Fourth quarter 2022 GAAP diluted
earnings per share of $2.87
Fourth quarter 2022 diluted
earnings per share, excluding recognition bonus and Sunseeker
special charges, of $3.17(1)(2)(3)
Full-year 2022 GAAP diluted earnings per share
of $0.14
Full-year 2022 diluted earnings per share,
excluding recognition bonus and Sunseeker special charges, of
$3.13(1)(2)(3)
LAS
VEGAS, Feb. 1,
2023 /PRNewswire/ -- Allegiant Travel Company
(NASDAQ: ALGT) today reported the following financial results for
the fourth quarter and full-year 2022, as well as comparisons to
prior years:
Consolidated
|
Three Months Ended
December 31,
|
|
Percent
Change
|
(unaudited) (in
millions, except per share amounts)
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
Total operating
expense
|
522.4
|
|
463.6
|
|
368.4
|
|
12.7
|
|
41.8
|
Operating
income
|
89.2
|
|
33.3
|
|
92.7
|
|
167.6
|
|
(3.7)
|
Income before income
taxes
|
65.9
|
|
15.1
|
|
78.6
|
|
334.7
|
|
(16.3)
|
Net income
|
52.5
|
|
10.7
|
|
60.5
|
|
390.3
|
|
(13.3)
|
Diluted earnings per
share
|
2.87
|
|
0.59
|
|
3.72
|
|
386.4
|
|
(22.8)
|
|
Twelve Months Ended
December 31,
|
|
Percent
Change
|
(unaudited) (in
millions, except per share amounts)
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
Total operating
revenue
|
$
2,301.8
|
|
$
1,707.9
|
|
$
1,841.0
|
|
34.8 %
|
|
25.0 %
|
Total operating
expense
|
2,210.2
|
|
1,444.8
|
|
1,477.0
|
|
53.0
|
|
49.6
|
Operating
income
|
91.6
|
|
263.1
|
|
364.0
|
|
(65.2)
|
|
(74.8)
|
Income before income
taxes
|
5.0
|
|
196.6
|
|
301.2
|
|
(97.5)
|
|
(98.4)
|
Net income
|
2.5
|
|
151.9
|
|
232.1
|
|
(98.4)
|
|
(98.9)
|
Diluted earnings per
share
|
0.14
|
|
8.68
|
|
14.26
|
|
(98.4)
|
|
(99.0)
|
Sunseeker special
charges
|
34.0
|
|
—
|
|
—
|
|
NM
|
|
NM
|
Diluted earnings per
share excluding Sunseeker
special charges (2) (3)
|
$
1.65
|
|
$
8.68
|
|
$
14.26
|
|
(81.0)
|
|
(88.4)
|
|
|
(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 and for calculation of
per share figures
|
(3)
|
Adjusted to exclude
estimated loss from property damage to Sunseeker Resort related to
Hurricane Ian and two subsequent insurance events that occurred
during the quarter, offset by insurance recoveries recorded to
date. The amount of the losses will continue to be offset in future
periods by amounts to be recovered under the company's insurance
policies. In 2023, we expect to receive insurance proceeds
approximating the losses accrued to date
|
"We finished the quarter with an earnings per share, excluding
employee recognition bonus and Sunseeker special charges of
$3.17," stated John Redmond, CEO of Allegiant Travel Company.
"Despite an uptick in weather cancellations late in the quarter,
our total operating revenue was up 32.6 percent year over
three-year, more than five points above the mid-point of our
guidance. The demand environment continues to surpass expectations.
Fourth quarter TRASM(1) was 14.03
cents, the highest quarterly TRASM(1) in company
history, on scheduled service growth of 11.9 percent. This revenue
strength coupled with better than expected cost performance and a
more favorable fuel environment resulted in an
adjusted(2) operating margin of nearly 16 percent for
the quarter.
"Due to a challenging operating environment at the onset of
2022, we committed to focusing on operational integrity and
ensuring safe, reliable travel for our customers. We took action to
more appropriately schedule the airline to meet the challenges of
this environment. By doing this, we increased our controllable
completion by over two points during the last six months of 2022 as
compared with the first half of the year. This equated to more than
$70 million in irregular operations
savings during the back-half of the year, when factoring in lost
revenue, passenger compensation, and other costs related to the
cancellations. As we head into 2023, we are continuing to take a
more conservative approach to growth. We anticipate growing
capacity roughly four percent, with much of that happening in the
fourth quarter. This slow and concerted growth profile should drive
irregular operations costs out of the business and prioritize
operational reliability, helping to deliver an estimated
$7 in earnings per share during
2023.
"2023 will be transformational for the company. We will begin
taking delivery of our Boeing MAX 737 fleet during the fourth
quarter, with deliveries picking up in earnest, early 2024. The
operating efficiency and reliability of this aircraft will help
bolster profits for many years to come. Additionally, significant
progress has been made towards the completion of Sunseeker Resort
at Charlotte Harbor. After delays caused by Hurricane Ian, we have
fully resumed construction activities at the property with most of
the remediation related to the hurricane behind us. We continue to
expect the property will open late 2023.
"To further support these strategic initiatives, we recently
announced several senior leadership changes within the
organization. These changes will bring vast experience to the
respective roles. I am confident these leaders will contribute to
the successful execution of these initiatives. Allegiant has prided
itself over the years with having a standout management team, and
these changes further support that notion.
