Financial Data and Key Metrics Changes - The company reported consolidated net income of $22.7 million and earnings per share of $1.23 for Q2 2025, with airline segment net income at $34.3 million and airline earnings per share at $1.86, exceeding initial expectations [24] - The airline operating margin was 8.6%, ahead of guidance, with a first half operating margin close to 9%, an improvement compared to 2024 [5][24] - Total airline revenue for Q2 was $669 million, approximately 3% above the prior year, with TRASM at $0.157, down 11.2% year over year [17] Business Line Data and Key Metrics Changes - The airline segment's EBITDA was $122.5 million, yielding an EBITDA margin of 18.3% [24] - Fixed fee revenue was down 4% year over year, but ahead of internal estimates [17] - The MAX aircraft accounted for roughly 10% of ASMs in Q2, expected to exceed 15% by year-end [7] Market Data and Key Metrics Changes - Domestic leisure demand was softer than anticipated during the first half of the year, impacting overall performance [6] - The company experienced a decline in TRASM during shoulder and off-peak periods, but managed to maintain profitability due to being one of the lowest cost providers in the industry [7][9] - The company is cautiously optimistic about a modest strengthening of leisure demand in the second half of the year, despite the third quarter typically being the weakest for leisure travel [10][11] Company Strategy and Development Direction - The company is focusing on enhancing its commercial offerings and simplifying its business by exiting non-core operations like Sunseeker [9][10] - Plans for 2026 include a flat capacity outlook, with expectations to improve yields through enhanced Navitaire capabilities and a more mature route network [12][13] - The company aims to divest some Airbus fleet and increase the usage of MAX aircraft, which are expected to be more than 20% of ASMs in 2026 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the operational performance, achieving a 99.9% controllable completion rate and record passenger numbers [5] - The company remains focused on cost control and operational efficiency, with a commitment to earning the right to grow [12][15] - Management anticipates a consolidated loss per share of $2.25 for Q3, including a loss of approximately $0.50 from Sunseeker, but expects a healthy operating profit for the full year [30][31] Other Important Information - The company ended the quarter with total liquidity of $1.1 billion, including $853 million in cash and investments [26] - The company is planning to retire eight A320 family aircraft and induct nine MAX aircraft into the operating fleet next year [31] - The sale of Sunseeker Resort for $200 million is expected to close in early September, with proceeds used for debt repayment [30] Q&A Session Summary Question: Clarification on full year earnings guidance - Management clarified that the guidance excludes Sunseeker's impact moving forward, with expectations for airline-only EPS around $1.02 for Q3 [36] Question: Details on the Sunseeker sale - The sale is a clean transaction with $200 million in cash proceeds to Allegiant upon closing [39] Question: Outlook for 2026 cost execution - Management indicated that they are not prepared to guide for 2026 yet, as they are still assessing capacity and cost structures [41] Question: Impact of growth headwinds on RASM - Management confirmed that the growth headwind to RASM was approximately five points year-to-date, consistent with Q2 performance [51] Question: Cost leverage from MAX investments - Management stated that there is still significant cost leverage to achieve from the MAX investments, with expectations for improved fuel efficiency [56][58] Question: Booking curve and demand outlook - Management noted that July bookings are complete, with 35-40% left to book for August and September, while 85% remains for Q4 [93]

Financial Data and Key Metrics Changes - The company reported consolidated net income of $22.7 million and earnings per share of $1.23 for Q2 2025, with airline segment net income at $34.3 million and airline earnings per share at $1.86, exceeding initial expectations of approximately $1.00 [27][28] - The airline operating margin was 8.6%, ahead of guidance, and the first half operating margin was close to 9%, an improvement compared to 2024 [5][27] - Total airline revenue for Q2 was $669 million, approximately 3% above the prior year, with a TRASM of $0.157, down 11.2% year over year [18][27] Business Line Data and Key Metrics Changes - The airline segment's EBITDA was $122.5 million, yielding an EBITDA margin of 18.3% [28] - Fixed fee revenue was down 4% year over year, but ahead of internal estimates [18] - The MAX aircraft accounted for roughly 10% of ASMs in Q2, expected to exceed 15% by year-end [8] Market Data and Key Metrics Changes - Domestic leisure demand was softer than anticipated during the first half of the year, impacting overall performance [6][11] - The company noted that peak TRASM performed relatively well, while shoulder and off-peak periods experienced demand softness [10] Company Strategy and Development Direction - The company is exiting the Sunseeker business to simplify operations and focus on its core airline [10] - Plans for the second half of the year include cautious optimism regarding leisure demand, with adjustments to capacity growth expectations due to macroeconomic uncertainties [11][12] - The company aims to enhance revenue through initiatives like Allegiant Extra and improved Navitaire capabilities, expecting to drive incremental revenue [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about recent bookings suggesting a modest strengthening of leisure demand, despite the third quarter typically being the weakest for leisure travel [11][12] - The company expects to incur an operating loss in Q3 but anticipates a healthy operating profit for the full year, with Q4 expected to be stronger [12][35] - Management emphasized the importance of operational excellence in driving cost efficiencies and maintaining competitive advantages [51] Other Important Information - The company ended the quarter with total liquidity of $1.1 billion, including $853 million in cash and investments [31] - The company plans to retire eight A320 family aircraft and induct nine MAX aircraft in 2026, with no expected fleet count-driven capacity growth next year [35] Q&A Session Summary Question: Clarification on full-year earnings guidance - Management clarified that the guidance for earnings excludes Sunseeker's impact post-sale, which is expected to close in early September [42][45] Question: Thoughts on 2026 cost execution - Management indicated that they are not ready to guide for 2026 yet, as they are still assessing capacity and pilot deal impacts [47][49] Question: Growth headwinds to RASM - Management acknowledged that the growth profile contributed to headwinds in RASM, similar to previous quarters [56] Question: Booking curve status - Management stated that July bookings are fully booked, with 35-40% left to book for August and September, and 85% left for Q4 [101][102] Question: Margin targets for future growth - Management did not specify margin targets but emphasized the need to earn the right to grow based on operational performance and cost management [106]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Allegiant Travel Company reported a Q2 2025 GAAP diluted loss per share of $(3.62) while achieving record operational performance, revenue growth from commercial initiatives, and strategic business simplification [Second Quarter 2025 Financial Performance Overview](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Performance%20Overview) Allegiant Travel Company reported a GAAP diluted loss per share of $(3.62) for Q2 2025, alongside adjusted airline-only diluted earnings per share of $1.86 and adjusted diluted earnings per share of $1.23 Second Quarter 2025 Financial Performance Overview | Metric | Q2 2025 ($) | Q2 2024 ($) | | :----------------------------------- | :---------- | :---------- | | GAAP Diluted Loss Per Share | $(3.62) | $0.75 | | Adjusted Airline-Only Diluted EPS | $1.86 | $2.24 | | Adjusted Diluted EPS | $1.23 | $1.77 | [Operational Achievements](index=1&type=section&id=Operational%20Achievements) The company achieved its highest quarterly flight total in history with 37,000 flights and a remarkable 99.9% controllable completion factor, earning a second consecutive SkyTrax Award for best low-cost carrier in North America - Operated **37,000 flights**, the highest quarterly total in company history[2](index=2&type=chunk) - Achieved a **99.9% controllable completion factor**, considered among the top in the industry[2](index=2&type=chunk) - Earned a second consecutive SkyTrax Award for best low-cost carrier in North America[2](index=2&type=chunk) [Commercial Initiatives & Revenue Growth](index=1&type=section&id=Commercial%20Initiatives%20%26%20Revenue%20Growth) Commercial initiatives, including new pricing tools, product evolutions, and Allegiant Extra expansion, led to a $3 per passenger improvement in ancillary revenue during the first half of 2025, with further improvements expected from digital transformation - Ancillary revenue increased by **$3 per passenger** during the first half of 2025[4](index=4&type=chunk) - Improved performance resulted from higher productivity of existing assets, with aircraft utilization up nearly **17% year-over-year**, combined with strong cost controls[3](index=3&type=chunk) - Achieved an industry-leading reduction in unit costs, excluding fuel and special charges, of nearly **8% year-over-year**[3](index=3&type=chunk) [Strategic Business Simplification & Outlook](index=1&type=section&id=Strategic%20Business%20Simplification%20%26%20Outlook) The company is simplifying its business by focusing on core strengths, evidenced by the pending sale of Sunseeker Resort. For 2026, full-year capacity is forecasted to be roughly flat, with expected TRASM improvement from new markets, off-peak mix reduction, and commercial initiatives - Pending sale of Sunseeker Resort is expected to close shortly, simplifying the business and focusing on core strengths[6](index=6&type=chunk) - Forecasting full-year capacity for 2026 to be roughly **flat year-over-year**, with MAX deliveries serving as replacement aircraft[7](index=7&type=chunk) - Expect TRASM to improve in 2026 due to new markets maturing, off-peak ASMs becoming a smaller mix, and continued traction from new commercial initiatives[7](index=7&type=chunk) [Summary Financial Results](index=2&type=section&id=Summary%20Financial%20Results) Consolidated operating revenue increased in Q2 2025 and H1 2025, but significant expense increases led to operating losses, while the airline-only segment showed mixed results with special charges impacting overall performance [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) For Q2 2025, consolidated operating revenue increased by 3.5% YoY to $689.4 million, but total operating expense rose significantly by 19.9%, leading to an operating loss of $(67.5) million. For the first six months of 2025, total operating revenue grew 5.0% to $1,388.5 million, but operating expenses increased 9.3%, resulting in an operating loss of $(2.5) million Consolidated Financial Performance (Q2 2025 vs Q2 2024) | Metric | 2025 | 2024 | Percent Change | | :--------------------- | :--- | :--- | :------------- | | Total operating revenue (millions) | $689.4 | $666.3 | 3.5 % | | Total operating expense (millions) | $756.9 | $631.4 | 19.9 % | | Operating income (loss) (millions) | $(67.5) | $34.9 | NM | | Net income (loss) (millions) | $(65.2) | $13.7 | NM | | Diluted earnings (loss) per share ($) | $(3.62) | $0.75 | NM | Consolidated Financial Performance (Six Months Ended June 30, 2025 vs 2024) | Metric | 2025 | 2024 | Percent Change | | :--------------------- | :--- | :--- | :------------- | | Total operating revenue (millions) | $1,388.5 | $1,322.7 | 5.0 % | | Total operating expense (millions) | $1,390.9 | $1,272.3 | 9.3 % | | Operating income (loss) (millions) | $(2.5) | $50.3 | NM | | Net income (loss) (millions) | $(33.1) | $12.8 | NM | | Diluted earnings (loss) per share ($) | $(1.84) | $0.68 | NM | [Airline-Only Financial Performance](index=2&type=section&id=Airline-Only%20Financial%20Performance) The airline-only segment saw operating revenue increase by 3.0% in Q2 2025 to $668.8 million, but operating income decreased by 8.1% to $43.2 million. For the first six months of 2025, airline operating revenue grew 4.3% to $1,337.1 million, with operating income increasing significantly by 46.1% to $104.0 million Airline-Only Financial Performance (Q2 2025 vs Q2 2024) | Metric | 2025 | 2024 | Percent Change | | :--------------------- | :--- | :--- | :------------- | | Airline