Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 15, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Allegiant Travel CO | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 16,838,157 | |
Amendment Flag | false | |
Entity Central Index Key | 1,362,468 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well Known Seasoned Issuer | Yes | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 78,545 | $ 89,610 |
Restricted cash | 13,197 | 12,021 |
Short-term investments | 246,985 | 269,817 |
Accounts receivable | 15,712 | 14,216 |
Expendable parts, supplies and fuel, net | 16,846 | 16,980 |
Prepaid expenses | 22,817 | 24,306 |
Deferred income taxes | 6,271 | 6,271 |
Other current assets | 3,104 | 406 |
TOTAL CURRENT ASSETS | 403,477 | 433,627 |
Property and equipment, net | 832,822 | 738,783 |
Long-term investments | 60,095 | 57,390 |
Investment in and advances to unconsolidated affiliates, net | 2,797 | 1,811 |
Deposits and other assets | 4,716 | 3,469 |
TOTAL ASSETS | 1,303,907 | 1,235,080 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt, net of related costs | 69,593 | 52,605 |
Accounts payable | 7,358 | 13,232 |
Accrued liabilities | 71,463 | 110,802 |
Air traffic liability | 209,725 | 185,315 |
TOTAL CURRENT LIABILITIES | 358,139 | 361,954 |
LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES: | ||
Long-term debt, net of current maturities and related costs | 566,159 | 536,189 |
Deferred income taxes | 45,531 | 42,872 |
TOTAL LIABILITIES | 969,829 | 941,015 |
SHAREHOLDERS' EQUITY: | ||
Common stock, par value $.001 | 22 | 22 |
Treasury stock | (446,515) | (325,396) |
Additional paid in capital | 229,365 | 221,257 |
Accumulated other comprehensive income, net | 1,527 | 1,211 |
Retained earnings | 549,679 | 395,783 |
TOTAL ALLEGIANT TRAVEL COMPANY SHAREHOLDERS' EQUITY | 334,078 | 292,877 |
Noncontrolling interest | 0 | 1,188 |
TOTAL EQUITY | 334,078 | 294,065 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,303,907 | $ 1,235,080 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Cash dividend declared per share: | $ 0.30 | $ 0 | $ 0.80 | $ 0 |
OPERATING REVENUE: | ||||
Scheduled service revenue | $ 170,002 | $ 166,893 | $ 556,842 | $ 559,587 |
Ancillary revenue: | ||||
Air-related charges | 107,554 | 77,198 | 326,055 | 248,432 |
Third party products | 9,890 | 8,051 | 31,663 | 28,338 |
Total ancillary revenue | 117,444 | 85,249 | 357,718 | 276,770 |
Fixed fee contract revenue | 4,640 | 4,899 | 11,993 | 10,508 |
Other revenue | 7,870 | 7,988 | 24,745 | 11,229 |
Total operating revenue | 299,956 | 265,029 | 951,298 | 858,094 |
OPERATING EXPENSES: | ||||
Aircraft fuel | 68,272 | 94,864 | 216,985 | 308,308 |
Salary and benefits | 58,968 | 52,109 | 171,119 | 145,845 |
Station operations | 26,454 | 21,064 | 74,768 | 63,453 |
Maintenance and repairs | 25,369 | 22,562 | 70,488 | 64,590 |
Sales and marketing | 4,053 | 7,808 | 16,907 | 22,269 |
Aircraft lease rentals | 695 | 1,565 | 2,092 | 12,897 |
Depreciation and amortization | 24,346 | 22,174 | 73,597 | 60,355 |
Other | 14,717 | 14,016 | 47,402 | 37,826 |
Total operating expenses | 222,874 | 236,162 | 673,358 | 715,543 |
OPERATING INCOME | 77,082 | 28,867 | 277,940 | 142,551 |
OTHER (INCOME) EXPENSE: | ||||
Earnings from unconsolidated affiliates, net | (67) | (101) | (117) | (173) |
Interest income | (301) | (106) | (948) | (545) |
Interest expense | 6,687 | 7,097 | 20,531 | 13,817 |
Total other expense | 6,319 | 6,890 | 19,466 | 13,099 |
INCOME BEFORE INCOME TAXES | 70,763 | 21,977 | 258,474 | 129,452 |
PROVISION FOR INCOME TAXES | 26,305 | 7,866 | 94,853 | 47,900 |
NET INCOME | 44,458 | 14,111 | 163,621 | 81,552 |
Net loss attributable to noncontrolling interest | 0 | (61) | (44) | (340) |
NET INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | $ 44,458 | $ 14,172 | $ 163,665 | $ 81,892 |
Earnings per share to common shareholders: | ||||
Basic (in Dollars per share) | $ 2.63 | $ 0.80 | $ 9.57 | $ 4.56 |
Diluted (in Dollars per share) | $ 2.62 | $ 0.80 | $ 9.55 | $ 4.54 |
Weighted average shares outstanding used in computing earnings per share to common shareholders: | ||||
Basic (in Shares) | 16,831 | 17,605 | 17,010 | 17,848 |
Diluted (in Shares) | 16,869 | 17,704 | 17,050 | 17,912 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
NET INCOME | $ 44,458 | $ 14,111 | $ 163,621 | $ 81,552 |
OTHER COMPREHENSIVE INCOME: | ||||
Change in available-for-sale securities, net of tax | (21) | (125) | 377 | (85) |
Foreign currency translation adjustment, net of tax | (32) | 0 | 230 | 0 |
Change in derivatives, net of tax | 171 | 605 | 712 | 769 |
Reclassification of derivative gains into Other revenue | (260) | 0 | (1,003) | 0 |
Total other comprehensive (loss) income | (142) | 480 | 316 | 684 |
TOTAL COMPREHENSIVE INCOME | 44,316 | 14,591 | 163,937 | 82,236 |
Net loss attributable to noncontrolling interest | 0 | (61) | (44) | (340) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | $ 44,316 | $ 14,652 | $ 163,981 | $ 82,576 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES: | ||
NET INCOME | $ 163,621 | $ 81,552 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 73,597 | 60,355 |
Loss on aircraft and other equipment disposals | 3,043 | 3,967 |
Provision for obsolescence of expendable parts, supplies and fuel | 1,183 | 956 |
Amortization of deferred financing costs (original issue discount) | 945 | (2,209) |
Share-based compensation expense | 10,736 | 13,813 |
Deferred income taxes | 2,659 | 1,332 |
Excess tax benefits from share-based compensation | (3,868) | (3,339) |
Changes in certain assets and liabilities: | ||
Accounts receivable | (1,496) | 349 |
Prepaid expenses | 1,489 | 4,928 |
Accounts payable | (1,775) | 6,194 |
Accrued liabilities | (2,228) | 8,338 |
Air traffic liability | 24,410 | 27,740 |
Other, net | (4,706) | (8,822) |
Net cash provided by operating activities | 267,610 | 195,154 |
INVESTING ACTIVITIES: | ||
Purchase of investment securities | (272,970) | (285,918) |
Proceeds from maturities of investment securities | 293,181 | 204,306 |
Purchase of property and equipment, including pre-delivery deposits | (173,926) | (188,131) |
