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]