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:

Allegiant Travel Company releases December 2024 traffic report.

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

*   

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:

  1. 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.
  2. 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.
  3. 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 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 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 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 www.sec.gov. 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 Change

2024

2023

YoY

OPERATING REVENUES:




Passenger

$               553,636

$               556,123

(0.4) %

Third party products

32,204

26,693

20.6

Fixed fee contracts

23,541

24,949

(5.6)

Resort and other

18,324

3,237

NM

Total operating revenues

627,705

611,002

2.7

OPERATING EXPENSES:




Salaries and benefits

201,248

188,005

7.0

Aircraft fuel

139,367

175,853

(20.7)

Station operations

65,946

63,696

3.5

Depreciation and amortization

65,128

58,700

11.0

Maintenance and repairs

34,144

28,249

20.9

Sales and marketing

23,074

29,351

(21.4)

Aircraft lease rentals

5,920

5,976

(0.9)

Other

28,728

41,743

(31.2)

Special charges, net of recoveries

328,128

8,817

NM

Total operating expenses

891,683

600,390

48.5

OPERATING INCOME (LOSS)

(263,978)

10,612

NM

OTHER (INCOME) EXPENSES:




Interest income

(10,571)

(12,197)

(13.3)

Interest expense

37,674

40,479

(6.9)

Capitalized interest

(10,668)

(16,183)

(34.1)

Other, net

1,282

306

319.0

Total other expenses

17,717

12,405

42.8

LOSS BEFORE INCOME TAXES

(281,695)

(1,793)

NM

INCOME TAX PROVISION (BENEFIT)

(65,466)

163

NM

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

18,014

17,915

0.6

Diluted

18,014

17,915

0.6

 

(1)  

The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The basic and diluted earnings per share calculations for the periods presented reflect the two-class method mandated by ASC Topic 260, "Earnings Per Share." The two-class method adjusts both the net income and the shares used in the calculation. Application of the two-class method did not have a significant impact on the basic and diluted earnings per share for the periods presented.

NM  

Not meaningful

 

Allegiant Travel Company

Operating 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

 

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SOURCE Allegiant Travel Company

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