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Volaris Reports Financial Results for the Third Quarter 2021


PR Newswire | Oct 21, 2021 06:30PM EDT

10/21 17:30 CDT

Volaris Reports Financial Results for the Third Quarter 2021 MEXICO CITY, Oct. 21, 2021

MEXICO CITY, Oct. 21, 2021 /PRNewswire/ -- Controladora Vuela Compaa de Aviacin, S.A.B. de C.V. (NYSE: VLRS and BMV: VOLAR) ("Volaris" or "The Company"), the ultra-low-cost airline serving Mexico, the United States of America, Central and South America, today announces its financial results for the third quarter 20211.

Third Quarter 2021 Highlights(All metrics are compared to 3Q 2019 unless otherwise noted)

Volaris reported double-digit growth in revenue and EBITDAR in the third quarter, due to its resilient business model and disciplined growth strategy.

* Total operating revenue of Ps.12,804 million, a 35% increase. Total revenue per available seat mile (TRASM) increased 12% to Ps.168 cents. * Operating expenses of Ps.9,682 million, a 24% increase. Operating expenses per available seat mile (CASM) remained unchanged at US$6.33 cents, while CASM ex-fuel increased 2% to US$4.09 cents. * Net income of Ps.1,515 million with a net margin of 11.8%. Earnings per share of Ps.1.30 and earnings per ADS of US$0.64. * EBITDAR of Ps.5,235 million, increased 59% with an EBITDAR margin of 40.9%, an increase of 6.3 percentage points. * Cash generation of Ps.1,965 million with a cash and cash equivalents position of Ps.12,668 million or US$624 million, representing 33% of the last twelve months total operating revenue. * Net debt-to-LTM EBITDAR ratio of 2.8 times, the lowest level in Volaris' history.

"We demonstrated, again, Volaris' agility and ability to adapt to a challenging demand environment by redeploying capacity to the appropriate markets and by stimulating demand.Moreover, we delivered strong quarterly results in line with the ambitious goals we had set for the third quarter. We were able to obtain these results thanks to our dedicated family of ambassadors and to our loyal and experienced management team," said Enrique Beltranena, President & Chief Executive Officer. "Our ultra-low-cost business model has proven resilient in difficult times and continues to have significant room for further growth," Enrique added.

Third Quarter 2021 Financial and Operations Highlights(All metrics are compared to 3Q 2019 unless otherwise noted)

Third Quarter

Consolidated Financial Highlights 2021 2019 Var.

Total Operating Revenue (Ps. million) 12,804 9,502 35%

TRASM (Ps. cents) 168 150 12%

ASMs (million, scheduled & charter) 7,667 6,341 21%

Load Factor (scheduled, RPMs/ASMs) 85.4% 85.1% 0.3 pp

Passengers (thousand, scheduled & charter) 6,650 5,620 18%

Fleet (end of period) 94 80 14

Operating Expenses (Ps. million) 9,682 7,799 24%

CASM (US$ cents) 6.33 6.36 0%

CASM excl. fuel (US$ cents) 4.09 3.99 2%

Operating income (EBIT) (Ps. million) 3,123 1,703 83%

% EBIT Margin 24.4% 17.9% 6.5 pp

Net income (Ps. million) 1,515 713 112%

% Net income margin 11.8% 7.5% 4.3 pp

EBITDAR (Ps. million) 5,235 3,291 59%

% EBITDAR Margin 40.9% 34.6% 6.3 pp

Net debt-to-LTM EBITDAR 2.8x 4.0x -1.2x

Total operating revenue was Ps.12,804 million, a 35% increase, driven by higher capacity, healthy load factors and stronger unit revenue per passenger. However, demand slowed in the second half of the quarter due to an increase of Covid-19 (Delta variant) cases in Mexico and the United States.

Volaris booked 6.7 million passengers in the quarter, an increase of 18%. Domestic and international passengers increased 19% and 17%, respectively; while total capacity, in terms of available seat miles (ASMs), increased 21% to 7.7 billion. Load factor reached 85.4%, above pre-pandemic levels.

