UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number 001-33166 Allegiant Travel Company (Exact Name of Registrant as Specified in Its Charter) Nevada 20-4745737 (State or Other Juri ...

Financial Data and Key Metrics Changes - The company reported an adjusted consolidated net income of $2.4 million and an adjusted earnings per share (EPS) of $0.11 for Q4 2023, including approximately $12.8 million in preopening expenses for Sunseeker Resort [30] - For the full year 2023, adjusted consolidated net income was roughly $137 million, yielding an adjusted EPS of $7.31, which included approximately $33 million in expenses related to Sunseeker [31] - EBITDA for the full year was $472 million, a 45% increase over 2022, with the airline generating over $500 million in EBITDA excluding special items [31][32] - The airline recorded an adjusted net income of $165 million for the year, yielding an adjusted airline full year EPS of $8.82, slightly ahead of initial expectations [31] Business Line Data and Key Metrics Changes - The airline's controllable completion factor was reported at 99.8%, an industry-leading performance [13][12] - The airline's TRASM (Total Revenue per Available Seat Mile) for Q4 was $0.1316, down 6.2% year-over-year, but still more than 4% better than any previous fourth quarter [24] - Full year TRASM was $0.338, nearly 6% better than any prior year, with record ancillary performance exceeding $5 year-over-year [24] Market Data and Key Metrics Changes - The company retained nearly one-third of customers who flew in the prior year, accounting for nearly half of total revenue for 2023, with a year-over-year customer retention rate that was 16% higher than in 2022 [21] - The number of unique nonstop domestic routes served by Allegiant exceeded that of competitors, with 450 of the 555 routes being noncompetitive [10][16] Company Strategy and Development Direction - The company aims to grow its model, focusing on non-competitive nonstop routes, which currently make up 75% of its routes [10] - Allegiant is enhancing its operational capabilities and plans to increase peak utilization by as much as 20% compared to 2023 [15] - The company is also focused on international expansion, particularly with its joint venture partner, Viva Aerobus [16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding labor agreements and operational performance, highlighting the importance of maintaining a reliable service in a competitive environment [6][12] - The company anticipates continued strong demand for leisure travel, particularly during peak periods, and expects to capitalize on brand awareness from events like the Super Bowl [20][19] Other Important Information - The Sunseeker Resort opened in December 2023 and is expected to contribute as much as $15 million in EBITDA in 2024 [17] - The company ended 2023 with over $1.1 billion in total liquidity, including $870 million in cash and investments [33] Q&A Session Summary Question: Can you provide more color on historical Q-over-Q unit revenue and expected unit costs for the first quarter? - The historical Q-over-Q unit revenue has been around 2.5% from 2011 to 2019 [39] - The first quarter is expected to have elevated unit costs year-over-year, primarily driven by wage increases for frontline labor groups [40] Question: Is there any improvement in off-peak pricing? - The spread between peak and off-peak pricing appears to be returning to pre-pandemic levels, indicating normal leisure seasonality [42] Question: How do you view margin seasonality going into Q2? - The second quarter is expected to have the best operating margin, with a clear path to increase peak capacity in the summer [45] Question: What are the financing plans for capital spending this year? - The company is exploring various financing options, including bank markets and finance leases, to support capital expenditures [49] Question: Can you provide an update on labor discussions? - The company is in federal mediation for pilot agreements and is working to address flight attendant contract issues [52] Question: What is the expected contribution from Sunseeker Resort? - The resort is still in its early stages, but management is optimistic about its performance and expects it to improve as awareness grows [56]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to_______ Commission File Number 001-33166 algtheaderq417a17.jpg Allegiant Travel Company (Exact Name of Registrant as Specified in Its Charter) N ...

