株探米国株
日本語 英語
エドガーで原本を確認する
0001362468falseLas VegasNV00013624682024-07-312024-07-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549 
_____________________________________________
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): July 31, 2024
algtheaderq417a17.jpg
Allegiant Travel Company
(Exact name of registrant as specified in its charter)
Nevada 001-33166 20-4745737
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
1201 North Town Center Drive
Las Vegas, NV
 89144
(Address of principal executive offices) (Zip Code)

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

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

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

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

Title of each class Trading Symbol Name of each exchange on which registered
Common stock, par value $0.001
ALGT
NASDAQ Global Select Market

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

Emerging growth company ☐

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


Section 2    Financial Information

Item 2.02    Results of Operations and Financial Condition.

On July 31, 2024, Allegiant Travel Company (the “Company”) issued the press release attached as Exhibit 99.1 to this Form 8-K concerning our results of operations for the quarter and six months ended June 30, 2024.

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

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

Forward-Looking Statements: Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in the press release 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, ASM 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, competitive position, industry environment, and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," “guidance,” "anticipate," "intend," "plan," "estimate," “project”, “hope” or similar expressions.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, the impact of regulatory reviews of The Boeing Company on our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed , the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to implement the announced alliance with Viva Aerobus and to otherwise prepare to offer international service from our markets, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to successfully operate Sunseeker Resort, 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.


Section 9    Financial Statements and Exhibits

Item 9.01    Financial Statements and Exhibits.

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

Exhibit No. Description of Document


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, Allegiant Travel Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Date:  July 31, 2024 ALLEGIANT TRAVEL COMPANY  
       
       
By: /s/ Robert J. Neal
Name: Robert J. Neal
  Title: Senior Vice President and Chief Financial Officer  

 

 




EXHIBIT INDEX

Exhibit No. Description of Document

EX-99.1 2 a2024q28-kex991.htm EX-99.1 Document

Exhibit 99.1
algtheaderq417a17.jpg
ALLEGIANT TRAVEL COMPANY
SECOND QUARTER 2024 FINANCIAL RESULTS
Second quarter 2024 GAAP diluted earnings per share of $0.75
Second quarter 2024 diluted earnings per share, excluding special charges, of $1.77(1)(3)
Second quarter 2024 airline only diluted earnings per share, excluding special charges, of $2.24(1)(3)

ANNOUNCED STRATEGIC REVIEW OF SUNSEEKER RESORT

LAS VEGAS. July 31, 2024 — Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for the second quarter 2024, as well as comparisons to the prior year:

Consolidated Three Months Ended June 30, Percent Change
(unaudited) (in millions, except per share amounts) 2024 2023 YoY
Total operating revenue $ 666.3  $ 683.8  (2.6) %
Total operating expense 631.4  550.4  14.7  %
Operating income 34.9  133.4  (73.8) %
Income before income taxes 18.0  116.3  (84.5) %
Net income 13.7  88.5  (84.5) %
Diluted earnings per share 0.75  4.80  (84.4) %
Sunseeker special charges, net of recoveries(3)
 (2.0) (11.2) 82.1  %
Airline special charges(3)
 20.1  —  NM
Net income, excluding special charges net of recoveries(1)(3)
 32.5  80.2  (59.5) %
Diluted earnings per share excluding special charges net of recoveries(1)(3)
 1.77  4.35  (59.3) %


Airline only Three Months Ended June 30,
Percent Change(2)
(unaudited) (in millions, except per share amounts) 2024 2023 YoY
Airline operating revenue
 $ 649.5  $ 683.8  (5.0) %
Airline operating expense
 602.5  556.3  8.3  %
Airline operating income
 47.0  127.5  (63.1) %
Airline income before income taxes
 35.5  110.4  (67.8) %
Airline special charges(3)
 20.1  —  NM
Airline net income, excluding special charges(1)(3)
 41.0  84.2  (51.3) %
Airline operating margin, excluding special charges(1)(3)
 10.3  % 18.6  % (8.3)
Airline diluted earnings per share, excluding special charges(1)(3)
 2.24  4.57  (51.0) %
1

Consolidated Six Months Ended June 30, Percent Change
(unaudited) (in millions, except per share amounts) 2024 2023 YoY
Total operating revenue $ 1,322.7  $ 1,333.5  (0.8) %
Total operating expense 1,272.3  1,105.2  15.1  %
Operating income 50.3  228.3  (78.0) %
Income before income taxes 16.7  190.8  (91.2) %
Net income 12.8  144.6  (91.1) %
Diluted earnings per share 0.68  7.84  (91.3) %
Sunseeker special charges, net of recoveries(3)
 (3.8) (12.8) 70.3  %
Airline special charges(3)
 35.0  —  NM
Net income, excluding special charges net of recoveries(1)(3)
 42.9  135.6  (68.4) %
Diluted earnings per share excluding special charges net of recoveries(1)(3)
 2.34  7.35  (68.2) %