operating revenue (millions) | $668.8 | $649.5 | 3.0 % | | Airline operating expense (millions) | $625.6 | $602.5 | 3.8 % | | Airline operating income (millions) | $43.2 | $47.0 | (8.1)% | | Adjusted airline-only operating margin (%) | 8.6 % | 10.3 % | (1.7) | | Adjusted airline-only diluted earnings per share ($) | $1.86 | $2.24 | (17.0)% | Airline-Only Financial Performance (Six Months Ended June 30, 2025 vs 2024) | Metric | 2025 | 2024 | Percent Change | | :--------------------- | :--- | :--- | :------------- | | Airline operating revenue (millions) | $1,337.1 | $1,282.0 | 4.3 % | | Airline operating expense (millions) | $1,233.1 | $1,210.8 | 1.8 % | | Airline operating income (millions) | $104.0 | $71.2 | 46.1 % | | Adjusted airline-only operating margin (%) | 9.0 % | 8.3 % | 0.7 | | Adjusted airline-only diluted earnings per share ($) | $3.96 | $3.31 | 19.6 % | [Notes on Special Charges and Non-GAAP Measures](index=3&type=section&id=Notes%20on%20Special%20Charges%20and%20Non-GAAP%20Measures) The company recognized special charges in 2025 and 2024 related to Airline activities, the pending sale of Sunseeker Resort, and weather-related damages. Adjusted financial figures in the release exclude these special charges and a Q1 2025 non-operating loss on debt extinguishment - Special charges in 2025 and 2024 relate to Airline activities, the pending sale of Sunseeker Resort and Aileron Golf Course, and weather-related damages at Sunseeker Resort[10](index=10&type=chunk) - Adjusted numbers in the earnings release exclude the effect of these special charges[10](index=10&type=chunk) - A **$3.4 million** non-operating loss on the extinguishment of debt secured by Sunseeker Resort in Q1 2025 is added back to adjusted results[10](index=10&type=chunk) [Second Quarter 2025 Detailed Results and Highlights](index=4&type=section&id=Second%20Quarter%202025%20Detailed%20Results%20and%20Highlights) Q2 2025 saw a 3.5% increase in consolidated operating revenue, $1.1 billion in liquidity, $137.7 million in capital expenditures, and a pending $200 million sale of Sunseeker Resort [Key Financial Metrics](index=4&type=section&id=Key%20Financial%20Metrics) Allegiant reported total consolidated operating revenue of $689.4 million, a 3.5% increase year-over-year, driven by 15.7% capacity growth. Adjusted airline-only operating CASM, excluding fuel, decreased by 6.7% year-over-year to 7.68 cents - Total consolidated operating revenue: **$689.4 million**, up **3.5% YoY**, on capacity growth of **15.7% YoY**[15](index=15&type=chunk) - Adjusted consolidated operating income: **$50.4 million**, yielding an adjusted operating margin of **7.3%**[15](index=15&type=chunk) - Adjusted airline-only operating CASM, excluding fuel: **7.68 cents**, down **6.7% YoY**[15](index=15&type=chunk) [Balance Sheet, Cash and Liquidity](index=4&type=section&id=Balance%20Sheet%2C%20Cash%20and%20Liquidity) As of June 30, 2025, total available liquidity was $1.1 billion, including $852.7 million in cash and investments. The company generated $92.2 million in cash from operations during Q2 2025, with total debt at $2.0 billion and net debt at $1.1 billion - Total available liquidity at June 30, 2025: **$1.1 billion**, including **$852.7 million** in cash and investments, and **$275.0 million** in undrawn revolving credit facilities[15](index=15&type=chunk) - Cash from operations during Q2 2025: **$92.2 million**[15](index=15&type=chunk) - Total debt at June 30, 2025: **$2.0 billion**; Net debt: **$1.1 billion**[15](index=15&type=chunk) [Airline Capital Expenditures](index=4&type=section&id=Airline%20Capital%20Expenditures) Second quarter capital expenditures totaled $137.7 million, with $108.3 million allocated to aircraft-related capital expenditures and $29.4 million to other airline capital expenditures. Deferred heavy maintenance expenditures were $10.0 million - Second quarter capital expenditures: **$137.7 million**, including **$108.3 million** for aircraft-related and **$29.4 million** in other airline capital expenditures[15](index=15&type=chunk) - Second quarter deferred heavy maintenance expenditures: **$10.0 million**[15](index=15&type=chunk) [Sunseeker Resort Charlotte Harbor Update](index=4&type=section&id=Sunseeker%20Resort%20Charlotte%20Harbor%20Update) Sunseeker Resort reported 51% occupancy in Q2 2025 with an average daily rate of $225. A contract for its sale for $200 million was announced in Q3, expected to close in the same quarter, leading to $102.2 million in special charges for a write-down to fair value - Second quarter occupancy for Sunseeker Resort was **51%** with an average daily rate of **$225 per night**[15](index=15&type=chunk) - A contract for the sale of Sunseeker Resort for **$200 million** was announced during the third quarter, with the transaction expected to close in Q3[15](index=15&type=chunk) - Recorded special charges of **$102.2 million** during Q2 related to the pending sale of Sunseeker Resort and Aileron Golf Course, reflecting a write-down to fair value[15](index=15&type=chunk) [Guidance and Fleet Plan](index=5&type=section&id=Guidance%20and%20Fleet%20Plan) Allegiant provided Q3 and full-year 2025 guidance, projecting system ASM growth and adjusted airline-only EPS, alongside a detailed aircraft fleet plan showing a slight reduction by year-end 2025 [Third Quarter and Full-Year 2025 Guidance](index=5&type=section&id=Third%20Quarter%20and%20Full-Year%202025%20Guidance) For Q3 2025, Allegiant anticipates system ASMs to increase by approximately 9.0% year-over-year, with an adjusted airline-only operating margin between (3.0%) and (6.0%). Full-year 2025 guidance projects system ASMs to grow by about 12.0% and adjusted airline-only earnings per share to be greater than $3.25 Third Quarter 2025 Airline-Only Guidance | Metric | Guidance | | :----------------------------------- | :------- | | System ASMs - year over year change (%) | ~9.0% | | Scheduled service ASMs - year over year change (%) | ~10.0% | | Fuel cost per gallon ($) | $2.55 | | Adjusted airline-only operating margin (%) | (3.0%) to (6.0%) | | Adjusted airline-only earnings per share ($) | ($1.25) to ($2.25) | | Adjusted consolidated earnings per share ($) | ($1.75) to ($2.75) | Full-Year 2025 Guidance | Metric | Guidance | | :----------------------------------- | :------- | | System ASMs - year over year change (%) | ~12.0% | | Scheduled service ASMs - year