Full year 2017 Fully Diluted Earnings per Share of
Full year 2017 Fully Diluted Earnings per Share Excluding Fourth Quarter Special Items1 was
Fourth Quarter 2017 Fully Diluted Earnings per Share of
Fourth Quarter 2017 Fully Diluted Earnings per Share Excluding Fourth Quarter Special Items1 was
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||||
Unaudited | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||
Total operating revenue (millions) | $ | 378.6 | $ | 335.9 | 12.7 | % | $ | 1,503.8 | $ | 1,362.8 | 10.3 | % | |||||
Operating income (millions) | $ | 26.2 | $ | 68.1 | (61.6 | )% | $ | 227.2 | $ | 370.6 | (38.7 | )% | |||||
Adjusted operating income (millions)* | $ | 61.5 | $ | 68.1 | (9.7 | )% | $ | 262.5 | $ | 370.6 | (29.2 | )% | |||||
Net income (millions) | $ | 82.5 | $ | 41.3 | 99.7 | % | $ | 194.9 | $ | 219.6 | (11.2 | )% | |||||
Adjusted net income (millions)* | $ | 43.7 | $ | 41.3 | 5.8 | % | $ | 156.1 | $ | 219.6 | (28.9 | )% | |||||
Diluted earnings per share | $ | 5.13 | $ | 2.48 | 106.9 | % | $ | 11.93 | $ | 13.21 | (9.7 | )% | |||||
Adjusted diluted earnings per share* | $ | 2.71 | $ | 2.48 | 9.3 | % | $ | 9.55 | $ | 13.21 | (27.7 | )% |
* - see appendix for reconciliation of non-GAAP financial measures
"We are proud to have produced another profitable year and our 60th consecutive profitable quarter," stated
Fourth quarter special items
- MD-80 write down in the fourth quarter was
$35 million
• Impairment caused by the accelerated retirement of the MD-80 fleet - Tax benefit - Received a one time tax benefit of approximately
$74 million
• Remeasurement of deferred tax assets and liabilities due to the passage of the Tax Cuts and Jobs Act of 2017
Shareholder returns
- 2017 shareholder returns - Returned
$132 million in 2017 through dividends and open market share repurchases
• Will pay dividends of$0.70 per share onMarch 16, 2018 to shareholders of record as ofMarch 2, 2018
• Current share repurchase authority of$100 million as ofJanuary 31, 2018
Balance sheet update
- Additional secured debt - Raised
$191 million , net of revolver payoff, in the fourth quarter
• Thirteen Airbus aircraft are unencumbered as ofJanuary 31, 2018
2018 outlook
- 2018 tax rate impact - 2018 effective tax rate is expected to be between 24 and 25 percent
- First quarter scheduled and system ASMs are expected to grow between ten and fourteen percent vs last year
Guidance, subject to revision | ||||||||
Full year 2018 guidance | Previous* | Current | ||||||
Fuel cost per gallon | $2.17 | $2.17 | ||||||
Available seat miles (ASMs) / gallon | 77.5 to 79.5 | 77.5 to 79.5 | ||||||
Interest expense (millions) | $50 to $60 | $50 to $60 | ||||||
Tax rate | 37 to 38% | 24 to 25% | ||||||
Share count (millions) | 15.9 | 15.9 | ||||||
Earnings per share | $8 to $10 | $10 to $12 | ||||||
System ASMs - year over year change | 11 to 15% | 11 to 15% | ||||||
Scheduled service ASMs - year over year change | 11 to 15% | 11 to 15% | ||||||
Depreciation expense / aircraft / month (thousands) | $120 to $130 | $120 to $130 | ||||||
Maintenance expense / aircraft / month (thousands) | $95 to $105 | $95 to $105 | ||||||
Full year 2018 CAPEX guidance | ||||||||
Capital expenditures (millions) ** | $290 | $290 | ||||||
