Allegiant Travel Company Second Quarter 2018 Financial Results
Allegiant Travel Company Second Quarter 2018 Financial Results
Second quarter 2018 Fully Diluted Earnings per Share of $3.10
Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for the second quarter 2018, as well as comparisons to the prior year:
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
||||||||||||
|
Unaudited
|
2018
|
2017
|
Change
|
|
2018
|
2017
|
Change
|
||||||||||
|
Total operating revenue (millions)
|
$
|
436.8
|
|
$
|
401.8
|
|
8.7
|
%
|
|
$
|
862.2
|
|
$
|
781.9
|
|
10.3
|
%
|
|
Operating income (millions)
|
74.2
|
|
85.8
|
|
(13.5
|
)
|
|
154.2
|
|
159.5
|
|
(3.3
|
)
|
||||
|
Net income (millions)
|
50.0
|
|
49.0
|
|
2.0
|
|
|
105.2
|
|
91.4
|
|
15.1
|
|
||||
|
Diluted earnings per share
|
$
|
3.10
|
|
$
|
2.97
|
|
4.4
|
|
|
$
|
6.52
|
|
$
|
5.51
|
|
18.3
|
|
"We are proud to announce our 62nd consecutive profitable quarter," stated Maurice J. Gallagher, Jr., chairman and CEO of Allegiant Travel Company. "This is the second consecutive quarter of EPS growth, despite seeing our fuel cost per gallon increase by over 39 percent in the second quarter. This is a wonderful testament to the hard work of our team members as we navigate another busy summer.
"We are continuing our transition to an all-Airbus fleet. We have done an excellent job year-to-date but this summer was the critical period in this transition, including the timely delivery and induction of fifteen Airbus aircraft, and retirement of six MD-80s. Today we are on our schedule as planned, though some delayed deliveries in late May impacted our peak June period, in terms of top line and operations reliability. Looking forward, we should complete our transition at the end of November as scheduled.
"Our CASM-ex fuel results came in nicely. Our improved operational results as well as efficiencies from the Airbus fleet are beginning to pay dividends, and we are pleased with where the cost trend line is headed. Additionally, fuel efficiency continues to improve with the transition, with 76 vs. 72 ASMs per gallon this year compared to the same period last year.
"The Sunseeker resort project continues to move ahead. We are closing in on a financing plan and hope to announce the specifics in the next 60 to 90 days. We continue to be impressed with the many synergies and business alignments between Sunseeker and our air service presence on the west coast of Florida. Our Punta Gorda destination - a 15 minute drive from our Sunseeker location, grew over 30 percent in capacity on a trailing twelve month basis. We are on a pace to carry over 1.5 million passengers in and out of Punta Gorda this year."
Allegiant Q2 2018 Earnings, Page 1
Shareholder returns
- 2018 shareholder returns - over $22 million in the first half of the year through dividends
