First quarter 2023 GAAP diluted earnings per share of
First quarter 2023 diluted earnings per share, excluding Sunseeker special charges of
First quarter 2023 airline only diluted earnings per share of
Consolidated |
Three Months Ended |
Percent Change |
|||
(unaudited) (in millions, except per share amounts) |
2023 |
2022 |
YoY |
||
Total operating revenue |
$ 649.7 |
$ 500.1 |
29.9 % |
||
Total operating expense |
554.9 |
492.9 |
12.6 % |
||
Operating income |
94.8 |
7.2 |
1,216.7 % |
||
Income (loss) before income taxes |
74.4 |
(10.6) |
801.9 % |
||
Net income (loss) |
56.1 |
(7.9) |
810.1 % |
||
Diluted earnings (loss) per share |
3.09 |
(0.44) |
802.3 % |
||
Sunseeker special charges, net of recovery |
(1.6) |
— |
N/A |
||
Diluted earnings per share excluding recovery of Sunseeker special charges(1)(4) |
3.04 |
(0.44) |
790.9 % |
Airline only |
Three Months Ended |
Percent Change(2) |
|||
(unaudited) (in millions, except per share amounts) |
2023 |
2022 |
YoY |
||
Airline operating revenue (1) |
$ 649.7 |
$ 500.1 |
29.9 % |
||
Airline operating expense (1) |
552.1 |
489.9 |
12.7 % |
||
Airline operating income (1) |
97.6 |
10.2 |
856.9 % |
||
Airline income (loss) before income taxes (1) |
78.9 |
(5.6) |
1,508.9 % |
||
Airline net income (loss) (1)(3) |
59.9 |
(4.3) |
1,493.0 % |
||
Airline operating margin |
15.0 % |
2.0 % |
13.0 % |
||
Airline diluted earnings (loss) per share(1) |
3.30 |
(0.24) |
1,475.0 % |
(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, which is percentage point change |
(3) |
Utilizing an effective tax rate of 24.0% for 2023 and 23.6% for 2022 |
(4) |
Adjusted to exclude insurance recoveries from property damage to |
"I am happy to report we delivered strong financial results during the first quarter with diluted earnings per share of
"Demand remained strong throughout the quarter resulting in total operating revenue of
"Turning to our 2023 outlook, we have updated guidance and estimate a full-year, airline-only earnings per share of roughly
"Finally, we remain on track to open
First Quarter 2023 Results
- Income before income tax of
$74.4 million , yielding a pre-tax margin of 11.5 percent - Airline-only income before income tax(1) of
$78.9 million , yielding a pre-tax margin of 12.1 percent - Operating income of
$94.8 million , yielding an operating margin of 14.6 percent - Airline-only operating income(1) of
$97.6 million , yielding an airline-only operating margin of 15.0 percent - Consolidated EBITDA(1) of
$149.5 million , yielding an EBITDA margin of 23.0 percent - Airline-only EBITDA(1) of
$152.2 million , a 23.4 percent margin - Total operating revenue was
$649.7 million , up 29.9 percent over prior year - Total fixed fee contracts revenue of
$14.1 million , the highest first-quarter total in company history - TRASM of
13.89 cents , up 28.8 percent year-over-year - Load factor of 85.8 percent, a 6.9 point improvement year-over-year, among the highest in the industry
- Total average fare of
$154.12 , up 17.5 percent year-over-year, the highest quarterly average fare in company history - Total average ancillary fare of
$75.19 , up 10.7 percent as compared to 2022 driven by overall strength in core products and promising early results related to the Allegiant Extra rollout - Acquired over 46 thousand new Allways rewards credit card holders during the quarter, the highest quarterly acquisition in program history
- Received
$28 million in remuneration during the quarter - Airline-only Operating CASM, excluding fuel, of
7.75 cents , up 9.8 percent year-over-year - Allegiant recently named to the Forbes' America's Best Midsize Employers for 2023, Newsweek's America's Greatest Workplaces for Diversity 2023, and Fortune's America's Most Innovative Companies 2023 lists
(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 |
