Document And Entity Information
Document And Entity Information - $ / shares | 6 Months Ended | ||
Jun. 30, 2020 | Jul. 28, 2020 | Dec. 31, 2019 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Jun. 30, 2020 | ||
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 | 16,242,332 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001362468 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | Q2 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 272,210 | $ 121,888 |
Restricted cash | 15,432 | 14,897 |
Short-term investments | 390,864 | 335,928 |
Accounts receivable | 208,573 | 25,516 |
Expendable parts, supplies and fuel, net | 25,856 | 28,375 |
Prepaid expenses and other current assets | 24,552 | 35,617 |
TOTAL CURRENT ASSETS | 937,487 | 562,221 |
Property and equipment, net | 2,076,448 | 2,236,808 |
Long-term investments | 0 | 15,542 |
Deferred major maintenance, net | 131,141 | 129,654 |
Operating lease right-of-use assets, net | 99,819 | 22,081 |
Deposits and other assets | 28,074 | 44,497 |
TOTAL ASSETS: | 3,272,969 | 3,010,803 |
CURRENT LIABILITIES | ||
Accounts payable | 51,286 | 27,667 |
Accrued liabilities | 225,284 | 161,693 |
Air traffic liability | 354,735 | 249,950 |
Current maturities of long-term debt and finance lease obligations, net of related costs | 227,732 | 173,274 |
TOTAL CURRENT LIABILITIES | 859,037 | 612,584 |
Long-term debt and finance lease obligations, net of current maturities and related costs | 1,273,439 | 1,248,579 |
Deferred income taxes | 292,728 | 232,520 |
Other noncurrent liabilities | 111,205 | 33,569 |
TOTAL LIABILITIES: | 2,536,409 | 2,127,252 |
SHAREHOLDERS' EQUITY | ||
Common stock, par value $.001 | 23 | 23 |
Treasury shares | (648,118) | (617,579) |
Additional paid in capital | 310,628 | 289,933 |
Accumulated other comprehensive income (loss), net | 425 | 98 |
Retained earnings | 1,073,602 | 1,211,076 |
TOTAL EQUITY: | 736,560 | 883,551 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: | $ 3,272,969 | $ 3,010,803 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
OPERATING REVENUES: | ||||
Passenger | $ 116,520 | $ 454,779 | $ 495,431 | $ 874,755 |
Third party products | 8,443 | 18,208 | 24,419 | 35,350 |
Fixed fee contracts | 3,237 | 12,487 | 12,156 | 23,061 |
Other | 5,147 | 6,285 | 10,522 | 10,215 |
Total operating revenues | 133,347 | 491,759 | 542,528 | 943,381 |
OPERATING EXPENSES: | ||||
Salary and benefits | 94,790 | 113,592 | 207,436 | 233,003 |
Aircraft fuel | 27,358 | 119,987 | 116,171 | 219,670 |
Station operations | 27,405 | 45,870 | 68,405 | 84,835 |
Depreciation and amortization | 43,296 | 38,494 | 86,995 | 74,676 |
Maintenance and repairs | 13,032 | 20,877 | 34,827 | 43,701 |
Sales and marketing | 8,909 | 20,540 | 27,364 | 41,466 |
Aircraft lease rental | 1,427 | 0 | 2,389 | 0 |
Other | 23,752 | 24,294 | 50,468 | 46,849 |
CARES Act grant recognition | 74,539 | 0 | 74,539 | 0 |
Special charges | 81,169 | 0 | 247,267 | 0 |
Total operating expenses | 246,599 | 383,654 | 766,783 | 744,200 |
OPERATING INCOME (LOSS) | (113,252) | 108,105 | (224,255) | 199,181 |
OTHER (INCOME) EXPENSES: | ||||
Interest expense | 14,053 | 20,942 | 32,206 | 39,025 |
Capitalized interest | 0 | (1,038) | (4,067) | (2,541) |
Interest income | (1,417) | (3,502) | (3,728) | (6,703) |
Loss on debt extinguishment | 0 | 0 | 1,222 | 3,677 |
Special charges | 19,830 | 0 | 26,632 | 0 |
Other, net | (86) | |||
Other, net | 698 | 623 | 15 | |
Total other expenses | 33,164 | 16,316 | 52,888 | 33,473 |
INCOME (LOSS) BEFORE INCOME TAXES | (146,416) | 91,789 | (277,143) | 165,708 |
INCOME TAX PROVISION (BENEFIT) | (53,313) | 21,246 | (151,030) | 38,041 |
NET INCOME (LOSS) | $ (93,103) | $ 70,543 | $ (126,113) | $ 127,667 |
Earnings (loss) per share to common shareholders: | ||||
Basic | $ (5.85) | $ 4.33 | $ (7.93) | $ 7.85 |
Earnings Per Share, Diluted | $ (5.85) | $ 4.33 | $ (7.93) | $ 7.84 |
Shares used for computation: | ||||
Basic | 15,902 | 16,063 | 15,927 | 16,037 |
Diluted | 15,902 | 16,069 | 15,927 | 16,050 |
Cash dividends declared per share: | $ 0 | $ 0.70 | $ 0.70 | $ 1.40 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ (93,103) | $ 70,543 | $ (126,113) | $ 127,667 |
Other comprehensive income (loss): | ||||
Change in available for sale securities, net of tax | 1,057 | 177 | 324 | 654 |
Foreign currency translation adjustments | (8) | 9 | 3 | 3 |
Total other comprehensive income | 1,049 | 186 | 327 | 657 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (92,054) | $ 70,729 | $ (125,786) | $ 128,324 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | AOCI Attributable to Parent | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock | Parent | ParentCumulative Effect, Period of Adoption, Adjustment [Member] |
Common Stock, Shares, Outstanding | 16,183 | ||||||||
Common Stock, Value, Issued | $ 23 | ||||||||
Additional paid in capital | $ 270,935 | ||||||||
Accumulated other comprehensive income (loss), net | $ (661) | ||||||||
Retained Earnings (Accumulated Deficit) | $ 1,025,061 | ||||||||
Treasury Stock, Value | $ (605,037) | ||||||||
Stockholders' Equity Attributable to Parent | $ 690,321 | ||||||||
StockIssuedDuringPeriodSharesStockOptionsSARsExercised | 124 | ||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 9,848 | 9,848 | |||||||
Treasury Stock, Shares, Acquired | 22 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | (3,009) | (3,009) | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 20 | ||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2,931 | 2,931 | |||||||
Payments of Dividends | $ 22,805 | (22,805) | (22,805) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 657 | 657 | (551) | 106 | |||||
NET INCOME | 127,667 | 127,667 | 127,667 | ||||||
New Accounting Pronouncement Or Change In Accounting Principle Cumulative Effect Of Change On Equity Or Net Assets | $ (550) | $ (550) | |||||||
Common Stock, Shares, Outstanding | 16,284 | ||||||||
Common Stock, Value, Issued | $ 23 | ||||||||
Additional paid in capital | 276,247 | ||||||||
Accumulated other comprehensive income (loss), net | (190) | ||||||||
Retained Earnings (Accumulated Deficit) | 1,069,690 | ||||||||
Treasury Stock, Value | (607,316) | ||||||||
Stockholders' Equity Attributable to Parent | 738,454 | ||||||||
StockIssuedDuringPeriodSharesStockOptionsSARsExercised | 6 | ||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 4,536 | 4,536 | |||||||
Treasury Stock, Shares, Acquired | 5 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | (730) | (730) | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 20 | ||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2,931 | 2,931 | |||||||
Payments of Dividends | (11,411) | (11,411) | |||||||
Other Comprehensive Income (Loss), Net of Tax | 186 | 186 | 186 | ||||||
NET INCOME | 70,543 | 70,543 | 70,543 | ||||||
Common Stock, Shares, Outstanding | 16,305 | ||||||||
Common Stock, Value, Issued | $ 23 | ||||||||
Additional paid in capital | 280,783 | ||||||||
Accumulated other comprehensive income (loss), net | (4) | ||||||||
Retained Earnings (Accumulated Deficit) | 1,128,822 | ||||||||
Treasury Stock, Value | (605,115) | ||||||||
Stockholders' Equity Attributable to Parent | 804,509 | ||||||||
Common Stock, Shares, Outstanding | 16,303 | ||||||||
Common Stock, Value, Issued | 23 | $ 23 | |||||||
Additional paid in capital | 289,933 | 289,933 | |||||||
Accumulated other comprehensive income (loss), net | 98 | 98 | |||||||
Retained Earnings (Accumulated Deficit) | 1,211,076 | 1,211,076 | |||||||
Treasury Stock, Value | 617,579 | (617,579) | |||||||
Stockholders' Equity Attributable to Parent | 883,551 | 883,551 | |||||||
StockIssuedDuringPeriodSharesStockOptionsSARsExercised | 113 | ||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 19,743 | 19,743 | |||||||
Treasury Stock, Shares, Acquired | 217 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | (33,773) | (33,773) | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 41 | ||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 3,234 | 3,234 | |||||||
Payments of Dividends | 11,361 | (11,361) | (11,361) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 327 | 327 | 327 | ||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 952 | 952 | |||||||
NET INCOME | (126,113) | (126,113) | (126,113) | ||||||
Common Stock, Shares, Outstanding | 16,199 | ||||||||
Common Stock, Value, Issued | $ 23 | ||||||||
Additional paid in capital | 295,267 | ||||||||
Accumulated other comprehensive income (loss), net | (624) | ||||||||
Retained Earnings (Accumulated Deficit) | 1,166,588 | ||||||||
Treasury Stock, Value | (651,352) | ||||||||
Stockholders' Equity Attributable to Parent | 809,902 | ||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 14,409 | 14,409 | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 41 | ||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 3,234 | 3,234 | |||||||
Payments of Dividends | 117 | 117 | |||||||
Other Comprehensive Income (Loss), Net of Tax | 1,049 | 1,049 | 1,049 | ||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 952 | 952 | |||||||
NET INCOME | (93,103) | (93,103) | (93,103) | ||||||
Common Stock, Shares, Outstanding | 16,240 | ||||||||
Common Stock, Value, Issued | 23 | $ 23 | |||||||
