Q3 Revenue Up in Sixt’s ‘Best Quarter in History’


Rental car and mobility services provider Sixt has posted what it called “by far” the best quarterly result in the company’s history, with consolidated operating revenue in the third quarter of 2021 up 2.2 percent from pre-pandemic levels. 

The company reported third-quarter earnings before taxes of €253.2 million, a fourfold increase on the same period last year (€66 million) and up 72.8 percent from the third quarter of 2019. At €795.2 million, revenue was 73 percent higher than the same quarter in 2020 and 2.2 percent higher than 2019.

Furthermore, Sixt said it already has earned more in the first nine months of 2021 than it did in the full-year 2019, at €317.4 million versus €308.2 million, respectively.

Sixt said it has benefitted from strong demand for mobility that continued into the autumn, particularly in the U.S. and European markets, along with an increase in market prices throughout the car rental industry caused by a shortage of new vehicles.

According to the company, as well as leisure travel, business travel has “also shown a clear recovery”, with global B-to-B revenue in August and September higher than the levels seen in the same period of 2019. 

Sixt said strategic growth measures implemented during the pandemic had a particularly positive effect on its performance, with the company pointing to the U.S. as a high-growth market. In the nine months ending Sept. 30, Sixt reported U.S. sales reached €413.1 million, an increase of 11.3 percent from 2019 and double sales seen in 2020. 

According to Sixt, it is now the fourth-largest car rental company in the U.S., with 94 locations.

The company said it benefitted from a “long summer season” in Europe, with high demand continuing into the autumn. Third-quarter revenue in the region (excluding Germany) grew 82.3 percent year over year to €386.7 million. Germany grew at the “slightly more subdued pace” of 24.1 percent to €233.1 million, which Sixt attributed to the slow restart of business travel in the country.

Sixt recently increased its full-year forecast to earnings of between €390 million and €450 million.



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Marriott reports continued recovery in third quarter | News


Marriott International has reported an operating income of $545 million in the 2021 third quarter, compared to 2020 third quarter reported operating income of $252 million.

Reported net income totalled $220 million in the 2021 third quarter, compared to 2020 third quarter reported net income of $100 million.

Reported diluted earnings per share (EPS) totalled $0.67 in the quarter, compared to reported diluted EPS of $0.31 in the year-ago quarter.

The hotel giant said third quarter 2021 comparable systemwide constant dollar RevPAR increased 118 per cent worldwide, 135 percent in the United States and Canada, and 76 per cent in international markets, when compared to the 2020 third quarter.

Anthony Capuano, chief executive of Marriott International, said: “We were pleased to see continued meaningful improvement in global trends in the third quarter, despite the impact of the Delta variant of Covid-19 during the second half of the quarter.

“For the quarter, worldwide RevPAR was down 26 per cent compared to the 2019 third quarter, a significant improvement from the second quarter RevPAR decline of 44 per cent compared to the same quarter in 2019.

“Third quarter occupancy topped 58 per cent, driven largely by continued strength in leisure demand.

“Average daily rate, which was only four percent below 2019 levels for the quarter, has been recovering much more quickly than in the past two downturns.”

He added: “Most of our regions saw considerable improvement in RevPAR in the third quarter compared to the second quarter.

“In our largest region, the United States and Canada, third quarter RevPAR came in 20 per cent below the same quarter in 2019, compared to down 40 per cent in the second quarter versus the same quarter in 2019.

“Europe saw a dramatic rise in demand in the quarter, as many key international borders opened, with 2021 RevPAR compared to 2019 improving to down 44 per cent from down 77 per cent in the second quarter.

“ADR for the region trailed third quarter 2019 levels by just five per cent.”





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Airbnb lost $1.2 billion in 1st quarter, blames European lockdowns



Associated Press

Published 7:40 a.m. ET May 14, 2021

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Thirteen years after its founders first rented air mattresses in their San Francisco apartment, Airbnb is making its long-awaited stock market debut. Airbnb raised $3.7 billion in the initial public offering.  (Dec. 5)

AP Domestic

Airbnb reported Thursday that its first-quarter loss more than tripled, to $1.2 billion, as travel remained depressed by the pandemic and the company was weighed down by costs from past borrowing.

However, revenue topped the same period in 2019, and Airbnb recorded billions in new bookings as the rollout of vaccines against COVID-19 raised hopes for a travel boom.

The home-sharing business said in a letter to shareholders that travel is starting to return, “and we expect a travel rebound unlike anything we have seen before.”

Still, Airbnb expressed concern about travel restrictions and lockdowns in Europe, a key market for summer rentals. The San Francisco-based company said it is too early to predict whether the pace of the travel recovery will continue in the second half of the year.

Pandemic-related restrictions are cutting into Airbnb revenue, particularly in Europe. The company has seen growing demand for travel in the U.S., however, with particular interest in rentals in beach and mountain locations. Bookings in cities, which were a strength before the pandemic, have not recovered.

Cancellations have eased from 2020 but remain higher than before the pandemic, although company officials gave no figures.

CEO Brian Chesky predicted that even after the pandemic more people will work outside central offices, providing a ready supply of future guests. He said 24% of Airbnb customers now book stays of at least 28 days, compared with 14% before the pandemic, which he suggested would give home-sharing an advantage over hotels.

“The longer you stay somewhere, the more you are inclined to stay in a home,” he said on a call with analysts.

