8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

_____________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 26, 2016

Allegiant Travel Company

(Exact name of registrant as specified in its charter)

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)

Registrant’s telephone number, including area code:              (702) 851-7300

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 1    Registrant's Business and Operations

Item 1.01    Entry into a Material Definitive Agreement.

On July 26, 2016, Allegiant Air, LLC, a subsidiary of Allegiant Travel Company (the "Company") entered into agreements with Airbus S.A.S. (“Airbus”) and CFM International Inc. (“CFM”) to acquire twelve (12) newly manufactured CFM-powered A320ceo aircraft for scheduled deliveries beginning in 2017 and ending in 2018.

The list price for the aircraft is approximately $1.2 billion with the prices subject to discounts and price escalations through the dates of delivery.

The foregoing description does not purport to be complete and is qualified in its entirety by reference to the definitive agreements, which the Company intends to file as exhibits to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2016.

Section 2    Financial Information

Item 2.02    Results of Operations and Financial Condition.

On July 29, 2016, Allegiant Travel Company (the “Company”) issued the press release attached as Exhibit 99.1 to this Form 8-K concerning our results of operations for the quarter ended June 30, 2016.

This information is being furnished under Item 2.02 of Form 8-K. This report and Exhibit 99.1 are deemed to be furnished and are not considered “filed” with the Securities and Exchange Commission. As such, this information shall not be incorporated by reference into any of our reports or other filings made with the Securities and Exchange Commission.

Forward-Looking Statements: Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in the 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 unit revenue, future operating expense, ASM growth, departure growth, fixed-fee and other revenues, 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, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. 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 and registration statements filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, an accident involving, or problems with, our aircraft, our reliance on our automated systems, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed, the effect of economic conditions on leisure travel, debt covenants, terrorist attacks, risks inherent to airlines, demand for air services to our leisure destinations from the markets served by us, our dependence on our leisure destination markets, our competitive environment, our reliance on third parties who provide facilities or services to us, the possible loss of key personnel, economic and other conditions in markets in which we operate, aging aircraft and other governmental regulation, increases in maintenance costs and cyclical and seasonal fluctuations in our operating results.

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.

Section 7    Regulation FD

Item 7.01    Regulation FD.

The Company is furnishing under Item 7.01 of this Current Report on Form 8-K the information included as Exhibit 99.2 to this report. The Exhibit contains certain information about the Company, its expected purchase of 12 new CFM-powered Airbus A320 aircraft and fleet strategy. This information is being made available to interested parties. Statements in the

2

presentation included as Exhibit 99.2 regarding market conditions for aircraft are based on management’s views of current market conditions.

The information in Section 7 and Exhibit 99.2 of this Current Report on Form 8-K is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. As such, this information shall not be incorporated by reference into any of the Company’s reports or other filings made with the Securities and Exchange Commission.

Forward-Looking Statements: Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in the management presentation 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 may include, among others, estimates of aircraft operating costs, future capacity growth, our ability to consummate announced aircraft transactions, timing of aircraft deliveries and retirements, aircraft utilization rates, future capital expenditures and other statements or comments about our future performance or strategic plans. 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 and registration statements filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, an accident involving or problems with our aircraft, our reliance on our automated systems, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed, the effect of the economic conditions on leisure travel, debt balances, debt covenants, terrorist attacks, risks inherent to airlines, demand for air services to our leisure destinations from the markets served by us, our dependence on our leisure destination markets, our competitive environment, our reliance on third parties who provide facilities or services to us, the possible loss of key personnel, economic and other conditions in markets in which we operate, aging aircraft and other governmental regulation, increases in maintenance costs and cyclical and seasonal fluctuations in our operating results.

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.

Section 9    Financial Statements and Exhibits

Item 9.01    Financial Statements and Exhibits.

(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 July 29, 2016.
99.2	Management Presentation.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Allegiant Travel Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  July 29, 2016	ALLEGIANT TRAVEL COMPANY
	By:	/s/ Scott Sheldon
	Name:	Scott Sheldon
	Title:	Chief Financial Officer

4

EXHIBIT INDEX

Exhibit No.	Description of Document
99.1	Press Release issued by Allegiant Travel Company on July 29, 2016.
99.2	Management Presentation.