"Lastly, I would like to thank our team members throughout the
network for their efforts this past year. 2022 was fraught with
challenges. Despite these challenges, our team members consistently
put forth their best efforts to ensure our customers made it safely
to their destinations. We truly have the best in the business. I'm
excited for what is on the horizon in 2023."
(1)
|
Total passenger
revenue per available seat mile
|
(2)
|
Adjusted operating
margin excludes the 2022 employee recognition bonus and Sunseeker
special charges
|
Fourth Quarter 2022 Results
- Income before income tax (1)(2)(3) of
$73.8 million, excluding 2022
employee recognition bonus and Sunseeker special charges,
yielding a pre-tax margin of 12.1 percent
-
- Sunseeker special charges include $18
million of recorded insurance recoveries offset by
$17 million in additional losses
related to Hurricane Ian and subsequent insurance events during the
fourth quarter
- Operating income, excluding 2022 recognition bonus and
Sunseeker special charges (1)(2)(3), of $97.1 million, yielding an operating margin of
15.9 percent
- Consolidated EBITDA, excluding recognition bonus and
Sunseeker special charges (1)(2)(3), of $149.3 million, yielding an EBITDA margin of 24.4
percent
- Total operating revenue was $611.5 million, up 32.6% percent year over
three-year
-
- TRASM of 14.03 cents, the highest
quarterly TRASM in company history, up 21.3 percent year over
three-year on scheduled service capacity increases of 11.9
percent
- Load factor of 85.3 percent, a 3.2 percentage point
increase from the fourth quarter of 2019
- December load factor of 84.7 percent, the highest December
since 2014
- Total average fare of $151.08, up 22.6 percent from the fourth quarter
of 2019
-
- Total average ancillary of $72.94, up 25.9 percent from 2019, driven
predominantly by strength in bundled ancillary and the Allways
Allegiant World Mastercard
- Acquired over 35 thousand new Allways Allegiant World
Mastercard holders during the quarter
- Operating CASM, excluding fuel, 2022 employee recognition
bonus, and Sunseeker special charges (1)(2)(3), of
7.56 cents, up 12.2 percent when
compared with the fourth quarter of 2019
Full-Year 2022 Results
- Income before income tax (1)(2)(3) of
$74.0 million, excluding 2022
recognition bonus and Sunseeker special charges, yielding a 3.2
percent pre-tax margin
- Total operating revenue of $2.3
billion, up 25.0 percent year over three-year, on a
total system capacity increase of 13.9 percent
-
- Full-year TRASM was 12.50
cents, up 10.8 percent year over three-year on scheduled
services capacity increases of 15.2 percent
- Acquired over 150 thousand new Allegiant World Mastercard®
holders during the year, with over 410 thousand active cardholders
at year end
-
- Full-year total remuneration of over $100 million
- Added over 2 million Allegiant Allways Rewards® members
throughout 2022, with more than 15 million total members at year
end
- Operating CASM, excluding fuel, 2022 employee recognition
bonus, and Sunseeker special charges (1)(2)(3), of
7.20 cents, up 11.1 percent as
compared with full-year 2019
- Published the company's inaugural sustainability report
(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 and for calculation of
per share figures
|
(3)
|
Adjusted to exclude
estimated loss from property damage to Sunseeker Resort related to
Hurricane Ian and two subsequent insurance events that occurred
during the quarter, offset by insurance recoveries recorded to
date. The amount of the losses will continue to be offset in future
periods by amounts to be recovered under the company's insurance
policies. In 2023, we expect to receive insurance proceeds
approximating the losses accrued to date
|
Balance Sheet, Cash and Liquidity
- Total available liquidity at December 31, 2022 of $1.4
billion, which includes $1.0
billion in cash and investments, and $395 million in undrawn revolving credit
facilities and PDP facilities
- Board of directors increased share repurchase authority
to up to $100 million total
-
