Second quarter 2023 GAAP diluted
earnings per share of $4.80
Second quarter 2023
diluted earnings per share, excluding Sunseeker special charges of
$4.35(1)(4)(5)
Second
quarter 2023 airline only diluted earnings per share of
$4.57(1)
Declares an Annual Cash Dividend of
$2.40 per Share
LAS
VEGAS, Aug. 2, 2023 /PRNewswire/ -- Allegiant
Travel Company (NASDAQ: ALGT) today reported the following
financial results for the second quarter 2023, as well as
comparisons to the prior year:
Consolidated
|
Three Months Ended
June 30,
|
|
Percent
Change
|
(unaudited) (in
millions, except per share amounts)
|
2023
|
|
2022
|
|
YoY
|
Total operating
revenue
|
$
683.8
|
|
$
629.8
|
|
8.6 %
|
Total operating
expense
|
550.4
|
|
603.7
|
|
(8.8) %
|
Operating
income
|
133.4
|
|
26.1
|
|
411.1 %
|
Income before income
taxes
|
116.3
|
|
5.8
|
|
NM
|
Net income
|
88.5
|
|
4.4
|
|
NM
|
Diluted earnings per
share
|
4.80
|
|
0.24
|
|
NM
|
Sunseeker special
charges, net of recovery (5)
|
(11.2)
|
|
—
|
|
NM
|
Diluted earnings per
share excluding recovery of Sunseeker special
charges(1)(4)(5)
|
4.35
|
|
0.24
|
|
NM
|
Airline
only
|
Three Months Ended
June 30,
|
|
Percent
Change(2)
|
(unaudited) (in
millions, except per share amounts)
|
2023
|
|
2022
|
|
YoY
|
Airline operating
revenue (1)
|
$
683.8
|
|
$
629.8
|
|
8.6 %
|
Airline operating
expense (1)
|
556.3
|
|
602.0
|
|
(7.6) %
|
Airline operating
income (1)
|
127.5
|
|
27.9
|
|
357.0 %
|
Airline income before
income taxes (1)
|
110.4
|
|
10.4
|
|
961.5 %
|
Airline net income
(1)(3)
|
84.2
|
|
7.7
|
|
993.5 %
|
Airline operating
margin
|
18.6 %
|
|
4.4 %
|
|
14.2 %
|
Airline diluted
earnings per share(1)
|
4.57
|
|
0.43
|
|
962.8 %
|
Consolidated
|
Six Months Ended
June 30,
|
|
Percent
Change
|
(unaudited) (in
millions, except per share amounts)
|
2023
|
|
2022
|
|
YoY
|
Total operating
revenue
|
$
1,333.5
|
|
$
1,130.0
|
|
18.0 %
|
Total operating
expense
|
1,105.2
|
|
1,096.6
|
|
0.8
|
Operating
income
|
228.3
|
|
33.4
|
|
583.5
|
Income (loss) before
income taxes
|
190.8
|
|
(4.7)
|
|
NM
|
Net income
(loss)
|
144.6
|
|
(3.5)
|
|
NM
|
Diluted earnings (loss)
per share
|
7.84
|
|
(0.20)
|
|
NM
|
Sunseeker special
charges, net of recovery (5)
|
(12.8)
|
|
—
|
|
NM
|
Diluted earnings per
share excluding recovery of Sunseeker special
charges(1)(4)(5)
|
7.35
|
|
(0.20)
|
|
NM
|
Airline
only
|
Six Months Ended
June 30,
|
|
Percent
Change(2)
|
(unaudited) (in
millions, except per share amounts)
|
2023
|
|
2022
|
|
YoY
|
Airline operating
revenue (1)
|
$
1,333.5
|
|
$
1,130.0
|
|
18.0 %
|
Airline operating
expense (1)
|
1,108.4
|
|
1,091.9
|
|
1.5
|
Airline operating
income (1)
|
225.1
|
|
38.1
|
|
490.8
|
Airline income before
income taxes (1)
|
189.2
|
|
4.7
|
|
NM
|
Airline net income
(1)(3)
|
144.2
|
|
3.7
|
|
NM
|
Airline operating
margin
|
16.9 %
|
|
3.4 %
|
|
13.5
|
Airline diluted
earnings per share(1)
|
7.81
|
|
0.20
|
|
NM
|
|
|
|
(1)
|
Denotes a non-GAAP
financial measure. Refer to the Non-GAAP Presentation section
within this document for further information and for calculation of
per share figures.
|
(2)
|
Except Airline
Operating Margin, which is percentage point change.
|
(3)
|
Utilizing an
effective tax rate of 23.7% and 23.8% for quarter-to-date and
year-to-date 2023 and 25.4% and 21.4% for quarter-to-date and
year-to-date 2022, respectively.
|
(4)
|
Adjusted to exclude
insurance recoveries from property damage to Sunseeker
Resort.
|
(5)
|
In 2022, we
recognized the full amount of estimated property damage to
Sunseeker Resort due to Hurricane Ian and other insured events less
the amount of recognized insurance recoveries through the end of
the applicable period. The negative amount of special charges we
are reporting in 2023 reflects further insurance recoveries either
received or determined to be probable of collection. We sometimes
refer to this negative amount as "specials" in this earnings
release.
|
NM
|
Not meaningful
|
|
|
|
"Second quarter diluted earnings per share, excluding special
items was $4.35, a more than
six-fold improvement over the second quarter of 2022," stated
John Redmond, CEO of Allegiant
Travel Company. "These outstanding results are attributable to the
hard work of our team members during this peak summer travel
period. The team delivered industry-leading operational performance
with a controllable completion of 99.7 percent for the quarter.
"We recognized a record $684
million in total operating revenue for the second quarter,
evidence of a robust leisure demand environment. Capacity increased
slightly, up 1.3 percent year-over-year, with TRASM increasing 7.5
percent over the second quarter of 2022. During the second
quarter, total ancillary per passenger was $71.75, an 8.6 percent increase over the prior
year. This strength is driven by early success with the Allegiant
Extra product and sustained growth with our Allegiant Allways
cobrand credit card. Our direct-to-consumer approach helps underpin
our ability to enhance revenues.
"As we head into the second half of the year, our focus remains
on three primary objectives. First, we will make progress on
outstanding labor contracts that our team members are proud to
support. Second, we will continue delivering a solid operation.
