Allegiant Travel CO 8-K, filed Nov 3, 2026
Allegiant Travel CO (ALGT)
8-K
2026-11-03
For: 2026-11-02
View Original
Added on
November 03, 2026
About this 8-K
Allegiant Travel CO filed this 8-K on November 3, 2026, reporting on events of November 2, 2026.
Allegiant Travel Company furnished unaudited pro forma results after completing its Sun Country Airlines Holdings, Inc. acquisition on May 13, 2026, including year ended December 31, 2025 operating revenues of 3,672,668 and net income of 47,689 (in thousands). AI summary
Items reported
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
_____________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 2, 2026
| (Exact name of registrant as specified in its charter) | ||||||||||||||||||||||||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||||||||
Registrant’s telephone number, including area code: (702 ) 851-7300
| N/A | ||||||||||||||||||||||||||||||||
| (Former name or former address, if changed since last report.) | ||||||||||||||||||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.001 | ALGT | NASDAQ Stock Market | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as in Rule 405 of the Securities Act of 1933 (Section 17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 17 CFR §240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 7 Regulation FD
Item 7.01 Regulation FD
As previously disclosed, on May 13, 2026, Allegiant Travel Company ("the Company") completed its acquisition of Sun Country Airlines Holdings, Inc. The Company is making available certain unaudited pro forma financial information for the three-month periods ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026, and for the year ended December 31, 2025, all reflecting the acquisition on a pro forma basis as if the transaction closed on January 1, 2025. This information is attached as Exhibit 99.1 to this report.
The information in Section 7 of this Current Report on Form 8-K and the Exhibit filed herewith is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. As such, this information shall not be incorporated by reference into any of the Company’s reports or other filings made with the Securities and Exchange Commission.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
a.Not applicable.
b.Not applicable.
c.Not applicable.
d.Exhibits
| Exhibit No. | Description of Document | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, Allegiant Travel Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: November 2, 2026 | ALLEGIANT TRAVEL COMPANY | ||||||||||
| By: | /s/ Robert Neal | ||||||||||
| Name: | Robert Neal | ||||||||||
| Title: | President, Chief Financial Officer | ||||||||||
Exhibit 99.1
Unaudited Pro Forma Information
The following presents certain unaudited pro forma condensed combined statements of income (loss) for the three month periods ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026, and for the year ended December 31, 2025, and other unaudited pro forma non-GAAP information for the same periods. The pro forma financial information is based upon the combined historical financial statements of Allegiant Travel Company, ("Allegiant") and Sun Country Airlines Holdings, LLC, (“Sun Country”), after giving effect to Allegiant’s acquisition of all the issued and outstanding shares of Sun Country by means of a merger (the “Merger”). The combined pro forma information includes adjustments prepared in accordance with Article 11 of Regulation S-X to illustrate the effects of the Merger as if it had occurred on January 1, 2025, the beginning of the earliest period presented.
On September 4, 2025, the Company completed the sale of Sunseeker Resort (“Sunseeker”). In addition to the adjustments arising from the Merger described above, the combined pro forma information includes adjustments to illustrate the effects of the sale of Sunseeker Resort as if it had occurred on January 1, 2025, the beginning of the earliest period presented.
Management believes pro forma combined operating results for prior periods are useful for the purpose of comparing our actual or expected future operating results, as it provides a relevant baseline for identifying trends in the overall operating performance of our business. Management also believes the recalculation of certain operating statistics, unit metrics and certain non-GAAP measures on a pro forma basis to be useful in a review of our operating results.
The Sun Country Transaction Accounting Adjustments in the unaudited pro forma condensed combined statements of income (loss) reflect the preliminary allocation of the purchase price to the acquired assets and liabilities based upon estimates of fair values. These adjustments have been tax effected using an assumed blended effective tax rate for each period. These adjustments are provisional and subject to further adjustment through May 13, 2027 as additional information becomes available, additional analyses are performed and as warranted by changes in current conditions and future expectations. Differences between these preliminary estimates and the final acquisition accounting may occur and these differences could have a material impact on the unaudited pro forma condensed combined financial information and the combined company’s future results of operations.
The Sun Country Reclassification Adjustments in the unaudited pro forma condensed combined statements of income (loss) reflect the reclassification of historically reported amounts to conform to Allegiant presentation. Differences from previously filed pro forma information reflects the impact of permissible measurement period adjustments and certain immaterial line item reclassifications to better conform presentation.
The Sunseeker Transaction Accounting Adjustments in the unaudited pro forma condensed combined statements of income (loss) reflect the removal of profit and loss attributable to Sunseeker Resort after the January 1, 2025 (assumed) date of disposition. There were no material impacts to profit and loss on the date of the sale of the Resort.
The unaudited pro forma condensed combined financial information is presented for informational purposes only. Such information is not necessarily indicative of the operating results that actually would have been achieved if the Merger had been consummated on the dates indicated or that the combined company may achieve in future periods. Specifically, the unaudited pro forma condensed combined financial information does not include any projected synergies expected to be achieved as a result of the Merger or any associated costs that may be incurred to achieve any projected synergies. The unaudited pro forma condensed combined financial information also excludes future costs associated with any integration activities that may result from the Merger, to the extent those costs are not included in the post-acquisition periods.
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME (LOSS)
Three Months Ended March 31, 2025
(in thousands, except statistical information)
| As Reported | Pro Forma | |||||||||||||||||||||||||||||||||||||
| Sun Country | Sunseeker | |||||||||||||||||||||||||||||||||||||
