Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 26, 2018 | |
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 | 16,159,816 | |
Amendment Flag | false | |
Entity Central Index Key | 1,362,468 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 140,752 | $ 59,449 |
Restricted cash | 20,317 | 11,190 |
Short-term investments | 284,616 | 352,681 |
Accounts receivable | 33,672 | 71,057 |
Expendable parts, supplies and fuel, net | 23,790 | 17,647 |
Prepaid expenses | 30,640 | 23,931 |
Other current assets | 129 | 5,320 |
TOTAL CURRENT ASSETS | 533,916 | 541,275 |
Property and equipment, net | 1,816,805 | 1,512,415 |
Long-term investments | 53,353 | 78,570 |
Deferred major maintenance, net | 44,402 | 31,326 |
Deposits and other assets | 32,019 | 16,571 |
TOTAL ASSETS: | 2,480,495 | 2,180,157 |
CURRENT LIABILITIES | ||
Accounts payable | 17,299 | 20,108 |
Accrued liabilities | 110,705 | 105,127 |
Air traffic liability | 231,731 | 204,299 |
Current maturities of long-term debt and capital lease obligations, net of related costs | 654,697 | 214,761 |
TOTAL CURRENT LIABILITIES | 1,014,432 | 544,295 |
Long-term debt and capital lease obligations, net of current maturities and related costs | 658,352 | 950,131 |
Deferred income taxes | 140,555 | 119,013 |
Other noncurrent liabilities | 14,160 | 13,407 |
TOTAL LIABILITIES: | 1,827,499 | 1,626,846 |
SHAREHOLDERS' EQUITY | ||
Common stock, par value $.001 | 23 | 23 |
Treasury stock | (607,649) | (605,655) |
Additional paid in capital | 266,907 | 253,840 |
Accumulated other comprehensive loss, net | (1,227) | (2,840) |
Retained earnings | 994,942 | 907,943 |
TOTAL EQUITY: | 652,996 | 553,311 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: | $ 2,480,495 | $ 2,180,157 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Cash dividends declared per share: | $ 0.70 | $ 0.70 | $ 2.10 | $ 2.10 |
OPERATING REVENUE: | ||||
Passenger revenue | $ 355,100 | $ 315,308 | $ 1,157,443 | $ 1,030,395 |
Third party products | 15,921 | 12,348 | 44,045 | 39,394 |
Fixed fee contract revenue | 14,791 | 11,831 | 33,000 | 34,120 |
Other revenue | 7,297 | 10,708 | 20,845 | 28,140 |
Total operating revenue | 393,109 | 350,195 | 1,255,333 | 1,132,049 |
OPERATING EXPENSES: | ||||
Aircraft fuel | 113,525 | 80,421 | 342,006 | 250,470 |
Salary and benefits | 97,706 | 88,788 | 312,314 | 277,307 |
Station operations | 43,128 | 37,148 | 122,265 | 107,979 |
Maintenance and repairs | 31,983 | 28,870 | 75,864 | 87,611 |
Depreciation and amortization | 34,658 | 31,894 | 92,641 | 92,571 |
Sales and marketing | 16,798 | 13,884 | 54,224 | 40,707 |
Aircraft lease rentals | 671 | 533 | 767 | 3,098 |
Other | 28,459 | 24,315 | 74,881 | 68,440 |
Total operating expenses | 366,928 | 305,853 | 1,074,962 | 928,183 |
OPERATING INCOME | 26,181 | 44,342 | 180,371 | 203,866 |
OTHER (INCOME) EXPENSE: | ||||
Interest expense | 14,309 | 10,041 | 40,188 | 27,332 |
Interest income | (2,425) | (1,454) | (6,259) | (4,193) |
Other, net | (118) | (400) | (408) | (1,254) |
Total other expense | 11,766 | 8,187 | 33,521 | 21,885 |
INCOME BEFORE INCOME TAXES | 14,415 | 36,155 | 146,850 | 181,981 |
PROVISION FOR INCOME TAXES | (732) | 12,771 | 26,494 | 67,208 |
NET INCOME | $ 15,147 | $ 23,384 | $ 120,356 | $ 114,773 |
Earnings per share to common shareholders: | ||||
Basic | $ 0.94 | $ 1.45 | $ 7.46 | $ 7 |
Earnings Per Share, Diluted | $ 0.94 | $ 1.45 | $ 7.45 | $ 6.99 |
Shares used for computation: | ||||
Basic | 15,957,000 | 15,852,000 | 15,929,000 | 16,142,000 |
Diluted | 15,962,000 | 15,862,000 | 15,938,000 | 16,160,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 15,147 | $ 23,384 | $ 120,356 | $ 114,773 |
Other comprehensive income (loss): | ||||
Change in available for sale securities, net of tax | (83) | 230 | (926) | 453 |
Foreign currency translation adjustments | 4 | (117) | 218 | (416) |
Change in derivatives, net of tax | 1,325 | (368) | 2,321 | (1,452) |
Total other comprehensive income (loss) | 1,246 | (255) | 1,613 | (1,415) |
TOTAL COMPREHENSIVE INCOME | $ 16,393 | $ 23,129 | $ 121,969 | $ 113,358 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net income | $ 120,356 | $ 114,773 |
Depreciation and amortization | 92,641 | 92,571 |
(Gain) loss on aircraft and other equipment disposals | 2,274 | 6,619 |
Share-based compensation expense | 11,043 | 10,847 |
Deferred income taxes | 21,760 | 64,788 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 1,833 | 3,959 |
Changes in certain assets and liabilities: | ||
(Increase) decrease in accounts receivable | 38,005 | 17,709 |
(Increase) decrease in prepaid expenses | (6,709) | (8,825) |
Increase (decrease) in accounts payable | (2,437) | 3,671 |
Increase (decrease) in accrued liabilities | 5,960 | (11,183) |
Increase (Decrease) in Air Traffic Liability | 27,432 | 27,688 |
Change in deferred major maintenance | (21,699) | (14,779) |
Other operating activities | (336) | (5,756) |
Net cash provided by operating activities | 290,123 | 302,082 |
INVESTING ACTIVITIES: | ||
Purchase of investment securities | (263,057) | (273,796) |
Proceeds from maturities of investment securities | 355,325 | 239,920 |
Purchase of property and equipment, including capitalized interest | (273,999) | (333,746) |
Other investing activities | (5,399) | 1,338 |
Net cash used in investing activities | (187,130) | (366,284) |
FINANCING ACTIVITIES: | ||
Cash dividends paid to shareholders | (33,919) | (34,462) |
Proceeds from the issuance of debt | 191,724 | 292,540 |
Repurchase of common stock | (3,617) | (90,445) |
Principal payments on debt and capital lease obligations | (171,438) | (88,026) |
Other financing activities | 4,687 | (405) |
Net cash (used in) provided by financing activities | (12,563) | 79,202 |
Net change in cash, cash equivalents, and restricted cash | 90,430 | 15,000 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 70,639 | 76,358 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 161,069 | 91,358 |
CASH PAYMENTS FOR: | ||
Interest paid, net of amount capitalized | 43,751 | 31,733 |
Income tax refunds | $ 41,145 | $ 18,757 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) Reconciliation of Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Consolidated Statements of Cash Flows (Parenthetical) [Abstract] | ||||
Cash and cash equivalents | $ 140,752 | $ 59,449 | $ 74,023 | |
Restricted cash | 20,317 | 11,190 | 17,335 | |
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ 161,069 | $ 70,639 | $ 91,358 | $ 76,358 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
