(Exact name of registrant as specified in its charter) | ||||||||||||||||||||||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
N/A | ||||||||||||||||||||||||||||||||
(Former name or former address, if changed since last report.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.001 | ALGT | NASDAQ Global Select Market |
Exhibit No. | Description of Document | ||||
Date: August 2, 2023 | ALLEGIANT TRAVEL COMPANY | ||||||||||
By: | /s/ Robert J. Neal | ||||||||||
Name: | Robert J. Neal | ||||||||||
Title: | Senior Vice President and Chief Financial Officer |
Exhibit No. | Description of Document | ||||
Consolidated | Three Months Ended June 30, | Percent Change | |||||||||||||||
(unaudited) (in millions, except per share amounts) | 2023 | 2022 | YoY | ||||||||||||||
Total operating revenue | $ | 683.8 | $ | 629.8 | 8.6 | % | |||||||||||
Total operating expense | 550.4 | 603.7 | (8.8) | % | |||||||||||||
Operating income | 133.4 | 26.1 | 411.1 | % | |||||||||||||
Income before income taxes | 116.3 | 5.8 | NM | ||||||||||||||
Net income | 88.5 | 4.4 | NM | ||||||||||||||
Diluted earnings per share | 4.80 | 0.24 | NM | ||||||||||||||
Sunseeker special charges, net of recovery (5) | (11.2) | — | NM | ||||||||||||||
Diluted earnings per share excluding recovery of Sunseeker special charges(1)(4)(5) | 4.35 | 0.24 | NM | ||||||||||||||
Airline only | Three Months Ended June 30, | Percent Change(2) | |||||||||||||||
(unaudited) (in millions, except per share amounts) | 2023 | 2022 | YoY | ||||||||||||||
Airline operating revenue (1) | $ | 683.8 | $ | 629.8 | 8.6 | % | |||||||||||
Airline operating expense (1) | 556.3 | 602.0 | (7.6) | % | |||||||||||||
Airline operating income (1) | 127.5 | 27.9 | 357.0 | % | |||||||||||||
Airline income before income taxes (1) | 110.4 | 10.4 | 961.5 | % | |||||||||||||
Airline net income (1)(3) | 84.2 | 7.7 | 993.5 | % | |||||||||||||
Airline operating margin | 18.6 | % | 4.4 | % | 14.2 | % | |||||||||||
Airline diluted earnings per share(1) | 4.57 | 0.43 | 962.8 | % |
Consolidated | Six Months Ended June 30, | Percent Change | |||||||||||||||
(unaudited) (in millions, except per share amounts) | 2023 | 2022 | YoY | ||||||||||||||
Total operating revenue | $ | 1,333.5 | $ | 1,130.0 | 18.0 | % | |||||||||||
Total operating expense | 1,105.2 | 1,096.6 | 0.8 | ||||||||||||||
Operating income | 228.3 | 33.4 | 583.5 | ||||||||||||||
Income (loss) before income taxes | 190.8 | (4.7) | NM | ||||||||||||||
Net income (loss) | 144.6 | (3.5) | NM | ||||||||||||||
Diluted earnings (loss) per share | 7.84 | (0.20) | NM | ||||||||||||||
Sunseeker special charges, net of recovery (5) | (12.8) | — | NM | ||||||||||||||
Diluted earnings per share excluding recovery of Sunseeker special charges(1)(4)(5) | 7.35 | (0.20) | NM | ||||||||||||||
Airline only | Six Months Ended June 30, | Percent Change(2) | |||||||||||||||
(unaudited) (in millions, except per share amounts) | 2023 | 2022 | YoY | ||||||||||||||
Airline operating revenue (1) | $ | 1,333.5 | $ | 1,130.0 | 18.0 | % | |||||||||||
Airline operating expense (1) | 1,108.4 | 1,091.9 | 1.5 | ||||||||||||||
Airline operating income (1) | 225.1 | 38.1 | 490.8 | ||||||||||||||
Airline income before income taxes (1) | 189.2 | 4.7 | NM | ||||||||||||||
Airline net income (1)(3) | 144.2 | 3.7 | NM | ||||||||||||||
Airline operating margin | 16.9 | % | 3.4 | % | 13.5 | ||||||||||||
Airline diluted earnings per share(1) | 7.81 | 0.20 | NM |
Guidance, subject to revision | |||||||||||
Full-year 2023 guidance | Previous | Current | |||||||||
System ASMs - year over year change | 0 to 3% | 0 to 3% | |||||||||