Additional paid in capital | 310,628 | $ 310,628 | |||||||
Accumulated other comprehensive income (loss), net | 425 | $ 425 | |||||||
Retained Earnings (Accumulated Deficit) | 1,073,602 | $ 1,073,602 | |||||||
Treasury Stock, Value | 648,118 | $ (648,118) | |||||||
Stockholders' Equity Attributable to Parent | $ 736,560 | $ 736,560 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Parentheticals - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0.70 | $ 0.70 | $ 1.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | ||||||
Net income (loss) | $ (93,103) | $ 70,543 | $ (126,113) | $ 127,667 | ||
Depreciation and amortization | 43,296 | 38,494 | 86,995 | 74,676 | ||
Special charges | 263,497 | 0 | ||||
Other adjustments | 81,630 | 41,667 | ||||
Air traffic liability | 104,785 | 54,820 | ||||
Deferred CARES Act grant recognition | 62,814 | 0 | ||||
Other - net | (196,942) | (21,318) | ||||
Net cash provided by operating activities | 276,666 | 277,512 | ||||
Cash flows from investing activities: | ||||||
Purchase of investment securities | (296,979) | (130,627) | ||||
Proceeds from maturities of investment securities | 258,751 | 258,076 | ||||
Purchase of property and equipment, including capitalized interest | (170,673) | (234,469) | ||||
Proceeds from sale-leaseback transactions | $ 48,000 | 48,000 | 0 | |||
Other investing activities | 2,303 | 10,201 | ||||
Net cash used in investing activities | (158,598) | (96,819) | ||||
Cash flows from financing activities: | ||||||
Cash dividends paid to shareholders | (11,361) | (22,805) | ||||
Proceeds from the issuance of debt | 175,712 | 770,435 | ||||
Repurchase of common stock | (33,773) | 0 | ||||
Principal payments on debt and finance lease obligations | (98,171) | (522,616) | ||||
Debt issuance costs | (2,852) | (30,759) | ||||
Other financing activities | 3,234 | (2,689) | ||||
Net cash provided by financing activities | 32,789 | 191,566 | ||||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 150,857 | 372,259 | ||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 136,785 | 95,911 | $ 95,911 | |||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ 287,642 | $ 287,642 | $ 468,170 | 287,642 | 468,170 | 136,785 |
CASH PAYMENTS (RECEIPTS) FOR: | ||||||
Interest paid, net of amount capitalized | 26,065 | 36,886 | ||||
Income tax refunds | (45,321) | (3,340) | ||||
Right-of-use (ROU) assets acquired | 86,012 | 23,320 | ||||
Purchases of property and equipment in accrued liabilities | $ 22,106 | $ 6,043 | $ 16,500 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
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, and are insignificant to the consolidated financial statements. 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, 2019 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 On June 16, 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The standard requires the use of an “expected loss” model on certain types of financial instruments. The standard also amends the impairment model for available-for-sale debt securities and requires estimated credit losses to be recorded as allowances instead of reductions to amortized cost of the securities. The Company adopted this accounting standard prospectively as of January 1, 2020, and it did not have a significant impact on its consolidated financial statements. |
COVID-19 (Notes)
COVID-19 (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | Impact of the COVID-19 Pandemic The rapid spread of COVID-19 and the related government restrictions, social distancing measures, and consumer fears have impacted flight loads, resulted in unprecedented cancellations of bookings and substantially reduced demand for new bookings throughout the airline industry. Starting in March 2020 , the Company experienced a severe reduction in air travel, which continued into the second quarter 2020 . Although there were incremental demand increases during portions of the second quarter 2020 , an increase in reported COVID-19 cases in various parts of the country towards the end of the quarter caused another decline in bookings. It is evident that demand in the foreseeable future will continue to fluctuate in response to fluctuations in COVID-19 cases, hospitalizations, deaths, treatment efficacy and the availability of a vaccine. The Company is continuously reevaluating flight schedules based on demand trends. The Coronavirus Aid, Relief and Economic Security Act (the " CARES Act ") was enacted in March 2020 , providing support for the airline industry and other businesses and individuals. On April 20, 2020 , the Company through its airline operating subsidiary Allegiant Air, LLC entered into a Payroll Support Program Agreement (the “PSPA” ) with the U.S. Department of the Treasury ( "Treasury" ) for an award Allegiant Air would receive under the CARES Act. The total amount allocated to Allegiant Air under the Payroll Support Program established under the CARES Act is $171.9 million . The Company received three installments of the award during the second quarter 2020 , totaling $154.7 million . The fourth and final installment of $17.2 million was received in July 2020 . The proceeds of the award must be used exclusively for wages, salaries and benefits. The $154.7 million received under the PSPA during the second quarter 2020 includes direct grants, a $16.4 million loan, and warrants to purchase 19,700 shares of the Company's common stock, as further discussed below. In consideration for the grant, Allegiant Air issued to Treasury a low-interest rate, senior unsecured term promissory note (the “PSP Note” ) which will mature 10 years after issuance. The principal amount of the PSP Note is $21.6 million , of which $16.4 million relates to the funds received during the second quarter 2020 , and the remaining $5.2 million relates to the funds received in July 2020 . The PSP Note is guaranteed by the Company and is prepayable at any time at par (see Note 5). Also in consideration for the grant, the Company issued warrants (the “PSP Warrants” ) to Treasury to purchase 25,889 shares of common stock of the Company at a price of $83.33 per share (based on the closing price of the Company’s common stock on The Nasdaq Global Select Market on April 9, 2020). Warrants to purchase 19,700 shares (valued at $1.0 million ) were issued in May and June 2020 , and warrants for the remaining 6,189 shares (valued at $0.3 million ) were issued in July 2020 . The PSP Warrants expire five years after issuance, and will be exercisable either through net share settlement or cash, at the Company’s option. The PSP Warrants include customary anti-dilution provisions, do not have any voting rights and are freely transferable, with registration rights. In connection with the PSPA, the Company is required to comply with the relevant provisions of the CARES Act, including those prohibiting the repurchase of common stock and the payment of common stock dividends until September 30, 2021, as well as those restricting the payment of certain executive compensation for periods through March 24, 2022. Given the Company's efforts to conserve and raise liquidity and the Company's assumptions about the future impact of COVID-19 on travel demand, which could be materially different due to the inherent uncertainties of the current operating environment, the Company expects to meet its cash obligations as well as remain in compliance with the debt covenants in its existing financing agreements for the next 12 months based on its current level of unrestricted cash and short-term investments, its anticipated access to liquidity and tax refunds, and projected cash flows from operations. Special Charges The effects of COVID-19 triggered an impairment review, and a non-cash impairment charge was recognized during the six months ended June 30, 2020 (see Note 12 - Impairment for additional detail). The Company also identified expenses that were unique and specific to COVID-19. The impairment charges and other expenses that resulted from the effects of COVID-19 are recorded as special charges within both operating and non-operating expenses during the six months ended June 30, 2020 . See the table below for a summary of operating and non-operating special charges recorded by segment during the three and six months ended June 30, 2020 . (in thousands) Airline Sunseeker Resort (1) Other non-airline Total Three Months Ended June 30, 2020 Operating $ 75,902 $ 5,452 $ (185 ) $ 81,169 Non-operating — 19,830 — 19,830 Total special charges $ 75,902 $ 25,282 $ (185 ) $ 100,999 Six Months Ended June 30, 2020 Operating $ 85,442 $ 135,443 $ 26,382 $ 247,267 Non-operating — 26,632 — 26,632 Total special charges $ 85,442 $ 162,075 $ 26,382 $ 273,899 (1) $6.8 million in special charges for Sunseeker Resort, related to expense during the first quarter 2020, were reclassified from operating special expense to non-operating special expense for the six months ended June 30, 2020 See additional detail below for the $273.9 million total special charges (operating and non-operating) for the six months ended June 30, 2020 : • $168.4 million in impairment charges ◦ Includes Airline - $5.0 million ; Sunseeker Resort - $136.8 million ; Other non-airline - $26.6 million • $58.6 million adjustment resulting from the accelerated retirements of seven airframes and five engines, loss on sale leaseback transaction of four aircraft, and write-offs of other aircraft related assets • $19.7 million adjustment for additional salary and benefits expense in relation to the elimination of positions as well as other non-recurring compensation expense associated with the acceleration of certain existing stock awards ◦ Includes Airline - $19.3 million ; Sunseeker Resort - $0.4 million • $19.8 million accrual on the expectation to terminate the loan agreement with Sixth Street Partners (formerly TSSP) intended to finance the development of Sunseeker Resorts Charlotte Harbor, expected to be paid in the second half of 2020 • $5.0 million related to suspension of construction at Sunseeker • $2.4 million write-down on various non-aircraft assets and other various expenses |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