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 has no independent operations, and all guarantees of the Company's publicly held debt are full and unconditional and joint and several. Any subsidiaries of the parent company other than the subsidiary guarantors are minor. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2017 and filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. Recent Accounting Pronouncements Standards Effective in Future Years In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards update ("ASU") 2016-02, "Leases (topic 842)." This standard will require certain leases with durations greater than twelve months to be recognized on the balance sheet as a lease liability and a corresponding right-of-use asset, and is effective for interim and annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company will adopt this standard effective January 1, 2019. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements - Leases (Topic 842)." This update provides an optional transition method that allows entities to elect to apply the standard prospectively at the adoption date, versus recasting the prior periods presented. If elected, the Company will recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has not completed the assessment of this new standard but believes adoption will have a significant impact on its consolidated balance sheets due to the recognition of right-of-use assets and lease liabilities for certain leases currently accounted for as operating leases. It is not expected to significantly change the recognition, measurement or presentation of associated expenses within the consolidated statements of income or cash flows. Recently Adopted Standards In February 2018, the FASB issued ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220)." This standard provides an option to reclassify stranded tax effects within accumulated other comprehensive income (loss) ("AOCI") to retained earnings. The Company adopted this standard effective January 1, 2018 and a one-time effect of $0.6 million has been reclassified from AOCI to retained earnings. In 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" (the "New Revenue Standard"). Under this ASU and subsequently issued amendments, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. The Company adopted this standard using the full retrospective transition method effective January 1, 2018 and recast prior year results. See Note 2, "Revenue Recognition" for more information on the financial impact of this adoption. Under the New Revenue Standard, revenue for all Air-related ancillary fees that are directly related to ticket revenue, such as seat fees and baggage fees, are no longer considered distinct performance obligations separate from passenger travel and are reclassified into passenger revenue. These are deemed part of the single performance obligation of providing passenger transportation. While the adoption of the New Revenue Standard did not have a significant effect on earnings, $150.1 million and $472.4 million of Air-related ancillary fees for the three and nine months ended September 30, 2018 , respectively, are now classified as passenger revenue. The adoption of the New Revenue Standard resulted in a net reduction to air traffic liability at December 31, 2017 of $5.9 million . This change resulted from the recognition of breakage revenue on issuance of credit vouchers that are expected to expire unused. In addition, recognition of revenues for fees associated with flight changes or cancellations are now deferred until the time of flight rather than being recognized at the time the fee is incurred. The Company recognizes revenue from the co-branded credit card program on the deferral method. Bank of America has issued The Allegiant World Mastercard® in which points are earned and awarded to cardholders in exchange for consideration received under an agreement with a seven year scheduled duration expiring in 2023. Under this arrangement, the Company identified the following deliverables: travel points to be awarded (the travel component), use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements (collectively the marketing component). Consideration received from the Company’s co-brand agreement is allocated between the two components based on the relative selling price of each deliverable. The Company applies a level of management judgment and estimation in determining the best estimate of selling price for each deliverable by considering multiple inputs and methods including, but not limited to, the redemption value of points awarded, discounted cash flows, brand value, volume discounts, published selling prices, number of points to be awarded and number of points to be redeemed. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition Certain prior period amounts have been recast to conform to the adoption of the New Revenue Standard as shown in the tables below. Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (in thousands, except per As Previously Reported Current Presentation As Previously Reported Current Presentation share data) Adjustments Adjustments Income Statement: Passenger revenue (1) $ 183,064 $ 132,244 $ 315,308 $ 615,777 $ 414,618 $ 1,030,395 Air-related charges 130,818 (130,818 ) — 407,789 (407,789 ) — Sales and marketing 13,884 — 13,884 36,744 3,963 40,707 Income tax provision 12,436 335 12,771 66,715 493 67,208 Net income 22,293 1,091 23,384 112,400 2,373 114,773 Diluted earnings per share $ 1.39 $ 0.06 $ 1.45 $ 6.85 $ 0.14 $ 6.99 (1) Passenger revenue previously reported as Scheduled service revenue. December 31, 2017 As Previously Current (in thousands) Reported Adjustments Presentation Balance Sheet: Air traffic liability $ 210,184 $ (5,885 ) $ 204,299 Deferred income taxes 118,492 521 119,013 Retained earnings 902,579 5,364 907,943 Passenger Revenue Passenger revenue is primarily composed of passenger ticket sales, credit voucher breakage, seat fees, baggage fees, and other travel-related services performed in conjunction with a passenger’s flight, as well as co-brand point redemptions as outlined below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Scheduled service $ 202,796 $ 183,294 $ 677,061 $ 618,368 Ancillary air-related charges 150,095 131,388 472,443 410,500 Co-brand redemptions 2,209 626 7,939 1,527 Total passenger revenue $ 355,100 $ 315,308 $ 1,157,443 $ 1,030,395 Scheduled service Passenger tickets . The Company provides scheduled air transportation on limited-frequency, nonstop flights predominantly between under-served cities and popular leisure destinations. Sales of passenger tickets not yet flown are recorded in air traffic liability. Passenger revenue is recognized when transportation is provided or when ticket voucher breakage occurs, to the extent different from estimated breakage. The contract term of passenger tickets is 12 months and revenue associated with future travel will principally be recognized within this time frame. $192.6 million was recognized into passenger revenue during the nine months ended September 30, 2018 that was recorded in the air traffic liability balance of $204.3 million at December 31, 2017. Credit voucher breakage . The Company estimates the value of vouchers that will expire unused and recognizes such revenue at the time the credit voucher is issued. Ancillary air-related charges Air-related revenue is primarily composed of services performed in conjunction with a passenger's flight and includes baggage fees, the use of the Company’s website to purchase scheduled service transportation, advance seat assignments, and other services. Revenue for these services is recognized when the related transportation service is provided. Prior to the adoption of the New Revenue Standard, the majority of these fees were classified separately as Ancillary air-related charges. Co-brand redemptions In relation to the travel component of the contract with Bank of America, the Company has a performance obligation to provide cardholders with points to be used for future travel award redemptions. Therefore, consideration received from Bank of America related to the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed and the transportation is provided. The following table presents the activity of the current and non-current point liabilities (in thousands): 2018 Balance at January 1 $ 8,903 Points awarded 10,872 Points redeemed (7,939 ) Balance at September 30 $ 11,836 As of September 30, 2018, $8.1 million of the current points liability is reflected in Accrued liabilities and represents our current estimate of revenue to be recognized in the next twelve months based on historical