- Will pay dividends of $0.70 per share on August 31, 2018 to shareholders of record as of August 17, 2018
- Current share repurchase authority of $100 million as of July 25, 2018
- Third quarter scheduled and system ASMs are expected to grow between thirteen and fifteen percent vs last year
- 2018 full year ASM growth is expected to be between nine and eleven percent due to slower than expected aircraft deliveries
- 2018 fuel cost is expected to be $2.35 per gallon using the forward curve as of July 24, 2018
- 2018 EPS is expected to be between $9 and $10 per share due to the expected higher fuel cost
- Fuel expense is expected to increase approximately $35 million from when guided in November 2017
|
Guidance, subject to revision
|
|
|
|
|
|
|
|
|
|
Full year 2018 guidance
|
|
Previous*
|
Current
|
|
Fuel cost per gallon
|
|
$2.20
|
$2.35
|
|
Available seat miles (ASMs) / gallon
|
|
77.5 to 79.5
|
77.5 to 78.5
|
|
|
|
|
|
|
Interest expense (millions)
|
|
$50 to $60
|
$50 to $60
|
|
Tax rate
|
|
21 to 22%
|
21 to 22%
|
|
Share count (millions)
|
|
15.9
|
15.9
|
|
Earnings per share
|
|
$10 to $12
|
$9 to $10
|
|
|
|
|
|
|
System ASMs - year over year change
|
|
11 to 15%
|
9 to 11%
|
|
Scheduled service ASMs - year over year change
|
|
11 to 15%
|
9 to 11%
|
|
|
|
|
|
|
Depreciation expense / aircraft / month (thousands)
|
|
$120 to $130
|
$115 to $120
|
|
Maintenance expense / aircraft / month (thousands)
|
|
$95 to $105
|
$80 to $85
|
|
|
|
|
|
|
Full year 2018 CAPEX guidance
|
|
|
|
|
Capital expenditures (millions) **
|
|
$300
|
$300
|
|
Capitalized Airbus deferred heavy maintenance (millions) ***
|
|
$45
|
$45
|
* - Previous guidance as of April 25, 2018
** - Excludes Sunseeker Resorts
*** - Not included in capital expenditure total
Allegiant Q2 2018 Earnings, Page 1
|
Aircraft fleet plan by end of period
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
Aircraft - (seats per AC)
|
|
1Q18
|
2Q18
|
3Q18
|
YE18
|
||||
|
MD-80 (166 seats)
|
|
32
|
|
27
|
|
19
|
|
-
|
|
|
A319 (156 seats)
|
|
26
|
|
31
|
|
31
|
|
32
|
|
|
A320 (177/186 seats)
|
|
30
|
|
35
|
|
44
|
|
45
|
|
|
Total
|
|
88
|
|
93
|
|
94
|
|
77
|
|
Aircraft listed in table above include only in-service aircraft, planned retirements and future aircraft under contract (subject to change)
Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Wednesday, July 25, 2018 to discuss its second quarter 2018 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 Q2 2018 Earnings, Page 1
Las Vegas-based Allegiant (NASDAQ: ALGT) is focused on linking travelers in small and mid-sized cities to world-class leisure destinations. The airline offers industry-low fares on an all-jet fleet while also offering other travel-related products such as hotel rooms and rental cars. All can be purchased only through the company website, Allegiant.com. Beginning with one aircraft and one route in 1999, the company has grown to more than 80 aircraft and approximately 400 routes across the country with base airfares less than half the cost of the average domestic roundtrip ticket.
