Hawaiian Holdings Inc Stock Research

Market Summary

USD7.75+0.17

Market Closed

2.24%

HA Alerts

Big jump in Revenue (Y/Y)
Big jump in Earnings (Y/Y)
Losses in recent quarter

HA Stock Price

HA RSI Chart

HA Valuation

Market Cap

398.7M

Price/Earnings (Trailing)

-1.66

Price/Sales (Trailing)

0.15

EV/EBITDA

-2.74

Price/Free Cashflow

-3.79

HA Price/Sales (Trailing)

HA Profitability

EBT Margin

-11.13%

Return on Equity

-72.04%

Return on Assets

-5.8%

Free Cashflow Yield

-26.4%

HA Fundamentals

HA Revenue

Revenue (TTM)

2.6B

Revenue Y/Y

47.76%

Revenue Q/Q

-1.37%

HA Earnings

Earnings (TTM)

-240.1M

Earnings Y/Y

45.82%

Earnings Q/Q

-441.16%

Price Action

52 Week Range

7.4421.71

(Low)(High)

Last 7 days

-7.6%

Last 30 days

-23.0%

Last 90 days

-23.3%

Trailing 12 Months

-58.2%

HA Financial Health

Current Ratio

1.5

Debt/Equity

4.38

Debt/Cashflow

-0.08

HA Investor Care

Shares Dilution (1Y)

0.42%

Diluted EPS (TTM)

-4.67

Peers (Alternatives to Hawaiian Holdings)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
FDX	56.6B	94.1B	7.28%	-2.85%	16.99	0.6	5.07%	-32.20%
DAL	24.5B	50.6B	-14.64%	-15.22%	298.7	0.53	69.18%	370.71%
LUV	17.6B	23.8B	-11.82%	-32.54%	18.38	0.74	50.82%	-2.15%
UAL	13.5B	45.0B	-15.21%	-3.32%	18.35	0.3	82.49%	137.53%
AAL	8.9B	49.0B	-11.83%	-17.94%	70.29	0.18	63.88%	106.37%
MID-CAP
ALK	4.9B	9.6B	-19.76%	-31.84%	83.84	0.5	56.19%	-87.87%
AAWW	2.9B	4.5B	0.24%	22.01%	8.22	0.64	12.86%	-27.86%
JBLU	2.2B	9.2B	-18.29%	-53.60%	-6.05	0.24	51.67%	-98.90%
SMALL-CAP
SAVE	1.8B	5.1B	-11.87%	-22.57%	-3.3	0.36	56.88%	-17.26%
ALGT	1.5B	2.3B	-16.67%	-46.88%	594.32	0.64	34.77%	-98.36%
ATSG	1.5B	2.0B	-18.32%	-41.26%	7.31	0.71	17.94%	-14.19%
SKYW	951.1M	3.0B	-3.59%	-32.95%	13.04	0.32	10.74%	-34.81%
HA	398.7M	2.6B	-23.04%	-58.24%	-1.66	0.15	65.43%	-65.83%
MESA	78.2M	530.4M	-30.42%	-51.14%	-0.44	0.15	5.88%	-1403.68%
AIRT	63.4M	224.4M	-7.28%	-3.27%	-25.19	0.28	30.18%	-139.59%

