Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 25, 2023 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 $0.001 | |
Trading Symbol | ALGT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,429,004 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001362468 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS_(un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 317,573 | $ 229,989 |
Restricted cash | 17,157 | 15,457 |
Short-term investments | 690,593 | 725,063 |
Accounts receivable | 57,798 | 106,578 |
Expendable parts, supplies and fuel, net | 35,086 | 35,546 |
Prepaid expenses and other current assets | 181,893 | 161,636 |
TOTAL CURRENT ASSETS | 1,300,100 | 1,274,269 |
Property and equipment, net | 2,946,941 | 2,810,693 |
Long-term investments | 68,801 | 63,318 |
Deferred major maintenance, net | 162,221 | 157,410 |
Operating lease right-of-use assets, net | 106,999 | 111,679 |
Deposits and other assets | 95,359 | 93,928 |
TOTAL ASSETS: | 4,680,421 | 4,511,297 |
CURRENT LIABILITIES | ||
Accounts payable | 65,936 | 58,335 |
Accrued liabilities | 225,510 | 226,276 |
Current operating lease liabilities | 20,200 | 19,973 |
Air traffic liability | 479,530 | 379,459 |
Loyalty program liability | 36,417 | 32,888 |
Current maturities of long-term debt and finance lease obligations, net of related costs | 289,669 | 152,900 |
TOTAL CURRENT LIABILITIES | 1,117,262 | 869,831 |
Long-term debt and finance lease obligations, net of current maturities and related costs | 1,816,151 | 1,944,078 |
Deferred income taxes | 348,334 | 346,388 |
Noncurrent operating lease liabilities | 89,903 | 94,972 |
Loyalty program liability | 23,216 | 23,612 |
Other noncurrent liabilities | 14,158 | 11,718 |
TOTAL LIABILITIES: | 3,409,024 | 3,290,599 |
SHAREHOLDERS' EQUITY | ||
Common stock, par value $0.001 | 25 | 25 |
Treasury shares | (672,493) | (660,023) |
Additional paid in capital | 714,506 | 709,471 |
Accumulated other comprehensive income, net | 3,242 | 1,257 |
Retained earnings | 1,226,117 | 1,169,968 |
TOTAL EQUITY: | 1,271,397 | 1,220,698 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: | $ 4,680,421 | $ 4,511,297 |
CONSOLIDATED BALANCE SHEETS_(_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING REVENUES: | ||
Passenger | $ 609,277 | $ 463,961 |
Third party products | 26,037 | 22,480 |
Fixed fee contracts | 14,117 | 13,386 |
Other | 256 | 282 |
Total operating revenues | 649,687 | 500,109 |
OPERATING EXPENSES: | ||
Aircraft fuel | 189,546 | 164,137 |
Salaries and benefits | 159,623 | 134,010 |
Station operations | 61,520 | 65,744 |
Depreciation and amortization | 54,680 | 46,343 |
Maintenance and repairs | 26,442 | 27,820 |
Sales and marketing | 26,928 | 22,350 |
Aircraft lease rentals | 7,092 | 6,132 |
Other | 30,643 | 26,202 |
Special charges | (1,612) | 142 |
Total operating expenses | 554,862 | 492,880 |
OPERATING INCOME | 94,825 | 7,229 |
OTHER (INCOME) EXPENSES: | ||
Interest expense | 35,708 | 19,791 |
Capitalized interest | (5,180) | (1,216) |
Interest income | (10,128) | (773) |
Other, net | 7 | (6) |
Total other expenses | 20,407 | 17,796 |
INCOME (LOSS) BEFORE INCOME TAXES | 74,418 | (10,567) |
INCOME TAX PROVISION (BENEFIT) | 18,269 | (2,686) |
NET INCOME (LOSS) | $ 56,149 | $ (7,881) |
Earnings (loss) per share to common shareholders: | ||
Basic (in dollars per share) | $ 3.09 | $ (0.44) |
Diluted (in dollars per share) | $ 3.09 | $ (0.44) |
Shares used for computation: | ||
Basic (in shares) | 17,766 | 17,954 |
Diluted (in shares) | 17,769 | 17,954 |
Cash dividends declared per share (in dollars per share) | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME (LOSS) | $ 56,149 | $ (7,881) |
Other comprehensive income: | ||
Change in available for sale securities, net of tax | 1,985 | 3,355 |
Total other comprehensive income (loss) | 1,985 | 3,355 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 58,134 | $ (4,526) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | AOCI Attributable to Parent | Retained Earnings | Treasury Stock | Parent |
Beginning balance (in shares) at Dec. 31, 2021 | 18,111 | ||||||
Par value, beginning balance at Dec. 31, 2021 | $ 25 | ||||||
Beginning balance at Dec. 31, 2021 | $ 1,223,552 | $ 692,053 | $ 2,056 | $ 1,167,475 | $ (638,057) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share-based compensation (in shares) | 8 | ||||||
Share-based compensation | 3,270 | $ 3,270 | |||||
Other comprehensive income | 3,355 | 3,355 | 3,355 | ||||
Net income (loss) | (7,881) | (7,881) | |||||
Ending balance (in shares) at Mar. 31, 2022 | 18,119 | ||||||
