
Air Canada's principal objective is to be a sustainable, profitable global champion. In pursuing this goal, Air Canada seeks to continually improve customer experience and employee engagement and create value for shareholders by focusing on four core priorities:
- Identifying and implementing cost reduction and revenue enhancing initiatives;
- Pursuing profitable international growth opportunities and leveraging its competitive attributes to expand margins, in large part by increasing connecting traffic through its strategic international gateways in Toronto, Vancouver and Montréal, and growing and competing effectively in both the business and leisure markets to and from Canada;
- Engaging customers by continually enhancing their travel experience and by consistently achieving customer service excellence; and
- Fostering positive culture change which includes making meaningful investments in training and other tools that support delivering exceptional customer experiences and that promote improved collaboration to enable Air Canada and its employees to better work together in a supportive and enriching environment.
More information is available in our 2019 Annual ReportOpen PDF file, our 2019 Annual Information Form Open PDF file , and our 2019 Corporate Sustainability Report.
Air Canada is committed to climate action and has endorsed the aviation industry's collective goals:
- An average improvement in fuel efficiency of 1.5% per year from 2009 to 2020
- A cap on net aviation CO2 emissions from 2020 (carbon-neutral growth)
- A reduction in net aviation CO2 emissions of 50% by 2050, relative to 2005 levels
Air Canada has reported to the CDP for 10 years and in 2018 was recognized by CDP for our commitment to disclosure and transparency. For additional information on our carbon footprint, targets and our climate protection strategy, and to gain access to our CDP response, please visit our dedicated environment site here
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Financial Reports & Information
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Shareholder Meetings
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FAQs
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Analyst Coverage
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Glossary
Fourth Quarter and full year 2020
Air Canada Deputy Chief Executive Officer and Chief Financial Officer, Michael Rousseau, will host a conference call and listen-only audio webcast on Friday, February 12, 2021 at 08:30 ET to announce Air Canada's fourth quarter and full year 2020 financial results.
Certain Air Canada Executives will be available for analysts' questions, and Michael Rousseau and Pierre Houle, Vice President and Treasurer, will be available to answer questions from holders of Air Canada bonds and term loan B lenders.
Webcast: https://bell.media-server.com/mmc/p/m74i2d33
External site which may not meet accessibility guidelines.
Conference call dial-in: 416-340-2217 or 1-800-806-5484 – Passcode: 4919163#
Replay (until May 16, 2021): 905-694-9451 or 1-800-408-3053 passcode: 8944262#.
Fourth Quarter and Year-End 2020 Results – February 12, 2021
- News Release & Highlights Open PDF file (PDF 533 KB)
- Financial Statements & Notes Open PDF file (PDF 1.44 MB)
- Management's Discussion & Analysis Open PDF file (PDF 1.00 MB)
Third Quarter 2020 Results – November 9, 2020
- News Release & Highlights Open PDF file (PDF 379 KB)
- Financial Statements & Notes Open PDF file (PDF 531 KB)
- Management's Discussion & Analysis Open PDF file (PDF 1.79 MB)
Second Quarter 2020 Results – July 31, 2020
- News Release & Highlights Open PDF file (PDF 368 KB)
- Financial Statements & Notes Open PDF file (PDF 670 KB)
- Management's Discussion & Analysis Open PDF file (PDF 1.66 MB)
First Quarter 2020 Results – May 4, 2020
- News Release & Highlights Open PDF file (PDF 409 KB)
