Nevada | 001-33166 | 20-4745737 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
1201 N. Town Center Drive, Las Vegas, NV | 89144 | |
(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 27, 2016. |
Date: April 27, 2016 | 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 27, 2016. |
Three Months Ended March 31, | |||||||||
Unaudited | 2016 | 2015 | Change | ||||||
Total operating revenue (millions) | $348.6 | $329.2 | 5.9 | % | |||||
Operating income (millions) | $121.1 | $108.1 | 12.1 | % | |||||
Net income (millions) | $72.0 | $64.9 | 11.0 | % | |||||
Diluted earnings per share | $4.29 | $3.74 | 14.7 | % | |||||
Return on capital employed (LTM)* | 25.3 | % | 21.3 | % |
• | Purchase of additional Airbus aircraft - Executed two separate agreements for a total of eleven additional A320 series aircraft which will deliver between December 2017 and February 2020 |
• | Airbus aircraft added to the fleet in the quarter - One A319 and two A320s |
• | Network growth - As of March 31, 2016 the company is operating 298 routes versus 247 during the same period last year |
Percent change vs Q1 2015 | |
ASMs* | 18% |
Cities | 4% |
Routes | 21% |
• | New routes - Announced 41 new second quarter routes |
• | New cities - Announced service to six new cities |
◦ | Two new destinations: Washington D.C. through Baltimore Washington International airport and Destin, Florida |
◦ | Four new origination cities: Albuquerque, New Mexico, El Paso, Texas, Sonoma, California, and Evansville, Indiana |
• | Share repurchase first quarter - Approximately $54 million or 314,849 shares |
• | Share repurchase authorization - The Board of Directors increased the authorization to $100 million under our share repurchase program |
• | Dividend - Paid a special dividend of $1.65 per share in January 2016 and a recurring dividend of $0.30 per share in March 2016 |
• | Increase in Dividend - The Board of Directors authorized an increase in the quarterly dividend to $0.70 per share |
• | Airbus network - Airbus aircraft flew over 45 percent of the first quarter ASMs versus 27 percent a year ago |
• | Aircraft utilization - Airbus A320 series aircraft averaged 8.3 block hours per day versus an average of 4.9 hours per day on the MD-80 |
• | Aircraft bases - Six of our twelve bases are Airbus only bases versus zero a year ago |
• | Average fare-total - Decreased by nine percent versus last year |
◦ | Off peak flying was 26 percent of ASMs for the first quarter versus 23 percent a year ago |
◦ | New markets (markets operating less than one year) were twelve percent of ASMs for the first quarter versus nine percent a year ago |
• | Same store TRASM - TRASM in markets flown in the first quarter last year declined approximately six percent |
• | TRASM guidance - Second quarter TRASM is expected to decrease between ten and eight percent versus the second quarter last year |
◦ | Off peak flying is expected to be 25 percent of ASMs for the second quarter versus 23 percent last year |
◦ | New markets (markets operating less than one year) are expected to be 14 percent of ASMs for the second quarter which is similar to what it was last year |
◦ | The shift of Easter from the second quarter in 2015 to the first quarter of 2016 is expected to have a negative two point impact on second quarter year-over-year TRASM |
• | CASM - Declined 13 percent - ASMs per gallon improved by three percent versus last year to 72.3 while fuel cost per gallon declined 33 percent |
• | Station operations - Station expense per departure increased nine percent, primarily on higher ground handling fees versus last year |
• | Maintenance and repairs - Maintenance and repairs expense rose 24 percent due to six planned MD-80 engine overhauls versus one in the first quarter last year |
• | Second quarter 2016 CASM ex fuel - CASM ex fuel is expected to increase between four and six percent versus the same period last year - The increase is primarily driven by planned MD-80 airframe maintenance events |