Capitalized Airbus deferred heavy maintenance (millions) *** | $45 | $45 |
* - Previous guidance as of
** -
*** - Not included in capital expenditure total
Aircraft fleet plan by end of period | |||||||||||
Aircraft - (seats per AC) | YE17 | 1Q18 | 2Q18 | 3Q18 | YE18 | ||||||
MD-80 (166 seats) | 37 | 32 | 27 | 19 | — | ||||||
A319 (156 seats) | 22 | 26 | 31 | 31 | 32 | ||||||
A320 (177/186 seats) | 30 | 33 | 42 | 45 | 50 | ||||||
Total | 89 | 91 | 100 | 95 | 82 |
Aircraft listed in table above include only in-service aircraft, planned retirements and future aircraft under contract (subject to change)
Allegiant.®
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 expenses, ASM growth, departure growth, expected capital expenditures, number of contracted aircraft to be placed in service in the future, timing of aircraft retirements, 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:
Allegiant Travel Company | ||||||||||||
Consolidated Statements of Income | ||||||||||||
(in thousands, except per share amounts) | ||||||||||||
(Unaudited) |
||||||||||||
Three Months Ended December 31, | Percent | |||||||||||
2017 | 2016 | change | ||||||||||
OPERATING REVENUE: | ||||||||||||
Scheduled service revenue | $ | 202,359 | $ | 185,325 | 9.2 | |||||||
Ancillary revenue: | ||||||||||||
Air-related charges | 138,689 | 122,598 | 13.1 | |||||||||
Third party products | 13,313 | 10,458 | 27.3 | |||||||||
Total ancillary revenue | 152,002 | 133,056 | 14.2 | |||||||||
Fixed fee contract revenue | 14,588 | 9,282 | 57.2 | |||||||||
Other revenue | 9,609 | 8,220 | 16.9 | |||||||||
Total operating revenue | 378,558 | 335,883 | 12.7 | |||||||||
OPERATING EXPENSES: | ||||||||||||
Aircraft fuel | 92,863 | 74,363 | 24.9 | |||||||||
Salary and benefits | 94,291 | 80,789 | 16.7 | |||||||||
Station operations | 34,602 | 27,739 | 24.7 | |||||||||
Maintenance and repairs | 25,870 | 29,054 | (11.0 | ) | ||||||||
Depreciation and amortization | 29,142 | 29,254 | (0.4 | ) | ||||||||
Sales and marketing | 15,967 | 3,753 | 325.4 | |||||||||
Other | 24,402 | 22,813 | 7.0 | |||||||||
Special charge | 35,253 | — | NM* | |||||||||
Total operating expense | 352,390 | 267,765 | 31.6 | |||||||||
OPERATING INCOME | 26,168 | 68,118 | (61.6 | ) | ||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||
Interest income | (1,616 | ) | (908 | ) | 78.0 | |||||||
Interest expense | 11,659 | 7,269 | 60.4 | |||||||||
Other, net | (305 | ) | (254 | ) | 20.1 | |||||||
Total other (income) expense | 9,738 | 6,107 | 59.5 | |||||||||
INCOME BEFORE INCOME TAXES | 16,430 | 62,011 | (73.5 | ) | ||||||||
PROVISION FOR INCOME TAXES | (66,072 | ) | 20,699 | NM* | ||||||||
NET INCOME | $ | 82,502 | $ | 41,312 | 99.7 | |||||||
Earnings per share to common shareholders (1): | ||||||||||||
Basic | $ | 5.13 | $ | 2.49 | 106.0 | |||||||
Diluted | $ | 5.13 | $ | 2.48 | 106.9 | |||||||
Weighted average shares outstanding used in computing earnings per share to common shareholders (1): | ||||||||||||
Basic | 15,868 | 16,382 | (3.1 | ) | ||||||||
Diluted | 15,879 | 16,404 | (3.2 | ) |
*NM - Not meaningful
(1) The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. 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.
