ALLEGIANT TRAVEL COMPANY SECOND QUARTER 2024 FINANCIAL RESULTS
Second quarter
2024 GAAP diluted earnings per share of
Second quarter
2024 diluted earnings per share, excluding special charges, of
Second quarter
2024 airline only diluted earnings per share, excluding special charges, of
ANNOUNCED STRATEGIC REVIEW OF SUNSEEKER RESORT
Consolidated |
Three Months Ended |
|
Percent Change |
||
(unaudited) (in millions, except per share amounts) |
2024 |
|
2023 |
|
YoY |
Total operating revenue |
$ 666.3 |
|
$ 683.8 |
|
(2.6) % |
Total operating expense |
631.4 |
|
550.4 |
|
14.7 % |
Operating income |
34.9 |
|
133.4 |
|
(73.8) % |
Income before income taxes |
18.0 |
|
116.3 |
|
(84.5) % |
Net income |
13.7 |
|
88.5 |
|
(84.5) % |
Diluted earnings per share |
0.75 |
|
4.80 |
|
(84.4) % |
Sunseeker special charges, net of recoveries(3) |
(2.0) |
|
(11.2) |
|
82.1 % |
Airline special charges(3) |
20.1 |
|
— |
|
NM |
Net income, excluding special charges net of recoveries(1)(3) |
32.5 |
|
80.2 |
|
(59.5) % |
Diluted earnings per share excluding special charges net of recoveries(1)(3) |
1.77 |
|
4.35 |
|
(59.3) % |
|
|||||
|
|||||
Airline only |
Three Months Ended |
|
Percent Change(2) |
||
(unaudited) (in millions, except per share amounts) |
2024 |
|
2023 |
|
YoY |
Airline operating revenue |
$ 649.5 |
|
$ 683.8 |
|
(5.0) % |
Airline operating expense |
602.5 |
|
556.3 |
|
8.3 % |
Airline operating income |
47.0 |
|
127.5 |
|
(63.1) % |
Airline income before income taxes |
35.5 |
|
110.4 |
|
(67.8) % |
Airline special charges(3) |
20.1 |
|
— |
|
NM |
Airline net income, excluding special charges(1)(3) |
41.0 |
|
84.2 |
|
(51.3) % |
Airline operating margin, excluding special charges(1)(3) |
10.3 % |
|
18.6 % |
|
(8.3) |
Airline diluted earnings per share, excluding special charges(1)(3) |
2.24 |
|
4.57 |
|
(51.0) % |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
Six Months Ended |
Percent Change |
|||
(unaudited) (in millions, except per share amounts) |
2024 |
|
2023 |
|
YoY |
Total operating revenue |
$ 1,322.7 |
|
$ 1,333.5 |
|
(0.8) % |
Total operating expense |
1,272.3 |
|
1,105.2 |
|
15.1 % |
Operating income |
50.3 |
|
228.3 |
|
(78.0) % |
Income before income taxes |
16.7 |
|
190.8 |
|
(91.2) % |
Net income |
12.8 |
|
144.6 |
|
(91.1) % |
Diluted earnings per share |
0.68 |
|
7.84 |
|
(91.3) % |
Sunseeker special charges, net of recoveries(3) |
(3.8) |
|
(12.8) |
|
70.3 % |
Airline special charges(3) |
35.0 |
|
— |
|
NM |
Net income, excluding special charges net of recoveries(1)(3) |
42.9 |
|
135.6 |
|
(68.4) % |
Diluted earnings per share excluding special charges net of recoveries(1)(3) |
2.34 |
|
7.35 |
|
(68.2) % |
|
|
|
|
|
|
|
|
|
|
|
|
Airline only |
Six Months Ended |
|
Percent Change(2) |
||
(unaudited) (in millions, except per share amounts) |
2024 |
|
2023 |
|
YoY |
Airline operating revenue |
$ 1,282.0 |
|
$ 1,333.5 |
|
(3.9) % |
Airline operating expense |
1,210.8 |
|
1,108.4 |
|
9.2 % |
Airline operating income |
71.2 |
|
225.1 |
|
(68.4) % |
Airline income before income taxes |
48.0 |
|
189.2 |
|
(74.6) % |
Airline special charges(3) |
35.0 |
|
— |
|
NM |
Airline net income, excluding special charges(1)(3) |
60.8 |
|
144.2 |
|
(57.8) % |
Airline operating margin, excluding special charges(1)(3) |
8.3 % |
|
16.9 % |
|
(8.6) |
Airline diluted earnings per share, excluding special charges(1)(3) |
3.31 |
|
7.81 |
|
(57.6) % |
|
|
(1) |
Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information and for calculation of per share figures. |
(2) |
Except Airline operating margin, excluding special charges, which is percentage point change. |
(3) |
In 2024 and 2023, we recognized as special charges the full amount of estimated property damage to |
NM |
Not meaningful |
* |
Note that amounts may not recalculate due to rounding |
"We finished the quarter with diluted earnings per share, excluding special charges, of
"As others have noted, this summer experienced increased capacity across the industry. While this has affected yields overall, our unique network structure has provided us with a layer of insulation. As I have mentioned before, we operate in our own swim lane with 75 percent of our routes facing no nonstop, direct competition. This number has remained virtually unchanged for over a decade and our expected growth profile maintains this non-competitive landscape."