Finally, we are only a few short months from the long awaited
opening of our world-class, Sunseeker Resort, in Port Charlotte, Florida. Construction is
entering the final stages, and the operations teams are beginning
to hire personnel in earnest. We remain on track to open the
property mid-October.
"I could not be happier with the success the team delivered this
quarter. Achieving industry-leading operational performance in the
backdrop of a challenging operational environment is admirable.
This operational success has been the catalyst for the strong
financial performance delivered year-to-date."
Second Quarter 2023 Results and Highlights
- Income before income tax, excluding
specials(1)(3) of $105.1
million, yielding a pre-tax margin of 15.4 percent
-
- Airline-only income before income tax(1) of
$110.4 million, yielding a pre-tax
margin of 16.1 percent
- Operating income, excluding specials(1)(3) of
$122.2 million, yielding an operating
margin of 17.9 percent
-
- Airline-only operating income(1) of
$127.5 million, yielding an
airline-only operating margin of 18.6 percent
- Consolidated EBITDA, excluding specials(1)(3)
of $176.1 million, yielding an EBITDA
margin of 25.8 percent
-
- Airline-only EBITDA(1) of $181.3 million, a 26.5 percent margin
- Total operating revenue was $683.8 million, up 8.6 percent over the prior
year and the highest quarterly total in company history
-
- Total fixed fee contracts revenue of $11.7 million, up 31.6 percent
year-over-year
- TRASM(2) of 13.64
cents, up 7.5 percent year-over-year on scheduled service
capacity increase of 0.7 percent year-over-year
- Total average fare of $142.31, up 8.1 percent year-over-year
-
- Total average ancillary fare of $71.75, up 8.6 percent year-over-year
- Surpassed 600 thousand Allways rewards credit card
holders during the quarter
-
- Received $29 million in
remuneration during the quarter
- Transitioning our cobrand credit card network from Mastercard
to Visa
-
- Core program and benefits will remain the same, but this
transition is expected to boost program revenue through higher
levels of new cardholders and increased cardholder spend
- Allways Rewards program enrolled 570 thousand new
members during the quarter, bringing total members to 16.5
million
- Paid out over $12 million to our
airline team members in profit share for the first half of the
year
- Airline-only Operating CASM, excluding fuel, of
7.79 cents, up 12.9 percent
year-over-year
-
- Includes $12 million in
incremental cost related to pilot retention bonuses
- Allegiant flight dispatchers ratified contract with
International Brotherhood of Teamsters, extending the contract
through May 31, 2026
- In early July, expanded the network by announcing six new
routes
- Pledged $1 million to Boys
& Girls Clubs of America to develop and launch a new
program that will inspire children to choose future careers in
aviation
(1)
|
Denotes a non-GAAP
financial measure. Refer to the Non-GAAP Presentation section
within this document for further information and for calculation of
per share figures.
|
(2)
|
TRASM represents
total passenger revenue per scheduled service available seat
mile.
|
(3)
|
In 2022, we
recognized the full amount of estimated property damage to
Sunseeker Resort due to Hurricane Ian and other insured events less
the amount of recognized insurance recoveries through the end of
the applicable period. The negative amount of special charges we
are reporting in 2023 reflects further insurance recoveries either
received or determined to be probable of collection. We sometimes
refer to this negative amount as "specials" in this earnings
release.
|
|
|
Balance Sheet, Cash and Liquidity
- Total available liquidity at June
30, 2023 was $1.4 billion,
which included $1.0 billion in cash
and investments, and $356.2 million
in undrawn revolving credit facilities and PDP facilities
- $131.2 million in cash from
operations during the second quarter 2023
- Total debt at June 30, 2023 was
$2.2 billion
-
- Net debt at June 30, 2023 was
$1.1 billion
- Debt principal payments of $97.9
million during the second quarter
-
- Includes $61 million prepayment
of an aircraft-secured facility during the quarter
- Declared annual cash dividend in the amount of
$2.40 per share payable $0.60 per quarter with the first dividend to be
paid September 1, 2023 to
shareholders of record on August 15,
2023
- Air traffic liability at June 30,
2023 was $411.1 million
Airline Capital Expenditures
- Second quarter capital expenditures of $176 million, which included $147 million for aircraft purchases and
inductions, pre-delivery deposits, and other related costs, and
$29 million in other airline capital
expenditures
-
- Second quarter deferred heavy maintenance spend was
$22 million
Sunseeker Resort Charlotte Harbor
- Total capital expenditures(1) as of
June 30, 2023 were $611 million
-
- Second quarter capital expenditures(1) were
$92 million
- Previously recorded special charges were reduced by
$11.3 million for recognized
insurance recoveries related to outstanding insurance claims at
Sunseeker Resort
|
|
(1)
|
Total capital
expenditures is inclusive of Sunseeker Resort, Aileron Golf
Club, remediation work related to insurance events, accrued
expenditures not yet paid and spend included as part of the COVID
impairment. Capitalized interest, operating expenses, special
charges related to COVID, and estimated losses related to insurance
events have been excluded from this total.
|
Guidance, subject to
revision
|
|
|
|
|
|
Full-year 2023
guidance
|
|
Previous
|
Current
|
|
|
|
|
System ASMs - year over
year change
|
|
0 to 3%
|
0 to 3%
|
Scheduled service
ASMs - year over year change
|
|
0 to 3%
|
0 to 3%
|
|
|
|
|
Fuel cost per
gallon
|
|
$
3.00
|
$
2.90
|
Available seat miles
(ASMs)/gallon
|
|
~84
|
~84
|
Depreciation expense
(millions)
|
|
$230 to $240
|
$230 to $235
|
Interest expense
(millions)
|
|
$150 to $160
|
$145 to $150
|
Capitalized interest
(1) (millions)
|
|
($35) to
($45)
|
($30) to
($35)
|
Interest income
(millions)
|
|
$35 to $45
|
$40 to $45
|
Earnings per share -
airline only(2)
|
|
$9.00 -
$13.00
|
$10.50 -
$13.00
|
Loss per share -
Sunseeker (3)
|
|
~($1.25)
|
~($1.25)
|
|
|
|
|
Airline
CAPEX
|
|
|
|
Aircraft, engines,
induction costs, and pre-delivery deposits
(millions)(4)
|
|
$550 to $570
|
$490 to $500
|
Capitalized deferred
heavy maintenance (millions)
|
|
$50 to $60
|
$60 to $70
|
Other airline capital
expenditures (millions)
|
|
$130 to $150
|
$140 to $145
|
|
|
|
|
Recurring principal
payments (millions)(5)
|
|
$175 to $185
|
$210 to $215
|
Sunseeker Resort
Charlotte Harbor Project (millions)
|
|
|
|
Total projected
capital expenditures (6)
|
|
$695
|
$695
|
Capital expenditures
funded or expected to be funded by Allegiant
|
|
|
$345
|
Project debt incurred
through June 30, 2023
|
|
|
$350
|
|
|
(1)
|
Includes
capitalized interest related to Sunseeker as well as on
pre-delivery deposits on new aircraft.
