Business
ALLEGIANT TRAVEL COMPANY FIRST QUARTER FINANCIAL RESULTS
First quarter 2022 GAAP diluted (loss) per share of $(0.44) First quarter 2022 diluted (loss) per share, excluding recognition bonus(1) of $(0.12)(1)(2) LAS
About this update from Allegiant Travel Company
[{"type":"text","content":"First quarter 2022 GAAP diluted (loss) per share of $(0.44)\nFirst quarter 2022 diluted (loss) per share, excluding recognition bonus(1) of $(0.12)(1)(2)\nLAS VEGAS, May 4, 2022 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for the first quarter 2022, as well as comparisons to prior years:\n\n \n \n \n \n \n \n\n \nConsolidated\nThree Months Ended March 31,\nPercent Change\n(unaudited) (in millions, except per share amounts)\n2022\n2021\n2019\nYoY\nYo3Y\nTotal operating revenue\n$ 500.1\n$ 279.1\n$ 451.6\n79.2%\n10.7%\nTotal operating expense\n492.9\n254.5\n360.5\n93.6\n36.7\nOperating income\n7.2\n24.6\n91.1\n(70.6)\n(92.1)\nIncome (loss) before income taxes\n(10.6)\n8.7\n73.9\n(221.9)\n(114.3)\nNet income (loss)\n(7.9)\n6.9\n57.1\n(214.7)\n(113.8)\nDiluted earnings (loss) per share\n$ (0.44)\n$ 0.42\n$ 3.52\n(204.8)\n(112.5)\n(1)\nRecognition bonus awarded despite not meeting internal profit-sharing targets\n(2) \nDenotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information\n\"The first quarter marked a sizable shift in the demand environment,\" stated Maurice J. Gallagher, Jr., chairman and CEO of Allegiant Travel Company. \"For the first time since the onset of the pandemic, we observed both load factor and TRASM improvements over 2019 during the month of March. Despite a nearly 40 percent increase in the cost per fuel gallon throughout the quarter, we recognized a more than 21 percent operating margin during March. These demand trends have persisted, and we now expect second quarter total revenue to be up as much as 30 percent compared to 2019 revenue.\n\"We continue making progress on further expanding our Allegiant 2.0 strategy. We are awaiting DOT approval for our joint venture with Viva Aerobus and are on track to begin selling flights to Mexico by the end of the year. Our Allways Allegiant World Mastercard continues to exceed expectations. New cardholders were up 99 percent compared to the first quarter of 2019. During 2021 we averaged 10,000 new cardholders per month while in this most recent quarter we added 45 thousand (March was the first month with more than 18 thousand cardholders acquired). Our Allways Rewards program now has more than one million active members. Rewards members average more ...