"I want to thank our team members for another quarter of strong operational performance, yielding a near-industry leading controllable completion of 99.7 percent for the quarter," stated
"We have two weeks remaining in our peak-summer period, and our operational performance has been terrific, with July utilization up roughly five percent over the prior year. Like many in the industry, we were challenged with a vendor technology outage that temporarily paused our flying. Full operations resumed less than 12 hours later. I am incredibly grateful with how Team Allegiant came together and quickly responded, ensuring the successful continuation of hundreds of flights on one of our highest scheduled flying days in our history. Since then we have run a 99.4 percent controllable completion factor – one of the best among impacted airlines. We expect the total financial impact from the outage will be approximately
"Looking forward to 2025, we are on track to both return to pre-pandemic utilization levels and reduce operating inefficiencies related to Boeing's delivery delays. We now expect to receive our first aircraft in September. Near-term increases in utilization are expected to be accomplished with roughly the same number of aircraft and same size infrastructure, which should have the dual benefit of increased revenues and lower unit costs. We also look forward to a full-year benefit from our recently installed Navitaire reservation system. We expect our enhanced Navitaire improvements to be a significant boost to the bottom line in 2025.
"Regarding Sunseeker, we continue to believe this one-of-a-kind resort holds greater value than currently reflected. To realize its full potential, however, we have engaged
"The combination of increased utilization during our peak demand periods, the addition of our Boeing aircraft, the optimization of Navitaire and the benefits from
Second Quarter 2024 Results and Highlights
-
Total operating revenue of
$666.3M , down 2.6 percent over the prior year- Total fixed fee contract revenue of
$17.7M , up 50.7 percent year-over-year - Total average ancillary fare of
$75.34 , up 5.0 percent year-over-year driven by strength in seats, bags, and cobrand
- Total fixed fee contract revenue of
-
Operating income, excluding specials,(1)(2) of
$53.0M , yielding an adjusted operating margin of 8.0 percent- Airline-only operating income, excluding specials,(1)(2) of
$67.0M , yielding an airline-only adjusted operating margin of 10.3 percent
- Airline-only operating income, excluding specials,(1)(2) of
-
Income before income tax, excluding specials,(1)(2)of
$36.1M , yielding an adjusted pre-tax margin of 5.4 percent- Airline-only income before income tax, excluding specials,(1)(2) of
$55.6M , yielding an adjusted pre-tax margin of 8.6 percent
- Airline-only income before income tax, excluding specials,(1)(2) of
-
Consolidated EBITDA, excluding specials,(1)(2) of
$118.3M , yielding an adjusted EBITDA margin of 17.8 percent- Airline-only EBITDA, excluding specials,(1) of
$126.3M , an adjusted 19.4 percent margin
- Airline-only EBITDA, excluding specials,(1) of
-
Airline-only operating CASM, excluding fuel and special charges,(2)of 8.23 ¢, up 5.6 percent year-over-year
- Includes
$11.9M in incremental cost related to accrual of pilot retention bonuses
- Includes
-
$36.1M in total cobrand credit card remuneration received from Bank of America, up 24.6 percent from the prior year- As of
June 30, 2024 , we had 525K total Allegiant Allways Rewards Visa cardholders
- As of
- Enrolled 552K new Allways Rewards members during the second quarter
- Named best low-cost carrier in
North America by Skytrax, the international air transport rating organization - During the third quarter announced eight new routes which will bring the total routes served to 558
(1) |
Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information and for calculation of per share figures. |
(2) |
In 2024 and 2023, we recognized as special charges the full amount of estimated property damage to |
Balance Sheet, Cash and Liquidity
-
Total available liquidity at
June 30, 2024 was$1.1B , which included$851.1M in cash and investments, and$275.0M in undrawn revolving credit facilities -
$68.9M in cash from operations during the second quarter 2024 - Total debt at
June 30, 2024 was $2.2B- Net debt at
June 30, 2024 was$1.4B
- Net debt at
- Debt principal payments of
$31 .7M during the quarter - Returned
$11.0M in dividends during the quarter- On
July 8, 2024 the company suspended its quarterly dividend indefinitely
- On
-
Air traffic liability at
June 30, 2024 was$390.0M
Airline Capital Expenditures
- Second quarter capital expenditures of
$39.0M , which included$14.8M for aircraft purchases and inductions and other related costs, and$24.2M in other airline capital expenditures- Second quarter deferred heavy maintenance expenditures were
$26.4M
- Second quarter deferred heavy maintenance expenditures were
-
Reported total operating revenues of
$16.8M during its second quarter of operation - Second quarter occupancy was roughly 35 percent with an average daily rate of
$260 per night
Guidance, subject to revision
Certain forward-looking financial information in the following tables is not presented in accordance with accounting principles generally accepted in the
Third quarter 2024 airline-only guidance |
|
|
|
|
|
|
|
System ASMs - year over year change |
|
|
~1.3% |
Scheduled service ASMs - year over year change |
|
|
~1.3% |
|
|
|
|
Fuel cost per gallon |
|
|
$ 2.80 |
Operating margin |
|
|
(4.5%) to (6.5%) |
Operating margin, excluding impact from vendor outage |
|
|
(1.5%) to (3.5%) |
Airline-only earnings (loss) per share, excluding special charges(3) |
|
|
( |
Airline-only earnings (loss) per share, excluding special charges and impact from vendor outage(3) |
|
|
( |
|
|
|
|
|
|
|
|
Third quarter 2024 consolidated guidance |
|
|
|
|
|
|
|
Consolidated earnings (loss) per share, excluding special charges(3) |
|
|
( |
|
|
|
|
Full-year 2024 airline-only guidance |
|
|
|
|
|
|
|
System ASMs - year over year change |
|
|
~1.5% |
Scheduled service ASMs - year over year change |
|
|
~1.5% |
|
|
|
|
Interest expense (millions) |
|
|
|
Capitalized interest(1) (millions) |
|
|
( |
Interest income (millions) |
|
|
|
|
|
|
|
Airline full-year CAPEX |
|
|
|
Aircraft, engines, induction costs, and pre-delivery deposits(2) (millions) |
|
|
|
Capitalized deferred heavy maintenance (millions) |
|
|
|
Other airline capital expenditures (millions) |
|
|
|
|
|
|
|
Recurring principal payments (millions) (full year) |
|
|
|
|
|
|
|
Full-year 2024 Sunseeker guidance |
|
|
|
|
|
|
|
EBITDA, excluding special charges (millions)(3) |
|
|
~(25) |
Business interruption insurance proceeds related to delayed open |
|
|
Up to |
Depreciation expense (millions) |
|
|
|
Interest expense (millions) |
|
|
|
|
|
|
|
Occupancy rate |
|
|
~40% |
Average daily rate |
|
|
|
(1) |
Includes capitalized interest related to pre-delivery deposits on new aircraft. |
(2) |
Excludes capitalized interest related to pre-delivery deposits on new aircraft. Estimated capital expenditures are based on management's best estimate around aircraft deliveries, which differs from our contractual obligations. |
(3) |
Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above. |
Aircraft Fleet Plan by End of Period |
||
|
|
|
Aircraft - (seats per AC) |
3Q24 |
YE24 |
Boeing 737-8200 (190 seats) |
— |
4 |
Airbus A320 (180-186 seats) |
75 |
75 |
Airbus A320 (177 seats) |
13 |
11 |
Airbus A319 (156 seats) |
34 |
34 |
Total |
122 |
124 |
The table above is provided based on the company's current plans and is subject to change. The numbers include aircraft expected to be in service at the end of each period and exclude aircraft that we expect to take delivery of but not to be placed in service until the subsequent period.
