Nevada | 001-33166 | 20-4745737 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
8360 S. Durango Drive, Las Vegas, NV | 89113 | |
(Address of principal executive offices) | (Zip Code) |
(a) | Not applicable. |
(b) | Not applicable. |
(c) | Not applicable. |
(d) | Exhibits |
Exhibit No. | Description of Document |
99.1 | Press Release issued by Allegiant Travel Company on April 23, 2014. |
Date: April 23, 2014 | ALLEGIANT TRAVEL COMPANY | ||
By: | /s/ Scott Sheldon | ||
Name: | Scott Sheldon | ||
Title: | Chief Financial Officer |
Exhibit No. | Description of Document |
99.1 | Press Release issued by Allegiant Travel Company on April 23, 2014. |
Unaudited | Three months ended March 31, | ||||||||
2014 | 2013 | Change | |||||||
Total operating revenue (millions) | $302.5 | $273.0 | 10.8 | % | |||||
Operating income (millions) | $57.3 | $52.4 | 9.4 | % | |||||
Operating margin | 18.9 | % | 19.2 | % | (0.3)pp | ||||
EBITDA (millions) | $75.8 | $69.4 | 9.2 | % | |||||
EBITDA margin | 25.1 | % | 25.4 | % | (0.3)pp | ||||
EBITDAR (millions) | $85.3 | $69.7 | 22.4 | % | |||||
EBITDAR margin | 28.2 | % | 25.5 | % | 2.7pp | ||||
Net income (millions) | $34.2 | $31.9 | 7.2 | % | |||||
Diluted earnings per share | $1.86 | $1.65 | 12.7 | % | |||||
Return on capital employed * | 16.5 | % | 16.9 | % | (0.4)pp |
• | Integrated A320 aircraft into scheduled operations. Ended the quarter operating three A319 and seven A320 aircraft |
• | A319 and A320 fleet accounted for 17.9 percent of total ASM production during the quarter |
• | Integrated two MD-80 aircraft configured with 166 seats to the fleet in March. Ended the quarter operating 53 166 seat MD-80 aircraft |
• | Completed the reconfiguration of the 757 fleet from 223 seats to 215 seats and added six Giant Seats per aircraft |
• | Announced a seasonal base in Myrtle Beach, SC which will support two aircraft, beginning in late May |
• | Announced 12 new routes to begin operation in the second quarter |
• | Returned $114 million to shareholders through share repurchases and a special dividend paid in January |
• | In April, prepaid $121.3 million term loan facility using unrestricted cash and proceeds from a new $45.3 million loan through Wells Fargo Bank, collateralized by 53 MD-80 aircraft |
• | Re-elected John Redmond to the Board of Directors in April. Mr. Redmond previously served on the board from Oct 2007 to June 2013 |
• | Achieved all-time highs in average fare, ancillary air related charges, and total fare on a per passenger basis |
• | Same store routes, those operated in both the first quarter 2014 and 2013, generated a two percent increase in TRASM |
1Q14 | 1Q13 | Change | |||||||
Scheduled Service: | |||||||||
Average fare - scheduled service | $99.52 | $97.54 | 2.0 | % | |||||
Average fare - ancillary air-related charges | $41.79 | $41.64 | 0.4 | % | |||||
Average fare - ancillary third party products | $5.20 | $5.81 | (10.5 | )% | |||||
Average fare - total | $146.51 | $144.99 | 1.0 | % | |||||
Scheduled service passenger revenue per ASM (PRASM) (cents) | 8.74 | 8.60 | 1.6 | % | |||||
Total scheduled service revenue per ASM (TRASM) (cents) | 12.87 | 12.79 | 0.6 | % | |||||
Load factor | 88.5 | % | 89.8 | % | -1.3pp | ||||
