ALK FY 2023 Earnings Report — Alaska Air Group, Inc. Revenue & Financial Results | Market Cap Arena

Alaska Air Group, Inc.ALK

FY 2023 Earnings

Reported February 14, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$10.4B	—	$9.6B	—	8.1%
Op. Income	$394M	—	$70M	—	462.9%
Gross Margin	23.6%	—	22.1%	—	1.5pp
Net Margin	2.3%	—	0.6%	—	1.7pp
EPS (Diluted)	$1.83	—	$0.45	—	306.7%
Free Cash Flow	-$444M	—	-$253M	—	-75.5%

Revenue Flow

Item	Amount
REVENUE	$10.4B
Cost of Revenue	$8.0B
GROSS PROFIT	$2.5B
R&D Expenses	$0
Selling & Marketing	$303M
General & Administrative	$0
SG&A Expenses	$303M
Other Expenses	$1.8B
Operating Expenses	$2.1B
Cost & Expenses	$10.0B
OPERATING INCOME	$394M
Interest Income	$80M
Interest Expense	$121M
Other Income/Expenses	-$71M
INCOME BEFORE TAX	$323M
Income Tax Expense	$88M
Net Income from Continuing Ops	$235M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$235M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$235M
D&A	$426M
EBIT	$818M
EBITDA	$1.2B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$10.4B
Cost of Revenue	$8.0B
GROSS PROFIT	$2.5B
R&D Expenses	$0
Selling & Marketing	$303M
General & Administrative	$0
SG&A Expenses	$303M
Other Expenses	$1.8B
Operating Expenses	$2.1B
Cost & Expenses	$10.0B
OPERATING INCOME	$394M
Interest Income	$80M
Interest Expense	$121M
Other Income/Expenses	-$71M
INCOME BEFORE TAX	$323M
Income Tax Expense	$88M
Net Income from Continuing Ops	$235M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$235M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$235M
D&A	$426M
EBIT	$818M
EBITDA	$1.2B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$235M
Depreciation & Amortization	$451M
Stock-Based Compensation	$59M
Deferred Income Tax	$0
Other Non-Cash Items	$591M
Change in Working Capital	-$286M
OPERATING CASH FLOW	$1.1B
Capital Expenditure	-$1.5B
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$530M
NET CASH FROM INVESTING	-$964M
Net Debt Issuance	$129M
Common Stock Repurchased	-$137M
Common Dividends Paid	$0
Other Financing Activities	-$139M
NET CASH FROM FINANCING	-$147M
FREE CASH FLOW	-$444M
Net Change in Cash	-$61M

Balance Sheet

Item	Amount
Cash & Equivalents	$281M
Short-Term Investments	$1.5B
Net Receivables	$383M
Inventory	$116M
Other Current Assets	$239M
TOTAL CURRENT ASSETS	$2.7B
PP&E (Net)	$9.6B
Goodwill	$1.9B
Intangible Assets	$90M
Long-Term Investments	$30M
Tax Assets	$1.2B
Other Non-Current Assets	$262M
TOTAL NON-CURRENT ASSETS	$13.1B
TOTAL ASSETS	$15.8B
Account Payables	$207M
Short-Term Debt	$289M
Deferred Revenue	$2.4B
Other Current Liabilities	$800M
TOTAL CURRENT LIABILITIES	$4.5B
Long-Term Debt	$2.2B
Deferred Revenue NC	$1.4B
Deferred Tax Liabilities	$1.9B
Other Non-Current Liabilities	$657M
TOTAL NON-CURRENT LIABILITIES	$7.3B
TOTAL LIABILITIES	$11.7B
Common Stock	$1M
Additional Paid-In Capital	$695M
Retained Earnings	$4.5B
Treasury Stock	-$819M
Accum. Other Comp. Income	-$299M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.1B
Minority Interest	$0
TOTAL EQUITY	$4.1B
TOTAL LIABILITIES & EQUITY	$15.8B
Total Debt	$3.8B
Net Debt	$3.5B