Airline

Hawaiian Holdings closes Q2, 2023 with $1.6 billion in liquidity

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Hawaiian Holdings closes Q2, 2023 with $1.6 billion in liquidity

Hawaiian Holdings, the parent company of Hawaiian Airlines reported unrestricted cash, cash equivalents and short-term investments of $1.3 billion as of June 30, 2023. The company released its financial results for the second quarter (Q2) of 2023. The company has an outstanding debt and finance lease obligations of $1.7 billion as of Q2 and $1.6 billion in liquidity, including its undrawn $235 million revolving credit facility.

"I want to thank our team members who have been taking care of our guests in a dynamic operating environment," said Peter Ingram, president and chief executive, Hawaiian. "Demand remains strong throughout our network, and we have recently seen a significant increase in bookings by travelers in Japan, an important geography that has trailed in the recovery of the overall market. Against the backdrop of improving operations and robust demand, I am excited about the major initiatives we're on track to deliver in the second half of the year."

Hawaiian Airlines reported a load factor of 90.4% as leisure demand remains high. Apart from the US traffic, Japan-originating traffic increased on Hawaiian's International routes, contributing to an overall 16.2-point increase in international load factor year over year.

Operating revenue was up 2.2% from the second quarter of 2022 on 11.0% higher capacity across Hawaiian's network. International revenue increased 160.2% from the second quarter of 2022 on a 141.4% increase in capacity.

The airline completed the transition of A330 aircraft maintenance from a vendor-managed services agreement to internal resources; self-managed maintenance will allow Hawaiian to exercise greater control over its day-to-day operation and control costs more effectively as the operation grows with the introduction of A330 freighter aircraft

The airline resumed service between Honolulu and Fukuoka, Japan on April 28 with thrice-weekly service, initiated weekly service to Rarotonga on May 20, expanding travel opportunities between Hawaiian's 15 gateways on the US Mainland and the Cook Islands.