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 expenses, ASM growth, expected capital expenditures, number of contracted aircraft to be placed in service in the future, timing of aircraft retirements, as well as other information concerning future results of operations, business strategies, financing plans, industry environment and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "guidance," "anticipate," "intend," "plan," "estimate", "project", "hope" or similar expressions.
Detailed financial information follows:
Allegiant Travel Company
Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
|
|
Three Months Ended June 30,
|
|
Percent
|
|||||||
|
|
2018
|
|
2017
|
|
change
|
|||||
|
OPERATING REVENUE:
|
|
|
|
|
|
|||||
|
Passenger revenue (1)
|
$
|
405,572
|
|
|
$
|
367,250
|
|
|
10.4
|
|
|
Third party products
|
17,799
|
|
|
14,304
|
|
|
24.4
|
|
||
|
Fixed fee contract revenue
|
7,653
|
|
|
11,029
|
|
|
(30.6
|
)
|
||
|
Other revenue
|
5,756
|
|
|
9,261
|
|
|
(37.8
|
)
|
||
|
Total operating revenue
|
436,780
|
|
|
401,844
|
|
|
8.7
|
|
||
|
OPERATING EXPENSES:
|
|
|
|
|
|
|||||
|
Aircraft fuel
|
122,454
|
|
|
85,387
|
|
|
43.4
|
|
||
|
Salary and benefits
|
101,645
|
|
|
92,221
|
|
|
10.2
|
|
||
|
Station operations
|
41,553
|
|
|
38,998
|
|
|
6.6
|
|
||
|
Maintenance and repairs
|
24,611
|
|
|
28,645
|
|
|
(14.1
|
)
|
||
|
Depreciation and amortization
|
29,833
|
|
|
30,129
|
|
|
(1.0
|
)
|
||
|
Sales and marketing
|
18,348
|
|
|
13,492
|
|
|
36.0
|
|
||
|
Aircraft lease rentals
|
75
|
|
|
2,400
|
|
|
(96.9
|
)
|
||
|
Other
|
24,039
|
|
|
24,777
|
|
|
(3.0
|
)
|
||
|
Total operating expense
|
362,558
|
|
|
316,049
|
|
|
14.7
|
|
||
|
OPERATING INCOME
|
74,222
|
|
|
85,795
|
|
|
(13.5
|
)
|
||
|
OTHER (INCOME) EXPENSE:
|
|
|
|
|
|
|||||
|
Interest expense
|
13,156
|
|
|
8,889
|
|
|
48.0
|
|
||
|
Interest income
|
(1,927
|
)
|
|
(1,475
|
)
|
|
30.6
|
|
||
|
Other, net
|
(50
|
)
|
|
(493
|
)
|
|
(89.9
|
)
|
||
|
Total other expense
|
11,179
|
|
|
6,921
|
|
|
61.5
|
|
||
|
INCOME BEFORE INCOME TAXES
|
63,043
|
|
|
78,874
|
|
|
(20.1
|
)
|
||
|
PROVISION FOR INCOME TAXES
|
13,027
|
|
|
29,836
|
|
|
(56.3
|
)
|
||
|
NET INCOME
|
$
|
50,016
|
|
|
$
|
49,038
|
|
|
2.0
|
|
|
Earnings per share to common shareholders (2):
|
|
|
|
|
|
|||||
|
Basic
|
$3.10
|
|
|
$2.98
|
|
|
4.0
|
|
||
|
Diluted
|
$3.10
|
|
|
$2.97
|
|
|
4.4
|
|
||
|
Weighted average shares outstanding used in computing earnings per share to common shareholders (2):
|
|
|
|
|
|
|||||
|
Basic
|
15,939
|
|
|
16,198
|
|
|
(1.6
|
)
|
||
|
Diluted
|
15,945
|
|
|
16,220
|
|
|
(1.7
|
)
|
||
