Third quarter 2022 GAAP diluted
loss per share of $(2.58)
Third quarter 2022 loss per share,
excluding recognition bonus and Hurricane Ian special charge, of
$(0.54)(1)(2)(3)
LAS
VEGAS, Nov. 2, 2022 /PRNewswire/ -- Allegiant
Travel Company (NASDAQ: ALGT) today reported the following
financial results for the third quarter 2022, as well as
comparisons to prior years:
Consolidated
|
Three Months Ended
September 30,
|
|
Percent
Change
|
(unaudited) (in
millions, except per share amounts)
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
Total operating
revenue
|
$
560.3
|
|
$
459.5
|
|
$
436.5
|
|
22.0 %
|
|
28.4 %
|
Total operating
expense
|
591.2
|
|
393.2
|
|
364.4
|
|
50.4
|
|
62.3
|
Operating income
(loss)
|
(30.9)
|
|
66.3
|
|
72.1
|
|
(146.6)
|
|
(142.9)
|
Income (loss) before
income taxes
|
(56.2)
|
|
50.2
|
|
56.9
|
|
(211.8)
|
|
(198.7)
|
Net income
(loss)
|
(46.5)
|
|
39.3
|
|
43.9
|
|
(218.4)
|
|
(205.8)
|
Diluted earnings (loss)
per share
|
(2.58)
|
|
2.18
|
|
2.70
|
|
(218.3)
|
|
(195.6)
|
Hurricane Ian special
charge
|
35.0
|
|
—
|
|
—
|
|
NM
|
|
NM
|
Diluted earnings (loss)
per share excluding Hurricane
Ian special charge (2) (3)
|
$
(0.97)
|
|
$
2.18
|
|
$
2.70
|
|
(144.5)
|
|
(135.9)
|
|
Nine Months Ended
September 30,
|
|
Percent
Change
|
(unaudited) (in
millions, except per share amounts)
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
Total operating
revenue
|
$
1,690.3
|
|
$
1,211.0
|
|
$
1,379.9
|
|
39.6 %
|
|
22.5 %
|
Total operating
expense
|
1,687.8
|
|
981.3
|
|
1,108.6
|
|
72.0
|
|
52.2
|
Operating
income
|
2.4
|
|
229.7
|
|
271.3
|
|
(98.9)
|
|
(99.1)
|
Income (loss) before
income taxes
|
(60.9)
|
|
181.5
|
|
222.6
|
|
(133.6)
|
|
(127.4)
|
Net income
(loss)
|
(50.0)
|
|
141.2
|
|
171.6
|
|
(135.4)
|
|
(129.1)
|
Diluted earnings (loss)
per share
|
(2.78)
|
|
8.18
|
|
10.54
|
|
(134.0)
|
|
(126.4)
|
Hurricane Ian special
charge
|
35.0
|
|
—
|
|
—
|
|
NM
|
|
NM
|
Diluted earnings (loss)
per share excluding Hurricane
Ian special charge (2) (3)
|
$
(1.18)
|
|
$
8.18
|
|
$
10.54
|
|
(114.4)
|
|
(111.2)
|
|
|
(1)
|
Recognition bonus
awarded despite not meeting internal profit-sharing
targets
|
(2)
|
Denotes a non-GAAP
financial measure. Refer to the Non-GAAP Presentation section
within this document for further information
|
(3)
|
Adjusted to exclude
estimated loss from property damage to Sunseeker Resort related to
Hurricane Ian. The amount of the loss will be offset in future
periods by amounts to be recovered under the company's insurance
policies
|
"I am proud of the team for the strong operational performance
delivered in the third quarter," stated John Redmond, CEO of Allegiant Travel Company.
"We completed the quarter with a controllable completion of 99.4
percent, a significant improvement from the first half of the year.
This was achieved on 17.0 percent more scheduled capacity than
2019. In addition, we saw another sequential improvement in load
factors, with loads at nearly 89 percent for the quarter. The
demand environment remained strong throughout the quarter,
resulting in a total operating revenue increase of more than 28
percent as compared with 2019.
"Demand continues to outpace 2019. Forward bookings into the
upcoming holiday season are tracking at higher loads and
significantly higher yields than at this point in 2019. A new trend
we are beginning to observe post-COVID is the increase in
passengers combining business and leisure trips. A recent survey
showed that nearly 15 percent of respondents were traveling for
both business and leisure. Much of this travel happened in the
traditional off-peak period of September, resulting in September
TRASM1 20 percent higher than September of 2019 on 30
percent more capacity and a load factor improvement of 4.7
percentage points. As we move through the remainder of the year,
this is a trend we will watch closely.
"Looking ahead to the fourth quarter, we tapered capacity a bit
as a result of the impacts from Hurricane Ian. We expect scheduled
capacity to increase roughly 15 percent year over three-year. Given
the strong demand environment coupled with improvements in
operations, we expect to expand margins, delivering a profitable
fourth quarter. From a balance sheet perspective, we have total
liquidity of roughly $1.2 billion.
During the quarter, the team executed on the issuance of
$550 million in senior secured notes,
utilizing the proceeds to repay the Term Loan B. Additionally, we
repaid the emergency relief loan received under the Coronavirus
Aid, Relief and Economic Security (CARES) Act. Furthermore, our
board of directors voted to remove the suspension on existing share
repurchase authority with $54 million
in authority remaining.
"In closing, I would like to thank our team members for all
their hard work this quarter, particularly in regards to Hurricane
Ian. The team swiftly came together to reposition aircraft, secure
the operation, re-accommodate customers, and secure the property at
Sunseeker Resort. As a result, we safely navigated the event and
returned operations to normal as quickly as possible. Although we
do expect a headwind to revenue resulting from Hurricane Ian during
the fourth quarter, the impact was minimized due to the efforts of
our team."
