(Exact name of registrant as specified in its charter) | ||||||||||||||||||||||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
N/A | ||||||||||||||||||||||||||||||||
(Former name or former address, if changed since last report.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.001 | ALGT | NASDAQ Stock Market |
Exhibit No. | Description of Document | ||||
Date: February 1, 2023 | ALLEGIANT TRAVEL COMPANY | ||||||||||
By: | /s/ Gregory C. Anderson | ||||||||||
Name: | Gregory C. Anderson | ||||||||||
Title: | President |
Exhibit No. | Description of Document | ||||
Consolidated | Three Months Ended December 31, | Percent Change | |||||||||||||||||||||||||||
(unaudited) (in millions, except per share amounts) | 2022 | 2021 | 2019 | YoY | Yo3Y | ||||||||||||||||||||||||
Total operating revenue | $ | 611.5 | $ | 496.9 | $ | 461.1 | 23.1 | % | 32.6 | % | |||||||||||||||||||
Total operating expense | 522.4 | 463.6 | 368.4 | 12.7 | 41.8 | ||||||||||||||||||||||||
Operating income | 89.2 | 33.3 | 92.7 | 167.6 | (3.7) | ||||||||||||||||||||||||
Income before income taxes | 65.9 | 15.1 | 78.6 | 334.7 | (16.3) | ||||||||||||||||||||||||
Net income | 52.5 | 10.7 | 60.5 | 390.3 | (13.3) | ||||||||||||||||||||||||
Diluted earnings per share | 2.87 | 0.59 | 3.72 | 386.4 | (22.8) | ||||||||||||||||||||||||
Twelve Months Ended December 31, | Percent Change | ||||||||||||||||||||||||||||
(unaudited) (in millions, except per share amounts) | 2022 | 2021 | 2019 | YoY | Yo3Y | ||||||||||||||||||||||||
Total operating revenue | $ | 2,301.8 | $ | 1,707.9 | $ | 1,841.0 | 34.8 | % | 25.0 | % | |||||||||||||||||||
Total operating expense | 2,210.2 | 1,444.8 | 1,477.0 | 53.0 | 49.6 | ||||||||||||||||||||||||
Operating income | 91.6 | 263.1 | 364.0 | (65.2) | (74.8) | ||||||||||||||||||||||||
Income before income taxes | 5.0 | 196.6 | 301.2 | (97.5) | (98.4) | ||||||||||||||||||||||||
Net income | 2.5 | 151.9 | 232.1 | (98.4) | (98.9) | ||||||||||||||||||||||||
Diluted earnings per share | 0.14 | 8.68 | 14.26 | (98.4) | (99.0) | ||||||||||||||||||||||||
Sunseeker special charges | 34.0 | — | — | NM | NM | ||||||||||||||||||||||||
Diluted earnings per share excluding Sunseeker special charges (2) (3) | $ | 1.65 | $ | 8.68 | $ | 14.26 | (81.0) | (88.4) | |||||||||||||||||||||
Guidance, subject to revision | |||||||||||
Full-year 2023 guidance | |||||||||||
System ASMs - year over year change | 2 to 6% | ||||||||||
Scheduled service ASMs - year over year change | 2 to 6% | ||||||||||
Fuel cost per gallon | $ | 3.60 | |||||||||
Available seat miles (ASMs)/gallon | ~84 | ||||||||||
Depreciation expense (millions) | $230 to $240 | ||||||||||
Interest expense (millions) | $150 to $160 | ||||||||||
Capitalized interest (1) (millions) | ($40) to ($50) | ||||||||||
Interest income (millions) | $30 - $40 | ||||||||||
Earnings per share - airline only(2) | $5.00 - $9.00 | ||||||||||
Airline CAPEX | |||||||||||
Aircraft, engines, induction costs, and pre-delivery deposits (millions) (3) | $550 to $570 | ||||||||||