- Repurchased 378 thousand shares during the fourth quarter at an
average share price of $78.94
- $303.1 million in cash from
operations during 2022
- Total debt at December 31, 2022
was $2.1 billion
-
- Net debt at December 31, 2022 was
$1.1 billion
- Debt principal payments of $165.7
million during 2022, which excludes $535.9 million related to refinancing the Term
Loan B in August of 2022
- Air traffic liability at December
31, 2022 was $379.5
million
Airline Capital Expenditures
- Fourth quarter capital expenditures of $51 million, which includes $22 million for aircraft purchases and
inductions, pre-delivery deposits, and other related costs, and
$29 million in other airline capital
expenditures
-
- Fourth quarter deferred heavy maintenance spend was
$23 million
- Full-year 2022 capital expenditures are $283 million, which includes $164 million for aircraft purchases and
inductions, pre-delivery deposits, and other related costs, and
$119 million in other airline capital
expenditures
-
- Full-year 2022 deferred heavy maintenance spend was
$55 million
Sunseeker Resort Charlotte Harbor
- Total project spend excluding capitalized interest as of
December 31, 2022 was $467 million with $279
million funded by debt and the remaining $188 million funded by Allegiant
-
- Fourth quarter capital expenditures were $44 million relating to Sunseeker Resort
Charlotte Harbor, $8 million related
to capitalized interest and $8
million related to other Sunseeker capital expenditures
- Recorded an additional $17
million special charge during the quarter related to
estimated property damages at Sunseeker Resort resulting from
Hurricane Ian and two subsequent events that occurred on the
property during the fourth quarter
-
- The special charge was offset by $18
million in insurance recoveries recorded
Guidance, subject to
revision
|
|
|
|
|
|
|
Full-year 2023
guidance
|
|
|
|
|
|
|
|
System ASMs - year over
year change
|
|
|
2 to 6%
|
Scheduled service
ASMs - year over year change
|
|
|
2 to 6%
|
|
|
|
|
Fuel cost per
gallon
|
|
|
$
3.60
|
Available seat miles
(ASMs)/gallon
|
|
|
~84
|
Depreciation expense
(millions)
|
|
|
$230 to
$240
|
Interest expense
(millions)
|
|
|
$150 to
$160
|
Capitalized interest
(1) (millions)
|
|
|
($40) to
($50)
|
Interest income
(millions)
|
|
|
$30 - $40
|
Earnings per share -
airline only(2)
|
|
|
$5.00 -
$9.00
|
|
|
|
|
Airline
CAPEX
|
|
|
|
Aircraft, engines,
induction costs, and pre-delivery deposits (millions)
(3)
|
|
|
$550 to
$570
|
Capitalized deferred
heavy maintenance (millions)
|
|
|
$50 to $60
|
Other airline capital
expenditures (millions)
|
|
|
$130 to
$150
|
|
|
|
|
Recurring principal
payments (millions)
|
|
|
$175 to
$185
|
|
|
|
|
Sunseeker Resort
Charlotte Harbor Project (millions)
|
|
|
|
Total projected
project spend (4)
|
|
|
$618
|
Allegiant
contributions through December 31, 2022
|
|
|
$188
|
Allegiant
contributions remaining to be spent
|
|
|
$80
|
Project spend funded
by debt through December 31, 2022
|
|
|
$279
|
Remaining project
spend expected to be funded by debt
|
|
|
$71
|
|
|
(1)
|
Includes
capitalized interest related to Sunseeker as well as pre-delivery
deposits on new aircraft
|
(2)
|
Earnings per
share calculation is airline only and assumes pilot and flight
attendant agreements are implemented mid-year resulting in an
increase in pilot and flight attendant salaries and benefits.
Actual results will differ based on economic terms agreed upon and
the timing of an agreement. These differences may be
material
|
(3)
|
Excludes
capitalized interest related to pre-delivery deposits on new
aircraft
|
(4)
|
Excludes
amounts to remediate physical damage to the property resulting from
Hurricane Ian, or other subsequent insurance events that occurred
throughout the quarter
|
Aircraft Fleet Plan by End of Period
Aircraft - (seats
per AC)
|
YE22
|
1Q23
|
2Q23
|
3Q23
|
YE23
|
A319 (156
seats)
|
35
|
35
|
35
|
35
|
35
|
A320 (177
seats)
|
21
|
19
|
19
|
19
|
19
|
A320 (180-186
seats)
|
65
|
70
|
72
|
73
|
73
|
Total
|
121
|
124
|
126
|
127
|
127
|
The table above is provided based on the company's current