Allegiant Travel Company | ||||||||||
Operating Statistics | ||||||||||
(Unaudited) |
||||||||||
Three Months Ended December 31, | Percent | |||||||||
2017 | 2016 | change* | ||||||||
OPERATING STATISTICS | ||||||||||
Total system statistics: | ||||||||||
Passengers | 3,077,039 | 2,717,769 | 13.2 | |||||||
Revenue passenger miles (RPMs) (thousands) | 2,766,503 | 2,451,391 | 12.9 | |||||||
Available seat miles (ASMs) (thousands) | 3,430,711 | 3,073,455 | 11.6 | |||||||
Load factor | 80.6 | % | 79.8 | % | 0.8 | |||||
Operating expense per ASM (CASM) (cents)** | 10.27 | 8.71 | 17.9 | |||||||
Fuel expense per ASM (cents) | 2.71 | 2.42 | 12.0 | |||||||
Operating CASM, excluding fuel (cents)** | 7.56 | 6.29 | 20.2 | |||||||
ASMs per gallon of fuel | 75.4 | 71.6 | 5.3 | |||||||
Departures | 23,322 | 21,070 | 10.7 | |||||||
Block hours | 53,224 | 48,191 | 10.4 | |||||||
Average stage length (miles) | 872 | 868 | 0.5 | |||||||
Average number of operating aircraft during period | 89.3 | 83.3 | 7.2 | |||||||
Average block hours per aircraft per day | 6.5 | 6.3 | 3.2 | |||||||
Full-time equivalent employees at end of period | 3,752 | 3,416 | 9.8 | |||||||
Fuel gallons consumed (thousands) | 45,509 | 42,933 | 6.0 | |||||||
Average fuel cost per gallon | $ | 2.04 | $ | 1.73 | 17.9 | |||||
Scheduled service statistics: | ||||||||||
Passengers | 3,027,401 | 2,682,148 | 12.9 | |||||||
Revenue passenger miles (RPMs) (thousands) | 2,717,524 | 2,416,503 | 12.5 | |||||||
Available seat miles (ASMs) (thousands) | 3,284,429 | 2,954,118 | 11.2 | |||||||
Load factor | 82.7 | % | 81.8 | % | 0.9 | |||||
Departures | 22,077 | 20,003 | 10.4 | |||||||
Block hours | 50,764 | 46,225 | 9.8 | |||||||
Total scheduled service revenue per ASM (TRASM) (cents)*** | 10.79 | 10.78 | 0.1 | |||||||
Average fare - scheduled service | $ | 66.84 | $ | 69.10 | (3.3 | ) | ||||
Average fare - ancillary air-related charges | $ | 45.81 | $ | 45.71 | 0.2 | |||||
Average fare - ancillary third party products | $ | 4.40 | $ | 3.90 | 12.8 | |||||
Average fare - total | $ | 117.05 | $ | 118.70 | (1.4 | ) | ||||
Average stage length (miles) | 881 | 879 | 0.2 | |||||||
Fuel gallons consumed (thousands) | 43,392 | 41,237 | 5.2 | |||||||
Average fuel cost per gallon | $ | 2.02 | $ | 1.70 | 18.8 | |||||
Percent of sales through website during period | 93.9 | % | 93.8 | % | 0.1 |
* Except load factor and percent of sales through website, which is percentage point change.
** These numbers reflect the special charge (impairment charge) in 2017. CASM without regard to the impairment charge is shown on Appendix A.