Passengers (millions) | 2.0 | 1.8 | 10.9 | % | |||||
Average passengers per departure | 147 | 148 | (0.7 | )% | |||||
Average scheduled service stage length (miles) | 977 | 978 | (0.1 | )% |
• | Car rental days, primarily driven by growth in our Florida and Phoenix destinations, increased 12.5 percent on a 10.9 percent increase in scheduled passengers. Car rental production drove a net revenue increase of 12.0 percent versus the prior year |
• | Hotel rooms nights sold outside Las Vegas increased 10.1 percent, while Las Vegas hotel room nights decreased 12.1 percent from the prior year. The company’s previous pre-purchase agreement for discounted rooms in Las Vegas concluded in the third quarter of 2013. The company entered into a new pre-purchase room agreement with the same gaming company late in the fourth quarter with current market rates which are not as attractive as the prior deal due to the improved Las Vegas hotel market |
Supplemental Ancillary Revenue Information Unaudited (millions) | 1Q14 | 1Q13 | Change | |||||
Gross ancillary revenue - third party products | $35.7 | $34.3 | 4.1 | % | ||||
Cost of goods sold | ($24.7 | ) | ($23.0 | ) | 7.4 | % | ||
Transaction costs* | ($0.5 | ) | ($0.6 | ) | (16.7 | )% | ||
Ancillary revenue - third party products | $10.6 | $10.7 | (0.8 | )% | ||||
As percent of gross | 29.7 | % | 31.2 | % | (1.5)pp | |||
As percent of income before taxes | 19.6 | % | 21.2 | % | (1.6)pp | |||
Ancillary revenue - third party products/scheduled passenger | $5.20 | $5.81 | (10.5 | )% | ||||
Hotel room nights (thousands) | 143.8 | 156.5 | (8.1 | )% | ||||
Rental car days (thousands) | 281.3 | 250.1 | 12.5 | % |
• | Total operating expense per ASM (CASM) increased one percent |
• | CASM ex fuel was substantially impacted by nonrecurring expenses related to training and crew availability delays. These delays drove an additional $12.0 million in incremental expense in the form of labor inefficiencies, aircraft sub-service, crew training and displacement costs |
• | Fuel expense per ASM declined 8.8 percent due to a four percent increase in ASMs per gallon, and a five percent decrease in average cost per gallon |
• | Salaries and benefits expense increased 12.8 percent versus last year primarily due to a 13.1 percent increase in the number of full time equivalent employees. Headcount growth was mostly attributable to flight crews to support a 7.3 percent increase in average number of aircraft in service year over year and flight operations and maintenance staff to support increasing Airbus operations |
• | Station operations expense increased approximately 14.9 percent on a 9.4 percent increase in departures, due primarily to an increase in airport fees at one of the company's primary leisure destinations |
• | Maintenance and repairs expense increased 13.6 percent due to a 7.3 percent increase in fleet size and a larger number of heavy maintenance events versus a year ago |
• | Sales and marketing expense increased approximately two million dollars or 34.6 percent from the prior year due to a combination of increased credit card interchange fees and increased advertising to launch 12 new routes in the second quarter |