Scheduled service ASMs - year over year change | 0 to 3% | 0 to 3% | |||||||||
Fuel cost per gallon | $ | 3.00 | $ | 2.90 | |||||||
Available seat miles (ASMs)/gallon | ~84 | ~84 | |||||||||
Depreciation expense (millions) | $230 to $240 | $230 to $235 | |||||||||
Interest expense (millions) | $150 to $160 | $145 to $150 | |||||||||
Capitalized interest (1) (millions) | ($35) to ($45) | ($30) to ($35) | |||||||||
Interest income (millions) | $35 to $45 | $40 to $45 | |||||||||
Earnings per share - airline only(2) | $9.00 - $13.00 | $10.50 - $13.00 | |||||||||
Loss per share - Sunseeker (3) | ~($1.25) | ~($1.25) | |||||||||
Airline CAPEX | |||||||||||
Aircraft, engines, induction costs, and pre-delivery deposits (millions)(4) | $550 to $570 | $490 to $500 | |||||||||
Capitalized deferred heavy maintenance (millions) | $50 to $60 | $60 to $70 | |||||||||
Other airline capital expenditures (millions) | $130 to $150 | $140 to $145 | |||||||||
Recurring principal payments (millions)(5) | $175 to $185 | $210 to $215 |
Sunseeker Resort Charlotte Harbor Project (millions) | |||||||||||
Total projected capital expenditures (6) | $695 | $695 | |||||||||
Capital expenditures funded or expected to be funded by Allegiant | $345 | ||||||||||
Project debt incurred through June 30, 2023 | $350 |
Aircraft - (seats per AC) | 1Q23 | 2Q23 | 3Q23 | YE23 | ||||||||||
A319 (156 seats) | 35 | 35 | 35 | 35 | ||||||||||
A320 (177 seats) | 19 | 19 | 19 | 19 | ||||||||||
A320 (180-186 seats) | 70 | 72 | 73 | 73 | ||||||||||
Total | 124 | 126 | 127 | 127 |
Three Months Ended June 30, | Percent Change | ||||||||||||||||
2023 | 2022 | YoY | |||||||||||||||
OPERATING REVENUES: | |||||||||||||||||
Passenger | $ | 642,747 | $ | 592,604 | 8.5 | % | |||||||||||
Third party products | 28,904 | 27,787 | 4.0 | ||||||||||||||
Fixed fee contracts | 11,741 | 8,920 | 31.6 | ||||||||||||||
Other | 418 | 536 | (22.0) | ||||||||||||||
Total operating revenues | 683,810 | 629,847 | 8.6 | ||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||
Aircraft fuel | 162,611 | 257,288 | (36.8) | ||||||||||||||
Salaries and benefits | 177,170 | 139,681 | 26.8 | ||||||||||||||
Station operations | 66,715 | 66,909 | (0.3) | ||||||||||||||
Depreciation and amortization | 53,933 | 49,183 | 9.7 | ||||||||||||||
Maintenance and repairs | 33,634 | 31,123 | 8.1 | ||||||||||||||
Sales and marketing | 29,868 | 27,297 | 9.4 | ||||||||||||||
Aircraft lease rentals | 5,975 | 5,451 | 9.6 | ||||||||||||||
Other | 31,683 | 26,643 | 18.9 | ||||||||||||||
Special charges, net of recovery | (11,208) | 142 | NM | ||||||||||||||
Total operating expenses | 550,381 | 603,717 | (8.8) | ||||||||||||||
OPERATING INCOME | 133,429 | 26,130 | 410.6 | ||||||||||||||
OTHER (INCOME) EXPENSES: | |||||||||||||||||
Interest expense | 37,765 | 24,497 | 54.2 | ||||||||||||||
Interest income | (11,845) | (2,218) | 434.0 | ||||||||||||||
Capitalized interest | (8,881) | (2,082) | 326.6 | ||||||||||||||
Other, net | 45 | 101 | (55.4) | ||||||||||||||
Total other expenses | 17,084 | 20,298 | (15.8) | ||||||||||||||
INCOME BEFORE INCOME TAXES | 116,345 | 5,832 | 1,894.9 | ||||||||||||||
INCOME TAX PROVISION | 27,876 | 1,474 | 1,791.2 | ||||||||||||||
NET INCOME | $ | 88,469 | $ | 4,358 | 1,930.0 | ||||||||||||
Earnings per share to common shareholders: | |||||||||||||||||
Basic | $4.80 | $0.24 | 1,900.0 | ||||||||||||||
Diluted | $4.80 | $0.24 | 1,900.0 | ||||||||||||||
Weighted average shares outstanding used in computing earnings per share attributable to common shareholders(1): | |||||||||||||||||
Basic | 17,677 | 17,987 | (1.7) | ||||||||||||||