(1)
|
Total passenger
revenue per available seat mile
|
Third Quarter 2022 Results
- Loss before income tax of $56.2
million
-
- Includes a $35 million special
charge related to the estimated loss from property damage at
Sunseeker Resort caused by Hurricane Ian - insurance recoveries
will offset the special charge in subsequent quarters when
recoveries can be estimated and are approved for payment
- Loss before income tax (1)(2)(3) of
$11.9 million, excluding 2022
employee recognition bonus and Hurricane Ian special charge
- Operating income, excluding 2022 recognition bonus and
Hurricane Ian special charge (2), of $13.4 million, yielding an operating margin of
2.4 percent
- Consolidated EBITDA, excluding recognition bonus and
Hurricane Ian special charge (2), of $63.2 million, yielding an EBITDA margin of 11.3
percent
- Total operating revenue was $560.3 million, up 28.4 percent year over
three-year
-
- Total system capacity up 14.5 percent year over three-year
- Load factor of 88.5 percent, a 2.5 percentage point
increase from the third quarter of 2019, and the best third quarter
load factor since 2014
- September load factor of 87.1 percent, the highest September
since 2011
- TRASM up 13.5 percent for the quarter versus 2019,
despite a 17.0 percent increase in scheduled service capacity
- Total average fare of $125.95, up 15.5 percent from the third quarter
of 2019
-
- Total average ancillary of $64.69, up 17.9 percent from 2019, driven
predominantly by strength in bundled ancillary and the Allways
Allegiant World Mastercard
- Acquired 38 thousand new Allways Allegiant World
Mastercard holders during the quarter, the strongest third
quarter acquisition since the program's inception
- Operating CASM, excluding fuel, recognition bonus, and
Hurricane Ian special charge (1) (3), of
7.61 cents, up 13.9 percent when
compared with the third quarter of 2019
- Added 1.7 million members to the Allways Rewards program
during its first year
- Allegiant World Mastercard® and Allegiant Allways Rewards® were
voted as the No. 1 Best Airline Credit Card and Best Frequent Flyer
Program in USA Today's 10 Best
2022 Loyalty/Rewards Readers' Choice Awards
- In October, named to Newsweek's Top 100 Most Loved
Workplaces® list for the second consecutive year
- Donated $100,000 to the
American Red Cross for critical disaster relief to
communities in the aftermath of Hurricane Ian
(1)
|
Recognition bonus
awarded despite not meeting internal profit-sharing
targets
|
(2)
|
Denotes a non-GAAP
financial measure. Refer to the Non-GAAP Presentation section
within this document for further information
|
(3)
|
Adjusted to exclude
estimated loss from property damage to Sunseeker Resort related to
Hurricane Ian. The amount of the loss will be offset in future
periods by amounts to be recovered under the company's insurance
policies
|
Balance Sheet, Cash and Liquidity
- Total available liquidity at September 30, 2022 of $1.2
billion, which includes $1.0
billion in cash and investments, and $225 million in undrawn revolving credit
facilities
- Board of directors removed suspension on existing share
repurchase authority with $54
million in authority remaining
- $221.8 million in cash from
operations year-to-date
- Total debt at September 30, 2022
was $2.0 billion
-
- Net debt at September 30, 2022
was $990.7 million
- Secured financing commitments for $200
million to support 737 MAX pre-delivery deposits - facility
is currently undrawn
- Issued $550 million 7.25% senior
secured notes due in 2027, with proceeds used to prepay
$533 million Term Loan B, previously
due February 2024
- Other Debt principal payments of $63 million during the quarter
-
- Repaid $25 million dollar
emergency relief loan received under the Coronavirus Aid, Relief
and Economic Security (CARES) Act
- Scheduled debt principal payments of $38
million
- Air traffic liability at September 30, 2022 was $429.9 million
-
- Balance related to future scheduled flights is $367.8 million
- Balance related to travel vouchers issued for future use is
$62.1 million
Airline Capital Expenditures
- Third quarter capital expenditures of $84 million, which includes $46 million for aircraft pre-delivery deposits,
aircraft induction costs, and other related costs, and $38 million in other airline capital
expenditures
-
- Third quarter deferred heavy maintenance spend was
$12.3 million
- Full-year 2022 capital expenditures expected to be roughly
$325 million, which includes
$195 million for aircraft purchases
and inductions, pre-delivery deposits, and other related costs, and
$130 million in other airline capital
expenditures
-
- Full-year 2022 deferred heavy maintenance spend expected to be
$55 million, a slight reduction from
initial expectations
Sunseeker Resort Charlotte Harbor
- Total project spend as of September 30, 2022 was $437 million with $249
million funded by debt and the remaining $188 million funded by Allegiant
-
- Third quarter capital expenditures were $88 million relating to the Sunseeker Resort
Charlotte Harbor and $3 million
related to other Sunseeker capital expenditures
- Recorded a $35 million special
charge during the quarter related to estimated property damages at
Sunseeker Resort resulting from Hurricane Ian, most of which was
attributable to subcontractor cranes collapsing onto the
buildings
-
- Insurance recoveries to offset this charge will be recorded in
subsequent quarters when recoveries can be estimated and are
approved for payment
Guidance, subject to
revision
|
|
Current
|
|
|
|
Fourth Quarter
2022 guidance
|
|
|
|
|
|
|
|
System ASMs - year over
three-year change(1)
|
|
|
~13.5%
|
Scheduled Service
ASMs - year over three-year change(1)
|
|
|
~15%
|
|
|
|
|
Total operating revenue
