Allegiant Travel(ALGT) - 2024 Q1 - Quarterly Results

Financial Performance - First quarter 2024 total operating revenue was $656.4 million, a 1.0% increase year-over-year[2] - First quarter 2024 total operating expense increased by 15.5% to $641.0 million compared to $554.9 million in the prior year[2] - First quarter 2024 diluted earnings per share, excluding special charges, was $0.57, down 81.3% from $3.04 in the previous year[2] - Airline operating revenue for the first quarter 2024 was $632.5 million, a decrease of 2.6% year-over-year[3] - Operating income fell significantly by 83.7% to $15.4 million from $94.8 million year-over-year[27] - Net loss for the period was $0.9 million, compared to a net income of $56.1 million in the same quarter of 2023[27] - Earnings per share (EPS) for common shareholders was a loss of $0.07, down from a profit of $3.09 in the previous year[27] - Reported net income for 2024 was $(0.9) million, a significant decrease from $56.1 million in 2023[44] - Airline net income excluding special charges for 2024 was $19.8 million, down from $59.9 million in 2023[44] - Operating income as reported (GAAP) for 2024 was $15.4 million, compared to $94.8 million in 2023[46] - Airline operating income excluding special charges for 2024 was $39.1 million, down from $97.6 million in 2023[46] - Consolidated EBITDA for 2024 was $79.2 million, a decrease from $149.5 million in 2023[51] - Airline EBITDA excluding special charges for 2024 was $97.0 million, down from $152.2 million in 2023[51] Revenue Breakdown - Passenger revenue decreased by 4.8% year-over-year to $579.9 million from $609.3 million[27] - Third-party products revenue increased by 28.3% to $33.4 million compared to $26.0 million in the prior year[27] - Sunseeker Resort reported total operating revenues of $23.9 million during its first quarter of operation, with an occupancy rate of approximately 40%[15] Expenses and Costs - Salaries and benefits expenses increased by 33.6% to $213.3 million from $159.6 million year-over-year[27] - Aircraft fuel costs decreased by 10.3% to $170.1 million compared to $189.5 million in the same period last year[27] - Special charges, net of recoveries, amounted to $13.1 million, compared to a recovery of $1.6 million in the prior year[27] - Total operating expenses rose by 15.5% to $641.0 million from $554.9 million in the same period last year[27] - Total airline operating expense excluding special charges for 2024 was $593.4 million, compared to $552.1 million in 2023[46] - Cost per available seat mile (CASM) for 2024 was 13.43 cents, an increase from 11.86 cents in 2023[50] Capacity and Operations - Total passengers decreased by 1.1% year-over-year to 4,104,860 in Q1 2024 from 4,148,453 in Q1 2023[32] - Available seat miles (ASMs) increased by 2.0% year-over-year to 4,771,971 thousand in Q1 2024 from 4,677,622 thousand in Q1 2023[32] - System available seat miles for 2024 were 4,772 million, up from 4,677.6 million in 2023[50] - Airline operating expense per ASM (CASM) rose by 8.1% year-over-year to 12.75 cents in Q1 2024 from 11.80 cents in Q1 2023[32] Future Projections - Second quarter 2024 airline-only earnings per share, excluding special charges, is projected to be between $1.25 and $1.75[17] - Full-year 2024 airline-only guidance anticipates a year-over-year change in system ASMs of 2.0% to 4.0%[17] - Diluted earnings per share excluding special charges for 2024 was $1.08, down from $3.30 in 2023[44] Cash and Debt Management - Total available liquidity as of March 31, 2024, was $1.1 billion, including $853.7 million in cash and investments[16] - Total unrestricted cash and investments decreased by 2.0% to $853.7 million as of March 31, 2024, from $870.7 million as of December 31, 2023[34] - Total debt decreased by 0.5% to $2,248.8 million as of March 31, 2024, from $2,259.6 million as of December 31, 2023[34] Pricing and Sales - Average fare for scheduled service decreased by 5.0% year-over-year to $74.98 in Q1 2024 from $78.93 in Q1 2023[32] - Percent of sales through the website increased by 0.9 percentage points to 96.5% in Q1 2024 from 95.6% in Q1 2023[32]