Tag Archives: Allegiant Air

Allegiant reports a loss in the first quarter

Allegiant Travel Company has issued its financial results for the first quarter:

First quarter 2024 GAAP diluted loss per share of $(0.07)

First quarter 2024 diluted earnings per share, excluding special charges of $0.57^(1)(4)(5)

First quarter 2024 airline only diluted earnings per share, excluding special charges of $1.08^(1)(4)(6)

LAS VEGAS, May 7, 2024 /PRNewswire/ — Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for the first quarter 2024, as well as comparisons to the prior year:

Consolidated	Three Months Ended March 31,		Percent Change
(unaudited) (in millions, except per share amounts)	2024	2023	YoY
Total operating revenue	$ 656.4	$ 649.7	1.0 %
Total operating expense	641.0	554.9	15.5 %
Operating income	15.4	94.8	(83.8) %
Income (loss) before income taxes	(1.3)	74.4	NM
Net income (loss)	(0.9)	56.1	NM
Diluted earnings (loss) per share	(0.07)	3.09	NM
Sunseeker special charges, net of recoveries ⁽⁴⁾	(1.8)	(1.6)	NM
Airline special charges ⁽⁴⁾	14.9	—	NM
Net income, excluding special charges net of recoveries^(1)(3)(5)	10.4	55.3	(81.2) %
Diluted earnings per share excluding special charges net of recoveries^(1)(3)(5)	0.57	3.04	(81.3) %


Airline only	Three Months Ended March 31,		Percent Change⁽²⁾
(unaudited) (in millions, except per share amounts)	2024	2023	YoY
Airline operating revenue	$ 632.5	$ 649.7	(2.6) %
Airline operating expense	608.3	552.1	10.2 %
Airline operating income	24.2	97.6	(75.2) %
Airline income before income taxes	12.5	78.9	(84.2) %
Airline net income ⁽¹⁾⁽³⁾	11.4	59.9	(81.0) %
Airline special charges ⁽⁴⁾	14.9	—	NM
Airline net income, excluding special charges ^(1)(3)(6)	19.8	59.9	(66.9) %
Airline operating margin, excluding special charges ⁽¹⁾⁽⁶⁾	6.2 %	15.0 %	(8.8)
Airline diluted earnings per share, excluding special charges ^(1)(3)(6)	1.08	3.30	(67.3) %

(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 Airline operating margin, excluding special charges, which is percentage point change.
(3)	Refer to the Non-GAAP Presentation section within this document for the income tax effect of non-GAAP adjustments.
(4)	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. In first quarter 2024, we also recognized aircraft accelerated depreciation as special charges related to our revised fleet plan. We sometimes refer to these amounts as “specials” in this earnings release.
(5)	Adjusted to exclude the impacts of property damage to Sunseeker Resort, net of recoveries, and aircraft accelerated depreciation charges resulting from our revised fleet plan.
(6)	Adjusted to exclude aircraft accelerated depreciation charges recognized as special charges related to our revised fleet plan.
^NM	Not meaningful
^*	Note that amounts may not recalculate due to rounding

“We finished the quarter with diluted earnings per share, excluding special charges, of 57 cents,” stated Maurice J. Gallagher, Jr., chairman and CEO of Allegiant Travel Company. “The peak demand environment remained strong throughout the quarter, with TRASM representing the second best first quarter TRASM in company history. Demand trends are holding into the second quarter, and although we expect TRASM to be down from the highs of 2023, we anticipate second quarter TRASM will again be among the best second quarters in company history – particularly impressive given expected growth during the peak month of June of roughly six percent, year-over-year.

“The first quarter marked the first full quarter of operations at Sunseeker Resort. Hats off to the team led by Micah Richins and Jason Shkorupa. The final product is truly amazing and unique to that part of Florida. It will take time to build to financial maturity. We are still in the early stages, but our marketing efforts are now in full swing. Encouragingly, food and beverage surpassed our initial expectations and accounted for nearly half of total Sunseeker revenue during the first quarter. I am excited to see the potential of this property unfold in the coming years.”