| Allegiant | Sun Country | Reclassification Adjustments | Transaction Accounting Adjustments | Transaction Accounting Adjustments | Condensed Combined Pro Forma | |||||||||||||||||||||||||||||||||
| OPERATING REVENUES: | ||||||||||||||||||||||||||||||||||||||
| Passenger | $ | 616,750 | $ | 285,888 | $ | (54,650) | — | $ | — | $ | 847,988 | |||||||||||||||||||||||||||
| Third party products | 35,203 | — | 3,712 | — | — | 38,915 | ||||||||||||||||||||||||||||||||
| Fixed fee contracts | 16,252 | — | 54,692 | — | — | 70,944 | ||||||||||||||||||||||||||||||||
| Cargo | — | 28,157 | — | — | — | 28,157 | ||||||||||||||||||||||||||||||||
| Resort and other | 30,869 | 12,604 | (3,754) | — | (30,688) | 9,031 | ||||||||||||||||||||||||||||||||
| Total operating revenues | 699,074 | 326,649 | — | — | (30,688) | 995,035 | ||||||||||||||||||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Salaries and benefits | 231,439 | 92,845 | (7) | 9,104 | (11,065) | 322,316 | ||||||||||||||||||||||||||||||||
| Aircraft fuel | 166,333 | 64,619 | 129 | — | — | 231,081 | ||||||||||||||||||||||||||||||||
| Station operations | 73,505 | — | 40,355 | (157) | — | 113,703 | ||||||||||||||||||||||||||||||||
| Ground handling | — | 11,407 | (11,407) | — | — | — | ||||||||||||||||||||||||||||||||
| Landing fees and airport rent | — | 16,833 | (16,833) | — | — | — | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 63,312 | 24,804 | — | (1,232) | (3,601) | 83,283 | ||||||||||||||||||||||||||||||||
| Maintenance and repairs | 34,854 | 18,862 | 527 | (4,877) | — | 49,366 | ||||||||||||||||||||||||||||||||
| Sales and marketing | 25,096 | 10,395 | 403 | (44) | (1,726) | 34,124 | ||||||||||||||||||||||||||||||||
| Aircraft lease rentals | 5,920 | — | — | — | — | 5,920 | ||||||||||||||||||||||||||||||||
| Other | 35,168 | 28,839 | (13,167) | (10) | (13,093) | 37,737 | ||||||||||||||||||||||||||||||||
| Special charges, net of recoveries | (1,555) | 1,799 | — | 91,716 | 2,947 | 94,907 | ||||||||||||||||||||||||||||||||
| Total operating expenses | 634,072 | 270,403 | — | 94,500 | (26,538) | 972,437 | ||||||||||||||||||||||||||||||||
| OPERATING INCOME | 65,002 | 56,246 | — | (94,500) | (4,150) | 22,598 | ||||||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Interest income | (11,935) | (1,995) | — | — | — | (13,930) | ||||||||||||||||||||||||||||||||
| Interest expense | 40,783 | 9,625 | — | (957) | (11,834) | 37,617 | ||||||||||||||||||||||||||||||||
| Capitalized interest | (6,488) | — | — | — | — | (6,488) | ||||||||||||||||||||||||||||||||
| Other, net | 702 | 478 | — | — | — | 1,180 | ||||||||||||||||||||||||||||||||
| Total other expenses | 23,062 | 8,108 | — | (957) | (11,834) | 18,379 | ||||||||||||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 41,940 | 48,138 | — | (93,543) | 7,684 | 4,219 | ||||||||||||||||||||||||||||||||
| INCOME TAX EXPENSE | 9,838 | 11,603 | — | (11,226) | 1,792 | 12,007 | ||||||||||||||||||||||||||||||||
| NET INCOME (LOSS) | $ | 32,102 | $ | 36,535 | $ | — | $ | (82,317) | $ | 5,892 | $ | (7,788) | ||||||||||||||||||||||||||
| Total system ASMs (millions) | 5,451.6 | 2,370.8 | 7,822.4 | |||||||||||||||||||||||||||||||||||
| Scheduled service ASMs (millions) | 5,305.2 | 2,020.5 | 7,325.7 | |||||||||||||||||||||||||||||||||||
| Scheduled service RPMs (millions) | 4,271.3 | 1,686.5 | 5,957.8 | |||||||||||||||||||||||||||||||||||
| Load factor | 80.5 | % | 83.5 | % | 81.3 | % | ||||||||||||||||||||||||||||||||
| Scheduled service TRASM (cents) | 12.29 | ¢ | 11.63 | ¢ | 12.11 | ¢ | ||||||||||||||||||||||||||||||||
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA NON-GAAP INFORMATION
Three Months Ended March 31, 2025
(in millions, except per ASM amounts)
| As Reported | Pro Forma | |||||||||||||||||||||||||
| Airline operating CASM excluding fuel, special charges and cargo expenses | Allegiant | Sun Country | Pro Forma Adjustments1 | Condensed Combined Pro Forma | ||||||||||||||||||||||
| Consolidated operating expenses | $ | 634.1 | $ | 270.4 | $ | 94.5 | $ | 999.0 | ||||||||||||||||||
Minus: Sunseeker operating expenses1 | 26.5 | — | — | 26.5 | ||||||||||||||||||||||
| Airline operating expenses | 607.6 | 270.4 | 94.5 | 972.5 | ||||||||||||||||||||||
| Minus: airline special charges | 1.4 | 1.8 | 91.7 | 94.9 | ||||||||||||||||||||||
| Minus: fuel expenses | 166.3 | 64.6 | 0.1 | 231.0 | ||||||||||||||||||||||
| Minus: cargo expenses, not already included in reductions above | — | 26.3 | — | 26.3 | ||||||||||||||||||||||
| Airline operating expenses, excluding fuel, special charges and cargo expenses | $ | 439.9 | $ | 177.7 | $ | 2.7 | $ | 620.3 | ||||||||||||||||||
| System available seat miles | 5,451.6 | 2,370.8 | 7,822.4 | |||||||||||||||||||||||
| Airline cost per available seat mile (cents) | 11.14 | ¢ | 11.41 | ¢ | 12.43 | ¢ | ||||||||||||||||||||
| Airline cost per available seat mile excluding fuel, special charges and cargo expenses (cents) | 8.07 | ¢ | 7.50 | ¢ | 7.93 | ¢ | ||||||||||||||||||||
| Adjusted net income | ||||||||||||||||||||||||||
| Net income as reported | $ | 32.1 | $ | 36.5 | $ | (76.4) | $ | (7.8) | ||||||||||||||||||
| Loss on extinguishment of debt | 3.4 | 0.2 | (3.4) | 0.2 | ||||||||||||||||||||||
| Special charges, net of recoveries | (1.6) | 1.8 | 94.7 | 94.9 | ||||||||||||||||||||||
| Income tax effect of adjustments above | (0.5) | (0.5) | (10.9) | (11.9) | ||||||||||||||||||||||
| Adjusted net income | $ | 33.4 | $ | 38.0 | $ | 4.0 | $ | 75.4 | ||||||||||||||||||
| Adjusted pretax income | ||||||||||||||||||||||||||
| Income before tax as reported | $ | 41.9 | $ | 48.1 | $ | (85.8) | $ | 4.2 | ||||||||||||||||||
| Loss on extinguishment of debt | 3.4 | 0.2 | (3.4) | 0.2 | ||||||||||||||||||||||
| Special charges, net of recoveries | (1.6) | 1.8 | 94.7 | 94.9 | ||||||||||||||||||||||
| Adjusted pretax income | $ | 43.8 | $ | 50.1 | $ | 5.5 | $ | 99.3 | ||||||||||||||||||
| Adjusted operating income | ||||||||||||||||||||||||||
| Operating income as reported | $ | 65.0 | $ | 56.2 | $ | (98.6) | $ | 22.6 | ||||||||||||||||||
| Special charges, net of recoveries | (1.6) | 1.8 | 94.7 | 94.9 | ||||||||||||||||||||||
| Adjusted operating income | $ | 63.4 | $ | 58.0 | $ | (3.9) | $ | 117.5 | ||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||
| Net income as reported | $ | 32.1 | $ | 36.5 | $ | (76.4) | $ | (7.8) | ||||||||||||||||||
| Income taxes | 9.8 | 11.6 | (9.4) | 12.0 | ||||||||||||||||||||||
| Interest expense, net | 22.4 | 7.6 | (12.8) | 17.2 | ||||||||||||||||||||||
| Depreciation & amortization | 63.3 | 24.8 | (4.8) | 83.3 | ||||||||||||||||||||||
| Special charges, net of recoveries | (1.6) | 1.8 | 94.7 | 94.9 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 126.0 | $ | 82.3 | $ | (8.7) | $ | 199.6 | ||||||||||||||||||
1For CASM only, pro forma adjustments to exclude Sunseeker Resort items are reflected in the Allegiant column to provide an Allegiant airline-only adjusted CASM figure, and are accordingly excluded from the pro forma adjustments column. For the remaining reconciliation tables on this page, pro forma adjustments related to Sunseeker Resort are included in the pro forma adjustments column.