TRASM of Ps.168 cents represented a 12% increase. Average base fare was Ps.1,134, a decrease of 2%. Ancillary revenue per passenger was Ps.805, a 49% increase, due to the continued growth of new and traditional products, such as First Baggage, Seat Selection and More Flexibility. Ancillary revenue represented 42% of total operating revenue, compared to 32% in the same period of 2019. Finally, total revenue per passenger increased 14% to Ps.1,939.

Operating expenses were Ps.9,682 million, a 24% increase, mainly due to capacity growth and the incorporation of new aircraft. The average economic fuel cost per gallon grew 3% to Ps.46.0 per gallon (US$2.30), which totaled a CASM of US$6.33 cents, essentially in line with the same period of 2019. CASM ex-fuel increased 2% to US$4.09 cents.

Comprehensive financing result increased 40% driven by a foreign exchange loss of Ps.234 million, and an increase of 26% of financial cost mainly related to the increase in the Company's fleet. The Mexican peso depreciated 3% against the US dollar, from an average exchange rate of Ps.19.42 per US dollar in the third quarter of 2019 to Ps.20.01 per US dollar during the third quarter of 2021. At the end of the third quarter of 2021, the Mexican peso (Ps.20.31 per US dollar) depreciated 3% compared to the exchange rate at the end of the second quarter of 2021 (Ps.19.80 per US dollar).

Income tax expense was Ps.649 million, compared to Ps.306 million in the third quarter of 2019.

Net income was Ps.1,515 million with a net margin of 11.8%. Earnings per share totaled Ps.1.30 and earnings per ADS were US$0.64.

EBITDAR was Ps.5,235 million, an increase of 59%, due to capacity growth and higher unit revenues. EBITDAR margin was 40.9%, an increase of 6.3 percentage points.

Balance Sheet, Liquidity and Capital AllocationDuring the third quarter 2021 Volaris generated Ps.1,965 million in cash. As of September 30, cash and cash equivalents were Ps.12,668 million or US$624 million, representing 33% of the last twelve months total operating revenue. Net cash flow provided by operating activities was Ps.4,220 million, while cash outflows in investing and financing activities were Ps.379 million and Ps.1,876 million, respectively. Positive net foreign exchange difference was Ps.169 million.

As of October 13, 2021, the Company issued Ps.1,500 million of 5-year asset backed trust notes (CEBUR) in Mexico linked to sustainability performance goals, one of the first of its kind for the industry in Latin America; the proceeds will be used to finance the company's sustainable growth. The sustainable objective set by the company is to reduce 35.4% emissions of gCO2/RPK by 2030. Moreover, Volaris' sustainability-linked bond framework received a second opinion from Sustainalytics, considering an ambitious Sustainability Performance Target, with a very strong Key Performance Indicator.

As of the quarter end, net debt was Ps.39,461 million, which included Ps.5,301 million of financial debt, Ps.46,828 million of leasing liabilities, less cash and cash equivalents of Ps. 12,668 million. The net debt-to-LTM EBITDAR ratio was 2.8 times, compared to 4.0 times in the same period of 2019 and 4.5 times in 2Q 2021.

4Q 2021 OutlookDespite of the recent headwinds of Covid-19, we expect to continue with our disciplined growth strategy for the rest of the year and 2022. With respect to 2019, we expect to grow capacity (ASMs) between 26% to 29% for the fourth quarter. Furthermore, we expect an EBITDAR margin between 31% to 34% for the fourth quarter. Finally, we expect cash and cash equivalents for 2021 year-end balance as percentage of last twelve months? revenues at approximately 30%, maintaining net debt-to-LTM EBITDAR below 3.0 times. This outlook assumes no pandemic-related or other material disruptions to Volaris' business and an average economic fuel cost of US$2.45 to US$2.70 per gallon.