“I am happy to report another quarter of near industry-leading operational results,” stated Gregory Anderson, president of Allegiant Travel Company. “The team’s efforts yielded a controllable completion of 99.7 percent. Over the past 18 months we have prioritized operational integrity, and I could not be prouder of Team Allegiant as we continue to achieve record high net promoter scores from our customers.

“While I am pleased with our operational and customer service performance, our first quarter adjusted airline-only operating margin of roughly six percent is disappointing. These lower margins were largely driven by temporary headwinds such as Boeing’s inability to meet its delivery schedule, delayed pricing functionality due to the integration of Navitaire, our new reservations and revenue system, and lower aircraft utilization in our peak demand periods – we are fixing all three of these items. Excluding these headwinds and on a more normalized basis, our adjusted airline operating margin for the first quarter would have been approximately 13 percent.

“On the labor front, I am pleased to announce our flight attendants overwhelmingly voted to ratify their tentative agreement. This new contract will not only provide well-deserved pay increases, but also comes with several quality-of-life improvements. Our pilot contract remains in federal mediation. The Teamsters that represent our pilots appointed a new negotiating team, and I am encouraged by the improved collaboration and progress now being made at the table – getting a deal complete remains a top priority.

“2024 is a transitional year for the company. We expect to have all of our labor agreements finalized. We have a clear path to increasing utilization and improving productivity amongst our work groups. We expect to integrate the MAX aircraft into our fleet in the coming months. We are well on our way to unlocking the full power of our Navitaire reservation system and providing strong opportunities to further increase our ancillary revenues. Achieving these items will return us to our industry leading margins as our airline is one of the best proven models in the business.”

First Quarter 2024 Results and Highlights

Total operating revenue of $656.4M, up 1.0 percent over the prior year
- Total fixed fee contracts revenue of $18.9M, up 33.6 percent year-over-year
Operating income, excluding specials,^(1)(2)(3) of $28.5M, yielding an adjusted operating margin of 4.3 percent
- Airline-only operating income, excluding specials,⁽¹⁾⁽⁵⁾of $39.1M, yielding an airline-only adjusted operating margin of 6.2 percent
Income before income tax, excluding specials,^(1)(2)(3) of $11.8M, yielding an adjusted pre-tax margin of 1.8 percent
- Airline-only income before income tax, excluding specials,⁽¹⁾⁽⁵⁾of $27.5M, yielding an adjusted pre-tax margin of 4.3 percent
Consolidated EBITDA, excluding specials,^(1)(2)(3) of $92.3M, yielding an adjusted EBITDA margin of 14.1 percent
- Airline-only EBITDA, excluding specials,⁽¹⁾ of $97.0M, an adjusted 15.3 percent margin
Airline-only operating CASM, excluding fuel and special charges,⁽⁴⁾ of 8.87 ¢, up 14.5 percent year-over-year
- Includes $20.4M in incremental cost related to accrual of pilot retention bonuses
$34.7M in total cobrand credit card remuneration received from Bank of America, up 23.7 percent from the prior year
Enrolled 540K new Allways Rewards members during the first quarter bringing total members to 17.9M
In April, ratified a new five-year agreement with the Transport Workers Union of America, AFL-CIO Local 577, representing Allegiant’s flight attendants
- Agreement includes immediate wage increases as well as certain quality-of-life improvements
Ranked third on the American Customer Satisfaction Index for Airlines, moving up from spot seven in 2023

⁽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 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. In first quarter 2024, we also recognized aircraft accelerated depreciation as special charges related to our revised fleet plan.
⁽³⁾	Adjusted to exclude the impacts of property damage to Sunseeker Resort, net of recoveries, and aircraft accelerated depreciation charges resulting from our revised fleet plan.
⁽⁴⁾	Adjusted to exclude aircraft accelerated depreciation recognized as special charges related to our revised fleet plan.