Other investing activities | 687 | 753 |
Net cash used in investing activities | (153,028) | (268,990) |
FINANCING ACTIVITIES: | ||
Cash dividends paid to shareholders | (57,410) | (41,787) |
Proceeds from the exercise of stock options | 3,869 | 0 |
Proceeds from the issuance of long-term debt | 93,000 | 385,300 |
Repurchase of common stock | (121,119) | (129,323) |
Principal payments on long-term debt | (46,447) | (155,577) |
Other financing activities | 2,460 | 3,709 |
Net cash (used in) provided by financing activities | (125,647) | 62,322 |
Net change in cash and cash equivalents | (11,065) | (11,514) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 89,610 | 97,711 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 78,545 | 86,197 |
Non- cash transactions: | ||
Long-term debt assumed for aircraft | $ 0 | $ 141,960 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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. Investments in affiliates in which the Company’s ownership interest ranges from 20 to 50 percent and in which the Company has the ability to exercise significant influence over operating and financial policies are accounted for under the equity method. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments, which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain 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 condensed or 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, 2014, 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 could differ from these estimates. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods, or for the full year. Reclassifications related to the adoption of ASU 2015-03 have been made to the prior period’s financial statements to conform to 2015 classifications. These reclassifications had no effect on the previously reported net income. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, intended to create a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB decided to defer the effective date by one year, to December 15, 2017, for annual and interim periods beginning after that date. The FASB has also proposed permitting early adoption of the standard, but not before the original effective date of annual periods beginning after December 15, 2016. The Company is evaluating the impact on its financial statements of adopting this new accounting standard and plans to provide additional information regarding its expected financial impact at a later date. In April 2015, the FASB issued ASU 2015-03, which amends existing guidance and requires the presentation of debt issuance costs on the balance sheet as a reduction of the carrying amount of the related debt liability rather than as a deferred charge, effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2015. The Company has adopted this change in accounting principle as of September 30, 2015. As such, debt issuance costs previously reflected on the balance sheet in deposits and other assets, are now reflected as a reduction to long-term debt, in the amount of $4.1 million and $4.3 million as of September 30, 2015 and December 31, 2014, respectively. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The Company’s investments in marketable securities are classified as available-for-sale and are reported at fair market value with the net unrealized gain or loss reported as a component of accumulated other comprehensive income ("AOCI") in shareholders’ equity. Excluded from the following table is the change in fair value attributable to the foreign currency risk being hedged. Refer to Note 6 - Derivative Instruments for additional information related to the Company's foreign currency hedge. Investment securities are classified as cash equivalents, short-term investments, and long-term investments based on maturity date. Cash equivalents have maturities of three months or less, short-term investments have maturities of greater than three months but equal to or less than one year, and long-term investments are those with a maturity date greater than one year. Investment securities (in thousands): As of September 30, 2015 As of December 31, 2014 Net Unrealized Net Unrealized Cost Gains (Losses) Market Value Cost Gains (Losses) Market Value Money market funds $ 2,826 $ — $ — $ 2,826 $ 8,377 $ — $ — $ 8,377 Certificates of deposit — — — — 10,049 2 — 10,051 Commercial paper 90,103 9 (19 ) 90,093 47,941 3 (4 ) 47,940 Municipal debt securities 51,038 7 (3 ) 51,042 105,933 14 (2 ) 105,945 Government debt securities 44,759 12 (10 ) 44,761 24,028 — (31 ) 23,997 Corporate debt securities 110,990 7 (28 ) 110,969 134,770 1 (106 ) 134,665 Federal agency debt securities 20,562 2 — 20,564 4,711 — (1 ) 4,710 Total $ 320,278 $ 37 $ (60 ) $ 320,255 $ 335,809 $ 20 $ (144 ) $ 335,685 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property and Equipment Property and equipment (in thousands): As of September 30, 2015 As of December 31, 2014 Flight equipment $ 1,057,549 $ 947,082 Ground property and equipment 141,929 100,916 Total property and equipment 1,199,478 1,047,998 Less accumulated depreciation and amortization 366,656 309,215 Property and equipment, net $ 832,822 $ 738,783 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt (in thousands): As of September 30, 2015 As of December 31, 2014 Fixed-rate notes payable due through 2020 $ 344,351 $ 343,625 Variable-rate notes payable due through 2020 291,401 245,169 Total long-term debt, net of related costs 635,752 588,794 Less current maturities 69,593 52,605 Long-term debt, net of current maturities and related costs $ 566,159 $ 536,189 Maturities of long-term debt for the remainder of 2015 and for the next four years and thereafter, in aggregate (in thousands): As of September 30, 2015 Remaining in 2015 $ 17,213 2016 70,219 2017 72,548 2018 128,718 2019 331,424 Thereafter 15,630 Total $ 635,752 Secured Debt In September 2015, the Company borrowed $29.0 million secured by two A319 aircraft. The notes bear interest at a floating rate based on LIBOR plus 1.75 percent and will be payable in quarterly installments through September 2020. In June 2015, the Company borrowed $26.5 million secured by two A319 aircraft. The notes bear interest at a floating rate based on LIBOR plus 1.70 percent and will be payable in quarterly installments through June 2020. In March 2015, the Company borrowed $30.0 million secured by two A319 aircraft. The notes bear interest at a floating rate based on LIBOR plus 1.70 percent , and are payable in quarterly installments through March 2020. In March 2015, the Company borrowed $7.5 million secured by the real estate purchased by the Company in October 2014. The note bears a fixed interest rate of 2.86 percent per annum, and provides for a 25-year amortization and a five-year term. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities Level 2 - Defined as inputs other than Level 1 inputs that are either directly or indirectly observable Level 3 - Defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions The Company uses the market approach valuation technique to determine fair value for investment securities. The assets classified as Level 1 consist of money market funds for which original cost approximates fair value. The assets classified as Level 2 consist of certificates of deposit, commercial paper, municipal debt securities, federal agency debt securities, government debt securities, and corporate debt securities, which are valued using quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs. The Company has no investment securities classified as Level 3. For those assets classified as Level 2 that are not in active markets, the Company obtains fair value from pricing sources using quoted market prices for identical or comparable instruments, and uses pricing models which include all significant observable inputs; maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers and other market related data. These inputs are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset. The fair value of the Company's derivative instrument is determined using standard valuation models. The significant inputs used in these models are readily available in public markets or can be derived from observable market transactions and therefore have been classified as Level 2. Inputs used in these standard valuation models for derivative instruments include the applicable exchange and interest rates. Financial instruments measured at fair value on a recurring basis (in thousands): As of Level 1 Level 2 Cash equivalents Money market funds $ 2,826 $ 2,826 $ — Commercial paper 10,349 — 10,349 Total cash equivalents 13,175 2,826 10,349 Short-term Corporate debt securities 92,892 — 92,892 Commercial paper 79,744 — 79,744 Municipal debt securities 48,778 — 48,778 Federal agency debt securities 20,564 — 20,564 Government debt securities 5,007 — 5,007 Total short-term 246,985 — 246,985 Long-term Government debt securities 39,754 — 39,754 Corporate debt securities 18,077 — 18,077 Derivative instruments 2,475 — 2,475 Municipal debt securities 2,264 — 2,264 Total long-term 62,570 — 62,570 Total financial instruments $ 322,730 $ 2,826 $ 319,904 As of Level 1 Level 2 Cash equivalents Money market funds $ 8,377 $ 8,377 $ — Municipal debt securities 101 — 101 Total cash equivalents 8,478 8,377 101 Short-term Corporate debt securities 103,961 — 103,961 Municipal debt securities 103,155 — 103,155 Commercial paper 47,940 — 47,940 Certificates of deposit 10,051 — 10,051 Federal agency debt securities 4,710 — 4,710 Total short-term 269,817 — 269,817 Long-term Corporate debt securities 30,704 — 30,704 Government debt securities 23,997 — 23,997 Municipal debt securities 2,689 — 2,689 Derivative instruments 1,858 — 1,858 Total long-term 59,248 — 59,248 Total financial instruments $ 337,543 $ 8,377 $ 329,166 The fair value of the Company’s publicly held long-term debt is determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized its publicly held debt as Level 2. The remaining debt agreements are not publicly held. The Company has determined the estimated fair value of these notes to be Level 3, as certain inputs used to determine the fair value of these agreements 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 (in thousands): As of September 30, 2015 As of December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Publicly held debt $ 300,000 $ 300,750 $ 300,000 $ 304,875 2 Non-publicly held debt 339,902 319,859 293,099 270,490 3 Total long-term debt $ 639,902 $ 620,609 $ 593,099 $ 575,365 Due to the short term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Derivative Instruments In 2014, the Company entered into a foreign currency swap in order to mitigate the foreign currency exchange rate risk associated with the forecasted lease revenue from 12 Airbus A320 series aircraft leased to a European carrier until 2018. The Company uses a cash flow hedge to minimize the variability in cash flows of assets, liabilities and forecasted transactions caused by fluctuations in foreign currency exchange rates. At September 30, 2015 , the net change in fair value recorded in AOCI related to the unrealized gain on the hedge was $0.7 million , when compared to the fair value at December 31, 2014. At inception, the Company formally designated and documented this financial instrument as a hedge of a specific underlying exposure, the risk management objective, and the strategy for undertaking the hedge transaction. The Company also assessed whether the financial instrument used in the hedging transactions was effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. This assessment is monitored on at least a quarterly basis, and the change in fair market value of any ineffective portion of a financial instrument would be immediately recognized into earnings. For the nine months ended September 30, 2015 , the Company realized $0.6 million in net gains from its cash flow hedge into Other revenue, and as of September 30, 2015 , expects $0.6 million to be reclassified from Other comprehensive income into Other revenue within the next 12 months. At September 30, 2015 , the fair value of the Company's derivative instrument was $2.5 million and is reported in the Company's consolidated balance sheet within deposits and other assets. Refer to Note 5 - Fair Value Measurements for additional information related to the estimated fair value. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders’ Equity The Company is authorized by the Board of Directors to acquire its stock through open market purchases under its share repurchase program. As repurchase authority is used, the Board of Directors has, to date, authorized additional expenditures for share repurchases. Share repurchases consisted of the following during the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Shares repurchased 175,142 223,147 644,603 953,309 Average price per share $218.67 $118.53 $185.43 $103.44 Total (in thousands) $38,298 $26,449 $119,530 $98,606 During the three months ended September 30, 2015 , the Company declared and paid cash dividends of $0.30 per share, or $5.1 million . During the nine months ended September 30, 2015 , the Company declared and paid cash dividends of $0.80 per share, or $13.7 million . |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic and diluted earnings per share are computed pursuant to the two-class method. Under this method, the Company attributes net income to two classes: common stock and unvested restricted stock. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. Diluted net income per share is calculated using the more dilutive of the two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs: 1. Assume vesting of restricted stock using the treasury stock method. 2. Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method. For the three and nine months ended September 30, 2015 , the second method, which assumes unvested awards are not vested, was used in the computation because it was more dilutive than the first method. The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share and dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic: Net income attributable to Allegiant Travel Company $ 44,458 $ 14,172 $ 163,665 $ 81,892 Less net income allocated to participating securities (199 ) (90 ) (802 ) (586 ) Net income attributable to common stock $ 44,259 $ 14,082 $ 162,863 $ 81,306 Net income per share, basic $ 2.63 $ 0.80 $ 9.57 $ 4.56 Weighted-average shares outstanding 16,831 17,605 17,010 17,848 Diluted: Net income attributable to Allegiant Travel Company $ 44,458 $ 14,172 $ 163,665 $ 81,892 Less net income allocated to participating securities (198 ) — (800 ) (584 ) Net income attributable to common stock $ 44,260 $ 14,172 $ 162,865 $ 81,308 Net income per share, diluted $ 2.62 $ 0.80 $ 9.55 $ 4.54 Weighted-average shares outstanding 16,831 17,605 17,010 17,848 Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights 68 99 68 101 Adjusted weighted-average shares outstanding under treasury stock method 16,899 17,704 17,078 17,949 Participating securities excluded under two-class method (30 ) N/A (28 ) (37 ) Adjusted weighted-average shares outstanding under two-class method 16,869 N/A 17,050 17,912 For the three and nine months ended September 30, 2015 , anti-dilutive shares excluded from the calculation of earnings per share were not material. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to certain legal and administrative actions it considers routine to business activities. The Company believes the ultimate outcome of any pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations. As of September 30, 2015 , the Company had firm commitments to purchase the following aircraft: Aircraft Type Number of Aircraft Under Contract Airbus A319 10 Airbus A320 5 Future minimum fixed payments for the Company's commitments related to the acquisition of aircraft, airport fees under use and lease agreements, and other operating lease obligations (in thousands): As of September 30, 2015 Remaining in 2015 $ 77,153 2016 118,556 2017 73,576 2018 2,801 2019 2,709 Thereafter 3,150 Total commitments $ 277,945 |
Related Party
Related Party | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions The Company previously entered into lease agreements for approximately 70,000 and 10,000 square feet of office space in buildings for which the Company’s Chairman and Chief Executive Officer ("CEO"), and an additional member of its Board of Directors, own minority interests as limited partners. For the nine months ended September 30, 2015 and 2014 , the Company made rent payments under these leases totaling $1.1 million and $2.5 million , respectively. In early 2015, the Company exercised its option to terminate the lease for 70,000 square feet of office space (original expiration in April 2018) which was subsequently challenged by the managing members of that entity. As a result, the Company filed a declaratory judgment action seeking clarification regarding whether the early termination option was properly exercised and the amount owed upon early termination. Game Plane, LLC, a wholly owned subsidiary of the Company, partnered with Alpine Labs, LLC to produce and distribute game shows filmed on Company flights. The Company’s Chairman and CEO owns a 25 percent interest in, and is on the managing board of, Alpine Labs, LLC. For the nine months ended September 30, 2015 and 2014 , the Company made payments of $0.4 million and $2.5 million , respectively, to Alpine Labs, LLC. No further expenses are expected to be incurred related to this transaction. For the nine months ended September 30, 2015 , the Company made payments totaling $2.1 million to entities owned or controlled by the Company's Chairman and CEO for the building of corporate training content. The amount paid during the same period in 2014 was nominal. In October 2015, the Company's Board of Directors approved an additional commitment of $3.5 million to be spent on training content. The project is expected to conclude in 2016. GMS Racing, LLC competes in the NASCAR Camping World Truck Series and ARCA Racing Series. The Company's Chairman and CEO owns a controlling interest in GMS Racing, LLC. During the nine months ended September 30, 2015 , the Company made sponsorship payments in the amount of $2.3 million . An additional