The above plan is management's best estimate and differs from our contractual obligations.
Media Inquiries: mediarelations@allegiantair.com
Investor Inquiries: ir@allegiantair.com
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 and
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
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:
|
|||||
Consolidated Statements of Income |
|||||
(in thousands, except per share amounts) |
|||||
(Unaudited) |
|||||
|
|||||
|
Three Months Ended |
|
Percent Change |
||
|
2024 |
|
2023 |
|
YoY |
OPERATING REVENUES: |
|
|
|
|
|
Passenger |
$ 594,499 |
|
$ 642,747 |
|
(7.5) % |
Third party products |
37,102 |
|
28,904 |
|
28.4 |
Fixed fee contracts |
17,699 |
|
11,741 |
|
50.7 |
Resort and other |
16,983 |
|
418 |
|
NM |
Total operating revenues |
666,283 |
|
683,810 |
|
(2.6) |
OPERATING EXPENSES: |
|
|
|
|
|
Salaries and benefits |
209,942 |
|
177,170 |
|
18.5 |
Aircraft fuel |
170,060 |
|
162,611 |
|
4.6 |
Station operations |
69,798 |
|
66,715 |
|
4.6 |
Depreciation and amortization |
65,361 |
|
53,933 |
|
21.2 |
Maintenance and repairs |
30,730 |
|
33,634 |
|
(8.6) |
Sales and marketing |
27,498 |
|
29,868 |
|
(7.9) |
Aircraft lease rentals |
5,749 |
|
5,975 |
|
(3.8) |
Other |
34,134 |
|
31,683 |
|
7.7 |
Special charges, net of recoveries |
18,114 |
|
(11,208) |
|
NM |
Total operating expenses |
631,386 |
|
550,381 |
|
14.7 |
OPERATING INCOME |
34,897 |
|
133,429 |
|
(73.8) |
OTHER (INCOME) EXPENSES: |
|
|
|
|
|
Interest income |
(11,130) |
|
(11,845) |
|
(6.0) |
Interest expense |
39,544 |
|
37,765 |
|
4.7 |
Capitalized interest |
(11,609) |
|
(8,881) |
|
30.7 |
Other, net |
67 |
|
45 |
|
48.9 |
Total other expenses |
16,872 |
|
17,084 |
|
(1.2) |
INCOME BEFORE INCOME TAXES |
18,025 |
|
116,345 |
|
(84.5) |
INCOME TAX PROVISION |
4,326 |
|
27,876 |
|
(84.5) |
NET INCOME |
$ 13,699 |
|
$ 88,469 |
|
(84.5) |
Earnings per share to common shareholders: |
|
|
|
|
|
Basic |
|
|
|
|
(84.4) |
Diluted |
|
|
|
|
(84.4) |
Weighted average shares outstanding used in computing earnings per share attributable to common shareholders(1): |
|
|
|
|
|
Basic |
17,828 |
|
17,677 |
|
0.9 |
Diluted |
17,869 |
|
17,683 |
|
1.1 |
|
|
(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. |
NM |
Not meaningful |
|
|||||||||||
Operating Revenues and Expenses by Segment |
|||||||||||
(in thousands) |
|||||||||||
(Unaudited) |
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
Three Months Ended |
||||||||
|
Airline |
|
Sunseeker |
|
Consolidated |
|
Airline |
|
Sunseeker |
|
Consolidated |
OPERATING REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
Passenger |
$ 594,499 |
|
$ — |
|
$ 594,499 |
|
$ 642,747 |
|
$ — |
|
$ 642,747 |
Third party products |
37,102 |
|
— |
|
37,102 |
|
28,904 |
|
— |
|
28,904 |
Fixed fee contracts |
17,699 |
|
— |
|
17,699 |
|
11,741 |
|
— |
|
11,741 |
Resort and other |
172 |
|
16,811 |
|
16,983 |
|
418 |
|
— |
|
418 |
Total operating revenues |
649,472 |
|
16,811 |
|
666,283 |
|
683,810 |
|
— |
|
683,810 |
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
197,417 |
|
12,525 |
|
209,942 |
|
174,967 |
|
2,203 |
|
177,170 |
Aircraft fuel |
170,060 |
|
— |
|
170,060 |
|
162,611 |
|
— |
|
162,611 |
Station operations |
69,798 |
|
— |
|
69,798 |
|
66,715 |
|
— |
|
66,715 |
Depreciation and amortization |
59,345 |
|
6,016 |
|
65,361 |
|
53,843 |
|
90 |
|
53,933 |
Maintenance and repairs |
30,730 |
|
— |
|
30,730 |
|
33,634 |
|
— |
|
33,634 |
Sales and marketing |
25,918 |
|
1,580 |
|
27,498 |
|
29,518 |
|
350 |
|
29,868 |
Aircraft lease rentals |
5,749 |
|
— |
|
5,749 |
|
5,975 |
|
— |
|
5,975 |
Other |
23,426 |
|
10,708 |
|
34,134 |
|
29,039 |
|
2,644 |
|
31,683 |
Special charges, net of recoveries |
20,073 |
|
(1,959) |
|
18,114 |
|
— |
|
(11,208) |
|
(11,208) |
Total operating expenses |
602,516 |
|
28,870 |
|
631,386 |
|
556,302 |
|
(5,921) |
|
550,381 |
OPERATING INCOME (LOSS) |
46,956 |
|
(12,059) |
|
34,897 |
|
127,508 |
|
5,921 |
|
133,429 |
|
|||||
Airline Operating Statistics |
|||||
(Unaudited) |
|||||
|
|||||
|
Three Months Ended |
|
Percent |
||
|
2024 |
|
2023 |
|
YoY |
AIRLINE OPERATING STATISTICS |