- year over three-year change(1)
|
|
|
26.5% to
28.5%
|
|
|
|
|
Operating CASM,
excluding fuel - year over three-year change(1)
(4)
|
|
|
13% to 15%
|
|
|
|
|
Fuel cost per
gallon
|
|
|
$3.75
|
|
|
|
|
Full year 2022
guidance
|
|
|
|
|
|
|
|
Airline
CAPEX
|
|
|
|
Aircraft, engines,
induction costs, and pre-delivery deposits (millions)
|
|
|
$190 to $200
|
Capitalized deferred
heavy maintenance (millions)
|
|
|
$50 to $60
|
Other airline capital
expenditures (millions)
|
|
|
$125 to $135
|
|
|
|
|
Interest expense
(millions) (2) (5)
|
|
|
$100 to $105
|
Recurring principal
payments (millions)
|
|
|
$150 to $160
|
Sunseeker Resort
Charlotte Harbor Project (millions)
|
|
|
|
Total projected
project spend(3)
|
|
|
$618
|
Allegiant
contributions through September 30, 2022
|
|
|
$188
|
Allegiant
contributions remaining to be spent
|
|
|
$80
|
Project spend funded
by debt through September 30, 2022
|
|
|
$249
|
Remaining project
spend expected to be funded by debt
|
|
|
$101
|
|
|
(1)
|
Year over three-year
percentage changes compare 2022 to 2019
|
(2)
|
Includes capitalized
interest related to pre-delivery deposits on new aircraft as well
as the construction of Sunseeker Resort Charlotte
Harbor
|
(3)
|
Amounts do not
contemplate physical damage and remediation to the property
resulting from Hurricane Ian
|
(4)
|
Excludes any
hurricane damage and insurance recoveries
|
(5)
|
Interest expense
includes loss on debt extinguishment of $7 million
|
Aircraft Fleet Plan by End of Period
Aircraft - (seats
per AC)
|
1Q22
|
2Q22
|
3Q22
|
YE22
|
A319 (156
seats)
|
35
|
35
|
35
|
35
|
A320 (177
seats)
|
22
|
22
|
22
|
21
|
A320 (186
seats)
|
55
|
58
|
59
|
67
|
Total
|
112
|
115
|
116
|
123
|
The table above is provided based on the company's current
plans and is subject to change
Allegiant Travel Company will host a conference call with
analysts at 4:30 p.m. ET Wednesday,
November 2, 2022 to discuss its third quarter 2022 financial
results. A live broadcast of the conference call will be available
via the Company's Investor Relations website homepage at
http://ir.allegiantair.com. The webcast will also be archived in
the "Events & Presentations" section of the website.
Allegiant Travel Company
Las
Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel
company with an airline at its heart, focused on connecting
customers with the people, places and experiences that matter most.
Since 1999, Allegiant Air has linked travelers in underserved
cities to world-class vacation destinations with all-nonstop
flights and industry-low average fares. Today, Allegiant's fleet
serves communities across the nation, with base airfares less than
half the cost of the average domestic round trip ticket. For more
information, visit us at Allegiant.com. Media information,
including photos, is available at http://gofly.us/iiFa303wrtF.
Media Inquiries:
mediarelations@allegiantair.com
Investor Inquiries: ir@allegiantair.com
Under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, statements in this press release
that are not historical facts are forward-looking statements. These
forward-looking statements are only estimates or predictions based
on our management's beliefs and assumptions and on information
currently available to our management. Forward-looking statements
include our statements regarding future airline operations, revenue
and expenses, available seat mile growth, expected capital
expenditures, the timing of aircraft acquisitions and retirements,
the number of contracted aircraft to be placed in service in the
future, our ability to consummate announced aircraft transactions,
the implementation of a joint alliance with Viva Aerobus, the
development of our Sunseeker Resort, as well as other information
concerning future results of operations, business strategies,
financing plans, industry environment and potential growth
opportunities. Forward-looking statements include all statements
that are not historical facts and can be identified by the use of
forward-looking terminology such as the words "believe," "expect,"
"guidance," "anticipate," "intend," "plan," "estimate", "project",
"hope" or similar expressions.
Forward-looking statements involve risks, uncertainties
and assumptions. Actual results may differ materially from those
expressed in the forward-looking statements. Important risk factors
that could cause our results to differ materially from those
expressed in the forward-looking statements generally may be found
in our periodic reports filed with the Securities and Exchange
Commission at www.sec.gov. These risk factors include, without
limitation, the impact of Hurricane Ian on our Florida markets and completion of Sunseeker
Resort, the impact and duration of the COVID-19 pandemic on airline
travel and the economy, liquidity issues resulting from the effect
of the COVID-19 pandemic on our business, restrictions imposed on
us as a result of accepting grants and loans under the payroll
support programs, an accident involving, or problems with, our
aircraft, public perception of our safety, our reliance on our
automated systems, our reliance on third parties to deliver
aircraft under contract to us on a timely basis, risk of breach of
security of personal data, volatility of fuel costs, labor issues
and costs, the ability to obtain regulatory approvals as needed ,
the effect of economic conditions on leisure travel, debt covenants
and balances, the 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 possible loss
of key personnel, economic and other conditions in markets in which
we operate, the ability to successfully develop a resort in
Southwest Florida, governmental
regulation, increases in maintenance costs and cyclical and
seasonal fluctuations in our operating results.