Financials for Hawaiian Holdings

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	9.8%	2,641,267,000	2,404,971,000	2,172,665,000	1,891,581,000	1,596,584,000
S&GA Expenses	8.8%	113,843,000	104,636,000	93,095,000	81,750,000	72,512,000
Costs and Expenses	7.5%	2,851,321,000	2,653,579,000	2,374,434,000	2,048,786,000	1,679,148,000
EBITDA	46.0%	-61,865,000	-114,653,000	-78,462,000	-14,850,000	-
EBITDA Margin	50.9%	-0.02	-0.05	-0.03	-	-
Earnings Before Taxes	16.1%	-293,849,000	-350,305,000	-320,357,000	-274,797,000	-185,323,000
EBT Margin	23.6%	-0.11	-0.15	-0.14	-	-
Interest Expenses	-3.5%	95,815,000	99,286,000	105,977,000	111,775,000	110,431,000
Net Income	15.0%	-240,081,000	-282,495,000	-258,557,000	-217,360,000	-144,773,000
Net Income Margin	22.6%	-0.09	-0.12	-0.11	-	-
Free Cahsflow	11.4%	-105,284,000	-118,849,000	-172,173,000	113,570,000	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-1.7%	4,140	4,211	4,365	4,488	4,631
Current Assets	-2.7%	1,678	1,726	1,833	1,922	2,014
Cash Equivalents	-16.7%	229	275	425	481	491
Net PPE	-0.9%	1,888	1,906	1,932	1,958	-
Current Liabilities	-4.1%	1,120	1,168	1,249	1,210	1,111
LT Debt, Current	5.8%	48.00	45.00	47.00	60.00	97.00
LT Debt, Non Current	0.6%	1,584	1,575	1,599	1,671	1,704
Shareholder's Equity	-4.1%	333	347	369	420	569
Retained Earnings	-26.3%	141	191	200	248	381
Additional Paid-In Capital	4.9%	287	274	272	270	270
Accumulated Depreciation	3.2%	1,102	1,068	1,034	1,000	-
Shares Outstanding	0.1%	51.00	51.00	51.00	51.00	51.00

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	31.3%	-57.75	-84.01	-134	151	251
Share Based Compensation	-8.5%	8.00	9.00	-	-	-
Cashflow From Investing	-208.5%	-15.02	14.00	-283	-351	-936
Cashflow From Financing	50.9%	-188	-383	-420	-320	683
Dividend Payments	NaN%	0.00	0.00	-	-	-
Buy Backs	NaN%	0.00	0.00	-	-	-

Risks for HA

What is the probability of a big loss on HA?

96.5%

Probability that Hawaiian Holdings stock will be more than 20% underwater in next one year

83.1%

Probability that Hawaiian Holdings stock will be more than 30% underwater in next one year.

57.7%

Probability that Hawaiian Holdings stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does HA drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Hawaiian Holdings was unfortunately bought at previous high price.

Drawdowns

Returns for HA

Cumulative Returns on HA

3.2%

10-Year Cumulative Returns

-22.1%

7-Year Cumulative Returns

-25.8%

5-Year Cumulative Returns

-8.8%

3-Year Cumulative Returns

What are the long-term rolling returns for HA?

FIve years rolling returns for Hawaiian Holdings.

Annualized Returns

Which funds bought or sold HA recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	15.8	-1,305,590	12,235,400	0.01%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	-1,000	3,000	-%
2023-03-06	OLD MISSION CAPITAL LLC	sold off	-100	-184,000	-	-%
2023-02-28	Voya Investment Management LLC	unchanged	-	-58,374	206,626	-%
2023-02-24	SRS Capital Advisors, Inc.	sold off	-100	-1,000	-	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	added	37.25	11,000	162,000	-%
2023-02-22	CVA Family Office, LLC	unchanged	-	-15,831	57,169	0.01%
2023-02-21	MACQUARIE GROUP LTD	unchanged	-	-131,000	465,000	-%
2023-02-16	HARBOUR INVESTMENTS, INC.	new	-	2,319	2,319	-%
2023-02-15	MetLife Investment Management, LLC	unchanged	-	-77,878	275,122	-%

Latest Funds Activity

Are funds buying HA calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own HA

No. of Funds

Hawaiian Holdings News

Schedule 13G FIlings of Hawaiian Holdings

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	10.51%	5,404,601	SC 13G/A
Feb 08, 2023	etf series solutions	2682%	4,764,909	SC 13G
Feb 03, 2023	state street corp	4.89%	2,515,884	SC 13G/A
Jan 26, 2023	blackrock inc.	16.9%	8,663,487	SC 13G/A
Jan 20, 2023	blackrock inc.	16.9%	8,663,487	SC 13G
Apr 07, 2022	etf series solutions	9.78%	5,012,194	SC 13G
Feb 11, 2022	state street corp	5.19%	2,659,666	SC 13G
Feb 08, 2022	etf series solutions	5321%	5,393,799	SC 13G
Feb 08, 2022	dimensional fund advisors lp	3.7%	1,911,573	SC 13G/A
Feb 03, 2022	etf series solutions	5561%	4,893,938	SC 13G