|
|
|
|
|
Total system statistics: |
|
|
|
|
|
Passengers |
4,621,848 |
|
4,755,981 |
|
(2.8) % |
Available seat miles (ASMs) (thousands) |
5,013,209 |
|
5,053,547 |
|
(0.8) |
Airline operating expense per ASM (CASM) (cents) |
12.02 ¢ |
|
11.01 ¢ |
|
9.2 |
Fuel expense per ASM (cents) |
3.39 ¢ |
|
3.22 ¢ |
|
5.3 |
Airline special charges per ASM (cents) |
0.40 ¢ |
|
— ¢ |
|
NM |
Airline operating CASM, excluding fuel and special charges (cents) |
8.23 ¢ |
|
7.79 ¢ |
|
5.6 |
Departures |
32,252 |
|
32,396 |
|
(0.4) |
Block hours |
75,759 |
|
76,615 |
|
(1.1) |
Average stage length (miles) |
883 |
|
884 |
|
(0.1) |
Average number of operating aircraft during period |
125.3 |
|
124.6 |
|
0.6 |
Average block hours per aircraft per day |
6.6 |
|
6.8 |
|
(2.9) |
Full-time equivalent employees at end of period |
5,993 |
|
5,436 |
|
10.2 |
Fuel gallons consumed (thousands) |
60,142 |
|
60,516 |
|
(0.6) |
ASMs per gallon of fuel |
83.4 |
|
83.5 |
|
(0.1) |
Average fuel cost per gallon |
$ 2.83 |
|
$ 2.69 |
|
5.2 |
Scheduled service statistics: |
|
|
|
|
|
Passengers |
4,572,769 |
|
4,719,623 |
|
(3.1) |
Revenue passenger miles (RPMs) (thousands) |
4,108,288 |
|
4,278,399 |
|
(4.0) |
Available seat miles (ASMs) (thousands) |
4,848,017 |
|
4,925,194 |
|
(1.6) |
Load factor |
84.7 % |
|
86.9 % |
|
(2.2) |
Departures |
31,128 |
|
31,487 |
|
(1.1) |
Block hours |
73,198 |
|
74,602 |
|
(1.9) |
Average seats per departure |
176.1 |
|
175.8 |
|
0.2 |
Yield (cents)(2) |
6.99 ¢ |
|
7.78 ¢ |
|
(10.2) |
Total passenger revenue per ASM (TRASM) (cents)(3) |
13.03 ¢ |
|
13.64 ¢ |
|
(4.5) |
Average fare - scheduled service(4) |
$ 62.79 |
|
$ 70.56 |
|
(11.0) |
Average fare - air-related charges(4) |
$ 67.22 |
|
$ 65.63 |
|
2.4 |
Average fare - third party products |
$ 8.11 |
|
$ 6.12 |
|
32.5 |
Average fare - total |
$ 138.12 |
|
$ 142.31 |
|
(2.9) |
Average stage length (miles) |
885 |
|
887 |
|
(0.2) |
Fuel gallons consumed (thousands) |
58,169 |
|
58,962 |
|
(1.3) |
Average fuel cost per gallon |
$ 2.83 |
|
$ 2.70 |
|
4.8 |
Percent of sales through website during period |
93.1 % |
|
95.2 % |
|
(2.1) |
Other data: |
|
|
|
|
|
Rental car days sold |
371,405 |
|
391,515 |
|
(5.1) |
Hotel room nights sold |
61,837 |
|
70,257 |
|
(12.0) |
|
|
(1) |
Except load factor and percent of sales through website, which is percentage point change. |
(2) |
Defined as scheduled service revenue divided by revenue passenger miles. |
(3) |
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. |
(4) |
Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path. |
|
|||||
Consolidated Statements of Income |
|||||
(in thousands, except per share amounts) |
|||||
(Unaudited) |
|||||
|
|||||
|
Six Months Ended |
|
Percent Change |
||
|
2024 |
|
2023 |
|
YoY |
OPERATING REVENUES: |
|
|
|
|
|
Passenger |
$ 1,174,434 |
|
$ 1,252,023 |
|
(6.2) % |
Third party products |
70,501 |
|
54,942 |
|
28.3 |
Fixed fee contracts |
36,560 |
|
25,858 |
|
41.4 |
Resort and other |
41,193 |
|
674 |
|
NM |
Total operating revenues |
1,322,688 |
|
1,333,497 |
|
(0.8) |
OPERATING EXPENSES: |
|
|
|
|
|
Salaries and benefits |
423,269 |
|
336,793 |
|
25.7 |
Aircraft fuel |
340,147 |
|
352,157 |
|
(3.4) |
Station operations |
136,266 |
|
128,234 |
|
6.3 |
Depreciation and amortization |
129,205 |
|
108,613 |
|
19.0 |
Maintenance and repairs |
61,008 |
|
60,076 |
|
1.6 |
Sales and marketing |
57,917 |
|
56,796 |
|
2.0 |
Aircraft lease rentals |
11,734 |
|
13,067 |
|
(10.2) |
Other |
81,586 |
|
62,328 |
|
30.9 |
Special charges, net of recoveries |
31,212 |
|
(12,820) |
|
NM |
Total operating expenses |
1,272,344 |
|
1,105,244 |
|
15.1 |
OPERATING INCOME |
50,344 |
|
228,253 |
|
(77.9) |
OTHER (INCOME) EXPENSES: |
|
|
|
|
|
Interest income |
(23,371) |
|
(21,974) |
|
6.4 |
Interest expense |
79,704 |
|
73,473 |
|
8.5 |
Capitalized interest |
(22,794) |
|
(14,061) |
|
62.1 |
Other, net |
117 |
|
52 |
|
NM |
Total other expenses |
33,656 |
|
37,490 |
|
(10.2) |
INCOME BEFORE INCOME TAXES |
16,688 |
|
190,763 |
|
(91.3) |
INCOME TAX PROVISION |
3,908 |
|
46,145 |
|
(91.5) |
NET INCOME |
$ 12,780 |
|
$ 144,618 |
|
(91.2) |
