Allegiant Travel Company (NASDAQ:ALGT) Q1 2018 Earnings Conference Call - Preliminary Transcript

Apr 25, 2018 • 04:30 pm ET

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Allegiant Travel Company (NASDAQ:ALGT) Q1 2018 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Q1 2018 Allegiant Travel Company Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to introduce your host for today's conference, Chris Allen of Investor Relations. You may begin.

Executive
Christopher Allen

Thank you. Welcome to Allegiant Travel Company First Quarter 2018 Earnings Call. On the call with me today are Maury Gallagher, the company's Chairman and Chief Executive Officer; John Redmond, the company's President; Scott Sheldon, our Chief Financial Officer and Chief Operating Officer; Lukas Johnson, our SVP of Commercial; and a handful of others to help answer questions. We'll start with some commentary and then open it up to questions.

Before we begin, I must remind listeners that the company's comments today will contain forward-looking statements and they are only predictions and involve risks and uncertainties. Forward-looking statements made today may include among others, references to future performance and any other comments about our strategic plans. There are many risk factors that could prevent us from achieving our goals and causing the underlying assumptions of these forward-looking statements and our actual results to differ materially from those expressed or implied on by a forward-looking statement. These risk factors and others are more fully disclosed in our filings with the Securities and Exchange Commission.

And these forward-looking statements are based on information available to us today and we are undertaking no obligation to update publicly any forward-looking statements whether as a result of future events, new information or otherwise. And the company cautions the users of this presentation not to place undue reliance on forward-looking statements, which might be based on assumptions and events that do not materialize.

To view this earnings release, as well as a rebroadcast of this call, I encourage you as well as I encourage myself to visit the company's investor relations site at ir.allegiantair.com.

With that, I'd like to turn it over to Maury Gallagher.

Executive
Maurice J. Gallagher, Jr

Thank you, Chris. Good afternoon, everyone. Today, you're going to hear a great deal of good information from us. As you can see from the numbers, we had an excellent quarter and we have done this, I might add, in the middle of a substantial makeover of the company. Since the end of 2016, we have been in the midst of a number of strategic changes, enhancements to our business. Let me comment on three of them, which in particular pertain to the company or the airline.

First challenge, aircraft transition. We ended 2016 with 84 aircraft in our fleet, 47 of them were MD-80s, four 75s and 33 Airbus. Our plan at the time was to transition to an all-Airbus fleet by the end of 2019, three years down the road. However, we updated our plans in the mid-2017 timeframe, namely, we wanted to speed up the transition by a year