Capitalized deferred heavy maintenance (millions) | $50 to $60 | ||||||||||
Other airline capital expenditures (millions) | $130 to $150 | ||||||||||
Recurring principal payments (millions) | $175 to $185 |
Sunseeker Resort Charlotte Harbor Project (millions) | |||||||||||
Total projected project spend (4) | $618 | ||||||||||
Allegiant contributions through December 31, 2022 | $188 | ||||||||||
Allegiant contributions remaining to be spent | $80 | ||||||||||
Project spend funded by debt through December 31, 2022 | $279 | ||||||||||
Remaining project spend expected to be funded by debt | $71 |
Aircraft - (seats per AC) | YE22 | 1Q23 | 2Q23 | 3Q23 | YE23 | ||||||||||||
A319 (156 seats) | 35 | 35 | 35 | 35 | 35 | ||||||||||||
A320 (177 seats) | 21 | 19 | 19 | 19 | 19 | ||||||||||||
A320 (180-186 seats) | 65 | 70 | 72 | 73 | 73 | ||||||||||||
Total | 121 | 124 | 126 | 127 | 127 |
Three Months Ended December 31, | Percent Change | ||||||||||||||||||||||||||||
2022 | 2021 | 2019 | YoY | Yo3Y | |||||||||||||||||||||||||
OPERATING REVENUES: | |||||||||||||||||||||||||||||
Passenger | $ | 564,721 | $ | 454,199 | $ | 416,976 | 24.3 | % | 35.4 | % | |||||||||||||||||||
Third party products | 23,560 | 25,323 | 16,456 | (7.0) | 43.2 | ||||||||||||||||||||||||
Fixed fee contracts | 22,751 | 17,241 | 22,199 | 32.0 | 2.5 | ||||||||||||||||||||||||
Other | 517 | 121 | 5,443 | 327.3 | (90.5) | ||||||||||||||||||||||||
Total operating revenues | 611,549 | 496,884 | 461,074 | 23.1 | 32.6 | ||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||
Aircraft fuel | 185,203 | 129,560 | 103,574 | 42.9 | 78.8 | ||||||||||||||||||||||||
Salaries and benefits | 141,386 | 118,918 | 109,859 | 18.9 | 28.7 | ||||||||||||||||||||||||
Station operations | 56,214 | 72,100 | 43,063 | (22.0) | 30.5 | ||||||||||||||||||||||||
Depreciation and amortization | 51,924 | 46,941 | 41,740 | 10.6 | 24.4 | ||||||||||||||||||||||||
Maintenance and repairs | 26,694 | 29,524 | 23,243 | (9.6) | 14.8 | ||||||||||||||||||||||||
Sales and marketing | 25,216 | 21,454 | 19,853 | 17.5 | 27.0 | ||||||||||||||||||||||||
Aircraft lease rental | 6,132 | 5,735 | — | 6.9 | NM | ||||||||||||||||||||||||
Other | 30,395 | 28,246 | 27,090 | 7.6 | 12.2 | ||||||||||||||||||||||||
Special charges | (814) | 11,074 | — | NM | NM | ||||||||||||||||||||||||
Total operating expenses | 522,350 | 463,552 | 368,422 | 12.7 | 41.8 | ||||||||||||||||||||||||
OPERATING INCOME | 89,199 | 33,332 | 92,652 | 167.6 | (3.7) | ||||||||||||||||||||||||
OTHER (INCOME) EXPENSES: | |||||||||||||||||||||||||||||
Interest expense | 37,181 | 18,300 | 18,270 | 103.2 | 103.5 | ||||||||||||||||||||||||
Interest income | (8,560) | (476) | (2,485) | NM | 244.5 | ||||||||||||||||||||||||
Capitalized interest | (5,046) | — | (1,028) | NM | 390.9 | ||||||||||||||||||||||||
Other, net | (226) | 361 | (740) | NM | NM | ||||||||||||||||||||||||