Par value, ending balance at Mar. 31, 2022 | $ 25 | ||||||
Ending balance at Mar. 31, 2022 | 1,222,296 | 695,323 | 5,411 | 1,159,594 | (638,057) | ||
Beginning balance (in shares) at Dec. 31, 2022 | 18,128 | ||||||
Par value, beginning balance at Dec. 31, 2022 | 25 | $ 25 | |||||
Beginning balance at Dec. 31, 2022 | 1,220,698 | 709,471 | 1,257 | 1,169,968 | (660,023) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share-based compensation (in shares) | (5) | ||||||
Share-based compensation | 5,035 | 5,035 | |||||
Shares repurchased by the Company and held as treasury shares (in shares) | (125) | ||||||
Shares repurchased by the Company and held as treasury shares | (12,470) | (12,470) | |||||
Other comprehensive income | 1,985 | 1,985 | 1,985 | ||||
Net income (loss) | 56,149 | $ 56,149 | |||||
Ending balance (in shares) at Mar. 31, 2023 | 17,998 | ||||||
Par value, ending balance at Mar. 31, 2023 | 25 | $ 25 | |||||
Ending balance at Mar. 31, 2023 | $ 1,271,397 | $ 714,506 | $ 3,242 | $ 1,226,117 | $ (672,493) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
NET INCOME (LOSS) | $ 56,149 | $ (7,881) |
Depreciation and amortization | 54,680 | 46,343 |
Special charges | (1,835) | 142 |
Other adjustments | 1,592 | 6,155 |
Air traffic liability | 100,071 | 145,169 |
Other - net | 4,743 | (13,927) |
Net cash provided by operating activities | 215,400 | 176,001 |
Cash flows from investing activities: | ||
Purchase of investment securities | (251,937) | (302,161) |
Proceeds from maturities of investment securities | 288,591 | 311,332 |
Aircraft pre-delivery deposits | (33,516) | (46,694) |
Purchase of property and equipment | (129,883) | (71,659) |
Other investing activities | 12,506 | (572) |
Net cash (used in) investing activities | (114,239) | (109,754) |
Cash flows from financing activities: | ||
Proceeds from the issuance of debt and finance lease obligations | 59,516 | 0 |
Repurchase of common stock | (12,470) | 0 |
Principal payments on debt and finance lease obligations | (51,492) | (37,335) |
Debt issuance costs | (877) | (308) |
Other financing activities | (6,554) | 0 |
Net cash (used in) financing activities | (11,877) | (37,643) |
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 89,284 | 28,604 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 245,446 | 400,701 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 334,730 | 429,305 |
CASH PAYMENTS FOR: | ||
Interest paid, net of amount capitalized | 41,645 | 18,007 |
Income tax payments | 14 | 17 |
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS: | ||
Flight equipment acquired under finance leases | 0 | 68,211 |
Purchases of property and equipment in accrued liabilities | $ 69,240 | $ 37,083 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 and filed with the Securities and Exchange Commission. |
Hurricane Ian
Hurricane Ian | 3 Months Ended |
Mar. 31, 2023 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Hurricane Ian | Sunseeker Special Charges As a result of Hurricane Ian's direct hit on the southwest coast of Florida on September 28, 2022, the construction site of Sunseeker Resort at Charlotte Harbor (the "Resort" or "Sunseeker Resort") was damaged. Additionally in the fourth quarter of 2022, there was another weather-related event and a fire that caused additional damage. Based on the Company’s assessment of these damages and the anticipated future restoration costs, an estimated loss of $52.1 million was recorded as a special charge in 2022. During the quarter ended March 31, 2023, the Company recorded $1.8 million of insurance recoveries. The recoveries are offset by $0.2 million of additional losses recorded during the quarter, resulting in a special charge of $(1.6) million. To date, the Company has recorded insurance recoveries of $19.9 million related to Hurricane Ian and subsequent insurance events. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 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) 2023 2022 Scheduled service $ 311,728 $ 223,854 Ancillary air-related charges 283,902 229,464 Loyalty redemptions 13,647 10,643 Total passenger revenue $ 609,277 $ 463,961 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, 2023, the air traffic liability balance was $479.5 million, of which approximately $425.3 million was related to forward bookings, with the remaining $54.2 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 $379.5 million that was recorded in the air traffic liability balance as of December 31, 2022, approximately 68.8 percent was recognized into passenger revenue during the three months ended March 31, 2023. 