payment of $0.2 million will be made in fourth quarter 2015, after which no further payments are anticipated. No payments were made to GMS Racing, LLC during the nine months ended September 30, 2014 . In September 2014, as part of its stock repurchase plan, the Company repurchased all of Andrew Levy's (former President, Director, and Chief Operating Officer) unvested shares of restricted stock ( 23,623 shares at $124.05 ) and all of his unexercised stock options (options to purchase 127,512 shares at exercise prices between $36.97 per share and $108.59 per share) for a total payment of approximately $8.5 million . Also in September 2014, the Company repurchased 200,000 shares of its common stock from its Chairman and CEO at $126.20 per share, for a total purchase price of $25.2 million . The repurchase prices of the common stock listed above were based on the average closing market price of the Company's stock over the five trading days prior to each sale date. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies - (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
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. Investments in affiliates in which the Company’s ownership interest ranges from 20 to 50 percent and in which the Company has the ability to exercise significant influence over operating and financial policies are accounted for under the equity method. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments, which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain 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 condensed or 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, 2014, 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 could differ from these estimates. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods, or for the full year. |
New Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, intended to create a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB decided to defer the effective date by one year, to December 15, 2017, for annual and interim periods beginning after that date. The FASB has also proposed permitting early adoption of the standard, but not before the original effective date of annual periods beginning after December 15, 2016. The Company is evaluating the impact on its financial statements of adopting this new accounting standard and plans to provide additional information regarding its expected financial impact at a later date. In April 2015, the FASB issued ASU 2015-03, which amends existing guidance and requires the presentation of debt issuance costs on the balance sheet as a reduction of the carrying amount of the related debt liability rather than as a deferred charge, effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2015. The Company has adopted this change in accounting principle as of September 30, 2015. As such, debt issuance costs previously reflected on the balance sheet in deposits and other assets, are now reflected as a reduction to long-term debt, in the amount of $4.1 million and $4.3 million as of September 30, 2015 and December 31, 2014, respectively. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Securities | Investment securities (in thousands): As of September 30, 2015 As of December 31, 2014 Net Unrealized Net Unrealized Cost Gains (Losses) Market Value Cost Gains (Losses) Market Value Money market funds $ 2,826 $ — $ — $ 2,826 $ 8,377 $ — $ — $ 8,377 Certificates of deposit — — — — 10,049 2 — 10,051 Commercial paper 90,103 9 (19 ) 90,093 47,941 3 (4 ) 47,940 Municipal debt securities 51,038 7 (3 ) 51,042 105,933 14 (2 ) 105,945 Government debt securities 44,759 12 (10 ) 44,761 24,028 — (31 ) 23,997 Corporate debt securities 110,990 7 (28 ) 110,969 134,770 1 (106 ) 134,665 Federal agency debt securities 20,562 2 — 20,564 4,711 — (1 ) 4,710 Total $ 320,278 $ 37 $ (60 ) $ 320,255 $ 335,809 $ 20 $ (144 ) $ 335,685 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment | Property and equipment (in thousands): As of September 30, 2015 As of December 31, 2014 Flight equipment $ 1,057,549 $ 947,082 Ground property and equipment 141,929 100,916 Total property and equipment 1,199,478 1,047,998 Less accumulated depreciation and amortization 366,656 309,215 Property and equipment, net $ 832,822 $ 738,783 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt (in thousands): As of September 30, 2015 As of December 31, 2014 Fixed-rate notes payable due through 2020 $ 344,351 $ 343,625 Variable-rate notes payable due through 2020 291,401 245,169 Total long-term debt, net of related costs 635,752 588,794 Less current maturities 69,593 52,605 Long-term debt, net of current maturities and related costs $ 566,159 $ 536,189 |
Long-Term Debt Schedule of Matu
Long-Term Debt Schedule of Maturities of Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Maturities of Long-Term Debt [Abstract] | |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt for the remainder of 2015 and for the next four years and thereafter, in aggregate (in thousands): As of September 30, 2015 Remaining in 2015 $ 17,213 2016 70,219 2017 72,548 2018 128,718 2019 331,424 Thereafter 15,630 Total $ 635,752 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value On a Recurring Basis | Financial instruments measured at fair value on a recurring basis (in thousands): As of Level 1 Level 2 Cash equivalents Money market funds $ 2,826 $ 2,826 $ — Commercial paper 10,349 — 10,349 Total cash equivalents 13,175 2,826 10,349 Short-term Corporate debt securities 92,892 — 92,892 Commercial paper 79,744 — 79,744 Municipal debt securities 48,778 — 48,778 Federal agency debt securities 20,564 — 20,564 Government debt securities 5,007 — 5,007 Total short-term 246,985 — 246,985 Long-term Government debt securities 39,754 — 39,754 Corporate debt securities 18,077 — 18,077 Derivative instruments 2,475 — 2,475 Municipal debt securities 2,264 — 2,264 Total long-term 62,570 — 62,570 Total financial instruments $ 322,730 $ 2,826 $ 319,904 As of Level 1 Level 2 Cash equivalents Money market funds $ 8,377 $ 8,377 $ — Municipal debt securities 101 — 101 Total cash equivalents 8,478 8,377 101 Short-term Corporate debt securities 103,961 — 103,961 Municipal debt securities 103,155 — 103,155 Commercial paper 47,940 — 47,940 Certificates of deposit 10,051 — 10,051 Federal agency debt securities 4,710 — 4,710 Total short-term 269,817 — 269,817 Long-term Corporate debt securities 30,704 — 30,704 Government debt securities 23,997 — 23,997 Municipal debt securities 2,689 — 2,689 Derivative instruments 1,858 — 1,858 Total long-term 59,248 — 59,248 Total financial instruments $ 337,543 $ 8,377 $ 329,166 |