Total other expenses | 23,349 | 18,185 | 14,017 | 28.4 | 66.6 | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 65,850 | 15,147 | 78,635 | 334.7 | (16.3) | ||||||||||||||||||||||||
INCOME TAX PROVISION | 13,376 | 4,444 | 18,113 | 201.0 | (26.2) | ||||||||||||||||||||||||
NET INCOME | $ | 52,474 | $ | 10,703 | $ | 60,522 | 390.3 | (13.3) | |||||||||||||||||||||
Earnings per share to common shareholders: | |||||||||||||||||||||||||||||
Basic | $2.87 | $0.59 | $3.72 | 386.4 | (22.8) | ||||||||||||||||||||||||
Diluted | $2.87 | $0.59 | $3.72 | 386.4 | (22.8) | ||||||||||||||||||||||||
Weighted average shares outstanding used in computing earnings per share attributable to common shareholders(1): | |||||||||||||||||||||||||||||
Basic | 17,880 | 17,827 | 16,000 | 0.3 | 11.8 | ||||||||||||||||||||||||
Diluted | 17,910 | 17,835 | 16,006 | 0.4 | 11.9 |
Three Months Ended December 31, | Percent Change(1) | ||||||||||||||||||||||||||||
2022 | 2021 | 2019 | YoY | Yo3Y | |||||||||||||||||||||||||
OPERATING STATISTICS | |||||||||||||||||||||||||||||
Total system statistics: | |||||||||||||||||||||||||||||
Passengers | 3,962,466 | 3,731,034 | 3,585,966 | 6.2 | % | 10.5 | % | ||||||||||||||||||||||
Available seat miles (ASMs) (thousands) | 4,358,220 | 4,440,839 | 3,928,536 | (1.9) | 10.9 | ||||||||||||||||||||||||
Operating expense per ASM (CASM) (cents)(2) | 11.99 | ¢ | 10.44 | ¢ | 9.38 | ¢ | 14.8 | 27.8 | |||||||||||||||||||||
Fuel expense per ASM (cents) | 4.25 | ¢ | 2.92 | ¢ | 2.64 | ¢ | 45.5 | 61.0 | |||||||||||||||||||||
Operating CASM, excluding fuel and Sunseeker special charges (cents)(2) | 7.76 | ¢ | 7.52 | ¢ | 6.74 | ¢ | 3.2 | 15.1 | |||||||||||||||||||||
ASMs per gallon of fuel | 84.6 | 85.0 | 82.8 | (0.5) | 2.2 | ||||||||||||||||||||||||
Departures | 28,005 | 29,193 | 27,088 | (4.1) | 3.4 | ||||||||||||||||||||||||
Block hours | 66,389 | 67,047 | 60,684 | (1.0) | 9.4 | ||||||||||||||||||||||||
Average stage length (miles) | 881 | 865 | 846 | 1.8 | 4.1 | ||||||||||||||||||||||||
Average number of operating aircraft during period | 118.6 | 107.1 | 90.1 | 10.7 | 31.6 | ||||||||||||||||||||||||
Average block hours per aircraft per day | 6.1 | 6.8 | 7.3 | (10.3) | (16.4) | ||||||||||||||||||||||||
Full-time equivalent employees at end of period | 5,315 | 4,458 | 4,363 | 19.2 | 21.8 | ||||||||||||||||||||||||
Fuel gallons consumed (thousands) | 51,536 | 52,224 | 47,461 | (1.3) | 8.6 | ||||||||||||||||||||||||
Average fuel cost per gallon | $ | 3.59 | $ | 2.48 | $ | 2.18 | 44.8 | 64.7 | |||||||||||||||||||||
Scheduled service statistics: | |||||||||||||||||||||||||||||
Passengers | 3,893,870 | 3,671,032 | 3,516,263 | 6.1 | 10.7 | ||||||||||||||||||||||||
Revenue passenger miles (RPMs) (thousands) | 3,578,134 | 3,306,563 | 3,073,055 | 8.2 | 16.4 | ||||||||||||||||||||||||
Available seat miles (ASMs) (thousands) | 4,192,352 | 4,288,133 | 3,745,031 | (2.2) | 11.9 | ||||||||||||||||||||||||
Load factor | 85.3 | % | 77.1 | % | 82.1 | % | 8.2 | 3.2 | |||||||||||||||||||||
Departures | 26,591 | 27,818 | 25,541 | (4.4) | 4.1 | ||||||||||||||||||||||||
