Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 15, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-33166 | |
Entity Registrant Name | Allegiant Travel Co | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 20-4745737 | |
Entity Address, Address Line One | 1201 North Town Center Drive | |
Entity Address, City or Town | Las Vegas, | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89144 | |
City Area Code | 702 | |
Local Phone Number | 851-7300 | |
Title of 12(b) Security | Common stock, par value $.001 | |
Trading Symbol | ALGT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 16,306,083 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001362468 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 453,852 | $ 81,520 |
Restricted cash | 14,318 | 14,391 |
Short-term investments | 216,746 | 314,464 |
Accounts receivable | 36,100 | 36,014 |
Expendable parts, supplies and fuel, net | 25,131 | 19,516 |
Prepaid expenses and other current assets | 34,100 | 29,343 |
TOTAL CURRENT ASSETS | 780,247 | 495,248 |
Property and equipment, net | 2,019,774 | 1,847,268 |
Long-term investments | 24,704 | 51,526 |
Deferred major maintenance, net | 89,868 | 67,873 |
Operating lease right-of-use assets, net | 22,233 | 0 |
Deposits and other assets | 45,374 | 36,753 |
TOTAL ASSETS: | 2,982,200 | 2,498,668 |
CURRENT LIABILITIES | ||
Accounts payable | 32,097 | 27,452 |
Accrued liabilities | 147,483 | 122,027 |
Air traffic liability | 267,050 | 212,230 |
Current maturities of long-term debt and finance lease obligations, net of related costs | 160,523 | 152,287 |
TOTAL CURRENT LIABILITIES | 607,153 | 513,996 |
Long-term debt and finance lease obligations, net of current maturities and related costs | 1,338,734 | 1,119,446 |
Deferred income taxes | 199,689 | 164,027 |
Other noncurrent liabilities | 32,115 | 10,878 |
TOTAL LIABILITIES: | 2,177,691 | 1,808,347 |
SHAREHOLDERS' EQUITY | ||
Common stock, par value $.001 | 23 | 23 |
Treasury shares | (605,115) | (605,037) |
Additional paid in capital | 280,783 | 270,935 |
Accumulated other comprehensive loss, net | (4) | (661) |
Retained earnings | 1,128,822 | 1,025,061 |
TOTAL EQUITY: | 804,509 | 690,321 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: | $ 2,982,200 | $ 2,498,668 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING REVENUES: | ||||
Passenger | $ 454,779 | $ 405,572 | $ 874,755 | $ 802,343 |
Third party products | 18,208 | 17,799 | 35,350 | 28,124 |
Fixed fee contracts | 12,487 | 7,653 | 23,061 | 18,209 |
Other | 6,285 | 5,756 | 10,215 | 13,548 |
Total operating revenues | 491,759 | 436,780 | 943,381 | 862,224 |
OPERATING EXPENSES: | ||||
Salary and benefits | 113,592 | 101,645 | 233,003 | 214,608 |
Aircraft fuel | 119,987 | 122,454 | 219,670 | 228,481 |
Station operations | 45,870 | 41,553 | 84,835 | 79,137 |
Maintenance and repairs | 20,877 | 24,611 | 43,701 | 43,881 |
Depreciation and amortization | 38,494 | 29,833 | 74,676 | 57,983 |
Sales and marketing | 20,540 | 18,348 | 41,466 | 37,426 |
Aircraft lease rental | 0 | 75 | 0 | 96 |
Other Cost and Expense, Operating | 24,294 | 24,039 | 46,849 | 46,422 |
Total operating expenses | 383,654 | 362,558 | 744,200 | 708,034 |
OPERATING INCOME | 108,105 | 74,222 | 199,181 | 154,190 |
OTHER (INCOME) EXPENSES: | ||||
Interest expense | 20,942 | 13,251 | 39,025 | 26,158 |
Interest Costs Capitalized | (1,038) | (95) | (2,541) | (278) |
Interest income | (3,502) | (1,927) | (6,703) | (3,834) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 3,677 | 0 |
Other, net | (86) | (50) | 15 | (290) |
Total other expenses | 16,316 | 11,179 | 33,473 | 21,756 |
INCOME BEFORE INCOME TAXES | 91,789 | 63,043 | 165,708 | 132,434 |
PROVISION FOR INCOME TAXES | 21,246 | 13,027 | 38,041 | 27,225 |
NET INCOME | $ 70,543 | $ 50,016 | $ 127,667 | $ 105,209 |
Earnings per share to common shareholders: | ||||
Basic | $ 4.33 | $ 3.10 | $ 7.85 | $ 6.53 |
Earnings Per Share, Diluted | $ 4.33 | $ 3.10 | $ 7.84 | $ 6.52 |
Shares used for computation: | ||||
Basic | 16,063,000 | 15,939,000 | 16,037,000 | 15,898,000 |
Diluted | 16,069,000 | 15,945,000 | 16,050,000 | 15,914,000 |
Cash dividends declared per share: | $ 0.70 | $ 0.70 | $ 1.40 | $ 1.40 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 70,543 | $ 50,016 | $ 127,667 | $ 105,209 |
Other comprehensive income: | ||||
Change in available for sale securities, net of tax | 177 | 113 | 654 | (843) |
Foreign currency translation adjustments | 9 | 113 | 3 | 214 |
Change in derivatives, net of tax | 0 | 1,260 | 0 | 996 |
Total other comprehensive income | 186 | 1,486 | 657 | 367 |
TOTAL COMPREHENSIVE INCOME | $ 70,729 | $ 51,502 | $ 128,324 | $ 105,576 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
NET INCOME | $ 127,667 | $ 105,209 |
Depreciation and amortization | 74,676 | 57,983 |
Gain on aircraft and other equipment disposals | (8,294) | (1,491) |
Share-based compensation expense | 9,128 | 6,106 |
Deferred income taxes | 35,634 | 25,241 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 5,199 | 1,237 |
Changes in certain assets and liabilities: | ||
Accounts receivable | (86) | 46,873 |
Prepaid expenses | (4,257) | (10,516) |
Accounts payable | 4,449 | 7,631 |
Accrued liabilities | 14,681 | 20,859 |
Increase (Decrease) in Air Traffic Liability | 54,820 | 32,633 |
Deferred major maintenance | (31,591) | (7,841) |
Other assets/liabilities | (4,514) | (689) |
Net cash provided by operating activities | 277,512 | 283,235 |
INVESTING ACTIVITIES: | ||
Purchase of investment securities | (130,627) | (168,923) |
Proceeds from maturities of investment securities | 258,076 | 199,294 |
Purchase of property and equipment, including capitalized interest | (234,469) | (187,456) |
Other investing activities | 10,201 | (1,468) |
Net cash used in investing activities | (96,819) | (158,553) |
FINANCING ACTIVITIES: | ||
Cash dividends paid to shareholders | (22,805) | (22,605) |
Proceeds from the issuance of debt | 770,435 | 10,797 |
Principal payments on debt and finance lease obligations | (522,616) | (142,399) |
Payments of Debt Issuance Costs | (30,759) | (409) |
Other financing activities | (2,689) | 1,529 |
Net cash provided by (used in) financing activities | 191,566 | (153,087) |
Net change in cash, cash equivalents, and restricted cash | 372,259 | (28,405) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 95,911 | 70,639 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 468,170 | 42,234 |
CASH PAYMENTS (RECEIPTS) FOR: | ||
Interest paid, net of amount capitalized | 36,886 | 24,370 |
Income tax refunds | (3,340) | (41,284) |
Operating Lease Obligations Incurred | 23,320 | 0 |
Lease Obligation Incurred | $ 0 | $ 102,609 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Parent [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Common Stock, Shares, Outstanding | 16,066,000 | ||||||
Common Stock, Value, Issued | $ 23 | ||||||
Additional paid in capital | $ 253,840 | ||||||
Accumulated other comprehensive loss, net | $ (2,840) | ||||||
Retained Earnings (Accumulated Deficit) | $ 907,943 | ||||||
Treasury Stock, Value | $ 605,655 | ||||||
Stockholders' Equity Attributable to Parent | $ 553,311 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 10,000 | ||||||
StockIssuedDuringPeriodSharesStockOptionsSARsExercised | 98,000 | ||||||
Stock Issued During Period, Shares, New Issues | 0 | 5,000 | 0 | 0 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 9,194 | $ 9,194 | |||||
Treasury Stock, Value, Acquired, Cost Method | (2,994) | (2,994) | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 1,624 | 1,624 | |||||
Treasury Stock, Shares, Acquired | (18,000) | ||||||
Dividends, Cash | (22,605) | (22,605) | |||||
Other Comprehensive Income (Loss), Net of Tax | $ 367 | 929 | 562 | 367 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 105,209 | 105,209 | 105,209 | ||||
Common Stock, Shares, Outstanding | 16,151,000 | ||||||
Common Stock, Value, Issued | $ 23 | ||||||
Additional paid in capital | $ 259,225 | ||||||
Accumulated other comprehensive loss, net | (3,959) | ||||||
Retained Earnings (Accumulated Deficit) | 952,403 | ||||||
Treasury Stock, Value | 607,888 | ||||||
Stockholders' Equity Attributable to Parent | $ 599,804 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 10,000 | ||||||
StockIssuedDuringPeriodSharesStockOptionsSARsExercised | 0 | ||||||
Stock Issued During Period, Shares, New Issues | 0 | 5,000 | 0 | 0 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 3,809 | $ 3,809 | |||||
Treasury Stock, Value, Acquired, Cost Method | (761) | (761) | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 1,624 | 1,624 | |||||