Airline only Six Months Ended June 30,
Percent Change(2)
(unaudited) (in millions, except per share amounts) 2024 2023 YoY
Airline operating revenue $ 1,282.0  $ 1,333.5  (3.9) %
Airline operating expense 1,210.8  1,108.4  9.2  %
Airline operating income 71.2  225.1  (68.4) %
Airline income before income taxes 48.0  189.2  (74.6) %
Airline special charges(3)
 35.0  —  NM
Airline net income, excluding special charges(1)(3)
 60.8  144.2  (57.8) %
Airline operating margin, excluding special charges(1)(3)
 8.3  % 16.9  % (8.6)
Airline diluted earnings per share, excluding special charges(1)(3)
 3.31  7.81  (57.6) %


(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)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 (sometimes referred to as the Sunseeker special charges). In 2024, we also recognized special charges for aircraft accelerated depreciation related to our revised fleet plan and for a ratification bonus paid to flight attendants in connection with our new collective bargaining agreement. The accelerated depreciation and ratification bonus are sometimes referred to as the airline special charges. We sometimes refer to all special charges as “specials” in this earnings release.
NM    Not meaningful
2

* Note that amounts may not recalculate due to rounding “We finished the quarter with diluted earnings per share, excluding special charges, of $1.77,” stated Maurice J. Gallagher, Jr., chairman and CEO of Allegiant Travel Company. “Peak period demand trends across our airline business remained strong during the quarter and notably, ancillary outperformed. We achieved $75.34 per passenger in total ancillary, a five percent increase over the prior year, driven by strength in seats, bags and cobrand. As we head into the third quarter, we expect a modest growth profile of just over one percent year-over-year with that growth coming in peak July and early August. Based on seasonal norms and consistent with how our model has historically operated, off-peak September capacity represents roughly half the capacity flown in July.

"As others have noted, this summer experienced increased capacity across the industry. While this has affected yields overall, our unique network structure has provided us with a layer of insulation. As I have mentioned before, we operate in our own swim lane with 75 percent of our routes facing no nonstop, direct competition. This number has remained virtually unchanged for over a decade and our expected growth profile maintains this non-competitive landscape.”

“I want to thank our team members for another quarter of strong operational performance, yielding a near-industry leading controllable completion of 99.7 percent for the quarter,” stated Gregory Anderson, president and incoming CEO of Allegiant Travel Company. “Financially, I am pleased with the progress we made during the second quarter, with the airline generating an adjusted operating margin of 10.3 percent for the quarter. Peak June utilization increased six percent from the prior year.

"We have two weeks remaining in our peak-summer period, and our operational performance has been terrific, with July utilization up roughly five percent over the prior year. Like many in the industry, we were challenged with a vendor technology outage that temporarily paused our flying. Full operations resumed less than 12 hours later. I am incredibly grateful with how Team Allegiant came together and quickly responded, ensuring the successful continuation of hundreds of flights on one of our highest scheduled flying days in our history. Since then we have run a 99.4 percent controllable completion factor – one of the best among impacted airlines. We expect the total financial impact from the outage will be approximately $15 million.

"Looking forward to 2025, we are on track to both return to pre-pandemic utilization levels and reduce operating inefficiencies related to Boeing’s delivery delays. We now expect to receive our first aircraft in September. Near-term increases in utilization are expected to be accomplished with roughly the same number of aircraft and same size infrastructure, which should have the dual benefit of increased revenues and lower unit costs. We also look forward to a full-year benefit from our recently installed Navitaire reservation system. We expect our enhanced Navitaire improvements to be a significant boost to the bottom line in 2025.

"Regarding Sunseeker, we continue to believe this one-of-a-kind resort holds greater value than currently reflected. To realize its full potential, however, we have engaged Prospect Hotel Advisors to conduct a strategic review of the property. Additionally, we now expect to receive up to $10 million of business interruption insurance for the full year 2024 due to delays in opening the resort. This will offset our expected full-year EBITDA loss of $25 million, reducing our cash loss estimate to approximately $15 million.

“The combination of increased utilization during our peak demand periods, the addition of our Boeing aircraft, the optimization of Navitaire and the benefits from Prospect Advisors should position us for a much-improved 2025 and beyond.”