- Financial Statements & Notes Open PDF file (PDF 526 KB)
- Management's Discussion & Analysis Open PDF file (PDF 1.59 MB)
2019
Fourth Quarter and Year-End 2019 Results – February 18, 2020
- News Release & Highlights Open PDF file (PDF 395 KB)
- Financial Statements & Notes Open PDF file (PDF 1.14 MB)
- Management's Discussion & Analysis Open PDF file (PDF 846 KB)
Third Quarter 2019 Results – October 29, 2019
- News Release & Highlights Open PDF file (PDF 373 KB)
- Financial Statements & Notes Open PDF file (PDF 1.2 MB)
- Management's Discussion & Analysis Open PDF file (PDF 619 KB)
Second Quarter 2019 Results – July 30, 2019
- News Release & Highlights Open PDF file (PDF 413 KB)
- Financial Statements & Notes Open PDF file (PDF 1.17 MB)
- Management's Discussion & Analysis Open PDF file (PDF 599 KB)
First Quarter 2019 Results – May 6, 2019
- News Release & Highlights Open PDF file (PDF 340 KB)
- Financial Statements & Notes Open PDF file (PDF 924 KB)
- Management's Discussion & Analysis Open PDF file (PDF 594 KB)
Annual Report & Annual Information Form
- 2019 Annual Report Open PDF file (12.7 MB)
- 2019 Annual Information Form Open PDF file (1.42 MB)
2018
Fourth Quarter and Year-End 2018 Results April 03, 2019
- 2018 Restated IFRS 16 Financials Open PDF file (PDF 188 KB)
- News Release & Highlights Open PDF file (PDF 453 KB)
- Financial Statements & Notes Open PDF file (PDF 1.31 MB)
- Management's Discussion & Analysis Open PDF file (PDF 985 KB)
Third Quarter 2018 Results October 31, 2018
- News Release & Highlights Open PDF file (PDF 183 KB)
- Financial Statements & Notes Open PDF file (PDF 518 KB)
- Management's Discussion & Analysis Open PDF file (PDF 590 KB)
Second Quarter 2018 Results July 27, 2018
- News Release & Highlights Open PDF file (PDF 183 KB)
- Financial Statements & Notes Open PDF file (PDF 639 KB)
- Management's Discussion & Analysis Open PDF file (PDF 663 KB)
First Quarter 2018 Results April 30, 2018
- News Release & Highlights Open PDF file (PDF 246 KB)
- Financial Statements & Notes Open PDF file (PDF 772 KB)
- Management's Discussion & Analysis Open PDF file (PDF 558 KB)
- Restated 2017 Financial Statements for IFRS 15 Open PDF file (PDF 103 KB)
Annual Report & Annual Information Form
- 2018 Annual Report Open PDF file (4.49 MB)
- 2018 Annual Information Form Open PDF file (965KB)
2017
Fourth Quarter and Year-End 2017 Results February 16, 2018
- News Release & Highlights Open PDF file (PDF 164 KB)
- Financial Statements & Notes Open PDF file (PDF 1.2 MB)
- Management's Discussion & Analysis Open PDF file (PDF 974 KB)
Third Quarter 2017 Results October 25, 2017
- News Release & Highlights Open PDF file (PDF 253 KB)
- Financial Statements & Notes Open PDF file (PDF 741 KB)
- Management's Discussion & Analysis Open PDF file (PDF 611 KB)
Second Quarter 2017 Results August 1, 2017
- News Release & Highlights Open PDF file (PDF 835 KB)
- Financial Statements & Notes Open PDF file (PDF 572 KB)
- Management's Discussion & Analysis Open PDF file (PDF 413 KB)
First Quarter 2017 Results May 5, 2017
- News Release & Highlights Open PDF file (PDF 202 KB)
- Financial Statements & Notes Open PDF file (PDF 238 KB)
- Management's Discussion & Analysis Open PDF file (PDF 522 KB)
Annual Report & Annual Information Form
- 2017 Annual Report Open PDF file (13.0 MB)
- 2017 Annual Information Form Open PDF file (481KB)
2016
Fourth Quarter and Year-End 2016 Results February 17, 2017
- News Release & HighlightsOpen PDF file (PDF 135 KB)
- Financial Statements & NotesOpen PDF file (PDF 1.7 MB)
- Management's Discussion & AnalysisOpen PDF file (PDF 1.8 MB)
Third Quarter 2016 Results November 7, 2016
- News Release & Highlights Open PDF file (PDF 217 KB)
- Financial Statements & Notes Open PDF file (PDF 1.4 MB)
- Management's Discussion & Analysis Open PDF file (PDF 1.5 MB)