FleetDuring the third quarter, the Company incorporated two new A320neo aircraft to its fleet. As of September 30, 2021, Volaris' fleet was composed of 94 aircraft (6 A319s, 72 A320s and 16 A321s), with an average age of 5.6 years. Volaris' fleet had an average of 188 seats per aircraft. 81% of its aircraft are sharklet-equipped and 40% are New Engine Option (NEO) models. The Company reaffirms its plans to end 2021 with 101 aircraft and closing the year 2022 with 113 aircraft.

Investors are urged to carefully read the Company's periodic reports filed with or provided to the Securities and Exchange Commission, for additional information regarding the Company.

Investor Relations Contact:Mara Elena Rodrguez / Flix Martnez / ir@volaris.com

Media Contact:Gabriela Fernndez / gabriela.fernandez@volaris.com

Conference call and webcast details

Date: Friday, October 22^nd, 2021

Time: 9:00 am Mexico City (CT) / 10:00 am New York (USA) (ET)

United States dial +1-844-204-8586in:

Mexico dial in: +52-55-8880-8040

International dial +1-412-317-6346in:

Participant code: Volaris

Webcast & video https://webcastlite.mziq.com/cover.html?webcastId=presentation: dcb83e09-887e-4056-9223-0409ba22d74a

About Volaris:*Controladora Vuela Compaa de Aviacin, S.A.B. de C.V. ("Volaris" or the "Company") (NYSE: VLRS and BMV: VOLAR), is an ultra-low-cost carrier, with point-to-point operations, serving Mexico, the United States, Central and South America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from 5 to more than 183 and its fleet from 4 to 96 aircraft. Volaris offers more than 450 daily flight segments on routes that connect 43 cities in Mexico and 27 cities in the United States, Central and South America with the youngest fleet in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business and leisure travelers in Mexico, the United States, Central and South America. Volaris has received the ESR Award for Social Corporate Responsibility for eleven consecutive years. For more information, please visit: www.volaris.com.

Forward-looking Statements:Statements in this release contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations, beliefs or projections concerning future events and financial trends affecting the financial condition of our business. When used in this release, the words "expects," "intends," "estimates," "predicts," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "potential," "outlook," "may," "continue," "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company's objectives, plans or goals, or actions the Company may take in the future, are forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's intentions and expectations regarding the delivery schedule of aircraft on order, announced new service routes and customer savings programs. Forward-looking statements should not be read as a guarantee or assurance of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements are subject to several factors that could cause the Company's actual results to differ materially from the Company's expectations, including the competitive environment in the airline industry; the Company's ability to keep costs low; changes in fuel costs; the impact of worldwide economic conditions on customer travel behavior; the Company's ability to generate non-ticket revenue; and government regulation. Additional information concerning these, and other factors is contained in the Company's Securities and Exchange Commission filings. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and SubsidiariesFinancial and Operating Indicators(All metrics are compared to 2019 unless otherwise noted)

Three months Three months Three monthsUnaudited ended ended ended Variance(In Mexican pesos, except otherwise indicated) September September 30, September 30, 30, 2021 2021 2019 (US Dollars)*

Total operating revenues (millions) 631 12,804 9,502 34.8%

Total operating expenses (millions) 477 9,682 7,799 24.1%

EBIT (millions) 154 3,123 1,703 83.4%

EBIT margin 24.4% 24.4% 17.9% 6.5 pp

Depreciation and amortization (millions) 83 1,681 1,363 23.3%

Aircraft and engine variable lease expenses (millions) 21 431 226 90.9%

Net income (millions) 75 1,515 713 112.5%

Net income margin 11.8% 11.8% 7.5% 4.3 pp

Earnings per share:

Basic 0.06 1.30 0.70 84.4%

Diluted 0.06 1.30 0.70 84.4%

Earnings per ADS:

Basic 0.64 13.00 7.05 84.4%

Diluted 0.64 13.00 7.05 84.4%

Weighted average shares outstanding:

