Company Quick10K Filing
Hawaiian Holdings
Price26.15 EPS4
Shares48 P/E7
MCap1,251 P/FCF3
Net Debt192 EBIT237
TEV1,444 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-10-22
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-10-20
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-21
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-10-20
10-Q 2016-06-30 Filed 2016-07-22
10-Q 2016-03-31 Filed 2016-04-22
10-K 2015-12-31 Filed 2016-02-08
10-Q 2015-09-30 Filed 2015-10-21
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-24
10-K 2014-12-31 Filed 2015-02-09
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-10
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-08
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-09
10-Q 2011-09-30 Filed 2011-10-19
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-02-11
10-Q 2010-09-30 Filed 2010-10-20
10-Q 2010-06-30 Filed 2010-07-28
10-Q 2010-03-31 Filed 2010-04-27
10-K 2009-12-31 Filed 2010-02-18
8-K 2020-07-28 Regulation FD, Exhibits
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-07-08 Other Events
8-K 2020-05-13
8-K 2020-05-05
8-K 2020-04-22
8-K 2020-04-14
8-K 2020-04-03
8-K 2020-03-21
8-K 2020-03-19
8-K 2020-03-13
8-K 2020-03-09
8-K 2020-03-02
8-K 2020-01-30
8-K 2019-11-20
8-K 2019-10-22
8-K 2019-10-07
8-K 2019-07-30
8-K 2019-05-20
8-K 2019-04-23
8-K 2019-04-08
8-K 2019-01-29
8-K 2019-01-10
8-K 2018-12-11
8-K 2018-12-05
8-K 2018-10-23
8-K 2018-10-08
8-K 2018-10-05
8-K 2018-09-05
8-K 2018-07-24
8-K 2018-07-18
8-K 2018-06-11
8-K 2018-05-30
8-K 2018-04-24
8-K 2018-03-12
8-K 2018-01-29
8-K 2018-01-08
8-K 2015-09-03
8-K 2015-07-28
8-K 2015-07-08
8-K 2015-05-28
8-K 2015-05-12
8-K 2015-04-23
8-K 2015-03-24
8-K 2015-01-29
8-K 2015-01-12

HA 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-3.1 ex31hawaiianholdingsin.htm
EX-31.1 ex311q22020.htm
EX-31.2 ex312q22020.htm
EX-32.1 ex321q22020.htm
EX-32.2 ex322q22020.htm

Hawaiian Holdings Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4.13.32.51.60.80.02012201420172020
Assets, Equity
0.80.60.50.30.20.02012201420172020
Rev, G Profit, Net Income
0.40.20.1-0.1-0.2-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from       to       
 
Commission file number 1-31443
 HAWAIIAN HOLDINGS INC
(Exact Name of Registrant as Specified in Its Charter)
Delaware 71-0879698
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
3375 Koapaka Street,Suite G-350  
Honolulu,HI 96819
(Address of Principal Executive Offices) (Zip Code)

(808) 835-3700
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value)HANASDAQ Stock Market, LLC
(NASDAQ Global Select Market)
Securities registered pursuant to Section 12(g) of the Act: None
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer Accelerated filer 
Non-accelerated filer  Smaller reporting company 
 Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  No
 
As of July 21, 2020, 45,997,188 shares of the registrant’s common stock were outstanding.



Hawaiian Holdings, Inc.
Form 10-Q
Quarterly Period ended June 30, 2020
 
Table of Contents
 
   
   
 
   
 
  
 
   
 
   
 
   
   
   
   
   
   
   
   
   
   
   