Block hours | 63,648 | 64,510 | 57,687 | (1.3) | 10.3 | ||||||||||||||||||||||||
Average seats per departure | 176.0 | 175.2 | 171.2 | 0.5 | 2.8 | ||||||||||||||||||||||||
Yield (cents) (3) | 8.50 | ¢ | 6.80 | ¢ | 7.48 | ¢ | 25.0 | 13.6 | |||||||||||||||||||||
Total passenger revenue per ASM (TRASM) (cents)(4) | 14.03 | ¢ | 11.18 | ¢ | 11.57 | ¢ | 25.5 | 21.3 | |||||||||||||||||||||
Average fare - scheduled service(5) | $ | 78.14 | $ | 61.24 | $ | 65.35 | 27.6 | 19.6 | |||||||||||||||||||||
Average fare - air-related charges(5) | $ | 66.89 | $ | 62.48 | $ | 53.24 | 7.1 | 25.6 | |||||||||||||||||||||
Average fare - third party products | $ | 6.05 | $ | 6.90 | $ | 4.68 | (12.3) | 29.3 | |||||||||||||||||||||
Average fare - total | $ | 151.08 | $ | 130.62 | $ | 123.26 | 15.7 | 22.6 | |||||||||||||||||||||
Average stage length (miles) | 893 | 876 | 856 | 1.9 | 4.3 | ||||||||||||||||||||||||
Fuel gallons consumed (thousands) | 49,533 | 50,313 | 45,163 | (1.6) | 9.7 | ||||||||||||||||||||||||
Average fuel cost per gallon | $ | 3.58 | $ | 2.48 | $ | 2.18 | 44.4 | 64.2 | |||||||||||||||||||||
Percent of sales through website during period | 95.7 | % | 95.6 | % | 93.1 | % | 0.1 | 2.6 | |||||||||||||||||||||
Other data: | |||||||||||||||||||||||||||||
Rental car days sold | 286,129 | 314,372 | 426,428 | (9.0) | (32.9) | ||||||||||||||||||||||||
Hotel room nights sold | 60,520 | 65,623 | 96,396 | (7.8) | (37.2) |
Twelve Months Ended December 31, | Percent Change | ||||||||||||||||||||||||||||
2022 | 2021 | 2019 | YoY | Yo3Y | |||||||||||||||||||||||||
OPERATING REVENUES: | |||||||||||||||||||||||||||||
Passenger | $ | 2,137,762 | $ | 1,578,436 | $ | 1,682,955 | 35.4 | % | 27.0 | % | |||||||||||||||||||
Third party products | 100,959 | 86,487 | 70,012 | 16.7 | 44.2 | ||||||||||||||||||||||||
Fixed fee contracts | 60,937 | 41,184 | 65,057 | 48.0 | (6.3) | ||||||||||||||||||||||||
Other | 2,171 | 1,803 | 22,941 | 20.4 | (90.5) | ||||||||||||||||||||||||
Total operating revenues | 2,301,829 | 1,707,910 | 1,840,965 | 34.8 | 25.0 | ||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||
Aircraft fuel | 814,803 | 440,235 | 427,827 | 85.1 | 90.5 | ||||||||||||||||||||||||
Salaries and benefits | 552,413 | 484,573 | 450,448 | 14.0 | 22.6 | ||||||||||||||||||||||||
Station operations | 255,168 | 243,346 | 171,420 | 4.9 | 48.9 | ||||||||||||||||||||||||
Depreciation and amortization | 197,542 | 181,035 | 155,852 | 9.1 | 26.7 | ||||||||||||||||||||||||
Maintenance and repairs | 117,814 | 105,943 | 91,713 | 11.2 | 28.5 | ||||||||||||||||||||||||
Sales and marketing | 100,678 | 72,742 | 78,910 | 38.4 | 27.6 | ||||||||||||||||||||||||
Aircraft lease rental | 23,621 | 21,242 | — | 11.2 | NM | ||||||||||||||||||||||||
Other | 113,532 | 83,902 | 100,845 | 35.3 | 12.6 | ||||||||||||||||||||||||
Payroll Support Programs grant recognition | — | (202,181) | — | NM | NM | ||||||||||||||||||||||||
Special charges | 34,612 | 13,998 | — | NM | NM | ||||||||||||||||||||||||