plans and is subject to change. The numbers exclude aircraft
expected to be delivered during 2023 for revenue service beginning
in 2024
Allegiant Travel Company will host a conference call with
analysts at 4:30 p.m. ET Wednesday, February
1, 2023 to discuss its fourth quarter and full-year 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 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 cost of fuel, the timing of aircraft acquisitions
and retirements, the number of contracted aircraft to be placed in
service in the future, our ability to consummate announced aircraft
transactions, the 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, 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
December 31,
|
|
Percent
Change
|
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
OPERATING
REVENUES:
|
|
|
|
|
|
|
|
|
|
Passenger
|
$
564,721
|
|
$
454,199
|
|
$
416,976
|
|
24.3 %
|
|
35.4 %
|
Third party
products
|
23,560
|
|
25,323
|
|
16,456
|
|
(7.0)
|
|
43.2
|
Fixed fee
contracts
|
22,751
|
|
17,241
|
|
22,199
|
|
32.0
|
|
2.5
|
Other
|
517
|
|
121
|
|
5,443
|
|
327.3
|
|
(90.5)
|
Total operating
revenues
|
611,549
|
|
496,884
|
|
461,074
|
|
23.1
|
|
32.6
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel
|
185,203
|
|
129,560
|
|
103,574
|
|
42.9
|
|
78.8
|
Salaries and
benefits
|
141,386
|
|
118,918
|
|
109,859
|
|
18.9
|
|
28.7
|
Station
operations
|
56,214
|
|
72,100
|
|
43,063
|
|
(22.0)
|
|
30.5
|
Depreciation and
amortization
|
51,924
|
|
46,941
|
|
41,740
|
|
10.6
|
|
24.4
|
Maintenance and
repairs
|
26,694
|
|
29,524
|
|
23,243
|
|
(9.6)
|
|
14.8
|
Sales and
marketing
|
25,216
|
|
21,454
|
|
19,853
|
|
17.5
|
|
27.0
|
Aircraft lease
rental
|
6,132
|
|
5,735
|
|
—
|
|
6.9
|
|
NM
|
Other
|
30,395
|
|
28,246
|
|
27,090
|
|
7.6
|
|
12.2
|
Special
charges
|
(814)
|
|
11,074
|
|
—
|
|
NM
|
|
NM
|
Total operating
expenses
|
522,350
|
|
463,552
|
|
368,422
|
|
12.7
|
|
41.8
|
OPERATING
INCOME
|
89,199
|
|
33,332
|
|
92,652
|
|
167.6
|
|
(3.7)
|
OTHER (INCOME)
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
37,181
|
|
18,300
|
|
18,270
|
|
103.2
|
|
103.5
|
Interest
income
|
(8,560)
|
|
(476)
|
|
(2,485)
|
|
NM
|
|
244.5
|
Capitalized
interest
|
(5,046)
|
|
—
|
|
(1,028)
|
|
NM
|
|
390.9
|
Other, net
|
(226)
|
|
361
|
|
(740)
|
|
NM
|
|
NM
|
Total other
expenses
|
23,349
|
|
18,185
|
|
14,017
|
|
28.4
|
|
66.6
|
INCOME BEFORE INCOME
TAXES
|
65,850
|
|
15,147
|
|
78,635
|
|
334.7
|
|
(16.3)
|
INCOME TAX
PROVISION
|
13,376
|
|
4,444
|
|
18,113
|
|
201.0
|
|
(26.2)
|
NET INCOME
|
$
52,474
|
|
$
10,703
|
|
$
60,522
|
|
390.3
|
|
(13.3)
|
Earnings per share to
common shareholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
$2.87
|
|
$0.59
|
|
$3.72
|
|
386.4
|
|
(22.8)
|
Diluted
|
$2.87
|
|
$0.59
|
|
$3.72
|
|
386.4
|
|
(22.8)
|
Weighted average shares
outstanding used in
computing earnings per share attributable to common
shareholders(1):
|
|
|
|
|
|
|
|
|
|
Basic
|
17,880
|
|
17,827
|
|
16,000
|
|
0.3
|
|
11.8
|
Diluted
|
17,910
|
|
17,835
|
|
16,006
|
|
0.4
|
|
11.9
|
|
|
(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
Statistics
|
(Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Percent
Change(1)
|
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
Total system
statistics:
|
|
|
|
|
|
|
|
|
|
Passengers
|
3,962,466
|
|
3,731,034
|
|
3,585,966
|
|
6.2 %
|
|
10.5 %
|
Available seat miles
(ASMs) (thousands)
|
4,358,220
|
|
4,440,839
|
|
3,928,536
|
|
(1.9)
|
|
10.9
|
Operating expense per
ASM (CASM) (cents)(2)
|
11.99 ¢
|
|
10.44 ¢
|
|
9.38 ¢
|
|
14.8
|
|
27.8
|
Fuel expense per ASM
(cents)
|
4.25 ¢
|
|
2.92 ¢
|
|
2.64 ¢
|
|
45.5
|
|
61.0
|
Operating CASM,
excluding fuel and Sunseeker
special charges (cents)(2)
|
7.76 ¢
|
|
7.52 ¢
|
|
6.74 ¢
|
|
3.2
|
|
15.1
|
ASMs per gallon of
fuel
|
84.6
|
|
85.0
|
|
82.8
|
|
(0.5)
|
|
2.2
|
Departures
|
28,005
|
|
29,193
|
|
27,088
|
|
(4.1)
|
|
3.4
|
Block hours
|
66,389
|
|
67,047
|
|
60,684
|
|
(1.0)
|
|
9.4
|
Average stage length
(miles)
|
881
|
|
865
|
|
846
|
|
1.8
|
|
4.1
|
Average number of