trends, with the remaining balance reflected in Other noncurrent liabilities expected to be recognized into revenue in periods thereafter. See below, Third Party Products, for discussion of the marketing component. Third Party Products Third party products revenue is generated from the sale of hotel rooms, rental cars, ticket attractions and co-brand marketing revenue. Revenue from the sale of hotel rooms, rental cars, and ticket attractions is recognized at the time the product is utilized, such as the time a purchased hotel room is occupied. The Company follows the accounting standards for principal versus agent revenue arrangements to determine the amount of revenue to be recognized for each element of a bundled sale involving air-related charges and third party products, in addition to airfare. Revenue from the sale of third party products is recorded net (treatment as an agent) of amounts paid to wholesale providers, travel agent commissions, and transaction costs. Pursuant to the co-brand arrangement with Bank of America, the Company has various performance obligations which are collectively referred to as the marketing component. These obligations consist of use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements. The marketing component is recorded as third party products revenue in the period in which points are awarded to the credit card holders. Fixed Fee Contract Revenue Fixed fee contract revenue consists of agreements to provide charter service on a year-round and ad hoc basis. Fixed fee contract revenue is recognized when transportation is provided. Other Revenue Other revenue is generated from leased aircraft, engines, and other miscellaneous sources. Lease revenue is recognized ratably over the lease term. Accounts Receivable Accounts receivable, reflected on the accompanying consolidated balance sheets, primarily consist of amounts due from credit card companies associated with passenger revenue. These receivables are short-term, generally settled within a few days of sale. Bad debt expense, which occurs in the form of credit card chargebacks, was not material in any period presented. Taxes and Fees Various taxes and fees, assessed on the sale of tickets to customers, are collected by the Company serving as an agent, and remitted to taxing authorities. These taxes and fees are not included as revenue in the Company’s consolidated statements of income and are recorded as a liability until remitted to the appropriate taxing authority. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property and Equipment Property and equipment (in thousands): As of September 30, 2018 As of December 31, 2017 Flight equipment, including pre-delivery deposits $ 1,867,655 $ 1,539,433 Computer hardware and software 137,110 123,675 Land and buildings/leasehold improvements 88,882 77,409 Other property and equipment 75,529 48,446 Total property and equipment 2,169,176 1,788,963 Less accumulated depreciation and amortization (352,371 ) (276,548 ) Property and equipment, net $ 1,816,805 $ 1,512,415 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt and capital lease obligations (in thousands): As of September 30, 2018 As of December 31, 2017 Fixed-rate debt and capital lease obligations due through 2030 $ 644,116 $ 465,462 Variable-rate debt due through 2028 668,933 699,430 Total long-term debt and capital lease obligations, net of related costs 1,313,049 1,164,892 Less current maturities, net of related costs 654,697 214,761 Long-term debt and capital lease obligations, net of current maturities and related costs $ 658,352 $ 950,131 Weighted average fixed-interest rate on debt 5.3 % 5.4 % Weighted average variable-interest rate on debt 4.0 % 3.3 % Maturities of long-term debt and capital lease obligations for the remainder of 2018 and for the next five years and thereafter, in the aggregate, are: remaining in 2018 - $114.6 million ; 2019 - $570.2 million ; 2020 - $118.6 million ; 2021 - $91.9 million ; 2022 - $64.5 million ; and $353.2 million thereafter. Consolidated Variable Interest Entity The Company evaluates ownership, contractual lease arrangements and other interests in entities to determine if they are variable interest entities ("VIEs") based on the nature and extent of those interests. These evaluations are complex and involve judgment and the use of estimates and assumptions based on available historical information and management’s judgment, among other factors. The Company consolidates a VIE when, among other criteria, it has the power to direct the activities that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or the right to receive benefits of the VIE, thus making the Company the primary beneficiary of the VIE. In September 2018, the Company, through a wholly owned subsidiary, entered into agreements with a trust to borrow $44.0 million secured by one Airbus A320 series aircraft. The trust was funded on inception. These borrowings bear interest at a blended rate of 4.0 percent , payable in quarterly installments through September 2028, at which time the Company will have a purchase option at a fixed amount. As this transaction is a common control transaction, the Company, as the primary beneficiary, has measured and recorded the assets and liabilities at their carrying values, which were $37.8 million and $44.0 million , respectively, as of September 30, 2018 . Senior Secured Revolving Credit Facility In 2015, the Company, through a wholly owned subsidiary, entered into a senior secured revolving credit facility under which it was entitled to borrow up to $56.0 million . In March 2018, the Company paid off the balance of the facility and amended it to increase the borrowing limit to $81.0 million . The amended facility has a term of 24 months and is based on the value of Airbus A320 series aircraft placed in the collateral pool. In July 2018, the Company drew down $46.9 million under this facility, and no principal payments have been made as of September 30, 2018 . Aircraft may remain in the collateral pool for up to two years, and those currently collateralized were placed into the pool in December 2016. The notes for the amounts borrowed under the facility bear interest at a floating rate based on LIBOR and are due on March 31, 2020. Other Secured Debt In September 2018, the Company entered into a senior secured credit facility under which it is able to borrow up to $75.0 million . In that same month, the Company borrowed $55.5 million under this agreement secured by three Airbus A320 series aircraft. The remaining $19.5 million , secured by one Airbus A320 series aircraft, was borrowed in October 2018. The borrowing bears interest at a floating rate based on LIBOR, payable in quarterly installments over seven years. In July 2018, the Company borrowed $34.5 million under a loan agreement secured by one Airbus A320 series aircraft. The note bears interest at a floating rate based on LIBOR, payable in quarterly installments over ten years. In June 2018, the Company borrowed $10.8 million under a loan agreement secured by various ground equipment. The note bears interest at a fixed rate of 4.2 percent per year, payable in monthly installments over five years. General Unsecured Senior Notes In June 2014, the Company completed an offering of $300.0 million aggregate principal amount of senior unsecured obligations (the "Notes") which will mature in July 2019. In December 2016, the Company completed an offering of an additional $150.0 million principal amount of these notes, which were issued at a price of 101.5 percent of the principal amount, plus accrued interest