3

Second Quarter 2024 Results and Highlights


•Total operating revenue of $666.3M, down 2.6 percent over the prior year
•Total fixed fee contract revenue of $17.7M, up 50.7 percent year-over-year
•Total average ancillary fare of $75.34, up 5.0 percent year-over-year driven by strength in seats, bags, and cobrand

•Operating income, excluding specials,(1)(2) of $53.0M, yielding an adjusted operating margin of 8.0 percent
•Airline-only operating income, excluding specials,(1)(2) of $67.0M, yielding an airline-only adjusted operating margin of 10.3 percent

•Income before income tax, excluding specials,(1)(2) of $36.1M, yielding an adjusted pre-tax margin of 5.4 percent
•Airline-only income before income tax, excluding specials,(1)(2) of $55.6M, yielding an adjusted pre-tax margin of 8.6 percent

•Consolidated EBITDA, excluding specials,(1)(2) of $118.3M, yielding an adjusted EBITDA margin of 17.8 percent
•Airline-only EBITDA, excluding specials,(1) of $126.3M, an adjusted 19.4 percent margin

•Airline-only operating CASM, excluding fuel and special charges,(2) of 8.23 ¢, up 5.6 percent year-over-year
•Includes $11.9M in incremental cost related to accrual of pilot retention bonuses

•$36.1M in total cobrand credit card remuneration received from Bank of America, up 24.6 percent from the prior year
•As of June 30, 2024, we had 525K total Allegiant Allways Rewards Visa cardholders

•Enrolled 552K new Allways Rewards members during the second quarter

•Named best low-cost carrier in North America by Skytrax, the international air transport rating organization

•During the third quarter announced eight new routes which will bring the total routes served to 558

(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 (sometimes referred to as the Sunseeker special charges). In 2024, we also recognized special charges for aircraft accelerated depreciation related to our revised fleet plan and for a ratification bonus paid to flight attendants in connection with our new collective bargaining agreement. The accelerated depreciation and ratification bonus are sometimes referred to as the airline special charges. We sometimes refer to all special charges as “specials” in this earnings release.

4

Balance Sheet, Cash and Liquidity

•Total available liquidity at June 30, 2024 was $1.1B, which included $851.1M in cash and investments, and $275.0M in undrawn revolving credit facilities
•$68.9M in cash from operations during the second quarter 2024
•Total debt at June 30, 2024 was $2.2B
•Net debt at June 30, 2024 was $1.4B
•Debt principal payments of $31.7M during the quarter
•Returned $11.0M in dividends during the quarter
•On July 8, 2024 the company suspended its quarterly dividend indefinitely
•Air traffic liability at June 30, 2024 was $390.0M

Airline Capital Expenditures

•Second quarter capital expenditures of $39.0M, which included $14.8M for aircraft purchases and inductions and other related costs, and $24.2M in other airline capital expenditures
•Second quarter deferred heavy maintenance expenditures were $26.4M

Sunseeker Resort Charlotte Harbor

•Reported total operating revenues of $16.8M during its second quarter of operation
•Second quarter occupancy was roughly 35 percent with an average daily rate of $260 per night

5

Guidance, subject to revision

Certain forward-looking financial information in the following tables is not presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Non-GAAP financial figures may be useful to stakeholders, but should not be considered a substitute for GAAP figures. In reliance on the 'unreasonable efforts' exception in Item 10(e)(1)(i)(B) of SEC Regulation S-K, a reconciliation to the most comparable GAAP financial measure is not provided for airline-only loss per share, excluding special charges, consolidated loss per share, excluding special charges, and Sunseeker EBITDA, excluding special charges. The Company is not able to reconcile these Non-GAAP financial figures without unreasonable effort because the special charge adjustments will not be known until the end of the indicated future periods and any range of projected values would be too broad to be meaningful. As a result, this information would not be significant to investors.

Third quarter 2024 airline-only guidance
System ASMs - year over year change ~1.3%
Scheduled service ASMs - year over year change ~1.3%
Fuel cost per gallon $ 2.80 
Operating margin (4.5%) to (6.5%)
Operating margin, excluding impact from vendor outage (1.5%) to (3.5%)
Airline-only earnings (loss) per share, excluding special charges(3)
 ($1.50) - ($2.50)
Airline-only earnings (loss) per share, excluding special charges and impact from vendor outage(3)
 ($0.75) - ($1.75)
Third quarter 2024 consolidated guidance
Consolidated earnings (loss) per share, excluding special charges(3)
 ($2.50) - ($3.50)
Full-year 2024 airline-only guidance
System ASMs - year over year change ~1.5%
Scheduled service ASMs - year over year change ~1.5%
Interest expense (millions) $130 to $140
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)
 $180 to $200
Capitalized deferred heavy maintenance (millions) $80 to $90
Other airline capital expenditures (millions) $120 to $130
Recurring principal payments (millions) (full year) $135 to $145








6



Full-year 2024 Sunseeker guidance
EBITDA, excluding special charges (millions)(3)
 ~(25)
Business interruption insurance proceeds related to delayed open Up to $10m
Depreciation expense (millions) ~$25
Interest expense (millions) ~$20
Occupancy rate ~40%
Average daily rate ~$305


(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 our contractual obligations.
(3)Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above.
7

Aircraft Fleet Plan by End of Period
Aircraft - (seats per AC) 3Q24 YE24
Boeing 737-8200 (190 seats) —  4 
Airbus A320 (180-186 seats) 75  75 
Airbus A320 (177 seats) 13  11 
Airbus A319 (156 seats) 34  34 
Total 122  124 

The table above is provided based on the company’s current plans and is subject to change. The numbers include aircraft expected to be in service at the end of each period and exclude aircraft that we expect to take delivery of but not to be placed in service until the subsequent period.

