ALLEGIANT REPORTS MARCH 2022 TRAFFIC

LAS VEGAS, April 20, 2022 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) today reported preliminary passenger traffic results for March 2022 as well as first quarter 2022.

"We finished the quarter with total revenue in excess of $500 million, a 10.7 percent increase from 2019," stated Drew Wells, senior vice president, revenue. "Demand began picking up in earnest mid-February resulting in load factors for the month of March above levels observed in 2019. TRASM during the month of March exceeded March of 2019 on capacity growth of over 14 percent. Demand strength has continued into the second quarter with booking growth exceeding planned forward capacity growth for the quarter. We expect second quarter load factors to exceed 2019 levels, with a more than ten percent increase in TRASM on double-digit anticipated capacity growth."

"'Our average fuel cost per gallon was $3.07, which was further pressured as we closed out the quarter by paying $3.46 during the month of March," stated Gregory Anderson, executive vice president, chief financial officer. "The sudden spike in fuel resulted in $22 million more in fuel expense than expected during the quarter and was the primary driver of our loss per share of $0.44 cents. Additionally, this loss includes the impact of 'profit sharing', consistent with 2019 amounts. Excluding this 'profit share' component, the loss per share was roughly $0.12 cents. These results generally would not trigger profit sharing. However, given the challenging environment and the continued efforts of our team members, we are pleased to award a 2022 recognition bonus.

"Our unit cost, excluding fuel and 'profit sharing' was up 4.2 percent year over three-year, in line with our initial guide despite lower-than-expected capacity growth. As we head into the second quarter, we have optimized our planned capacity growth to prioritize operational integrity, better align with a high-fuel environment, and enhance profitability."

Scheduled Service – Year Over Three-Year Comparison

	March 2022	March 2019	Change
Passengers	1,666,336	1,484,326	12.3%
Revenue passenger miles (000)	1,594,614	1,386,501	15.0%
Available seat miles (000)	1,843,102	1,610,575	14.4%
Load factor	86.5%	86.1%	0.4pts
Departures	11,258	10,297	9.3%
Average stage length (miles)	927	914	1.4%

	1^st Quarter 2022	1^st Quarter 2019	Change
Passengers	3,709,104	3,421,538	8.4%
Revenue passenger miles (000)	3,558,045	3,191,045	11.5%
Available seat miles (000)	4,512,315	3,802,132	18.7%
Load factor	78.9%	83.9%	(5.0pts)
Departures	27,637	24,344	13.5%
Average stage length (miles)	926	908	2.0%

*Total System - Year Over Three-Year Comparison**

	March 2022	March 2019	Change
Passengers	1,679,945	1,499,688	12.0%
Available seat miles (000)	1,893,962	1,655,330	14.4%
Departures	11,700	10,660	9.8%
Average stage length (miles)	918	908	1.1%

	1^st Quarter 2022	1^st Quarter 2019	Change
Passengers	3,734,262	3,450,278	8.2%
Available seat miles (000)	4,620,144	3,910,239	18.2%
Departures	28,494	25,200	13.1%
Average stage length (miles)	920	904	1.8%

Scheduled Service – Year Over Year Comparison

	March 2022	March 2021	Change
Passengers	1,666,336	1,095,572	52.1%
Revenue passenger miles (000)	1,594,614	1,022,480	56.0%
Available seat miles (000)	1,843,102	1,832,250	0.6%
Load factor	86.5%	55.8%	30.7pts
Departures	11,258	11,710	(3.9%)
Average stage length (miles)	927	899	3.1%

	1^st Quarter 2022	1^st Quarter 2021	Change
Passengers	3,709,104	2,323,302	59.6%
Revenue passenger miles (000)	3,558,045	2,166,417	64.2%
Available seat miles (000)	4,512,315	3,921,090	15.1%
Load factor	78.9%	55.3%	23.6pts
Departures	27,637	24,947	10.8%
Average stage length (miles)	926	902	2.7%

*Total System - Year Over Year Comparison**

	March 2022	March 2021	Change
Passengers	1,679,945	1,102,869	52.3%
Available seat miles (000)	1,893,962	1,884,130	0.5%
Departures	11,700	12,144	(3.7%)
Average stage length (miles)	918	892	2.9%

	1^st Quarter 2022	1^st Quarter 2021	Change
Passengers	3,734,262	2,334,503	60.0%
Available seat miles (000)	4,620,144	4,013,989	15.1%
Departures	28,494	25,684	10.9%
Average stage length (miles)	920	898	2.4%

*Total system includes scheduled service and fixed fee contract. System revenue passenger miles and system load factor are not useful statistics as system available seat miles include both ASMs flown by fixed fee flying as well as non-revenue producing repositioning flights used for operational needs. Fixed fee flying is better measured through dollar contribution versus operational statistics.

Preliminary Financial Results

	$ per gallon
March 2022 estimated average fuel cost per gallon – system	$3.46

	$ per gallon
1^st quarter 2022 estimated average fuel cost per gallon – system	$3.07

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 small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant's fleet serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF

ALGT/G

Note: This news release was accurate at the date of issuance. However, information contained in the release November have changed. If you plan to use the information contained herein for any purpose, verification of its continued accuracy is your responsibility.

For further information please visit the company's investor website: http://ir.allegiantair.com

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