CA - Air Canada reports Q4 earnings; initiates Q1 FY23 and beyond outlook

• Air Canada press release ( OTCQX:ACDVF ): Q4 Non-GAAP EPS of -C$0.61.
• Revenue of C$4.68B (+71.4% Y/Y).
• Adjusted EBITDA of C$389M in the fourth quarter of 2022.
• Adjusted EBITDA margin of 8.3 per cent for the fourth quarter of 2022.
• Operating capacity, measured by Available Seat Miles increased about 59 per cent from the fourth quarter of 2021.
• Adjusted cost per available seat mile (adjusted CASM) of 13.7 cents, compared to fourth quarter 2021 adjusted CASM of 16.7 cents.
• For the first quarter of 2023, Air Canada plans to increase its ASM capacity by about 50 per cent from the same quarter in 2022 (or approximately 84 per cent of first quarter 2019 ASM capacity).
• FY 2023 Guidance : ASM capacity to increase of about 24 per centfrom 2022 ASM levels (or about 90 per cent of 2019 ASM levels). Adjusted EBITDA of about C$2.5B - C$3.0B.
• FY 2024 Targets :  ASM capacity about 100 per cent of 2019 ASM levels. Adjusted EBITDA of About C$3.5B - C$4.0B.

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