On this page of StockholderLetter.com we present the 4/5/2023 shareholder letter from HAWAIIAN HOLDINGS INC — ticker symbol HA. Reading current and past HA letters to shareholders can bring important insights into the investment thesis.

 •  4/5/2023 Letter Continued (Full PDF)
 •  4/1/2024 HA Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters
 •  HA Benford's Law Stock Score = 96

HA 4/5/2023 Shareholder/Stockholder Letter Transcript:

CANADA
Seattle
Portland
Asahikawa
NORTH
AMERICA
Sapporo/Chitose
Memanbetsu
Kushiro
Obihiro
Hakodate
CHINA
Beijing
Dalian
Seoul/Incheon
Akita
Niigata
Seoul/Gimpo
Komatsu
Osaka /Itami
Izumo
SOUTH Busan Hiroshima
Ube
Kitakyushu
KOREA Fukuoka
JAPAN
Misawa
Aomori
Morioka
Hanamaki
Yamagata
Sendai
Sacramento
Oakland
San Francisco
Reno
San Jose
Tokyo/Narita
Nagoya
Austin
VIETNAM
Bangkok*
Charleston
Savannah
Jacksonville
Orlando
West Palm Beach
Fort Lauderdale
Kahului
Honolulu
Kailua-Kona
HAWAI   I
PHILIPPINES
San Juan
KAUA   I
Guam
PUERTO
RICO
L    hu   e
NI   IHAU
CAMBODIA
MALAYSIA
O   AHU
Honolulu
PAPUA
NEW GUINEA
Singapore
Raleigh-Durham
Charlotte
L  hu   e
Ho Chi Minh City
Kuala
Lumpur
Tampa
Fort Myers
MEXICO
Naha/Okinawa
Hanoi
Manila
Atlanta
Long Beach
Hong Kong
THAILAND
Nashville
Los Angeles
Miyako Jima
Ishigaki
Guangzhou
Salt Lake City
Las Vegas
Ontario
San Diego Phoenix
Tokyo/Haneda
Osaka/Kansai
Nanki Shirahama
Nagasaki
Okayama
Kumamoto
Tokushima
Shanghai Metro
Takamatsu
Kagoshima
Kochi
Shanghai/Pudong
Oita Matsuyama
Miyazaki
Amami Oshima
Taipei
Burlington
Portland
Rochester
Boston
Buffalo
Detroit
Syracuse
Nantucket
Chicago
Cleveland
Martha   s Vineyard
Newark
Pittsburgh
Philadelphia
New
York/Kennedy
Baltimore
Washington D.C.
MOLOKA   I
Kahului
MAUI
LA  NA   I
KAHO   OLAWE
INDONESIA
Hilo
Jakarta
Kailua-Kona
Pago Pago
HAWAI   I
ISLAND
Rarotonga
AMERICAN
COOK
SAMOA
ISLANDS
Papeete
TAHITI
AUSTRALIA
Brisbane
Sydney
Auckland
Melbourne
NEW
ZEALAND
Queenstown
Codeshare Partners:
Not all routes operate year-round.
Interline Partners:
Hawaiian Airlines has 65 Interline Partners across the globe.
Some international routes behind and beyond Japan pending receipt of governmental operating authority.

April 5, 2023
To Our Stockholders:
With the worst of the global pandemic behind us, 2022 was a year marked by continued recovery
and the launch of significant initiatives to strengthen the foundation of Hawaiian Airlines. These
critical investments are key to driving growth for our company in the coming years and solidifying
our position as the carrier of choice for travel to, from and within the islands.
The year was not without its struggles: lingering Omicron challenges, intense Neighbor Island
competition and weather-related impacts at the close of 2022. But through it all, the team
remained focused on efforts to improve the guest experience, diversify our revenue, strengthen
our workforce, and care for the community.
The strong demand for leisure travel resulted in a full recovery in much of our network, most
notably between the U.S. Mainland and Hawai   i. Australia, New Zealand and South Korea also
saw demand recover over the course of 2022. Japan was the outlier. Despite the removal of travel
restrictions in October, Japanese travelers have been slow to return to international travel. We
adjusted our schedule to slow the deployment of capacity to Japan and are well-positioned to
serve the Japan-to-Hawaii market when demand returns.
We ended 2022 with $2.64 billion in revenue, an increase of 65% from 2021, with an adjusted
net loss of $210.5 million. Although we have not yet realized a complete financial recovery, we
believe the efforts that are underway will yield positive results in the coming years.
Growing and strengthening our business
We took a major step to diversify our revenue by reaching an agreement with retail giant
Amazon. Under the eight-year contract, we will operate and maintain an initial fleet of 10 Airbus
A330-300 freighters to fly freight to airports near Amazon's distribution facilities on the U.S.
Mainland and in Hawaii. Amazon is acquiring the A330-300s, configuring them as freighters, and
will lease them to us.
At the start of 2023, we exercised an option to acquire two additional Boeing 787-9 Dreamliners,
bringing our total order to 12 aircraft. The first 787-9 is scheduled for delivery later this year, with
service expected to begin in the first quarter of 2024.
We are growing our South Pacific network with a new nonstop flight between Honolulu and
Rarotonga, Cook Islands, beginning in May. The weekly service provides a convenient one-stop
connection to the Cook Islands from Hawaiian's 15 U.S. Mainland gateways.