5

EX-99.1

Allegiant Q2 2016 Earnings

Page 1

Exhibit 99.1

ALLEGIANT TRAVEL COMPANY SECOND QUARTER 2016

FINANCIAL RESULTS

Second Quarter 2016 Fully Diluted Earnings per Share of $3.68

LAS VEGAS. July 29, 2016 —Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for the second quarter 2016, as well as comparisons to prior year equivalents:

	Three Months Ended   June 30,								Six Months Ended   June 30,
Unaudited	2016			2015			Change		2016		2015		Change
Total operating revenue (millions)		$344.9			$322.1		7.1	%		$693.5		$651.3	6.5	%
Operating income (millions)		$104.5			$92.8		12.6	%		$225.6		$200.9	12.3	%
Net income (millions)		$60.8			$54.3		12.0	%		$132.8		$119.2	11.4	%
Diluted earnings per share		$3.68			$3.18		15.7	%		$8.07		$6.93	16.5	%
Return on capital employed (LTM)*	25.2		%	14.8		%

* - see appendix for calculation

“We have had an event filled second quarter,” stated Maurice J. Gallagher, Jr., chairman and CEO of Allegiant Travel Company. "I am happy to announce our pilots have approved a new five year contract. This agreement is good for our pilots and the company. Our crew members understand it is critical to maintain our productive, unique low frequency out and back schedule which allows our crew members to return to their base virtually every night. This lifestyle benefit makes Allegiant a very compelling place to work for our pilots and flight attendants. In addition, today we announced an agreement with Airbus to purchase twelve end of line, CFM-powered A320s. With this new transaction, we now have 77 Airbus aircraft either in service or under contract for future delivery. This puts us closer to our goal of having 90 to 100 Airbus aircraft in service by mid-2019 and concurrently retiring our MD80 fleet. Previously we announced a retirement timeframe of the fall of 2020.

"While we have historically purchased used aircraft, these new A320s will be a small component of our Airbus aircraft fleet in 2019. Moreover, these aircraft have their own economic advantages - nine more seats and five to seven percent fuel savings over our current used A320s. These features will allow us to maintain our model’s low cost structure and low frequency schedule, all of which have differentiated us from other carriers."

Allegiant Q2 2016 Earnings

Page 2

Notable recent company highlights

• Approval of pilot agreement - Allegiant pilots ratified a new pilot contract that will last for the next five years - agreement goes into effect on August 1, 2016

• New Airbus A320s - Reached an agreement with Airbus to purchase twelve new CFM-powered A320s. Expect aircraft to enter service between 2017 and 2018 - bringing incremental year to date A320 commitments to 27

• Network growth - As of June 30, 2016 the company is operating 342 routes versus 271 at the same time last year

	Percent change vs Q2 2015
ASMs*	17	%
Cities	9	%
Routes	26	%

* - ASMs are scheduled available seat miles

• New routes - Announced twelve new routes which will begin after September 28, 2016

• New cities - Announced service to three new cities

◦ One new destination: New York City through Newark, New Jersey

◦ Two new origination cities: Ogdensburg, New York and seasonal service to Montrose Regional Airport in Colorado from Denver, Colorado

• Share repurchase second quarter - Approximately $7.7 million or 55,148 shares - remaining share repurchase authority of $92.3 million

• Dividend - Paid a recurring dividend of $0.70 per share in June 2016

Second quarter 2016 network trends

• Airbus network - Airbus aircraft flew over 47 percent of the second quarter ASMs versus 30 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

• New city ASMs - ASMs in cities operated for less than one year accounted for five percent of second quarter ASMs versus almost eight percent one year ago

• Peak day capacity - Peak day routes accounted for 74 percent of second quarter ASMs versus 77 percent last year

• Peak season capacity - Peak season routes accounted for 46 percent of second quarter ASMs versus 51 percent last year - peak season consists of the month of June and the week around Memorial Day

