Latest news with #SunseekerResort
Yahoo
07-05-2025
- Business
- Yahoo
Allegiant Travel Co (ALGT) Q1 2025 Earnings Call Highlights: Strong Financial Performance Amid ...
Economic uncertainty has impacted consumer confidence and discretionary spending, leading to a need for capacity adjustments, particularly during off-peak periods. The introduction of the Boeing MAX aircraft has been successful, with the fleet outperforming operational and financial expectations, contributing to a 35% EBITDA advantage per aircraft compared to the A320 fleet. For the complete transcript of the earnings call, please refer to the full earnings call transcript . EBITDA: $121 million, 25% higher than the first quarter of 2024, with an EBITDA margin of 18.1%. Story Continues Q & A Highlights Q: Could you speak to the margin trajectory for the rest of the year, especially considering the variability in the back half of last year? A: Gregory Anderson, President of Allegiant Travel Co, explained that while they are not providing full-year guidance, the focus remains on optimizing margins. The third quarter is typically the softest, but they aim to improve it by managing capacity and costs aggressively. The fourth quarter last year saw a 13% margin, and they aim to continue optimizing margins throughout the year. Q: Can you provide an update on the Sunseeker Resort process and the mix of revenue from room versus out-of-room spend? A: Gregory Anderson stated that the process for the Sunseeker Resort remains on track for a transaction by summer. Micah Richins, President of Sunseeker Resorts, added that 70% of food and beverage revenue comes from hotel guests, with 30% from locals. The sustainability of earnings is tied to group business, which doubled compared to the previous year. Q: What is the underlying fuel cost assumption, and what is the expected capacity growth for the year? A: Robert Neal, CFO, stated that the fuel cost assumption is $2.40 per gallon. Drew Wells, Chief Commercial Officer, mentioned that the expected capacity growth for the year is around 13%, with flexibility to adjust based on demand. Q: Can you provide more color on the recent demand stabilization and improvement trends? A: Drew Wells noted that there has been a recent uptick in demand over the past week, with improvements seen broadly across regions. However, the second quarter is expected to face more year-over-year pressure on TRASM compared to the first quarter. Q: How is the Boeing MAX fleet performing operationally and financially compared to expectations? A: Gregory Anderson highlighted that the Boeing MAX fleet is outperforming expectations, with a 35% EBITDA advantage per aircraft compared to the A320 fleet. Operationally, the dispatch reliability is above the system average, and the financial performance is strong, although it's still early in the fleet's deployment. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
04-02-2025
- Business
- Yahoo
ALLEGIANT TRAVEL COMPANY FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS
Fourth quarter 2024 GAAP diluted loss per share of $(12.00) Fourth quarter 2024 adjusted airline-only diluted earnings per share of $3.00(1)(3)(4) Fourth quarter 2024 adjusted diluted earnings per share of $2.10(1)(3)(4) Full-year 2024 GAAP diluted loss per share of $(13.49) Full-year 2024 adjusted airline-only diluted earnings per share of $5.84(1)(3)(4) Full-year 2024 adjusted diluted earnings per share of $2.48(1)(3)(4) *GAAP numbers include a one-time impairment charge in the estimated amount of $322M related to Sunseeker Resort* LAS VEGAS, Feb. 4, 2025 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for fourth quarter and full-year 2024, as well as comparisons to the prior year: Consolidated Three Months Ended December 31,Percent Change (unaudited) (in millions, except per share amounts) 20242023YoY Total operating revenue $ 627.7$ 611.02.7 % Total operating expense 891.7600.448.5 % Operating income (loss) (264.0)10.6NM Loss before income taxes (281.7)(1.8)NM Net loss (216.2)(2.0)NM Diluted loss per share (12.00)(0.13)NM Sunseeker special charges, net of recoveries(3) 325.5(11.0)NM Airline special charges(3) 2.719.9(86.4) % Adjusted income before income taxes(1)(3)(4) 47.67.0580.0 % Adjusted net income(1)(3)(4) 38.92.41,520.8 % Adjusted diluted earnings per share(1)(3)(4) 2.100.111,809.1 % Airline only Three Months Ended December 31,Percent Change(2) (unaudited) (in millions, except per share amounts) 20242023YoY Airline operating revenue $ 609.7$ 608.10.3 % Airline operating expense 531.7587.5(9.5) % Airline operating income 78.120.6279.1 % Airline income before income taxes 64.96.2946.8 % Airline special charges(3) 2.719.9(86.4) % Adjusted airline-only net income(1)(3)(4) 55.615.9249.7 % Adjusted airline-only operating margin(1)(3)(4) 13.2 %6.6 %6.6 Adjusted airline-only diluted earnings per share(1)(3)(4) 3.000.86248.8 % Consolidated Twelve Months Ended December 31,Percent Change (unaudited) (in millions, except per share amounts) 20242023YoY Total operating revenue $ 2,512.6$ 2,509.90.1 % Total operating expense 2,752.62,288.920.3 % Operating income (loss) (240.0)221.0NM Income (loss) before income taxes (308.5)159.1NM Net income (loss) (240.2)117.6NM Diluted earnings (loss) per share (13.49)6.29NM Sunseeker special charges, net of recoveries(3) 322.8(6.4)NM Airline special charges(3) 45.335.129.1 % Adjusted income before income taxes(1)(3)(4) 60.9187.7(67.6) % Adjusted net income(1)(3)(4) 45.7136.6(66.5) % Adjusted diluted earnings per share(1)(3)(4) 2.487.31(66.1) % Airline only Twelve Months Ended December 31,Percent Change(2) (unaudited) (in millions, except per share amounts) 20242023YoY Airline operating revenue $ 2,440.8$ 2,507.0(2.6) % Airline operating expense 2,298.62,255.51.9 % Airline operating income 142.2251.5(43.5) % Airline income before income taxes 94.3188.1(49.9) % Airline special charges(3) 45.335.129.1 % Adjusted airline-only net income(1)(3)(4) 107.5164.7(34.7) % Adjusted airline-only operating margin(1)(3)(4) 7.7 %11.4 %(3.7) Adjusted airline-only diluted earnings per share(1)(3)(4) 5.848.82(33.8) % (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 adjusted airline-only operating margin which is percentage point change. (3) In 2024 and 2023, we recognized certain expenses as special charges related to Airline activities, an impairment charge to Sunseeker Resort, and damages to Sunseeker Resort. For a listing of these charges, see the special charges table in Appendix A of this earnings release. We sometimes refer to all special charges as "specials" in this earnings release. (4) In fourth quarter 2024, the Company incurred a $1.2M non-operating loss on the sale of an investment which is being added back in our adjusted results figures. NM Not meaningful * Note that amounts may not recalculate due to rounding "We finished the year strong with a fourth quarter adjusted airline-only earnings per share of $3.00," stated Gregory Anderson, president and CEO of Allegiant Travel Company. "Thanks to the continued efforts of Team Allegiant, we made strides towards delivering on our three key initiatives outlined during 2024: Peak Flying Restoration: Aircraft utilization during the holiday period averaged 9.6 hours per day, a 21% year-over-year increase, matching 2019 peak hours per day. The Team managed operations well, reaching a controllable completion rate of 99.7% in December. Product Enhancements: Functionality of our third bundled product offering was restored, boosting ancillary revenue by over $1 per passenger. Combined with Allegiant Extra's premium product success and our strong cobrand credit card program, we achieved a record total ancillary revenue of over $78 per passenger during the fourth quarter. Fleet Integration: Three MAX aircraft were delivered this quarter, totaling four in service by year-end. Our robust and effective training program in place is providing for a smooth transition for our pilots to become certified to fly this new fleet type to Allegiant. "The progress achieved during the quarter on these initiatives helped produce an adjusted airline-only operating margin of 13.2 percent, more than 6.5 points higher than the prior year. "As we move into 2025, we remain focused on driving improved performance with a clear path ahead. Although our planned 17 percent increase in capacity this year will naturally pressure unit revenues, this growth should be accretive to earnings, as our infrastructure enables us to grow efficiently, and is expected to result in a sizable reduction in our unit costs. "Capacity growth in 2025 will be achieved by higher aircraft utilization, particularly during peak leisure demand periods. We plan to take delivery of 9 MAX aircraft throughout the year, all of which have much greater earnings potential than the older A320 aircraft they will replace. Furthermore, we continue expanding our premium seating product with 56 aircraft currently fitted with Allegiant Extra, which is enhancing ancillary revenue per passenger. Collectively, these improvements are expected to result in a full-year, airline-only EPS, excluding special charges, of $9.00, an expected increase of over 50 percent compared to 2024. "We have progressed meaningfully with our comprehensive review of Sunseeker Resort. As a result we have launched a competitive process to sell at least a majority interest in the resort and are reviewing promising indications of interest from several investors. Given the uncertainty around the timing of any potential transaction, we will only be providing guidance for Sunseeker on a quarterly basis. That said, we expect the property will earn positive EBITDA of $2 million during the first quarter, a nearly $7 million EBITDA swing compared to the same quarter in 2024. "Exiting 2024, we have turned a corner, setting the stage for an important year ahead. We are focused on performance and strong execution. The progress we've made through our key initiatives, ancillary revenue growth, and enhanced efficiency further strengthened