Treasury Stock, Shares, Acquired | (5,000) | ||||||
Dividends, Cash | (11,310) | (11,310) | |||||
Other Comprehensive Income (Loss), Net of Tax | $ 1,486 | 1,486 | 1,486 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 50,016 | 50,016 | 50,016 | ||||
Common Stock, Shares, Outstanding | 16,161,000 | ||||||
Common Stock, Value, Issued | $ 23 | ||||||
Additional paid in capital | 263,034 | ||||||
Accumulated other comprehensive loss, net | (2,473) | ||||||
Retained Earnings (Accumulated Deficit) | 991,109 | ||||||
Treasury Stock, Value | 607,025 | ||||||
Stockholders' Equity Attributable to Parent | 644,668 | ||||||
Common Stock, Shares, Outstanding | 16,183,000 | ||||||
Common Stock, Value, Issued | 23 | $ 23 | |||||
Additional paid in capital | 270,935 | 270,935 | |||||
Accumulated other comprehensive loss, net | (661) | (661) | |||||
Retained Earnings (Accumulated Deficit) | 1,025,061 | 1,025,061 | |||||
Treasury Stock, Value | (605,037) | 605,037 | |||||
Stockholders' Equity Attributable to Parent | 690,321 | 690,321 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 20,000 | ||||||
StockIssuedDuringPeriodSharesStockOptionsSARsExercised | 124,000 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 9,848 | 9,848 | |||||
Treasury Stock, Value, Acquired, Cost Method | (3,009) | (3,009) | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2,931 | 2,931 | |||||
Treasury Stock, Shares, Acquired | (22,000) | ||||||
Dividends, Cash | (22,805) | (22,805) | |||||
Other Comprehensive Income (Loss), Net of Tax | 657 | 106 | (551) | 657 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 127,667 | 127,667 | 127,667 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | (550) | (550) | |||||
Common Stock, Shares, Outstanding | 16,284,000 | ||||||
Common Stock, Value, Issued | $ 23 | ||||||
Additional paid in capital | 276,247 | ||||||
Accumulated other comprehensive loss, net | (190) | ||||||
Retained Earnings (Accumulated Deficit) | 1,069,690 | ||||||
Treasury Stock, Value | 607,316 | ||||||
Stockholders' Equity Attributable to Parent | 738,454 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 20,000 | ||||||
StockIssuedDuringPeriodSharesStockOptionsSARsExercised | 6,000 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 4,536 | 4,536 | |||||
Treasury Stock, Value, Acquired, Cost Method | (730) | (730) | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2,931 | 2,931 | |||||
Treasury Stock, Shares, Acquired | (5,000) | ||||||
Dividends, Cash | (11,411) | (11,411) | |||||
Other Comprehensive Income (Loss), Net of Tax | 186 | 186 | 186 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 70,543 | 70,543 | 70,543 | ||||
Common Stock, Shares, Outstanding | 16,305,000 | ||||||
Common Stock, Value, Issued | 23 | $ 23 | |||||
Additional paid in capital | 280,783 | $ 280,783 | |||||
Accumulated other comprehensive loss, net | (4) | $ (4) | |||||
Retained Earnings (Accumulated Deficit) | 1,128,822 | $ 1,128,822 | |||||
Treasury Stock, Value | (605,115) | $ 605,115 | |||||
Stockholders' Equity Attributable to Parent | $ 804,509 | $ 804,509 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Parentheticals - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | $ 0.70 | $ 1.40 | $ 1.40 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2018 and filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. Recent Accounting Pronouncements Recently Adopted Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842), (the "New Lease Standard"). This standard requires leases, other than short-term, to be recognized on the balance sheet as a lease liability and a corresponding right-of-use asset. Lease payments include fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, and others as required by the standard. Lease payments do not include variable lease payments other than those that depend on an index or rate, any guarantee by the lessee of the lessor’s debt, or any amount allocated to non-lease components. This standard is effective for interim and annual reporting periods beginning after December 15, 2018 and the Company adopted the New Lease Standard as of January 1, 2019. The Company also elected the package of practical expedients, which among other things, does not require reassessment of lease classification. The Company adopted the New Lease Standard using the modified retrospective transition approach as of the effective date as permitted by the amendments in ASU 2018-11, "Targeted Improvements - Leases (Topic 842)." Under this method, the cumulative effect adjustment to the opening balance of retained earnings is recognized at the adoption date. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption on January 1, 2019. The Company's consolidated balance sheet was affected by this standard, but the consolidated statement of income and liquidity were not significantly impacted. The most significant change to the consolidated balance sheet upon adoption on January 1, 2019 relates to the recognition of new right-of-use (ROU) assets of $18.0 million and operating liabilities of $19.1 million . The Company's accounting for finance leases remains substantially unchanged. See Note 5, "Leases," for more information. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition Passenger Revenue Passenger revenue is the most significant category in our reported operating revenues. Passenger revenue is primarily composed of scheduled service revenue (including passenger ticket sales and credit voucher breakage), revenue from ancillary air-related charges (including seat fees, baggage fees, and other travel-related services performed in conjunction with a passenger’s flight), as well as co-brand credit card point redemptions, as outlined below: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Scheduled service $ 237,685 $ 235,746 $ 472,456 $ 474,267 Ancillary air-related charges 213,527 167,630 395,227 322,347 Co-brand redemptions 3,567 2,196 7,072 5,729 Total passenger revenue $ 454,779 $ 405,572 $ 874,755 $ 802,343 Sales of passenger tickets not yet flown are recorded in air traffic liability. Passenger revenue is recognized when transportation is provided or when ticket voucher breakage occurs, to the extent different from estimated breakage. The contract term of passenger tickets is twelve months and revenue associated with future travel will principally be recognized within this time frame. During the six months ended June 30, 2019 , $204.8 million was recognized into passenger revenue that was recorded in the air traffic liability balance of $212.2 million at December 31, 2018 . Co-brand redemptions In relation to the travel component of the contract with Bank of America, the Company has a performance obligation to provide cardholders with points to be used for future travel award redemptions. Therefore, consideration received from Bank of America related to the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed and the transportation is provided. The following table presents the activity of the co-brand point liability as of the dates indicated: Six Months Ended June 30, (in thousands) 2019 2018 Balance at January 1 $ 10,708 $ 8,903 Points awarded (deferral of revenue) 8,827 6,898 Points redeemed (recognition of revenue) (7,072 ) (5,730 ) Balance at June 30 $ 12,463 $ 10,071 As of June 30, 2019 and 2018, $9.8 million and $6.9 million |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property and Equipment Property and equipment: (in thousands) As of June 30, 2019 As of December 31, 2018 Flight equipment, including pre-delivery deposits $ 2,089,440 $ 1,905,157 Computer hardware and software 149,354 140,385 Land and buildings/leasehold improvements 85,939 85,925 Other property and equipment 121,285 89,778 Total property and equipment 2,446,018 2,221,245 Less accumulated depreciation and amortization (426,244 ) (373,977 ) Property and equipment, net $ 2,019,774 $ 1,847,268 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt and finance lease obligations: (in thousands) As of June 30, 2019 As of December 31, 2018 Fixed-rate debt and finance lease obligations due through 2029 (1) (2) $ 321,646 $ 640,806 Variable-rate debt due through 2029 1,177,611 630,927 Total long-term debt and finance lease obligations, net of related costs 1,499,257 1,271,733 Less current maturities, net of related costs (1) 160,523 152,287 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,338,734 $ 1,119,446 Weighted average fixed-interest rate on debt 4.7 % 5.3 % Weighted average variable-interest rate on debt 5.1 % 4.2 % (1) As of June 30, 2019, and December 31, 2018, respectively, $80.1 million and $428.0 