from July 15, 2016. The Notes bear interest at a rate of 5.5 percent per year, payable in cash semi-annually, on January 15th and July 15th of each year. The indenture pursuant to which the Notes were issued includes operating and financial restrictions on the Company. These restrictions limit or restrict, among other things, the Company’s ability and the ability of its restricted subsidiaries to (i) incur additional indebtedness; (ii) incur liens; (iii) make restricted payments (including paying dividends on, redeeming, repurchasing or retiring capital stock); (iv) make investments; and (v) consolidate, merge or sell all or substantially all of its assets. These covenants are subject to various exceptions and qualifications under the terms of the indenture. As of December 31, 2017 and September 30, 2018 , the Company exceeded the consolidated total leverage ratio limit, which could affect the ability to make restricted payments in future periods after exhaustion of various exceptions. However, it is not expected that this will have any impact on the restricted payments routinely made in the ordinary course of business. The calculation is made on a quarterly basis based on the trailing 12 months. Capital Leases The Company has capital lease obligations related to aircraft, which significantly impacted our recognized assets and liabilities as of September 30, 2018 , but did not result in any significant cash receipts or cash payments during the quarter. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received by selling an asset or paid to transfer a liability in an orderly transaction between market participants. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 inputs that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company uses the market approach valuation technique to determine fair value for investment securities. The assets classified as Level 1 consist of money market funds for which original cost approximates fair value. The assets classified as Level 2 consist of commercial paper, municipal debt securities, federal agency debt securities, US Treasury Bonds, and corporate debt securities, which are valued using quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs. The Company has no investment securities classified as Level 3. For those assets classified as Level 2 that are not in active markets, the Company obtains fair value from pricing sources using quoted market prices for identical or comparable instruments, and uses pricing models which include all significant observable inputs: maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers and other market related data. These inputs are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset. 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 September 30, 2018 As of December 31, 2017 Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 45,227 $ 45,227 $ — $ 1,297 $ 1,297 $ — Commercial paper 42,157 — 42,157 27,910 — 27,910 Municipal debt securities 2,053 — 2,053 2,782 — 2,782 Total cash equivalents 89,437 45,227 44,210 31,989 1,297 30,692 Short-term Commercial paper 143,961 — 143,961 108,678 — 108,678 Corporate debt securities 99,556 — 99,556 107,878 — 107,878 Municipal debt securities 27,191 — 27,191 101,290 — 101,290 Federal agency debt securities 12,227 — 12,227 31,428 — 31,428 US Treasury Bonds 1,681 — 1,681 3,407 — 3,407 Total short-term 284,616 — 284,616 352,681 — 352,681 Long-term Corporate debt securities 40,343 — 40,343 60,396 — 60,396 Federal agency debt securities 10,026 — 10,026 5,775 — 5,775 US Treasury Bonds 2,984 — 2,984 2,994 — 2,994 Municipal debt securities — — — 9,405 — 9,405 Derivative instruments — — — 282 — 282 Total long-term 53,353 — 53,353 78,852 — 78,852 Total financial instruments $ 427,406 $ 45,227 $ 382,179 $ 463,522 $ 1,297 $ 462,225 The fair value of the Company’s publicly held long-term debt is determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized its publicly held debt as Level 2. The Company's remaining debt is not publicly held, and the Company has determined the estimated fair value of these notes to be Level 3, as certain inputs used to determine the fair value are unobservable and, therefore, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt. Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs (in thousands): As of September 30, 2018 As of December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Publicly held debt $ 450,679 $ 455,749 $ 451,321 $ 462,604 2 Non-publicly held debt 742,878 663,776 719,681 660,065 3 Total long-term debt $ 1,193,557 $ 1,119,525 $ 1,171,002 $ 1,122,669 Due to the short-term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders’ Equity The Company is authorized by the Board of Directors to acquire up to $100.0 million of 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. For the three and nine months ended September 30, 2018 and 2017, open market share repurchases consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Shares repurchased (not in thousands) (1) None None None 604,497 Average price per share NA NA NA $ 142.66 Total (in thousands) None None None $ 86,240 (1) Does not include shares withheld from employees for tax withholding obligations related to restricted stock vestings. During the nine months ended September 30, 2018 , the Company declared and paid recurring cash dividends of $2.10 per share, or $33.9 million . |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 , the second method, which assumes unvested awards are not vested, was used in the computation because it was more dilutive than the first method. The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in table are in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Basic: Net income $ 15,147 $ 23,384 $ 120,356 $ 114,773 Less net income allocated to participating securities (194 ) (331 ) (1,602 ) (1,784 ) Net income attributable to common stock $ 14,953 $ 23,053 $ 118,754 $ 112,989 Earnings per share, basic $ 0.94 $ 1.45 $ 7.46 $ 7.00 Weighted-average shares outstanding 15,957 15,852 15,929 16,142 Diluted: Net income $ 15,147 $ 23,384 $ 120,356 $ 114,773 Less net income allocated to participating securities (194 ) (330 ) (1,601 ) (1,782 ) Net income attributable to common stock $ 14,953 $ 23,054 $ 118,755 $ 112,991 Earnings per share, diluted $ 0.94 $ 1.45 $ 7.45 $ 6.99 Weighted-average shares outstanding 15,957 15,852 15,929 16,142 Dilutive effect of stock options and restricted stock 35 18 42 60 Adjusted weighted-average shares outstanding under treasury stock method 15,992 15,870 15,971 16,202 Participating securities excluded under two-class method (30 ) (8 ) (33 ) (42 ) Adjusted weighted-average shares outstanding under two-class method 15,962 15,862 15,938 16,160 For the three and nine months ended September 30, 2018 , anti-dilutive shares excluded from the calculation of earnings per share were 39,943 and 74,873 shares (not in thousands), respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2018 , the Company had firm commitments to purchase ten Airbus A320 series aircraft. In addition, the Company has entered into lease agreements for 12 Airbus A320 aircraft, four of which have been delivered and are in service, and one of which has been delivered but was not in service as of September 30, 2018 . Future minimum fixed payments for the Company's commitments related to the acquisition of aircraft (including aircraft lease obligations), airport fees under use and lease agreements, and other operating lease obligations are as follows as of September 30, 2018 (in thousands): As of September 30, 2018 Remaining in 2018 $ 44,154 2019 116,322 2020 62,382 2021 21,248 2022 19,159 Thereafter 122,414 Total commitments $ 385,679 Contingencies The Company is subject to certain legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations. |
