Allegiant Travel : First Quarter 2025 Press Release

Published: 2025-05-07 04:13:51 ET ALGT

Published on 05/07/2025 at 04:13

‌Exhibit 99.1

First quarter 2025 GAAP diluted earnings per share of $1.73

First quarter 2025 adjusted airline-only diluted earnings per share of $2.11(1)(2)First quarter 2025 adjusted diluted earnings per share of $1.81(1)(2)(3)

‌"Team Allegiant executed a successful first quarter, delivering an airline-only operating margin of 9.3 percent, a three-point improvement from last year and among the best in the industry," stated Gregory Anderson, president and CEO of Allegiant Travel Company. "These financial results were underscored by our excellent operations, as the team achieved a 99.9 percent controllable completion during the quarter on 14.2 percent capacity growth.

"A few months ago, there was optimism throughout the airline industry heading into 2025 due to a strong economy and solid demand trends. Unfortunately, headlines beginning in February drove broad economic uncertainty and decreased consumer confidence, which led to an industry reduction in near-term revenues, particularly during shoulder and off-peak periods. Despite these challenges, I am proud to report that the team delivered a first-quarter earnings result that was well within our initial guidance range.

"However, heightened volatility is impacting domestic demand. Consequently, it is challenging to predict near-term demand, and we are therefore withdrawing our full-year 2025 guidance. Despite the macroeconomic uncertainty, we anticipate maintaining solid profitability by leveraging our flexible model to adjust capacity as needed. To date, we have removed more than 7.5 points of capacity growth from May through August, primarily coming from off-peak periods. Booking trends over the past few weeks suggest a stabilizing demand environment, with indications of improvement observed over the past several days. Regardless, we will continue to adjust capacity aggressively during the remainder of the year while ensuring that we appropriately address the items within our control.

"Allegiant has performed well during past downturns, thanks to our unique model that positions us for long-term success and stability. We expect to perform no differently during this period of uncertainty and remain confident in our ability to maintain profitability.

"I extend my sincerest appreciation to Team Allegiant for all your efforts. You truly are the best in the business."

Summary Results

Consolidated Three Months Ended March 31, Percent Change

(unaudited) (in millions, except per share amounts)

2025

2024

YoY

Total operating revenue

699.1

656.4

6.5 %

Total operating expense

634.1

641.0

(1.1)%

Operating income

65.0

15.4

322.1 %

Income (loss) before income taxes

41.9

(1.3)

Net income (loss)

32.1

(0.9)

Diluted earnings (loss) per share

1.73

(0.07)

Sunseeker special charge recoveries, net(2)

(2.9)

(1.8)

(61.1)%

Airline special charges(2)

1.4

14.9

(90.6)%

Adjusted income before income taxes(1)(2)(3)

43.8

11.8

271.2 %

Adjusted net income(1)(2)(3)

33.4

10.4

221.2 %

Adjusted diluted earnings per share(1)(2)(3)

1.81

0.57

217.5 %

‌Airline only Three Months Ended March 31, Percent Change(4)

(unaudited) (in millions, except per share amounts)

2025

2024

YoY

Airline operating revenue

$ 668.4

$ 632.5

5.7 %

Airline operating expense

607.5

608.3

(0.1)%

Airline operating income

60.9

24.2

151.7 %

Airline income before income taxes

49.6

12.5

296.8 %

Airline special charges(2)

1.4

14.9

(90.6)%

Adjusted airline-only net income(1)(2)

39.0

19.8

97.0 %

Adjusted airline-only operating margin(1)(2)

9.3 %

6.2 %

3.1

Adjusted airline-only diluted earnings per share(1)(2)

2.11

1.08

95.4 %

‌(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 Q1 2025 and Q1 2024, we recognized certain expenses as special charges related to Airline activities (accelerated depreciation on airframes identified for early retirement) and damages to Sunseeker Resort (charges due to weather events, net of recoveries). We sometimes refer to all special charges as "specials" in this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.

(3)In first quarter 2025, the Company incurred a $3.4M non-operating loss on the extinguishment of debt secured by Sunseeker Resort which is being added back, where appropriate, in our adjusted results.

(4)Except adjusted airline-only operating margin which is percentage point change.

NMNot meaningful

* Note that amounts may not recalculate due to rounding

‌First Quarter 2025 Results and Highlights

Total consolidated operating revenue of $699.1M, up 6.5 percent over the prior year, on capacity growth of 14.2 percent year-over-year and an 8.4 percent increase in passengers.