Fair Value, Liabilities Measured on Recurring Basis | Carrying value and estimated fair value of long-term debt, including current maturities (in thousands): As of September 30, 2015 As of December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Publicly held debt $ 300,000 $ 300,750 $ 300,000 $ 304,875 2 Non-publicly held debt 339,902 319,859 293,099 270,490 3 Total long-term debt $ 639,902 $ 620,609 $ 593,099 $ 575,365 |
Stockholders' Equity Repurchase
Stockholders' Equity Repurchases (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |
Treasury Stock [Text Block] | Share repurchases consisted of the following during the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Shares repurchased 175,142 223,147 644,603 953,309 Average price per share $218.67 $118.53 $185.43 $103.44 Total (in thousands) $38,298 $26,449 $119,530 $98,606 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Net Income Per Share, Basic and Diluted | The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share and dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic: Net income attributable to Allegiant Travel Company $ 44,458 $ 14,172 $ 163,665 $ 81,892 Less net income allocated to participating securities (199 ) (90 ) (802 ) (586 ) Net income attributable to common stock $ 44,259 $ 14,082 $ 162,863 $ 81,306 Net income per share, basic $ 2.63 $ 0.80 $ 9.57 $ 4.56 Weighted-average shares outstanding 16,831 17,605 17,010 17,848 Diluted: Net income attributable to Allegiant Travel Company $ 44,458 $ 14,172 $ 163,665 $ 81,892 Less net income allocated to participating securities (198 ) — (800 ) (584 ) Net income attributable to common stock $ 44,260 $ 14,172 $ 162,865 $ 81,308 Net income per share, diluted $ 2.62 $ 0.80 $ 9.55 $ 4.54 Weighted-average shares outstanding 16,831 17,605 17,010 17,848 Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights 68 99 68 101 Adjusted weighted-average shares outstanding under treasury stock method 16,899 17,704 17,078 17,949 Participating securities excluded under two-class method (30 ) N/A (28 ) (37 ) Adjusted weighted-average shares outstanding under two-class method 16,869 N/A 17,050 17,912 |
Commitments and Contingencies C
Commitments and Contingencies Commitments to Purchase (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments to Purchase Aircraft [Abstract] | |
Long-term Purchase Commitment | As of September 30, 2015 , the Company had firm commitments to purchase the following aircraft: Aircraft Type Number of Aircraft Under Contract Airbus A319 10 Airbus A320 5 |
Commitments and Contingencies P
Commitments and Contingencies Payments Related to Commitments to Purchase (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Payments Related to Commitments to Purchase [Abstract] | |
Long-term Purchase Commitment [Table Text Block] | Future minimum fixed payments for the Company's commitments related to the acquisition of aircraft, airport fees under use and lease agreements, and other operating lease obligations (in thousands): As of September 30, 2015 Remaining in 2015 $ 77,153 2016 118,556 2017 73,576 2018 2,801 2019 2,709 Thereafter 3,150 Total commitments $ 277,945 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies Policies (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||
Debt Issuance Cost | $ 4.1 | $ 4.3 |
Investment Securities (Detail)
Investment Securities (Detail) - Investment Securities - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Cost | $ 320,278 | $ 335,809 |
Gross Unrealized Gains | 37 | 20 |
Gross Unrealized Losses | (60) | (144) |
Market Value | 320,255 | 335,685 |
Money market funds | ||
Cost | 2,826 | 8,377 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 2,826 | 8,377 |
Certificates of deposit | ||
Cost | 0 | 10,049 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 0 | 10,051 |
Commercial paper | ||
Cost | 90,103 | 47,941 |
Gross Unrealized Gains | 9 | 3 |
Gross Unrealized Losses | (19) | (4) |
Market Value | 90,093 | 47,940 |
Municipal debt securities | ||
Cost | 51,038 | 105,933 |
Gross Unrealized Gains | 7 | 14 |
Gross Unrealized Losses | (3) | (2) |
Market Value | 51,042 | 105,945 |
Government debt securities | ||
Cost | 44,759 | 24,028 |
Gross Unrealized Gains | 12 | 0 |
Gross Unrealized Losses | (10) | (31) |
Market Value | 44,761 | 23,997 |
Corporate debt securities | ||
Cost | 110,990 | 134,770 |
Gross Unrealized Gains | 7 | 1 |
Gross Unrealized Losses | (28) | (106) |
Market Value | 110,969 | 134,665 |
Federal agency debt securities | ||
Cost | 20,562 | 4,711 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 0 | (1) |
Market Value | 20,564 | 4,710 |
Long Term Investments | Municipal debt securities | ||
Market Value | $ 2,264 | $ 2,689 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Flight equipment | $ 1,057,549 | $ 947,082 |
Ground property and equipment | 141,929 | 100,916 |
Total property and equipment | 1,199,478 | 1,047,998 |
Less accumulated depreciation and amortization | (366,656) | (309,215) |
Property and equipment, net | $ 832,822 | $ 738,783 |
Long-Term Debt Long-Term Debt -
Long-Term Debt Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Notes Payable | $ 639,902 | $ 593,099 | ||
Secured Long-term Debt, Noncurrent | 635,752 | 588,794 | ||
Less current maturities | 69,593 | 52,605 | ||
Long-term debt, net of current maturities and related costs | 566,159 | 536,189 | ||
Due March 2020 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 1.70% | |||
Due June 2020 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 1.70% | |||
Fixed Rate Notes Payable Through 2020 | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | 344,351 | 343,625 | ||