Basic - 1,165,976,677 1,011,876,677 15.2%

Diluted - 1,165,976,677 1,011,876,677 15.2%

Available seat miles (ASMs) (millions) (1) - 7,667 6,341 20.9%

Domestic - 5,397 4,328 24.7%

International - 2,270 2,014 12.7%

Revenue passenger miles (RPMs) (millions) (1) - 6,551 5,398 21.4%

Domestic - 4,714 3,785 24.5%

International - 1,837 1,613 13.9%

Load factor (2) - 85.4% 85.1% 0.3 pp

Domestic - 87.3% 87.5% (0.1) pp

International - 80.9% 80.1% 0.9 pp

Total operating revenue per ASM (TRASM) (cents) (1)(5) 8.3 168.2 150.3 11.9%

Total ancillary revenue per passenger (4)(5) 39.6 805 539 49.3%

Total operating revenue per passenger (5) 95.5 1,939 1,696 14.3%

Operating expenses per ASM (CASM) (cents) (1)(5) 6.2 126.6 123.4 2.6%

Operating expenses per ASM (CASM) (US cents) (1)(3)(5) - 6.33 6.36 (0.4%)

CASM ex fuel (cents) (1)(5) 4.0 81.8 77.5 5.5%

CASM ex fuel (US cents) (1)(3)(5) - 4.09 3.99 2.4%

Booked passengers (thousands) (1) - 6,650 5,620 18.3%

Departures (1) - 41,820 35,777 16.9%

Block hours (1) - 105,202 90,323 16.5%

Fuel gallons consumed (millions) - 74.7 64.9 15.1%

Average economic fuel cost per gallon (5) 2.3 46.0 44.9 2.6%

Aircraft at end of period - 94 80 17.5%

Average aircraft utilization (block hours) - 13.0 13.2 (1.3%)

Average exchange rate - 20.01 19.42 3.0%

End of period exchange rate - 20.31 19.64 3.4%

*Peso amounts were converted to U.S. dollars at end of period exchange rate forconvenience purposes only.(1) Includes schedule and charter.(2) Includes schedule.(3) Dollar amounts were converted at average exchange rate of each period.(4) Includes "Other passenger revenues" and "non-passenger revenues".(5) Excludes non-derivatives financial instruments.

Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and SubsidiariesFinancial and Operating Indicators(All metrics are compared to 2020 unless otherwise noted)

Three months Three months Three monthsUnaudited ended ended ended(In Mexican pesos, except otherwise indicated) September September 30, September 30, Variance 30, 2021 2021 2020 (US Dollars)*

Total operating revenues (millions) 631 12,804 4,724 171.1%

Total operating expenses (millions) 477 9,682 6,951 39.3%

EBIT (millions) 154 3,123 (2,227) N/A

EBIT margin 24.4% 24.4% (47.1%) 71.5 pp

Depreciation and amortization (millions) 83 1,681 1,509 11.4%

Aircraft and engine variable lease expenses (millions) 21 431 537 (19.8%)

Net income (loss) (millions) 75 1,515 (2,175) N/A

Net income (loss) margin 11.8% 11.8% (46.0%) 57.9 pp

Earnings (loss) per share:

Basic 0.06 1.30 (2.15) N/A

Diluted 0.06 1.30 (2.15) N/A

Earnings (loss) per ADS:

Basic 0.64 13.00 (21.50) N/A

Diluted 0.64 13.00 (21.50) N/A

Weighted average shares outstanding:

Basic - 1,165,976,677 1,011,876,677 15.2%

Diluted - 1,165,976,677 1,011,876,677 15.2%

Available seat miles (ASMs) (millions) (1) - 7,667 4,763 61.0%

Domestic - 5,397 3,685 46.5%

International - 2,270 1,078 110.5%

Revenue passenger miles (RPMs) (millions) (1) - 6,551 3,496 87.4%

Domestic - 4,714 2,711 73.9%

International - 1,837 785 134.0%

Load factor (2) - 85.4% 73.4% 12.1 pp

Domestic - 87.3% 73.6% 13.8 pp

International - 80.9% 72.8% 8.1 pp

Total operating revenue per ASM (TRASM) (cents) (1)(5) 8.3 168.2 102.8 63.6%

Total ancillary revenue per passenger (4)(5) 39.6 805 614 31.0%

Total operating revenue per passenger (5) 95.5 1,939 1,411 37.4%

Operating expenses per ASM (CASM) (cents) (1)(5) 6.2 126.6 149.2 (15.1%)