Record total average ancillary fare of $79.28 per passenger, up 4.7 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 consolidated operating income,(1)(2) of $63.4M, yielding an adjusted operating margin of 9.1 percent

Adjusted airline-only operating income,(1)(2) of $62.2M, yielding an adjusted airline-only operating margin of 9.3 percent, a more than three-point improvement over the prior year

Adjusted consolidated income before income tax,(1)(2)(3) of $43.8M, yielding an adjusted pre-tax margin of 6.3 percent

Adjusted airline-only income before income tax,(1)(2) of $51.0M, yielding an adjusted airline-only pre-tax margin of

7.6 percent

Adjusted consolidated EBITDA,(1)(2)(3) of $126.1M, yielding an adjusted EBITDA margin of 18.0 percent

Adjusted airline-only EBITDA,(1)(2) of $121.3M, yielding an adjusted airline-only EBITDA margin of 18.1 percent

Adjusted airline-only operating CASM, excluding fuel(2) of 8.07 ¢, down 9.0 percent year-over-year

$36.1M in total cobrand credit card remuneration received from Bank of America, up 24.7 percent from the same quarter in the prior year

As of March 31, 2025, we had 558K total Allegiant Allways Rewards Visa cardholders

Ended the quarter with 19M total active Allways Rewards members

The only US Airline named by Newsweek as one of America's Most Loved Brands 2025

‌Balance Sheet, Cash and Liquidity

Total available liquidity at March 31, 2025 was $1.2B, which included $906.3M in cash and investments, and $275.0M in undrawn revolving credit facilities

$191.4M in cash from operations during first quarter 2025

Total debt at March 31, 2025 was $2.0B

Net debt at March 31, 2025 was $1.1B

Debt principal payments of $280.6M during the quarter, including $245.7M in prepayments and $34.9M in scheduled debt repayments

Debt proceeds of $222.7M during the quarter, net of issuance costs

Air traffic liability at March 31, 2025 was $439.6M

Airline Capital Expenditures

First quarter capital expenditures of $83.1M, which included $64.8M for aircraft and engine purchases and inductions and $18.3M in other airline capital expenditures

First quarter deferred heavy maintenance expenditures were $13.8M

Sunseeker Resort Charlotte Harbor

First quarter occupancy was 70 percent with an average daily rate (excluding resort fee) of $284 per night

Adjusted Sunseeker EBITDA,(1)(2) of $4.8M, yielding an EBITDA margin of 15.7 percent

‌(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 Q1 2025 and Q1 2024, we recognized certain expenses as special charges related to Airline activities (accelerated depreciation on airframes identified for early retirement) and damages to Sunseeker Resort (charges due to weather events, net of recoveries). The adjusted numbers in this earnings release exclude the effect of these special charges.

‌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 adjusted airline-only earnings per share,adjusted consolidated earnings per share, and adjusted Sunseeker EBITDA. 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.

Second quarter 2025 airline-only guidance

System ASMs - year over year change

~15.0%

Scheduled service ASMs - year over year change

~15.5%

Fuel cost per gallon

$ 2.40

Operating margin

6.0% to 8.0%

Adjusted airline-only earnings per share(1)

$0.50 to $1.50

Second quarter 2025 consolidated guidance

Adjusted consolidated earnings per share(1)

$0.00 to $1.00

Full-year 2025 airline-only guidance

Interest expense(2) (millions)

$150 to $160

Capitalized interest(3) (millions)

($15) to ($25)

Interest income (millions)

$30 to $40

Airline full-year CAPEX

Aircraft-related capital expenditures(4) (millions)

$260 to $280

Capitalized deferred heavy maintenance (millions)

$50 to $70

Other airline capital expenditures (millions)

$95 to $115

Recurring principal payments(5) (millions) (full year)

$165 to $175

Second Quarter 2025 Sunseeker guidance

Adjusted EBITDA(1) (millions) ~($1)

Depreciation expense (millions) ~$3

Occupancy rate ~55%

Average daily rate(6) ~$225

(1)Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above.

(2)Includes consolidated gross interest expense attributable to both the airline segment and the Sunseeker Resort segment

(3)Includes capitalized interest related to pre-delivery deposits on new aircraft.

(4)Aircraft-related capital expenditures include the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount excludes capitalized interest related to pre-delivery deposits on new aircraft.