The above plan is management's best estimate and differs from our contractual obligations.
8

Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Wednesday, July 31, 2024 to discuss its second quarter 2024 financial results. A live broadcast of the conference call will be available via the Company’s Investor Relations website homepage at http://ir.allegiantair.com. The webcast will also be archived in the “Events & Presentations” section of the website.

Allegiant Travel Company
Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in underserved cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic round trip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF.


Media Inquiries: mediarelations@allegiantair.com

Investor Inquiries: ir@allegiantair.com

 
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding future airline and Sunseeker Resort operations, revenue, expenses and earnings, available seat mile growth, expected capital expenditures, the cost of fuel, the timing of aircraft acquisitions and retirements, the number of contracted aircraft to be placed in service in the future, our ability to consummate announced aircraft transactions, timing of collection of insurance proceeds, 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, the impact of regulatory reviews of Boeing on its aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing and other third parties to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed , the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to implement the announced alliance with Viva Aerobus and to otherwise prepare to offer international service, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to successfully operate Sunseeker Resort, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results, and the perceived acceptability of our environmental, social and governance efforts.
 
Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.
 
Detailed financial information follows:
9

Allegiant Travel Company
Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
  Three Months Ended June 30, Percent Change
  2024 2023 YoY
OPERATING REVENUES:    
Passenger $ 594,499  $ 642,747  (7.5) %
Third party products 37,102  28,904  28.4 
Fixed fee contracts 17,699  11,741  50.7 
Resort and other 16,983  418  NM
Total operating revenues 666,283  683,810  (2.6)
OPERATING EXPENSES:
Salaries and benefits 209,942  177,170  18.5 
Aircraft fuel 170,060  162,611  4.6 
Station operations 69,798  66,715  4.6 
Depreciation and amortization 65,361  53,933  21.2 
Maintenance and repairs 30,730  33,634  (8.6)
Sales and marketing 27,498  29,868  (7.9)
Aircraft lease rentals 5,749  5,975  (3.8)
Other 34,134  31,683  7.7 
Special charges, net of recoveries 18,114  (11,208) NM
Total operating expenses 631,386  550,381  14.7 
OPERATING INCOME 34,897  133,429  (73.8)
OTHER (INCOME) EXPENSES:
Interest income (11,130) (11,845) (6.0)
Interest expense 39,544  37,765  4.7 
Capitalized interest (11,609) (8,881) 30.7 
Other, net 67  45  48.9
Total other expenses 16,872  17,084  (1.2)
INCOME BEFORE INCOME TAXES 18,025  116,345  (84.5)
INCOME TAX PROVISION 4,326  27,876  (84.5)
NET INCOME $ 13,699  $ 88,469  (84.5)
Earnings per share to common shareholders:  
Basic $0.75  $4.80  (84.4)
Diluted $0.75  $4.80  (84.4)
Weighted average shares outstanding used in computing earnings per share attributable to common shareholders(1):
    
Basic 17,828  17,677  0.9 
Diluted 17,869  17,683  1.1 

(1)The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The basic and diluted earnings per share calculations for the periods presented reflect the two-class method mandated by ASC Topic 260, "Earnings Per Share." The two-class method adjusts both the net income and the shares used in the calculation. Application of the two-class method did not have a significant impact on the basic and diluted earnings per share for the periods presented.
NM    Not meaningful

10

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

  Three Months Ended June 30, 2024 Three Months Ended June 30, 2023
  Airline Sunseeker Consolidated Airline Sunseeker Consolidated
OPERATING REVENUES:    
Passenger $ 594,499  $ —  $ 594,499  $ 642,747  $ —  $ 642,747 
Third party products 37,102  —  37,102  28,904  —  28,904 
Fixed fee contracts 17,699  —  17,699  11,741  —  11,741 
Resort and other 172  16,811  16,983  418  —  418 
Total operating revenues 649,472  16,811  666,283  683,810  —  683,810 
OPERATING EXPENSES:
Salaries and benefits 197,417  12,525  209,942  174,967  2,203  177,170 
Aircraft fuel 170,060  —  170,060  162,611  —  162,611 
Station operations 69,798  —  69,798  66,715  —  66,715 
Depreciation and amortization 59,345  6,016  65,361  53,843  90  53,933 
Maintenance and repairs 30,730  —  30,730  33,634  —  33,634 
Sales and marketing 25,918  1,580  27,498  29,518  350  29,868 
Aircraft lease rentals 5,749  —  5,749  5,975  —  5,975 
Other 23,426  10,708  34,134  29,039  2,644  31,683 
Special charges, net of recoveries 20,073  (1,959) 18,114  —  (11,208) (11,208)
Total operating expenses 602,516  28,870  631,386  556,302  (5,921) 550,381 
OPERATING INCOME (LOSS) 46,956  (12,059) 34,897  127,508  5,921  133,429 