operating aircraft during period
|
118.6
|
|
107.1
|
|
90.1
|
|
10.7
|
|
31.6
|
Average block hours
per aircraft per day
|
6.1
|
|
6.8
|
|
7.3
|
|
(10.3)
|
|
(16.4)
|
Full-time equivalent
employees at end of period
|
5,315
|
|
4,458
|
|
4,363
|
|
19.2
|
|
21.8
|
Fuel gallons consumed
(thousands)
|
51,536
|
|
52,224
|
|
47,461
|
|
(1.3)
|
|
8.6
|
Average fuel cost per
gallon
|
$
3.59
|
|
$
2.48
|
|
$
2.18
|
|
44.8
|
|
64.7
|
Scheduled service
statistics:
|
|
|
|
|
|
|
|
|
|
Passengers
|
3,893,870
|
|
3,671,032
|
|
3,516,263
|
|
6.1
|
|
10.7
|
Revenue passenger
miles (RPMs) (thousands)
|
3,578,134
|
|
3,306,563
|
|
3,073,055
|
|
8.2
|
|
16.4
|
Available seat miles
(ASMs) (thousands)
|
4,192,352
|
|
4,288,133
|
|
3,745,031
|
|
(2.2)
|
|
11.9
|
Load factor
|
85.3 %
|
|
77.1 %
|
|
82.1 %
|
|
8.2
|
|
3.2
|
Departures
|
26,591
|
|
27,818
|
|
25,541
|
|
(4.4)
|
|
4.1
|
Block hours
|
63,648
|
|
64,510
|
|
57,687
|
|
(1.3)
|
|
10.3
|
Average seats per
departure
|
176.0
|
|
175.2
|
|
171.2
|
|
0.5
|
|
2.8
|
Yield (cents)
(3)
|
8.50 ¢
|
|
6.80 ¢
|
|
7.48 ¢
|
|
25.0
|
|
13.6
|
Total passenger
revenue per ASM (TRASM)
(cents)(4)
|
14.03 ¢
|
|
11.18 ¢
|
|
11.57 ¢
|
|
25.5
|
|
21.3
|
Average fare -
scheduled service(5)
|
$
78.14
|
|
$
61.24
|
|
$
65.35
|
|
27.6
|
|
19.6
|
Average fare -
air-related charges(5)
|
$
66.89
|
|
$
62.48
|
|
$
53.24
|
|
7.1
|
|
25.6
|
Average fare - third
party products
|
$
6.05
|
|
$
6.90
|
|
$
4.68
|
|
(12.3)
|
|
29.3
|
Average fare -
total
|
$ 151.08
|
|
$ 130.62
|
|
$ 123.26
|
|
15.7
|
|
22.6
|
Average stage length
(miles)
|
893
|
|
876
|
|
856
|
|
1.9
|
|
4.3
|
Fuel gallons consumed
(thousands)
|
49,533
|
|
50,313
|
|
45,163
|
|
(1.6)
|
|
9.7
|
Average fuel cost per
gallon
|
$
3.58
|
|
$
2.48
|
|
$
2.18
|
|
44.4
|
|
64.2
|
Percent of sales
through website during period
|
95.7 %
|
|
95.6 %
|
|
93.1 %
|
|
0.1
|
|
2.6
|
Other
data:
|
|
|
|
|
|
|
|
|
|
Rental car days
sold
|
286,129
|
|
314,372
|
|
426,428
|
|
(9.0)
|
|
(32.9)
|
Hotel room nights
sold
|
60,520
|
|
65,623
|
|
96,396
|
|
(7.8)
|
|
(37.2)
|
|
|
(1)
|
Except load factor
and percent of sales through website, which is percentage point
change
|
(2)
|
2021 operating CASM
includes the benefit from the government payroll support
programs
|
(3)
|
Defined as scheduled
service revenue divided by revenue passenger miles
|
(4)
|
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
|
(5)
|
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
|
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
OPERATING
REVENUES:
|
|
|
|
|
|
|
|
|
|
Passenger
|
$
2,137,762
|
|
$
1,578,436
|
|
$
1,682,955
|
|
35.4 %
|
|
27.0 %
|
Third party
products
|
100,959
|
|
86,487
|
|
70,012
|
|
16.7
|
|
44.2
|
Fixed fee
contracts
|
60,937
|
|
41,184
|
|
65,057
|
|
48.0
|
|
(6.3)
|
Other
|
2,171
|
|
1,803
|
|
22,941
|
|
20.4
|
|
(90.5)
|
Total
operating revenues
|
2,301,829
|
|
1,707,910
|
|
1,840,965
|
|
34.8
|
|
25.0
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel
|
814,803
|
|
440,235
|
|
427,827
|
|
85.1
|
|
90.5
|
Salaries and
benefits
|
552,413
|
|
484,573
|
|
450,448
|
|
14.0
|
|
22.6
|
Station
operations
|
255,168
|
|
243,346
|
|
171,420
|
|
4.9
|
|
48.9
|
Depreciation and
amortization
|
197,542
|
|
181,035
|
|
155,852
|
|
9.1
|
|
26.7
|
Maintenance and
repairs
|
117,814
|
|
105,943
|
|
91,713
|
|
11.2
|
|
28.5
|
Sales and
marketing
|
100,678
|
|
72,742
|
|
78,910
|
|
38.4
|
|
27.6
|
Aircraft lease
rental
|
23,621
|
|
21,242
|
|
—
|
|
11.2
|
|
NM
|
Other
|
113,532
|
|
83,902
|
|
100,845
|
|
35.3
|
|
12.6
|
Payroll Support
Programs grant recognition
|
—
|
|
(202,181)
|
|
—
|
|
NM
|
|
NM
|
Special
charges
|
34,612
|
|
13,998
|
|
—
|
|
NM
|
|
NM
|
Total
operating expenses
|
2,210,183
|
|
1,444,835
|
|
1,477,015
|
|
53.0
|
|
49.6
|
OPERATING
INCOME
|
91,646
|
|
263,075
|
|
363,950
|
|
(65.2)
|
|
(74.8)
|
OTHER (INCOME)
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
115,711
|
|
68,474
|
|
80,478
|
|
69.0
|
|
43.8
|
Interest
income
|
(16,469)
|
|
(1,814)
|
|
(12,523)
|
|
807.9
|
|
31.5
|
Capitalized
interest
|
(12,640)
|
|
—
|
|
(4,472)
|
|
NM
|
|
182.6
