ALGT Q4 2023 Earnings

Call Details

• Call Title: Allegiant Travel Company Q4 2023 Earnings Call
• Date: February 5, 2024 at 5:30 PM UTC
• Management Team:
  • Maury Gallagher (Chairman and Chief Executive Officer)
  • Greg Anderson (President)
  • Scott DeAngelo (EVP & Chief Marketing Officer)
  • Drew Wells (SVP and Chief Revenue Officer)
  • Robert Neal (SVP and Chief Financial Officer)
  • Sherry Wilson (Managing Director of Investor Relations)

Call Summary

Financial Performance

• Fourth quarter total revenue was $611 million.
• Full-year revenue exceeded $2.5 billion for 2023.
• Fourth quarter adjusted consolidated net income was $2.4 million and adjusted EPS was $0.11.
• Fourth quarter adjusted airline net income was $15.9 million, yielding an airline-only EPS of $0.86.
• Full-year adjusted consolidated net income was roughly $137 million, producing adjusted EPS of $7.31, and adjusted airline net income was $165 million with airline full-year EPS of $8.82.
• EBITDA for the full year was $472 million excluding special charges, and the airline generated over $500 million in EBITDA excluding special items for 2023.

Demand & Capacity

• Fourth quarter featured ASM growth of plus 5.7% compared to the prior year.
• First quarter growth is expected to be roughly 1% year over year.
• Full-year 2024 ASM guidance range is positive 2% to 6% year over year.
• June through August 2024 ASMs are expected to be up mid to high single digits versus the same month in 2023.
• Peak utilization is planned to increase up to one hour per aircraft per day compared to 2023 levels.
• The company serves 124 cities with 555 routes today, of which about 450 routes are stated as noncompetitive.