Total operating expenses | 2,210,183 | 1,444,835 | 1,477,015 | 53.0 | 49.6 | ||||||||||||||||||||||||
OPERATING INCOME | 91,646 | 263,075 | 363,950 | (65.2) | (74.8) | ||||||||||||||||||||||||
OTHER (INCOME) EXPENSES: | |||||||||||||||||||||||||||||
Interest expense | 115,711 | 68,474 | 80,478 | 69.0 | 43.8 | ||||||||||||||||||||||||
Interest income | (16,469) | (1,814) | (12,523) | 807.9 | 31.5 | ||||||||||||||||||||||||
Capitalized interest | (12,640) | — | (4,472) | NM | 182.6 | ||||||||||||||||||||||||
Other, net | 91 | (205) | (780) | (144.4) | (111.7) | ||||||||||||||||||||||||
Total other expenses | 86,693 | 66,455 | 62,703 | 30.5 | 38.3 | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 4,953 | 196,620 | 301,247 | (97.5) | (98.4) | ||||||||||||||||||||||||
INCOME TAX PROVISION | 2,460 | 44,767 | 69,130 | (94.5) | (98.9) | ||||||||||||||||||||||||
NET INCOME | $ | 2,493 | $ | 151,853 | $ | 232,117 | (98.4) | (98.9) | |||||||||||||||||||||
Earnings per share to common shareholders: | |||||||||||||||||||||||||||||
Basic | $0.14 | $8.69 | $14.27 | (98.4) | (99.0) | ||||||||||||||||||||||||
Diluted | $0.14 | $8.68 | $14.26 | (98.4) | (99.0) | ||||||||||||||||||||||||
Weighted average shares outstanding used in computing earnings per share attributable to common shareholders(1): | |||||||||||||||||||||||||||||
Basic | 17,959 | 17,212 | 16,027 | 4.3 | 12.1 | ||||||||||||||||||||||||
Diluted | 18,034 | 17,231 | 16,041 | 4.7 | 12.4 |
Twelve Months Ended December 31, | Percent Change(1) | ||||||||||||||||||||||||||||
2022 | 2021 | 2019 | YoY | Yo3Y | |||||||||||||||||||||||||
OPERATING STATISTICS | |||||||||||||||||||||||||||||
Total system statistics: | |||||||||||||||||||||||||||||
Passengers | 16,796,544 | 13,637,405 | 15,012,149 | 23.2 | % | 11.9 | % | ||||||||||||||||||||||
Available seat miles (ASMs) (thousands) | 18,419,045 | 17,490,571 | 16,174,240 | 5.3 | 13.9 | ||||||||||||||||||||||||
Operating expense per ASM (CASM) (cents)(2) | 12.00 | ¢ | 8.26 | ¢ | 9.13 | ¢ | 45.3 | 31.4 | |||||||||||||||||||||
Fuel expense per ASM (cents) | 4.42 | ¢ | 2.52 | ¢ | 2.65 | ¢ | 75.4 | 66.8 | |||||||||||||||||||||
Operating CASM, excluding fuel and Sunseeker special charges (cents)(2) | 7.40 | ¢ | 5.74 | ¢ | 6.48 | ¢ | 28.9 | 14.2 | |||||||||||||||||||||
ASMs per gallon of fuel | 84.3 | 85.4 | 82.3 | (1.3) | 2.4 | ||||||||||||||||||||||||
Departures | 118,069 | 117,047 | 110,542 | 0.9 | 6.8 | ||||||||||||||||||||||||
Block hours | 278,792 | 264,628 | 248,513 | 5.4 | 12.2 | ||||||||||||||||||||||||
Average stage length (miles) | 884 | 856 | 855 | 3.3 | 3.4 | ||||||||||||||||||||||||
Average number of operating aircraft during period | 114.2 | 103.0 | 85.6 | 10.9 | 33.4 | ||||||||||||||||||||||||
Average block hours per aircraft per day | 6.7 | 7.0 | 8.0 | (4.3) | (16.3) | ||||||||||||||||||||||||
Full-time equivalent employees at end of period | 5,315 | 4,458 | 4,363 | 19.2 | 21.8 | ||||||||||||||||||||||||
Fuel gallons consumed (thousands) | 218,606 | 204,689 | 196,442 | 6.8 | 11.3 | ||||||||||||||||||||||||