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME (LOSS)
Three Months Ended June 30, 2025
(in thousands, except statistical information)
| As Reported | Pro Forma | |||||||||||||||||||||||||||||||||||||
| Sun Country | Sunseeker | |||||||||||||||||||||||||||||||||||||
| Allegiant | Sun Country | Reclassification Adjustments | Transaction Accounting Adjustments | Transaction Accounting Adjustments | Condensed Combined Pro Forma | |||||||||||||||||||||||||||||||||
| OPERATING REVENUES: | ||||||||||||||||||||||||||||||||||||||
| Passenger | $ | 617,908 | $ | 214,668 | $ | (54,104) | — | — | $ | 778,472 | ||||||||||||||||||||||||||||
| Third party products | 33,649 | — | 2,818 | — | — | 36,467 | ||||||||||||||||||||||||||||||||
| Fixed fee contracts | 17,019 | — | 54,271 | — | — | 71,290 | ||||||||||||||||||||||||||||||||
| Cargo | — | 34,803 | — | — | — | 34,803 | ||||||||||||||||||||||||||||||||
| Resort and other | 20,808 | 14,150 | (2,985) | — | (20,634) | 11,339 | ||||||||||||||||||||||||||||||||
| Total operating revenues | 689,384 | 263,621 | — | — | (20,634) | 932,371 | ||||||||||||||||||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Salaries and benefits | 214,102 | 89,557 | (7) | (389) | (10,617) | 292,646 | ||||||||||||||||||||||||||||||||
| Aircraft fuel | 165,752 | 50,536 | 67 | — | — | 216,355 | ||||||||||||||||||||||||||||||||
| Station operations | 75,248 | — | 35,768 | (144) | — | 110,872 | ||||||||||||||||||||||||||||||||
| Ground handling | — | 11,353 | (11,353) | — | — | — | ||||||||||||||||||||||||||||||||
| Landing fees and airport rent | — | 14,971 | (14,971) | — | — | — | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 68,519 | 24,972 | — | (966) | (3,558) | 88,967 | ||||||||||||||||||||||||||||||||
| Maintenance and repairs | 36,379 | 18,250 | 680 | (4,077) | — | 51,232 | ||||||||||||||||||||||||||||||||
| Sales and marketing | 26,837 | 8,001 | 415 | (43) | (1,718) | 33,492 | ||||||||||||||||||||||||||||||||
| Aircraft lease rentals | 11,023 | — | — | — | — | 11,023 | ||||||||||||||||||||||||||||||||
| Other | 41,089 | 29,670 | (10,599) | (9) | (12,058) | 48,093 | ||||||||||||||||||||||||||||||||
| Special charges, net of recoveries | 117,924 | 49 | — | 355 | (103,329) | 14,999 | ||||||||||||||||||||||||||||||||
| Total operating expenses | 756,873 | 247,359 | — | (5,273) | (131,280) | 867,679 | ||||||||||||||||||||||||||||||||
| OPERATING INCOME (LOSS) | (67,489) | 16,262 | — | 5,273 | 110,646 | 64,692 | ||||||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Interest income | (10,359) | (1,513) | — | — | — | (11,872) | ||||||||||||||||||||||||||||||||
| Interest expense | 35,756 | 9,212 | — | (164) | (7,635) | 37,169 | ||||||||||||||||||||||||||||||||
| Capitalized interest | (4,562) | — | — | — | — | (4,562) | ||||||||||||||||||||||||||||||||
| Other, net | 240 | 7 | — | — | — | 247 | ||||||||||||||||||||||||||||||||
| Total other expenses | 21,075 | 7,706 | — | (164) | (7,635) | 20,982 | ||||||||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (88,564) | 8,556 | — | 5,437 | 118,281 | 43,710 | ||||||||||||||||||||||||||||||||
| INCOME TAX EXPENSE (BENEFIT) | (23,398) | 1,979 | — | 652 | 25,501 | 4,734 | ||||||||||||||||||||||||||||||||
| NET INCOME (LOSS) | (65,166) | 6,577 | — | 4,785 | 92,780 | 38,976 | ||||||||||||||||||||||||||||||||
| Total system ASMs (millions) | 5,799.4 | 1,933.9 | 7,733.3 | |||||||||||||||||||||||||||||||||||
| Scheduled service ASMs (millions) | 5,629.0 | 1,571.2 | 7,200.3 | |||||||||||||||||||||||||||||||||||
| Scheduled service RPMs (millions) | 4,610.3 | 1,285.9 | 5,896.2 | |||||||||||||||||||||||||||||||||||
| Load factor | 81.9% | 81.8% | 81.9% | |||||||||||||||||||||||||||||||||||
| Scheduled service TRASM (cents) | 11.57 ¢ | 10.40 ¢ | 11.32 ¢ | |||||||||||||||||||||||||||||||||||
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA NON-GAAP INFORMATION
Three Months Ended June 30, 2025
(in millions, except per ASM amounts)
| As Reported | Pro Forma | |||||||||||||||||||||||||
| Airline operating CASM excluding fuel, special charges and cargo expenses | Allegiant | Sun Country | Pro Forma Adjustments1 | Condensed Combined Pro Forma | ||||||||||||||||||||||
| Consolidated operating expenses | $ | 756.9 | $ | 247.4 | $ | (5.3) | $ | 999.0 | ||||||||||||||||||
Minus: Sunseeker operating expenses1 | 131.3 | — | — | 131.3 | ||||||||||||||||||||||
| Airline operating expenses | 625.6 | 247.4 | (5.3) | 867.7 | ||||||||||||||||||||||
| Minus: airline special charges | 14.6 | — | 0.4 | 15.0 | ||||||||||||||||||||||
| Minus: fuel expenses | 165.8 | 50.5 | — | 216.3 | ||||||||||||||||||||||
| Minus: cargo expenses, not already included in reductions above | — | 32.1 | — | 32.1 | ||||||||||||||||||||||
| Airline operating expenses, excluding fuel, special charges and cargo expenses | $ | 445.2 | $ | 164.8 | $ | (5.7) | $ | 604.3 | ||||||||||||||||||
| System available seat miles | 5,799.4 | 1,933.9 | 7,733.3 | |||||||||||||||||||||||
| Airline cost per available seat mile (cents) | 10.79 | ¢ | 12.79 | ¢ | 11.22 | ¢ | ||||||||||||||||||||
| Airline cost per available seat mile excluding fuel, special charges and cargo expenses (cents) | 7.68 | ¢ | 8.52 | ¢ | 7.81 | ¢ | ||||||||||||||||||||
| Adjusted net income | ||||||||||||||||||||||||||
| Net income (loss) as reported | $ | (65.2) | $ | 6.6 | $ | 97.6 | $ | 39.0 | ||||||||||||||||||
| Special charges, net of recoveries | 117.9 | — | (103.0) | 14.9 | ||||||||||||||||||||||
| Income tax effect of adjustments above | (30.0) | — | 23.7 | (6.3) | ||||||||||||||||||||||
| Adjusted net income | $ | 22.7 | $ | 6.6 | $ | 18.3 | $ | 47.6 | ||||||||||||||||||
| Adjusted pretax income | ||||||||||||||||||||||||||
| Income (loss) before tax as reported | $ | (88.6) | $ | 8.6 | $ | 123.7 | $ | 43.7 | ||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | ||||||||||||||||||||||
| Special charges, net of recoveries | 117.9 | — | (103.0) | 14.9 | ||||||||||||||||||||||
| Adjusted pretax income | $ | 29.3 | $ | 8.6 | $ | 20.7 | $ | 58.6 | ||||||||||||||||||
| Adjusted operating income | ||||||||||||||||||||||||||
| Operating income (loss) as reported | $ | (67.5) | $ | 16.3 | $ | 115.9 | $ | 64.7 | ||||||||||||||||||
| Special charges, net of recoveries | 117.9 | — | (103.0) | 14.9 | ||||||||||||||||||||||
| Adjusted operating income | $ | 50.4 | $ | 16.3 | $ | 12.9 | $ | 79.6 | ||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||
| Net income (loss) as reported | $ | (65.2) | $ | 6.6 | $ | 97.6 | $ | 39.0 | ||||||||||||||||||
| Income taxes | (23.4) | 2.0 | 26.1 | 4.7 | ||||||||||||||||||||||
| Interest expense, net | 20.8 | 7.7 | (7.8) | 20.7 | ||||||||||||||||||||||
| Depreciation & amortization | 68.5 | 25.0 | (4.5) | 89.0 | ||||||||||||||||||||||
| Special charges, net of recoveries | 117.9 | — | (102.9) | 15.0 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 118.6 | $ | 41.3 | $ | 8.5 | $ | 168.4 | ||||||||||||||||||
1For CASM only, pro forma adjustments to exclude Sunseeker Resort items are reflected in the Allegiant column to provide an Allegiant airline-only adjusted CASM figure, and are accordingly excluded from the pro forma adjustments column. For the remaining reconciliation tables on this page, pro forma adjustments related to Sunseeker Resort are included in the pro forma adjustments column.
