Form 8-K - Current report

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): October 30, 2024

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 North Town Center Drive

Las Vegas, NV

89144

(Address of principal executive offices)

(Zip Code)

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

N/A

(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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, par value $0.001

ALGT

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as in Rule 405 of the Securities Act of 1933 (Section 17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 17 CFR §240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 2 Financial Information

Item 2.02 Results of Operations and Financial Condition.

On October 30, 2024, 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 and nine months ended September 30, 2024.

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.

Non-GAAP Financial Measures: The press release contains non-GAAP financial measures as such term is defined in Regulation G under the rules of the Securities and Exchange Commission. While the Company believes these financial measures are useful in evaluating the Company’s performance, this information should be considered to be supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Further, these non-GAAP financial measures may differ from similarly titled measures presented by other companies.

Forward-Looking Statements: Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in the press release filed as Exhibit 99.1 and statements in the 3Q24 Earnings Call Slides filed as Exhibit 99.2 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 airline and Sunseeker Resort operations, revenue, expenses and earnings, ASM growth, expected capital expenditures, the cost of fuel, the timing of aircraft acquisitions and retirements, the number of contracted aircraft to be placed in service in the future, our ability to consummate announced aircraft transactions, as well as other information concerning future results of operations, business strategies, financing plans, competitive position, 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, the impact of regulatory reviews of The Boeing Company on our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, 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 and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to implement the announced alliance with Viva Aerobus and to otherwise prepare to offer international service from our markets, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to successfully operate Sunseeker Resort, increases in maintenance costs, cyclical and seasonal fluctuations in our operating results and the perceived acceptability of our environmental, social and governance efforts.

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 Disclosure.

We are supplementing our press release with updated information for investors relating to our financial outlook for the fourth quarter ending December 31,2024 and full year 2024, and other information regarding our business. The update is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

The information in Section 7 of this Current Report on Form 8-K and Exhibit 99.2 filed herewith 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.

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 October 30, 2024
99.2			3Q24 Earnings Call Slides

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: October 30, 2024	ALLEGIANT TRAVEL COMPANY



	By:	/s/ Robert J. Neal
	Name:	Robert J. Neal
	Title:	Senior Vice President and Chief Financial Officer

EXHIBIT INDEX


Exhibit No.			Description of Document

99.1			Press Release issued by Allegiant Travel Company on October 30, 2024
99.2			3Q24 Earnings Call Slides

Exhibit 99.1

ALLEGIANT TRAVEL COMPANY

THIRD QUARTER 2024 FINANCIAL RESULTS

Third quarter 2024 GAAP diluted loss per share of $(2.05)

Third quarter 2024 diluted loss per share, excluding special charges, of $(2.02)(1)(3)

Third quarter 2024 airline only diluted loss per share, excluding special charges, of $(0.49)(1)(3)

LAS VEGAS. October 30, 2024 — Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for the third quarter 2024, as well as comparisons to the prior year:


Consolidated	Three Months Ended September 30,				Percent Change
(unaudited) (in millions, except per share amounts)	2024		2023			YoY
Total operating revenue	$	562.2	$	565.4		(0.6)	%
Total operating expense	588.5		583.2			0.9	%
Operating loss	(26.3)		(17.9)			46.9	%
Loss before income taxes	(43.4)		(29.9)			45.2	%
Net loss	(36.8)		(25.1)			46.6	%
Diluted loss per share	(2.05)		(1.44)			42.4	%
Sunseeker special charges, net of recoveries(3)	1.1		17.4			(93.7)	%
Airline special charges(3)	7.7		15.2			(49.3)	%
Income before income taxes, excluding special charges net of recoveries(1)(3)	(34.7)		2.7			NM
Net income (loss), excluding special charges net of recoveries(1)(3)	(36.1)		2.0			NM
Diluted earnings (loss) per share excluding special charges net of recoveries(1)(3)	(2.02)		0.09			NM


Airline only	Three Months Ended September 30,						Percent Change(2)
(unaudited) (in millions, except per share amounts)	2024			2023				YoY
Airline operating revenue	$	549.1		$	565.4			(2.9)	%
Airline operating expense	556.2			559.5				(0.6)	%
Airline operating income (loss)	(7.0)			5.8				NM
Airline loss before income taxes	(18.6)			(7.4)				NM
Airline special charges(3)	7.7			15.2				(49.3)	%
Airline net income (loss), excluding special charges(1)(3)	(8.8)			5.9				NM
Airline operating margin, excluding special charges(1)(3)	0.1		%	3.7		%		(3.6)
Airline diluted earnings (loss) per share, excluding special charges(1)(3)	(0.49)			0.31				NM


Consolidated	Nine Months Ended September 30,				Percent Change
(unaudited) (in millions, except per share amounts)	2024		2023			YoY
Total operating revenue	$	1,884.9	$	1,898.9		(0.7)	%
Total operating expense	1,860.9		1,688.5			10.2	%
Operating income	24.0		210.4			(88.6)	%
Income (loss) before income taxes	(26.8)		160.8			NM
Net income (loss)	(24.0)		119.6			NM
Diluted earnings (loss) per share	(1.38)		6.43			NM
Sunseeker special charges, net of recoveries(3)	(2.6)		4.6			NM
Airline special charges(3)	42.6		15.2			NM
Income before income taxes, excluding special charges net of recoveries(1)(3)	13.2		180.6			(92.7)	%
Net income, excluding special charges net of recoveries(1)(3)	6.8		134.2			(94.9)	%
Diluted earnings per share excluding special charges net of recoveries(1)(3)	0.35		7.22			(95.2)	%


Airline only	Nine Months Ended September 30,						Percent Change(2)
(unaudited) (in millions, except per share amounts)	2024			2023				YoY
Airline operating revenue	$	1,831.1		$	1,898.9			(3.6)	%
Airline operating expense	1,767.0			1,668.0				5.9	%
Airline operating income	64.1			230.9				(72.2)	%
Airline income before income taxes	29.4			181.9				(83.8)	%
Airline special charges(3)	42.6			15.2				NM
Airline net income, excluding special charges(1)(3)	51.9			148.8				(65.1)	%
Airline operating margin, excluding special charges(1)(3)	5.8		%	13.0		%		(7.2)
Airline diluted earnings per share, excluding special charges(1)(3)	2.83			8.00				(64.6)	%

(1)Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information and for calculation of per share figures.