Related Party
Related Party | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions During the three and nine months ended September 30, 2018 , no related party transactions occurred requiring disclosure. Entities owned or controlled by the Company's Chairman and CEO have been paid for the building of corporate training content. During the nine months ended September 30, 2017 , the Company made payments to these entities of $0.2 million . No further payments are expected. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events In October 2018, the Company executed a purchase agreement for one Airbus A320 series aircraft, for which delivery is expected in the second quarter 2019. Also in October 2018, the remaining $19.5 million was borrowed under a senior secured credit facility entered into by the Company in September, which is secured by one Airbus A320 series aircraft. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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 has no independent operations, and all guarantees of the Company's publicly held debt are full and unconditional and joint and several. Any subsidiaries of the parent company other than the subsidiary guarantors are minor. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2017 and filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. |
New Accounting Pronouncements | Recent Accounting Pronouncements Standards Effective in Future Years In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards update ("ASU") 2016-02, "Leases (topic 842)." This standard will require certain leases with durations greater than twelve months to be recognized on the balance sheet as a lease liability and a corresponding right-of-use asset, and is effective for interim and annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company will adopt this standard effective January 1, 2019. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements - Leases (Topic 842)." This update provides an optional transition method that allows entities to elect to apply the standard prospectively at the adoption date, versus recasting the prior periods presented. If elected, the Company will recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has not completed the assessment of this new standard but believes adoption will have a significant impact on its consolidated balance sheets due to the recognition of right-of-use assets and lease liabilities for certain leases currently accounted for as operating leases. It is not expected to significantly change the recognition, measurement or presentation of associated expenses within the consolidated statements of income or cash flows. Recently Adopted Standards In February 2018, the FASB issued ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220)." This standard provides an option to reclassify stranded tax effects within accumulated other comprehensive income (loss) ("AOCI") to retained earnings. The Company adopted this standard effective January 1, 2018 and a one-time effect of $0.6 million has been reclassified from AOCI to retained earnings. In 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" (the "New Revenue Standard"). Under this ASU and subsequently issued amendments, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. The Company adopted this standard using the full retrospective transition method effective January 1, 2018 and recast prior year results. See Note 2, "Revenue Recognition" for more information on the financial impact of this adoption. Under the New Revenue Standard, revenue for all Air-related ancillary fees that are directly related to ticket revenue, such as seat fees and baggage fees, are no longer considered distinct performance obligations separate from passenger travel and are reclassified into passenger revenue. These are deemed part of the single performance obligation of providing passenger transportation. While the adoption of the New Revenue Standard did not have a significant effect on earnings, $150.1 million and $472.4 million of Air-related ancillary fees for the three and nine months ended September 30, 2018 , respectively, are now classified as passenger revenue. The adoption of the New Revenue Standard resulted in a net reduction to air traffic liability at December 31, 2017 of $5.9 million . This change resulted from the recognition of breakage revenue on issuance of credit vouchers that are expected to expire unused. In addition, recognition of revenues for fees associated with flight changes or cancellations are now deferred until the time of flight rather than being recognized at the time the fee is incurred. The Company recognizes revenue from the co-branded credit card program on the deferral method. Bank of America has issued The Allegiant World Mastercard® in which points are earned and awarded to cardholders in exchange for consideration received under an agreement with a seven year scheduled duration expiring in 2023. Under this arrangement, the Company identified the following deliverables: travel points to be awarded (the travel component), use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements (collectively the marketing component). Consideration received from the Company’s co-brand agreement is allocated between the two components based on the relative selling price of each deliverable. The Company applies a level of management judgment and estimation in determining the best estimate of selling price for each deliverable by considering multiple inputs and methods including, but not limited to, the redemption value of points awarded, discounted cash flows, brand value, volume discounts, published selling prices, number of points to be awarded and number of points to be redeemed. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Disaggregation of Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Passenger revenue is primarily composed of passenger ticket sales, credit voucher breakage, seat fees, baggage fees, and other travel-related services performed in conjunction with a passenger’s flight, as well as co-brand point redemptions as outlined below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Scheduled service $ 202,796 $ 183,294 $ 677,061 $ 618,368 Ancillary air-related charges 150,095 131,388 472,443 410,500 Co-brand redemptions 2,209 626 7,939 1,527 Total passenger revenue $ 355,100 $ 315,308 $ 1,157,443 $ 1,030,395 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Certain prior period amounts have been recast to conform to the adoption of the New Revenue Standard as shown in the tables below. Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (in thousands, except per As Previously Reported Current Presentation As Previously Reported Current Presentation share data) Adjustments Adjustments Income Statement: Passenger revenue (1) $ 183,064 $ 132,244 $ 315,308 $ 615,777 $ 414,618 $ 1,030,395 Air-related charges 130,818 (130,818 ) — 407,789 (407,789 ) — Sales and marketing 13,884 — 13,884 36,744 3,963 40,707 Income tax provision 12,436 335 12,771 66,715 493 67,208 Net income 22,293 1,091 23,384 112,400 2,373 114,773 Diluted earnings per share $ 1.39 $ 0.06 $ 1.45 $ 6.85 $ 0.14 $ 6.99 (1) Passenger revenue previously reported as Scheduled service revenue. December 31, 2017 As Previously Current (in thousands) Reported Adjustments Presentation Balance Sheet: Air traffic liability $ 210,184 $ (5,885 ) $ 204,299 Deferred income taxes 118,492 521 119,013 Retained earnings 902,579 5,364 907,943 |