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME (LOSS)
Three Months Ended September 30, 2025
(in thousands, except statistical information)
| As Reported | Pro Forma | |||||||||||||||||||||||||||||||||||||
| Sun Country | Sunseeker | |||||||||||||||||||||||||||||||||||||
| Allegiant | Sun Country | Reclassification Adjustments | Transaction Accounting Adjustments | Transaction Accounting Adjustments | Condensed Combined Pro Forma | |||||||||||||||||||||||||||||||||
| OPERATING REVENUES: | ||||||||||||||||||||||||||||||||||||||
| Passenger | $ | 494,144 | $ | 201,098 | $ | (58,392) | — | $ | — | $ | 636,850 | |||||||||||||||||||||||||||
| Third party products | 39,397 | — | 2,819 | — | — | 42,216 | ||||||||||||||||||||||||||||||||
| Fixed fee contracts | 18,852 | — | 58,673 | — | — | 77,525 | ||||||||||||||||||||||||||||||||
| Cargo | — | 44,023 | — | — | — | 44,023 | ||||||||||||||||||||||||||||||||
| Resort and other | 9,539 | 10,417 | (3,100) | — | (9,358) | 7,498 | ||||||||||||||||||||||||||||||||
| Total operating revenues | 561,932 | 255,538 | — | — | (9,358) | 808,112 | ||||||||||||||||||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Salaries and benefits | 196,394 | 93,093 | (7) | (756) | (5,903) | 282,821 | ||||||||||||||||||||||||||||||||
| Aircraft fuel | 151,254 | 48,583 | 35 | — | — | 199,872 | ||||||||||||||||||||||||||||||||
| Station operations | 71,390 | — | 37,437 | (130) | — | 108,697 | ||||||||||||||||||||||||||||||||
| Ground handling | — | 11,467 | (11,467) | — | — | — | ||||||||||||||||||||||||||||||||
| Landing fees and airport rent | — | 16,811 | (16,811) | — | — | — | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 58,952 | 24,683 | — | (1,063) | — | 82,572 | ||||||||||||||||||||||||||||||||
| Maintenance and repairs | 39,908 | 18,123 | 623 | (2,971) | — | 55,683 | ||||||||||||||||||||||||||||||||
| Sales and marketing | 23,040 | 6,982 | 713 | (38) | (947) | 29,750 | ||||||||||||||||||||||||||||||||
| Aircraft lease rentals | 11,096 | — | — | — | — | 11,096 | ||||||||||||||||||||||||||||||||
| Other | 33,615 | 25,868 | (10,523) | (8) | (8,931) | 40,021 | ||||||||||||||||||||||||||||||||
| Special charges, net of recoveries | 3,473 | 26 | — | 343 | (566) | 3,276 | ||||||||||||||||||||||||||||||||
| Total operating expenses | 589,122 | 245,636 | — | (4,623) | (16,347) | 813,788 | ||||||||||||||||||||||||||||||||
| OPERATING INCOME (LOSS) | (27,190) | 9,902 | — | 4,623 | 6,989 | (5,676) | ||||||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Interest income | (10,108) | (1,452) | — | — | — | (11,560) | ||||||||||||||||||||||||||||||||
| Interest expense | 38,116 | 9,185 | — | (1,024) | (3,996) | 42,281 | ||||||||||||||||||||||||||||||||
| Capitalized interest | (3,166) | — | — | — | — | (3,166) | ||||||||||||||||||||||||||||||||
| Other, net | 122 | 3 | — | — | — | 125 | ||||||||||||||||||||||||||||||||
| Total other expenses | 24,964 | 7,736 | — | (1,024) | (3,996) | 27,680 | ||||||||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (52,154) | 2,166 | — | 5,647 | 10,985 | (33,356) | ||||||||||||||||||||||||||||||||
| INCOME TAX EXPENSE (BENEFIT) | (8,580) | 614 | — | 678 | 4,574 | (2,714) | ||||||||||||||||||||||||||||||||
| NET INCOME (LOSS) | (43,574) | 1,552 | — | 4,969 | 6,411 | (30,642) | ||||||||||||||||||||||||||||||||
| Total system ASMs (millions) | 4,939.4 | 1,770.6 | 6,710.0 | |||||||||||||||||||||||||||||||||||
| Scheduled service ASMs (millions) | 4,769.2 | 1,374.5 | 6,143.7 | |||||||||||||||||||||||||||||||||||
| Scheduled service RPMs (millions) | 4,022.8 | 1,165.2 | 5,188.0 | |||||||||||||||||||||||||||||||||||
| Load factor | 84.3 | % | 84.8 | % | 84.4 | % | ||||||||||||||||||||||||||||||||
| Scheduled service TRASM (cents) | 11.19 | ¢ | 10.59 | ¢ | 11.05 | ¢ | ||||||||||||||||||||||||||||||||
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA NON-GAAP INFORMATION
Three Months Ended September 30, 2025
(in millions, except per ASM amounts)
| As Reported | Pro Forma | |||||||||||||||||||||||||
| Airline operating CASM excluding fuel, special charges and cargo expenses | Allegiant | Sun Country | Pro Forma Adjustments1 | Condensed Combined Pro Forma | ||||||||||||||||||||||
| Consolidated operating expenses | $ | 589.1 | $ | 245.6 | $ | (4.6) | $ | 830.1 | ||||||||||||||||||
Minus: Sunseeker operating expenses1 | 16.3 | — | — | 16.3 | ||||||||||||||||||||||
| Airline operating expenses | 572.8 | 245.6 | (4.6) | 813.8 | ||||||||||||||||||||||
| Minus: airline special charges | 2.9 | — | 0.3 | 3.2 | ||||||||||||||||||||||
| Minus: fuel expenses | 151.3 | 48.6 | — | 199.9 | ||||||||||||||||||||||
| Minus: cargo expenses, not already included in reductions above | — | 43.2 | — | 43.2 | ||||||||||||||||||||||
| Airline operating expenses, excluding fuel, special charges and cargo expenses | $ | 418.6 | $ | 153.8 | $ | (4.9) | $ | 567.5 | ||||||||||||||||||
| System available seat miles | 4,939.4 | 1,770.6 | 6,710.0 | |||||||||||||||||||||||
| Airline cost per available seat mile (cents) | 11.60 | ¢ | 13.87 | ¢ | 12.13 | ¢ | ||||||||||||||||||||
| Airline cost per available seat mile excluding fuel, special charges and cargo expenses (cents) | 8.47 | ¢ | 8.69 | ¢ | 8.46 | ¢ | ||||||||||||||||||||
| Adjusted net income (loss) | ||||||||||||||||||||||||||
| Net income (loss) as reported | $ | (43.6) | $ | 1.6 | $ | 11.4 | $ | (30.6) | ||||||||||||||||||
| Loss on extinguishment of debt | 1.1 | 0.4 | — | 1.5 | ||||||||||||||||||||||
| Special charges, net of recoveries | 3.5 | — | (0.2) | 3.3 | ||||||||||||||||||||||
| Income tax effect of adjustments above | (1.1) | (0.1) | — | (1.2) | ||||||||||||||||||||||
| Adjusted net income (loss) | $ | (40.0) | $ | 1.9 | $ | 11.2 | $ | (27.0) | ||||||||||||||||||
| Adjusted pretax income (loss) | ||||||||||||||||||||||||||
| Income (loss) before tax as reported | $ | (52.2) | $ | 2.2 | $ | 16.6 | $ | (33.4) | ||||||||||||||||||
| Loss on extinguishment of debt | 1.1 | 0.4 | — | 1.5 | ||||||||||||||||||||||
| Special charges, net of recoveries | 3.5 | — | (0.2) | 3.3 | ||||||||||||||||||||||
| Adjusted pretax income (loss) | $ | (47.6) | $ | 2.6 | $ | 16.4 | $ | (28.6) | ||||||||||||||||||
| Adjusted operating income (loss) | ||||||||||||||||||||||||||
| Operating income (loss) | $ | (27.2) | $ | 9.9 | $ | 11.6 | $ | (5.7) | ||||||||||||||||||
| Special charges, net of recoveries | 3.5 | — | (0.2) | 3.3 | ||||||||||||||||||||||
| Adjusted operating income (loss) | $ | (23.7) | $ | 9.9 | $ | 11.4 | $ | (2.4) | ||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||
| Net income (loss) as reported | $ | (43.6) | $ | 1.6 | $ | 11.4 | $ | (30.6) | ||||||||||||||||||
| Income taxes | (8.6) | 0.6 | 5.3 | (2.7) | ||||||||||||||||||||||
| Interest expense, net | 24.8 | 7.7 | (5.0) | 27.5 | ||||||||||||||||||||||
| Depreciation & amortization | 59.0 | 24.7 | (1.1) | 82.6 | ||||||||||||||||||||||
| Special charges, net of recoveries | 3.5 | — | (0.2) | 3.3 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 35.1 | $ | 34.6 | $ | 10.4 | $ | 80.1 | ||||||||||||||||||
1For CASM only, pro forma adjustments to exclude Sunseeker Resort items are reflected in the Allegiant column to provide an Allegiant airline-only adjusted CASM figure, and are accordingly excluded from the pro forma adjustments column. For the remaining reconciliation tables on this page, pro forma adjustments related to Sunseeker Resort are included in the pro forma adjustments column.