(2)Except Airline operating margin, excluding special charges, which is percentage point change.

(3)In 2024 and 2023, we recognized certain expenses as special charges related to Airline activities and damages to Sunseeker Resort. For a listing of these charges, see the special charges table in Appendix A of this earnings release. We sometimes refer to all special charges as "specials" in this earnings release.

NM Not meaningful

* Note that amounts may not recalculate due to rounding

“Our seasonally weakest quarter concluded with a diluted loss per share of $2.05,” stated Gregory Anderson, president and CEO of Allegiant Travel Company. "Despite facing challenges from Crowdstrike and Hurricane Helene, the airline surpassed our initial expectations by achieving a positive operating margin for the quarter. Throughout the quarter, we observed sustained strength in demand, with unit revenues turning positive on a year-over-year basis in the final weeks. Particularly noteworthy was the ancillary revenue per passenger, which reached $74.02, reflecting a three percent increase from the previous year due in part to the success of both the Allegiant Extra product and the cobrand credit card.

"As we entered the fourth quarter, our network experienced substantial disruptions due to the severe impact of Hurricane Milton and the continuing effects of Hurricane Helene. Ensuring the safety of our customers and team members remains our top priority, and I am extremely proud of our team's response during these challenging times. The hurricanes have led to a temporary decline in demand in certain cities along the West Coast of Florida and in Asheville, North Carolina. Approximately 25 percent of the seats scheduled to be flown in the fourth quarter are to destinations currently facing this short-term demand weakness. We anticipate that demand will return to normal by the end of the year and have adjusted our capacity accordingly. Load factors in the affected areas are expected to stay lower, resulting in a four-percentage point decline in our airline-only operating margin during the fourth quarter, which we now estimate to be around seven percent.

"Despite these short-term headwinds, I am pleased with the progress the team has made towards our three key initiatives - restoring peak utilization, the integration of the Boeing MAX aircraft, and various revenue initiatives.

1.Restoring peak utilization: Peak December utilization is scheduled to be up 25 percent over the prior year and down only six percent versus December 2019. As we move into 2025, March utilization is scheduled to be within five percent of 2019 levels.

2.Boeing MAX Integration: We achieved a major milestone during the third quarter by taking delivery of our first Boeing MAX aircraft. This airplane began revenue service mid-October and initial data supports significant improvements in the operating economics of this aircraft type over our current fleet. We remain in active discussions with Boeing around a reliable delivery schedule.

3.Revenue initiatives: The team delivered a Navitaire win late in the third quarter by restoring functionality around our third bundled product offering. Since going live, we have seen take rates for this offering mirror the rates observed pre-Navitaire launch, resulting in an incremental $1 in ancillary revenue per passenger. Additionally, I am happy to report we are on track to retrofit over 50 of our aircraft with the Allegiant Extra premium product by year end. We record approximately $3 per passenger in incremental ancillary revenue on aircraft equipped with this configuration. Finally, our Allegiant Allways Visa card continues to exceed our expectations. We expect total remuneration from the bank to exceed $140 million in 2024, with continued growth in 2025.

"Lastly we continue to work with our experienced hospitality team alongside our best-in-class advisors to help us optimize the value of the asset and appropriately navigate discussions with potential partners. Sunseeker is an amazing resort that we see meaningful asset value in and are committed to making decisions that align with the best interest of our stakeholders.

"I am incredibly proud of the progress the team is making to restore the earnings potential of our unique model. We are building the foundation to improved financial performance in 2025 and beyond."

Third Quarter 2024 Results and Highlights

•Total operating revenue of $562.2M, down 0.6 percent over the prior year

•Total fixed fee contract revenue of $20.6M, up 15.9 percent year-over-year

•Total average ancillary fare of $74.02, up 3.1 percent year-over-year driven by strength in seats, bags, and cobrand

•Operating loss, excluding specials,(1)(2) of $17.6M, yielding an adjusted operating margin of (3.1) percent

•Airline-only operating income, excluding specials,(1)(2) of $0.6M, yielding an airline-only adjusted operating margin of 0.1 percent

•Loss before income tax, excluding specials,(1)(2) of $34.7M, yielding an adjusted pre-tax margin of (6.2) percent

•Airline-only loss before income tax, excluding specials,(1)(2) of $11.0M, yielding an adjusted pre-tax margin of (2.0) percent

•Consolidated EBITDA, excluding specials,(1)(2) of $46.3M, yielding an adjusted EBITDA margin of 8.2 percent

•Airline-only EBITDA, excluding specials,(1) of $56.6M, yielding an adjusted airline-only EBITDA margin of 10.3 percent

•Airline-only operating CASM, excluding fuel and special charges,(2) of 8.89 ¢, up 4.7 percent year-over-year

•$36.5M in total cobrand credit card remuneration received from Bank of America, up 18.7 percent from the prior year

•As of September 30, 2024, we had 535K total Allegiant Allways Rewards Visa cardholders

•Enrolled 448K new Allways Rewards members during the third quarter

•Published the 2023 Sustainability Report reaffirming the company's sustainability goals designed to add value both short- and long-term for our stakeholders

•Named the number one Best Airline Credit Card and Best Frequent Flyer program in USA TODAY's 10Best 2024 Readers' Choice Awards for the sixth consecutive year

(1)Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information and for calculation of per share figures.

(2)In 2024 and 2023, we recognized certain expenses as special charges related to Airline activities and damages to Sunseeker Resort. For a listing of these charges see the special charges table in Appendix A of this earnings release. We sometimes refer to all special charges as "specials" in this earnings release.