Airbnb’s first-quarter results were hurt by losses related to debt repayment and an adjustment in the value of stock warrants issued in connection with money it borrowed last year during the depths of the pandemic downturn in travel.

The loss equaled $1.95 per share. Wall Street expected a loss of $717 million, or $1.07 per share, according to a FactSet survey of 27 analysts.

Airbnb’s revenue rose 5% from a year ago and 6% over the same quarter in 2019, to $887 million. That topped the analysts’ forecast of $721 million.

The value of new bookings recorded in the quarter jumped to $10.3 billion, up from $6.8 billion a year earlier and more than $4 billion higher than in the fourth quarter of 2020.

Airbnb released the results after a day in which the shares fell 3.2% in regular trading. They fell less than 1% in extended trading.

The shares have fallen 37% since their Feb. 11 peak, dropping below where they closed after their stock market debut on Dec. 10.

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IHG Hotels & Resorts reports gradual recovery over first quarter | News


Just four per cent of properties operated by IHG Hotels & Resorts remained closed in the first quarter, as the hotel giant continued to battle back from the Covid-19 pandemic.

Occupancy at the more than 5,000 hotels which are open, however, stood at 40 per cent.

IHG said group RevPAR was down by half when compared to the pre-Covid-19 first quarter of 2019.

Keith Barr, chief executive of IHG Hotels & Resorts, said: “Trading continued to improve during the first quarter of 2021, with IHG maintaining its outperformance of the industry in key markets and seeing strong performance in openings and signings as we expand our brands around the world.

“There was a notable pick-up in demand in March, particularly in the US and China, which continued into April.

“While the risk of volatility remains for the balance of the year, there is clear evidence from forward bookings data of further improvement as we look to the months ahead.”

IHG is currently able to change around 80 per cent of 2019 rates for rooms.

In Europe, the Middle East, Asia and Africa, the continuation of lockdowns meant RevPAR levels were largely unchanged from the prior two quarters.

In Greater China, after temporary domestic travel restrictions were lifted, demand recovered quickly in March towards levels seen in the second half of 2020.

“We opened a further 56 hotels during the quarter, and these new openings broadly offset hotels removed as part of our continued focus on maintaining the highest quality estate for our guests,” added Barr.

“Linked to this, we are making good progress on our review of the Holiday Inn and Crowne Plaza estates.

“Our pipeline grew with 92 signings in the quarter, driven by our industry-leading midscale brands and continued strong owner appetite for conversion opportunities.”

London

Also today, InterContinental London Park Lane has reopened for essential travel.

Blending the elegance of Mayfair and the glamour of Knightsbridge whilst steeped in Royal heritage, the luxury hotel sits on one of most prestigious corners in London and provides unprecedented access to the heart of London.

The hotel offers unrivalled luxury from its 135 newly refurbished rooms called Mayfair Collection, inspired by the Royal Parks which sit on the property doorstep and its long-standing ties with British society.





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Uber: Mobility Recovery Will Accelerate Next Quarter


“The
mobility [business] recovery started to pick up pace in March and improved
further in April,” said Uber Technologies CEO Dara
Khosrowshahi during the ride hail company’s earnings call yesterday.
“With strong vaccination rates in several key markets, including the U.S.,
we’re optimistic that this trend should accelerate going forward.”

Uber’s
gross bookings grew 24 percent year over year to $19.5 billion. Gross bookings for
Uber’s mobility business, which includes ride-hailing services, amounted to
$6.8 billion, down 38 percent year over year. Uber’s delivery business grew 166
percent year over year to $12.5 billion and “continues to surpass growth
expectations,” according to Khosrowshahi.

Number
of total trips amounted to 1.5 billion, down 13 percent year over year. The
number of active monthly users stood at 98 million, down 5 percent year over
year. 

Uber
revenue totaled $2.9 billion, down 11 percent year over year. Mobility revenue
stood at $853 million, down 65 percent year over year. Delivery revenue reached
$1.7 billion, up 230 percent year over year.

Uber
expects rider demand to continue to outstrip driver
supply

in the second quarter. To improve driver supply, Uber will be increasing
incentives to attract drivers back to the road.

“In
several countries, including the U.S., we’ll continue to lean in with targeted
incentives for new and existing drivers to build up significant supply, which
will enable us to achieve maximum velocity as the recovery plays out,”
said Khosrowshahi.

Adjusted
EBITDA totaled $359 million, an improvement of $253 million year over year.
Mobility adjusted EBITDA reached $298 million, down $283 million year over year
but up $5 million quarter over quarter. Delivery adjusted EBITDA was $200
million, a $113 million year-over-year improvement. Net loss amounted to $108
million.

Uber
executives were asked to comment about the U.S. Department of Labor’s recent
withdrawal of the “Independent Contractor Rule,” handed down by the
Trump administration in January. The rule would have made it easier for gig
economy firms like Uber, Lyft, DoorDash and others to keep workers categorized
as independent contractors, rather than full-status employees. Full-status
employees are entitled to minimum wage and overtime compensation protections of
the Fair Labor Standards Act.

The
rule’s withdrawal in the U.S. does not result in reclassifying gig workers as
employees but could help lay a foundation for doing so. Uber is counting on
finding a middle ground, according to CFO Nelson Chai. “We think there’s
opportunity for dialogue that can ultimately lead to a solution that gives gig
workers the protection they deserve while preserving the innovation that gives
them the flexibility that they desire,” he said.
 