Second Quarter 2016 Results July 29, 2016
- News Release & Highlights Open PDF file (PDF 379 KB)
- Financial Statements & Notes Open PDF file (PDF 1.4 MB)
- Management's Discussion & Analysis Open PDF file (PDF 1.5 MB)
First Quarter 2016 Results April 29, 2016
- News Release & Highlights Open PDF file (PDF 195 KB)
- Financial Statements & Notes Open PDF file (PDF 1.3 MB)
- Management's Discussion & Analysis Open PDF file (PDF 1.4 MB)
Annual Report & Annual Information Form
2015
Fourth Quarter and Year-End 2015 Results February 17, 2016
- News Release & HighlightsOpen PDF file (PDF 105 KB)
- Financial Statements & NotesOpen PDF file (PDF 1.3 MB)
- Management's Discussion & AnalysisOpen PDF file (PDF 1.5 MB)
Third Quarter 2015 Results November 5, 2015
- News Release & HighlightsOpen PDF file (PDF 105 KB)
- Financial Statements & NotesOpen PDF file (PDF 1.3 MB)
- Management's Discussion & AnalysisOpen PDF file (PDF 1.5 MB)
Second Quarter 2015 Results August 12, 2015
- News Release & HighlightsOpen PDF file (PDF 286 KB)
- Financial Statements & NotesOpen PDF file (PDF 476 KB)
- Management's Discussion & AnalysisOpen PDF file (PDF 885 KB)
First Quarter 2015 Results May 12, 2015
- News Release & HighlightsOpen PDF file (PDF 172 KB)
- Financial Statements & NotesOpen PDF file (PDF 416 KB)
- Management's Discussion & AnalysisOpen PDF file (PDF 700 KB)
Annual Report & Annual Information Form
2014
Fourth Quarter and Year-End 2014 Results February 11, 2015
- News Release & Highlights Open PDF file (173 KB)
- Financial Statements & Notes Open PDF file (869 KB)
- Management's Discussion & Analysis Open PDF file (21.3 MB)
Third Quarter 2014 Results November 6, 2014
- News Release & Highlights Open PDF file (133 KB)
- Financial Statements & Notes Open PDF file (427 KB)
- Management's Discussion & Analysis Open PDF file (859 KB)
Second Quarter 2014 Results August 7, 2014
- News Release & Highlights Open PDF file (355 KB)
- Financial Statements & Notes Open PDF file (234 KB)
- Management's Discussion & Analysis Open PDF file (810 KB)
First Quarter 2014 Results May 15, 2014
- News Release & Highlights Open PDF file (114 KB)
- Financial Statements & Notes Open PDF file (288 KB)
- Management's Discussion & Analysis Open PDF file (596 KB)
Annual Report & Annual Information Form
2013
Fourth Quarter and Year-End 2013 Results February 12, 2014
- News Release & Highlights Open PDF file (148 KB)
- Financial Statements & Notes Open PDF file (2.8 MB)
- Management's Discussion & Analysis Open PDF file (2.8 MB)
Third Quarter 2013 Results November 8, 2013
- News Release & Highlights Open PDF file (159 KB)
- Financial Statements & Notes Open PDF file (2.3 MB)
- PDF version Open PDF file (2.6 MB)
Second Quarter 2013 Results August 7, 2013
- Management's Discussion & Analysis Open PDF file (116 KB)
- Financial Statements & Notes Open PDF file (3.1 MB)
- Management's Discussion & Analysis Open PDF file (2.6 MB)
First Quarter 2013 Results May 3, 2013
- News Release & Highlights Open PDF file (103 KB)
- Financial Statements & Notes Open PDF file (3.1 MB)
- Management's Discussion & Analysis Open PDF file (2.6 MB)
Annual Report & Annual Information Form
2012
Fourth Quarter and Year-End 2012 Results February 7, 2013
- News Release & Highlights Open PDF file (124 KB)
- Financial Statements & Notes Open PDF file (2.8 MB)
- Management's Discussion & Analysis Open PDF file (3.2 MB)
Third Quarter 2012 Results November 8, 2012
- News Release & Highlights Open PDF file (112 KB)
- Financial Statements & Notes Open PDF file (2.8 MB)
- Management's Discussion & Analysis Open PDF file (3.0 MB)
Second Quarter 2012 Results August 8, 2012
- News Release & Highlights Open PDF file (110 KB)
- Financial Statements & Notes Open PDF file (2.8 MB)
- Management's Discussion & Analysis Open PDF file (3.1 MB)
First Quarter 2012 Results May 4, 2012
- News Release & Highlights Open PDF file (98 KB)