Second quarter 2016 revenue performance

• Average fare-total - Decreased by ten percent versus last year

• Same store TRASM - TRASM in markets flown in the second quarter last year declined approximately seven percent

◦ Adjusting for the Easter shift, Easter falling entirely into the first quarter of 2016, same store TRASM would have declined approximately five percent

Third quarter 2016 revenue trends

• TRASM guidance - Third quarter TRASM is expected to decrease between ten and a half and eight and a half percent versus the third quarter last year

◦ Scheduled ASMs of flights that occur during both peak flying days and the peak flying season, the highest unit revenue flights, are expected to grow thirteen percent versus last year.

◦ New markets (markets operating less than one year) are expected to be almost eleven percent of ASMs for the third quarter versus approximately 17 percent last year

Allegiant Q2 2016 Earnings

Page 3

Second quarter 2016 cost performance

• CASM - Declined 11 percent - ASMs per gallon improved by three percent versus last year to 72.0 while fuel cost per gallon declined 34 percent

◦ A one-time $8.3 million fuel tax refund from the State of Florida resulted in an average system fuel cost for the second quarter of $1.36 per gallon, compared with $1.55 per gallon excluding the refund

• CASM ex fuel - Grew less than 2 percent

• Airbus major maintenance costs - During the second quarter, the Company adopted the deferral method of accounting for Airbus major maintenance costs which will be amortized under depreciation and amortization expense

• Salary and benefits - Salary and benefit expense rose 28 percent due to a higher headcount, including a 36 percent increase in pilot full time equivalents

• Station operations - Station expense per departure increased 36 percent, primarily on higher ground handling fees and irregular operation costs versus last year

• Maintenance and repairs - Maintenance and repairs expense rose 23 percent due to higher spend on aircraft parts and outsourced stations labor

Third quarter and full year 2016 cost trends

• Third quarter 2016 CASM ex fuel - CASM ex fuel is expected to increase between four and six percent versus the same period last year, primarily driven by the implementation of the new pilot agreement

• Full year CASM ex fuel - CASM ex fuel is expected to remain between zero and an increase of four percent for the full year - the incremental cost of the new pilot agreement that goes into effect on August 1, 2016, is mostly offset by the effect of the capitalization of Airbus major maintenance costs

• Airbus major maintenance costs

◦ Third quarter 2016 payments for Airbus major maintenance is expected to be $1.5 million

◦ Full year 2016 payments for Airbus major maintenance is expected to be slightly above $17.0 million and amortized over an average of 4.5 years

• Maintenance and repairs expense - Maintenance and repair expense per in service aircraft per month is expected to be between $105 and $115 thousand for full year 2016

• Total ownership expense per aircraft per month - Full year 2016 ownership expense per in service aircraft per month is expected to remain between $100 and $110 thousand

Balance sheet highlights

• 2016 Capital expenditures - Expect CAPEX to be $360 million, increased from $210 million due to capitalizing expected Airbus major maintenance expenses for 2016 and pre-delivery payments for new Airbus aircraft

• Shareholder returns - $19.3 million of cash was returned to shareholders during the second quarter 2016

◦ $7.7 million was returned through open market repurchases - year to date $61.7 million was returned through open market repurchases

◦ $11.6 million was returned through the recurring dividend paid in June 2016 - year to date $16.6 million was returned to shareholders through recurring dividends

▪ The Company intends to pay a third quarter dividend of $0.70 per share on September 6, 2016 to all shareholders of record as of August 19, 2016

Unaudited (millions)	6/30/2016		12/31/2015		Change
Unrestricted cash*		$434.0		$397.4	9.2	%
Total debt		$630.7		$641.7	(1.7	)%
Total Allegiant Travel Company shareholders’ equity		$406.7		$350.0	16.2	%

* - Unrestricted cash includes investments in marketable securities.

	Six Months Ended June 30,
Unaudited (millions)	2016	2015	Change
Capital expenditures	$105.2	$132.5	(20.6	)%

Allegiant Q2 2016 Earnings

Page 4

At this time, Allegiant Travel Company provides the following guidance to investors, subject to revision.