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME (LOSS)
Three Months Ended December 31, 2025
(in thousands, except statistical information)
| As Reported | Pro Forma | |||||||||||||||||||||||||||||||||||||
| Sun Country | Sunseeker | |||||||||||||||||||||||||||||||||||||
| Allegiant | Sun Country | Reclassification Adjustments | Transaction Accounting Adjustments | Transaction Accounting Adjustments | Condensed Combined Pro Forma | |||||||||||||||||||||||||||||||||
| OPERATING REVENUES: | ||||||||||||||||||||||||||||||||||||||
| Passenger | $ | 595,545 | $ | 221,475 | $ | (56,315) | — | — | $ | 760,705 | ||||||||||||||||||||||||||||
| Third party products | 34,939 | — | 2,610 | — | — | 37,549 | ||||||||||||||||||||||||||||||||
| Fixed fee contracts | 25,524 | — | 56,591 | — | — | 82,115 | ||||||||||||||||||||||||||||||||
| Cargo | — | 48,045 | — | — | — | 48,045 | ||||||||||||||||||||||||||||||||
| Resort and other | 180 | 11,441 | (2,886) | — | — | 8,735 | ||||||||||||||||||||||||||||||||
| Total operating revenues | 656,188 | 280,961 | — | — | — | 937,149 | ||||||||||||||||||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Salaries and benefits | 191,083 | 97,101 | (8) | (789) | — | 287,387 | ||||||||||||||||||||||||||||||||
| Aircraft fuel | 156,391 | 49,742 | 29 | — | — | 206,162 | ||||||||||||||||||||||||||||||||
| Station operations | 77,406 | — | 36,632 | (73) | — | 113,965 | ||||||||||||||||||||||||||||||||
| Ground handling | — | 10,474 | (10,474) | — | — | — | ||||||||||||||||||||||||||||||||
| Landing fees and airport rent | — | 16,146 | (16,146) | — | — | — | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 58,403 | 24,419 | — | (138) | — | 82,684 | ||||||||||||||||||||||||||||||||
| Maintenance and repairs | 38,797 | 25,114 | 560 | (7,253) | — | 57,218 | ||||||||||||||||||||||||||||||||
| Sales and marketing | 24,469 | 7,923 | 462 | (22) | — | 32,832 | ||||||||||||||||||||||||||||||||
| Aircraft lease rentals | 8,450 | — | — | — | — | 8,450 | ||||||||||||||||||||||||||||||||
| Other | 16,484 | 31,867 | (11,055) | (5) | — | 37,291 | ||||||||||||||||||||||||||||||||
| Special charges, net of recoveries | 17,862 | 12 | — | (3,837) | 6,782 | 20,819 | ||||||||||||||||||||||||||||||||
| Total operating expenses | 589,345 | 262,798 | — | (12,117) | 6,782 | 846,808 | ||||||||||||||||||||||||||||||||
| OPERATING INCOME | 66,843 | 18,163 | — | 12,117 | (6,782) | 90,341 | ||||||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Interest income | (9,295) | (2,013) | — | — | — | (11,308) | ||||||||||||||||||||||||||||||||
| Interest expense | 35,579 | 8,838 | — | (996) | — | 43,421 | ||||||||||||||||||||||||||||||||
| Capitalized interest | (3,388) | — | — | — | — | (3,388) | ||||||||||||||||||||||||||||||||
| Other, net | 43 | (15) | — | — | — | 28 | ||||||||||||||||||||||||||||||||
| Total other expenses | 22,939 | 6,810 | — | (996) | — | 28,753 | ||||||||||||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 43,904 | 11,353 | — | 13,113 | (6,782) | 61,588 | ||||||||||||||||||||||||||||||||
| INCOME TAX EXPENSE | 11,963 | 3,207 | — | 1,574 | (2,300) | 14,444 | ||||||||||||||||||||||||||||||||
| NET INCOME | 31,941 | 8,146 | — | 11,539 | (4,482) | 47,144 | ||||||||||||||||||||||||||||||||
| Total system ASMs (millions) | 5,179.1 | 1,848.7 | 7,027.8 | |||||||||||||||||||||||||||||||||||
| Scheduled service ASMs (millions) | 4,976.4 | 1,450.6 | 6,427.0 | |||||||||||||||||||||||||||||||||||
| Scheduled service RPMs (millions) | 4,043.2 | 1,224.9 | 5,268.1 | |||||||||||||||||||||||||||||||||||
| Load factor | 81.2 | % | 84.4 | % | 82.0 | % | ||||||||||||||||||||||||||||||||
| Scheduled service TRASM (cents) | 12.67 | ¢ | 11.57 | ¢ | 12.42 | ¢ | ||||||||||||||||||||||||||||||||
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA NON-GAAP INFORMATION
Three Months Ended December 31, 2025
(in millions, except per ASM amounts)
| As Reported | Pro Forma | |||||||||||||||||||||||||
| Airline operating CASM excluding fuel, special charges, and cargo expenses | Allegiant | Sun Country | Pro Forma Adjustments1 | Condensed Combined Pro Forma | ||||||||||||||||||||||
| Consolidated operating expenses | $ | 589.3 | $ | 262.8 | $ | (12.1) | $ | 840.0 | ||||||||||||||||||
Minus: Sunseeker operating expenses1 | (6.8) | — | — | (6.8) | ||||||||||||||||||||||
| Airline-only operating expenses | 596.1 | 262.8 | (12.1) | 846.8 | ||||||||||||||||||||||
| Minus: airline special charges | 24.6 | — | (3.8) | 20.8 | ||||||||||||||||||||||
| Minus: fuel expenses | 156.4 | 49.8 | — | 206.2 | ||||||||||||||||||||||
| Minus: cargo expenses, not already included in reductions above | — | 47.9 | — | 47.9 | ||||||||||||||||||||||
| Airline operating expenses, excluding fuel, special charges, and cargo expenses | $ | 415.1 | $ | 165.1 | $ | (8.3) | $ | 571.9 | ||||||||||||||||||
| System available seat miles | 5,179.1 | 1,848.7 | 7,027.8 | |||||||||||||||||||||||
| Airline cost per available seat mile (cents) | 11.51 | ¢ | 14.22 | ¢ | 12.05 | ¢ | ||||||||||||||||||||
| Airline cost per available seat mile excluding fuel, special charges and cargo expenses (cents) | 8.01 | ¢ | 8.93 | ¢ | 8.14 | ¢ | ||||||||||||||||||||
| Adjusted net income | ||||||||||||||||||||||||||
| Net income as reported | $ | 31.9 | $ | 8.1 | $ | 7.1 | $ | 47.1 | ||||||||||||||||||
| Loss on extinguishment of debt | 3.4 | — | — | 3.4 | ||||||||||||||||||||||
| Special charges, net of recoveries | 17.9 | — | 2.9 | 20.8 | ||||||||||||||||||||||
| Income tax effect of adjustments above | 1.0 | — | (1.1) | (0.1) | ||||||||||||||||||||||
| Adjusted net income | $ | 54.2 | $ | 8.1 | $ | 8.9 | $ | 71.2 | ||||||||||||||||||
| Adjusted pretax income | ||||||||||||||||||||||||||
| Income before tax as reported | $ | 43.9 | $ | 11.3 | $ | 6.4 | $ | 61.6 | ||||||||||||||||||
| Loss on extinguishment of debt | 3.4 | — | — | 3.4 | ||||||||||||||||||||||
| Special charges, net of recoveries | 17.9 | — | 2.9 | 20.8 | ||||||||||||||||||||||
| Adjusted pretax income | $ | 65.2 | $ | 11.3 | $ | 9.3 | $ | 85.8 | ||||||||||||||||||
| Adjusted operating income | ||||||||||||||||||||||||||
| Operating income as reported | $ | 66.8 | $ | 18.2 | $ | 5.3 | $ | 90.3 | ||||||||||||||||||
| Special charges, net of recoveries | 17.9 | — | 2.9 | 20.8 | ||||||||||||||||||||||
| Adjusted operating income | $ | 84.7 | $ | 18.2 | $ | 8.2 | $ | 111.1 | ||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||
| Net income as reported | $ | 31.9 | $ | 8.1 | $ | 7.1 | $ | 47.1 | ||||||||||||||||||
| Income taxes | 12.0 | 3.2 | (0.8) | 14.4 | ||||||||||||||||||||||
| Interest expense, net | 22.9 | 6.8 | (1.0) | 28.7 | ||||||||||||||||||||||
| Depreciation & amortization | 58.4 | 24.4 | (0.1) | 82.7 | ||||||||||||||||||||||
| Special charges, net of recoveries | 17.9 | — | 2.9 | 20.8 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 143.1 | $ | 42.5 | $ | 8.1 | $ | 193.7 | ||||||||||||||||||
1For CASM only, pro forma adjustments to exclude Sunseeker Resort items are reflected in the Allegiant column to provide an Allegiant airline-only adjusted CASM figure, and are accordingly excluded from the pro forma adjustments column. For the remaining reconciliation tables on this page, pro forma adjustments related to Sunseeker Resort are included in the pro forma adjustments column.