Disaggregation of Revenue [Table Text Block] | Passenger revenue is primarily composed of passenger ticket sales, credit voucher breakage, seat fees, baggage fees, and other travel-related services performed in conjunction with a passenger’s flight, as well as co-brand point redemptions as outlined below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Scheduled service $ 202,796 $ 183,294 $ 677,061 $ 618,368 Ancillary air-related charges 150,095 131,388 472,443 410,500 Co-brand redemptions 2,209 626 7,939 1,527 Total passenger revenue $ 355,100 $ 315,308 $ 1,157,443 $ 1,030,395 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table presents the activity of the current and non-current point liabilities (in thousands): 2018 Balance at January 1 $ 8,903 Points awarded 10,872 Points redeemed (7,939 ) Balance at September 30 $ 11,836 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment | Property and equipment (in thousands): As of September 30, 2018 As of December 31, 2017 Flight equipment, including pre-delivery deposits $ 1,867,655 $ 1,539,433 Computer hardware and software 137,110 123,675 Land and buildings/leasehold improvements 88,882 77,409 Other property and equipment 75,529 48,446 Total property and equipment 2,169,176 1,788,963 Less accumulated depreciation and amortization (352,371 ) (276,548 ) Property and equipment, net $ 1,816,805 $ 1,512,415 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt and capital lease obligations (in thousands): As of September 30, 2018 As of December 31, 2017 Fixed-rate debt and capital lease obligations due through 2030 $ 644,116 $ 465,462 Variable-rate debt due through 2028 668,933 699,430 Total long-term debt and capital lease obligations, net of related costs 1,313,049 1,164,892 Less current maturities, net of related costs 654,697 214,761 Long-term debt and capital lease obligations, net of current maturities and related costs $ 658,352 $ 950,131 Weighted average fixed-interest rate on debt 5.3 % 5.4 % Weighted average variable-interest rate on debt 4.0 % 3.3 % |
Long-Term Debt Schedule of Matu
Long-Term Debt Schedule of Maturities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Maturities of Long-Term Debt [Abstract] | |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt and capital lease obligations for the remainder of 2018 and for the next five years and thereafter, in the aggregate, are: remaining in 2018 - $114.6 million ; 2019 - $570.2 million ; 2020 - $118.6 million ; 2021 - $91.9 million ; 2022 - $64.5 million ; and $353.2 million thereafter. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 As of December 31, 2017 Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 45,227 $ 45,227 $ — $ 1,297 $ 1,297 $ — Commercial paper 42,157 — 42,157 27,910 — 27,910 Municipal debt securities 2,053 — 2,053 2,782 — 2,782 Total cash equivalents 89,437 45,227 44,210 31,989 1,297 30,692 Short-term Commercial paper 143,961 — 143,961 108,678 — 108,678 Corporate debt securities 99,556 — 99,556 107,878 — 107,878 Municipal debt securities 27,191 — 27,191 101,290 — 101,290 Federal agency debt securities 12,227 — 12,227 31,428 — 31,428 US Treasury Bonds 1,681 — 1,681 3,407 — 3,407 Total short-term 284,616 — 284,616 352,681 — 352,681 Long-term Corporate debt securities 40,343 — 40,343 60,396 — 60,396 Federal agency debt securities 10,026 — 10,026 5,775 — 5,775 US Treasury Bonds 2,984 — 2,984 2,994 — 2,994 Municipal debt securities — — — 9,405 — 9,405 Derivative instruments — — — 282 — 282 Total long-term 53,353 — 53,353 78,852 — 78,852 Total financial instruments $ 427,406 $ 45,227 $ 382,179 $ 463,522 $ 1,297 $ 462,225 |
Fair Value, Liabilities Measured on Recurring Basis | Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs (in thousands): As of September 30, 2018 As of December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Publicly held debt $ 450,679 $ 455,749 $ 451,321 $ 462,604 2 Non-publicly held debt 742,878 663,776 719,681 660,065 3 Total long-term debt $ 1,193,557 $ 1,119,525 $ 1,171,002 $ 1,122,669 |
Stockholders' Equity Repurchase
Stockholders' Equity Repurchases (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |
Treasury Stock [Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Shares repurchased (not in thousands) (1) None None None 604,497 Average price per share NA NA NA $ 142.66 Total (in thousands) None None None $ 86,240 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Net Income Per Share, Basic and Diluted | The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in table are in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Basic: Net income $ 15,147 $ 23,384 $ 120,356 $ 114,773 Less net income allocated to participating securities (194 ) (331 ) (1,602 ) (1,784 ) Net income attributable to common stock $ 14,953 $ 23,053 $ 118,754 $ 112,989 Earnings per share, basic $ 0.94 $ 1.45 $ 7.46 $ 7.00 Weighted-average shares outstanding 15,957 15,852 15,929 16,142 Diluted: Net income $ 15,147 $ 23,384 $ 120,356 $ 114,773 Less net income allocated to participating securities (194 ) (330 ) (1,601 ) (1,782 ) Net income attributable to common stock $ 14,953 $ 23,054 $ 118,755 $ 112,991 Earnings per share, diluted $ 0.94 $ 1.45 $ 7.45 $ 6.99 Weighted-average shares outstanding 15,957 15,852 15,929 16,142 Dilutive effect of stock options and restricted stock 35 18 42 60 Adjusted weighted-average shares outstanding under treasury stock method 15,992 15,870 15,971 16,202 Participating securities excluded under two-class method (30 ) (8 ) (33 ) (42 ) Adjusted weighted-average shares outstanding under two-class method 15,962 15,862 15,938 16,160 |
Commitments and Contingencies P
Commitments and Contingencies Payments Related to Commitments to Purchase (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 (including aircraft lease obligations), airport fees under use and lease agreements, and other operating lease obligations are as follows as of September 30, 2018 (in thousands): As of September 30, 2018 Remaining in 2018 $ 44,154 2019 116,322 2020 62,382 2021 21,248 2022 19,159 Thereafter 122,414 Total commitments $ 385,679 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
Adjustments for New Accounting Pronouncements [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 600 | |||||
Passenger revenue | $ 355,100 | $ 315,308 | $ 1,157,443 | $ 1,030,395 | ||
Sales and marketing | 16,798 | 13,884 | 54,224 | 40,707 | ||
Income Tax Expense (Benefit) | (732) | 12,771 | 26,494 | 67,208 | ||
Net income | $ 15,147 | $ 23,384 | $ 120,356 | $ 114,773 | ||
Diluted earnings per share | $ 0.94 | $ 1.45 | $ 7.45 | $ 6.99 | ||
Air traffic liability | $ (231,731) | $ (231,731) | $ (204,299) | |||
Deferred income taxes | 140,555 | 140,555 | 119,013 | |||
Retained earnings | $ 994,942 | $ 994,942 | 907,943 | |||
Calculated under Revenue Guidance in Effect before Topic 606 | ||||||
Adjustments for New Accounting Pronouncements [Line Items] | ||||||
Passenger revenue | $ 183,064 | $ 615,777 | ||||
Air-related charges | 130,818 | 407,789 | ||||
Sales and marketing | 13,884 | 36,744 | ||||
Income Tax Expense (Benefit) | 12,436 | 66,715 | ||||
Net income | $ 22,293 | $ 112,400 | ||||
Diluted earnings per share | $ 1.39 | $ 6.85 | ||||
Air traffic liability | (210,184) | |||||
Deferred income taxes | 118,492 | |||||
Retained earnings | 902,579 | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 | ||||||
Adjustments for New Accounting Pronouncements [Line Items] | ||||||
Passenger revenue | $ 132,244 | $ 414,618 | ||||