(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)

1Q25

2Q25

3Q25

YE25

Boeing 737-8200 (190 seats)

Airbus A320 (180 seats)

Airbus A320 (186 seats)

Airbus A320 (177 seats)

Airbus A319 (156 seats)

Total

127

126

123

122

The table above is management's best estimate and 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 both aircraft that we expect to take delivery of but not to be placed in service until a subsequent period as well as aircraft in storage.

Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Tuesday, May 6, 2025 to discuss its first quarter financial results. A live broadcast of the conference call will be available via the Company's Investor Relations website homepage at https://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 https://http://gofly.us/iiFa303wrtF.

Media Inquiries: [email protected] Investor Inquiries: [email protected]

Detailed financial information follows:

‌Allegiant Travel Company Consolidated Statements of Income

(in thousands, except per share amounts) (Unaudited)

OPERATING REVENUES:

Passenger

$ 616,750

$ 579,936

6.3 %

Third party products

35,203

33,399

5.4

Fixed fee contracts

16,252

18,861

(13.8)

Resort and other

30,869

24,210

27.5

Total operating revenues

699,074

656,406

6.5

OPERATING EXPENSES:

Salaries and benefits

231,439

213,327

8.5

Aircraft fuel

166,333

170,087

(2.2)

Station operations

73,505

66,468

10.6

Depreciation and amortization

63,312

63,844

(0.8)

Maintenance and repairs

34,854

30,278

15.1

Sales and marketing

25,096

30,419

(17.5)

Aircraft lease rentals

5,920

5,985

(1.1)

Other

35,168

47,451

(25.9)

Special charges, net of recoveries

(1,555)

13,099

Total operating expenses

634,072

640,958

(1.1)

OPERATING INCOME

65,002

15,448

320.8

OTHER (INCOME) EXPENSES:

Interest income

(11,935)

(12,241)

(2.5)

Interest expense

40,783

40,160

1.6

Capitalized interest

(6,488)

(11,185)

(42.0)

Other, net

702

Total other expenses

23,062

16,785

37.4

INCOME (LOSS) BEFORE INCOME TAXES

41,940

(1,337)

INCOME TAX PROVISION (BENEFIT)

9,838

(418)

NET INCOME (LOSS)

$ 32,102

$ (919)

Earnings (Loss) per share to common shareholders:

Basic

$1.74

($0.07)

Diluted

$1.73

($0.07)

Shares used for computation(1):

Basic

17,984

17,664

1.8

Diluted

18,022

17,664

2.0

Three Months Ended March 31, Percent Change 2025 2024 YoY

(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.

NMNot meaningful

‌Allegiant Travel Company Segment Profit or Loss (in thousands) (Unaudited)

Three Months Ended March 31, 2025

Three Months Ended March 31, 2024

Airline

Sunseeker

Consolidated

Airline

Sunseeker

Consolidated

REVENUES FROM EXTERNAL CUSTOMERS

668,386

30,688

699,074

632,519

23,887

656,406

OPERATING EXPENSES:

Salaries and benefits

220,374

11,065

231,439

199,508

13,819

213,327

Aircraft fuel

166,333

170,087

Station operations

73,505

66,468

Depreciation and amortization

59,711

3,601

63,312

57,868

5,976

63,844

Maintenance and repairs

34,854

30,278

Sales and marketing

23,370

1,726

25,096

28,878

1,541

30,419

Aircraft lease rentals

5,920

5,985

Other operating expenses

22,075

13,093

35,168

34,315

13,136

47,451

Special charges, net of recoveries

1,392

(2,947)

(1,555)

14,915

(1,816)

13,099

Total operating expenses

607,534

26,538

634,072

608,302

32,656

640,958

OPERATING INCOME (LOSS)

60,852

4,150

65,002

24,217

(8,769)

15,448

OTHER (INCOME) EXPENSES:

Interest income

(11,935)

(12,241)

Interest expense

28,949

11,834

40,783

34,737

5,423

40,160

Capitalized interest

(6,488)

(10,859)

(326)

(11,185)

Other non-operating expenses

702

Total other expenses

11,228

11,834

23,062

11,688

5,097

16,785

INCOME (LOSS) BEFORE INCOME TAXES

49,624

(7,684)

41,940

12,529

(13,866)

(1,337)

‌Allegiant Travel Company Airline Operating Statistics (Unaudited)