|
(2)
|
Earnings per
share calculation is airline only. It includes accruals for
increases in pilot and flight attendant compensation beginning in
May. Actual results will differ based on economic terms agreed upon
and the timing of the collective bargaining agreements. These
differences may be material.
|
(3)
|
Excludes
recoveries that may be received related to business interruption
insurance claim.
|
(4)
|
Excludes
capitalized interest related to pre-delivery deposits on new
aircraft.
|
(5)
|
Includes
$61 million related to aircraft debt
prepayment.
|
(6)
|
Total projected
capital expenditures does not reflect the impairment or special
charges related to COVID or insurance claims. Excludes amounts to
remediate physical damage to the property resulting from Hurricane
Ian, or other subsequent insurance events.
|
|
|
Aircraft Fleet Plan
by End of Period
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft - (seats
per AC)
|
1Q23
|
2Q23
|
3Q23
|
YE23
|
A319 (156
seats)
|
35
|
35
|
35
|
35
|
A320 (177
seats)
|
19
|
19
|
19
|
19
|
A320 (180-186
seats)
|
70
|
72
|
73
|
73
|
Total
|
124
|
126
|
127
|
127
|
|
The table above is
provided based on the company's current plans and is subject to
change. The numbers exclude aircraft expected to be delivered
before the end of 2023 for revenue service beginning in
2024.
|
|
Allegiant Travel Company will host a conference call with
analysts at 12:30 p.m. ET Wednesday, August
2, 2023 to discuss its second quarter 2023 financial
results. A live broadcast of the conference call will be available
via the Company's Investor Relations website homepage at
http://ir.allegiantair.com. The webcast will also be archived in
the "Events & Presentations" section of the website.
Allegiant Travel Company
Las Vegas-based Allegiant
(NASDAQ: ALGT) is an integrated travel company with an airline at
its heart, focused on connecting customers with the people, places
and experiences that matter most. Since 1999, Allegiant Air has
linked travelers in underserved cities to world-class vacation
destinations with all-nonstop flights and industry-low average
fares. Today, Allegiant serves communities across the nation, with
base airfares less than half the cost of the average domestic round
trip ticket. For more information, visit us at Allegiant.com. Media
information, including photos, is available at
http://gofly.us/iiFa303wrtF.
Media Inquiries:
mediarelations@allegiantair.com
Investor Inquiries: ir@allegiantair.com
Under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, statements in this press release
that are not historical facts are forward-looking statements. These
forward-looking statements are only estimates or predictions based
on our management's beliefs and assumptions and on information
currently available to our management. Forward-looking statements
include our statements regarding future airline operations,
revenue, expenses and earnings, available seat mile growth,
expected capital expenditures, the cost of fuel, the timing of
aircraft acquisitions and retirements, the number of contracted
aircraft to be placed in service in the future, our ability to
consummate announced aircraft transactions, the capital
expenditures budget and timing for completion and opening of our
Sunseeker Resort and Aileron Golf Club, as well as other
information concerning future results of operations, business
strategies, financing plans, industry environment and potential
growth opportunities. Forward-looking statements include all
statements that are not historical facts and can be identified by
the use of forward-looking terminology such as the words "believe,"
"expect," "guidance," "anticipate," "intend," "plan," "estimate",
"project", "hope" or similar expressions.
Forward-looking statements involve risks, uncertainties
and assumptions. Actual results may differ materially from those
expressed in the forward-looking statements. Important risk factors
that could cause our results to differ materially from those
expressed in the forward-looking statements generally may be found
in our periodic reports filed with the Securities and Exchange
Commission at www.sec.gov. These risk factors include, without
limitation, the impact of Hurricane Ian on our Florida markets and completion of Sunseeker
Resort, the impact and duration of the COVID-19 pandemic on airline
travel and the economy, an accident involving, or problems with,
our aircraft, public perception of our safety, our reliance on our
automated systems, our reliance on third parties to deliver
aircraft under contract to us on a timely basis, risk of breach of
security of personal data, volatility of fuel costs, labor issues
and costs, the ability to obtain regulatory approvals as needed ,
the effect of economic conditions on leisure travel, debt covenants
and balances, the impact of government regulations on the airline
industry, the ability to finance aircraft to be acquired, the
ability to obtain necessary government approvals to implement the
announced alliance with Viva Aerobus and to otherwise prepare to
offer international service, terrorist attacks, risks inherent to
airlines, our competitive environment, our reliance on third
parties who provide facilities or services to us, the impact of
management changes and the possible loss of key personnel, economic
and other conditions in markets in which we operate, the ability to
successfully develop a resort in Southwest Florida, increases in maintenance
costs, cyclical and seasonal fluctuations in our operating results,
and the perceived acceptability of our environmental, social and
governance efforts.
Any forward-looking statements are based on information
available to us today and we undertake no obligation to update
publicly any forward-looking statements, whether as a result of
future events, new information or otherwise.