our foundation. Thanks to the dedication of Team Allegiant, we are seeing remarkable improvements. Your efforts have once again helped land us near the top of the Wall Street Journal's list of best airlines in 2024. I am excited for the opportunities ahead and look forward to building on this success in 2025." Fourth Quarter 2024 Results and Highlights Total operating revenue of $627.7M, up 2.7 percent over the prior year Record total average ancillary fare of $78.43 per passenger, up 7.4 percent year-over-year driven by reintroduction of a third ancillary product bundle offering, Allegiant Extra expansion, Allianz travel insurance, and cobrand credit card strength Adjusted operating income,(1)(2)(3) of $64.2M, yielding an adjusted operating margin of 10.2 percent Adjusted airline-only operating income,(1)(2) of $80.7M, yielding an adjusted airline-only operating margin of 13.2 percent Adjusted income before income tax,(1)(2) of $47.6M, yielding an adjusted pre-tax margin of 7.6 percent Adjusted airline-only income before income tax,(1)(2) of $68.7M, yielding an adjusted airline-only pre-tax margin of 11.3 percent Adjusted consolidated EBITDA,(1)(2)(3) of $129.2M, yielding an adjusted EBITDA margin of 20.6 percent Adjusted airline-only EBITDA,(1)(2)(3) of $139.2M, yielding an adjusted airline-only EBITDA margin of 22.8 percent Adjusted airline-only operating CASM,(2) of 8.29 ¢, down 2.5 percent year-over-year $34.1M in total cobrand credit card remuneration received from Bank of America, up 4.3 percent from the prior year As of December 31, 2024, we had 545K total Allegiant Allways Rewards Visa cardholders Ended 2024 with 18M total active Allways Rewards members Announced 44 new nonstop routes during the quarter, including three new cities, of which 39 had no prior nonstop service. Full-Year 2024 Results and Highlights Total operating revenue of $2.5B, up 0.1 percent year-over-year Record total average ancillary fare of $75.83 per passenger, up 4.0 percent from 2023 Average third party products fare was $8.48 per passenger, up 29.1 percent year-over-year Recorded $80.7M in fixed fee revenue, up 17.7 percent compared to the prior year Adjusted operating income,(1)(2)(3) of $128.2M, yielding a 5.1 percent operating margin Adjusted airline-only operating income,(1)(2)(3) of $187.5M, yielding an adjusted airline-only operating margin of 7.7 percent Adjusted airline-only Operating CASM,(2) of 8.56 ¢, up 5.4 percent as compared with full-year 2023, on capacity growth of 1.1 percent $134.7 million in total cobrand credit card remuneration received from Bank of America, up 12.7 percent from the prior year Ranked number 4 amongst major US carriers in the Wall Street Journal's "The Best and Worst Airlines of 2024" (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) In 2024 and 2023, we recognized certain expenses as special charges related to Airline activities, an impairment charge to Sunseeker, and damages to Sunseeker Resort. For a listing of these charges see the adjustments table in Appendix A of this earnings release. We sometimes refer to all special charges as "specials" in this earnings release. (3) In fourth quarter 2024, the Company incurred a $1.2M non-operating loss on the sale of an investment which is being added back for comparison purposes. Balance Sheet, Cash and Liquidity Total available liquidity at December 31, 2024 was $1.1B, which included $832.8M in cash and investments, and $275.0M in undrawn revolving credit facilities $84.4M in cash from operations during fourth quarter 2024 Total debt at December 31, 2024 was $2.1B Net debt at December 31, 2024 was $1.2B Debt principal payments of $414.9M during the quarter Full-year principal payments of $585.5M, including a $250M prepayment related to the Sunseeker construction loan during the fourth quarter Debt proceeds of $291.2M from new facilities during the quarter, net of issuance costs Air traffic liability at December 31, 2024 was $370.9M Airline Capital Expenditures Fourth quarter capital expenditures of $42.9M, which included $34.1M for aircraft purchases and inductions and other related costs, and $8.8M in other airline capital expenditures Fourth quarter deferred heavy maintenance expenditures were $18.7M Sunseeker Resort Charlotte Harbor Fourth quarter occupancy was 54 percent with an average daily rate of $238(1) per night Estimated property damage related to Hurricanes Helene and Milton is approximately $5.7M, which is reported as a special charge on the fourth quarter income statement Recorded an impairment charge of $321.8M during the fourth quarter (1) Reported average daily rate excludes resort fee. Guidance, subject to revision Certain forward-looking financial information in the following tables is not presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Non-GAAP financial figures may be useful to stakeholders, but should not be considered a substitute for GAAP figures. In reliance on the 'unreasonable efforts' exception in Item 10(e)(1)(i)(B) of SEC Regulation S-K, a reconciliation to the most comparable GAAP financial measure is not provided for airline-only earnings per share, excluding special charges, consolidated earnings per share, excluding special charges, and Sunseeker EBITDA, excluding special charges. The Company is not able to reconcile these Non-GAAP financial figures without unreasonable effort because the special charge adjustments will not be known until the end of the indicated future periods and any range of projected values would be too broad to be meaningful. As a result, this information would not be significant to investors. First quarter 2025 airline-only guidanceSystem ASMs - year over year change ~13.5% Scheduled service ASMs - year over year change ~14.0% Fuel cost per gallon $ 2.60 Operating margin 8.0% to 11.0% Adjusted airline-only earnings per share(3) $1.75 to $2.75 First quarter 2025 consolidated guidanceAdjusted consolidated earnings per share(3) $1.50 to $2.50 Full-year 2025 airline-only guidanceSystem ASMs - year over year change ~16.0% Scheduled service ASMs - year over year change ~17.0% Fuel cost per gallon $ 2.60 Interest expense (4) (millions) $130 to $140 Capitalized interest (1) (millions) ($20) to ($30) Interest income (millions) $30 to $40 Tax rate 24 % Share count (thousands) 18,100 Adjusted airline-only earnings per share(3) $7.75 to $10.25 Airline full-year CAPEXAircraft-related capital expenditures(2) (millions) $285 to $315 Capitalized deferred heavy maintenance (millions) $85 to $95 Other airline capital expenditures (millions) $115 to $135 Recurring principal payments (5) (millions) (full year) $165 to $175 First Quarter 2025 Sunseeker guidanceAdjusted EBITDA(3) ~$2 Depreciation expense (millions) ~$3 Occupancy rate ~60% Average daily rate (6) ~$320 (1) Includes capitalized interest related to pre-delivery deposits on new aircraft. (2) Aircraft-related capital expenditures includes the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount excludes capitalized interest related to pre-delivery deposits on new aircraft. Estimated capital expenditures are based on management's best estimate around aircraft deliveries, which differs from our contractual obligations. (3) Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above. (4) Includes consolidated gross interest expense attributable to both the airline segment and the Sunseeker resort segment (5) Does not include repayment of pre-delivery deposit debt facilities due on delivery of aircraft (6) Average daily rate does not include a nightly resort fee of $30 Aircraft Fleet Plan by End of Period Aircraft - (seats per AC) 4Q24 1Q25 2Q25 3Q25 4Q25 Boeing 737-8200 (190 seats) 4 6 8 12 13 Airbus A320 (180-186 seats) 75 75 75 75 72 Airbus A320 (177 seats) 12 10 10 8 7 Airbus A319 (156 seats) 34 34 34 32 30 Total 125 125 127 127 122 The table above is provided based on the Company's current plans and is subject to change. The numbers include aircraft expected to be in service at the end of each period and exclude aircraft that we expect to take delivery of but not to be placed in service until a subsequent period. The above plan is management's best estimate and differs from our contractual obligations. Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Tuesday, February 4, 2025 to discuss its fourth quarter and full-year 2024 financial results. A live broadcast of the conference call will be available via the Company's Investor Relations website homepage at 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 Media information, including photos, is available at Media Inquiries: mediarelations@ Investor Inquiries: ir@ 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 and Sunseeker Resort 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, Sunseeker average daily rate and occupancy, estimated tax rate, 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 These risk factors include, without limitation, regulatory reviews of, and production limits on, Boeing impacting our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing and other 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 the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to successfully operate Sunseeker Resort or to dispose of an interest in it on acceptable terms, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, 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 December 31,Percent Change20242023YoY OPERATING REVENUES:Passenger $ 553,636$ 556,123(0.4) % Third party products 32,20426,69320.6 Fixed fee contracts 23,54124,949(5.6) Resort and other 18,3243,237NM Total operating revenues 627,705611,0022.7 OPERATING EXPENSES:Salaries and benefits 201,248188,0057.0 Aircraft fuel 139,367175,853(20.7) Station operations 65,94663,6963.5 Depreciation and amortization 65,12858,70011.0 Maintenance and repairs 34,14428,24920.9 Sales and marketing 23,07429,351(21.4) Aircraft lease rentals 5,9205,976(0.9) Other 28,72841,743(31.2) Special charges, net of recoveries 328,1288,817NM Total operating expenses 891,683600,39048.5 