1Q14 | 1Q13 | Change | ||||||
Total System*: | ||||||||
Operating expense per passenger | $118.32 | $117.31 | 0.9% | |||||
Operating expense per passenger, excluding fuel | $65.76 | $59.62 | 10.3% | |||||
Operating expense per ASM (CASM) (cents) | 10.30 | 10.20 | 1.0% | |||||
Operating expense, excluding fuel per ASM (CASM ex fuel) (cents) | 5.72 | 5.18 | 10.4% | |||||
Average block hours per aircraft per day | 5.8 | 5.9 | (1.7)% | |||||
Average system stage length (miles) | 960 | 956 | 0.4% |
• | CASM is expected to increase between three and five percent. This guidance assumes first quarter's average cost per gallon of $3.20 |
• | CASM ex fuel is expected to increase between five and seven percent |
• | Increase in salaries and wages to support growth, higher maintenance expenses due to more aircraft heavy checks, and higher aircraft lease rental expense due to sub-service arrangements |
• | On a full year basis the company continues to expect monthly maintenance and repairs expense per aircraft between $100 and $110 thousand |
• | Returned $42 million to shareholders through a special dividend of $2.25 per share |
• | Repurchased 730,162 shares of common stock for $72 million in the first quarter. The company has $68 million in repurchase authority remaining |
• | $302 million in unrestricted cash and $149 million in total debt as of April 22, 2014 |
Unaudited (millions) | 3/31/2014 | 12/31/2013 | Change | |||||||
Unrestricted cash* | $365.8 | $387.1 | (5.5 | )% | ||||||
Total debt | $229.3 | $234.3 | (2.1 | )% | ||||||
Total Allegiant Travel Company stockholders’ equity | $341.4 | $375.7 | (9.1 | )% |
Three Months Ended March 31, | ||||||
Unaudited (millions) | 2014 | 2013 | Change | |||
Capital expenditures | $11.1 | $13.1 | (15.3 | )% |
Guidance, subject to revision | |||
Revenue guidance | April 2014 | 2Q14 | |
Estimated PRASM year-over-year change | 9 to 10% | 2 to 4% | |
Estimated TRASM year-over-year change | 6 to 7% | 0.5 to 2.5% | |
Fixed fee and other revenue guidance | 2Q14 | ||
Fixed fee and other revenue (millions) | $1 to $3 | ||
Capacity guidance | |||
System | 2Q14 | 3Q14 | FY14 |
Departure year-over-year growth | 10 to 12% | 10 to 14% | |
ASM year-over-year growth | 7 to 9% | 9 to 13% | 9 to 13% |
Scheduled | |||
Departure year-over-year growth | 10 to 12% | 10 to 14% | |
ASM year-over-year growth | 7 to 9% | 9 to 13% | 9 to 13% |
Cost guidance | 2Q14 | FY14 | |
CASM ex fuel – year-over-year change | 5 to 7% | 4 to 7% | |
CASM - year over year change | 3 to 5% | ||
CAPEX guidance | FY14 | ||
Capital expenditures (millions) | $75 to $85 |
Aircraft fleet plan by end of period | ||||||||
Aircraft - (seats per AC) | 2Q14 | YE14 | YE15 | |||||
MD-80 (166 seats) | 53 | 53 | 53 | |||||
757 (215 seats) | 6 | 6 | 6 | |||||
A319 (156 seats) | 3 | 4 | 10 | |||||
A320 (177 seats) | 7 | 7 | 9 | |||||
Total | 69 | 70 | 78 |
Three months ended March 31, | Percent | |||||||||
2014 | 2013 | change | ||||||||
OPERATING REVENUE: | ||||||||||
Scheduled service revenue | $203,521 | $179,933 | 13.1 | |||||||
Ancillary revenue: | ||||||||||
Air-related charges | 85,454 | 76,813 | 11.2 | |||||||
Third party products | 10,629 | 10,717 | (0.8 | ) | ||||||