HA Fair Value

Hawaiian Holdings fair value in different scenarios

The table shows the Fair Value estimates for Hawaiian Holdings for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	17.03 119.74%	20.56 165.29%	28.51 267.87%	42.80 452.26%	52.09 572.13%
Current Inflation	16.17 108.65%	19.43 150.71%	26.04 236.00%	38.30 394.19%	46.24 496.65%
Very High Inflation	15.05 94.19%	17.97 131.87%	23.02 197.03%	32.94 325.03%	39.34 407.61%

Historical Hawaiian Holdings Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Hawaiian Holdings

View All Filings

Date Filed	Form Type	Document
Feb 15, 2023	10-K	Annual Report
Feb 15, 2023	POS AM	POS AM
Feb 15, 2023	POS AM	POS AM
Feb 15, 2023	POSASR	POSASR
Feb 15, 2023	POSASR	POSASR
Feb 09, 2023	4	Insider Trading
Feb 09, 2023	4	Insider Trading
Feb 09, 2023	4	Insider Trading
Feb 09, 2023	4	Insider Trading
Feb 09, 2023	SC 13G/A	Major Ownership Report

Latest Insider Trading transactions for HA

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-08	INGRAM PETER R	sold (taxes)	-50,347	11.66	-4,318	president and ceo
2023-02-08	Snook Jonathan D.	sold (taxes)	-46,395	11.66	-3,979	executive vp and coo
2023-02-08	Okinaka Shannon Lei	sold (taxes)	-31,272	11.66	-2,682	evp, cfo and treasurer
2023-02-08	Alter Aaron J	sold (taxes)	-31,272	11.66	-2,682	exec vp & chief legal officer
2023-02-07	Okinaka Shannon Lei	sold (taxes)	-58,620	11.23	-5,220	evp, cfo and treasurer
2023-02-07	Snook Jonathan D.	sold (taxes)	-75,634	11.23	-6,735	executive vp and coo
2023-02-07	Alter Aaron J	sold (taxes)	-49,378	11.23	-4,397	exec vp & chief legal officer
2023-02-07	INGRAM PETER R	sold (taxes)	-101,407	11.23	-9,030	president and ceo
2023-02-02	Alter Aaron J	sold	-34,714	11.5714	-3,000	exec vp & chief legal officer
2023-01-03	Snook Jonathan D.	sold (taxes)	-34,867	9.9	-3,522	executive vp and coo

About Hawaiian Holdings

Peter R. Ingram

www.hawaiianairlines.com

6670

Hawaiian Holdings, Inc., through its subsidiary, Hawaiian Airlines, Inc., engages in the scheduled air transportation of passengers and cargo. The company provides daily services on North America routes between the State of Hawai'i and Long Beach, Los Angeles, Oakland, Sacramento, San Diego, San Francisco, and San Jose, California; Las Vegas, Nevada; Seattle, Washington; Portland, Oregon; Phoenix, Arizona; and New York City, New York. It also offers scheduled service between the State of Hawai'i and Austin, Texas; Boston, Massachusetts; Orlando, Florida; and Pago Pago, American Samoa. In addition, the company provides daily service on its Neighbor Island routes among the four major islands of the State of Hawai'i. Further, it offers scheduled service on its international routes between the State of Hawai'i and Tokyo (Narita), Japan, Osaka, Japan; Sydney, Australia; Papeete, Tahiti; and Seoul, South Korea, as well as operates various ad hoc charters. Hawaiian Holdings, Inc. distributes its tickets through various distribution channels, including its website hawaiianairlines.com primarily for North America and Neighbor Island routes, as well as through travel agencies and wholesale distributors for its international routes. As of December 31, 2021, the company's fleet consisted of 19 Boeing 717-200 aircraft for the Neighbor Island routes; 24 Airbus A330-200 aircraft; and 18 Airbus A321neo for the North America and international routes. Hawaiian Holdings, Inc. was incorporated in 1929 and is headquartered in Honolulu, Hawaii.