million of the Company's Unsecured Senior Notes were classified as long-term as management refinanced the borrowings on a long-term basis in February 2019, as discussed below. (2) Includes finance lease obligations secured by five aircraft. Maturities of long-term debt and finance lease obligations for the remainder of 2019 and for the next four years and thereafter, in the aggregate, are: remaining in 2019 - $168.1 million ; 2020 - $138.9 million ; 2021 - $133.4 million ; 2022 - $113.9 million ; 2023 - $100.9 million ; and $844.1 million thereafter. Consolidated Variable Interest Entity In March 2019, the Company, through a wholly owned subsidiary, entered into agreements with a trust to borrow $44.0 million secured by one aircraft. The trust was funded on inception. These borrowings bear interest at a blended rate of 3.8 percent , payable in quarterly installments through April 2029, at which time the Company will have a purchase option at a fixed amount. As this transaction is a common control transaction, the Company, as the primary beneficiary, has measured and recorded the assets and liabilities at their carrying values, which were $39.1 million and $44.0 million , respectively, at the time of borrowing. Senior Secured Revolving Credit Facility The Company has a senior secured revolving credit facility under which it is able to borrow up to $81.0 million . There was no balance under this facility as of June 30, 2019 . The facility has a term of 24 months and is based on the value of aircraft placed in the collateral pool. Aircraft remain in the collateral pool for up to two years, and, as of June 30, 2019 , there were four aircraft in the collateral pool. Secured Debt In June 2019, the Company entered into an agreement to borrow $213.0 million secured by 23 aircraft. The borrowing bears interest at a floating rate based on LIBOR, and is payable in quarterly installments over five years . A portion of the proceeds was used for the prepayment of six existing debt agreements and the repayment of the outstanding balance on the senior secured revolving credit facility. During the second quarter 2019, the Company borrowed a total of $63.4 million under multiple loan agreements secured by spare engines. The borrowings bear interest at a floating rate based on LIBOR, and are payable in quarterly installments, with terms ranging from seven to ten years . Term Loan In February 2019, the Company entered into a Credit and Guaranty Agreement (the “Term Loan”) to borrow $450.0 million , guaranteed by all of the Company's subsidiaries, excluding Sunseeker Resorts Inc. and its subsidiaries, and other insignificant subsidiaries (the "Term Loan Guarantors"). The Term Loan is secured by substantially all property and assets of the Company and the Term Loan Guarantors, excluding aircraft and aircraft engines, and excluding certain other assets. The Term Loan has a five-year term, bears interest based on LIBOR and provides for quarterly interest payments along with quarterly principal payments of $1.1 million through February 2024, at which time the Term Loan is due. The Term Loan may be prepaid at any time without penalty. In connection with the Term Loan, the Company conducted a tender offer for its 5.5 percent senior unsecured obligation, as outlined below. General Unsecured Senior Notes Since December 2016 and until February 2019, the Company had outstanding $450.0 million aggregate principal amount of senior unsecured obligations (the "Notes") which bore interest at 5.5 percent per year and matured in July 2019. In connection with the Term Loan discussed above, the Company completed a tender offer in February 2019, whereby it purchased $347.9 million of the Notes, and incurred related debt extinguishment costs of $3.7 million . The indenture governing the Notes was amended to eliminate most of the restrictive covenants and certain events of default and amend certain other provisions applicable to the Notes. The $428.0 million net proceeds from the Term Loan were used to purchase the Notes, of which the remaining $102.1 million outstanding at June 30, 2019 was paid at maturity in July 2019. Construction Loan Agreement In March 2019, Sunseeker Florida, Inc. (“SFI”), a wholly-owned subsidiary of the Company, entered into a Construction Loan Agreement with certain lenders affiliated with TPG Sixth Street Partners, LLC (the “Lender”). Under the Construction Loan Agreement, SFI may borrow up to $175.0 million (the “Loan”) to fund the construction of Phase 1 of Sunseeker Resort -Charlotte Harbor (the “Project”). No amount has been drawn under this agreement as of June 30, 2019 . Under the Construction Loan Agreement, the Lender is to provide the final $175.0 million |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received by selling an asset or paid to transfer a liability in an orderly transaction between market participants. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 inputs that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company uses the market approach valuation technique to determine fair value for investment securities. The assets classified as Level 1 consist of money market funds for which original cost approximates fair value. The assets classified as Level 2 consist of commercial paper, municipal debt securities, federal agency debt securities, US Treasury Bonds, and corporate debt securities, which are valued using quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs. The Company has no investment securities classified as Level 3. For those assets classified as Level 2 that are not in active markets, the Company obtains fair value from pricing sources using quoted market prices for identical or comparable instruments, and uses pricing models which include all significant observable inputs: maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers and other market related data. These inputs are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset. Financial instruments measured at fair value on a recurring basis: As of June 30, 2019 As of December 31, 2018 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 310,550 $ 310,550 $ — $ 43,281 $ 43,281 $ — Commercial paper 110,429 — 110,429 29,138 — 29,138 Municipal debt securities 2,408 — 2,408 — — — Federal agency debt securities 950 — 950 — — — US Treasury bonds — — — 1,415 — 1,415 Total cash equivalents 424,337 310,550 113,787 73,834 43,281 30,553 Short-term Commercial paper 138,332 — 138,332 180,846 — 180,846 Corporate debt securities 55,729 — 55,729 101,489 — 101,489 Federal agency debt securities 10,504 — 10,504 11,887 — 11,887 Municipal debt securities 7,450 — 7,450 14,252 — 14,252 US Treasury bonds 4,731 — 4,731 5,990 — 5,990 Total short-term 216,746 — 216,746 314,464 — 314,464 Long-term Corporate debt securities 20,367 — 20,367 37,334 — 37,334 US Treasury bonds 3,068 — 3,068 2,901 — 2,901 Federal agency debt securities 1,269 — 1,269 11,291 — 11,291 Total long-term 24,704 — 24,704 51,526 — 51,526 Total financial instruments $ 665,787 $ 310,550 $ 355,237 $ 439,824 $ 43,281 $ 396,543 The fair value of the Company’s publicly held long-term debt is determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized its publicly held debt as Level 2. The Company's remaining debt is not publicly held, and the Company has determined the estimated fair value of these notes to be Level 3, as certain inputs used to determine the fair value are unobservable and, therefore, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt. Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs are as follows: As of June 30, 2019 As of December 31, 2018 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Publicly held debt $ 102,090 $ 102,154 $ 450,463 $ 451,026 2 Non-publicly held debt 1,303,593 1,098,068 703,372 619,379 3 Total long-term debt $ 1,405,683 $ 1,200,222 $ 1,153,835 $ 1,070,405 Due to the short-term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic and diluted earnings per share are computed pursuant to the two-class method. Under this method, the Company attributes net income to two classes: common stock and unvested restricted stock. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. Diluted net income per share is calculated using the more dilutive of the two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs: 1. Assume vesting of restricted stock using the treasury stock method. 2. Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method. For the three and six months ended June 30, 2019 and 2018 , respectively, the second method, which assumes unvested awards are not vested, was used in the computation because it was more dilutive than the first method. 