Detailed financial information follows:
Allegiant Travel
Company
|
Consolidated
Statements of Income
|
(in thousands,
except per share amounts)
|
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Percent
Change
|
|
2023
|
|
2022
|
|
YoY
|
OPERATING
REVENUES:
|
|
|
|
|
|
Passenger
|
$
642,747
|
|
$
592,604
|
|
8.5 %
|
Third party
products
|
28,904
|
|
27,787
|
|
4.0
|
Fixed fee
contracts
|
11,741
|
|
8,920
|
|
31.6
|
Other
|
418
|
|
536
|
|
(22.0)
|
Total operating
revenues
|
683,810
|
|
629,847
|
|
8.6
|
OPERATING
EXPENSES:
|
|
|
|
|
|
Aircraft
fuel
|
162,611
|
|
257,288
|
|
(36.8)
|
Salaries and
benefits
|
177,170
|
|
139,681
|
|
26.8
|
Station
operations
|
66,715
|
|
66,909
|
|
(0.3)
|
Depreciation and
amortization
|
53,933
|
|
49,183
|
|
9.7
|
Maintenance and
repairs
|
33,634
|
|
31,123
|
|
8.1
|
Sales and
marketing
|
29,868
|
|
27,297
|
|
9.4
|
Aircraft lease
rentals
|
5,975
|
|
5,451
|
|
9.6
|
Other
|
31,683
|
|
26,643
|
|
18.9
|
Special charges, net
of recovery
|
(11,208)
|
|
142
|
|
NM
|
Total operating
expenses
|
550,381
|
|
603,717
|
|
(8.8)
|
OPERATING
INCOME
|
133,429
|
|
26,130
|
|
410.6
|
OTHER (INCOME)
EXPENSES:
|
|
|
|
|
|
Interest
expense
|
37,765
|
|
24,497
|
|
54.2
|
Interest
income
|
(11,845)
|
|
(2,218)
|
|
434.0
|
Capitalized
interest
|
(8,881)
|
|
(2,082)
|
|
326.6
|
Other, net
|
45
|
|
101
|
|
(55.4)
|
Total other
expenses
|
17,084
|
|
20,298
|
|
(15.8)
|
INCOME BEFORE INCOME
TAXES
|
116,345
|
|
5,832
|
|
1,894.9
|
INCOME TAX
PROVISION
|
27,876
|
|
1,474
|
|
1,791.2
|
NET INCOME
|
$
88,469
|
|
$
4,358
|
|
1,930.0
|
Earnings per share to
common shareholders:
|
|
|
|
|
|
Basic
|
$4.80
|
|
$0.24
|
|
1,900.0
|
Diluted
|
$4.80
|
|
$0.24
|
|
1,900.0
|
Weighted average shares
outstanding used in computing earnings per share attributable to
common shareholders(1):
|
|
|
|
|
|
Basic
|
17,677
|
|
17,987
|
|
(1.7)
|
Diluted
|
17,683
|
|
18,006
|
|
(1.8)
|
|
|
(1)
|
The Basic and
Diluted earnings per share calculations for the periods presented
reflect the two-class method mandated by ASC Topic 260, "Earnings
Per Share." The two-class method adjusts both the net income and
the shares used in the calculation. Application of the two-class
method did not have a significant impact on the Basic and Diluted
earnings per share for the periods presented.
|
|
|
NM
|
Not
meaningful
|
Allegiant Travel
Company
|
Airline Operating
Statistics
|
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Percent
Change(1)
|
|
2023
|
|
2022
|
|
YoY
|
AIRLINE OPERATING
STATISTICS
|
|
|
|
|
|
Total system
statistics:
|
|
|
|
|
|
Passengers
|
4,755,981
|
|
4,740,399
|
|
0.3 %
|
Available seat miles
(ASMs) (thousands)
|
5,053,547
|
|
4,990,086
|
|
1.3
|
Airline operating
expense per ASM (CASM) (cents)
|
11.01 ¢
|
|
12.06 ¢
|
|
(8.7)
|
Fuel expense per ASM
(cents)
|
3.22 ¢
|
|
5.16 ¢
|
|
(37.6)
|
Airline operating
CASM, excluding fuel (cents)
|
7.79 ¢
|
|
6.90 ¢
|
|
12.9
|
Departures
|
32,396
|
|
32,138
|
|
0.8
|
Block hours
|
76,615
|
|
75,472
|
|
1.5
|
Average stage length
(miles)
|
884
|
|
881
|
|
0.3
|
Average number of
operating aircraft during period
|
124.6
|
|
113.3
|
|
10.0
|
Average block hours
per aircraft per day
|
6.8
|
|
7.3
|
|
(6.8)
|
Full-time equivalent
employees at end of period
|
5,436
|
|
5,180
|
|
4.9
|
Fuel gallons consumed
(thousands)
|
60,516
|
|
59,588
|
|
1.6
|
ASMs per gallon of
fuel
|
83.5
|
|
83.7
|
|
(0.2)
|
Average fuel cost per
gallon
|
$
2.69
|
|
$
4.32
|
|
(37.7)
|
Scheduled service
statistics:
|
|
|
|
|
|
Passengers
|
4,719,623
|
|
4,711,001
|
|
0.2
|
Revenue passenger
miles (RPMs) (thousands)
|
4,278,399
|
|
4,267,828
|
|
0.2
|
Available seat miles
(ASMs) (thousands)
|
4,925,194
|
|
4,888,539
|
|
0.7
|
Load factor
|
86.9 %
|
|
87.3 %
|
|
(0.4)
|
Departures
|
31,487
|
|
31,402
|
|
0.3
|
Block hours
|
74,602
|
|
73,857
|
|
1.0
|
Average seats per
departure
|
175.8
|
|
175.6
|
|
0.1
|
Yield (cents)
(2)
|
7.78 ¢
|
|
7.24 ¢
|
|
7.5
|
Total passenger
revenue per ASM (TRASM) (cents)(3)
|
13.64 ¢
|
|
12.69 ¢
|
|
7.5
|
Average fare -
scheduled service(4)
|
$
70.56
|
|
$
65.60
|
|
7.6
|
Average fare -
air-related charges(4)
|
$
65.63
|
|
$
60.19
|
|
9.0
|
Average fare - third
party products
|
$
6.12
|
|
$
5.90
|
|
3.7
|
Average fare -
total
|
$
142.31
|
|
$
131.69
|
|
8.1
|
Average stage length
(miles)
|
887
|
|
883
|
|
0.5
|
Fuel gallons consumed
(thousands)
|
58,962
|
|
58,332
|
|
1.1
|
Average fuel cost per
gallon
|
$
2.70
|
|
$
4.33
|
|
(37.6)
|
Percent of sales
through website during period
|
95.2 %
|
|
96.3 %
|
|
(1.1)
|
Other
data:
|
|
|
|
|
|
Rental car days
sold
|
391,515
|
|
430,004
|
|
(9.0)
|
Hotel room nights
sold
|
70,257
|
|
78,590
|
|
(10.6)
|
|
|
(1)
|
Except load factor
and percent of sales through website, which is percentage point
change.