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. 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. 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. Loyalty redemptions In relation to the travel component of the Allways® Allegiant 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 underlying service 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 passenger 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) 2023 2022 Points balance at January 1 $ 56,541 $ 40,490 Points awarded (deferral of revenue) 16,739 16,957 Points redeemed (recognition of revenue) (13,647) (10,643) Points balance at March 31 $ 59,633 $ 46,804 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 December 31, 2022 Flight equipment, including pre-delivery deposits $ 3,000,824 $ 2,937,767 Computer hardware and software 230,034 209,808 Land and buildings/leasehold improvements 62,157 62,227 Other property and equipment 100,213 95,156 Sunseeker Resort 406,192 320,572 Total property and equipment 3,799,420 3,625,530 Less accumulated depreciation and amortization (852,479) (814,837) Property and equipment, net $ 2,946,941 $ 2,810,693 Accrued capital expenditures as of March 31, 2023 and December 31, 2022 were $69.2 million and $54.6 million, respectively. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 December 31, 2022 Fixed-rate debt and finance lease obligations due through 2032 $ 1,719,077 $ 1,720,998 Variable-rate debt due through 2029 386,743 375,980 Total debt and finance lease obligations, net of related costs 2,105,820 2,096,978 Less current maturities, net of related costs 289,669 152,900 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,816,151 $ 1,944,078 Weighted average fixed-interest rate on debt 6.4% 6.5% Weighted average variable-interest rate on debt 6.6% 6.1% Interest Rate(s) Per Annum at March 31, 2023 December 31, 2022 (in thousands) Maturity Dates March 31, 2023 Senior secured notes 2024 — 2027 7.25 % — 8.50% $ 700,000 $ 700,000 Consolidated variable interest entities 2024 — 2029 2.92 % — 4.10% 103,966 79,453 Revolving credit facilities 2024 — 2027 7.32% 62,844 30,327 Debt secured by aircraft, engines, other equipment and real estate 2023 — 2029 1.87 % — 7.45% 438,282 466,335 Finance leases 2028 — 2032 4.44 % — 7.00% 473,339 494,328 Construction loan agreement 2028 5.75% 350,000 350,000 Total debt $ 2,128,431 $ 2,120,443 Related costs (22,611) (23,465) Total debt net of related costs $ 2,105,820 $ 2,096,978 Maturities of long term debt as of March 31, 2023, for the next five years and thereafter, in the aggregate, are: (in thousands) As of March 31, 2023 Remaining in 2023 $ 104,631 2024 365,058 2025 161,775 2026 155,579 2027 709,921 2028 278,929 Thereafter 329,927 Total debt and finance lease obligations, net of related costs $ 2,105,820 Revolving Credit Facility In February 2023, the Company, through a wholly owned subsidiary, entered into a credit agreement with Credit Agricole Corporate and Investment Bank, under which the Company is entitled to borrow up to $100.0 million. This revolving credit facility replaced a revolving credit facility with the same lender which was to expire in March 2023. The revolving credit facility has a maturity date of March 31, 2026 and the borrowing ability is based on the value of aircraft and engines placed into the collateral pool. The notes under the facility bear interest at a floating rate based on SOFR. As of March 31, 2023, the facility remains undrawn. Consolidated Variable Interest Entities |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company recorded an $18.3 million income tax expense at an effective tax rate of 24.5 percent and a $2.7 million income tax benefit at a 25.4 percent effective tax rate for the three months ended March 31, 2023 and 2022, respectively. The effective tax rate for the three months ended March 31, 2023 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. 