Virgin has yet to determine "the number of shares to be offered and the price range for the proposed offering." In the filing the airline indicated it provides "contractual travel discounts for over 175 major corporate customers," but acknowledged, "our smaller point-to-point route network and lack of connecting traffic and marketing alliances puts us at a competitive disadvantage to legacy carriers, particularly with respect to our appeal to higher-fare business travelers." Even so, the airline touts as a strength its blending of legacy airline and low-cost-carrier business models. The privately held company, which for years has publicly filed core financials, reported a $22.4 million net loss for the three months ending March 31, compared with a $46.4 million loss for the same period last year. Meanwhile, 2013 represented the airline's "
first full year of profitability."