Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 $0.001 | |
Trading Symbol | ALGT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,117,231 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001362468 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS_(un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 403,085 | $ 363,378 |
Restricted cash | 26,220 | 37,323 |
Short-term investments | 808,949 | 819,478 |
Accounts receivable | 91,070 | 62,659 |
Expendable parts, supplies and fuel, net | 36,098 | 27,500 |
Prepaid expenses and other current assets | 45,070 | 28,073 |
TOTAL CURRENT ASSETS | 1,410,492 | 1,338,411 |
Property and equipment, net | 2,427,180 | 2,259,507 |
Long-term investments | 0 | 2,231 |
Deferred major maintenance, net | 145,529 | 146,850 |
Operating lease right-of-use assets, net | 125,616 | 130,087 |
Deposits and other assets | 122,450 | 113,987 |
TOTAL ASSETS: | 4,231,267 | 3,991,073 |
CURRENT LIABILITIES | ||
Accounts payable | 59,140 | 43,566 |
Accrued liabilities | 216,690 | 162,892 |
Current operating lease liabilities | 19,314 | 19,081 |
Air traffic liability | 452,622 | 307,453 |
Current maturities of long-term debt and finance lease obligations, net of related costs | 140,450 | 130,053 |
TOTAL CURRENT LIABILITIES | 888,216 | 663,045 |
Long-term debt and finance lease obligations, net of current maturities and related costs | 1,634,539 | 1,612,486 |
Deferred income taxes | 344,454 | 346,137 |
Noncurrent operating lease liabilities | 110,210 | 115,067 |
Other noncurrent liabilities | 31,552 | 30,786 |
TOTAL LIABILITIES: | 3,008,971 | 2,767,521 |
SHAREHOLDERS' EQUITY | ||
Common stock, par value $0.001 | 25 | 25 |
Treasury shares | (638,057) | (638,057) |
Additional paid in capital | 695,323 | 692,053 |
Accumulated other comprehensive income, net | 5,411 | 2,056 |
Retained earnings | 1,159,594 | 1,167,475 |
TOTAL EQUITY: | 1,222,296 | 1,223,552 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: | $ 4,231,267 | $ 3,991,073 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING REVENUES: | ||
Passenger | $ 463,961 | $ 256,695 |
Third party products | 22,480 | 13,622 |
Fixed fee contracts | 13,386 | 7,692 |
Other | 282 | 1,115 |
Total operating revenues | 500,109 | 279,124 |
OPERATING EXPENSES: | ||
Aircraft fuel | 164,137 | 82,848 |
Salaries and benefits | 134,010 | 117,950 |
Station operations | 65,744 | 43,094 |
Depreciation and amortization | 46,343 | 43,174 |
Maintenance and repairs | 27,820 | 23,371 |
Sales and marketing | 22,350 | 11,609 |
Aircraft lease rental | 6,132 | 4,720 |
Other | 26,202 | 17,776 |
Payroll Support Programs grant recognition | 0 | (91,758) |
Special charges | 142 | 1,738 |
Total operating expenses | 492,880 | 254,522 |
OPERATING INCOME | 7,229 | 24,602 |
OTHER (INCOME) EXPENSES: | ||
Interest expense | 19,791 | 16,788 |
Capitalized interest | (1,216) | 0 |
Interest income | (773) | (463) |
Other, net | (6) | (393) |
Total other expenses | 17,796 | 15,932 |
INCOME (LOSS) BEFORE INCOME TAXES | (10,567) | 8,670 |
INCOME TAX PROVISION (BENEFIT) | (2,686) | 1,801 |
NET INCOME (LOSS) | $ (7,881) | $ 6,869 |
Earnings (loss) per share to common shareholders: | ||
Basic | $ (0.44) | $ 0.42 |
Diluted | $ (0.44) | $ 0.42 |
Shares used for computation: | ||
Basic | 17,954 | 16,167 |
Diluted | 17,954 | 16,167 |
Cash dividends declared per share: | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME (LOSS) | $ (7,881) | $ 6,869 |
Other comprehensive income: | ||
Change in available for sale securities, net of tax | 3,355 | 28 |
Total other comprehensive income | 3,355 | 28 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (4,526) | $ 6,897 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Common StockStock Offering | Additional Paid-in Capital | AOCI Attributable to Parent | Retained Earnings | Treasury Stock | Parent |
Common Stock, Shares, Outstanding | 16,405 | |||||||
Stockholders' Equity Attributable to Parent | $ 699,363 | $ 329,753 | $ (27) | $ 1,015,622 | $ (646,008) | |||
Common stock, par value $0.001 | $ 23 | |||||||
StockIssuedDuringPeriodSharesStockOptionsSARsExercised | 11 | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 3,394 | 3,394 | $ 3,394 | |||||
Treasury Stock, Shares, Acquired | 0 | |||||||
Treasury Stock, Value, Acquired, Cost Method | 0 | 0 | ||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 0 | 0 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | |||||||
Payments of Dividends | 0 | 0 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 28 | 28 | 28 | |||||
Adjustments to Additional Paid in Capital, Warrant Issued | 0 | 0 | ||||||
Net income (loss) | 6,869 | 6,869 | ||||||
Common Stock, Shares, Outstanding | 16,416 | |||||||