Diluted | 17,683 | 18,006 | (1.8) |
Three Months Ended June 30, | Percent Change(1) | ||||||||||||||||
2023 | 2022 | YoY | |||||||||||||||
AIRLINE OPERATING STATISTICS | |||||||||||||||||
Total system statistics: | |||||||||||||||||
Passengers | 4,755,981 | 4,740,399 | 0.3 | % | |||||||||||||
Available seat miles (ASMs) (thousands) | 5,053,547 | 4,990,086 | 1.3 | ||||||||||||||
Airline operating expense per ASM (CASM) (cents) | 11.01 | ¢ | 12.06 | ¢ | (8.7) | ||||||||||||
Fuel expense per ASM (cents) | 3.22 | ¢ | 5.16 | ¢ | (37.6) | ||||||||||||
Airline operating CASM, excluding fuel (cents) | 7.79 | ¢ | 6.90 | ¢ | 12.9 | ||||||||||||
Departures | 32,396 | 32,138 | 0.8 | ||||||||||||||
Block hours | 76,615 | 75,472 | 1.5 | ||||||||||||||
Average stage length (miles) | 884 | 881 | 0.3 | ||||||||||||||
Average number of operating aircraft during period | 124.6 | 113.3 | 10.0 | ||||||||||||||
Average block hours per aircraft per day | 6.8 | 7.3 | (6.8) | ||||||||||||||
Full-time equivalent employees at end of period | 5,436 | 5,180 | 4.9 | ||||||||||||||
Fuel gallons consumed (thousands) | 60,516 | 59,588 | 1.6 | ||||||||||||||
ASMs per gallon of fuel | 83.5 | 83.7 | (0.2) | ||||||||||||||
Average fuel cost per gallon | $ | 2.69 | $ | 4.32 | (37.7) | ||||||||||||
Scheduled service statistics: | |||||||||||||||||
Passengers | 4,719,623 | 4,711,001 | 0.2 | ||||||||||||||
Revenue passenger miles (RPMs) (thousands) | 4,278,399 | 4,267,828 | 0.2 | ||||||||||||||
Available seat miles (ASMs) (thousands) | 4,925,194 | 4,888,539 | 0.7 | ||||||||||||||
Load factor | 86.9 | % | 87.3 | % | (0.4) | ||||||||||||
Departures | 31,487 | 31,402 | 0.3 | ||||||||||||||
Block hours | 74,602 | 73,857 | 1.0 | ||||||||||||||
Average seats per departure | 175.8 | 175.6 | 0.1 | ||||||||||||||
Yield (cents) (2) | 7.78 | ¢ | 7.24 | ¢ | 7.5 | ||||||||||||
Total passenger revenue per ASM (TRASM) (cents)(3) | 13.64 | ¢ | 12.69 | ¢ | 7.5 | ||||||||||||
Average fare - scheduled service(4) | $ | 70.56 | $ | 65.60 | 7.6 | ||||||||||||
Average fare - air-related charges(4) | $ | 65.63 | $ | 60.19 | 9.0 | ||||||||||||
Average fare - third party products | $ | 6.12 | $ | 5.90 | 3.7 | ||||||||||||
Average fare - total | $ | 142.31 | $ | 131.69 | 8.1 | ||||||||||||
Average stage length (miles) | 887 | 883 | 0.5 | ||||||||||||||
Fuel gallons consumed (thousands) | 58,962 | 58,332 | 1.1 | ||||||||||||||
Average fuel cost per gallon | $ | 2.70 | $ | 4.33 | (37.6) | ||||||||||||
Percent of sales through website during period | 95.2 | % | 96.3 | % | (1.1) | ||||||||||||
Other data: | |||||||||||||||||
Rental car days sold | 391,515 | 430,004 | (9.0) | ||||||||||||||
Hotel room nights sold | 70,257 | 78,590 | (10.6) |
Six Months Ended June 30, | Percent Change | ||||||||||||||||
2023 | 2022 | YoY | |||||||||||||||
OPERATING REVENUES: | |||||||||||||||||
Passenger | $ | 1,252,023 | $ | 1,056,566 | 18.5 | % | |||||||||||
Third party products | 54,942 | 50,267 | 9.3 | ||||||||||||||
Fixed fee contracts | 25,858 | 22,305 | 15.9 | ||||||||||||||
Other | 674 | 818 | (17.6) | ||||||||||||||
Total operating revenues | 1,333,497 | 1,129,956 | 18.0 | ||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||
Aircraft fuel | 352,157 | 421,425 | (16.4) | ||||||||||||||
Salaries and benefits | 336,793 | 273,691 | 23.1 | ||||||||||||||
Station operations | 128,234 | 132,652 | (3.3) | ||||||||||||||
Depreciation and amortization | 108,613 | 95,526 | 13.7 | ||||||||||||||
Maintenance and repairs | 60,076 | 58,943 | 1.9 | ||||||||||||||
Sales and marketing | 56,796 | 49,647 | 14.4 | ||||||||||||||
Aircraft lease rental | 13,067 | 11,584 | 12.8 | ||||||||||||||