Total ancillary revenue | 96,083 | 87,530 | 9.8 | |||||||
Fixed fee contract revenue | 2,646 | 5,187 | (49.0 | ) | ||||||
Other revenue | 274 | 309 | (11.3 | ) | ||||||
Total operating revenue | 302,524 | 272,959 | 10.8 | |||||||
OPERATING EXPENSES: | ||||||||||
Aircraft fuel | 108,949 | 108,491 | 0.4 | |||||||
Salary and benefits | 46,439 | 41,162 | 12.8 | |||||||
Station operations | 22,233 | 19,345 | 14.9 | |||||||
Maintenance and repairs | 20,600 | 18,128 | 13.6 | |||||||
Sales and marketing | 7,818 | 5,808 | 34.6 | |||||||
Aircraft lease rentals | 9,429 | 303 | NM* | |||||||
Depreciation and amortization | 18,431 | 16,892 | 9.1 | |||||||
Other | 11,354 | 10,463 | 8.5 | |||||||
Total operating expenses | 245,253 | 220,592 | 11.2 | |||||||
OPERATING INCOME | 57,271 | 52,367 | 9.4 | |||||||
As a percent of total operating revenue | 18.9 | % | 19.2 | % | ||||||
OTHER (INCOME) EXPENSE: | ||||||||||
Earnings from unconsolidated affiliates, net | 3 | (38 | ) | NM* | ||||||
Interest income | (205 | ) | (262 | ) | (21.8 | ) | ||||
Interest expense | 3,128 | 2,188 | 43.0 | |||||||
Total other (income) expense | 2,926 | 1,888 | 55.0 | |||||||
INCOME BEFORE INCOME TAXES | 54,345 | 50,479 | 7.7 | |||||||
As a percent of total operating revenue | 18.0 | % | 18.5 | % | ||||||
PROVISION FOR INCOME TAXES | 20,270 | 18,648 | 8.7 | |||||||
NET INCOME | 34,075 | 31,831 | 7.0 | |||||||
Net loss attributable to noncontrolling interest | (147 | ) | (101 | ) | 45.5 | |||||
NET INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | 34,222 | 31,932 | 7.2 | |||||||
Earnings per share to common stockholders (1): | ||||||||||
Basic | $1.87 | $1.66 | 12.7 | |||||||
Diluted | $1.86 | $1.65 | 12.7 | |||||||
Weighted average shares outstanding used in computing earnings per share to common stockholders (1): | ||||||||||
Basic | 18,166 | 19,081 | (4.8 | ) | ||||||
Diluted | 18,248 | 19,207 | (5.0 | ) |
Three months ended March 31, | Percent | |||||||||
2014 | 2013 | change* | ||||||||
OPERATING STATISTICS | ||||||||||
Total system statistics | ||||||||||
Passengers | 2,072,720 | 1,880,341 | 10.2 | |||||||
Revenue passenger miles (RPMs) (thousands) | 2,081,501 | 1,908,075 | 9.1 | |||||||
Available seat miles (ASMs) (thousands) | 2,381,139 | 2,163,145 | 10.1 | |||||||
Load factor | 87.4 | % | 88.2 | % | (0.8 | ) | ||||
Operating revenue per ASM (RASM) (cents) | 12.71 | 12.62 | 0.7 | |||||||
Operating expense per ASM (CASM) (cents) | 10.30 | 10.20 | 1.0 | |||||||
Fuel expense per ASM (cents) | 4.58 | 5.02 | (8.8 | ) | ||||||
Operating CASM, excluding fuel (cents) | 5.72 | 5.18 | 10.4 | |||||||
Operating expense per passenger | $118.32 | $117.31 | 0.9 | |||||||
Fuel expense per passenger | $52.56 | $57.70 | (8.9 | ) | ||||||
Operating expense per passenger, excluding fuel | $65.76 | $59.62 | 10.3 | |||||||
ASMs per gallon of fuel | 70.0 | 67.3 | 4.0 | |||||||
Departures | 14,501 | 13,254 | 9.4 | |||||||
Block hours | 36,348 | 33,784 | 7.6 | |||||||
Average stage length (miles) | 960 | 956 | 0.4 | |||||||
Average number of operating aircraft during period | 67.9 | 63.3 | 7.3 | |||||||
Average block hours per aircraft per day | 5.8 | 5.9 | (1.7 | ) | ||||||