Stockholders' Equity Attributable to Parent | 709,654 | 333,147 | 1 | 1,022,491 | (646,008) | |||
Common stock, par value $0.001 | $ 23 | |||||||
Common Stock, Shares, Outstanding | 18,111 | |||||||
Stockholders' Equity Attributable to Parent | 1,223,552 | 692,053 | 2,056 | 1,167,475 | (638,057) | |||
Common stock, par value $0.001 | 25 | $ 25 | ||||||
StockIssuedDuringPeriodSharesStockOptionsSARsExercised | 8 | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 3,270 | $ 3,270 | ||||||
Proceeds from issuance of common stock | 0 | 0 | 0 | 0 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 0 | $ 0 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | |||||||
Other Comprehensive Income (Loss), Net of Tax | 3,355 | 3,355 | 3,355 | |||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 0 | 0 | ||||||
Net income (loss) | (7,881) | $ (7,881) | ||||||
Common Stock, Shares, Outstanding | 18,119 | |||||||
Stockholders' Equity Attributable to Parent | 1,222,296 | $ 695,323 | $ 5,411 | $ 1,159,594 | $ (638,057) | |||
Common stock, par value $0.001 | $ 25 | $ 25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
NET INCOME (LOSS) | $ (7,881) | $ 6,869 |
Depreciation and amortization | 46,343 | 43,174 |
Special charges | 142 | 1,738 |
Other adjustments | 6,155 | 8,318 |
Air traffic liability | 145,169 | 95,541 |
Other - net | (13,927) | 12,353 |
Net cash provided by operating activities | 176,001 | 167,993 |
Cash flows from investing activities: | ||
Purchase of investment securities | (302,161) | (89,338) |
Proceeds from maturities of investment securities | 311,332 | 194,534 |
Aircraft pre-delivery deposits | (46,694) | (3,300) |
Purchase of property and equipment | (71,659) | (66,199) |
Other investing activities | (572) | (16) |
Net cash provided by (used in) investing activities | (109,754) | 35,681 |
Cash flows from financing activities: | ||
Proceeds from the issuance of debt and finance lease obligations | 0 | 105,000 |
Principal payments on debt and finance lease obligations | (37,335) | (151,517) |
Debt issuance costs | (308) | (649) |
Net cash (used in) financing activities | (37,643) | (47,166) |
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 28,604 | 156,508 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 400,701 | 170,319 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 429,305 | 326,827 |
CASH PAYMENTS (RECEIPTS) FOR: | ||
Interest paid, net of amount capitalized | 18,007 | 15,059 |
Income tax payments (refunds) | 17 | (138) |
Supplemental Cash Flow Information [Abstract] | ||
Right-of-use (ROU) assets acquired | 0 | 4,733 |
Flight equipment acquired under finance leases | 68,211 | 0 |
Purchases of property and equipment in accrued liabilities | $ 37,083 | $ 4,064 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 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, 2021 and filed with the Securities and Exchange Commission. |
Impact of the COVID-19 Pandemic
Impact of the COVID-19 Pandemic (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Impact of the COVID-19 Pandemic | 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 during 2020 and 2021. Demand in the foreseeable future may continue to be affected by fluctuations in COVID-19 cases, variants, hospitalizations, deaths, treatment efficacy and the availability of vaccines. The Company is continuously reevaluating flight schedules and adjusting capacity based on demand trends. During 2020 and 2021, Congress enacted various legislation which provided support for the airline industry. This included The Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") enacted in March 2020, the Consolidated Appropriations Act, 2021 enacted in December 2020 (the “Payroll Support Program Extension”) and the American Rescue Plan Act enacted in March 2021 (the “ARPA”). On January 15, 2021, the Company through its airline operating subsidiary Allegiant Air, LLC entered into a Payroll Support Program Extension Agreement (the “PSP2”) with the Treasury and received $91.8 million under the Payroll Support Program Extension. In April 2021, the Company received $13.8 million in additional funds related to the PSP2 which included a loan of $1.7 million. In consideration for these additional funds, the Company issued warrants ( the "PSP2 Warrants") to the Treasury to acquire 924 shares of common stock at a price of $179.23 per share (based on the price of the Company's common stock on the Nasdaq Stock Market on December 24, 2020). In April 2021, the Company through its airline operating subsidiary Allegiant Air, LLC entered into a Payroll Support Program 3 Agreement (the "PSP3") with the Treasury under section 7301 of the American Rescue Plan Act of 2021 and received a total of $98.4 million. The funds received under PSP2 and PSP3 were used exclusively for wages, salaries and benefits. Prior to January 1, 2022, all Payroll Support Program funds had been fully utilized. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition Passenger Revenue Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below: Three Months Ended March 31, (in thousands) 2022 2021 Scheduled service $ 223,854 $ 131,929 Ancillary air-related charges 229,464 121,072 Allways® Allegiant World Mastercard® redemptions 10,643 3,694 Total passenger revenue $ 463,961 $ 256,695 Sales of passenger tickets not yet flown are recorded in air traffic liability. Passenger revenue is recognized when transportation is provided. As of March 31, 2022, the air traffic liability balance was $452.6 million, of which approximately $394.1 million was related to forward bookings, with the remaining $58.5 million related to credit vouchers for future travel. The normal contract term of passenger tickets is 12 months and passenger revenue associated with future travel will principally be recognized within this time frame. Of the $307.5 million that was recorded in the air traffic liability balance as of December 31, 2021, approximately 56.0 percent was recognized into passenger revenue during the three months ended March 31, 2022. In 2020, the Company announced that credit vouchers issued for canceled travel beginning in January 2020 would have an extended expiration date of two years from the original booking date. This policy continued for vouchers issued through June 30, 2021. Estimates of passenger revenue to be recognized from air traffic liability for credit voucher breakage may be subject to variability and differ from historical experience due to the change in contract duration and uncertainty regarding demand for future air travel. Effective July 1, 2021, vouchers issued have an expiration date of one year from the original booking date. The Company periodically evaluates the estimated amount of credit vouchers expected to expire unused and any adjustment is removed from air traffic liability and included in passenger revenue in the period in which the evaluation is complete. Loyalty redemptions In relation to the travel component of the Allways® Allegiant World Mastercard® 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 revenue when the points are redeemed and the transportation is provided. Similarly, in relation to the Allways Rewards program, points earned through the program are deferred based on the stand-alone selling price and recognized into revenue when the points are redeemed and the underlying service has been provided. The following table presents the activity of the point liability for the periods indicated: Three Months Ended March 31, (in thousands) 2022 2021 Points balance at January 1 $ 40,490 $ 21,841 Points awarded (deferral of revenue) 16,957 4,571 Points redeemed (recognition of revenue) (10,643) (3,694) Points balance at March 31 $ 46,804 $ 22,718 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
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) March 31, 2022 December 31, 2021 Flight equipment, including pre-delivery deposits $ 2,685,856 $ 2,573,657 Computer hardware and software 166,209 160,237 Land and buildings/leasehold improvements 59,853 59,735 Other property and equipment 83,326 78,192 Sunseeker Resort 147,645 83,864 Total property and equipment 3,142,889 2,955,685 Less accumulated depreciation and amortization (715,709) (696,178) Property and equipment, net $ 2,427,180 $ 2,259,507 Accrued capital expenditures as of March 31, 2022 and December 31, 2021 were $37.1 million and $17.7 million, respectively. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
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) March 31, 2022 December 31, 2021 Fixed-rate debt and finance lease obligations due through 2032 $ 885,302 $ 827,382 Variable-rate debt due through 2029 889,687 915,157 Total debt and finance lease obligations, net of related costs 1,774,989 1,742,539 Less current maturities, net of related costs 140,450 130,053 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,634,539 $ 1,612,486 Weighted average fixed-interest rate on debt 5.8% 5.8% Weighted average variable-interest rate on debt 2.9% 2.5% Maturities of long-term debt and finance lease obligations for the remainder of 2022 and for the next four years and thereafter, in the aggregate, are: remaining in 2022 - $95.4 million; 2023 - $133.9 million; 2024 - $804.3 million; 2025 - $111.1 million; 2026 - $104.7 million; and $525.5 million thereafter. |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income TaxesThe Company recorded an effective tax rate of 25.4 percent and 20.8 percent for the three months