over year change (%) | ~13.0% | | Fuel cost per gallon ($) | ~$2.53 | | Adjusted airline-only earnings per share ($) | > $3.25 | | Adjusted consolidated earnings per share ($) | > $2.25 | | Interest expense (millions) | $140 to $150 | | Capitalized interest (millions) | ($15) to ($25) | | Interest income (millions) | $30 to $40 | | Airline full-year CAPEX (Aircraft-related, millions) | $260 to $280 | | Capitalized deferred heavy maintenance (millions) | $50 to $70 | | Other airline capital expenditures (millions) | $95 to $115 | | Recurring principal payments (millions) | $160 to $170 | [Aircraft Fleet Plan](index=6&type=section&id=Aircraft%20Fleet%20Plan) The company's aircraft fleet is projected to decrease from 126 aircraft at the end of Q2 2025 to 122 aircraft by the end of Q3 2025 and remain at 122 by year-end 2025, with changes in the mix of Boeing 737-8200 and various Airbus A320/A319 models Aircraft Fleet Plan by End of Period | Aircraft - (seats per AC) | 2Q25 (count) | 3Q25 (count) | YE25 (count) | | :------------------------ | :----------- | :----------- | :----------- | | Boeing 737-8200 (190 seats) | 9 | 10 | 16 | | Airbus A320 (180 seats) | 67 | 74 | 71 | | Airbus A320 (186 seats) | 8 | — | — | | Airbus A320 (177 seats) | 10 | 8 | 7 | | Airbus A319 (156 seats) | 32 | 30 | 28 | | Total | 126 | 122 | 122 | [Company Information and Forward-Looking Statements](index=7&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) Allegiant Travel Company, a Las Vegas-based integrated travel company, provides nonstop flights to vacation destinations, with its press release containing forward-looking statements subject to inherent risks and uncertainties [Company Profile](index=7&type=section&id=Company%20Profile) Allegiant Travel Company is a Las Vegas-based integrated travel company, primarily an airline, connecting travelers in underserved cities to vacation destinations with nonstop flights and low fares since 1999 - Allegiant (NASDAQ: ALGT) is a Las Vegas-based integrated travel company with an airline at its core[20](index=20&type=chunk) - Focuses on connecting customers in underserved cities to world-class vacation destinations with all-nonstop flights and industry-low average fares since 1999[20](index=20&type=chunk) [Safe Harbor Statement](index=7&type=section&id=Safe%20Harbor%20Statement) The press release includes forward-looking statements, which are estimates based on management's beliefs and assumptions, and are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially. The company undertakes no obligation to update these statements - Statements in the press release that are not historical facts are forward-looking statements, based on management's beliefs and assumptions[21](index=21&type=chunk) - Forward-looking statements involve risks, uncertainties, and assumptions, and actual results may differ materially[22](index=22&type=chunk) - The company undertakes no obligation to publicly update any forward-looking statements[23](index=23&type=chunk) [Detailed Financial Statements (GAAP)](index=8&type=section&id=Detailed%20Financial%20Statements%20%28GAAP%29) Detailed GAAP statements reveal a consolidated net loss for Q2 and H1 2025, primarily due to increased operating expenses and significant special charges, despite revenue growth and improved airline operating income for the six-month period [Consolidated Statements of Income (Three Months)](index=8&type=section&id=Consolidated%20Statements%20of%20Income%20%28Three%20Months%29) For the three months ended June 30, 2025, Allegiant reported a consolidated net loss of $(65.166) million, a significant decline from a net income of $13.699 million in the prior year, primarily due to a substantial increase in total operating expenses, particularly special charges Consolidated Statements of Income (Three Months Ended June 30) | Metric | 2025 (thousands) | 2024 (thousands) | Percent Change | | :---------------------- | :--------------- | :--------------- | :------------- | | Total operating revenues | $689,384 | $666,283 | 3.5 % | | Total operating expenses | $756,873 | $631,386 | 19.9 % | | Operating income (loss) | $(67,489) | $34,897 | NM | | Net income (loss) | $(65,166) | $13,699 | NM | | Diluted earnings (loss) per share ($) | $(3.62) | $0.75 | NM | - Special charges, net of recoveries, increased significantly from **$18,114 thousand** in Q2 2024 to **$117,924 thousand** in Q2 2025[25](index=25&type=chunk) [Segment Profit or Loss (Three Months)](index=9&type=section&id=Segment%20Profit%20or%20Loss%20%28Three%20Months%29) In Q2 2025, the Airline segment reported an operating income of $43.157 million, a decrease from $46.956 million in Q2 2024. The Sunseeker segment incurred a substantial operating loss of $(110.646) million, primarily due to $103.329 million in special charges related to its pending sale Segment Operating Income (Loss) (Three Months Ended June 30) | Segment | 2025 (thousands) | 2024 (thousands) | | :--------------------- | :--------------- | :--------------- | | Airline operating income | $43,157 | $46,956 | | Sunseeker operating loss | $(110,646) | $(12,059) | | Consolidated operating income (loss) | $(67,489) | $34,897 | - Sunseeker special charges, net of recoveries, were **$103,329 thousand** in Q2 2025, compared to **$(1,959) thousand** in Q2 2024[27](index=27&type=chunk) [Airline Operating Statistics (Three Months)](index=10&type=section&id=Airline%20Operating%20Statistics%20%28Three%20Months%29) For Q2 2025, total system ASMs increased by 15.7% year-over-year, while airline operating expense per ASM (CASM) decreased by 10.2% to 10.79 cents. Load factor declined by 2.8 percentage points to 81.9%, and total passenger revenue per ASM (TRASM) decreased by 11.2% to 11.57 cents Airline Operating Statistics (Three Months Ended June 30) | Metric | 2025 | 2024 | Percent Change | | :----------------------------------- | :--- | :--- | :------------- | | Passengers | 5,127,025 | 4,621,848 | 10.9 % | | Available seat miles (ASMs) (thousands) | 5,799,409 | 5,013,209 | 15.7 % | | Airline operating expense per ASM (CASM) (cents) | 10.79 ¢ | 12.02 ¢ | (10.2)% | | Load factor (%) | 81.9 % | 84.7 % | (2.8) | | Total passenger revenue per ASM (TRASM) (cents) | 11.57 ¢ | 13.03 ¢ | (11.2)% | | Average fuel cost per gallon ($) | $2.42 | $2.83 | (14.5)% | [Consolidated Statements of Income (Six Months)](index=11&type=section&id=Consolidated%20Statements%20of%20Income%20%28Six%20Months%29) For