- Financial Statements & Notes Open PDF file (2.8 MB)
- Management's Discussion & Analysis Open PDF file (2.9 MB)
Annual Report & Annual Information Form
2011
Fourth Quarter and Year-End 2011 Results February 9, 2012
- News Release & Highlights PDF version Open PDF file (111 KB)
- Financial Statements & Notes PDF version Open PDF file (1.42 MB)
- Management's Discussion & Analysis PDF version Open PDF file (1.42 MB)
Third Quarter 2011 Results November 4, 2011
- News Release & Highlights PDF version Open PDF file (298 KB)
- Financial Statements & Notes PDF version Open PDF file (1.2 MB)
- Management's Discussion & Analysis PDF version Open PDF file (1.4 MB)
Second Quarter 2011 Results August 4, 2011
- News Release & Highlights PDF version Open PDF file (95 KB)
- Financial Statements & Notes PDF version Open PDF file (1.2 MB)
- Management's Discussion & Analysis PDF version Open PDF file (1.4 MB)
First Quarter 2012 Results May 5, 2011
- News Release & Highlights PDF version Open PDF file (93 KB)
- Presentation PDF version Open PDF file (266 KB)
- Financial Statements & Notes PDF version Open PDF file (400 KB)
- Management's Discussion & Analysis PDF version Open PDF file (462 KB)
Annual Report & Annual Information Form
2010
Fourth Quarter Results and Year-End 2010 Results February 10, 2011
- News Release & Highlights Open PDF file (111 KB) Web versionOpens in New Window
- Presentation Open PDF file (281 KB)
- Financial Statements & Notes Open PDF file (545 KB)
- Management's Discussion & Analysis Open PDF file (746 KB)
Third Quarter 2010 Results November 4, 2010
- News Release & Highlights Open PDF file (105 KB) Web versionOpens in New Window
- Presentation Open PDF file (270 KB)
- Financial Statements & Notes Open PDF file (271 KB)
- Management's Discussion & Analysis Open PDF file (539 KB)
Second Quarter 2010 Results August 5, 2010
- News Release & Highlights Open PDF file (58 KB) Web versionOpens in New Window
- Presentation Open PDF file (262 KB)
- Financial Statements & Notes Open PDF file (266 KB)
- Management's Discussion & Analysis (382 KB)
First Quarter 2010 Results May 6, 2010
- News Release & Highlights Open PDF file (89 KB) Web versionOpens in New Window
- Presentation Open PDF file (258 KB)
- Financial Statements & Notes Open PDF file (253 KB)
- Management's Discussion & Analysis Open PDF file (306 KB)
Annual Report & Annual Information Form
2009
Fourth Quarter Results and Year-End 2009 Results February 10, 2010
- News Release & Highlights Open PDF file (129 KB) Web versionOpens in New Window
- Presentation Open PDF file (294 KB)
- Financial Statements & Notes Open PDF file (409 KB)
- Management's Discussion & Analysis (555 KB)
Third Quarter 2009 Results November 6, 2009
- News Release & Highlights Open PDF file (113 KB) Web versionOpens in New Window
- Presentation Open PDF file (467 KB)
- Financial Statements & Notes Open PDF file (193 KB)
- Management's Discussion & Analysis Open PDF file (410 KB)
Second Quarter 2009 Results August 7, 2009
- News Release & Highlights Open PDF file (126 KB) Web versionOpens in New Window
- Presentation Open PDF file (241 KB)
- Financial Statements & Notes Open PDF file (197 KB)
- Management's Discussion & Analysis Open PDF file (304 KB)
First Quarter 2009 Results May 8, 2009
- News Release & Highlights Open PDF file (170 KB) Web versionOpens in New Window
- Presentation Open PDF file (306 KB)
- Financial Statements & Notes Open PDF file (625 KB)
- Management's Discussion & Analysis Open PDF file (1.3 MB)
Annual Report & Annual Information Form
2008
Fourth Quarter Results and Year-End 2008 Results February 13, 2009
- News Release & Highlights Open PDF file (129 KB) Web versionOpens in New Window
- Presentation Open PDF file (294 KB)
- Financial Statements & Notes Open PDF file (409 KB)
- Management's Discussion & Analysis Open PDF file (555 KB)