Average fuel cost per gallon | $ | 3.73 | $ | 2.15 | $ | 2.18 | 73.5 | 71.1 | |||||||||||||||||||||
Scheduled service statistics: | |||||||||||||||||||||||||||||
Passengers | 16,630,138 | 13,509,544 | 14,823,267 | 23.1 | 12.2 | ||||||||||||||||||||||||
Revenue passenger miles (RPMs) (thousands) | 15,224,346 | 11,963,715 | 13,038,003 | 27.3 | 16.8 | ||||||||||||||||||||||||
Available seat miles (ASMs) (thousands) | 17,909,190 | 17,027,902 | 15,545,818 | 5.2 | 15.2 | ||||||||||||||||||||||||
Load factor | 85.0 | % | 70.3 | % | 83.9 | % | 14.7 | 1.1 | |||||||||||||||||||||
Departures | 114,066 | 113,121 | 105,690 | 0.8 | 7.9 | ||||||||||||||||||||||||
Block hours | 270,516 | 256,991 | 238,361 | 5.3 | 13.5 | ||||||||||||||||||||||||
Average seats per departure | 175.7 | 174.2 | 171.1 | 0.9 | 2.7 | ||||||||||||||||||||||||
Yield (cents) (3) | 7.31 | ¢ | 6.61 | ¢ | 7.00 | ¢ | 10.6 | 4.4 | |||||||||||||||||||||
Total passenger revenue per ASM (TRASM) (cents)(4) | 12.50 | ¢ | 9.78 | ¢ | 11.28 | ¢ | 27.8 | 10.8 | |||||||||||||||||||||
Average fare - scheduled service(5) | $ | 66.88 | $ | 58.50 | $ | 61.58 | 14.3 | 8.6 | |||||||||||||||||||||
Average fare - air-related charges(5) | $ | 61.67 | $ | 58.33 | $ | 51.96 | 5.7 | 18.7 | |||||||||||||||||||||
Average fare - third party products | $ | 6.07 | $ | 6.40 | $ | 4.72 | (5.2) | 28.6 | |||||||||||||||||||||
Average fare - total | $ | 134.62 | $ | 123.24 | $ | 118.26 | 9.2 | 13.8 | |||||||||||||||||||||
Average stage length (miles) | 890 | 862 | 859 | 3.2 | 3.6 | ||||||||||||||||||||||||
Fuel gallons consumed (thousands) | 212,466 | 198,891 | 188,596 | 6.8 | 12.7 | ||||||||||||||||||||||||
Average fuel cost per gallon | $ | 3.72 | $ | 2.13 | $ | 2.18 | 74.6 | 70.6 | |||||||||||||||||||||
Percent of sales through website during period | 96.0 | % | 94.7 | % | 93.3 | % | 1.3 | 2.7 | |||||||||||||||||||||
Other data: | |||||||||||||||||||||||||||||
Rental car days sold | 1,447,708 | 1,361,123 | 1,921,930 | 6.4 | (24.7) | ||||||||||||||||||||||||
Hotel room nights sold | 282,854 | 261,158 | 415,593 | 8.3 | (31.9) |
Unaudited (millions) | December 31, 2022 (unaudited) | December 31, 2021 | Percent Change | ||||||||||||||
Unrestricted cash and investments | |||||||||||||||||
Cash and cash equivalents | $ | 230.0 | $ | 363.4 | (36.7) | % | |||||||||||
Short-term investments | 725.1 | 819.5 | (11.5) | ||||||||||||||
Long-term investments | 63.3 | 2.2 | NM | ||||||||||||||
Total unrestricted cash and investments | 1,018.4 | 1,185.1 | (14.1) | ||||||||||||||
Debt | |||||||||||||||||
Current maturities of long-term debt and finance lease obligations, net of related costs | 152.9 | 130.1 | 17.5 | ||||||||||||||
Long-term debt and finance lease obligations, net of current maturities and related costs | 1,944.1 | 1,612.5 | 20.6 | ||||||||||||||
Total debt | 2,097.0 | 1,742.6 | 20.3 | ||||||||||||||
Debt, net of unrestricted cash and investments | 1,078.6 | 557.5 | 93.5 | ||||||||||||||