11

Allegiant Travel Company
Airline Operating Statistics
(Unaudited) 
Three Months Ended June 30,
Percent Change(1)
2024 2023 YoY
AIRLINE OPERATING STATISTICS
Total system statistics:      
Passengers 4,621,848  4,755,981  (2.8) %
Available seat miles (ASMs) (thousands) 5,013,209  5,053,547  (0.8)
Airline operating expense per ASM (CASM) (cents) 12.02   ¢ 11.01   ¢ 9.2 
Fuel expense per ASM (cents) 3.39   ¢ 3.22   ¢ 5.3 
Airline special charges per ASM (cents) 0.40   ¢ —   ¢ NM
Airline operating CASM, excluding fuel and special charges (cents) 8.23   ¢ 7.79   ¢ 5.6 
Departures 32,252  32,396  (0.4)
Block hours 75,759  76,615  (1.1)
Average stage length (miles) 883  884  (0.1)
Average number of operating aircraft during period 125.3  124.6  0.6 
Average block hours per aircraft per day 6.6  6.8  (2.9)
Full-time equivalent employees at end of period 5,993  5,436  10.2 
Fuel gallons consumed (thousands) 60,142  60,516  (0.6)
ASMs per gallon of fuel 83.4  83.5  (0.1)
Average fuel cost per gallon $ 2.83  $ 2.69  5.2 
Scheduled service statistics:    
Passengers 4,572,769  4,719,623  (3.1)
Revenue passenger miles (RPMs) (thousands) 4,108,288  4,278,399  (4.0)
Available seat miles (ASMs) (thousands) 4,848,017  4,925,194  (1.6)
Load factor 84.7  % 86.9  % (2.2)
Departures 31,128  31,487  (1.1)
Block hours 73,198  74,602  (1.9)
Average seats per departure 176.1  175.8  0.2 
Yield (cents)(2)
 6.99   ¢ 7.78   ¢ (10.2)
Total passenger revenue per ASM (TRASM) (cents)(3)
 13.03   ¢ 13.64   ¢ (4.5)
Average fare - scheduled service(4)
 $ 62.79  $ 70.56  (11.0)
Average fare - air-related charges(4)
 $ 67.22  $ 65.63  2.4 
Average fare - third party products $ 8.11  $ 6.12  32.5 
Average fare - total $ 138.12  $ 142.31  (2.9)
Average stage length (miles) 885  887  (0.2)
Fuel gallons consumed (thousands) 58,169  58,962  (1.3)
Average fuel cost per gallon $ 2.83  $ 2.70  4.8 
Percent of sales through website during period 93.1  % 95.2  % (2.1)
Other data:
Rental car days sold 371,405  391,515  (5.1)
Hotel room nights sold 61,837  70,257  (12.0)

(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.
12

Allegiant Travel Company
Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
  Six Months Ended June 30, Percent Change
  2024 2023 YoY
OPERATING REVENUES:    
Passenger $ 1,174,434  $ 1,252,023  (6.2) %
Third party products 70,501  54,942  28.3 
Fixed fee contracts 36,560  25,858  41.4 
Resort and other 41,193  674  NM
   Total operating revenues 1,322,688  1,333,497  (0.8)
OPERATING EXPENSES:
Salaries and benefits 423,269  336,793  25.7 
Aircraft fuel 340,147  352,157  (3.4)
Station operations 136,266  128,234  6.3 
Depreciation and amortization 129,205  108,613  19.0 
Maintenance and repairs 61,008  60,076  1.6 
Sales and marketing 57,917  56,796  2.0 
Aircraft lease rentals 11,734  13,067  (10.2)
Other 81,586  62,328  30.9 
Special charges, net of recoveries 31,212  (12,820) NM
   Total operating expenses 1,272,344  1,105,244  15.1 
OPERATING INCOME 50,344  228,253  (77.9)
OTHER (INCOME) EXPENSES:
Interest income (23,371) (21,974) 6.4 
Interest expense 79,704  73,473  8.5 
Capitalized interest (22,794) (14,061) 62.1 
Other, net 117  52  NM
   Total other expenses 33,656  37,490  (10.2)
INCOME BEFORE INCOME TAXES 16,688  190,763  (91.3)
INCOME TAX PROVISION 3,908  46,145  (91.5)
NET INCOME $ 12,780  $ 144,618  (91.2)
Earnings per share to common shareholders:  
Basic $0.69  $7.85  (91.2)
Diluted $0.68  $7.84  (91.3)
Weighted average shares outstanding used in computing earnings per share attributable to common shareholders(1):
    
Basic 17,746  17,840  (0.5)
Diluted 17,836  17,861  (0.1)