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) 2020 2019 2020 2019 Scheduled service $ 48,680 $ 237,685 $ 245,941 $ 472,456 Ancillary air-related charges 65,294 213,527 242,258 395,227 Co-brand redemptions 2,546 3,567 7,232 7,072 Total passenger revenue $ 116,520 $ 454,779 $ 495,431 $ 874,755 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. As of June 30, 2020 , approximately 38.8 percent of the air traffic liability balance was related to forward bookings, with the remaining 61.2 percent related to credit vouchers for future travel. The normal 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, 2020 , $182.2 million was recognized into passenger revenue that was recorded in the air traffic liability balance of $250.0 million at December 31, 2019 . In April 2020, the Company announced that credits issued for canceled travel in April through the end of the COVID-19 pandemic will have an extended expiration date of two years from the original booking date. This change has been considered in estimating the future breakage rate, which represents the value of credit vouchers that are not expected to be redeemed prior to their contractual expiration date. Co-brand redemptions In relation to the travel component of the co-branded credit card 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) 2020 2019 Balance at January 1 $ 15,613 $ 10,708 Points awarded (deferral of revenue) 10,962 8,827 Points redeemed (recognition of revenue) (7,232 ) (7,072 ) Balance at June 30 $ 19,343 $ 12,463 As of June 30, 2020 and 2019 , $12.4 million and $9.8 million , respectively, of the current points liability is reflected in Accrued liabilities and represents the Company's current estimate of revenue to be recognized in the next twelve months based on historical trends, with the remaining balance reflected in other noncurrent liabilities expected to be recognized into revenue in periods thereafter. Given the inherent uncertainty of the current operating environment due to COVID-19, the Company will continue to monitor redemption patterns and may adjust its estimates in the future. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property and Equipment The following table summarizes the Company's property and equipment as of the dates indicated: (in thousands) June 30, 2020 December 31, 2019 Flight equipment, including pre-delivery deposits $ 2,312,146 $ 2,289,157 Computer hardware and software 147,688 171,516 Land and buildings/leasehold improvements 82,071 98,885 Other property and equipment 81,571 161,760 Total property and equipment 2,623,476 2,721,318 Less accumulated depreciation and amortization (547,028 ) (484,510 ) Property and equipment, net $ 2,076,448 $ 2,236,808 Accrued capital expenditures as of June 30, 2020 and December 31, 2019 were $22.1 million and $16.5 million , respectively. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The following table summarizes the Company's Long-term debt and finance lease obligations as of the dates indicated: (in thousands) June 30, 2020 December 31, 2019 Fixed-rate debt and finance lease obligations due through 2029 $ 273,157 $ 235,071 Variable-rate debt due through 2029 1,228,014 1,186,782 Total long-term debt and finance lease obligations, net of related costs 1,501,171 1,421,853 Less current maturities, net of related costs 227,732 173,274 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,273,439 $ 1,248,579 Weighted average fixed-interest rate on debt 3.2 % 3.7 % Weighted average variable-interest rate on debt 2.6 % 4.5 % Maturities of long-term debt and finance lease obligations for the remainder of 2020 and for the next four years and thereafter, in the aggregate, are: remaining in 2020 - $108.8 million ; 2021 - $189.6 million ; 2022 - $121.7 million ; 2023 - $108.8 million ; 2024 - $643.0 million ; and $329.3 million thereafter. CARES Act Payroll Support Program Loan In April 2020 the Company entered into a low-interest rate, senior unsecured term promissory note (the "PSP" Note") with the Treasury under the CARES Act payroll support program loan. The PSP Note will mature 10 years after issuance and bears interest at a rate of 1.0 percent for the first five years , with interest at the secured overnight financing rate (SOFR) plus 2.0 percent thereafter. The PSP Note is prepayable at any time at par, without penalty. During the second quarter 2020 , the Company received $16.4 million in funds under the PSP Note, which is recorded within noncurrent debt on the balance sheet. In connection with the PSP Note, the Company is required to comply with the relevant provisions of the CARES Act, including those prohibiting the repurchase of common stock and the payment of common stock dividends until September 30, 2021, as well as those restricting the payment of certain executive compensation for periods through March 24, 2022. 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 . The facility has a term of 24 months and the borrowing ability is based on the value of the Airbus A320 series aircraft placed in the collateral pool. In 2019 the Company drew down $81.0 million under this facility. Aircraft remain in the collateral pool for up to two years , and, as of June 30, 2020 , there were eight aircraft in the collateral pool. The notes for the amounts borrowed under the facility bear interest at a floating rate based on LIBOR and are due in March 2021. Other Secured Debt In April 2020, the Company borrowed $31.0 million under a loan agreement secured by two aircraft. The note bears interest at a fixed rate, payable in quarterly installments over eight 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"). In February 2020 the Company entered into an amendment to the Term Loan under which the interest rate was reduced by 150 basis points, and the principal amount of the debt was increased by a net amount of $100.0 million to $545.5 million . Quarterly principal payments increased under the amendment, but the remaining provisions were substantially unchanged, including the maturity date. 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 bears interest based on LIBOR and provides for quarterly interest payments along with quarterly principal payments of $1.4 million through February 2024, at which time the Term Loan is due. The Term Loan may be prepaid at any time without penalty. 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 could borrow up to $175.0 million (the “Loan”) to fund the construction of Phase 1 of Sunseeker Resort -Charlotte Harbor. As of June 30, 2020 , no amount had been drawn under this agreement. Due to the various impacts of COVID-19, the Company suspended construction of Sunseeker Resort, and it is uncertain when construction will resume. In light of these conditions, the Company negotiated a settlement agreement in principle with the Lender to terminate the Loan. As the settlement was probable and estimable, as determined during the second quarter 2020 , $19.8 million related to the settlement was accrued as of June 30, 2020 . The expense is reflected within non-operating special charges on the statement of income, and the related accrual is reflected within accrued liabilities on the balance sheet. The settlement is expected be paid in installments between the date the settlement is signed and the end of 2020 . |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The Company recorded a $53.3 million tax benefit ( 36.4 percent effective tax rate) compared to a $21.2 million tax provision ( 23.1 percent effective tax rate) for the three months ended June 30, 2020 and 2019 , respectively. The effective tax rate for the three months ended June 30, 2020 differed from the statutory federal income tax rate of 21.0 percent primarily due to the tax accounting impact of the CARES Act which allows the Company to carryback the 2020 net operating loss at the 35.0 percent rate applicable in earlier years. The Company recorded a $151.0 million tax benefit ( 54.5 percent effective tax rate) compared to a $38.0 million tax provision ( 23.0 percent effective tax rate) for the six months ended June 30, 2020 and 2019 , respectively. The 54.5 percent effective tax rate for the six months ended June 30, 2020 differed from the statutory federal income tax rate of 21.0 percent primarily due to the tax accounting impact of the CARES Act which includes a $39.6 million discrete federal income tax benefit related to the full utilization of 2018 and 2019 net operating losses as well as the ability to carryback the 2020 net operating loss at a 35.0 percent |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | Leases The Company evaluates all operating leases and they are measured on the balance sheet with a lease liability and right-of-use asset (“ROU”) at inception. 