Operating expenses per ASM (CASM) (US cents) (1)(3)(5) - 6.33 6.75 (6.2%)

CASM ex fuel (cents) (1)(5) 4.0 81.8 111.3 (26.5%)

CASM ex fuel (US cents) (1)(3)(5) - 4.09 5.03 (18.8%)

Booked passengers (thousands) (1) - 6,650 3,470 91.7%

Departures (1) - 41,820 24,721 69.2%

Block hours (1) - 105,202 62,678 67.8%

Fuel gallons consumed (millions) - 74.7 44.9 66.5%

Average economic fuel cost per gallon (5) 2.3 46.0 40.2 14.6%

Aircraft at end of period - 94 84 11.9%

Average aircraft utilization (block hours) - 13.0 10.6 23.1%

Average exchange rate - 20.01 22.11 (9.5%)

End of period exchange rate - 20.31 22.46 (9.6%)

*Peso amounts were converted to U.S. dollars at end of period exchange rate forconvenience purposes only.(1) Includes schedule and charter.(2) Includes schedule.(3) Dollar amounts were converted at average exchange rate of each period.(4) Includes "Other passenger revenues" and "non-passenger revenues".(5) Excludes non-derivatives financial instruments.

Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and SubsidiariesFinancial and Operating Indicators(All metrics are compared to 2020 unless otherwise noted)

Nine months ended Nine months Nine monthsUnaudited September ended ended Variance(In Mexican pesos, except otherwise indicated) 30, 2021 September 30, September 30, 2021 2020 (US Dollars)*

Total operating revenues (millions) 1,512 30,708 14,074 118.2%

Total operating expenses (millions) 1,264 25,674 18,287 40.4%

EBIT (millions) 248 5,035 (4,213) N/A

EBIT margin 16.4% 16.4% (29.9%) 46.3 pp

Depreciation and amortization (millions) 236 4,799 4,402 9.0%

Aircraft and engine rent expenses (millions) 68 1,381 1,338 3.2%

Net income (loss) (millions) 114 2,320 (5,191) N/A

Net income (loss) margin 7.6% 7.6% (36.9%) 44.4 pp

Earnings (loss) per share:

Basic 0.10 1.99 (5.13) N/A

Diluted 0.10 1.99 (5.13) N/A

Earnings (loss) per ADS:

Basic 0.98 19.90 (51.30) N/A

Diluted 0.98 19.90 (51.30) N/A

Weighted average shares outstanding:

Basic - 1,165,976,677 1,011,876,677 15.2%

Diluted - 1,165,976,677 1,011,876,677 15.2%

Available seat miles (ASMs) (millions) (1) - 20,074 12,295 63.3%

Domestic - 14,447 9,140 58.1%

International - 5,627 3,156 78.3%

Revenue passenger miles (RPMs) (millions) (1) - 16,835 9,800 71.8%

Domestic - 12,394 7,307 69.6%

International - 4,440 2,493 78.1%

Load factor (2) - 83.9% 79.7% 4.2 pp

Domestic - 85.8% 79.9% 5.8 pp

International - 78.9% 79.0% (0.1) pp

Total operating revenue per ASM (TRASM) (cents) (1)(5) 7.6 154.5 116.4 32.7%

Total ancillary revenue per passenger (4)(5) 38.8 788 591 33.4%

Total operating revenue per passenger (5) 89.2 1,811 1,453 24.6%

Operating expenses per ASM (CASM) (cents) (1)(5) 6.3 128.5 151.4 (15.1%)