Earnings per share to common shareholders: |
|
|
|
|
|
Basic |
|
|
|
|
(91.2) |
Diluted |
|
|
|
|
(91.3) |
Weighted average shares outstanding used in computing earnings per share attributable to common shareholders(1): |
|
|
|
|
|
Basic |
17,746 |
|
17,840 |
|
(0.5) |
Diluted |
17,836 |
|
17,861 |
|
(0.1) |
|
|
(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. |
NM |
Not meaningful |
|
|||||||||||
Operating Revenues and Expenses by Segment |
|||||||||||
(in thousands) |
|||||||||||
(Unaudited) |
|||||||||||
|
|||||||||||
|
Six Months Ended |
|
Six Months Ended |
||||||||
|
Airline |
|
Sunseeker |
|
Consolidated |
|
Airline |
|
Sunseeker |
|
Consolidated |
OPERATING REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
Passenger |
$ 1,174,434 |
|
$ — |
|
$ 1,174,434 |
|
$ 1,252,023 |
|
$ — |
|
$ 1,252,023 |
Third party products |
70,501 |
|
— |
|
70,501 |
|
54,942 |
|
— |
|
54,942 |
Fixed fee contracts |
36,560 |
|
— |
|
36,560 |
|
25,858 |
|
— |
|
25,858 |
Resort and other |
495 |
|
40,698 |
|
41,193 |
|
674 |
|
— |
|
674 |
Total operating revenues |
1,281,990 |
|
40,698 |
|
1,322,688 |
|
1,333,497 |
|
— |
|
1,333,497 |
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
396,926 |
|
26,343 |
|
423,269 |
|
332,488 |
|
4,305 |
|
336,793 |
Aircraft fuel |
340,147 |
|
— |
|
340,147 |
|
352,157 |
|
— |
|
352,157 |
Station operations |
136,266 |
|
— |
|
136,266 |
|
128,234 |
|
— |
|
128,234 |
Depreciation and amortization |
117,212 |
|
11,993 |
|
129,205 |
|
108,465 |
|
148 |
|
108,613 |
Maintenance and repairs |
61,008 |
|
— |
|
61,008 |
|
60,076 |
|
— |
|
60,076 |
Sales and marketing |
54,796 |
|
3,121 |
|
57,917 |
|
56,158 |
|
638 |
|
56,796 |
Aircraft lease rentals |
11,734 |
|
— |
|
11,734 |
|
13,067 |
|
— |
|
13,067 |
Other |
57,742 |
|
23,844 |
|
81,586 |
|
57,752 |
|
4,576 |
|
62,328 |
Special charges, net of recoveries |
34,987 |
|
(3,775) |
|
31,212 |
|
14 |
|
(12,834) |
|
(12,820) |
Total operating expenses |
1,210,818 |
|
61,526 |
|
1,272,344 |
|
1,108,411 |
|
(3,167) |
|
1,105,244 |
OPERATING INCOME (LOSS) |
71,172 |
|
(20,828) |
|
50,344 |
|
225,086 |
|
3,167 |
|
228,253 |
|
|||||
Airline Operating Statistics |
|||||
(Unaudited) |
|||||
|
|||||
|
Six Months Ended |
|
Percent |
||
|
2024 |
|
2023 |
|
YoY |
AIRLINE OPERATING STATISTICS |
|
|
|
|
|
Total system statistics: |
|
|
|
|
|
Passengers |
8,726,708 |
|
8,904,434 |
|
(2.0) % |
Available seat miles (ASMs) (thousands) |
9,785,180 |
|
9,731,169 |
|
0.6 |
Airline operating expense per ASM (CASM)(cents) |
12.38 ¢ |
|
11.39 ¢ |
|
8.7 |
Fuel expense per ASM (cents) |
3.48 ¢ |
|
3.62 ¢ |
|
(3.9) |
Airline special charges per ASM (cents) |
0.36 ¢ |
|
— ¢ |
|
NM |
Airline operating CASM, excluding fuel and special charges (cents) |
8.54 ¢ |
|
7.77 ¢ |
|
9.9 |
Departures |
61,477 |
|
61,541 |
|
(0.1) |
Block hours |
148,391 |
|
148,405 |
|
— |
Average stage length (miles) |
900 |
|
896 |
|
0.4 |
Average number of operating aircraft during period |
125.6 |
|
123.7 |
|
1.5 |
Average block hours per aircraft per day |
6.5 |
|
6.6 |
|
(1.5) |
Full-time equivalent employees at end of period |
5,993 |
|
5,436 |
|
10.2 |
Fuel gallons consumed (thousands) |
116,366 |
|
115,950 |
|
0.4 |
ASMs per gallon of fuel |
84.1 |
|
83.9 |
|
0.2 |
Average fuel cost per gallon |
$ 2.92 |
|
$ 3.04 |
|
(3.9) |
Scheduled service statistics: |
|
|
|
|
|
Passengers |
8,642,288 |
|
8,841,819 |
|
(2.3) |
Revenue passenger miles (RPMs) (thousands) |
7,992,097 |
|
8,203,761 |
|
(2.6) |
Available seat miles (ASMs) (thousands) |
9,484,939 |
|
9,498,960 |
|
(0.1) |
Load factor |
84.3 % |
|
86.4 % |
|
(2.1) |
Departures |
59,305 |
|
59,760 |
|
(0.8) |
Block hours |
143,563 |
|
144,611 |
|
(0.7) |
Average seats per departure |
176.7 |
|
175.9 |
|
0.5 |
Yield (cents)(2) |
7.41 ¢ |
|
8.03 ¢ |
|
(7.7) |
Total passenger revenue per ASM (TRASM) (cents)(3) |
13.13 ¢ |
|
13.76 ¢ |
|
(4.6) |
Average fare - scheduled service(4) |
$ 68.53 |
|
$ 74.46 |
|
(8.0) |
Average fare - air-related charges(4) |
$ 67.36 |
|
$ 67.14 |
|
0.3 |
Average fare - third party products |
$ 8.16 |
|
$ 6.21 |
|
31.4 |
Average fare - total |
$ 144.05 |
|
$ 147.82 |
|
(2.6) |