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. Airport terminal leases mostly include variable lease payments outside of those based on a fixed index, and are therefore not recorded as ROU assets. (in thousands) Classification on the Balance Sheet June 30, 2020 December 31, 2019 Assets Operating lease assets (1) Operating lease right-of-use assets $ 99,819 $ 22,081 Finance lease assets (2) Property and equipment, net 108,407 111,665 Total lease assets $ 208,226 $ 133,746 Liabilities Current Operating (1) Accrued liabilities $ 11,171 $ 2,662 Finance (2) Current maturities of long-term debt and finance lease obligations 7,836 7,666 Noncurrent Operating (1) Other noncurrent liabilities 90,257 21,290 Finance (2) Long-term debt and finance lease obligations 103,969 107,930 Total lease liabilities $ 213,233 $ 139,548 (1) Represents assets and liabilities of seven aircraft, office facilities, office equipment, certain airport and terminal facilities, and other assets under operating lease (2) Represents assets and liabilities of five aircraft under finance lease Sale-Leaseback Transaction In June 2020, the Company entered into a sale-leaseback transaction on four aircraft. The transaction qualified as a sale, and generated $48.0 million of proceeds. The aircraft were removed from the Company's balance sheet within property and equipment, resulting in a $30.2 million loss on sale. The loss is reflected within operating special charges on the statement of income since the Company would not likely have transacted absent cash conservation efforts as a result of COVID. The leased aircraft were subsequently recorded within operating lease right-of-use assets, with the related lease liabilities recorded within accrued liabilities and other noncurrent liabilities on the balance sheet. This transaction is treated as an cash inflow from investing activities on the statement of cash flows. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure | Fair Value Measurements The Company utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The assets classified as Level 2 primarily utilize quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs for valuation of these securities. No changes in valuation techniques or inputs occurred during the six months ended June 30, 2020 . Financial instruments measured at fair value on a recurring basis: June 30, 2020 December 31, 2019 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 107,066 $ 107,066 $ — $ 42,653 $ 42,653 $ — Municipal debt securities 32,575 — 32,575 1,202 — 1,202 Commercial paper 30,351 — 30,351 5,807 — 5,807 Federal agency debt securities 7,909 — 7,909 — — — Total cash equivalents 177,901 107,066 70,835 49,662 42,653 7,009 Short-term Commercial paper 208,194 — 208,194 161,286 — 161,286 Corporate debt securities 128,344 — 128,344 145,975 — 145,975 Municipal debt securities 36,892 — 36,892 12,237 — 12,237 Federal agency debt securities 14,375 — 14,375 13,515 — 13,515 US Treasury bonds 3,059 — 3,059 2,915 — 2,915 Total short-term 390,864 — 390,864 335,928 — 335,928 Long-term Corporate debt securities — — — 15,396 — 15,396 US Treasury bonds — — — 146 — 146 Total long-term — — — 15,542 — 15,542 Total financial instruments $ 568,765 $ 107,066 $ 461,699 $ 401,132 $ 42,653 $ 358,479 None of the Company's debt is publicly held and as a result, the Company has determined the estimated fair value of these notes to be Level 3. Certain inputs used to determine 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: June 30, 2020 December 31, 2019 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Non-publicly held debt $ 1,411,188 $ 1,294,748 $ 1,329,882 $ 1,140,232 3 Due to their short-term nature, the 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, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings (Loss) per Share Basic and diluted earnings (loss) per share are computed pursuant to the two-class method. Under this method, the Company attributes net income (loss) 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 (loss) 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 , 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 (loss) per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic: Net income (loss) $ (93,103 ) $ 70,543 $ (126,113 ) $ 127,667 Less income allocated to participating securities — (997 ) (236 ) (1,791 ) Net income (loss) attributable to common stock $ (93,103 ) $ 69,546 $ (126,349 ) $ 125,876 Earnings (loss) per share, basic $ (5.85 ) $ 4.33 $ (7.93 ) $ 7.85 Weighted-average shares outstanding 15,902 16,063 15,927 16,037 Diluted: Net income (loss) $ (93,103 ) $ 70,543 $ (126,113 ) $ 127,667 Less income allocated to participating securities — (996 ) (236 ) (1,790 ) Net income (loss) attributable to common stock $ (93,103 ) $ 69,547 $ (126,349 ) $ 125,877 Earnings (loss) per share, diluted $ (5.85 ) $ 4.33 $ (7.93 ) $ 7.84 Weighted-average shares outstanding 15,902 16,063 15,927 16,037 Dilutive effect of stock options and restricted stock 26 39 56 39 Adjusted weighted-average shares outstanding under treasury stock method 15,928 16,102 15,983 16,076 Participating securities excluded under two-class method (26 ) (33 ) (56 ) (26 ) Adjusted weighted-average shares outstanding under two-class method 15,902 16,069 15,927 16,050 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of June 30, 2020 , the Company had commitments to purchase eight Airbus A320 aircraft as well as purchase agreements for four spare engines. The Company's contractual purchase commitments consist primarily of aircraft and engine acquisitions. The total future commitments are as follows: (in thousands) June 30, 2020 Remaining in 2020 $ 126,141 2021 37,900 2022 21,000 Total commitments $ 185,041 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 potential and pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations. |
Operating Segments (Notes)
Operating Segments (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
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. Due to the various impacts of COVID-19, the Company suspended construction of Sunseeker Resort and temporarily closed operation of Kingsway Golf Course. At this time, it is uncertain when construction will resume and when the golf course will re-open. 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. Due to the impacts of COVID-19, the Company temporarily closed the Allegiant Nonstop location in Warren, MI, and permanently closed the Allegiant Nonstop location in Clearfield, Utah. The Company also permanently discontinued all activity for the Allegiant Nonstop location in West Jordan, Utah, which was being developed. In July 2019, management began evaluating strategic alternatives for Teesnap, and its business-to-business software as a service offering. 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, 2020 Operating revenue: Passenger $ 116,520 $ — $ — $ 116,520 Third party products 8,443 — — 8,443 Fixed fee contract 3,237 — — 3,237 Other 809 32 4,306 5,147 Operating income (loss) (1) (105,389 ) (7,689 ) (174 ) (113,252 ) Interest expense, net 12,651 (15 ) — 12,636 Depreciation and amortization 43,240 56 — 43,296 Capital expenditures 11,845 — — 11,845 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 (in thousands) Airline Sunseeker Resort Other non- airline Consolidated Six Months Ended June 30, 2020 Operating revenue: Passenger $ 495,431 $ — $ — $ 495,431 Third party products 24,419 — — 24,419 Fixed fee contract 12,156 — — 12,156 Other 1,685 653 8,184 10,522 Operating income (loss) (2) (54,269 ) (140,122 ) (29,864 ) (224,255 ) Interest expense, net 23,850 561 — 24,411 Depreciation and amortization 85,691 532 772 86,995 Capital expenditures 130,744 45,160 442 176,346 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 (1) For the three months ended June 30, 2020 , Operating loss was impacted by special charges of: $75.9 million for the Airline; $5.5 million for Sunseeker Resort; and a $0.2 million gain for Other non-airline. (2) For the six months ended June 30, 2020 , Operating loss was impacted by special charges of: $85.4 million for the Airline; $135.4 million for Sunseeker Resort; and $26.4 million for Other non-airline. Total assets were as follows as of the dates indicated: (in thousands) June 30, 2020 December 31, 2019 Airline $ 3,221,917 $ 2,830,236 Sunseeker Resort 35,159 133,362 Other non-airline 15,893 47,205 Consolidated $ 3,272,969 $ 3,010,803 |
Impairment (Notes)