• | Full year CASM ex fuel - No change from previous guidance - expected to be between zero and an increase of four percent |
• | Maintenance and repairs expense - No change from previous guidance - expected to be between $115 and $125 thousand per in service aircraft per month for full year 2016 |
• | Total ownership expense per aircraft per month - No change from previous guidance - full year 2016 total depreciation expense and aircraft lease rental expense per in service aircraft per month is expected to be between $100 and $110 thousand |
• | 2016 Capital expenditures - Expect CAPEX to be $210 million, increased from $188 million due to advantageous Airbus engine purchases |
• | Aircraft financing - In January 2016, the Company raised $28 million in debt secured by two A319 aircraft |
• | Shareholder returns - $86.8 million of cash was returned to shareholders during the first quarter 2016 |
◦ | $27.7 million was returned through the special dividend declared in December 2015 and paid in January 2016 |
◦ | $5.1 million was returned through the recurring dividend declared and paid in March 2016 |
▪ | The Company intends to pay a second quarter dividend of $0.70 per share on June 3, 2016 to all shareholders of record as of May 20, 2016 |
◦ | $54.0 million returned through share repurchases |
▪ | $100 million in share repurchase authority from the Board of Directors as of April 26, 2016 |
Unaudited (millions) | 3/31/2016 | 12/31/2015 | Change | |||||||
Unrestricted cash* | $411.2 | $397.4 | 3.5 | % | ||||||
Total debt | $651.0 | $641.7 | 1.4 | % | ||||||
Total Allegiant Travel Company shareholders’ equity | $362.5 | $350.0 | 3.6 | % |
Three Months Ended March 31, | ||||||
Unaudited (millions) | 2016 | 2015 | Change | |||
Capital expenditures | $71.7 | $64.1 | 11.9 | % |
Guidance, subject to revision | |||
April 2016 | 2Q16 | ||
Estimated TRASM year-over-year change | (14) to (12)% | (10) to (8)% | |
Fixed fee and other revenue guidance | 2Q16 | ||
Fixed fee and other revenue (millions) | $12 to $14 | ||
Capacity guidance | |||
System | 2Q16 | 3Q16 | FY16 |
Departure year-over-year growth | 14 to 18% | 18 to 22% | |
ASM year-over-year growth | 13 to 17% | 15 to 19% | 12 to 16% |
Scheduled | |||
Departure year-over-year growth | 14 to 18% | 18 to 22% | |
ASM year-over-year growth | 13 to 17% | 15 to 19% | 12 to 16% |
Cost guidance | 2Q16 | FY16 | |
CASM ex fuel – year-over-year change | 4 to 6% | 0 to 4% | |
CAPEX guidance | FY16 | ||
Capital expenditures (millions) | $210 |
Aircraft fleet plan by end of period | |||||||
Aircraft - (seats per AC) | 1Q16 | 2Q16 | YE16 | ||||
MD-80 (166 seats) | 50 | 49 | 47 | ||||
757 (215 seats) | 5 | 5 | 5 | ||||
A319 (156 seats) | 11 | 15 | 17 | ||||
A320 (177 seats) | 16 | 16 | 16 | ||||
Total | 82 | 85 | 85 |
Three Months Ended March 31, | Percent | |||||||||
2016 | 2015 | change | ||||||||
OPERATING REVENUE: | ||||||||||
Scheduled service revenue | $ | 201,606 | $ | 200,529 | 0.5 | |||||
Ancillary revenue: | ||||||||||
Air-related charges | 120,929 | 105,069 | 15.1 | |||||||
Third party products | 11,258 | 10,797 | 4.3 | |||||||
Total ancillary revenue | 132,187 | 115,866 | 14.1 | |||||||
Fixed fee contract revenue | 6,800 | 4,368 | 55.7 | |||||||
Other revenue | 8,022 | 8,478 | (5.4 | ) | ||||||
Total operating revenue | 348,615 | 329,241 | 5.9 | |||||||
OPERATING EXPENSES: | ||||||||||
Aircraft fuel | 53,659 | 69,626 | (22.9 | ) | ||||||
Salary and benefits | 69,208 | 58,553 | 18.2 | |||||||
Station operations | 30,734 | 23,852 | 28.9 | |||||||
Maintenance and repairs | 26,492 | 21,392 | 23.8 | |||||||
Depreciation and amortization | 24,685 | 24,347 | 1.4 | |||||||
Sales and marketing | 5,808 | 7,101 | (18.2 | ) | ||||||
Other | 16,903 | 16,271 | 3.9 | |||||||
Total operating expense | 227,489 | 221,142 | 2.9 | |||||||
OPERATING INCOME | 121,126 | 108,099 | 12.1 | |||||||
OTHER (INCOME) EXPENSE: | ||||||||||