HA Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Revenue:
Operating Revenue	$ 2,641,267	$ 1,596,584	$ 844,813
Operating Expenses:
Wages and benefits	833,137	698,101	628,558
Aircraft fuel, including taxes and delivery	817,077	363,003	161,363
Aircraft rent	103,846	109,476	103,890
Maintenance materials and repairs	236,153	170,048	121,571
Aircraft and passenger servicing	152,550	105,675	58,016
Commissions and other selling	113,843	72,512	46,297
Depreciation and amortization	136,169	138,299	151,665
Other rentals and landing fees	147,143	116,772	73,808
Purchased services	129,350	103,213	99,050
Special items	18,803	8,983	184,111
Government grant recognition	0	(320,645)	(240,648)
Other	163,250	113,711	104,743
Total	2,851,321	1,679,148	1,492,424
Operating Loss	(210,054)	(82,564)	(647,611)
Nonoperating Income (Expense):
Other nonoperating special items	0	0	(5,682)
Interest expense and amortization of debt discounts and issuance costs	(95,815)	(110,431)	(40,439)
Interest and dividend income	32,141	8,603	8,731
Capitalized interest	4,244	3,357	3,236
Other components of net periodic benefit cost, excluding settlements	5,065	3,566	1,300
Gains (losses) on fuel derivatives	(3,041)	217	(6,930)
Loss on extinguishment of debt	(8,568)	(38,889)	0
Gains (losses) on investments, net	(43,082)	1,426	271
Gains (losses) on foreign debt	26,667	27,773	(14,913)
Other, net	(1,406)	1,619	1,985
Total	(83,795)	(102,759)	(52,441)
Loss Before Income Taxes	(293,849)	(185,323)	(700,052)
Income tax benefit	(53,768)	(40,550)	(189,117)
Net Loss	$ (240,081)	$ (144,773)	$ (510,935)
Net Loss Per Common Stock Share:
Basic (in dollars per share)	$ (4.67)	$ (2.85)	$ (11.08)
Diluted (in dollars per share)	$ (4.67)	$ (2.85)	$ (11.08)
Weighted Average Number of Common Stock Shares Outstanding:
Basic (in shares)	51,361	50,769	46,100
Diluted (in shares)	51,361	50,769	46,100
Cash dividends declared per common share (in dollars per share)	$ 0	$ 0	$ 0.12
Passenger
Operating Revenue:
Operating Revenue	$ 2,335,440	$ 1,370,902	$ 664,799
Other
Operating Revenue:
Operating Revenue	$ 305,827	$ 225,682	$ 180,014

HA Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 229,122	$ 490,561
Restricted cash	17,498	17,267
Short-term investments	1,147,193	1,241,752
Accounts receivable, net	113,862	92,888
Income taxes receivable	70,204	71,201
Spare parts and supplies, net	36,875	34,109
Prepaid expenses and other	63,553	66,127
Total	1,678,307	2,013,905
Property and equipment, net	1,874,352	1,957,623
Other Assets:
Assets held for sale	14,019	29,449
Operating lease right-of-use assets	459,128	536,154
Long-term prepayments and other	100,317	80,489
Intangible assets, net	13,500	13,500
Total Assets	4,139,623	4,631,120
Current Liabilities:
Accounts payable	196,009	114,400
Air traffic liability and current frequent flyer deferred revenue	590,796	631,157
Other accrued liabilities	182,036	165,050
Current maturities of long-term debt, less discount	47,836	97,096
Current maturities of finance lease obligations	25,789	24,149
Current maturities of operating leases	77,858	79,158
Total	1,120,324	1,111,010
Long-Term Debt	1,583,889	1,704,298
Other Liabilities and Deferred Credits:
Noncurrent finance lease obligations	75,221	100,995
Noncurrent operating leases	347,726	423,293
Accumulated pension and other postretirement benefit obligations	135,775	160,817
Other liabilities and deferred credits	94,654	78,340
Noncurrent frequent flyer deferred revenue	318,369	296,484
Deferred tax liability, net	130,400	186,797
Total	1,102,145	1,246,726
Commitments and Contingent Liabilities
Shareholders' Equity:
Special preferred stock, $0.01 par value per share, three shares issued and outstanding at December 31, 2022 and 2021	0	0
Common stock, $0.01 par value per share, 51,450,904 and 51,233,369 shares issued and outstanding as of December 31, 2022 and 2021, respectively	514	512
Capital in excess of par value	287,161	269,575
Accumulated income	140,756	380,837
Accumulated other comprehensive loss, net	(95,166)	(81,838)
Total	333,265	569,086
Total Liabilities and Shareholders' Equity	$ 4,139,623	$ 4,631,120