Improving the travel experience for our guests
We continued to focus on delivering an unmatched travel experience for our guests and launched
several initiatives to deliver on our promise.
We reached an agreement with Starlink, a division of SpaceX, to provide free, high-speed, lowlatency broadband internet access to every guest on board flights between the islands and the
continental U.S., Asia and Oceania. Our Airbus A330 and A321neo aircraft, as well as our incoming
fleet of Boeing 787-9s, will be equipped with Starlink   s satellite internet connectivity service.
Hawaiian will be the first major airline to offer Starlink Wi-Fi. We expect Wi-Fi service to be
available starting this summer.
Since we announced our plan to adopt the Amadeus    Altea Passenger Service System last year,
hundreds of employees from across the company have been diligently preparing for the system
transition. The platform will manage the shopping, booking, ticketing, and day-of-travel
processes that our guests and employees use every day. Altea is a more modern, flexible system
that will enable us to expand product offerings and make transactions easier for our guest-facing
team members.
Through a new interline agreement with Mokulele Airlines, we are making travel to and from
Moloka   i, L  na   i and Kapalua easier for guests. The agreement facilitates travel bookings and
connections for passengers connecting from Mokulele-served airports to any Hawaiian
destination in a single transaction.
In February, we dedicated a new TSA checkpoint at the Daniel K. International Airport in Honolulu
with expanded screening capacity to alleviate congestion and make the airport experience more
convenient for travelers. We built the new 4,700-square-foot checkpoint in partnership with the
State of Hawai   i Department of Transportation and the TSA to help us streamline the travel
experience in our largest hub.
In collaboration with Barclays, our co-branded credit card issuer, we introduced a new benefit
for Hawaiian Airlines   World Elite Mastercard   cardmembers: two free checked bags for primary
cardmembers who purchase their tickets directly from Hawaiian Airlines. The enhanced benefit
was a way for us to thank card members for their loyalty.
Building the workforce for the future
Last year was a banner year for hiring and recruitment as we built back from the pandemic. We
welcomed 1,371 new teammates across the company     approximately 20% of our current
workforce of 7,108 at year   s end.
In addition to ramping up recruiting efforts, we invested in innovative school-to-career pipeline
partnerships and partnered with the University of Hawai   i, Honolulu Community College, and
Arizona State University to create opportunities for Hawai   i students to pursue rewarding
aviation careers. We also joined Embry-Riddle Aeronautical University's Aviation Maintenance

Technology SkillBridge program, which has successfully transitioned more than 380
servicemembers into civilian careers since its inception in 2019.
We entered into two new, separate five-year labor contracts with the International Association
of Machinists and Aerospace Workers (IAM) Districts 141 and 142, and the Transport Workers
Union (TWU) Local 592. The agreements recognize the contributions of our more than 2,550
dispatchers, aircraft and ground service equipment mechanics, inspectors, aircraft appearance
and contract service personnel, as well as employees in cargo, central reservations control, crew
scheduling, guest services, ramp, purchasing, records, and supply.
In March of this year, our pilots ratified a new four-year contract negotiated with the Air Line
Pilots Association that provides market competitive compensation for our 1,000-plus cockpit
crew.
With these new agreements in place, none of our labor contracts are currently amendable.
Supporting residents and reducing our environmental impact
Last year, more than 1,200 employees     along with their family members     volunteered 6,795
hours to support 175 organizations in Hawai   i and across our network. In Japan, South Korea,
New Zealand and Australia, employees cleaned beaches, helped food banks and restored
endangered ecosystems and habitats. In addition to manpower, Team K  kua distributed
$833,800 in travel support, HawaiianMiles and cash donations.
Supporting local agriculture is a critical issue for our economy and the well-being of our
communities. In August, the Hawaiian Airlines Foundation awarded a $100,000 grant to K  ko  o
    iwi, an Oahu-based nonprofit organization dedicated to advancing the cultural, spiritual and
traditional practices of the Native Hawaiian community. The grant is funding the construction of
an agricultural wash and pack station that family farmers in the region can use to prepare their
crops for sale to markets and restaurants.
We made steady progress on our goal to become a more sustainable airline.
We delivered on our commitment to source more sustainable products for our onboard service
by replacing plastic water bottles with recyclable 16-ounce aluminum bottles from water
company Mananalu. The aluminum bottles are distributed in our Premium Cabin on all U.S. East
Coast and international flights and sold on our Pau Hana snack cart on flights between Hawai  i
and the U.S. mainland. We anticipate eliminating approximately 142,000 plastic bottles from our
transpacific operations each year through our partnership with Mananalu.
Decarbonization remains the focal point of our sustainability strategy. We entered into an
agreement with Par Hawaii, the state   s largest supplier of energy products, to study the
commercial viability of locally produced sustainable aviation fuels (SAF) to replace all or a
percentage of traditional kerosene-based jet fuel with fuel made from sustainable feedstocks. In
March of this year, we finalized our first offtake agreement with Gevo, Inc. to purchase 10 million



 4/5/2023 Letter Continued (Full PDF)