0001362468falseLas VegasNV00013624682025-02-042025-02-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549 
_____________________________________________
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 4, 2025
algtheaderq417a17.jpg
Allegiant Travel Company
(Exact name of registrant as specified in its charter)
Nevada001-3316620-4745737
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
1201 North Town Center Drive
Las Vegas, NV
89144
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code:              (702) 851-7300

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $0.001
ALGT
NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as in Rule 405 of the Securities Act of 1933 (Section 17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 17 CFR §240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Section 2    Financial Information

Item 2.02    Results of Operations and Financial Condition.

On February 4, 2025, Allegiant Travel Company (the “Company”) issued the press release attached as Exhibit 99.1 to this Form 8-K concerning our results of operations for the quarter and year ended December 31, 2024.

This information is being furnished under Item 2.02 of Form 8-K. This report and Exhibit 99.1 are deemed to be furnished and are not considered “filed” with the Securities and Exchange Commission. As such, this information shall not be incorporated by reference into any of our reports or other filings made with the Securities and Exchange Commission.

Non-GAAP Financial Measures: The press release contains non-GAAP financial measures as such term is defined in Regulation G under the rules of the Securities and Exchange Commission. While the Company believes these financial measures are useful in evaluating the Company’s performance, this information should be considered to be supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Further, these non-GAAP financial measures may differ from similarly titled measures presented by other companies.

Forward-Looking Statements: Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in the press release filed as Exhibit 99.1 and statements in the 4Q24 Earnings Call Slides furnished as Exhibit 99.2 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, as well as other information concerning future results of operations, business strategies, financing plans, competitive position, 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 regulatory reviews of, and production limits on, The Boeing Company on 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 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 from our markets, 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.

Section 7    Regulation FD

Item 7.01    Regulation FD Disclosure.

We are supplementing our press release with updated information for investors relating to our financial outlook for the first quarter ending March 31, 2025 and full year 2025, and other information regarding our business. The update is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

The information in Section 7 of this Current Report on Form 8-K and Exhibit 99.2 filed herewith is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934


or otherwise subject to the liabilities of that Section. As such, this information shall not be incorporated by reference into any of the Company’s reports or other filings made with the Securities and Exchange Commission.

Section 9    Financial Statements and Exhibits

Item 9.01    Financial Statements and Exhibits.

a.Not applicable.
b.Not applicable.
c.Not applicable.
d.Exhibits



SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, Allegiant Travel Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Date: February 4, 2025ALLEGIANT TRAVEL COMPANY 
    
    
By:/s/ Robert J. Neal
Name:Robert J. Neal
 Title:Senior Vice President and Chief Financial Officer 

 

 




EXHIBIT INDEX



Exhibit 99.1
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ALLEGIANT TRAVEL COMPANY
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL RESULTS


Fourth quarter 2024 GAAP diluted loss per share of $(12.00)
Fourth quarter 2024 adjusted airline-only diluted earnings per share of $3.00(1)(3)(4)
Fourth quarter 2024 adjusted diluted earnings per share of $2.10(1)(3)(4)

Full-year 2024 GAAP diluted loss per share of $(13.49)
Full-year 2024 adjusted airline-only diluted earnings per share of $5.84(1)(3)(4)
Full-year 2024 adjusted diluted earnings per share of $2.48(1)(3)(4)

*GAAP numbers include a one-time impairment charge in the estimated amount of $322M related to Sunseeker Resort*

LAS VEGAS. February 4, 2025 — 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:

ConsolidatedThree Months Ended December 31,Percent Change
(unaudited) (in millions, except per share amounts)20242023YoY
Total operating revenue$627.7 $611.0 2.7 %
Total operating expense891.7 600.4 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 %


1

Airline onlyThree Months Ended December 31,
Percent Change(2)
(unaudited) (in millions, except per share amounts)20242023YoY
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 %

ConsolidatedTwelve Months Ended December 31,Percent Change
(unaudited) (in millions, except per share amounts)20242023YoY
Total operating revenue$2,512.6 $2,509.9 0.1 %
Total operating expense2,752.6 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 onlyTwelve Months Ended December 31,
Percent Change(2)
(unaudited) (in millions, except per share amounts)20242023YoY
Airline operating revenue$2,440.8 $2,507.0 (2.6)%
Airline operating expense2,298.6 2,255.5 1.9 %
Airline operating income142.2 251.5 (43.5)%
Airline income before income taxes94.3 188.1 (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
2


"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.”

3

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.

4

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.