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
September 30,
|
|
Percent
Change
|
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
OPERATING
REVENUES:
|
|
|
|
|
|
|
|
|
|
Passenger
|
$ 516,476
|
|
$ 423,796
|
|
$ 391,222
|
|
21.9 %
|
|
32.0 %
|
Third party
products
|
27,132
|
|
24,541
|
|
18,207
|
|
10.6
|
|
49.0
|
Fixed fee
contracts
|
15,881
|
|
11,117
|
|
19,797
|
|
42.9
|
|
(19.8)
|
Other
|
836
|
|
15
|
|
7,283
|
|
NM
|
|
(88.5)
|
Total operating
revenues
|
560,325
|
|
459,469
|
|
436,509
|
|
22.0
|
|
28.4
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel
|
208,175
|
|
118,370
|
|
104,583
|
|
75.9
|
|
99.1
|
Salaries and
benefits
|
137,336
|
|
125,799
|
|
107,586
|
|
9.2
|
|
27.7
|
Station
operations
|
66,302
|
|
70,943
|
|
43,522
|
|
(6.5)
|
|
52.3
|
Depreciation and
amortization
|
50,092
|
|
46,399
|
|
39,436
|
|
8.0
|
|
27.0
|
Maintenance and
repairs
|
32,177
|
|
30,451
|
|
24,768
|
|
5.7
|
|
29.9
|
Sales and
marketing
|
25,815
|
|
22,047
|
|
17,591
|
|
17.1
|
|
46.8
|
Aircraft lease
rental
|
5,905
|
|
5,670
|
|
—
|
|
4.1
|
|
—
|
Other
|
30,292
|
|
22,379
|
|
26,907
|
|
35.4
|
|
12.6
|
Payroll Support
Programs grant recognition
|
—
|
|
(49,210)
|
|
—
|
|
(100.0)
|
|
—
|
Special
charges
|
35,142
|
|
332
|
|
—
|
|
NM
|
|
—
|
Total operating
expenses
|
591,236
|
|
393,180
|
|
364,393
|
|
50.4
|
|
62.3
|
OPERATING INCOME
(LOSS)
|
(30,911)
|
|
66,289
|
|
72,116
|
|
(146.6)
|
|
(142.9)
|
OTHER (INCOME)
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
29,230
|
|
16,595
|
|
19,506
|
|
76.1
|
|
49.9
|
Interest
income
|
(4,918)
|
|
(375)
|
|
(3,335)
|
|
NM
|
|
47.5
|
Capitalized
interest
|
(4,296)
|
|
(401)
|
|
(903)
|
|
971.3
|
|
375.7
|
Loss on extinguishment
of debt
|
5,012
|
|
—
|
|
—
|
|
—
|
|
—
|
Other, net
|
223
|
|
239
|
|
(57)
|
|
(6.7)
|
|
491.2
|
Total other
expenses
|
25,251
|
|
16,058
|
|
15,211
|
|
57.2
|
|
66.0
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
(56,162)
|
|
50,231
|
|
56,905
|
|
(211.8)
|
|
(198.7)
|
INCOME TAX PROVISION
(BENEFIT)
|
(9,703)
|
|
10,977
|
|
12,976
|
|
188.4
|
|
174.8
|
NET INCOME
(LOSS)
|
$
(46,459)
|
|
$
39,254
|
|
$
43,929
|
|
(218.4)
|
|
(205.8)
|
Earnings (loss) per
share to common shareholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
($2.58)
|
|
$2.18
|
|
$2.70
|
|
(218.3)
|
|
(195.6)
|
Diluted
|
($2.58)
|
|
$2.18
|
|
$2.70
|
|
(218.3)
|
|
(195.6)
|
Weighted average shares
outstanding used in
computing earnings per share attributable to common
shareholders(1):
|
|
|
|
|
|
|
|
|
|
Basic
|
18,014
|
|
17,766
|
|
16,037
|
|
1.4
|
|
12.3
|
Diluted
|
18,014
|
|
17,767
|
|
16,039
|
|
1.4
|
|
12.3
|
(1)
|
The Company's
unvested restricted stock awards are considered participating
securities as they receive non-forfeitable rights to cash dividends
at the same rate as common stock. The Basic and Diluted earnings
per share calculations for the periods presented reflect the
two-class method mandated by ASC Topic 260, "Earnings Per Share."
The two-class method adjusts both the net income and the shares
used in the calculation. Application of the two-class method did
not have a significant impact on the Basic and Diluted earnings per
share for the periods presented.
|
|
|
NM Not
meaningful
|
Allegiant Travel
Company
Operating
Statistics
(Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Percent
Change(1)
|
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
Total system
statistics:
|
|
|
|
|
|
|
|
|
|
Passengers
|
4,359,417
|
|
3,872,651
|
|
3,806,369
|
|
12.6 %
|
|
14.5 %
|
Available seat miles
(ASMs) (thousands)
|
4,450,595
|
|
4,441,201
|
|
3,888,400
|
|
0.2
|
|
14.5
|
Operating expense per
ASM (CASM) (cents)(5)
|
13.28 ¢
|
|
8.85 ¢
|
|
9.37 ¢
|
|
50.1
|
|
41.7
|
Fuel expense per ASM
(cents)
|
4.68 ¢
|
|
2.67 ¢
|
|
2.69 ¢
|
|
75.3
|
|
74.0
|
Operating CASM,
excluding fuel and Hurricane Ian
special charge (cents)(5)
|
7.81 ¢
|
|
6.18 ¢
|
|
6.68 ¢
|
|
26.4
|
|
16.9
|
ASMs per gallon of
fuel
|
82.4
|
|
82.5
|
|
80.3
|
|
(0.1)
|
|
2.6
|
Departures
|
29,432
|
|
30,663
|
|
27,707
|
|
(4.0)
|
|
6.2
|
Block hours
|
67,277
|
|
67,398
|
|
59,678
|
|
(0.2)
|
|
12.7
|
Average stage length
(miles)
|
857
|
|
829
|
|
823
|
|
3.4
|
|
4.1
|
Average number of
operating aircraft during period
|
115.1
|
|
105.6
|
|
87.6
|
|
9.0
|
|
31.4
|
Average block hours
per aircraft per day
|
6.4
|
|
7.0
|
|
7.4
|
|
(8.6)
|
|
(13.5)
|
Full-time equivalent
employees at end of period
|
5,294
|
|
4,261
|
|
4,267
|
|
24.2
|
|
24.1
|
Fuel gallons consumed
(thousands)
|
54,044
|
|
53,850
|
|
48,443
|
|
0.4
|
|
11.6
|
Average fuel cost per
gallon
|
$
3.85
|
|
$
2.20
|
|
$
2.16
|
|
75.0
|
|
78.2
|
Scheduled service
statistics:
|
|
|
|
|
|
|
|
|
|
Passengers
|
4,316,163
|
|
3,834,956
|
|
3,753,611
|
|
12.5
|
|
15.0
|