Guidance, subject to revision
	July 2016	3Q16
Estimated TRASM year-over-year change	(9.5) to (8.5)%	(10.5) to (8.5)%
Fixed fee and other revenue guidance		3Q16
Fixed fee and other revenue (millions)		$12 to $14
Capacity guidance
System	3Q16	4Q16	FY16
Departure year-over-year growth	18 to 22%	14 to 18%
ASM year-over-year growth	15 to 19%	9 to 13%	13 to 17%
Scheduled
Departure year-over-year growth	18 to 22%	14 to 18%
ASM year-over-year growth	15 to 19%	9 to 13%	13 to 17%
Cost guidance	3Q16		FY16
CASM ex fuel – year-over-year change	4 to 6%		0 to 4%
CAPEX guidance			FY16
Capital expenditures (millions)			$360

 CASM ex fuel – cost per available seat mile excluding fuel expense

Aircraft fleet plan by end of period
Aircraft - (seats per AC)	2Q16	3Q16	YE16
MD-80 (166 seats)	49	48	48
757 (215 seats)	5	4	4
A319 (156 seats)	15	15	17
A320 (177 seats)	16	16	16
Total	85	83	85

Aircraft listed in table above include only in service aircraft, planned retirements and future aircraft under contract (subject to change)

Allegiant Travel Company will host a conference call with analysts at 12:30 p.m. ET Friday, July 29, 2016 to discuss its second quarter 2016 financial results. A live broadcast of the conference call will be available via the Company’s Investor Relations website homepage at http://ir.allegiant.com. The webcast will also be archived in the “Events & Presentations” section of the website.

Allegiant Q2 2016 Earnings

Page 5

Las Vegas-based Allegiant (NASDAQ: ALGT) is focused on linking travelers in small cities to world-class leisure destinations. The airline offers industry-low fares on an all-jet fleet while also offering other travel-related products such as hotel rooms, rental cars and attraction tickets. All can be purchased only through the company website, Allegiant.com. Beginning with one aircraft and one route in 1999, the company has grown to over 80 aircraft and more than 300 routes across the country with airfares less than half the cost of average domestic roundtrip ticket. For downloadable press kit, including photos, visit: http://gofly.us/YFuyb.

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 unit revenue, future operating expense, ASM growth, departure growth, fixed-fee and other revenues, 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 Securities and Exchange Commission at www.sec.gov . These risk factors include, without limitation, an accident involving, or problems with, our aircraft, our reliance on our automated systems, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed , the effect of economic conditions on leisure travel, debt covenants, terrorist attacks, risks inherent to airlines, demand for air services to our leisure destinations from the markets served by us, our dependence on our leisure destination markets, our competitive environment, our reliance on third parties who provide facilities or services to us, the possible loss of key personnel, economic and other conditions in markets in which we operate, aging aircraft and other governmental regulation, increases in maintenance costs and cyclical and seasonal fluctuations in our operating results.

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 June 30,						Percent
	2016			2015			change
OPERATING REVENUE:
Scheduled service revenue	$	189,122		$	186,311		1.5
Ancillary revenue:
Air-related charges	128,713			113,432			13.5
Third party products	11,965			10,976			9.0
Total ancillary revenue	140,678			124,408			13.1
Fixed fee contract revenue	6,706			2,986			124.6
Other revenue	8,345			8,397			(0.6	)
Total operating revenue	344,851			322,102			7.1
OPERATING EXPENSES:
Aircraft fuel	60,005			79,087			(24.1	)
Salary and benefits	68,553			53,598			27.9
Station operations	33,328			24,462			36.2
Maintenance and repairs	29,261			23,727			23.3
Depreciation and amortization	25,396			24,904			2.0
Sales and marketing	5,317			5,753			(7.6	)
Aircraft lease rentals	219			680			(67.8	)
Other	18,296			17,135			6.8
Total operating expense	240,375			229,346			4.8
OPERATING INCOME	104,476			92,756			12.6
OTHER (INCOME) EXPENSE:
Interest income	(938		)	(542		)	73.1
Interest expense	7,390			7,017			5.3
Other, net	(72		)	(55		)	30.9
Total other expense	6,380			6,420			(0.6	)
INCOME BEFORE INCOME TAXES	98,096			86,336			13.6
PROVISION FOR INCOME TAXES	37,249			31,997			16.4
NET INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY	$	60,847		$	54,339		12.0
Earnings per share to common stockholders (1):
Basic		$3.69			$3.19		15.7
Diluted		$3.68			$3.18		15.7
Weighted average shares outstanding used in computing earnings per share to common stockholders (1):
Basic	16,420			16,954			(3.1	)
Diluted	16,442			16,992			(3.2	)