5


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 margin8.0% 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 rate24 %
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
6



(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)4Q241Q252Q253Q254Q25
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 
Total125 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.
7

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:
8

Allegiant Travel Company
Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
 Three Months Ended December 31,Percent Change
 20242023YoY
OPERATING REVENUES:  
Passenger$553,636 $556,123 (0.4)%
Third party products32,204 26,693 20.6 
Fixed fee contracts23,541 24,949 (5.6)
Resort and other18,324 3,237 NM
Total operating revenues627,705 611,002 2.7 
OPERATING EXPENSES:
Salaries and benefits201,248 188,005 7.0 
Aircraft fuel139,367 175,853 (20.7)
Station operations65,946 63,696 3.5 
Depreciation and amortization65,128 58,700 11.0 
Maintenance and repairs34,144 28,249 20.9 
Sales and marketing23,074 29,351 (21.4)
Aircraft lease rentals5,920 5,976 (0.9)
Other28,728 41,743 (31.2)
Special charges, net of recoveries328,128 8,817 NM
Total operating expenses891,683 600,390 48.5 
OPERATING INCOME (LOSS)(263,978)10,612 NM
OTHER (INCOME) EXPENSES:
Interest income (10,571)(12,197)(13.3)
Interest expense37,674 40,479 (6.9)
Capitalized interest(10,668)(16,183)(34.1)
Other, net1,282 306 319.0
Total other expenses17,717 12,405 42.8 
LOSS BEFORE INCOME TAXES(281,695)(1,793)NM
INCOME TAX PROVISION (BENEFIT)(65,466)163 NM
NET LOSS$(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):
  
Basic18,014 17,915 0.6 
Diluted18,014 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

9

Allegiant Travel Company
Operating Revenues and Expenses by Segment
(in thousands)
(Unaudited)

 Three Months Ended December 31, 2024Three Months Ended December 31, 2023
 AirlineSunseekerConsolidatedAirlineSunseekerConsolidated
OPERATING REVENUES:  
Passenger$553,636 $— $553,636 $556,123 $— $556,123 
Third party products32,204 — 32,204 26,693 — 26,693 
Fixed fee contracts23,541 — 23,541 24,949 — 24,949 
Resort and other342 17,982 18,324 356 2,881 3,237 
Total operating revenues609,723 17,982 627,705 608,121 2,881 611,002 
OPERATING EXPENSES:
Salaries and benefits189,892 11,356 201,248 180,254 7,751 188,005 
Aircraft fuel139,367 — 139,367 175,853 — 175,853 
Station operations65,946 — 65,946 63,696 — 63,696 
Depreciation and amortization58,552 6,576 65,128 56,718 1,982 58,700 
Maintenance and repairs34,144 — 34,144 28,249 — 28,249 
Sales and marketing21,104 1,970 23,074 24,459 4,892 29,351 
Aircraft lease rentals5,920 — 5,920 5,976 — 5,976 
Other14,076 14,652 28,728 32,479 9,264 41,743 
Special charges, net of recoveries2,668 325,460 328,128 19,862 (11,045)8,817 
Total operating expenses531,669 360,014 891,683 587,546 12,844 600,390 
OPERATING INCOME (LOSS)78,054 (342,032)(263,978)20,575 (9,963)10,612 

10

Allegiant Travel Company
Airline Operating Statistics
(Unaudited) 
Three Months Ended December 31,
Percent Change(1)
20242023YoY
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)
Departures30,219 29,733 1.6 
Block hours71,563 69,737 2.6 
Average stage length (miles)889 876 1.5 
Average number of operating aircraft during period123.5 126.7 (2.5)
Average block hours per aircraft per day6.3 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 fuel84.2 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 factor80.2 %83.3 %(3.1)
Departures28,617 28,244 1.3 
Block hours68,407 66,845 2.3 
Average seats per departure174.6 176.6 (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 period92.4 %97.5 %(5.1)
Other data:
Rental car days sold255,350 296,227 (13.8)
Hotel room nights sold27,854 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.
11