OPERATING INCOME (LOSS) (263,978)10,612NM OTHER (INCOME) EXPENSES:Interest income (10,571)(12,197)(13.3) Interest expense 37,67440,479(6.9) Capitalized interest (10,668)(16,183)(34.1) Other, net 1,282306319.0 Total other expenses 17,71712,40542.8 LOSS BEFORE INCOME TAXES (281,695)(1,793)NM INCOME TAX PROVISION (BENEFIT) (65,466)163NM NET LOSS $ (216,229)$ (1,956)NM Loss per share to common shareholders:Basic ($12.00)($0.13)NM Diluted ($12.00)($0.13)NM Shares used for computation(1):Basic 18,01417,9150.6 Diluted 18,01417,9150.6 (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 Revenues and Expenses by Segment (in thousands) (Unaudited)Three Months Ended December 31, 2024Three Months Ended December 31, 2023AirlineSunseekerConsolidatedAirlineSunseekerConsolidated OPERATING REVENUES:... Passenger $ 553,636$ —$ 553,636$ 556,123$ —$ 556,123 Third party products 32,204—32,20426,693—26,693 Fixed fee contracts 23,541—23,54124,949—24,949 Resort and other 34217,98218,3243562,8813,237 Total operating revenues 609,72317,982627,705608,1212,881611,002 OPERATING EXPENSES:Salaries and benefits 189,89211,356201,248180,2547,751188,005 Aircraft fuel 139,367—139,367175,853—175,853 Station operations 65,946—65,94663,696—63,696 Depreciation and amortization 58,5526,57665,12856,7181,98258,700 Maintenance and repairs 34,144—34,14428,249—28,249 Sales and marketing 21,1041,97023,07424,4594,89229,351 Aircraft lease rentals 5,920—5,9205,976—5,976 Other 14,07614,65228,72832,4799,26441,743 Special charges, net of recoveries 2,668325,460328,12819,862(11,045)8,817 Total operating expenses 531,669360,014891,683587,54612,844600,390 OPERATING INCOME (LOSS) 78,054(342,032)(263,978)20,575(9,963)10,612 Allegiant Travel Company Airline Operating Statistics (Unaudited) Three Months Ended December 31,Percent Change(1)20242023YoY AIRLINE OPERATING STATISTICSTotal system statistics:Passengers 3,999,8794,145,771(3.5) % Available seat miles (ASMs) (thousands) 4,697,9994,607,1742.0 Airline operating expense per ASM (CASM) (cents) 11.32 ¢ 12.75 ¢(11.2) Fuel expense per ASM (cents) 2.97 ¢ 3.82 ¢(22.3) Airline special charges per ASM (cents) 0.06 ¢ 0.44 ¢(86.4) Airline operating CASM, excluding fuel and special charges (cents) 8.29 ¢ 8.50 ¢(2.5) Departures 30,21929,7331.6 Block hours 71,56369,7372.6 Average stage length (miles) 8898761.5 Average number of operating aircraft during period 123.5126.7(2.5) Average block hours per aircraft per day 6.36.05.0 Full-time equivalent employees at end of period 5,9915,6436.2 Fuel gallons consumed (thousands) 55,78954,7261.9 ASMs per gallon of fuel 84.284.2— Average fuel cost per gallon $ 2.50$ 3.21(22.1) Scheduled service statistics:Passengers 3,927,4234,067,855(3.5) Revenue passenger miles (RPMs) (thousands) 3,609,8923,691,343(2.2) Available seat miles (ASMs) (thousands) 4,503,0594,429,8261.7 Load factor 80.2 %83.3 %(3.1) Departures 28,61728,2441.3 Block hours 68,40766,8452.3 Average seats per departure 174.6176.6(1.1) Yield (cents)(2) 7.70 ¢ 7.74 ¢(0.5) Total passenger revenue per ASM (TRASM) (cents)(3) 13.01 ¢ 13.16 ¢(1.1) Average fare - scheduled service(4) $ 70.74$ 70.220.7 Average fare - air-related charges(4) $ 70.23$ 66.505.6 Average fare - third party products $ 8.20$ 6.5625.0 Average fare - total $ 149.17$ 143.274.1 Average stage length (miles) 9008871.5 Fuel gallons consumed (thousands) 53,33352,5301.5 Average fuel cost per gallon $ 2.49$ 3.20(22.2) Percent of sales through website during period 92.4 %97.5 %(5.1) Other data:Rental car days sold 255,350296,227(13.8) Hotel room nights sold 27,85456,290(50.5) (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)Twelve Months Ended December 31,Percent Change20242023YoY OPERATING REVENUES:Passenger $ 2,217,059$ 2,324,397(4.6) % Third party products 142,128112,57926.2 Fixed fee contracts 80,66068,54817.7 Resort and other 72,7424,333NM Total operating revenues 2,512,5892,509,8570.1 OPERATING EXPENSES:Salaries and benefits 819,843687,80319.2 Aircraft fuel 627,755695,871(9.8) Station operations 272,843256,5606.3 Depreciation and amortization 258,251223,13015.7 Maintenance and repairs 125,430123,8021.3 Sales and marketing 106,340114,616(7.2) Aircraft lease rentals 23,57324,948(5.5) Other 150,399133,50112.7 Special charges, net of recoveries 368,13128,645NM Total operating expenses 2,752,5652,288,87620.3 OPERATING INCOME (LOSS) (239,976)220,981NM OTHER (INCOME) EXPENSES:Interest income (44,012)(46,615)(5.6) Interest expense 156,443153,1862.1 Capitalized interest (45,385)(45,132)0.6 Other, net 1,428491190.8 Total other expenses 68,47461,93010.6 INCOME (LOSS) BEFORE INCOME TAXES (308,450)159,051NM INCOME TAX PROVISION (BENEFIT) (68,212)41,455NM NET INCOME (LOSS) $ (240,238)$ 117,596NM Earnings (loss) per share to common shareholders:Basic ($13.49)$6.32NM Diluted ($13.49)$6.29NM Shares used for computation(1):Basic 17,85217,945(0.5) Diluted 17,85218,019(0.9) (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 Revenues and Expenses by Segment (in thousands) (Unaudited)Twelve Months Ended December 31, 2024Twelve Months Ended December 31, 2023AirlineSunseekerConsolidatedAirlineSunseekerConsolidated OPERATING REVENUES:Passenger $ 2,217,059$ —$ 2,217,059$ 2,324,397$ —$ 2,324,397 Third party products 142,128—142,128112,579—112,579 Fixed fee contracts 80,660—80,66068,548—68,548 Resort and other 99271,75072,7421,4522,8814,333 Total operating revenues 2,440,83971,7502,512,5892,506,9762,8812,509,857 OPERATING EXPENSES:Salaries and benefits 770,66749,176819,843672,45915,344687,803 Aircraft fuel 627,755—627,755695,871—695,871 Station operations 272,843—272,843256,560—256,560 Depreciation and amortization 231,78926,462258,251220,9152,215223,130 Maintenance and repairs 125,430—125,430123,802—123,802 Sales and marketing 99,2697,071106,340108,4536,163114,616 Aircraft lease rentals 23,573—23,57324,948—24,948 Other 102,00748,392150,399117,40016,101133,501 Special charges, net of recoveries 45,307322,824368,13135,091(6,446)28,645 Total operating expenses 2,298,640453,9252,752,5652,255,49933,3772,288,876 OPERATING INCOME (LOSS) 142,199(382,175)(239,976)251,477(30,496)220,981 Allegiant Travel Company Airline Operating Statistics (Unaudited) Twelve Months Ended December 31,Percent Change(1)20242023YoY AIRLINE OPERATING STATISTICSTotal system statistics:Passengers 16,982,83617,342,236(2.1) % Available seat miles (ASMs) (thousands) 18,984,71118,772,1101.1 Airline operating expense per ASM (CASM) (cents) 12.11 ¢ 12.02 ¢0.7 Fuel expense per ASM (cents) 3.31 ¢ 3.71 ¢(10.8) Airline special charges per ASM (cents) 0.24 ¢ 0.19 ¢26.3 Airline operating CASM, excluding fuel and special charges (cents) 8.56 ¢ 8.12 ¢5.4 Departures 121,580120,5250.9 Block hours 288,407285,4531.0 Average stage length (miles) 8878820.6 Average number of operating aircraft during period 124.7125.2(0.4) Average block hours per aircraft per day 6.36.21.6 Full-time equivalent employees at end of period 5,9915,6436.2 Fuel gallons consumed (thousands) 227,345224,9961.0 ASMs per gallon of fuel 83.583.40.1 Average fuel cost per gallon $ 2.76$ 3.09(10.7) Scheduled service statistics:Passengers 16,765,28317,143,870(2.2) Revenue passenger miles (RPMs) (thousands) 15,303,73715,639,329(2.1) Available seat miles (ASMs) (thousands) 18,314,86718,208,8200.6 Load factor 83.6 %85.9 %(2.3) Departures 116,441116,0440.3 Block hours 277,626276,3130.5 Average seats per departure 176.0176.3(0.2) Yield (cents)(2) 7.11 ¢ 7.59 ¢(6.3) Total passenger revenue per ASM (TRASM) (cents)(3) 12.88 ¢ 13.38 ¢(3.7) Average fare - scheduled service(4) $ 64.89$ 69.25(6.3) Average fare - air-related charges(4) $ 67.35$ 66.331.5 Average fare - third party products $ 8.48$ 6.5729.1 Average fare - total $ 140.72$ 142.15(1.0) Average stage length (miles) 8938880.6 Fuel gallons consumed (thousands) 219,061218,1290.4 Average fuel cost per gallon $ 2.76$ 3.09(10.7) Percent of sales through website during period 93.6 %95.8 %(2.2) Other data:Rental car days sold 1,306,7751,377,710(5.1) Hotel room nights sold 196,605249,933(21.3) (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 SheetUnaudited (millions) December 31, 2024 (unaudited)December 31, 2023Percent Change Unrestricted cash and investmentsCash and cash equivalents $ 285.9$ 143.399.5 % Short-term investments 495.2671.4(26.2) Long-term investments 51.756.0(7.7) Total unrestricted cash and investments 832.8870.7(4.4) DebtCurrent maturities of long-term debt and finance lease obligations, net of related costs 454.8439.93.4 Long-term debt and finance lease obligations, net of current maturities and related costs 1,611.71,819.7(11.4) Total debt 2,066.52,259.6(8.5) Debt, net of unrestricted cash and investments 1,233.71,388.9(11.2) Total Allegiant Travel Company shareholders' equity 1,089.41,328.6(18.0) 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 December 31,Twelve Months Ended December 31,2024202320242023 Basic:Net income (loss) $ (216,229)$ (1,956)$ (240,238)$ 117,596 Less income allocated to participating securities —(348)(618)(4,188) Net income (loss) attributable to common stock $ (216,229)$ (2,304)$ (240,856)$ 113,408 Earnings (loss) per share, basic $ (12.00)$ (0.13)$ (13.49)$ 6.32 Weighted-average shares outstanding 18,01417,91517,85217,945 Diluted:Net income (loss) $ (216,229)$ (1,956)$ (240,238)$ 117,596 Less income allocated to participating securities —(348)(618)(4,175) Net income (loss) attributable to common stock $ (216,229)$ (2,304)$ (240,856)$ 113,421 Earnings (loss) per share, diluted $ (12.00)$ (0.13)$ (13.49)$ 6.29 Weighted-average shares outstanding(1) 18,01417,91517,85217,945 Dilutive effect of restricted stock ———249 Adjusted weighted-average shares outstanding under treasury stock method 18,01417,91517,85218,194 Participating securities excluded under two-class method ———(175) Adjusted weighted-average shares outstanding under two-class method 18,01417,91517,85218,019 (1) Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material. Appendix A Non-GAAP Presentation Three and Twelve Months Ended Months Ended December 31, 2024 (Unaudited) We present