(1)The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The basic and diluted earnings per share calculations for the periods presented reflect the two-class method mandated by ASC Topic 260, "Earnings Per Share." The two-class method adjusts both the net income and the shares used in the calculation. Application of the two-class method did not have a significant impact on the basic and diluted earnings per share for the periods presented.
NM    Not meaningful

13

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

  Six Months Ended June 30, 2024 Six Months Ended June 30, 2023
  Airline Sunseeker Consolidated Airline Sunseeker Consolidated
OPERATING REVENUES:    
Passenger $ 1,174,434  $ —  $ 1,174,434  $ 1,252,023  $ —  $ 1,252,023 
Third party products 70,501  —  70,501  54,942  —  54,942 
Fixed fee contracts 36,560  —  36,560  25,858  —  25,858 
Resort and other 495  40,698  41,193  674  —  674 
Total operating revenues 1,281,990  40,698  1,322,688  1,333,497  —  1,333,497 
OPERATING EXPENSES:
Salaries and benefits 396,926  26,343  423,269  332,488  4,305  336,793 
Aircraft fuel 340,147  —  340,147  352,157  —  352,157 
Station operations 136,266  —  136,266  128,234  —  128,234 
Depreciation and amortization 117,212  11,993  129,205  108,465  148  108,613 
Maintenance and repairs 61,008  —  61,008  60,076  —  60,076 
Sales and marketing 54,796  3,121  57,917  56,158  638  56,796 
Aircraft lease rentals 11,734  —  11,734  13,067  —  13,067 
Other 57,742  23,844  81,586  57,752  4,576  62,328 
Special charges, net of recoveries 34,987  (3,775) 31,212  14  (12,834) (12,820)
Total operating expenses 1,210,818  61,526  1,272,344  1,108,411  (3,167) 1,105,244 
OPERATING INCOME (LOSS) 71,172  (20,828) 50,344  225,086  3,167  228,253 

14

Allegiant Travel Company
Airline Operating Statistics
(Unaudited) 
  Six Months Ended June 30,
Percent Change(1)
2024 2023 YoY
AIRLINE OPERATING STATISTICS
Total system statistics:      
Passengers 8,726,708  8,904,434  (2.0) %
Available seat miles (ASMs) (thousands) 9,785,180  9,731,169  0.6 
Airline operating expense per ASM (CASM)(cents) 12.38   ¢ 11.39   ¢ 8.7 
Fuel expense per ASM (cents) 3.48   ¢ 3.62   ¢ (3.9)
Airline special charges per ASM (cents) 0.36   ¢ —   ¢ NM
Airline operating CASM, excluding fuel and special charges (cents) 8.54   ¢ 7.77   ¢ 9.9 
Departures 61,477  61,541  (0.1)
Block hours 148,391  148,405  — 
Average stage length (miles) 900  896  0.4 
Average number of operating aircraft during period 125.6  123.7  1.5 
Average block hours per aircraft per day 6.5  6.6  (1.5)
Full-time equivalent employees at end of period 5,993  5,436  10.2 
Fuel gallons consumed (thousands) 116,366  115,950  0.4 
ASMs per gallon of fuel 84.1  83.9  0.2 
Average fuel cost per gallon $ 2.92  $ 3.04  (3.9)
Scheduled service statistics:    
Passengers 8,642,288  8,841,819  (2.3)
Revenue passenger miles (RPMs) (thousands) 7,992,097  8,203,761  (2.6)
Available seat miles (ASMs) (thousands) 9,484,939  9,498,960  (0.1)
Load factor 84.3  % 86.4  % (2.1)
Departures 59,305  59,760  (0.8)
Block hours 143,563  144,611  (0.7)
Average seats per departure 176.7  175.9  0.5 
Yield (cents)(2)
 7.41   ¢ 8.03   ¢ (7.7)
Total passenger revenue per ASM (TRASM) (cents)(3)
 13.13   ¢ 13.76   ¢ (4.6)
Average fare - scheduled service(4)
 $ 68.53  $ 74.46  (8.0)
Average fare - air-related charges(4)
 $ 67.36  $ 67.14  0.3 
Average fare - third party products $ 8.16  $ 6.21  31.4 
Average fare - total $ 144.05  $ 147.82  (2.6)
Average stage length (miles) 905  900  0.6 
Fuel gallons consumed (thousands) 112,735  113,107  (0.3)
Average fuel cost per gallon $ 2.92  $ 3.04  (3.9)
Percent of sales through website during period 94.8  % 95.4  % (0.6)
Other data:
Rental car days sold 729,349  745,941  (2.2)
Hotel room nights sold 123,131  139,196  (11.5)

(1)Except load factor and percent of sales through website, which is percentage point change.
(2)Defined as scheduled service revenue divided by revenue passenger miles.
(3)Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate comparison with airlines reporting revenues on a per ASM basis.
(4)Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path.
15