*** 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.
Allegiant Travel Company | ||||||||||||
Consolidated Statements of Income | ||||||||||||
(in thousands, except per share amounts) | ||||||||||||
(Unaudited) |
||||||||||||
Twelve Months Ended December 31, | Percent | |||||||||||
2017 | 2016 | change | ||||||||||
OPERATING REVENUE: | ||||||||||||
Scheduled service revenue | $ | 818,136 | $ | 753,414 | 8.6 | |||||||
Ancillary revenue: | ||||||||||||
Air-related charges | 546,476 | 499,542 | 9.4 | |||||||||
Third party products | 52,707 | 44,940 | 17.3 | |||||||||
Total ancillary revenue | 599,183 | 544,482 | 10.0 | |||||||||
Fixed fee contract revenue | 48,708 | 31,972 | 52.3 | |||||||||
Other revenue | 37,751 | 32,963 | 14.5 | |||||||||
Total operating revenue | 1,503,778 | 1,362,831 | 10.3 | |||||||||
OPERATING EXPENSES: | ||||||||||||
Aircraft fuel | 343,333 | 257,332 | 33.4 | |||||||||
Salary and benefits | 371,599 | 291,974 | 27.3 | |||||||||
Station operations | 142,581 | 124,052 | 14.9 | |||||||||
Maintenance and repairs | 113,481 | 111,070 | 2.2 | |||||||||
Depreciation and amortization | 121,713 | 105,216 | 15.7 | |||||||||
Sales and marketing | 52,711 | 20,527 | 156.8 | |||||||||
Aircraft lease rentals | 3,098 | 924 | 235.3 | |||||||||
Other | 92,840 | 81,178 | 14.4 | |||||||||
Special charge | 35,253 | — | NM* | |||||||||
Total operating expense | 1,276,609 | 992,273 | 28.7 | |||||||||
OPERATING INCOME | 227,169 | 370,558 | (38.7 | ) | ||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||
Interest income | (5,808 | ) | (3,010 | ) | 93.0 | |||||||
Interest expense | 38,990 | 28,836 | 35.2 | |||||||||
Other, net | (1,559 | ) | (1,226 | ) | 27.2 | |||||||
Total other (income) expense | 31,623 | 24,600 | 28.5 | |||||||||
INCOME BEFORE INCOME TAXES | 195,546 | 345,958 | (43.5 | ) | ||||||||
PROVISION FOR INCOME TAXES | 644 | 126,368 | (99.5 | ) | ||||||||
NET INCOME | 194,902 | 219,590 | (11.2 | ) | ||||||||
Earnings per share to common shareholders (1): | ||||||||||||
Basic | $ | 11.94 | $ | 13.23 | (9.8 | ) | ||||||
Diluted | $ | 11.93 | $ | 13.21 | (9.7 | ) | ||||||
Weighted average shares outstanding used in computing earnings per share to common shareholders (1): | ||||||||||||
Basic | 16,073 | 16,465 | (2.4 | ) | ||||||||
Diluted | 16,095 | 16,489 | (2.4 | ) |
*NM - Not meaningful
(1) The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The Basic and Diluted earnings per share calculations for the periods presented reflect the two-class method mandated ASC Topic 260, "Earnings Per Share." The two-class method adjusts both the net income and 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.