Third Quarter 2008 Results November 7, 2008
- News Release & Highlights Open PDF file (143 KB) Web versionOpens in New Window
- Presentation Open PDF file (303 KB)
- Financial Statements & Notes Open PDF file (226 KB)
- Management's Discussion & Analysis Open PDF file (274 KB)
Second Quarter 2008 Results August 8, 2008
- News Release & Highlights Open PDF file (148 KB) Web versionOpens in New Window
- Presentation Open PDF file (303 KB)
- Financial Statements & Notes Open PDF file (228 KB)
- Management's Discussion & Analysis Open PDF file (310 KB)
First Quarter 2008 Results May 8, 2008
- News Release & Highlights Open PDF file (103 KB) Web versionOpens in New Window
- Presentation Open PDF file (306 KB)
- Financial Statements & Notes Open PDF file (186 KB)
- Management's Discussion & Analysis Open PDF file (221 KB)
Annual Report & Annual Information Form
2007
Fourth Quarter Results and Year-End 2007 Results February 7, 2008
- News Release & Highlights Open PDF file (94 KB) Web versionOpens in New Window
- Presentation Open PDF file (308 KB)
- Financial Statements & Notes Open PDF file (359 KB)
- Management's Discussion & Analysis Open PDF file (389 KB)
Third Quarter 2007 Results November 9, 2007
- News Release & Highlights Open PDF file (97 KB) Web versionOpens in New Window
- Presentation Open PDF file (308 KB)
- Financial Statements & Notes Open PDF file (215 KB)
- Management's Discussion & Analysis Open PDF file (241 KB)
Second Quarter 2007 Results August 10, 2007
- News Release & Highlights Open PDF file (91 KB) Web versionOpens in New Window
- Presentation Open PDF file (309 KB)
- Financial Statements & Notes Open PDF file (200 KB)
- Management's Discussion & Analysis Open PDF file (249 KB)
First Quarter 2007 Results May 11, 2007
- News Release & Highlights Open PDF file (83 KB) Web versionOpens in New Window
- Presentation Open PDF file (1.8 MB)
- Financial Statements & Notes Open PDF file (170 KB)
- Management's Discussion & Analysis Open PDF file (201 KB)
Annual Report & Annual Information Form
2006
Fourth Quarter Results and 2006 Year-End Results - February 9, 2007
News Release Open PDF file (132 KB) Web versionOpens in New Window
Presentation Open PDF file (1.7 MB)
Highlights Open PDF file (24 KB)
Financial Statements & Notes Open PDF file (482 KB)
Management's Discussion & Analysis Open PDF file (327 KB)
Annual Report & Annual Information Form
2006 Annual Report Open PDF file (1.6MB)
2020
Air Canada’s annual meeting of shareholders was held on Thursday, June 25, 2020. A webcast replay of the meeting is available.
Proxy Materials
Report on Voting Results
Speeches and Presentations
2019
Proxy Materials
Report on Voting Results
Speeches and Presentations
Monday, May 6, 2019
2019 Annual Meeting of Shareholders
2018
Management Proxy Circular
Report on Voting Results
Speeches and Presentations
Monday, April 30, 2018
2018 Annual Meeting of Shareholders
2017
2017
Management Proxy Circular
Report on Voting Results
Speeches and Presentations
Friday, May 5, 2017
2017 Annual Meeting of Shareholders
2016
Management Proxy Circular
Report on Voting Results
Speeches and Presentations
Tuesday, May 10, 2016
2016 Annual Meeting of Shareholders
2015
Management Proxy Circular
Report on Voting Results
Speeches and Presentations
Tuesday, May 12, 2015
2015 Annual Meeting of Shareholders
2014
Management Proxy Circular
Report on Voting Results
2013
Management Proxy Circular
Report on Voting Results
2012
Management Proxy Circular
Report on Voting Results
2011
Management Proxy Circular
Report on Voting Results
2010
Management Proxy Circular
Report on Voting Results
2009
Management Proxy Circular
Report on Voting Results
2008
Management Proxy Circular
Report on Voting Results May 21, 2008
2007
Management Proxy Circular
Report on Voting Results March 27, 2007
Where are Air Canada shares traded and what are the ticker symbols?