Financial Data and Key Metrics Changes - Allegiant Airlines generated an operating profit in Q3 2023, marking the 11th consecutive quarter of airline operating profits since Q1 2021 [5] - Year-to-date 2023 airline operating margin stands at 13%, leading the industry among reported figures [5] - Total operating revenue for Q3 was $565 million, up approximately 1% year-over-year, the highest for any third quarter in the company's history [34] - Adjusted consolidated net income was $2.7 million, with adjusted earnings per share of $0.09 [34] - Fuel costs increased sharply, with the cost per gallon reaching $3.09, a 15% increase from the previous quarter [35] Business Line Data and Key Metrics Changes - The airline's adjusted net income was $7.9 million, yielding an adjusted airline earnings per share of $0.31 [34] - Non-fuel unit costs increased by 9.5% year-over-year, driven by wage increases and lower asset utilization [36] - Ancillary revenue per passenger grew approximately 10% year-over-year, indicating strong performance in air ancillary products [30] Market Data and Key Metrics Changes - Allegiant expects to fly nearly 18 million customers in 2023, with 75% of routes being the only nonstop option available from the communities served [18] - Customer sentiment regarding the economy has worsened, with nearly 70% of surveyed customers feeling the economy is getting worse, yet travel intentions remain stable [23][24] Company Strategy and Development Direction - Allegiant is focusing on operational excellence and has implemented new management systems (SAP and Navitaire) to enhance efficiency [6][19] - The company plans to expand its fleet with the introduction of 737 MAX aircraft, which will improve fuel efficiency and operational flexibility [7][16] - Allegiant aims to maintain a flexible model that adjusts capacity based on customer demand, particularly during peak travel periods [8][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges broader macroeconomic uncertainties but believes Allegiant is well-positioned to reshape the leisure travel sector [15] - The company is committed to completing labor agreements with flight crews to support operational integrity [20] - Management expects to see benefits from recent investments in technology and fleet upgrades, which should enhance profitability in the coming years [37][41] Other Important Information - The opening of the Sunseeker Resort is scheduled for December 15, 2023, after delays, and is expected to contribute to future revenue [6][37] - Allegiant has identified over 1,400 potential new domestic routes for future expansion [11] Q&A Session Summary Question: How does the second half of the year impact decision-making for 2024? - Management noted that the first half of 2023 had stronger demand and profitability compared to the second half, which will inform capacity and market decisions for 2024 [44] Question: What is limiting aircraft utilization currently? - Constraints include labor issues and operational disruptions at airports, which have affected peak period flying [52][53] Question: What is the fleet plan for 2024? - The company is contracted to take delivery of two aircraft per month throughout 2024, with flexibility in the used fleet to manage uncertainties [57] Question: What are the expectations for Sunseeker's ramp-up in 2024? - Management indicated it is too early to provide guidance on financial performance from Sunseeker, but initial group bookings are promising [70][71] Question: What is the outlook for RASM and CASM in 2024? - Management expects a slight sequential increase in RASM from Q3 to Q4, with CASM anticipated to rise due to various operational factors [78][80]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to_______ Commission File Number 001-33166 algtheaderq417a17.jpg Allegiant Travel Company (Exact Name of Registrant as Specified in Its Charter) Nevada ...

Financial Data and Key Metrics Changes - The company reported an operating margin of 18% and a controllable completion rate of 99.7% for Q2 2023, among the highest in the industry [5][31] - Adjusted net income for Q2 was $76.9 million, resulting in adjusted EPS of $4.35, consistent with 2019 earnings [31] - Total operating revenue reached $684 million, an increase of 8.6% year-over-year, with a 1.3% increase in capacity [31][34] - Nonfuel unit costs increased by 12.9% year-over-year, with pilot payroll accruals contributing 4 points to this increase [32] Business Line Data and Key Metrics Changes - The co-branded credit card program has issued over 600,000 cards, with cardholder spending increasing by 220% since 2019 [6] - Ancillary revenue per passenger exceeded $70, driven by the success of Allegiant Extra and bundled ancillary products [27] - Fixed fee revenue grew over 30% due to strong performance from both new and existing clients [27] Market Data and Key Metrics Changes - Domestic leisure travel demand remains strong, with the company capturing a significant portion of bookings from Allways Rewards members, who are 1.5 times more valuable than non-members [21][22] - Approximately 50% of surveyed customers indicated that economic conditions would not impact their flying behavior in the next 12 months [20] Company Strategy and Development Direction - The company is focused on enhancing the travel experience and operational performance, with a commitment to finalizing labor