|
(2)
|
Defined as scheduled
service revenue divided by revenue passenger miles.
|
(3)
|
Various components
of this measurement do not have a direct correlation to ASMs. These
figures are provided on a per ASM basis to facilitate comparison
with airlines reporting revenues on a per ASM basis.
|
(4)
|
Reflects division of
passenger revenue between scheduled service and air-related charges
in Company's booking path.
|
Allegiant Travel
Company
|
Consolidated
Statements of Income
|
(in thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
Six Months Ended
June 30,
|
Percent
Change
|
|
2023
|
|
2022
|
|
YoY
|
OPERATING
REVENUES:
|
|
|
|
|
|
Passenger
|
$
1,252,023
|
|
$
1,056,566
|
|
18.5 %
|
Third party
products
|
54,942
|
|
50,267
|
|
9.3
|
Fixed fee
contracts
|
25,858
|
|
22,305
|
|
15.9
|
Other
|
674
|
|
818
|
|
(17.6)
|
Total
operating revenues
|
1,333,497
|
|
1,129,956
|
|
18.0
|
OPERATING
EXPENSES:
|
|
|
|
|
|
Aircraft
fuel
|
352,157
|
|
421,425
|
|
(16.4)
|
Salaries and
benefits
|
336,793
|
|
273,691
|
|
23.1
|
Station
operations
|
128,234
|
|
132,652
|
|
(3.3)
|
Depreciation and
amortization
|
108,613
|
|
95,526
|
|
13.7
|
Maintenance and
repairs
|
60,076
|
|
58,943
|
|
1.9
|
Sales and
marketing
|
56,796
|
|
49,647
|
|
14.4
|
Aircraft lease
rental
|
13,067
|
|
11,584
|
|
12.8
|
Other
|
62,328
|
|
52,845
|
|
17.9
|
Special charges, net
of recovery
|
(12,820)
|
|
284
|
|
NM
|
Total
operating expenses
|
1,105,244
|
|
1,096,597
|
|
0.8
|
OPERATING
INCOME
|
228,253
|
|
33,359
|
|
584.2
|
OTHER (INCOME)
EXPENSES:
|
|
|
|
|
|
Interest
expense
|
73,473
|
|
44,288
|
|
65.9
|
Interest
income
|
(21,974)
|
|
(2,991)
|
|
634.7
|
Capitalized
interest
|
(14,061)
|
|
(3,298)
|
|
326.3
|
Other, net
|
52
|
|
95
|
|
(45.3)
|
Total
other expenses
|
37,490
|
|
38,094
|
|
(1.6)
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
190,763
|
|
(4,735)
|
|
NM
|
INCOME TAX PROVISION
(BENEFIT)
|
46,145
|
|
(1,212)
|
|
NM
|
NET INCOME
(LOSS)
|
$
144,618
|
|
$
(3,523)
|
|
NM
|
Earnings (loss) per
share to common shareholders:
|
|
|
|
|
|
Basic
|
$7.85
|
|
($0.20)
|
|
NM
|
Diluted
|
$7.84
|
|
($0.20)
|
|
NM
|
Weighted average shares
outstanding used in computing earnings per share attributable to
common shareholders(1):
|
|
|
|
|
|
Basic
|
17,840
|
|
17,970
|
|
(0.7)
|
Diluted
|
17,861
|
|
17,970
|
|
(0.6)
|
|
|
(1)
|
The Company's
unvested restricted stock awards are considered participating
securities as they receive non-forfeitable rights to cash dividends
at the same rate as common stock. The Basic and Diluted earnings
per share calculations for the periods presented reflect the
two-class method mandated by ASC Topic 260, "Earnings Per Share."
The two-class method adjusts both the net income and the shares
used in the calculation. Application of the two-class method did
not have a significant impact on the Basic and Diluted earnings per
share for the periods presented.
|
|
|
NM
|
Not
meaningful
|
|
|
Allegiant Travel
Company
|
Operating
Statistics
|
(Unaudited)
|
|
|
Six Months Ended
June 30,
|
|
Percent
Change(1)
|
|
2023
|
|
2022
|
|
YoY
|
OPERATING
STATISTICS
|
|
|
|
|
|
Total system
statistics:
|
|
|
|
|
|
Passengers
|
8,904,434
|
|
8,474,661
|
|
5.1 %
|
Available seat miles
(ASMs) (thousands)
|
9,731,169
|
|
9,610,230
|
|
1.3
|
Airline operating
expense per ASM (CASM)(cents)
|
11.39 ¢
|
|
11.36 ¢
|
|
0.3
|
Fuel expense per ASM
(cents)
|
3.62 ¢
|
|
4.39 ¢
|
|
(17.5)
|
Airline operating
CASM, excluding fuel (cents)
|
7.77 ¢
|
|
6.97 ¢
|
|
11.5
|
Departures
|
61,541
|
|
60,632
|
|
1.5
|
Block hours
|
148,405
|
|
145,127
|
|
2.3
|
Average stage length
(miles)
|
896
|
|
899
|
|
(0.3)
|
Average number of
operating aircraft during period
|
123.7
|
|
111.4
|
|
11.0
|
Average block hours
per aircraft per day
|
6.6
|
|
7.2
|
|
(8.3)
|
Full-time equivalent
employees at end of period
|
5,436
|
|
5,180
|
|
4.9
|
Fuel gallons consumed
(thousands)
|
115,950
|
|
113,026
|
|
2.6
|
ASMs per gallon of
fuel
|
83.9
|
|
85.0
|
|
(1.3)
|
Average fuel cost per
gallon
|
$
3.04
|
|
$
3.73
|
|
(18.5)
|
Scheduled service
statistics:
|
|
|
|
|
|
Passengers
|
8,841,819
|
|
8,420,105
|
|
5.0
|
Revenue passenger
miles (RPMs) (thousands)
|
8,203,761
|
|
7,825,873
|
|
4.8
|
Available seat miles
(ASMs) (thousands)
|
9,498,960
|
|
9,400,853
|
|
1.0
|
Load factor
|
86.4 %
|
|
83.2 %
|
|
3.2
|
Departures
|
59,760
|
|
59,039
|
|
1.2
|
Block hours
|
144,611
|
|
141,686
|
|
2.1
|
Average seats per
departure
|
175.9
|
|
175.6
|
|
0.2
|
Yield (cents)
(2)
|
8.03 ¢
|
|
6.95 ¢
|
|
15.5
|
Total passenger
revenue per ASM (TRASM) (cents)(3)
|
13.76 ¢
|
|
11.77 ¢
|
|
16.9
|
Average fare -
scheduled service(4)
|
$
74.46
|
|
$
64.55
|
|
15.4
|
Average fare -
air-related charges(4)
|
$
67.14
|
|
$
60.93
|
|
10.2
|
Average fare - third
party products
|
$
6.21
|
|
$
5.97
|
|
4.0
|
Average fare -
total
|
$
147.82
|
|
$
131.45
|
|
12.5
|
Average stage length
(miles)
|
900
|
|
903
|
|
(0.3)
|
Fuel gallons consumed
(thousands)
|
113,107
|
|
110,442
|
|
2.4
|
Average fuel cost per
gallon
|
$
3.04
|
|
$
3.67
|
|
(17.2)
|
Percent of sales
through website during period
|
95.4 %
|
|
96.2 %
|
|
(0.8)
|
Other
data:
|
|
|
|
|
|
Rental car days
sold
|
745,941
|
|
797,098
|
|
(6.4)
|
Hotel room nights
sold
|
139,196
|
|
151,129
|
|
(7.9)
|
|
|
(1)
|
Except load factor
and percent of sales through website, which is percentage point
change.