Balance Sheet, Cash and Liquidity
- Total available liquidity at
March 31, 2023 of$1.5 billion , which includes$1.1 billion in cash and investments, and$412.2 million in undrawn revolving credit facilities and PDP facilities - Repurchased 118 thousand shares during the first quarter at an average share price of
$100.33 $215.4 million in cash from operations during first quarter 2023, the highest first quarter in company history- Total debt at
March 31, 2023 was$2.1 billion - Net debt at
March 31, 2023 was$1.0 billion - Debt principal payments of
$51.5 million during the first quarter - Air traffic liability at
March 31, 2023 was$479.5 million
Airline Capital Expenditures
- First quarter capital expenditures of
$92 million , which includes$56 million for aircraft purchases and inductions, pre-delivery deposits, and other related costs, and$36 million in other airline capital expenditures - First quarter deferred heavy maintenance spend was
$15 million
- Total capital expenditures(1) as of
March 31, 2023 were$571 million - First quarter capital expenditures(1) were
$82 million - Previously recorded special charges were reduced by
$1.6 million for approved insurance net recoveries related to outstanding insurance claims atSunseeker Resort
(1) |
Total capital expenditures is inclusive of |
Guidance, subject to revision |
|||
Full-year 2023 guidance |
Previous |
Current |
|
System ASMs - year over year change |
2 to 6% |
0 to 3% |
|
Scheduled service ASMs - year over year change |
2 to 6% |
0 to 3% |
|
Fuel cost per gallon |
$ 3.60 |
$ 3.00 |
|
Available seat miles (ASMs)/gallon |
~84 |
~84 |
|
Depreciation expense (millions) |
|
|
|
Interest expense (millions) |
|
|
|
Capitalized interest (1) (millions) |
( |
( |
|
Interest income (millions) |
|
|
|
Earnings per share - airline only(2) |
|
|
|
Loss per share - Sunseeker (3) |
N/A |
~( |
|
Airline CAPEX |
|||
Aircraft, engines, induction costs, and pre-delivery deposits (millions)(4) |
|
|
|
Capitalized deferred heavy maintenance (millions) |
|
|
|
Other airline capital expenditures (millions) |
|
|
|
Recurring principal payments (millions) |
|
|
|
|
|||
Total projected capital expenditures (5) |
|
|
|
Capital expenditures funded or expected to be funded by Allegiant |
|
||
Project debt incurred through |
|
(1) |
Includes capitalized interest related to Sunseeker as well as on pre-delivery deposits on new aircraft |
(2) |
Earnings per share calculation is airline only. It includes accruals for increases in pilot and flight attendant compensation beginning in May. Actual results will differ based on economic terms agreed upon and the timing of the collective bargaining agreements. These differences may be material |
(3) |
Excludes recoveries to be received related to business interruption insurance claim |
(4) |
Excludes capitalized interest related to pre-delivery deposits on new aircraft |
(5) |
Total projected capital expenditures does not reflect the impairment or special charges related to COVID or insurance claims. Previous budget of |
Aircraft Fleet Plan by End of Period |
||||
Aircraft - (seats per AC) |
1Q23 |
2Q23 |
3Q23 |
YE23 |
A319 (156 seats) |
35 |
35 |
35 |
35 |
A320 (177 seats) |
19 |
19 |
19 |
19 |
A320 (180-186 seats) |
70 |
72 |
73 |
73 |
Total |
124 |
126 |
127 |
127 |
The table above is provided based on the company's current plans and is subject to change. The numbers exclude aircraft expected to be delivered before the end of 2023 for revenue service beginning in 2024
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 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, the implementation of a joint alliance with Viva Aerobus, the capital expenditures budget for completion of our Sunseeker Resort, 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