Three Months Ended March 31,

Percent Change(1)

2025

2024

YoY

AIRLINE OPERATING STATISTICS

Total system statistics:

Passengers

4,451,306

4,104,860

8.4 %

Available seat miles (ASMs) (thousands)

5,451,584

4,771,971

14.2

Airline operating expense per ASM (CASM) (cents)

11.14

12.75

(12.6)

Fuel expense per ASM (cents)

3.05

3.56

(14.3)

Airline special charges per ASM (cents)

0.02

0.31

(93.5)

Airline operating CASM, excluding fuel and special charges

(cents)

8.07

8.87

(9.0)

Departures

33,235

29,225

13.7

Block hours

83,871

72,632

15.5

Average stage length (miles)

935

919

1.7

Average number of operating aircraft during period

125.1

125.8

(0.6)

Average block hours per aircraft per day

7.5

6.3

19.0

Full-time equivalent employees at end of period

6,057

5,951

1.8

Fuel gallons consumed (thousands)

63,636

56,224

13.2

ASMs per gallon of fuel

85.7

84.9

0.9

Average fuel cost per gallon

$ 2.61

$ 3.03

(13.9)

Scheduled service statistics:

Passengers

4,420,811

4,069,519

8.6

Revenue passenger miles (RPMs) (thousands)

4,271,328

3,883,810

10.0

Available seat miles (ASMs) (thousands)

5,305,191

4,636,922

14.4

Load factor

80.5

83.8

(3.3)

Departures

32,133

28,177

14.0

Block hours

81,414

70,365

15.7

Average seats per departure

175.0

177.5

(1.4)

Yield (cents)(2)

7.06

7.86

(10.2)

Total passenger revenue per ASM (TRASM) (cents)(3)

12.29

13.23

(7.1)

Average fare - scheduled service(4)

$ 68.19

$ 74.98

(9.1)

Average fare - air-related charges(4)

$ 71.32

$ 67.52

5.6

Average fare - third party products

$ 7.96

$ 8.21

(3.0)

Average fare - total

$ 147.47

$ 150.71

(2.1)

Average stage length (miles)

941

926

1.6

Fuel gallons consumed (thousands)

61,826

54,566

13.3

Average fuel cost per gallon

$ 2.63

$ 3.01

(12.6)

Percent of sales through website during period

92.5

96.5

(4.0)

Other data:

Rental car days sold

360,890

357,944

0.8

Hotel room nights sold

39,940

61,294

(34.8)

(1)Except load factor and percent of sales through website, which is percentage point change.

(2)Defined as scheduled service revenue divided by revenue passenger miles.

(3)Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate comparison with airlines reporting revenues on a per ASM basis.

(4)Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path.

‌Summary Balance Sheet

March 31, 2025

(in millions)

(unaudited)

Decem

ber 31, 2024 Per

cent Change

Unrestricted cash and investments

Cash and cash equivalents

283.8

285.9

(0.7)%

Short-term investments

594.8

495.2

20.1

Long-term investments

27.7

51.7

(46.4)

Total unrestricted cash and investments

906.3

832.8

8.8

Debt

Current maturities of long-term debt and finance lease

obligations, net of related costs

266.6

454.8

(41.4)

Long-term debt and finance lease obligations, net of

current maturities and related costs

1,747.3

1,611.7

8.4

Total debt

2,013.9

2,066.5

(2.5)

Debt, net of unrestricted cash and investments

1,107.6

1,233.7

(10.2)

Total Allegiant Travel Company shareholders' equity

1,112.7

1,089.4

2.1

‌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 March 31,

2025

2024

Basic:

Net income (loss)

32,102

(919)

Less income allocated to participating securities

(842)

(354)

Net income (loss) attributable to common stock

$ 31,260

$ (1,273)

Earnings (loss) per share, basic

$ 1.74

$ (0.07)

Weighted-average shares outstanding

17,984

17,664

Diluted:

Net income (loss)

$ 32,102

$ (919)

Less income allocated to participating securities

(840)

(354)

Net income (loss) attributable to common stock

$ 31,262

$ (1,273)

Earnings (loss) per share, diluted

$ 1.73

$ (0.07)

Weighted-average shares outstanding(1)

17,984

17,664

Dilutive effect of restricted stock

157

Adjusted weighted-average shares outstanding under treasury stock method

18,141

17,664

Participating securities excluded under two-class method

(119)

Adjusted weighted-average shares outstanding under two-class method

18,022

17,664

‌Appendix A

Non-GAAP Presentation Three Months Ended March 31, 2025

(Unaudited)

We present adjusted consolidated operating expense and adjusted consolidated operating income, which exclude special charges related to (i) the impact of losses and insurance recoveries incurred primarily as the result of hurricanes and other insured events at Sunseeker and (ii) accelerated depreciation on airframes identified for early retirement. We also present adjusted consolidated interest expense, 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 extinguishment of debt.