Revenue passenger
miles (RPMs) (thousands)
|
3,820,339
|
|
3,302,519
|
|
3,170,826
|
|
15.7
|
|
20.5
|
Available seat miles
(ASMs) (thousands)
|
4,315,984
|
|
4,312,893
|
|
3,687,473
|
|
0.1
|
|
17.0
|
Load factor
|
88.5 %
|
|
76.6 %
|
|
86.0 %
|
|
11.9
|
|
2.5
|
Departures
|
28,436
|
|
29,593
|
|
26,238
|
|
(3.9)
|
|
8.4
|
Block hours
|
65,182
|
|
65,296
|
|
56,576
|
|
(0.2)
|
|
15.2
|
Average seats per
departure
|
175.8
|
|
174.3
|
|
170.8
|
|
0.9
|
|
2.9
|
Yield (cents)
(3)
|
6.92 ¢
|
|
6.04 ¢
|
|
6.42 ¢
|
|
14.6
|
|
7.8
|
Total passenger
revenue per ASM (TRASM)
(cents)(3)
|
12.60 ¢
|
|
10.40 ¢
|
|
11.10 ¢
|
|
21.2
|
|
13.5
|
Average fare -
scheduled service(4)
|
$
61.26
|
|
$
52.05
|
|
$
54.20
|
|
17.7
|
|
13.0
|
Average fare -
air-related charges(4)
|
$
58.40
|
|
$
58.45
|
|
$
50.03
|
|
(0.1)
|
|
16.7
|
Average fare - third
party products
|
$
6.29
|
|
$
6.40
|
|
$
4.85
|
|
(1.7)
|
|
29.7
|
Average fare -
total
|
$ 125.95
|
|
$ 116.91
|
|
$ 109.08
|
|
7.7
|
|
15.5
|
Average stage length
(miles)
|
860
|
|
834
|
|
824
|
|
3.1
|
|
4.4
|
Fuel gallons consumed
(thousands)
|
52,491
|
|
52,249
|
|
46,038
|
|
0.5
|
|
14.0
|
Average fuel cost per
gallon
|
$
3.84
|
|
$
2.19
|
|
$
2.17
|
|
75.3
|
|
77.0
|
Percent of sales
through website during period
|
96.1 %
|
|
95.4 %
|
|
93.1 %
|
|
0.7
|
|
3.0
|
Other
data:
|
|
|
|
|
|
|
|
|
|
Rental car days
sold
|
364,481
|
|
366,407
|
|
482,944
|
|
(0.5)
|
|
(24.5)
|
Hotel room nights
sold
|
71,205
|
|
66,626
|
|
99,991
|
|
6.9
|
|
(28.8)
|
(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
|
(5)
|
2021 operating CASM
includes the benefit from the government payroll support
programs
|
Allegiant Travel
Company
Consolidated
Statements of Income
(in thousands,
except per share amounts)
(Unaudited)
|
|
|
Nine Months Ended
September 30,
|
|
Percent
Change
|
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
OPERATING
REVENUES:
|
|
|
|
|
|
|
|
|
|
Passenger
|
$
1,573,041
|
|
$
1,124,237
|
|
$
1,265,978
|
|
39.9 %
|
|
24.3 %
|
Third party
products
|
77,399
|
|
61,164
|
|
53,557
|
|
26.5
|
|
44.5
|
Fixed fee
contracts
|
38,186
|
|
23,943
|
|
42,859
|
|
59.5
|
|
(10.9)
|
Other
|
1,654
|
|
1,682
|
|
17,498
|
|
(1.7)
|
|
(90.5)
|
Total
operating revenues
|
1,690,280
|
|
1,211,026
|
|
1,379,892
|
|
39.6
|
|
22.5
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel
|
629,600
|
|
310,674
|
|
324,253
|
|
102.7
|
|
94.2
|
Salaries and
benefits
|
411,027
|
|
365,655
|
|
340,589
|
|
12.4
|
|
20.7
|
Station
operations
|
198,954
|
|
171,246
|
|
128,357
|
|
16.2
|
|
55.0
|
Depreciation and
amortization
|
145,618
|
|
134,095
|
|
114,112
|
|
8.6
|
|
27.6
|
Maintenance and
repairs
|
91,120
|
|
76,419
|
|
68,470
|
|
19.2
|
|
33.1
|
Sales and
marketing
|
75,462
|
|
51,288
|
|
59,057
|
|
47.1
|
|
27.8
|
Aircraft lease
rental
|
17,489
|
|
15,507
|
|
—
|
|
12.8
|
|
—
|
Other
|
83,137
|
|
55,655
|
|
73,756
|
|
49.4
|
|
12.7
|
Payroll Support
Programs grant recognition
|
—
|
|
(202,181)
|
|
—
|
|
(100.0)
|
|
—
|
Special
charges
|
35,426
|
|
2,924
|
|
—
|
|
NM
|
|
—
|
Total
operating expenses
|
1,687,833
|
|
981,282
|
|
1,108,594
|
|
72.0
|
|
52.2
|
OPERATING
INCOME
|
2,447
|
|
229,744
|
|
271,298
|
|
(98.9)
|
|
(99.1)
|
OTHER (INCOME)
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
73,518
|
|
50,103
|
|
58,531
|
|
46.7
|
|
25.6
|
Interest
income
|
(7,909)
|
|
(1,338)
|
|
(10,038)
|
|
491.1
|
|
(21.2)
|
Capitalized
interest
|
(7,594)
|
|
(401)
|
|
(3,444)
|
|
NM
|
|
120.5
|
Loss on extinguishment
of debt
|
5,012
|
|
71
|
|
3,677
|
|
NM
|
|
36.3
|
Other, net
|
318
|
|
(164)
|
|
(41)
|
|
293.9
|
|
875.6
|
Total
other expenses
|
63,345
|
|
48,271
|
|
48,685
|
|
31.2
|
|
30.1
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
(60,898)
|
|
181,473
|
|
222,613
|
|
(133.6)
|
|
(127.4)
|
INCOME TAX PROVISION
(BENEFIT)
|
(10,916)
|
|
40,323
|
|
51,017
|
|
127.1
|
|
121.4
|
NET INCOME
(LOSS)
|
$
(49,982)
|
|
$ 141,150
|
|
$ 171,596
|
|
(135.4)
|
|
(129.1)
|
Earnings (loss) per
share to common shareholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
($2.78)
|
|
$8.18
|
|
$10.55
|
|
(134.0)
|
|
(126.4)
|
Diluted
|
($2.78)
|
|
$8.18
|
|
$10.54
|
|
(134.0)
|
|
(126.4)
|
Weighted average shares
outstanding used in
computing earnings per share attributable to common
shareholders(1):
|
|
|
|
|
|
|
|
|
|
Basic
|
17,985
|
|
17,005
|
|
16,037
|
|
5.8
|
|
12.1
|
Diluted
|
17,985
|
|
17,015
|
|
16,045
|
|
5.7
|
|
12.1
|
(1)
|
The Company's
unvested restricted stock awards are considered participating
securities as they receive non-forfeitable rights to cash dividends
at the same rate as common stock. The Basic and Diluted earnings
per share calculations for the periods presented reflect the
two-class method mandated by ASC Topic 260, "Earnings Per Share."