Balance Sheet, Cash and Liquidity

•Total available liquidity at September 30, 2024 was $1.1B, which included $804.6M in cash and investments, and $275.0M in undrawn revolving credit facilities

•$17.3M in cash from operations during the third quarter 2024

•Total debt at September 30, 2024 was $2.2B

•Net debt at September 30, 2024 was $1.4B

•Debt principal payments of $107.4M during the quarter

•Year-to-date principal payments of $170.6M, including a total of $60.6M in prepayments related to aircraft-secured facilities during the third quarter

•On July 8, 2024, we suspended our quarterly dividend indefinitely

•Air traffic liability at September 30, 2024 was $397.0M

Airline Capital Expenditures

•Third quarter capital expenditures of $40.7M, which included $24.3M for aircraft purchases and inductions and other related costs, and $16.4M in other airline capital expenditures

•Third quarter deferred heavy maintenance expenditures were $17.9M

Sunseeker Resort Charlotte Harbor

•Third quarter occupancy was 31 percent with an average daily rate of $204(1) per night

•Estimated property damage related to Hurricane Helene is approximately $2 million, which is reported as a special charge on the third quarter income statement

•Hurricane Milton impact is currently being assessed and will be reported in the fourth quarter

(1)Reported average daily rate excludes resort fee.

Guidance, subject to revision

Certain forward-looking financial information in the following tables is not presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Non-GAAP financial figures may be useful to stakeholders, but should not be considered a substitute for GAAP figures. In reliance on the 'unreasonable efforts' exception in Item 10(e)(1)(i)(B) of SEC Regulation S-K, a reconciliation to the most comparable GAAP financial measure is not provided for airline-only loss per share, excluding special charges, consolidated loss per share, excluding special charges, and Sunseeker EBITDA, excluding special charges. The Company is not able to reconcile these Non-GAAP financial figures without unreasonable effort because the special charge adjustments will not be known until the end of the indicated future periods and any range of projected values would be too broad to be meaningful. As a result, this information would not be significant to investors.




Fourth quarter 2024 airline-only guidance

System ASMs - year over year change	~1.5%
Scheduled service ASMs - year over year change	~1.5%

Fuel cost per gallon	$	2.50
Operating margin	6.0% to 8.0%
Airline-only earnings (loss) per share, excluding special charges(3)	$0.50 - 1.50

Fourth quarter 2024 consolidated guidance

Consolidated earnings (loss) per share, excluding special charges(3)	$0.00 - $1.00

Full-year 2024 airline-only guidance

System ASMs - year over year change	~0.5%
Scheduled service ASMs - year over year change	~0.5%

Interest expense (millions)	$150 to $160
Capitalized interest (1) (millions)	($40) to ($50)
Interest income (millions)	$35 to $45

Airline full-year CAPEX
Aircraft-related capital expenditures(2) (millions)	$105 to $125
Capitalized deferred heavy maintenance (millions)	$80 to $90
Other airline capital expenditures (millions)	$105 to $115

Recurring principal payments (millions) (full year)	$135 to $145


Full-year 2024 Sunseeker guidance

EBITDA, excluding special charges(3) (4)									($25) to ($30)
Business interruption insurance proceeds related to delayed open									Up to $10m
Depreciation expense (millions)									~$25
Interest expense (millions)									~$20

Occupancy rate									~35%
Average daily rate									~$300

(1)Includes capitalized interest related to pre-delivery deposits on new aircraft.

(2)Aircraft-related capital expenditures includes the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount excludes capitalized interest related to pre-delivery deposits on new aircraft. Estimated capital expenditures are based on management's best estimate around aircraft deliveries, which differs from our contractual obligations.

(3)Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above.

(4)Sunseeker EBITDA loss includes management's best estimate for operating losses resulting from hurricane-related cancelled bookings as well as short-term demand weakening as a result of the hurricanes. This loss does not include structural damage to the property from the hurricanes.

Aircraft Fleet Plan by End of Period




Aircraft - (seats per AC)	3Q24	YE24
Boeing 737-8200 (190 seats)	—	1

Airbus A320 (180-186 seats)	75	75
Airbus A320 (177 seats)	13	12
Airbus A319 (156 seats)	34	34
Total	122	122

The table above is provided based on the company’s current plans and is subject to change. The numbers include aircraft expected to be in service at the end of each period and exclude aircraft that we expect to take delivery of but not to be placed in service until a subsequent period.

The above plan is management's best estimate and differs from our contractual obligations.

Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Wednesday, October 30, 2024 to discuss its third quarter 2024 financial results. A live broadcast of the conference call will be available via the Company’s Investor Relations website homepage at http://ir.allegiantair.com. The webcast will also be archived in the “Events & Presentations” section of the website.

Allegiant Travel Company

Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in underserved cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic round trip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF.

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 airline and Sunseeker Resort operations, revenue, expenses and earnings, available seat mile growth, expected capital expenditures, the cost of fuel, the timing of aircraft acquisitions and retirements, the number of contracted aircraft to be placed in service in the future, our ability to consummate announced aircraft transactions, timing of collection of insurance proceeds, 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, the impact of regulatory reviews of Boeing and labor actions on its aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing and other third parties to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, 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 and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to implement the announced alliance with Viva Aerobus and to otherwise prepare to offer international service, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to successfully operate Sunseeker Resort, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results, and the perceived acceptability of our environmental, social and governance efforts.

Detailed financial information follows:

Allegiant Travel Company

Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)


	Three Months Ended September 30,				Percent Change
	2024		2023			YoY
OPERATING REVENUES:
Passenger	$	488,989	$	516,251		(5.3)	%
Third party products	39,423		30,944			27.4
Fixed fee contracts	20,559		17,741			15.9
Resort and other	13,225		423			NM
Total operating revenues	562,196		565,359			(0.6)
OPERATING EXPENSES:
Salaries and benefits	195,326		163,004			19.8
Aircraft fuel	148,241		167,861			(11.7)
Station operations	70,632		64,630			9.3
Depreciation and amortization	63,918		55,816			14.5
Maintenance and repairs	30,278		35,477			(14.7)
Sales and marketing	24,869		28,468			(12.6)
Aircraft lease rentals	5,920		5,906			0.2
Other	40,563		29,432			37.8

Special charges, net of recoveries	8,790		32,648			(73.1)
Total operating expenses	588,537		583,242			0.9
OPERATING LOSS	(26,341)		(17,883)			(47.3)
OTHER (INCOME) EXPENSES:
Interest income	(10,071)		(12,444)			(19.1)
Interest expense	39,065		39,233			(0.4)
Capitalized interest	(11,923)		(14,888)			(19.9)


Other, net	30		135			(77.8)
Total other expenses	17,101		12,036			42.1
LOSS BEFORE INCOME TAXES	(43,442)		(29,919)			(45.2)
INCOME TAX BENEFIT	(6,653)		(4,853)			(37.1)
NET LOSS	$	(36,789)	$	(25,066)		(46.8)


Loss per share to common shareholders:
Basic	($2.05)		($1.44)			(42.4)
Diluted	($2.05)		($1.44)			(42.4)
Shares used for computation(1):
Basic	17,913		17,721			1.1
Diluted	17,913		17,721			1.1

(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.