Variable Rate Notes Payable Through 2020 | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | $ 291,401 | $ 245,169 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Issuance Cost | $ 4,100 | $ 4,300 | |||
Secured Long-term Debt, Noncurrent | 635,752 | $ 588,794 | |||
Due September 2020 | |||||
Secured Long-term Debt, Noncurrent | $ 29,000 | ||||
Interest Rate | 1.75% | ||||
Due June 2020 | |||||
Interest Rate | 1.70% | ||||
Due March 2020 | |||||
Interest Rate | 1.70% | ||||
Airbus A319 | Due September 2020 | |||||
Debt Instrument, Collateral | 2 | ||||
Airbus A319 | Due June 2020 | |||||
Debt Instrument, Collateral | 2 | ||||
Airbus A319 | Due March 2020 | |||||
Debt Instrument, Collateral | 2 | ||||
Notes Payable, One Point Seven Percent, Due March Two Thousand Twenty | Due March 2020 | |||||
Secured Long-term Debt, Noncurrent | $ 30,000 | ||||
Notes Payable, One Point Seven Percent, Due June Two Thousand Twenty | Due June 2020 | |||||
Secured Long-term Debt, Noncurrent | $ 26,500 | ||||
Notes Payable, Two Point Eight Six Percent, Due March Two Thousand Twenty | Due March 2020 | |||||
Secured Long-term Debt, Noncurrent | $ 7,500 | ||||
Interest Rate | 2.86% |
Long-Term Debt Schedule of Ma31
Long-Term Debt Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 17,213 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 70,219 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 72,548 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 128,718 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 331,424 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 15,630 | |
Long-term Debt, Fair Value | $ 635,752 | $ 588,794 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - Fair Value Measurements at Reporting Date Using - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment Securities | $ 320,255 | $ 335,685 |
Fair Value, Measurements, Recurring | ||
Cash Equivalents | 13,175 | 8,478 |
Investment Securities | 322,730 | 337,543 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 2,826 | 8,377 |
Investment Securities | 2,826 | 8,377 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 10,349 | 101 |
Investment Securities | 319,904 | 329,166 |
Fair Value, Measurements, Recurring | Money market funds | ||
Cash Equivalents | 2,826 | 8,377 |
Fair Value, Measurements, Recurring | Money market funds | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 2,826 | 8,377 |
Fair Value, Measurements, Recurring | Money market funds | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial paper | ||
Cash Equivalents | 10,349 | |
Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | |
Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 10,349 | |
Fair Value, Measurements, Recurring | Municipal debt securities | ||
Cash Equivalents | 101 | |
Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | |
Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 101 | |
Short-term Investments | Corporate debt securities | ||
Investment Securities | 92,892 | 103,961 |
Short-term Investments | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Short-term Investments | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 92,892 | 103,961 |
Short-term Investments | Fair Value, Measurements, Recurring | ||
Investment Securities | 246,985 | 269,817 |
Short-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Investment Securities | 246,985 | 269,817 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | ||
Investment Securities | 79,744 | 47,940 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ||
Investment Securities | 79,744 | 47,940 |
Short-term Investments | Fair Value, Measurements, Recurring | Certificates of Deposit | ||
Investment Securities | 10,051 | |
Short-term Investments | Fair Value, Measurements, Recurring | Certificates of Deposit | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Short-term Investments | Fair Value, Measurements, Recurring | Certificates of Deposit | Fair Value, Inputs, Level 2 | ||
Investment Securities | 10,051 | |
Short-term Investments | Fair Value, Measurements, Recurring | Government debt securities | ||
Investment Securities | 20,564 | 4,710 |
Short-term Investments | Fair Value, Measurements, Recurring | Government debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Government debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 20,564 | 4,710 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | ||
Investment Securities | 48,778 | 103,155 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 48,778 | 103,155 |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | ||
Investment Securities | 5,007 | |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 5,007 | |
Long Term Investments | Municipal debt securities | ||
Investment Securities | 2,264 | 2,689 |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 2,264 | 2,689 |
Long Term Investments | Federal agency debt securities | ||
Investment Securities | 39,754 | 23,997 |
Long Term Investments | US Treasury and Government | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Long Term Investments | US Treasury and Government | Fair Value, Inputs, Level 2 | ||
Investment Securities | 39,754 | 23,997 |
Long Term Investments | Fair Value, Measurements, Recurring | ||
Investment Securities | 62,570 | 59,248 |
Long Term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Investment Securities | 62,570 | 59,248 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Investment Securities | 18,077 | 30,704 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 18,077 | 30,704 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | ||
Derivative Asset | 2,475 | 1,858 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 2 | ||
Investment Securities | $ 2,475 | $ 1,858 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Payable | $ 639,902 | $ 593,099 | ||
Secured Long-term Debt, Noncurrent | 635,752 | 588,794 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Long-term Debt, Noncurrent | 620,609 | 575,365 | ||
Publicly Held Debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Payable | 300,000 | 300,000 | ||