Other | 62,328 | 52,845 | 17.9 | ||||||||||||||
Special charges, net of recovery | (12,820) | 284 | NM | ||||||||||||||
Total operating expenses | 1,105,244 | 1,096,597 | 0.8 | ||||||||||||||
OPERATING INCOME | 228,253 | 33,359 | 584.2 | ||||||||||||||
OTHER (INCOME) EXPENSES: | |||||||||||||||||
Interest expense | 73,473 | 44,288 | 65.9 | ||||||||||||||
Interest income | (21,974) | (2,991) | 634.7 | ||||||||||||||
Capitalized interest | (14,061) | (3,298) | 326.3 | ||||||||||||||
Other, net | 52 | 95 | (45.3) | ||||||||||||||
Total other expenses | 37,490 | 38,094 | (1.6) | ||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 190,763 | (4,735) | NM | ||||||||||||||
INCOME TAX PROVISION (BENEFIT) | 46,145 | (1,212) | NM | ||||||||||||||
NET INCOME (LOSS) | $ | 144,618 | $ | (3,523) | NM | ||||||||||||
Earnings (loss) per share to common shareholders: | |||||||||||||||||
Basic | $7.85 | ($0.20) | NM | ||||||||||||||
Diluted | $7.84 | ($0.20) | NM | ||||||||||||||
Weighted average shares outstanding used in computing earnings per share attributable to common shareholders(1): | |||||||||||||||||
Basic | 17,840 | 17,970 | (0.7) | ||||||||||||||
Diluted | 17,861 | 17,970 | (0.6) |
Six Months Ended June 30, | Percent Change(1) | ||||||||||||||||
2023 | 2022 | YoY | |||||||||||||||
OPERATING STATISTICS | |||||||||||||||||
Total system statistics: | |||||||||||||||||
Passengers | 8,904,434 | 8,474,661 | 5.1 | % | |||||||||||||
Available seat miles (ASMs) (thousands) | 9,731,169 | 9,610,230 | 1.3 | ||||||||||||||
Airline operating expense per ASM (CASM)(cents) | 11.39 | ¢ | 11.36 | ¢ | 0.3 | ||||||||||||
Fuel expense per ASM (cents) | 3.62 | ¢ | 4.39 | ¢ | (17.5) | ||||||||||||
Airline operating CASM, excluding fuel (cents) | 7.77 | ¢ | 6.97 | ¢ | 11.5 | ||||||||||||
Departures | 61,541 | 60,632 | 1.5 | ||||||||||||||
Block hours | 148,405 | 145,127 | 2.3 | ||||||||||||||
Average stage length (miles) | 896 | 899 | (0.3) | ||||||||||||||
Average number of operating aircraft during period | 123.7 | 111.4 | 11.0 | ||||||||||||||
Average block hours per aircraft per day | 6.6 | 7.2 | (8.3) | ||||||||||||||
Full-time equivalent employees at end of period | 5,436 | 5,180 | 4.9 | ||||||||||||||
Fuel gallons consumed (thousands) | 115,950 | 113,026 | 2.6 | ||||||||||||||
ASMs per gallon of fuel | 83.9 | 85.0 | (1.3) | ||||||||||||||
Average fuel cost per gallon | $ | 3.04 | $ | 3.73 | (18.5) | ||||||||||||
Scheduled service statistics: | |||||||||||||||||
Passengers | 8,841,819 | 8,420,105 | 5.0 | ||||||||||||||
Revenue passenger miles (RPMs) (thousands) | 8,203,761 | 7,825,873 | 4.8 | ||||||||||||||
Available seat miles (ASMs) (thousands) | 9,498,960 | 9,400,853 | 1.0 | ||||||||||||||
Load factor | 86.4 | % | 83.2 | % | 3.2 | ||||||||||||
Departures | 59,760 | 59,039 | 1.2 | ||||||||||||||
Block hours | 144,611 | 141,686 | 2.1 | ||||||||||||||
Average seats per departure | 175.9 | 175.6 | 0.2 | ||||||||||||||
Yield (cents) (2) | 8.03 | ¢ | 6.95 | ¢ | 15.5 | ||||||||||||
Total passenger revenue per ASM (TRASM) (cents)(3) | 13.76 | ¢ | 11.77 | ¢ | 16.9 | ||||||||||||
Average fare - scheduled service(4) | $ | 74.46 | $ | 64.55 | 15.4 | ||||||||||||
Average fare - air-related charges(4) | $ | 67.14 | $ | 60.93 | 10.2 | ||||||||||||
Average fare - third party products | $ | 6.21 | $ | 5.97 | 4.0 | ||||||||||||
Average fare - total | $ | 147.82 | $ | 131.45 | 12.5 | ||||||||||||
Average stage length (miles) | 900 | 903 | (0.3) | ||||||||||||||
Fuel gallons consumed (thousands) | 113,107 | 110,442 | 2.4 | ||||||||||||||