NM Not meaningful

Allegiant Travel Company

Operating Revenues and Expenses by Segment

(in thousands)

(Unaudited)


	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	Airline		Sunseeker		Consolidated		Airline		Sunseeker		Consolidated
OPERATING REVENUES:
Passenger	$	488,989	$	—	$	488,989	$	516,251	$	—	$	516,251
Third party products	39,423		—		39,423		30,944		—		30,944
Fixed fee contracts	20,559		—		20,559		17,741		—		17,741
Resort and other	156		13,069		13,225		423		—		423
Total operating revenues	549,127		13,069		562,196		565,359		—		565,359
OPERATING EXPENSES:
Salaries and benefits	183,849		11,477		195,326		159,717		3,287		163,004
Aircraft fuel	148,241		—		148,241		167,861		—		167,861
Station operations	70,632		—		70,632		64,630		—		64,630
Depreciation and amortization	56,025		7,893		63,918		55,730		86		55,816
Maintenance and repairs	30,278		—		30,278		35,477		—		35,477
Sales and marketing	23,370		1,499		24,869		27,835		633		28,468
Aircraft lease rentals	5,920		—		5,920		5,906		—		5,906
Other	30,187		10,376		40,563		27,170		2,262		29,432
Special charges, net of recoveries	7,651		1,139		8,790		15,216		17,432		32,648
Total operating expenses	556,153		32,384		588,537		559,542		23,700		583,242
OPERATING INCOME (LOSS)	(7,026)		(19,315)		(26,341)		5,817		(23,700)		(17,883)

Allegiant Travel Company

Airline Operating Statistics

(Unaudited)


	Three Months Ended September 30,						Percent Change(1)
	2024			2023				YoY
AIRLINE OPERATING STATISTICS
Total system statistics:
Passengers	4,256,249			4,292,031				(0.8)	%
Available seat miles (ASMs) (thousands)	4,501,532			4,433,767				1.5


Airline operating expense per ASM (CASM) (cents)	12.35		¢	12.62		¢		(2.1)
Fuel expense per ASM (cents)	3.29		¢	3.79		¢		(13.2)



Airline special charges per ASM (cents)	0.17		¢	0.34		¢		(50.0)
Airline operating CASM, excluding fuel and special charges (cents)	8.89		¢	8.49		¢		4.7

Departures	29,884			29,251				2.2
Block hours	68,453			67,312				1.7
Average stage length (miles)	856			858				(0.2)
Average number of operating aircraft during period	124.1			126.8				(2.1)
Average block hours per aircraft per day	6.0			5.8				3.4
Full-time equivalent employees at end of period	5,827			5,578				4.5
Fuel gallons consumed (thousands)	55,190			54,320				1.6
ASMs per gallon of fuel	81.6			81.6				—
Average fuel cost per gallon	$	2.69		$	3.09			(12.9)
Scheduled service statistics:
Passengers	4,195,572			4,234,196				(0.9)
Revenue passenger miles (RPMs) (thousands)	3,701,747			3,744,225				(1.1)
Available seat miles (ASMs) (thousands)	4,326,870			4,280,034				1.1
Load factor	85.6		%	87.5		%		(1.9)
Departures	28,519			28,040				1.7
Block hours	65,656			64,857				1.2
Average seats per departure	175.9			176.8				(0.5)
Yield (cents)(2)	5.88		¢	6.49		¢		(9.4)
Total passenger revenue per ASM (TRASM) (cents)(3)	12.21		¢	12.78		¢		(4.5)
Average fare - scheduled service(4)	$	51.92		$	57.43			(9.6)
Average fare - air-related charges(4)	$	64.63		$	64.50			0.2
Average fare - third party products	$	9.40		$	7.31			28.6
Average fare - total	$	125.95		$	129.23			(2.5)
Average stage length (miles)	863			864				(0.1)
Fuel gallons consumed (thousands)	52,993			52,491				1.0
Average fuel cost per gallon	$	2.68		$	3.07			(12.7)
Percent of sales through website during period	92.4		%	95.1		%		(2.7)
Other data:
Rental car days sold	322,076			335,542				(4.0)
Hotel room nights sold	45,620			54,447				(16.2)

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

(2)Defined as scheduled service revenue divided by revenue passenger miles.

(3)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.

(4)Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path.

Allegiant Travel Company

Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)


	Nine Months Ended September 30,				Percent Change
	2024		2023			YoY
OPERATING REVENUES:
Passenger	$	1,663,423	$	1,768,274		(5.9)	%
Third party products	109,924		85,886			28.0
Fixed fee contracts	57,119		43,599			31.0
Resort and other	54,418		1,096			NM
Total operating revenues	1,884,884		1,898,855			(0.7)
OPERATING EXPENSES:
Salaries and benefits	618,595		499,798			23.8
Aircraft fuel	488,388		520,018			(6.1)
Station operations	206,898		192,864			7.3
Depreciation and amortization	193,122		164,430			17.4
Maintenance and repairs	91,286		95,553			(4.5)
Sales and marketing	83,266		85,265			(2.3)
Aircraft lease rentals	17,653		18,973			(7.0)
Other	121,671		91,757			32.6

Special charges, net of recoveries	40,002		19,828			NM
Total operating expenses	1,860,881		1,688,486			10.2
OPERATING INCOME	24,003		210,369			(88.6)
OTHER (INCOME) EXPENSES:
Interest income	(33,441)		(34,418)			(2.8)
Interest expense	118,769		112,707			5.4
Capitalized interest	(34,718)		(28,949)			19.9