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME (LOSS)
Twelve Months Ended December 31, 2025
(in thousands, except statistical information)
| As Reported | Pro Forma | |||||||||||||||||||||||||||||||||||||
| Sun Country | Sunseeker | |||||||||||||||||||||||||||||||||||||
| Allegiant | Sun Country | Reclassification Adjustments | Transaction Accounting Adjustments | Transaction Accounting Adjustments | Condensed Combined Pro Forma | |||||||||||||||||||||||||||||||||
| OPERATING REVENUES: | ||||||||||||||||||||||||||||||||||||||
| Passenger | $ | 2,324,348 | $ | 923,129 | $ | (223,461) | — | — | $ | 3,024,016 | ||||||||||||||||||||||||||||
| Third party products | 143,188 | — | 11,959 | — | — | 155,147 | ||||||||||||||||||||||||||||||||
| Fixed fee contracts | 77,647 | — | 224,227 | — | — | 301,874 | ||||||||||||||||||||||||||||||||
| Cargo | — | 155,027 | — | — | — | 155,027 | ||||||||||||||||||||||||||||||||
| Resort and other | 61,396 | 48,613 | (12,725) | — | (60,680) | 36,604 | ||||||||||||||||||||||||||||||||
| Total operating revenues | 2,606,579 | 1,126,769 | — | — | (60,680) | 3,672,668 | ||||||||||||||||||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Salaries and benefits | 833,017 | 372,597 | (29) | 7,170 | (27,585) | 1,185,170 | ||||||||||||||||||||||||||||||||
| Aircraft fuel | 639,731 | 213,480 | 260 | — | — | 853,471 | ||||||||||||||||||||||||||||||||
| Station operations | 297,549 | — | 150,192 | (504) | — | 447,237 | ||||||||||||||||||||||||||||||||
| Ground handling | — | 44,701 | (44,701) | — | — | — | ||||||||||||||||||||||||||||||||
| Landing fees and airport rent | — | 64,761 | (64,761) | — | — | — | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 249,185 | 98,878 | — | (3,399) | (7,159) | 337,505 | ||||||||||||||||||||||||||||||||
| Maintenance and repairs | 149,938 | 80,349 | 2,390 | (19,178) | — | 213,499 | ||||||||||||||||||||||||||||||||
| Sales and marketing | 99,443 | 33,300 | 1,993 | (147) | (4,390) | 130,199 | ||||||||||||||||||||||||||||||||
| Aircraft lease rentals | 36,488 | — | — | — | — | 36,488 | ||||||||||||||||||||||||||||||||
| Other | 126,356 | 116,244 | (45,344) | (32) | (34,083) | 163,141 | ||||||||||||||||||||||||||||||||
| Special charges, net of recoveries | 137,705 | 1,886 | — | 88,577 | (94,166) | 134,002 | ||||||||||||||||||||||||||||||||
| Total operating expenses | 2,569,412 | 1,026,196 | — | 72,487 | (167,383) | 3,500,712 | ||||||||||||||||||||||||||||||||
| OPERATING INCOME | 37,167 | 100,573 | — | (72,487) | 106,703 | 171,956 | ||||||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Interest income | (41,697) | (6,973) | — | — | — | (48,670) | ||||||||||||||||||||||||||||||||
| Interest expense | 150,235 | 36,861 | — | (3,141) | (23,466) | 160,489 | ||||||||||||||||||||||||||||||||
| Capitalized interest | (17,604) | — | — | — | — | (17,604) | ||||||||||||||||||||||||||||||||
| Other, net | 1,107 | 474 | — | — | — | 1,581 | ||||||||||||||||||||||||||||||||
| Total other expenses | 92,041 | 30,362 | — | (3,141) | (23,466) | 95,796 | ||||||||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (54,874) | 70,211 | — | (69,346) | 130,169 | 76,160 | ||||||||||||||||||||||||||||||||
| INCOME TAX EXPENSE (BENEFIT) | (10,177) | 17,402 | — | (8,322) | 29,568 | 28,471 | ||||||||||||||||||||||||||||||||
| NET INCOME (LOSS) | (44,697) | 52,809 | — | (61,024) | 100,601 | 47,689 | ||||||||||||||||||||||||||||||||
| Total system ASMs (millions) | 21,369.5 | 7,923.9 | 29,293.4 | |||||||||||||||||||||||||||||||||||
| Scheduled service ASMs (millions) | 20,679.9 | 6,416.8 | 27,096.7 | |||||||||||||||||||||||||||||||||||
| Scheduled service RPMs (millions) | 16,947.7 | 5,362.5 | 22,310.2 | |||||||||||||||||||||||||||||||||||
| Load factor | 82.0 | % | 83.6 | % | 82.3 | % | ||||||||||||||||||||||||||||||||
| Scheduled service TRASM (cents) | 11.93 | ¢ | 11.09 | ¢ | 11.73 | ¢ | ||||||||||||||||||||||||||||||||
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA NON-GAAP INFORMATION
Twelve Months Ended December 31, 2025
(in millions, except per ASM amounts)
| As Reported | Pro Forma | |||||||||||||||||||||||||
| Airline operating CASM excluding fuel, special charges and cargo expenses | Allegiant | Sun Country | Pro Forma Adjustments1 | Condensed Combined Pro Forma | ||||||||||||||||||||||
| Consolidated operating expenses | $ | 2,569.4 | $ | 1,026.2 | $ | 72.5 | $ | 3,668.1 | ||||||||||||||||||
Minus: Sunseeker operating expenses1 | 167.3 | — | — | 167.3 | ||||||||||||||||||||||
| Airline-only operating expenses | 2,402.1 | 1,026.2 | 72.5 | 3,500.8 | ||||||||||||||||||||||
| Minus: airline special charges | 43.5 | 1.9 | 88.6 | 134.0 | ||||||||||||||||||||||
| Minus: fuel expenses | 639.7 | 213.5 | 0.2 | 853.4 | ||||||||||||||||||||||
| Minus: cargo expenses, not already included in reductions above | — | 149.5 | — | 149.5 | ||||||||||||||||||||||
| Airline operating expenses, excluding fuel, special charges and cargo expenses | $ | 1,718.9 | $ | 661.4 | $ | (16.3) | $ | 2,364.0 | ||||||||||||||||||
| System available seat miles | 21,369.5 | 7,923.9 | 29,293.4 | |||||||||||||||||||||||
| Airline cost per available seat mile (cents) | 11.24 | ¢ | 12.95 | ¢ | 11.95 | ¢ | ||||||||||||||||||||
| Airline cost per available seat mile excluding fuel, special charges and cargo expenses (cents) | 8.04 | ¢ | 8.35 | ¢ | 8.07 | ¢ | ||||||||||||||||||||
| Adjusted net income | ||||||||||||||||||||||||||
| Net income (loss) as reported | $ | (44.7) | $ | 52.8 | $ | 39.6 | $ | 47.7 | ||||||||||||||||||
| Loss on extinguishment of debt | 7.9 | 0.4 | (3.4) | 4.9 | ||||||||||||||||||||||
| Special charges, net of recoveries | 137.7 | 1.9 | (5.6) | 134.0 | ||||||||||||||||||||||
| Income tax effect of adjustments above | (30.6) | (0.5) | 11.7 | (19.4) | ||||||||||||||||||||||
| Adjusted net income | $ | 70.3 | $ | 54.6 | $ | 42.3 | $ | 167.2 | ||||||||||||||||||
| Adjusted pretax income | ||||||||||||||||||||||||||
| Income (loss) before tax as reported | $ | (54.9) | $ | 70.2 | $ | 60.9 | $ | 76.2 | ||||||||||||||||||
| Loss on extinguishment of debt | 7.9 | 0.4 | (3.4) | 4.9 | ||||||||||||||||||||||
| Special charges, net of recoveries | 137.7 | 1.9 | (5.6) | 134.0 | ||||||||||||||||||||||
| Adjusted pretax income | $ | 90.7 | $ | 72.5 | $ | 51.9 | $ | 215.1 | ||||||||||||||||||
| Adjusted operating income | ||||||||||||||||||||||||||
| Operating income as reported | $ | 37.2 | $ | 100.6 | $ | 34.1 | $ | 171.9 | ||||||||||||||||||
| Special charges, net of recoveries | 137.7 | 1.9 | (5.6) | 134.0 | ||||||||||||||||||||||
| Adjusted operating income | $ | 174.9 | $ | 102.5 | $ | 28.5 | $ | 305.9 | ||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||
| Net income (loss) as reported | $ | (44.7) | $ | 52.8 | $ | 39.6 | $ | 47.7 | ||||||||||||||||||
| Income taxes | (10.2) | 17.4 | 21.3 | 28.5 | ||||||||||||||||||||||
| Interest expense, net | 91.0 | 29.9 | (26.7) | 94.2 | ||||||||||||||||||||||
| Depreciation & amortization | 249.2 | 98.9 | (10.6) | 337.5 | ||||||||||||||||||||||
| Special charges, net of recoveries | 137.7 | 1.9 | (5.6) | 134.0 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 423.0 | $ | 200.9 | $ | 18.0 | $ | 641.9 | ||||||||||||||||||
1For CASM only, pro forma adjustments to exclude Sunseeker Resort items are reflected in the Allegiant column to provide an Allegiant airline-only adjusted CASM figure, and are accordingly excluded from the pro forma adjustments column. For the remaining reconciliation tables on this page, pro forma adjustments related to Sunseeker Resort are included in the pro forma adjustments column.