Total Allegiant Travel Company shareholders’ equity | 1,220.7 | 1,223.6 | (0.2) |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net income | $ | 52,474 | $ | 10,703 | $ | 2,493 | $ | 151,853 | |||||||||||||||
Less income allocated to participating securities | (1,125) | (163) | (32) | (2,218) | |||||||||||||||||||
Net income attributable to common stock | $ | 51,349 | $ | 10,540 | $ | 2,461 | $ | 149,635 | |||||||||||||||
Earnings per share, basic | $ | 2.87 | $ | 0.59 | $ | 0.14 | $ | 8.69 | |||||||||||||||
Weighted-average shares outstanding | 17,880 | 17,827 | 17,959 | 17,212 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net income | $ | 52,474 | $ | 10,703 | $ | 2,493 | $ | 151,853 | |||||||||||||||
Less income allocated to participating securities | (1,123) | (163) | (32) | (2,215) | |||||||||||||||||||
Net income attributable to common stock | $ | 51,351 | $ | 10,540 | $ | 2,461 | $ | 149,638 | |||||||||||||||
Earnings per share, diluted | $ | 2.87 | $ | 0.59 | $ | 0.14 | $ | 8.68 | |||||||||||||||
Weighted-average shares outstanding (1) | 17,880 | 17,827 | 17,959 | 17,212 | |||||||||||||||||||
Dilutive effect of stock options and restricted stock | 61 | 109 | 132 | 145 | |||||||||||||||||||
Adjusted weighted-average shares outstanding under treasury stock method | 17,941 | 17,936 | 18,091 | 17,357 | |||||||||||||||||||
Participating securities excluded under two-class method | (31) | (101) | (57) | (126) | |||||||||||||||||||
Adjusted weighted-average shares outstanding under two-class method | 17,910 | 17,835 | 18,034 | 17,231 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
2022 | 2022 | ||||||||||
Reconciliation of net income excluding Sunseeker special charges and recognition bonus and earnings per share excluding Sunseeker special charges and recognition bonus (millions except share and per share numbers) | |||||||||||
Net Income before income taxes as reported (GAAP) | $ | 65.9 | $ | 5.0 | |||||||
Recognition bonus | 8.9 | 35.0 | |||||||||
Sunseeker special charges | (1.0) | 34.0 | |||||||||
Income before income taxes excluding Sunseeker special charges | 64.9 | 39.0 | |||||||||
Income before income taxes excluding recognition bonus and Sunseeker special charges | 73.8 | 74.0 | |||||||||
Income tax as reported (GAAP) | 13.4 | 2.5 | |||||||||
Income tax excluding Sunseeker special charges | 13.9 | 8.9 | |||||||||
Income tax excluding recognition bonus and Sunseeker special charges | 15.8 | 16.9 | |||||||||
Net income excluding Sunseeker special charges | 51.0 | 30.1 | |||||||||
Adjusted net (income) allocated to participating securities excluding Sunseeker special charges | (1.1) | (0.4) | |||||||||
Adjusted net income attributable to common stock excluding Sunseeker special charges | 49.9 | 29.7 | |||||||||
Net income excluding recognition bonus and Sunseeker special charges | 58.0 | 57.1 | |||||||||
Adjusted net (income) allocated to participating securities excluding recognition bonus and Sunseeker special charges | (1.2) | (0.7) | |||||||||