The two-class method adjusts both the net income and the shares
used in the calculation. Application of the two-class method did
not have a significant impact on the Basic and Diluted earnings per
share for the periods presented.
|
|
|
NM Not
meaningful
|
Allegiant Travel
Company
Operating
Statistics
(Unaudited)
|
|
|
Nine Months Ended
September 30,
|
|
Percent
Change(1)
|
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
Total system
statistics:
|
|
|
|
|
|
|
|
|
|
Passengers
|
12,834,078
|
|
9,906,371
|
|
11,426,183
|
|
29.6 %
|
|
12.3 %
|
Available seat miles
(ASMs) (thousands)
|
14,060,825
|
|
13,049,732
|
|
12,245,704
|
|
7.7
|
|
14.8
|
Operating expense per
ASM (CASM) (cents)(5)
|
12.00 ¢
|
|
7.52 ¢
|
|
9.05 ¢
|
|
59.6
|
|
32.6
|
Fuel expense per ASM
(cents)
|
4.48 ¢
|
|
2.38 ¢
|
|
2.65 ¢
|
|
88.2
|
|
69.1
|
Operating CASM,
excluding fuel and Hurricane Ian
special charge (cents)(5)
|
7.27 ¢
|
|
5.14 ¢
|
|
6.40 ¢
|
|
41.4
|
|
13.6
|
ASMs per gallon of
fuel
|
84.2
|
|
85.6
|
|
82.2
|
|
(1.6)
|
|
2.4
|
Departures
|
90,064
|
|
87,854
|
|
83,454
|
|
2.5
|
|
7.9
|
Block hours
|
212,403
|
|
197,581
|
|
187,829
|
|
7.5
|
|
13.1
|
Average stage length
(miles)
|
885
|
|
852
|
|
858
|
|
3.9
|
|
3.1
|
Average number of
aircraft during period
|
112.7
|
|
101.6
|
|
84.1
|
|
10.9
|
|
34.0
|
Average block hours
per aircraft per day
|
6.9
|
|
7.1
|
|
8.2
|
|
(2.8)
|
|
(15.9)
|
Full-time equivalent
employees at end of period
|
5,294
|
|
4,261
|
|
4,267
|
|
24.2
|
|
24.1
|
Fuel gallons consumed
(thousands)
|
167,070
|
|
152,464
|
|
148,980
|
|
9.6
|
|
12.1
|
Average fuel cost per
gallon
|
$
3.77
|
|
$
2.04
|
|
$
2.18
|
|
84.8
|
|
72.9
|
Scheduled service
statistics:
|
|
|
|
|
|
|
|
|
|
Passengers
|
12,736,268
|
|
9,838,512
|
|
11,307,004
|
|
29.5
|
|
12.6
|
Revenue passenger
miles (RPMs) (thousands)
|
11,646,212
|
|
8,657,151
|
|
9,964,948
|
|
34.5
|
|
16.9
|
Available seat miles
(ASMs) (thousands)
|
13,716,838
|
|
12,739,769
|
|
11,800,788
|
|
7.7
|
|
16.2
|
Load factor
|
84.9 %
|
|
68.0 %
|
|
84.4 %
|
|
16.9
|
|
0.5
|
Departures
|
87,475
|
|
85,303
|
|
80,149
|
|
2.5
|
|
9.1
|
Block hours
|
206,868
|
|
192,481
|
|
180,674
|
|
7.5
|
|
14.5
|
Average seats per
departure
|
175.7
|
|
173.8
|
|
171.0
|
|
1.1
|
|
2.7
|
Yield (cents)
(3)
|
6.94 ¢
|
|
6.53 ¢
|
|
6.85 ¢
|
|
6.3
|
|
1.3
|
Total passenger
revenue per ASM (TRASM)
(cents)(3)
|
12.03 ¢
|
|
9.30 ¢
|
|
11.18 ¢
|
|
29.4
|
|
7.6
|
Average fare -
scheduled service(4)
|
$
63.44
|
|
$
57.48
|
|
$
60.40
|
|
10.4
|
|
5.0
|
Average fare -
air-related charges(4)
|
$
60.07
|
|
$
56.79
|
|
$
51.56
|
|
5.8
|
|
16.5
|
Average fare - third
party products
|
$
6.08
|
|
$
6.22
|
|
$
4.74
|
|
(2.3)
|
|
28.3
|
Average fare -
total
|
$ 129.59
|
|
$ 120.49
|
|
$ 116.70
|
|
7.6
|
|
11.0
|
Average stage length
(miles)
|
889
|
|
857
|
|
861
|
|
3.7
|
|
3.3
|
Fuel gallons consumed
(thousands)
|
162,933
|
|
148,578
|
|
143,433
|
|
9.7
|
|
13.6
|
Average fuel cost per
gallon
|
$
3.77
|
|
$
2.03
|
|
$
2.17
|
|
85.7
|
|
73.7
|
Percent of sales
through website during period
|
96.2 %
|
|
94.3 %
|
|
93.4 %
|
|
1.9
|
|
2.8
|
Other
data:
|
|
|
|
|
|
|
|
|
|
Rental car days
sold
|
1,161,579
|
|
1,046,751
|
|
1,495,502
|
|
11.0
|
|
(22.3)
|
Hotel room nights
sold
|
222,334
|
|
195,535
|
|
319,197
|
|
13.7
|
|
(30.3)
|
(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
|
(5)
|
2021 operating CASM
includes the benefit from the government payroll support
programs
|
Summary Balance Sheet
Unaudited
(millions)
|
September 30,
2022
(unaudited)
|
|
December 31,
2021
|
|
Percent
Change
|
Unrestricted cash and
investments
|
|
|
|
|
|
Cash and cash
equivalents
|
$
240.5
|
|
$
363.4
|
|
(33.8) %
|
Short-term
investments
|
761.4
|
|
819.5
|
|
(7.1)
|
Total unrestricted
cash and investments
|
1,001.9
|
|
1,182.9
|
|
(15.3)
|
Debt
|
|
|
|
|
|
Current maturities of
long-term debt and finance lease obligations,
net of related costs
|
152.6
|
|
130.1
|
|
17.3
|
Long-term debt and
finance lease obligations, net of current
maturities and related costs
|
1,840.0
|
|
1,612.5
|
|
14.1
|
Total debt
|
1,992.6
|
|
1,742.6
|
|
14.3
|
Debt, net of