Allegiant Travel Company | ||||||||||
Operating Statistics | ||||||||||
(Unaudited) |
||||||||||
Twelve Months Ended December 31, | Percent | |||||||||
2017 | 2016 | change* | ||||||||
OPERATING STATISTICS | ||||||||||
Total system statistics: | ||||||||||
Passengers | 12,310,122 | 11,128,191 | 10.6 | |||||||
Revenue passenger miles (RPMs) (thousands) | 11,106,772 | 10,282,827 | 8.0 | |||||||
Available seat miles (ASMs) (thousands) | 13,612,003 | 12,375,505 | 10.0 | |||||||
Load factor | 81.6 | % | 83.1 | % | (1.5 | ) | ||||
Operating expense per ASM (CASM) (cents)** | 9.38 | 8.02 | 17.0 | |||||||
Fuel expense per ASM (cents)** | 2.52 | 2.08 | 21.2 | |||||||
Operating CASM, excluding fuel (cents)** | 6.86 | 5.94 | 15.5 | |||||||
ASMs per gallon of fuel | 73.0 | 71.6 | 2.0 | |||||||
Departures | 93,061 | 82,341 | 13.0 | |||||||
Block hours | 212,405 | 190,706 | 11.4 | |||||||
Average stage length (miles) | 870 | 889 | (2.1 | ) | ||||||
Average number of operating aircraft during period | 87.3 | 83.3 | 4.8 | |||||||
Average block hours per aircraft per day | 6.7 | 6.3 | 6.3 | |||||||
Full-time equivalent employees at end of period | 3,752 | 3,416 | 9.8 | |||||||
Fuel gallons consumed (thousands) | 186,563 | 172,796 | 8.0 | |||||||
Average fuel cost per gallon** | $ | 1.84 | $ | 1.49 | 23.5 | |||||
Scheduled service statistics: | ||||||||||
Passengers | 12,138,146 | 11,003,864 | 10.3 | |||||||
Revenue passenger miles (RPMs) (thousands) | 10,901,161 | 10,130,675 | 7.6 | |||||||
Available seat miles (ASMs) (thousands) | 13,031,824 | 11,921,733 | 9.3 | |||||||
Load factor | 83.7 | % | 85.0 | % | (1.3 | ) | ||||
Departures | 88,432 | 78,747 | 12.3 | |||||||
Block hours | 202,752 | 183,290 | 10.6 | |||||||
Total scheduled service revenue per ASM (TRASM) (cents)*** | 10.88 | 10.89 | (0.1 | ) | ||||||
Average fare - scheduled service | $ | 67.41 | $ | 68.47 | (1.5 | ) | ||||
Average fare - ancillary air-related charges | $ | 45.02 | $ | 45.40 | (0.8 | ) | ||||
Average fare - ancillary third party products | $ | 4.34 | $ | 4.08 | 6.4 | |||||
Average fare - total | $ | 116.77 | $ | 117.95 | (1.0 | ) | ||||
Average stage length (miles) | 876 | 895 | (2.1 | ) | ||||||
Fuel gallons consumed (thousands) | 178,298 | 166,528 | 7.1 | |||||||
Average fuel cost per gallon** | $ | 1.83 | $ | 1.48 | 23.6 | |||||
Percent of sales through website during period | 94.0 | % | 94.2 | % | (0.2 | ) |
* Except load factor and percent of sales through website, which is percentage point change.
** Includes effect of
*** 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.
Summary Balance Sheet
(millions) | 12/31/2017 | 12/31/2016 | Change | |||||||
(unaudited) | ||||||||||
Unrestricted cash | ||||||||||
Cash and cash equivalents | $ | 59.4 | $ | 64.7 | (8.2 | )% | ||||
Short-term investments | 352.7 | 269.3 | 31.0 | |||||||
Long-term investments | 78.6 | 124.8 | (37.0 | ) | ||||||
Total unrestricted cash and investments | 490.7 | 458.8 | 7.0 | |||||||
Debt | ||||||||||
Current maturities of long-term debt, net of related costs | 214.8 | 86.2 | 149.2 | |||||||
Long-term debt, net of current maturities and related costs | 950.1 | 722.0 | 31.6 | |||||||
Total debt | 1,164.9 | 808.2 | 44.1 | |||||||
Total Allegiant Travel Company shareholders’ equity | $ | 547.9 | $ | 473.6 | 15.7 | % |
Summary Cash Flow
Twelve Months Ended December 31, | ||||||||||
Unaudited (millions) | 2017 | 2016 | Change | |||||||
Cash provided by operating activities | $ | 384.8 | $ | 346.9 | 10.9 | % | ||||
Purchase of property and equipment, including capitalized interest* | 580.2 | 325.2 | 78.4 | |||||||
Repurchase of common stock | 90.5 | 66.4 | 36.3 | |||||||
Cash dividends paid to shareholders** | 45.7 | 67.5 | (32.3 | ) | ||||||
Proceeds from the issuance of long-term debt | 497.5 | 321.2 | 54.9 | |||||||
Principal payments on long-term debt | $ | 138.9 | $ | 154.1 | (9.9 | )% |
* Includes aircraft pre-delivery deposits.