adjusted consolidated operating expense and adjusted consolidated operating income, which exclude special charges related to (i) an impairment charge to Sunseeker, (ii) the impact of losses and insurance recoveries incurred primarily as the result of hurricanes and other insured events at Sunseeker and (iii) the airline special charges listed in the table below. We also present adjusted consolidated non-operating expenses, adjusted consolidated income before income taxes, adjusted consolidated net income, and adjusted consolidated diluted earnings per share, which exclude the special charges described above and a one-time loss on the disposition of an investment. We present adjusted airline-only operating expense and adjusted airline-only operating income, which exclude special charges related to (i) aircraft accelerated depreciation on early retirement of certain airframes, (ii) a ratification bonus for the new collective bargaining agreement for our flight attendants, and (iii) an organizational restructuring of certain administrative personnel. We also present adjusted airline-only non-operating expenses, adjusted airline-only income before income taxes, adjusted airline-only net income, and adjusted airline-only diluted earnings per share, which exclude special charges and a one-time loss on the disposition of an investment. All of the measures described above 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. Management believes the exclusion of these items enhances comparability of financial information between periods. We also present adjusted airline-only CASM, which excludes aircraft fuel expense and special charges. Fuel price volatility impacts the comparability of year over year financial performance as do the airline special charges. We believe the adjustments for fuel expense and airline special charges allow investors to better understand our non-fuel costs and related performance. Consolidated and airline-only earnings before interest, taxes, depreciation, and amortization ("Consolidated EBITDA" and "Airline EBITDA"), adjusted Consolidated EBITDA, adjusted Airline EBITDA, estimated adjusted airline-only and adjusted consolidated earnings per share, and Sunseeker estimated adjusted 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. The adjusted EBITDA measures also exclude special charges and a one-time loss on the disposition of an investment. 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 adjusted 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. 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 measures, which are operating expenses, operating income (loss), income (loss) before income taxes, net income (loss), and earnings (loss) 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 expenses, operating income (loss), income (loss) before income taxes, net income (loss), earnings (loss) 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 MeasuresThree Months Ended December 31,Twelve Months Ended December 31,2024202320242023 Special Charges (millions)Accelerated depreciation on airframes identified for early retirement $ 2.7$ 19.9$ 31.1$ 35.1 Flight attendant ratification bonus ——10.8— Organizational restructuring ——3.4— Airline special charges(2) 2.719.945.335.1 Sunseeker hurricane charges, net of recoveries(3) 3.6(11.0)1.0(6.4) Sunseeker impairment(4) 321.8—321.8— Sunseeker special charges, net of recoveries(3)(4) 325.4(11.0)322.8(6.4) Consolidated special charges, net of recoveries 328.18.8368.128.6 Three Months Ended December 31, 2024ConsolidatedAirlineSunseeker Reconciliation of adjusted operating income, adjusted operating margin, and adjusted other non-operating expenses (millions) GAAPAdjustments(2)(3)(4)Adjusted (Non-GAAP)GAAPAdjustments(2)(4)Adjusted (Non-GAAP)GAAPAdjustments(3)Adjusted (Non-GAAP) Total operating revenues $ 627.7$ —$ 627.7$ 609.7$ —$ 609.7$ 18.0$ —$ 18.0 Total operating expenses 891.7(328.1)563.6531.7(2.7)529.0360.0(325.5)34.6 Operating income (loss) $ (264.0)$ 328.1$ 64.2$ 78.1$ 2.7$ 80.7$ (342.0)$ 325.5$ (16.6) Operating margin (percent) (42.1)10.212.813.2NMNM Other non-operating expenses $ 1.3$ (1.2)$ 0.1$ 1.3$ (1.2)$ 0.1—— Three Months Ended December 31, 2023ConsolidatedAirlineSunseeker Reconciliation of adjusted operating income, adjusted operating margin, and adjusted other non-operating expenses (millions) GAAPAdjustments(2)(3)(4)Adjusted (Non-GAAP)GAAPAdjustments(2)Adjusted (Non-GAAP)GAAPAdjustments(3)Adjusted (Non-GAAP) Total operating revenues $ 611.0$ —$ 611.0$ 608.1$ —$ 608.1$ 2.9$ —$ 2.9 Total operating expenses 600.4(8.8)591.6587.5(19.9)567.712.811.023.9 Operating income (loss) $ 10.6$ 8.8$ 19.4$ 20.6$ 19.9$ 40.4$ (10.0)$ (11.0)$ (21.0) Operating margin (percent) 1.73.23.46.6NMNM Other non-operating expenses $ 0.3$ —$ 0.3$ 0.3$ —$ 0.3$ —$ —$ — Twelve Months Ended December 31, 2024ConsolidatedAirlineSunseeker Reconciliation of adjusted operating income, adjusted operating margin, and adjusted other non-operating expenses (millions) GAAPAdjustments(2)(3)(4)Adjusted (Non-GAAP)GAAPAdjustments(2)(4)Adjusted (Non-GAAP)GAAPAdjustments(3)Adjusted (Non-GAAP) Total operating revenues $ 2,512.6$ —$ 2,512.6$ 2,440.8$ —$ 2,440.8$ 71.8$ —$ 71.8 Total operating expenses 2,752.6(368.1)2,384.42,298.6(45.3)2,253.3453.9(322.8)131.1 Operating income (loss) $ (240.0)$ 368.1$ 128.2$ 142.2$ 45.3$ 187.5$ (382.2)$ 322.8$ (59.4) Operating margin (percent) (9.6)5.15.87.7NM(82.7) Other non-operating expenses $ 1.4$ (1.2)$ 0.2$ 1.4$ (1.2)$ 0.2$ —$ —$ — Twelve Months Ended December 31, 2023ConsolidatedAirlineSunseeker Reconciliation of adjusted operating income, adjusted operating margin, and adjusted other non-operating expenses (millions) GAAPAdjustments(2)(3)(4)Adjusted (Non-GAAP)GAAPAdjustments(2)Adjusted (Non-GAAP)GAAPAdjustments(3)Adjusted (Non-GAAP) Total operating revenues $ 2,509.9$ —$ 2,509.9$ 2,507.0$ —$ 2,507.0$ 2.9$ —$ 2.9 Total operating expenses 2,288.9(28.6)2,260.22,255.5(35.1)2,220.433.46.439.8 Operating income (loss) $ 221.0$ 28.6$ 249.6$ 251.5$ 35.1$ 286.6$ (30.5)$ (6.4)$ (36.9) Operating margin (percent) 8.89.910.011.4NMNM Other non-operating expenses $ 0.5$ —$ 0.5$ 0.5$ —$ 0.5$ —$ —$ — Three Months Ended December 31,Twelve Months Ended December 31,2024202320242023 Consolidated EBITDA and adjusted consolidated EBITDA (millions)Net income (loss) as reported (GAAP) $ (216.2)$ (2.0)$ (240.2)$ 117.6 Interest expense, net 16.412.167.061.4 Income tax expense (benefit) (65.5)0.2(68.2)41.5 Depreciation and amortization 65.158.7258.3223.1 Consolidated EBITDA(1) $ (200.1)$ 69.0$ 16.8$ 443.6 Special charges(2)(3) 328.18.8368.128.6 Loss on disposition of investment(4) 1.2—1.2— Adjusted consolidated EBITDA(1)(2) $ 129.2$ 77.8$ 386.2$ 472.2 Adjusted airline-only income before taxes and adjusted airline-only EBITDA (millions)Income (loss) before taxes as reported (GAAP) $ (281.7)$ (1.8)$ (308.5)$ 159.1 Plus non-airline loss before taxes 346.68.0402.729.1 Plus airline special charges(2) 2.719.945.335.1 Loss on disposition of investment(4) 1.2—1.2— Adjusted airline-only income before taxes(1)(2) $ 68.7$ 26.1$ 140.8$ 223.2 Airline interest expense, net 11.914.046.562.9 Airline depreciation and amortization 58.656.7231.8220.9 Adjusted airline-only EBITDA(1)(2) $ 139.2$ 96.8$ 419.1$ 507.0 Three Months Ended December 31,Twelve Months Ended December 31,2024202320242023 Reconciliation of adjusted consolidated net income (loss) and adjusted diluted earnings per share (millions except share and per share amounts)Net income (loss) as reported (GAAP) $ (216.2)$ (2.0)(240.2)117.6 Plus: special charges(2)(3) 328.18.8368.128.6 Plus: loss on sale of investment(4) 1.2—1.2— Plus (minus): income tax expense (benefit) (GAAP) (65.5)0.2(68.2)41.5 Adjusted income before income tax(1)(2)(3)(4) 47.67.060.9187.7 Minus: adjusted income tax expense 8.74.615.251.1 Adjusted net income(1)(2)(3)(4) 38.92.445.7136.6 Less adjusted net income allocated to participating securities (1.0)(0.3)(1.2)(4.8) Adjusted net income attributable to common stock(1)(2)(3)(4) 37.92.144.4131.8 Diluted shares used for computation (thousands) 18,01417,91517,85218,019 Diluted shares used for adjusted computation (thousands) 18,02117,92917,91318,019 Diluted earnings (loss) per share as reported (GAAP) $ (12.00)$ (0.13)$ (13.49)$ 6.29 Adjusted diluted earnings per share(1)(2)(3)(4) $ 2.10$ 0.11$ 2.48$ 7.31 Three Months Ended December 31,Twelve Months Ended December 31,2024202320242023 Reconciliation of adjusted airline-only net income and adjusted airline-only earnings per share (millions except share and per share amounts)Net income (loss) as reported (GAAP) $ (216.2)$ (2.0)$ (240.2)$ 117.6 Plus non-airline loss before taxes 346.68.0402.729.1 Plus loss on sale of investment(4) 1.2—1.2— Plus airline special charges(2) 2.719.945.335.1 Plus (minus) income tax expense (benefit) (GAAP) (65.5)0.2(68.2)41.5 Adjusted airline-only income before income tax(1)(2)(4) 68.726.1140.8223.2 Minus adjusted airline-only income tax expense(1) 13.110.233.258.5 Adjusted airline-only net income(1)(2)(4) 55.615.9107.5164.7 Less adjusted airline-only net income allocated to participating securities(1) (1.5)(0.5)(2.9)(5.8) Adjusted airline-only net income attributable to common stock(1)(2)(4) 54.115.4104.6158.9 Diluted shares used for computation (thousands) 18,01417,91517,85218,019 Diluted shares used for adjusted computation (thousands) 18,02117,92917,91318,019 Diluted earnings (loss) per share as reported (GAAP) $ (12.00)$ (0.13)$ (13.49)$ 6.29 Adjusted diluted airline-only earnings per share(1)(2)(4) $ 3.00$ 0.86$ 5.84$ 8.82 Three Months Ended December 31,Twelve Months Ended December 31,2024202320242023 Reconciliation of adjusted airline-only operating CASM excluding fuel (millions)Consolidated operating expense (GAAP) $ 891.7$ 600.4$ 2,752.6$ 2,288.9 Less non-airline operating expense 360.012.8453.933.4 Less airline special charges(2) 2.719.945.335.1 Adjusted airline-only operating expense(1)(2) $ 529.0$ 567.7$ 2,253.3$ 2,220.4 Less fuel expense 139.4175.9627.8695.9 Adjusted airline-only operating