Other, net	146		185			(21.1)
Total other expenses	50,756		49,525			2.5
INCOME (LOSS) BEFORE INCOME TAXES	(26,753)		160,844			NM
INCOME TAX PROVISION (BENEFIT)	(2,745)		41,292			NM
NET INCOME (LOSS)	$	(24,008)	$	119,552		NM


Earnings (loss) per share to common shareholders:
Basic	($1.38)		$6.44			NM
Diluted	($1.38)		$6.43			NM
Shares used for computation(1):
Basic	17,802		17,879			(0.4)
Diluted	17,802		17,913			(0.6)

NM Not meaningful

Allegiant Travel Company

Operating Revenues and Expenses by Segment

(in thousands)

(Unaudited)


	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Airline		Sunseeker		Consolidated		Airline		Sunseeker		Consolidated
OPERATING REVENUES:
Passenger	$	1,663,423	$	—	$	1,663,423	$	1,768,274	$	—	$	1,768,274
Third party products	109,924		—		109,924		85,886		—		85,886
Fixed fee contracts	57,119		—		57,119		43,599		—		43,599
Resort and other	650		53,768		54,418		1,096		—		1,096
Total operating revenues	1,831,116		53,768		1,884,884		1,898,855		—		1,898,855
OPERATING EXPENSES:
Salaries and benefits	580,775		37,820		618,595		492,205		7,593		499,798
Aircraft fuel	488,388		—		488,388		520,018		—		520,018
Station operations	206,898		—		206,898		192,864		—		192,864
Depreciation and amortization	173,237		19,885		193,122		164,196		234		164,430
Maintenance and repairs	91,286		—		91,286		95,553		—		95,553
Sales and marketing	78,166		5,100		83,266		83,994		1,271		85,265
Aircraft lease rentals	17,653		—		17,653		18,973		—		18,973
Other	87,930		33,741		121,671		84,920		6,837		91,757
Special charges, net of recoveries	42,639		(2,637)		40,002		15,230		4,598		19,828
Total operating expenses	1,766,972		93,909		1,860,881		1,667,953		20,533		1,688,486
OPERATING INCOME (LOSS)	64,144		(40,141)		24,003		230,902		(20,533)		210,369

Allegiant Travel Company

Airline Operating Statistics

(Unaudited)


	Nine Months Ended September 30,						Percent Change(1)
	2024			2023				YoY
AIRLINE OPERATING STATISTICS
Total system statistics:
Passengers	12,982,957			13,196,465				(1.6)	%
Available seat miles (ASMs) (thousands)	14,286,712			14,164,936				0.9


Airline operating expense per ASM (CASM)(cents)	12.37		¢	11.78		¢		5.0
Fuel expense per ASM (cents)	3.42		¢	3.67		¢		(6.8)



Airline special charges per ASM (cents)	0.30		¢	0.11		¢		NM
Airline operating CASM, excluding fuel and special charges (cents)	8.65		¢	8.00		¢		8.1

Departures	91,361			90,792				0.6
Block hours	216,844			215,716				0.5
Average stage length (miles)	886			883				0.3
Average number of operating aircraft during period	125.1			124.7				0.3
Average block hours per aircraft per day	6.3			6.3				—
Full-time equivalent employees at end of period	5,827			5,578				4.5
Fuel gallons consumed (thousands)	171,556			170,271				0.8
ASMs per gallon of fuel	83.3			83.2				0.1
Average fuel cost per gallon	$	2.85		$	3.05			(6.6)
Scheduled service statistics:
Passengers	12,837,860			13,076,015				(1.8)
Revenue passenger miles (RPMs) (thousands)	11,693,844			11,947,986				(2.1)
Available seat miles (ASMs) (thousands)	13,811,809			13,778,994				0.2
Load factor	84.7		%	86.7		%		(2.0)
Departures	87,824			87,800				—
Block hours	209,219			209,468				(0.1)
Average seats per departure	176.4			176.1				0.2
Yield (cents)(2)	6.93		¢	7.55		¢		(8.2)
Total passenger revenue per ASM (TRASM) (cents)(3)	12.84		¢	13.46		¢		(4.6)
Average fare - scheduled service(4)	$	63.10		$	68.95			(8.5)
Average fare - air-related charges(4)	$	66.47		$	66.28			0.3
Average fare - third party products	$	8.56		$	6.57			30.3
Average fare - total	$	138.13		$	141.80			(2.6)
Average stage length (miles)	891			889				0.2
Fuel gallons consumed (thousands)	165,728			165,599				0.1
Average fuel cost per gallon	$	2.85		$	3.05			(6.6)
Percent of sales through website during period	94.0		%	95.3		%		(1.3)
Other data:
Rental car days sold	1,051,425			1,081,483				(2.8)
Hotel room nights sold	168,751			193,643				(12.9)

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

(2)Defined as scheduled service revenue divided by revenue passenger miles.

(4)Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path.

Summary Balance Sheet


Unaudited (millions)	September 30, 2024 (unaudited)		December 31, 2023		Percent Change
Unrestricted cash and investments
Cash and cash equivalents	$	265.9	$	143.3	85.6	%
Short-term investments	493.4		671.4		(26.5)
Long-term investments	45.3		56.0		(19.1)
Total unrestricted cash and investments	804.6		870.7		(7.6)
Debt
Current maturities of long-term debt and finance lease obligations, net of related costs	420.9		439.9		(4.3)
Long-term debt and finance lease obligations, net of current maturities and related costs	1,767.3		1,819.7		(2.9)
Total debt	2,188.2		2,259.6		(3.2)
Debt, net of unrestricted cash and investments	1,383.6		1,388.9		(0.4)
Total Allegiant Travel Company shareholders’ equity	1,299.9		1,328.6		(2.2)