 
2


PART I. FINANCIAL INFORMATION

ITEM 1.                FINANCIAL STATEMENTS.
Hawaiian Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
 (unaudited)
Operating Revenue:  
Passenger$29,762  $653,423  $533,231  $1,254,727  
Other30,242  58,766  85,917  114,213  
Total60,004  712,189  619,148  1,368,940  
Operating Expenses:  
Wages and benefits30,329  180,070  218,583  355,135  
Aircraft fuel, including taxes and delivery7,003  140,600  120,481  266,704  
Maintenance, materials and repairs13,994  58,131  74,403  121,176  
Aircraft and passenger servicing3,036  39,641  41,319  78,541  
Depreciation and amortization39,333  39,527  78,782  77,678  
Aircraft rent23,886  30,843  50,890  61,239  
Commissions and other selling2,927  32,471  29,643  63,307  
Other rentals and landing fees13,677  31,386  43,443  62,432  
Purchased services19,887  32,733  54,128  65,186  
Special items34,014    160,918    
Other20,882  37,906  63,618  75,985  
Total208,968  623,308  936,208  1,227,383  
Operating Income (Loss)(148,964) 88,881  (317,060) 141,557  
Nonoperating Income (Expense):  
Interest expense and amortization of debt discounts and issuance costs(8,221) (7,300) (15,016) (14,830) 
Gains (losses) on fuel derivatives(184) (3,220) (6,636) (2,650) 
Interest income2,766  3,074  5,786  6,057  
Capitalized interest921  1,257  1,752  2,542  
Other, net1,161  (3,083) 3,465  (4,108) 
Total(3,557) (9,272) (10,649) (12,989) 
Income (Loss) Before Income Taxes(152,521) 79,609  (327,709) 128,568  
Income tax expense (benefit)(45,617) 21,776  (76,433) 34,377  
Net Income (Loss)$(106,904) $57,833  $(251,276) $94,191  
Net Income (Loss) Per Share  
Basic$(2.33) $1.21  $(5.47) $1.96  
Diluted$(2.33) $1.21  $(5.47) $1.96  
Weighted Average Number of Common Stock Shares Outstanding:
Basic45,971  47,854  45,969  48,122  
Diluted45,971  47,889  45,969  48,158  

See accompanying Notes to Consolidated Financial Statements.
3


Hawaiian Holdings, Inc.
Consolidated Statements of Comprehensive Income
(in thousands)
 Three Months Ended June 30,
 20202019
 (unaudited)
Net Income (Loss)$(106,904) $57,833  
Other comprehensive loss, net:  
Net change related to employee benefit plans, net of tax expense of $242 and $218 for 2020 and 2019, respectively
736  669  
Net change in derivative instruments, net of tax benefit of $795 and $1,186 for 2020 and 2019, respectively
(2,419) (3,646) 
Net change in available-for-sale investments, net of tax expense of $350 and $250 for 2020 and 2019, respectively
1,065  769  
Total other comprehensive loss(618) (2,208) 
Total Comprehensive Income (Loss)$(107,522) $55,625  

 Six Months Ended June 30,
 20202019
 (unaudited)
Net Income (Loss)$(251,276) $94,191  
Other comprehensive income, net:  
Net change related to employee benefit plans, net of tax expense of $439 and $352 for 2020 and 2019, respectively
1,334  1,245  
Net change in derivative instruments, net of tax benefit of $682 and $811 for 2020 and 2019, respectively
(2,075) (2,501) 
Net change in available-for-sale investments, net of tax expense of $478 and $425 for 2020 and 2019, respectively
1,454  1,309  
Total other comprehensive income713  53  
Total Comprehensive Income (Loss)$(250,563) $94,244  


See accompanying Notes to Consolidated Financial Statements.

4


Hawaiian Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except shares)
June 30, 2020
(unaudited)
December 31, 2019
ASSETS  
Current Assets:  
Cash and cash equivalents$592,520  $373,056  
Short-term investments168,410  245,599  
Accounts receivable, net28,467  97,380  
Income taxes receivable92,365  64,192  
Spare parts and supplies, net35,660  37,630  
Prepaid expenses and other45,431  56,849  
Total962,853  874,706  
Property and equipment, less accumulated depreciation and amortization of $823,757 and $762,544 as of June 30, 2020 and December 31, 2019, respectively
2,267,826  2,316,772  
Other Assets:  
Operating lease right-of-use assets592,933  632,545  
Long-term prepayments and other159,383  182,438  
Intangible assets, net13,500  13,500  
Goodwill  106,663  
Total Assets$3,996,495  $4,126,624  
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current Liabilities:  
Accounts payable$101,641  $148,748  
Air traffic liability and current frequent flyer deferred revenue553,554  606,684  
Other accrued liabilities221,881  161,430  
Current maturities of long-term debt, less discount60,079  53,273  
Current maturities of finance lease obligations21,667  21,857  
Current maturities of operating leases78,655  83,224  
Total1,037,477  1,075,216  
Long-Term Debt792,766  547,254  
Other Liabilities and Deferred Credits:  
Noncurrent finance lease obligations131,631  141,861  
Noncurrent operating leases476,401  514,685  
Accumulated pension and other post-retirement benefit obligations200,411  203,596  
Other liabilities and deferred credits80,350  97,434  
Noncurrent frequent flyer deferred revenue179,740  175,218  
Deferred tax liability, net271,786  289,564  
Total1,340,319  1,422,358  
Commitments and Contingencies
Shareholders’ Equity:  
Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of June 30, 2020 and December 31, 2019
    