Doing
so will be key to keeping labor costs down, as evidenced by recent driver
classification issues for the company that are coming home to roost in the UK. Uber
reported a $600 million accrual hit to its mobility revenue for the resolution
of historical claims in that market since a UK Supreme Court
ruling

in March compelled the company to classify its drivers as ‘workers’ rather than
contractors. Excluding the UK accrual, mobility revenue would have been $1.5
billion, down 41 percent year over year and total revenue would have reached
$3.5 billion, up 8 percent year over year. 

RELATED:
Uber Q4 &
Full-Year Earnings



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Allegiant Travel Company First Quarter 2021 Financial Results | News


LAS VEGAS, May 4, 2021 /PRNewswire/ — Allegiant Travel Company (NASDAQ: ALGT) today reported the following financial results for the first quarter 2021, as well as comparisons to the prior years:

Consolidated

Three Months Ended March 31,

Percent Change

(unaudited) (in millions, except per share amounts)

2021

2020

2019

YoY

Yo2Y

Total operating revenue

$

279.1

$

409.2

$

451.6

(31.8)

(38.2)

Total operating expense

254.5

527.0

360.5

(51.7)

(29.4)

Operating income (loss)

24.6

(117.8)

91.1

120.9

(73.0)

Income (loss) before income taxes

8.7

(130.7)

73.9

106.6

(88.3)

Net income (loss)

6.9

(33.0)

57.1

120.8

(88.0)

Diluted earnings (loss) per share

$

0.42

$

(2.08)

$

3.52

120.2

(88.1)

Consolidated – adjusted

Three Months Ended March 31,

Percent Change

(unaudited) (in millions, except per share amounts)

2021

2020

2019

YoY

Yo2Y

Adjusted operating income (loss) (1) (2)

$

(59.0)

$

55.1

$

91.1

(207.1)

(164.8)

Adjusted operating expense (1) (2)

338.1

360.9

360.5

(6.3)

(6.2)

Adjusted income (loss) before income taxes (1) (2)

(74.9)

42.2

73.9

(277.5)

(201.4)

Adjusted net income (loss) (1) (2)

(57.9)

32.5

57.1

(278.2)

(201.4)

Adjusted diluted earnings (loss) per share (1) (2)

$

(3.58)

$

2.05

$

3.52

(274.6)

(201.7)

(1) Adjusted excludes COVID related special charges and the net benefit from the Payroll Support Program Extension Agreement (the “PSP2”)

(2) Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information

 

“The momentum reported last quarter picked up in earnest towards the back half of the first quarter with booking trends showing meaningful improvement,” stated Maurice J. Gallagher, Jr., chairman and CEO of Allegiant Travel Company. “We completed the quarter with earnings per share of $0.42 on year over two-year revenue declines of 38.2 percent, continuing the trend of sequential revenue improvement. We were the first domestic carrier to restore capacity to pre-pandemic levels, with first quarter scheduled capacity up 3.1 percent as compared to 2019. Booking trends have been particularly impressive with average daily bookings for the months of March and April exceeding the same time period in 2019. Furthermore, the booking curve appears to be normalizing and more closely resembling what we saw in 2019. April’s results came in as strong as March helped by a ten-point increase in load factor from 54 to 64 percent. We expect capacity in the coming months will be equal to or greater than our 2019 levels. 

“During the past year, in the face of this terrible pandemic, we were focused on improving ourselves. I believe we have done that. We have improved our cost structure substantially. Our balance sheet is in excellent shape. As of March 31, our net debt has decreased. Our cash balances have increased, and by the end of the second quarter we expect to have total liquidity of $1 billion, or more than double our year-end 2019 balance. We were able to double our cash balances without an equity raise or substantial increases in debt. We benefited from the payroll support programs as well as federal income tax refunds of the substantial tax payments made in the past years. Our shareholders have seen their company’s balance sheet improve dramatically – perhaps more than any other company in this space – in spite of the setbacks and hardships imposed by this unprecedented event.

“I could not be more bullish on our outlook. Going forward our full-year, 2021 capacity should exceed 2019 capacity levels. We expect sequential scheduled service revenue improvement with revenue down just six to ten percent as compared with 2019 levels. This revenue growth should continue through the remainder of 2021. We continue to separate ourselves from the competition, operating more capacity and generating positive EBITDA and earnings. I believe now more than ever our low-cost, low-utilization model designed to provide affordable leisure travel is our competitive advantage, which will help drive us towards returning to our goal of $6 million in EBITDA per aircraft.

“We would not be in the favorable position we are today without the continued efforts of the 4,000 employees throughout our network. Their hard work has been integral to successfully navigating the most difficult year in the industry’s history. It is their efforts that have enabled us to effectively manage capacity while cutting costs from the business – both critical components to ensuring a sustained return to profitability.”    