Summary Balance Sheet
Unaudited (millions)
 June 30, 2024
(unaudited)		 December 31, 2023 Percent Change
Unrestricted cash and investments
Cash and cash equivalents $ 215.8  $ 143.3  50.6  %
Short-term investments 576.1  671.4  (14.2)
Long-term investments 59.2  56.0  5.7 
Total unrestricted cash and investments 851.1  870.7  (2.3)
Debt
Current maturities of long-term debt and finance lease obligations, net of related costs 485.6  439.9  10.4 
Long-term debt and finance lease obligations, net of current maturities and related costs 1,733.2  1,819.7  (4.8)
Total debt 2,218.8  2,259.6  (1.8)
Debt, net of unrestricted cash and investments 1,367.7  1,388.9  (1.5)
Total Allegiant Travel Company shareholders’ equity 1,333.0  1,328.6  0.3 



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 June 30, Six Months Ended June 30,
2024 2023 2024 2023
Basic:    
Net income $ 13,699  $ 88,469  $ 12,780  $ 144,618 
Less income allocated to participating securities (333) (3,660) (618) (4,663)
Net income attributable to common stock $ 13,366  $ 84,809  $ 12,162  $ 139,955 
Earnings per share, basic $ 0.75  $ 4.80  $ 0.69  $ 7.85 
Weighted-average shares outstanding 17,828  17,677  17,746  17,840 
Diluted:    
Net income $ 13,699  $ 88,469  $ 12,780  $ 144,618 
Less income allocated to participating securities (333) (3,659) (618) (4,657)
Net income attributable to common stock $ 13,366  $ 84,810  $ 12,162  $ 139,961 
Earnings per share, diluted $ 0.75  $ 4.80  $ 0.68  $ 7.84 
Weighted-average shares outstanding(1)
 17,828  17,677  17,746  17,840 
Dilutive effect of restricted stock 78  211  195  168 
Adjusted weighted-average shares outstanding under treasury stock method 17,906  17,888  17,941  18,008 
Participating securities excluded under two-class method (37) (205) (105) (147)
Adjusted weighted-average shares outstanding under two-class method 17,869  17,683  17,836  17,861 

(1)Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material.
16

Appendix A
Non-GAAP Presentation
Three and Six Months Ended June 30, 2024
(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 and a ratification bonus for the new collective bargaining agreement for our flight attendants. 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 and excluding the ratification bonus to our flight attendants. Fuel price volatility impacts the comparability of year over year financial performance as does the one-time payment of the ratification bonus. We believe the adjustments for fuel expense and ratification bonus allow 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 and the ratification bonus to our flight attendants. Management believes these measures enhance comparability of financial information between periods.

Consolidated EBITDA, Consolidated EBITDA excluding special charges, Airline EBITDA excluding special charges, estimated airline only and consolidated earnings (loss) per share excluding special charges, and Sunseeker estimated 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. 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.

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.
17

Reconciliation of Non-GAAP Financial Measures

Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Reconciliation of net income and earnings per share excluding special charges net of recoveries (millions except share and per share amounts)
Net income as reported (GAAP) $ 13.7  $ 88.5  12.8  144.6 
Plus (minus) special charges(2)
 18.1  (11.2) 31.2  (12.8)
Plus income tax expense (GAAP) 4.3  27.9  3.9  46.1 
Minus adjusted income tax expense, excluding effect of special charges (3.6) (24.9) (5.0) (42.4)
Net income excluding special charges net of recoveries(1)(2)
 32.5  80.2  42.9  135.6 
Net income allocated to participating securities (0.8) (3.3) (1.2) (4.4)
Net income attributable to common stock excluding special charges net of recoveries(1)(2)
 31.7  76.9  41.7  131.2 
Diluted shares used for computation (thousands) 17,869  17,683  17,836  17,861 
Diluted earnings per share as reported (GAAP) $ 0.75  $ 4.80  $ 0.68  $ 7.84 
Diluted earnings per share excluding special charges net of recoveries(1)(2)
 $ 1.77  $ 4.35  $ 2.34  $ 7.35 


Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Reconciliation of airline net income excluding special charges and airline earnings per share excluding special charges (millions except share and per share amounts)
Net income as reported (GAAP) $ 13.7  $ 88.5  $ 12.8  $ 144.6 
Plus (minus) non-airline (income) loss before taxes 17.5  (6.0) 31.3  (1.5)
Plus airline special charges(2)
 20.1  —  35.0  — 
Plus income tax expense (GAAP) 4.3  27.9  3.9  46.1 
Minus airline adjusted income tax expense, excluding effect of special charges (14.6) (26.2) (22.2) (45.0)
Airline net income, excluding special charges(1)(2)
 41.0  84.2  60.8  144.2 
Airline net income allocated to participating securities excluding special charges (1.0) (3.5) (1.8) (4.6)
Airline net income attributable to common stock excluding special charges(1)(2)
 40.0  80.7  59.0  139.6 
Diluted shares used for computation (thousands) 17,869  17,683  17,836  17,861 
Diluted earnings per share as reported (GAAP) $ 0.75  $ 4.80  $ 0.68  $ 7.84 
Diluted airline earnings per share excluding special charges(1)(2)
 $ 2.24  $ 4.57  $ 3.31  $ 7.81 