Balance Sheet, Cash and Liquidity

Total available liquidity at March 31, 2024 was $1.1B, which included $853.7M in cash and investments, and $275.0M in undrawn revolving credit facilities
$167.8M in cash from operations during the first quarter 2024
Total debt at March 31, 2024 was $2.2B
- Net debt at March 31, 2024 was $1.4B
Debt principal payments of $31.5M during the quarter
Returned $11.0M in dividends during the quarter
- Scheduled payment of quarterly dividend in the amount of $0.60 per share on June 3, 2024 to shareholders of record on May 15, 2024
Air traffic liability at March 31, 2024 was $432.6M

Airline Capital Expenditures

First quarter capital expenditures of $122.2M, which included $82.6M for aircraft purchases and inductions, pre-delivery deposits, and other related costs, and $39.6M in other airline capital expenditures
- First quarter deferred heavy maintenance expenditures were $18.1M

Sunseeker Resort Charlotte Harbor

Reported total operating revenues of $23.9M during its first quarter of operation
First quarter occupancy was roughly 40 percent with an average daily rate of $330 per night

Guidance, subject to revision

*Second quarter 2024 airline-only guidance*

System ASMs – year over year change			~(1.0%)
Scheduled service ASMs – year over year change			~(1.0%)

Fuel cost per gallon			$ 2.90
Operating margin			7.0% to 9.0%
Airline-only earnings per share, excluding special charges			$1.25 – $1.75


*Second quarter 2024 consolidated guidance*

Consolidated earnings per share, excluding special charges			$0.50 – $1.00

*Full-year 2024 airline-only guidance*

System ASMs – year over year change			2.0% to 4.0%
Scheduled service ASMs – year over year change			2.0% to 4.0%

Interest expense (millions)			$135 to $145
Capitalized interest⁽¹⁾ (millions)			($40) to ($50)
Interest income (millions)			$35 to $45

*Airline full-year CAPEX*
Aircraft, engines, induction costs, and pre-delivery deposits⁽²⁾ (millions)			$230 to $250
Capitalized deferred heavy maintenance (millions)			$80 to $90
Other airline capital expenditures (millions)			$160 to $170

Recurring principal payments (millions)			$135 to $145

⁽¹⁾	^{Includes capitalized interest related to pre-delivery deposits on new aircraft.}
⁽²⁾	^{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 contractual obligations.}

*Full-year 2024 Sunseeker guidance*

EBITDA (millions)			~(15)
Depreciation expense (millions)			~$25
Interest expense (millions)			~$20

Occupancy rate			~45%
Average daily rate			~$320

Aircraft Fleet Plan by End of Period

Aircraft – (seats per AC)	2Q24	YE24
737-8200 (190 seats)	—	6
A320 (177 seats)	17	11
A320 (180-186 seats)	75	75
A319 (156 seats)	34	34
Total	126	126

The table above is provided based on the company’s current plans and is subject to change. The numbers exclude aircraft expected to be delivered during 2024 but will not be placed into revenue service until 2025.

The above plan is management’s best estimate and differs from our contractual obligations.

Allegiant Air aircraft photo gallery:

Allegiant flight attendants vote to approve new labor contract

Allegiant has announced that the company and the Transport Workers Union of America, AFL-CIO Local 577, representing Allegiant’s flight attendants, have ratified a new five-year agreement with immediate wage increases ranging from 20 to 41.2 percent.

The tentative agreement was ratified by Allegiant flight attendants with a 89 percent approval vote and 97 percent of members voting. The TWU Local 577 represents more than 1,700 Allegiant flight attendants.

Flight attendants received an average pay increase of 25 percent upon the contract’s ratification. Flight attendants at the top of the wage scale receive a 41.2 percent wage increase. In addition to the wage increases, the contract includes many other enhancements such as improved pay overrides.