We present adjusted airline-only operating expense and adjusted airline-only operating income, which exclude special charges related to aircraft accelerated depreciation on early retirement of certain airframes. We also present adjusted airline-only income before income taxes, adjusted airline-only net income, and adjusted airline-only diluted earnings per share, which exclude special charges.

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 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 extinguishment of debt. 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), interest expense, 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), interest expense, income (loss) before income taxes, net income (loss), earnings (loss) per share, or other measures of financial performance prepared in accordance with GAAP. Our use of these non-GAAP measures may not be comparable to similarly titled measures employed by other companies in the airline and travel industry. The reconciliation of each of these measures to the most comparable GAAP measure for the periods is indicated below.

‌Reconciliation of Non-GAAP Financial Measures‌

Special Charges (millions)

Sunseeker insurance recoveries, net(2)

(2.9)

(1.8)

Accelerated depreciation on airframes identified for early retirement(2)

$ 1.4

$ 14.9

Consolidated special charges, net of (recoveries)(2)

(1.6)

13.1

Three Months Ended March 31, 2025 2024

‌Reconciliation of adjusted

Three Months Ended March 31, 2025

Consolidated Airline Sunseeker

operating margin, adjusted GAAP Adjustme (Non- GAAP Adjustm (Non-

interest expense, and nts(2)(3) GAAP)(1) ents(2) GAAP)(1)

income taxes (millions)

GAAP

Adjustm

ents(2)(3)

(Non-GAAP)(1)

Total operating revenues

$ 699.1

$ -

$ 699.1

$ 668.4

$ -

$ 668.4

$ 30.7

$ -

$ 30.7

Total operating expenses

634.1

1.6

635.6

607.5

(1.4)

606.1

26.5

2.9

29.5

Operating income (loss)

$ 65.0

$ (1.6)

$ 63.4

$ 60.9

$ 1.4

$ 62.2

$ 4.2

$ (2.9)

$ 1.2

Operating margin (percent)

9.3

9.1

9.3

13.5

3.9

Interest expense

$ 40.8

$ (3.4)

$ 37.4

$ 28.9

$ -

$ 28.9

$ 11.8

$ (3.4)

$ 8.4

INCOME BEFORE INCOME TAXES

$ 41.9

$ 1.9

$ 43.8

$ 49.6

$ 1.4

$ 51.0

$ (7.7)

$ 0.5

$ (7.2)

operating income, adjusted

adjusted income before

‌Reconciliation of adjusted

Three Months Ended March 31, 2024

Consolidated Airline Sunseeker

operating income, adjusted operating margin, and adjusted income before income taxes (millions)

Total operating revenues

$ 656.4

$ -

$ 656.4

$ 632.5

$ -

$ 632.5

$ 23.9

$ -

$ 23.9

Total operating expenses

641.0

(13.1)

627.9

608.3

(14.9)

593.4

32.7

1.8

34.5

Operating income (loss)

$ 15.4

$ 13.1

$ 28.5

$ 24.2

$ 14.9

$ 39.1

$ (8.8)

$ (1.8)

$ (10.6)

Operating margin (percent)

2.4

4.3

3.8

6.2

(36.7)

(44.3)

INCOME BEFORE INCOME TAXES

$ (1.3)

$ 13.1

$ 11.8

$ 12.5

$ 14.9

$ 27.4

$ (13.9)

$ (1.8)

$ (15.7)

‌Three Months Ended March 31,

2025

2024

Consolidated EBITDA and adjusted consolidated EBITDA (millions)

Net income (loss) as reported (GAAP)

32.1

(0.9)

Interest expense, net

22.4

16.7

Income tax expense (benefit)

9.8

(0.4)

Depreciation and amortization

63.3

63.8

Consolidated EBITDA(1)

127.6

79.2

Special charges(2)

(1.6)

13.1

Adjusted consolidated EBITDA(1)(2)