contracts as a top priority [6][7] - The opening of Sunseeker Resort is on track for mid-October, with significant bookings already secured [7][8] - Future expansion plans will not proceed without an equity partner, emphasizing a cautious approach to capital expenditures [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current operating environment, highlighting a 99.8% controllable completion factor year-to-date [11] - The company anticipates continued strong performance and has revised upward its guidance for the remainder of the year [10][34] - Management noted that the operational improvements have led to a reduction in irregular operation costs by $80 million compared to the previous year [11] Other Important Information - The company ended Q2 with $1.4 billion in available liquidity, including over $1 billion in cash and investments [34] - Capital expenditures for Q2 included $147 million related to aircraft purchases and $92 million for the Sunseeker Resort [35][36] Q&A Session Summary Question: What would you envision the segmentation mix for Sunseeker to be? - Management estimates that in 2024, group bookings could range from 12% to 18%, potentially increasing to 20% in subsequent years [40][41] Question: Can you provide color on the pilot bonus and its impact on attrition rates? - The pilot retention bonus has led to a significant reduction in attrition rates, with notices dropping from nearly one per day to a quarter of that number [52] Question: How do you see capacity growth in 2024 given the MAX delivery uncertainties? - Capacity growth in 2024 may be constrained due to training requirements for new aircraft, but management is optimistic about long-term growth plans [54][56]

Financial Performance - Operating revenue for Q1 2023 was $649.7 million, a 29.9% increase year-over-year[62] - Operating income was $94.8 million, resulting in an operating margin of 14.6%[62] - Operating cash inflows increased to $215.4 million in Q1 2023 from $176.0 million in Q1 2022, primarily due to a $64.0 million increase in net income[97] Revenue Sources - Passenger revenue increased by 31.3% compared to Q1 2022, driven by a 24.8% rise in average base fare[78] - The average ancillary revenue per passenger was $75.19, up 10.7% year-over-year, driven by core product strength[62] Passenger Metrics - Total passengers increased by 11.1% year-over-year to 4,148,453 in Q1 2023 from 3,734,262 in Q1 2022[91] - Revenue passenger miles (RPMs) rose by 10.3% to 3,925,362 thousand in Q1 2023 compared to 3,558,045 thousand in Q1 2022[91] - Load factor improved to 85.8%, a 6.9 percentage point increase from the previous year[62] Cost and Expenses - Aircraft fuel expense rose by $25.4 million, or 15.5%, due to an 11.4% increase in average fuel cost per gallon[82] - Salaries and benefits expense increased by $25.6 million, or 19.1%, attributed to a 17.1% rise in full-time equivalent employees[83] - Interest expense increased by $15.9 million, or 80.4%, due to new fixed-rate debt and a rise in the weighted average variable interest rate[88] Debt and Cash Position - Cash, cash equivalents, and investment securities rose to $1.08 billion as of March 31, 2023, up from $1.02 billion at December 31, 2022[92] - Total debt and finance lease obligations slightly increased to $2.13 billion as of March 31, 2023, from $2.12 billion at December 31, 2022[95] - Approximately 82% of the company's debt and finance lease obligations are fixed-rate as of March 31, 2023[96] Future Growth - The company has identified 1,400 incremental routes for future growth, with over 80% lacking current non-stop service[60] Fuel Cost Impact - Average fuel cost per gallon increased by 11.4% to $3.42 in Q1 2023 from $3.07 in Q1 2022[91] - A hypothetical 10% increase in the average price per gallon of fuel would have increased fuel expense by approximately $18.9 million for Q1 2023[107]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $3.09 for Q1 2023, exceeding initial expectations and prompting an increase in full-year EPS guidance to approximately $9.75 per share [5][32] - Total revenue grew by 29% year-over-year, reaching $650 million, with a unit revenue increase of 28.8% compared to the same quarter last year [5][27][33] - Consolidated net income for Q1 2023 was $56.1 million, with an adjusted EPS of $3.04 [32] Business Line Data and Key Metrics Changes - The airline segment reported an airline-only EPS of $3.30, significantly ahead of expectations [32] - The Always Rewards credit card program saw record signups, with March being the best month ever, contributing to strong revenue performance [20][21] - Ancillary revenue per passenger reached $75 in Q1, indicating a healthy base for optimizing airfare [29] Market Data and Key Metrics Changes - The company experienced a load factor of 86% in Q1, with over 4.1 million guests traveling [5][6] - The customer database grew to 16.5 million, with an average increase of 225,000 customers per month [6] - Early booking indicators for the Sunseeker Resort showed promising results, with an average daily rate (ADR) of $407 and increasing to $540 in March [8][9] Company Strategy and Development Direction - The company aims to enhance guest experience and strengthen its brand, which is crucial for expanding its customer database [6] - Allegiant is focused on becoming the employer of choice, with ongoing negotiations for collective