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Allegiant Travel Co.
Allegiant Travel Co.
01/30/2013 | Press release
ALLEGIANT TRAVEL COMPANY FOURTH QUARTER AND FULL YEAR 2012 FINANCIAL RESULTS
distributed by noodls on 01/30/2013 16:12
(Unaudited)
"EBITDA" represents earnings before interest expense, income taxes, depreciation and amortization. EBITDA is not a calculation based on generally accepted accounting principles and should not be considered as an alternative to net income or operating income as indicators of our financial performance or to cash flow as a measure of liquidity. EBITDA is included as a supplemental disclosure because we believe it is a useful indicator of our operating performance. Further, EBITDA is a well-recognized performance measurement that is frequently used by securities analysts, investors and other interested parties in comparing the operating performance of companies. We believe EBITDA is useful in evaluating our operating performance compared to our competitors because its calculation generally eliminates the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which items may vary between periods and for different companies for reasons unrelated to overall operating performance. The following represents the reconciliation of EBITDA to net income for the periods indicated below.
The SEC has adopted rules (Regulation G) regulating the use of non-GAAP financial measures. Because of our use of the non-GAAP financial measure EBITDA to supplement our consolidated financial statements presented on a GAAP basis, Regulation G requires us to include in this press release a presentation of the most directly comparable GAAP measure, which is net income, and a reconciliation of the non-GAAP measure to the most comparable GAAP measure. Our utilization of a non-GAAP measurement is not meant to be considered in isolation or as a substitute for net income or other measures of financial performance prepared in accordance with GAAP. EBITDA is not a GAAP measurement and our use of it may not be comparable to similarly titled measures employed by other companies in the airline and travel industry. The reconciliations to GAAP net income follow.
| Three months ended Dec. 31, | Percent | ||||
| (in thousands) | 2012 | 2011 | change | ||
| Net income attributable to Allegiant Travel Company | $14,766 | $10,810 | 36.6 | ||
| Plus (minus) | |||||
| Interest income | (242) | (236) | 2.5 | ||
| Interest expense | 2,210 | 1,889 | 17.0 | ||
| Provision for income taxes | 8,810 | 7,628 | 15.5 | ||
| Depreciation and amortization | 16,667 | 11,253 | 48.1 | ||
| EBITDA | $42,211 | $31,344 | 34.7 | ||
| Total revenue | $222,838 | $193,937 | 14.9 | ||
| EBITDA margin | 18.9% | 16.2% | |||
| Years ended Dec. 31, | Percent | ||||
| (in thousands) | 2012 | 2011 | change | ||
| Net income attributable to Allegiant Travel Company | $78,597 | $49,398 | 59.1 | ||
| Plus (minus) | |||||
| Interest income | (983) | (1,236) | (20.5) | ||
| Interest expense | 8,739 | 7,175 | 21.8 | ||
| Provision for income taxes | 46,233 | 30,116 | 53.5 | ||
| Depreciation and amortization | 57,503 | 41,975 | 37.0 | ||
| EBITDA | $190,089 | $127,428 | 49.2 | ||
| Total revenue | $908,719 | $779,117 | 16.6 | ||
| EBITDA margin | 20.9% | 16.4% | |||
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