(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 for the periods presented reflect the two-class method mandated by accounting guidance for the calculation of 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 June 30,						Percent
	2016			2015			change*
OPERATING STATISTICS
Total system statistics:
Passengers	2,878,460			2,462,822			16.9
Revenue passenger miles (RPMs) (thousands)	2,665,753			2,307,065			15.5
Available seat miles (ASMs) (thousands)	3,178,904			2,690,457			18.2
Load factor	83.9		%	85.7		%	(1.8	)
Operating expense per ASM (CASM) (cents)***	7.56			8.53			(11.4	)
Fuel expense per ASM (cents)***	1.89			2.95			(35.9	)
Operating CASM, excluding fuel (cents)	5.67			5.58			1.6
ASMs per gallon of fuel	72.0			70.1			2.7
Departures	20,969			17,659			18.7
Block hours	48,506			40,919			18.5
Average stage length (miles)	893			896			(0.3	)
Average number of operating aircraft during period	83.8			74.4			12.6
Average block hours per aircraft per day	6.4			6.0			6.7
Full-time equivalent employees at end of period	3,228			2,557			26.2
Fuel gallons consumed (thousands)	44,153			38,361			15.1
Average fuel cost per gallon***	$	1.36		$	2.06		(34.0	)
Scheduled service statistics:
Passengers	2,850,112			2,426,985			17.4
Revenue passenger miles (RPMs) (thousands)	2,626,770			2,279,600			15.2
Available seat miles (ASMs) (thousands)	3,072,135			2,628,205			16.9
Load factor	85.5		%	86.7		%	(1.2	)
Departures	20,171			16,949			19.0
Block hours	46,763			39,794			17.5
Total scheduled service revenue per ASM (TRASM)** (cents)	10.74			11.82			(9.1	)
Average fare - scheduled service	$	66.36		$	76.77		(13.6	)
Average fare - ancillary air-related charges	$	45.16		$	46.74		(3.4	)
Average fare - ancillary third party products	$	4.20		$	4.52		(7.1	)
Average fare - total	$	115.72		$	128.03		(9.6	)
Average stage length (miles)	897			912			(1.6	)
Fuel gallons consumed (thousands)	42,698			37,379			14.2
Average fuel cost per gallon***	$	1.36		$	2.08		(34.6	)
Percent of sales through website during period	93.9		%	95.0		%	(1.1	)

* Except load factor and percent of sales through website, which is percentage point change.

** 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.

*** Includes effect of fuel tax refund of $8.3 million in the second quarter of 2016.

Allegiant Travel Company

Consolidated Statements of Income

Six Months Ended June 30,2016 and 2015

(in thousands, except per share amounts)

(Unaudited)