expense, excluding fuel(1)(2) 389.6391.81,625.61,524.5 System available seat miles (millions) 4,698.04,607.218,984.718,772.1 Airline-only cost per available seat mile (cents) 11.3212.7512.1112.02 Adjusted airline-only cost per available seat mile excluding fuel (cents)(2) 8.298.508.568.12 (1) Denotes non-GAAP figure. (2) In 2024 and 2023, we recognized special charges for aircraft accelerated depreciation related to our revised fleet plan. Additionally in 2024, we recognized charges for a ratification bonus paid to flight attendants in connection with our new collective bargaining agreement and an organizational restructuring of certain administrative personnel. The accelerated depreciation, ratification bonus, and restructuring expenses are sometimes referred to as "airline special charges." (3) In 2024 and 2023, we recognized as special charges the full amount of estimated property damage to Sunseeker Resort due to weather and other insured events less the amount of recognized insurance recoveries through the end of the applicable period. Additionally, in fourth quarter 2024, the Company recorded an impairment charge for Sunseeker Resort and the related Aileron Golf Course which is also recorded as a special charge on the Income Statement. We sometimes refer to all of these charges as "Sunseeker special charges." (4) In fourth quarter 2024, the Company incurred a $1.2M non-operating loss on the disposition of an investment that arose from the contribution of intellectual property rights to a private company. The investment's carrying value was $2.0M at the time of the sale. * Note that amounts may not recalculate due to rounding View original content to download multimedia: SOURCE Allegiant Travel Company Sign in to access your portfolio
Associated Press
04-02-2025
- Business
- Associated Press
ALLEGIANT TRAVEL COMPANY FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS
Fourth quarter 2024 GAAP diluted loss per share of $(12.00) Fourth quarter 2024 adjusted airline-only diluted earnings per share of $3.00(1)(3)(4) Fourth quarter 2024 adjusted diluted earnings per share of $2.10(1)(3)(4) Full-year 2024 GAAP diluted loss per share of $(13.49) Full-year 2024 adjusted airline-only diluted earnings per share of $5.84(1)(3)(4) Full-year 2024 adjusted diluted earnings per share of $2.48(1)(3)(4) *GAAP numbers include a one-time impairment charge in the estimated amount of $322M related to Sunseeker Resort* LAS VEGAS, Feb. 4, 2025 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for fourth quarter and full-year 2024, as well as comparisons to the prior year: Consolidated Three Months Ended December 31, Percent Change (unaudited) (in millions, except per share amounts) 2024 2023 YoY Total operating revenue $ 627.7 $ 611.0 2.7 % Total operating expense 891.7 600.4 48.5 % Operating income (loss) (264.0) 10.6 NM Loss before income taxes (281.7) (1.8) NM Net loss (216.2) (2.0) NM Diluted loss per share (12.00) (0.13) NM Sunseeker special charges, net of recoveries(3) 325.5 (11.0) NM Airline special charges(3) 2.7 19.9 (86.4) % Adjusted income before income taxes(1)(3)(4) 47.6 7.0 580.0 % Adjusted net income(1)(3)(4) 38.9 2.4 1,520.8 % Adjusted diluted earnings per share(1)(3)(4) 2.10 0.11 1,809.1 % Airline only Three Months Ended December 31, Percent Change(2) (unaudited) (in millions, except per share amounts) 2024 2023 YoY Airline operating revenue $ 609.7 $ 608.1 0.3 % Airline operating expense 531.7 587.5 (9.5) % Airline operating income 78.1 20.6 279.1 % Airline income before income taxes 64.9 6.2 946.8 % Airline special charges(3) 2.7 19.9 (86.4) % Adjusted airline-only net income(1)(3)(4) 55.6 15.9 249.7 % Adjusted airline-only operating margin(1)(3)(4) 13.2 % 6.6 % 6.6 Adjusted airline-only diluted earnings per share(1)(3)(4) 3.00 0.86 248.8 % Consolidated Twelve Months Ended December 31, Percent Change (unaudited) (in millions, except per share amounts) 2024 2023 YoY Total operating revenue $ 2,512.6 $ 2,509.9 0.1 % Total operating expense 2,752.6 2,288.9 20.3 % Operating income (loss) (240.0) 221.0 NM Income (loss) before income taxes (308.5) 159.1 NM Net income (loss) (240.2) 117.6 NM Diluted earnings (loss) per share (13.49) 6.29 NM Sunseeker special charges, net of recoveries(3) 322.8 (6.4) NM Airline special charges(3) 45.3 35.1 29.1 % Adjusted income before income taxes(1)(3)(4) 60.9 187.7 (67.6) % Adjusted net income(1)(3)(4) 45.7 136.6 (66.5) % Adjusted diluted earnings per share(1)(3)(4) 2.48 7.31 (66.1) % Airline only Twelve Months Ended December 31, Percent Change(2) (unaudited) (in millions, except per share amounts) 2024 2023 YoY Airline operating revenue $ 2,440.8 $ 2,507.0 (2.6) % Airline operating expense 2,298.6 2,255.5 1.9 % Airline operating income 142.2 251.5 (43.5) % Airline income before income taxes 94.3 188.1 (49.9) % Airline special charges(3) 45.3 35.1 29.1 % Adjusted airline-only net income(1)(3)(4) 107.5 164.7 (34.7) % Adjusted airline-only operating margin(1)(3)(4) 7.7 % 11.4 % (3.7) Adjusted airline-only diluted earnings per share(1)(3)(4) 5.84 8.82 (33.8) % (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 adjusted airline-only operating margin which is percentage point change. (3) In 2024 and 2023, we recognized certain expenses as special charges related to Airline activities, an impairment charge to Sunseeker Resort, and damages to Sunseeker Resort. For a listing of these charges, see the special charges table in Appendix A of this earnings release. We sometimes refer to all special charges as 'specials' in this earnings release. (4) In fourth quarter 2024, the Company incurred a $1.2M non-operating loss on the sale of an investment which is being added back in our adjusted results figures. NM Not meaningful 'We finished the year strong with a fourth quarter adjusted airline-only earnings per share of $3.00,' stated Gregory Anderson, president and CEO of Allegiant Travel Company. 'Thanks to the continued efforts of Team Allegiant, we made strides towards delivering on our three key initiatives outlined during 2024: Peak Flying Restoration: Aircraft utilization during the holiday period averaged 9.6 hours per day, a 21% year-over-year increase, matching 2019 peak hours per day. The Team managed operations well, reaching a controllable completion rate of 99.7% in December. Product Enhancements: Functionality of our third bundled product offering was restored, boosting ancillary revenue by over $1 per passenger. Combined with Allegiant Extra's premium product success and our strong cobrand credit card program, we achieved a record total ancillary revenue of over $78 per passenger during the fourth quarter. Fleet Integration: Three MAX aircraft were delivered this quarter, totaling four in service by year-end. Our robust and effective training program in place is providing for a smooth transition for our pilots to become certified to fly this new fleet type to Allegiant. 'The progress achieved during the quarter on these initiatives helped produce an adjusted airline-only operating margin of 13.2 percent, more than 6.5 points higher than the prior year. 'As we move into 2025, we remain focused on driving improved performance with a clear path ahead. Although our planned 17 percent increase in capacity this year will naturally pressure unit revenues, this growth should be accretive to earnings, as our infrastructure enables us to grow efficiently, and is expected to result in a sizable reduction in our unit costs. 'Capacity growth in 2025 will be achieved by higher aircraft utilization, particularly during peak leisure demand periods. We plan to take delivery of 9 MAX aircraft throughout the year, all of which have much greater earnings potential than the older A320 aircraft they will replace. Furthermore, we continue expanding our premium seating product with 56 aircraft currently fitted with Allegiant Extra, which is enhancing ancillary revenue per passenger. Collectively, these improvements are expected to result in a full-year, airline-only EPS, excluding special charges, of $9.00, an expected increase of over 50 percent compared to 2024. 'We have progressed meaningfully with our comprehensive review of Sunseeker Resort. As a result we have launched a competitive process to sell at least a majority interest in the resort and are reviewing promising indications of interest from several investors. Given the uncertainty around the timing of any potential transaction, we will only be providing guidance for Sunseeker on a quarterly basis. That said, we expect the property will earn positive EBITDA of $2 million during the first quarter, a nearly $7 million EBITDA swing compared to the same quarter in 2024. 