Exhibit 99.1
alaskaairgrouplogoa35.jpg

January 25, 2018
Media contact:
 
Investor/analyst contact:
Media Relations
 
Matt Grady
(206) 304-0008
 
Director, Investor Relations
 
 
(206) 392-5382

Alaska Air Group Reports Fourth Quarter 2017 and Full-Year Results and Raises Dividend 7%

Dividend Increase:
Announced today a 7% increase in the quarterly dividend, from $0.30 per share to $0.32 per share. This is the fifth time the Company has raised the dividend since initiating the quarterly dividend in July 2013, with a cumulative increase of 220% since that time.

Financial Highlights:
Reported net income for the fourth quarter and full year under Generally Accepted Accounting Principles (GAAP) of $367 million, or $2.97 per diluted share, and $1.0 billion, or $8.30 per diluted share. These results compared to fourth quarter 2016 net income of $114 million, or $0.92 per diluted share, and full year 2016 net income of $814 million, or $6.54 per diluted share. As the acquisition of Virgin America Inc. (Virgin America) closed on December 14, 2016, 2017 information reflects the results of Virgin America. 2016 information reflects the results of Virgin America from December 14, 2016 through December 31, 2016.
Reported fourth quarter 2017 adjusted diluted earnings per share of $0.83 compared to $1.56 reported in the fourth quarter of 2016. Fourth quarter adjusted net income, excluding merger-related costs, special income tax benefits related to tax law changes, and mark-to-market fuel hedging adjustments, was $103 million compared to $193 million in the fourth quarter of 2016. This quarter's adjusted results compare to the First Call analyst consensus estimate of $0.82 per share.
Reported full year 2017 adjusted net income, excluding merger-related costs, the special income tax benefit, and mark-to-market fuel hedging adjustments, of $823 million, compared to $911 million in 2016. Reported 2017 adjusted diluted earnings per share of $6.64, compared to $7.32 in 2016.
Paid a $0.30 per-share quarterly cash dividend in the fourth quarter, bringing total dividend payments in 2017 to $148 million.
Repurchased a total of 981,277 shares of common stock for approximately $75 million in 2017.
Generated approximately $1.6 billion of operating cash flow and used approximately $1.0 billion for capital expenditures, resulting in approximately $550 million of free cash flow in 2017.
Grew passenger revenues by 32% compared to the fourth quarter of 2016, and by 36% compared to full-year 2016, largely enabled by our acquisition of Virgin America in December of 2016.
Generated full-year adjusted pretax margin of 17% in 2017.
Held $1.6 billion in unrestricted cash and marketable securities as of December 31, 2017.
Reduced debt-to-capitalization ratio to 51% as of December 31, 2017, compared to 59% as of December 31, 2016.

1

The following information was filed by Alaska Air Group, Inc. (ALK) on Thursday, January 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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