the six months ended June 30, 2025, consolidated total operating revenues increased by 5.0% to $1,388.458 million. However, total operating expenses rose by 9.3%, leading to a consolidated operating loss of $(2.487) million, compared to an operating income of $50.344 million in the prior year Consolidated Statements of Income (Six Months Ended June 30) | Metric | 2025 (thousands) | 2024 (thousands) | Percent Change | | :---------------------- | :--------------- | :--------------- | :------------- | | Total operating revenues | $1,388,458 | $1,322,688 | 5.0 % | | Total operating expenses | $1,390,945 | $1,272,344 | 9.3 % | | Operating income (loss) | $(2,487) | $50,344 | NM | | Net income (loss) | $(33,064) | $12,780 | NM | | Diluted earnings (loss) per share ($) | $(1.84) | $0.68 | NM | - Special charges, net of recoveries, for the six months increased from **$31,212 thousand** in 2024 to **$116,369 thousand** in 2025[31](index=31&type=chunk) [Segment Profit or Loss (Six Months)](index=12&type=section&id=Segment%20Profit%20or%20Loss%20%28Six%20Months%29) For the first six months of 2025, the Airline segment's operating income increased by 46.1% to $104.009 million. Conversely, the Sunseeker segment reported a significant operating loss of $(106.496) million, primarily driven by $100.382 million in special charges Segment Operating Income (Loss) (Six Months Ended June 30) | Segment | 2025 (thousands) | 2024 (thousands) | | :--------------------- | :--------------- | :--------------- | | Airline operating income | $104,009 | $71,172 | | Sunseeker operating loss | $(106,496) | $(20,828) | | Consolidated operating income (loss) | $(2,487) | $50,344 | - Sunseeker special charges, net of recoveries, were **$100,382 thousand** for the six months ended June 30, 2025, compared to **$(3,775) thousand** in the prior year[33](index=33&type=chunk) [Airline Operating Statistics (Six Months)](index=13&type=section&id=Airline%20Operating%20Statistics%20%28Six%20Months%29) For the first six months of 2025, total system ASMs increased by 15.0% year-over-year, while airline operating expense per ASM (CASM) decreased by 11.5% to 10.96 cents. Load factor declined by 3.1 percentage points to 81.2%, and total passenger revenue per ASM (TRASM) decreased by 9.2% to 11.92 cents Airline Operating Statistics (Six Months Ended June 30) | Metric | 2025 | 2024 | Percent Change | | :----------------------------------- | :--- | :--- | :------------- | | Passengers | 9,578,331 | 8,726,708 | 9.8 % | | Available seat miles (ASMs) (thousands) | 11,250,993 | 9,785,180 | 15.0 % | | Airline operating expense per ASM (CASM) (cents) | 10.96 ¢ | 12.38 ¢ | (11.5)% | | Load factor (%) | 81.2 % | 84.3 % | (3.1) | | Total passenger revenue per ASM (TRASM) (cents) | 11.92 ¢ | 13.13 ¢ | (9.2)% | | Average fuel cost per gallon ($) | $2.51 | $2.92 | (14.0)% | [Summary Balance Sheet](index=14&type=section&id=Summary%20Balance%20Sheet) As of June 30, 2025, total unrestricted cash and investments increased by 2.4% to $852.7 million compared to December 31, 2024. Total debt decreased by 5.1% to $1,962.0 million, resulting in a 10.1% reduction in net debt to $1,109.3 million Summary Balance Sheet (June 30, 2025 vs December 31, 2024) | Metric | June 30, 2025 (millions) | December 31, 2024 (millions) | Percent Change | | :----------------------------------- | :----------------------- | :--------------------------- | :------------- | | Unrestricted cash and investments | $852.7 | $832.8 | 2.4 % | | Total debt | $1,962.0 | $2,066.5 | (5.1)% | | Debt, net of unrestricted cash and investments | $1,109.3 | $1,233.7 | (10.1)% | | Total Allegiant Travel Company shareholders' equity | $1,055.9 | $1,089.4 | (3.1)% | [EPS Calculation](index=14&type=section&id=EPS%20Calculation) The basic and diluted earnings per share calculations for Q2 2025 show a loss of $(3.62), compared to earnings of $0.75 in Q2 2024. For the six months ended June 30, 2025, basic and diluted EPS were $(1.84), down from $0.69 and $0.68 respectively in the prior year Earnings (Loss) Per Share (Three Months Ended June 30) | Metric | 2025 ($) | 2024 ($) | | :----------------------------------- | :--- | :--- | | Earnings (loss) per share, basic | $(3.62) | $0.75 | | Earnings (loss) per share, diluted | $(3.62) | $0.75 | | Weighted-average shares outstanding (thousands) | 17,995 | 17,828 | Earnings (Loss) Per Share (Six Months Ended June 30) | Metric | 2025 ($) | 2024 ($) | | :----------------------------------- | :--- | :--- | | Earnings (loss) per share, basic | $(1.84) | $0.69 | | Earnings (loss) per share, diluted | $(1.84) | $0.68 | | Weighted-average shares outstanding (thousands) | 17,989 | 17,746 | [Non-GAAP Financial Measures Reconciliation (Appendix A)](index=15&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation%20%28Appendix%20A%29) Allegiant provides reconciliations for various adjusted non-GAAP financial measures, excluding special charges and a debt extinguishment loss, to offer a clearer view of airline performance and enhance comparability for investors [Explanation of Non-GAAP Measures](index=15&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Allegiant presents various adjusted non-GAAP financial measures, including adjusted operating expense/income, adjusted income before taxes, adjusted net income, adjusted diluted EPS, adjusted CASM, and adjusted EBITDA. These measures exclude special charges related to Sunseeker and airline activities, and a one-time loss on debt extinguishment, to provide a clearer view of airline performance and enhance comparability - Adjusted consolidated and airline-only measures exclude special charges related to Sunseeker (losses, write-down) and Airline activities (accelerated depreciation, restructuring, ratification bonus), and a one-time loss on debt extinguishment[39](index=39&type=chunk)[40](index=40&type=chunk) - These non-GAAP measures are presented to help investors better gauge airline performance, compare results to other airlines, and understand non-fuel costs[41](index=41&type=chunk)[42](index=42&type=chunk) - EBITDA and adjusted EBITDA are supplemental measures used to evaluate operating performance and liquidity, but have limitations such as not reflecting capital expenditures or debt service requirements[43](index=43&type=chunk)[45](index=45&type=chunk)[48](index=48&type=chunk) [Reconciliation of Special