'Exiting 2024, we have turned a corner, setting the stage for an important year ahead. We are focused on performance and strong execution. The progress we've made through our key initiatives, ancillary revenue growth, and enhanced efficiency further strengthened our foundation. Thanks to the dedication of Team Allegiant, we are seeing remarkable improvements. Your efforts have once again helped land us near the top of the Wall Street Journal's list of best airlines in 2024. I am excited for the opportunities ahead and look forward to building on this success in 2025.' Fourth Quarter 2024 Results and Highlights Total operating revenue of $627.7M, up 2.7 percent over the prior year Record total average ancillary fare of $78.43 per passenger, up 7.4 percent year-over-year driven by reintroduction of a third ancillary product bundle offering, Allegiant Extra expansion, Allianz travel insurance, and cobrand credit card strength Adjusted operating income,(1)(2)(3) of $64.2M, yielding an adjusted operating margin of 10.2 percent Adjusted airline-only operating income,(1)(2) of $80.7M, yielding an adjusted airline-only operating margin of 13.2 percent Adjusted income before income tax,(1)(2) of $47.6M, yielding an adjusted pre-tax margin of 7.6 percent Adjusted airline-only income before income tax,(1)(2) of $68.7M, yielding an adjusted airline-only pre-tax margin of 11.3 percent Adjusted consolidated EBITDA,(1)(2)(3) of $129.2M, yielding an adjusted EBITDA margin of 20.6 percent Adjusted airline-only EBITDA,(1)(2)(3) of $139.2M, yielding an adjusted airline-only EBITDA margin of 22.8 percent Adjusted airline-only operating CASM,(2) of 8.29 ¢, down 2.5 percent year-over-year $34.1M in total cobrand credit card remuneration received from Bank of America, up 4.3 percent from the prior year As of December 31, 2024, we had 545K total Allegiant Allways Rewards Visa cardholders Ended 2024 with 18M total active Allways Rewards members Announced 44 new nonstop routes during the quarter, including three new cities, of which 39 had no prior nonstop service. Full-Year 2024 Results and Highlights Total operating revenue of $2.5B, up 0.1 percent year-over-year Record total average ancillary fare of $75.83 per passenger, up 4.0 percent from 2023 Average third party products fare was $8.48 per passenger, up 29.1 percent year-over-year Recorded $80.7M in fixed fee revenue, up 17.7 percent compared to the prior year Adjusted operating income,(1)(2)(3) of $128.2M, yielding a 5.1 percent operating margin Adjusted airline-only operating income,(1)(2)(3) of $187.5M, yielding an adjusted airline-only operating margin of 7.7 percent Adjusted airline-only Operating CASM,(2) of 8.56 ¢, up 5.4 percent as compared with full-year 2023, on capacity growth of 1.1 percent $134.7 million in total cobrand credit card remuneration received from Bank of America, up 12.7 percent from the prior year Ranked number 4 amongst major US carriers in the Wall Street Journal's 'The Best and Worst Airlines of 2024" (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) In 2024 and 2023, we recognized certain expenses as special charges related to Airline activities, an impairment charge to Sunseeker, and damages to Sunseeker Resort. For a listing of these charges see the adjustments table in Appendix A of this earnings release. We sometimes refer to all special charges as 'specials' in this earnings release. (3) In fourth quarter 2024, the Company incurred a $1.2M non-operating loss on the sale of an investment which is being added back for comparison purposes. Balance Sheet, Cash and Liquidity Total available liquidity at December 31, 2024 was $1.1B, which included $832.8M in cash and investments, and $275.0M in undrawn revolving credit facilities $84.4M in cash from operations during fourth quarter 2024 Total debt at December 31, 2024 was $2.1B Net debt at December 31, 2024 was $1.2B Debt principal payments of $414.9M during the quarter Full-year principal payments of $585.5M, including a $250M prepayment related to the Sunseeker construction loan during the fourth quarter Debt proceeds of $291.2M from new facilities during the quarter, net of issuance costs Air traffic liability at December 31, 2024 was $370.9M Airline Capital Expenditures Fourth quarter capital expenditures of $42.9M, which included $34.1M for aircraft purchases and inductions and other related costs, and $8.8M in other airline capital expenditures Fourth quarter deferred heavy maintenance expenditures were $18.7M Sunseeker Resort Charlotte Harbor Fourth quarter occupancy was 54 percent with an average daily rate of $238(1) per night Estimated property damage related to Hurricanes Helene and Milton is approximately $5.7M, which is reported as a special charge on the fourth quarter income statement Recorded an impairment charge of $321.8M during the fourth quarter Guidance, subject to revision Certain forward-looking financial information in the following tables is not presented in accordance with accounting principles generally accepted in the U.S. ('GAAP'). Non-GAAP financial figures may be useful to stakeholders, but should not be considered a substitute for GAAP figures. In reliance on the 'unreasonable efforts' exception in Item 10(e)(1)(i)(B) of SEC Regulation S-K, a reconciliation to the most comparable GAAP financial measure is not provided for airline-only earnings per share, excluding special charges, consolidated earnings per share, excluding special charges, and Sunseeker EBITDA, excluding special charges. The Company is not able to reconcile these Non-GAAP financial figures without unreasonable effort because the special charge adjustments will not be known until the end of the indicated future periods and any range of projected values would be too broad to be meaningful. As a result, this information would not be significant to investors. First quarter 2025 airline-only guidance System ASMs - year over year change ~13.5% Scheduled service ASMs - year over year change ~14.0% Fuel cost per gallon $ 2.60 Operating margin 8.0% to 11.0% Adjusted airline-only earnings per share(3) $1.75 to $2.75 First quarter 2025 consolidated guidance Adjusted consolidated earnings per share(3) $1.50 to $2.50 Full-year 2025 airline-only guidance System ASMs - year over year change ~16.0% Scheduled service ASMs - year over year change ~17.0% Fuel cost per gallon $ 2.60 Interest expense (4) (millions) $130 to $140 Capitalized interest (1) (millions) ($20) to ($30) Interest income (millions) $30 to $40 Tax rate 24 % Share count (thousands) 18,100 Adjusted airline-only earnings per share(3) $7.75 to $10.25 Airline full-year CAPEX Aircraft-related capital expenditures(2) (millions) $285 to $315 Capitalized deferred heavy maintenance (millions) $85 to $95 Other airline capital expenditures (millions) $115 to $135 Recurring principal payments (5) (millions) (full year) $165 to $175 First Quarter 2025 Sunseeker guidance Adjusted EBITDA(3) ~$2 Depreciation expense (millions) ~$3 Occupancy rate ~60% Average daily rate (6) ~$320 (1) Includes capitalized interest related to pre-delivery deposits on new aircraft. (2) Aircraft-related capital expenditures includes the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount excludes capitalized interest related to pre-delivery deposits on new aircraft. Estimated capital expenditures are based on management's best estimate around aircraft deliveries, which differs from our contractual obligations. (3) Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above. (4) Includes consolidated gross interest expense attributable to both the airline segment and the Sunseeker resort segment (5) Does not include repayment of pre-delivery deposit debt facilities due on delivery of aircraft (6) Average daily rate does not include a nightly resort fee of $30 Aircraft Fleet Plan by End of Period Aircraft - (seats per AC) 4Q24 1Q25 2Q25 3Q25 4Q25 Boeing 737-8200 (190 seats) 4 6 8 12 13 Airbus A320 (180-186 seats) 75 75 75 75 72 Airbus A320 (177 seats) 12 10 10 8 7 Airbus A319 (156 seats) 34 34 34 32 30 Total 125 125 127 127 122 The table above is provided based on the Company's current plans and is subject to change. The numbers include aircraft expected to be in service at the end of each period and exclude aircraft that we expect to take delivery of but not to be placed in service until a subsequent period. The above plan is management's best estimate and differs from our contractual obligations. Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Tuesday, February 4, 2025 to discuss its fourth quarter and full-year 2024 financial results. A live broadcast of the conference call will be available via the Company's Investor Relations website homepage at 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 Media information, including photos, is available at 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 and Sunseeker Resort 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, Sunseeker average daily rate and occupancy, estimated tax rate, 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 These risk factors include, without limitation, regulatory reviews of, and production limits on, Boeing impacting our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing and other 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 the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to successfully operate Sunseeker Resort or to dispose of an interest in it on acceptable terms, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, 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: (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 Revenues and Expenses by Segment (in thousands) (Unaudited) Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Airline Sunseeker Consolidated Airline Sunseeker Consolidated OPERATING REVENUES: Passenger $ 553,636 $ — $ 553,636 $ 556,123 $ — $ 556,123 Third party products 32,204 — 32,204 26,693 — 26,693 Fixed fee contracts 23,541 — 23,541 24,949 — 24,949 Resort and other 342 17,982 18,324 356 2,881 3,237 Total operating revenues 609,723 17,982 627,705 608,121 2,881 611,002 OPERATING EXPENSES: Salaries and benefits 189,892 11,356 201,248 180,254 7,751 188,005 Aircraft fuel 139,367 — 139,367 175,853 — 175,853 Station operations 65,946 — 65,946 63,696 — 63,696 Depreciation and amortization 58,552 6,576 65,128 56,718 1,982 58,700 Maintenance and repairs 34,144 — 34,144 28,249 — 28,249 Sales and marketing 21,104 1,970 23,074 24,459 4,892 29,351 Aircraft lease rentals 5,920 — 5,920 5,976 — 5,976 Other 14,076 14,652 28,728 32,479 9,264 41,743 Special charges, net of recoveries 2,668 325,460 328,128 19,862 (11,045) 8,817 Total operating expenses 531,669 360,014 891,683 587,546 12,844 600,390 OPERATING INCOME (LOSS) 78,054 (342,032) (263,978) 20,575 (9,963) 10,612 Allegiant Travel Company Airline Operating Statistics (Unaudited) Three Months Ended December 31, Percent Change(1) 2024 2023 YoY AIRLINE OPERATING STATISTICS Total system statistics: Passengers 3,999,879 4,145,771 (3.5) % Available seat miles (ASMs) (thousands) 4,697,999 4,607,174 2.0 Airline operating expense per ASM (CASM) (cents) 11.32 ¢ 12.75 ¢ (11.2) Fuel expense per ASM (cents) 2.97 ¢ 3.82 ¢ (22.3) Airline special charges per ASM (cents) 0.06 ¢ 0.44 ¢ (86.4) Airline operating CASM, excluding fuel and special charges (cents) 8.29 ¢ 8.50 ¢ (2.5) Departures 30,219 29,733 1.6 Block hours 