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic: Net income $ 70,543 $ 50,016 $ 127,667 $ 105,209 Less net income allocated to participating securities (997 ) (659 ) (1,791 ) (1,427 ) Net income attributable to common stock $ 69,546 $ 49,357 $ 125,876 $ 103,782 Earnings per share, basic $ 4.33 $ 3.10 $ 7.85 $ 6.53 Weighted-average shares outstanding 16,063 15,939 16,037 15,898 Diluted: Net income $ 70,543 $ 50,016 $ 127,667 $ 105,209 Less net income allocated to participating securities (996 ) (658 ) (1,790 ) (1,425 ) Net income attributable to common stock $ 69,547 $ 49,358 $ 125,877 $ 103,784 Earnings per share, diluted $ 4.33 $ 3.10 $ 7.84 $ 6.52 Weighted-average shares outstanding 16,063 15,939 16,037 15,898 Dilutive effect of stock options and restricted stock 39 44 39 63 Adjusted weighted-average shares outstanding under treasury stock method 16,102 15,983 16,076 15,961 Participating securities excluded under two-class method (33 ) (38 ) (26 ) (47 ) Adjusted weighted-average shares outstanding under two-class method 16,069 15,945 16,050 15,914 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of June 30, 2019 , the Company had firm commitments to purchase nine Airbus A320 series aircraft and one CFM engine. The Company's contractual purchase commitments consist primarily of aircraft and engine acquisitions. The total future commitments are as follows: (in thousands) As of June 30, 2019 Remaining in 2019 $ 120,927 2020 33,800 2021 500 2022 18,000 Total commitments $ 173,227 Contingencies The Company is subject to certain legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations. |
Lease (Notes)
Lease (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | Leases The Company determines if an arrangement is a lease at inception and has lease agreements for office facilities, office equipment, certain airport and terminal facilities, and other space and assets. These commitments have remaining non-cancelable lease terms, with lease expirations which range from 2019 to 2036. As a result of the New Lease Standard, certain real estate and property leases, and various other operating leases have been measured on the balance sheet with a lease liability and right-of-use asset ("ROU"). Airport terminal leases mostly include variable lease payments outside of those based on a fixed index, and are therefore excluded from consideration. Accounting for finance leases is substantially unchanged. ROU assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make scheduled lease payments. ROU assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is calculated using the incremental borrowing rate at lease commencement, which takes into consideration recent debt issuances as well as other applicable market data available. Lease terms include options to extend when it is reasonably certain that the option will be exercised. Leases with a term of twelve months or less are not recorded on the balance sheet. Additionally, lease and non-lease components are accounted for as a single lease component for real estate agreements. In addition to operating leases, the Company leases certain aircraft and, as of June 30, 2019 , had five aircraft under finance leases with remaining terms to 2029. Lease Costs The components of lease expense were as follows: Three Months Ended Six Months Ended (in thousands) Classification on the Statements of Income June 30, 2019 June 30, 2019 Finance lease costs: Amortization of assets Depreciation and amortization $ 1,629 $ 3,259 Interest on lease liabilities Interest expense 1,326 2,672 Operating lease cost Station operations; Maintenance and repairs; Other operating expense 805 1,581 Variable lease cost Station operations; Maintenance and repairs; Other operating expense 2,703 5,797 Total lease cost $ 6,463 $ 13,309 Lease position as of June 30, 2019 The table below presents the lease-related assets and liabilities recorded on the balance sheet. As of (in thousands) Classification on the Balance Sheet June 30, 2019 Assets Operating lease assets Operating lease right-of-use assets, net $ 22,233 Finance lease assets Property and equipment, net 114,924 Total lease assets $ 137,157 Liabilities Current Operating Accrued liabilities $ 2,240 Finance Current maturities of long-term debt and finance lease obligations 7,499 Noncurrent Operating Other noncurrent liabilities 21,476 Finance Long-term debt and finance lease obligations 111,805 Total lease liabilities $ 143,020 Weighted-average remaining lease term Operating leases 9.3 years Finance leases 10.4 years Weighted-average discount rate Operating leases 4.2 % Finance leases 4.4 % Other Information The table below presents supplemental cash flow information related to leases during the three and six months ended June 30, 2019 . Three Months Ended Six Months Ended (in thousands) June 30, 2019 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 643 1,272 Operating cash flows for finance leases 1,326 2,672 Financing cash flows for finance leases 1,824 3,628 Maturities of Lease Liabilities The table below indicates the future minimum payments of lease liabilities as of June 30, 2019 . (in thousands) Operating Leases Finance Leases Remaining in 2019 $ 1,586 $ 6,300 2020 3,206 12,600 2021 3,249 12,600 2022 3,294 11,095 2023 3,147 10,500 Thereafter 14,325 103,459 Total lease payments 28,807 156,554 Less imputed interest (5,091 ) (37,250 ) Total lease obligations 23,716 119,304 Less current obligations (2,240 ) (7,499 ) Long-term lease obligations $ 21,476 $ 111,805 The Company adopted the New Lease Standard on January 1, 2019 as noted above, and as required, the following disclosure is provided for periods prior to adoption. Future annual minimum lease payments as of December 31, 2018 were as follows: (in thousands) Operating Leases Capital Leases 2019 $ 8,102 $ 12,600 2020 6,031 12,600 2021 3,643 12,600 2022 1,630 11,095 2023 1,626 10,500 Thereafter 8,297 103,458 Total lease payments $ 29,329 162,853 Less imputed interest (39,922 ) Total lease obligations 122,931 Less current obligations (7,336 ) Long-term lease obligations $ 115,595 |
Operating Segments (Notes)
Operating Segments (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segments Operating segments are components of a company for which separate financial and operating information is regularly evaluated and reported to the Chief Operating Decision Maker ("CODM"), and is used to allocate resources and analyze performance. The Company's CODM is the executive leadership team, which reviews information about the Company's three operating segments: the Airline, Sunseeker Resort, and Other non-airline. Airline Segment The Airline segment operates as a single business unit and includes all scheduled service air transportation, ancillary air-related products and services, third party products and services, fixed fee contract air transportation and other airline-related revenue. The CODM evaluation includes, but is not limited to, route and flight profitability data, ancillary and third party product and service offering statistics, and fixed fee contract information when making resource allocation decisions with the goal of optimizing consolidated financial results. Sunseeker Resort Segment The Sunseeker Resort segment represents activity related to the development and construction of Sunseeker Resort in Southwest Florida, as well as the operation of Kingsway golf course. Plans for the resort include a 500-room hotel and two towers offering an estimated 180 one, two and three bedroom suites, bar and restaurant options, and other amenities. The golf course is a short drive from the resort site and is considered, from a planning and strategic perspective, to be an additional resort amenity. The construction of Sunseeker Resort is an extension of the Company's leisure travel focus and it is expected that many customers flying to Southwest Florida on Allegiant will elect to stay at this resort and enjoy its amenities. Other non-Airline Segment The other non-airline segment includes the Teesnap golf course management solution and Allegiant Nonstop family entertainment centers. Allegiant Nonstop family entertainment centers are comprised of games, attractions, and food facilities. Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows: (in thousands) Airline Sunseeker Resort Other non- airline Consolidated Three Months Ended June 30, 2019 Operating revenue: Passenger $ 454,779 $ — $ — $ 454,779 Third party products 18,208 — — 18,208 Fixed fee contract 12,487 — — 12,487 Other 1,299 373 4,613 6,285 Operating income (loss) 115,546 (1,695 ) (5,746 ) 108,105 Interest expense, net 15,924 478 — 16,402 Depreciation and amortization 36,890 326 1,278 38,494 Capital expenditures 98,128 11,296 2,494 111,918 Three Months Ended June 30, 2018 Operating revenue: Passenger $ 405,572 $ — $ — $ 405,572 Third party products 17,799 — — 17,799 Fixed fee contract 7,653 — — 7,653 Other 3,531 — 2,225 5,756 Operating income (loss) 76,054 (301 ) (1,531 ) 74,222 Interest expense, net 11,229 — — 11,229 Depreciation and amortization 29,405 10 418 29,833 Capital expenditures 106,360 9,204 2,725 118,289 (in thousands) Airline Sunseeker Resort Other non- airline Consolidated Six Months Ended June 30, 2019 Operating revenue: Passenger $ 874,755 $ — $ — $ 874,755 Third party products 35,350 — — 35,350 Fixed fee contract 23,061 — — 23,061 Other 1,930 1,275 7,010 10,215 Operating income (loss) 214,035 (2,917 ) (11,937 ) 199,181 Interest expense, net 29,145 636 — 29,781 Depreciation and amortization 72,119 482 2,075 74,676 Capital expenditures 207,048 16,571 10,850 234,469 Six Months Ended June 30, 2018 Operating revenue: Passenger $ 802,343 $ — $ — $ 802,343 Third party products 28,124 — — 28,124 Fixed fee contract 18,209 — — 18,209 Other 10,197 — 3,351 13,548 Operating income (loss) 158,004 (446 ) (3,368 ) 154,190 Interest expense, net 22,046 — — 22,046 Depreciation and amortization 57,172 17 794 57,983 Capital expenditures 165,934 17,344 4,178 187,456 Total assets were as follows as of the date indicated: (in thousands) June 30, 2019 December 31, 2018 Airline $ 2,859,309 $ 2,422,523 Sunseeker Resort 80,895 56,047 Other non-airline 41,996 20,098 Consolidated $ 2,982,200 $ 2,498,668 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2018 and filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. |
New Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842), (the "New Lease Standard"). This standard requires leases, other than short-term, to be recognized on the balance sheet as a lease liability and a corresponding right-of-use asset. Lease payments include fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, and others as required by the standard. Lease payments do not include variable lease payments other than those that depend on an index or rate, any guarantee by the lessee of the lessor’s debt, or any amount allocated to non-lease components. This standard is effective for interim and annual reporting periods beginning after December 15, 2018 and the Company adopted the New Lease Standard as of January 1, 2019. The Company also elected the package of practical expedients, which among other things, does not require reassessment of lease classification. The Company adopted the New Lease Standard using the modified retrospective transition approach as of the effective date as permitted by the amendments in ASU 2018-11, "Targeted Improvements - Leases (Topic 842)." Under this method, the cumulative effect adjustment to the opening balance of retained earnings is recognized at the adoption date. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption on January 1, 2019. The Company's consolidated balance sheet was affected by this standard, but the consolidated statement of income and liquidity were not significantly impacted. The most significant change to the consolidated balance sheet upon adoption on January 1, 2019 relates to the recognition of new right-of-use (ROU) assets of $18.0 million and operating liabilities of $19.1 million . The Company's accounting for finance leases remains substantially unchanged. See Note 5, "Leases," for more information. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Passenger revenue is primarily composed of scheduled service revenue (including passenger ticket sales and credit voucher breakage), revenue from ancillary air-related charges (including seat fees, baggage fees, and other travel-related services performed in conjunction with a passenger’s flight), as well as co-brand credit card point redemptions, as outlined below: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Scheduled service $ 237,685 $ 235,746 $ 472,456 $ 474,267 Ancillary air-related charges 213,527 167,630 395,227 322,347 Co-brand redemptions 3,567 2,196 7,072 5,729 Total passenger revenue $ 454,779 $ 405,572 $ 874,755 $ 802,343 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table presents the activity of the co-brand point liability as of the dates indicated: Six Months Ended June 30, (in thousands) 2019 2018 Balance at January 1 $ 10,708 $ 8,903 Points awarded (deferral of revenue) 8,827 6,898 Points redeemed (recognition of revenue) (7,072 ) (5,730 ) Balance at June 30 $ 12,463 $ 10,071 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment | Property and equipment: (in thousands) As of June 30, 2019 As of December 31, 2018 Flight equipment, including pre-delivery deposits $ 2,089,440 $ 1,905,157 Computer hardware and software 149,354 140,385 Land and buildings/leasehold improvements 85,939 85,925 Other property and equipment 121,285 89,778 Total property and equipment 2,446,018 2,221,245 Less accumulated depreciation and amortization (426,244 ) (373,977 ) Property and equipment, net $ 2,019,774 $ 1,847,268 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt and finance lease obligations: (in thousands) As of June 30, 2019 As of December 31, 2018 Fixed-rate debt and finance lease obligations due through 2029 (1) (2) $ 321,646 $ 640,806 Variable-rate debt due through 2029 1,177,611 630,927 Total long-term debt and finance lease obligations, net of related costs 1,499,257 1,271,733 Less current maturities, net of related costs (1) 160,523 152,287 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,338,734 $ 1,119,446 Weighted average fixed-interest rate on debt 4.7 % 5.3 % Weighted average variable-interest rate on debt 5.1 % 4.2 % |
Long-Term Debt Schedule of Matu
Long-Term Debt Schedule of Maturities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Maturities of Long-Term Debt [Abstract] | |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt and finance lease obligations for the remainder of 2019 and for the next four years and thereafter, in the aggregate, are: remaining in 2019 - $168.1 million ; 2020 - $138.9 million ; 2021 - $133.4 million ; 2022 - $113.9 million ; 2023 - $100.9 million ; and $844.1 million thereafter. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value On a Recurring Basis | Financial instruments measured at fair value on a recurring basis: As of June 30, 2019 As of December 31, 2018 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 310,550 $ 310,550 $ — $ 43,281 $ 43,281 $ — Commercial paper 110,429 — 110,429 29,138 — 29,138 Municipal debt securities 2,408 — 2,408 — — — Federal agency debt securities 950 — 950 — — — US Treasury bonds — — — 1,415 — 1,415 Total cash equivalents 424,337 310,550 113,787 73,834 43,281 30,553 Short-term Commercial paper 138,332 — 138,332 180,846 — 180,846 Corporate debt securities 55,729 — 55,729 101,489 — 101,489 Federal agency debt securities 10,504 — 10,504 11,887 — 11,887 Municipal debt securities 7,450 — 7,450 14,252 — 14,252 US Treasury bonds 4,731 — 4,731 5,990 — 5,990 Total short-term 216,746 — 216,746 314,464 — 314,464 Long-term Corporate debt securities 20,367 — 20,367 37,334 — 37,334 US Treasury bonds 3,068 — 3,068 2,901 — 2,901 Federal agency debt securities 1,269 — 1,269 11,291 — 11,291 Total long-term 24,704 — 24,704 51,526 — 51,526 Total financial instruments $ 665,787 $ 310,550 $ 355,237 $ 439,824 $ 43,281 $ 396,543 |
Fair Value, Liabilities Measured on Recurring Basis | Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs are as follows: As of June 30, 2019 As of December 31, 2018 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Publicly held debt $ 102,090 $ 102,154 $ 450,463 $ 451,026 2 Non-publicly held debt 1,303,593 1,098,068 703,372 619,379 3 Total long-term debt $ 1,405,683 $ 1,200,222 $ 1,153,835 $ 1,070,405 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Net Income Per Share, Basic and Diluted | 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic: Net income $ 70,543 $ 50,016 $ 127,667 $ 105,209 Less net income allocated to participating securities (997 ) (659 ) (1,791 ) (1,427 ) Net income attributable to common stock $ 69,546 $ 49,357 $ 125,876 $ 103,782 Earnings per share, basic $ 4.33 $ 3.10 $ 7.85 $ 6.53 Weighted-average shares outstanding 16,063 15,939 16,037 15,898 Diluted: Net income $ 70,543 $ 50,016 $ 127,667 $ 105,209 Less net income allocated to participating securities (996 ) (658 ) (1,790 ) (1,425 ) Net income attributable to common stock $ 69,547 $ 49,358 $ 125,877 $ 103,784 Earnings per share, diluted $ 4.33 $ 3.10 $ 7.84 $ 6.52 Weighted-average shares outstanding 16,063 15,939 16,037 15,898 Dilutive effect of stock options and restricted stock 39 44 39 63 Adjusted weighted-average shares outstanding under treasury stock method 16,102 15,983 16,076 15,961 Participating securities excluded under two-class method (33 ) (38 ) (26 ) (47 ) Adjusted weighted-average shares outstanding under two-class method 16,069 15,945 16,050 15,914 |