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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, 2023. Financial instruments measured at fair value on a recurring basis: As of March 31, 2023 As of December 31, 2022 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 105,574 $ 105,574 $ — $ 88,073 $ 88,073 $ — Commercial paper 70,727 — 70,727 50,791 — 50,791 Municipal debt securities 7,593 — 7,593 8,599 — 8,599 Total cash equivalents 183,894 105,574 78,320 147,463 88,073 59,390 Short-term Commercial paper 373,285 — 373,285 421,279 — 421,279 US Treasury Bonds 23,457 — 23,457 — — — Corporate debt securities 133,273 — 133,273 166,136 — 166,136 Municipal debt securities 12,157 — 12,157 30,426 — 30,426 Federal agency debt securities 148,421 — 148,421 107,222 — 107,222 Total short-term 690,593 — 690,593 725,063 — 725,063 Long-term Federal agency debt securities 38,261 — 38,261 20,050 — 20,050 Corporate debt securities 22,904 — 22,904 35,688 — 35,688 Municipal debt securities 7,636 — 7,636 7,580 — 7,580 Total long-term 68,801 — 68,801 63,318 — 63,318 Total financial instruments $ 943,288 $ 105,574 $ 837,714 $ 935,844 $ 88,073 $ 847,771 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, excluding finance leases, including current maturities and without reduction for related costs, are as follows: As of March 31, 2023 As of December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Non-publicly held debt $ 1,655,092 $ 1,636,067 $ 1,626,114 $ 1,561,939 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, 2023 | |
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. 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, 2023 2022 Basic: Net income (loss) $ 56,149 $ (7,881) Less income allocated to participating securities (1,254) — Net income (loss) attributable to common stock $ 54,895 $ (7,881) Earnings (loss) per share, basic $ 3.09 $ (0.44) Weighted-average shares outstanding 17,766 17,954 Diluted: Net income (loss) $ 56,149 $ (7,881) Less income allocated to participating securities (1,254) — Net income (loss) attributable to common stock $ 54,895 $ (7,881) Earnings (loss) per share, diluted $ 3.09 $ (0.44) Weighted-average shares outstanding 17,766 17,954 Dilutive effect of stock options and restricted stock 104 — Adjusted weighted-average shares outstanding under treasury stock method 17,870 17,954 Participating securities excluded under two-class method (101) — Adjusted weighted-average shares outstanding under two-class method 17,769 17,954 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
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
Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | 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 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. 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 Three Months Ended March 31, 2023 Operating revenue: Passenger $ 609,277 $ — $ 609,277 Third party products 26,037 — 26,037 Fixed fee contracts 14,117 — 14,117 Other 251 5 256 Operating income (loss) 97,574 (2,749) 94,825 Interest expense, net 18,741 1,695 20,436 Depreciation and amortization 54,622 58 54,680 Capital expenditures 92,432 85,620 178,052 Three Months Ended March 31, 2022 Operating revenue: Passenger $ 463,961 $ — $ 463,961 Third party products 22,480 — 22,480 Fixed fee contracts 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 Total assets were as follows as of the dates indicated: (in thousands) As of March 31, 2023 As of December 31, 2022 Airline $ 4,130,023 $ 4,047,134 Sunseeker Resort 550,398 464,163 Consolidated $ 4,680,421 $ 4,511,297 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn April, 2023, the Company received advances of $55.9 million under the $200 million credit facility used to fund pre-delivery deposits for the Company's Boeing order. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 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. The Company has reclassified certain prior period amounts to conform to the current period presentation. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Disaggregation of 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) 2023 2022 Scheduled service $ 311,728 $ 223,854 Ancillary air-related charges 283,902 229,464 Loyalty redemptions 13,647 10,643 Total passenger revenue $ 609,277 $ 463,961 |
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) 2023 2022 Points balance at January 1 $ 56,541 $ 40,490 Points awarded (deferral of revenue) 16,739 16,957 Points redeemed (recognition of revenue) (13,647) (10,643) Points balance at March 31 $ 59,633 $ 46,804 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following table summarizes the Company's property and equipment as of the dates indicated: (in thousands) March 31, 2023 December 31, 2022 Flight equipment, including pre-delivery deposits $ 3,000,824 $ 2,937,767 Computer hardware and software 230,034 209,808 Land and buildings/leasehold improvements 62,157 62,227 Other property and equipment 100,213 95,156 Sunseeker Resort 406,192 320,572 Total property and equipment 3,799,420 3,625,530 Less accumulated depreciation and amortization (852,479) (814,837) Property and equipment, net $ 2,946,941 $ 2,810,693 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 December 31, 2022 Fixed-rate