Impairment (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Impairment Accounting Standards Codification (ASC) 360 - Property, Plant, and Equipment (ASC 360) requires long-lived assets to be assessed for impairment when events and circumstances indicate that the assets may be impaired. As described in Note 2, in the first six months of 2020 , the Company's operations and liquidity were significantly impacted by decreased passenger demand and U.S. government travel restrictions and quarantine requirements due to COVID-19. As a result of these events and circumstances, the Company performed impairment tests on its long-lived assets in connection with the preparation of its financial statements. In accordance with ASC 360, an impairment of a long-lived asset or group of long-lived assets exists only when the sum of the estimated undiscounted future cash flows expected to be generated directly by the assets are less than the carrying value of the assets. Assets were grouped by operating segment when estimating future cash flows, and further grouped within each segment as applicable. Estimates of future cash flows were generally based on historical results, and management's best estimate of future market and operating conditions. Airline Segment Long-lived assets for the Airline segment consist primarily of owned and leased flight and ground equipment. To test the recoverability of the Company's airline operating fleet, undiscounted future cash flows for each aircraft under the Company's current expected operating fleet plan were assessed and it was determined that there was no impairment as of June 30, 2020 . As the Company obtains greater clarity about the duration and extent of reduced demand and potentially executes further capacity adjustments, the Company will continue to evaluate its current fleet compared to network requirements and may decide to permanently retire additional aircraft. The Airline has an equity investment in a technology company. A $5.0 million charge was recorded to impair the investment as of June 30, 2020 , to reflect management's best estimate of the fair value of this investment based on recent market trends. Sunseeker Resort Segment Long-lived assets for Sunseeker Resort and related Kingsway Golf Course consist primarily of the land, construction in process, building, and other various equipment. As a result of the impairment tests performed, the Company determined the sum of the undiscounted cash flows was less than the long-lived assets' carrying value. A $136.8 million impairment charge was recorded in the first quarter 2020 to reflect the difference between the carrying values of these assets and their fair values. Fair value reflects management's best estimate, including valuation inputs from third parties and recent market transactions. Based on an evaluation of impairment indicators in the second quarter 2020 , no additional impairment was recognized. Other non-Airline Segment Long-lived assets for Allegiant Nonstop family entertainment centers consist primarily of leasehold improvements, arcade games, various equipment, and ROU assets. As a result of the impairment tests performed, the Company determined the sum of the undiscounted cash flows were less than the long-lived assets' carrying value. An $18.3 million impairment charge was recorded in the first quarter 2020 to reflect the difference between the carrying values of these assets and their fair values. Fair value reflects management's best estimate, including valuation inputs from third parties and recent market trends. Based on an evaluation of impairment indicators in the second quarter 2020 , no additional impairment was recognized. Long-lived assets for Teesnap consist primarily of capitalized software and computer equipment. As a result of the impairment tests performed, the Company determined the sum of the undiscounted cash flows was less than the long-lived assets' carrying value. Management does not expect to recover any of the book value of the assets through operations, and an $8.3 million impairment charge was recorded in the first quarter 2020 to write down all long-lived assets to a net book value of zero . This reflects management's best estimate of the fair value of these assets based on recent market trends. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events In July 2020 , the Company received the fourth and final installment of funds under the Payroll Support Program Agreement (the "PSPA" ) with the Treasury under the CARES Act. The fourth installment totaled $17.2 million . The proceeds must be used exclusively for wages, salaries and benefits. In consideration for the fourth installment of the grant, the PSP Note was increased by $5.2 million . See Note 5 for a description of the PSP Note. Also in consideration for the fourth installment of the grant, the Company issued additional PSP Warrants to the Treasury to acquire 6,189 shares of common stock of the Company at a price of $83.33 per share (based on the closing price of the Company’s common stock on The Nasdaq Global Select Market on April 9, 2020 ). The PSP Warrants issued in July 2020 are valued at $0.3 million . See Note 2 for a description of the PSP Warrants. In connection with the PSPA, the Company is required to comply with the relevant provisions of the CARES Act, including those prohibiting the repurchase of common stock and the payment of common stock dividends until September 30, 2021, as well as those restricting the payment of certain executive compensation for periods through March 24, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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, and are insignificant to the consolidated financial statements. 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, 2019 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 On June 16, 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The standard requires the use of an “expected loss” model on certain types of financial instruments. The standard also amends the impairment model for available-for-sale debt securities and requires estimated credit losses to be recorded as allowances instead of reductions to amortized cost of the securities. The Company adopted this accounting standard prospectively as of January 1, 2020, and it did not have a significant impact on its consolidated financial statements. |
Leases Sale-Leaseback Transacti
Leases Sale-Leaseback Transaction (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Sales-Leaseback [Abstract] | |
Sale Leaseback Transactions [Text Block] | Sale-Leaseback Transaction In June 2020, the Company entered into a sale-leaseback transaction on four aircraft. The transaction qualified as a sale, and generated $48.0 million of proceeds. The aircraft were removed from the Company's balance sheet within property and equipment, resulting in a $30.2 million loss on sale. The loss is reflected within operating special charges on the statement of income since the Company would not likely have transacted absent cash conservation efforts as a result of COVID. The leased aircraft were subsequently recorded within operating lease right-of-use assets, with the related lease liabilities recorded within accrued liabilities and other noncurrent liabilities on the balance sheet. This transaction is treated as an cash inflow from investing activities on the statement of cash flows. |
COVID-19 (Tables)
COVID-19 (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Special Charge [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Special Charges The effects of COVID-19 triggered an impairment review, and a non-cash impairment charge was recognized during the six months ended June 30, 2020 (see Note 12 - Impairment for additional detail). The Company also identified expenses that were unique and specific to COVID-19. The impairment charges and other expenses that resulted from the effects of COVID-19 are recorded as special charges within both operating and non-operating expenses during the six months ended June 30, 2020 . See the table below for a summary of operating and non-operating special charges recorded by segment during the three and six months ended June 30, 2020 . (in thousands) Airline Sunseeker Resort (1) Other non-airline Total Three Months Ended June 30, 2020 Operating $ 75,902 $ 5,452 $ (185 ) $ 81,169 Non-operating — 19,830 — 19,830 Total special charges $ 75,902 $ 25,282 $ (185 ) $ 100,999 Six Months Ended June 30, 2020 Operating $ 85,442 $ 135,443 $ 26,382 $ 247,267 Non-operating — 26,632 — 26,632 Total special charges $ 85,442 $ 162,075 $ 26,382 $ 273,899 (1) $6.8 million in special charges for Sunseeker Resort, related to expense during the first quarter 2020, were reclassified from operating special expense to non-operating special expense for the six months ended June 30, 2020 See additional detail below for the $273.9 million total special charges (operating and non-operating) for the six months ended June 30, 2020 : • $168.4 million in impairment charges ◦ Includes Airline - $5.0 million ; Sunseeker Resort - $136.8 million ; Other non-airline - $26.6 million • $58.6 million adjustment resulting from the accelerated retirements of seven airframes and five engines, loss on sale leaseback transaction of four aircraft, and write-offs of other aircraft related assets • $19.7 million adjustment for additional salary and benefits expense in relation to the elimination of positions as well as other non-recurring compensation expense associated with the acceleration of certain