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME (LOSS)
Three Months Ended March 31, 2026
(in thousands, except statistical information)
| As Reported | Pro Forma | |||||||||||||||||||||||||||||||||||||
| Allegiant | Sun Country | Reclassification Adjustments | Transaction Accounting Adjustments | Condensed Combined Pro Forma | ||||||||||||||||||||||||||||||||||
| OPERATING REVENUES: | ||||||||||||||||||||||||||||||||||||||
| Passenger | $ | 671,799 | $ | 285,259 | $ | (57,245) | — | $ | 899,813 | |||||||||||||||||||||||||||||
| Third party products | 42,335 | — | 3,496 | — | 45,831 | |||||||||||||||||||||||||||||||||
| Fixed fee contracts | 18,123 | — | 57,245 | — | 75,368 | |||||||||||||||||||||||||||||||||
| Cargo | — | 46,089 | — | — | 46,089 | |||||||||||||||||||||||||||||||||
| Resort and other | 175 | 7,018 | (3,496) | — | 3,697 | |||||||||||||||||||||||||||||||||
| Total operating revenues | 732,432 | 338,366 | — | — | 1,070,798 | |||||||||||||||||||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Salaries and benefits | 218,085 | 104,191 | (8) | (1,072) | 321,196 | |||||||||||||||||||||||||||||||||
| Aircraft fuel | 180,241 | 72,901 | 55 | — | 253,197 | |||||||||||||||||||||||||||||||||
| Station operations | 76,482 | — | 39,659 | (94) | 116,047 | |||||||||||||||||||||||||||||||||
| Ground handling | — | 10,461 | (10,461) | — | — | |||||||||||||||||||||||||||||||||
| Landing fees and airport rent | — | 17,722 | (17,722) | — | — | |||||||||||||||||||||||||||||||||
| Depreciation and amortization | 57,926 | 25,157 | — | (130) | 82,953 | |||||||||||||||||||||||||||||||||
| Maintenance and repairs | 35,216 | 20,423 | 695 | (3,609) | 52,725 | |||||||||||||||||||||||||||||||||
| Sales and marketing | 28,201 | 10,092 | 417 | (28) | 38,682 | |||||||||||||||||||||||||||||||||
| Aircraft lease rentals | 7,461 | — | — | — | 7,461 | |||||||||||||||||||||||||||||||||
| Other | 19,934 | 30,743 | (12,635) | (6) | 38,036 | |||||||||||||||||||||||||||||||||
| Special charges, net of recoveries | 27,782 | 9,799 | — | (9,275) | 28,306 | |||||||||||||||||||||||||||||||||
| Total operating expenses | 651,328 | 301,489 | — | (14,214) | 938,603 | |||||||||||||||||||||||||||||||||
| OPERATING INCOME | 81,104 | 36,877 | — | 14,214 | 132,195 | |||||||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Interest income | (8,714) | (2,235) | — | — | (10,949) | |||||||||||||||||||||||||||||||||
| Interest expense | 29,227 | 8,851 | — | (849) | 37,229 | |||||||||||||||||||||||||||||||||
| Capitalized interest | (4,291) | — | — | — | (4,291) | |||||||||||||||||||||||||||||||||
| Other, net | (1,142) | (2) | — | — | (1,144) | |||||||||||||||||||||||||||||||||
| Total other expenses | 15,080 | 6,614 | — | (849) | 20,845 | |||||||||||||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 66,024 | 30,263 | — | 15,063 | 111,350 | |||||||||||||||||||||||||||||||||
| INCOME TAX EXPENSE | 23,546 | 6,157 | — | 1,808 | 31,511 | |||||||||||||||||||||||||||||||||
| NET INCOME | $ | 42,478 | $ | 24,106 | $ | — | $ | 13,255 | $ | 79,839 | ||||||||||||||||||||||||||||
| Total System ASMs (millions) | 5,130.5 | 2,112.9 | 7,243.4 | |||||||||||||||||||||||||||||||||||
| Scheduled service ASMs (millions) | 4,991.6 | 1,755.8 | 6,747.4 | |||||||||||||||||||||||||||||||||||
| Scheduled Service RPMs (millions) | 4,210.9 | 1,501.2 | 5,712.1 | |||||||||||||||||||||||||||||||||||
| Load Factor | 84.4 | % | 85.5 | % | 84.7 | % | ||||||||||||||||||||||||||||||||
| Scheduled service TRASM (cents) | 14.31 | ¢ | 13.19 | ¢ | 14.02 | ¢ | ||||||||||||||||||||||||||||||||
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA NON-GAAP INFORMATION
Three Months Ended March 31, 2026
(in millions, except per ASM amounts)
| As Reported | Pro Forma | |||||||||||||||||||||||||
| Airline operating CASM excluding fuel, special charges and cargo expenses | Allegiant | Sun Country | Pro Forma Adjustments | Condensed Combined Pro Forma | ||||||||||||||||||||||
| Consolidated operating expenses | $ | 651.3 | $ | 301.5 | $ | (14.2) | $ | 938.6 | ||||||||||||||||||
| Minus: airline special charges | 27.8 | 9.8 | (9.3) | 28.3 | ||||||||||||||||||||||
| Minus: fuel expenses | 180.2 | 72.9 | — | 253.1 | ||||||||||||||||||||||
| Minus: cargo expenses, not already included in reductions above | — | 47.7 | — | 47.7 | ||||||||||||||||||||||
| Airline operating expenses, excluding fuel, special charges, and cargo expenses | $ | 443.3 | $ | 171.1 | $ | (4.9) | $ | 609.5 | ||||||||||||||||||
| System available seat miles | 5,130.5 | 2,112.9 | 7,243.4 | |||||||||||||||||||||||
| Airline cost per available seat mile (cents) | 12.69 | ¢ | 14.27 | ¢ | 12.96 | ¢ | ||||||||||||||||||||
| Airline cost per available seat mile excluding fuel, special charges and cargo expenses (cents) | 8.64 | ¢ | 8.10 | ¢ | 8.41 | ¢ | ||||||||||||||||||||
| Adjusted net income | ||||||||||||||||||||||||||
| Net income as reported | $ | 42.5 | $ | 24.1 | $ | 13.2 | $ | 79.8 | ||||||||||||||||||
| Special charges, net of recoveries | 27.8 | 9.8 | (9.3) | 28.3 | ||||||||||||||||||||||
| Income tax effect of adjustments above | (0.7) | (2.3) | 1.1 | (1.9) | ||||||||||||||||||||||
| Adjusted net income | $ | 69.6 | $ | 31.6 | $ | 5.0 | $ | 106.2 | ||||||||||||||||||
| Adjusted pretax income | ||||||||||||||||||||||||||
| Income before tax as reported | $ | 66.0 | $ | 30.3 | $ | 15.1 | $ | 111.4 | ||||||||||||||||||
| Special charges, net of recoveries | 27.8 | 9.8 | (9.3) | 28.3 | ||||||||||||||||||||||
| Adjusted pretax income | $ | 93.8 | $ | 40.1 | $ | 5.8 | $ | 139.7 | ||||||||||||||||||
| Adjusted operating income | ||||||||||||||||||||||||||
| Operating income | $ | 81.1 | $ | 36.9 | $ | 14.2 | $ | 132.2 | ||||||||||||||||||
| Special charges, net of recoveries | 27.8 | 9.8 | (9.3) | 28.3 | ||||||||||||||||||||||
| Adjusted operating income | $ | 108.9 | $ | 46.7 | $ | 4.9 | $ | 160.5 | ||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||
| Net income/(loss) as reported | $ | 42.5 | $ | 24.1 | $ | 13.2 | $ | 79.8 | ||||||||||||||||||
| Income taxes | 23.5 | 6.2 | 1.8 | 31.5 | ||||||||||||||||||||||
| Interest expense, net | 16.2 | 6.6 | (0.8) | 22.0 | ||||||||||||||||||||||
| Depreciation & amortization | 57.9 | 25.2 | (0.1) | 83.0 | ||||||||||||||||||||||
| Special charges, net of recoveries | 27.8 | 9.8 | (9.3) | 28.3 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 167.9 | $ | 71.9 | $ | 4.8 | $ | 244.6 | ||||||||||||||||||
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME (LOSS)
Three Months Ended June 30, 2026
(in thousands, except statistical information)