71,563 69,737 2.6 Average stage length (miles) 889 876 1.5 Average number of operating aircraft during period 123.5 126.7 (2.5) Average block hours per aircraft per day 6.3 6.0 5.0 Full-time equivalent employees at end of period 5,991 5,643 6.2 Fuel gallons consumed (thousands) 55,789 54,726 1.9 ASMs per gallon of fuel 84.2 84.2 — Average fuel cost per gallon $ 2.50 $ 3.21 (22.1) Scheduled service statistics: Passengers 3,927,423 4,067,855 (3.5) Revenue passenger miles (RPMs) (thousands) 3,609,892 3,691,343 (2.2) Available seat miles (ASMs) (thousands) 4,503,059 4,429,826 1.7 Load factor 80.2 % 83.3 % (3.1) Departures 28,617 28,244 1.3 Block hours 68,407 66,845 2.3 Average seats per departure 174.6 176.6 (1.1) Yield (cents)(2) 7.70 ¢ 7.74 ¢ (0.5) Total passenger revenue per ASM (TRASM) (cents)(3) 13.01 ¢ 13.16 ¢ (1.1) Average fare - scheduled service(4) $ 70.74 $ 70.22 0.7 Average fare - air-related charges(4) $ 70.23 $ 66.50 5.6 Average fare - third party products $ 8.20 $ 6.56 25.0 Average fare - total $ 149.17 $ 143.27 4.1 Average stage length (miles) 900 887 1.5 Fuel gallons consumed (thousands) 53,333 52,530 1.5 Average fuel cost per gallon $ 2.49 $ 3.20 (22.2) Percent of sales through website during period 92.4 % 97.5 % (5.1) Other data: Rental car days sold 255,350 296,227 (13.8) Hotel room nights sold 27,854 56,290 (50.5) (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) Twelve Months Ended December 31, Percent Change 2024 2023 YoY OPERATING REVENUES: Passenger $ 2,217,059 $ 2,324,397 (4.6) % Third party products 142,128 112,579 26.2 Fixed fee contracts 80,660 68,548 17.7 Resort and other 72,742 4,333 NM Total operating revenues 2,512,589 2,509,857 0.1 OPERATING EXPENSES: Salaries and benefits 819,843 687,803 19.2 Aircraft fuel 627,755 695,871 (9.8) Station operations 272,843 256,560 6.3 Depreciation and amortization 258,251 223,130 15.7 Maintenance and repairs 125,430 123,802 1.3 Sales and marketing 106,340 114,616 (7.2) Aircraft lease rentals 23,573 24,948 (5.5) Other 150,399 133,501 12.7 Special charges, net of recoveries 368,131 28,645 NM Total operating expenses 2,752,565 2,288,876 20.3 OPERATING INCOME (LOSS) (239,976) 220,981 NM OTHER (INCOME) EXPENSES: Interest income (44,012) (46,615) (5.6) Interest expense 156,443 153,186 2.1 Capitalized interest (45,385) (45,132) 0.6 Other, net 1,428 491 190.8 Total other expenses 68,474 61,930 10.6 INCOME (LOSS) BEFORE INCOME TAXES (308,450) 159,051 NM INCOME TAX PROVISION (BENEFIT) (68,212) 41,455 NM NET INCOME (LOSS) $ (240,238) $ 117,596 NM Earnings (loss) per share to common shareholders: Basic ($13.49) $6.32 NM Diluted ($13.49) $6.29 NM Shares used for computation(1): Basic 17,852 17,945 (0.5) Diluted 17,852 18,019 (0.9) (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 Revenues and Expenses by Segment (in thousands) (Unaudited) Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Airline Sunseeker Consolidated Airline Sunseeker Consolidated OPERATING REVENUES: Passenger $ 2,217,059 $ — $ 2,217,059 $ 2,324,397 $ — $ 2,324,397 Third party products 142,128 — 142,128 112,579 — 112,579 Fixed fee contracts 80,660 — 80,660 68,548 — 68,548 Resort and other 992 71,750 72,742 1,452 2,881 4,333 Total operating revenues 2,440,839 71,750 2,512,589 2,506,976 2,881 2,509,857 OPERATING EXPENSES: Salaries and benefits 770,667 49,176 819,843 672,459 15,344 687,803 Aircraft fuel 627,755 — 627,755 695,871 — 695,871 Station operations 272,843 — 272,843 256,560 — 256,560 Depreciation and amortization 231,789 26,462 258,251 220,915 2,215 223,130 Maintenance and repairs 125,430 — 125,430 123,802 — 123,802 Sales and marketing 99,269 7,071 106,340 108,453 6,163 114,616 Aircraft lease rentals 23,573 — 23,573 24,948 — 24,948 Other 102,007 48,392 150,399 117,400 16,101 133,501 Special charges, net of recoveries 45,307 322,824 368,131 35,091 (6,446) 28,645 Total operating expenses 2,298,640 453,925 2,752,565 2,255,499 33,377 2,288,876 OPERATING INCOME (LOSS) 142,199 (382,175) (239,976) 251,477 (30,496) 220,981 Allegiant Travel Company Airline Operating Statistics (Unaudited) Twelve Months Ended December 31, Percent Change(1) 2024 2023 YoY AIRLINE OPERATING STATISTICS Total system statistics: Passengers 16,982,836 17,342,236 (2.1) % Available seat miles (ASMs) (thousands) 18,984,711 18,772,110 1.1 Airline operating expense per ASM (CASM) (cents) 12.11 ¢ 12.02 ¢ 0.7 Fuel expense per ASM (cents) 3.31 ¢ 3.71 ¢ (10.8) Airline special charges per ASM (cents) 0.24 ¢ 0.19 ¢ 26.3 Airline operating CASM, excluding fuel and special charges (cents) 8.56 ¢ 8.12 ¢ 5.4 Departures 121,580 120,525 0.9 Block hours 288,407 285,453 1.0 Average stage length (miles) 887 882 0.6 Average number of operating aircraft during period 124.7 125.2 (0.4) Average block hours per aircraft per day 6.3 6.2 1.6 Full-time equivalent employees at end of period 5,991 5,643 6.2 Fuel gallons consumed (thousands) 227,345 224,996 1.0 ASMs per gallon of fuel 83.5 83.4 0.1 Average fuel cost per gallon $ 2.76 $ 3.09 (10.7) Scheduled service statistics: Passengers 16,765,283 17,143,870 (2.2) Revenue passenger miles (RPMs) (thousands) 15,303,737 15,639,329 (2.1) Available seat miles (ASMs) (thousands) 18,314,867 18,208,820 0.6 Load factor 83.6 % 85.9 % (2.3) Departures 116,441 116,044 0.3 Block hours 277,626 276,313 0.5 Average seats per departure 176.0 176.3 (0.2) Yield (cents)(2) 7.11 ¢ 7.59 ¢ (6.3) Total passenger revenue per ASM (TRASM) (cents)(3) 12.88 ¢ 13.38 ¢ (3.7) Average fare - scheduled service(4) $ 64.89 $ 69.25 (6.3) Average fare - air-related charges(4) $ 67.35 $ 66.33 1.5 Average fare - third party products $ 8.48 $ 6.57 29.1 Average fare - total $ 140.72 $ 142.15 (1.0) Average stage length (miles) 893 888 0.6 Fuel gallons consumed (thousands) 219,061 218,129 0.4 Average fuel cost per gallon $ 2.76 $ 3.09 (10.7) Percent of sales through website during period 93.6 % 95.8 % (2.2) Other data: Rental car days sold 1,306,775 1,377,710 (5.1) Hotel room nights sold 196,605 249,933 (21.3) (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) December 31, 2024 (unaudited) December 31, 2023 Percent Change Unrestricted cash and investments Cash and cash equivalents $ 285.9 $ 143.3 99.5 % Short-term investments 495.2 671.4 (26.2) Long-term investments 51.7 56.0 (7.7) Total unrestricted cash and investments 832.8 870.7 (4.4) Debt Current maturities of long-term debt and finance lease obligations, net of related costs 454.8 439.9 3.4 Long-term debt and finance lease obligations, net of current maturities and related costs 1,611.7 1,819.7 (11.4) Total debt 2,066.5 2,259.6 (8.5) Debt, net of unrestricted cash and investments 1,233.7 1,388.9 (11.2) Total Allegiant Travel Company shareholders' equity 1,089.4 1,328.6 (18.0) 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 December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Basic: Net income (loss) $ (216,229) $ (1,956) $ (240,238) $ 117,596 Less income allocated to participating securities — (348) (618) (4,188) Net income (loss) attributable to common stock $ (216,229) $ (2,304) $ (240,856) $ 113,408 Earnings (loss) per share, basic $ (12.00) $ (0.13) $ (13.49) $ 6.32 Weighted-average shares outstanding 18,014 17,915 17,852 17,945 Diluted: Net income (loss) $ (216,229) $ (1,956) $ (240,238) $ 117,596 Less income allocated to participating securities — (348) (618) (4,175) Net income (loss) attributable to common stock $ (216,229) $ (2,304) $ (240,856) $ 113,421 Earnings (loss) per share, diluted $ (12.00) $ (0.13) $ (13.49) $ 6.29 Weighted-average shares outstanding(1) 18,014 17,915 17,852 17,945 Dilutive effect of restricted stock — — — 249 Adjusted weighted-average shares outstanding under treasury stock method 18,014 17,915 17,852 18,194 Participating securities excluded under two-class method — — — (175) Adjusted weighted-average shares outstanding under two-class method 18,014 17,915 17,852 18,019 (1) Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material. Appendix A Non-GAAP Presentation Three and Twelve Months Ended Months Ended December 31, 2024 (Unaudited) We present adjusted consolidated operating expense and adjusted consolidated operating income, which exclude special charges related to (i) an impairment charge to Sunseeker, (ii) the impact of losses and insurance recoveries incurred primarily as the result of hurricanes and other insured events at Sunseeker and (iii) the airline special charges listed in the table below. We also present adjusted consolidated non-operating expenses, adjusted consolidated income before income taxes, adjusted consolidated net income, and adjusted consolidated diluted earnings per share, which exclude the special charges described above and a one-time loss on the disposition of an investment. We present adjusted airline-only operating expense and adjusted airline-only operating income, which exclude special charges related to (i) aircraft accelerated depreciation on early retirement of certain airframes, (ii) a ratification bonus for the new collective bargaining agreement for our flight attendants, and (iii) an organizational restructuring of certain administrative personnel. We also present adjusted airline-only non-operating expenses, adjusted airline-only income before income taxes, adjusted airline-only net income, and adjusted airline-only diluted earnings per share, which exclude special charges and a one-time loss on the disposition of an investment. All of the measures described above 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. Management believes the exclusion of these items enhances comparability of financial information between periods. We also present adjusted airline-only CASM, which excludes aircraft fuel expense and special charges. Fuel price volatility impacts the comparability of year over year financial performance as do the airline special charges. We believe the adjustments for fuel expense and airline special charges allow investors to better understand our non-fuel costs and related performance. Consolidated and airline-only earnings before interest, taxes, depreciation, and amortization ('Consolidated EBITDA' and 'Airline EBITDA'), adjusted Consolidated EBITDA, adjusted Airline EBITDA, estimated adjusted airline-only and adjusted consolidated earnings per share, and Sunseeker estimated adjusted 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. The adjusted EBITDA measures also exclude special charges and a one-time loss on the disposition of an investment. 