In addition to pay raises, the new contract provides several quality of life improvements for TWU 577 members. One major improvement is the greater “duty rig,” which will increase the amount of time flight attendants are paid for being on duty. The contract also contains an improved 401k match, a cap on healthcare cost share increases, and other insurance improvements. In addition to the average 25 percent wage increase upon ratification, all flight attendants will receive an hourly pay increase of 3 percent each year, for a combined 41 percent average wage increase over the life of the contract. In addition to wage increases, the Local 577 members will receive a combined $10 million lump sum bonus. Flight attendants will receive a minimum $1,500  lump sum bonus or a bonus of approximately $1,013 per year of service, whichever is greater.

The parties’ previous collective bargaining agreement became amendable on December 21, 2022, and Allegiant and the TWU were able to secure the new contract in just over a year and a half of bargaining by building on their strong positive working relationship.

Allegiant Air aircraft photo gallery:

Allegiant announces a tentative agreement with its Flight Attendants

Allegiant and The Transport Workers Union of America, AFL-CIO Local 577 TWU) have announced they have reached a tentative agreement on all remaining open issues for the successor to the parties’ first collective bargaining agreement.

The parties’ first collective bargaining agreement became amendable on December 21, 2022, and Allegiant and the TWU were able to secure the new five-year tentative agreement in just over a year and a half of bargaining by building on their strong positive working relationship.

The new Tentative Agreement covering Allegiant’s 1,700+ flight attendants includes significant increases to wages, a modified duty rig to provide additional compensation for extended operational delays and designated Holiday pay. Improvements also include enhancements to retirement benefits, deadhead pay, bonus flight hour calculations, and vacation allocation and pay. Allegiant flight attendants will enjoy meaningful quality of life improvements in scheduling, hours of service and leave of absence. Additionally, the parties have agreed to introduce a minimum trip pairing pay.

The deal still requires a ratification vote by the union’s full membership, which is expected to be complete next month.

Allegiant Air aircraft photo gallery:

Allegiant to add 10 new routes for the summer 2024, announces the first routes for the Boeing 737 MAX

Allegiant Air has announced 10 new routes starting in June, 2024.

Three routes will begin on June 12, two on June 13, and the remaining five will commence on June 14.

All routes will be operated two days a week through the summer.

In addition, the carrier has also announced the first routes for the new high-density Boeing 737-8 MAX 8-200.

Initially the new type will be based at Sanford International AIrport (SFB) near Orlando. The airline expects to place the 737 into service from SFB before the end of 2024.

The first 737 routes from SFB will be to Akron/Canton, Albany, Allentown/Bethlehem/Easton, Bangor, Bloomington, Columbus/Rickenbacker, Concord, Dayton, Evansville, Indianapolis, Knoxville, Lexington, Memphis, Omaha, Peoria, Plattsburgh, Springfield, and Toledo according to Ishrion Aviation.

The airline issued this statement:

Allegiant Travel Company has announced 10 new nonstop routes to 14 cities around the country.

The routes, launching in June, will provide the only nonstop service between these cities.

The new routes to Los Angeles International Airport (LAX) in California include:

Laredo, Texas via Laredo International Airport (LRD) – beginning June 12, 2024 with one-way fares as low as $69.*
Rockford, Illinois via Chicago Rockford International Airport (RFD) – beginning June 12, 2024 with one-way fares as low as $79.*
Rapid City, South Dakota via Rapid City Regional Airport (RAP) – beginning June 14, 2024 with one-way fares as low as $69.*

The new route to Sarasota-Bradenton International Airport (SRQ) in Florida includes:

Plattsburgh, New York via Plattsburgh International Airport (PBG) – beginning June 12, 2024 with one-way fares as low as $79.*

The new routes to St. Petersburg-Clearwater International Airport (PIE) in Florida include:

Evansville, Indiana via Evansville Regional Airport (EVV) – beginning June 13, 2024 with one-way fares as low as $49.*
McAllen, Texas via McAllen International Airport (MFE) – beginning June 14, 2024 with one-way fares as low as $59.*

The new routes to McGhee Tyson Airport (TYS) in Tennessee include:

St. Louis, Missouri via MidAmerica St. Louis Airport (BLV) – beginning June 13, 2024 with one-way fares as low as $45.*
Jacksonville, Florida via Jacksonville International Airport (JAX) – beginning June 14, 2024 with one-way fares as low as $45.*
South Bend, Indiana via South Bend International Airport (SBN) – beginning June 14, 2024 with one-way fares as low as $45.*

The new routes to Jacksonville International Airport (JAX) in Florida include:

Harrisburg, Pennsylvania via Harrisburg International Airport (MDT) – beginning June 14, 2024 with one-way fares as low as $49.*
Knoxville, Tennessee via McGhee Tyson Airport (TYS) – beginning June 14, 2024 with one-way fares as low as $45.*

Allegiant Air aircraft photo gallery:

Allegiant reports reports a loss in the fourth quarter, but a profit for 2023

Allegiant Travel Company (Allegiant Air) reported the following financial results for the fourth quarter and full-year 2023, as well as comparisons to the prior year:

Consolidated	Three Months Ended December 31,		Percent Change
(unaudited) (in millions, except per share amounts)	2023	2022	YoY
Total operating revenue	$ 611.0	$ 611.5	(0.1) %
Total operating expense	600.4	522.4	14.9 %
Operating income	10.6	89.2	(88.1) %
Income (loss) before income taxes	(1.8)	65.9	NM
Net income (loss)	(2.0)	52.5	NM
Diluted earnings (loss) per share	(0.13)	2.87	NM
Sunseeker special charges, net of recoveries ⁽⁶⁾	(11.0)	(1.0)	NM
Airline special charges ⁽⁶⁾	19.9	0.1	NM
Net income, excluding special charges net of recoveries^(1)(5)(7)	2.4	54.1	(95.6) %
Diluted earnings per share excluding special charges net of recoveries^(1)(5)(7)	0.11	2.95	(96.3) %

Airline only	Three Months Ended December 31,		Percent Change⁽²⁾
(unaudited) (in millions, except per share amounts)	2023	2022	YoY
Airline operating revenue	$ 608.1	$ 611.5	(0.6) %
Airline operating expense ⁽¹⁾	587.5	519.5	13.1 %
Airline operating income	20.6	92.1	(77.6) %
Airline income before income taxes ⁽¹⁾	6.2	70.5	(91.2) %
Airline net income ⁽¹⁾⁽⁴⁾	3.2	55.6	(94.2) %
Airline special charges ⁽⁶⁾	19.9	0.1	NM
Airline net income, excluding special charges ^(1)(3)(8)	15.9	55.6	(71.4) %
Airline operating margin, excluding special charges ⁽¹⁾⁽⁸⁾	6.6 %	15.1 %	(8.5)
Airline diluted earnings per share, excluding special charges ^(1)(3)(8)	0.86	3.04	(71.7) %

Consolidated	Twelve Months Ended December 31,		Percent Change
(unaudited) (in millions, except per share amounts)	2023	2022	YoY
Total operating revenue	$ 2,509.9	$ 2,301.8	9.0 %
Total operating expense	2,288.9	2,210.2	3.6 %
Operating income	221.0	91.6	141.3 %
Income before income taxes	159.1	5.0	NM
Net income	117.6	2.5	NM
Diluted earnings per share	6.29	0.14	NM
Sunseeker special charges, net of recoveries⁽⁶⁾	(6.4)	34.0	NM
Airline special charges ⁽⁶⁾	35.1	0.6	NM
Net income, excluding special charges net of recoveries^(1)(5)(7)	136.6	33.2	311.4 %
Diluted earnings per share excluding special charges net of recoveries^(1)(5)(7)	7.31	1.81	303.9 %