existing stock awards ◦ Includes Airline - $19.3 million ; Sunseeker Resort - $0.4 million • $19.8 million accrual on the expectation to terminate the loan agreement with Sixth Street Partners (formerly TSSP) intended to finance the development of Sunseeker Resorts Charlotte Harbor, expected to be paid in the second half of 2020 • $5.0 million related to suspension of construction at Sunseeker • $2.4 million write-down on various non-aircraft assets and other various expenses |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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) 2020 2019 2020 2019 Scheduled service $ 48,680 $ 237,685 $ 245,941 $ 472,456 Ancillary air-related charges 65,294 213,527 242,258 395,227 Co-brand redemptions 2,546 3,567 7,232 7,072 Total passenger revenue $ 116,520 $ 454,779 $ 495,431 $ 874,755 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [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) 2020 2019 Balance at January 1 $ 15,613 $ 10,708 Points awarded (deferral of revenue) 10,962 8,827 Points redeemed (recognition of revenue) (7,232 ) (7,072 ) Balance at June 30 $ 19,343 $ 12,463 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment | The following table summarizes the Company's property and equipment as of the dates indicated: (in thousands) June 30, 2020 December 31, 2019 Flight equipment, including pre-delivery deposits $ 2,312,146 $ 2,289,157 Computer hardware and software 147,688 171,516 Land and buildings/leasehold improvements 82,071 98,885 Other property and equipment 81,571 161,760 Total property and equipment 2,623,476 2,721,318 Less accumulated depreciation and amortization (547,028 ) (484,510 ) Property and equipment, net $ 2,076,448 $ 2,236,808 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | The following table summarizes the Company's Long-term debt and finance lease obligations as of the dates indicated: (in thousands) June 30, 2020 December 31, 2019 Fixed-rate debt and finance lease obligations due through 2029 $ 273,157 $ 235,071 Variable-rate debt due through 2029 1,228,014 1,186,782 Total long-term debt and finance lease obligations, net of related costs 1,501,171 1,421,853 Less current maturities, net of related costs 227,732 173,274 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,273,439 $ 1,248,579 Weighted average fixed-interest rate on debt 3.2 % 3.7 % Weighted average variable-interest rate on debt 2.6 % 4.5 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | (in thousands) Classification on the Balance Sheet June 30, 2020 December 31, 2019 Assets Operating lease assets (1) Operating lease right-of-use assets $ 99,819 $ 22,081 Finance lease assets (2) Property and equipment, net 108,407 111,665 Total lease assets $ 208,226 $ 133,746 Liabilities Current Operating (1) Accrued liabilities $ 11,171 $ 2,662 Finance (2) Current maturities of long-term debt and finance lease obligations 7,836 7,666 Noncurrent Operating (1) Other noncurrent liabilities 90,257 21,290 Finance (2) Long-term debt and finance lease obligations 103,969 107,930 Total lease liabilities $ 213,233 $ 139,548 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value On a Recurring Basis | Financial instruments measured at fair value on a recurring basis: June 30, 2020 December 31, 2019 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 107,066 $ 107,066 $ — $ 42,653 $ 42,653 $ — Municipal debt securities 32,575 — 32,575 1,202 — 1,202 Commercial paper 30,351 — 30,351 5,807 — 5,807 Federal agency debt securities 7,909 — 7,909 — — — Total cash equivalents 177,901 107,066 70,835 49,662 42,653 7,009 Short-term Commercial paper 208,194 — 208,194 161,286 — 161,286 Corporate debt securities 128,344 — 128,344 145,975 — 145,975 Municipal debt securities 36,892 — 36,892 12,237 — 12,237 Federal agency debt securities 14,375 — 14,375 13,515 — 13,515 US Treasury bonds 3,059 — 3,059 2,915 — 2,915 Total short-term 390,864 — 390,864 335,928 — 335,928 Long-term Corporate debt securities — — — 15,396 — 15,396 US Treasury bonds — — — 146 — 146 Total long-term — — — 15,542 — 15,542 Total financial instruments $ 568,765 $ 107,066 $ 461,699 $ 401,132 $ 42,653 $ 358,479 |
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: June 30, 2020 December 31, 2019 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Non-publicly held debt $ 1,411,188 $ 1,294,748 $ 1,329,882 $ 1,140,232 3 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Net Income Per Share, Basic and Diluted | The following table sets forth the computation of net income (loss) per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic: Net income (loss) $ (93,103 ) $ 70,543 $ (126,113 ) $ 127,667 Less income allocated to participating securities — (997 ) (236 ) (1,791 ) Net income (loss) attributable to common stock $ (93,103 ) $ 69,546 $ (126,349 ) $ 125,876 Earnings (loss) per share, basic $ (5.85 ) $ 4.33 $ (7.93 ) $ 7.85 Weighted-average shares outstanding 15,902 16,063 15,927 16,037 Diluted: Net income (loss) $ (93,103 ) $ 70,543 $ (126,113 ) $ 127,667 Less income allocated to participating securities — (996 ) (236 ) (1,790 ) Net income (loss) attributable to common stock $ (93,103 ) $ 69,547 $ (126,349 ) $ 125,877 Earnings (loss) per share, diluted $ (5.85 ) $ 4.33 $ (7.93 ) $ 7.84 Weighted-average shares outstanding 15,902 16,063 15,927 16,037 Dilutive effect of stock options and restricted stock 26 39 56 39 Adjusted weighted-average shares outstanding under treasury stock method 15,928 16,102 15,983 16,076 Participating securities excluded under two-class method (26 ) (33 ) (56 ) (26 ) Adjusted weighted-average shares outstanding under two-class method 15,902 16,069 15,927 16,050 |
Commitments and Contingencies P
Commitments and Contingencies Payments Related to Commitments to Purchase (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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) June 30, 2020 Remaining in 2020 $ 126,141 2021 37,900 2022 21,000 Total commitments $ 185,041 |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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, 2020 Operating revenue: Passenger $ 116,520 $ — $ — $ 116,520 Third party products 8,443 — — 8,443 Fixed fee contract 3,237 — — 3,237 Other 809 32 4,306 5,147 Operating income (loss) (1) (105,389 ) (7,689 ) (174 ) (113,252 ) Interest expense, net 12,651 (15 ) — 12,636 Depreciation and amortization 43,240 56 — 43,296 Capital expenditures 11,845 — — 11,845 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 (in thousands) Airline Sunseeker Resort Other non- airline Consolidated Six Months Ended June 30, 2020 Operating revenue: Passenger $ 495,431 $ — $ — $ 495,431 Third party products 24,419 — — 24,419 Fixed fee contract 12,156 — — 12,156 Other 1,685 653 8,184 10,522 Operating income (loss) (2) (54,269 ) (140,122 ) (29,864 ) (224,255 ) Interest expense, net 23,850 561 — 24,411 Depreciation and amortization 85,691 532 772 86,995 Capital expenditures 130,744 45,160 442 176,346 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 (1) For the three months ended June 30, 2020 , Operating loss was impacted by special charges of: $75.9 million for the Airline; $5.5 million for Sunseeker Resort; and a $0.2 million gain for Other non-airline. (2) For the six months ended June 30, 2020 , Operating loss was impacted by special charges of: $85.4 million for the Airline; $135.4 million for Sunseeker Resort; and $26.4 million for Other non-airline. Total assets were as follows as of the dates indicated: (in thousands) June 30, 2020 December 31, 2019 Airline $ 3,221,917 $ 2,830,236 Sunseeker Resort 35,159 133,362 Other non-airline 15,893 47,205 Consolidated $ 3,272,969 $ 3,010,803 |
COVID-19 COVID-19 (Details)
COVID-19 COVID-19 (Details) | Apr. 20, 2020USD ($)$ / sharesshares | Jul. 31, 2020USD ($)shares | Jun. 30, 2020USD ($)Aircraftshares | Apr. 30, 2020 | Jun. 30, 2020USD ($)shares | Jun. 30, 2020USD ($)Aircraftengineshares | Apr. 30, 2025 |
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Special Charges, Total | $ 100,999,000 | $ 273,899,000 | |||||
Total Expected Receipts of Relief Through Payroll Support Program of CARES Act | $ 171,900,000 | ||||||
Debt Instrument, Term | 8 years | ||||||
Number of Installments Received | 3 | ||||||
Proceeds from Government Assistance, Payroll Support Program, CARES Act | $ 154,700,000 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 25,889 | 19,700 | 19,700 | 19,700 | |||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 1,000,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 83.33 | ||||||
Asset Impairment Charges | $ 168,400,000 | ||||||
Other Aircraft Related Costs | $ 58,600,000 | ||||||
Number of Engines Retired | engine | 5 | ||||||
Number Of Aircraft In Sale-Leaseback Transactions | Aircraft | 4 | ||||||
Postemployment Benefits, Period Expense | $ 19,700,000 | ||||||
Termination Loans | $ 19,800,000 | $ 19,800,000 | 19,800,000 | ||||
Other Expenses | 2,400,000 | ||||||
Subsequent Event | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Proceeds from Government Assistance, Payroll Support Program, CARES Act | $ 17,200,000 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 6,189 | ||||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 300,000 | ||||||