ended March 31, 2022 and 2021, respectively. The effective tax rate for the three months ended March 31, 2022 differed from the statutory Federal income tax rate of 21.0 percent primarily due to state income taxes and the impact of permanent tax differences of which none are individually significant. While the Company expects its effective tax rate to be fairly consistent in the near term, it will vary depending on recurring items such as the amount of income earned in each state and the state tax rate applicable to such income. Discrete items during interim periods may also affect the Company's tax rates. |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases | 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. The following table summarizes the Company's total assets and liabilities related to leases as of the dates indicated: (in thousands) Classification on the Balance Sheet March 31, 2022 December 31, 2021 Assets Operating lease assets (1) Operating lease right-of-use assets $ 125,616 $ 130,087 Finance lease assets (2) Property and equipment, net 407,745 338,469 Total lease assets $ 533,361 $ 468,556 Liabilities Current Operating (1) Current operating lease liabilities $ 19,314 $ 19,081 Finance (2) Current maturities of long-term debt and finance lease obligations 34,405 16,960 Noncurrent Operating (1) Noncurrent operating lease liabilities 110,210 115,067 Finance (2) Long-term debt and finance lease obligations 349,011 301,532 Total lease liabilities $ 512,940 $ 452,640 (1) The March 31, 2022 number represents assets and liabilities of 17 aircraft, office equipment, certain airport and terminal facilities, and other assets under operating leases (2) The March 31, 2022 number represents assets and liabilities of 18 aircraft under finance leases |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 three months ended March 31, 2022. Financial instruments measured at fair value on a recurring basis: March 31, 2022 December 31, 2021 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 4,295 $ 4,295 $ — $ 25,019 $ 25,019 $ — Commercial Paper 144,882 — 144,882 179,455 — 179,455 Municipal debt securities 48,066 — 48,066 63,875 — 63,875 Corporate debt securities 7,849 — 7,849 — — — Total cash equivalents 205,092 4,295 200,797 268,349 25,019 243,330 Short-term Commercial paper 377,695 — 377,695 419,469 — 419,469 Corporate debt securities 255,848 — 255,848 234,436 — 234,436 Municipal debt securities 173,561 — 173,561 165,573 — 165,573 Federal agency debt securities 1,845 — 1,845 — — — Total short-term 808,949 — 808,949 819,478 — 819,478 Long-term Municipal debt securities — — — 2,231 — 2,231 Total long-term — — — 2,231 — 2,231 Total financial instruments $ 1,014,041 $ 4,295 $ 1,009,746 $ 1,090,058 $ 25,019 $ 1,065,039 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: March 31, 2022 December 31, 2021 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Non-publicly held debt $ 1,413,414 $ 1,198,418 $ 1,447,462 $ 1,261,170 3 Due to their short-term nature, the carrying amounts of cash, restricted cash, accounts receivable and accounts payable approximate fair value. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) 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 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 months ended March 31, 2022 basic and diluted (loss) per share are the same because of the (loss) position. For the three months ended March 31, 2021, the second method was used 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 March 31, 2022 2021 Basic: Net income (loss) $ (7,881) $ 6,869 Less income allocated to participating securities — (103) Net income (loss) attributable to common stock $ (7,881) $ 6,766 Earnings (loss) per share, basic $ (0.44) $ 0.42 Weighted-average shares outstanding 17,954 16,167 Diluted: Net income (loss) $ (7,881) $ 6,869 Less income allocated to participating securities — (103) Net income (loss) attributable to common stock $ (7,881) $ 6,766 Earnings (loss) per share, diluted $ (0.44) $ 0.42 Weighted-average shares outstanding 17,954 16,167 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | ContingenciesThe 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. |
Segments (Notes)
Segments (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