EPS Calculation

The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in table are in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic:
Net income (loss)	$	(36,789)	$	(25,066)	$	(24,008)	$	119,552
Less income allocated to participating securities	—		(452)		(618)		(4,397)
Net income (loss) attributable to common stock	$	(36,789)	$	(25,518)	$	(24,626)	$	115,155
Earnings (loss) per share, basic	$	(2.05)	$	(1.44)	$	(1.38)	$	6.44
Weighted-average shares outstanding	17,913		17,721		17,802		17,879
Diluted:
Net income (loss)	$	(36,789)	$	(25,066)	$	(24,008)	$	119,552
Less income allocated to participating securities	—		(452)		(618)		(4,389)
Net income attributable to common stock	$	(36,789)	$	(25,518)	$	(24,626)	$	115,163
Earnings (loss) per share, diluted	$	(2.05)	$	(1.44)	$	(1.38)	$	6.43
Weighted-average shares outstanding(1)	17,913		17,721		17,802		17,879
Dilutive effect of restricted stock	—		—		—		238
Adjusted weighted-average shares outstanding under treasury stock method	17,913		17,721		17,802		18,117
Participating securities excluded under two-class method	—		—		—		(204)
Adjusted weighted-average shares outstanding under two-class method	17,913		17,721		17,802		17,913

(1)Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material.

Appendix A

Non-GAAP Presentation

Three and Nine Months Ended September 30, 2024

(Unaudited)

Airline operating expense, airline income (loss) before income taxes, airline net income (loss), and airline diluted earnings (loss) per share all eliminate the effects of non-airline activity as such activity is not reflective of airline operating performance. We also present these airline-only metrics excluding special charges related to aircraft accelerated depreciation on early retirement of certain airframes, a ratification bonus for the new collective bargaining agreement for our flight attendants, and an organizational restructuring of certain administrative personnel. Management believes the exclusion of these special charges enhances comparability of financial information between periods. Airline earnings before interest, taxes, depreciation and amortization ("Airline EBITDA") and Airline EBITDA excluding special charges eliminate the effects of non-airline operating activity and other items. As such, all of these are non-GAAP financial measures. We believe the presentation of these measures is relevant and useful for investors because it allows them to better gauge the performance of the airline and to compare our results to other airlines.

We also present both operating expense and CASM excluding aircraft fuel expense and excluding the airline special charges listed in the table below. Fuel price volatility impacts the comparability of year over year financial performance as do the airline special charges. We believe the adjustments for fuel expense and airline special charges allow investors to better understand our non-fuel costs and related performance.

We present consolidated operating income, EBITDA, and diluted earnings (loss) per share excluding Sunseeker special charges, net of recoveries, and airline special charges, to exclude the impact of losses and insurance recoveries incurred primarily as the result of hurricanes and other insured events at Sunseeker and to exclude the airline special charges listed in the table below. Management believes these measures enhance comparability of financial information between periods.

Consolidated EBITDA, Consolidated EBITDA excluding special charges, Airline EBITDA excluding special charges, estimated airline only and consolidated earnings (loss) per share excluding special charges, and Sunseeker estimated EBITDA, as presented in this press release, are supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). These are not measurements of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.

We define “EBITDA” as earnings before interest, taxes, depreciation and amortization. We also adjust EBITDA within this release to exclude non-airline activity and special charges. We caution investors that amounts presented in accordance with this definition may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate EBITDA in the same manner.

We use EBITDA and Airline EBITDA to evaluate our operating performance and liquidity, and these are among the primary measures used by management for planning and forecasting of future periods. We believe these presentations of EBITDA are relevant and useful for investors because they allow investors to view results in a manner similar to the method used by management and make it easier to compare our results with other companies that have different financing and capital structures. EBITDA has important limitations as an analytical tool. These limitations include the following:

•EBITDA does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments to purchase capital equipment;

•EBITDA does not reflect interest expense or the cash requirements necessary to service principal or interest payments on our debt;

•although depreciation and amortization are non-cash charges, the assets that we currently depreciate and amortize will likely have to be replaced in the future, and EBITDA does not reflect the cash required to fund such replacements; and

•other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.

Presented below is a quantitative reconciliation of these adjusted numbers to the most directly comparable GAAP financial performance measure.

The SEC has adopted rules (Regulation G) regulating the use of non-GAAP financial measures. Because of our use of non-GAAP financial measures in this press release to supplement our consolidated financial statements presented on a GAAP basis, Regulation G requires us to include in this press release a presentation of the most directly comparable GAAP measure, which is operating expenses, operating income (loss), income (loss) before income taxes, net income (loss), and net earnings (loss) per share and a reconciliation of the non-GAAP measures to the most comparable GAAP measure. Our utilization of non-GAAP measurements is not meant to be considered in isolation or as a substitute for operating expenses, income (loss) before income taxes, net income (loss), earnings (loss) per share, or other measures of financial performance prepared in accordance with GAAP. Our use of these non-GAAP measures may not be comparable to similarly titled measures employed by other companies

in the airline and travel industry. The reconciliation of each of these measures to the most comparable GAAP measure for the periods is indicated below.

Reconciliation of Non-GAAP Financial Measures


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024	2023
Special charges (in millions)
Accelerated depreciation on airframes identified for early retirement	4.2		15.2		28.4	15.2
Flight attendant ratification bonus	$	—	$	—	10.8	—
Organizational restructuring	3.4		—		3.4	—
Airline special charges(2)	7.7		15.2		42.6	15.2
Sunseeker special charges, net of recoveries(3)	1.1		17.4		(2.6)	4.6
Consolidated special charges, net of recoveries	8.8		32.6		40.0	19.8


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Reconciliation of consolidated net income (loss) and earnings (loss) per share excluding special charges net of recoveries (millions except share and per share amounts)
Net income (loss) as reported (GAAP)	$	(36.8)	$	(25.1)	(24.0)		119.6
Plus special charges(2)(3)	8.8		32.6		40.0		19.8
Plus (minus) income tax expense (benefit) (GAAP)	(6.7)		(4.9)		(2.7)		41.3
Minus adjusted income tax expense, excluding effect of special charges	1.5		0.7		6.5		46.4
Net income (loss) excluding special charges net of recoveries(1)(2)(3)	(36.1)		2.0		6.8		134.2
Net (income) allocated to participating securities	—		(0.5)		(0.6)		(4.9)
Net income (loss) attributable to common stock excluding special charges net of recoveries(1)(2)(3)	(36.1)		1.5		6.2		129.3