** 2016 amount includes a special dividend declared in
Appendix A
Non-GAAP Presentations
Three and Twelve Months Ended
(Unaudited)
Adjusted operating income (also referred to as operating income excluding special item), adjusted net income (also referred to as net income as adjusted for special items), adjusted diluted earnings per share (also referred to as diluted earnings per share as adjusted for special items), total operating expense less special item and total operating expense less fuel and special item all eliminate the effect of the non-cash impairment charge for the accelerated retirement of the MD-80 fleet which is not reflective of our ongoing operating performance. As such, all of these are non-GAAP financial measures. The net income and earnings per share measures also eliminate the effect of the one-time adjustment to tax expense attributable to the Tax Cuts and Jobs Act of 2017.
The
Reconciliation of Non-GAAP Financial Measures
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||
2017 | 2017 | ||||||
Reconciliation of operating income excluding special item (millions) | |||||||
Operating income as reported (GAAP) | $ | 26.2 | $ | 227.2 | |||
Special item: | |||||||
Write down of MD-80 fleet | 35.3 | 35.3 | |||||
Operating income excluding special item* | 61.5 | 262.5 |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||
2017 | 2017 | ||||||
Reconciliation of operating CASM, excluding special item (millions) | |||||||
Total operating expense (GAAP) | $ | 352.4 | $ | 1,276.6 | |||
Special item: | |||||||
Write down of MD-80 fleet | 35.3 | 35.3 | |||||
Total operating expense less special item* | 317.1 | 1,241.3 | |||||
System available seat miles | 3,430.7 | 13,612.0 | |||||
Cost per available seat mile (cents) as reported | 10.27 | 9.38 | |||||
Cost per available seat mile excluding special item (cents)* | 9.24 | 9.12 |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||
2017 | 2017 | ||||||
Reconciliation of operating CASM, excluding fuel and special item (millions) | |||||||
Total operating expense (GAAP) | $ | 352.4 | $ | 1,276.6 | |||
Less aircraft fuel expense | 92.9 | 343.3 | |||||
Total operating expense less fuel* | 259.5 | 933.3 | |||||
Special item: | |||||||
Write down of MD-80 fleet | 35.3 | 35.3 | |||||
Total operating expense less fuel and special item* | 224.2 | 898.0 | |||||
System available seat miles | 3,430.7 | 13,612.0 | |||||
Cost per available seat mile (cents) as reported | 10.27 | 9.38 | |||||
Cost per available seat mile excluding fuel and special item (cents)* | 6.54 | 6.60 |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||
2017 | 2017 | ||||||
Reconciliation of net income as adjusted for special items (millions) | |||||||
Net income as reported (GAAP) | $ | 82.5 | $ | 194.9 | |||
Special items: | |||||||
Write down of MD-80 fleet | 35.3 | 35.3 | |||||
Less benefit related to tax reform | (74.1 | ) | (74.1 | ) | |||
Net income as adjusted for special items* | 43.7 | 156.1 |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||
2017 | 2017 | ||||||
Reconciliation of diluted earnings per share as adjusted for special items | |||||||
Net income as reported (GAAP) | $ | 82.5 | $ | 194.9 | |||
Net income as adjusted for special items (in millions)* | $ | 43.7 | $ | 156.1 | |||
Diluted shares used for computation (thousands) | 15,879 | 16,095 | |||||
Diluted earnings per share as reported (per share) (GAAP) | $ | 5.13 | $ | 11.93 | |||
Diluted earnings per share as adjusted for special items (per share)* | $ | 2.71 | $ | 9.55 |
* Denotes Non-GAAP figure.
1Special items include a charge for the MD-80 impairment and the tax benefit due to the passage of the Tax Cuts and Jobs Act of 2017. See appendix for reconciliation of non-GAAP financial measures.
Source: Allegiant Travel Company