|
(2)
|
Defined as scheduled
service revenue divided by revenue passenger miles.
|
(3)
|
Various components
of this measurement do not have a direct correlation to ASMs. These
figures are provided on a per ASM basis to facilitate comparison
with airlines reporting revenues on a per ASM basis.
|
(4)
|
Reflects division of
passenger revenue between scheduled service and air-related charges
in Company's booking path.
|
Summary Balance
Sheet
|
|
Unaudited
(millions)
|
June 30, 2023
(unaudited)
|
|
December 31,
2022
|
|
Percent
Change
|
Unrestricted cash and
investments
|
|
|
|
|
|
Cash and cash
equivalents
|
$
152.2
|
|
$
230.0
|
|
(33.8) %
|
Short-term
investments
|
825.2
|
|
725.1
|
|
13.8
|
Long-term
investments
|
69.3
|
|
63.3
|
|
9.5
|
Total unrestricted
cash and investments
|
1,046.7
|
|
1,018.4
|
|
2.8
|
Debt
|
|
|
|
|
|
Current maturities of
long-term debt and finance lease obligations, net of related
costs
|
270.2
|
|
152.9
|
|
76.7
|
Long-term debt and
finance lease obligations, net of current maturities and related
costs
|
1,887.8
|
|
1,944.1
|
|
(2.9)
|
Total debt
|
2,158.0
|
|
2,097.0
|
|
2.9
|
Debt, net of
unrestricted cash and investments
|
1,111.3
|
|
1,078.6
|
|
3.0
|
Total Allegiant Travel
Company shareholders' equity
|
1,373.6
|
|
1,220.7
|
|
12.5
|
|
|
|
|
|
|
EPS Calculation
The following table sets forth the computation of net income per
share, on a basic and diluted basis, for the periods indicated
(share count and dollar amounts other than per-share amounts in
table are in thousands):
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Basic:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
88,469
|
|
$
4,358
|
|
$
144,618
|
|
$
(3,523)
|
Less income allocated
to participating securities
|
(3,660)
|
|
(39)
|
|
(4,663)
|
|
—
|
Net income (loss)
attributable to common stock
|
$
84,809
|
|
$
4,319
|
|
$
139,955
|
|
$
(3,523)
|
Earnings (loss) per
share, basic
|
$
4.80
|
|
$
0.24
|
|
$
7.85
|
|
$
(0.20)
|
Weighted-average shares
outstanding
|
17,677
|
|
17,987
|
|
17,840
|
|
17,970
|
Diluted:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
88,469
|
|
$
4,358
|
|
$
144,618
|
|
$
(3,523)
|
Less income allocated
to participating securities
|
(3,659)
|
|
(39)
|
|
(4,657)
|
|
—
|
Net income (loss)
attributable to common stock
|
$
84,810
|
|
$
4,319
|
|
$
139,961
|
|
$
(3,523)
|
Earnings (loss) per
share, diluted
|
$
4.80
|
|
$
0.24
|
|
$
7.84
|
|
$
(0.20)
|
Weighted-average shares
outstanding (1)
|
17,677
|
|
17,987
|
|
17,840
|
|
17,970
|
Dilutive effect of
stock options and restricted stock
|
211
|
|
31
|
|
168
|
|
—
|
Adjusted
weighted-average shares outstanding under treasury stock
method
|
17,888
|
|
18,018
|
|
18,008
|
|
17,970
|
Participating
securities excluded under two-class method
|
(205)
|
|
(12)
|
|
(147)
|
|
—
|
Adjusted
weighted-average shares outstanding under two-class
method
|
17,683
|
|
18,006
|
|
17,861
|
|
17,970
|
|
|
(1)
|
Dilutive
effect of common stock equivalents excluded from the diluted per
share calculation is not material.
|
|
|
Appendix A
Non-GAAP
Presentation
Three and Six Months Ended June 30, 2023
(Unaudited)
Airline operating revenue, airline operating expense, airline
operating income, airline income before income taxes, airline net
income, and airline diluted earnings per share all eliminate the
effects of non-airline activity, which is not reflective of airline
operating performance. Airline earnings before interest, taxes,
depreciation and amortization ("Airline EBITDA") eliminates the
effects of non-airline operating activity and other items. As such,
all of these are non-GAAP financial measures. We believe the
presentation of these measures is relevant and useful for investors
because it allows them to better gauge the performance of the
airline and to compare our results to other airlines.
We present operating expense and CASM excluding aircraft fuel
expense as fuel price volatility impacts the comparability of year
over year financial performance. We believe the adjustment for fuel
expense allows investors to better understand our non-fuel costs
and related performance.
We present consolidated operating income, EBITDA, and diluted
earnings per share excluding Sunseeker special charges and
recoveries to exclude the impact of losses and insurance recoveries
incurred primarily as the result of Hurricane Ian. Management
believes these measures enhance comparability of financial
information between periods.