Average fuel cost per gallon | $ | 3.04 | $ | 3.67 | (17.2) | ||||||||||||
Percent of sales through website during period | 95.4 | % | 96.2 | % | (0.8) | ||||||||||||
Other data: | |||||||||||||||||
Rental car days sold | 745,941 | 797,098 | (6.4) | ||||||||||||||
Hotel room nights sold | 139,196 | 151,129 | (7.9) |
Unaudited (millions) | June 30, 2023 (unaudited) | December 31, 2022 | Percent Change | ||||||||||||||
Unrestricted cash and investments | |||||||||||||||||
Cash and cash equivalents | $ | 152.2 | $ | 230.0 | (33.8) | % | |||||||||||
Short-term investments | 825.2 | 725.1 | 13.8 | ||||||||||||||
Long-term investments | 69.3 | 63.3 | 9.5 | ||||||||||||||
Total unrestricted cash and investments | 1,046.7 | 1,018.4 | 2.8 | ||||||||||||||
Debt | |||||||||||||||||
Current maturities of long-term debt and finance lease obligations, net of related costs | 270.2 | 152.9 | 76.7 | ||||||||||||||
Long-term debt and finance lease obligations, net of current maturities and related costs | 1,887.8 | 1,944.1 | (2.9) | ||||||||||||||
Total debt | 2,158.0 | 2,097.0 | 2.9 | ||||||||||||||
Debt, net of unrestricted cash and investments | 1,111.3 | 1,078.6 | 3.0 | ||||||||||||||
Total Allegiant Travel Company shareholders’ equity | 1,373.6 | 1,220.7 | 12.5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net income (loss) | $ | 88,469 | $ | 4,358 | $ | 144,618 | $ | (3,523) | |||||||||||||||
Less income allocated to participating securities | (3,660) | (39) | (4,663) | — | |||||||||||||||||||
Net income (loss) attributable to common stock | $ | 84,809 | $ | 4,319 | $ | 139,955 | $ | (3,523) | |||||||||||||||
Earnings (loss) per share, basic | $ | 4.80 | $ | 0.24 | $ | 7.85 | $ | (0.20) | |||||||||||||||
Weighted-average shares outstanding | 17,677 | 17,987 | 17,840 | 17,970 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net income (loss) | $ | 88,469 | $ | 4,358 | $ | 144,618 | $ | (3,523) | |||||||||||||||
Less income allocated to participating securities | (3,659) | (39) | (4,657) | — | |||||||||||||||||||
Net income (loss) attributable to common stock | $ | 84,810 | $ | 4,319 | $ | 139,961 | $ | (3,523) | |||||||||||||||
Earnings (loss) per share, diluted | $ | 4.80 | $ | 0.24 | $ | 7.84 | $ | (0.20) | |||||||||||||||
Weighted-average shares outstanding (1) | 17,677 | 17,987 | 17,840 | 17,970 | |||||||||||||||||||
Dilutive effect of stock options and restricted stock | 211 | 31 | 168 | — | |||||||||||||||||||
Adjusted weighted-average shares outstanding under treasury stock method | 17,888 | 18,018 | 18,008 | 17,970 | |||||||||||||||||||
Participating securities excluded under two-class method | (205) | (12) | (147) | — | |||||||||||||||||||
Adjusted weighted-average shares outstanding under two-class method | 17,683 | 18,006 | 17,861 | 17,970 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of airline operating CASM excluding fuel (millions) | |||||||||||||||||||||||
Consolidated operating expense (GAAP) | $ | 550.4 | $ | 603.7 | $ | 1,105.2 | $ | 1,096.6 | |||||||||||||||
Less aircraft fuel expense | 162.6 | 257.3 | 352.2 | 421.4 | |||||||||||||||||||
Less non-airline operating expense/(income) | (5.9) | 1.8 | (3.2) | 4.7 | |||||||||||||||||||
Total airline operating expense less fuel(1) | $ | 393.7 | $ | 344.6 | $ | 756.2 | $ | 670.5 | |||||||||||||||
System available seat miles (millions) | 5,053.5 | 4,990.1 | 9,731.2 | 9,610.2 | |||||||||||||||||||
Cost per available seat mile (cents) | 10.89 | 12.10 | 11.36 | 11.41 | |||||||||||||||||||
Cost per available seat mile excluding non-airline expense (cents) | 11.01 | 12.06 | 11.39 | 11.36 | |||||||||||||||||||