18

Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Reconciliation of airline operating expense, operating income, and income before income taxes excluding special charges (millions)
Operating expense as reported (GAAP) $ 631.4  $ 550.4  $ 1,272.3  $ 1,105.2 
Non-airline operating expense 28.9  (5.9) 61.5  (3.2)
Airline operating expense 602.5  556.3  1,210.8  1,108.4 
Airline special charges(2)
 20.1  —  35.0  — 
Airline operating expense, excluding special charges(1)(2)
 $ 582.4  $ 556.3  $ 1,175.8  $ 1,108.4 
Operating income as reported (GAAP) $ 34.9  $ 133.4  $ 50.3  $ 228.3 
Plus (minus) non-airline operating (income) loss 12.1  (5.9) 20.8  (3.2)
Plus airline special charges(2)
 20.1  —  35.0  — 
Airline operating income, excluding special charges(1)(2)
 $ 67.0  $ 127.5  $ 106.2  $ 225.1 
Airline operating margin, excluding special charges(2)
 10.3  % 18.6  % 8.3  % 16.9  %
Income before income taxes as reported (GAAP) $ 18.0  $ 116.3  $ 16.7  $ 190.8 
Plus (minus) non-airline loss (income) before income taxes 17.5  (6.0) 31.3  (1.5)
Plus airline special charges(2)
 20.1  —  35.0  — 
Airline income before income taxes, excluding special charges(1)(2)
 $ 55.6  $ 110.4  $ 83.0  $ 189.2 

Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Reconciliation of operating income excluding special charges (millions)
Operating income as reported (GAAP) $ 34.9  $ 133.4  $ 50.3  $ 228.3 
Special charges 18.1  (11.2) 31.2  (12.8)
Operating income, excluding special charges(1)(2)
 $ 53.0  $ 122.2  $ 81.6  $ 215.5 


19

Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Reconciliation of airline operating CASM excluding fuel and special charges (millions)
Consolidated operating expense (GAAP) $ 631.4  $ 550.4  $ 1,272.3  $ 1,105.2 
Less fuel expense 170.1  162.6  340.1  352.2 
Less non-airline operating expense 28.9  (5.9) 61.5  (3.2)
Less airline special charges(2)
 20.1  —  35.0  — 
Total airline operating expense less fuel and airline special charges(1)(2)
 $ 412.3  $ 393.7  $ 835.7  $ 756.2 
System available seat miles (millions) 5,013.2  5,053.5  9,785.2  9,731.2 
Cost per available seat mile (cents) 12.59  10.89  13.00  11.36 
Airline-only cost per available seat mile (cents) 12.02  11.01  12.38  11.39 
Airline-only cost per available seat mile excluding fuel and airline special charges (cents)(2)
 8.23  7.79  8.54  7.77 

Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Consolidated EBITDA and Consolidated EBITDA excluding special charges (millions)
Net income as reported (GAAP) $ 13.7  $ 88.5  $ 12.8  $ 144.6 
Interest expense, net 16.8  17.0  33.5  37.4 
Income tax expense 4.3  27.9  3.9  46.1 
Depreciation and amortization 65.4  53.9  129.2  108.6 
Consolidated EBITDA(1)
 $ 100.2  $ 187.3  $ 179.4  $ 336.7 
Special charges, net of recoveries(2)
 18.1  (11.2) 31.2  (12.8)
Consolidated EBITDA, excluding special charges(1)(2)
 $ 118.3  $ 176.1  $ 210.6  $ 323.9 
Airline EBITDA excluding special charges (millions)
Income before taxes as reported (GAAP) $ 18.0  $ 116.3  $ 16.7  $ 190.8 
Plus (minus) non-airline loss (income) before taxes 17.5  (6.0) 31.3  (1.5)
Plus airline special charges(2)
 20.1  —  35.0  — 
Airline income before taxes, excluding special charges(1)(2)
 $ 55.6  $ 110.4  $ 83.0  $ 189.2 
Airline interest expense, net 11.4  17.1  23.0  35.8 
Airline depreciation and amortization 59.3  53.8  117.2  108.5 
Airline EBITDA, excluding special charges(1)(2)
 $ 126.3  $ 181.3  $ 223.3  $ 333.5 


(1)Denotes non-GAAP figure.
(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 (sometimes referred to as the Sunseeker special charges). In 2024, we also recognized special charges for aircraft accelerated depreciation related to our revised fleet plan and for a ratification bonus paid to flight attendants in connection with our new collective bargaining agreement. The accelerated depreciation and ratification bonus are sometimes referred to as the airline special charges. We sometimes refer to all special charges as “specials” in this earnings release.
*    Note that amounts may not recalculate due to rounding
20