Unsecured Debt [Member] | Payroll Support Program Loan CARES Act [Member] | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Debt Instrument, Term | 10 years | 10 years | |||||
Proceeds From Payroll Support Program, Low-Interest Loan | 16,400,000 | 21,600,000 | |||||
Unsecured Debt [Member] | Payroll Support Program Loan CARES Act [Member] | Subsequent Event | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Proceeds From Payroll Support Program, Low-Interest Loan | $ 5,200,000 | ||||||
Debt Instrument, Interest Rate Terms | P5Y | ||||||
Sunseeker Resorts | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Special Charges, Total | 25,282,000 | 162,075,000 | |||||
Asset Impairment Charges | 0 | 136,800,000 | |||||
Postemployment Benefits, Period Expense | 400,000 | ||||||
Construction Suspension Expense | 5,000,000 | ||||||
Other | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Special Charges, Total | (185,000) | 26,382,000 | |||||
Asset Impairment Charges | 26,600,000 | ||||||
Allegiant Air | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Special Charges, Total | $ 75,902,000 | 85,442,000 | |||||
Asset Impairment Charges | 5,000,000 | ||||||
Postemployment Benefits, Period Expense | $ 19,300,000 | ||||||
Airbus A320 Aircraft Series | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Number of Aircraft Retired | Aircraft | 7 | ||||||
Airbus A320 Aircraft Series | Allegiant Air | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Asset Impairment Charges | $ 0 |
COVID-19 COVID-19 Segment (Deta
COVID-19 COVID-19 Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | |||
Operating Special Charge, Total | $ 81,169 | $ 247,267 | |
Non-Operating Special Charge, Total | 19,830 | 26,632 | |
Special Charges | 100,999 | 273,899 | |
Allegiant Air | |||
Segment Reporting Information [Line Items] | |||
Operating Special Charge | 75,902 | 85,442 | |
Non-Operating Special Charge | 0 | 0 | |
Special Charges | 75,902 | 85,442 | |
Sunseeker Resorts | |||
Segment Reporting Information [Line Items] | |||
Operating Special Charge | 5,452 | 135,443 | |
Non-Operating Special Charge | 19,830 | $ 6,800 | 26,632 |
Special Charges | 25,282 | 162,075 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Operating Special Charge | (185) | 26,382 | |
Non-Operating Special Charge | 0 | 0 | |
Special Charges | $ (185) | $ 26,382 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 116,520 | $ 454,779 | $ 495,431 | $ 874,755 |
Scheduled Service Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 48,680 | 237,685 | 245,941 | 472,456 |
Air-related revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 65,294 | 213,527 | 242,258 | 395,227 |
Co-brand Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,546 | 3,567 | 7,232 | 7,072 |
Allegiant Air | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 116,520 | $ 454,779 | $ 495,431 | $ 874,755 |
Revenue Recognition Passenger R
Revenue Recognition Passenger Revenue (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |||
Contract with Customer, Liability, Forward Bookings | 38.80% | ||
Contract with Customer, Liability, Credit Voucher Bookings | 61.20% | ||
Revenue, Performance Obligation, Description of Timing | P12M | ||
Increase (Decrease) in Revenue from Contract with Customer | $ 182,200 | ||
Contract with Customer, Liability, Current | $ 354,735 | $ 249,950 | |
Credit Voucher Term Expiration | 2 years |
Revenue Recognition Points Liab
Revenue Recognition Points Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Points Liability [Abstract] | ||||
Revenue, Performance Obligation, Description of Timing | P12M | |||
Contract with Customer, Liability | $ 19,343 | $ 12,463 | $ 15,613 | $ 10,708 |
Points awarded | 10,962 | 8,827 | ||
Points redeemed | (7,232) | (7,072) | ||
Points Liability | $ 12,400 | $ 9,800 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Flight equipment, including pre-delivery deposits | $ 2,312,146 | $ 2,289,157 | |
Computer hardware and software | 147,688 | 171,516 | |
Land and buildings/leasehold improvements | 82,071 | 98,885 | |
Other property and equipment | 81,571 | 161,760 | |
Total property and equipment | 2,623,476 | 2,721,318 | |
Less accumulated depreciation and amortization | 547,028 | 484,510 | |
Property and equipment, net | 2,076,448 | 2,236,808 | |
Capital Expenditures Incurred but Not yet Paid | $ 22,106 | $ 6,043 | $ 16,500 |
Long-Term Debt Components of Lo
Long-Term Debt Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 1,501,171 | $ 1,421,853 |
Less current maturities | 227,732 | 173,274 |
Long-term debt and capital leases, net of current maturities and related costs | 1,273,439 | 1,248,579 |
Weighted average fixed-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 273,157 | $ 235,071 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.20% | 3.70% |
Weighted average variable-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 1,228,014 | $ 1,186,782 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.60% | 4.50% |
Long-Term Debt Schedule of Matu
Long-Term Debt Schedule of Maturities of Long-Term Debt (Details) $ in Millions | Jun. 30, 2020USD ($) |
Schedule of Maturities of Long-Term Debt [Abstract] | |
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 108.8 |
Long-Term Debt, Maturity, Year Two | 189.6 |
Long-Term Debt, Maturity, Year Three | 121.7 |
Long-Term Debt, Maturity, Year Four | 108.8 |
Long-Term Debt, Maturity, Year Five | 643 |
Long-Term Debt, Maturity, after Year Five | $ 329.3 |
Long-Term Debt (Details)
Long-Term Debt (Details) | Apr. 20, 2020 | Feb. 13, 2020USD ($) | Jul. 31, 2020USD ($) | Apr. 30, 2020Aircraft | Feb. 28, 2019USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2020USD ($)Aircraft | Apr. 30, 2030 | Apr. 30, 2025 | Apr. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Feb. 01, 2019USD ($) |
Debt Instrument, Term | 8 years | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175,000,000 | |||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | $ 81,000,000 | |||||||||||
Number of Terms to be Included in the Collateral Pool | 2 years | |||||||||||||
Number Of Aircrafts Included As Collateral | Aircraft | 2 | |||||||||||||
Debt Instrument, Face Amount | $ 545,500,000 | $ 31,000,000 | $ 450,000,000 | |||||||||||
Debt Instrument, Increase (Decrease), Net | $ 100,000,000 | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,400,000 | |||||||||||||
Termination Loans | 19,800,000 | $ 19,800,000 | ||||||||||||
Senior Secured Revolving Credit Facility | ||||||||||||||
Debt Instrument, Term | 24 months | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 81,000,000 | |||||||||||||
Number Of Aircrafts Included As Collateral | Aircraft | 8 | |||||||||||||
Long-term Debt [Member] | ||||||||||||||
reduction in debt interest rate | 150.00% | |||||||||||||
Payroll Support Program Loan CARES Act [Member] | Unsecured Debt [Member] | ||||||||||||||
Debt Instrument, Term | 10 years | 10 years | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||||||||
Proceeds From Payroll Support Program, Low-Interest Loan | $ 16,400,000 | $ 21,600,000 | ||||||||||||
Subsequent Event | Payroll Support Program Loan CARES Act [Member] | Unsecured Debt [Member] | ||||||||||||||
Debt Instrument, Interest Rate Terms | P5Y | |||||||||||||
Proceeds From Payroll Support Program, Low-Interest Loan | $ 5,200,000 | |||||||||||||
Subsequent Event | Forecast [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Payroll Support Program Loan CARES Act [Member] | Unsecured Debt [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ (53,313) | $ 21,246 | $ (151,030) | $ 38,041 |
Effective Income Tax Rate Reconciliation, Percent | 36.40% | 23.10% | 54.50% | 23.00% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||
Discrete Income Tax Expense (Benefit) | $ 39,600 | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 35.00% | 35.00% |
Leases (Details)
Leases (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)Aircraft | Jun. 30, 2020USD ($)Aircraft | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Leases [Abstract] | |||||
Operating Leased Assets, Number of Units | Aircraft | 7 | ||||
Finance Leased Assets, Number of Units | Aircraft | 5 | ||||
Number Of Aircraft In Sale-Leaseback Transactions | Aircraft | 4 | ||||
operating right of use asset, net | $ 99,819 | $ 99,819 | $ 99,819 | $ 22,081 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 108,407 | 108,407 | 108,407 | 111,665 | |
Total Right-of-Use Asset | 208,226 | 208,226 | 208,226 | 133,746 | |
Operating Lease, Liability, Current | 11,171 | 11,171 | 11,171 | 2,662 | |
Finance Lease, Liability, Current | 7,836 | 7,836 | 7,836 | 7,666 | |
Operating Lease, Liability, Noncurrent | 90,257 | 90,257 | 90,257 | 21,290 | |
Finance Lease, Liability, Noncurrent | 103,969 | 103,969 | 103,969 | 107,930 | |
Total Lease Liability | 213,233 | $ 213,233 | 213,233 | $ 139,548 | |
Sale Leaseback Transaction, Net Proceeds, Investing Activities | 48,000 | $ 48,000 | $ 0 | ||
Sale and Leaseback Transaction, Gain (Loss), Net | $ 30,200 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Available-for-sale Securities | $ 568,765 | $ 401,132 |
Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 107,066 | 42,653 |
Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 461,699 | 358,479 |
