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Fourth quarter
2023 GAAP diluted loss per share of
$(0.13)
Fourth quarter
2023 diluted earnings per share, excluding special charges of
$0.11
(1)(6)(7)
Fourth quarter
2023 airline only diluted earnings per share, excluding special charges of
$0.86
(1)(8)
Full-year 2023 GAAP diluted earnings per share of
$6.29
Full-year 2023 diluted earnings per share, excluding special charges of
$7.31
(1)(6)(7)
Full-year 2023 airline only diluted earnings per share, excluding special charges of
$8.82
(1)(8)
Sunseeker Resort officially opened
December 15, 2023
LAS VEGAS
,
Feb. 5, 2024
/PRNewswire/ —
Allegiant Travel Company
(NASDAQ: ALGT) today reported the following financial results for the fourth quarter and full-year 2023, as well as comparisons to the prior year:
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“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.
“We have spent the past few years outlining our ambitious plans to position ourselves as an integrated travel company. We hit a major milestone in our company history by officially opening Sunseeker Resort to the public on
December 15
. The sprawling waterfront resort, boasting 785 hotel rooms and 20 wholly owned food and beverage outlets has been more than four years in the making. The resort provides a world class leisure destination to offer to our customers. It will take some time for the property to ramp to financial maturity. We are encouraged by early bookings and expect to be EBITDA positive during 2024.
“During 2023 we continued to distinguish ourselves by further promoting the power of our brand. The Allegiant credit card has grown to just shy of 500 thousand members. We received
$120 million
in total compensation related to the program. This number is expected to continue to grow in 2024. The Allways Rewards program enrolled 2.1 million new members in 2023. These members fly significantly more than non-members on itinerary values that far exceed non-members. Integrating Sunseeker into these programs will provide additional value for our customers, further expanding our brand efforts.”
“I am proud of the progress we made throughout 2023 to rightfully resume our place near the top of the industry both operationally as well as financially,” stated
Gregory Anderson
, president of Allegiant Travel Company. “We completed 2023 with the second best controllable completion in the industry. This operational excellence helped drive out nearly
$100 million
in irregular operations costs from the business, resulting in near industry leading margins. I’m sure you noticed the recent airline rankings in the Wall Street Journal. We moved up two spots to number three out of nine major US airlines. This improvement speaks volumes about our efforts to provide a ‘best-in-class’ product for our customers. These successes are a direct result of the efforts of our team members throughout the network.
“Although we are proud of our performance in 2023, 2024 will continue our focus on restoring peak-period utilization, thereby bolstering our financial performance through increased margins. In the coming months we expect to induct our first Boeing MAX aircraft. We have tempered capacity growth to roughly five percent to ensure a smooth integration. The addition of this aircraft will improve operational reliability, enhance the customer experience, and deliver improved economics.
“In 2024, our focus will be on optimization. With continued focus on a number of long-term initiatives, we expect to see planned improvements throughout the business. I remain confident we will continue our operational excellence, a necessity for continued financial success. Our team members’ efforts and dedication are the reasons for our 2023 industry leading performance. Team Allegiant remains the best in the industry.”
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
-
Total fixed fee contracts revenue of
-
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%
-
Airline-only operating income, excluding specials,
-
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%
-
Airline-only income before income tax, excluding specials,
-
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 EBITDA, excluding specials,
-
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
-
Includes
-
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%
-
Airline-only income before income tax, excluding specials,
-
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
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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
-
Net debt at
-
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
-
Includes
-
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
-
Full-year dividend payments of
-
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
-
Fourth
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
-
Fourth quarter
-
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
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Allegiant Travel Company will host a conference call with analysts at 3:00 p.m. ET
Monday, February 5, 2024
to discuss its fourth quarter and full-year 2023 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, 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, 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, increases in maintenance costs, 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:
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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):
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Appendix A
Non-GAAP Presentation
Three and Twelve Months Ended
December 31, 2023
(Unaudited)
Airline operating expense, airline income before income taxes, airline net income, and airline diluted earnings per share all eliminate the effects of non-airline activity as such activity is not reflective of airline operating performance. We also present these airline-only metrics excluding special charges related to aircraft accelerated depreciation on early retirement of certain airframes. Management believes the exclusion of these special charges enhances comparability of financial information between periods. Airline earnings before interest, taxes, depreciation and amortization (“Airline EBITDA”) eliminates the effects of non-airline operating activity and other items. As such, all of these 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.
We also present both operating expense and CASM excluding aircraft fuel expense as fuel price volatility impacts the comparability of year over year financial performance. We believe the adjustment for fuel expense allows investors to better understand our non-fuel costs and related performance.
We present consolidated operating income, EBITDA, and diluted earnings per share excluding Sunseeker special charges, net of recoveries, and airline special charges, to exclude the impact of losses and insurance recoveries incurred primarily as the result of hurricanes and other insured events at Sunseeker and to exclude aircraft accelerated depreciation on early retirements of certain airframes. Management believes these measures enhance comparability of financial information between periods.
Consolidated EBITDA, Consolidated EBITDA excluding special charges, and Airline EBITDA excluding special charges, as presented in this press release, are supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in
the United States
(“GAAP”). These are not measurements of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.
We define “EBITDA” as earnings before interest, taxes, depreciation and amortization. We also adjust EBITDA within this release to exclude non-airline activity and special charges. 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 Airline 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, which we believe is net income.
The SEC has adopted rules (Regulation G) regulating the use of non-GAAP financial measures. Because of our use of non-GAAP financial measures in this press release to supplement our consolidated financial statements presented on a GAAP basis, Regulation G requires us to include in this press release a presentation of the most directly comparable GAAP measure, which is operating revenue, operating expenses, operating income, income before income taxes, net income, and net income per share and a reconciliation of the non-GAAP measures to the most comparable GAAP measure. Our utilization of non-GAAP measurements is not meant to be considered in isolation or as a substitute for operating expenses, income before income taxes, net income, earnings 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.
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View original content to download multimedia:
https://www.prnewswire.com/news-releases/allegiant-travel-company-fourth-quarter-and-full-year-2023-financial-results-302053002.html
SOURCE Allegiant Travel Company
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