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:
Consolidated Statements of Income (in thousands, except per share amounts) (Unaudited) |
|||||
Three Months Ended |
Percent Change |
||||
2023 |
2022 |
YoY |
|||
OPERATING REVENUES: |
|||||
Passenger |
$ 609,277 |
$ 463,961 |
31.3 % |
||
Third party products |
26,037 |
22,480 |
15.8 |
||
Fixed fee contracts |
14,117 |
13,386 |
5.5 |
||
Other |
256 |
282 |
(9.2) |
||
Total operating revenues |
649,687 |
500,109 |
29.9 |
||
OPERATING EXPENSES: |
|||||
Aircraft fuel |
189,546 |
164,137 |
15.5 |
||
Salaries and benefits |
159,623 |
134,010 |
19.1 |
||
Station operations |
61,520 |
65,744 |
(6.4) |
||
Depreciation and amortization |
54,680 |
46,343 |
18.0 |
||
Maintenance and repairs |
26,442 |
27,820 |
(5.0) |
||
Sales and marketing |
26,928 |
22,350 |
20.5 |
||
Aircraft lease rentals |
7,092 |
6,132 |
15.7 |
||
Other |
30,643 |
26,202 |
16.9 |
||
Special charges |
(1,612) |
142 |
NM |
||
Total operating expenses |
554,862 |
492,880 |
12.6 |
||
OPERATING INCOME |
94,825 |
7,229 |
1,211.7 |
||
OTHER (INCOME) EXPENSES: |
|||||
Interest expense |
35,708 |
19,791 |
80.4 |
||
Interest income |
(10,128) |
(773) |
NM |
||
Capitalized interest |
(5,180) |
(1,216) |
326.0 |
||
Other, net |
7 |
(6) |
216.7 |
||
Total other expenses |
20,407 |
17,796 |
14.7 |
||
INCOME (LOSS) BEFORE INCOME TAXES |
74,418 |
(10,567) |
804.2 |
||
INCOME TAX PROVISION (BENEFIT) |
18,269 |
(2,686) |
780.2 |
||
NET INCOME (LOSS) |
$ 56,149 |
$ (7,881) |
812.5 |
||
Earnings (loss) per share to common shareholders: |
|||||
Basic |
|
( |
802.3 |
||
Diluted |
|
( |
802.3 |
||
Weighted average shares outstanding used in computing earnings per share attributable to common shareholders(1): |
|||||
Basic |
17,766 |
17,954 |
(1.0) |
||
Diluted |
17,769 |
17,954 |
(1.0) |
(1) |
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 |
|
|||||
Three Months Ended |
Percent Change(1) |
||||
2023 |
2022 |
YoY |
|||
AIRLINE OPERATING STATISTICS |
|||||
Total system statistics: |
|||||
Passengers |
4,148,453 |
3,734,262 |
11.1 % |
||
Available seat miles (ASMs) (thousands) |
4,677,622 |
4,620,144 |
1.2 |
||
Airline operating expense per ASM (CASM) (cents) |
11.80 ¢ |
10.61 ¢ |
11.2 |
||
Fuel expense per ASM (cents) |
4.05 ¢ |
3.55 ¢ |
14.1 |
||
Airline operating CASM, excluding fuel (cents) |
7.75 ¢ |
7.06 ¢ |
9.8 |
||
Departures |
29,145 |
28,494 |
2.3 |
||
Block hours |
71,790 |
69,655 |
3.1 |
||
Average stage length (miles) |
908 |
920 |
(1.3) |
||
Average number of operating aircraft during period |
122.7 |
109.5 |
12.1 |
||
Average block hours per aircraft per day |
6.5 |
7.1 |
(8.5) |
||
Full-time equivalent employees at end of period |
5,318 |
4,692 |
13.3 |
||
Fuel gallons consumed (thousands) |
55,434 |
53,438 |
3.7 |
||
ASMs per gallon of fuel |
84.4 |
86.5 |
(2.4) |
||
Average fuel cost per gallon |
$ 3.42 |
$ 3.07 |
11.4 |
||
Scheduled service statistics: |
|||||
Passengers |
4,122,196 |
3,709,104 |
11.1 |
||
Revenue passenger miles (RPMs) (thousands) |
3,925,362 |
3,558,045 |
10.3 |
||
Available seat miles (ASMs) (thousands) |
4,573,766 |
4,512,315 |
1.4 |
||
Load factor |
85.8 % |
78.9 % |
6.9 |
||
Departures |
28,273 |
27,637 |
2.3 |
||
Block hours |
70,009 |
67,829 |
3.2 |
||
Average seats per departure |
176.0 |
175.6 |
0.2 |
||
Yield (cents) (2) |
8.29 ¢ |
6.59 ¢ |
25.8 |
||
Total passenger revenue per ASM (TRASM) (cents)(3) |
13.89 ¢ |
10.78 ¢ |
28.8 |
||
Average fare - scheduled service(4) |
$ 78.93 |
$ 63.22 |
24.8 |
||
Average fare - air-related charges(4) |
$ 68.87 |
$ 61.87 |
11.3 |
||
Average fare - third party products |
$ 6.32 |
$ 6.06 |
4.3 |
||
Average fare - total |
$ 154.12 |
$ 131.15 |
17.5 |
||
Average stage length (miles) |
915 |
926 |
(1.2) |
||
Fuel gallons consumed (thousands) |
54,145 |
52,110 |
3.9 |
||
Average fuel cost per gallon |