bargaining agreements with flight attendants and pilots [7][15] - The Sunseeker Resort is on track for an opening date of October 16, with a revised capital expenditure budget of $695 million [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about reaching agreements with team members and highlighted the importance of operational reliability [7][15] - The company anticipates a full-year airline earnings increase to $11 per share, despite trimming capacity guidance by 2.5 percentage points [12][34] - Management remains confident in the demand environment, with no significant booking impacts observed from macroeconomic pressures [27][30] Other Important Information - The company finished Q1 2023 with total available liquidity of $1.5 billion, including $1.1 billion in cash [35] - Allegiant plans to take delivery of three midlife A320 series and two 737 MAX 8-200 aircraft in 2023, with a focus on expanding its fleet [36][37] Q&A Session Summary Question: Capacity and CASM-X impacts - Management explained that the 9.8% increase in unit costs was influenced by various factors, including retention credits and airport-related costs [41] Question: Pilot situation and attrition - Management confirmed that attrition is in line with expectations, with new pilot hires exceeding initial plans [43] Question: First-time flyers and legacy carriers - Management noted that many first-time customers are choosing Allegiant due to price and non-stop flight options, especially in markets where legacy carriers have reduced service [47] Question: Revenue guidance and fuel price correlation - Management acknowledged a relationship between fuel prices and revenue but emphasized that Allegiant's approach has historically been to manage capacity in response to fuel price changes [49] Question: Guidance for the second quarter - Management indicated that while they expect flat performance in Q2, they are monitoring various factors that could influence capacity and revenue [52][54]

Fleet and Operations - The company operates a fleet of 122 Airbus A320 series aircraft, selling travel on 573 routes to 125 cities as of February 1, 2023[18]. - The airline's operating cost per available seat mile (CASM), excluding fuel, was 7.33 cents in 2022, which is 25% lower than the industry average of 9.77 cents[39]. - The company operates 573 scheduled routes, including 571 currently served and two new routes announced for 2023, with a focus on leisure destinations from underserved cities[58]. - The airline's operating fleet consists of 122 Airbus A320 series aircraft, with an average age of 14.8 years as of February 1, 2023[161]. - The company expects to purchase 50 Boeing 737MAX aircraft, which are projected to burn up to 20% less fuel per passenger compared to older Airbus A320 aircraft[74]. Financial Performance - Ancillary revenue per passenger increased from $5.87 in 2004 to $67.74 in 2022, highlighting significant growth in ancillary offerings[29]. - As of December 31, 2022, the company had $1.02 billion in unrestricted cash and total debt of $2.10 billion, resulting in a net debt of $1.08 billion[56]. - Fuel costs represented approximately 36.9% of total operating expenses in 2022, with the average cost per gallon increasing by 73.5% compared to 2021[150]. - Labor costs accounted for about 25.0% of total operating costs in 2022, making it the second largest expense line item[154]. - The company's debt and finance lease obligations totaled $2.10 billion as of December 31, 2022, which may adversely affect its financial condition and operational flexibility[184]. Growth and Expansion - The company has identified over 1,400 additional domestic routes for future expansion, with approximately 80% currently lacking nonstop service[23][28]. - The company expects to open the Sunseeker Resort in Southwest Florida in late 2023, expanding its travel offerings[17]. - The company is developing the Sunseeker Resort in Southwest Florida, with construction having resumed in August 2021 after a pandemic-related suspension[172]. - The company has a purchase agreement with Boeing for 50 Boeing 737 MAX aircraft to be delivered between 2023 and 2025[184]. - The company is seeking to implement a joint alliance with VivaAerobus, contingent on obtaining necessary government approvals[175]. Customer Experience and Marketing - Direct sales through the company's website accounted for 96% of scheduled service revenue in 2022, minimizing distribution costs[45]. - The company’s direct-to-customer distribution model allows for significant cost savings and enhanced revenue opportunities through ancillary product sales[59]. - The company’s non-card loyalty program, Allways Rewards®, launched in August 2021, aims to increase customer loyalty and revenue through personalized promotions[64]. - The company is transforming its eCommerce strategy to enhance customer experience and drive ancillary revenue growth[23]. Environmental and Regulatory Factors - The company has implemented various fuel conservation practices and is researching sustainable aviation fuel options to further reduce its environmental impact[80]. - The company anticipates increased regulatory scrutiny regarding environmental impacts, with potential substantial effects on fleet and operating costs starting in 2023[130]. - The company is subject to various federal, state, and local laws regarding environmental protection, which