|
Other, net
|
91
|
|
(205)
|
|
(780)
|
|
(144.4)
|
|
(111.7)
|
Total
other expenses
|
86,693
|
|
66,455
|
|
62,703
|
|
30.5
|
|
38.3
|
INCOME BEFORE INCOME
TAXES
|
4,953
|
|
196,620
|
|
301,247
|
|
(97.5)
|
|
(98.4)
|
INCOME TAX
PROVISION
|
2,460
|
|
44,767
|
|
69,130
|
|
(94.5)
|
|
(98.9)
|
NET INCOME
|
$
2,493
|
|
$ 151,853
|
|
$ 232,117
|
|
(98.4)
|
|
(98.9)
|
Earnings per share to
common shareholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
$0.14
|
|
$8.69
|
|
$14.27
|
|
(98.4)
|
|
(99.0)
|
Diluted
|
$0.14
|
|
$8.68
|
|
$14.26
|
|
(98.4)
|
|
(99.0)
|
Weighted average shares
outstanding used in
computing earnings per share attributable to common
shareholders(1):
|
|
|
|
|
|
|
|
|
|
Basic
|
17,959
|
|
17,212
|
|
16,027
|
|
4.3
|
|
12.1
|
Diluted
|
18,034
|
|
17,231
|
|
16,041
|
|
4.7
|
|
12.4
|
|
|
(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)
|
|
|
Twelve Months Ended
December 31,
|
|
Percent
Change(1)
|
|
2022
|
|
2021
|
|
2019
|
|
YoY
|
|
Yo3Y
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
Total system
statistics:
|
|
|
|
|
|
|
|
|
|
Passengers
|
16,796,544
|
|
13,637,405
|
|
15,012,149
|
|
23.2 %
|
|
11.9 %
|
Available seat miles
(ASMs) (thousands)
|
18,419,045
|
|
17,490,571
|
|
16,174,240
|
|
5.3
|
|
13.9
|
Operating expense per
ASM (CASM) (cents)(2)
|
12.00¢
|
|
8.26¢
|
|
9.13¢
|
|
45.3
|
|
31.4
|
Fuel expense per ASM
(cents)
|
4.42¢
|
|
2.52¢
|
|
2.65¢
|
|
75.4
|
|
66.8
|
Operating CASM,
excluding fuel and Sunseeker
special charges (cents)(2)
|
7.40¢
|
|
5.74¢
|
|
6.48¢
|
|
28.9
|
|
14.2
|
ASMs per gallon of
fuel
|
84.3
|
|
85.4
|
|
82.3
|
|
(1.3)
|
|
2.4
|
Departures
|
118,069
|
|
117,047
|
|
110,542
|
|
0.9
|
|
6.8
|
Block hours
|
278,792
|
|
264,628
|
|
248,513
|
|
5.4
|
|
12.2
|
Average stage length
(miles)
|
884
|
|
856
|
|
855
|
|
3.3
|
|
3.4
|
Average number of
operating aircraft during period
|
114.2
|
|
103.0
|
|
85.6
|
|
10.9
|
|
33.4
|
Average block hours
per aircraft per day
|
6.7
|
|
7.0
|
|
8.0
|
|
(4.3)
|
|
(16.3)
|
Full-time equivalent
employees at end of period
|
5,315
|
|
4,458
|
|
4,363
|
|
19.2
|
|
21.8
|
Fuel gallons consumed
(thousands)
|
218,606
|
|
204,689
|
|
196,442
|
|
6.8
|
|
11.3
|
Average fuel cost per
gallon
|
$
3.73
|
|
$
2.15
|
|
$
2.18
|
|
73.5
|
|
71.1
|
Scheduled service
statistics:
|
|
|
|
|
|
|
|
|
|
Passengers
|
16,630,138
|
|
13,509,544
|
|
14,823,267
|
|
23.1
|
|
12.2
|
Revenue passenger
miles (RPMs) (thousands)
|
15,224,346
|
|
11,963,715
|
|
13,038,003
|
|
27.3
|
|
16.8
|
Available seat miles
(ASMs) (thousands)
|
17,909,190
|
|
17,027,902
|
|
15,545,818
|
|
5.2
|
|
15.2
|
Load factor
|
85.0 %
|
|
70.3 %
|
|
83.9 %
|
|
14.7
|
|
1.1
|
Departures
|
114,066
|
|
113,121
|
|
105,690
|
|
0.8
|
|
7.9
|
Block hours
|
270,516
|
|
256,991
|
|
238,361
|
|
5.3
|
|
13.5
|
Average seats per
departure
|
175.7
|
|
174.2
|
|
171.1
|
|
0.9
|
|
2.7
|
Yield (cents)
(3)
|
7.31¢
|
|
6.61¢
|
|
7.00¢
|
|
10.6
|
|
4.4
|
Total passenger
revenue per ASM (TRASM) (cents)(4)
|
12.50¢
|
|
9.78¢
|
|
11.28¢
|
|
27.8
|
|
10.8
|
Average fare -
scheduled service(5)
|
$
66.88
|
|
$
58.50
|
|
$
61.58
|
|
14.3
|
|
8.6
|
Average fare -
air-related charges(5)
|
$
61.67
|
|
$
58.33
|
|
$
51.96
|
|
5.7
|
|
18.7
|
Average fare - third
party products
|
$
6.07
|
|
$
6.40
|
|
$
4.72
|
|
(5.2)
|
|
28.6
|
Average fare -
total
|
$ 134.62
|
|
$ 123.24
|
|
$ 118.26
|
|
9.2
|
|
13.8
|
Average stage length
(miles)
|
890
|
|
862
|
|
859
|
|
3.2
|
|
3.6
|
Fuel gallons consumed
(thousands)
|
212,466
|
|
198,891
|
|
188,596
|
|
6.8
|
|
12.7
|
Average fuel cost per
gallon
|
$
3.72
|
|
$
2.13
|
|
$
2.18
|
|
74.6
|
|
70.6
|
Percent of sales
through website during period
|
96.0 %
|
|
94.7 %
|
|
93.3 %
|
|
1.3
|
|
2.7
|
Other
data:
|
|
|
|
|
|
|
|
|
|
Rental car days
sold
|
1,447,708
|
|
1,361,123
|
|
1,921,930
|
|
6.4
|
|
(24.7)
|
Hotel room nights
sold
|
282,854
|
|
261,158
|
|
415,593
|
|
8.3
|
|
(31.9)
|
|
|
(1)
|
Except load factor
and percent of sales through website, which is percentage point
change
|
(2)
|
2021 operating CASM
includes the benefit from the government payroll support
