ALK FY 2022 Earnings Report — Alaska Air Group, Inc. Revenue & Financial Results | Market Cap Arena

Alaska Air Group, Inc.ALK

FY 2022 Earnings

Reported February 13, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$9.6B	—	$6.2B	—	56.2%
Op. Income	$70M	—	$685M	—	-89.8%
Gross Margin	22.1%	—	13.2%	—	8.9pp
Net Margin	0.6%	—	7.7%	—	-7.1pp
EPS (Diluted)	$0.45	—	$3.77	—	-88.1%
Free Cash Flow	-$253M	—	$738M	—	-134.3%

Revenue Flow

Item	Amount
REVENUE	$9.6B
Cost of Revenue	$7.5B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$295M
General & Administrative	$0
SG&A Expenses	$295M
Other Expenses	$1.8B
Operating Expenses	$2.1B
Cost & Expenses	$9.6B
OPERATING INCOME	$70M
Interest Income	$53M
Interest Expense	$94M
Other Income/Expenses	$9M
INCOME BEFORE TAX	$79M
Income Tax Expense	$21M
Net Income from Continuing Ops	$58M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$58M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$58M
D&A	$398M
EBIT	$706M
EBITDA	$1.1B
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$9.6B
Cost of Revenue	$7.5B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$295M
General & Administrative	$0
SG&A Expenses	$295M
Other Expenses	$1.8B
Operating Expenses	$2.1B
Cost & Expenses	$9.6B
OPERATING INCOME	$70M
Interest Income	$53M
Interest Expense	$94M
Other Income/Expenses	$9M
INCOME BEFORE TAX	$79M
Income Tax Expense	$21M
Net Income from Continuing Ops	$58M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$58M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$58M
D&A	$398M
EBIT	$706M
EBITDA	$1.1B
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$58M
Depreciation & Amortization	$415M
Stock-Based Compensation	$35M
Deferred Income Tax	$22M
Other Non-Cash Items	$481M
Change in Working Capital	$407M
OPERATING CASH FLOW	$1.4B
Capital Expenditure	-$1.7B
Acquisitions (Net)	$4M
Purchases of Investments	-$1.8B
Sales/Maturities of Investments	$2.3B
Other Investing Activities	-$6M
NET CASH FROM INVESTING	-$1.2B
Net Debt Issuance	-$385M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$60M
NET CASH FROM FINANCING	-$325M
FREE CASH FLOW	-$253M
Net Change in Cash	-$125M

Balance Sheet

Item	Amount
Cash & Equivalents	$338M
Short-Term Investments	$2.1B
Net Receivables	$296M
Inventory	$104M
Other Current Assets	$60M
TOTAL CURRENT ASSETS	$3.0B
PP&E (Net)	$8.7B
Goodwill	$2.0B
Intangible Assets	$0
Long-Term Investments	$49M
Tax Assets	$1.2B
Other Non-Current Assets	$331M
TOTAL NON-CURRENT ASSETS	$12.3B
TOTAL ASSETS	$15.3B
Account Payables	$221M
Short-Term Debt	$276M
Deferred Revenue	$2.3B
Other Current Liabilities	$846M
TOTAL CURRENT LIABILITIES	$4.5B
Long-Term Debt	$1.9B
Deferred Revenue NC	$1.4B
Deferred Tax Liabilities	$1.7B
Other Non-Current Liabilities	$653M
TOTAL NON-CURRENT LIABILITIES	$7.0B
TOTAL LIABILITIES	$11.5B
Common Stock	$1M
Additional Paid-In Capital	$577M
Retained Earnings	$4.3B
Treasury Stock	-$674M
Accum. Other Comp. Income	-$388M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.8B
Minority Interest	$0
TOTAL EQUITY	$3.8B
TOTAL LIABILITIES & EQUITY	$15.3B
Total Debt	$3.8B
Net Debt	$3.4B