$ 3.42 |
$ 3.01 |
13.6 |
||
Percent of sales through website during period |
95.6 % |
96.0 % |
(0.4) |
||
Other data: |
|||||
Rental car days sold |
354,426 |
367,094 |
(3.5) |
||
Hotel room nights sold |
68,939 |
72,539 |
(5.0) |
(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 |
Summary Balance Sheet
Unaudited (millions) |
|
|
Percent |
||
Unrestricted cash and investments |
|||||
Cash and cash equivalents |
$ 317.6 |
$ 230.0 |
38.1 % |
||
Short-term investments |
690.6 |
725.1 |
(4.8) |
||
Long-term investments |
68.8 |
63.3 |
8.7 |
||
Total unrestricted cash and investments |
1,077.0 |
1,018.4 |
5.8 |
||
Debt |
|||||
Current maturities of long-term debt and finance lease obligations, net of related costs |
289.7 |
152.9 |
89.5 |
||
Long-term debt and finance lease obligations, net of current maturities and related costs |
1,816.2 |
1,944.1 |
(6.6) |
||
Total debt |
2,105.9 |
2,097.0 |
0.4 |
||
Debt, net of unrestricted cash and investments |
1,028.9 |
1,078.6 |
(4.6) |
||
|
1,271.4 |
1,220.7 |
4.2 |
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 |
|||
2023 |
2022 |
||
Basic: |
|||
Net income (loss) |
$ 56,149 |
$ (7,881) |
|
Less income allocated to participating securities |
(1,254) |
— |
|
Net income (loss) attributable to common stock |
$ 54,895 |
$ (7,881) |
|
Earnings (loss) per share, basic |
$ 3.09 |
$ (0.44) |
|
Weighted-average shares outstanding |
17,766 |
17,954 |
|
Diluted: |
|||
Net income (loss) |
$ 56,149 |
$ (7,881) |
|
Less income allocated to participating securities |
(1,254) |
— |
|
Net income (loss) attributable to common stock |
$ 54,895 |
$ (7,881) |
|
Earnings (loss) per share, diluted |
$ 3.09 |
$ (0.44) |
|
Weighted-average shares outstanding (1) |
17,766 |
17,954 |
|
Dilutive effect of stock options and restricted stock |
104 |
— |
|
Adjusted weighted-average shares outstanding under treasury stock method |
17,870 |
17,954 |
|
Participating securities excluded under two-class method |
(101) |
— |
|
Adjusted weighted-average shares outstanding under two-class method |
17,769 |
17,954 |
(1) |
Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material. |
Appendix A
Non-GAAP Presentation
Three Months Ended
(Unaudited)
Airline operating revenue, airline operating expense, airline operating income, airline income before income taxes, airline net income, and airline diluted earnings per share all eliminate the effects of non-airline operating activity, which is not reflective of the airline operating performance. 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.
EBITDA and Airline-only 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
We define "EBITDA" as earnings before interest, taxes, depreciation and amortization. We also adjust EBITDA within this release to exclude non-airline activity. 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 makes 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 EBITDA numbers to the most directly comparable GAAP financial performance measure, which we believe is net income.
The
Reconciliation of Non-GAAP Financial Measures |
|||
Three Months Ended |
|||
2023 |
2022 |
||
Reconciliation of airline operating CASM excluding fuel (millions) |
|||
Consolidated operating expense (GAAP) |
$ 554.9 |
$ 492.9 |
|
Less aircraft fuel expense |
(189.5) |
(164.1) |
|
Less non-airline operating expense |
(2.8) |
(3.0) |
|
Total airline operating expense less fuel(1) |
$ 362.6 |
$ 325.8 |
|
System Available seat miles (millions) |
4,677.6 |
4,620.1 |
|
Cost per available seat mile (cents) as reported |
¢ 11.86 |
¢ 10.67 |
|
Cost per available seat mile excluding non-airline expense (cents) |
¢ 11.80 |
¢ 10.61 |
|
Cost per available seat mile excluding fuel and non-airline expense (cents) |
¢ 7.75 |
¢ 7.06 |
|
Three Months Ended |
|||
2023 |
2022 |
||