First Quarter 2021 Results

  • GAAP earnings per share of $0.42
    • Adjusted loss per share(1) (2) of $3.58, adjusted numbers exclude the impact from PSP2 and $1.7 million of COVID related special charges
  • Consolidated EBITDA(2) of $68.2 million yielding an EBITDA margin of 24.4 percent
    • Adjusted EBITDA(1) (2) of $(15.4) million
  • Restored capacity to pre-pandemic levels with scheduled service capacity up 3.1 percent versus first quarter of 2019
  • Total revenue for the quarter was $279.1 million, up 13.2 percent from the fourth quarter
    • Includes fixed fee revenue of $7.7 million, the strongest quarter since the onset of the pandemic
    • Total average fare was $116.35, down 8.9 percent as compared to 2019, with third party product average fare of $5.86, up 17.0 percent year over two-year
  • Adjusted operating expense(1) (2) of $338.1 million, down 6.3 percent from first quarter 2019 on total system capacity increase of 2.7 percent
    • Adjusted Operating CASM, excluding fuel(1)(2) of 6.36 cents, down 4.6 percent from first quarter of 2019
  • Announced the addition of a new base in Austin, Texas, beginning base operations in November 2021, which is expected to create 89 high-wage jobs and house three A320 aircraft
  • Expanded the network by adding 50 new routes, three new cities, and nine event-specific routes, bringing total routes served to 580 and 129 cities
  • Included on Forbes’ list of America’s Best Employers for Diversity in 2021
  • Partnered with The Smith Center for the Performing Arts as a sponsor of the annual Heart of Education Awards honoring outstanding teachers in Southern Nevada by awarding travel vouchers to more than 700 teachers

(1) Adjusted excludes COVID related special charges and the net benefit from the Payroll Support Program Extension Agreement (the “PSP2”)

(2) Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information

Balance Sheet, Cash and Liquidity

  • Total cash and investments at March 31, 2021 were $728 million, up from $685 million at December 31, 2020
    • Cash from operations of $168 million including the benefit from the payroll support program
      • Adjusted cash from operations of $68.2 million, which excludes the $91.8 million benefit from the PSP2 as well as excludes $8 million related to restricted cash balances
    • Received $105 million in debt proceeds
      • Net proceeds received of $50.2 million due to refinance of three A320 aircraft
    • Debt principal payments of $152 million during the quarter
      • Includes repayment of existing debt on three aircraft as well as repayment of existing revolver as the facility matured during the first quarter
      • Entered into a new secured revolving credit facility with a $50 million commitment, which is currently undrawn
    • $69 million used for cash capital expenditures during the first quarter with $13 million related to 2020 accrued capital expenditures
  • First quarter interest expense of $16.8 million, down 7.5 percent from first quarter in the prior year
      • Increased full year interest expense guide driven primarily by A320 refinance arrangement and an increase in LIBOR
  • Second quarter sources of liquidity expected to be received are $260.9 million
    • $112.2 million from the U.S. Treasury of which $13.8 million is related to the PSP2 and $98.4 million is related to Payroll Support Program 3 Agreement (the “PSP3”)
      • Additional PSP2 funds triggered a $1.7 million loan and issuance of 924 warrants at a strike price of $179.23
    • $148.7 million in tax refunds related to net operating losses
  • Air traffic liability at March 31, 2021 was $403 million, compared to $308 million at December 31, 2020
    • Balance related to future scheduled flights is $224 million, up from $86 million on December 31, 2020
    • Balance related to travel vouchers issued for future use is $179 million, a 19 percent reduction from December 31, 2020

Capital Expenditures

  • First quarter capital expenditures related to aircraft, engines and induction costs were $56 million, which included $50 million for the acquisition of three aircraft and induction costs, and $6 million in other airline capital expenditures
  • First quarter capital expenditures related to deferred heavy maintenance were $8.5 million

 

Guidance, subject to revision

Previous

Current

Second Quarter 2021 guidance

System ASMs – year over two-year change(1)

2.0 to 6.0%

Scheduled Service  ASMs – year over two-year change(1)

2.0 to 6.0%

Scheduled service  revenue – year over two-year change, excluding fixed fee and other revenue(1)

down 6 to 10%

Fuel cost per gallon

$

1.99

Full year 2021 guidance

CAPEX

Aircraft, engines and induction costs (millions)

$115 to $125

$115 to $125

Capitalized Airbus deferred heavy maintenance (millions)

$50 to $60

$50 to $60

Other capital expenditures (millions)

$20 to $30

$40 to $50

Interest expense

$50 to $55

$65 to $70

Recurring principal payments(2)

$170 to $180

$170 to $180

(1) Year over two-year percentage changes compare 2021 to 2019

(2) Excludes $111 million of principal repayments related to the maturity of our revolving credit facility and the refinancing of three A320 aircraft during the first quarter 2021

 

Aircraft Fleet Plan by End of Period

Aircraft – (seats per AC)                                          

1Q21

2Q21

3Q21

YE21

A319 (156 seats)

35

35

35

35

A320 (177 seats)

26

21

21

19

A320 (186 seats)

39

49

52

54

Total

100

105

108

108

The table above is provided based on the company’s current plans and may be subject to change

 

Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Tuesday, May 4 to discuss its first quarter 2021 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 Travel Company

Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant’s all-Airbus fleet serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF

 

Media Inquiries: [email protected]

Investor Inquiries: [email protected]

 

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 airline operations, revenue and expenses, available seat mile growth, expected capital expenditures, the timing of aircraft acquisitions and retirements, the number of contracted aircraft to be placed in service in the future, 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.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, the impact and duration of the COVID-19 pandemic on airline travel and the economy, liquidity issues resulting from the effect of the COVID-19 pandemic on our business, restrictions imposed on us as a result of accepting grants and loans under the payroll support programs, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on third parties to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed , the effect of economic conditions on leisure travel, debt covenants and balances, the ability to finance aircraft to be acquired, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to successfully develop and finance a resort in Southwest Florida, governmental regulation, increases in maintenance costs and cyclical and seasonal fluctuations in our operating results.

Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

Detailed financial information follows:

 

Allegiant Travel Company

Consolidated Statements of Income        

(in thousands, except per share amounts)

(Unaudited)

Three Months Ended March 31,

Percent Change (1)

2021

2020

2019

YoY

Yo2Y

OPERATING REVENUE:

Passenger revenue

$

256,695

$

378,911

$

419,977

(32.3)

(38.9)

Third party products

13,622

15,976

17,141

(14.7)

(20.5)

Fixed fee contract revenue

7,692

8,919

10,575

(13.8)

(27.3)

Other revenue

1,115

5,375

3,929

(79.3)

(71.6)

Total operating revenue

279,124

409,181

451,622

(31.8)

(38.2)

OPERATING EXPENSES:

Salary and benefits

117,950

112,646

119,411

4.7

(1.2)

Aircraft fuel

82,848

88,813

99,682

(6.7)

(16.9)

Depreciation and amortization

43,174

43,699

36,182

(1.2)

19.3

Station operations

43,094

40,999

38,965

5.1

10.6

Maintenance and repairs

23,371

21,795

22,824

7.2

2.4

Sales and marketing

11,609

18,455

20,926

(37.1)

(44.5)

Aircraft lease rental

4,720

962

390.6

NM

Other

17,776

26,717

22,554

(33.5)

(21.2)

Payroll Support Programs grant recognition

(91,758)

NM

NM

Special charges

1,738

172,900

(99.0)

NM

Total operating expense

254,522

526,986

360,544

(51.7)

(29.4)

OPERATING INCOME (LOSS)

24,602

(117,805)

91,078

120.9

(73.0)

OTHER (INCOME) EXPENSE:

Interest expense

16,788

18,153

18,083

(7.5)

(7.2)

Capitalized interest

(4,067)

(1,503)

NM

NM

Interest income

(463)

(2,311)

(3,201)

(80.0)

(85.5)

Loss on extinguishment of debt

1,222

3,677

NM

NM

Other, net

(393)

(76)

103

417.1

(481.6)

Total other expense

15,932

12,921

17,159

23.3

(7.2)

INCOME (LOSS) BEFORE INCOME TAXES

8,670

(130,726)

73,919

106.6

(88.3)

INCOME TAX PROVISION (BENEFIT)

1,801

(97,717)

16,795

101.8

(89.3)

NET INCOME (LOSS)

$

6,869

$

(33,009)

$

57,124

120.8

(88.0)

Earnings (loss) per share attributable to common shareholders(1):

Basic

$0.42

($2.08)

$3.52

120.2

(88.1)

Diluted

$0.42

($2.08)

$3.52

120.2

(88.1)

Weighted average shares outstanding used in computing earnings per share attributable to common shareholders(2):

Basic

16,167

15,952

16,011

1.3

1.0

Diluted

16,167

15,952

16,013

1.3

1.0

NM – Not meaningful

(1) 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) 

Three Months Ended March 31,

Percent Change(1)

2021

2020

2019

YoY

Yo2Y

OPERATING STATISTICS

Total system statistics:

Passengers

2,334,503

3,175,450

3,450,278

(26.5)

(32.3)

Available seat miles (ASMs) (thousands)

4,013,989

4,067,671

3,910,239

(1.3)

2.7

Operating expense per ASM (CASM) (cents)

6.34

12.96

9.22

(51.1)

(31.2)

Adjusted operating expense per ASM (CASM) (cents)(2)

8.42

8.87

9.22

(5.1)

(8.7)

Fuel expense per ASM (cents)

2.06

2.18

2.55

(5.5)

(19.2)

Operating CASM, excluding fuel (cents)

4.28

10.77

6.67

(60.3)

(35.8)

Adjusted operating CASM, excluding fuel (cents)(2)

6.36

6.69

6.67

(4.9)

(4.6)

ASMs per gallon of fuel

90.4

85.7

84.1

5.5

7.5

Departures

25,684

26,312

25,200

(2.4)

1.9

Block hours

60,373

62,123

59,819

(2.8)

0.9

Average stage length (miles)

898

895

904

0.3

(0.7)

Average number of operating aircraft during period

97.3

93.5

79.6

4.1

22.2

Average block hours per aircraft per day

7.4

7.3

8.3

1.4

(10.8)

Full-time equivalent employees at end of period

3,998

4,436

4,067

(9.9)

(1.7)

Fuel gallons consumed (thousands)

44,426

47,479

46,474

(6.4)

(4.4)

Average fuel cost per gallon

$

1.86

$

1.87

$

2.14

(0.5)

(13.1)

Scheduled service statistics:

Passengers

2,323,302

3,154,606

3,421,538

(26.4)

(32.1)

Revenue passenger miles (RPMs) (thousands)

2,166,417

2,925,482

3,191,045

(25.9)

(32.1)

Available seat miles (ASMs) (thousands)

3,921,090

3,964,009

3,802,132

(1.1)

3.1

Load factor

55.3

%

73.8

%

83.9

%

(18.5)

(34.1)

Departures

24,947

25,484

24,344

(2.1)

2.5

Block hours

58,851

60,346

57,963

(2.5)