Operating expenses per ASM (CASM) (US cents) (1)(3)(5) - 6.39 6.95 (8.1%)

CASM ex fuel (cents) (1)(5) 4.3 86.9 111.2 (21.9%)

CASM ex fuel (US cents) (1)(3)(5) - 4.32 5.10 (15.5%)

Booked passengers (thousands) (1) - 17,124 9,852 73.8%

Departures (1) - 109,440 66,167 65.4%

Block hours (1) - 275,096 168,788 63.0%

Fuel gallons consumed (millions) - 194.5 119.9 62.3%

Average economic fuel cost per gallon (5) 2.1 43.0 41.2 4.4%

Aircraft at end of period - 94 84 11.9%

Average aircraft utilization (block hours) - 12.2 11.1 10.4%

Average exchange rate - 20.13 21.79 (7.6%)

End of period exchange rate - 20.31 22.46 (9.6%)

*Peso amounts were converted to U.S. dollars at end of period exchange rate forconvenience purposes only.(1) Includes schedule and charter.(2) Includes schedule.(3) Dollar amounts were converted at average exchange rate of each period.(4) Includes "Other passenger revenues" and "non-passenger revenues".(5) Excludes non-derivatives financial instruments.

Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Operations

(All metrics are compared to 2020 unless otherwise noted)

Three months Three ThreeUnaudited ended months months(In millions of Mexican pesos) September ended ended Variance 30, 2021 September September (US 30, 2021 30, 2020 Dollars)*

Operating revenues:

Passenger revenues 613 12,445 4,640 168.2%

Fare revenues 371 7,542 2,764 172.9%

Other passenger revenues 241 4,903 1,876 161.4%

Non-passenger revenues 22 447 255 75.4%

Other non-passenger revenues 19 389 206 89.1%

Cargo 3 58 49 18.0%

Non-derivatives financial instruments (4) (88) (171) (48.6%)

Total operating revenues 631 12,804 4,724 171.1%

Other operating income (2) (44) (267) (83.5%)

Fuel expense, net (1) 168 3,410 1,648 106.9%

Landing, take-off and navigation expenses 75 1,528 1,028 48.7%

Depreciation of right of use assets 69 1,410 1,278 10.4%

Salaries and benefits 61 1,236 865 42.8%

Sales, marketing and distribution expenses 28 577 964 (40.1%)

Maintenance expenses 25 507 315 61.0%

Aircraft and engine variable lease expenses 21 431 537 (19.8%)

Other operating expenses 18 357 352 1.2%

Depreciation and amortization 13 270 231 17.1%

Operating expenses 477 9,682 6,951 39.3%

Operating income (loss) 154 3,123 (2,227) N/A

Finance income 1 20 17 21.4%

Finance cost (37) (744) (730) 1.9%

Exchange (loss) gain, net (12) (234) 186 N/A

Comprehensive financing result (47) (958) (527) 81.7%

Income (loss) before income tax 107 2,165 (2,754) N/A

Income tax (expense) benefit (32) (649) 579 N/A

Net income (loss) 75 1,515 (2,175) N/A

* Peso amounts were converted to U.S. dollars at end of period exchange ratefor convenience purposes only.(1) 3Q 2021 and 3Q 2020 figures include a benefit from non-derivativesfinancial instruments by an amount of Ps.26.9 million and Ps.153.5 million,respectively.

Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Operations

(All metrics are compared to 2020 unless otherwise noted)

Nine months Nine NineUnaudited ended months months September ended ended Variance(In millions of Mexican pesos) 30, 2021 September September 30, 2021 30, 2020 (US Dollars)*

Operating revenues:

Passenger revenues 1,464 29,720 13,624 118.1%

Fare revenues 862 17,508 8,491 106.2%

Other passenger revenues 601 12,212 5,133 137.9%

Non-passenger revenues 63 1,287 688 87.1%

Other non-passenger revenues 55 1,114 555 100.6%

Cargo 9 173 132 30.5%

Non-derivatives instruments (15) (298) (237) 25.7%

Total operating revenues 1,512 30,708 14,074 118.2%

Other operating income (8) (153) (568) (73.1%)