Full-time equivalent employees at period end | 2,130 | 1,884 | 13.1 | |||||||
Fuel gallons consumed (thousands) | 34,002 | 32,160 | 5.7 | |||||||
Average fuel cost per gallon | $3.20 | $3.37 | (5.0 | ) | ||||||
Scheduled service statistics | ||||||||||
Passengers | 2,045,028 | 1,844,658 | 10.9 | |||||||
Revenue passenger miles (RPMs) (thousands) | 2,059,188 | 1,879,027 | 9.6 | |||||||
Available seat miles (ASMs) (thousands) | 2,327,935 | 2,091,451 | 11.3 | |||||||
Load factor | 88.5 | % | 89.8 | % | (1.3 | ) | ||||
Departures | 13,935 | 12,498 | 11.5 | |||||||
Average passengers per departure | 147 | 148 | (0.7 | ) | ||||||
Scheduled service seats per departure | 168.5 | 167.7 | 0.5 | |||||||
Block hours | 35,385 | 32,399 | 9.2 | |||||||
Yield (cents) | 9.88 | 9.58 | 3.1 | |||||||
Scheduled service revenue per ASM (PRASM) (cents) | 8.74 | 8.60 | 1.6 | |||||||
Total ancillary revenue per ASM (cents) | 4.13 | 4.19 | (1.4 | ) | ||||||
Total scheduled service revenue per ASM (TRASM) (cents) | 12.87 | 12.79 | 0.6 | |||||||
Average fare - scheduled service | $99.52 | $97.54 | 2.0 | |||||||
Average fare - ancillary air-related charges | $41.79 | $41.64 | 0.4 | |||||||
Average fare - ancillary third party products | $5.20 | $5.81 | (10.5 | ) | ||||||
Average fare - total | $146.51 | $144.99 | 1.0 | |||||||
Average stage length (miles) | 977 | 978 | (0.1 | ) | ||||||
Fuel gallons consumed (thousands) | 33,207 | 31,025 | 7.0 | |||||||
Average fuel cost per gallon | $3.23 | $3.41 | (5.3 | ) | ||||||
Percent of sales through website during period | 94.3 | % | 94.1 | % | 0.2 |
Three months ended March 31, | Percent | ||||||||||
(in thousands) | 2014 | 2013 | change | ||||||||
Net income attributable to Allegiant Travel Company | 34,222 | 31,932 | 7.2 | % | |||||||
Plus (minus) | |||||||||||
Interest income | (205 | ) | (262 | ) | (21.8 | )% | |||||
Interest expense | 3,128 | 2,188 | 43.0 | % | |||||||
Provision for income taxes | 20,270 | 18,648 | 8.7 | % | |||||||
Depreciation and amortization | 18,431 | 16,892 | 9.1 | % | |||||||
EBITDA | $75,846 | $69,398 | 9.3 | % | |||||||
Aircraft lease rentals | 9,429 | 303 | NM* | ||||||||
EBITDAR | $85,275 | $69,701 | 22.3 | % | |||||||
Total revenue | $302,524 | $272,959 | 10.8 | % | |||||||
EBITDA margin | 25.1 | % | 25.4 | % | (0.3) pp | ||||||
EBITDAR margin | 28.2 | % | 25.5 | % | 2.7 pp |
Twelve Months Ended March 31, | |||||
Return on capital calculation (millions) | 2014 | 2013 | |||
Net income | $94.6 | $88.8 | |||
Income tax | 56.5 | 52.1 | |||
Interest expense | 10.4 | 8.9 | |||
Less interest income | (1.0 | ) | (1.0 | ) | |
160.5 | 148.8 | ||||
Interest income | 1.0 | 1.0 | |||
Tax rate | 37.4 | % | 37.0 | % | |
Numerator | 101.1 | 94.4 | |||
Total assets as of prior March 31 | 859.3 | 793.2 | |||
Less current liabilities as of prior March 31 | 260.0 | 243.8 | |||
Plus short term debt as of prior March 31 | 11.9 | 8.1 | |||
Denominator | 611.2 | 557.5 | |||
Return on capital employed | 16.5 | % | 16.9 | % |
Non-cash items (millions) | 1Q14 | ||
Stock based compensation | $2.2 | ||
Loss - disposed assets | 1.4 | ||
Lease maintenance accrual | 0.5 | ||
Total of selected non-cash items | $4.1 |
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