Reconciliation of airline operating revenue, operating expense, operating income, income before income taxes, net income (millions) |
|||
Operating revenue as reported (GAAP) |
$ 649.7 |
$ 500.1 |
|
Non-airline operating revenue |
— |
— |
|
Airline operating revenue(1) |
$ 649.7 |
$ 500.1 |
|
Operating expense as reported (GAAP) |
$ 554.9 |
$ 492.9 |
|
Non-airline operating expense |
(2.8) |
(3.0) |
|
Airline operating expense(1) |
$ 552.1 |
$ 489.9 |
|
Operating income as reported (GAAP) |
$ 94.8 |
$ 7.2 |
|
Non-airline operating income (loss) |
(2.8) |
(3.0) |
|
Airline operating income(1) |
$ 97.6 |
$ 10.2 |
|
Airline operating margin(1) |
15.0 % |
2.0 % |
|
Income (loss) before income taxes as reported (GAAP) |
$ 74.4 |
$ (10.6) |
|
Non-airline (loss) before income taxes |
(4.5) |
(5.0) |
|
Airline income (loss) before income taxes(1) |
$ 78.9 |
$ (5.6) |
|
Net income (loss) as reported (GAAP) |
$ 56.1 |
$ (7.9) |
|
Non-airline net (loss) |
(3.8) |
(3.6) |
|
Airline net income (loss)(1) |
$ 59.9 |
$ (4.3) |
|
Three Months Ended |
|||
2023 |
2022 |
||
Reconciliation of airline diluted earnings per share (millions, unless otherwise noted) |
|||
Net income (loss) as reported (GAAP) |
$ 56.1 |
$ (7.9) |
|
Less: Net income allocated to participating securities |
(1.3) |
— |
|
Net income (loss) attributable to common stock |
$ 54.8 |
$ (7.9) |
|
Airline net income (loss)(1) |
59.9 |
(4.3) |
|
Less: Airline net income allocated to participating securities |
(1.3) |
— |
|
Airline net income (loss) attributable to common stock |
$ 58.6 |
$ (4.3) |
|
Diluted shares used for computation (thousands) |
17,769 |
17,954 |
|
Diluted earnings (loss) per share as reported (GAAP) |
$ 3.09 |
$ (0.44) |
|
Airline diluted earnings (loss) per share(1) |
$ 3.30 |
$ (0.24) |
|
Three Months Ended |
|||
2023 |
2022 |
||
Reconciliation of net income excluding recovery of Sunseeker special charges and earnings per share excluding recovery of Sunseeker special charges (millions except share and per share numbers) |
|||
Income (loss) before income taxes as reported (GAAP) |
$ 74.4 |
$ (10.6) |
|
Sunseeker special charges, net of recovery |
(1.6) |
— |
|
Income (loss) before income taxes excluding Sunseeker special charges net of recovery(1) |
72.8 |
(10.6) |
|
Income tax expense (benefit) as reported (GAAP) |
18.3 |
(2.7) |
|
Income tax expense (benefit) excluding Sunseeker special charges net of recovery(1) |
17.5 |
(2.7) |
|
Net income (loss) excluding Sunseeker special charges net of recovery(1) |
55.3 |
(7.9) |
|
Adjusted net (income) allocated to participating securities excluding Sunseeker special charges net of recovery(1) |
(1.2) |
— |
|
Adjusted net income (loss) attributable to common stock excluding Sunseeker special charges net of recovery(1) |
54.1 |
(7.9) |
|
Diluted shares as reported (GAAP) (thousands) |
17,769 |
17,954 |
|
Diluted earnings (loss) per share as reported (GAAP) |
$ 3.09 |
$ (0.44) |
|
Diluted earnings (loss) per share excluding Sunseeker special charges net of recovery(1) |
$ 3.04 |
$ (0.44) |
|
Three Months Ended |
|||
2023 |
2022 |
||
Consolidated EBITDA (millions) |
|||
Net income (loss) |
$ 56.1 |
$ (7.9) |
|
Interest expense, net |
20.4 |
17.8 |
|
Income tax expense (benefit) |
18.3 |
(2.7) |
|
Depreciation and amortization |
54.7 |
46.3 |
|
Consolidated EBITDA(1) |
$ 149.5 |
$ 53.5 |
|
Airline only EBITDA (millions) |
|||
Airline net income (loss)(1) |
$ 59.9 |
$ (4.3) |
|
Airline interest expense, net(1) |
18.8 |
15.8 |
|
Airline income tax expense (benefit)(1)(2) |
18.9 |
(1.3) |
|
Airline depreciation and amortization(1) |
54.6 |
46.3 |
|
Airline EBITDA(1) |
$ 152.2 |
$ 56.5 |
(1) |
Denotes non-GAAP figure |
(2) |
Utilizing an effective tax rate of 24.0% for 2023 and 23.6% for 2022 |
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SOURCE