Commitments and Contingencies P
Commitments and Contingencies Payments Related to Commitments to Purchase (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payments Related to Commitments to Purchase [Abstract] | |
Long-term Purchase Commitment [Table Text Block] | The Company's contractual purchase commitments consist primarily of aircraft and engine acquisitions. The total future commitments are as follows: (in thousands) As of June 30, 2019 Remaining in 2019 $ 120,927 2020 33,800 2021 500 2022 18,000 Total commitments $ 173,227 |
Lease (Tables)
Lease (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Cash paid for lease [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three Months Ended Six Months Ended (in thousands) Classification on the Statements of Income June 30, 2019 June 30, 2019 Finance lease costs: Amortization of assets Depreciation and amortization $ 1,629 $ 3,259 Interest on lease liabilities Interest expense 1,326 2,672 Operating lease cost Station operations; Maintenance and repairs; Other operating expense 805 1,581 Variable lease cost Station operations; Maintenance and repairs; Other operating expense 2,703 5,797 Total lease cost $ 6,463 $ 13,309 |
Leases of Lessee Disclosure [Text Block] | The table below presents the lease-related assets and liabilities recorded on the balance sheet. As of (in thousands) Classification on the Balance Sheet June 30, 2019 Assets Operating lease assets Operating lease right-of-use assets, net $ 22,233 Finance lease assets Property and equipment, net 114,924 Total lease assets $ 137,157 Liabilities Current Operating Accrued liabilities $ 2,240 Finance Current maturities of long-term debt and finance lease obligations 7,499 Noncurrent Operating Other noncurrent liabilities 21,476 Finance Long-term debt and finance lease obligations 111,805 Total lease liabilities $ 143,020 Weighted-average remaining lease term Operating leases 9.3 years Finance leases 10.4 years Weighted-average discount rate Operating leases 4.2 % Finance leases 4.4 % |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The table below presents supplemental cash flow information related to leases during the three and six months ended June 30, 2019 . Three Months Ended Six Months Ended (in thousands) June 30, 2019 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 643 1,272 Operating cash flows for finance leases 1,326 2,672 Financing cash flows for finance leases 1,824 3,628 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The table below indicates the future minimum payments of lease liabilities as of June 30, 2019 . (in thousands) Operating Leases Finance Leases Remaining in 2019 $ 1,586 $ 6,300 2020 3,206 12,600 2021 3,249 12,600 2022 3,294 11,095 2023 3,147 10,500 Thereafter 14,325 103,459 Total lease payments 28,807 156,554 Less imputed interest (5,091 ) (37,250 ) Total lease obligations 23,716 119,304 Less current obligations (2,240 ) (7,499 ) Long-term lease obligations $ 21,476 $ 111,805 The Company adopted the New Lease Standard on January 1, 2019 as noted above, and as required, the following disclosure is provided for periods prior to adoption. Future annual minimum lease payments as of December 31, 2018 were as follows: (in thousands) Operating Leases Capital Leases 2019 $ 8,102 $ 12,600 2020 6,031 12,600 2021 3,643 12,600 2022 1,630 11,095 2023 1,626 10,500 Thereafter 8,297 103,458 Total lease payments $ 29,329 162,853 Less imputed interest (39,922 ) Total lease obligations 122,931 Less current obligations (7,336 ) Long-term lease obligations $ 115,595 |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows: (in thousands) Airline Sunseeker Resort Other non- airline Consolidated Three Months Ended June 30, 2019 Operating revenue: Passenger $ 454,779 $ — $ — $ 454,779 Third party products 18,208 — — 18,208 Fixed fee contract 12,487 — — 12,487 Other 1,299 373 4,613 6,285 Operating income (loss) 115,546 (1,695 ) (5,746 ) 108,105 Interest expense, net 15,924 478 — 16,402 Depreciation and amortization 36,890 326 1,278 38,494 Capital expenditures 98,128 11,296 2,494 111,918 Three Months Ended June 30, 2018 Operating revenue: Passenger $ 405,572 $ — $ — $ 405,572 Third party products 17,799 — — 17,799 Fixed fee contract 7,653 — — 7,653 Other 3,531 — 2,225 5,756 Operating income (loss) 76,054 (301 ) (1,531 ) 74,222 Interest expense, net 11,229 — — 11,229 Depreciation and amortization 29,405 10 418 29,833 Capital expenditures 106,360 9,204 2,725 118,289 (in thousands) Airline Sunseeker Resort Other non- airline Consolidated Six Months Ended June 30, 2019 Operating revenue: Passenger $ 874,755 $ — $ — $ 874,755 Third party products 35,350 — — 35,350 Fixed fee contract 23,061 — — 23,061 Other 1,930 1,275 7,010 10,215 Operating income (loss) 214,035 (2,917 ) (11,937 ) 199,181 Interest expense, net 29,145 636 — 29,781 Depreciation and amortization 72,119 482 2,075 74,676 Capital expenditures 207,048 16,571 10,850 234,469 Six Months Ended June 30, 2018 Operating revenue: Passenger $ 802,343 $ — $ — $ 802,343 Third party products 28,124 — — 28,124 Fixed fee contract 18,209 — — 18,209 Other 10,197 — 3,351 13,548 Operating income (loss) 158,004 (446 ) (3,368 ) 154,190 Interest expense, net 22,046 — — 22,046 Depreciation and amortization 57,172 17 794 57,983 Capital expenditures 165,934 17,344 4,178 187,456 Total assets were as follows as of the date indicated: (in thousands) June 30, 2019 December 31, 2018 Airline $ 2,859,309 $ 2,422,523 Sunseeker Resort 80,895 56,047 Other non-airline 41,996 20,098 Consolidated $ 2,982,200 $ 2,498,668 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Policies (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Adjustments for New Accounting Pronouncements [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 18,000 | |
Operating Lease, Liability | $ 23,716 | $ 19,100 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Passenger | $ 454,779 | $ 405,572 | $ 874,755 | $ 802,343 |
Allegiant Air | ||||
Disaggregation of Revenue [Line Items] | ||||
Passenger | 454,779 | 405,572 | 874,755 | 802,343 |
Allegiant Air | Scheduled Service Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Passenger | 237,685 | 235,746 | 472,456 | 474,267 |
Allegiant Air | Air-related revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Passenger | 213,527 | 167,630 | 395,227 | 322,347 |
Allegiant Air | Co-brand Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Passenger | $ 3,567 | $ 2,196 | $ 7,072 | $ 5,729 |
Revenue Recognition Points Liab
Revenue Recognition Points Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Points Liability [Abstract] | ||
Points Liability Start of Period | $ 10,708 | $ 8,903 |
Points awarded | 8,827 | 6,898 |
Points redeemed | (7,072) | (5,730) |
Contract with Customer, Liability | 12,463 | 10,071 |
Points Liability | $ 9,800 | $ 6,900 |
Revenue Recognition Passenger R
Revenue Recognition Passenger Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Revenue Recognition [Abstract] | ||
Increase (Decrease) in Deferred Air Traffic Revenue | $ 204,800 | |
Air traffic liability | $ 267,050 | $ 212,230 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Flight equipment, including pre-delivery deposits | $ 2,089,440 | $ 1,905,157 |
Computer hardware and software | 149,354 | 140,385 |
Land and buildings/leasehold improvements | 85,939 | 85,925 |
Other property and equipment | 121,285 | 89,778 |
Total property and equipment | 2,446,018 | 2,221,245 |
Less accumulated depreciation and amortization | 426,244 | 373,977 |
Property and equipment, net | $ 2,019,774 | $ 1,847,268 |
Long-Term Debt Components of Lo
Long-Term Debt Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Notes Payable | $ 1,405,683 | $ 1,153,835 |
Secured Long-term Debt, Noncurrent | 1,499,257 | 1,271,733 |
Less current maturities | 160,523 | 152,287 |
Long-term debt and capital leases, net of current maturities and related costs | 1,338,734 | 1,119,446 |
Weighted average fixed-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 321,646 | $ 640,806 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.70% | 5.30% |
Weighted average variable-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 1,177,611 | $ 630,927 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.10% | 4.20% |