Charges](index=16&type=section&id=Reconciliation%20of%20Special%20Charges) Consolidated special charges, net of recoveries, significantly increased to $117.9 million in Q2 2025 from $18.1 million in Q2 2024, and to $116.4 million for the six months ended June 30, 2025, from $31.2 million in the prior year. This was primarily driven by Sunseeker special charges, which included a write-down related to its pending sale Special Charges (millions) | Metric | Three Months Ended June 30, 2025 (millions) | Three Months Ended June 30, 2024 (millions) | Six Months Ended June 30, 2025 (millions) | Six Months Ended June 30, 2024 (millions) | | :----------------------------------- | :---------------------------------------- | :---------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Accelerated depreciation on airframes | $2.5 | $9.3 | $3.9 | $24.2 | | Flight attendant ratification bonus | — | $10.8 | — | $10.8 | | Organizational restructuring | $12.1 | — | $12.1 | — | | Airline special charges | $14.6 | $20.1 | $16.0 | $35.0 | | Sunseeker special charges, net | $103.3 | $(2.0) | $100.4 | $(3.8) | | Consolidated special charges, net | $117.9 | $18.1 | $116.4 | $31.2 | [Reconciliation of Adjusted Operating Metrics (Three Months)](index=16&type=section&id=Reconciliation%20of%20Adjusted%20Operating%20Metrics%20%28Three%20Months%29) For Q2 2025, adjusted consolidated operating income was $50.4 million (7.3% margin), a decrease from $53.0 million (8.0% margin) in Q2 2024. Adjusted airline-only operating income was $57.8 million (8.6% margin), down from $67.0 million (10.3% margin) in the prior year, reflecting the impact of special charges Adjusted Operating Metrics (Three Months Ended June 30, 2025) | Metric | GAAP (millions) | Adjustments (millions) | Adjusted (Non-GAAP) (millions) | | :----------------------------------- | :-------------- | :--------------------- | :----------------------------- | | Consolidated Operating income (loss) | $(67.5) | $117.9 | $50.4 | | Consolidated Operating margin (percent) | (9.8) | | 7.3 | | Airline Operating income (loss) | $43.2 | $14.6 | $57.8 | | Airline Operating margin (percent) | 6.5 | | 8.6 | | Consolidated Income (loss) before income taxes | $(88.6) | $117.9 | $29.4 | | Airline Income (loss) before income taxes | $29.7 | $14.6 | $44.3 | Adjusted Operating Metrics (Three Months Ended June 30, 2024) | Metric | GAAP (millions) | Adjustments (millions) | Adjusted (Non-GAAP) (millions) | | :----------------------------------- | :-------------- | :--------------------- | :----------------------------- | | Consolidated Operating income (loss) | $34.9 | $18.1 | $53.0 | | Consolidated Operating margin (percent) | 5.2 | | 8.0 | | Airline Operating income (loss) | $47.0 | $20.1 | $67.0 | | Airline Operating margin (percent) | 7.2 | | 10.3 | | Consolidated Income (loss) before income taxes | $18.0 | $18.1 | $36.1 | | Airline Income (loss) before income taxes | $35.5 | $20.1 | $55.6 | [Reconciliation of Adjusted Operating Metrics (Six Months)](index=18&type=section&id=Reconciliation%20of%20Adjusted%20Operating%20Metrics%20%28Six%20Months%29) For the six months ended June 30, 2025, adjusted consolidated operating income was $113.9 million (8.2% margin), an increase from $81.6 million (6.2% margin) in the prior year. Adjusted airline-only operating income rose to $120.0 million (9.0% margin) from $106.2 million (8.3% margin) in 2024 Adjusted Operating Metrics (Six Months Ended June 30, 2025) | Metric | GAAP (millions) | Adjustments (millions) | Adjusted (Non-GAAP) (millions) | | :----------------------------------- | :-------------- | :--------------------- | :----------------------------- | | Consolidated Operating income (loss) | $(2.5) | $116.4 | $113.9 | | Consolidated Operating margin (percent) | (0.2) | | 8.2 | | Airline Operating income (loss) | $104.0 | $16.0 | $120.0 | | Airline Operating margin (percent) | 7.8 | | 9.0 | | Consolidated Income (loss) before income taxes | $(46.6) | $119.8 | $73.2 | | Airline Income (loss) before income taxes | $79.3 | $16.0 | $95.3 | Adjusted Operating Metrics (Six Months Ended June 30, 2024) | Metric | GAAP (millions) | Adjustments (millions) | Adjusted (Non-GAAP) (millions) | | :----------------------------------- | :-------------- | :--------------------- | :----------------------------- | | Consolidated Operating income (loss) | $50.3 | $31.2 | $81.6 | | Consolidated Operating margin (percent) | 3.8 | | 6.2 | | Airline Operating income (loss) | $71.2 | $35.0 | $106.2 | | Airline Operating margin (percent) | 5.6 | | 8.3 | | Consolidated Income (loss) before income taxes | $16.7 | $31.2 | $47.9 | | Airline Income (loss) before income taxes | $48.0 | $35.0 | $83.0 | [Reconciliation of EBITDA and Adjusted EBITDA](index=19&type=section&id=Reconciliation%20of%20EBITDA%20and%20Adjusted%20EBITDA) Consolidated EBITDA for Q2 2025 was $0.8 million, significantly lower than $100.2 million in Q2 2024, but adjusted consolidated EBITDA increased slightly to $118.7 million from $118.3 million. For the six months, adjusted consolidated EBITDA grew to $244.8 million from $210.6 million, and adjusted airline-only EBITDA increased to $243.7 million from $223.3 million Consolidated EBITDA and Adjusted Consolidated EBITDA (millions) | Metric | Three Months Ended June 30, 2025 (millions) | Three Months Ended June 30, 2024 (millions) | Six Months Ended June 30, 2025 (millions) | Six Months Ended June 30, 2024 (millions) | | :----------------------------------- | :---------------------------------------- | :---------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Consolidated EBITDA | $0.8 | $100.2 | $128.4 | $179.4 | | Adjusted consolidated EBITDA | $118.7 | $118.3 | $244.8 | $210.6 | Adjusted Airline-Only EBITDA (millions) | Metric | Three Months Ended June 30, 2025 (millions) | Three Months Ended June 30, 2024 (millions) | Six Months Ended June 30, 2025 (millions) | Six Months Ended June 30, 2024 (millions) | | :----------------------------------- | :---------------------------------------- | :---------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Adjusted airline-only EBITDA | $122.5 | $126.3 | $243.7 | $223.3 | [Reconciliation of Adjusted EPS](index=19&type=section&id=Reconciliation%20of%20Adjusted%20EPS) Adjusted consolidated net income for Q2 2025 was $22.7 million, resulting in adjusted diluted EPS of $1.23, down from $1.77 in Q2 2024. Adjusted airline-only net income was $34.3 million, yielding