	Six Months Ended June 30,						Percent
	2016			2015			change
OPERATING REVENUE:
Scheduled service revenue	$	390,728		$	386,840		1.0
Ancillary revenue:
Air-related charges	249,643			218,501			14.3
Third party products	23,223			21,773			6.7
Total ancillary revenue	272,866			240,274			13.6
Fixed fee contract revenue	13,507			7,353			83.7
Other revenue	16,366			16,874			(3.0	)
Total operating revenue	693,467			651,341			6.5
OPERATING EXPENSES:
Aircraft fuel	113,663			148,713			(23.6	)
Salary and benefits	137,761			112,151			22.8
Station operations	64,061			48,314			32.6
Maintenance and repairs	55,753			45,119			23.6
Depreciation and amortization	50,081			49,251			1.7
Sales and marketing	11,125			12,854			(13.5	)
Aircraft lease rentals	452			1,398			(67.7	)
Other	34,968			32,687			7.0
Total operating expense	467,864			450,487			3.9
OPERATING INCOME	225,603			200,854			12.3
OTHER (INCOME) EXPENSE:
Interest income	(1,903		)	(647		)	194.1
Interest expense	14,629			13,843			5.7
Other, net	(81		)	(51		)	58.8
Total other expense	12,645			13,145			(3.8	)
INCOME BEFORE INCOME TAXES	212,958			187,709			13.5
PROVISION FOR INCOME TAXES	80,131			68,548			16.9
NET INCOME	132,827			119,161			11.5
Net loss attributable to noncontrolling interest	—			(44		)	(100.0	)
NET INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY	$	132,827		$	119,205		11.4
Earnings per share to common stockholders (1):
Basic		$8.09			$6.95		16.4
Diluted		$8.07			$6.93		16.5
Weighted average shares outstanding used in computing earnings per share to common stockholders (1):
Basic	16,340			17,073			(4.3	)
Diluted	16,365			17,114			(4.4	)

(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 for the periods presented reflect the two-class method mandated by accounting guidance for the calculation of 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

Six Months Ended June 30,2016 and 2015

(Unaudited) 

	Six Months Ended June 30,						Percent
	2016			2015			change*
OPERATING STATISTICS
Total system statistics:
Passengers	5,471,367			4,719,057			15.9
Revenue passenger miles (RPMs) (thousands)	5,185,903			4,498,533			15.3
Available seat miles (ASMs) (thousands)	6,180,289			5,216,488			18.5
Load factor	83.9		%	86.2		%	(2.3	)
Operating expense per ASM (CASM) (cents)***	7.57			8.64			(12.4	)
Fuel expense per ASM (cents)***	1.84			2.85			(35.4	)
Operating CASM, excluding fuel (cents)	5.73			5.79			(1.0	)
ASMs per gallon of fuel	72.1			70.2			2.7
Departures	39,887			33,646			18.5
Block hours	94,776			79,652			19.0
Average stage length (miles)	913			912			0.1
Average number of operating aircraft during period	83.0			73.0			13.7
Average block hours per aircraft per day	6.3			6.0			5.0
Full-time equivalent employees at end of period	3,228			2,557			26.2
Fuel gallons consumed (thousands)	85,676			74,363			15.2
Average fuel cost per gallon***	$	1.33		$	2.00		(33.5	)
Scheduled service statistics:
Passengers	5,417,421			4,650,688			16.5
Revenue passenger miles (RPMs) (thousands)	5,110,323			4,443,218			15.0
Available seat miles (ASMs) (thousands)	5,970,086			5,085,910			17.4
Load factor	85.6		%	87.4		%	(1.8	)
Departures	38,346			32,270			18.8
Block hours	91,326			77,340			18.1
Total scheduled service revenue per ASM (TRASM)** (cents)	11.11			12.33			(9.9	)
Average fare - scheduled service	$	72.12		$	83.18		(13.3	)
Average fare - ancillary air-related charges	$	46.08		$	46.98		(1.9	)
Average fare - ancillary third party products	$	4.29		$	4.68		(8.3	)
Average fare - total	$	122.49		$	134.84		(9.2	)
Average stage length (miles)	917			926			(1.0	)
Fuel gallons consumed (thousands)	82,852			72,379			14.5
Average fuel cost per gallon***	$	1.33		$	2.02		(34.2	)
Percent of sales through website during period	94.1		%	95.2		%	(1.1	)

* Except load factor and percent of sales through website, which is percentage point change.

