Exhibit 99.1
alaskaairgrouplogoa922.jpg

January 28, 2020
Media contact:Investor/analyst contact:
Media RelationsEmily Halverson
(206) 304-0008Director, Investor Relations
(206) 392-5908

Alaska Air Group Reports Fourth Quarter 2019 and Full-Year Results; Raises Dividend 7%

Dividend Increase:
Announced today a 7% increase in the quarterly dividend, from $0.35 per share to $0.375 per share. This is the seventh time the company has raised the dividend since initiating the quarterly dividend in July 2013, with a cumulative increase of 275% since that time. The dividend will be paid on March 5, 2020, to all shareholders of record as of February 18, 2020. Dividends are financed from operating cash flow and cash on hand.

Financial Highlights:
Reported net income for the fourth quarter and full year 2019 under Generally Accepted Accounting Principles (GAAP) of $181 million, or $1.46 per diluted share, and $769 million, or $6.19 per diluted share. These results compare to fourth quarter 2018 net income of $23 million, or $0.19 per diluted share, and full year 2018 net income of $437 million, or $3.52 per diluted share.
Reported adjusted net income, excluding merger-related costs and mark-to-market fuel hedging adjustments for the fourth quarter and full year 2019 of $181 million, or $1.46 per diluted share, and $798 million, or $6.42 per diluted share. These results compare to fourth quarter 2018 adjusted net income of $93 million, or $0.75 per diluted share, and full year 2018 adjusted net income of $554 million, or $4.46 per diluted share. This quarter's adjusted results compare to the First Call analyst consensus estimate of $1.41 per share.
Paid a $0.35 per share quarterly cash dividend in the fourth quarter, bringing total dividends paid in 2019 to $173 million.
Repurchased a total of 1,192,820 shares of common stock for approximately $75 million in 2019.
Generated approximately $1.7 billion of operating cash flow, and used approximately $696 million for capital expenditures, resulting in approximately $1 billion of free cash flow in 2019, representing free cash flow conversion of 133%.
Grew passenger revenues by 8% compared to the fourth quarter of 2018, and by 6% compared to full-year 2018.
Generated full-year adjusted pretax margin of 12% in 2019, 3.1 points higher than the 8.9% in 2018.
Held $1.5 billion in unrestricted cash and marketable securities as of December 31, 2019.
Achieved the goal of 75% repayment on the $2 billion debt borrowed to fund the acquisition of Virgin America, driving our debt-to-capitalization ratio to 41% as of December 31, 2019, from 47% as of December 31, 2018 and 51% as of December 31, 2016.
Reduced net adjusted debt to EBITDAR to 0.9x as of December 31, 2019 from 1.7x as of December 31, 2018.
1

The following information was filed by Alaska Air Group, Inc. (ALK) on Tuesday, January 28, 2020 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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