|
|
Three Months Ended June 30,
|
|
Percent
|
|||||||
|
|
2018
|
|
2017
|
|
change (1)
|
|||||
|
OPERATING STATISTICS
|
|
|
|
|
|
|||||
|
Total system statistics:
|
|
|
|
|
|
|||||
|
Passengers
|
3,704,113
|
|
|
3,306,193
|
|
|
12.0
|
|
||
|
Revenue passenger miles (RPMs) (thousands)
|
3,276,599
|
|
|
2,958,808
|
|
|
10.7
|
|
||
|
Available seat miles (ASMs) (thousands)
|
3,922,294
|
|
|
3,584,209
|
|
|
9.4
|
|
||
|
Load factor
|
83.5
|
%
|
|
82.6
|
%
|
|
0.9
|
|
||
|
Operating expense per ASM (CASM) (cents)
|
9.24
|
|
|
8.82
|
|
|
4.8
|
|
||
|
Fuel expense per ASM (cents)
|
3.12
|
|
|
2.38
|
|
|
31.1
|
|
||
|
Operating CASM, excluding fuel (cents)
|
6.12
|
|
|
6.44
|
|
|
(5.0
|
)
|
||
|
ASMs per gallon of fuel
|
76.1
|
|
|
71.9
|
|
|
5.8
|
|
||
|
Departures
|
27,063
|
|
|
24,721
|
|
|
9.5
|
|
||
|
Block hours
|
60,707
|
|
|
56,056
|
|
|
8.3
|
|
||
|
Average stage length (miles)
|
858
|
|
|
866
|
|
|
(0.9
|
)
|
||
|
Average number of operating aircraft during period
|
92.0
|
|
|
85.3
|
|
|
7.9
|
|
||
|
Average block hours per aircraft per day
|
7.3
|
|
|
7.2
|
|
|
1.4
|
|
||
|
Full-time equivalent employees at end of period
|
3,840
|
|
|
3,628
|
|
|
5.8
|
|
||
|
Fuel gallons consumed (thousands)
|
51,516
|
|
|
49,858
|
|
|
3.3
|
|
||
|
Average fuel cost per gallon
|
$
|
2.38
|
|
|
$
|
1.71
|
|
|
39.2
|
|
|
Scheduled service statistics:
|
|
|
|
|
|
|||||
|
Passengers
|
3,681,944
|
|
|
3,266,789
|
|
|
12.7
|
|
||
|
Revenue passenger miles (RPMs) (thousands)
|
3,245,774
|
|
|
2,903,257
|
|
|
11.8
|
|
||
|
Available seat miles (ASMs) (thousands)
|
3,795,815
|
|
|
3,436,872
|
|
|
10.4
|
|
||
|
Load factor
|
85.5
|
%
|
|
84.5
|
%
|
|
1.0
|
|
||
|
Departures
|
25,992
|
|
|
23,609
|
|
|
10.1
|
|
||
|
Block hours
|
58,536
|
|
|
53,632
|
|
|
9.1
|
|
||
|
Total passenger revenue per ASM (TRASM) (cents) (2)
|
11.15
|
|
|
11.10
|
|
|
0.5
|
|
||
|
Average fare - scheduled service (3)
|
$
|
64.62
|
|
|
$
|
67.76
|
|
|
(4.6
|
)
|
|
Average fare - air-related charges (3)
|
$
|
45.53
|
|
|
$
|
44.66
|
|
|
1.9
|
|
|
Average fare - third party products
|
$
|
4.84
|
|
|
$
|
4.38
|
|
|
10.5
|
|
|
Average fare - total
|
$
|
114.99
|
|
|
$
|
116.80
|
|
|
(1.5
|
)
|
|
Average stage length (miles)
|
864
|
|
|
869
|
|
|
(0.6
|
)
|
||
|
Fuel gallons consumed (thousands)
|
49,671
|
|
|
47,821
|
|
|
3.9
|
|
||
|
Average fuel cost per gallon
|
$
|
2.37
|
|
|
$
|
1.70
|
|
|
39.4
|
|
|
Percent of sales through website during period
|
93.9
|
%
|
|
95.1
|
%
|
|
(1.2
|
)
|
||
(1) Except load factor and percent of sales through website, which is percentage point change.
(2) 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. The 2017 figure reflected has been adjusted from previously reported as a result of recast of revenue in accordance with revenue recognition accounting rules adopted by us as of January 1, 2018.