Unsecured Debt | Weighted average fixed-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 80,100 | $ 428,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Feb. 15, 2019USD ($) | Jun. 30, 2019USD ($)Aircraftaircraft | Mar. 31, 2019USD ($)aircraft | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019USD ($)Aircraftaircraft | Jun. 30, 2018USD ($) | Feb. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | |
Capital Leased Assets, Number of Units | Aircraft | 5 | 5 | ||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 168,100,000 | $ 168,100,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 138,900,000 | 138,900,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 133,400,000 | 133,400,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 113,900,000 | 113,900,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 100,900,000 | 100,900,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 844,100,000 | 844,100,000 | ||||||||
Debt Instrument, Face Amount | 63,400,000 | 63,400,000 | $ 450,000,000 | |||||||
Secured Long-term Debt, Noncurrent | 1,499,257,000 | 1,499,257,000 | $ 1,271,733,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175,000,000 | |||||||||
Finance Lease, Right-of-Use Asset, Amortization | 1,629,000 | 3,259,000 | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | |||||||||
Repayments of Unsecured Debt | 102,100,000 | |||||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | 3,700,000 | $ 0 | $ 3,677,000 | $ 0 | |||||
Debt, Number of Debt Instruments | 6 | 6 | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,100,000 | |||||||||
Consolidated Variable Interest Entity | ||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 44,000,000 | |||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 39,100,000 | |||||||||
Debt, Weighted Average Interest Rate | 3.80% | |||||||||
Senior Secured Revolving Credit Facility | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 81,000,000 | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | ||||||||
Debt Instrument, Term | 24 months | |||||||||
Unsecured Debt | ||||||||||
Unsecured Long-term Debt, Noncurrent | $ 450,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||
Repayments of Unsecured Debt | $ 347,900,000 | |||||||||
Airbus A320 Aircraft Series | Consolidated Variable Interest Entity | ||||||||||
Number Of Aircrafts Included As Collateral | aircraft | 1 | |||||||||
Loan Due June 2024 | ||||||||||
Debt Instrument, Face Amount | $ 213,000,000 | $ 213,000,000 | ||||||||
Number Of Aircrafts Included As Collateral | aircraft | 23 | |||||||||
Debt Instrument, Term | 5 years | |||||||||
Minimum | ||||||||||
Debt Instrument, Term | 7 years | |||||||||
Maximum | ||||||||||
Debt Instrument, Term | 10 years | |||||||||
Senior Secured Revolving Credit Facility | ||||||||||
Number Of Aircrafts Included As Collateral | aircraft | 4 | |||||||||
Term Loan Due February 2024 | ||||||||||
Debt Instrument, Term | 5 years | |||||||||
Net Proceeds | ||||||||||
Debt Instrument, Face Amount | $ 428,000,000 |
Long-Term Debt Schedule of Ma_2
Long-Term Debt Schedule of Maturities of Long-Term Debt (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)aircraft | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ (3,700,000) | $ 0 | $ (3,677,000) | $ 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | 175,000,000 | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 168,100,000 | 168,100,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 138,900,000 | 138,900,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 133,400,000 | 133,400,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 113,900,000 | 113,900,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 100,900,000 | 100,900,000 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 844,100,000 | 844,100,000 | ||||
Long-term Debt, Fair Value | $ 1,499,257,000 | $ 1,499,257,000 | $ 1,271,733,000 | |||
Term Loan Due February 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Term | 5 years | |||||
Senior Secured Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Number Of Aircrafts Included As Collateral | aircraft | 4 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available-for-sale Securities | $ 665,787 | $ 439,824 |
Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 310,550 | 43,281 |
Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 355,237 | 396,543 |
Short-term Investments | ||
Available-for-sale Securities | 216,746 | 314,464 |
Short-term Investments | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 216,746 | 314,464 |
Short-term Investments | Commercial paper | ||
Available-for-sale Securities | 138,332 | 180,846 |
Short-term Investments | Commercial paper | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Commercial paper | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 138,332 | 180,846 |
Short-term Investments | Federal agency debt securities | ||
Available-for-sale Securities | 10,504 | 11,887 |
Short-term Investments | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 10,504 | 11,887 |
Short-term Investments | Municipal debt securities | ||
Available-for-sale Securities | 7,450 | 14,252 |
Short-term Investments | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 7,450 | 14,252 |
Short-term Investments | Corporate debt securities | ||
Available-for-sale Securities | 55,729 | 101,489 |
Short-term Investments | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 55,729 | 101,489 |
Short-term Investments | US Treasury Bond Securities | ||
Available-for-sale Securities | 4,731 | 5,990 |
Short-term Investments | US Treasury Bond Securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | US Treasury Bond Securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 4,731 | 5,990 |
Long Term Investments | ||
Available-for-sale Securities | 24,704 | 51,526 |
Long Term Investments | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 24,704 | 51,526 |
Long Term Investments | Federal agency debt securities | ||
Available-for-sale Securities | 1,269 | 11,291 |
Long Term Investments | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 1,269 | 11,291 |
Long Term Investments | Corporate debt securities | ||
Available-for-sale Securities | 20,367 | 37,334 |
Long Term Investments | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 20,367 | 37,334 |
Long Term Investments | US Treasury Bond Securities | ||
Available-for-sale Securities | 3,068 | 2,901 |
Long Term Investments | US Treasury Bond Securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | US Treasury Bond Securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 3,068 | 2,901 |
Cash Equivalents | ||
Cash Equivalents | 424,337 | 73,834 |
Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 310,550 | 43,281 |
Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 113,787 | 30,553 |
Cash Equivalents | Money Market Funds | ||
Cash Equivalents | 310,550 | 43,281 |
Cash Equivalents | Money Market Funds | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 310,550 | 43,281 |
Cash Equivalents | Money Market Funds | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Commercial paper | ||
Cash Equivalents | 110,429 | 29,138 |
Cash Equivalents | Commercial paper | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Commercial paper | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 110,429 | 29,138 |
Cash Equivalents | Federal agency debt securities | ||
Cash Equivalents | 950 | 0 |
Cash Equivalents | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 950 | 0 |
Cash Equivalents | Municipal debt securities | ||
Cash Equivalents | 2,408 | 0 |
Cash Equivalents | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 2,408 | 0 |
Cash Equivalents | US Treasury Bond Securities | ||
Cash Equivalents | 0 | 1,415 |
Cash Equivalents | US Treasury Bond Securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | US Treasury Bond Securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | $ 0 | $ 1,415 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 1,499,257 | $ 1,271,733 |
Notes Payable | 1,405,683 | 1,153,835 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 1,200,222 | 1,070,405 |
Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 102,090 | 450,463 |
Publicly Held Debt | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 102,154 | 451,026 |
Non-Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 1,303,593 | 703,372 |
Non-Publicly Held Debt | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 1,098,068 | $ 619,379 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic: | ||||