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 two operating segments: Airline and Sunseeker Resort. 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 renovation of Aileron Golf Course (formerly known as Kingsway Golf Course). Plans for the resort include a 500-room hotel and two towers offering more than 180 one, two and three-bedroom suites, bar and restaurant options, and other amenities. The golf course is a short drive from the resort site and is considered, from a planning and strategic perspective, to be an additional resort amenity. The construction of Sunseeker Resort is an extension of the Company's leisure travel focus and it is expected that many customers flying to Southwest Florida on Allegiant will elect to stay at this resort and enjoy its amenities. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent EventsIn April 2022, we borrowed $108.3 million under senior bank debt facilities secured by aircraft.In April 2022, the lender funded $87.5 million into the construction disbursement account for the Sunseeker project. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 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, 2021 and filed with the Securities and Exchange Commission. |
New Accounting Pronouncements | Recent Accounting Pronouncements |
Impact of the COVID-19 Pandem_2
Impact of the COVID-19 Pandemic (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Summary of Special Charges | The table below summarizes special charges recorded during the three months ended March 31, 2022, and 2021. Three Months Ended March 31, (in thousands) 2022 2021 Operating $ 142 $ 1,738 Non-operating — — Total special charges $ 142 $ 1,738 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | Three Months Ended March 31, (in thousands) 2022 2021 Scheduled service $ 223,854 $ 131,929 Ancillary air-related charges 229,464 121,072 Allways® Allegiant World Mastercard® redemptions 10,643 3,694 Total passenger revenue $ 463,961 $ 256,695 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The following table presents the activity of the point liability for the periods indicated: Three Months Ended March 31, (in thousands) 2022 2021 Points balance at January 1 $ 40,490 $ 21,841 Points awarded (deferral of revenue) 16,957 4,571 Points redeemed (recognition of revenue) (10,643) (3,694) Points balance at March 31 $ 46,804 $ 22,718 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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) March 31, 2022 December 31, 2021 Flight equipment, including pre-delivery deposits $ 2,685,856 $ 2,573,657 Computer hardware and software 166,209 160,237 Land and buildings/leasehold improvements 59,853 59,735 Other property and equipment 83,326 78,192 Sunseeker Resort 147,645 83,864 Total property and equipment 3,142,889 2,955,685 Less accumulated depreciation and amortization (715,709) (696,178) Property and equipment, net $ 2,427,180 $ 2,259,507 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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) March 31, 2022 December 31, 2021 Fixed-rate debt and finance lease obligations due through 2032 $ 885,302 $ 827,382 Variable-rate debt due through 2029 889,687 915,157 Total debt and finance lease obligations, net of related costs 1,774,989 1,742,539 Less current maturities, net of related costs 140,450 130,053 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,634,539 $ 1,612,486 Weighted average fixed-interest rate on debt 5.8% 5.8% Weighted average variable-interest rate on debt 2.9% 2.5% |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Total Assets and Liabilities Related to Leases | The following table summarizes the Company's total assets and liabilities related to leases as of the dates indicated: (in thousands) Classification on the Balance Sheet March 31, 2022 December 31, 2021 Assets Operating lease assets (1) Operating lease right-of-use assets $ 125,616 $ 130,087 Finance lease assets (2) Property and equipment, net 407,745 338,469 Total lease assets $ 533,361 $ 468,556 Liabilities Current Operating (1) Current operating lease liabilities $ 19,314 $ 19,081 Finance (2) Current maturities of long-term debt and finance lease obligations 34,405 16,960 Noncurrent Operating (1) Noncurrent operating lease liabilities 110,210 115,067 Finance (2) Long-term debt and finance lease obligations 349,011 301,532 Total lease liabilities $ 512,940 $ 452,640 (1) The March 31, 2022 number represents assets and liabilities of 17 aircraft, office equipment, certain airport and terminal facilities, and other assets under operating leases (2) The March 31, 2022 number represents assets and liabilities of 18 aircraft under finance leases |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value On a Recurring Basis | Financial instruments measured at fair value on a recurring basis: March 31, 2022 December 31, 2021 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 4,295 $ 4,295 $ — $ 25,019 $ 25,019 $ — Commercial Paper 144,882 — 144,882 179,455 — 179,455 Municipal debt securities 48,066 — 48,066 63,875 — 63,875 Corporate debt securities 7,849 — 7,849 — — — Total cash equivalents 205,092 4,295 200,797 268,349 25,019 243,330 Short-term Commercial paper 377,695 — 377,695 419,469 — 419,469 Corporate debt securities 255,848 — 255,848 234,436 — 234,436 Municipal debt securities 173,561 — 173,561 165,573 — 165,573 Federal agency debt securities 1,845 — 1,845 — — — Total short-term 808,949 — 808,949 819,478 — 819,478 Long-term Municipal debt securities — — — 2,231 — 2,231 Total long-term — — — 2,231 — 2,231 Total financial instruments $ 1,014,041 $ 4,295 $ 1,009,746 $ 1,090,058 $ 25,019 $ 1,065,039 |