debt and finance lease obligations due through 2032 $ 1,719,077 $ 1,720,998 Variable-rate debt due through 2029 386,743 375,980 Total debt and finance lease obligations, net of related costs 2,105,820 2,096,978 Less current maturities, net of related costs 289,669 152,900 Long-term debt and finance lease obligations, net of current maturities and related costs $ 1,816,151 $ 1,944,078 Weighted average fixed-interest rate on debt 6.4% 6.5% Weighted average variable-interest rate on debt 6.6% 6.1% Interest Rate(s) Per Annum at March 31, 2023 December 31, 2022 (in thousands) Maturity Dates March 31, 2023 Senior secured notes 2024 — 2027 7.25 % — 8.50% $ 700,000 $ 700,000 Consolidated variable interest entities 2024 — 2029 2.92 % — 4.10% 103,966 79,453 Revolving credit facilities 2024 — 2027 7.32% 62,844 30,327 Debt secured by aircraft, engines, other equipment and real estate 2023 — 2029 1.87 % — 7.45% 438,282 466,335 Finance leases 2028 — 2032 4.44 % — 7.00% 473,339 494,328 Construction loan agreement 2028 5.75% 350,000 350,000 Total debt $ 2,128,431 $ 2,120,443 Related costs (22,611) (23,465) Total debt net of related costs $ 2,105,820 $ 2,096,978 |
Schedule of Maturities of Long-Term Debt | Maturities of long term debt as of March 31, 2023, for the next five years and thereafter, in the aggregate, are: (in thousands) As of March 31, 2023 Remaining in 2023 $ 104,631 2024 365,058 2025 161,775 2026 155,579 2027 709,921 2028 278,929 Thereafter 329,927 Total debt and finance lease obligations, net of related costs $ 2,105,820 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value On a Recurring Basis | Financial instruments measured at fair value on a recurring basis: As of March 31, 2023 As of December 31, 2022 (in thousands) Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 105,574 $ 105,574 $ — $ 88,073 $ 88,073 $ — Commercial paper 70,727 — 70,727 50,791 — 50,791 Municipal debt securities 7,593 — 7,593 8,599 — 8,599 Total cash equivalents 183,894 105,574 78,320 147,463 88,073 59,390 Short-term Commercial paper 373,285 — 373,285 421,279 — 421,279 US Treasury Bonds 23,457 — 23,457 — — — Corporate debt securities 133,273 — 133,273 166,136 — 166,136 Municipal debt securities 12,157 — 12,157 30,426 — 30,426 Federal agency debt securities 148,421 — 148,421 107,222 — 107,222 Total short-term 690,593 — 690,593 725,063 — 725,063 Long-term Federal agency debt securities 38,261 — 38,261 20,050 — 20,050 Corporate debt securities 22,904 — 22,904 35,688 — 35,688 Municipal debt securities 7,636 — 7,636 7,580 — 7,580 Total long-term 68,801 — 68,801 63,318 — 63,318 Total financial instruments $ 943,288 $ 105,574 $ 837,714 $ 935,844 $ 88,073 $ 847,771 |
Fair Value, Liabilities Measured on Recurring Basis | Carrying value and estimated fair value of long-term debt, excluding finance leases, including current maturities and without reduction for related costs, are as follows: As of March 31, 2023 As of December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Non-publicly held debt $ 1,655,092 $ 1,636,067 $ 1,626,114 $ 1,561,939 3 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Basic: Net income (loss) $ 56,149 $ (7,881) Less income allocated to participating securities (1,254) — Net income (loss) attributable to common stock $ 54,895 $ (7,881) Earnings (loss) per share, basic $ 3.09 $ (0.44) Weighted-average shares outstanding 17,766 17,954 Diluted: Net income (loss) $ 56,149 $ (7,881) Less income allocated to participating securities (1,254) — Net income (loss) attributable to common stock $ 54,895 $ (7,881) Earnings (loss) per share, diluted $ 3.09 $ (0.44) Weighted-average shares outstanding 17,766 17,954 Dilutive effect of stock options and restricted stock 104 — Adjusted weighted-average shares outstanding under treasury stock method 17,870 17,954 Participating securities excluded under two-class method (101) — Adjusted weighted-average shares outstanding under two-class method 17,769 17,954 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Three Months Ended March 31, 2023 Operating revenue: Passenger $ 609,277 $ — $ 609,277 Third party products 26,037 — 26,037 Fixed fee contracts 14,117 — 14,117 Other 251 5 256 Operating income (loss) 97,574 (2,749) 94,825 Interest expense, net 18,741 1,695 20,436 Depreciation and amortization 54,622 58 54,680 Capital expenditures 92,432 85,620 178,052 Three Months Ended March 31, 2022 Operating revenue: Passenger $ 463,961 $ — $ 463,961 Third party products 22,480 — 22,480 Fixed fee contracts 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 Total assets were as follows as of the dates indicated: (in thousands) As of March 31, 2023 As of December 31, 2022 Airline $ 4,130,023 $ 4,047,134 Sunseeker Resort 550,398 464,163 Consolidated $ 4,680,421 $ 4,511,297 |