EBITDA and Airline-only EBITDA, as presented in this press
release, are supplemental measures of our performance that are not
required by, or presented in accordance with, accounting principles
generally accepted in the United
States ("GAAP"). These are not measurements of our financial
performance under GAAP and should not be considered in isolation or
as an alternative to net income or any other performance measures
derived in accordance with GAAP or as an alternative to cash flows
from operating activities as a measure of our liquidity.
We define "EBITDA" as earnings before interest, taxes,
depreciation and amortization. We also adjust EBITDA within this
release to exclude non-airline activity. We caution investors that
amounts presented in accordance with this definition may not be
comparable to similar measures disclosed by other issuers, because
not all issuers and analysts calculate EBITDA in the same
manner.
We use EBITDA and Airline EBITDA to evaluate our operating
performance and liquidity, and these are among the primary measures
used by management for planning and forecasting of future periods.
We believe these presentations of EBITDA are relevant and useful
for investors because they allow investors to view results in a
manner similar to the method used by management and make it easier
to compare our results with other companies that have different
financing and capital structures. EBITDA has important limitations
as an analytical tool. These limitations include the following:
- EBITDA does not reflect our capital expenditures, future
requirements for capital expenditures or contractual commitments to
purchase capital equipment;
- EBITDA does not reflect interest expense or the cash
requirements necessary to service principal or interest payments on
our debt;
- although depreciation and amortization are non-cash charges,
the assets that we currently depreciate and amortize will likely
have to be replaced in the future, and EBITDA does not reflect the
cash required to fund such replacements; and
- other companies in our industry may calculate EBITDA
differently than we do, limiting its usefulness as a comparative
measure.
Presented below is a quantitative reconciliation of these
adjusted numbers to the most directly comparable GAAP financial
performance measure, which we believe is net income.
The SEC has adopted rules (Regulation G) regulating the use of
non-GAAP financial measures. Because of our use of non-GAAP
financial measures in this press release to supplement our
consolidated financial statements presented on a GAAP basis,
Regulation G requires us to include in this press release a
presentation of the most directly comparable GAAP measure, which is
operating revenue, operating expenses, operating income, income
before income taxes, net income, and net income per share and a
reconciliation of the non-GAAP measures to the most comparable GAAP
measure. Our utilization of non-GAAP measurements is not meant
to be considered in isolation or as a substitute for operating
revenue, operating expenses, operating income, income before income
taxes, net income, net income per share, or other measures of
financial performance prepared in accordance with GAAP. Our use of
these non-GAAP measures may not be comparable to similarly titled
measures employed by other companies in the airline and travel
industry. The reconciliation of each of these measures to the most
comparable GAAP measure for the periods is indicated below.
Reconciliation of
Non-GAAP Financial Measures
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
airline operating CASM excluding fuel (millions)
|
|
|
|
|
|
|
|
Consolidated operating
expense (GAAP)
|
$
550.4
|
|
$
603.7
|
|
$
1,105.2
|
|
$
1,096.6
|
Less aircraft fuel
expense
|
162.6
|
|
257.3
|
|
352.2
|
|
421.4
|
Less non-airline
operating expense/(income)
|
(5.9)
|
|
1.8
|
|
(3.2)
|
|
4.7
|
Total airline operating
expense less fuel(1)
|
$
393.7
|
|
$
344.6
|
|
$
756.2
|
|
$
670.5
|
|
|
|
|
|
|
|
|
System available seat
miles (millions)
|
5,053.5
|
|
4,990.1
|
|
9,731.2
|
|
9,610.2
|
Cost per available seat
mile (cents)
|
10.89
|
|
12.10
|
|
11.36
|
|
11.41
|
Cost per available seat
mile excluding non-airline expense (cents)
|
11.01
|
|
12.06
|
|
11.39
|
|
11.36
|
Cost per available seat
mile excluding fuel and non-airline expense (cents)
|
7.79
|
|
6.90
|
|
7.77
|
|
6.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
airline operating revenue, operating expense, operating income,
income before income taxes, net income (millions)
|
|
|
|
|
|
|
|
Operating revenue as
reported (GAAP)
|
$
683.8
|
|
$
629.8
|
|
$
1,333.5
|
|
$
1,130.0
|
Non-airline operating
revenue
|
—
|
|
—
|
|
—
|
|
—
|
Airline operating
revenue(1)
|
$
683.8
|
|
$
629.8
|
|
$
1,333.5
|
|
$
1,130.0
|
|
|
|
|
|
|
|
|
Operating expense as
reported (GAAP)
|
$
550.4
|
|
$
603.7
|
|
$
1,105.2
|
|
$
1,096.6
|
Non-airline operating
expense
|
(5.9)
|
|
1.8
|
|
(3.2)
|
|
4.7
|
Airline operating
expense(1)
|
$
556.3
|
|
$
602.0
|
|
$
1,108.4
|
|
$
1,091.9
|
|
|
|
|
|
|
|
|
Operating income as
reported (GAAP)
|
$
133.4
|
|
$
26.1
|
|
$
228.3
|
|
$
33.4
|
Non-airline operating
income (loss)
|
5.9
|
|
(1.8)
|
|
3.2
|
|
(4.7)
|
Airline operating