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: March 31, 2022 December 31, 2021 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Non-publicly held debt $ 1,413,414 $ 1,198,418 $ 1,447,462 $ 1,261,170 3 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Basic: Net income (loss) $ (7,881) $ 6,869 Less income allocated to participating securities — (103) Net income (loss) attributable to common stock $ (7,881) $ 6,766 Earnings (loss) per share, basic $ (0.44) $ 0.42 Weighted-average shares outstanding 17,954 16,167 Diluted: Net income (loss) $ (7,881) $ 6,869 Less income allocated to participating securities — (103) Net income (loss) attributable to common stock $ (7,881) $ 6,766 Earnings (loss) per share, diluted $ (0.44) $ 0.42 Weighted-average shares outstanding 17,954 16,167 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows: (in thousands) Airline Sunseeker Resort Consolidated Quarter Ended March 31, 2022 Operating revenue: Passenger $ 463,961 $ — $ 463,961 Third party products 22,480 — 22,480 Fixed fee contract 13,386 — 13,386 Other 281 1 282 Operating income (loss) 10,176 (2,947) 7,229 Interest expense, net 15,828 1,974 17,802 Depreciation and amortization 46,341 2 46,343 Capital expenditures 142,178 63,781 205,959 Quarter Ended March 31, 2021 Operating revenue: Passenger $ 256,695 $ — $ 256,695 Third party products 13,622 — 13,622 Fixed fee contract 7,692 — 7,692 Other 1,124 (9) 1,115 Operating income (loss) 25,463 (861) 24,602 Interest expense, net 16,325 — 16,325 Depreciation and amortization 43,136 38 43,174 Capital expenditures 57,674 — 57,674 Total assets were as follows as of the dates indicated: (in thousands) As of March 31, 2022 As of December 31, 2021 Airline $ 4,046,505 $ 3,872,041 Sunseeker Resort 184,762 119,032 Consolidated $ 4,231,267 $ 3,991,073 |
Impact of the COVID-19 Pandem_3
Impact of the COVID-19 Pandemic - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022USD ($)Aircraft | Mar. 31, 2021USD ($)Aircraftengine | Apr. 23, 2021USD ($)shares | Dec. 24, 2020$ / shares | |
Unusual or Infrequent Item, or Both [Line Items] | ||||
Total special charges | $ 142 | $ 1,738 | ||
Other Aircraft Related Costs | $ 100 | $ 1,200 | ||
Number of Aircraft Retired | Aircraft | 1 | |||
Number of Engines Retired | engine | 3 | |||
Other Expenses | $ 500 | |||
Airbus A320 Aircraft Series | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Number of Aircraft Retired | Aircraft | 2 | |||
Payroll Support Program Grant Extension | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Total Proceeds from Payroll Support Program Grant | $ 91,800 | |||
Additional Proceeds Received from Payroll Support Program | $ 13,800 | |||
Debt Instrument, Face Amount | $ 1,700 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 924 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 179.23 | |||
Payroll Support Program 3 | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Total Proceeds from Payroll Support Program Grant | $ 98,400 |
Impact of the COVID-19 Pandem_4
Impact of the COVID-19 Pandemic - Summary of Special Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | ||
Operating | $ 142 | $ 1,738 |
Non-operating | 0 | 0 |
Total special charges | $ 142 | $ 1,738 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 463,961 | $ 256,695 | |
Credit Voucher Term Expiration | 2 years | ||
Scheduled service | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 223,854 | 131,929 | |
Ancillary air-related charges | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 229,464 | 121,072 | |
Allways® Allegiant World Mastercard® redemptions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10,643 | $ 3,694 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Revenue Recognition [Abstract] | ||||
Contract with Customer, Liability, Forward Bookings | 39410000000.00% | |||
Contract with Customer, Liability, Credit Voucher Bookings | 5850000000.00% | |||
Revenue, Performance Obligation, Description of Timing | 12 months | |||
Air Traffic Liability, Recognized | $ 307.5 | |||
Contract with Customer, Liability, Passenger Revenue | 56.00% | |||
Credit Voucher Term Expiration | 2 years | |||
Points Liability | $ 23.2 | $ 10.3 |
Revenue Recognition - Contract
Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Points Liability [Abstract] | ||
Points balance at January 1 | $ 40,490 | $ 21,841 |
Points awarded (deferral of revenue) | 16,957 | 4,571 |
Points redeemed (recognition of revenue) | (10,643) | (3,694) |
Points balance at March 31 | $ 46,804 | $ 22,718 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Flight equipment, including pre-delivery deposits | $ 2,685,856 | $ 2,573,657 |
Computer hardware and software | 166,209 | 160,237 |
Land and buildings/leasehold improvements | 59,853 | 59,735 |
Other property and equipment | 83,326 | 78,192 |
Sunseeker Resort | 147,645 | 83,864 |
Total property and equipment | 3,142,889 | 2,955,685 |
Less accumulated depreciation and amortization | 715,709 | 696,178 |
Property and equipment, net | 2,427,180 | 2,259,507 |
Capital Expenditures Incurred but Not yet Paid | $ 37,100 | $ 17,700 |
Long-Term Debt Components of Lo
Long-Term Debt Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 1,774,989 | $ 1,742,539 |
Less current maturities | 140,450 | 130,053 |
Long-term debt and capital leases, net of current maturities and related costs | 1,634,539 | 1,612,486 |
Weighted average fixed-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 885,302 | $ 827,382 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.80% | 5.80% |
Weighted average variable-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 889,687 | $ 915,157 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.90% | 2.50% |
Long-Term Debt Schedule of Matu
Long-Term Debt Schedule of Maturities of Long-Term Debt (Details) $ in Millions | Mar. 31, 2022USD ($) |
Schedule of Maturities of Long-Term Debt [Abstract] | |
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 95.4 |
Long-Term Debt, Maturity, Year One | 133.9 |
Long-Term Debt, Maturity, Year Two | 804.3 |
Long-Term Debt, Maturity, Year Three | 111.1 |
Long-Term Debt, Maturity, Year Four | 104.7 |
Long-Term Debt, Maturity, after Year Four | $ 525.5 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Percent | 25.40% | 20.80% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)Aircraft | Dec. 31, 2021USD ($) | |
Leases [Abstract] | ||
operating right of use asset, net | $ 125,616 | $ 130,087 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 407,745 | 338,469 |
Total Right-of-Use Asset | 533,361 | 468,556 |
Current operating lease liabilities | 19,314 | 19,081 |
Finance Lease, Liability, Current | 34,405 | 16,960 |
Noncurrent operating lease liabilities | 110,210 | 115,067 |
Finance Lease, Liability, Noncurrent | 349,011 | 301,532 |
Total Lease Liability | $ 512,940 | $ 452,640 |
Operating Leased Assets, Number of Units | Aircraft | 17 | |
Finance Leased Assets, Number of Units | Aircraft | 18 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale | $ 1,014,041 | $ 1,090,058 |
Fair Value, Inputs, Level 1 | ||
Debt Securities, Available-for-sale | 4,295 | 25,019 |
Fair Value, Inputs, Level 2 | ||
Debt Securities, Available-for-sale | 1,009,746 | 1,065,039 |
Corporate debt securities | Cash Equivalents | ||
Cash Equivalents | 7,849 | 0 |
Corporate debt securities | Fair Value, Inputs, Level 1 | Cash Equivalents | ||
Cash Equivalents | 0 | 0 |
Corporate debt securities | Fair Value, Inputs, Level 2 | Cash Equivalents | ||
Cash Equivalents | 7,849 | 0 |
Cash Equivalents | ||
Cash Equivalents | 205,092 | 268,349 |
Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 4,295 | 25,019 |
Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 200,797 | 243,330 |
Cash Equivalents | Money Market Funds | ||
Cash Equivalents | 4,295 | 25,019 |
Cash Equivalents | Money Market Funds | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 4,295 | 25,019 |
Cash Equivalents | Money Market Funds | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Commercial paper | ||
Cash Equivalents | 144,882 | 179,455 |
Cash Equivalents | Commercial paper | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Commercial paper | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 144,882 | 179,455 |
Cash Equivalents | Municipal debt securities | ||
Cash Equivalents | 48,066 | 63,875 |
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 | 48,066 | 63,875 |
Short-term Investments | ||
Debt Securities, Available-for-sale | 808,949 | 819,478 |
Short-term Investments | Fair Value, Inputs, Level 1 | ||
Debt Securities, Available-for-sale | 0 | 0 |
Short-term Investments | Fair Value, Inputs, Level 2 | ||
Debt Securities, Available-for-sale | 808,949 | 819,478 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale | 377,695 | 419,469 |
Short-term Investments | Commercial paper | Fair Value, Inputs, Level 1 | ||
Debt Securities, Available-for-sale | 0 | 0 |