Average stage length (miles) |
905 |
|
900 |
|
0.6 |
Fuel gallons consumed (thousands) |
112,735 |
|
113,107 |
|
(0.3) |
Average fuel cost per gallon |
$ 2.92 |
|
$ 3.04 |
|
(3.9) |
Percent of sales through website during period |
94.8 % |
|
95.4 % |
|
(0.6) |
Other data: |
|
|
|
|
|
Rental car days sold |
729,349 |
|
745,941 |
|
(2.2) |
Hotel room nights sold |
123,131 |
|
139,196 |
|
(11.5) |
|
|
(1) |
Except load factor and percent of sales through website, which is percentage point change. |
(2) |
Defined as scheduled service revenue divided by revenue passenger miles. |
(3) |
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. |
(4) |
Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path. |
Summary Balance Sheet |
|||||
|
|||||
Unaudited (millions) |
(unaudited) |
|
|
|
Percent Change |
Unrestricted cash and investments |
|
|
|
|
|
Cash and cash equivalents |
$ 215.8 |
|
$ 143.3 |
|
50.6 % |
Short-term investments |
576.1 |
|
671.4 |
|
(14.2) |
Long-term investments |
59.2 |
|
56.0 |
|
5.7 |
Total unrestricted cash and investments |
851.1 |
|
870.7 |
|
(2.3) |
Debt |
|
|
|
|
|
Current maturities of long-term debt and finance lease obligations, net of related costs |
485.6 |
|
439.9 |
|
10.4 |
Long-term debt and finance lease obligations, net of current maturities and related costs |
1,733.2 |
|
1,819.7 |
|
(4.8) |
Total debt |
2,218.8 |
|
2,259.6 |
|
(1.8) |
Debt, net of unrestricted cash and investments |
1,367.7 |
|
1,388.9 |
|
(1.5) |
|
1,333.0 |
|
1,328.6 |
|
0.3 |
EPS Calculation |
|||||||
|
|||||||
The following table sets forth the computation of net income 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 |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Basic: |
|
|
|
|
|
|
|
Net income |
$ 13,699 |
|
$ 88,469 |
|
$ 12,780 |
|
$ 144,618 |
Less income allocated to participating securities |
(333) |
|
(3,660) |
|
(618) |
|
(4,663) |
Net income attributable to common stock |
$ 13,366 |
|
$ 84,809 |
|
$ 12,162 |
|
$ 139,955 |
Earnings per share, basic |
$ 0.75 |
|
$ 4.80 |
|
$ 0.69 |
|
$ 7.85 |
Weighted-average shares outstanding |
17,828 |
|
17,677 |
|
17,746 |
|
17,840 |
Diluted: |
|
|
|
|
|
|
|
Net income |
$ 13,699 |
|
$ 88,469 |
|
$ 12,780 |
|
$ 144,618 |
Less income allocated to participating securities |
(333) |
|
(3,659) |
|
(618) |
|
(4,657) |
Net income attributable to common stock |
$ 13,366 |
|
$ 84,810 |
|
$ 12,162 |
|
$ 139,961 |
Earnings per share, diluted |
$ 0.75 |
|
$ 4.80 |
|
$ 0.68 |
|
$ 7.84 |
Weighted-average shares outstanding(1) |
17,828 |
|
17,677 |
|
17,746 |
|
17,840 |
Dilutive effect of restricted stock |
78 |
|
211 |
|
195 |
|
168 |
Adjusted weighted-average shares outstanding under treasury stock method |
17,906 |
|
17,888 |
|
17,941 |
|
18,008 |
Participating securities excluded under two-class method |
(37) |
|
(205) |
|
(105) |
|
(147) |
Adjusted weighted-average shares outstanding under two-class method |
17,869 |
|
17,683 |
|
17,836 |
|
17,861 |
|
|
(1) |
Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material. |
Appendix A
Non-GAAP Presentation
Three and Six Months Ended
(Unaudited)
Airline operating expense, airline income before income taxes, airline net income, and airline diluted earnings per share all eliminate the effects of non-airline activity as such activity is not reflective of airline operating performance. We also present these airline-only metrics excluding special charges related to aircraft accelerated depreciation on early retirement of certain airframes and a ratification bonus for the new collective bargaining agreement for our flight attendants. Management believes the exclusion of these special charges enhances comparability of financial information between periods. Airline earnings before interest, taxes, depreciation and amortization ("Airline EBITDA") eliminates the effects of non-airline operating activity and other items. As such, all of these are non-GAAP financial measures. We believe the presentation of these measures is relevant and useful for investors because it allows them to better gauge the performance of the airline and to compare our results to other airlines.