Common stock, $0.01 par value per share, 45,996,537 and 46,121,859 shares outstanding as of June 30, 2020 and December 31, 2019, respectively
460  461  
Capital in excess of par value143,374  135,651  
Accumulated income785,269  1,049,567  
Accumulated other comprehensive loss, net(103,170) (103,883) 
Total825,933  1,081,796  
Total Liabilities and Shareholders’ Equity$3,996,495  $4,126,624  
See accompanying Notes to Consolidated Financial Statements.
5


Hawaiian Holdings, Inc.
Consolidated Statements of Shareholders' Equity
(in thousands)
Common
Stock(*)
Special
Preferred
Stock(**)
Capital In Excess of Par ValueAccumulated IncomeAccumulated Other Comprehensive Income (Loss)Total
(unaudited)
Balance at December 31, 2019$461  $  $135,651  $1,049,567  $(103,883) $1,081,796  
Net Loss—  —  —  (144,372) —  (144,372) 
Dividends declared on common stock ($0.12 per share)
—  —  —  (5,514) —  (5,514) 
Other comprehensive income, net—  —  —  —  1,331  1,331  
Issuance of 88,141 shares of common stock, net of shares withheld for taxes
1  —  (1,231) —  —  (1,230) 
Repurchase and retirement of 259,910 shares common stock
(2) —  —  (7,508) —  (7,510) 
Share-based compensation expense—  —  (135) —  —  (135) 
Balance at March 31, 2020$460  $  $134,285  $892,173  $(102,552) $924,366  
Net Loss—  —  —  (106,904) —  (106,904) 
Other comprehensive loss, net—  —  —  —  (618) (618) 
Issuance of 46,447 shares of common stock, net of shares withheld for taxes
  —  (83) —  —  (83) 
CARES Act PSP warrant issuance—  —  7,403  —  —  7,403  
Share-based compensation expense—  —  1,769  —  —  1,769  
Balance at June 30, 2020$460  $  $143,374  $785,269  $(103,170) $825,933  

(*) Common Stock—$0.01 par value; 118,000,000 authorized as of June 30, 2020 and December 31, 2019.
(**) Special Preferred Stock—$0.01 par value; 2,000,000 shares authorized as of June 30, 2020 and December 31, 2019.

6


Hawaiian Holdings, Inc.
Consolidated Statements of Shareholders' Equity
(in thousands)
Common
Stock(*)
Special
Preferred
Stock(**)
Capital In Excess of Par ValueAccumulated IncomeAccumulated Other Comprehensive Income (Loss)Total
(unaudited)
Balance at December 31, 2018$485  $  $128,448  $912,201  $(93,140) $947,994  
Net Income—  —  —  36,358  —  36,358  
Dividends declared on common stock ($0.12 per share)
—  —  —  (5,811) —  (5,811) 
Other comprehensive income, net—  —  —  —  2,261  2,261  
Issuance of 65,517 shares of common stock, net of shares withheld for taxes
1  —  (983) —  —  (982) 
Repurchase and retirement of 403,598 shares common stock
(4) —  —  (11,082) —  (11,086) 
Share-based compensation expense—  —  1,426  —  —  1,426  
Cumulative effect of accounting change (ASU 2016-02), net of tax
—  —  —  4,900  —  4,900  
Balance at March 31, 2019$482  $  $128,891  $936,566  $(90,879) $975,060  
Net Income—  —  —  57,833  —  57,833  
Dividends declared on common stock ($0.12 per share)
—  —  —  (5,743) —  (5,743) 
Other comprehensive loss, net—  —  —  —  (2,208) (2,208) 
Issuance of 28,927 shares of common stock, net of shares withheld for taxes
—