Airline only	Twelve Months Ended December 31,		Percent Change⁽²⁾
(unaudited) (in millions, except per share amounts)	2023	2022	YoY
Airline operating revenue	$ 2,507.0	$ 2,301.8	8.9 %
Airline operating expense⁽¹⁾	2,255.5	2,164.9	4.2 %
Airline operating income	251.5	137.0	83.6 %
Airline income before income taxes⁽¹⁾	188.1	58.0	224.3 %
Airline net income ⁽¹⁾⁽⁴⁾	140.5	44.6	215.0 %
Airline special charges⁽⁶⁾	35.1	0.6	NM
Airline net income, excluding special charges ^(1)(3)(8)	164.7	45.0	266.0 %
Airline operating margin, excluding special charges⁽¹⁾⁽⁸⁾	11.4 %	6.0 %	5.4
Airline diluted earnings per share, excluding special charges ^(1)(3)(8)	8.82	2.46	258.5 %


⁽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 Airline operating margin, excluding special charges, which is percentage point change.
⁽³⁾	Utilizing an annual airline-only, excluding special charge effective tax rate of 26.2% for 2023 and 23.2% for 2022 and fourth quarter effective tax rates of 39.1% for 2023 and 21.3% for 2022.
⁽⁴⁾	Utilizing an annual airline-only effective tax rate of 25.3% for 2023 and 23.1% for 2022 and fourth quarter effective tax rates of 48.7% for 2023 and 21.1% for 2022.
⁽⁵⁾	Utilizing an annual consolidated, excluding special charge effective tax rate of 27.2% for 2023 and 16.2% for 2022 and fourth quarter effective tax rates of 65.8% for 2023 and 16.9% for 2022.
⁽⁶⁾	In 2023 and 2022, 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. In 2023 we also recognized aircraft accelerated depreciation as special charges related to our revised fleet plan. We sometimes refer to these amounts as “specials” in this earnings release.
⁽⁷⁾	Adjusted to exclude the impacts of property damage to Sunseeker Resort, net of recoveries, and aircraft accelerated depreciation charges resulting from our revised fleet plan.
⁽⁸⁾	Adjusted to exclude aircraft accelerated depreciation charges related to our revised fleet plan.
^NM	Not meaningful
^*	Note that amounts may not recalculate due to rounding

“I am pleased to report 2023 diluted earnings per share, excluding special charges, of $7.31,” stated Maurice J. Gallagher, Jr., chairman and CEO of Allegiant Travel Company. “At the onset of 2023 we committed to delivering a reliable operation, and Team Allegiant more than delivered. Not only did we end the year with a controllable completion of 99.8 percent, we delivered an airline-only operating margin, excluding specials, of more than 11 percent. Our unique, low-utilization business model, focusing on an out and back structure, continues to stand the test of time. As mentioned last quarter, Allegiant is a PLFC, profitable leisure-focused carrier. While the team and I are proud of what we accomplished this past year, we still have work to do to restore margins to historical levels. We are focused on returning to our long-term financial targets as we head into 2024.

Fourth Quarter 2023 Results and Highlights

Total operating revenue of $611.0M, roughly flat over the prior year
- Total fixed fee contracts revenue of $24.9M, up 9.7% year-over-year
Operating income, excluding specials,^(1)(3)(4) of $19.5M, yielding an operating margin of 3.2%
- Airline-only operating income, excluding specials,⁽¹⁾⁽⁵⁾of $40.5M, yielding an airline-only operating margin of 6.6%
Income before income tax, excluding specials,^(1)(3)(4)of $7.0M, yielding a pre-tax margin of 1.2%
- Airline-only income before income tax, excluding specials,⁽¹⁾⁽⁵⁾of $26.1M, yielding a pre-tax margin of 4.3%
Consolidated EBITDA, excluding specials,^(1)(3)(4) of $77.8M, yielding an EBITDA margin of 12.7%
- Airline-only EBITDA, excluding specials,⁽¹⁾⁽⁵⁾ of $96.8M a 15.9% margin
Airline-only operating CASM, excluding fuel and special charges,⁽⁵⁾of 8.50 ¢, up 10.8% year-over-year
- Includes $19.7M in incremental cost related to accrual of pilot retention bonuses
- Excludes $19.9M in aircraft accelerated depreciation related to the early retirement of 21 airframes to be retired between 2023 through 2025
Opened Sunseeker Resort at Charlotte Harbor on December 15
Ranked number 3 amongst major US carriers in the Wall Street Journal’s “The Best and Worst Airlines of 2023”
Issued the company’s second annual ESG report, which includes five company-wide targets, including an emissions intensity reduction goal