Diluted shares used for computation (thousands)	17,913		17,721		17,802		17,913


Diluted earnings (loss) per share as reported (GAAP)	$	(2.05)	$	(1.44)	$	(1.38)	$	6.43
Diluted earnings (loss) per share excluding special charges net of recoveries(1)(2)(3)	$	(2.02)	$	0.09	$	0.35	$	7.22


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Reconciliation of airline net income (loss) excluding special charges and airline earnings (loss) per share excluding special charges (millions except share and per share amounts)
Net income (loss) as reported (GAAP)	$	(36.8)	$	(25.1)	$	(24.0)	$	119.6
Plus non-airline loss before taxes	24.8		22.6		56.1		21.0
Plus airline special charges(2)	7.7		15.2		42.6		15.2
Plus (minus) income tax expense (benefit) (GAAP)	(6.7)		(4.9)		(2.7)		41.3
Minus (plus) airline adjusted income tax expense, excluding effect of special charges	(2.2)		1.9		20.1		48.3
Airline net income, excluding special charges(1)(2)	(8.8)		5.9		51.9		148.8

Airline net income allocated to participating securities excluding special charges	—		(0.5)		(1.4)		(5.5)
Airline net income (loss) attributable to common stock excluding special charges(1)(2)	(8.8)		5.4		50.5		143.3

Diluted shares used for computation (thousands)	17,913		17,721		17,802		17,913


Diluted earnings per share as reported (GAAP)	$	(2.05)	$	(1.44)	$	(1.38)	$	6.43
Diluted airline earnings (loss) per share excluding special charges(1)(2)	$	(0.49)	$	0.31	$	2.83	$	8.00


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Reconciliation of airline operating expense, operating income, and income (loss) before income taxes excluding special charges (millions)
Operating expense as reported (GAAP)	$	588.5		$	583.2		$	1,860.9		$	1,688.5
Non-airline operating expense	32.4			23.7			93.9			20.5
Airline operating expense	556.2			559.5			1,767.0			1,668.0
Airline special charges(2)	7.7			15.2			42.6			15.2
Airline operating expense, excluding special charges(1)(2)	$	548.5		$	544.3		$	1,724.3		$	1,652.8

Operating income (loss) as reported (GAAP)	$	(26.3)		$	(17.9)		$	24.0		$	210.4
Plus non-airline operating loss	19.3			23.7			40.1			20.5
Plus airline special charges(2)	7.7			15.2			42.6			15.2
Airline operating income, excluding special charges(1)(2)	$	0.6		$	21.0		$	106.8		$	246.1
Airline operating margin, excluding special charges(2)	0.1		%	3.7		%	5.8		%	13.0		%

Income (loss) before income taxes as reported (GAAP)	$	(43.4)		$	(29.9)		$	(26.8)		$	160.8
Plus non-airline loss before income taxes	24.8			22.6			56.1			21.0
Plus airline special charges(2)	7.7			15.2			42.6			15.2
Airline income (loss) before income taxes, excluding special charges(1)(2)	$	(11.0)		$	7.9		$	72.0		$	197.0


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Reconciliation of operating income (loss) excluding special charges (millions)
Operating income (loss) as reported (GAAP)	$	(26.3)	$	(17.9)	$	24.0	$	210.4
Special charges	8.8		32.6		40.0		19.8
Operating income (loss), excluding special charges(1)(2)(3)	$	(17.6)	$	14.7	$	64.0	$	230.2


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Reconciliation of airline operating CASM excluding fuel and special charges (millions)
Consolidated operating expense (GAAP)	$	588.5	$	583.2	$	1,860.9	$	1,688.5
Less fuel expense	148.2		167.9		488.4		520.0
Less non-airline operating expense	32.4		23.7		93.9		20.5
Less airline special charges(2)	7.7		15.2		42.6		15.2
Total airline operating expense less fuel and airline special charges(1)(2)	$	400.3	$	376.4	$	1,235.9	$	1,132.8

System available seat miles (millions)	4,501.5		4,433.8		14,286.7		14,164.9
Cost per available seat mile (cents)	13.07		13.15		13.03		11.92
Airline-only cost per available seat mile (cents)	12.35		12.62		12.37		11.78
Airline-only cost per available seat mile excluding fuel and airline special charges (cents)(2)	8.89		8.49		8.65		8.00


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Consolidated EBITDA and Consolidated EBITDA excluding special charges (millions)
Net income (loss) as reported (GAAP)	$	(36.8)	$	(25.1)	$	(24.0)	$	119.6
Interest expense, net	17.1		11.9		50.6		49.3
Income tax expense (benefit)	(6.7)		(4.9)		(2.7)		41.3
Depreciation and amortization	63.9		55.8		193.1		164.4
Consolidated EBITDA(1)	$	37.5	$	37.7	$	217.0	$	374.6
Special charges	8.8		32.6		40.0		19.8
Consolidated EBITDA, excluding special charges(1)(2)	$	46.3	$	70.3	$	257.0	$	394.4

Airline EBITDA excluding special charges (millions)
Income (loss) before taxes as reported (GAAP)	$	(43.4)	$	(29.9)	$	(26.8)	$	160.8
Plus non-airline loss before taxes	24.8		22.6		56.1		21.0
Plus airline special charges(2)	7.7		15.2		42.6		15.2
Airline income (loss) before taxes, excluding special charges(1)(2)	$	(11.0)	$	7.9	$	72.0	$	197.0
Airline interest expense, net	11.6		13.0		34.6		48.8
Airline depreciation and amortization	56.0		55.7		173.2		164.2
Airline EBITDA, excluding special charges(1)(2)	$	56.6	$	76.6	$	279.9	$	410.2

(1)Denotes non-GAAP figure.

(2)In 2024 and 2023, we recognized special charges for aircraft accelerated depreciation related to our revised fleet plan. Additionally in 2024, we recognized charges for a ratification bonus paid to flight attendants in connection with our new collective bargaining agreement and an organizational restructuring of certain administrative personnel. The accelerated depreciation, ratification bonus, and restructuring expenses are sometimes referred to as "airline special charges."