Short-term Investments | ||
Available-for-sale Securities | 390,864 | 335,928 |
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 | 390,864 | 335,928 |
Short-term Investments | Commercial paper | ||
Available-for-sale Securities | 208,194 | 161,286 |
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 | 208,194 | 161,286 |
Short-term Investments | Municipal debt securities | ||
Available-for-sale Securities | 36,892 | 12,237 |
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 | 36,892 | 12,237 |
Short-term Investments | Federal agency debt securities | ||
Available-for-sale Securities | 14,375 | 13,515 |
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 | 14,375 | 13,515 |
Short-term Investments | Corporate debt securities | ||
Available-for-sale Securities | 128,344 | 145,975 |
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 | 128,344 | 145,975 |
Short-term Investments | US Treasury Bond Securities | ||
Available-for-sale Securities | 3,059 | 2,915 |
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 | 3,059 | 2,915 |
Long Term Investments | ||
Available-for-sale Securities | 0 | 15,542 |
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 | 0 | 15,542 |
Long Term Investments | Corporate debt securities | ||
Available-for-sale Securities | 0 | 15,396 |
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 | 0 | 15,396 |
Long Term Investments | US Treasury Bond Securities | ||
Available-for-sale Securities | 0 | 146 |
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 | 0 | 146 |
Cash Equivalents | ||
Cash Equivalents | 177,901 | 49,662 |
Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 107,066 | 42,653 |
Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 70,835 | 7,009 |
Cash Equivalents | Money Market Funds | ||
Cash Equivalents | 107,066 | 42,653 |
Cash Equivalents | Money Market Funds | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 107,066 | 42,653 |
Cash Equivalents | Money Market Funds | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Commercial paper | ||
Cash Equivalents | 30,351 | 5,807 |
Cash Equivalents | Commercial paper | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Commercial paper | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 30,351 | 5,807 |
Cash Equivalents | Municipal debt securities | ||
Cash Equivalents | 32,575 | 1,202 |
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 | 32,575 | 1,202 |
Cash Equivalents | Federal agency debt securities | ||
Cash Equivalents | 7,909 | 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 | $ 7,909 | $ 0 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 1,501,171 | $ 1,421,853 |
Non-Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 1,411,188 | 1,329,882 |
Non-Publicly Held Debt | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 1,294,748 | $ 1,140,232 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic: | ||||
Net income attributable to Allegiant Travel Company (in Dollars) | $ (93,103) | $ 70,543 | $ (126,113) | $ 127,667 |
Less: Net income allocated to participating securities (in Dollars) | 0 | (997) | (236) | (1,791) |
Net income attributable to common stock (in Dollars) | $ (93,103) | $ 69,546 | $ (126,349) | $ 125,876 |
Net income per share, basic (in Dollars per share) | $ (5.85) | $ 4.33 | $ (7.93) | $ 7.85 |
Weighted-average shares outstanding | 15,902 | 16,063 | 15,927 | 16,037 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ 0 | $ (996) | $ (236) | $ (1,790) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (93,103) | $ 69,547 | $ (126,349) | $ 125,877 |
Diluted earnings per share | $ (5.85) | $ 4.33 | $ (7.93) | $ 7.84 |
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 26 | 39 | 56 | 39 |
Adjusted weighted-average shares outstanding under treasury stock method | 15,928 | 16,102 | 15,983 | 16,076 |
Participating securities excluded under two-class method | (26) | (33) | (56) | (26) |
Two-Class Method, Weighted Average Number of Shares Outstanding, Diluted | 15,902 | 16,069 | 15,927 | 16,050 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($)aircraftengine | |
Long-term Purchase Commitment [Line Items] | |
Commitments To Purchase Engine | engine | 4 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Remainder of Fiscal Year | $ 126,141 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two | 37,900 |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Three | 21,000 |
Unrecorded Unconditional Purchase Obligation | $ 185,041 |
Airbus A320 Aircraft Series | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | aircraft | 8 |
Operating Segments (Details)
Operating Segments (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | 3 | ||||
Asset Impairment Charges | $ 168,400,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 116,520,000 | $ 454,779,000 | 495,431,000 | $ 874,755,000 | |
Third party products | 8,443,000 | 18,208,000 | 24,419,000 | 35,350,000 | |
Fixed fee contracts | 3,237,000 | 12,487,000 | 12,156,000 | 23,061,000 | |
Other | 5,147,000 | 6,285,000 | 10,522,000 | 10,215,000 | |
Operating Income (Loss) | (113,252,000) | 108,105,000 | (224,255,000) | 199,181,000 | |
Interest Revenue (Expense), Net | 12,636,000 | 16,402,000 | 24,411,000 | 29,781,000 | |
Depreciation and amortization | 43,296,000 | 38,494,000 | 86,995,000 | 74,676,000 | |
Payments to Acquire Productive Assets | 11,845,000 | 111,918,000 | 176,346,000 | 234,469,000 | |
Assets | 3,272,969,000 | 3,272,969,000 | $ 3,010,803,000 | ||
Allegiant Air | |||||
Segment Reporting Information [Line Items] | |||||
Operating Special Charge | 75,902,000 | 85,442,000 | |||
Asset Impairment Charges | 5,000,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 116,520,000 | 454,779,000 | 495,431,000 | 874,755,000 | |
Third party products | 8,443,000 | 18,208,000 | 24,419,000 | 35,350,000 | |
Fixed fee contracts | 3,237,000 | 12,487,000 | 12,156,000 | 23,061,000 | |
Other | 809,000 | 1,299,000 | 1,685,000 | 1,930,000 | |
Operating Income (Loss) | (105,389,000) | 115,546,000 | (54,269,000) | 214,035,000 | |
Interest Revenue (Expense), Net | 12,651,000 | 15,924,000 | 23,850,000 | 29,145,000 | |
Depreciation and amortization | 43,240,000 | 36,890,000 | 85,691,000 | 72,119,000 | |
Payments to Acquire Productive Assets | 11,845,000 | 98,128,000 | 130,744,000 | 207,048,000 | |
Assets | 3,221,917,000 | 3,221,917,000 | 2,830,236,000 | ||
Sunseeker Resorts | |||||
Segment Reporting Information [Line Items] | |||||
Operating Special Charge | 5,452,000 | 135,443,000 | |||
Asset Impairment Charges | 0 | 136,800,000 | |||
Other | 32,000 | 373,000 | 653,000 | 1,275,000 | |
Operating Income (Loss) | (7,689,000) | (1,695,000) | (140,122,000) | (2,917,000) | |
Interest Revenue (Expense), Net | (15,000) | 478,000 | 561,000 | 636,000 | |
Depreciation and amortization | 56,000 | 326,000 | 532,000 | 482,000 | |
Payments to Acquire Productive Assets | 0 | 11,296,000 | 45,160,000 | 16,571,000 | |
Assets | 35,159,000 | 35,159,000 | 133,362,000 | ||
Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating Special Charge | (185,000) | 26,382,000 | |||
Asset Impairment Charges | 26,600,000 | ||||
Other | 4,306,000 | 4,613,000 | 8,184,000 | 7,010,000 | |
Operating Income (Loss) | (174,000) | (5,746,000) | (29,864,000) | (11,937,000) | |
Interest Revenue (Expense), Net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 1,278,000 | 772,000 | 2,075,000 | |
Payments to Acquire Productive Assets | 0 | $ 2,494,000 | 442,000 | $ 10,850,000 | |
Assets | $ 15,893,000 | $ 15,893,000 | $ 47,205,000 |
Impairment (Details)
Impairment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Long-Lived Assets | $ 0 | $ 0 | |
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | 168,400,000 | ||
Allegiant Air | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | 5,000,000 | ||
Sunseeker Resorts | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | 0 | 136,800,000 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | 26,600,000 | ||
Allegiant Nonstop | Other | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 18,300,000 | |
Teesnap | Other | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | $ 8,300,000 | ||
Airbus A320 Aircraft Series | Allegiant Air | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Apr. 20, 2020 | |
Subsequent Event [Line Items] | |||||
Proceeds from Government Assistance, Payroll Support Program, CARES Act | $ 154.7 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 19,700 | 19,700 | 19,700 | 25,889 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 83.33 | ||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 1 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Government Assistance, Payroll Support Program, CARES Act | $ 17.2 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 6,189 | ||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 0.3 | ||||
Unsecured Debt [Member] | Payroll Support Program Loan CARES Act [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds From Payroll Support Program, Low-Interest Loan | $ 16.4 | $ 21.6 | |||
Unsecured Debt [Member] | Payroll Support Program Loan CARES Act [Member] | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Proceeds From Payroll Support Program, Low-Interest Loan | $ 5.2 |