Short-term Investments | Commercial paper | Fair Value, Inputs, Level 2 | ||
Debt Securities, Available-for-sale | 377,695 | 419,469 |
Short-term Investments | Municipal debt securities | ||
Debt Securities, Available-for-sale | 173,561 | 165,573 |
Short-term Investments | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Debt Securities, Available-for-sale | 0 | 0 |
Short-term Investments | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Debt Securities, Available-for-sale | 173,561 | 165,573 |
Short-term Investments | Federal agency debt securities | ||
Debt Securities, Available-for-sale | 1,845 | 0 |
Short-term Investments | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Debt Securities, Available-for-sale | 0 | 0 |
Short-term Investments | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Debt Securities, Available-for-sale | 1,845 | 0 |
Short-term Investments | Corporate debt securities | ||
Debt Securities, Available-for-sale | 255,848 | 234,436 |
Short-term Investments | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Debt Securities, Available-for-sale | 0 | 0 |
Short-term Investments | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Debt Securities, Available-for-sale | 255,848 | 234,436 |
Long Term Investments | ||
Debt Securities, Available-for-sale | 0 | 2,231 |
Long Term Investments | Fair Value, Inputs, Level 1 | ||
Debt Securities, Available-for-sale | 0 | 0 |
Long Term Investments | Fair Value, Inputs, Level 2 | ||
Debt Securities, Available-for-sale | $ 0 | 2,231 |
Long Term Investments | US Treasury Bond Securities | ||
Debt Securities, Available-for-sale | 2,231 | |
Long Term Investments | US Treasury Bond Securities | Fair Value, Inputs, Level 2 | ||
Debt Securities, Available-for-sale | $ 2,231 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 1,774,989 | $ 1,742,539 |
Non-Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 1,413,414 | 1,447,462 |
Non-Publicly Held Debt | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 1,198,418 | $ 1,261,170 |
Earnings (Loss) per Share (Deta
Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic: | ||
Net income attributable to Allegiant Travel Company (in Dollars) | $ (7,881) | $ 6,869 |
Less: Net income allocated to participating securities (in Dollars) | 0 | (103) |
Net income attributable to common stock (in Dollars) | $ (7,881) | $ 6,766 |
Net income per share, basic (in Dollars per share) | $ (0.44) | $ 0.42 |
Weighted-average shares outstanding | 17,954 | 16,167 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ 0 | $ (103) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (7,881) | $ 6,766 |
Diluted earnings per share | $ (0.44) | $ 0.42 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 1 Months Ended | 3 Months Ended |
Apr. 30, 2021 | Mar. 31, 2022Aircraftsegmentsuitehotel_tower | |
Segment Reporting [Abstract] | ||
Number of Operating Segments | 2 | |
Segment Reporting Information [Line Items] | ||
Number of Operating Segments | 2 | |
Anticipated Number Of One, Two, and Three-Bedroom Suites | suite | 180 | |
Teesnap | ||
Segment Reporting Information [Line Items] | ||
Investment Sold, Percent | 85.00% | |
Sunseeker Resort | ||
Segment Reporting Information [Line Items] | ||
Anticipated Number Of Hotel Rooms | Aircraft | 500 | |
Anticipated Number Of Hotel Towers | hotel_tower | 2 |
Segments - Schedule of Segment
Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Passenger | $ 463,961 | $ 256,695 | |
Third party products | 22,480 | 13,622 | |
Fixed fee contracts | 13,386 | 7,692 | |
Other | 282 | 1,115 | |
Operating income (loss) | 7,229 | 24,602 | |
Interest expense, net | 17,802 | 16,325 | |
Depreciation and amortization | 46,343 | 43,174 | |
Capital expenditures | 205,959 | 57,674 | |
Assets | 4,231,267 | $ 3,991,073 | |
Airline | |||
Segment Reporting Information [Line Items] | |||
Passenger | 463,961 | 256,695 | |
Third party products | 22,480 | 13,622 | |
Fixed fee contracts | 13,386 | 7,692 | |
Other | 281 | 1,124 | |
Operating income (loss) | 10,176 | 25,463 | |
Interest expense, net | 15,828 | 16,325 | |
Depreciation and amortization | 46,341 | 43,136 | |
Capital expenditures | 142,178 | 57,674 | |
Assets | 4,046,505 | 3,872,041 | |
Sunseeker Resort | |||
Segment Reporting Information [Line Items] | |||
Other | 1 | (9) | |
Operating income (loss) | (2,947) | (861) | |
Interest expense, net | 1,974 | 0 | |
Depreciation and amortization | 2 | 38 | |
Capital expenditures | 63,781 | $ 0 | |
Assets | $ 184,762 | $ 119,032 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Millions | Apr. 30, 2022USD ($) |
Subsequent Event [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 108.3 |
Sunseeker Resort | |
Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | $ 87.5 |