1.5

Total passenger revenue per ASM (TRASM) (cents)(2)

6.89

9.96

11.50

(30.8)

(40.1)

Average fare – scheduled service(3)

$

58.38

$

64.02

$

69.64

(8.8)

(16.2)

Average fare – air-related charges(3)

$

52.11

$

56.10

$

53.10

(7.1)

(1.9)

Average fare – third party products

$

5.86

$

5.06

$

5.01

15.8

17.0

Average fare – total

$

116.35

$

125.18

$

127.75

(7.1)

(8.9)

Average stage length (miles)

902

900

908

0.2

(0.7)

Fuel gallons consumed (thousands)

43,306

46,105

45,068

(6.1)

(3.9)

Average fuel cost per gallon

$

1.82

$

1.87

$

2.13

(2.7)

(14.6)

Percent of sales through website during period

93.3

%

93.6

%

93.6

%

(0.3)

(0.3)

Other data:

Rental car days sold

275,584

481,046

471,598

(42.7)

(41.6)

Hotel room nights sold

56,208

92,004

105,015

(38.9)

(46.5)

(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.

(3) Reflects division of passenger revenue between scheduled service and air-related charges in Company’s booking path.

 

Summary Balance Sheet

Unaudited (millions)

March 31, 2021

(unaudited)

December 31,

2020

Percent

Change

Unrestricted cash and investments

Cash and cash equivalents

$

301.6

$

152.8

97.4

Short-term investments

426.4

532.5

(19.9)

Total unrestricted cash and investments

728.0

685.3

6.2

Debt

Current maturities of long-term debt and finance lease obligations, net of related costs

156.5

217.2

(27.9)

Long-term debt and finance lease obligations, net of current maturities and related costs

1,459.6

1,441.8

1.2

Total debt

1,616.1

1,659.0

(2.6)

Debt, net of liquidity

888.1

973.7

(8.8)

Total Allegiant Travel Company shareholders’ equity

709.7

699.4

1.5

 

Summary Cash Flow

Three Months Ended March 31,

Percent

Unaudited (millions)

2021

2020

Change

Cash provided by operating activities

$

168.0

$

106.3

58.0

Changes in air traffic liability

95.5

53.9

77.2

Changes in working capital, ex air traffic liability

12.4

(189.5)

(106.5)

Purchase of property and equipment

69.5

134.5

(48.3)

Cash dividends paid to shareholders

11.5

(100.0)

Proceeds from the issuance of long-term debt

105.0

128.3

(18.2)

Principal payments on long-term debt & finance lease obligations

151.5

62.7

141.6

 

EPS Calculation

The following table sets forth the computation of net income (loss) 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 March 31,

2021

2020

Basic:

Net income (loss)

$

6,869

$

(33,009)

Less income allocated to participating securities                             

(103)

(236)

Net income (loss) attributable to common stock

$

6,766

$

(33,245)

Earnings (loss) per share, basic

$

0.42

$

(2.08)

Weighted-average shares outstanding

16,167

15,952

Diluted:

Net income (loss)

$

6,869

$

(33,009)

Less income allocated to participating securities

(103)

(236)

Net income (loss) attributable to common stock

$

6,766

$

(33,245)

Earnings (loss) per share, diluted

$

0.42

$

(2.08)

Weighted-average shares outstanding (1)

16,167

15,952

(1) Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material.

 

Appendix A

Non-GAAP Presentation

Three Months Ended March 31, 2021 and 2020

(Unaudited)

Adjusted operating income (loss), adjusted income (loss) before income taxes, adjusted net income (loss) and adjusted diluted earnings (loss) per share, all eliminate the effect of special expenses related directly to COVID 19, as well as the net benefit related to the payroll support grants from the U.S. Treasury, which are not reflective of our ongoing operating performance. As such, all of these are non-GAAP financial measures.

EBITDA, as presented in this press release, and the various adjusted metrics disclosed, are supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). They are not measurements of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.

We define “EBITDA” as earnings before interest, taxes, depreciation and amortization. “Adjusted EBITDA” is EBITDA adjusted to eliminate the effect of special charges and the payroll support grants. We caution investors that amounts presented in accordance with these definitions may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate EBITDA and Adjusted EBITDA in the same manner.

We use EBITDA and Adjusted EBITDA to evaluate our operating performance and liquidity and these are among the primary measures used by management for planning and forecasting of future periods. We believe the presentation of these measures is relevant and useful for investors because they allow investors to view results in a manner similar to the method used by management and makes it easier to compare our results with other companies that have different financing and capital structures. EBITDA has important limitations as an analytical tool. These limitations include the following:

  • EBITDA does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments to purchase capital equipment;
  • EBITDA does not reflect interest expense or the cash requirements necessary to service principal or interest payments on our debt;
  • although depreciation and amortization are non-cash charges, the assets that we currently depreciate and amortize will likely have to be replaced in the future, and EBITDA does not reflect the cash required to fund such replacements; and
  • other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.

Presented below is a quantitative reconciliation of EBITDA to the most directly comparable GAAP financial performance measure, which we believe is net income (loss). We believe the presentation of EBITDA and the various adjusted measures are relevant and useful for investors because they allow them to better compare our results to other airlines.

