Copa Holdings, S.A 6-K, filed Nov 18, 2022

Copa Holdings, S.A. (CPA)

6-K 2022-11-18 For: 2022-11-17

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Added on April 04, 2026

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Copa Holdings, S.A filed this 6-K on November 18, 2022.

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	Copa Holdings, S.A. (Registrant)
Date: 11/17/2022
	By:	/s/ José Montero
		Name: José Montero Title: CFO

Consolidated Financial & Operating Highlights	3Q22			3Q19 ⁽³⁾			Variance vs. 3Q19			2Q22			Variance vs. 2Q22
Revenue Passengers Carried (000s)		2,755			2,703			1.9	%		2,481			11.1	%
Revenue Passengers OnBoard (000s)		4,190			3,946			6.2	%		3,796			10.4	%
RPMs (millions)		5,508			5,466			0.8	%		5,047			9.1	%
ASMs (millions)		6,344			6,383			-0.6	%		5,955			6.5	%
Load Factor		86.8	%		85.6	%		1.2 p.p.			84.8	%		2.1 p.p.
Yield (US$ Cents)		14.1			12.5			12.1	%		13.0			8.0	%
PRASM (US$ Cents)		12.2			10.7			13.7	%		11.0			10.6	%
RASM (US$ Cents)		12.8			11.1			15.0	%		11.6			9.6	%
CASM (US$ Cents)		10.5			9.0			16.4	%		10.9			-4.0	%
CASM Excl. Fuel (US$ Cents)		5.9			6.2			-5.3	%		6.0			-1.1	%
Fuel Gallons Consumed (millions)		75.7			82.0			-7.7	%		71.5			5.9	%
Avg. Price Per Fuel Gallon (US$)		3.81			2.16			76.6	%		4.14			-8.0	%
Average Length of Haul (miles)		1,999			2,022			-1.1	%		2,034			-1.7	%
Average Stage Length (miles)		1,265			1,295			-2.3	%		1,273			-0.7	%
Departures		31,484			33,373			-5.7	%		29,369			7.2	%
Block Hours		102,027			109,614			-6.9	%		95,315			7.0	%
Average Aircraft Utilization (hours) ⁽²⁾		11.8			11.5			3.0	%		11.5			2.9	%
Operating Revenues (US$ millions)		809.4			708.2			14.3	%		693.4			16.7	%
Operating Profit (Loss) (US$ millions)		143.7			132.9			8.1	%		42.3			240.0	%
Operating Margin		17.8	%		18.8	%		-1.0 p.p.			6.1	%		11.7 p.p.
Net Profit (Loss) (US$ millions)		115.9			104.0			11.5	%		124.1			-6.6	%
Adjusted Net Profit (Loss) (US$ millions) ⁽¹⁾		115.1			104.0			10.7	%		13.2			773.8	%
Basic EPS (US$)		2.93			2.45			19.7	%		3.01			-2.7	%
Adjusted Basic EPS (US$) ⁽¹⁾		2.91			2.45			18.8	%		0.32			809.6	%
Shares for calculation of Basic EPS (000s)		39,589			42,487			-6.8	%		41,212			-3.9	%


(USD Millions)	2019	2020	2021	2022
Q1-Q3 Adjusted Net Income (Loss)^*	244.3	(411.0)	(40.5)	157.7


Financial Outlook	4Q22 Guidance	3Q22
Capacity (vs. 2019)	~6%	-0.6%
Operating Margin	~22%	17.8%

Copa Holdings, S.A.
Income Statement - IFRS
(US$ Thousands)
	Unaudited			Unaudited			%			Unaudited			%
	3Q22			3Q19			Change			2Q22			Change
Operating Revenues
Passenger revenue		774,230			685,337			13.0	%		656,943			17.9	%
Cargo and mail revenue		26,400			14,647			80.2	%		26,734			-1.2	%
Other operating revenue		8,815			8,226			7.2	%		9,718			-9.3	%
Total Operating Revenue		809,445			708,210			14.3	%		693,394			16.7	%

Operating Expenses
Fuel		291,528			177,603			64.1	%		295,952			-1.5	%
Wages, salaries, benefits and other employees' expenses		96,612			113,398			-14.8	%		88,995			8.6	%
Passenger servicing		18,881			26,204			-27.9	%		16,074			17.5	%
Airport facilities and handling charges		49,783			47,022			5.9	%		47,280			5.3	%
Sales and distribution		60,712			52,980			14.6	%		56,222			8.0	%
Maintenance, materials and repairs		23,577			30,632			-23.0	%		28,311			-16.7	%
Depreciation and amortization		68,813			72,876			-5.6	%		65,337			5.3	%
Flight operations		25,483			26,572			-4.1	%		24,068			5.9	%
Other operating and administrative expenses		30,363			28,047			8.3	%		28,894			5.1	%
Total Operating Expense		665,752			575,334			15.7	%		651,133			2.2	%

Operating Profit/(Loss)		143,692			132,876			8.1	%		42,261			240.0	%

Non-operating Income (Expense):
Finance cost		(22,528	)		(12,696	)		77.4	%		(21,270	)		5.9	%
Finance income		4,546			6,121			-25.7	%		3,526			28.9	%
Gain (loss) on foreign currency fluctuations		(3,335	)		(9,641	)		-65.4	%		(6,834	)		-51.2	%
Net change in fair value of derivatives		1,575			-			-100.0	%		113,670			-98.6	%
Other non-operating income (expense)		4,230			(350	)		-1307.8	%		(2,717	)		-255.7	%
Total Non-Operating Income/(Expense)		(15,513	)		(16,567	)		-6.4	%		86,375			-118.0	%