Net income attributable to Allegiant Travel Company (in Dollars) | $ 70,543 | $ 50,016 | $ 127,667 | $ 105,209 |
Less: Net income allocated to participating securities (in Dollars) | (997) | (659) | (1,791) | (1,427) |
Net income attributable to common stock (in Dollars) | $ 69,546 | $ 49,357 | $ 125,876 | $ 103,782 |
Net income per share, basic (in Dollars per share) | $ 4.33 | $ 3.10 | $ 7.85 | $ 6.53 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ (996) | $ (658) | $ (1,790) | $ (1,425) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 69,547 | $ 49,358 | $ 125,877 | $ 103,784 |
Diluted earnings per share | $ 4.33 | $ 3.10 | $ 7.84 | $ 6.52 |
Weighted-average shares outstanding | 16,063,000 | 15,939,000 | 16,037,000 | 15,898,000 |
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 39,000 | 44,000 | 39,000 | 63,000 |
Adjusted weighted-average shares outstanding under treasury stock method | 16,102,000 | 15,983,000 | 16,076,000 | 15,961,000 |
Participating securities excluded under two-class method | (33,000) | (38,000) | (26,000) | (47,000) |
Two-Class Method, Weighted Average Number of Shares Outstanding, Diluted | 16,069,000 | 15,945,000 | 16,050,000 | 15,914,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($)aircraftAircraft | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | aircraft | 9 |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 120,927 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 33,800 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 500 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 18,000 |
Unrecorded Unconditional Purchase Obligation | $ 173,227 |
Airbus A320 Aircraft Series | |
Long-term Purchase Commitment [Line Items] | |
Engine scheduled to be acquired | Aircraft | 1 |
Commitments and Contingencies_2
Commitments and Contingencies Payments Related to Commitments to Purchase (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($)Aircraft | |
Long-term Purchase Commitment [Line Items] | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 120,927 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 33,800 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 500 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 18,000 |
Unrecorded Unconditional Purchase Obligation | $ 173,227 |
Airbus A320 Aircraft Series | |
Long-term Purchase Commitment [Line Items] | |
Engine scheduled to be acquired | Aircraft | 1 |
Lease (Details)
Lease (Details) $ in Thousands | Jun. 30, 2019USD ($)Aircraft | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Leases [Abstract] | |||
Capital Leased Assets, Number of Units | Aircraft | 5 | ||
Finance Lease, Weighted Average Remaining Lease Term | 9 years 3 months 20 days | ||
Operating Lease, Liability | $ 23,716 | $ 19,100 | |
Finance Lease, Right-of-Use Asset | 114,924 | ||
Total Right-of-Use Asset | 137,157 | ||
Operating Lease, Liability, Current | 2,240 | ||
Finance Lease, Liability, Current | 7,499 | ||
Operating Lease, Liability, Noncurrent | 21,476 | ||
Finance Lease, Liability, Noncurrent | 111,805 | ||
Total Lease Liability | $ 143,020 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.20% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 4.40% | ||
Operating lease right-of-use assets, net | $ 22,233 | $ 0 | |
Operating Lease, Weighted Average Remaining Lease Term | 10 years 5 months 6 days |
Lease Cash paid for lease (Deta
Lease Cash paid for lease (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Cash paid for lease [Abstract] | ||
Operating Lease, Payments | $ 643 | $ 1,272 |
Finance Lease, Interest Payment on Liability | 1,326 | 2,672 |
Finance Lease, Principal Payments | $ 1,824 | $ 3,628 |
Lease Scheduled Lease Payments
Lease Scheduled Lease Payments Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Scheduled Lease Payment Commitments [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 8,102 | ||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 12,600 | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 1,586 | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 6,300 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 3,206 | ||
Finance Lease, Liability, Payments, Due Year Two | 12,600 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 3,249 | ||
Finance Lease, Liability, Payments, Due Year Three | 12,600 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 3,294 | ||
Finance Lease, Liability, Payments, Due Year Four | 11,095 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 3,147 | ||
Finance Lease, Liability, Payments, Due Year Five | 10,500 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 14,325 | ||
Finance Lease, Liability, Payments, Due after Year Five | 103,459 | ||
Lessee, Operating Lease, Liability, Payments, Due | 28,807 | ||
Finance Lease, Liability, Payment, Due | 156,554 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (5,091) | ||
Finance Lease, Liability, Undiscounted Excess Amount | (37,250) | ||
Operating Lease, Liability | 23,716 | $ 19,100 | |
Finance Lease, Liability | 119,304 | ||
Operating Lease, Liability, Current | (2,240) | ||
Finance Lease, Liability, Current | (7,499) | ||
Operating Lease, Liability, Noncurrent | 21,476 | ||
Finance Lease, Liability, Noncurrent | $ 111,805 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 6,031 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 12,600 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 3,643 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 12,600 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 1,630 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 11,095 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,626 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 10,500 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 8,297 | ||
Capital Leases, Future Minimum Payments, Due in Rolling after Year Five | 103,458 | ||
Commitments, Fair Value Disclosure | 29,329 | ||
Capital Leases, Future Minimum Payments Due | 162,853 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (39,922) | ||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 122,931 | ||
Capital Lease Obligations, Current | (7,336) | ||
Capital Lease Obligations, Noncurrent | $ 115,595 |
Lease Lease Costs (Details)
Lease Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset, Amortization | $ 1,629 | $ 3,259 |
Finance Lease, Interest Payment on Liability | 1,326 | 2,672 |
Operating Lease, Cost | 805 | 1,581 |
Variable Lease, Cost | 2,703 | 5,797 |
Lease, Cost | $ 6,463 | $ 13,309 |
Operating Segments (Details)
Operating Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | 3 | ||||
Passenger | $ 454,779 | $ 405,572 | $ 874,755 | $ 802,343 | |
Third party products | 18,208 | 17,799 | 35,350 | 28,124 | |
Fixed fee contracts | 12,487 | 7,653 | 23,061 | 18,209 | |
Other | 6,285 | 5,756 | 10,215 | 13,548 | |
Operating Income (Loss) | 108,105 | 74,222 | 199,181 | 154,190 | |
Interest Revenue (Expense), Net | 16,402 | 11,229 | 29,781 | 22,046 | |
Depreciation and amortization | 38,494 | 29,833 | 74,676 | 57,983 | |
Assets | 2,982,200 | 2,982,200 | $ 2,498,668 | ||
Payments to Acquire Productive Assets | 111,918 | 118,289 | 234,469 | 187,456 | |
Allegiant Air | |||||
Segment Reporting Information [Line Items] | |||||
Passenger | 454,779 | 405,572 | 874,755 | 802,343 | |
Third party products | 18,208 | 17,799 | 35,350 | 28,124 | |
Fixed fee contracts | 12,487 | 7,653 | 23,061 | 18,209 | |
Other | 1,299 | 3,531 | 1,930 | 10,197 | |
Operating Income (Loss) | 115,546 | 76,054 | 214,035 | 158,004 | |
Interest Revenue (Expense), Net | 15,924 | 11,229 | 29,145 | 22,046 | |
Depreciation and amortization | 36,890 | 29,405 | 72,119 | 57,172 | |
Assets | 2,859,309 | 2,859,309 | 2,422,523 | ||
Payments to Acquire Productive Assets | 98,128 | 106,360 | 207,048 | 165,934 | |
Sunseeker Resorts | |||||
Segment Reporting Information [Line Items] | |||||
Passenger | 0 | ||||
Other | 373 | 0 | 1,275 | 0 | |
Operating Income (Loss) | (1,695) | (301) | (2,917) | (446) | |
Interest Revenue (Expense), Net | 478 | 0 | 636 | 0 | |
Depreciation and amortization | 326 | 10 | 482 | 17 | |
Assets | 80,895 | 80,895 | 56,047 | ||
Payments to Acquire Productive Assets | 11,296 | 9,204 | 16,571 | 17,344 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Passenger | 0 | ||||
Other | 4,613 | 2,225 | 7,010 | 3,351 | |
Operating Income (Loss) | (5,746) | (1,531) | (11,937) | (3,368) | |
Interest Revenue (Expense), Net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 1,278 | 418 | 2,075 | 794 | |
Assets | 41,996 | 41,996 | $ 20,098 | ||
Payments to Acquire Productive Assets | $ 2,494 | $ 2,725 | $ 10,850 | $ 4,178 |