(3) 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)
|
|
Six Months Ended June 30,
|
|
Percent
|
|||||||
|
|
2018
|
|
2017
|
|
change
|
|||||
|
OPERATING REVENUE:
|
|
|
|
|
|
|||||
|
Passenger Revenue (1)
|
$
|
802,343
|
|
|
$
|
715,086
|
|
|
12.2
|
|
|
Third party products
|
28,124
|
|
|
27,046
|
|
|
4.0
|
|
||
|
Fixed fee contract revenue
|
18,209
|
|
|
22,289
|
|
|
(18.3
|
)
|
||
|
Other revenue
|
13,548
|
|
|
17,434
|
|
|
(22.3
|
)
|
||
|
Total operating revenue
|
862,224
|
|
|
781,855
|
|
|
10.3
|
|
||
|
OPERATING EXPENSES:
|
|
|
|
|
|
|||||
|
Aircraft fuel
|
228,481
|
|
|
170,049
|
|
|
34.4
|
|
||
|
Salary and benefits
|
214,608
|
|
|
188,519
|
|
|
13.8
|
|
||
|
Station operations
|
79,137
|
|
|
70,830
|
|
|
11.7
|
|
||
|
Maintenance and repairs
|
43,881
|
|
|
58,740
|
|
|
(25.3
|
)
|
||
|
Depreciation and amortization
|
57,983
|
|
|
60,678
|
|
|
(4.4
|
)
|
||
|
Sales and marketing
|
37,426
|
|
|
26,822
|
|
|
39.5
|
|
||
|
Aircraft lease rentals
|
96
|
|
|
2,564
|
|
|
(96.3
|
)
|
||
|
Other
|
46,422
|
|
|
44,129
|
|
|
5.2
|
|
||
|
Total operating expense
|
708,034
|
|
|
622,331
|
|
|
13.8
|
|
||
|
OPERATING INCOME
|
154,190
|
|
|
159,524
|
|
|
(3.3
|
)
|
||
|
OTHER (INCOME) EXPENSE:
|
|
|
|
|
|
|||||
|
Interest expense
|
25,880
|
|
|
17,291
|
|
|
49.7
|
|
||
|
Interest income
|
(3,834
|
)
|
|
(2,739
|
)
|
|
40.0
|
|
||
|
Other, net
|
(290
|
)
|
|
(854
|
)
|
|
(66.0
|
)
|
||
|
Total other expense
|
21,756
|
|
|
13,698
|
|
|
58.8
|
|
||
|
INCOME BEFORE INCOME TAXES
|
132,434
|
|
|
145,826
|
|
|
(9.2
|
)
|
||
|
PROVISION FOR INCOME TAXES
|
27,225
|
|
|
54,437
|
|
|
(50.0
|
)
|
||
|
NET INCOME
|
105,209
|
|
|
91,389
|
|
|
15.1
|
|
||
|
Earnings per share to common shareholders (2):
|
|
|
|
|
|
|||||
|
Basic
|
$6.53
|
|
|
$5.52
|
|
|
18.3
|
|
||
|
Diluted
|
$6.52
|
|
|
$5.51
|
|
|
18.3
|
|
||
|
Weighted average shares outstanding used in computing earnings per share to common shareholders (2):
|
|
|
|
|
|
|||||
|
Basic
|
15,898
|
|
|
16,290
|
|
|
(2.4
|
)
|
||
|
Diluted
|
15,914
|
|
|
16,317
|
|
|
(2.5
|
)
|
||
(1) Passenger revenue previously reported as Scheduled service revenue and Ancillary air-related revenue.
(2) 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.
Allegiant Travel Company
Operating Statistics
(Unaudited)
|
|
Six Months Ended June 30,
|
|
Percent
|
|||||||
|
|
2018
|
|
2017
|
|
change (1)
|
|||||
|
OPERATING STATISTICS
|
|
|
|
|
|
|||||
|
Total system statistics:
|
|
|
|
|
|
|||||
|
Passengers
|
7,007,064
|
|
|
6,187,441
|
|
|
13.2
|
|
||
|
Revenue passenger miles (RPMs) (thousands)
|
6,371,403
|
|
|
5,667,306