Allegiant Travel Company
Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
 Twelve Months Ended December 31,Percent Change
 20242023YoY
OPERATING REVENUES:  
Passenger$2,217,059 $2,324,397 (4.6)%
Third party products142,128 112,579 26.2 
Fixed fee contracts80,660 68,548 17.7 
Resort and other72,742 4,333 NM
   Total operating revenues2,512,589 2,509,857 0.1 
OPERATING EXPENSES:
Salaries and benefits819,843 687,803 19.2 
Aircraft fuel627,755 695,871 (9.8)
Station operations272,843 256,560 6.3 
Depreciation and amortization258,251 223,130 15.7 
Maintenance and repairs125,430 123,802 1.3 
Sales and marketing106,340 114,616 (7.2)
Aircraft lease rentals23,573 24,948 (5.5)
Other150,399 133,501 12.7 
Special charges, net of recoveries368,131 28,645 NM
   Total operating expenses2,752,565 2,288,876 20.3 
OPERATING INCOME (LOSS)(239,976)220,981 NM
OTHER (INCOME) EXPENSES:
Interest income(44,012)(46,615)(5.6)
Interest expense156,443 153,186 2.1 
Capitalized interest(45,385)(45,132)0.6 
Other, net1,428 491 190.8
   Total other expenses68,474 61,930 10.6 
INCOME (LOSS) BEFORE INCOME TAXES(308,450)159,051 NM
INCOME TAX PROVISION (BENEFIT)(68,212)41,455 NM
NET INCOME (LOSS)$(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):
  
Basic17,852 17,945 (0.5)
Diluted17,852 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

12

Allegiant Travel Company
Operating Revenues and Expenses by Segment
(in thousands)
(Unaudited)

 Twelve Months Ended December 31, 2024Twelve Months Ended December 31, 2023
 AirlineSunseekerConsolidatedAirlineSunseekerConsolidated
OPERATING REVENUES:  
Passenger$2,217,059 $— $2,217,059 $2,324,397 $— $2,324,397 
Third party products142,128 — 142,128 112,579 — 112,579 
Fixed fee contracts80,660 — 80,660 68,548 — 68,548 
Resort and other992 71,750 72,742 1,452 2,881 4,333 
Total operating revenues2,440,839 71,750 2,512,589 2,506,976 2,881 2,509,857 
OPERATING EXPENSES:
Salaries and benefits770,667 49,176 819,843 672,459 15,344 687,803 
Aircraft fuel627,755 — 627,755 695,871 — 695,871 
Station operations272,843 — 272,843 256,560 — 256,560 
Depreciation and amortization231,789 26,462 258,251 220,915 2,215 223,130 
Maintenance and repairs125,430 — 125,430 123,802 — 123,802 
Sales and marketing99,269 7,071 106,340 108,453 6,163 114,616 
Aircraft lease rentals23,573 — 23,573 24,948 — 24,948 
Other102,007 48,392 150,399 117,400 16,101 133,501 
Special charges, net of recoveries45,307 322,824 368,131 35,091 (6,446)28,645 
Total operating expenses2,298,640 453,925 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 

13

Allegiant Travel Company
Airline Operating Statistics
(Unaudited) 
 Twelve Months Ended December 31,
Percent Change(1)
20242023YoY
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 
Departures121,580 120,525 0.9 
Block hours288,407 285,453 1.0
Average stage length (miles)887 882 0.6 
Average number of operating aircraft during period124.7 125.2 (0.4)
Average block hours per aircraft per day6.3 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 fuel83.5 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 factor83.6 %85.9 %(2.3)
Departures116,441 116,044 0.3 
Block hours277,626 276,313 0.5 
Average seats per departure176.0 176.3 (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 period93.6 %95.8 %(2.2)
Other data:
Rental car days sold1,306,775 1,377,710 (5.1)
Hotel room nights sold196,605 249,933 (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.
14

Summary Balance Sheet
Unaudited (millions)
December 31, 2024
(unaudited)		December 31, 2023Percent Change
Unrestricted cash and investments
Cash and cash equivalents$285.9 $143.3 99.5 %
Short-term investments495.2 671.4 (26.2)
Long-term investments51.7 56.0 (7.7)
Total unrestricted cash and investments832.8 870.7 (4.4)
Debt
Current maturities of long-term debt and finance lease obligations, net of related costs454.8 439.9 3.4 
Long-term debt and finance lease obligations, net of current maturities and related costs1,611.7 1,819.7 (11.4)
Total debt2,066.5 2,259.6 (8.5)
Debt, net of unrestricted cash and investments1,233.7 1,388.9 (11.2)
Total Allegiant Travel Company shareholders’ equity1,089.4 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,
2024202320242023
Basic:  
Net income (loss)$(216,229)$(1,956)$(240,238)$117,596 
Less income allocated to participating securities— (348)(618)(4,188)
Net income (loss) attributable to common stock$(216,229)$(2,304)$(240,856)$113,408 
Earnings (loss) per share, basic$(12.00)$(0.13)$(13.49)$6.32 
Weighted-average shares outstanding18,014 17,915 17,852 17,945 
Diluted:  
Net income (loss)$(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 method18,014 17,915 17,852 18,194 
Participating securities excluded under two-class method— — — (175)
Adjusted weighted-average shares outstanding under two-class method18,014 17,915 17,852 18,019 