Hurricane Ian - Narrative (Deta
Hurricane Ian - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 28, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Unusual or Infrequent Item, or Both [Line Items] | |||
Special charges | $ (1,835) | $ 142 | |
Special charges | (1,612) | $ 142 | |
Hurricane Ian | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Non-operating special charge | $ 52,100 | ||
Special charges | 1,800 | ||
Unusual or infrequent item, or both, insurance proceeds | 200 | ||
Special charges | (1,600) | ||
Insurance recoveries | $ 19,900 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 609,277 | $ 463,961 |
Scheduled service | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 311,728 | 223,854 |
Ancillary air-related charges | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 283,902 | 229,464 |
Loyalty redemptions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 13,647 | $ 10,643 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Apr. 30, 2020 | Mar. 31, 2023 | Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |||
Contract with Customer, Liability, Current | $ 479,530 | $ 379,459 | |
Contract with Customer, Liability, Forward Bookings | 42,530,000,000% | ||
Contract with Customer, Liability, Credit Voucher Bookings | 5,420,000,000% | ||
Revenue, Performance Obligation, Description of Timing | 12 months | ||
Air Traffic Liability, Recognized | $ 379,500 | ||
Contract with Customer, Liability, Passenger Revenue | 68.80% | ||
Credit Voucher Term Expiration | 2 years |
Revenue Recognition - Contract
Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Points Liability [Abstract] | ||
Points balance at January 1 | $ 56,541 | $ 40,490 |
Points awarded (deferral of revenue) | 16,739 | 16,957 |
Points redeemed (recognition of revenue) | (13,647) | (10,643) |
Points balance at March 31 | $ 59,633 | $ 46,804 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Flight equipment, including pre-delivery deposits | $ 3,000,824 | $ 2,937,767 |
Computer hardware and software | 230,034 | 209,808 |
Land and buildings/leasehold improvements | 62,157 | 62,227 |
Other property and equipment | 100,213 | 95,156 |
Sunseeker Resort | 406,192 | 320,572 |
Total property and equipment | 3,799,420 | 3,625,530 |
Less accumulated depreciation and amortization | 852,479 | 814,837 |
Property and equipment, net | 2,946,941 | 2,810,693 |
Capital Expenditures Incurred but Not yet Paid | $ 69,200 | $ 54,600 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 2,105,820 | $ 2,096,978 |
Less current maturities | 289,669 | 152,900 |
Long-term debt and capital leases, net of current maturities and related costs | 1,816,151 | 1,944,078 |
Finance Lease, Liability | 473,339 | 494,328 |
Debt and Lease Obligation | (22,611) | (23,465) |
Debt Issuance Costs, Net | $ 2,105,820 | 2,096,978 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 4.44% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 7% | |
Weighted average fixed-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 1,719,077 | $ 1,720,998 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 6.40% | 6.50% |
Weighted average variable-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 386,743 | $ 375,980 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 6.60% | 6.10% |
Construction Loan Agreement Due 2032 | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital leases, net of current maturities and related costs | $ 350,000 | $ 350,000 |
Debt instrument, interest rate, stated percentage | 5.75% | |
Revolving Credit Facilities Due 2027 | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital leases, net of current maturities and related costs | $ 62,844 | 30,327 |
Debt instrument, interest rate, stated percentage | 7.32% | |
Senior Secured Notes Due 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital leases, net of current maturities and related costs | $ 700,000 | 700,000 |
Senior Secured Notes Due 2027 | Senior Notes | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 7.25% | |
Senior Secured Notes Due 2027 | Senior Notes | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 8.50% | |
Consolidated Variable Interest Entities Due 2029 | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital leases, net of current maturities and related costs | $ 103,966 | 79,453 |
Consolidated Variable Interest Entities Due 2029 | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 2.92% | |