Interest income | (966 | ) | (105 | ) | NM* | |||||
Interest expense | 7,239 | 6,826 | 6.1 | |||||||
Other, net | (9 | ) | 4 | NM* | ||||||
Total other (income) expense | 6,264 | 6,725 | (6.9 | ) | ||||||
INCOME BEFORE INCOME TAXES | 114,862 | 101,374 | 13.3 | |||||||
PROVISION FOR INCOME TAXES | 42,882 | 36,551 | 17.3 | |||||||
NET INCOME | 71,980 | 64,823 | 11.0 | |||||||
Net loss attributable to noncontrolling interest | — | (44 | ) | NM* | ||||||
NET INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | $ | 71,980 | $ | 64,867 | 11.0 | |||||
Earnings per share to common shareholders (1): | ||||||||||
Basic | $4.29 | $3.75 | 14.4 | |||||||
Diluted | $4.29 | $3.74 | 14.7 | |||||||
Weighted average shares outstanding used in computing earnings per share to common shareholders (1): | ||||||||||
Basic | 16,678 | 17,197 | (3.0 | ) | ||||||
Diluted | 16,699 | 17,237 | (3.1 | ) |
Three Months Ended March 31, | Percent | |||||||||
2016 | 2015 | change* | ||||||||
OPERATING STATISTICS | ||||||||||
Total system statistics: | ||||||||||
Passengers | 2,592,907 | 2,256,235 | 14.9 | |||||||
Revenue passenger miles (RPMs) (thousands) | 2,520,149 | 2,191,468 | 15.0 | |||||||
Available seat miles (ASMs) (thousands) | 3,001,384 | 2,526,031 | 18.8 | |||||||
Load factor | 84.0 | % | 86.8 | % | (2.8 | ) | ||||
Operating expense per ASM (CASM) (cents) | 7.58 | 8.76 | (13.5 | ) | ||||||
Fuel expense per ASM (cents) | 1.79 | 2.76 | (35.1 | ) | ||||||
Operating CASM, excluding fuel (cents) | 5.79 | 6.00 | (3.5 | ) | ||||||
ASMs per gallon of fuel | 72.3 | 70.2 | 3.0 | |||||||
Departures | 18,918 | 15,987 | 18.3 | |||||||
Block hours | 46,270 | 38,733 | 19.5 | |||||||
Average stage length (miles) | 935 | 929 | 0.6 | |||||||
Average number of operating aircraft during period | 82.2 | 71.6 | 14.8 | |||||||
Average block hours per aircraft per day | 6.2 | 6.0 | 3.3 | |||||||
Full-time equivalent employees at end of period | 3,029 | 2,448 | 23.7 | |||||||
Fuel gallons consumed (thousands) | 41,523 | 36,002 | 15.3 | |||||||
Average fuel cost per gallon | $ | 1.29 | $ | 1.93 | (33.2 | ) | ||||
Scheduled service statistics: | ||||||||||
Passengers | 2,567,309 | 2,223,703 | 15.5 | |||||||
Revenue passenger miles (RPMs) (thousands) | 2,483,553 | 2,163,618 | 14.8 | |||||||
Available seat miles (ASMs) (thousands) | 2,897,951 | 2,457,705 | 17.9 | |||||||
Load factor | 85.7 | % | 88.0 | % | (2.3 | ) | ||||
Departures | 18,175 | 15,321 | 18.6 | |||||||
Block hours | 44,563 | 37,546 | 18.7 | |||||||
Total scheduled service revenue per ASM (TRASM)** (cents) | 11.52 | 12.87 | (10.5 | ) | ||||||
Average fare - scheduled service | $ | 78.53 | $ | 90.18 | (12.9 | ) | ||||
Average fare - ancillary air-related charges | $ | 47.10 | $ | 47.25 | (0.3 | ) | ||||
Average fare - ancillary third party products | $ | 4.39 | $ | 4.86 | (9.7 | ) | ||||
Average fare - total | $ | 130.02 | $ | 142.29 | (8.6 | ) | ||||
Average stage length (miles) | 940 | 943 | (0.3 | ) | ||||||
Fuel gallons consumed (thousands) | 40,154 | 35,000 | 14.7 | |||||||
Average fuel cost per gallon | $ | 1.29 | $ | 1.96 | (34.2 | ) | ||||
Percent of sales through website during period | 94.3 | % | 95.4 | % | (1.1 | ) |
Twelve Months Ended March 31, | |||||||
Return on capital calculation (millions) | 2016 | 2015 | |||||
Net income attributable to Allegiant Travel Company | $ | 227.5 | $ | 117.3 | |||
Income tax | 132.7 | 67.1 | |||||
Interest expense | 26.9 | 24.9 | |||||
Less interest income | (2.3 | ) | (0.7 | ) | |||
384.8 | 208.6 | ||||||
Interest income | 2.3 | 0.7 | |||||
Tax rate | 36.8 | % | 36.6 | % | |||
Numerator | 244.6 | 132.7 | |||||
Total assets as of prior March 31 | 1,299.0 | 904.2 | |||||
Less current liabilities as of prior March 31 | 394.0 | 303.0 | |||||
Plus short term debt as of prior March 31 | 60.8 | 20.4 | |||||
Denominator | 965.8 | 621.6 | |||||
Return on capital employed | 25.3 | % | 21.3 | % |
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