In addition to EBITDA and Adjusted EBITDA as defined above, we have included a separate EBITDA as defined by certain credit agreements. This measurement of EBITDA adjusts for losses on impairment, Sunseeker net income/(loss), stock compensation expense, amortization of debt issuance costs, (gain)/loss on disposal of assets, tax provision – in excess of cash paid, special non-recurring items, and other items.

The SEC has adopted rules (Regulation G) regulating the use of non-GAAP financial measures. Because of our use of non-GAAP financial measures in this press release to supplement our consolidated financial statements presented on a GAAP basis, Regulation G requires us to include in this press release a presentation of the most directly comparable GAAP measure, which is operating revenue, operating income (loss), net income (loss), operating expenses, and diluted earnings (loss) per share and a reconciliation of the non-GAAP measures to the most comparable GAAP measure. Our utilization of non-GAAP measurements is not meant to be considered in isolation or as a substitute for operating income (loss), net income (loss) or other measures of financial performance prepared in accordance with GAAP. Our use of these non-GAAP measures may not be comparable to similarly titled measures employed by other companies in the airline and travel industry. The reconciliation of each of these measures to the most comparable GAAP measure for the periods is indicated below.

Reconciliation of Non-GAAP Financial Measures

Three Months Ended March 31,

2021

2020

Reconciliation of adjusted operating income (loss) (millions)

Operating income (loss) as reported (GAAP)

$

24.6

$

(117.8)

Net benefit from PSP2

(85.3)

Special charges (operating & non-operating)

1.7

172.9

Adjusted operating income (loss) (1)

(59.0)

55.1

Three Months Ended March 31,

2021

2020

Reconciliation of adjusted income (loss) before income taxes (millions)

Income (loss) before income taxes as reported (GAAP)

$

8.7

$

(130.7)

Net benefit from PSP2

(85.3)

Special charges (operating & non-operating)

1.7

172.9

Adjusted income (loss) before income taxes (1)

(74.9)

42.2

Three Months Ended March 31,

2021

2020

Reconciliation of adjusted net income (loss) (millions) and adjusted earnings (loss) per share

Adjusted income (loss) before income taxes (per calculation in previous table) (1)

$

(74.9)

$

42.2

Provision (benefit) for income taxes as reported (GAAP)

1.8

(97.7)

Adjusted provision (benefit) for income taxes (1) (2)

(17.0)

9.7

Net income (loss) adjusted for special items, payroll support, and adjustment to tax resulting from payroll support(1)

(57.9)

32.5

Diluted shares as reported (GAAP) (3)

16,167

15,972

Diluted earnings (loss) per share as reported (GAAP)

0.42

(2.08)

Adjusted fully diluted earnings (loss) per share (1)

(3.58)

2.03

Three Months Ended March 31,

2021

2020

Reconciliation of adjusted CASM and CASM excluding fuel (millions, unless otherwise noted)

Operating expense as reported (GAAP)

$

254.5

$

527.0

Net Benefit from PSP2

85.3

Operating special charges

(1.7)

(166.1)

Adjusted operating expense

338.1

360.9

Fuel expense as reported

82.8

88.8

Adjusted operating expense excluding fuel

255.3

272.1

Available seat miles (ASMs) (thousands)

4,013,989

4,067,671

Operating expense per ASM as reported (CASM) (cents)

6.34

12.96

Adjusted operating expense per ASM (CASM) (cents)

8.42

8.87

Operating CASM, excluding fuel as reported (cents)

4.28

10.77

Adjusted operating CASM, excluding fuel (cents)

6.36

6.69

Three Months Ended March 31,

2021

2020

Reconciliation of consolidated EBITDA to EBITDA as defined by certain credit agreements (millions)

Net income (loss)

$

6.9

$

(33.0)

Interest expense, net

16.3

11.8

Income tax provision (benefit)

1.8

(97.7)

Depreciation and amortization

43.2

43.7

Loss on debt extinguishment

1.2

Consolidated EBITDA (1)

68.2

(74.0)

Adjusting items as defined per credit agreements (4)

24.7

304.4

EBITDA as defined by certain credit agreements (1)

92.9

230.4

Three Months Ended March 31,

2021

2020

Reconciliation of consolidated EBITDA to adjusted EBITDA (millions)

Consolidated EBITDA (per calculation in previous table) (1)

$

68.2

$

(74.0)

Net Benefit from PSP2

(85.3)

Operating special charges

1.7

166.1

Adjusted EBITDA (1)

(15.4)

92.1

(1) Denotes non-GAAP figure.

(2) Adjusted income tax for 2021 estimates a 23.0% effective rate

(3) Approximately 20 thousand shares were added to the calculation as excluding them would have been antidilutive for 2020

(4) Adjusting items include the following: loss on impairment, Sunseeker net income/(loss), stock compensation expense, amortization of debt issuance costs, (gain)/loss on disposal of assets, tax provision – in excess of cash paid, and other special non-recurring items.

 

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/allegiant-travel-company-first-quarter-2021-financial-results-301283608.html

SOURCE Allegiant Travel Company



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American prepares for recovery after challenging first quarter | News


American Airlines has reported first-quarter revenue of $4 billion, down 53 per cent year-over-year.

At the same time, total available seat miles saw a 39 per cent year-over-year reduction.

“Looking forward, with the momentum underway from the first quarter, we see signs of continued recovery in demand,” said American chief executive, Doug Parker.