unrestricted cash and investments
|
990.7
|
|
559.7
|
|
77.0
|
Total Allegiant Travel
Company shareholders' equity
|
1,189.0
|
|
1,223.6
|
|
(2.8)
|
EPS Calculation
The following table sets forth the computation of net income
(loss) 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
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Basic:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(46,459)
|
|
$
39,254
|
|
$
(49,982)
|
|
$
141,150
|
Less income allocated
to participating securities
|
—
|
|
(573)
|
|
—
|
|
(2,028)
|
Net income (loss)
attributable to common stock
|
$
(46,459)
|
|
$
38,681
|
|
$
(49,982)
|
|
$
139,122
|
Earnings (loss) per
share, basic
|
$
(2.58)
|
|
$
2.18
|
|
$
(2.78)
|
|
$
8.18
|
Weighted-average shares
outstanding
|
18,014
|
|
17,766
|
|
17,985
|
|
17,005
|
Diluted:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(46,459)
|
|
$
39,254
|
|
$
(49,982)
|
|
$
141,150
|
Less income allocated
to participating securities
|
—
|
|
(573)
|
|
—
|
|
(2,027)
|
Net income (loss)
attributable to common stock
|
$
(46,459)
|
|
$
38,681
|
|
$
(49,982)
|
|
$
139,123
|
Earnings (loss) per
share, diluted
|
$
(2.58)
|
|
$
2.18
|
|
$
(2.78)
|
|
$
8.18
|
Weighted-average shares
outstanding (1)
|
18,014
|
|
17,766
|
|
17,985
|
|
17,005
|
Dilutive effect of
stock options and restricted stock
|
—
|
|
103
|
|
—
|
|
121
|
Adjusted
weighted-average shares outstanding under
treasury stock method
|
18,014
|
|
17,869
|
|
17,985
|
|
17,126
|
Participating
securities excluded under two-class method
|
—
|
|
(102)
|
|
—
|
|
(111)
|
Adjusted
weighted-average shares outstanding under
two-class method
|
18,014
|
|
17,767
|
|
17,985
|
|
17,015
|
|
|
(1)
|
Dilutive effect of
common stock equivalents excluded from the diluted per share
calculation is not material.
|
Appendix A
Non-GAAP
Presentation
Three and Nine Months Ended September 30, 2022
(Unaudited)
Net income excluding the Hurricane Ian special charge and the
recognition bonus, net income (loss), and earnings (loss) per share
excluding the Hurricane Ian special charge and the recognition
bonus, and operating income excluding the Hurricane Ian special
charge and the recognition bonus all eliminate the effect of a
recognition bonus awarded despite not meeting internal
profit-sharing targets. As such, these are non-GAAP financial
measures.
EBITDA and EBITDA, excluding recognition bonus and Hurricane Ian
special charge, as presented in this press release, are
supplemental measures of our performance that are not required by,
or presented in accordance with, accounting principles generally
accepted in the United States
("GAAP"). These are not measurements of our financial performance
under GAAP and should not be considered in isolation or as an
alternative to net income or any other performance measures derived
in accordance with GAAP or as an alternative to cash flows from
operating activities as a measure of our liquidity.
We define "EBITDA" as earnings before interest, taxes,
depreciation and amortization. We also adjust EBITDA within this
release to exclude the Hurricane Ian special charge and the
recognition bonus. 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 EBITDA, excluding recognition bonus and
Hurricane Ian special charge, 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 it allows investors to view results in a manner
similar to the method used by management and makes 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 EBITDA
numbers to the most directly comparable GAAP financial performance
measure, which we believe is net income (loss). We believe the
presentation of these EBITDA numbers is relevant and useful for
investors because it allows them to better compare our results to
other airlines.
In addition to EBITDA as defined above, we have included a
separate EBITDA as defined by certain credit agreements. This
measurement of EBITDA adjusts for Sunseeker net loss, stock
compensation expense, amortization of debt issuance costs,
(gain)/loss on disposal of assets, tax provision - in excess of
cash paid, special non-recurring items, and other items.