** 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.

*** Includes effect of fuel tax refund of $8.3 million in the second quarter of 2016.

Appendix A

Additional Financial Information

(Unaudited)

	Twelve Months Ended June 30,
Return on capital calculation (millions)	2016			2015
Net income attributable to Allegiant Travel Company	$	234.0		$	138.1
Income tax	138.0			79.3
Interest expense	27.3			28.3
Less interest income	(2.6		)	(1.0		)
	396.7			244.7
Interest income	2.6			1.0
Tax rate	37.1		%	36.5		%
Numerator	251.2			156.0
Total assets as of prior June 30	1,317.5			1,317.3
Less current liabilities as of prior June 30	384.3			315.4
Plus short term debt as of prior June 30	65.2			51.5
Denominator	998.4			1,053.4
Return on capital employed	25.2		%	14.8		%

EX-99.2

Management Presentation July 2016

Forward looking statements 2 This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively or separately, the "Company“) will contain forward- looking statements that are only predictions and involve risks and uncertainties. Forward-looking statements may include, among others, references to future performance and any comments about our strategic plans. There are many risk factors that could prevent us from achieving our goals and cause the underlying assumptions of these forward-looking statements, and our actual results, to differ materially from those expressed in, or implied by, our forward-looking statements. These risk factors and others are more fully discussed in our filings with the Securities and Exchange Commission. 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. The Company cautions users of this presentation not to place undue reliance on forward looking statements, which may be based on assumptions and anticipated events that do not materialize.

New Airbus Addition  Purchasing 12 new A320 aircraft from Airbus – End of line – Current engine option – CFM – matches existing fleet – Small portion of the fleet – high commonality with existing fleet  Accelerating the MD-80 retirement to 2019 – Getting more difficult to support – Summer reliability challenges  Is this the last of new aircraft? – Confident in ability to source future aircraft in used market – Now have 77 Airbus aircraft in service or committed for future delivery – Unique transaction/opportunity for end of line aircraft 3

New fleet plan 4 4 48 38 13 17 22 33 35 16 21 35 52 10 12 12 0 20 40 60 80 100 2016E 2017E 2018E 2019E Expected fleet End of period B757 MD-80 A319 Used A320 New A320 85 91 93 99

Business model is still intact  Able to maintain low utilization – Before transaction, expected all Airbus fleet to fly average 6 to 7 hours per day – After transaction, still expect all Airbus fleet to fly average of 6 to 7 hours per day  Configuration with additional seats – 186 seats in new aircraft  New aircraft - able to maintain low costs – Lower fuel burn than used A320s – 5-7% more efficient – Similar monthly depreciation to used A320s because of longer useful life – Maintenance honeymoon  Favorable financing opportunities – Cost of financing at all time low! 5

Aircraft cost per seat Aircraft comparison $20 $18 $16 $14 $5 $6 $6 $6 $12 $10 $9 $8 MD-80 - 166 seats A319 - 156 seats A320 Used - 177 seats A320 New - 186 seats 6 Ownership includes depreciation & amortization + aircraft rent Maintenance is based on historical maintenance costs A320 new – estimated based on management assumptions * - Ex fuel/total aircraft costs assume constant cost for labor and other by aircraft type - $36/Seat $37 $31 $28 Ex fuel cost* = $53 Fuel cost = $20 Total MD-80* = $73 Ex fuel cost* = $51 Fuel cost = $16 Total A320 used* = $67 Ex fuel cost* = $51 Fuel cost = $14 Total A320 new* = $64 $34 Ex fuel cost* = $52 Fuel cost = $18 Total A319* = $70 Fuel Ownership Maintenance

Utilization levels in existing network 0 2 4 6 8 10 12 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 Bl o c k h o u rs p e r A C p e r d a y Aircraft line of flying 2016 average utilization by daily aircraft line of flying 7 Does not include 757s and assumes balance of fleet is used as spares Expected utilization levels for current fleet in 2016 10 lines of flying avg 11 hours a day 28 lines of flying avg 8 hours a day 28 lines of flying avg 6 hours a day 10 lines of flying avg 3 hours a day

Expected growth during replacement  Expect scheduled ASMs +5 to 10% per year during replacement period  Expect scheduled ASMs +10 to 15% per year after replacement period 8 Replacement period = MD-80 replacement period to take place between 2017 and 2019