income(1)
|
$
127.5
|
|
$
27.9
|
|
$
225.1
|
|
$
38.1
|
Airline operating
margin
|
18.6 %
|
|
4.4 %
|
|
16.9 %
|
|
3.4 %
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes as reported (GAAP)
|
$
116.3
|
|
$
5.8
|
|
$
190.8
|
|
$
(4.7)
|
Non-airline income
(loss) before income taxes
|
6.0
|
|
(4.5)
|
|
1.5
|
|
(9.5)
|
Airline income before
income taxes(1)
|
$
110.4
|
|
$
10.4
|
|
$
189.2
|
|
$
4.7
|
|
|
|
|
|
|
|
|
Net income (loss) as
reported (GAAP)
|
$
88.5
|
|
$
4.4
|
|
$
144.6
|
|
$
(3.5)
|
Non-airline net income
(loss)
|
4.3
|
|
(3.4)
|
|
0.4
|
|
(7.2)
|
Airline net
income(1)
|
$
84.2
|
|
$
7.7
|
|
$
144.2
|
|
$
3.7
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
airline diluted earnings per share (millions, unless otherwise
noted)
|
|
|
|
|
|
|
|
Net income (loss) as
reported (GAAP)
|
$
88.5
|
|
$
4.4
|
|
$
144.6
|
|
$
(3.5)
|
Less: Net income
allocated to participating securities
|
(3.7)
|
|
(0.0)
|
|
(4.7)
|
|
$
—
|
Net income (loss)
attributable to common stock
|
$
84.8
|
|
$
4.3
|
|
$
140.0
|
|
$
(3.5)
|
|
|
|
|
|
|
|
|
Airline net
income(1)
|
84.2
|
|
7.7
|
|
144.2
|
|
3.7
|
Less: Airline net
income allocated to participating securities
|
(3.5)
|
|
(0.1)
|
|
(4.6)
|
|
—
|
Airline net income
(loss) attributable to common stock
|
$
80.7
|
|
$
7.7
|
|
$
139.6
|
|
$
3.7
|
|
|
|
|
|
|
|
|
Diluted shares used for
computation (thousands)
|
17,683
|
|
18,006
|
|
17,861
|
|
17,970
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share as reported (GAAP)
|
$
4.80
|
|
$
0.24
|
|
7.84
|
|
(0.20)
|
Airline diluted
earnings per share(1)
|
$
4.57
|
|
$
0.43
|
|
7.81
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
net income excluding recovery of Sunseeker special charges and
earnings per share excluding recovery of Sunseeker special charges
(millions except share and per share numbers)
|
|
|
|
|
|
|
|
Income (loss) before
income taxes as reported (GAAP)
|
$
116.3
|
|
$
5.8
|
|
$
190.8
|
|
$
(4.7)
|
Sunseeker special
charges, net of recovery
|
(11.2)
|
|
—
|
|
(12.8)
|
|
—
|
Income (loss) before
income taxes excluding Sunseeker special charges net of
recovery(1)
|
105.1
|
|
5.8
|
|
178.0
|
|
(4.7)
|
Income tax expense
(benefit) as reported (GAAP)
|
27.9
|
|
1.5
|
|
46.1
|
|
(1.2)
|
Income tax expense
(benefit) excluding Sunseeker special charges net of
recovery(1)
|
24.9
|
|
1.5
|
|
42.4
|
|
(1.2)
|
Net income (loss)
excluding Sunseeker special charges net of
recovery(1)
|
80.2
|
|
4.3
|
|
135.6
|
|
(3.5)
|
Adjusted net (income)
allocated to participating securities excluding Sunseeker special
charges net of recovery(1)
|
(3.3)
|
|
—
|
|
(4.4)
|
|
—
|
Adjusted net income
(loss) attributable to common stock excluding Sunseeker special
charges net of recovery(1)
|
76.9
|
|
4.3
|
|
131.2
|
|
(3.5)
|
|
|
|
|
|
|
|
|
Diluted shares as
reported (GAAP) (thousands)
|
17,683
|
|
18,006
|
|
17,861
|
|
17,970
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share as reported (GAAP)
|
$
4.80
|
|
$
0.24
|
|
$
7.84
|
|
$
(0.20)
|
Diluted earnings (loss)
per share excluding Sunseeker special charges net of
recovery(1)
|
$
4.35
|
|
$
0.24
|
|
$
7.35
|
|
$
(0.20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
operating income excluding special charges
(millions)
|
|
|
|
|
|
|
|
Operating income as
reported (GAAP)
|
$
133.4
|
|
$
26.1
|
|
$
228.3
|
|
$
33.4
|
Special charges, net of
recovery
|
(11.2)
|
|
0.1
|
|
(12.8)
|
|
0.3
|
Operating income,
excluding special charges(1)
|
$
122.2
|
|
$
26.2
|
|
215.5
|
|
$
33.7
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Consolidated EBITDA
(millions)
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
88.5
|
|
$
4.4
|
|
$
144.6
|
|
$
(3.5)
|
Interest expense,
net
|
17.0
|
|
20.2
|
|
37.4
|
|
38.0
|
Income tax expense
(benefit)
|
27.9
|
|
1.5
|
|
46.1
|
|
(1.2)
|
Depreciation and
amortization
|
53.9
|
|
49.2
|
|
108.6
|
|
95.5
|
Consolidated
EBITDA(1)
|
$
187.3
|
|
$
75.3
|
|
336.7
|
|
$
128.8
|
|
|
|
|
|
|
|
|
Airline only EBITDA
(millions)
|
|
|
|
|
|
|
|
Airline net
income(1)
|
$
84.2
|
|
$
7.7
|
|
144.2
|
|
$
3.7
|
Airline interest
expense, net(1)
|
17.1
|
|
17.4
|
|
35.8
|
|
$
33.2
|
Airline income tax
expense (benefit)(1)(2)
|
26.2
|
|
2.6
|
|
45.0
|
|
$
1.0
|
Airline depreciation
and amortization(1)
|
53.8
|
|
49.2
|
|
108.5
|
|
95.5
|
Airline
EBITDA(1)
|
$
181.3
|
|
$
76.9
|
|
$
333.5
|
|
$
133.5
|
|
|
|
|
|
|
|
|
Consolidated EBITDA,
excluding special charges (millions)
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
88.5
|
|
$
4.4
|
|
$
144.6
|
|
$
(3.5)
|
Interest expense,
net
|
17.0
|
|
20.2
|
|
37.4
|
|
$
38.0
|
Income tax expense
(benefit)
|
27.9
|
|
1.5
|
|
46.1
|
|
$
(1.2)
|
Depreciation and
amortization
|
53.9
|
|
49.2
|
|
108.6
|
|
$
95.5
|
Special charges, net of
recovery
|
(11.2)
|
|
0.1
|
|
(12.8)
|
|
$
0.3
|
Consolidated EBITDA,
excluding special charges(1)
|
$
176.1
|
|
$
75.4
|
|
$
323.9
|
|
$
129.1
|
|
|
(1)
|
Denotes
non-GAAP figure.
|
(2)
|
Utilizing an
effective tax rate of 23.7% and 23.8% quarter-to-date and
year-to-date for 2023 and 25.4% and 21.4% for quarter-to-date and
year-to-date 2022, respectively.
|
*
|
Note that amounts may
not recalculate due to rounding
|
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SOURCE Allegiant Travel Company