The SEC has adopted rules (Regulation G) regulating the use of
non-GAAP financial measures. Because of our use of non-GAAP
financial measures in this press release to supplement our
consolidated financial statements presented on a GAAP basis,
Regulation G requires us to include in this press release a
presentation of the most directly comparable GAAP measure, which is
operating income (loss), net loss, and net 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
income (loss), net income (loss), net 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
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2022
|
|
2022
|
Reconciliation of
net (loss) excluding Hurricane Ian special charge
and recognition bonus and (loss) per share excluding Hurricane
Ian
special charge and recognition bonus (millions except share and
per
share numbers)
|
|
|
|
Net (loss) before
income taxes as reported (GAAP)
|
$
(56.2)
|
|
$
(60.9)
|
Recognition
bonus
|
9.3
|
|
26.1
|
Hurricane Ian special
charge
|
35.0
|
|
35.0
|
Income (loss) before
income taxes excluding Hurricane Ian special charge
|
(21.2)
|
|
(25.9)
|
Income (loss) before
income taxes excluding recognition bonus and
Hurricane Ian special charge
|
(11.9)
|
|
0.2
|
Income tax (benefit) as
reported (GAAP)
|
(9.7)
|
|
(10.9)
|
Income tax benefit
excluding Hurricane Ian special charge
|
(3.7)
|
|
(4.6)
|
Income tax benefit
excluding recognition bonus and Hurricane Ian special
charge
|
(2.1)
|
|
—
|
Net income (loss)
excluding Hurricane Ian special charge
|
(17.5)
|
|
(21.3)
|
Net income (loss)
excluding recognition bonus and Hurricane Ian special
charge
|
(9.8)
|
|
0.2
|
|
|
|
|
Diluted shares as
reported (GAAP) (thousands)
|
18,014
|
|
17,985
|
(Loss) per share as
reported (GAAP)
|
(2.58)
|
|
(2.78)
|
Earnings (loss) per
share excluding Hurricane Ian special charge
|
(0.97)
|
|
(1.18)
|
Earnings (loss) per
share excluding recognition bonus and Hurricane Ian
special charge
|
(0.54)
|
|
0.01
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2022
|
|
2022
|
Reconciliation of
CASM and CASM excluding fuel, the Hurricane Ian
special charge, and recognition bonus (millions, unless
otherwise
noted)
|
|
|
|
Operating expense as
reported (GAAP)
|
$
591.2
|
|
$
1,687.8
|
|
|
|
|
Recognition
bonus
|
(9.3)
|
|
(26.1)
|
Hurricane Ian special
charge
|
(35.0)
|
|
(35.0)
|
Operating expense
excluding recognition bonus and Hurricane Ian special
charge(1)
|
546.9
|
|
1,626.7
|
Fuel expense as
reported
|
(208.2)
|
|
(629.6)
|
Operating expense
excluding fuel, the Hurricane Ian special charge and
recognition bonus (1)
|
338.7
|
|
997.1
|
|
|
|
|
Available seat miles
(ASMs) (thousands)
|
4,450,595
|
|
14,060,825
|
|
|
|
|
Operating expense per
ASM as reported (CASM) (cents)
|
13.28 ¢
|
|
12.00 ¢
|
Operating expense CASM,
excluding recognition bonus and Hurricane Ian
special charge(cents)
|
12.29 ¢
|
|
11.57 ¢
|
|
|
|
|
Operating CASM,
excluding fuel (cents)
|
8.60 ¢
|
|
7.52 ¢
|
Operating CASM,
excluding fuel, the Hurricane Ian special charge and
recognition bonus (cents)
|
7.61 ¢
|
|
7.09 ¢
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2022
|
|
2022
|
Reconciliation of
operating income excluding the Hurricane Ian
special charge and recognition bonus (millions)
|
|
|
|
Operating income
(loss) as reported (GAAP)
|
$
(30.9)
|
|
$
2.4
|
|
|
|
|
Recognition
bonus
|
9.3
|
|
26.1
|
Hurricane Ian special
charge
|
35.0
|
|
35.0
|
Operating income
excluding recognition bonus and Hurricane Ian special
charge(1)
|
$
13.4
|
|
$
63.5
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2022
|
|
2022
|
Reconciliation of
consolidated EBITDA to EBITDA as defined by
certain credit agreements (millions)
|
|
|
|
Net (loss)
|
$
(46.5)
|
|
$
(50.0)
|
Interest expense,
net
|
20.0
|
|
58.0
|
Income tax
(benefit)
|
(9.7)
|
|
(10.9)
|
Depreciation and
amortization
|
50.1
|
|
145.6
|
Loss on debt
extinguishment
|
5.0
|
|
5.0
|
Consolidated EBITDA
(1)
|
$
18.9
|
|
147.7
|
Adjusting items as
defined per credit agreements (2)
|
88.0
|
|
215.2
|
EBITDA as defined by
certain credit agreements (1)
|
$
106.9
|
|
$
362.9
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2022
|
|
2022
|
Reconciliation of
consolidated EBITDA to EBITDA, excluding
recognition bonus and Hurricane Ian special charge
(millions)
|
|
|
|
Consolidated EBITDA
(1)
|
$
18.9
|
|
$
147.7
|
Recognition
bonus
|
9.3
|
|
26.1
|
Hurricane Ian special
charge
|
35.0
|
|
35.0
|
EBITDA, excluding
recognition bonus and Hurricane Ian special charge
(1)
|
$
63.2
|
|
$
208.8
|
|
|
(1)
|
Denotes non-GAAP
figure
|
(2)
|
Adjusting items
include the following: Sunseeker net loss, including the Hurricane
Ian special charge, stock compensation expense, amortization of
debt issuance costs, (gain)/loss on disposal of assets, tax
provision - in excess of cash paid, and other special non-recurring
items
|
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SOURCE Allegiant Travel Company