|
|
|
12.4
|
|
||
|
Available seat miles (ASMs) (thousands)
|
7,650,857
|
|
|
6,961,046
|
|
|
9.9
|
|
||
|
Load factor
|
83.3
|
%
|
|
81.4
|
%
|
|
1.9
|
|
||
|
Operating expense per ASM (CASM) (cents)
|
9.25
|
|
|
8.94
|
|
|
3.5
|
|
||
|
Fuel expense per ASM (cents)
|
2.99
|
|
|
2.44
|
|
|
22.5
|
|
||
|
Operating CASM, excluding fuel (cents)
|
6.26
|
|
|
6.50
|
|
|
(3.7
|
)
|
||
|
ASMs per gallon of fuel
|
76.4
|
|
|
72.0
|
|
|
6.1
|
|
||
|
Departures
|
51,311
|
|
|
47,016
|
|
|
9.1
|
|
||
|
Block hours
|
118,510
|
|
|
109,249
|
|
|
8.5
|
|
||
|
Average stage length (miles)
|
883
|
|
|
883
|
|
|
-
|
|
||
|
Average number of operating aircraft during period
|
90.8
|
|
|
85.0
|
|
|
6.8
|
|
||
|
Average block hours per aircraft per day
|
7.2
|
|
|
7.1
|
|
|
1.4
|
|
||
|
Full-time equivalent employees at end of period
|
3,840
|
|
|
3,628
|
|
|
5.8
|
|
||
|
Fuel gallons consumed (thousands)
|
100,156
|
|
|
96,708
|
|
|
3.6
|
|
||
|
Average fuel cost per gallon
|
$
|
2.28
|
|
|
$
|
1.76
|
|
|
29.5
|
|
|
Scheduled service statistics:
|
|
|
|
|
|
|||||
|
Passengers
|
6,961,312
|
|
|
6,112,269
|
|
|
13.9
|
|
||
|
Revenue passenger miles (RPMs) (thousands)
|
6,310,393
|
|
|
5,565,191
|
|
|
13.4
|
|
||
|
Available seat miles (ASMs) (thousands)
|
7,397,830
|
|
|
6,674,035
|
|
|
10.8
|
|
||
|
Load factor
|
85.3
|
%
|
|
83.4
|
%
|
|
1.9
|
|
||
|
Departures
|
49,256
|
|
|
44,857
|
|
|
9.8
|
|
||
|
Block hours
|
114,224
|
|
|
104,507
|
|
|
9.3
|
|
||
|
Total scheduled service revenue per ASM (TRASM) (cents) (2)
|
11.23
|
|
|
11.12
|
|
|
1.0
|
|
||
|
Average fare - scheduled service (3)
|
$
|
68.95
|
|
|
$
|
71.33
|
|
|
(3.3
|
)
|
|
Average fare - air-related charges (3)
|
$
|
46.31
|
|
|
$
|
45.67
|
|
|
1.4
|
|
|
Average fare - third party products
|
$
|
4.04
|
|
|
$
|
4.42
|
|
|
(8.6
|
)
|
|
Average fare - total
|
$
|
119.30
|
|
|
$
|
121.42
|
|
|
(1.7
|
)
|
|
Average stage length (miles)
|
889
|
|
|
887
|
|
|
0.2
|
|
||
|
Fuel gallons consumed (thousands)
|
96,542
|
|
|
92,713
|
|
|
4.1
|
|
||
|
Average fuel cost per gallon
|
$
|
2.27
|
|
|
$
|
1.75
|
|
|
29.7
|
|
|
Percent of sales through website during period
|
93.9
|
%
|
|
94.2
|
%
|
|
(0.3
|
)
|
||
(1) Except load factor and percent of sales through website, which is percentage point change.
(2) 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. The 2017 figure reflected has been adjusted from previously reported as a result of recast of revenue in accordance with revenue recognition accounting rules adopted by us as of January 1, 2018.
(3) Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path.
Summary Balance Sheet
|
(millions)
|
6/30/2018
|
|
12/31/2017
|
|
Change
|
|||||
|
|
(unaudited)
|
|
|
|
|
|||||
|
Unrestricted cash
|
|
|
|
|
|
|||||
|
Cash and cash equivalents
|
$
|
29.0
|
|
|
$
|
59.4
|
|
|
(51.2
|
)%
|
|
Short-term investments
|
343.2
|
|
|
352.7
|
|
|
(2.7
|
)
|
||
|
Long-term investments
|
56.4
|
|
|
78.6
|
|
|
(28.2
|
)
|
||
|
Total unrestricted cash and investments
|
428.6
|
|
|
490.7
|
|
|
(12.7
|
)
|
||
|
Debt
|
|
|
|
|
|
|||||
|
Current maturities of long-term debt and capital lease obligations, net of related costs
|
144.4
|
|
|
214.8
|
|
|
(32.8
|
)
|
||
|
Long-term debt and capital lease obligations, net of current maturities and related costs
|
992.3
|
|
|
950.1
|
|
|
4.4
|
|
||
|
Total debt
|
1,136.7
|
|
|
1,164.9
|
|
|
(2.4
|
)
|
||
|
Total Allegiant Travel Company shareholders' equity
|
$
|
644.7
|
|
|
$
|
553.3
|
|
|
16.5
|
%
|
|
|
Six Months Ended June 30,
|
|
|
|||||||
|
Unaudited (millions)
|
2018
|
|
2017
|
|
Change
|
|||||
|
Cash provided by operating activities
|
$
|
283.2
|
|
|
$
|
262.9
|
|
|
7.7
|
%
|
|
Purchase of property and equipment, including capitalized interest*
|
187.5
|
|
|
182.3
|
|
|
2.9
|
|
||
|
Repurchase of common stock
|
3.0
|
|
|
84.9
|
|
|
(96.5
|
)
|
||
|
Cash dividends paid to shareholders
|
22.6
|
|
|
23.2
|
|
|
(2.6
|
)
|
||
|
Proceeds from the issuance of long-term debt
|
10.8
|
|
|
134.5
|
|
|
(92.0
|
)
|
||
|
Principal payments on long-term debt & capital lease obligations
|
$
|
142.4
|
|
|
$
|
64.9
|
|
|
119.4
|
%
|
* Includes aircraft pre-delivery deposits.
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 June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Basic:
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
$
|
50,016
|
|
|
$
|
49,038
|
|
|
$
|
105,209
|
|
|
$
|
91,389
|
|
|
Less net income allocated to participating securities
|
(659
|
)
|
|
(789
|
)
|
|
(1,427
|
)
|
|
(1,482
|
)
|
||||
|
Net income attributable to common stock
|
$
|
49,357
|
|
|
$
|
48,249
|
|
|
$
|
103,782
|
|
|
$
|
89,907
|
|
|
Earnings per share, basic
|
$
|
3.10
|
|
|
$
|
2.98
|
|
|
$
|
6.53
|
|
|
$
|
5.52
|
|
|
Weighted-average shares outstanding
|
15,939
|
|
|
16,198
|
|
|
15,898
|
|
|
16,290
|
|
||||
|
Diluted:
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
$
|
50,016
|
|
|
$
|
49,038
|
|
|
$
|
105,209
|
|
|
$
|
91,389
|
|
|
Less net income allocated to participating securities
|
(658
|
)
|
|
(789
|
)
|
|
(1,425
|
)
|
|
(1,480
|
)
|
||||
|
Net income attributable to common stock
|
$
|
49,358
|
|
|
$
|
48,249
|
|
|
$
|
103,784
|
|
|
$
|
89,909
|
|
|
Earnings per share, diluted
|
$
|
3.10
|
|
|
$
|
2.97
|
|
|
$
|
6.52
|
|
|
$
|
5.51
|
|
|
Weighted-average shares outstanding
|
15,939
|
|
|
16,198
|
|
|
15,898
|
|
|
16,290
|
|
||||
|
Dilutive effect of stock options and restricted stock
|
44
|
|
|
71
|
|
|
63
|
|
|
92
|
|
||||
|
Adjusted weighted-average shares outstanding under treasury stock method
|
15,983
|
|
|
16,269
|
|
|
15,961
|
|
|
16,382
|
|
||||
|
Participating securities excluded under two-class method
|
(38
|
)
|
|
(49
|
)
|
|
(47
|
)
|
|
(65
|
)
|
||||
|
Adjusted weighted-average shares outstanding under two-class method
|
15,945
|
|
|
16,220
|
|
|
15,914
|
|
|
16,317
|
|||||