Air-related charges | (130,818) | (407,789) | ||||
Sales and marketing | 3,963 | |||||
Income Tax Expense (Benefit) | 335 | 493 | ||||
Net income | $ 1,091 | $ 2,373 | ||||
Diluted earnings per share | $ 0.06 | $ 0.14 | ||||
Air traffic liability | 5,885 | |||||
Deferred income taxes | 521 | |||||
Retained earnings | $ 5,364 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Passenger revenue | $ 355,100 | $ 315,308 | $ 1,157,443 | $ 1,030,395 |
Scheduled Service Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Passenger revenue | 202,796 | 183,294 | 677,061 | 618,368 |
Air-related revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Passenger revenue | 150,095 | 131,388 | 472,443 | 410,500 |
Co-brand Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Passenger revenue | $ 2,209 | 626 | $ 7,939 | 1,527 |
Calculated under Revenue Guidance in Effect before Topic 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Passenger revenue | 183,064 | 615,777 | ||
Air-related charges | $ 130,818 | $ 407,789 |
Revenue Recognition Points Liab
Revenue Recognition Points Liability (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Points Liability [Abstract] | |
Points Liability Start of Period | $ 8,903 |
Points awarded | 10,872 |
Points redeemed | (7,939) |
Contract with Customer, Liability | 11,836 |
Points Liability | $ 8,100 |
Revenue Recognition Passenger R
Revenue Recognition Passenger Revenue (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Revenue Recognition [Abstract] | ||
Increase (Decrease) in Deferred Air Traffic Revenue | $ 192,600 | |
Air traffic liability | $ 231,731 | $ 204,299 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Adjustments for New Accounting Pronouncements [Line Items] | |||||
Air Traffic Liability, Current | $ 231,731 | $ 231,731 | $ 204,299 | ||
Deferred Tax Liabilities, Net, Noncurrent | 140,555 | 140,555 | 119,013 | ||
Retained Earnings (Accumulated Deficit) | 994,942 | 994,942 | 907,943 | ||
Passenger Revenue | 355,100 | $ 315,308 | 1,157,443 | $ 1,030,395 | |
Selling and Marketing Expense | 16,798 | 13,884 | 54,224 | 40,707 | |
Income Tax Expense (Benefit) | (732) | 12,771 | 26,494 | 67,208 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 15,147 | $ 23,384 | $ 120,356 | $ 114,773 | |
Earnings Per Share, Diluted | $ 0.94 | $ 1.45 | $ 7.45 | $ 6.99 | |
Calculated under Revenue Guidance in Effect before Topic 606 | |||||
Adjustments for New Accounting Pronouncements [Line Items] | |||||
Air Traffic Liability, Current | 210,184 | ||||
Deferred Tax Liabilities, Net, Noncurrent | 118,492 | ||||
Retained Earnings (Accumulated Deficit) | 902,579 | ||||
Passenger Revenue | $ 183,064 | $ 615,777 | |||
Air-related charges | 130,818 | 407,789 | |||
Selling and Marketing Expense | 13,884 | 36,744 | |||
Income Tax Expense (Benefit) | 12,436 | 66,715 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 22,293 | $ 112,400 | |||
Earnings Per Share, Diluted | $ 1.39 | $ 6.85 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 | |||||
Adjustments for New Accounting Pronouncements [Line Items] | |||||
Air Traffic Liability, Current | (5,885) | ||||
Deferred Tax Liabilities, Net, Noncurrent | 521 | ||||
Retained Earnings (Accumulated Deficit) | $ 5,364 | ||||
Passenger Revenue | $ 132,244 | $ 414,618 | |||
Air-related charges | (130,818) | (407,789) | |||
Selling and Marketing Expense | 3,963 | ||||
Income Tax Expense (Benefit) | 335 | 493 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 1,091 | $ 2,373 | |||
Earnings Per Share, Diluted | $ 0.06 | $ 0.14 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Flight equipment, including pre-delivery deposits | $ 1,867,655 | $ 1,539,433 |
Computer hardware and software | 137,110 | 123,675 |
Land and buildings/leasehold improvements | 88,882 | 77,409 |
Other property and equipment | 75,529 | 48,446 |
Total property and equipment | 2,169,176 | 1,788,963 |
Less accumulated depreciation and amortization | 352,371 | 276,548 |
Property and equipment, net | $ 1,816,805 | $ 1,512,415 |
Long-Term Debt Components of Lo
Long-Term Debt Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Notes Payable | $ 1,193,557 | $ 1,171,002 |
Secured Long-term Debt, Noncurrent | 1,313,049 | 1,164,892 |
Less current maturities | 654,697 | 214,761 |
Long-term debt and capital leases, net of current maturities and related costs | 658,352 | 950,131 |
Fixed-rate debt and capital lease obligations due through 2030 | ||
Debt Instrument [Line Items] | ||
Notes Payable | 644,116 | 465,462 |
Variable-rate debt due through 2028 | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 668,933 | $ 699,430 |
Weighted average fixed-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.30% | 5.40% |
Weighted average variable-interest rate on debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.00% | 3.30% |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Oct. 01, 2018 | Dec. 31, 2016 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 01, 2016 | Dec. 31, 2015 | Jun. 01, 2014 |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 114,600 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 570,200 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 118,600 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 91,900 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 64,500 | ||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 353,200 | ||||||||
Secured Long-term Debt, Noncurrent | 1,313,049 | $ 1,164,892 | |||||||
Consolidated Variable Interest Entity | |||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 44,000 | ||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 37,800 | ||||||||
Debt, Weighted Average Interest Rate | 4.00% | ||||||||
Senior Secured Revolving Credit Facility | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 81,000 | $ 56,000 | |||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 46,900 | ||||||||
Secured Debt September 2018 | |||||||||
Debt Instrument, Face Amount | 55,500 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | ||||||||
Secured Debt July 2018 | |||||||||
Debt Instrument, Face Amount | 34,500 | ||||||||
Secured Debt June 2018 | |||||||||
Debt Instrument, Face Amount | $ 10,800 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||||||||
Unsecured Debt | |||||||||
Unsecured Long-term Debt, Noncurrent | $ 150,000 | $ 300,000 | |||||||
Debt Instrument, Redemption Price, Percentage | 101.50% | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||||||
Airbus A320 Aircraft Series | Consolidated Variable Interest Entity | |||||||||
Debt Instrument, Collateral | 1 | ||||||||
Airbus A320 Aircraft Series | Secured Debt September 2018 | |||||||||
Debt Instrument, Collateral | 3 | ||||||||
Airbus A320 Aircraft Series | Secured Debt July 2018 | |||||||||
Debt Instrument, Collateral | 1 | ||||||||
Subsequent Event [Member] | |||||||||
Debt Instrument, Face Amount | $ 19,500 | ||||||||
Subsequent Event [Member] | Airbus A320 Aircraft Series | |||||||||
Debt Instrument, Collateral | 1 |
Long-Term Debt Schedule of Ma_2
Long-Term Debt Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 114,600 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 570,200 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 118,600 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 91,900 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 64,500 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 353,200 | |
Long-term Debt, Fair Value | $ 1,313,049 | $ 1,164,892 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Measurements, Recurring | ||