We also present both operating expense and CASM excluding aircraft fuel expense and excluding the ratification bonus to our flight attendants. Fuel price volatility impacts the comparability of year over year financial performance as does the one-time payment of the ratification bonus. We believe the adjustments for fuel expense and ratification bonus allow investors to better understand our non-fuel costs and related performance.
We present consolidated operating income, EBITDA, and diluted earnings per share excluding Sunseeker special charges, net of recoveries, and airline special charges, to exclude the impact of losses and insurance recoveries incurred primarily as the result of hurricanes and other insured events at Sunseeker and to exclude aircraft accelerated depreciation on early retirements of certain airframes and the ratification bonus to our flight attendants. Management believes these measures enhance comparability of financial information between periods.
Consolidated EBITDA, Consolidated EBITDA excluding special charges, Airline EBITDA excluding special charges, estimated airline only and consolidated earnings (loss) per share excluding special charges, and Sunseeker estimated EBITDA, as presented in this press release, are supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in
We define "EBITDA" as earnings before interest, taxes, depreciation and amortization. We also adjust EBITDA within this release to exclude non-airline activity and special charges. We caution investors that amounts presented in accordance with this definition may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate EBITDA in the same manner.
We use EBITDA and Airline 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 these presentations of EBITDA are relevant and useful for investors because they allow investors to view results in a manner similar to the method used by management and make 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 these adjusted numbers to the most directly comparable GAAP financial performance measure.
The
Reconciliation of Non-GAAP Financial Measures |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Reconciliation of net income and earnings per share excluding special charges net of recoveries (millions except share and per share amounts) |
|
|
|
|
|
|
|
Net income as reported (GAAP) |
$ 13.7 |
|
$ 88.5 |
|
12.8 |
|
144.6 |
Plus (minus) special charges(2) |
18.1 |
|
(11.2) |
|
31.2 |
|
(12.8) |
Plus income tax expense (GAAP) |
4.3 |
|
27.9 |
|
3.9 |
|
46.1 |
Minus adjusted income tax expense, excluding effect of special charges |
(3.6) |
|
(24.9) |
|
(5.0) |
|
(42.4) |
Net income excluding special charges net of recoveries(1)(2) |
32.5 |
|
80.2 |
|
42.9 |
|
135.6 |
Net income allocated to participating securities |
(0.8) |
|
(3.3) |
|
(1.2) |
|
(4.4) |
Net income attributable to common stock excluding special charges net of recoveries(1)(2) |
31.7 |
|
76.9 |
|
41.7 |
|
131.2 |
|
|
|
|
|
|
|
|
Diluted shares used for computation (thousands) |
17,869 |
|
17,683 |
|
17,836 |
|
17,861 |
|
|
|
|
|
|
|
|
Diluted earnings per share as reported (GAAP) |
$ 0.75 |
|
$ 4.80 |
|
$ 0.68 |
|
$ 7.84 |
Diluted earnings per share excluding special charges net of recoveries(1)(2) |
$ 1.77 |
|
$ 4.35 |
|
$ 2.34 |
|
$ 7.35 |
|
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Reconciliation of airline net income excluding special charges and airline earnings per share excluding special charges (millions except share and per share amounts) |
|
|
|
|
|
|
|
Net income as reported (GAAP) |
$ 13.7 |
|
$ 88.5 |
|
$ 12.8 |
|
$ 144.6 |
Plus (minus) non-airline (income) loss before taxes |
17.5 |
|
(6.0) |
|
31.3 |
|
(1.5) |
Plus airline special charges(2) |
20.1 |
|
— |
|
35.0 |
|
— |
Plus income tax expense (GAAP) |
4.3 |
|
27.9 |
|
3.9 |
|
46.1 |
Minus airline adjusted income tax expense, excluding effect of special charges |
(14.6) |
|
(26.2) |
|
(22.2) |
|
(45.0) |
Airline net income, excluding special charges(1)(2) |
41.0 |
|
84.2 |
|
60.8 |
|
144.2 |
|
|
|
|
|
|
|
|
Airline net income allocated to participating securities excluding special charges |
(1.0) |
|
(3.5) |
|
(1.8) |
|
(4.6) |
Airline net income attributable to common stock excluding special charges(1)(2) |
40.0 |
|
80.7 |
|
59.0 |
|
139.6 |
|
|
|
|
|
|
|
|
Diluted shares used for computation (thousands) |
17,869 |
|
17,683 |
|
17,836 |
|
17,861 |
|
|
|
|
|
|
|
|
Diluted earnings per share as reported (GAAP) |
$ 0.75 |
|
$ 4.80 |
