AirportInfo. Airline Snapshot

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1 AirportInfo Airline Snapshot March 2012

2 Market Share by Enplanement for U.S. Airlines 2007 vs Charter 1% Other 2% Charter 1% Other 1% Regional 21% Regional 21% Legacy 54% Legacy 51% Low Cost 22% Low Cost 26% A four-year comparison of total enplanements showed that legacy airline enplanements have been decreasing at a compounded annual rate of -1.9% while low cost airlines have increased at a rate of 3.5%. This market share shift is largely due to low cost airlines expansion strategies and an overall decrease in total enplanements by legacy and other airlines. Source: Diio Mi 2

3 Market Share by Enplanement for Top U.S. Airlines 2007 vs. 2011* 26% 3% 5% 7% 10% 8% 10% 14% 3% 14% Northwest Airlines Delta Air Lines Southwest Airlines AirTran Airways American Airlines United Airlines Continental US Airways JetBlue Airways All others 31% 4% 7% 13% 15% 12% 18% Note: * Southwest Airlines includes AirTran Airways * United Airlines includes Continental * Delta Air Lines had fully acquired Northwest in 2011 Source: Diio Mi Between 2007 and 2011, market share amongst the major U.S. airlines has remained relatively stagnant with the exception of Delta, Southwest, and United. Currently, Delta has shown the largest increase in market share due to the merger and acquisition with Northwest Airlines; however, following the full integration of Southwest and AirTran, Southwest will hold the largest market share by enplanement. 3

4 U.S. Airline Income Statement (YTD Q Q3 2011) In Billion of U.S. Dollars ($) Operating Revenue $ $ $ $ $ Operating Expense $ $ $ $ $ Fuel cost $39.16 $58.37 $35.27 $37.48 $48.34 Operating Income $8.73 ($2.58) $1.58 $8.88 $5.99 Net Income $7.71 ($18.59) ($2.66) $3.35 $1.63 Year-over-Year % Change Source: BTS Operating Revenue 5% 10% -20% 13% 11% Operating Expense 3% 20% -22% 7% 15% Fuel cost 1% 49.% -40% 6% 29% Operating Income 43% -130% -161% 463% -33% Net Income -61% -341% 86% 226% -51% Comparing the first three quarters from 2007 to 2011, it is evident that fuel prices have had a significant impact on the bottom line. From 2007 to 2011, net income has decreased by approximately 79%. While the decrease in fuel prices from 2008 to 2009 resulted in positive operating income, fuel fluctuations continue to hinder the recovery of the airline industry. 4

5 In Billions of U.S. dollars U.S. Airline Operating Revenue (YTD Q Q3 2011) Passenger* Mail & Freight Transport Related** Ancillary*** Other 9.8% 11.4% 4.7% 13.4% $25.0 $27.4 (19.6%) $27.5 $24.8 $17.2 $22.3 $23.1 $20.6 $18.1 $ $85.9 $89.8 $71.3 $81.3 $ Source: BTS Note: * Includes Charter Services ** Includes code share revenue, on board sales, third party services for other vendors *** Includes only Baggage Fee, Cancellation Fee, and Misc. Operating Revenue Airline operating revenue continues to grow year-over-year despite the economic recession. Despite a full recovery of passenger revenue in 2011 compared to its 2008 peak, freight revenue has continued to suffer. This is offset by revenue generation from ancillary fees and sales of third-party products/services. 5

6 In Billions of U.S. dollars U.S. Airline Ancillary Revenue (YTD Q Q3 2011) Reservation Cancellation Fees Miscellaneous Operating Revenues* Baggage Fee % % 55.2% 6 $2.6 5 $2.6 $ % $0.7 $ % $2.1 $2.2 $0.3 2 $1.9 $1.5 1 $1.8 $1.7 $1.8 $1.2 $ Note: * Includes fees paid to carriers for collection of PFC fee, transportation of pets/animals, and sales of frequent flyer programs Ancillary revenue has been the fastest growing revenue source for U.S. carriers. From yearto-date Q to Q3 2011, ancillary revenue has increased by a total of 187% at a compounded annual rate of 30%. Source: BTS 6

7 In Billions of U.S. dollars Ancillary Revenue by Top U.S. Airlines (YTD Q3 2011) 3 2 $ $0.88 $0.74 $0.67 $0.50 $0.47 $0.24 $0.24 $0.20 $0.15 $0.10 $0.05 $ Despite being relative in size to its competitors, Delta imposes significant ancillary fees compared to its competitors. While baggage fee revenue continues to be the fastest growing source of ancillary revenue over the period, some carriers such as Southwest with limited passenger fees, rely heavily on other means such as frequent flyer programs and travel agent fees, representing close to 96% of its ancillary revenue. Source: BTS Form 41 Schedule P-1.2 7

8 Ancillary Revenue by Top U.S. Airlines (YTD Q vs. YTD Q3 2011) 80% 70% 74% 69% 60% 50% 40% 41% 30% 20% 10% 0% -10% 10% 4% -1% 15% -3% 1% 24% 11% 11% 25% Comparing 2010 to 2011, it is apparent that many of the carriers who had minimal ancillary fees in 2010 are rapidly following the trends of other major airlines. Not surprisingly, Spirit Airlines continues to be the airline with the fastest alternative revenue generation. Source: BTS Form 41 Schedule P-1.2 8

9 U.S. Airline Load Factor ( ) 86% % 82% 80% 78% 76% 74% 72% 70% 77% 78% 74% 76% 76% 83% 83% 80% 80% 82% 84% 84% 83% 81% 82% 81% 80% 77% 77% 68% Q1 Q2 Q3 Q4 Compared to 2007, 2011 shows a year of improvement in load factors almost across all quarters. The decrease in total flights and better utilization of fleets have increased load factors to above 80% compared to high 70% in Source: Diio Mi 9

10 Millions North America Seat Capacity ( ) Source: Diio Mi Q1 Q2 Q3 Q4 In line with scheduled flights, from year-to-date Q to Q3 2011, all airlines with scheduled services within North America have decreased seat capacity by a total of approximately 8.0% at a compounded annual rate of -2.0%. As noted, the decrease in seat capacity is predominantly due to airlines cutting flights. 10

11 U.S. Airline Delay Causes 35% 33.17% 30% 25% 20% 28.01% 24.92% 15% 10% 9.98% 5% 0% Late Arrive Aircraft National Air System Air Carrrier Delay Cancelled 2.57% Extreme Weather 1.17% Diverted 0.19% Security Late arriving aircraft, national air system, and air carrier delay remain the greatest contributors, accounting for 86% of the delays in Despite media of sporadic weather changes in October, extreme weather delay only played a minimal part of total airline delays. Source: BTS 11

12 AirportInfo March 2012 Contact: Economic Affairs and Research Tel:

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