Consolidated Variable Interest Entities Due 2029 | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 4.10% | |
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital leases, net of current maturities and related costs | $ 438,282 | 466,335 |
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 1.87% | |
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 7.45% | |
Long-term Debt [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital leases, net of current maturities and related costs | $ 2,128,431 | $ 2,120,443 |
Long-Term Debt - Summary of Mat
Long-Term Debt - Summary of Maturities of Long-Term Debt (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Schedule of Maturities of Long-Term Debt [Abstract] | |
Remaining in 2023 | $ 104,631 |
2024 | 365,058 |
2025 | 161,775 |
2026 | 155,579 |
2027 | 709,921 |
2028 | 278,929 |
Thereafter | 329,927 |
Total debt and finance lease obligations, net of related costs | $ 2,105,820 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) $ in Thousands | 1 Months Ended | |||
Feb. 28, 2023 USD ($) Aircraft | Mar. 31, 2023 USD ($) | Feb. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
TOTAL LIABILITIES: | $ 3,409,024 | $ 3,290,599 | ||
Assets | $ 4,680,421 | $ 4,511,297 | ||
Consolidated Variable Interest Entity | Airbus A320 Aircraft Series | ||||
Debt Instrument [Line Items] | ||||
Number Of Aircrafts Included As Collateral | Aircraft | 1 | |||
Variable Interest Entity, Primary Beneficiary | Consolidated Variable Interest Entity | ||||
Debt Instrument [Line Items] | ||||
TOTAL LIABILITIES: | $ 27,000 | |||
Debt instrument, interest rate, stated percentage | 292% | |||
Revolving Credit Facility | Credit Agricole Corporate and Investment Bank | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 100,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ (18,269) | $ 2,686 |
Effective Income Tax Rate Reconciliation, Percent | 24.50% | 25.40% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | $ 943,288 | $ 935,844 |
Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 105,574 | 88,073 |
Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 837,714 | 847,771 |
Cash Equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 183,894 | 147,463 |
Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 105,574 | 88,073 |
Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 78,320 | 59,390 |
Short-Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 690,593 | 725,063 |
Short-Term Investments | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Short-Term Investments | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 690,593 | 725,063 |
Long Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 68,801 | 63,318 |
Long Term Investments | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Long Term Investments | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 68,801 | 63,318 |
Money market funds | Cash Equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 105,574 | 88,073 |
Money market funds | Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 105,574 | 88,073 |
Money market funds | Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 0 | 0 |
Commercial paper | Cash Equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 70,727 | 50,791 |
Commercial paper | Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 0 | 0 |
Commercial paper | Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 70,727 | 50,791 |
Commercial paper | Short-Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 373,285 | 421,279 |
Commercial paper | Short-Term Investments | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Commercial paper | Short-Term Investments | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 373,285 | 421,279 |
Municipal debt securities | Cash Equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 7,593 | 8,599 |
Municipal debt securities | Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 0 | 0 |
Municipal debt securities | Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash Equivalents | 7,593 | 8,599 |
Municipal debt securities | Short-Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 12,157 | 30,426 |
Municipal debt securities | Short-Term Investments | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Municipal debt securities | Short-Term Investments | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 12,157 | 30,426 |
Municipal debt securities | Long Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 7,636 | 7,580 |
Municipal debt securities | Long Term Investments | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | |
Municipal debt securities | Long Term Investments | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 7,636 | 7,580 |
US Treasury Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 23,457 | 0 |
US Treasury Bonds | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
US Treasury Bonds | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 23,457 | 0 |
Corporate debt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 22,904 | 35,688 |
Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 22,904 | 35,688 |
Corporate debt securities | Short-Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 133,273 | 166,136 |
Corporate debt securities | Short-Term Investments | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Corporate debt securities | Short-Term Investments | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 133,273 | 166,136 |
Federal agency debt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 38,261 | 20,050 |
Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 38,261 | 20,050 |
Federal agency debt securities | Short-Term Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 148,421 | 107,222 |
Federal agency debt securities | Short-Term Investments | Fair Value, Inputs, Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Federal agency debt securities | Short-Term Investments | Fair Value, Inputs, Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-Sale | $ 148,421 | $ 107,222 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 2,105,820 | $ 2,096,978 |
Non-Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 1,655,092 | 1,626,114 |
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 | $ 1,636,067 | $ 1,561,939 |
Earnings (Loss) per Share (Deta
Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Basic: | ||
Net income (loss) | $ 56,149 | $ (7,881) |
Less income allocated to participating securities | (1,254) | 0 |
Net income (loss) attributable to common stock | $ 54,895 | $ (7,881) |
Net income per share, basic (in dollars per share) | $ 3.09 | $ (0.44) |
Weighted-average shares outstanding (in shares) | 17,766 | 17,954 |
Diluted: | ||
Net income (loss) | $ 56,149 | $ (7,881) |
Less income allocated to participating securities | (1,254) | 0 |
Net income (loss) attributable to common stock | $ 54,895 | $ (7,881) |
Earnings (loss) per share, diluted (in dollars per share) | $ 3.09 | $ (0.44) |
Weighted-average shares outstanding ( in shares) | 17,766 | 17,954 |
Dilutive effect of stock options and restricted stock (in shares) | 104 | 0 |
Adjusted weighted-average shares outstanding under treasury stock method (in shares) | 17,870 | 17,954 |
Participating securities excluded under two-class method (in shares) | (101) | 0 |
Adjusted weighted-average shares outstanding under two-class method (in shares) | 17,769 | 17,954 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 segment Aircraft suite hotel_tower | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | segment | 2 |
Anticipated Number Of One, Two, and Three-Bedroom Suites | suite | 180 |
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, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Passenger | $ 609,277 | $ 463,961 | |
Third party products | 26,037 | 22,480 | |
Fixed fee contracts | 14,117 | 13,386 | |
Other | 256 | 282 | |
Operating income (loss) | 94,825 | 7,229 | |
Interest expense, net | 20,436 | 17,802 | |
Depreciation and amortization | 54,680 | 46,343 | |
Capital expenditures | 178,052 | 205,959 | |
Assets | 4,680,421 | $ 4,511,297 | |
Airline | |||
Segment Reporting Information [Line Items] | |||
Passenger | 609,277 | 463,961 | |
Third party products | 26,037 | 22,480 | |
Fixed fee contracts | 14,117 | 13,386 | |
Other | 251 | 281 | |
Operating income (loss) | 97,574 | 10,176 | |
Interest expense, net | 18,741 | 15,828 | |
Depreciation and amortization | 54,622 | 46,341 | |
Capital expenditures | 92,432 | 142,178 | |
Assets | 4,130,023 | 4,047,134 | |
Sunseeker Resort | |||
Segment Reporting Information [Line Items] | |||
Passenger | 0 | 0 | |
Third party products | 0 | 0 | |
Fixed fee contracts | 0 | 0 | |
Other | 5 | 1 | |
Operating income (loss) | (2,749) | (2,947) | |
Interest expense, net | 1,695 | 1,974 | |
Depreciation and amortization | 58 | 2 | |
Capital expenditures | 85,620 | $ 63,781 | |
Assets | $ 550,398 | $ 464,163 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Millions | Apr. 30, 2023 USD ($) |
Revolving Credit Facility | |
Subsequent Event [Line Items] | |
Long-term line of credit | $ 200 |
Revolving Credit Facility | |
Subsequent Event [Line Items] | |
Long-term line of credit, advance received | $ 55.9 |