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Allegiant Travel Reports Fourth Quarter Net Loss of $29 Million, FY 2020 Net Loss of $184 Million

Updated: Feb 3, 2021

The airline reported a fourth quarter net loss of $29 million or ($1.79) per diluted share on a 47 percent revenue decline to $247 million. For the full year 2020, Allegiant reported net loss of $184 million or ($11.53) per share on a 46.2 percent revenue decline to $990 million.

Allegiant Airbus A320ceo - Courtesy Airbus

On Wednesday (February 3, 2021), Allegiant Travel Company reported their fourth quarter and full year 2020 financial results. The carrier reported a fourth quarter net loss of $28.8 million or ($1.79) per diluted share on a year-over-year revenue decline of 46.5 percent to $246.6 million. For the full year 2020, Allegiant reported a net loss of $184.1 million on a revenue decline of 46.2 percent to $990.1 million compared to 2019. In today’s announcement, Allegiant Travel Company’s Chairman and CEO, Maurice J. Gallagher, Jr., said,

“With the close of the fourth quarter, we completed the most challenging year the industry has faced in its history. We still have a long road ahead to a full recovery, but we are gaining momentum and moving in the right direction. We finished the quarter with an adjusted loss per share of $1.12 - an improvement of 81 percent when compared to our second quarter lows. The fourth quarter continued the trend of sequential improvement to total revenue, which came in at $247 million, up 85 percent from the second quarter. Similar improvements were seen in load factor at 58.2 percent. Booking trends suggest we will continue to see both revenue and load improvements into the first quarter.

“Although the exact timing of a full recovery is unknown, the improvements observed in the fourth quarter coupled with the vaccine rollout suggest recovery is on the horizon. Furthermore, our internal weekly tracking surveys indicate customer travel intention has been improving for the last several weeks. Our 100 percent domestic network focusing on the leisure traveler and predicated around a low cost, low utilization model positions us favorably for a quick recovery.

“From the onset of the pandemic, we have worked diligently to strengthen the balance sheet and improve cash balances. Arguably, our balance sheet is stronger today than a year ago. We are well positioned to be opportunistic related to our network and fleet as conditions improve. In early January, we announced service on 21 new routes, including three new cities. Preliminary booking trends on those routes have exceeded our expectations. Our current runway to grow the network has expanded to include over 1000 incremental routes. The flexibility of our model along with structural cost savings will enable us to continue improving the network in the months ahead.

“The last ten months have been challenging, but I remain optimistic about 2021. I have been continually reminded of the quality of our team members throughout the pandemic. They have executed flawlessly, enabling us to lead the industry in the percentage of our schedule made available for sale and flown in 2020, with some of the highest load factors in the industry. They have assisted in removing structural costs from the business, enabling us to improve upon our already industry leading cost structure. Because of their efforts, I believe we will be among the first to return to profitability. I am very proud of the work they have done.”

Allegiant's Fourth Quarter and Full Year 2020 Financial Results & Fleet Plan - Courtesy Allegiant Travel Company

Allegiant’s cost per available seat mile – excluding fuel (CASM-ex) for the fourth quarter was 6.07 cents, down 10 percent versus the same period last year on a capacity reduction of 16 percent. Full year CASM-ex was up 7 percent vs. 2019 to 6.92 cents on a capacity reduction of 19 percent. During the quarter the company also recognized a one-time charge of $25.4 million for special charges related to the COVID-19 pandemic as well as a CARES Act employee retention credit of $9.6 million, recorded as an offset to salary and benefits expenses.

As of December 31, 2020, Allegiant had cash and investments totaling $685 million. During Q4 the company raised $160 million in liquidity through $150 million of senior secured notes and $10 million related to a sale-leaseback transaction closed during the third quarter. The company’s total debt increased year-over-year by $237 million and Allegiant closed the year with total debt, net of liquidity, of $974 million. The carrier’s air traffic liability at December 31, 2020 was $308 million, including $86 million for future scheduled flights and $222 million in travel vouchers issued for future use.

Founded in 1999, Allegiant links passengers from small to medium cities to world-class leisure destinations with all non-stop flights and industry-low average fares. The company offers base airfares that are often half the price of a typical roundtrip ticket and operates an all-Airbus A320 Family fleet. In after-hours trading on Wednesday, Shares in Allegiant Travel Company (NASDAQ: ALGT) were 0.33% higher at $194.00/share (5:12 PM EST).

Source: Allegiant Travel Company


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