Publicly Held Debt | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Long-term Debt, Noncurrent | 300,750 | 304,875 | ||
Non-Publicly Held Debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Payable | 339,902 | 293,099 | ||
Non-Publicly Held Debt | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Long-term Debt, Noncurrent | $ 319,859 | $ 270,490 | ||
Due March 2020 | Notes Payable, One Point Seven Percent, Due March Two Thousand Twenty | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Long-term Debt, Noncurrent | $ 30,000 | |||
Due March 2020 | Notes Payable, Two Point Eight Six Percent, Due March Two Thousand Twenty | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Long-term Debt, Noncurrent | $ 7,500 | |||
Due June 2020 | Notes Payable, One Point Seven Percent, Due June Two Thousand Twenty | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Long-term Debt, Noncurrent | $ 26,500 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments - Textuals (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Derivative [Line Items] | |||
Assets | $ 1,303,907,000 | $ 1,235,080,000 | |
Derivative, Gain (Loss) on Derivative, Net | 642,000 | ||
Change in Unrealized Gain (Loss) on Foreign Currency Fair Value Hedging Instruments | 712,000 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 632,000 | ||
Derivative, Notional Amount | $ 2,475,000 | ||
Airbus A320 Aircraft Series | |||
Derivative [Line Items] | |||
Assets | $ 12 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Repurchased During Period, Shares | 175,142 | 223,147 | 644,603 | 953,309 |
Treasury Stock Acquired, Average Cost Per Share | $ 218.67 | $ 118.53 | $ 185.43 | $ 103.44 |
Stock Repurchased During Period, Value | $ 38,298 | $ 26,449 | $ 119,530 | $ 98,606 |
Dividends | $ 5,095 | $ 13,694 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 | $ 0.80 |
Earnings per Share (Detail) - E
Earnings per Share (Detail) - Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic: | ||||
Net income attributable to Allegiant Travel Company (in Dollars) | $ 44,458 | $ 14,172 | $ 163,665 | $ 81,892 |
Less: Net income allocated to participating securities (in Dollars) | (199) | (90) | (802) | (586) |
Net income attributable to common stock (in Dollars) | $ 44,259 | $ 14,082 | $ 162,863 | $ 81,306 |
Net income per share, basic (in Dollars per share) | $ 2.63 | $ 0.80 | $ 9.57 | $ 4.56 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ (198) | $ 0 | $ (800) | $ (584) |
Net income attributable to common stock (in Dollars) | $ 44,260 | $ 14,172 | $ 162,865 | $ 81,308 |
Net income per share, diluted (in Dollars per share) | $ 2.62 | $ 0.80 | $ 9.55 | $ 4.54 |
Weighted-average shares outstanding | 16,831 | 17,605 | 17,010 | 17,848 |
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 68 | 99 | 68 | 101 |
Adjusted weighted-average shares outstanding under treasury stock method | 16,899 | 17,704 | 17,078 | 17,949 |
Participating securities excluded under two-class method | (30) | (28) | (37) | |
Two-Class Method, Weighted Average Number of Shares Outstanding, Diluted | 16,869 | 17,050 | 17,912 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) | Sep. 30, 2015aircraft |
Airbus A319 | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | 10 |
Airbus A320 | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | 5 |
Commitments and Contingencies38
Commitments and Contingencies Payments Related to Commitments to Purchase (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Payments Related to Commitments to Purchase [Abstract] | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 77,153 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 118,556 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 73,576 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 2,801 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 2,709 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 3,150 |
Unrecorded Unconditional Purchase Obligation | $ 277,945 |
Related Party (Details)
Related Party (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 02, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Office Space | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 1,087 | $ 2,501 | ||
Game Plane, LLC | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | 365 | 2,533 | ||
GMS Racing, LLC | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | 2,300 | |||
Corporate Training | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 2,097 | |||
Building 1 | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | 70,000 | |||
Building 2 | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | 10,000 | |||
Chief Executive Officer | ||||
Related Party Transaction [Line Items] | ||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 126.20 | |||
Total Stock Repurchased, Shares | 200,000 | |||
Total Stock Repurchased, Value | $ 25,240 | |||
Chief Executive Officer | GMS Racing, LLC | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 0 | |||
Chief Executive Officer | Beneficial Owner | Stock Ownership | ||||
Related Party Transaction [Line Items] | ||||
Related Party, Ownership Percentage | 25.00% | |||
Chief Operating Officer | ||||
Related Party Transaction [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 23,623 | 23,623 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 127,512 | 127,512 | ||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 124.05 | |||
Chief Operating Officer | Beneficial Owner | Stock Ownership | ||||
Related Party Transaction [Line Items] | ||||
Stock Repurchased During Period Through Private Transactions, Value | $ 8,500 | |||
Minimum | Chief Operating Officer | ||||
Related Party Transaction [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 36.97 | $ 36.97 | ||
Maximum | Chief Operating Officer | ||||
Related Party Transaction [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 108.59 | $ 108.59 | ||
Subsequent Event | GMS Racing, LLC | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 200 | |||
Subsequent Event | Corporate Training | ||||
Related Party Transaction [Line Items] | ||||
Board Approved Spending | $ 3,500 |