Catalysts
Had marketable securities for a rainy day and now facing a storm better than competition
Vaccination going at a fast rate in the US
Domestic aviation will recover faster than international
Assistance from Government on wages
To acquire 68 new Boeings by 2023 with option of buying 52 more by 2026, selling all Airbus
Joined Oneworld Alliance recently
Risks
Recovery from pandemic takes longer than expected and people are still fearful of traveling
Higher oil prices
Inflation
Financial Analysis
Revenues of $797 million in 1Q20 down 52% YoY
Net loss of $131 million in 1Q21 vs net loss of $232 million in 1Q20
$411 million from Payroll Support Program (PSP) in 1Q21 under CARES Act
Non-GAAP net loss of $436 million vs $102 million in 1Q20
Capacity 33% down from 1Q19 levels
Passenger load factor of 52% (62% in March 2021) vs 80% in 1Q19
Balance Sheet
Total Assets: $14.2 Billion, Total Liabilities: $11.3 Billion, Book Value: $2.87 Billion
Current Assets: $4.28 Billion, Current Liabilities: $4.76 Billion,
Cash and marketable Securities: $3.54 Billion, Debt: $3.57 Billion
Read the full analysis on my Investment Research Partnership: https://ishfaaqpeerally.teachable.com/courses/662813/lectures/32034616