Air Canada Class A variable voting shares and Class B voting shares trade on the Toronto Stock Exchange(TSX) under a single ticker designated AC (also designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Voting and Variable Voting Shares" of Air Canada). In the United States, Air Canada’s Class A variable voting shares and Class B voting shares also trade on the OTCQX under the symbol ACDVF Opens in New Window.
What is the difference between Class A variable voting shares and Class B voting shares?
Class A variable voting shares may only be held, beneficially owned or controlled, directly or indirectly, by persons who are not Canadians.
Class B voting shares may only be held, beneficially owned and controlled, directly or indirectly, by Canadians.
"Canadian" under section 55(1) of the Canadian Transportation Act means:
(a) a Canadian citizen or a permanent resident (as defined in the Citizenship Act and the Immigration and Refugee Protection Act, a summary definition of each of which is provided below);
(b) a government in Canada or an agent or mandatary of such a government; or
(c) a corporation or entity that is incorporated or formed under the laws of Canada or a province, that is controlled in fact by Canadians and of which at least 51% of the voting interests are owned and controlled by Canadians and where:
(i) no more than 25% of the voting interests are owned directly or indirectly by any single non-Canadian, either individually or in affiliation with another person; and
(ii) no more than 25% of the voting interests are owned directly or indirectly by one or more non-Canadians authorized to provide an air service in any jurisdiction, either individually or in affiliation with another person.
What are the voting rights attached to a Class B voting share?
Each Class B voting share confers the right to one vote at all shareholder meetings.
How can I purchase and sell Air Canada shares?
You can purchase or sell Air Canada shares through a brokerage firm or a financial institution that provides brokerage services.
Who is Air Canada’s registrar and transfer agent?
AST Trust Company (Canada)
2001 Robert-Bourassa Boulevard
Suite 1600
Montreal, Quebec H3A 2A6
Canada
Tel: 1.800.387.0825
Email: inquiries@astfinancial.com
Web: www.astfinancial.com/caOpens in New Window
How can I obtain copies of Air Canada's financial documents?
Please visit the Financial Reports and Information tab or SEDAROpens in New Window to download copies of Air Canada’s financial documents.
How do I change my name or address?
To ensure Air Canada’s share records are up-to-date, please contact either your brokerage firm or our registrar and transfer agent, AST Trust CompanyOpens in New Window (Canada), with any name or address changes.
When is Air Canada’s fiscal year-end?
Air Canada’s financial year ends on December 31.
Who are Air Canada’s external auditors?
PricewaterhouseCoopers LLP are Air Canada’s external auditors.
Air Canada is covered by the following financial analysts: | ||
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Analyst | Firm | Phone |
Andrew Didora | BofA Global Research BofA Securities, Inc. | (646) 855-2924 |
Cameron Doerksen | National Bank Financial | (514) 879-2579 |
Chris Murray | ATB Capital Markets Inc. | (647) 776-8246 |
Corey Hammill | Paradigm Capital | (416) 361-0754 |
David Ocampo | Cormark Securities Inc. | (416) 943-4232 |
Doug Taylor | Canaccord Genuity | (416) 867-6101 |
Fadi Chamoun | BMO Capital Markets | (416) 359-6775 |
Helane Becker | Cowen and Company | (646) 562 1399 |
Hunter Keay | Wolfe Research | (646) 845-0751 |
Jamie Baker | J.P. Morgan | (212) 622-6713 |
Kevin Chiang | CIBC World Markets Inc. | (416) 594-7198 |
Konark Gupta | Scotia Capital Inc. – Canada | (416) 865-6337 |
Savanthi Syth | Raymond James | (727) 567-5274 |
Stephen Trent | CITI Research | (212) 816-6901 |
Tim James | TD Securities Inc. | (416) 308-9773 |
Walter Spracklin | RBC Capital Markets | (416) 842-7877 |
Please note that any opinions, estimates or forecasts regarding the performance of Air Canada and its management made by these analysts are theirs alone and do not represent the opinions, estimates or forecasts of Air Canada or its management. Air Canada does not by its reference above or distribution imply that the Company analyzes or approves of such information, conclusions or recommendations. Moreover, Air Canada does not and will not distribute copies of analysts' reports to investors or other persons.