adjusted diluted EPS of $1.86, a decrease from $2.24 in the prior year. For the six months, adjusted consolidated diluted EPS increased to $3.03 from $2.34, and adjusted airline-only diluted EPS rose to $3.96 from $3.31 Adjusted Consolidated Earnings Per Share (Three Months Ended June 30) | Metric | 2025 Amount (millions) | 2025 Per Share ($) | 2024 Amount (millions) | 2024 Per Share ($) | | :----------------------------------- | :--------------------- | :----------------- | :--------------------- | :----------------- | | Net income (loss) attributable to common stock (GAAP) | $(65.2) | $(3.62) | $13.4 | $0.75 | | Adjusted net income attributable to common stock | $22.2 | $1.23 | $31.7 | $1.77 | Adjusted Airline-Only Earnings Per Share (Three Months Ended June 30) | Metric | 2025 Amount (millions) | 2025 Per Share ($) | 2024 Amount (millions) | 2024 Per Share ($) | | :----------------------------------- | :--------------------- | :----------------- | :--------------------- | :----------------- | | Net income (loss) attributable to common stock (GAAP) | $(65.2) | $(3.62) | $13.4 | $0.75 | | Adjusted airline-only net income attributable to common stock | $33.5 | $1.86 | $40.0 | $2.24 | Adjusted Consolidated Earnings Per Share (Six Months Ended June 30) | Metric | 2025 Amount (millions) | 2025 Per Share ($) | 2024 Amount (millions) | 2024 Per Share ($) | | :----------------------------------- | :--------------------- | :----------------- | :--------------------- | :----------------- | | Net income (loss) attributable to common stock (GAAP) | $(33.1) | $(1.84) | $12.2 | $0.68 | | Adjusted net income attributable to common stock | $54.8 | $3.03 | $41.7 | $2.34 | Adjusted Airline-Only Earnings Per Share (Six Months Ended June 30) | Metric | 2025 Amount (millions) | 2025 Per Share ($) | 2024 Amount (millions) | 2024 Per Share ($) | | :----------------------------------- | :--------------------- | :----------------- | :--------------------- | :----------------- | | Net income (loss) attributable to common stock (GAAP) | $(33.1) | $(1.84) | $12.2 | $0.68 | | Adjusted airline-only net income attributable to common stock | $71.5 | $3.96 | $59.0 | $3.31 |

Financial Performance - In Q2 2025, Allegiant Travel Company reported a GAAP diluted loss per share of $(3.62) and an adjusted diluted earnings per share of $1.23, down 30.5% year-over-year [1][8] - Total operating revenue for Q2 2025 was $689.4 million, a 3.5% increase from $666.3 million in Q2 2024 [8] - Total operating expenses rose to $756.9 million, a 19.9% increase compared to $631.4 million in the prior year [8] Operational Highlights - The company operated 37,000 flights in Q2 2025, achieving a 99.9% controllable completion factor, one of the highest in the industry [2] - Adjusted airline-only operating margin was 8.6%, surpassing initial projections despite a challenging demand environment [3] - Aircraft utilization improved by nearly 17% year-over-year, contributing to higher productivity [3] Revenue and Cost Management - Ancillary revenue per passenger improved by $3 during the first half of 2025, aided by new pricing tools and product expansions [4] - The company achieved a nearly 8% reduction in unit costs, excluding fuel and special charges, year-over-year [3] - Adjusted airline-only operating income was $57.8 million, yielding an adjusted airline-only operating margin of 8.6% [8] Future Outlook - The company forecasts flat full-year capacity for 2026, with MAX deliveries expected to serve as replacement aircraft [7] - Recent bookings indicate strengthening domestic demand for the second half of the year, although Q3 is typically the weakest quarter [5] - The company plans to continue focusing on core strengths and simplifying operations, including the pending sale of the Sunseeker Resort for $200 million [6][8] Balance Sheet and Liquidity - As of June 30, 2025, total liquidity was $1.1 billion, including $852.7 million in cash and investments [8] - Total debt stood at $2.0 billion, with net debt at $1.1 billion [8] - The company recorded $92.2 million in cash from operations during Q2 2025 [8]

Core Insights - Allegiant Travel Company reported a significant increase in passenger traffic for June 2025, with a total of 2,005,932 passengers, representing a 9.6% year-over-year growth compared to June 2024 [2] - The company also experienced a rise in revenue passenger miles (RPM) by 9.8% to 1,771,111, and available seat miles (ASM) increased by 12.4% to 2,093,547 [2] - The load factor decreased by 2.0 percentage points to 84.6%, indicating a slight decline in seat occupancy [2] Passenger Traffic Summary - June 2025 saw 2,005,932 passengers compared to 1,830,067 in June 2024, marking a 9.6% increase [2] - Revenue passenger miles for June 2025 were 1,771,111, up from 1,612,782 in June 2024, a 9.8% increase [2] - Available seat miles rose to 2,093,547 from 1,862,875, reflecting a 12.4% increase [2] - The load factor for June 2025 was 84.6%, down from 86.6% in June 2024 [2] - Departures increased by 13.5% to 13,872 in June 2025 [2] Quarterly Performance Summary - For the second quarter of 2025, Allegiant reported 5,077,788 passengers, an 11.0% increase from 4,572,769 in the second quarter of 2024 [2] - Revenue passenger miles for the second quarter of 2025 were 4,610,321, up 12.2% from 4,108,288 in the same quarter of 2024 [2] - Available seat miles increased by 16.1% to 5,629,040 from 4,848,017 [2] - The load factor for the second quarter of 2025 was 81.9%, down from 84.7% in the previous year [2] - Departures rose by 15.8% to 36,056 in the second quarter of 2025 [2] Fuel Cost Insights - The estimated average fuel cost per gallon for June 2025 was $2.39 [3] - For the second quarter of 2025, the estimated average fuel cost per gallon was $2.42 [3] Company Overview - Allegiant Travel Company, based in Las Vegas, operates as an integrated travel company with a focus on connecting customers to various destinations through its airline services [4] - Since its inception in 1999, Allegiant Air has provided nonstop flights from small-to-medium cities to major vacation destinations, maintaining low average fares [4]