126.1

92.3

Adjusted airline-only EBITDA (millions)

Airline income before income taxes as reported (GAAP)

49.6

12.5

Airline special charges(2)

1.4

14.9

Airline interest expense, net

10.5

11.6

Airline depreciation and amortization

59.7

57.9

Adjusted airline-only EBITDA(1)(2)

121.3

97.0

Adjusted Sunseeker EBITDA (millions)

Sunseeker loss before income taxes as reported (GAAP)

(7.7)

(13.9)

Sunseeker special charge recoveries, net(2)

(2.9)

(1.8)

Sunseeker interest expense, net

11.8

5.1

Sunseeker depreciation and amortization

3.6

6.0

Adjusted Sunseeker EBITDA(1)(2)

4.8

(4.6)

‌Three Months Ended March 31, 2025

Three Months Ended March 31, 2024

Amount

Per Share

Amount

Per Share

Reconciliation of adjusted consolidated earnings per share

and adjusted consolidated net income (millions except

share and per share amounts)

Net income (loss) as reported (GAAP)

$ 32.1

$ (0.9)

Less: Net income allocated to participating securities

(0.8)

(0.4)

Net income attributable to common stock (GAAP)

$ 31.3

$ 1.73

$ (1.3)

$ (0.07)

Plus: Net income allocated to participating securities

0.8

0.05

0.4

0.02

Plus: Loss on extinguishment of debt(3)

3.4

0.20

Plus (minus): Special charges, net of (recoveries)(2)

(1.6)

(0.09)

13.1

0.74

Minus: Income tax effect of adjustments above

(0.5)

(0.03)

(1.8)

(0.10)

Adjusted net income(1)

$ 33.4

$ 10.4

Less: Adjusted consolidated net income allocated to participating securities

(0.9)

(0.05)

(0.4)

(0.02)

Adjusted net income attributable to common stock(1)

$ 32.5

$ 1.81

$ 10.0

$ 0.57

Shares used for diluted computation (thousands) 18,022 17,669

Three Months Ended March 31, 2025

Three Months Ended March 31, 2024

Amount

Per Share

Amount

Per Share

Reconciliation of adjusted airline-only earnings per share

and adjusted airline-only net income (millions except share

and per share amounts)

Net income (loss) as reported (GAAP)

$ 32.1

$ (0.9)

Less: Net income allocated to participating securities

(0.8)

(0.4)

Net income attributable to common stock (GAAP)

$ 31.3

$ 1.73

$ (1.3)

$ (0.07)

Plus: Net income allocated to participating securities

0.8

0.05

0.4

0.02

Plus: Sunseeker loss before income taxes

7.7

0.43

13.9

0.78

Plus: Special charges, net of recoveries(2)

1.4

0.08

14.9

0.85

Minus: Income tax effect of adjustments above

(2.2)

(0.12)

(8.1)

(0.46)

Adjusted airline-only net income(1)

$ 39.0

$ 19.8

Less: Adjusted airline-only net income allocated to participating securities

(1.0)

(0.06)

(0.7)

(0.04)

Adjusted airline-only net income attributable to common stock(1)

$ 38.0

$ 2.11

$ 19.1

$ 1.08

Shares used for diluted computation (thousands) 18,022 17,669

‌Three Months Ended March 31,

2025

2024

Reconciliation of adjusted airline-only operating CASM excluding fuel (millions)

Consolidated operating expenses (GAAP)

634.1

641.0

Minus: Sunseeker operating expenses

26.5

32.7

Minus: airline special charges(2)

1.4

14.9

Adjusted airline-only operating expenses(1)(2)

606.2

593.4

Minus: fuel expenses

166.3

170.1

Adjusted airline-only operating expenses, excluding fuel(1)(2)

439.9

423.3

System available seat miles (millions)

5,451.6

4,772.0

Airline-only cost per available seat mile (cents)

11.14

12.75

Adjusted airline-only cost per available seat mile excluding fuel (cents)(2)

8.07

8.87

‌(1)Denotes non-GAAP figure.

(2)In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities (accelerated depreciation on airframes identified for early retirement) and damages to Sunseeker Resort (charges due to weather events, net of recoveries). The adjusted numbers in this earnings release exclude the effect of these special charges.

* Note that amounts may not recalculate due to rounding

Disclaimer

Allegiant Travel Co. published this content on May 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2025 at 07:48 UTC.