Adjusted net income attributable to common stock excluding recognition bonus and Sunseeker special charges | 56.8 | 56.4 | |||||||||
Diluted shares as reported (GAAP) (thousands) | 17,910 | 18,034 | |||||||||
Diluted earnings per share as reported (GAAP) | 2.87 | 0.14 | |||||||||
Diluted earnings per share excluding Sunseeker special charges | 2.79 | 1.65 | |||||||||
Diluted earnings per share excluding recognition bonus and Sunseeker special charges | 3.17 | 3.13 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
2022 | 2022 | ||||||||||
Reconciliation of CASM and CASM excluding fuel, the Sunseeker special charges, and recognition bonus (millions, unless otherwise noted) | |||||||||||
Operating expense as reported (GAAP) | $ | 522.4 | $ | 2,210.2 | |||||||
Recognition bonus | (8.9) | (35.0) | |||||||||
Sunseeker special charges | 1.0 | (34.0) | |||||||||
Operating expense excluding recognition bonus and Sunseeker special charges(1) | 514.5 | 2,141.2 | |||||||||
Fuel expense as reported | (185.2) | (814.8) | |||||||||
Operating expense excluding fuel, the Sunseeker special charges and recognition bonus (1) | 329.3 | 1,326.4 | |||||||||
Available seat miles (ASMs) (thousands) | 4,358,220 | 18,419,045 | |||||||||
Operating expense per ASM as reported (CASM) (cents) | 11.99 | ¢ | 12.00 | ¢ | |||||||
Operating expense CASM, excluding recognition bonus and Sunseeker special charges (cents) | 11.81 | ¢ | 11.62 | ¢ | |||||||
Operating CASM, excluding fuel (cents) | 7.74 | ¢ | 7.58 | ¢ | |||||||
Operating CASM, excluding fuel, the Sunseeker special charges and recognition bonus (cents) | 7.56 | ¢ | 7.20 | ¢ |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
2022 | 2022 | ||||||||||
Reconciliation of operating income excluding the Sunseeker special charges and recognition bonus (millions) | |||||||||||
Operating income (loss) as reported (GAAP) | $ | 89.2 | $ | 91.6 | |||||||
Recognition bonus | 8.9 | 35.0 | |||||||||
Sunseeker special charges | (1.0) | 34.0 | |||||||||
Operating income excluding recognition bonus and Sunseeker special charges(1) | $ | 97.1 | $ | 160.6 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
2022 | 2022 | ||||||||||
Consolidated EBITDA (millions) | |||||||||||
Net Income | $ | 52.5 | $ | 2.5 | |||||||
Interest expense, net | 23.6 | 86.6 | |||||||||
Income tax expense | 13.4 | 2.5 | |||||||||
Depreciation and amortization | 51.9 | 197.5 | |||||||||
Consolidated EBITDA (1) | $ | 141.4 | 289.1 | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
2022 | 2022 | ||||||||||
Reconciliation of consolidated EBITDA to EBITDA, excluding recognition bonus and Sunseeker special charges (millions) | |||||||||||
Consolidated EBITDA (1) | $ | 141.4 | $ | 289.1 | |||||||
Recognition bonus | 8.9 | 35.0 | |||||||||
Sunseeker special charges | (1.0) | 34.0 | |||||||||
EBITDA, excluding recognition bonus and Sunseeker special charges (1) | $ | 149.3 | $ | 358.1 |
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