Adjusted CASM
Refers to operating expense per ASM adjusted to remove the effects of aircraft fuel expense, ground packages costs at Air Canada Vacations, and special items.
Adjusted net income (loss)
Refers to the consolidated net income (loss) of Air Canada adjusted to remove the after-tax effects of foreign exchange gains or losses, net financing expense relating to employee benefits, gains or losses on financial instruments recorded at fair value, gains or losses on sale and leaseback of assets, gains or losses on debt settlements and modifications, gains or losses on disposal of assets, and special items.
Adjusted pre-tax income (loss)
Refers to the consolidated income (loss) of Air Canada before income taxes and adjusted to remove the effects of foreign exchange gains or losses, net financing expense relating to employee benefits, gains or losses on financial instruments recorded at fair value, gains or losses on sale and leaseback of assets, gains or losses on debt settlements and modifications, gains or losses on disposal of assets, and special items.
Atlantic passenger and cargo revenues
Refer to revenues from flights that cross the Atlantic Ocean with origins and destinations principally in Europe, India, the Middle East and North Africa.
Available seat miles or ASMs
Refers to a measure of passenger capacity calculated by multiplying the total number of seats available for passengers by the miles flown.
Average stage length
Refers to the average mile per departure seat and is calculated by dividing total ASMs by total seats dispatched.
CASM
Refers to operating expense per ASM.
Domestic passenger and cargo revenues
Refer to revenues from flights within Canada.
EBITDA
Refers to earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure. Air Canada excludes special items from EBITDA.
Free cash flow
Refers to net cash flows from operating activities minus additions to property, equipment and intangible assets, and is net of proceeds from sale and leaseback transactions. Free cash flow in 2019 also excludes the one-time proceeds related to the Aeroplan acquisition.
Leverage ratio
Refers to the ratio of net debt to trailing 12-month EBITDA (calculated by dividing net debt by trailing 12-month EBITDA).
Loss (gain) on debt settlements and modifications
Refer to gains or losses related to debt settlements and modifications that, in management's view, are to be separately disclosed by virtue of their size or incidence to enable a fuller understanding of the Corporation's financial performance.
Net cash burn
Refers to a measure of cash used to maintain operations, support capital expenditures, and settle normal debt repayments, all before the net impact of new financing proceeds. Air Canada defines net cash burn as net cash flows from operating, financing, and investing activities, excluding proceeds from new financings, and lump sum debt maturities where the Corporation has refinanced or replaced the amount. Net cash burn also excludes movements between cash and short and long-term investments.
Other passenger and cargo revenues
Refer to revenues from flights with origins and destinations principally in Central and South America, the Caribbean and Mexico.
Pacific passenger and cargo revenues
Refer to revenues from flights that cross the Pacific Ocean with origins and destinations principally in Asia and Australia.
Passenger load factor
Refers to a measure of passenger capacity utilization derived by expressing Revenue Passenger Miles as a percentage of Available Seat Miles.
Passenger revenue per available seat mile or PRASM
Refers to average passenger revenue per ASM.
Percentage point (pp)
Refers to a measure for the arithmetic difference of two percentages.
Return on invested capital or ROIC
Refers to return on invested capital and is a measure used to assess the efficiency with which a company allocates its capital to generate returns.
Revenue passenger carried
Refers to the International Air Transport Association's (IATA) definition of passenger carried whereby passengers are counted on a flight number basis rather than by journey/itinerary or by leg.
Revenue passenger miles or RPMs
Refer to a measure of passenger traffic calculated by multiplying the total number of revenue passengers carried by the miles they are carried.
Seats dispatched
Refer to the number of seats on non-stop flights. A non-stop flight refers to a single takeoff and landing.
Special items
Refer to those items that, in management's view, are to be separately disclosed by virtue of their significance to the financial statements, to enable a fuller understanding of the Corporation's financial performance.
Weighted average cost of capital or WACC
Refers to management's estimate of its cost of capital, in which each category of capital is proportionately weighted.
Yield
Refers to average passenger revenue per RPM.