may affect operational costs and compliance[127]. - Environmental regulations and climate change legislation may lead to increased operational costs, with a goal of net-zero GHG emissions by 2050[208][209]. Labor and Employee Relations - The company employed 5,315 full-time equivalent employees as of December 31, 2022, including approximately 1,100 pilots and 1,750 flight attendants[86]. - Approximately 64.6% of the company's employees are represented by unions, which could lead to increased labor costs and potential disruptions[155]. - The company is engaged in collective bargaining for successor agreements with pilots and flight attendants, with mediation requested in January 2023[90][88]. - The company has not experienced any work interruptions or stoppages from its employee groups to date[91]. Challenges and Risks - The company may face increased costs due to challenges in hiring and retaining qualified personnel, including pilots and maintenance technicians[160]. - The impact of Hurricane Ian on travel demand to key leisure destinations remains uncertain, potentially affecting future passenger volumes[214]. - The company has made a decision not to purchase financial derivatives to hedge against fuel price increases, increasing vulnerability to fuel cost fluctuations[153]. - Increased federal excise taxes or government fees could reduce demand for air travel, impacting the company's load factors more than competitors[180]. Management and Governance - Recent management changes include a new CEO, president, CFO, and COO, raising concerns about future success compared to prior leadership[196]. - The company does not maintain key-man life insurance for its top executives, which could pose risks if key personnel leave[197]. - The company is involved in a joint application with VivaAerobus for an alliance agreement, pending DOT approval, which could impact market entry strategies[206].

Financial Data and Key Metrics Changes - The company reported a record total revenue of $2.3 billion for 2022, which is 25% higher than the previous best in 2019 [30] - Fourth quarter operating margin, excluding employee recognition bonus and special charges, was just shy of 16% [8] - Fourth quarter EBITDA exceeded $140 million, reflecting strong financial performance [8] - Net income for the fourth quarter was $52.5 million, with adjusted earnings per share of $3.17, well above initial guidance [37] Business Line Data and Key Metrics Changes - The company achieved a controllable completion percentage of 99.5% in the second half of 2022, significantly improving operational performance [7][17] - Total ancillary revenue per passenger exceeded $70 for the first time in the fourth quarter [31] - The co-brand card program drove total compensation of over $100 million in 2022, with more than 400,000 active cardholders [24] Market Data and Key Metrics Changes - The company experienced a 32.6% increase in fourth quarter revenue compared to the same period in 2019 [30] - Web traffic to allegiant.com increased by 24% from 2019, with 136 million users in 2022 [22] - Searches for travel during spring break and summer are up by 40% to 75% compared to last year [28] Company Strategy and Development Direction - The company is focused on operational integrity and finalizing labor contracts with flight attendants and pilots, with expectations to reach agreements by midyear [9][20] - Significant investments are being made in technology upgrades, including systems like SAP and Navitaire, to enhance operational efficiency [19][71] - The company plans to maintain a conservative capacity growth strategy in 2023, prioritizing operational stability [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment, with no signs of slowing down [8] - The company is prepared for potential economic challenges, emphasizing the resilience of leisure travelers [55] - Management highlighted the importance of the upcoming Investor Day to outline expected contributions from strategic initiatives [21] Other Important Information - The company bought back 377,529 shares during the fourth quarter at an average price of $78.94, totaling $29.8 million [13] - The company expects to receive 27 MAX 8200 aircraft in late 2023, with plans for conservative operational requirements [40] - The Sunseeker resort is expected to open in October 2023, with ongoing construction and remediation efforts [11] Q&A Session All Questions and Answers Question: Impact of adding flight attendant and pilot contracts and slowing capacity growth on EPS guidance - Management indicated that labor deals would have a half-year impact, estimating about a one-third increase in CASM for that period [45] Question: Growth potential for ancillary revenue per passenger - Management believes there are still opportunities for growth in ancillary revenue, particularly with the rollout of Navitaire and Allegiant Extra [47][49] Question: RASM growth and potential recession impact - Management views mid-single-digit RASM growth as reasonable, with existing markets providing stability [53][54] Question: Prioritization of ASM growth - Management stated that ASM growth will focus on restoring frequency in existing markets rather than new markets [62] Question: Climate considerations for the Sunseeker resort - Management emphasized that the resort was designed to withstand hurricanes, built to Category five standards [65][66]