 2022
ASSETS
(Unaudited)
(Audited)
Cash and cash equivalents206,375 122,424 
Short-term investments708,809 812,323 
Total cash, cash equivalents and short-term investments915,184 934,747 
Accounts receivable, net156,720 135,415 
Accounts receivable from related parties2,527 2,168 
Expendable parts and supplies, net116,604 93,332 
Prepaid expenses44,635 52,322 
Prepaid income tax66 798 
Other current assets32,227 17,043 
352,779 301,078 
TOTAL CURRENT ASSETS1,267,963 1,235,825 
Long-term investments258,934 202,056 
Long-term prepaid expenses9,633 7,770 
Property and equipment, net3,239,078 2,883,524 
Right of use assets281,146 234,380 
Intangible, net87,986 78,555 
Net defined benefit assets5,346 504 
Deferred tax assets30,136 30,743 
Other Non-Current Assets17,048 17,005 
TOTAL NON-CURRENT ASSETS3,929,307 3,454,537 
TOTAL ASSETS5,197,270 4,690,362 
LIABILITIES
Loans and borrowings222,430 142,484 
Current portion of lease liability68,304 80,084 
Accounts payable182,303 166,660 
Accounts payable to related parties1,228 1,004 
Air traffic liability605,900 651,805 
Frequent flyer deferred revenue126,677 111,526 
Taxes Payable44,210 43,878 
Employee benefits obligations64,940 44,913 
Income tax payable26,956 6,276 
Other Current Liabilities1,403 1,175 
TOTAL CURRENT LIABILITIES1,344,351 1,249,805 
Loans and borrowings long-term1,240,261 1,301,819 
Lease Liability215,353 158,289 
Derivative financial instruments251,150 
Deferred tax Liabilities36,594 16,571 
Other long - term liabilities234,474 220,618 
TOTAL NON-CURRENT LIABILITIES1,726,682 1,948,447 
TOTAL LIABILITIES3,071,033 3,198,252 
EQUITY
Class A - 34,075,142 issued and 31,090,299 outstanding21,367 21,327 
Class B - 10,938,1257,466 7,466 
Additional Paid-In Capital210,936 103,465 
Treasury Stock(204,130)(344,541)
Retained Earnings1,581,739 1,367,784 
Net profit518,185 348,054 
Other comprehensive loss(9,326)(11,445)
TOTAL EQUITY2,126,237 1,492,110 
TOTAL EQUITY LIABILITIES5,197,270 4,690,362 
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Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the twelve months ended
(In US$ thousands)
202320222021
(Unaudited) (Audited) (Audited)
Cash flow from operating activities1,020,974 740,948 462,612 
Cash flow used in investing activities(542,995)(555,911)(459,135)
  Cash flow used in financing activities(394,028)(273,694)88,539 
Net increase (decrease) in cash and cash equivalents83,951 (88,657)92,016 
Cash and cash equivalents at January 1122,424 211,081 119,065 
Cash and cash equivalents at December 31$206,375 $122,424 $211,081 
Short-term investments708,809 812,323 806,340 
Long-term investments258,934 202,056 199,670 
Total cash and cash equivalents and investments at December 31$1,174,118 $1,136,803 $1,217,091 
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Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non-IFRS financial measures: Adjusted Net Profit, Adjusted Basic EPS, and Operating CASM Excluding Fuel. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit, and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:
Reconciliation of Adjusted Net Profit4Q234Q223Q23FY23FY22
Net Profit as Reported$191,780 $88,280 $187,375 $518,185 $348,054 
Add: Interest expense related to the settlement of the convertible notes$— $— $64,894 $64,894 $— 
Add: Net change in fair value of derivatives$— $91,305 $(77,058)$98,347 $(17,189)
Add: Net change in fair value of financial investments$(3,372)$(1,924)$(810)$(6,349)$4,516 
Adjusted Net Profit$188,409 $177,661 $174,400 $675,077 $335,381 
Reconciliation of Adjusted Basic EPS4Q234Q223Q23FY23FY22
Adjusted Net Profit$188,409 $177,661 $174,400 $675,077 $335,381 
Shares used for calculation of Basic EPS42,15039,55439,73040,20140,582
Adjusted Basic Earnings per share (Adjusted Basic EPS)$4.47 $4.49 $4.39 $16.79 $8.26 
Reconciliation of Operating Costs per ASM
Excluding Fuel (CASM Excl. Fuel)4Q234Q223Q23FY23FY22
Operating Costs per ASM as Reported (in US$ Cents)9.7 10.3 9.3 9.6 10.3 
Aircraft Fuel Cost per ASM (in US$ Cents)3.7 4.2 3.5 3.6 2.8 
Operating Costs per ASM excluding fuel (in US$ Cents)6.0 6.1 5.8 6.0 7.2 
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