Business
Allegiant Reports July 2020 Traffic
LAS VEGAS, Aug. 11, 2020 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) today reported preliminary passenger traffic results for July 2020. "Gross
About this update from Allegiant Travel Company
[{"type":"text","content":"LAS VEGAS, Aug. 11, 2020 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) today reported preliminary passenger traffic results for July 2020.\n\n \n \n \n \n \n \n\n \n\"Gross bookings came in at roughly $2 million per day for the month of July,\" stated Gregory Anderson, executive vice president and chief financial officer, Allegiant Travel Company. \"Holding July daily gross bookings constant for the duration of the quarter, we continue to anticipate average daily cash burn to be just over $1 million for the third quarter, which includes half of the $20 million expected settlement to Sixth Street Partners (formerly TSSP) related to the termination of the loan agreement intended to finance the development of Sunseeker Resort Charlotte Harbor. We operated roughly 75 percent of our originally planned schedule during the month of July, with available seat miles down 9.8 percent year over year. This is consistent with expectations for the remainder of the quarter. We recognize that market conditions continue to evolve; therefore, we will refine capacity to better match the demand environment as needed.\" \nScheduled Service\nJuly 2020\nJuly 2019\nChange\nPassengers\n894,679\n1,740,997\n(48.6%)\nRevenue passenger miles (000)\n768,714\n1,483,724\n(48.2%)\nAvailable seat miles (000)\n1,516,821\n1,682,024\n(9.8%)\nLoad factor\n50.7%\n88.2%\n(37.5pts)\nDepartures\n10,370\n11,832\n(12.4%)\nAverage stage length (miles)\n843\n834\n1.1%\n \n Total System*\nJuly 2020\nJuly 2019\nChange\nPassengers\n896,478\n1,750,065\n(48.8%)\nAvailable seat miles (000)\n1,533,852\n1,725,577\n(11.1%)\nDepartures\n10,559\n12,165\n(13.2%)\nAverage stage length (miles)\n838\n833\n0.6%\n*Total system includes scheduled service and fixed fee contract. System revenue passenger miles and system load factor are not useful statistics as system available seat miles include both ASMs flown by fixed fee flying as well as non-revenue producing repositioning flights used for operational needs. Fixed fee flying is better measured through dollar contribution versus operational statistics.\nPreliminary Financial Results\n$ per gallon\nJuly 2020 estimated average fuel cost per gallon – system\n$1.33\nAllegiant Travel Company\nLas Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with premi...