Profit before taxes		128,179			116,309			10.2	%		128,636			-0.4	%

Income tax expense		(12,241	)		(12,332	)		-0.7	%		(4,560	)		168.4	%

Net Profit/(Loss)		115,939			103,978			11.5	%		124,076			-6.6	%

EPS
Basic		2.93			2.45			19.7	%		3.01			-2.7	%

Shares used for calculation:
Basic		39,588,984			42,487,355			-6.8	%		41,211,540			-3.9	%

Copa Holdings, S. A. and subsidiaries
Consolidated statement of financial position
(US$ Thousands)
	September 2022			December 2021
ASSETS	(Unaudited)
Cash and cash equivalents		198,744			211,081
Short-term investments		752,812			806,340
Total cash, cash equivalents and short-term investments		951,557			1,017,421
					-
Accounts receivable, net		155,571			90,618
Accounts receivable from related parties		2,159			1,832
Expendable parts and supplies, net		91,986			74,778
Prepaid expenses		45,418			31,148
Prepaid income tax		19,573			16,938
Other current assets		9,533			6,054
		324,240			221,368
TOTAL CURRENT ASSETS		1,275,797			1,238,789

Long-term investments		168,114			199,670
Long-term prepaid expenses		11,987			6,727
Property and equipment, net		2,855,422			2,512,704
Right of use assets		186,887			166,328
Intangible, net		77,061			81,749
Deferred tax assets		30,941			28,196
Other Non-Current Assets		16,319			14,098
TOTAL NON-CURRENT ASSETS		3,346,731			3,009,472

TOTAL ASSETS		4,622,529			4,248,261

LIABILITIES
Loans and borrowings		199,437			196,602
Current portion of lease liability		77,418			73,917
Accounts payable		148,469			112,596
Accounts payable to related parties		10,667			7,948
Air traffic liability		736,581			557,331
Frequent flyer deferred revenue		105,914			95,114
Taxes Payable		46,124			32,600
Employee benefits obligations		34,883			32,767
Income tax payable		14,569			3,835
Other Current Liabilities		819			786
TOTAL CURRENT LIABILITIES		1,374,881			1,113,496

Loans and borrowings long-term		1,323,182			1,229,031
Lease Liability		117,213			104,734
Net Defined Benefit Liability		7,043			7,670
Derivative financial instruments		159,845			268,338
Deferred tax Liabilities		23,853			18,782
Other long - term liabilities		220,941			206,813
TOTAL NON-CURRENT LIABILITIES		1,852,077			1,835,368

TOTAL LIABILITIES		3,226,958			2,948,864

EQUITY					-
Class A - 34,033,575 issued and 28,477,704 outstanding		21,327			21,289
Class B - 10,938,125		7,466			7,466
Additional Paid-In Capital		102,208			98,348
Treasury Stock		(344,541	)		(176,902	)
Retained Earnings		1,367,868			1,324,022
Net profit		259,773			43,844
Other comprehensive loss		(18,531	)		(18,670	)

TOTAL EQUITY		1,395,570			1,299,397
TOTAL EQUITY LIABILITIES		4,622,529			4,248,261

Copa Holdings, S. A. and subsidiaries
Consolidated Statement of Cash Flows
For the nine months ended September 30,
(In US$ thousands)
	2022			2021			2020
	(Unaudited)			(Unaudited)			(Unaudited)
Cash flow from (used in) operating activities		543,471			263,252			(75,298	)
Cash flow used in investing activities		(387,334	)		(140,844	)		(2,333	)
Cash flow (used in) from financing activities		(168,474	)		48,758			141,162
Net (decrease) increase in cash and cash equivalents		(12,337	)		171,166			63,531
Cash and cash equivalents at January 1		211,081			119,065			158,732
Cash and cash equivalents at September 30	$	198,744		$	290,231		$	222,263

Short-term investments		752,812			901,645			644,137
Long-term investments		168,114			96,956			139,503
Total cash and cash equivalents and investments at September 30	$	1,119,670		$	1,288,832		$	1,005,903


Reconciliation of Adjusted Operating Profit
and Adjusted Net Profit	3Q22			3Q21			2Q22			3Q19

Operating Profit as Reported	$	143,692		$	59,010		$	42,261		$	132,876
Subtract: Unredeemed Ticket Revenue provision reversal				$	10,395
Adjusted Operating Profit	$	143,692		$	48,615		$	42,261		$	132,876

Net Profit as Reported	$	115,939		$	8,242		$	124,076		$	103,978
Subtract: Unredeemed Ticket Revenue provision reversal				$	10,395
Add: Net change in fair value of derivatives	$	(1,575	)	$	32,092		$	(113,670	)
Add: Net change in fair value of financial investments	$	699					$	2,761
Adjusted Net Profit	$	115,062		$	29,939		$	13,168		$	103,978

Reconciliation of Adjusted Basic EPS	3Q22			3Q21			2Q22			3Q19

Adjusted Net Profit	$	115,062		$	(16,220	)	$	13,168		$	103,978
Shares used for calculation of Basic EPS		39,589			42,651			41,212			42,487
Adjusted Basic Earnings per share (Adjusted Basic EPS)	$	2.91		$	0.70		$	0.32		$	2.45

Reconciliation of Operating Costs per ASM
Excluding Fuel (CASM Excl. Fuel)	3Q22			3Q21			2Q22			3Q19

Operating Costs per ASM as Reported (in US$ Cents)		10.5			8.8			10.9			9.0
Aircraft Fuel Cost per ASM (in US$ Cents)		4.6			2.6			5.0			2.8
Operating Costs per ASM excluding fuel (in US$ Cents)		5.9			6.2			6.0			6.2