|
$ 0.68 |
|
$ 7.84 |
Diluted airline earnings per share excluding special charges(1)(2) |
$ 2.24 |
|
$ 4.57 |
|
$ 3.31 |
|
$ 7.81 |
|
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Reconciliation of airline operating expense, operating income, and income before income taxes excluding special charges (millions) |
|
|
|
|
|
|
|
Operating expense as reported (GAAP) |
$ 631.4 |
|
$ 550.4 |
|
$ 1,272.3 |
|
$ 1,105.2 |
Non-airline operating expense |
28.9 |
|
(5.9) |
|
61.5 |
|
(3.2) |
Airline operating expense |
602.5 |
|
556.3 |
|
1,210.8 |
|
1,108.4 |
Airline special charges(2) |
20.1 |
|
— |
|
35.0 |
|
— |
Airline operating expense, excluding special charges(1)(2) |
$ 582.4 |
|
$ 556.3 |
|
$ 1,175.8 |
|
$ 1,108.4 |
|
|
|
|
|
|
|
|
Operating income as reported (GAAP) |
$ 34.9 |
|
$ 133.4 |
|
$ 50.3 |
|
$ 228.3 |
Plus (minus) non-airline operating (income) loss |
12.1 |
|
(5.9) |
|
20.8 |
|
(3.2) |
Plus airline special charges(2) |
20.1 |
|
— |
|
35.0 |
|
— |
Airline operating income, excluding special charges(1)(2) |
$ 67.0 |
|
$ 127.5 |
|
$ 106.2 |
|
$ 225.1 |
Airline operating margin, excluding special charges(2) |
10.3 % |
|
18.6 % |
|
8.3 % |
|
16.9 % |
|
|
|
|
|
|
|
|
Income before income taxes as reported (GAAP) |
$ 18.0 |
|
$ 116.3 |
|
$ 16.7 |
|
$ 190.8 |
Plus (minus) non-airline loss (income) before income taxes |
17.5 |
|
(6.0) |
|
31.3 |
|
(1.5) |
Plus airline special charges(2) |
20.1 |
|
— |
|
35.0 |
|
— |
Airline income before income taxes, excluding special charges(1)(2) |
$ 55.6 |
|
$ 110.4 |
|
$ 83.0 |
|
$ 189.2 |
|
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Reconciliation of operating income excluding special charges (millions) |
|
|
|
|
|
|
|
Operating income as reported (GAAP) |
$ 34.9 |
|
$ 133.4 |
|
$ 50.3 |
|
$ 228.3 |
Special charges |
18.1 |
|
(11.2) |
|
31.2 |
|
(12.8) |
Operating income, excluding special charges(1)(2) |
$ 53.0 |
|
$ 122.2 |
|
$ 81.6 |
|
$ 215.5 |
|
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Reconciliation of airline operating CASM excluding fuel and special charges (millions) |
|
|
|
|
|
|
|
Consolidated operating expense (GAAP) |
$ 631.4 |
|
$ 550.4 |
|
$ 1,272.3 |
|
$ 1,105.2 |
Less fuel expense |
170.1 |
|
162.6 |
|
340.1 |
|
352.2 |
Less non-airline operating expense |
28.9 |
|
(5.9) |
|
61.5 |
|
(3.2) |
Less airline special charges(2) |
20.1 |
|
— |
|
35.0 |
|
— |
Total airline operating expense less fuel and airline special charges(1)(2) |
$ 412.3 |
|
$ 393.7 |
|
$ 835.7 |
|
$ 756.2 |
|
|
|
|
|
|
|
|
System available seat miles (millions) |
5,013.2 |
|
5,053.5 |
|
9,785.2 |
|
9,731.2 |
Cost per available seat mile (cents) |
12.59 |
|
10.89 |
|
13.00 |
|
11.36 |
Airline-only cost per available seat mile (cents) |
12.02 |
|
11.01 |
|
12.38 |
|
11.39 |
Airline-only cost per available seat mile excluding fuel and airline special charges (cents)(2) |
8.23 |
|
7.79 |
|
8.54 |
|
7.77 |
|
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Consolidated EBITDA and Consolidated EBITDA excluding special charges (millions) |
|
|
|
|
|
|
|
Net income as reported (GAAP) |
$ 13.7 |
|
$ 88.5 |
|
$ 12.8 |
|
$ 144.6 |
Interest expense, net |
16.8 |
|
17.0 |
|
33.5 |
|
37.4 |
Income tax expense |
4.3 |
|
27.9 |
|
3.9 |
|
46.1 |
Depreciation and amortization |
65.4 |
|
53.9 |
|
129.2 |
|
108.6 |
Consolidated EBITDA(1) |
$ 100.2 |
|
$ 187.3 |
|
$ 179.4 |
|
$ 336.7 |
Special charges, net of recoveries(2) |
18.1 |
|
(11.2) |
|
31.2 |
|
(12.8) |
Consolidated EBITDA, excluding special charges(1)(2) |
$ 118.3 |
|
$ 176.1 |
|
$ 210.6 |
|
$ 323.9 |
|
|
|
|
|
|
|
|
Airline EBITDA excluding special charges (millions) |
|
|
|
|
|
|
|
Income before taxes as reported (GAAP) |
$ 18.0 |
|
$ 116.3 |
|
$ 16.7 |
|
$ 190.8 |
Plus (minus) non-airline loss (income) before taxes |
17.5 |
|
(6.0) |
|
31.3 |
|
(1.5) |
Plus airline special charges(2) |
20.1 |
|
— |
|
35.0 |
|
— |
Airline income before taxes, excluding special charges(1)(2) |
$ 55.6 |
|
$ 110.4 |
|
$ 83.0 |
|
$ 189.2 |
Airline interest expense, net |
11.4 |
|
17.1 |
|
23.0 |
|
35.8 |
Airline depreciation and amortization |
59.3 |
|
53.8 |
|
117.2 |
|
108.5 |
Airline EBITDA, excluding special charges(1)(2) |
$ 126.3 |
|
$ 181.3 |
|
$ 223.3 |
|
$ 333.5 |
|
|
(1) |
Denotes non-GAAP figure. |
(2) |
In 2024 and 2023, we recognized as special charges the full amount of estimated property damage to |
* |
Note that amounts may not recalculate due to rounding |
|
|
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