Cost per available seat mile excluding fuel and non-airline expense (cents) | 7.79 | 6.90 | 7.77 | 6.97 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of airline operating revenue, operating expense, operating income, income before income taxes, net income (millions) | |||||||||||||||||||||||
Operating revenue as reported (GAAP) | $ | 683.8 | $ | 629.8 | $ | 1,333.5 | $ | 1,130.0 | |||||||||||||||
Non-airline operating revenue | — | — | — | — | |||||||||||||||||||
Airline operating revenue(1) | $ | 683.8 | $ | 629.8 | $ | 1,333.5 | $ | 1,130.0 | |||||||||||||||
Operating expense as reported (GAAP) | $ | 550.4 | $ | 603.7 | $ | 1,105.2 | $ | 1,096.6 | |||||||||||||||
Non-airline operating expense | (5.9) | 1.8 | (3.2) | 4.7 | |||||||||||||||||||
Airline operating expense(1) | $ | 556.3 | $ | 602.0 | $ | 1,108.4 | $ | 1,091.9 | |||||||||||||||
Operating income as reported (GAAP) | $ | 133.4 | $ | 26.1 | $ | 228.3 | $ | 33.4 | |||||||||||||||
Non-airline operating income (loss) | 5.9 | (1.8) | 3.2 | (4.7) | |||||||||||||||||||
Airline operating income(1) | $ | 127.5 | $ | 27.9 | $ | 225.1 | $ | 38.1 | |||||||||||||||
Airline operating margin | 18.6 | % | 4.4 | % | 16.9 | % | 3.4 | % | |||||||||||||||
Income (loss) before income taxes as reported (GAAP) | $ | 116.3 | $ | 5.8 | $ | 190.8 | $ | (4.7) | |||||||||||||||
Non-airline income (loss) before income taxes | 6.0 | (4.5) | 1.5 | (9.5) | |||||||||||||||||||
Airline income before income taxes(1) | $ | 110.4 | $ | 10.4 | $ | 189.2 | $ | 4.7 | |||||||||||||||
Net income (loss) as reported (GAAP) | $ | 88.5 | $ | 4.4 | $ | 144.6 | $ | (3.5) | |||||||||||||||
Non-airline net income (loss) | 4.3 | (3.4) | 0.4 | (7.2) | |||||||||||||||||||
Airline net income(1) | $ | 84.2 | $ | 7.7 | $ | 144.2 | $ | 3.7 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of airline diluted earnings per share (millions, unless otherwise noted) | |||||||||||||||||||||||
Net income (loss) as reported (GAAP) | $ | 88.5 | $ | 4.4 | $ | 144.6 | $ | (3.5) | |||||||||||||||
Less: Net income allocated to participating securities | (3.7) | (0.0) | (4.7) | $ | — | ||||||||||||||||||
Net income (loss) attributable to common stock | $ | 84.8 | $ | 4.3 | $ | 140.0 | $ | (3.5) | |||||||||||||||
Airline net income(1) | 84.2 | 7.7 | 144.2 | 3.7 | |||||||||||||||||||
Less: Airline net income allocated to participating securities | (3.5) | (0.1) | (4.6) | — | |||||||||||||||||||
Airline net income (loss) attributable to common stock | $ | 80.7 | $ | 7.7 | $ | 139.6 | $ | 3.7 | |||||||||||||||
Diluted shares used for computation (thousands) | 17,683 | 18,006 | 17,861 | 17,970 | |||||||||||||||||||
Diluted earnings (loss) per share as reported (GAAP) | $ | 4.80 | $ | 0.24 | 7.84 | (0.20) | |||||||||||||||||
Airline diluted earnings per share(1) | $ | 4.57 | $ | 0.43 | 7.81 | 0.20 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of net income excluding recovery of Sunseeker special charges and earnings per share excluding recovery of Sunseeker special charges (millions except share and per share numbers) | |||||||||||||||||||||||
Income (loss) before income taxes as reported (GAAP) | $ | 116.3 | $ | 5.8 | $ | 190.8 | $ | (4.7) | |||||||||||||||
Sunseeker special charges, net of recovery | (11.2) | — | (12.8) | — | |||||||||||||||||||
Income (loss) before income taxes excluding Sunseeker special charges net of recovery(1) | 105.1 | 5.8 | 178.0 | (4.7) | |||||||||||||||||||
Income tax expense (benefit) as reported (GAAP) | 27.9 | 1.5 | 46.1 | (1.2) | |||||||||||||||||||
Income tax expense (benefit) excluding Sunseeker special charges net of recovery(1) | 24.9 | 1.5 | 42.4 | (1.2) | |||||||||||||||||||