programs
|
(3)
|
Defined as scheduled
service revenue divided by revenue passenger miles
|
(4)
|
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
|
(5)
|
Reflects division of
passenger revenue between scheduled service and air-related charges
in Company's booking path
|
Summary Balance Sheet
Unaudited
(millions)
|
December 31,
2022
(unaudited)
|
|
December 31,
2021
|
|
Percent
Change
|
Unrestricted cash and
investments
|
|
|
|
|
|
Cash and cash
equivalents
|
$
230.0
|
|
$
363.4
|
|
(36.7) %
|
Short-term
investments
|
725.1
|
|
819.5
|
|
(11.5)
|
Long-term
investments
|
63.3
|
|
2.2
|
|
NM
|
Total unrestricted
cash and investments
|
1,018.4
|
|
1,185.1
|
|
(14.1)
|
Debt
|
|
|
|
|
|
Current maturities of
long-term debt and finance lease obligations,
net of related costs
|
152.9
|
|
130.1
|
|
17.5
|
Long-term debt and
finance lease obligations, net of current
maturities and related costs
|
1,944.1
|
|
1,612.5
|
|
20.6
|
Total debt
|
2,097.0
|
|
1,742.6
|
|
20.3
|
Debt, net of
unrestricted cash and investments
|
1,078.6
|
|
557.5
|
|
93.5
|
Total Allegiant Travel
Company shareholders' equity
|
1,220.7
|
|
1,223.6
|
|
(0.2)
|
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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Basic:
|
|
|
|
|
|
|
|
Net income
|
$
52,474
|
|
$
10,703
|
|
$
2,493
|
|
$
151,853
|
Less income allocated
to participating securities
|
(1,125)
|
|
(163)
|
|
(32)
|
|
(2,218)
|
Net income
attributable to common stock
|
$
51,349
|
|
$
10,540
|
|
$
2,461
|
|
$
149,635
|
Earnings per share,
basic
|
$
2.87
|
|
$
0.59
|
|
$
0.14
|
|
$
8.69
|
Weighted-average shares
outstanding
|
17,880
|
|
17,827
|
|
17,959
|
|
17,212
|
Diluted:
|
|
|
|
|
|
|
|
Net income
|
$
52,474
|
|
$
10,703
|
|
$
2,493
|
|
$
151,853
|
Less income allocated
to participating securities
|
(1,123)
|
|
(163)
|
|
(32)
|
|
(2,215)
|
Net income
attributable to common stock
|
$
51,351
|
|
$
10,540
|
|
$
2,461
|
|
$
149,638
|
Earnings per share,
diluted
|
$
2.87
|
|
$
0.59
|
|
$
0.14
|
|
$
8.68
|
Weighted-average shares
outstanding (1)
|
17,880
|
|
17,827
|
|
17,959
|
|
17,212
|
Dilutive effect of
stock options and restricted stock
|
61
|
|
109
|
|
132
|
|
145
|
Adjusted
weighted-average shares outstanding under
treasury stock method
|
17,941
|
|
17,936
|
|
18,091
|
|
17,357
|
Participating
securities excluded under two-class method
|
(31)
|
|
(101)
|
|
(57)
|
|
(126)
|
Adjusted
weighted-average shares outstanding under
two-class method
|
17,910
|
|
17,835
|
|
18,034
|
|
17,231
|
|
|
(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 December 31, 2022
(Unaudited)
Net income excluding the Sunseeker special charges and the
recognition bonus, earnings per share excluding the Sunseeker
special charges and the recognition bonus, and operating income
excluding the Sunseeker special charges and the recognition bonus
all eliminate the effect of a recognition bonus awarded despite not
meeting internal profit-sharing targets as well as the Sunseeker
special charges. As such, these are non-GAAP financial
measures.
EBITDA and EBITDA, excluding recognition bonus and Sunseeker
special charges, 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 Sunseeker special charges 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
Sunseeker special charges, 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 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.
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, net income, and net income per share and a
reconciliation of the non-GAAP measures to the most comparable GAAP
measure. Our utilization of non-GAAP measurements is not meant
to be considered in isolation or as a substitute for operating
income, net income, net income per share, or other measures of
financial performance prepared in accordance with GAAP. Our use of
these non-GAAP measures may not be comparable to similarly titled
measures employed by other companies in the airline and travel
industry. The reconciliation of each of these measures to the most
comparable GAAP measure for the periods is indicated below.