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 adjusted 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. 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 measures, which are operating expenses, operating income (loss), income (loss) before income taxes, net income (loss), and earnings (loss) 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 expenses, operating income (loss), income (loss) before income taxes, net income (loss), earnings (loss) 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 December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Special Charges (millions) Accelerated depreciation on airframes identified for early retirement $ 2.7 $ 19.9 $ 31.1 $ 35.1 Flight attendant ratification bonus — — 10.8 — Organizational restructuring — — 3.4 — Airline special charges(2) 2.7 19.9 45.3 35.1 Sunseeker hurricane charges, net of recoveries(3) 3.6 (11.0) 1.0 (6.4) Sunseeker impairment(4) 321.8 — 321.8 — Sunseeker special charges, net of recoveries(3)(4) 325.4 (11.0) 322.8 (6.4) Consolidated special charges, net of recoveries 328.1 8.8 368.1 28.6 Three Months Ended December 31, 2024 Consolidated Airline Sunseeker Reconciliation of adjusted operating income, adjusted operating margin, and adjusted other non-operating expenses (millions) GAAP Adjustments(2)(3)(4) Adjusted (Non-GAAP) GAAP Adjustments(2)(4) Adjusted (Non-GAAP) GAAP Adjustments(3) Adjusted (Non-GAAP) Total operating revenues $ 627.7 $ — $ 627.7 $ 609.7 $ — $ 609.7 $ 18.0 $ — $ 18.0 Total operating expenses 891.7 (328.1) 563.6 531.7 (2.7) 529.0 360.0 (325.5) 34.6 Operating income (loss) $ (264.0) $ 328.1 $ 64.2 $ 78.1 $ 2.7 $ 80.7 $ (342.0) $ 325.5 $ (16.6) Operating margin (percent) (42.1) 10.2 12.8 13.2 NM NM Other non-operating expenses $ 1.3 $ (1.2) $ 0.1 $ 1.3 $ (1.2) $ 0.1 — — Three Months Ended December 31, 2023 Consolidated Airline Sunseeker Reconciliation of adjusted operating income, adjusted operating margin, and adjusted other non-operating expenses (millions) GAAP Adjustments(2)(3)(4) Adjusted (Non-GAAP) GAAP Adjustments(2) Adjusted (Non-GAAP) GAAP Adjustments(3) Adjusted (Non-GAAP) Total operating revenues $ 611.0 $ — $ 611.0 $ 608.1 $ — $ 608.1 $ 2.9 $ — $ 2.9 Total operating expenses 600.4 (8.8) 591.6 587.5 (19.9) 567.7 12.8 11.0 23.9 Operating income (loss) $ 10.6 $ 8.8 $ 19.4 $ 20.6 $ 19.9 $ 40.4 $ (10.0) $ (11.0) $ (21.0) Operating margin (percent) 1.7 3.2 3.4 6.6 NM NM Other non-operating expenses $ 0.3 $ — $ 0.3 $ 0.3 $ — $ 0.3 $ — $ — $ — Twelve Months Ended December 31, 2024 Consolidated Airline Sunseeker Reconciliation of adjusted operating income, adjusted operating margin, and adjusted other non-operating expenses (millions) GAAP Adjustments(2)(3)(4) Adjusted (Non-GAAP) GAAP Adjustments(2)(4) Adjusted (Non-GAAP) GAAP Adjustments(3) Adjusted (Non-GAAP) Total operating revenues $ 2,512.6 $ — $ 2,512.6 $ 2,440.8 $ — $ 2,440.8 $ 71.8 $ — $ 71.8 Total operating expenses 2,752.6 (368.1) 2,384.4 2,298.6 (45.3) 2,253.3 453.9 (322.8) 131.1 Operating income (loss) $ (240.0) $ 368.1 $ 128.2 $ 142.2 $ 45.3 $ 187.5 $ (382.2) $ 322.8 $ (59.4) Operating margin (percent) (9.6) 5.1 5.8 7.7 NM (82.7) Other non-operating expenses $ 1.4 $ (1.2) $ 0.2 $ 1.4 $ (1.2) $ 0.2 $ — $ — $ — Twelve Months Ended December 31, 2023 Consolidated Airline Sunseeker Reconciliation of adjusted operating income, adjusted operating margin, and adjusted other non-operating expenses (millions) GAAP Adjustments(2)(3)(4) Adjusted (Non-GAAP) GAAP Adjustments(2) Adjusted (Non-GAAP) GAAP Adjustments(3) Adjusted (Non-GAAP) Total operating revenues $ 2,509.9 $ — $ 2,509.9 $ 2,507.0 $ — $ 2,507.0 $ 2.9 $ — $ 2.9 Total operating expenses 2,288.9 (28.6) 2,260.2 2,255.5 (35.1) 2,220.4 33.4 6.4 39.8 Operating income (loss) $ 221.0 $ 28.6 $ 249.6 $ 251.5 $ 35.1 $ 286.6 $ (30.5) $ (6.4) $ (36.9) Operating margin (percent) 8.8 9.9 10.0 11.4 NM NM Other non-operating expenses $ 0.5 $ — $ 0.5 $ 0.5 $ — $ 0.5 $ — $ — $ — Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Consolidated EBITDA and adjusted consolidated EBITDA (millions) Net income (loss) as reported (GAAP) $ (216.2) $ (2.0) $ (240.2) $ 117.6 Interest expense, net 16.4 12.1 67.0 61.4 Income tax expense (benefit) (65.5) 0.2 (68.2) 41.5 Depreciation and amortization 65.1 58.7 258.3 223.1 Consolidated EBITDA(1) $ (200.1) $ 69.0 $ 16.8 $ 443.6 Special charges(2)(3) 328.1 8.8 368.1 28.6 Loss on disposition of investment(4) 1.2 — 1.2 — Adjusted consolidated EBITDA(1)(2) $ 129.2 $ 77.8 $ 386.2 $ 472.2 Adjusted airline-only income before taxes and adjusted airline-only EBITDA (millions) Income (loss) before taxes as reported (GAAP) $ (281.7) $ (1.8) $ (308.5) $ 159.1 Plus non-airline loss before taxes 346.6 8.0 402.7 29.1 Plus airline special charges(2) 2.7 19.9 45.3 35.1 Loss on disposition of investment(4) 1.2 — 1.2 — Adjusted airline-only income before taxes(1)(2) $ 68.7 $ 26.1 $ 140.8 $ 223.2 Airline interest expense, net 11.9 14.0 46.5 62.9 Airline depreciation and amortization 58.6 56.7 231.8 220.9 Adjusted airline-only EBITDA(1)(2) $ 139.2 $ 96.8 $ 419.1 $ 507.0 Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Reconciliation of adjusted consolidated net income (loss) and adjusted diluted earnings per share (millions except share and per share amounts) Net income (loss) as reported (GAAP) $ (216.2) $ (2.0) (240.2) 117.6 Plus: special charges(2)(3) 328.1 8.8 368.1 28.6 Plus: loss on sale of investment(4) 1.2 — 1.2 — Plus (minus): income tax expense (benefit) (GAAP) (65.5) 0.2 (68.2) 41.5 Adjusted income before income tax(1)(2)(3)(4) 47.6 7.0 60.9 187.7 Minus: adjusted income tax expense 8.7 4.6 15.2 51.1 Adjusted net income(1)(2)(3)(4) 38.9 2.4 45.7 136.6 Less adjusted net income allocated to participating securities (1.0) (0.3) (1.2) (4.8) Adjusted net income attributable to common stock(1)(2)(3)(4) 37.9 2.1 44.4 131.8 Diluted shares used for computation (thousands) 18,014 17,915 17,852 18,019 Diluted shares used for adjusted computation (thousands) 18,021 17,929 17,913 18,019 Diluted earnings (loss) per share as reported (GAAP) $ (12.00) $ (0.13) $ (13.49) $ 6.29 Adjusted diluted earnings per share(1)(2)(3)(4) $ 2.10 $ 0.11 $ 2.48 $ 7.31 Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Reconciliation of adjusted airline-only net income and adjusted airline-only earnings per share (millions except share and per share amounts) Net income (loss) as reported (GAAP) $ (216.2) $ (2.0) $ (240.2) $ 117.6 Plus non-airline loss before taxes 346.6 8.0 402.7 29.1 Plus loss on sale of investment(4) 1.2 — 1.2 — Plus airline special charges(2) 2.7 19.9 45.3 35.1 Plus (minus) income tax expense (benefit) (GAAP) (65.5) 0.2 (68.2) 41.5 Adjusted airline-only income before income tax(1)(2)(4) 68.7 26.1 140.8 223.2 Minus adjusted airline-only income tax expense(1) 13.1 10.2 33.2 58.5 Adjusted airline-only net income(1)(2)(4) 55.6 15.9 107.5 164.7 Less adjusted airline-only net income allocated to participating securities(1) (1.5) (0.5) (2.9) (5.8) Adjusted airline-only net income attributable to common stock(1)(2)(4) 54.1 15.4 104.6 158.9 Diluted shares used for computation (thousands) 18,014 17,915 17,852 18,019 Diluted shares used for adjusted computation (thousands) 18,021 17,929 17,913 18,019 Diluted earnings (loss) per share as reported (GAAP) $ (12.00) $ (0.13) $ (13.49) $ 6.29 Adjusted diluted airline-only earnings per share(1)(2)(4) $ 3.00 $ 0.86 $ 5.84 $ 8.82 Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Reconciliation of adjusted airline-only operating CASM excluding fuel (millions) Consolidated operating expense (GAAP) $ 891.7 $ 600.4 $ 2,752.6 $ 2,288.9 Less non-airline operating expense 360.0 12.8 453.9 33.4 Less airline special charges(2) 2.7 19.9 45.3 35.1 Adjusted airline-only operating expense(1)(2) $ 529.0 $ 567.7 $ 2,253.3 $ 2,220.4 Less fuel expense 139.4 175.9 627.8 695.9 Adjusted airline-only operating expense, excluding fuel(1)(2) 389.6 391.8 1,625.6 1,524.5 System available seat miles (millions) 4,698.0 4,607.2 18,984.7 18,772.1 Airline-only cost per available seat mile (cents) 11.32 12.75 12.11 12.02 Adjusted airline-only cost per available seat mile excluding fuel (cents)(2) 8.29 8.50 8.56 8.12 (1) Denotes non-GAAP figure. (2) In 2024 and 2023, we recognized special charges for aircraft accelerated depreciation related to our revised fleet plan. Additionally in 2024, we recognized charges for a ratification bonus paid to flight attendants in connection with our new collective bargaining agreement and an organizational restructuring of certain administrative personnel. The accelerated depreciation, ratification bonus, and restructuring expenses are sometimes referred to as 'airline special charges.' (3) In 2024 and 2023, we recognized as special charges the full amount of estimated property damage to Sunseeker Resort due to weather and other insured events less the amount of recognized insurance recoveries through the end of the applicable period. Additionally, in fourth quarter 2024, the Company recorded an impairment charge for Sunseeker Resort and the related Aileron Golf Course which is also recorded as a special charge on the Income Statement. We sometimes refer to all of these charges as 'Sunseeker special charges.' (4) In fourth quarter 2024, the Company incurred a $1.2M non-operating loss on the disposition of an investment that arose from the contribution of intellectual property rights to a private company. The investment's carrying value was $2.0M at the time of the sale. * Note that amounts may not recalculate due to rounding View original content to download multimedia: SOURCE Allegiant Travel Company