Net income (loss) excluding Sunseeker special charges net of recovery(1) | 80.2 | 4.3 | 135.6 | (3.5) | |||||||||||||||||||
Adjusted net (income) allocated to participating securities excluding Sunseeker special charges net of recovery(1) | (3.3) | — | (4.4) | — | |||||||||||||||||||
Adjusted net income (loss) attributable to common stock excluding Sunseeker special charges net of recovery(1) | 76.9 | 4.3 | 131.2 | (3.5) | |||||||||||||||||||
Diluted shares as reported (GAAP) (thousands) | 17,683 | 18,006 | 17,861 | 17,970 | |||||||||||||||||||
Diluted earnings (loss) per share as reported (GAAP) | $ | 4.80 | $ | 0.24 | $ | 7.84 | $ | (0.20) | |||||||||||||||
Diluted earnings (loss) per share excluding Sunseeker special charges net of recovery(1) | $ | 4.35 | $ | 0.24 | $ | 7.35 | $ | (0.20) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of operating income excluding special charges (millions) | |||||||||||||||||||||||
Operating income as reported (GAAP) | $ | 133.4 | $ | 26.1 | $ | 228.3 | $ | 33.4 | |||||||||||||||
Special charges, net of recovery | (11.2) | 0.1 | (12.8) | 0.3 | |||||||||||||||||||
Operating income, excluding special charges(1) | $ | 122.2 | $ | 26.2 | 215.5 | $ | 33.7 | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Consolidated EBITDA (millions) | |||||||||||||||||||||||
Net income (loss) | $ | 88.5 | $ | 4.4 | $ | 144.6 | $ | (3.5) | |||||||||||||||
Interest expense, net | 17.0 | 20.2 | 37.4 | 38.0 | |||||||||||||||||||
Income tax expense (benefit) | 27.9 | 1.5 | 46.1 | (1.2) | |||||||||||||||||||
Depreciation and amortization | 53.9 | 49.2 | 108.6 | 95.5 | |||||||||||||||||||
Consolidated EBITDA(1) | $ | 187.3 | $ | 75.3 | 336.7 | $ | 128.8 | ||||||||||||||||
Airline only EBITDA (millions) | |||||||||||||||||||||||
Airline net income(1) | $ | 84.2 | $ | 7.7 | 144.2 | $ | 3.7 | ||||||||||||||||
Airline interest expense, net(1) | 17.1 | 17.4 | 35.8 | $ | 33.2 | ||||||||||||||||||
Airline income tax expense (benefit)(1)(2) | 26.2 | 2.6 | 45.0 | $ | 1.0 | ||||||||||||||||||
Airline depreciation and amortization(1) | 53.8 | 49.2 | 108.5 | 95.5 | |||||||||||||||||||
Airline EBITDA(1) | $ | 181.3 | $ | 76.9 | $ | 333.5 | $ | 133.5 | |||||||||||||||
Consolidated EBITDA, excluding special charges (millions) | |||||||||||||||||||||||
Net income (loss) | $ | 88.5 | $ | 4.4 | $ | 144.6 | $ | (3.5) | |||||||||||||||
Interest expense, net | 17.0 | 20.2 | 37.4 | $ | 38.0 | ||||||||||||||||||
Income tax expense (benefit) | 27.9 | 1.5 | 46.1 | $ | (1.2) | ||||||||||||||||||
Depreciation and amortization | 53.9 | 49.2 | 108.6 | $ | 95.5 | ||||||||||||||||||
Special charges, net of recovery | (11.2) | 0.1 | (12.8) | $ | 0.3 | ||||||||||||||||||
Consolidated EBITDA, excluding special charges(1) | $ | 176.1 | $ | 75.4 | $ | 323.9 | $ | 129.1 | |||||||||||||||
D!\@'Z @,"# (4 AT")@(O
M C@"00)+ E0"70)G G$">@*$ HX"F *B JP"M@+! LL"U0+@ NL"]0, PL#
M%@,A RT#. -# T\#6@-F W(#?@.* Y8#H@.N [H#QP/3 ^ #[ /Y! 8$$P0@
M!"T$.P1(!%4$8P1Q!'X$C 2:!*@$M@3$!-,$X03P!/X%#044%]@8&!A8&)P8W!D@&609J!GL&C :=!J\&P ;1
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M&G<:GAK%&NP;%!L[&V,;BANR&]H< APJ'%(<>QRC',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB 5($$@;""8(,0@\"$<(4@A=2&A
M( &YXS'DJ>8EYYWI&>J5[!'MC>\)\(7R!?.%]
M07VA?@%^8G["?R-_A'_E@$> J($*@6N!S8(P@I*"](-7@[J$'82 A..%1X6K
MA@Z& &)/87V=E D!\@'Z @,"# (4 AT")@(O C@"00)+ E0"70)G G$">@*$ HX"
MF *B JP"M@+! LL"U0+@ NL"]0, PL#%@,A RT#. -# T\#6@-F W(#?@.*
M Y8#H@.N [H#QP/3 ^ #[ /Y! 8$$P0@!"T$.P1(!%4$8P1Q!'X$C 2:!*@$
MM@3$!-,$X03P!/X%#044%]@8&