(3)In 2024 and 2023, we recognized as special charges the full amount of estimated property damage to Sunseeker Resort due to weather and other insured events less the amount of recognized insurance recoveries through the end of the applicable period (sometimes referred to as "Sunseeker special charges").

* Note that amounts may not recalculate due to rounding

Earnings Call

Forward looking statements 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. 2

3 Addressing headwinds to deliver industry-leading results Aircraft utilization ~20% below 2019 levels during July Existing functionality loss and delayed implementation of added functionality Boeing delivery delays - first deliveries originally expected in 2023 • Restoration of third-bundle product offering integrated with Navitaire during 3Q - contributing ~$1/pax of incremental ancillary revenue • Working through optimization - confident to have Navitaire fully optimized in 2025 • Retrofitting our aircraft to include Allegiant Extra for customers interested in premium seating options • Expect 2024 cobrand remuneration to exceed $140mm with continued growth in 2025 • Pilot’s staffing levels have stabilized • First step – Summer ’24 - small a/c utilization gains year-over-year and strong operational performance • Peak December utilization within six percent of 2019 levels • Targeting improved a/c utilization for all 2025 peak periods, with peak March scheduled to be within five percent of 2019 utilization levels • Received first 737 MAX in September ’24 • Entered revenue service in mid-October ’24 • Costs due to delays $30mm annually will subside next year under an elongated delivery schedule • Working with Boeing to seek compensation for delays

4 Line of sight to sustained peak utilization increases 0% 25% 50% 75% 100% Mar Jun Jul Nov Dec Mar % o f 2 0 19 U ti li za ti o n Scheduled Actual Aircraft Utilization as % of 2019 Block-Hours per Aircraft-Day 2024 2025 2019 utilization A ct u al S ch ed u le d • Pilot’s staffing levels have stabilized • Focused on restoring peak period utilization • December is scheduled to be 6% below 2019 levels • March is expected to be within 5% below 2019 levels • Increases in peak period utilization will drive margin improvements in 2025

5 Boeing 787-8200 extra 21 Extra Legroom 31 extra 36 Extra Legroom 12 Airbus A320 190 Pax 180 Pax New Priority Access Dedicated Overhead Bin Space Extra Legroom Complimentary Snack

6 737 MAX update 108 86 737-8200 A320 ASMs per Gallon* 26% increase 190 180 737-8200 A320 Seats per Departure +10 added seats 3Q24 TTM Allegiant Extra Configuration *737-8200 estimated twelve months fuel efficiency • Received first B737-8200 in September ’24 • Entered revenue service in mid-October ’24 • Higher revenue potential with increased gauge • Higher margin potential with improved fuel efficiency on an ASMs per gallon basis

7 Fourth quarter impact from hurricanes Hurricane Impact 4Q24 • Approximately 37% of our pre-hurricane anticipated seats were in markets impacted by the storms • We expect 25% of network seats to continue to be impacted • Nearly 1,000 flights were canceled or removed from the schedule between the end of September and early January o 2/3 of the cancels direct result of the hurricanes o 1/3 of the cancels due to the residual impact to the regions ASM TRASM Airline EPS 3.5% - 4.0% 1.5% Flat to (1%) (4.5%) Now Before hurricane Now Before hurricane Before hurricane Now $2.25 $1.00

3.7x 2.2x 3.8x 4.1x FY22A FY23A FY24E FY25E FY26E 8 Balance sheet and leverage update Net Leverage Outlook (Net Debt/Adj. EBITDA) 2022 – 2026E Deleverage starting 4Q24 3Q24 Highlights • Total liquidity at quarter end was $1.1 billion, including: o $805 million in cash and investments o $275 million in undrawn revolver capacity • Made principal payments totaling $107 million o $60.6 million was prepayment of debt on PDP loans • Ended the quarter with total debt below $2.2 billion o Fourth consecutive quarter with debt reduction 3Q24 TTM

9 Airline Outlook Summary 4Q24 System ASMs – y/y change ~1.5% Scheduled service ASMs – y/y change ~1.5% Fuel cost per gallon $2.50 Operating margin, excluding special charges 6.0% - 8.0% Airline-only earnings (loss) per share, excluding special charges $0.50 - $1.50 Fourth Quarter Airline-Only Guidance FY 2024 Interest expense (millions) $150 - $160 Capitalized interest (1) (millions) $40 – $50 Interest income (millions) $35 - $45 Full-Year Airline-Only Guidance FY 2024 Aircraft-related capital expenditures (2) (millions) $105 to $125 Capitalized deferred heavy maintenance (millions) $80 to $90 Other airline capital expenditures (millions) $105 to $115 Recurring principal payments (millions) $135 to $145 Full-Year Airline-Only CapEx (1) Includes capitalized interest related to pre-delivery deposits on new aircraft. (2) Aircraft-related capital expenditures includes the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount excludes capitalized interest related to pre-delivery deposits on new aircraft. Estimated capital expenditures are based on management's best estimate around aircraft deliveries, which differs from our contractual obligations.

10 Consolidated & Sunseeker Outlook Summary FY 2024 EBITDA, excluding special charges (1) (2) (millions) $(25) to $(30) Business interruption insurance proceeds related to delayed open Up to $10m Depreciation expense (millions) ~$25 Interest expense (millions) ~$20 Occupancy rate ~35% Average daily rate ~$300 Full-Year Sunseeker Guidance (1) Denotes a non-GAAP financial measure for which no reconciliation to GAAP as described in the earnings release (2) Sunseeker EBITDA loss includes management's best estimate for operating losses resulting from hurricane-related cancelled bookings as well as short-term demand weakening as a result of the hurricanes. This loss does not include structural damage to the property from the hurricanes. 4Q24 Consolidated earnings (loss) per share, excluding special charges $0.00 - $1.00 Fourth Quarter Consolidated Guidance

Cover Page Document	Oct. 30, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 30, 2024
Entity Registrant Name	Allegiant Travel Company
Entity Incorporation, State or Country Code	NV
Entity File Number	001-33166
Entity Tax Identification Number	20-4745737
Entity Address, Address Line One	1201 North Town Center Drive
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89144
City Area Code	702
Local Phone Number	851-7300
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001362468
Amendment Flag	false