“We remain confident the network enhancements, customer-focused improvements and efficiency measures we’ve put into place will ensure American is well-positioned for the recovery.”

First-quarter net losses at the carrier totalled $1.3 billion, or ($1.97) per share.

American said it ended the first quarter with approximately $17.3 billion of total available liquidity.

The company expects to end the second quarter with approximately $19.5 billion in total available liquidity.





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Allegiant Travel Company Schedules First Quarter 2021 Earnings Call | National News


LAS VEGAS, April 16, 2021 /PRNewswire/ — Allegiant Travel Company (NASDAQ: ALGT) has scheduled its first quarter 2021 financial results conference call for Thursday, April 29 at 4:30 p.m. EDT. A live broadcast of the conference call will be available through the company’s Investor Relations website homepage at http://ir.allegiantair.com. The webcast will also be archived on the “Events & Presentations” section of the site.

Allegiant – Together We Fly

Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant’s all-Airbus fleet serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF

Note: This news release was accurate at the date of issuance. However, information contained in the release may have changed. If you plan to use the information contained herein for any purpose, verification of its continued accuracy is your responsibility.

For further information please visit the company’s investor website: http://ir.allegiantair.com

Reference to the Company’s website above does not constitute incorporation of any of the information thereon into this news release.

Media Inquiries: [email protected]

Investor Inquiries: Sherry Wilson: [email protected]

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/allegiant-travel-company-schedules-first-quarter-2021-earnings-call-301270797.html

SOURCE Allegiant Travel Company





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Suns lead by 30 after 1 quarter, cruise past Thunder 140-103


PHOENIX — Devin Booker scored 32 points, Chris Paul had 17 points and 12 assists, and the Phoenix Suns built a 30-point lead by the end of the first quarter en route to a 140-103 victory over the Oklahoma City Thunder on Friday night.

The Suns won their fifth straight game, and this one was decided in a hurry. Booker shot 11 of 20 from the field, made three 3-pointers and added five assists. Paul made all eight of his field goal attempts.

Phoenix dominated from the opening tip, sprinting to a 22-5 lead in the first six minutes. The Suns shot 15 of 25 from the field (60%) and led 43-13 by the end of the quarter. Oklahoma City shot just 4 of 25 (16%) from the field in the opening quarter, struggling to find good looks with an injury-depleted and inexperienced lineup.

The Suns are now 20 games over .500 and have a 34-14 record. Phoenix hasn’t made the playoffs in over a decade but has the look of a team that could make it deep into the postseason.

“Just getting better, continuing to get better to reach our goals down the line,” Booker said. “We always say we’re not playing against our opponents. We’re playing against ourselves.”

Booker threw down a huge one-handed jam during the opening blitz, slicing right through a flat-footed Thunder defense. The 30-point advantage was the largest for the Suns in any single quarter of any game in franchise history.

“I just like winning,” Suns coach Monty Williams said. “30 points, one point, whatever it is. I want to get our team used to winning games and the value of being a good team. It’s something I don’t take for granted. I’ll coach any situation that has us in the victory column.”

Mikal Bridges and Cameron Johnson both added 17 points for the Suns, who shot 60% from the field. Johnson came back to score his points despite needing stitches in the first half because of a cut above his left eye.

The Suns had a 32-point lead early in the second quarter but Oklahoma City was able to cut the advantage to 73-50 by halftime. Booker had 20 points before the break while Paul had 12 points and seven assists.

It was the second straight big game for Booker, who scored a season-high 45 against the Bulls on Wednesday.

“Devin can score,” Williams said. “It’s hard to come up with another way to describe it. I’ve played with guys like that, been with guys like that, guarded guys like that. It’s just a gift.”

The second half was mostly an afterthought. The Thunder closed the advantage to 18 points at one point midway through the third, but the Suns responded with the next five points to eliminate any drama.

“I give (Phoenix) a lot of credit,” Oklahoma City coach Mark Daigneault said. “Their aggressiveness and intensity to start the game was definitely there. They were ready to play and it took us a long time to match that.”

Rookie Théo Maledon was the one bright spot for the Thunder. The 19-year-old scored a career-high 33 points, shooting 10 of 18 from the field, including 5 of 7 3-pointers. Fellow rookie Aleksej Pokusevski added 20 points.

Maledon had his big night despite missing his first four shots.

“I knew at some point they would fall so I had to keep going,” Maledon said.

TIP-INS

Thunder: Oklahoma City was without a few of its top players, including G Shai Gilgeous-Alexander (right foot plantar fasciitis) and G Luguentz Dort (concussion protocol). … G Ty Jerome was questionable but was able to play on a sprained right ankle. Jerome played his rookie season with the Suns before being traded to the Thunder in the deal that brought Paul to the desert. Jermoe finished with five points on 2 of 11 shooting.

Suns: F Frank Kaminsky was out for a third straight game in the league’s coronavirus health and safety protocol. … F Torrey Craig was questionable with left knee soreness but played and finished with seven points. … Jae Crowder and Dario Saric both scored 11. … Rookie Ty-Shon Alexander scored the first points his career in the fourth quarter. He hit a 3-pointer and made a free throw to finish with four points.

UP NEXT

Thunder: Travel to face Portland on Saturday.

Suns: Travel to face Houston on Monday.

___

Follow David Brandt at www.twitter.com/davidbrandtAP

___

https://apnews.com/hub/NBA and https://twitter.com/AP_Sports

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