Fuel expense, net (1) 406 8,239 4,614 78.6%

Landing, take-off and navigation expenses 210 4,267 2,943 45.0%

Depreciation of right of use assets 198 4,030 3,752 7.4%

Salaries and benefits 166 3,370 2,470 36.4%

Maintenance expenses 70 1,415 714 98.2%

Sales, marketing and distribution expenses 70 1,413 1,506 (6.2%)

Aircraft and engine variable lease expenses 68 1,381 1,338 3.2%

Other operating expenses 46 943 869 8.4%

Depreciation and amortization 38 769 650 18.3%

Operating expenses 1,264 25,674 18,287 40.4%

Operating income (loss) 248 5,035 (4,213) N/A

Finance income 3 53 93 (42.9%)

Finance cost (96) (1,950) (2,523) (22.7%)

Exchange gain (loss), net 9 177 (419) N/A

Comprehensive financing result (85) (1,720) (2,849) (39.6%)

Income (loss) before income tax 163 3,315 (7,062) N/A

Income tax (expense) benefit (49) (994) 1,872 N/A

Net income (loss) 114 2,320 (5,191) N/A

* Peso amounts were converted to U.S. dollars at end of period exchange ratefor convenience purposes only.(1) September YTD 2021 and September YTD 2020 figures include a benefit fromnon-derivatives financial instruments by an amount of Ps.127.4 million and Ps.324.9 million, respectively.

Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries

Reconciliation of total ancillary revenue per passenger(All metrics are compared to 2020 unless otherwise noted)

The following table shows quarterly additional detail about the components oftotal ancillary revenue:

Unaudited Three months ended Three months ended Three months ended September 30, 2021 September 30, 2021 September 30, 2020 Variance(In millions of Mexican pesos) (US Dollars)*

Other passenger revenues 241 4,903 1,876 161.4%

Non-passenger revenues 22 447 255 75.4%

Total ancillary revenues 263 5,350 2,131 151.1%

Booked passengers (thousands) (1) - 6,650 3,470 91.7%

Total ancillary revenue per passenger 40 805 614 31.0%

* Peso amounts were converted to U.S. dollars at end of period exchange ratefor convenience purposes only.

(1) Includes schedule andcharter.

Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries

Reconciliation of total ancillary revenue per passenger(All metrics are compared to 2020 unless otherwise noted)

The following table shows the first nine months of the year additional detailabout the components of total ancillary revenue:

Unaudited Nine months ended Nine months ended Nine months ended September 30, 2021 September 30, 2021 September 30, 2020 Variance(In millions of Mexican pesos) (US Dollars)*

Other passenger revenues 601 12,212 5,133 137.9%

Non-passenger revenues 63 1,287 688 87.1%

Total ancillary revenues 664 13,499 5,821 131.9%

Booked passengers (thousands) (1) - 17,124 9,852 73.8%

Total ancillary revenue per passenger 39 788 591 33.4%

* Peso amounts were converted to U.S. dollars at end of period exchange ratefor convenience purposes only.

(1) Includes schedule andcharter.

Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Financial Position(All metrics are compared to 2020 unless otherwise noted)

September 30, September 30, December 31,(In millions of Mexican pesos) 2021 2021 2020 Unaudited Unaudited Audited (US Dollars)*

