2022-04-20 | NDAQ:ALGT | Press release

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LA VEGAS, April 20, 2022 /PRNewswire/ — Allegiant Travel Company (NASDAQ:ALGT) today announced preliminary passenger traffic results for March 2022 as well as the first quarter of 2022.

“We ended the quarter with total revenue exceeding $500 millionan increase of 10.7% compared to 2019,” said Drew Wells, Senior Vice President, Revenue. “Demand began to pick up in earnest in mid-February resulting in load factors for March above levels seen in 2019. TRASM during March exceeded March 2019 with growth of capacity by more than 14%.Strength in demand continued in the second quarter with bookings growth outpacing expected capacity growth for the quarter.We expect second quarter load factors to exceed levels of 2019, with an increase of more than 10% of the TRASM on an expected double-digit capacity growth.

“‘Our average fuel cost per gallon was $3.07who came under additional pressure when we closed the quarter by paying $3.46 during the month of March,” said Gregory Anderson, Executive Vice President, Chief Financial Officer. “The sudden fuel spike caused $22 million fuel expense than expected in the quarter and was the primary driver of our loss per share of $0.44. Additionally, this loss includes the impact of “profit sharing”, consistent with 2019 amounts. Excluding this “profit sharing” component, the loss per share was approximately $0.12. These results would generally not trigger profit sharing. However, given the challenging environment and the continued efforts of our team members, we are pleased to award a 2022 Recognition Award.

“Our unit cost, excluding fuel and ‘profit sharing’, increased 4.2% over three years, in line with our original target despite lower than expected capacity growth. As we head into the second quarter, we have optimized our capacity growth planning to prioritize operational integrity, better align with a fuel-rich environment and improve profitability.”

Regular Service – One Year to Three Year Comparison

March 2022

March 2019

Switch

Passengers

1,666,336

1,484,326

12.3%

Revenue passenger miles (000)

1,594,614

1,386,501

15.0%

Seat miles available (000)

1,843,102

1,610,575

14.4%

Load factor

86.5%

86.1%

0.4 points

departures

11,258

10,297

9.3%

Average stage length (miles)

927

914

1.4%

1st Quarter 2022

1st Quarter 2019

Switch

Passengers

3,709,104

3,421,538

8.4%

Revenue passenger miles (000)

3,558,045

3,191,045

11.5%

Seat miles available (000)

4,512,315

3,802,132

18.7%

Load factor

78.9%

83.9%

(5.0pts)

departures

27,637

24,344

13.5%

Average stage length (miles)

926

908

2.0%

Total System* – One-Year-Three-Year Comparison

March 2022

March 2019

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Passengers

1,679,945

1,499,688

12.0%

Seat miles available (000)

1,893,962

1,655,330

14.4%

departures

11,700

10,660

9.8%

Average stage length (miles)

918

908

1.1%

1st Quarter 2022

1st Quarter 2019

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Passengers

3,734,262

3,450,278

8.2%

Seat miles available (000)

4,620,144

3,910,239

18.2%

departures

28,494

25,200

13.1%

Average stage length (miles)

920

904

1.8%

Scheduled Service – Year-over-Year Comparison

March 2022

March 2021

Switch

Passengers

1,666,336

1,095,572

52.1%

Revenue passenger miles (000)

1,594,614

1,022,480

56.0%

Seat miles available (000)

1,843,102

1,832,250

0.6%

Load factor

86.5%

55.8%

30.7 points

departures

11,258

11,710

(3.9%)

Average stage length (miles)

927

899

3.1%

1st Quarter 2022

1st Quarter 2021

Switch

Passengers

3,709,104

2,323,302

59.6%

Revenue passenger miles (000)

3,558,045

2,166,417

64.2%

Seat miles available (000)

4,512,315

3,921,090

15.1%

Load factor

78.9%

55.3%

23.6 points

departures

27,637

24,947

10.8%

Average stage length (miles)

926

902

2.7%

Total System* – Year-on-Year Comparison

March 2022

March 2021

Switch

Passengers

1,679,945

1,102,869

52.3%

Seat miles available (000)

1,893,962

1,884,130

0.5%

departures

11,700

12,144

(3.7%)

Average stage length (miles)

918

892

2.9%

1st Quarter 2022

1st Quarter 2021

Switch

Passengers

3,734,262

2,334,503

60.0%

Seat miles available (000)

4,620,144

4,013,989

15.1%

departures

28,494

25,684

10.9%

Average stage length (miles)

920

898

2.4%

*Total system includes scheduled service and flat fee contract. System revenue passenger miles and system load factor are not useful statistics, as system available seat miles include both ASM flown by fixed-fare flights as well as non-generating repositioning flights revenue used for operational needs. Fixed fare flights are best measured by dollar contribution rather than operational statistics.

Preliminary financial results

$ per liter

Estimated average fuel cost per gallon in March 2022 – system

$3.46

$ per liter

1st quarter 2022 estimated average fuel cost per gallon – system

$3.07

Allegiant Travel Company

VegasAllegiant (NASDAQ:ALGT) is an integrated travel agency with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has connected travelers from small and mid-sized cities to world-class vacation destinations with nonstop flights and some of the lowest average fares in the industry. Today, the Allegiant fleet serves communities across the country, 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

ALGT/G

Note: This press release was accurate as of the date of publication. However, the information in the November release has changed. If you plan to use the information contained herein for any purpose, verifying its continued accuracy is your responsibility.

For more information, please visit the company’s investor website: http://ir.allegiantair.com

Reference to the Company’s website above does not constitute incorporation of any of the information contained therein in this press release.

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SOURCEAllegiant Travel Company

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