(1)Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material.
15

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.
16

Reconciliation of Non-GAAP Financial Measures

Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Special Charges (millions)
Accelerated depreciation on airframes identified for early retirement$2.7 $19.9 $31.1 $35.1 
Flight attendant ratification bonus— — 10.8 — 
Organizational restructuring— — 3.4 — 
Airline special charges(2)
2.7 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 recoveries328.1 8.8 368.1 28.6 

Three Months Ended December 31, 2024
ConsolidatedAirlineSunseeker
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 $— $18.0 
Total operating expenses891.7 (328.1)563.6 531.7 (2.7)529.0 360.0 (325.5)34.6 
Operating income (loss)$(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 NMNM
Other non-operating expenses$1.3 $(1.2)$0.1 $1.3 $(1.2)$0.1 — — 

Three Months Ended December 31, 2023
ConsolidatedAirlineSunseeker
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 expenses600.4 (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 NMNM
Other non-operating expenses$0.3 $— $0.3 $0.3 $— $0.3 $— $— $— 

17

Twelve Months Ended December 31, 2024
ConsolidatedAirlineSunseeker
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 $— $71.8 
Total operating expenses2,752.6 (368.1)2,384.4 2,298.6 (45.3)2,253.3 453.9 (322.8)131.1 
Operating income (loss)$(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
ConsolidatedAirlineSunseeker
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 expenses2,288.9 (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 NMNM
Other non-operating expenses$0.5 $— $0.5 $0.5 $— $0.5 $— $— $— 


18

Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Consolidated EBITDA and adjusted consolidated EBITDA (millions)
Net income (loss) as reported (GAAP)$(216.2)$(2.0)$(240.2)$117.6 
Interest expense, net16.4 12.1 67.0 61.4 
Income tax expense (benefit)(65.5)0.2 (68.2)41.5 
Depreciation and amortization65.1 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 taxes346.6 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, net11.9 14.0 46.5 62.9 
Airline depreciation and amortization58.6 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,
2024202320242023
Reconciliation of adjusted consolidated net income (loss) and adjusted diluted earnings per share (millions except share and per share amounts)
Net income (loss) as reported (GAAP)$(216.2)$(2.0)(240.2)117.6 
Plus: special charges(2)(3)
328.1 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 expense8.7 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 

19

Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Reconciliation of adjusted airline-only net income and adjusted airline-only earnings per share (millions except share and per share amounts)
Net income (loss) as reported (GAAP)$(216.2)$(2.0)$(240.2)$117.6 
Plus non-airline loss before taxes346.6 8.0 402.7 29.1 
Plus loss on sale of investment(4)
1.2 — 1.2 — 
Plus airline special charges(2)
2.7 19.9 45.3 35.1 
Plus (minus) income tax expense (benefit) (GAAP)(65.5)0.2 (68.2)41.5 
Adjusted airline-only income before income tax(1)(2)(4)
68.7 26.1 140.8 223.2 
Minus adjusted airline-only income tax expense(1)
13.1 10.2 33.2 58.5 
Adjusted airline-only net income(1)(2)(4)
55.6 15.9 107.5 164.7 
Less adjusted airline-only net income allocated to participating securities(1)
(1.5)(0.5)(2.9)(5.8)
Adjusted airline-only net income attributable to common stock(1)(2)(4)
54.1 15.4 104.6 158.9 
Diluted shares used for computation (thousands)18,014 17,915 17,852 18,019 
Diluted shares used for adjusted computation (thousands)18,021 17,929 17,913 18,019 
Diluted earnings (loss) per share as reported (GAAP)$(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,
2024202320242023
Reconciliation of adjusted airline-only operating CASM excluding fuel (millions)
Consolidated operating expense (GAAP)$891.7 $600.4 $2,752.6 $2,288.9 
Less non-airline operating expense360.0 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 expense139.4 175.9 627.8 695.9 
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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v3.25.0.1
Cover Page Document
Feb. 04, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 04, 2025
Entity Registrant Name Allegiant Travel Company
Entity Incorporation, State or Country Code NV
Entity File Number 001-33166
Entity Tax Identification Number 20-4745737
Entity Address, Address Line One 1201 North Town Center Drive
Entity Address, City or Town Las Vegas
Entity Address, State or Province NV
Entity Address, Postal Zip Code 89144
City Area Code 702
Local Phone Number 851-7300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001362468
Amendment Flag false
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