| April 1 to | ||||||||||||||||||||||||||||||||||||||
| As Reported | May 12, 2026 | Pro Forma | ||||||||||||||||||||||||||||||||||||
| Allegiant | Sun Country | Reclassification Adjustments | Transaction Accounting Adjustments | Condensed Combined Pro Forma | ||||||||||||||||||||||||||||||||||
| OPERATING REVENUES: | ||||||||||||||||||||||||||||||||||||||
| Passenger | $ | 822,491 | $ | 108,282 | $ | (34,519) | — | $ | 896,254 | |||||||||||||||||||||||||||||
| Third party products | 45,758 | — | 979 | — | 46,737 | |||||||||||||||||||||||||||||||||
| Fixed fee contracts | 45,723 | — | 34,519 | — | 80,242 | |||||||||||||||||||||||||||||||||
| Cargo | 27,586 | 23,035 | — | — | 50,621 | |||||||||||||||||||||||||||||||||
| Resort and other | 1,932 | 2,387 | (979) | — | 3,340 | |||||||||||||||||||||||||||||||||
| Total operating revenues | 943,490 | 133,704 | — | — | 1,077,194 | |||||||||||||||||||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Salaries and benefits | 250,318 | 47,083 | (3) | (1,592) | 295,806 | |||||||||||||||||||||||||||||||||
| Aircraft fuel | 307,669 | 40,835 | 45 | — | 348,549 | |||||||||||||||||||||||||||||||||
| Station operations | 95,551 | — | 18,274 | 50 | 113,875 | |||||||||||||||||||||||||||||||||
| Ground handling | — | 5,575 | (5,575) | — | — | |||||||||||||||||||||||||||||||||
| Landing fees and airport rent | — | 7,403 | (7,403) | — | — | |||||||||||||||||||||||||||||||||
| Depreciation and amortization | 70,709 | 12,159 | — | (592) | 82,276 | |||||||||||||||||||||||||||||||||
| Maintenance and repairs | 49,252 | 9,773 | 279 | (2,289) | 57,015 | |||||||||||||||||||||||||||||||||
| Sales and marketing | 35,194 | 3,908 | 222 | 17 | 39,341 | |||||||||||||||||||||||||||||||||
| Aircraft lease rentals | 7,015 | — | — | — | 7,015 | |||||||||||||||||||||||||||||||||
| Other | 40,716 | 15,513 | (5,839) | (10) | 50,380 | |||||||||||||||||||||||||||||||||
| Special charges, net of recoveries | 65,952 | 24,812 | — | (54,673) | 36,091 | |||||||||||||||||||||||||||||||||
| Total operating expenses | 922,376 | 167,061 | — | (59,089) | 1,030,348 | |||||||||||||||||||||||||||||||||
| OPERATING INCOME | 21,114 | (33,357) | — | 59,089 | 46,846 | |||||||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | ||||||||||||||||||||||||||||||||||||||
| Interest income | (8,840) | (811) | — | — | (9,651) | |||||||||||||||||||||||||||||||||
| Interest expense | 40,072 | 4,147 | — | (673) | 43,546 | |||||||||||||||||||||||||||||||||
| Capitalized interest | (4,937) | — | — | — | (4,937) | |||||||||||||||||||||||||||||||||
| Other, net | 39 | (6,647) | — | — | (6,608) | |||||||||||||||||||||||||||||||||
| Total other expenses | 26,334 | (3,311) | — | (673) | 22,350 | |||||||||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (5,220) | (30,046) | — | 59,762 | 24,496 | |||||||||||||||||||||||||||||||||
| INCOME TAX EXPENSE (BENEFIT) | (360) | (5,909) | — | 7,171 | 902 | |||||||||||||||||||||||||||||||||
| NET INCOME (LOSS) | (4,860) | (24,137) | — | 52,591 | 23,594 | |||||||||||||||||||||||||||||||||
| Total System ASMs (millions) | 6,406.3 | 817.1 | 7,223.4 | |||||||||||||||||||||||||||||||||||
| Scheduled service ASMs (millions) | 6,097.1 | 616.6 | 6,713.7 | |||||||||||||||||||||||||||||||||||
| Scheduled Service RPMs (millions) | 5,226.1 | 496.5 | 5,722.6 | |||||||||||||||||||||||||||||||||||
| Load Factor | 85.7% | 80.5% | 85.2% | |||||||||||||||||||||||||||||||||||
| Scheduled service TRASM (cents) | 14.24 ¢ | 12.12 ¢ | 14.05 ¢ | |||||||||||||||||||||||||||||||||||
ALLEGIANT TRAVEL COMPANY
UNAUDITED PRO FORMA NON-GAAP INFORMATION
Three Months Ended June 30, 2026
(in millions, except per ASM amounts)
| As Reported | April 1 to May 12, 2026 | Pro Forma | ||||||||||||||||||||||||
| Airline operating CASM excluding fuel, special charges and cargo expenses | Allegiant | Sun Country | Pro Forma Adjustments | Condensed Combined Pro Forma | ||||||||||||||||||||||
| Total operating expenses | $ | 922.4 | $ | 167.0 | $ | (59.1) | $ | 1,030.3 | ||||||||||||||||||
| Minus: airline special charges | 66.0 | 24.8 | (54.7) | 36.1 | ||||||||||||||||||||||
| Minus: fuel expenses | 307.7 | 40.8 | — | 348.5 | ||||||||||||||||||||||
| Minus: cargo expenses, not already included in reductions above | 24.1 | 23.6 | — | 47.7 | ||||||||||||||||||||||
| Airline operating expenses, excluding fuel, special charges and cargo expenses | $ | 524.6 | $ | 77.8 | $ | (4.4) | $ | 598.0 | ||||||||||||||||||
| System available seat miles | 6,406.3 | 817.1 | 7,223.4 | |||||||||||||||||||||||
| Airline cost per available seat mile (cents) | 14.40 | ¢ | 20.44 | ¢ | 14.26 | ¢ | ||||||||||||||||||||
| Airline cost per available seat mile excluding fuel, special charges and cargo expenses (cents) | 8.19 | ¢ | 9.52 | ¢ | 8.28 | ¢ | ||||||||||||||||||||
| Adjusted net income | ||||||||||||||||||||||||||
| Net income (loss) as reported | $ | (4.9) | $ | (24.1) | $ | 52.6 | $ | 23.6 | ||||||||||||||||||
| Loss on extinguishment of debt | 3.7 | — | — | 3.7 | ||||||||||||||||||||||
| Special charges, net of recoveries | 66.0 | 24.8 | (54.7) | 36.1 | ||||||||||||||||||||||
| Income tax effect of adjustments above | (13.8) | (3.0) | 6.6 | (10.2) | ||||||||||||||||||||||
| Adjusted net income | $ | 51.1 | $ | (2.2) | $ | 4.6 | $ | 53.3 | ||||||||||||||||||
| Adjusted pretax income | ||||||||||||||||||||||||||
| Income (loss) before tax as reported | $ | (5.2) | $ | (30.0) | $ | 59.8 | $ | 24.5 | ||||||||||||||||||
| Loss on extinguishment of debt | 3.7 | — | — | 3.7 | ||||||||||||||||||||||
| Special charges, net of recoveries | 66.0 | 24.8 | (54.7) | 36.1 | ||||||||||||||||||||||
| Adjusted pretax income | $ | 64.5 | $ | (5.2) | $ | 5.1 | $ | 64.3 | ||||||||||||||||||
| Adjusted operating income | ||||||||||||||||||||||||||
| Operating income | $ | 21.1 | $ | (33.4) | $ | 59.1 | $ | 46.8 | ||||||||||||||||||
| Special charges, net of recoveries | 66.0 | 24.8 | (54.7) | 36.1 | ||||||||||||||||||||||
| Adjusted operating income | $ | 87.1 | $ | (8.6) | $ | 4.4 | $ | 82.9 | ||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||
| Net income (loss) as reported | $ | (4.9) | $ | (24.1) | $ | 52.6 | $ | 23.6 | ||||||||||||||||||
| Income taxes | (0.4) | (5.9) | 7.2 | 0.9 | ||||||||||||||||||||||
| Interest expense, net | 26.3 | 3.4 | (0.7) | 29.0 | ||||||||||||||||||||||
| Depreciation & amortization | 70.7 | 12.2 | (0.6) | 82.3 | ||||||||||||||||||||||
| Special charges, net of recoveries | 66.0 | 24.8 | (54.7) | 36.1 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 157.7 | $ | 10.4 | $ | 3.8 | $ | 171.9 | ||||||||||||||||||