Available-for-sale Securities | $ 427,406 | $ 463,522 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 45,227 | 1,297 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 382,179 | 462,225 |
Short-term Investments | Fair Value, Measurements, Recurring | ||
Available-for-sale Securities | 284,616 | 352,681 |
Short-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 284,616 | 352,681 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | ||
Available-for-sale Securities | 143,961 | 108,678 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 143,961 | 108,678 |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | ||
Available-for-sale Securities | 12,227 | 31,428 |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 12,227 | 31,428 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | ||
Available-for-sale Securities | 27,191 | 101,290 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 27,191 | 101,290 |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale Securities | 99,556 | 107,878 |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 99,556 | 107,878 |
Short-term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | ||
Available-for-sale Securities | 1,681 | 3,407 |
Short-term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 1,681 | 3,407 |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 0 | 9,405 |
Long Term Investments | Fair Value, Measurements, Recurring | ||
Available-for-sale Securities | 53,353 | 78,852 |
Long Term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 53,353 | 78,852 |
Long Term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | ||
Available-for-sale Securities | 10,026 | 5,775 |
Long Term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 10,026 | 5,775 |
Long Term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | ||
Available-for-sale Securities | 0 | 9,405 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale Securities | 40,343 | 60,396 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 40,343 | 60,396 |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | ||
Available-for-sale Securities | 2,984 | 2,994 |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 2,984 | 2,994 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | ||
Available-for-sale Securities | 0 | 282 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 0 | 282 |
Cash Equivalents | Fair Value, Measurements, Recurring | ||
Cash Equivalents | 89,437 | 31,989 |
Cash Equivalents | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 45,227 | 1,297 |
Cash Equivalents | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 44,210 | 30,692 |
Cash Equivalents | Fair Value, Measurements, Recurring | US Treasury Bonds | ||
Cash Equivalents | 45,227 | 1,297 |
Cash Equivalents | Fair Value, Measurements, Recurring | US Treasury Bonds | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 45,227 | 1,297 |
Cash Equivalents | Fair Value, Measurements, Recurring | US Treasury Bonds | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Fair Value, Measurements, Recurring | Commercial paper | ||
Cash Equivalents | 42,157 | 27,910 |
Cash Equivalents | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 42,157 | 27,910 |
Cash Equivalents | Fair Value, Measurements, Recurring | Municipal debt securities | ||
Cash Equivalents | 2,053 | 2,782 |
Cash Equivalents | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | $ 2,053 | $ 2,782 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 1,313,049 | $ 1,164,892 |
Notes Payable | 1,193,557 | 1,171,002 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 1,119,525 | 1,122,669 |
Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 450,679 | 451,321 |
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 | 455,749 | 462,604 |
Non-Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 742,878 | 719,681 |
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 | $ 663,776 | $ 660,065 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 100,000 | $ 100,000 | ||
Dividends Payable, Amount Per Share | $ 2.10 | $ 2.10 | ||
Stock Repurchased During Period, Shares | 0 | 0 | 0 | 604,497 |
Treasury Stock Acquired, Average Cost Per Share | $ 142.66 | |||
Stock Repurchased During Period, Value | $ 0 | $ 0 | $ 0 | $ 86,240 |
Payments of Dividends | $ 33,919 | $ 34,462 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 39,943 | 74,873 | ||
Basic: | ||||
Net income attributable to Allegiant Travel Company (in Dollars) | $ 15,147 | $ 23,384 | $ 120,356 | $ 114,773 |
Less: Net income allocated to participating securities (in Dollars) | (194) | (331) | (1,602) | (1,784) |
Net income attributable to common stock (in Dollars) | $ 14,953 | $ 23,053 | $ 118,754 | $ 112,989 |
Net income per share, basic (in Dollars per share) | $ 0.94 | $ 1.45 | $ 7.46 | $ 7 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ (194) | $ (330) | $ (1,601) | $ (1,782) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 14,953 | $ 23,054 | $ 118,755 | $ 112,991 |
Diluted earnings per share | $ 0.94 | $ 1.45 | $ 7.45 | $ 6.99 |
Weighted-average shares outstanding | 15,957,000 | 15,852,000 | 15,929,000 | 16,142,000 |
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 35,000 | 18,000 | 42,000 | 60,000 |
Adjusted weighted-average shares outstanding under treasury stock method | 15,992,000 | 15,870,000 | 15,971,000 | 16,202,000 |
Participating securities excluded under two-class method | (30,000) | (8,000) | (33,000) | (42,000) |
Two-Class Method, Weighted Average Number of Shares Outstanding, Diluted | 15,962,000 | 15,862,000 | 15,938,000 | 16,160,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)aircraft | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | aircraft | 10 |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 44,154 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 116,322 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 62,382 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 21,248 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 19,159 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 122,414 |
Unrecorded Unconditional Purchase Obligation | $ 385,679 |
Airbus A320 Aircraft Series | |
Long-term Purchase Commitment [Line Items] | |
Number of Aircraft Committed to be Leased | aircraft | 12 |
Airbus A320 Aircraft Series, In Service | |
Long-term Purchase Commitment [Line Items] | |
Aircraft acquired | aircraft | 4 |
Airbus A320 Aircraft Series, Not In Service | |
Long-term Purchase Commitment [Line Items] | |
Aircraft acquired | aircraft | 1 |
Commitments and Contingencies_2
Commitments and Contingencies Payments Related to Commitments to Purchase (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Payments Related to Commitments to Purchase [Abstract] | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 44,154 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 116,322 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 62,382 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 21,248 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 19,159 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 122,414 |
Unrecorded Unconditional Purchase Obligation | $ 385,679 |
Related Party (Details)
Related Party (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 0.2 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Oct. 01, 2018USD ($)aircraft | Sep. 30, 2018aircraft |
Subsequent Event [Line Items] | ||
Number Of Aircraft Committed To Purchase | 10 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Face Amount | $ | $ 19.5 | |
Airbus A320 Aircraft Series | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number Of Aircraft Committed To Purchase | 1 | |
Debt Instrument, Collateral | 1 |