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M APJ'%(<>QRC',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4
M'[\?ZB 5($$@;""8(,0@\"$<(4@A=2&A( &YX
MS'DJ>8EYYWI&>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E@$> J($*
M@6N!S8(P@I*"](-7@[J$'82 A..%1X6KA@Z&
M&)/87V=E G)E4WI.5&-Z:V,Y9"(_/B \>#IX;7!M971A('AM
M;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!835 @0V]R
M92 U+C M8S V,2 V-"XQ-# Y-#DL(#(P,3 O,3(O,# R?B!#KFY7@!/LKHM8_
MH^?, JQNJ:I3\IH$%K(-^$>)1@ ?OQ^NY]+O1T9,1'AASIKDKP&_V-\L)LL$
M;(?U_/ZBQ2WA%$TF3 FH)241YQRS8=3N\PFUZE:RWOXN-G&I]W>A;6O;)YGU
MJ--&+>7X(,^-;[8]&RLBWK]..8 R?B!#KFY7@
M!/LKHM8VIZ@W?YJ-I5->-N6894['T^[OOCK*K9+J[]GX^F.V2XCK3VIIF:
M5!>QS)'&,ML/[^,^:=:=35;[T_(JXJ;)]5;HNGY'NZD=T1__ (OK\G 2DHCS
MCEFPZG=YA-KU*UEO?Q<;.-3[N]"ZM>V3S7;1Z=<.LYUQ5Q=+Q_=FSP-LILO[
M>-P]9MU[6X]3QA^G'/ISU0W6:>]V1\A+3SK6^G FS0-LID!QQE4(?LTX 1F)
M6PK%#T<*P[@\^==[0\[BRVI+6]M/3(K^>=T&BI'W6\?WIG4'+%N\='O@
M =#[_F^:E:539C_D^(AR<*%>3@-U>AI+3O:^+/8$EB
M%6VG+>$=1S'P[?J?5%WAQO9/Q AUS K3NY/T4Z=Y3YN:3
MC:[^@>.\:XQ&5A2] NGP,&$G34R'A+='VR4OG8A7L81VL=UO/7%W#=_LO5IN
M58'TX%.#ILW+"TC-Q.4;[GW$=$[VA)?V;O)W(G78Q^W3IN);/C/YGQDU@5E%
MB8=]$B3J@5!AL ,+D>QK;RZHJE*J6X7LE-7E(.R$V_ [L_H;AUV+ @\).#'/Q+>LGSK#Q$8,L\K/(=I8DGPFIQ<\63Q$6-FA2-B
M/.E<4-.G=0FOI# Y?H:-5;2UC0CX35[G2 $I*(\XI9L.IW^83:]2M9;W
M\7&SC4^[O0QK7MEIP@:6%U=X89WKC<;I&1&4.(YIB1F>!QV)-Q"X'L]0;3-0
M[S]!RMVV"/O(^*D)V>-;'TXH5*%0 ;/=2[OV]Z5W_%&F'!&O("A4IQSZ3=6]
MR.9^$;! 'QPQRR;$LA<
V6AA;G.NXBLS8"Z;]XQUX/L
M]0 #]OQ^_3PJ@NNTX;OCQ"6GG6M].!,D@]8G)$B_,"O*%%.RN&/G)2)0IP](
M2KZXK.' =D>95:O3%CAE.%#9QJ?=WH8UKVR@
M#Y(JDNX.11)B0/IR,E\3S??9':5$7R6T( );4,I]2A8GS6\PFUZE>RWOXN-G&I]W>AC6O;
M+;ST?*@BV$5@:D]SZ Y;K]G<[HN1^DO?D9ZCAZ.E85PNO+9>I(2T\ZUOIP)
MLT#;*9 <<95"'[-. $9B5L*Q0]'"L.X//K7>T+2>OXG/5#=9?['\E LI[F.Z:MWQXL3D.+Y@85L'<
M!I:0%EO;QS&G*L.'>?.]3/O7NT,*LXUW:#V\?']?S^FR;6.W["9!C&)&98'4
MHXSJP#9MS/+]@#C/W\M=>S-28';#U?;+UO#[_P"9Z^46)YML4UGMV^'A9$!0
M^.>/SYXQ_P BQ?B?M\
+"VU0.$Z]U[M#VI'>Q9'_
M % :;.GW%M'BQ6Q^?Y1EI87$P)SLBF)9@,OM\3;Q0EP^[QGB, JW&,DFJRSR
M6T0I^/2JU1)V'4J.[QM]%%/5IAEB*XN:;W8^[-F#;'I;)K9=PM?1'OPS"QQY
M=W0F,KY.;IEO&9S!8*]MWX/RM92D1.F,D]-J] HQS\[?Z[L'HIV[\'Z:B8E*
M4Z4^$K]^R'M9Y;[C3L 89#;@&6N3II5557/H]WW,;X//"-]S[B.B=[0DO[-W
MD[D3KL8_;IWW76$-M@-I.& WU,@\=6>_Z/\ *Z/^C[*Z,Y=T]X,\D-H0&%\I
M/FG4U*T:_O*SD";13KW?YA"QM\-]-Z=%$RQV\->[0]J1WL61_P!0&FSI]Q;3
M,C/)@,)$=EIOE99Y B5"J%(KC#HA:YVQ6,8Z\9XY]XV^BBGJT[MXVZ? 8[Z=
MXL;4"F,M=/\ >VD:73C!&]ZG,/ZK=-G3[BWA2?'CO?[HAX2&U4ZJJNGL RXY
M\1ON?<1T3O:$E_9N\G4#Z89D=>$HX2CA+H6YU2N8=UC[F*'>0S
MBY>RMUVU2<&28):;O'V[Y=6G=H>U([V+(_Z@--G3[BT9]9FI#"!@7X?ESA5&U
MF8Y*HJ22 ,2MZQX.$[>0BVMZT% :"245HTC#M"C(2
M?4K=6'P/6*6KU DX1!L Q?<1\1WZ6^F6Z$LS',GF51M9F.2@9DX8;SV_"L
M#GZ/; Y4'^)+S-(W@49#G)U'^9VK6U+JZK!:5&R,'])(*_E,-P';16YC]^+<
M4<0PW#Z<)DC(A3?8%SM() "@"I)/4*D@86_X3U^"Y6@WD!I*A/,\;4=3VC%.
M?DOM*U"!9;&XB:-T85#*P((([#C7N%[A6^C1REX&/OX7.]&1TT7)LJ!@1S82
MZM)'FX=G<"YMB?)9:T+H-@D4>:>?8
I
M.X-XA#GGY2T:AS%:?>DFO6FJ6\%J[LJA@S,=PT)RV9X^T-I\5\?:&T^*^)I4
MUZT9U4D+NN*TSI7FPR':#3P8N[#3;R*$PQ;[,]:9F@ Q]H;3XKX^T-I\5\?
M:&S^*_X\7O#VH2I)<0[OE)7=(90P(KU$=_\ IY+3BOA^&:6E%F "3(>E9%HP
M([<7&I_R]OOWGIPJ?H\E%N%'0K9))3F\T]9Q/IVLZ?-:W\9HR2(R,.\17L.P
M]."UG=RQ-7:C,A_ND83]S\=64YBH!!Q>6T3G>@EW9(
MS7R7D;2M7E/_;ETPWCM]5)L$@'0=C]5#S8ANK:99()%#*R
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M=H(YP>XDO=JUWP_7]63Y7&QYO@G+LPDFC:O&;@@5BZ::[N4BA'OG8*/
M"2!C0SH6I1W-[!'(DQ3-0*J4&]LJ#O5 Y:UQ!I&NHU[H2Y+G^EB'P2?.4
[A5FX:LW?IWY!7O
M#+%+;0;.+ONWCP\/[V6WA84I"@0T.W/,YX>:9RTKDDDYDDYDD]/WJ\/:-N%H
MYKE-_P! '>?^Z#A4O-)6&Z50JRP@1N -E0 %('6._B23AS6H;B*N22U1J -S@C%GJVF6]-/U609 9+/O ./[==\=)+=&-/LHA^CBA11V*H&)X6
M%5=&4CI!&S%]]-A)TC2+EFDJ,FD5R(T[[+4CH4CGQ0#+&LH#26Y:.)>^X+=O
MDJV+71]'M6FOI6H !X6)V!1M).0&$1467795!GF(S)YT2N80'(