Core Insights - Allegiant Travel Company announced seven new nonstop routes connecting 12 cities, including a new destination, Fort Myers, Florida, with one-way fares starting at $49 [1][2] - The expansion aims to provide affordable and convenient travel options to underserved communities, enhancing access to popular leisure destinations [2][3] - The new routes will launch in November 2025, with various cities offering one-way fares as low as $49 to $69 [3][7] Route Details - New route from Sarasota/Bradenton, Florida to Toledo, Ohio begins November 20, 2025, with fares starting at $59 [3] - New route from Fort Lauderdale, Florida to Fort Wayne, Indiana also begins November 20, 2025, with fares starting at $59 [3] - New route from New Orleans to Punta Gorda, Florida starts November 21, 2025, with fares as low as $49 [3] - New route from Nashville, Tennessee to Gulf Shores, Alabama begins November 21, 2025, with fares starting at $49 [3] - Additional routes include Allentown, Pennsylvania, Appleton, Wisconsin, and Des Moines, Iowa, all starting in November 2025 with fares starting at $69 [7] Business Model - Allegiant's business model focuses on all-nonstop flights, allowing passengers to spend less time at the airport and more time on vacation [3] - The company aims to connect small-to-medium cities to vacation destinations with industry-low average fares, making travel more accessible [6]

Core Viewpoint - Allegiant Travel Company is set to announce its second quarter 2025 financial results on August 4, 2025, at 4:30 p.m. EDT, with a live broadcast available on its Investor Relations website [1] Company Overview - Allegiant Travel Company, based in Las Vegas, operates as an integrated travel company with a focus on connecting customers to significant destinations through its airline services [2] - Since its inception in 1999, Allegiant Air has provided nonstop flights from small-to-medium cities to major vacation destinations, maintaining industry-low average fares [2] - The company's base airfares are reported to be less than half the cost of the average domestic roundtrip ticket, highlighting its competitive pricing strategy [2]

Allegiant's Business Model and Performance - Allegiant operates a unique ULCC model focusing on leisure customers with diversified revenue streams and low competition on 75% of its routes[4] - As of March 31, 2023, Allegiant has $2.5 billion in revenue (TTM) and a 23% EBITDA margin for 1Q23[6] - Allegiant has optimized performance even in high fuel environments, as shown by its adjusted pre-tax margin from 2005-2022[7,8] Network and Capacity Management - Allegiant serves 572 routes, connecting 93 small/medium cities with 32 leisure destinations[11] - The airline expertly matches capacity with demand trends, adjusting aircraft utilization based on the day of the week and seasonality[16,17] - Allegiant has a high percentage of non-competitive routes, with 449 routes without competition as of 2023[14] Revenue and Financials - Third-party product sales contribute significantly, with cumulative revenue of $734 million as of 2022[19] - The Allways Rewards credit card program has over 400,000 active cardholders and generated over $100 million in remuneration in FY2022[26] - Allegiant's revenue per passenger in 1Q23 was $154, with TRASM increasing by 28% year-over-year[31,33] - The company projects a consolidated EPS of $9.75 for 2023[35] Future Investments and Fleet - Allegiant projects $986 million in capital expenditures for 2023, including $206 million for the Sunseeker Resort and $560 million for aircraft and engines[43] - The company is investing in Boeing 737 MAX aircraft, expecting a ~40% increase in EBITDA per aircraft over the current fleet[52]

Business Model & Performance - Allegiant operates a unique ULCC model focusing on leisure customers, with 75% of routes having no nonstop competition[4] - The company's revenue reached $2.5 billion (TTM as of June 30, 2023) with a 26% EBITDA margin in 2Q23[4] - Allegiant's adjusted pre-tax margin has shown resilience, even in high fuel environments, outperforming the industry in many years[7, 8] Fleet & Network - Allegiant has 126 aircraft, including 91 A320s and 35 A319s, and an order book for 50 Boeing 737 MAX aircraft with 50 options[5] - The airline serves 555 routes connecting 33 leisure destinations and 91 small/medium cities[4, 11] - The company strategically matches capacity with demand, adjusting aircraft utilization based on demand trends[16, 17] Revenue Diversification - Third-party product sales contribute significantly, with cumulative operating income of $789 million as of June 30, 2023[5] - The Allways Rewards credit card program has over 400,000 active cardholders and generated over $100 million in remuneration in FY2022[23, 27] - Allways Rewards members demonstrate 35% higher booking frequency and a 40% increase in average transaction size[30] Financial Position & Future Investments - Allegiant's net debt is $1.111 billion with a net debt to EBITDA ratio of 2.2x as of 2Q23[41] - The company's total unrestricted cash and investments stand at $1.047 billion as of 2Q23[43] - Projected capital expenditures for 2023 total $908 million, including $206 million for the Sunseeker Resort and $495 million for aircraft, engines, and related costs[46]

Business Model and Operations - Allegiant operates a unique leisure carrier model focusing on low-cost, low-utilization, and matching demand trends from small/medium cities to leisure destinations[6] - The company has diversified revenue streams, with airfare at $66.2 per passenger, air ancillary at $66.4 per passenger, and third-party revenue at $7.6 per passenger[6] - Allegiant's route network includes 558 routes, connecting 91 small/medium cities to 33 leisure destinations as of June 30, 2024[12] - The airline is increasing capacity during peak leisure months and reducing it during low-demand months, with 20% of departures per day in 2024[5] Fleet and Expansion - As of June 30, 2024, Allegiant operates 92 A320 and 34 A319 aircraft[7] - The company has an order book of 50 firm and 80 options for new aircraft[7] - The introduction of Boeing 737 aircraft is expected to increase fuel efficiency by up to 20% per passenger compared to the existing Airbus fleet[82] Financial Performance - Allegiant's total revenue for the trailing twelve months (TTM) as of June 30, 2024, was $2.5 billion[6] - The airline ended 2Q24 with approximately 525,000 total cardholders in its Allways Rewards Visa program[29] - The company's net debt as of 2Q24 is $1.368 billion, with a net debt to EBITDA ratio of 3.8x[67] - The airline's unrestricted cash and investments totaled $851 million as of 2Q24[69]