Reconciliation of Non-GAAP Financial Measures
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2022
|
|
2022
|
Reconciliation of
net income excluding Sunseeker special charges
and recognition bonus and earnings per share excluding
Sunseeker
special charges and recognition bonus (millions except share
and
per share numbers)
|
|
|
|
Net Income before
income taxes as reported (GAAP)
|
$
65.9
|
|
$
5.0
|
Recognition
bonus
|
8.9
|
|
35.0
|
Sunseeker special
charges
|
(1.0)
|
|
34.0
|
Income before income
taxes excluding Sunseeker special charges
|
64.9
|
|
39.0
|
Income before income
taxes excluding recognition bonus and Sunseeker
special charges
|
73.8
|
|
74.0
|
Income tax as reported
(GAAP)
|
13.4
|
|
2.5
|
Income tax excluding
Sunseeker special charges
|
13.9
|
|
8.9
|
Income tax excluding
recognition bonus and Sunseeker special charges
|
15.8
|
|
16.9
|
|
|
|
|
Net income excluding
Sunseeker special charges
|
51.0
|
|
30.1
|
Adjusted net (income)
allocated to participating securities excluding
Sunseeker special charges
|
(1.1)
|
|
(0.4)
|
Adjusted net income
attributable to common stock excluding Sunseeker
special charges
|
49.9
|
|
29.7
|
|
|
|
|
Net income excluding
recognition bonus and Sunseeker special charges
|
58.0
|
|
57.1
|
Adjusted net (income)
allocated to participating securities excluding
recognition bonus and Sunseeker special charges
|
(1.2)
|
|
(0.7)
|
Adjusted net income
attributable to common stock excluding recognition
bonus and Sunseeker special charges
|
56.8
|
|
56.4
|
|
|
|
|
Diluted shares as
reported (GAAP) (thousands)
|
17,910
|
|
18,034
|
Diluted earnings per
share as reported (GAAP)
|
2.87
|
|
0.14
|
Diluted earnings per
share excluding Sunseeker special charges
|
2.79
|
|
1.65
|
Diluted earnings per
share excluding recognition bonus and Sunseeker
special charges
|
3.17
|
|
3.13
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
2022
|
|
2022
|
Reconciliation of
CASM and CASM excluding fuel, the Sunseeker s
pecial charges, and recognition bonus (millions, unless
otherwise
noted)
|
|
|
|
Operating expense as
reported (GAAP)
|
$
522.4
|
|
$
2,210.2
|
|
|
|
|
Recognition
bonus
|
(8.9)
|
|
(35.0)
|
Sunseeker special
charges
|
1.0
|
|
(34.0)
|
Operating expense
excluding recognition bonus and Sunseeker special
charges(1)
|
514.5
|
|
2,141.2
|
Fuel expense as
reported
|
(185.2)
|
|
(814.8)
|
Operating expense
excluding fuel, the Sunseeker special charges and recognition bonus
(1)
|
329.3
|
|
1,326.4
|
|
|
|
|
Available seat miles
(ASMs) (thousands)
|
4,358,220
|
|
18,419,045
|
|
|
|
|
Operating expense per
ASM as reported (CASM) (cents)
|
11.99 ¢
|
|
12.00 ¢
|
Operating expense CASM,
excluding recognition bonus and Sunseeker special charges
(cents)
|
11.81 ¢
|
|
11.62 ¢
|
|
|
|
|
Operating CASM,
excluding fuel (cents)
|
7.74 ¢
|
|
7.58 ¢
|
Operating CASM,
excluding fuel, the Sunseeker special charges and recognition
bonus (cents)
|
7.56 ¢
|
|
7.20 ¢
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2022
|
|
2022
|
Reconciliation of
operating income excluding the Sunseeker special
charges and recognition bonus (millions)
|
|
|
|
Operating income
(loss) as reported (GAAP)
|
$
89.2
|
|
$
91.6
|
|
|
|
|
Recognition
bonus
|
8.9
|
|
35.0
|
Sunseeker special
charges
|
(1.0)
|
|
34.0
|
Operating income
excluding recognition bonus and Sunseeker special
charges(1)
|
$
97.1
|
|
$
160.6
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
Twelve Months
Ended December 31,
|
|
2022
|
|
2022
|
Consolidated EBITDA
(millions)
|
|
|
|
Net Income
|
$
52.5
|
|
$
2.5
|
Interest expense,
net
|
23.6
|
|
86.6
|
Income tax
expense
|
13.4
|
|
2.5
|
Depreciation and
amortization
|
51.9
|
|
197.5
|
Consolidated EBITDA
(1)
|
$
141.4
|
|
289.1
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
Twelve Months
Ended December 31,
|
|
2022
|
|
2022
|
Reconciliation of
consolidated EBITDA to EBITDA, excluding
recognition bonus and Sunseeker special charges
(millions)
|
|
|
|
Consolidated EBITDA
(1)
|
$
141.4
|
|
$
289.1
|
Recognition
bonus
|
8.9
|
|
35.0
|
Sunseeker special
charges
|
(1.0)
|
|
34.0
|
EBITDA, excluding
recognition bonus and Sunseeker special charges
(1)
|
$
149.3
|
|
$
358.1
|
|
|
(1)
|
Denotes non-GAAP
figure
|
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SOURCE Allegiant Travel Company