Assets

Cash and cash equivalents 624 12,668 10,103

Accounts receivable 137 2,792 2,027

Inventories 14 286 279

Prepaid expenses and other current assets 42 855 850

Financial instruments - - -

Guarantee deposits 80 1,632 1,142

Total current assets 898 18,232 14,402

Rotable spare parts, furniture and equipment, net 397 8,066 7,281

Right of use assets 1,823 37,010 34,316

Intangible assets, net 8 161 192

Financial instruments - 2 -

Deferred income taxes 105 2,136 3,129

Guarantee deposits 455 9,239 8,425

Other assets 4 74 119

Other long- term assets 17 352 325

Total non-current assets 2,809 57,041 53,787

Total assets 3,707 75,273 68,189

Liabilities

Unearned transportation revenue 312 6,330 5,851

Accounts payable 90 1,833 2,365

Accrued liabilities 182 3,690 2,356

Lease liabilities 287 5,823 6,484

Other taxes and fees payable 132 2,671 2,236

Income taxes payable - 2 4

Financial instruments - - 10

Financial debt 218 4,430 1,559

Other liabilities 8 159 101

Total short-term liabilities 1,228 24,939 20,966

Financial debt 43 871 3,796

Accrued liabilities 13 264 67

Lease liabilities 2,019 41,005 37,646

Other liabilities 161 3,272 2,668

Employee benefits 3 59 51

Deferred income taxes 10 203 200

Total long-term liabilities 2,249 45,674 44,427

Total liabilities 3,477 70,613 65,393

Equity

Capital stock 169 3,426 3,426

Treasury shares (9) (187) (224)

Contributions for future capital increases - - -

Legal reserve 14 291 291

Additional paid-in capital 230 4,677 4,720

Retained losses (76) (1,535) (3,855)

Accumulated other comprehensive losses (1) (99) (2,011) (1,562)

Total equity 229 4,660 2,796

Total liabilities and equity 3,707 75,273 68,189

Weighted average shares outstanding 1,165,976,677 1,165,976,677

* Peso amounts were converted to U.S. dollars at end of period exchange ratefor convenience purposes only.(1) As of September 30, 2021, and December 31, 2020, the figures include anegative foreign exchange effect of Ps.2,043 million and negativeforeign exchange effect of Ps.1,577 million, respectively, related tonon-derivative financial instruments.

Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Cash Flows - Cash Flow Data Summary(All metrics are compared to 2020 unless otherwise noted)

Three months Three ThreeUnaudited ended months months(In millions of Mexican pesos) September ended ended 30, 2021 September September (US 30, 2021 30, 2020 Dollars)*

Net cash flow provided by (used in) operating activities 208 4,220 (113)

Net cash flow used in investing activities (19) (379) (179)

Net cash flow used in financing activities ** (92) (1,876) (1,357)

Increase (decrease) in cash and cash equivalents 97 1,965 (1,649)

Net foreign exchange differences 8 169 (163)

Cash and cash equivalents at beginning of period 519 10,534 10,013

Cash and cash equivalents at end of period 624 12,668 8,202

*Peso amounts were converted to U.S. dollars at end of period exchange rate forconvenience purposes only**Includes aircraft rental payments of Ps.1,716 million and Ps.1,724 millionfor the three months ended period September 30, 2021, and 2020, respectively.

Controladora Vuela Compa??a de Aviaci?n, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Cash Flows - Cash Flow Data Summary(All metrics are compared to 2020 unless otherwise noted)

Nine months Nine NineUnaudited ended months months September ended ended(In millions of Mexican pesos) 30, 2021 September September 30, 2021 30, 2020 (US Dollars)*

Net cash flow provided by operating activities 531 10,779 3,290

Net cash flow used in investing activities (66) (1,345) (145)

Net cash flow used in financing activities ** (346) (7,017) (4,405)

Increase (decrease) in cash and cash equivalents 119 2,417 (1,260)

Net foreign exchange differences 7 148 1,482

Cash and cash equivalents at beginning of period 498 10,103 7,980

Cash and cash equivalents at end of period 624 12,668 8,202

* Peso amounts were converted to U.S. dollars at end of period exchange ratefor convenience purposes only.**Includes aircraft rental payments of Ps.6,753 million and Ps.4,350 millionfor the Nine months ended period September 30, 2021, and 2020, respectively.

1The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).

View original content: https://www.prnewswire.com/news-releases/volaris-reports-financial-results-for-the-third-quarter-2021-301406099.html

SOURCE Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - Volaris






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