Exhibit 99.1
alaskaairgrouplogob031.jpg

April 22, 2021
Media contact:Investor/analyst contact:
Media RelationsEmily Halverson
(206) 304-0008Managing Director, Investor Relations
(206) 392-5908

Alaska Air Group reports first quarter 2021 results

Financial Results:
Reported a net loss for the first quarter of 2021 under Generally Accepted Accounting Principles (GAAP) of $131 million, or $1.05 per share, compared to a net loss of $232 million, or $1.89 per share in the first quarter of 2020.
Reported a net loss for the first quarter of 2021, excluding CARES Act Payroll Support Program (PSP) wage offsets, special items and mark-to-market fuel hedge accounting adjustments, of $436 million, or $3.51 per share, compared to an adjusted net loss of $102 million or $0.83 per share, in the first quarter of 2020.
Decreased adjusted net debt to $1.6 billion at March 31, 2021 from $1.7 billion at December 31, 2020.
Reported a debt-to-capitalization ratio, including short-term borrowings related to COVID-19, of 62%.
Held $3.5 billion in unrestricted cash and marketable securities as of March 31, 2021, and available total liquidity of $5.3 billion.
Generated $167 million in operating cash flow in the first quarter, inclusive of PSP funding, bolstered by improved advance bookings for increased demand for air travel.

Operational Updates:
Welcomed Ben Minicucci as Air Group CEO and Constance von Muehlen as Alaska COO.
Formally joined the oneworld alliance on March 31 as the 14th member airline. Entry into the alliance transforms Alaska into a global airline, provides guests a seamless travel experience and increases the value of our loyalty and corporate travel offerings.
Finalized a previously announced amendment to the existing aircraft purchase agreement with Boeing to expand our total 737-9 MAX firm deliveries to 68 between 2021 and 2024, inclusive of 13 leased aircraft.
Took delivery of four 737-9 MAX aircraft during the first quarter.
Announced 12 new routes during the first quarter, aimed at offering our guests greater connectivity to and from West Coast destinations.
Announced plans to open a new Alaska Lounge in Terminal 2 of San Francisco International Airport.
Issued early recall notices to nearly 350 Alaska pilots on extended leaves to prepare for capacity growth.

Liquidity Updates:
Received $546 million through a combination of grants and loans from the U.S. Treasury under an extension of the PSP, and anticipate a supplemental payment of $80 million in late April.
1

The following information was filed by Alaska Air Group, Inc. (ALK) on Thursday, April 22, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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