Full-Year 2023 Results and Highlights

Total operating revenue of $2.5B, up 9.0% year over year, on a total system capacity increase of 1.9%
- Full-year TRASM⁽²⁾was 13.38 cents, a record annual TRASM, up 7.0% year-over-year on scheduled service capacity increases of 1.7%
- Average total fare was $142.15, up 5.6% year-over-year, including total average ancillary revenue of $72.90, up 7.6% from 2022
Income before income tax ⁽⁴⁾ of $187.7M, excluding special charges, yielding a 7.5% pre-tax margin
- Airline-only income before income tax, excluding specials,⁽¹⁾⁽⁵⁾of $223.3M, yielding a pre-tax margin of 8.9%
Added 2.1 million Allegiant Allways Rewards® members throughout 2023, with more than 17 million total members at year end, a 13 percent increase over year-end 2022
Airline-only Operating CASM, excluding fuel and special charges,⁽⁵⁾of 8.12 cents, up 10.8% as compared with full-year 2022
$119.6 million in total cobrand credit card remuneration received from Bank of America, up 18% from the prior year
- Grew cardholders by 16 percent over year-end 2022


⁽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⁾	TRASM represents total passenger revenue per scheduled service available seat mile.
⁽³⁾	In 2023 and 2022, 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. In 2023 we also recognized aircraft accelerated depreciation as special charges related to our revised fleet plan.
⁽⁴⁾	Adjusted to exclude the impacts of property damage to Sunseeker Resort, net of recoveries, and aircraft accelerated depreciation charges resulting from our revised fleet plan.
⁽⁵⁾	Adjusted to exclude aircraft accelerated depreciation charges related to our revised fleet plan.

Balance Sheet, Cash and Liquidity

Total available liquidity at December 31, 2023 was $1.1B, which included $870.7M in cash and investments, and $275M in undrawn revolving credit facilities and PDP facilities
$42.6M in cash from operations during the fourth quarter 2023
Total debt at December 31, 2023 was $2.3B
- Net debt at December 31, 2023 was $1.4B
Debt principal payments of $187.9M during the fourth quarter
- Includes $150M prepayment of 8.5% senior secured notes during the quarter
- Full-year principal payments of $480.9M, including a total of $210.0M in prepayments related to 2024 maturities
Returned $11.1M in dividends during the fourth quarter
- Full-year dividend payments of $22.1M
- Scheduled payment of quarterly dividend in the amount of $0.60 per share on March 1, 2024 to shareholders of record on February 15, 2024
Repurchased 192 thousand shares during the fourth quarter at an average share price of $65.27
Air traffic liability at December 31, 2023 was $353.5M

Airline Capital Expenditures

Fourth quarter capital expenditures of $143.1M, which included $119.6M for aircraft purchases and inductions, pre-delivery deposits, and other related costs, and $23.5M in other airline capital expenditures
- Fourth quarter deferred heavy maintenance spend was $16.8M

Sunseeker Resort Charlotte Harbor

Total Sunseeker fixed assets as of December 31, 2023 were $614.9M
- Fourth quarter capital expenditures, excluding capitalized interest⁽¹⁾, were $52.7M
Recorded recoveries, net of special charges, of $11.0M during fourth quarter 2023, which includes $18.9M of insurance recoveries and $7.9M of additional losses related to estimated property damages at Sunseeker Resort resulting from various weather events, including Hurricane Idalia


⁽¹⁾	Fourth quarter capital expenditures are inclusive of Sunseeker Resort, Aileron Golf Club, remediation work related to weather and insurance events, and accrued expenditures not yet paid. Capitalized interest, operating expenses, and estimated losses related to insurance events have been excluded from this figure.

Allegiant Air aircraft photo gallery: