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Sep 30, 2022
Allegiant Q3 2022 Earnings Report
Reported a GAAP diluted loss per share of $(2.58) and a loss per share, excluding recognition bonus and Hurricane Ian special charge, of $(0.54).
Key Takeaways
Allegiant Travel Company reported a loss for the third quarter of 2022, with a GAAP diluted loss per share of $(2.58). However, the company saw a total operating revenue increase of more than 28 percent as compared with 2019. Demand continues to outpace 2019, and forward bookings into the upcoming holiday season are tracking at higher loads and significantly higher yields than at this point in 2019.
Loss before income tax of $56.2 million, includes a $35 million special charge related to Hurricane Ian damage.
Total operating revenue was $560.3 million, up 28.4 percent year over three-year.
Load factor of 88.5 percent, a 2.5 percentage point increase from the third quarter of 2019.
Acquired 38 thousand new Allways Allegiant World Mastercard holders during the quarter, the strongest third quarter acquisition since the program's inception.
Revenue by Segment
Forward Guidance
Looking ahead to the fourth quarter, the company tapered capacity a bit as a result of the impacts from Hurricane Ian. They expect scheduled capacity to increase roughly 15 percent year over three-year. Given the strong demand environment coupled with improvements in operations, they expect to expand margins, delivering a profitable fourth quarter.
Positive Outlook
- Strong demand environment
- Improvements in operations
- Expect to expand margins
- Delivering a profitable fourth quarter
- Total operating revenue - year over three-year change of 26.5% to 28.5%
Challenges Ahead
- Impacts from Hurricane Ian
- System ASMs - year over three-year change of ~13.5%
- Scheduled Service ASMs - year over three-year change of ~15%
- Operating CASM, excluding fuel - year over three-year change of 13% to 15%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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